New Irish Arts Limited
Report and Financial Statements
31 December 2022
Company Number: NI 33787 Charity Number: 101665
New Irish Arts Limited
Report and Financial Statements for the year ended 31 December 2022
| Contents | Page |
|---|---|
| Directors’ Report | 3 |
| Statement of Financial Activities (incorporating Income and Expenditure account) | 7 |
| Balance Sheet | 7 |
| Accounting Policies | 9 |
| Notes to the Financial Statements | 10 |
_____________
Page 2
New Irish Arts Limited Directors’ Report
_____________
The Trustees are pleased to present their annual directors’ report together with the financial statements of the charity which are prepared to meet the requirement for a directors’ report and accounts for Companies Order purposes.
Purposes and aims
The purpose of the Charity is to present Christianity, resource the church and support Christians in the Arts. We endeavour to encourage all within our community to take part in our activities and to attend our events. The strategies employed to achieve the charity’s aims and objectives are to:
-
Present a range of events and concerts for enjoyment and the advancement of religion in of our local community.
-
Offer opportunities for a broad range of people to connect with our choir, orchestra and youth choir and orchestra.
-
Provide the opportunity for young people to develop socially, culturally and spiritually by offering residentials, in which we train a youth choir and orchestra. A small bursary fund is available to make this opportunity available to those with limited means.
Putting these strategies into action we have three major areas of activity which are: concerts, education programmes and youth residentials. We also occasionally commission other creative individuals to produce material for use in our events.
2022 saw the resumption of a more typical pattern of activity as things normalised following the Covid-19 pandemic. We were delighted to resume live events with audiences on a more regular basis, and the year ended up being pleasantly busy with the following activities undertaken:
Concert Hall Events
22-23 December – Ireland in Christmas Praise, Waterfront Hall
Broadcasts
2 Jan – BBC Radio Ulster Service 1 May – BBC Radio 4 Service 29 May – RTE Television Service 25 December – BBC Radio Ulster Service 25 December RTE Television Service
Youth Activities
25-27 March – Youth Orchestra Intensive Weekend Mar 27 – Youth Orchestra Concert, Church of God Glenmachan 24-29 July – Youth Choir Residential – Stranmillis University College, Belfast 29 July – Portstewart Baptist Church, Youth Concert
Church Based Events
9 April – Concert for Legacurry Presbyterian Church 24 Sept – Willowfield Parish Church, Anniversary Concert 4 December – Portstewart Baptist Christmas Service 16 December – St Brigid’s Carol Service, Glengormley 23 July – Memorial Event for Bob McCallister – Crescent Church, Belfast
_____________
Page 3
New Irish Arts Limited Directors’ Report
_____________
Partnerships
25 May – Worldwide Missionary Convention worship leading 22 and 23 June – PCI General Assembly worship leading
20 and 26 August Worldwide Missionary Convention worship leading 6-12 August – New Horizon worship leading, University of Ulster, Coleraine
Live events outside Northern Ireland
14 October – Spain – Inspira 2022, Algeciras Bullring 15 October – Spain – Big Sing 5 in Sotogrande Church *11 December – Cavan Carols - Breffni Park
Thanks to generous donations from the general public, local Trusts and some local businesses, we are grateful to report that have managed to maintain financial stability for the entire period.
New Irish Arts is heavily reliant on volunteers – our participant members are volunteers, but we also benefit from the goodwill of many who assist in other ways behind the scenes. We wish to thank all involved for their loyal support and service.
FINANCIAL REVIEW
Total incoming resource has increased from £158,916 to £164,477, due to the increase in events following covid. Total expenditure has increased from £132,117 to £167,292 again due to the impact of Covid 19 in 2021. A total of 38% (2021: 43%) of the expenditure during the year was on salaries. Other expenditure includes general running costs such as rent, utilities, insurance and events.
Reserves policy and going concern: reserves at the end of December each year reflect the contribution towards our overall running costs of the annual Christmas event. This level of reserves is required to fund our activities during the following year. The Trustees consider that adequate resources continue to be available to fund the activities of the Charity for the foreseeable future and that the Charity is therefore a going concern.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Number: 101665 Company Number: NI 33787 Registered Office: 31 Innotec Drive, Bangor, NI BT19 7PD
_____________
Page 4
New Irish Arts Limited Directors’ Report
_____________
DIRECTORS AND TRUSTEES
The directors and Charity Trustees at 31 December 2022 were:
Reverend David Bruce Reverend Ken Clarke Jeremy Eves Sir Nigel Hamilton (Chairman) Andrew Jackson Gwyneth Reid Heather Moore Thomas Orr Susan Walters Jamie Williamson
Company Secretary: Fiona Woods
Key personnel: Creative Director and Chief Executive Jonathan Rea Office Manager and Events Manager Stephanie Devlin
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
New Irish Arts Limited is a company limited by guarantee governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission for Northern Ireland.
Appointment of trustees
The trustees are appointed by the company members in accordance with the Memorandum and Articles of Association.
Organisation
The board of trustees administers the charity. It normally meets 4 times per year and if required a subcommittee may be appointed, for example to deal with recruitment. The Creative Director has been delegated authority for operational matters including artistic performance related activity.
Related parties
None of our trustees receive remuneration or other benefit from their work with the charity. There were no related party transactions during the year.
Pay policy for staff
All directors give of their time freely and no director received remuneration in the year. The pay of senior staff is reviewed annually. In view of the nature of the charity the directors consider pay levels in similar organisations of a similar size run on a voluntary basis.
Risk management
The Trustees have identified that financial sustainability is the major financial risk for the charity, and this receives attention at every board meeting, during which cash flow projections for the foreseeable future are reviewed.
Non-financial risks arise from fire, health and safety of artists and audience and management of performing rights. These risks are managed by having robust procedures in place.
_____________
Page 5
New Irish Arts Limited Directors’ Report
_____________
POLITICAL AND CHARITABLE CONTRIBUTIONS
There were no political or charitable donations made during the year.
SMALL COMPANY SPECIAL EXEMPTIONS
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD:
Fiona Woods Secretary
9 May 2023
_____________
Page 6
New Irish Arts Limited Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2022
_____________
| Unrestricted | Unrestricted | Restricted | 2022 | 2021 |
|---|---|---|---|---|
| Funds | Funds | Total | Total | |
| £ | £ | £ | £ | |
| Income and Endowments from: | ||||
| Donations and legacies | 28,189 | - | 28,189 | 29,558 |
| Charitable Activities | 100,099 | 35,167 | 135,266 | 126,527 |
| Royalties and sales of CDs | 891 | - | 891 | 2,640 |
| Sundry income | 131 | - | 131 | 191 |
| __ | __ | _ | __ | |
| TOTAL INCOMING RESOURCES | 129,310 | 35,167 | 164,477 | 158,916 |
| __ | __ | __ | __ | |
| Expenditure on: | ||||
| Charitable Activities | 117,131 | 32,022 | 149,153 | 118,602 |
| Other costs | 18,139 | - | 18,139 | 13,515 |
| __ | __ | __ | __ | |
| TOTAL RESOURCES EXPENDED | 135,270 | 32,022 | 167,292 | 132,117 |
| __ | __ | __ | __ | |
| NET INCOME FOR THE YEAR | (5,960) | 3,145 | (2,815) | 26,799 |
| Transfer between funds | 3,145 | (3,145) | - | - |
| __ | __ | __ | __ | |
| NET MOVEMENT | (2,815) | - | (2,815) | 26,799 |
| __ | __ | __ | __ | |
| BALANCES BROUGHT FORWARD79,287 | 7,500 | 86,787 | 59,988 | |
| __ | __ | __ | __ | |
| BALANCES CARRIED FORWARD | 76,472 |
7,500 | 83,972 | 86,787 |
| __ | __ | __ | __ |
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
The accompanying accounting policies and notes form an integral part of these financial statements.
_____________
Page 7
New Irish Arts Limited Balance Sheet as at 31 December 2022
_____________
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| CURRENT ASSETS | ||
| Stocks | 4,056 | 4,795 |
| Other Debtors | 66,346 | 39,064 |
| Cash at bank and in hand | 42,236 | 54,090 |
| ______ | ______ | |
| 112,638 | 97,949 | |
| Other creditors (Due within one year) | (28,666) | (11,162) |
| ______ | ______ | |
| Net Current assets | 83,972 | 86,787 |
| ______ | ______ | |
| NET ASSETS | 83,972 | 86,787 |
| ______ | ______ | |
| REPRESENTED BY THE FUNDS OF THE CHARITY: | ||
| Unrestricted Funds | 76,472 | 79,287 |
| Restricted Funds | 7,500 | 7,500 |
| ______ | ______ | |
| 83,972 | 86,787 | |
| ______ | ______ |
For the year ended 31 December 2022 the company was entitled to exemption under section 477 of Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved by the Board on 9 May 2023
Sir Nigel Hamilton Chairman
The accompanying accounting policies and notes form an integral part of these financial statements.
_____________
Page 8
New Irish Arts Limited
Principal Accounting Policies for the year ended 31 December 2022
_____________
ACCOUNTING POLICIES
The following policies have been used consistently in dealing with items which are considered to be material in the relation to the charity’s financial statements.
Basis of Accounting
The financial statements are prepared under the historical cost convention and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity constitutes a public benefit entity as defined by FRS 102.
Fund accounting
Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objectives of the charity.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor.
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to, and virtually certain to receive, the income and the amount can be quantified with reasonable accuracy. Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of the gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specific otherwise. Income from royalties is included in the accounts when receipt is probably and the amount receivable can be measured reliably.
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT and is reported as part of the expenditure to which it relates.
Compliance with Accounting Standards
The financial statements have been prepared in accordance with applicable accounting standards.
_____________
Page 9
New Irish Arts Limited
Notes to the Accounts for the year ended 31 December 2022
_____________
1. Net incoming resources
There was no charge for auditor’s remuneration or depreciation during the year. No Directors or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year.
2. Taxation
As a charity, New Irish Arts Limited is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen within the Charity.
3. Staff Costs
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Salaries and wages | 59,099 | 50,740 |
| Social security costs | 2,055 | 4,651 |
| Pension | 1,669 | 1,239 |
| ______ | ______ | |
| 62,823 | 56,630 | |
| ______ | ______ |
No employees received employee benefits for the reporting period of more than £60,000. The average headcount during the year was 2 (2021: 2). All employees are key management personnel.
_____________
Page 10