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2024-12-31-accounts

New Irish Arts Limited

Report and Financial Statements

31 December 2024

Company Number: NI 33787 Charity Number: 101665

Report and Financial Statements for the year ended 31 December 2024

New Irish Arts Limited

Contents
Directors’ Report 3
Statement of Financial Activities (incorporating Income and Expenditure account) 7
Balance Sheet 8
Accounting Policies 9
Notes to the Financial Statements 10

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New Irish Arts Limited Directors’ Report

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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 charitable purposes of New Irish Arts are the Advancement of the Christian Religion, the Advancement of the Arts and Education. Publicly we communicate this as one sentence - “We use the Arts to encourage people to worship God.”

We believe the Arts and Christianity have the potential for huge public benefit, and we focus on providing opportunities for people to experience quality artistic events in a faithbased setting. We attempt to make our events accessible to people with deep Christian faith, as well as to those with none.

2024 was our 30th anniversary. The organisation was originally known as The New Irish Choir and Orchestra, and was founded by hymn writer Keith Getty in 1994. We marked the anniversary with several highlights.

The lists below show a more detailed account of the activities of New Irish Arts in 2024.

Major Concert Hall Events

Concerts in public venues (non church)

Concerts or Services in Churches

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New Irish Arts Limited Directors’ Report

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Youth Programme

Training Events

Worship Leading in Conferences or for Partner Organisations

The delivery of this programme is only possible because of the quality and quantity of our database of volunteer musicians and singers. Our success as an organisation relies on their goodwill and we are incredibly grateful that there is always a list of people who are keen to join our choral and orchestral groups. We are also indebted to a number of private donors, charitable trusts and businesses who support our work on a regular basis. With their help we are able to run our programme with confidence, and provide opportunities for access to our events for some who may not be able to afford tickets to concerts or fees to our educational residentials.

We are honoured to experience a high level of public goodwill and are encouraged by the level of interest in our work. We continue to be optimistic about the future of New Irish Arts as we look to 2025 and beyond.

FINANCIAL REVIEW

Total incoming resource has increased from £208,452 to £245,215 due to an increased level of activity during the year. Total expenditure has increased from £208,857 to £246,458, again due to the increased level of activity. A total of 36% of the expenditure during the year was on salaries. Other expenditure includes general running costs such as rent, utilities, insurance and the events which were possible.

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 reserve 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

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New Irish Arts Limited Directors’ Report

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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

DIRECTORS AND TRUSTEES

The directors and Charity Trustees at 31 December 2024 were:

Reverend David Bruce (Chairman) Jeremy Eves Andrew Jackson Barbara McDade Susan Walters Natalie Ward

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 sub-committee 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

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New Irish Arts Limited Directors’ Report

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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.

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

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Income and Expenditure Account for the year ended 31 March 2024

New Irish Arts Limited

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Notes
Income and Endowments
Donations and Legacies
Charitable Activities
Royalties and sales of CDs
Sundry Income
Total Incoming resources
Expenditure on
Charitable Activities
Other costs
Total resources expended
Net income for the year
Balance Brought forward
Balance Carried forward		 2024
£
26,113
212,870
6,077
155
245,215
240,445
6,012
246,457
(1,242)
83,567
82,325		 2023
£
24,813
179,790
3,699
150
208,452
181,498
27,359
208,857
(405)
83,972
83,567

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

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New Irish Arts Limited Balance Sheet as at 31 December 2024

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CURRENT ASSETS
Stocks
Other Debtors
Cash at bank and in hand
Other creditors (Due within one year)
NET ASSETS
REPRESENTED BY THE FUNDS OF
THE CHARITY
Unrestricted Funds		 2024
£
3,922
46,281
32,122
82,325
-
82,325
82,325
82,325		 2023
£
3,192
67,758
51,678
122,628
(39,061)
83,567
83,567
83,597

For the year ended 31 December 2024 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 20 May 2025

Reverend David Bruce Chairman

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New Irish Arts Limited Principal Accounting Policies for the year ended 31 December 2024

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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.

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New Irish Arts Limited

Notes to the Accounts for the year ended 31 December 2024

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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

Salaries and wages
Social Security Costs
Pension		 2024
£
80,517
2,995
6,040
89,552		 2023
£
74,755
2,202
3,114
80,071

No employees received employee benefits for the reporting period of more than £60,000. The average headcount during the year was 2 (2023:2). All employees are key management personnel.

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