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2024-03-31-accounts

CATHEDRAL QUARTER ARTS FESTIVAL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
8,057
-
Charitable activities
4
347,843
239,275
Total income
355,900
239,275
Expenditure on:
Charitable activities
5
370,082
239,275
Total expenditure
370,082
239,275
Net expenditure and
movement in funds
(14,182)
-
Reconciliation of funds:
Fund balances at 1 April 2023
252,123
-
Fund balances at 31 March
2024
237,941
-		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
8,057
8,227
-
587,118
377,240
208,921
595,175
385,467
208,921
609,357
453,572
208,921
609,357
453,572
208,921
(14,182)
(68,105)
-
252,123
320,228
-
237,941
252,123
-		 Total
2023
£
8,227
586,161
594,388
662,493
662,493
(68,105)
320,228
252,123

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CATHEDRAL QUARTER ARTS FESTIVAL

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
The funds of the charity
Unrestricted funds
16		 2024
£
14,979
229,333
244,312
(6,371)		 £
237,941
237,941
237,941		 2023
£
73,688
186,632
260,320
(8,197)		 £
252,123
252,123
252,123

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024 although an audit has been carried out under section 65 of the Charities Act (Northern Ireland) 2008.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees' on .........................

.............................. ..............................
Mr S Kelly Mr S Donaldson
Secretary Trustee

Company registration number NI039697 (Northern Ireland)

CATHEDRAL QUARTER ARTS FESTIVAL

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

2024
Notes
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors
payable within one year		 2023
£
£
42,727
-
-
42,727
186,606
229,333
229,333
-		 £
(63,519)
-
-
(63,519)
250,125
186,606
186,632
(26)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

CATHEDRAL QUARTER ARTS FESTIVAL

1 Accounting policies

Charity information

Cathedral Quarter Arts Festival is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Unit 8 Northern Whig House, 3 Bridge Street, Belfast, BT1 1LU.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements, the Trustees' have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Due to the impact of COVID 19 the Trustees have reviewed the financial position of the charity on a regular basis and have taken action to ensure that the charity can continue to operate. Thus the Trustees' continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees' in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

CATHEDRAL QUARTER ARTS FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CATHEDRAL QUARTER ARTS FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

CATHEDRAL QUARTER ARTS FESTIVAL

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees' are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Donations and gifts
Income from charitable activities
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Unrestricted
Sale of goods
276,193
-
Performance related
grants
71,650
-
Restricted
Performance related
grants
-
239,275
347,843
239,275		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
8,057
8,227
Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
276,193
274,914
-
274,914
71,650
102,326
-
102,326
239,275
-
208,921
208,921
587,118
377,240
208,921
586,161		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
8,057
8,227
Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
276,193
274,914
-
274,914
71,650
102,326
-
102,326
239,275
-
208,921
208,921
587,118
377,240
208,921
586,161
Total
2023
£
274,914
102,326
208,921
586,161

4 Income from charitable activities

CATHEDRAL QUARTER ARTS FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4
Income from charitable activities
Performance related grants analysis
Unrestricted
Restricted
2024
2024
£
£
Belfast City Council
-
47,000
Arts Council for
Northern Ireland
-
101,002
Dormant Accounts
-
30,000
BCC - Out to Lunch
20,000
-
Tourism NI
-
40,000
Film Hub
4,600
-
Sponsorships
22,500
-
Perspective
Economics
7,000
-
Future Screens
-
21,273
Cathedral Quarter
Trust
7,800
-
Other
9,750
-
71,650
239,275		 (Continued)
Total
Unrestricted
Restricted
Total
2024
2023
2023
2023
£
£
£
£
47,000
13,309
45,000
58,309
101,002
12,638
101,002
113,640
30,000
-
-
-
20,000
20,000
-
20,000
40,000
9,000
40,000
49,000
4,600
5,400
-
5,400
22,500
17,500
-
17,500
7,000
7,000
-
7,000
21,273
-
-
-
7,800
9,600
-
9,600
9,750
7,879
22,919
30,798
310,925
86,568
163,083
311,247		 (Continued)
Total
Unrestricted
Restricted
Total
2024
2023
2023
2023
£
£
£
£
47,000
13,309
45,000
58,309
101,002
12,638
101,002
113,640
30,000
-
-
-
20,000
20,000
-
20,000
40,000
9,000
40,000
49,000
4,600
5,400
-
5,400
22,500
17,500
-
17,500
7,000
7,000
-
7,000
21,273
-
-
-
7,800
9,600
-
9,600
9,750
7,879
22,919
30,798
310,925
86,568
163,083
311,247
311,247

CATHEDRAL QUARTER ARTS FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5 Expenditure on charitable activities

Unrestricted
Restricted
2024
2024
£
£
Direct costs
Staff costs
83,167
21,273
Artist Fees
110,316
186,202
Bank Charges
1,070
-
Production
68,074
-
Marketing
6,111
14,800
Running Costs
462
15,000
Sundry Expenses
4,008
-
Travel Costs
41,633
-
Venue Costs
33,059
-
Bursary
-
-
Other Programmes and
events
327
-
348,227
237,275
Share of support and governance costs (see note 6)
Support
17,055
2,000
Governance
4,800
-
370,082
239,275
Analysis by fund
Unrestricted funds
370,082
-
Restricted funds
-
239,275
370,082
239,275		 Total
Unrestricted
Restricted
2024
2023
2023
£
£
£
104,440
82,681
21,919
296,518
140,686
156,202
1,070
2,059
-
68,074
58,685
-
20,911
28,610
14,800
15,462
1,220
15,000
4,008
3,618
-
41,633
60,192
-
33,059
37,008
-
-
9,000
1,000
327
2,752
-
585,502
426,511
208,921
19,055
23,323
-
4,800
3,738
-
609,357
453,572
208,921
370,082
453,572
-
239,275
-
208,921
609,357
453,572
208,921		 Total
2023
£
104,600
296,888
2,059
58,685
43,410
16,220
3,618
60,192
37,008
10,000
2,752
635,432
23,323
3,738
662,493
453,572
208,921
662,493

CATHEDRAL QUARTER ARTS FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

6
Support costs allocated to activities
Insurance
Rent
Light & Heat
IT Expenses
Consultancy
Repairs & Maintenance
Telephone
Printing, Postage and Stationary
Governance costs
Analysed between:
Unrestricted
Restricted
Governance costs comprise:
Audit fees
7
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements		 2024
£
2,414
6,600
973
3,552
1,457
882
1,868
1,309
4,800
23,855
21,855
2,000
23,855
2024
£
4,800
4,800
2024
£
4,800		 2023
£
2,194
6,600
2,339
1,467
8,132
-
2,591
-
3,738
27,061
27,061
-
27,061
2023
£
3,738
3,738
2023
£
3,738

8 Trustees'

None of the Trustees' (or any persons connected with them) received any remuneration or benefits from the charity during the year.

Any connection between a Trustee or senior manager of the charity with organisations the charity works with must be disclosed to the full Board of Trustees in the same way as any other contractual relations with a related party.

CATHEDRAL QUARTER ARTS FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2024 2023
Number Number
3 3
Employment costs 2024 2023
£ £
Wages and salaries 72,009 88,794
Social security costs 26,523 10,193
Other pension costs 5,908 5,613
104,440 104,600

No employee received remuneration of more than £60,000 during the year (2023 - Nil).

There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11 Debtors

Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 2024
£
5,050
9,929
14,979		 2023
£
14,050
59,638
73,688

CATHEDRAL QUARTER ARTS FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12
Loans and overdrafts
Bank overdrafts
Payable within one year
13
Creditors: amounts falling due within one year
Notes
Bank overdrafts
12
Other taxation and social security
Other creditors
Accruals and deferred income
14
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
-
-
2024
£
-
-
3,709
2,662
6,371
2024
£
5,908		 2023
£
26
26
2023
£
26
3,857
1,894
2,420
8,197
2023
£
5,613

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
- 239,275 (239,275) -

CATHEDRAL QUARTER ARTS FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Restricted funds (Continued)
Previous year: At 1 April Incoming Resources At 31 March
2022 resources expended 2023
£ £ £ £
- 208,921 (208,921) -

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
General funds 252,123 355,900 (370,082) 237,941
Previous year: At 1 April Incoming Resources At 31 March
2022 resources expended 2023
£ £ £ £
General funds 320,228 385,467 (453,572) 252,123

17 Related party transactions

There were no related party transactions during the year (2023 £Nil).