## **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.
- 13 -
## **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)
- 14 -
## **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)|
|---|---|---|
- 15 -
**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.
- 16 -
## **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:
- Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It included both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
- � Other expenditure represents those items not falling into any other heading.
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.
- 17 -
## **CATHEDRAL QUARTER ARTS FESTIVAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
- **1 Accounting policies**
## **(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.
- 18 -
**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**
- 19 -
## **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|
- 20 -
## **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|
- 21 -
## **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.
- 22 -
## **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|
- 23 -
## **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)|||-|
- 24 -
## **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).
- 25 -