Charlty registratlon number NIC102661 Company registrallon number NIO51394 (Northern Ireland) THRIVE AUDIENCE DEVELOPMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THRIVE AUDIENCE DEVELOPMENT LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R Cllfft)rd Ms R L Fltzpatrick MsNMMMajury Mr J P McElrone Mr C D J Mcveigh Ms F N Mellor DrVEPeet Ms L Rea Currie Ms N R Tom8n Mr M bvalker Ms MF Henry IApw)inted 28 April 2022) (Appointed 21 June 2022) (Appointed 28 April 2022) (Appolnted 23 May 2023) $ocr•tsry Ms F Bell Charlty number NIC102561 Company number N1051394 Reglstered offlco Crescent Arts Centre 24 Unlversity Road Bélfast Co Antrirn Northern Ireland BT7 1NH Audltor Harblnson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northem Ireland 8T2 8HS 8ollcltorn Edwards & Co Solicitors 28 HS11 Street Belfast BT12LA
THRIVE AUDIENCE DEVELOPMENT CONTENTS Pag• Trustees, report Independent audltorfs report 13-16 Statement of financlal actNitSe$ 17 Statement of financial position 18 statement of cash flov Note8 to the financial 8tatement8 20-28
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees are pleased to present their annual Directors, report together wlth the consolidated financial statements of the charity for the year ending 31 March 2023, which are also prepared to meet the requirements for Directors, report and accounts for Companies Act 2006 purposes. The financial statements comply wlth the Charities Act (Nl) 2008, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Chartties: Statement of Recommended Practlce applicable in the UK and Republic of Ireland (FRS 102) (effectlve 1 Jan 2015). ObJectlv6s and actlvltles Chalfg r•port It is no secret that thi8 is a difficult tlme for many and in particular, those organlsations which require publlc subsidy and ¥upport. Arts organisations Struggle to exist as costs rise and income levels remains Static, In this challenglng context, this makes the work of thrive as a sector 8UPPOrt organisatlon even more crucial and it was wlth thls context in mind that influenced our new 8tr8teglc plan to tske thrlve through untll 2025. The new strategic plan shows an important shift in direction for thrlve with a focus on research and evaluation. This Is not a shift away from the conversation about audience development but instead 8 recognition of the fact that more research is needed into the reality of cultural engagement. VthoUt this baseline data and a lack of capacity within organisation to collect and analyse their own figures, it is impossible to answer the most basic audience development questions. Thrlve will focu8 the next 3 years on filling that gap and using our skllls and inslght to deliver useful, practical market research for arts and herstage organis8tlons. As well as delivering what the sector needs, we are also addressing our own sustainabllity. As the figure8 In the8e accounts evidence, there is a market for cultural research and evaluation. By filling this gap we can not only genarate earned income, but also make sure insight and leaming can be funnelled back to the sector and its stakeholders. We Vlwe jolned, as we begin this journey, by 3 new Trustees Olerity Peet, Llsa Rea Currie and John McElron8) who brfng a we8lih of sector knowledge and professional skills to the Board. We look fop4vard to seeing wh8t the next 12 months will bring in as thrlva continues to develop and respond to the changing worfd around us, Mr Rory Clifford Chalr Date: 25 October 2023
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Purpose and outcomas Thrive's purpose is to better tell th8 Story of cultural engagement in Northem Ireland. We know that art and culture deliver a better society filled with more confident, curious and creative individuals. But often, that is not the story th8t is told and the value of art and creativity is called into question. Thrlve works to build the evidence base that supports the impact we Se8 when work with organisations and to help communicate that importance to this place. thin our Memorandum and Articles of Association we Stste our object a8.. the 8dv8ncement of the arts, culture and hen.tage in Northem Ireland (hgmin8fter called the "arBa ol benefit,) wlthout distlnction of ag8, gender sexual 0ri8ntation, disabllity/ability, rac8, politlC81, religious or other opinion, by associating the statutory 8uthonties, voluntary ooanis8tions and the inhabitants in 8 common effort," a) to pn)mote, maintaln, enhance and develop the relationships between arts org8nisatlons and thelr 8udiences, cunBnt orpotential, withln the area of b8nefit.' b) to introduGe members of the public to 8 wide variety of the arts, and to encourage 8nd foster their cultural inter8St both as participants and 8udiences,' and c) to pmmote, assist and encourage the awar8ne&s of the benefici81 value of the arts gen8r811y in all its fomis by such mgans as shall from time to time b8 considered 8xpedient and 8ppropriate by thg directo. And from this object flows our organisational purpose and outcomes. Our objectives are the stepping stones to delivering our purpose and priorltlse the ar8as that vrfe need to focus on to develop our impact. Our Objectlves 1. l•le will grow the 8mount and scope of research into cultural engagement in Northern Ireland 2. We will grow the audiences for our work 3. We will grow the Impact of our work 4. Vve Viill be better equlpped to delivar our goa18 Our Outcom The change that wlll be delivered by thrive through those objectlves is expr•$8ed through outcomes., More people in Northern Ir81and will understand the valuo of cultural engaggment More organisations will understand the reality of cultural engagement Thrive is a more sustainable organisation The first outcomes focus heavily on research and dats, and thls was a considered shift for thrive that came through analysis of our previous strategy by both staff and Board. There are a variety of barriers to audience development in Northern Ireland but for many the first hurdle to overcome is the lack of consistent and reliable research. If we want arts organisations to build long lasting relationships with audiences, it is crucial to give them insight into who engages and how. It is equally important to change the narratlve that has emerged from that data vacuum which suggests that arts and culture is the purvey of the few. not the many.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees worked with the Chief Executive to develop a new strategic plan that stretches across three years. This Trustees, Report reflects year 1 of that plan. The Trustees have complied wlth their duty to have due regard to the Charity Commission Nl's public benefit guidance when exercislng any powers or duties to which the guidance is relevanL Maln actlvltle8 Each year, thrive will outline the activities it will undertake to advance and dellver its goals in each strategic F)riority, and some of that activity will be highlighted below. This is by no means an exhaustive list, a8 each year brings a mults'tude of projects that respond to individual and Gollective sectoral need. l. We wlll grow the amount and scopa of research into ujltural engagement Audienc& led thlnklng mean8 that art Is created in respon8e to the needs and vmnts of people. It Is vital therefore that artists and organisation8 have accurate research that tells the real Story of h¢)w and why people engage wlth art. In the past 12 months, thrive created and dellvered numerous research projects whlch provlde data into changing audience attitudes and behaviours. Northern lrnland In 100 Storles Our most signrfirAnt research project was an investlgatlon into the role of arts and culture at play in people's Ilves in Northern Ireland. We had 3 research objectives: To dig deeper into cultural engagement across Northem Ireland through qualitative methods To bust myth8 and 888umption8 around cultural engagement in Northem Ireland To understsnd more about the motivations to engage and the results of that engagement We travelled to each of the 11 council areas and carried out one to one semi structured interviews with members of the public. Some intervlews were delivered online to remain accessible to those who could not for whatever raason meet in-person. The r•sults The stories that we heard Nvere powerful. So powerfvjl that we wanted them to be 8harad wldely and so we Greatad a b¢)oklet, whlch will be available in the future. Some common th¢mes pulled from the conversation8 were: Imthout arts and culture. life would be bleak People don't think of it as art if they are doing rt themselves e.g. singing in a choir or playing an instrument Parents and older age groups want to transfer their passion for arts and culture onto the next generation and starting early means engagement over a lifetime People take what they need from engaging and that changes as they enter different life stages A Snapshot of each dlfferent Council area was also creating showing how relationships and engagement shift depending on place. An example of one of those can be found here - https.IAvewillthrive.co.uklaudienInSlghtsI audience-snapshotslnorthem-irelan&in-100-stories-dery-londonderry
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 2. We wtll grow the audiences for our work We know through analysing our own data, that our most successful relationships are forged through increasing the depth of our engagemenL This objective Seeks to widen our n8t and encourage more people to use our free support and research reports. Audience Development plan Thrive's sectoral surv8y highlighted the need for practical examples of good audience development plans to help move beyond the theory of planning. There was a hesitsncy for organisations to Share their indlvidual work, so this year thrive decided to create our own. This would allow us to deepen our skills and understanding of the challenges in creating a long term evldence based plan and would also produce practical content on our leaming as we moved through Ihe process ourselves. The analysis of thrlve'8 existing audiences and what we know about them was illuminating and sharpened our thlnking and the actions we planned and provides a useful tool when advislng the sector. New Partner8hips In 2022-23, thrlve delivered a number of contracts in partnership with other organisations. We bullt on the work we had carried out wth Turley to under8tand cultural engagement In particular areas of Dublln, and we worked with Quarto to review and advise Northern Ireland Museums Council on the dlrection and scope of their Museum Trends research. These partnerships make sense for thrive. We are able to take on work that we would be beyond our capacity to deliver alone and we leam from our partners. experience and context. The followlng project, delivered for the Belfast stories team within B&lfast City Council was done in partnership with Daisy Chain Inc. and the re8ults brought Thrive'8 research to a wider audi8nce. Belfast Stories Research Belfast Clty Coundl have recently acqulred the old Bank of Ireland building on Roy81 Avenue, as 11 as the immediate surrounding site. By 2028, following an unpai'alleled programme of story collection across the city and beyond, an exciting new visitor destination wlll open. It wlll reflect the unique spirit of Belfast through a variety of media and a mix of Immersive experiences. It will drlve culture-led regeneration across the ctty, enabling intemation81 and local vlsltors to connect with Belfast and one another through storles. screen and social spaces. Located on the historic site where North stre•t meets Royal Avenue, this £1 OOM landmark development will create a major tourism anchor right in the city centre - an authentic experience with Belfast's people and personalty at its heart. Thrive partnered with Daisy Chain Inc. to run long and short conversations in different venues and spaces across Belfast to: Identify recurring themes when people tell their stories. Leam what trigger people to share their 8tories and what closes them down Give future design teams the language to succeed in this project Experiment with different and creative approaches
THRIVE AUDIENCE DEVELOPMENT TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 We wanted to make the interactlons playful to encourage conversation and came up wlth 5 main triggers that Uld dig into how people used the aty and how they felt about it, wlthout diredty asking those questlons. Our qu8stlons were: If Belfast wa8 a dog, what would it be and why? What Is the most Belfast thing yOue ever Seen or heard? What Is your first mémory of Belfast? are you here? What is your favourfte place In Belfa8 And we asked those questions In different setting8- on the street, at events happènlng 8round the city, in shopplng centre8 and events especially deslgned for the purpose. We Spoke 883 people and collected 1,096 responses. Once the research had been presented to the Council, It was picked up on numerous medla outlets includlng Belfast Livo and Radio Ulster. Belfast residents asked to compare their hometown to a dog
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 3. Iwe will grow the impact of our work Increasing awareness of thrive's work is only one part of our focus. We also want to Increase the impact of the research and have organisatlons us8 it to develop and transfomi their relationships with audiences. Part of this ambitlon will be achieved by making sure our content is accessible, relevant and practical and by experimenting wlth diff8r8nt platforms and fonnats. We also spent time reviewing the way we work with organlsatlons nsIderIng the most effectlve way of helping the sector to put the theory into practice, Box 0ffi¢o System8 Specialist rol• For many years, thrive have been advocatlng data driven declslon m8klng and encouraging venues with box office Systems to make uBe of the wealth of audience insight wlthln those systems. We also know that there are infrastructural barrfers that prevent this from happenlng: Lad( of box officg capacity Lad( of rnarketlng capacity Poor data entry and captur& If capacity and resource are the issue, then that 18 the issue whlch thrive needed to solve, Therefore when an opportunity to create a 3 year funded post became available through funding offered through Future Screens Nl, thrive created and recrulted for a new role. Our Box Office Systems Specialist is tralned in use of the 2 most popular box office systems and can help organisations free of charge with any aspect of their data entry, capture or reporting. Re.'Model Re:Model Is the buslness support programme funded by the Nats'onal Lottery Heritage Fund and offered to the heritage sector. The first 2 year8 of the programme were delivered in partnership with Arts and Business Nl. Due to the success of the programme across the nations and also a8 It had been impacted heavily by Covid 19, thrlve were successful in achieving a 12 month programme exten8ion. The programme was designed to help guide organisations through transformatlonal change through focusing on dlfferent business challenges e.g. audience development or ev81uation. Origlnally support was offered in a variety of ways leamlng workshops, mentorfng and actlon leaming sets. Through evaluation, en designing what an extension would look Ilke, we wanted to address the barriers to change which became apparent through Year 1 and Year 2. Heritage organisations are open to, and passionate about meaningful change. It is not a lack of skills or knowledge that prevents this from happening. Instead, It is an issue of capacity and resource. The 12 month extension was designed then to give practlcal support in a priorty area. Through monthly mentoring sessions, we have worked wth 5 organisations to create audience development plans, evaluation frameworks. data collection frameworks and strategic review. 4. We will be better equipped to deliver our goals. This strategic objective focuses on 2 main areas.. our people and our processes. People We want a happy, confident stsff team and have created and developed policies and procedures that will produce that result and reflect thrive's values.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 These include: Employee Development policy which focuses on not only professlonal, but personal development Performance Management - stsff are set clear objectlves with targets which flow from company KPI'S and have quarterly check ins to review progress, discuss appropriate support and development ne8ds Recrultment- we make sure that we find the best people for the rde and the company and that each job is accessibl8 and equitable Pay pollcy - maklng sure that remuneratlon is fair and tr8n$parent and allows scope for development and progression Brea8tfeedSng and Menapause pollcles- to make sure we look after the team at different Ilf• stages Proea$s In order to deliver maximum impact for the sector we support, thrive ha8 to work efficiently and effectively. We have reated a strong project management framework that allows all stsff to know their WrkI0ads and roles within projects. Communlcation18 Imperative here and team meetings are focused and action orientated. Our prolect management Sy8tem involve8: Project brief Action log8 Content creation and communications plan Company ov8Niew of activlty Project debrfefs We also make sure that all of our management documents speak to each other e.g. str8t8gic plans, rfsk raglster, Board reportlng and staff perforniance management. All of this activlty Is evldenced through our KPI framework and revlewed regularly by both 808rd and staff ieam.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRÈCTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Achlevements and performance Thriv8 uses a series of targets and key perfomiance indiGqtors (KPI'S) to monitor and measure its achlevements and performance. These relate directly to the outcomes we seek to effect. A selection of those delivered in 2022-23 are detailed below. Communlcatlons 42,361 page views for resources and audien insights content in 2022-23 2,757 total downloads of resources and audience insights in 2022-23 630 Newsletter subscrlbor8 88,920 followers on 8oclal platforms 26 new resources added to the webp•ite Over 500 hours of support given free of charge to the arts sector Over 200 hour8 spent on Research and Dovelopment to brlng bast practice learning to Northern Ireland Workad wth 80 organisations from all acros8 Northem Ireland What our cllents Say.. he session was re811y helpful and you managed to get a lot across in a very short 8pace of time. It has given me more confidence a81 prepare to do more in-depth work around audiences." °Really helpful mentoring session generally asslstlng what to focus on in my marketlng role.. °Thank you so so much for your tlme and for all the information and experience you shared, it has been so uselull I ill definitely go in v¥ith the approach of reachlng more audiences not making more money." Governance Thrfve has developed a strong govemance framework which it contlnues to evolve and develop. 2022-23 saw three naw Board members appointed, following a skills audit and open recruitment process. Following interviews with applicants, three Trustees were appointed 8nd a comprehensive indvction took place. Lisa Rea Currie and John McElrone were appointed in April and Verty Peet took office in June. Naomi Majury vS appolnted for e second temi in Ilne wlth thrive Memorandum and Articles and continued in role as Chair of the Finance and Risk Subcommittee. Reporting to the Board continues to work VRII, with a focus on organisational KPI'S that allgn to thrive's strategic priorits'es and evidences the impact of the work. Flnancial revlew Thrive's end of year position shows a small deficit of £610. Financi81 stability remalns a challenge for thrive as the organisation and the sector it seNes, face an unknown and changed environment. lIe ACNI continues to support thrive as our main fvnder, an increase in thal award is unlikely as budgets all across government are squeezed. Thrive's 8xpansion into new markets and in collaboration wlth partners, have helped to combat increasing costs in an uncertain market. Further work will be done to increase customer retention and open new markets in line with our strategic goals.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Reserves pollcy and going concern There is a reserrfes policy in place. Thrlve has identlfled £215,068 (2022: £215,668) as unrestricted reserves in the 2022-23 annual accounts. Thrive's reseples policy states that a base level of at least six months of average organisation spend plus spend for any planned capital projects or specific opportunities identified is required as reserves. Thrive currently holds sufficient reserves in Ilne with this policy. The purpose of the reseNes are set out below: The operation81 reserve: To facilitate uninterrupted dellver of the charitable objective.. To cover day-tfrday operational costs induding minor unexpeded one To fund short-temi deficits in cashflow (e.g. funds may need to be expended before a grant is r•¢eived) The strateglc reserve.. Support the sustainablllty of the organisation and enable continued dellvery of tha charitable objectives In the event of a change in funding, glven the current rellance on public funds allow the organlsation to continue to deliver its charitable objectives and seek altemative funding sources, should existlng annual funding not be renewed To allow the charty to take advantage of new objectives within its alms To provide assurance agalnst a rlsk of an unfore8een emergency or other unexpected need for funds. (e.g. unexpected large repalr bill) To wind up the organisation in an appropriate and planned way following the loss of key funding andlor contracts To allow thrive to dlscharge its responsibilities to gt8ff, partners, dients and suppliers as appropriately as possible To meet planned commitment8 that cannot be met by future annual funding alone Facilitate the exploration of opportunitles to mitigate future reliance on public funds To allow the char5ty to take advantage of new opportunitie8 Withln its aims Meet the obllgations and requirements attached to funds that have been granted with r88trictions. Any re8tricted funds f811 under this headlng-ACNI, etc. ReseNe requirements, both operats'onal and strategic and thelr risks, will continue to be reviewed by the Board in 2023-24. Statement of Inv8Stmant Prfnclplog The Trustees have adopted a Statement of Investment Prfnciples (SIP), whlch sets out the principles governing decisions about Investment of the 8SS8ts of thrive. The Trustees of thrive issue this ststement to comply with the regulations set out in the memorandum and articles of association of the organisation. In order to m••t the requlrements of the SIP. thrive will invest in 3 $6parate portfolios.. Two fixed-term investment funds One account with instant access and competitive rates The SIP will be reviewed annually and without delay after any significant change of Investment policy. Structure, governance and management In November 2017, the Board revised and updated the memorandum and articles of a&8ociation. This revision aligned the memorandum and articles wlth our new purpose and incorporated the name change. Any relevant changes in company law or charity law were also implemented. This Vrk was undertaken by Edwards & Co.. thrive's legal advisers. The new company name, Thrive Audience Development, was registered at Companies House under Company Number N1051394 and with the Charity Commission Nl under the existing reference NIC 102561 which was assigned on 5 May 2015.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees who served during the year and up to the date of signature of the financial statements were: Mr R Clifford Ms R L Fitzpatrick MsNMMMajury Mr J P McElrone Mr C D J Mcveigh Ms F N Mellor DrVE Peet Ms L Rea Currie Ms N R Toman Mr M Walker Ms MF Henry (Appointed 28 April 2022) (Appointed 21 June 2022) (Appointed 28 April 2022) (Appointed 23 May 2023) Recrultment and appolntment of Dlrectorn Thrive's process on the recruitment and appolntment of directors is underplnned by the memorandum and artides. Board recrurtment 18 informed by a regular discussion and the Board evaluation process to identify what skills need to be recruited to the Board. The Nominations and Remuneration committee takes the process fopNard through an open recruitment process. Each dlrector is asked to serve 8 term of three years and may be appointed for a further three ye8rs following a review of contribution meeting and a vote by the Board. After serving a further three-year period, the Board member must step down. Dlrector Inductlon and tralnlng Thrive's process on the recruitment and appointment of dlrectors is underpinned by the memorandum and artides. Board recrurtment is informed by a regular discussion and the Board evaluation process to identify what skills need to be recruited to the Board. The Nominations and Remuneration committee takes the process forward through an open recruitment process. Each director is asked to serve a tem of three years and may be appointed for a further three years following a review of contribution meeting and a vote by the Board. After serving a further threyear period, the Board member must step down. Rlsk management The Board has conducted a review of the malor risks to vlhlch the charity Is exposed. Rlsks are reviewed by the Finance & Risk committee at each meeting, with updates provided to the Board at each meeting. The risk register is reviewed by the full Board and senior management team once a year, along with thrive's risk policy. Wthere appropriate, systems or procedures have been established to mitigate the risks the charity faces. Intemal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. All Trustees recognise there is a requiremerrt to rai8e any new risks and significant changes as and when they become apparent. 10-
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Oryanlsatlonal structuro Thrive's memorandum and artides 8tipulates that the number of Trustees Shall be not less than six nor more than eleven, excluding co-opted Trustees. The Board met six times in 2022-23 to discuss and dlrect the strategic direction and policy of the charity- In 2022-23 the Finance & Risk committee met Six times to look at the financial reporting and risk for the organisation. The Nomination8 and Remuneration committee met three times to look at, among other things, increasing diversity as well as key HR policies. Trustees also contributed to the delivery of key govemance projects such as taking part in Board recruitment panels and carrying out staff exit interviews. Furthermore, Trustees have used thelr individual skills in a voluntary capacity to as8iSt and support thrlve, contributing many free hours to the development of the charity, Day-to-day responsibillty for the provision of seNices rests with the Chief Executive Offlcer, The Chief Executive Officer is responsible for ensuring that th• charlty delivers the Sorvices specified and that key perfomiance Indicator8 (KPI'8) are met. Statsrnent of Tru8t8•8' rnsponslbllltle• The Truste88. who are also the directors of Thrive Audience Development for the purpose of company law, are responsible for preparing the Tru8tee8' Report and the financial statements in accordance with applicable law and regulation. Company law require8 the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprlsing FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland., and applicable law (United Kingdom Generally Accepted Accounts'ng Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they glve a true and fair view of the state of the affairs of the and of the incoming resources and application of resources, including the income and expenditure, of the company for that perlod. In prep8ring these financial statements, the Trustees are required to.. select 8ultable accounting pollcles and then appiy them ¢onslstently', obserye the methods and principles in the Ststement of Recommended Practice.. Accounllng and Reporbng by Charities (2015); make judgments and estimates that are reasonable and prudent; and prepare the finanal statements on the going concern basis unless it 18 inappropriate to presume that tho will continue in business. The Trustees are responsible for keeping adequate accounting records that ar8 sufficient to show and explain the company's transactions and dlsclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the company Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. In certain circumstances clients may choose to include an additional statement here which is required to be made within the directors, report as a result of Section 418 of the Companies Act 2006. In accordance with Section 418, directors, reports shall include a statement, in the case of each director in office at the date the directors, report is approved, that: (a) so far as the Trustee is aware, there is no relevant audit irrformation of which the company's auditors are unaware; and (b) they have taken all the steps that they ought to have taken as a Trust8e in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. 11
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Auditor In accordance with the company's artlcles, a resolLrtion proposing that H8rbinson Mulholland be reappointed as auditor of the company wll be put at a General Meeting. Th Trustees, rt was approved by tha Board of Trustees. Mr R Clifford Trustee 25 Octob•r 2023 12-
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT Oplnlon We have audited the financlal statements of Thrive Audience Development (the 'charity') for the year ended 31 March 2023 whlch comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, induding slgnificant accounting policies. The financial reporting framewort( that has been applied in their prep8ration is applicable law and United Kingdom Accounting Stsndards, induding Financlal Reporting Standard 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of Its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted A¢¢ountlng Practice,. and have be•n prepared In accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responsibilitie8 under those standards are further described in the Auditors Trsponsibllities for the 8udrf of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance Yth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi8 for our opinion. Concluslons relatlng to golng concem In audlting the financlal stat8rnent8, W8 have concluded that the Trustee8' Use of the going concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work w8 have performed, have not Identified any material uncertainties relating to events or condltions that, individually or collectively, may ca8t significant doubt on the charlty's ability to continue 88 a going concern for a period of at least twelve months from when the financial 8tatements are authori8ed for issue. Our re8ponslbilltt.es and the re8ponsibilitie8 of the Trustees with respect to going concern are described in the relevant sections of th18 report. Other Infomiatlon The other information Mmprises tha Infomiatlon Induded In the annual report other than the financlal 8tstements and our auditorfs report thereon. The Trustees are responsible for the other information contained within the annual report. Our oplnion on the financial statements doe$ not cover the other inforniation and we do not expre$$ any form of assurance conciu8ion thereon. Our responslbility is to read the other infoirnation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or app8nt material rnisstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have pefftjmied, we conclude that there 18 a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 13-
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT Matters on whlch we are requlred to roport by exceptlon We have nothing to report in respect of the following matters in relation to which the Charitles (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial Statements is inconsistent in any material respect with the Trustees, report; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records; or we have not received all the informats.on and explanations we require for our audlt. Responslbllltl88 of Trustees As explained more ftjlly in the ststement of Trustees, responsibilities, the Trustees, who are also the directors of the charty for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine Is necessary to enable the preparatlon of finandal statements that are free from material mi88tatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's abillty to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accountlng unless the Trustees either intend to liquidate tlie charltable company or to cease operations, or have no realistic altemative but to do so. Audltofs re8ponslbllltles for the audlt of the flnanclal statements Vve have been appointed as auditor under section 144 of the Charities Act 2008 and report in accordance wth the Act Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISA8 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inffluence the economic decisions of u8ers taken on the basis of these financial statements. A further de8CriPtion of our r8sponslbilities 16 available on the Financial Reporting Council's web81te at: https:11 W4VW.frc.org.ukJauditorsresponsibilities. Thi8 description foms part of our auditor's report. 14-
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT Our approach to identlfylng and assesslng the risks of material misstatement in respect of irregul8ritles, induding fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulations applicable to the company through dlscussions with directors andlor senior management, and from our commercial knovAedge and experience of the sector., We focused on 8pectfic18ws and regulations whlch we considered may have a direct m8ted81 effect on the financial statements or the operations of th6 comp8ny, including Compani88 Act 2006, taxation legislation, data protection, anti-bribery, employment, envlronmentsl and health and safety legislatlon.. we assessed the extent of compliance with the laws and regulations Id•ntlfiod above through making enquiries of management and In8pecting legal correspondence., and Identified laws and regulations were communicated within the audlt team regularly and the team remalned alert to instances of non-compliance throughout the audlL We assessed the susceptibility of the carnpany'8 finandal Ststements to material misstatement, including obtainlng an underst8nding of how fraud might occur, by: maklng enquirfes of management as to where they conBidered there y$ Susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risk8 of fraud and non-compliance with laws and regulation8. To addre8S the risk of frdud through management bi88 and override of controls, we: performed analytlcal procedures lo identify any unusual or unexpected relatlonships., tested journal entries to identlfy unusual transactions-, assessed whether judgement8 and a8sumption8 made In detemiining the accounting estimates set out in Note 2 wre indicative of potential bias; and Invests'gated the rationale behind significant or unusual transactlons. In response to the risk of irregul8riti88 and non-compliance with lav and regulations, we designed procedure8 which included, but were not Ilmlted to.. agreeing flnanclal ststement dlsclosures to underlying supporting docum8ntatlon', reading the minutes of meetings of those charged with governance. enquirtng of management as to actual and potential litigats'on and claim8', and reviewing correspondence with HMRC and the company's legal advisors. There are inherent limltation8 in our audit procedures described above. The more removed that laws 8nd regulab'ons are from financial transactions, the less likely it is that we would become aware of non-compliance. Audits'ng standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. M8terial misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 15-
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT This report is made solely to thè company's members, as a body, in 8ccordance with section 391 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to State to them in an audilor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume spOnSibl11tY to anyone other than the company and the company's members as body, for our audit work, for this report, or for the opinions we have fomied. +i c.~ Angola Cralgan {Senlor Statutory Audltor for and on behalf of Harbln80n Mulholland Chartered Accountants statutory Audltor Centrepoint 24 Ormeau Avenue Belfast Co. Anlrim Northern Ireland BT2 8HS 16-
THRNE AUDIENCE DEVELOPMENT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrlcted Restrlctsd funds funds 2023 2023 Total Unrestrlcted Rostrlcted funds funds 2022 2022 Total 2023 2022 Notes Income from: Donations and legacies Charitable activities Investments 39 48,272 1,062 39 315,770 1,062 267,498 64,892 978 252,333 317,225 978 Total Income 49,373 267,498 318,871 65,870 252,333 318,203 ndlture Charltsble activities 49,983 267,498 317,481 42,744 252,333 295,077 Not l•xp•ndlturn)Ilncom• for the yearl Not movement In funds (610) (610) 23,126 23,126 Fund balances at l April 2022 215,668 215,688 192,542 192,542 Fund balances at 31 March 2023 215,058 215.058 215,668 215,888 The statement ol flnanclal actlvltl•s Includ•s all galns and108ses recognised in tha year. All Income and expendlture derive from continuing activities. The gtatement of financial activities also complies With the requirernents for an income and expenditure account under the CompaniesAct 2006. 17-
THRIVE AUDIENCE DEVELOPMENT STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023 2023 2022 Notes Flxed assots Tangible assets 11 1,212 2,071 Current assets Debtors Cash at bank and in hand 12 88,286 170,896 75,647 172,740 257,162 248.387 Credltors: amounts falllng due wlthln one year 13 (43,316) (34,790) Net curr&nt assets 213,846 213,597 Total assets less ¢urrnnt Ilabllltles 215,058 215,668 Income fvnds Unrestricted funds 215,058 215,668 215,058 215,668 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 2023, although an audit has been carried out under section 65 of the Charitie¥ Act {Nl) 2008 . The directors acknowl•dge their r•sponsibilities for complylng with the requirements of the Companles Act 2008 with respect to accounting records and the preparation of financial ststements. The members have not required the company to obtain an audit of its financial statements under the roquirements of the Companies Act 2008. for the year in question in accordance vllth section 478. These financial statements have b8en prepared in accordance with the provisions applicable to companies subject to the small companies regime. Th financial statements were approved by the Trustees on 25 October 2023. Mr R Clifford Trustee Company reglstration number N1051394 18-
THRIVE AUDIENCE DEVELOPMENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notss Cash flo from operatlng activiti08 Cash absorbed by oper8tlons 18 (2,134) (32,239) Investlng actlvltles Purchase of tangible ftxed assets Investment income recelved (771) 1,062 (1,165) 978 Not cash gonernted froml(usod In) Invostlng actltI•8 291 (187) Not ca8h used In flnanclng actlvltl88 Net decrease In cash and cagh aqulvalents (1,843) (32,426) C88h and cash 8qulv81ent8 at beglnnlng of year 172,740 205,166 Cash and cash aqulvalents at end of year 170,898 172,740 19-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Charity Inforniatlon Thrive Audience Development is a prlvate company limited by guarantee incorporated in Nothem Ireland. Tho charity is registered with the Charlty Commission for Northem Ireland. the registered office is Crescent Arts Centre, 24 University Road, Belfast, BT7 1 NH. 1.1 Accountlng conventlon The financial ststements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 'The Financial Reportlng Standard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP '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)" (effective 1 January 2019). The charlty is a Public Benefit Entity a8 defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charty. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hlstorical cost convention, modified to indude the revaluation of freehold properties and to include investment properties and certain financlal instruments at falr value. The principal accounting policles adopted are set out b•low. 1.2 Golng concern At the time of approving the flnancial 8tat8rnents, the Trustees have 8 reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds 8re available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors 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 Incofne Income is recognised when the ch8rity is legally entitled to it after any perfonnance conditions have been met, the amounts can be measured reliably, and it is probable that income will be r8ceived. Cash donations are recogni8ed on receipt. Other donations are recognised once the charity has been notified of the donation, unless perforrnance conditions require deferr81 of the amount. Legacies sre recognised on receipt or otheIse rf the charity ha5 been notified of an impending distribution, the amount is known, and receipt is expected. If the amount Is not known, the legacy is treated as a contingent asset. -20-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Contlnued) 1.6 Expenditurn Expendlture is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 activty are made up of the total of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contrlbute to more than one activty and support costs which are not attributable to a single activity are apportioned between those activlties on a basis consistent with the use of resources. Central stsff costs are allocated on the b8s1s of tlme spent, and depreciats'on charges are allocated on the portion of the asset's use. 1.8 Tanglbl6 flxed assets Tangible fixed assets are Inltlally measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaiment losses. Depreciation Is recognised Go 88 to wrlte off the cost or valuation of assets less their re8idu81 valu98 over their useful lives on the following bases: Computer Equipment Fixtures and fittings 330A per annum straight Ilne 10% per annum straight line The gain or1088 arising on the disposal of an asset is detemiined a8 the difference beeen the 8ale proceeds and the carrying value of the asset, and 18 recognised in the statement of financial activitie8. 1.7 Impalrment of flxed assets At each reportlng end date, the charity reviews the carrying amounts of Its tangible assets to determine whether there 18 any indication that th08e assets have suffered an impairment loss. If any such indlcation exists, the recoverable amount of the a88et is 8Stimated in order to determine the extent of the impairment 108s (if any). 1.8 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of thr88 months or1•8s, and bank overdrafts. Bank ovardrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Flnancial In8truments' and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial Instruments are recogni5ed in the charrty'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 reallse the asset and settle the liability simultaneously. Basic financial assets Basic fin8naal assets, which indude debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortlsed cost using the effective interest method unl&8s 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. 21
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies {Contlnued) Baslc flnancial liabllltles 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 smortised. Trade creditors are obligations to pay for goods or servlces that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-Gurrent liabilits'es. Trade creditors are racognised initially at transaction price and subsequently rneasurod at amortised cost using the effective interest method. Derecognitlon of flnanclal Ilabllltles Flnancial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entrtlement Ss recognised In the period In which the employee's services are received. Termination benefits are recognised immedlately as an expense when the charity Is demonstrably committed to terminate the employment of an employee or to provide temiination benefits. 1.11 Retlrement b8neflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Crltlcal accountlng estlmatos and Judgemants 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 estlmates and underfying assumptions are reviewed on an ongoing basis. Revlslons to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that perlod, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and18gacles Unrestrlcted funds Total 2023 2022 Donations and gifts 39 -22-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable activltles 2023 2022 Supereouncil Other eamed income Grants 17,838 47,056 252.333 48,272 267,498 315,770 317.225 AnalyAI8 by fund Unrestricted funds Re8tricted funds 48,272 287,498 84,892 252,333 315,770 317,225 Art8 Council Northern Ireland (ACNI) National Lottery Heritage Fund {NLHF) Department for Communities Belfast City Councll 166,172 65,090 16,238 20,000 182,839 89,494 267,498 252,333 Thrlve Audlence Development acted as agent for one programme for Natlonal Lottery Heritage Fund, whereby they receSved fvnds and distributed such funds on behalf of Arts & Business Nl of £9,706 (2022.. £23,044). Investments Unrestrlcted Unrestrlcted funds funds 2023 2022 Interest re1vable 1.062 978 -23-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable actlvltlos Charltsble Charltable activltl88 actlvftles 2023 2022 Staff costs Depreciatlon and impairmant Charitable expenditure 212,257 1,631 81,177 174,876 2,792 84,340 295,065 262,008 Share of support costs (see note 7) Share of govemance costs (see note 7) 19,940 2,476 29,743 3,326 317,481 295,077 Analy818 by fund Unrestricted funds Restricted funds 49,983 267,498 42,744 252,333 317,481 295,077 Support costs Support Governance costs costs 2023 Support Governance costs costs 2022 Admin costs HMRC VAT Irrecoverable Legal & professional Recruitment Rent 5,097 6,443 5,097 6,443 6,284 9,857 1,178 4,024 8,400 6,284 9,857 1,178 4,024 8,400 8.400 8,400 Audit fees 2,476 2,476 3,326 3,326 19,940 2,476 22,416 29,743 3,326 33,069 Analysed between Charitable activities 19,940 2,476 22,416 29,743 3,328 33,069 Governan costs includes payments to the auditors of £2,450 (2022.. £2,050) for audit fees. Trustees None of the Trustees (or any persons Connected wth them) received any remuneration or beneffts from the charity during the year (2022.. £1,908). -24-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Employ8•8 The average monthly number of employees during the year vms.. 2023 Number 2022 Number Employmont costs 2023 2022 Wages and salaries Social security costs Other pension costs 191,507 12,711 8,039 157,848 9,909 7,319 212,257 174,876 There were no 8mployee8 vthose annual remunerats'on was more than £60,000. 10 Taxatlon The charity 18 exempt from tax on Income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Galns Act 1992 to the extent that these are applled to it8 charltable objects. 11 Tanglble fixed as88ts Computsr Flxturns and Equlpm•nt Total Cost At 1 Aprll 2022 Additions 14,115 771 3,958 18,073 771 At 31 March 2023 14,886 3,958 18,844 Depreclatlon and Impalmient At 1 April 2022 Depreciation charged in the year 12,860 1,544 3,142 86 18,002 1,630 At 31 March 2023 14,404 3,228 17,632 Carrying amount At 31 March 2023 482 730 1,212 At 31 March 2022 1,255 816 2,071 -25-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Debtor8 2023 2022 Amounts falllng due within one year: Trade debtors Other debtors Prepayment8 and accrued income 6,009 76,526 3,731 1,320 70,429 3,898 86,286 75,847 13 Cr•dltors: amounts falllng due wlthln on• year 2023 2022 Nots* other taxatlon and social securlty Deferred Income Trade credltors other creditor8 Accrua18 932 8,882 15,762 1,518 16,222 6,240 5,620 8,912 1,422 12,596 14 43,316 34,790 14 Deferred Income 2023 2022 other deferred Income 8,882 5,620 Deferred Income compris8s of Income invoiced In advance of project delivary mllestones. Deferred Income is Included in the financial statements as follows.. 2023 2022 Deferred income is included thIn. Current liabilities 8.882 5,620 -26-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 Restricted funds The income funds of the charity indude restricted funds comprising the follong unexpend8d balan$ of donations and grants held on trust for specific purposes: Movement in funds Incoming Resources Balance at sources gxpended 31 March 2023 8alanco at 1 Aprll 2022 Arts Council Northern Ireland (ACNI) Nats"onal Lottery Heritage Fund (NLHF) Department for Communities Belfast City Council 166,172 65,090 16,236 20,000 (166,172) (65.090) (16,238) (20,000) 267,498 (267,498) Re8tricted fijnds are funds received for specified purposes within the overall aim8 of the charity. 16 Analys18 of net assets between funds Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestrlcted Regtrlcted funds fund8 2022 2022 Total 2023 2022 Fund balances at 31 March 2023 are represented by: Tangible assets Current 8ssetsl(liabilities) 1,212 213,846 1,212 213,846 2.071 213,598 2,071 213,597 215,058 215,058 215,667 215,668 17 Relat•d party tran8a¢tlons There were no dlsclosable related paty trensactions during the year (2022: £1,908). 18 Cash generated from operatlons 2023 2022 (Deficit)Isurplus for the year (810) 23.126 Adjustments for.. Investrnent income recognised in statement of financial activities Depredation and impaiment of tsngible fixed assets (1,062) 1,631 (978) 2,792 Movements in working capital: (Increase) in debtors Increas8 in creditors Increasel(decreasey in defeffed income (10,819) 5,284 3,262 (45,851) 11,607 (22,935) Cash absorbed by operations (2,134) (32,239) -27-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 19 Anatysl8 of changes In netfunds The charity had no debt during the year. -28-