Charlty registratlon number NIC102561 Company reglstration number N1051394 (Northem Ireland) THRIVE AUDIENCE DEVELOPMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THRIVE AUDIENCE DEVELOPMENT LEGAL AND ADMINISTRATIVE INFORMATION Trustees MsNMMMajury Mr J P McElrone Ms F N Mellor DrVEPeet Ms L Rea Currie Ms N R Toman Mr M Walker Ms MF Henry Ms E McAleer Mr C Mcmullan Ms C O'connor Ms J Wright (Appointed 23 May 2023) (Appointed 1 May 2024) (Appointed 1 May 2024) (Appointed 1 May 2024) (Appointed 1 May 2024) Secretsry Ms F Bell Charlty number NIC102561 Company number N1051394 Registered office Cresnt Arts Centre 24 University Road Belfast Co Antrim Northern Ireland BT7 1NH Auditor Harbin60n Mulholland Centrepoint 24 Omieau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS Sallcltors Edwards & Co Soliotors 28 Hill Street Belfast BT12LA
THRIVE AUDIENCE DEVELOPMENT CONTENTS Page Trustées, report Indèpendenl auditorfs report Statement of financial adivitie8 15 Statement of financial position 16 Statement of cash flows 17 Note8 to the financial statements 18-27
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The TnJstees are pleased to present their annual Directors, report together with the consolidated financial statements of the charity for the year ending 31 March 2024, which are also prepared to meet the requirements for a Directors, report and accounts for Companies Act 2006 purposes. The financial stgtements comply with the Ch8rllle5 Act (Nl) 2008, the Companies Act 2006, the Memorandum and Articles ofAssociation, and Accounting and Reporting by Charities= Statement of Recommended Practice applicable in the UK and Republic of Ireland IFRS 102) (effective 1 Jan 2015). Objectlvel and actlvlties Chalrfs report Thls year has been one of change for thrive. We have welcomed new team member5 and Seen new faces join our group ofTrustees. As we said goodbye to our Chalr of the past 3 years, Rory Clifford as well as Rachel Fitzpatrick and Connor Mcveigh, we look time to welcome 4 new Board members. And those joining thrive get to build on the strong and stable organisation that Rory, Rachel and Connor leave behind. Their commitrnent and expertise has played no small part in that and should be recognised in this report. But although this year was one of changing faces, there was a sense of stability and progress. Year 2 of the current strategic plan saw the organisation review and refocus our goals. The creation of the IMPACT research programme feels like a significant moment for thrive. It captures such a broad range of audlence dala that it will be a significant resource both for the sector and the individual organisations that take part. Thrive know Northem Irish audiences, and how they differ from those in GB and Ireland. To finally have data to evidence this is a milestone and will do much to close the data gap which exists. The next steps for thrive will be to increase engagement with the data and help the sector to make changes based on the results. That is the bedrock of any audience development plan. Wlhout it, those development p18ns work off assumptions about who audiences are and what they value which makes it difficult for them to succeed. It feels like a rnoment of opportunity, and the Board Bnd I look ftjrward to supporting the team In their bid to respond to the changing world around us. Dr Verity Peet Chalr Date: 111r2
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Purpose and outcomes Thrive's purpose is to better tell the story of cultural engagement in Northem Ireland. We know that art and culture deliver a better society filled with more confident, curiou% and creative individuals. But often, that is not the story that is told, and the value of art and creativity is called into question. Thrive bvorks to build the evidence base that supports the impad we see when we work with organis8tions and to help communicate that importance to thi8 place. Wthin our Memorandum and Articles of Association we state our object as.. the adv8n¢em8nt of the arts. cullure and h8nl8ge in Northem Irg18nd (hereinafter c811ed the '8r88 of benefit,) -thout distsnction of age, g8nd8r sexual orientation, disability/ability, race, political. ligIouS or other opinion, by associating the st8tutory authorilies, voluntary organisations and th8 inhabitants in a Gommon effort." 8) to promot8, maintain, 8nhance and devel¢W th8 relationships belween arts org8nlsations and Iheir audiences, current orpotential, within the area of benefit,. b) to introduce members ol the publlc to 8 wide variety of the 8rts, and to encourage and foster their cultural Interest both as partlClP8nts and audiences," c) to promote, assist and encour8g8 the aw8reness of the b8neficial value of the arts generally in all its fofft?s by such me8ns as sh811 from time to time b8 considered expedient and appropriate by the directors. And from this object flows our organisational purpose and outcomes. Our objectives are the stepping stones to d81ivering our purpose and prioritise the area5 that we need to focus on to develop our impact. Our Objectlves We will increase the amount and scop8 of research into cultural engagement in Northern Ireland 2. We will grow engagement with our work 3. We will be better equipped lo deliver our goals Our Outcomes The thang6 that will be delivered by thrive through those objectlves is expressed through outcomes.. More people in Northern Ireland will understand the value of cultural engagement More organisations will understand the reality of cultural engagement Thrive is a more sustainable organisation The first two outcome5 focus heavily on research and data, and this 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 Search. 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 hange the naative Ihat has emerged from Ihat 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 2024 The Trustees worked with the Chief Executive to develop 8 new strategic plan that stretches acTOSS three years. This TrLTrStees' Report reflects year 2 of ihat plan. The Trustees have complied with their duty lo have due regard to the Charity Commission Nl's public benefit guidance when exércising any powers or duties to which the guidance is relevant Main actlvitiè• Each year, thrive will outline the activities it will undertakè to advance and deliver its goa5s in each str8teglc priority, and some of that activity will be highlighted below. This is by no means an exhaustive list, as each year brings a multitude of projects thal respond to individual and colleGtive sectoral need. e will the amount an eofr earch into ural en ement Audience led thinking means that art is created In respon8e to the needs and wants of people. 11 is vi181 therefore that artlst5 and organi5ation8 have accurate research that tells the real story of how and why people engage with art. In the past 12 months, thrive created and delivered numerous research projects which provide data into changlng audience attitudes and behaviour8. IMPACT Research Ilmpact of People Attendlng Culture Today) This year saw thrive launch 8 significant research prograrnme, delivered with the sertor to provide robust and relevant data on audiences in Northern Ireland Thrive has spent entY years doing research with and for hundreds of arts organisations, both large and small, to better tell the story of cultural engagement in Northem Ireland. Research into Northern Ireland audiences is part of our DNA. Over the years, we've encountered and dellvered a18rge amount of research on the impact of cultural participation (induding alleviating loneliness, promoting positive 8ging and inclusion), however, very little research had been done on the impact of arts attendance. This is why we created our IMPACT survey, a post-vSsit audience survey to evidence the impact of attendance at arts organisations and spaces across Northern Ireland. It 16 the first of its kind in Northern Ireland. Such data from and about Nl audiences did not exist before this survey. The research will help to evidence.. The impact of arts attendance on Nl audiences How different demographics engage with arts and culture Their behaviours and motivalions How the cost of living has affected their spend around arts attendance 35 arts organisations across Northern Ireland have been taking part in the IMPACT survey. Over 2,900 survey responses have been collected from September 2023 to Nfj8rGh 2024. What did we find? Audiences looked slightly different compared to the Nl population. IMPACT audience5 were older. with over half being over the age of 50. Approximately tsvo-third5 of respondents were women, and roughly a quarter had children under 16 living with them. Audiences were less likely to be disabled compared to the population. We did however seeing a higher percent of audiences who are gay, lesbian, or bisexual. Compared to the Nl median of £30k, a largo proportion of IMPACT audiences {39%) have lower or significantly lower earnings. Compared lo the Nl median of £30k, a large proportlon of IMPACT audiences {39U/.I have lower or significantly lower earnlngs. 94Yo of audiences felt a positive èmotion after attending and artslculture event, with the vast majority (740/0) Saying Ihey fell happy.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Research for Dublin City Council Thrive partnered with Turley Strategic Communications on this research project which sel out to better understand the perception of the Arts in Dublin North Central. Thrive's role was to run focus groups and guided conversations with local residents to understand the impact of those perptIOnS and attitudes on actual engagement and behaviours. Focus groups were held in 4 different locations across North Central Dublin. The topics covered were The perception of the arts and the role it plays in people's lives General arts engagement pattern- where they engage, who with and how often Motivations for, and barriers, to arts engagement The research again provided evidence of the importance of arts and culture to people from a wide range of backgrounds and interests. "Tha arts has tho power to change people and change Ilves." "rhe joy of seelng people who think they have nothlng to offer and seelng them changed by tha experience of going out In fmnt of an audience." "People thlnk it's a hobby, but It's moro than that. It's everything to me. It's an extenslon of my personality." "It's about trying to connect. Mth cinema, l enjoy going alone but with livo muslc you're connecting with the crowd and the atmosphere that is thore. Connection is a big thing for me." Bolfast Clty Councll Research In 2024, Belfast City Council are delivering Belfa8t 2024 - an ambitious cultural celebration for Ihe clty. It will present 8 wide programme of crealive local projects, evenls and city initiatives Before the programme was laun¢hed, the Gulture leam In Belfast Clty Council wanted to know more about the audien$ who might engage with the programme. We worked with the team to carry out research with people living in Belfast to learn more about their relationship with arts and cultur8, their percèpiions of Belfast as a creative place and the role of arts in boosting civic pride. But as with all thrive research, we wanted to come at it from a different angle and hear some different voices. So, we spoke to people who come into contact with visitors to the city to see how this impacts on local's perceptions of the place. We chatted to taxi drivers and hotel staff to see whal they think of the cultural offer in Belfasl and what they recommend as well as what they hear from both locals and visitors to the place. We found.. Arts and culture were perceived by most as an essential part of life and a way to connect individuals to the community. They saw art as a mean to express their feelings, create connections, and communicate with others. Tourists often still view Belfast as a potentially dangerous destination but are usually ple85antly surprised by how triendly and welcoming locals are, and by the variety of cultural activities available in the city. Belfast is perceived by locals as a creative city, especially since the Good Friday Agreement. Focus groups participants noted the posilive impact of arts and cullure on attracting tourists and providing quality of Sife for locals. They talked with pride of local arts venues, recent shows or arts events Ihey attended. from sm811 rnusic venues to larger theatres and museums. and festivals in between.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 North West Audienco Survey Our long term collaboration with Derry City and Strabane District Council and Donegal County Council continued this year as we moved into the $8cond year of collecting consistent audience data across the 2 areas. With our partners we had created a short 12 queslion survey io help us to track and better understand engagement with arts and heritage audiences. The data would help to answer questions both at sectoral and individual level, and aimed to solve the data collection problem that exists all across the island. The survey was hosted on thrive's SuNeymonk8y and participating organisations collected data through their own online survey link via their mailing list and on soci81 media. Some organisalions used paper surveys and others printed QR codes on flyers and posters. Each organisation was provided with their own live reporting link so they could view their data in real time. 39 organisations across Donegal County Council and Derry Cily and Strabane District Council have been taking part in the North West Audience Survey. Over 4,400 survey responses have been collected from April 2022 to March 2024. What have we leamed.. Audiences taking the North West suNey differed Slightly from the general population in the North West- respondents were more likely to be betsveen the ages of 35-64 and less likely to be disabled. Le5S than half had children in their household. The majority of audlences in the North West attended with someone else, including 8 spouselpartner, friends, or children of all ages. Just 14Q/4 Vlslted 8 North West organisation on their own. Audiences in the North West had a largely posrtive experience, with 770/0 rating their ovèrall experiance very good. 970/0 would recommend these kincls of eventslvenues to their family or friends. More than in-la agree on the importance of the sector, and that the eventlvenue made thern feel welcome and better for cominglioining in. 2. W wlll Following a review of Year 1 of the strategic plan, we merged 2 of our priorities to focus on growlng engagement, rather than simply 8udiences. Ihihile we always want lo reach new audiences and markets, we also want to make th8 most of th8 r8search and resources available to support the sector. In this year therefore, we spent time analysing our own audiences and customers and then using Ihis informalion to develop our ¢)wn audience engagement plan, The engagement plans sets out actions against 3 headings: sector, strategic md bu8iness development wlth clear targets and re6uIts. Wlder audlence This year, we published our research from last year, Northem Ireland in 100 Stories. Our most significant research projed to date was an investigation into the role of arts and culture at play in people's lives in Northern Ireland and we wanted lo out it in front of as wide an audienc8 as possible. We distributed over 350 copies to politicians, councillors, funders and policy makers to draw attention to the value of creativity and cullure to society, and to their local area. ow ment rwo New Collaborations Thrive is a member of the European Data Alliance and attended several events with partners from UK, Norway, Germany, Belgium and Denmark during the year. The Alliance focuses on both data literacy and collection with partners sharing leaming about pilots and programmes in their own jurisdiction.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 3. We wlll be better e edlo ellver our oals This strategic objective focuses on 2 main areas.- our people and our processes. Peopl• We want a happy. confident staff team and have crealed and developed policies and procedures that will produce that result and reflect thrive's values. These indude.. Employee Development policy which focuses on not only professional, but personal development. Performance Management - staff are sel clear objectives with largels which flow from company KPI'S and have quarterly check ins to review progress. discuss appropriate support and development needs. Recruilmenl - we make sure that we find the besl people for the role and the company 8nd that each job is accessible and equilable Pay policy - making sure that remuneration is fair and transparént and allows scope for development and progression Breast feeding and Menopause policies-to make sura we look 8fter the team at different lrfe stages Proce88e$ In order to deliver maximum impact for the sedor we support, thrive has to work efficiently and effectively. We have created a strong project management framework that allows all staff to know their workloads and roles within projects. Comrnunication 18 imperative here and team meetings are focused and action orientated. Our project fflanagemenl system involves.. Project brief Action logs Content creation and communications plan Company oveTview of activity Project debriefs We also make sure that all of our management documents speak to each other eg strategic plans, risk register, Board reporting and staff performance management. All of this activity 18 evidenced through our KPI fiamework and reviewed regulady by both Board and staff team. A hievem and erfomi nce Thrive uses a series oftarget8 and key performance indlcalors (KPIS) to monitor and measure Its achievements and Performance. These relate directly to the outcomes we seek lo effed. A selection of Ihose delivered in 2023-2024 are detalled below. Comrnunic•tlon8 24,278 page views for resources and audience insights content 1,266 total downlogds of resources and audience insights 627 Newsletter subscribers 8,627 followers on social plarforms 37 new resources added to the website Over 357 hours of support given free of charge to the arts sector Over 300 hours spent on Research and Development to bring best practice learning to Northem Ireland Worked with 92 organisations from all across Northern Ireland. What our cllents say... "It was great to see people in person and get a frank conversation." 'Thrive were fantastic in helping u5 establish a clear 'why' and 'how' for our projecl, identifying what the projecvs USP was in relats'on to audience development. and outlining our next steps. that one-on-one time wa5 invaluable for us..
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 'The support Thrive have given us on this is huge. Our capacity to get any meaningful feedback from our audiences has been really limited, and this now gives us a realty strong stsrting pointi" Governance Thrive has developed a strong governance framework which it continues lo evolve and develop. 2023-24 saw the departure of 3 Board members Rachel Fitzpatrick, Conor Mcveigh and Rory Clifford (ch8ir) at Ihe end of their tenure. 4 new Board members were appointed, following a skills audit and open recruitment process. Following interviews with applicants, 4 Trustees were appointed, and a comprehensive induction took place. Conran Mcmullan, Emma McAleer, Joanne Wright and Claire O'connor {co-opted) were appointed in March. Mark Walker was appolnt8d as acting Chair of the Finance and Risk Subcommittee in line wilh thrive Memorandum and Artides (acting on behalf of Naomi M8Jury who is on matemity leave, and Margar8t Henry Joined the committee. Nuala Toman was appointed as Chair of Ihe Nominations and Remunerations Subcommittee In line with thrive Mernorandum and Articles. Nuala replaces Rachel Fitzpatrick. Verity Peet was appointed as the new Chair of thrive following an open recruitment process and in line wlth thrive Memorandum and Articles. Verity replaced Rory Clifford who had come to the end of his lenur8. Reporting to the Board continues to work well. with a focus on organisational KPIS that align to thrive's strategic priorities and evidences the impact of the work. Flnanclal revlew Thrive's end of year position shows a surplus of £30,496. Financial stability remains a challenge for thrive as the organisalion an(J the sector it serves. face an unknown and changed environment. While ACNI continues to support thrive as our main funder. an increase in that award is unlikely as budgels all across government are squeezed. Thrive's expansion into new markets and in collaboration with 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. Re8•rve8 policy and golng concern There is a reseNes policy in place. Thrive has identified £245,554 {2023'. £215,058) as unrestricted reserves In the 202&24 annual accounts. All reserves are within the operational reseNes fund, the purpose of which are sel oul below bul include the potential for a structured winding-up of the company should the need arise. Operatlonal reserves arè required to allow the organisation to continue to deliver its charitable objectives and seek altemative funding sources should existing annual funding be restricted and to provide assurance against the risk of an unforeseen emergency or other unexpeded need for funds. In addition, operational reserves provide the organisation with the ability to react to short-temi opportunities. In quantifying the level of operational reseNes required, the level of net current assets is compared to the average monthly expendilure. The risks associated with fijture income, grant5 and expenditure are also considered. Thrive's reserves policy states that 6 months of the annual recurring expenditure is required as operational reserves. Presently the reserve amount is below that threshold as reserves have been used to meet planned deficits during the change process. In addition, strategic reserves are required for planned commitments that cannot be met by future annual funding alone. The Trustees would wish thrive lo have a strategic reserve to enable it to maintain and develop the ability to provide data and insight lo arts, cultural and heritage organisations. The Board has highlighted the relurn to a break-even position and the ability to restore reserves to the required level within the new strategic priorities. The Finance and Risk Committee will continue to support the wider Board in monitoring financial controls and performance. including opportunitie5 to increase efficiencies and reduce costs. Operational and slrategic reserve requirements and risks will continue to be reviewed by Ihe Board in 202425.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ststement of Investhient Princlples The Trustees have adopted a statement of investment principles (SIP), which sets out the princSples governing decisions about investment of the assets of Ihrive. The Trustees of thrive issue this statement lo cornply with the regulations set out in the memorandum and articles of association of the organisation. In order to meet the requirements of the SIP, thrive will invest in 3 separate portfolios.. Two fixed-term investment funds One account with instant access and competitive rates The SIP will be revlewed annually and without delay after any slgnificant change of investrnent policy. Structur•, govern•nc• and management In Novefflber 2017, the Board revised and updated the memorandum and articles of association. This revislon aligned the memorandum and articles with our new Purpose and incorporaled the name change. Any relevant changes in company law or charity law were also implemented. Thls work was undertaken by Edwards & Co., thrive's legal adviser6. 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 wa8 assigned on 5 May 2015. The Trustees who served during the year and up to the date of signature of the financial statements were.. Mr R Clifford (Resigned 1 May 2024) Ms R L Fitzpatrick (Resigned 1 May 2024) MsNMMM8jury Mr J P McElrone Mr C D J Mcveigh Ms F N Mellor DrVEPeet Ms L Rea Currie Ms N R Toman Mr M Walker Ms MF Henry Ms E McAleer Mr C Mcmullan Ms C O'connor Ms J ight (Resigned 31 March 2024) {Appoinled 23 May 2023) (Appointed 1 May 2024) (Appointed 1 May 20241 (Appointed 1 May 2024) (Appointed 1 May 2024)
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recruitment and appolntment of Dlrectors Thrive's process on the recruitment and appointment of directors is underpinned by the memorandum and articles. Board recruitment is infomed 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 tskes the prOsS fOard through an open recruitment process. Each director is asked to serve a term of 3 years and may be appointed for a further 3 years following a review of contribution meeting and a vote by the Boarcl. After seTving a further 3-year period. the Board mefflber must step d¢)wn. Dlrector inductlon and trainlng All potential Board members have the opportunity to obseTV8 al least 1 Board meeting before committing to jolning the Board. An induction plan is put in place for all new Board members and this was revised in 2022. The induction offers clear information on the trustee and company dlreclor roles, induding clarity on Ihe key legal and statutory responsibilities of those roles. Inltial induction includes the opportunily to meel the team, the Chair and Ihe CEO. Board training is overseen by the Nominations and Remuneration committee. A record of all training is kept and any material is shared with the Board. Risk management The Board has conducted a review of Ihe major risks to whlch the charity is exposed. Risks 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. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Intemal control risks are fninimised by the irnplementation of procedures for authorisation of all transactions and projects. All trustee5 recognise there is a requirement to raise any new risks and significant changes as and when they become apparent, Organlsational structuro Thrive's memorandum and articles stipulates that the number of trustees shall be not le56 than six nor more than eleven, excluding co-opted trustees. The Board met 7 times in 2023-24 to discuss and direct the strategic direction and policy of the charity. In 202>24 the Flnance & Risk committee met 6 times to look at the financial reporting and risk for the organisation. The Nominations and Remuneration committee met 2 tlmes to look at the creation of the organisalion's pay policy and recruitment process for new Trustees. Trustees also contributed to the delivery of key governance projects such as taking part in Board recruitment panels and carying out staff exit inletwiews. Furthermore. Trustees have used their individual skills in a voluntary capacily to assist and support thrive. contributing many free hours to the developrnent of the charity. Day-to-day responsibility for the provision of services rests with the Chief Executive Officer. The Chief Executive Officer is responsible for ensuring that the charity delivers the ServIS specified and that key perfomiance indicators are met.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities The TTUStees, who are also the director5 of Thrive Audience Development for the purpose of company law, are responsible for preparing the Tiustees, Report and the financial statements in accordance with applicable law and regulation. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the TTUStees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they gtve a tfue and fair view of the stale of the affairs of the and of the incoming resources and application of resources, induding the income and expendilure, of the company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently-, obSee the methods and principles in the Statement of Recommended Practice.. Accounting and Reporting by Charities (2015)., make judgments and eslimales that are reasonable and prudent., and prepare the financial statements on th8 going concern basis unless it is inappropriate to presume that the will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explaln the company's transactions and disclose with reasonable accuracy at any time the financial position of the compeny and enable them to ensure that the company comply wilh the Cornpanie5 Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and olher irregularities. In certain circumstances dients may choose to include an additional staternent here which is required to be made within the directors, report as 8 result of Section 418 of the Companies Act 2006. In accordance with Section 418, directors, reports shall indude a statement, in the c888 of each director in office at the date the directors, report is approved, Ihat.. (al $0 far as the Trust88 is aware, there is no relevant audit infomiation of which the company's auditors are unaware., and {b) they have taken all the steps that they ought to have taken as 8 Trustee in Order to make themselves aware of any relevant audit infomiation and to establish that the company's auditors are aware of that information. Audltor In accordance with the company's articles, a resolution proposing that Harbinson Mulholland be reappointed as auditor of the company will be put at a General Meeting. The Trustees, report was approved by the Board of Trustees. DrVE Peet Trustee 10-
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT Oplnlon We have audited the financial stalernents of Thrive Audience Development (the 'charity') for the year ended 31 Marth 2024 which comprise the statement of financial activities. the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Slandard 102 The FinanGial Reporting Standard applicable in the UK and R8public of Imland (United Kingdom Generally Accepled 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 prepad in accordan with United Kingdom Generally Accepted Accounting Practice-, and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wrth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the An8ncial statements section of our report. We are independent of the chartty 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, Bnd we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is SLfficient and appropriate to provlde a basis for our oplnlon. Conclusions relatlng to golng concern In auditing the financial statement5. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of al least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responslbllilles of the Trustees with respect to golng concern are described In the relevant sections ofthls pOrt. Other Informatlon The other information comprises the information included in the annu81 report other than the financial statements and our auditorfs report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the fin8ncial statements or our knowledge obtained in the course of the audit, or otheNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the finanaal staternents themselves. If, based on the work we have performed, we conclude that there is a material misststement of this other information, we are required to report that fact. We have nothing to report in this regard. 11
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT Matters on which we are required to report by exception We have nothing to report in respect of the following matter5 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinlon.. the information given in the financial stslements is inconsislent 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 information and explanations we require for our audit. Re8ponslbilities of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the charity 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 intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible lor assessing th8 charity's ability to continue as going concern, disclDsing. as applicable, matters related to going concem and using the going concern basis of accounting unles5 the Trustees either intend to liquidate the charitable company or to cease operation8, or have no realistic alternative but to do so. Audito¢8 re8ponslbllitie8 for the audit of the financial ststement8 We have been appointed as auditor under section 144 of the Charities Act 2008 and report in accordance with the Act Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an 8uditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not 8 guarantee that an audit conducted in accordance with ISAS (UK) will atways detect a material misstalemenl 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 influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilit188 is available on the Financlal Reporting Council's webslte at.. https.'Il www.frc.org.uklauditorsresponslbililies. This descrlption form8 part of our auditorfs report. 12-
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT Our approach to identifying and assessing the risks of material misstatement in respect of irregularilies, including fraud and nonwcompliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement tearn 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 discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector., We focused on specific laws and regulations which we considered may have a direct material efFect on Ihe financial ststements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislats'on.. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence., and identified laws and regulations were communicated wlthin the audit team regularly and the team rem8in8d alert to instances of non-Gompliance throughout the audil. We as$88sed the Suscèptibilily of the company's financlal statements lo material misstatement, Including obtalnlng an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibilily to fraud, their knowledge of actual, suspected and alleged fraud,. and considering th8 internal control8 in place to mits'gate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and oveIde of controls, we.. performed analytical procedures to identify any unusual or unexpected relationship8', tested journal entries to identify unusual transaclions., assessed whether judgements and assumptions made in detemiining the accounting estimates set out In Note 2 were indicative of potential bias; and investigated the rational8 behind significant or unusual tran88ctions. In r8sponse to the risk of irregularities and non-compliance with laws and regulation5, we d88igned procedures which included, but were not limited to.. agreeing financial staternenl disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance-, enquiring of management as to actual and potential litigation and claims., and reviewing correspondence with HMRC and the company's legal advisors. There 8re inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to idents'fy non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements thal arise due to fraud can be harder to detect than those that ar15e from error as they may involve deliberate concealment or collusion. 13-
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the company's members those matters we are required to state lo Ihem in an auditols report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have fomied. Anqola Cralgan (Senlor Ststutory Auditor> for Ind on b•half ol Hwbinson Mulhollfvnd IS11 Ir2024 Chartered Accountants ststut¢xy Audltor Centrepolnl 24 Om*au Aven Belfasl Co. Antrlm hlorthem Ireknnd BT2 8HS 14-
THRIVE AUDIENCE DEVELOPMENT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restricted funds funds 2024 2024 Totsl Unrestricted Restrictsd funds funds 2023 2023 Total 2024 2023 Notsg Income from: Donations and legacies Charitsble activities Investrnents 95 81,575 4,706 95 327,521 4,7C 39 48,272 1,062 39 315,770 1,062 265,946 267,498 Total Income 66,376 265,946 332,322 49,373 267,498 316,871 Expendltur• on: Charitable activities 35,880 265,946 301,826 49,983 267,498 317,481 Total •xp•ndlture 35,880 265,946 301,826 49,983 267,498 317,481 Net Incomel(expendlturel and movement in funds 30,496 30,496 (610) (610) Roconcillatlon of funds: Fund balances al 1 April 2023 215,058 215,058 215,668 215,668 Fund balances at 31 March 2024 245,554 245,554 215,058 215,058 The statement of financial activlties includes all gains and losses recognised in the year. All income and expendltur8 deriv8 from continuing activities. 15-
THRIVE AUDIENCE DEVELOPMENT STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2024 2024 2023 Fixed assets Tangible assets 12 931 1,212 Current assets Debtors Cash at bank and in hand 13 79,637 210,836 86,266 170,896 290,473 257,162 Creditors". amounts falling due wlthln one year 14 (45,850) (43,316) Not curr•nt a88et8 244,623 213,846 Totsl assets l••• current li•bllltles 245,554 215,058 Not 0s88ts excludlng pension114blllty 245,554 215,058 Tha funds of tha charlty Unrestricted fund8 245,554 215.058 245,554 215,058 The company is entitled to the exemplion 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 (Nl) 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 financi81 statements under the requirements ofthe 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. 23 The financial statements were approved by the Trustees on .............. DrVE Peet Trustee Cornpany registration number N1051394 (Northern Ireland) 16-
THRIVE AUDIENCE DEVELOPMENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating actlvitie• Cash generated frornllabsorbed by) operations 22 36,668 (32.239) Investing activitlas Purchase of tangible fixed assets Investment incorne ra1Ved (1,435) 4,706 (771) 1,062 Net cash ganaratsd from invostlng aetlvltles 3,271 291 Net ca•h used In financlng actlvltles Net Incro4••1{decroa8el in ca•h and ca8h equiv4l•nt8 39,939 (31,948) Cash and cash equivalents at beginning of year 170,895 205,168 Cash and cash equlvalents at end of year 210,836 170,895 17-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcieB Charity Informatlon Thrive Audience Developrnent is a private company limited by guarantee incorporated in Northern Ireland. The charity is registered with the Charity Cornmission for Northern Ireland. the registered office is Crescent Arts Centre, 24 University Road, Belfast, BT7 1 NH. 1.1 Accountlng convention The financia5 statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of reland. ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Gharilies preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in slerling, which is the functional currency of the charlty. Monetary amounts in Ihese financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. modified to include Ihe revaluation of freehold propertles and to include investment properties and certain financial instruments at falr value. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statemer)Is, the Trustees have a 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 concern basis of accounting in preparing th8 financial statements. 1.3 Charltable funds Unrestrided 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 th&y may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial ststements. 1.4 Income Income is recognised when the charrty 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. Legacies are recognised on receipt or otherwise if the charity has 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. 18-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollci08 Icontinuedl 1.5 Expendituro Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefrt to a third party, it is probable that a transfer of economic beneffts 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 8divity. 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. 1.6 Tangible flxed assets Tangible fixed assets are initially measured at Cost and subsequently measured at cost or valuation, net of depreciation and any impairmenl losses, Depreciation is récognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Computer Equipment Fixtures and fittings 33Vo per annurn straight line 1 OVO per annum straight line The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrnient of flxed assets At each reporting end date, the charity reviews the carrying amounts of Its tangible assets to determine whether there is any indication that those assets have SUffed an Impairment loss. If any such indication exists, the recoverable amount of the asset Is estimated in order to deternlne the extent of Ihe impairment loss (if any). 1.8 Cash and ca8h •qulvalents Cash and cash equivalenls include cash in hand, deposits held at call with banks, other short-term Ilquld investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnancial Instruments The charity has elected to apply the provisions of Sedion 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 ta all of its financial instruments. Financial instruments are recognised in the charty's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offsel, 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 lo realise the asset and settle the liability simultaneously. Basic financial asset5 Basic financial assets, which include debtor5 and cash and bank balances, are initially rneasured at transaction price including transaction costs and are subsequenily carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transactian, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified 8$ receivable wilhin one year are not amortised. 19-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Contlnued) Basic flnancial Ilablllties 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 dassified as payable within one year are not amortised. 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 creditor5 are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltion of flnancial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee ben•flts The cost of any unused holiday 8nlillement Is racognised in the period in which the employee's 8ervlc88 are re¢elved. Termination benefits are recognised immediately as an expense when the charity 1$ demonstrably cornmitted to temiinate the ernployment of an employee or to provide termination benefits. 1.11 Retirement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accountlng e8timate8 and Judgements In the application of the Gherily's accountlng policies, the Trustee8 are required to make judgemenls, estimates and assumptions about Ihe 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. Adual results may differ from these estimates. The estimates and underlylng assumptions are reviewed on an ongolng basis. Revisions to a¢¢ounting estimates are recognised in the period in which the estimate is revised where the revision affect5 only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income frorn donatlons and legacies Unrestrlcted funds 2024 Unr8strictsd funds 2023 Donations and gifts 95 39 -20-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable actlvltles 2024 2023 Other earned income Grants 61,575 265,946 48,272 267,498 327,521 315,770 Analysi8 by fund Unrestricted funds Restricted funds 61,575 265,946 48,272 267,498 327,521 315,770 Arts Council Northern Ireland IACNI) National Lottery Heritage Fund (NLHF) Department for Communities Belfast City Council 170,476 54,170 21,300 20,000 166,172 65,090 16,236 20,000 265,946 267,498 Thrive Audience Development acted as agent for one programme for Nalional Lottery Heritage Fund, whereby they received funds and distributed such funds on behalf ofArts & Business Nl of £Nil12023.' £9,706). Income from Inv•stments Unrestrlctsd Unrestrlcted funds funds 2024 2023 Interest receivable 4.706 1,062 21
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable actlvities Charitable Charitablo activltles activitles 2024 2023 Staff costs Depreciation and impairment Charitablé expenditure 212,701 1,715 65,016 212,257 1,631 81,177 279,432 295,065 Share of support costs (see note n Share of governance costs (see note n 19,644 2.750 19,940 2,476 301,826 317,481 Analysls by fund Unrestricted funds Restricted funds 35,880 265,946 49,983 267.498 301,826 317,481 Support Costs Support Governance costg ¢08ts 2024 Support Gov•rnance costs costs 2023 Admln costs HMRC VAT IeCoVerable Rent 7,010 4,234 8,400 7,010 4,234 8,400 5,098 6,443 8,400 5,098 6,443 8,400 Audit fees 2,750 2,750 2,476 2,476 19,644 2,750 22,394 19,941 2,476 22,417 Analysed beeen Charitable activities 19,644 2,750 22,394 19,940 2,476 22,416 Govemance cosls includes payments to the auditors of £2,750 (2023.. £2,450) for audit fees. 2024 Net movement In funds 2023 The net movement in fund5 IS stated after chargingl(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 2,750 1,715 2,475 1,630 -22-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustee• None of the TTUStees (or any persons ¢onn8Cted with them) received any remuneration or benefits from the charity during the year (2023-. Nill. 10 Ernployees The average monthly number of employees during the year was.. 2024 Number 2023 Number Ernploym•nt Costs 2024 2023 W8ges and salaries Social security costs other pension costs 192,644 11,484 8,573 188,971 15,247 8,039 212,701 212,257 The total amount of employee benefits received by key management personnel was £60,87212023.' £59,356). The charity considers its key management personnel to be 811 persons who direct and control the activities of the charily. The number of employees whose annual remuneration was more than £60,000 Is as follows: 2024 Number 2023 Number £60,001 to £70,000 11 Taxatlon The charity is exempt from tax on income and gains falling within section 505 of the Taxe5 Act 1988 or seclion 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitsble objects. -23-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible flxed assets Computfrr Flxtures and Equlpment flttin96 Total Cost Al 1 April 2023 Additions 14,886 1,435 3,958 18,844 1,435 At 31 March 2024 16,321 3,958 20,279 Depreciatlon and impaimient At 1 April 2023 Depreciation charged in the year 14,405 1,629 3,228 86 17,633 1,715 At 31 March 2024 18,034 3,314 19,348 Carrylng amount At 31 Marth 2024 287 644 931 At 31 March 2023 482 730 1,212 13 Debtors 2024 2023 Amounts falllng due wlthin one year: Trade debtors other debtors Prepayments and accrued Income 20,183 54,591 4,863 6,009 76,526 3,731 79,637 86,266 14 Creditors: amount9 falling due wlthln one year 2024 2023 Noteg Other taxation and social security Deferred income Trade creditors Other creditors Accruals 9,783 6,587 10,396 2,714 16,370 7,635 8,882 9,059 1,518 16,222 16 45,850 43,316 -24-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Deferred income 2024 2023 Other deferred income 8,587 8,882 Deferred income comprises of income invoiced in advance of project delivery milestones. Deferred income is included ir) the financial statements as follows-. 2024 2023 Deferred income is included wlthln.. Current liabilities 6,587 8,882 16 Retlrement benoflt scheme• 2024 2023 Defined contrlbution schames Charge to profit or loss in respect of defined contribution schemes 8,573 8,039 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. 17 R•Btrlcted fund$ The restricted funds of the charity comprise the unexpended balances of don8tions and grants held on trust subject to specific conditions by donors as to how they may be used. Movement in funds Incomlng Resourc•s Bal•n¢• at rniourGe• oxpend•d 31 March 2024 Balanco at l Aprfl 2023 Arts Council Northern Ireland (ACNI) National Lottery Heritage Fund (NLHF) Department for Communities Belfast City Council 170,476 54,170 21,300 20,000 (170.476) 154,1701 (21 ,300) (20,000) 265,948 {265,946) Restricted funds are funds received for specified purposes within the overall aims of the charity. 25-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balan$ of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These indude designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng resources Re8ource8 At 31 March expended 2024 General funds 215,058 86,376 (35,880) 245,554 Prevlous year: At l Aprll 2022 Incomlng resources Resources At 31 March expended 2023 General funds 215,668 49,373 {49,983> 215,058 19 Analy818 of net a880ts betwe•n funds Unrestricted Re8tricted funds funds 2024 2024 Total Unrestrlcted RtrIcted fund8 fund8 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are rèpresented by= Tangible assets Current a88et$llliabilitieB) 931 244,623 931 244,623 1,212 213,844 1,212 213,845 245,554 245,554 215,056 215,057 20 Related party transaction• During the year £7.50Q was paid to Director Lisa Currie for delivery of a research project as part of the Re.'model programme. There were no other related party transactions during the year (2023.. £Nil). 21 Analysi8 of changes in nèt funds The tharity had no material debt during the year. -26-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Cash generated from oparations 2024 2023 Surplusl(deficit) for the year 30,496 (610) Adjustments for= Investment income recognised in statement of finanaal activities Depreciation and impaiment of tangible fixed assets (4,7C6) 1,715 (1,062) 1,631 Movements in working capital.. Decreasel(increase) in debtors Increase in creditors (Decréasellincrease in deferred income 6,629 4,829 (2,2951 (10,619) 5,264 3,262 Cash generated froml(absorb•d by) operations 36,668 (2,134) -27-