COMPANY REGISTRATION NUMBER." N1037755 CHARITY REGISTRATION NUMBER: NIC102564 Young at Art Ltd Company Limited by Guarantee Financial Statements 31 March 2023 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Young at Art Ltd Company Limited by Guarantee Financlal Statements Year ended 31 March 2023 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 13 Statement of financial position 14 Statement of cash flows 15 Notes to the financial statements 16
Young at Art Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dlrector's Report) Year ended 31 March 2023 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2023. Referonce and administrative details Registered charlty name Young at Art Ltd Charlty reglstration number NIC102564 Company registratlon number N1037755 Princlpal office and registered 2nd Floor Cotton Court office Waring Stre8t Belfast BT12ED The trustees MLee D Harvey l McFarland T Maguir8 R Croxford C Cong A Busby A Greaney S Johnston CLaw (Résigned 8 November 2022) (Resigned 31 May 2022) (Resigned 29 September 20231 (Appointed 25 Aprll 20221 (Appointed 26 June 2023) (Appoin18d 30 Septernber 2023) Auditor Fin8gan Gib50n Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Danske Bank PO Box 183 Donegall Square West Belfast BT16JS
Young at Art Ltd Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (eonlinued) Year ended 31 March 2023 Structurei governance and management Governlng Document Young at Art Ltd is a company limited by guarantèe governed by its Memorandum and Articles of Association dated 19th January 2000. updated 7th October 2008. Young al Art Ltd 15 a registered charity with the Charity Commission for Northern Ireland. Young at Art Ltd is a membership organisation wlth currently 7 active members, no share capital is employed. Appolntment of trustees The Chairman and th8 Trustees recrult and select new Trustees as needed. New Trustees are recruited on the relevance of their professional skills, and their potential to be able to make a helpful conlribulion to the governance of the charity. As part of the recruilmant process they are made aware of a Trustees, legal obligations under charity and company law. the content of the Memorandum and Articles of Association, the committee and de¢ision-making processes, the business plan and recent financial performance of the charity. Once the polential new Trustee has agreed lo be considered for appointment lo the role, the Trustees meet to review and to vote on the candidates, suitabllity for appointment. If there Is unanimous agreement, their names are thèn proposed for appolnlment. to the voting Members of the Company at the next General Meets'ng. Arrang8menls for setting pay and rèmuneralion of key managèment porsonnel The pay of the senior staff is reviewed annually and normally increased in accordance with av8rage earnings. In view of Ihe nature of the charity, the directors benchmark against pay levels in other slmilar size charllles run on a voluntary basis. The rernuneration bench-mark is the mid-point of the range paid for simllar roles adjusted for a weighllng of up to 300/0 for any additional responsibilities. If recruitment has proven difficult in the recent past a market addition is also pald with the pay maximum no greater than the hSghest benchmarked salary for a comparable role. Oryanisatlon structure and how charlty mak08 doci8ion8 The board of trustees administers the charity. The board normally meets quarterly. A Director is appointed by the trustees to manage the day-to-day operations of the charlty. To facilitate effective operations, the Director has delegated authority, within terms of delegation approved by the trustees, for operational matters Including finance. employment and direct charitable activities. Rèlatlon8hips wlth related partles Non8 of our trustees receive remuneration or other benefit from their work with the chaTIty. Rlsk management The trustees have a risk managernent strategy which comprises: an annual revlew of the principal risks and uncertaSn118S that the charity fa9., the establishmenl of policies. systerns and procedures to mitigate those risks identified in the annual review- and
Young at Art Ltd Company Limlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrector's Report) (contlnuedj Year ended 31 March 2023 the Implementation of procedures designed to minimise or manage any potential Impact on the charity should those risks materlalise. Objectives and a¢livities The purposes of the charity are to promote for the public benefit, and, but not exclusively, children and young people up to 18 years.. The advancement of education The advancement of the arts and culture The relief of those in need by reason of youth, disability, financial hardship or another disadvantage The promotion of such other charitable purposes as may from tlme to tlme be detemiined. In shaping our objectlV8s for the year and planning our activlti6s, the trustees have considèred the Charity Commission's guidance on public benefit. The strategies employed lo achieve the charity's aims and objectives are to: An annual internatlonal arts festlval for children and young people up to 14 years with a broad mulli-artform programme An education and engagement programrne with schools and communlties, supportlng festival engagernent and artform understanding. enhancing accesslbility for children experiencing deprivation, and developing the learning ben8fit5 that deriv8 from arts engagement Support and development of the arts community in its work for children through mentoring individual artists, commissioning training, running tslks, seminars and forming strategic partnerships for the delivery of work.
Young at Art Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2023 Achlevements and performance 2022123 was a landmark year for Young at Art. as we engaged with a total of 32,488 children, young people and adults, and celebrated our 25th Belfast Children's Festival, attracting over 25,000 visitors lo Belfast over the festival's 10 days, with a further 259,500 tuning inlo live radio broadcasts from the festival. We also delivered a varied range of education and engagement programmes, working with over 50 nursery, primary, secondary and special schools, engaging with a total of 1,992 children and young people. Key Impacts In the year.. Young 8t Art engaged with 32,488 children. young people and adults., 2023 B81fast Children's Festival (3-12 March 20231 presented 179 live events and perfomiances, attended by a total of 25,048 children. young people and adults: Belfast Children's Festival also attended by 79 internallonal delegates., Special festival 'Focus on Flanders,, supported by the General Representatlve of Flanders at the Belglum Embassy in London., 50Yo of festival events and 1 OOYO of educatlon and engagem8nt activit18s were free to attend for audience51participanls., 33°/o of festival bookers came from designated 'hlgh deprlvation, communlties, asslsted through strategic engagement projects., 51 % of festlval audl8n¢es came from outside Belfast, with 30/0 of those from outside Nl., 1,992 Children and young people from 52 schools benefitted from a range of Access, Education and Engagement projects in 'hlgh deprivation, communities., Young at Art employed 7 staff members: pemianent and contracted, and provided 8mployment for 407 freelance artists, facilitators and practitioner5, and 26 volunteers,. Professlonal development with 3 student placemenlslmentorships., CPD training for artists. facilitators and teachers delivered; 9 industry events, delivered in partnership wlth EUNIC (European Union National Institutes for Culture) London attended by 669 professionals and educationalists as part of the Belfasl Children's Festival., and the homegrown Showcase, supported by Culture Ireland, British Council and Arts Council Nl. profiling perfomance work from Northern Ireland for young audiences was attended by 79 international delegates.
Young at Art Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrector's Report) {conllntsedJ Year ended 31 March 2023 Flnanclal review Young at Art made an operating loss of £39.166 of which £67,851 is a loss in restrlcted funds carrled forward {2022.- £41,113 surplus). At 31 March 2023 the total funds of the charity amounted to £475,242 comprising of unrestricted funds of £322.838 and restric18d funds of£152.404. It is the company's intention to build and maintain an appropriate level of reserves to be able to m8èt ils commitments during short-term difficulties and respond to unexpected opportunities or crises: in order lo protect its long-term sustainability. Reserves pollcy and golng conearn ReseNes are needed to bridge the timing gap between spending and receiving of income and to cover unplanned temporary shortfalls in income should they arise. Holding adequate reserves safeguards the provision of our services in Ihe event of unexpected significant financial pressures. The trustees consider that the ideal level of reserves as those sufficent to cover six months core expenditure of Young at Art plus provlsion for winding up andlor potential business re-structuring, investment in in programming research and development, potential box office deficits and upgrade and relocation of our office. For the year ended 31 March 2023, the board assesses the level of reserves needed to be held at £224,006. However. given that the operating environment is Ilkely to continue to be difficult over Ihe coming years, and to protect itself against a catastrophic loss of funds, the trustees have declded to aim towards building a lev81 of reseryes representing 9 months of running costs. Thls amount is held within designated funds which are unrestrScl8d funds that havè been earmarked by the trustees for a specific purpose. Designated funds can b8 undesignated at any time for future use with agreement from the board. Plans for future perlods The directors considered the external operating ènvlronment as part of their strategic planning process and have identified key priorities and areas of policy Interest and need that would enhance the company's mission. Young at Art fèels confident about the shortlmedlum term and enhancing support for objectives within our exlstlng body of work and engaging with more children through expanding our year-round activity and reach. Trustees, responsibilities statement The truste&s, who are also directors for the purposes of Company law, are responsible for preparing Ihe trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting Practice}. Company law requires the charity trustees to prepare financial statements for each year which give true and fair view of the state of affairs of the charitable company and the incoming resources and application of resourc6s, including the income and expenditure. for Ihai period.
Young at Art Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (eontlnu•d) Year ended 31 March 2023 In preparlng these financial statements, the trustees are required to.. $918Ct suitable accounting polici8s and then apply them consistently: observe the methods and principles in the applicable Charities SORP., makejudgments and accounting estimates that are reasonable and prudenl., prepare the flnan¢lal statements on the going concern basls unless It Is Inappropriate to presume that the charity will continue in business. The trustees ar8 responsible for keeping adequate accounllng records that are sufficlent to show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the asset5 of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor Each of the persons who is a trustee at Ihe dat8 of approval of this report confirms that.. so far as they are aware. th8r8 is no relevant audit information of which the charItS audilor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Small company provlslons Thls report has been prepgred in accordance with the provisions applicabl8 to companies entitled to the small companies exemption. The trustees, annual report was approved on 6 November 2023 and signed on behalf of the board of trustees by: MLee Trustee D Harvey Trustee
Young at Art Ltd Company Llmlted by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd Year ended 31 March 2023 Opinlon We have audited the financial statements of Young at Art Ltd {Ihe 'charity') for the year ended 31 March 2023 which comprise the statement of flnancial activities (including income and expenditurè accounll, statement of financial position. statement of cash flows and the related notes, including a summary of significanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicé). In our oplnion the financial statements-. give a true and fair view of the state of the charlty's affalrs as at 31 March 2023 and of Its incoming resources and appllcatlon of r8sources. including Its income and expenditur8, for the year then ended,. have been properly prepar8d in a¢cordance with United Kingdom Generally Accepted Accounting Practice.. have been prepared In accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance wllh Intematlonal Standards on Auditlng IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor'5 responsibilities for the audit of the financial statements section of our report. We are independ8nt 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 Ihe provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate to provide a basls for our opinion. In common with many other busSnesses of our size and nature we use our audltors to assist with the preparation of the financial slalements. Conclusions relating to golng concern In auditing the financial statements, 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 identlfled any material uncertaintles relatlng to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to conlinue as a going concern for a period of at least twelve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are d8scribed in the relevant sections of this report.
Young at Art Ltd Company Llmited by Guarantee Independent Audltor's Report to the Members of Young at Art Ltd (contlnued) Year ended 31 March 2023 Other Information The other information comprises the Information included In th8 annual report, other than the flnancial statements and our auditor's report Ihereon. The trustees are responsible for the other information. Our opinion on the financial stat8rnents does not cover the other information and, except to the extent othetwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is lo read the other inforrnation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in Ihe audit or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent material misstatements, we are required to determlne whether there is a malerial misslatemenl In the financial statements or a material misststement of the other Inforrnation. If, based on the work we have performed, we conclude that there is a matèrial misststement of Ihls othèr Informallon. we ar8 r8qulred to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companlès Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the Information given in the trustees. report for the financial year for whlch th8 fSnanclal statements are prepared is consist8nl with the financial statements., and tha trustees, report has been prepared in accordance with gpplicable legal r8quir8m8nts. Matters on which we are requlred to report by exceptlon In the light of th8 knowledge and understanding of the charity and its envlronment obtained in the course of the audit. we have not Sdenlified material rnisstaternents in the trustees, report. We have nothing to report in respect of the following matters in relation lo which th8 Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the flnancial statements are not in agreemenl wlth the accounting records and returns: or certaln disclosures of trustees, rernunerallon specified by law are nol made; or W8 have not received all thé information and explanations we require for our audit: or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd (contlnued) Year ended 31 March 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities stalement. the trustees (who are also the directors for the purposes of company law) are responsible for thè preparation of the financial stalem8nts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is nec8ssary to enable the preparation of financial stalemenls that are free from material misstatement, whether due to fraud or error. In preparing th8 financial statements, the trustees are responsible for assesslng the charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic allernalive bul lo do so.
Young at Art Ltd Company Limited by Guarantee Independent Audltor's Report to the Members of Young at Art Ltd (contlnued) Year ended 31 March 2023 Auditorfs responslbllltles for the audlt of the flnanclal statements Our oblectives are to obtain re8son8ble assurance about whether the flnanclal statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a mal8rial 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 influence the economic decisions of users lak8n on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in Ilne with our rèsponsibilities, outlined above, to detect material misslalemenls in respect of irregularitles, Includlng fraud. The extent lo which our procedures are capable of detecting irregulari1188, including fraudls detalled below.. In identifying and assessing risks of material misstatement in respe¢l of irregularities, including fraud and non•compliance with laws and r8gulations, we considered the following.. the nature of the industry and sector, control environment and business performance including Ihe deslgn of the remuneration policies. key drivers for directors, remuneration, bonus levels and performance targets. resu115 of our enqulries of management about their own identlficalion and assessment of the risks of irregularities., any matters we identified having oblained and revlewed documentatlon of thelr policles and procedures relating to.. identifying, evaluating and complying with laws and r8gulalions and whether management were aware of any instances of non-compliance.. delecling and responding to the risks of fraud and whether management have knowledge ofany actual, suspected or alleged fraud., the internal conlrols established to miligate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audlt engagement team including significant component audit teams and relevant internal specialists, including lax and valuations specialists regarding how and where fraud mlght occur In the financial statements and any potential indicators of fraud, A5 a result of these procedures, we considered the opportunities and incentives that may exist within thé organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UKI, we are also required to perform specific procedures lo respond to the risk of manag8mènt override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determlnation of material amounts and disclosures in the financial statements. The key laws and regulations we considered In this context included ongoing compliance with the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for their ability lo operate or to avoid a material penalty. 10
Young at Art Ltd Company Limlted by Guarantee Independent Audltor's Report to the Members of Young at Art Ltd (conllnued) Year ended 31 March 2023 As part of an audit in accordance with ISAS IUKI, we exerase professional judgment and malntaln professional sceptiGism throughout the audlt. We also.. Identify and assess the risks of material misstatement of the financial staternenls, wh8th8r due to fraud or error, design and perform audit procedures responsive lo those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inlentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audlt in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accountlng policles used and the reasonableness of accounting estimates and related disclosures made by Ihe trustees. Conclude on the appropriateness of the trust8es' use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to event5 or conditions that may cast significant doubl on the charity's ability to continue as a going oncern. If we conclude that a material uncertainly exists, we are required to draw allenlion in our auditor's report lo the related disclosures in the financial slalemenls or, if such disclosures are Inadequat&, to modify our opinion. Our conclusions are based on Ihe audit evldence obtained up to the datè of our auditor's report. However, future events or condition5 may Cause the charlly to cease to contlnue as a going Concern. Evaluate the overall presentation. structure and content of the financial statements, including the disclosures. and whether the financial stat&menls represent the underlying transactions and events in a manner that achieves fair presentation. 11
Young at Art Ltd Company Limited by Guarantee Independent Audltor's Report to the Members of Young at Art Ltd (conllnuedj Year ended 31 March 2023 We communicate with those charged wlth governance regarding, among other matters, the planned scope and timing of the audit and signlficanl audlt findings, including any significant deficlencles in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not a¢cept or assume responsibility to anyone other than the charity and the charlty's members as a btjdy. for our audit work. for this report, or for the opinions we have fomied. Paul Dolan FCA (Senlor Slalutory Audllorl For and on behalf of Finegan Gibson Ltd Chartered accountants & slalutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 6 Novemb8r 2023 12
Young at Art Ltd Company Llmlted by Guarantee Statement of Financial Actlvltles (Includlng income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 13.675 13,675 411.590 96,606 41 41,380 434,086 29,133 218 411,590 96,606 41 Total Income 110,322 411,590 521.912 504,817 Expenditure Expenditure on charitable activities Total expendlture 9,10 92,770 468,308 561,078 463,703 92,770 468,308 561,078 463,703 Net losses on investments 12 (11 Net (expenditure)lincomè 17.552 {56,7181 139,1661 41,113 Transfers beeen funds 11,133 (11,133) Net movemènt In funds 28,685 167,851> {39,166) 41,113 Reconciliallon of funds Total funds brought forward Total funds carrled fopAiard 294,153 220,255 514,408 473,295 322,838 152,404 475,242 514,408 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activilies. Thg notes on pages 16 to 32 fonn part of these financial statements. 13
Young at Art Ltd Company Limlted by Guarantee Statement of Flnancial Position 31 March 2023 2023 2022 Note Flxed assets Tangible fixed assets 17 9.251 9,165 Current assets Deblors Cash at bank and in hand 18 125.377 471,424 162,698 433,588 596,801 596,286 Creditors: amounts falling due within one year Net current assets 19 130,810 91,043 465,991 475,242 505,243 Total assets lèss current liabilities 514,408 Net asset8 475,242 514,408 Funds of the Charlty Restricted funds Unrestricted funds 152,404 322,838 220,255 294,153 Total charlty funds 22 475,242 514,408 These fin8ncial statements have been prepared In accordance with the provisions applicable to companies subject lo the small companies. regime. These financial statements were approved by the board of trustees and authorised for issue on 6 November 2023, and are signed on behalf ofthe board by.. MLee Trustee D Harvey Trustee The notes on pages 16 to 32 fomi part of these financial statements. 14
Young at Art Ltd Company Llmlted by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows from op8ratlng a¢tlvltles Net lexpenditure)lincome 139,1661 41,113 Adjustments for Depreciation of tangible fix8d assets Net losses on investments Other interest receivable and similar incom8 Interest payable and similar charges Accrued expenses 5,544 5.101 (41) 237 28,765 1218) 363 3,784 Changes in.. Trade and other debtors Trade and other creditors 37,321 11,002 (99,695) 24,514 Cash generated from operations 43,662 125,037) In18re5t paid Intérest received (2371 41 (3631 218 Net cash froml{used inl operallng activities 43,466 (25,1821 Cash flows from investing actlvltios Purchase of tangible assets Net cash used In investing 8Ctlvitles (5,6301 (5,630) Net Increaselldecrease) In cash and cash equlvalents Cash and cash equlvalents at beglnnlng of yoar Cash and cash equivalents at end of year 37,836 433,588 471,424 125,1821 458,770 433,588 The notes on pages 16 to 32 forni part of these financial statements. 15
Young at Art Ltd Company Llmited by Guarantee Notes to the Flnancial Statements Year ended 31 March 2023 General informatlon The charity is a PLAblic benefit 8nlity and a private company limited by guarantee, reglst8red in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office 1$ 2nd Floor Cotton Court. Waring Street. Belfast. BT12ED. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the 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) {Charities SORP (FRS 1021} and the Companies Act 2006. Accountlng pollciès Basls of preparation The financlal statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and Ilabllilles and Investment properties measured at falr value through income or expenditure. The financial stal8ments are prepared in sterling. which is the functlonal currency of the entity. Golng concern Ther8 ar8 no materlal uncertalnlies about the charity's ability to continue. Judgements and key sources of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the arnounls reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at th8 di$¢tIOn of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on thelr expendllure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes.. restricted income funds or endowment funds. 16
Young at Art Ltd Company Limited by Guarantee Notes to the Flnancial Statements (contlnuèd) Year ended 31 March 2023 Accounting pollcles (continued) Incomlng resources All incoming resources are included in the slatement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of enlitlement to the gift, receipt is probable and ils amount can be measured reliably. legacy income Is recognised wh8n receipt is probable and entitlement is established. Income from donated goods is measured at the fair value of the goods unless this Is impractical to measure reliably, in which case the valu6 is derived from the cosl to the donor or the estimated resal8 value. Donated facilities and setvices are recognis6d in the accounts when r&ceived if the value can be reliably measured. No amounts ar& included for the contribution of general volunteers. income from contracts for the supply of services is recognlsed with the delivery of the contracted seNlce. This is classified as unreslricled funds unless there is a contractual requlremenl for it lo be spent on a partlcular purpos8 and returned If unspent, in whlch case it may be regarded as restricted. Resources expendod Expenditure is recognlsed on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to whl¢h it relates.. expenditure on raising funds Includes lh8 costs of all fundralslng activllie5, events, r)on-charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of ils b8neficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to 8xpendilure categortes refl8Ctlng the use of the resource. Direct costs attributable to a single activity are allocated directly to that aclivlty. Shared costs are apportioned beeen the activities they conlribute to on a reasonable, justifiable and consistenl basis. Tangible assets Tangible asse15 are initially recorded al cost, and subsequently stsled at cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded at Ihe fair value al the date of revalualion less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 17
Young at Art Ltd Company Llmlted by Guarantee Notes to the Flnanclal Statements {eontlnuéd) Year ended 31 March 2023 Accounting policies (contlnuedj Tanglble assets (¢ontlnugdJ An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses. except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on thè statement of financial activities. Depreciatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value. over the useful economic life of that asset as follows.. Fixtures and fittings Equipment 20P/o Straight line 20Ph straight line Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, ass6ts ar8 m8asured at cost18ss impalrment. Listed investrnenls are measured at fair value with changes in fair value being recognised in income or expenditure. Impalrment of flxed assets A raview for indicators of impairment is carried out at each reportlng date, wllh the recoverable amount b8ing estimated where such indicators 8XlSt. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unil is the smallest identifiable group of assets that includes the asset and generates cash Inflows that largely Independent of the ¢ash inflows from other assets or groups of assets. For impairment lesling of goodwill. the goodwill acquired in a business cornbinalion is. from the acquisition date, allocated to each of the ca5h-generaling units that are expected to benefit from the synergies of the combination, irrespective of whethèr other asséts or liabilities of the charity are assigned to those units. Flnanclal Instruments A financial asset or a financial liability is r8cognised only when the charity becom8s a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. 18
Young at Art Ltd Company Limited by Guarantee Notes to the Flnanclal Statements (eontlnued) Year ended 31 March 2023 Accounting policies (continued) Flnanclal Instruments (Gontlnued) Current assets and current liabilities are subsequently measured at Ihe cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where Investments in shares are publicly traded or their fair value can otherwise be measured reliably. the Investment IS subsequently rneasured at fair value with ohanges in fair value recognised in income and expenditure. All other such investment5 are subsequently measured al cost less imp8irmenl. Other flnanclal Instruments, includlng d8rivallves, are inltially recognised at fair value, unless paym8nl for an assèt is dèfèrred beyond normal business terms or financed at a rate of interest Ihat is not a rnarket rate, in whi¢h case the asset is measured al the present value of the future payments discounted at a markel rate of interest for a similar debt inslrument. Other financial instruments are subsequently measured at falr value. with any changes recognised in the statement of financial aclivilies, wlth th8 8xc8Ption of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidenc8 of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are Indlvldually significant, these are assessed individually for impairment. Other financial assets are elther assessed individually or grouped on the basis of similar credit rlsk characteristics. Any reversals of impaimient are recognised immediately, to the extenl that the reversal does not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Deflned contrlbutlon plans Contribution5 to defined contribution plans a recognised as an expense In the p8riod In which the related service is provided. Prepaid contributions are recognised as an asset lo th6 extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be s8ttled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which il arises. Llmlted by guarantee Young at Art Ltd is a company limited by guarantee and has no share capital. In the event of the charity b8ing wound up, Ihe liability in respect of the guarantee is limited lo £1 per member of the charity 19
Young at Art Ltd Company Llmlted by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Donatlons and legacles Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Online Donations 175 175 380 380 Sponsorship Destination CQ Belfast One Tourlsm Nl 7,500 7,500 8.000 3,000 30,000 8,000 3,000 30,000 6,000 6,000 13,675 13,675 41,380 41,380 20
Young at Art Ltd Company Llmlted by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Charltable acllvltles Restricted Total Funds Funds 2023 Restricted Total Funds Funds 2022 Belfast City Council - CMAG- IMAGINE (Festivals) Ragdoll Foundation Esme Mitchell Trust Nationwide Community Fund Halifax Foundation for Northern Ireland Cultural Inslltullons & Embassies Vlctoria Hom8s Trust Enkalon Foundation St Anne's Cath8dral Sil Out Bank of Ireland 88gin Together Arts Fund Foras na Gaelige Youth Events Scheme Foras na Gaelige Literary Projects Belfast City Council - Community Recovery Grant Dept for Communities through Future Screens Nl- Covid-19 Recovery Arts & Buslness Nl Blueprint Programme Blackbum Trust Moy Park Community Support Paul Hamlyn Foundation Arts & Business Nl Invest ACNI Annual Funding Programme Department of Health Mental He811h Fund l The Community Foundation CFNI Ulster People'5 College Fund ACNI - AIDF ACNI Health & Safely Capital ACNI - Young People & Wellbeing 122,000 10,719 2,000 122,000 10,719 2,000 122.000 10,719 122.000 10.719 5,000 5,000 9,861 4,700 1,000 450 5,000 5,000 9,861 4,700 1,000 450 6,750 27.868 6,750 27.868 1,000 1,000 6,564 6,564 3,500 2.811 3,500 2,811 3,500 2,747 3,500 2,747 5,000 5,000 21.919 21,919 3.321 1,000 4.000 3,321 1,000 4,000 1,000 1,000 75,000 75.000 4,000 177,708 4,000 177,7Q8 162,045 162.045 19,500 19.500 2,000 6,000 7,645 7,349 2,000 6,000 7,645 7,349 411,590 411,590 434,086 434,086 21
Young at Art Ltd Company Limited by Guarantee Notes to the Financlal Statements (continued) Year ended 31 March 2023 other trading actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Partnership Income Box Office Other Earned Income Hires & Charges Travel Reimbursement SeNice delivery 5,300 38,612 13,506 9,990 659 28,539 5,300 38.612 13,506 9,990 659 28,539 11,795 11,795 17,338 17,338 96.606 96,606 29,133 29,133 Investmènt Income Unrestricted Total Funds Unreslrlct8d Total Funds Funds 2023 Funds 2022 Bank interest receivable 41 41 218 218 Expanditure on charltable actlv5tlés by fund type Unrèstricted Funds Restricted Total Funds Funds 2023 Delivering art projects and events Support costs 86,989 5.781 402,902 65,406 489,891 71,187 92,770 468,308 561,078 Unrestrlcted Funds Restricted Total Funds Funds 2022 Delivering art projects and events Support costs 43,134 5,464 367,380 47,725 410,514 53,189 48,598 415,105 463,703 10. Expendlture on charltable actlvltles by actlvlty type Activitles undertaken directly Support costs Total funds 2023 Total fund 2022 Delivering art projects and events Governance costs 489,891 51,664 19,523 541,555 19,523 456,286 7,417 489,891 71.187 561,078 463.703 22
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements fcontlnugd) Year ended 31 March 2023 11. Analysls of support cosls Delivering art projects and events Total 2023 Total 2022 Slaff costs Premises Communications and IT Finance costs Governance costs 13,306 23,282 2,888 12,188 19,523 13,306 23,282 2,888 12,188 19,523 10,385 20,844 2.986 11,557 7,417 71.187 71,187 53,189 12. Net losses on Investments Unrestricted Total Funds Unrestrict8d Tolal Funds Funds 2023 Funds 2022 Gainsl(losses) on inv8Stm8nts in group undertakings 11) {11 13. Net (expendlture)1Sncom6 Nel lexpenditureyincom8 is stated after ehargingl(crediting): 2023 2022 Depreclation of tangible fixed assets 5,544 5,101 14. Audltors remuneratlon 2023 2022 Fees payable for the audlt of the financlal statements 3,830 3,942 15. Staff costs The total staff costs and employee benefits for the reporting perir)J are analysed as follows: 2023 2022 Wagés and salaries Social security costs Employer contributions lo pension plans 157,638 8,687 3,332 133,655 6,851 2,721 169,657 143,227 23
Young at Art Ltd Company Llmited by Guarantee Notes to the Flnanclal Statements (contlnuedj Year ended 31 March 2023 15. Staff costs (contlnued) The average head count of employees durlng the year was 8 (2022: 81. The average number of full-time equivalent employ88s during the y8ar is analysed as follows.. 2023 2022 No. Number of staff No employe8 received ernployee benefits of more than £60.000 during th8 year {2022.' Nil). Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning. directing and controlling the activitles of the Charlty. The total compensation paid to key management personnel for services provided to the Charity was £79,246 (2022.'£75,746). 16. Trustee remuneratlon and oxponses The charity Trustees were not paid or received any other benefits from émployment with the Charity in the year12022'. £Nill. No charity Trustee received reimbursement for travel èxpenses during the year {2022: £Nill. No charity Trustee received payment for professional or other services supplies to the charity (2022.. £Nill. 17. Tanglble flx8d assets Fixtures and fittings Equipment Total Cost At 1 Aprll 2022 Additions 25,899 25,517 4,785 51,416 5,630 At 31 March 2023 26.744 30,302 57,046 Depreclatlon At 1 April 2022 Charge for the year At 31 March 2023 25.899 169 16,352 5,375 42,251 5,544 26,068 21,727 47,795 Carrylng amount At 31 March 2023 676 8,575 9,251 At 31 March 2022 9,165 9,165 24
Young at Art Ltd Company Llmlted by Guarantee Notes to the Flnanclal Statements (contlnued) Year ended 31 March 2023 18. Debtors 2023 2022 Trade debtors Amounts owéd by group undertakings Prepayments and accrued income 87,480 161,371 1191) 1,518 37,897 125,377 162,698 19. Crèditors." amounts falling due withln one year 2023 2022 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 45,324 76,263 3,591 5,632 44,389 38,844 4,054 3,756 130,810 91,043 20. Delerred Income 2023 2022 Amount deferred in year 33,664 25,010 21. Penslons and olher post retlrement beneflts Defined contrlbution plans The amount recognis8d in income or expenditure as an expense in relation to defin8d contribution plans was £3,332 (2022.. £2,721 }. 25
Young at Art Ltd Company Llmited by Guarantee Notes to the Flnancial Statements (continued) Year ended 31 March 2023 22. Analysis of charltable funds Unrestrlcted funds At 1 Apr 2022 Gains and At losses 31 Mar 2023 Incom8 Expenditure Transfers General funds Designated Funds General ReseNe Website Redevelopment Moving Costs 25th Anniversary BCF - Additional Programming Spend Office Refil Costs Research & Development 9,391 25,000 204,762 110.322 (77,770) (41,685) (25.0001 19,244 258 224,006 10,000 <5.000) 5,000 15,000 30,000 115,0001 53,574 83,574 10.000 10,000 294,153 110,322 192.770) 11,133 322,838 At 1 Apr 2021 Gains and At losses 31 Mar 2022 Income Expenditure Transfers G8neral funds Designated Funds General Reserve Website Redevelopment Moving Costs 25th Anniversary BCF - Additional Programmlng Spend Office Refit Costs Research & Development 129,875 25,000 89.845 70.731 (48,598) 1142.616) (1) 9,391 25,000 204,762 114,917 10,000 10,000 110,OOOJ 10,000 15,000 30,000 15.000 30,000 264.720 70.731 148,5981 7,301 (1) 294,153 26
Young at Art Ltd Company Llmlted by Guarantee Notes to the Financial Statements (eontlnuèd) Year ended 31 March 2023 22. Analysis of charitable funds (continued) Due to the challenging nature of th8 current operating environment, the Young at Art Board have made the decision to set aside £10k of unrestricted funds to Invest In festival programming research and development. Additional funds have been designated lo cover the upgrade and relocation of the organisation's offices in the planning for a numb8r of years. Unreslricted funds include funding that the charity réceives which is expendable al the discretion of Ihe directors for the general purposes of the charity. In addition, these funds may be held as a provision for winding up costs. It is the company's intention to build up a fund from unrestricted reserves to make a provislon for future loss of funds andlor winding up. This is calculated at £224,006 to cover six months of core expenditure of Young al Art Ltd plus provlsion for winding up and business restructurlng where possible. Restricted funds At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expendlture Transfers Belfast City Council - CMAG - IMAGINE (Festivals) CFNI Ulster People's Colleg8 Fund Cultural Institutions & Embassies Enkalon Foundatlon St Annes Cathedral Sit Out Foras Na Gaelige Youth Events Arts & Business Nl Invest Esme Mitchell Trusl Community Foundation Nl.. Lighlbody Lord & Lady Lurgan Trust Paul Hamlyn Foundation Garfield Weston 72,124 122.000 (125.865) 68,259 2,000 12.000) 27,868 (27,8681 1,000 (1,0001 450 (450) 374 3,500 (3,500) (3741 4,000 14,000) 2,000 {631) 1,369 109,088 9,229 {53,5691 19.229) 55,519 27
Young at Art Ltd Company Llmited by Guarantee Notes to the Flnancial Statements f¢ontlnuedJ Year ended 31 March 2023 22. Analysis of charltable funds (ContInu) Community Foundation Nl Comic Relief ESB Energy for Generations Fund ACNI Annual Funding Programme ACNI AIDF ACNI Health & Safety Capital Grant ACNI Young People & Wellbeing Department of Health Mental Health Fund l The Community Foundation 177.708 {177,708) 6.000 (6,000) 7.645 12,0161 (5,629) 7.349 (1,351) 5,998 10,394 {4,890) (5,504) 28
Young at Art Ltd Company Llmlted by Guarantee Notes to the Financlal Statements (Gontlnuedj Year ended 31 March 2023 22. Analysls of charitable funds fcontlnued) Ragdoll Foundation Nationwide Community Fund Halifax Foundation Grant Victoria Homes Trust Blackburn Trust BOI Begin Together Belfast City Council Community Recovery Grant Foras na Gaelige Literary Projects DFC through Future Screens Nl Covid 19 Recovery Arts & Business NI BIu8print Moy Park Community Support 10,452 10,719 (11.460) 9,711 3.780 6.750 {10,5301 1.170 11,170) (1,000) 1,000 3,194 (3,194) 2,811 {2,782) 374 403 21,919 112,545) 9,374 3,321 (1,5501 1,771 4,000 14.000) 411,590 (468,308) {11,1331 220,255 152,404 At 1 Apr 2021 Gains and At losses 31 Mar 2022 Incom8 Expendilure Transfers Belfast City Council - CMAG - IMAGINE (Festivals) CFNI Ulster People's Collegè Fund Cultural Institutions & Embassies Enkalon Foundation St Annes Cathedral Sit Out Foras Na Gaelige - Youth Events 72.124 122,000 (122,000) 72,124 9.861 19,8611 1,000 11,0001 1,000 450 (1,000) 450 3,500 3,500 (6,626) 374 29
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 22. Analysls of charltable funds (continued) Arts & Business Nl Invest Esme Mitchell Trust Community Foundation Nl.. Lighlbody Lord & Lady Lurgan Trust Paul Hamlyn Foundation Garfield Weston Community Foundation Nl Comic Relief ESB Energy for Generations Fund ACNI Annual Funding Programme ACNI AIDF ACNI Health & Safety Capital Grant ACNI Young People & Wellbeing Department of Health Mental Health Fund l The Community Foundation 2,400 12,400) 1,000 {1.000} 7,301 (7,3011 2,000 12,000) 62,860 30,000 75,000 (28,772) (20,771) 109,088 9,229 13,264 113,264} 13,126 (13,1261 162,045 (162,045) 19,500 {9,106} 10,394 30
Young at Art Ltd Company Llmited by Guarantee Notes to the Flnancial Statements fcontlnued) Year ended 31 March 2023 22. Analysis of charltable funds (contlnuedj Ragdoll Foundation Nationwide Community Fund Halifax Foundation Grant Victoria Homes Trust Blackburn Trust BOI Begin Togethèr Belfast City Council Community Recovery Grant Foras na Gaelige Literary Projects DFC through Future Scre6ns Nl Covid 19 Recovery Arts & Busin&ss Nl Blueprint Moy Park Community Support 10,719 {2671 10,452 5,000 15,000) 5.000 {1,220) 3,780 4.700 1,000 (3,530) (1,000) 1,170 6,564 (3,370) 3,194 5,000 15,0001 2.747 {2,747) 208,575 434,086 (415,1051 17,301) 220,255 A Iransfer has taken place during the year which relates to fixed asset purchases during the year, Young al Art fully own the assets and there Is no restriction placed on them once purchased. A transfer h8$ taken place during the year which relates to restricted expenditure previously classified as unreslricled expenditure In the prevlous reporting period. Young at Art have received agreement from the funder for this re-classification. A transfer of has tsken place during the year which relates to re-allocation of money between projects financed by the same funder. 31
Young at Art Ltd Company Llmited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31 March 2023 23. Analysis of net assets between funds Unrestricted Funds Reslricted Total Funds Funds 2023 Tangible fixed assels Current assets Creditors less than 1 year Net assets 9,251 9,251 314,756 282,045 596,801 11,169) 1129.6411 1130,810) 322,838 152,404 475,242 Unrestrlcted Funds Restricted Tolal Funds Funds 2022 Tangible flxed assets Investments Curr8nt assets Crèditors less than 1 year Net assets 9,165 9,165 311.012 126,024) 294,153 285,274 (65,0191 220,255 596,286 {91,043) 514,408 24. Taxation The Company is a registered charlty, and as such is entitled to tax exemptions on income and profits in furtherance of the Charity's primary obje¢tlve5. 25. Analys18 of changes In nel debt At At 1 Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand 433,588 37,836 471,424 26. Contingencies A contingent liability 8xists lo repay grants received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offer have been, or will be, complied with and no liability is expected. 27. Related partles During the period, amounts totalling £5,546 (2022: £300) were paid to a family member of key management for production management and technical support for the Belfast Children's Festival and other Young at Art aclivily. The balance due to a family member at the year end in respect of Ihese transactions wa5 £nil12022.' £nill. These transactions were made al open market value on terms equivalent to those that prevail in arm's length transactions. These transactions were approved by the Board ofTrustees. 32