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 fa￿9.,
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 charIt￿S 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 be￿een 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
be￿een 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