COMPANY REGISTRATION NUMBER: N1037755 CHARITY REGISTRATION NUMBER: NIC102564 Young at Art Ltd Company Limited by Guarantee Financial Statements 31 March 2024 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Young at Art Ltd Company Limited by Guarantee Financial Statements Year ended 31 March 2024 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 Limitsd by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the chartty for the year ended 31 March 2024. Reference and administrative details Registered charity name Young at Art Ltd Charlty registration number NIC102564 Company registration number N1037755 Principal office and registered 2nd Floor Cotton Court office Waring Street Belfast BT12ED The trustees MLee D Harvey S Johnston T Maguire C Cong A Busby A Greaney CLaw M Noble L Sykes O'Reilly (Appointed 26 June 2023) (Resigned 29 September 2023) (Appointed 29 September 2023) (Appointed 2 September 2024) (Appointed 2 September 2024) Company secretary S Johnston (Appointed 29 September 2023) Auditor Finegan Gibson Ltd Chartered accountants & statutory audttor Causeway T¢)wer 9 James Street South Belfast BT2 8DN Bankers Danske Bank PO Box 183 Donegall Square West Belfast BT16JS
Young at Art Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2024 Structure, govemance and management Governing Document Young at Art Ltd is a company limited by guarantee governed by its Memorandum and Articles of Association dated 19th January 2000, updated 7th October 2008. Young at Art Ltd is a registered charity with the Charity Commission for Northem Ireland. Young at Art Ltd is a membership organisation with currently 9 active members. no share capital is employed. Appointment of trustees The Chairman and the Trustees recruit 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 contribubon to the governance of the charity- As part of the recruitment 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 decision-making prosses. the business plan and recent financial perf0rrnan of the charity. Once the potential new Trustee has agreed to be considered for appointment to the role, the Trustees meet to review and to vote on the candidates, suitability for appointment. If there is unanimous agreement, their names are then proposed for appointment. to the voting Members of the Company at the next General Meeting. Arrangements for setting pay and remuneration of key management personnel The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the directors benchmark against pay levels in other similar size charities run on a voluntary basis. The remuneration bench-mark is the mid-point of the range paid for similar roles adjusted for a weighting of up to 30Yo for any additional responsibilities. If recruitment has proven difficult in the recent past a market addition is also paid with the pay maximum no greater than the highest benchmarked salary for a comparable role. Organisation structure and how charity makes decisions The board of trustees administers the charity. The board nomially meets quarterly. A Director is appointed by the trustees to manage the day-to-day operations of the charity. 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. Relationships with related parties None of our trustees receive remuneration or other benefit from their work with the charity. Risk management The trustees have a risk management strategy which comprises: an annual review of the principal risks and unrtaintieS that the charity faces; the establishment of policies. systems and procedures to mitigate those risks identtfied in the annual review,. and
Young at Art Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. Objectives and activities The purposes of the charity are to promote for the publ benefit, and, but not exclusively, children and young people up to 18 years.. The advanrnent of educats.on The advanment 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 time to time be detemined. In shaping our objectives for the year and planning our activits'es, the trustees have considered the Charity Commission's guidance on public benefiL The strategies employed to achieve the charity's aims and objectives are to. An annual international arts festival for children and young people up to 14 years with a broad multi-artform programme An education and engagement programme with schools and communities, supporting festival engagement and arttorm understanding. enhancing accessibility for children experiencing deprivation. and developing the leaming benefits that derive from arts engagement Support and development of the arts community in its work for children through mentoring individual artists, commissioning training. running talks, seminars and fomiing strategic partnerships for the delNery ofwork.
Young at Art Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Achievements and performance 2023124 was a difficult year for many arts organisations in Northern Ireland as the ftJnding climate conknnues to be very challenging. Despite this, Young at Art was able to engage with a total of 37,156 children, young people and adults, and our 26th Belfast Children's Festival attracted 32,000 visitors to Belfast over the festival's 10 days, with a further 129,340 tuning into a live radio outdoor broadcast from the festival. We also delivered a varied range of education and engagement programmes, workn'ng with 48 nursery, primary, secondary and special schools, engaging with a total of 2,370 children and young people. Key impacts in the year: Young at Art engaged with 37.156 children, young people and adults: 2024 Belfast Children's Festival (7-16 March 2024) presented 118 live events and performances, attended by a total of 32.002 children, young people and adults, including 18,287 on our Family Festival Day Out: The Belfast Children's Festival's TYANI Showcase was attended by 30 international delegates: Special festival 'Dutch Focus,. supported by the Performing Arts NL and the Embassy of the Kingdom of the Netherlands in London., Over 50 % of festival events and 100% of education and engagement activities were free to attend for audienceslparticipants,. 52¥(tr of festival aUdIenS came from outside Belfast. with almost 5°/0 of those from outside Nl,. 2,370 children and young people from 48 schools benefitted from a range of Access, Education and Engagement projects in 'high deprrvation, communities., Young at Art employed 7 staff members.. permanent and contracted, and provided employment for 481 freelan artists. facilitstors and practits'oners. and 16 volunteers", Professional development with 4 student placementslmentorships.. CPD training for artists, facilitators and teachers deltvered,. 7 industry events attended by 418 professionals and educationalists as part of the Belfast Children's Fests'val,. and the TYANI Showcase, supported by Culture Ireland and British Council. profiling perfomance work from Northem Ireland for young audiences was attended by 30 intemational delegates.
Young at Art Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Financial review Young at Art made an operating loss of £73,349 (2023.. £39,166) as a result of our significant investment in an office move and refit. This investrnent had been planned and reserves previously designated for this purpose. At 31 March 2024 the total funds of the charity amounted to £401,893 comprising of unrestricted funds of £364.049 and restricted funds of £37,844. It is the company's intention to build and maintain an appropriate level of reserves to be able to meet its commitments during short-term difficulties and reswnd to unexpected opportunities or crises., in order to protect its long-term sustainabilrty. Reserves policy and going concern Reserves are needed to bridge the timing gap beeen spending and receiving of income and to cover unplanned temporary shortfalls in income should they arise. Holding adequate reserves safeguards the provision of our seNices in the event of unexpected significant financial pressures. The trustees consider that the ideal level of reserves as those sufficient to cover six months core expenditure of Young at Art plus provision for winding up andlor potential business re-structuring. Additional reserves are held for investment in programming research and development and potential box officelincome deficits. For the year ended 31 March 2024. the board assesses the level of reserves needed to be held for operatinglwinding uplre-structuring cost at £233.282. However, given that the operating environment is likely to continue to be difficult over the coming years, and to protect itself against a catastrophic loss of funds. the trustees have decided to aim towards building a level of reserves representing 9 months of running costs. This amount is held within designated funds which are unrestricted funds that have been eamiarked by the trustees for a specific purpose. Designated fvnds can be undesignated at any time for future use with agreement from the board. Unrestricted reserves freely available to spend, therefore excluding fixed assets, designated and general reserves amounted to £5.305. Plans for future periods The directors considered the external operating environment as part of their strategic planning process and have identified key priorits'es and areas of policy interest and need that would enhance the company's mission. Young at Art feels confident about the shortjmedium term and enhancing support for objectives within our exists-ng body of work and engaging with more children through expanding our year-round activity and reach. Trustees. responsibilities statement The trustees, who are also directors for the purposes of company law. are responsible for preparing the trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practs'ce). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure. for that period.
Young at Art Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contiftued) Year ended 31 March 2024 In preparing these financial statements. the trustees are required to: select suitsble accounting policies and then apply them consistently- observe the methods and principles in the applicable Charities SORP. make judgments and accounting estimates that are reasonable and prudent", prepare the financial slatements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting record5 that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time 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 assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms thal.. so far as they are aware, there is no relevant audit information of which the charity's auditor 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 provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 4 November 2024 and signed on behalf of the board of trustees by.. MLee Trustee M Noble Trustee
Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd Year ended 31 March 2024 Opinion We have audited the financial statements of Young at Art Ltd (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account}, statement of financial position, statement of cash flows and the related notes, including a summary of significant 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 Practice). In our opinion the finanaal statements= give a true and fair view of the state of the chartty's affairs as at 31 March 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended: have been properly prepared in accordance with United lQngdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Stsndards on Auditing (UK) (ISAS {UK)} and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial ststements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entitses, 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 obtained is sufficient and appropriate to provide a basis for our opinion. In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements. Conclusions relating to going concem 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 perfomied, we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the resp)nsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Young at Art Ltd Company Limitsd by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd (¢orttinu¢dJ Year ended 31 March 2024 other infomiation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial staterrEnts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other information, are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies 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 which the financial statements are prepared is consistent with the financial statements., and the trustees, report has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understsnding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kep( or returns adequate for our audrt have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees. remunerats'on specified by law are not made. or we have not received all the information and explanats'ons we require for our audit,. or the trustees were not entided to prepare the financial statements in accordance with the small companies regime and tske advantage of the small companies. exemptions in preparing the directors, report and from the reqU1ment lo prepa a strategic report.
Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd (continued) Year ended 31 March 2024 Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Irustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Our responsibility is to audit and express an opinion on the financial statements in accordan wtth applicable law and International Standards on Auditing {UK). Those standards require us to comply with the Financial Reporting Council's {FRC's) Ethical Standard for Auditors,, in the circumstances set out in note 24 to the financial statements. In preparing the financial statements, the trustees are responsible for assessing 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 altemative but to do so.
Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd (continued) Year ended 31 March 2024 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenl, 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 {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonab be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities. including fraud, are instances of non<0mplian with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed belovr. In identifying and assessing risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, we considered the following". the nature of the industy and sector. control environment and business performance including the design of the remuneration policies, key drtvers for directors, remuneration. bonus levels and performance targets., results of our enquiries of managerrEnt about their own identification and assessment of the risks of irregularities- any matters we identified having obtained and reviewed documentstion of their policies and procedures relating to-. identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of nonwcompliance" detecting and responding to the risks of fraud and whether management have knowledge of any actual. suspected or alleged fraud., the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including signtficant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial ststements and any potential indicators offraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also required to perfomi specffic procedures to respond to the risk of management override. We also obtained an understsnding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination 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 to operate or to avoid a material penalty. 10
Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd (continued) Year ended 31 March 2024 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also. Identify and assess the risks of material misststerrEnt of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intenb-onal omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit 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 intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trUSts, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs repori to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 11
Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd (Continuedj Year ended 31 March 2024 We communicate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control Ihat 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 fijllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Paul Dolan FCA {Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 4 November 2024 12
Young at Art Ltd Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 12,510 12,510 418.729 52,131 215 13,675 411,590 96,606 41 418.729 52,131 215 Total Income 64,856 418,729 483,585 521,912 Expenditure Expenditure on charitable activities Total expenditure 9,10 27,642 529,292 556,934 561,078 27.642 529,292 556,934 561,078 Net expenditure 37.214 (110,563) (73,349) (39,166) Transfers beeen fijnds 3,997 (3,997) Net movement in funds 41.211 (114,560} {73,349) (39,166) Reconciliation of funds Total funds brought forward Total funds carried forward 322,838 152,404 475,242 514,408 475,242 364,049 37,844 401.893 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 16 to 28 fonn part of these finan¢ial statements. 13
Young at Art Ltd Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Fixed assets Tangible fixed assets 16 82,952 9,251 Current assets Debtors Cash at bank and in hand 17 94.829 305.995 125,377 471,424 400.824 596,801 Creditors: amounts falling due within one year Net current assets 18 81,883 130,810 318,941 465,991 Total assets less current liabilities 401,893 475,242 Net assets 401,893 475,242 Funds of the charity Restricted funds Unrestricted funds 37,844 364.049 152,404 322.838 Total charity funds 21 401.893 475.242 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 4 November 2024, and are signed on behalf of the board by.. MLee Trustee M Noble Trustee The notss on pages 16 to 28 forn) part of these financial statements. 14
Young at Art Ltd Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net expenditure (73,349) (39,166) Adjustments for Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued expenses 22,792 (215) 320 10,839 5,544 (411 237 28,765 Changes in." Trade and other debtors Trade and other creditors 7,312 (36,530) (68,831) 37,321 11,002 Cash generated from operats'ons 43,662 Interest paid Interest received (320) 215 (237) 41 Net cash (used in)lfrom operating ackn'vities (68,936) 43,466 Cash flows from investing activltles Purchase of tangible assets Net cash used in investing activities (96.493) (96.493) (5,630) (5,630) Net Idecrease)fincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (165,429) 471,424 37,836 433,588 305,995 471,424 The notes on pages 16 to 28 fonn part of these financial statements. 15
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entty and a private company limited by guarantee, registered in Northern Ireland and a registered charty in Northem Ireland. The address of the registered office is 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 accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material UnrtaIntieS about the charty's abilty to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, ests"mates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experien and other factors, induding expectations of future events that are believed to be reasonable under the circumstsnces. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestrided funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-dasses". restricted income funds or endowment funds. 16
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) Incomlng resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to 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 eviden of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when 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 value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured No amounts are included for the contribution of general volunteers. income from contracts for the supply of servi$ is recognised with the delivery of the contracted setvice. This is classtfied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpK)se and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised 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 which it relates.. expenditure on raising funds includes the costs of all fundraising actNities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activtties includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relats.ng to the govemance 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 charrtable acttvitFes. All costs are allocated to expenditure categories reflecting the use of the resour. Direct costs attnbutable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially Corded at cost, and subsequently stated at cost less any accumulated depreciats'on and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreCIatn and subsequent accurnulated impaiment losses. 17
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (contlnued) Tangible assets (ntinued) 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 impaiment that has previously been recognised as expenditure within the statement of financial actsvities. 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 the statement of financial activities. Depreciation 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 20Yo Straight line 200A straight line Impaimient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amoun( 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 unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill. the goodwill acquired in a business combination is, from the acquisib'on date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a firbancial liability is recognised onty when the charity becomes 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. Current assets and current liabilities are subsequently measured at the cash or other onsideration expected to be paid or received and not d1SUnted. Debt instruments are subsequently measured at amortised cosL 18
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements (¢ontinued) Year ended 31 March 2024 Accounting policies (continued) Financial instruments (Cled} Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investrnent is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including derivatives, are inthally recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrtjment. other financial instruments are subsequenty measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relats'onship. Financial assets that are measured at cost or amortised cost are reviewed for objective eviden 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 individually significant, these are assessed individually for impairment. other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. INhen contributions are not expected to be settled wholly wtthin 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 it arises. Limited by guarantee Young at Art Ltd is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity 19
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Online Donations 10 10 175 175 Sponsorship Destination CQ Victoria Square Tourism Nl 7,500 5,000 7,500 5,000 7,500 7,500 6,000 6,000 12,510 12,510 13,675 13,675 Charitable activities Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Belfast City Council - CMAG - IMAGINE (Fests'vals) Ragdoll Foundation Esme Mitchell Trust Halifax Foundation for Northern Ireland Cultural Institutions & Embassies D'oyly Carte Charitable Trust Enkalon Foundation St Anne's Cathedral Foras na Gaelige Youth Events Scheme Foras na Gaelige Literary Projects Dept for Communities through Future Screens Nl- Covid-19 Recovery Arts & Business Nl Blueprint Programme Seachtain na Gaeilge Blackburn Trust Moy Park Community Support Arts & Business Nl Invest ACNI Annual Funding Programme CFNI Ulster People's College Fund ACNI- AIDF ACNI - Health & Safety Capital ACNI - Young People & Wellbeing (ACN1129051) ACNI - Young People & Wellbeing (ACN1131459} Clear Project (Healthy Communrties) 122,000 14,291 2,000 5,000 35,444 3,500 1.000 122,000 14,291 2,000 5,000 35,444 3,500 1,000 122,000 10,719 2,000 6.750 27,868 122,000 10,719 2,000 6,750 27,868 1,000 1,000 3,500 4.119 3,500 4,119 3,500 2,811 3,500 2,811 21.420 21,420 21,919 21,919 19.929 641 1,000 19,929 641 1,000 3,321 3,321 1,000 4,000 4,000 177,708 2,000 6,000 7,645 1,000 4,000 4,000 177,708 2,000 6,000 7,645 177.954 177,954 {2,906) (2,9061 7,349 7,349 7,504 1,453 7,504 1,453 418,729 418,729 411,590 411,590 20
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Partnership Income Box Office other Earned Income Hires & Charges Travel Reimbursement Service delivery 350 27,600 3.630 350 27,600 3,630 5,300 38.612 13,506 9,990 659 28.539 5,300 38,612 13,51 9,990 659 28,539 4,768 15,783 4,768 15,783 52,131 52,131 96,606 96,606 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest re1vable 215 215 41 41 Expenditure on charitable actlvities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Delivering art projects and events Support costs 17.024 10,618 27,642 404,939 124,353 421,963 134,971 529.292 556,934 Unrestricted Funds Restricted Total Funds Funds 2023 Delivering art projects and events Support costs 86.989 5,781 402.902 65,406 489,891 71,187 561,078 92,770 468,308 10. Expenditure on charitable activities by activity type Activibes undertaken directly Support costs Total funds 2024 Total fund 2023 Delivering art projects and events Governan costs 421,963 92,685 42,286 514,648 42,286 541,555 19,523 561,078 421.963 134,971 556.934 21
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Ststements (conlinued) Year ended 31 March 2024 11. Analysis of support costs Delivering art projects and events Total 2024 Total 2023 Staff costs Premises Communications and IT Finance costs Governance costs 14,068 62,774 4,611 11.232 42,286 14,068 62,774 4.611 11,232 42,286 13,306 23,282 2,888 12,188 19,523 71,187 134,971 134,971 12. Net expenditure Net expendtture is stated after chargingl(credib"ng): 2024 2023 Depreciation of tangible fixed assets 22,792 13. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 4,000 3,830 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as foSlows". 2024 2023 Wages and salaries Social security costs Employer contribubons to pension plans 166,447 9,402 3,491 179,340 157,638 8,687 3,332 169,657 The average head count of employees during the year was 7 (2023.. 8). The average number of full-time equivalent employees during the year is analysed as follows.. 2024 2023 Number of staff No employee received employ benefits of mre than £60,000 during the year (2023.. Nil). Key Management Personnel 22
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2024 14. Staff costs (continued) Key management personnel include all persons that have authority and responsibility for planning. directing and controlling the activities of the charty. The total compensats-on paid to key management personnel for services provided to the charity was £82,946 (2023.'£79,246). 15. Trustee remuneration and expenses The charity Trustees were not paid or received any other benefits from employment with the Charity in the year {2023.. £Nil). No charity Trustee received reimbursement for travel expenses during the year (2023: £Nil). No charity Trustee received payment for professional or other services supplies to the charity {2023: £Nil). 16. Tangible fued assets Fixtures and fittings EqUIpEnt Total Cost At 1 April 2023 Additions 26.744 96.493 30,302 57,046 96,493 At 31 March 2024 123.237 30,302 153,539 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 26.068 19,468 21,727 3,324 47,795 22,792 45,536 25,051 70,587 Carrying amount At 31 March 2024 77,701 5,251 82,952 9,251 At 31 March 2023 676 8,575 17. Debtors 2024 2023 Trade debtors Prepayments and accrued income 87,218 7,611 87,480 37,897 94,829 125,377 23
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 18. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Social security and other tsxes Other creditors 45,268 30.202 3,687 2,726 45,324 76,263 3.591 5,632 81.883 130,810 19. Deferred income 2024 2023 At 1 April 2023 Amount released to income Amount deferred in year At 31 March 2024 33.664 (33,6641 33,664 33,664 20. Pensions and other post retirement benefits Defined contribution plans The amount reco3nised in income or expenditure as an expense in relation to defined contribution plans was £3.491 (2023.. £3,332). 24
Young at Art Ltd Company Limited by Guarantee Notss to the Financial Statements (continued) Year ended 31 March 2024 21. Analysis of charitable funds Unrestricted funds At 31 March 202 At 1 April 2023 Income Expenditure Transfers General funds Designated Funds General Reserve Moving Costs 25th Anniversary BCF- Additional Programming Spend Office Refit Costs Research & Development 258 64.856 (22,642) 45.785 88,257 224,006 5,000 39,276 263,282 (5.000) 83,574 (71,064> 12,510 10,000 {10.000) 3,997 322,838 64.856 (27,642) 364,049 At 31 March 202 At 1 April 2022 Income Expenditure Transfers General funds Designated Funds General Reserve Moving Costs 25th Anniversary BCF- Additional Programming Spend Office Refit Costs Research & Development 9.391 25.000 204.762 10,000 110,322 (77,770) (41,685) (25,000) 19,244 (5,000) 258 224,006 5,000 15,000 30,000 (15,000) 53,574 83,574 10,000 10,000 294,153 110,322 (92,770) 11.133 322,838 Unrestricted funds include funding that the charity receives which is expendable at the discretion of the board 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 ftjnd from unrestricted reserves to make a provision for future loss of funds andlor winding up. This is calculated at £233,282 to cover six months of core expenditure of Young at Art Ltd plus provision for winding up and business restructuring where possible. Due to the challenging nature of the 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 devdopment. Additional funds have been designated to cover for any possible Festival box office losses (£20k) and a small amount remaining due on the recent office refit. 25
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 21. Analysis of charitable funds (continued) Restricted funds At 31 March 2024 At 1 April 2023 Income Expenditure Transfers Belfast City Council - CMAG - IMAGINE {Festivals) CFNI Ulster People's College Fund Cultural I nstitutions & Embassies Enkalon Foundation St Annes Cathedral Sit Out Foras Na Gaelige- Youth Events Arts & Business Nl Invest Esme Mitchell Trust Paul Hamlyn Foundation Garfield Weston ACNI Annual Funding Programme ACNI AIDF ACNI Health & Safety Capital Grant ACNI Young People & Wellbeing (ACN1129051) ACNI Young People & Wellbeing (ACN1131459) Department of Health Mental Health Fund l The Community Foundation Ragdoll Foundation Halifax Foundation Grant Victoria Homes Trust Blackburn Trust BOI Begin Together Foras na Gaelige - Literary Projects DFC through Future Screens Nl Covid 19 Recovery Arts & Business Nl Blueprint Moy Park Community Support Seachtain na Gaeilge D'oyly Carte Charitable Trust Clear Project (Healthy Communities) 68,259 122,000 (190,259) 35,444 1,000 880 3,500 (35,444) (1,000) 1489) (3,500) 391 1.369 2.000 55,519 (1,750) (51,968> (3,551) 1,619 177.954 (177,954) 5,998 (2,906) (3,092) 7,504 (5,551) 1,953 9,711 14,291 5,000 {6,189) (5.000) 17,813 1,000 (1,000) 403 4,119 (4,076) (446) 9,374 21,420 1.771 19,929 (21,731) (14.695) 9,063 7,005 641 3,500 1,453 (641) (3.500) (1.453) 152,404 418,729 (529,292) (3,997) 37,844 Transfers have taken place during the year in relation to ticket recharges. 26
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 21. Analysis of charitable funds (¢ontlnued) At 31 March 2023 1 April 2022 Income Expenditure Transfers Belfast City Council- CMAG - IMAGINE (Festivals) CFNI Ulster People's College Fund Cultural Institutions & Embassies Enkalon Foundation St Annes Cathedral Sit Out Foras Na Gaelige - Youth Events Arts & Business Nl Invest Esme Mitchell Trust Paul Hamlyn Foundation Garfield Weston ACNI Annual Funding Programme ACNI AIDF ACNI Health & Safety Capital Grant ACNI Young People & Wellbeing (ACN1129051) ACNI Young People & Wellbeing (ACN1131459) Department of Health Mental Health Fund l The Community Foundation Ragdoll Foundation Halifax Foundation Grant Victoria Homes Trust Blackburn Trust BOI Begin Together Foras na Gaelige- Literary Projects DFC through Future Screens Nl Covid 19 Recovery Arts & Business Nl Blueprint Moy Park Community Support Seachtain na Gaeilge D'oyly Carte Charitable Trust Clear Project (Healthy Communities) 72,124 122,000 (125,865) 2.000 (2.000) 27,868 (27,8681 1,000 (1,000) (450) (3.500) (4,000) (631) (53,569) (9.229) 177,708 (177.708) 6,000 (6,000) 7,645 (2,016) (5,629) 68,259 450 374 3,500 4,000 2,000 (374) 1,369 55,519 109,088 9,229 7,349 {1,351) 5,998 10,394 10,452 10,719 3,780 6.750 1,170 {4,890) (5,504) {11,460) {10.530) {1.170) (1,000) (3,194) (2.782) 9,711 1.000 3,194 2.811 374 403 21.919 3,321 4,000 (12.545) (1,550) (4,000) 9,374 1,771 220,255 411,590 (468,308) (11,133) 152,404 A transfer has taken place during the prior year which relates to fixed asset purchases during the year, Young at Art fijlly own the assets and there is no restriction placed on them once purchased. A transfer has taken place durin9 the prior year which relates to restricted expendtture previously classified as unrestricted expendrture in the previous reporting period. Young at Art have received agreement from the funder for this rewclassification. A transfer has taken place during the prior year which relates to re-allocation of money beeen o projects financed by the same funder. 27
Young at Art Ltd Company Limited by Guarantee Notes to the Financial Ststements {¢ontsnue Year ended 31 March 2024 22. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 82.952 336,844 (55,747) 364,049 82,952 400,824 {81,883) 401,893 63,980 (26,136) 37,844 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 9,251 9,251 314.756 282.045 596,801 (1,169) (129,6411 (130,810) 322,838 152,404 475,242 23. Taxatlon The Company is a registered charty, and as such is ents.tled to tax exemptions on income and profits in furtherance of the charity's primary obJectNes. 24. Ethical standards In common with many other businesses of our size and natu we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 25. Analysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 471,424 (165,429) 305,995 26. Contingencies A contingent liability exists to 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 parties During the period, amounts totalling £5.623 {2023'. £5,546) 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 activity. The balance due to a family member at the year end in respect of these transactions was £nil (2023.. £nill. These transactions were made at open market value on terms equivalent to those that prevail in arm's length transactions. These transactions were approved by the Board of Trustees. 28