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 pro￿sses. 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 un￿rtaintieS 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 advan￿rnent of educats.on
The advan￿ment 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 aUdIen￿S 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 be￿een 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 reqU1￿ment 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 trUSt￿s, 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 be￿een 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 Un￿rtaIntieS 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 depreCIat￿n 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 d1S￿Unted.
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 (Cl￿￿￿￿ed}
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 re￿1vable
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
EqUIp￿Ent
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 be￿een
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