Charity reglstration number NIC103341 Company registration numbar N1026507 (Northern Ireland) OPEN ARTS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
OPEN ARTS LEGAL AND ADMINISTRATIVE INFORMATION Trustees l H Lindsay S O'Donnell C Murtagh J Mcconville M Mann K Hughes A Hope S Finnegan Secretsry S Finnegan Charlty numbor NIC103341 Company numbor N1026507 Roglstered offlce Cr8SC8nt Arts Centre 24 Univ8rsity Road Belfast Independent examirber Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrtm Northern Ireland BT2 8HS
OPEN ARTS CONTENTS Pago Trustees. report Ind8pendent 8xamlner's report statement of financial activities Balance sheet Statement of cash flows 10 Notes to the financlal statements 11-20
OPEN ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees. who are also the director5 for the purpose of company law, prgsent their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Structure, Governance and Management Governing document Th8 organisats'on is a charitable company limited by guarante8. The company was 8Stablished under a Memorandum of Association which established Ihe objects and powers of the company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. Recrultment and Appointment of Dlrectors The trustees of the company are also charity trustees for th8 purposes of charity law. Under tha requirements of the M8morandum and Articles of Association the directors are elected to serve for a period of Ihree y8ars after which they must be re-electad at the next Annual General Meeting. The truste8s of the company have a mix of busin8ss and artislic skills. In the 8vent of particular skills being lost due to retirement or resignation, suitable individuals are approached to offer themselves for appointment as trustee5. Trustee Inducllon and training Most new Irustees are familiar with the work of the charity. New trustees are encouraged to attend sultable training courses to familiarise themselves with both the work of the charity and their responsibilities as trustees. They are also made familiar with the Open Arts, Governance handbook. Rlsk management The trustees hava carriad out 8 revlew of the major risks to which the charity Is exposed, and ware appropriate have put In place systems and controls to mitigat8 th8 effect of those rlsks. Objective8 and actlvltlas The principal activity of the company is to promote and co-ordlnate arts activities of all kinds by and with disabled people in the area of benefit, in accordance with the principles as laid down in the Memorandum and Articles of Association of Open Arts. Is our core weekly programme (based on 3 term5 of workshops throughout the yearl. This programme engages nearfy 100 individuals and delivers 8 sessions every week. Ex We deliver additional projects so that more disabled people, particularly children and young people, can explore th8 arts. We will support core participants to explore their individual development as artists. We also continuously explore the future of our organisation through research and development. We produce events and performances so that disabled people can enjoy the achievement of performance and that audiences can enjoy the creative and art15tic talents of disabled people. From April 2023 until March 2024, we delivered 296 creativ8 workshop sessions that engaged 402 individuals.
OPEN ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Engage Is our core weekly programme {based on 3 temis of wrkShopS throughout the year). This programme engage5 nearly 100 individuals and delivers 8 sessions 8very week. From April 2023 until March 2024, we continued to deliver our core programme of activities for disabled adults: 3 x visual classes including one for blind and visually impaired Monday Players drama Open Arts Community Choir Gamelan group Creative writing Luminous Soul dance The core programme enhances participants artistic skills and is also a safe space where individuals have great connections with each other, which creates a true sense of belonging, as highlighted in the words of participants- 'If you are thinking about joining Open Arts art classes I would say go for It with gusto and embrace it, 18am from everyone, theres no pressuTr to p&rfom?. It is a saf8 space where people with dis8bilitleS are valu8d. You can develop your abilities 8nd make new friends. It is greatl" '1 love how in Luminous Soul we are encouraged to do our own vetsion of a movement and how we create new ways of movlng together ' "We are all the sam8 but in diff8r8nt W8ys. Wg have fun 8nd share new id88s. Come and join the Open Arts family you wont b8 dis8ppolnted." Achievement5 for particlpants in our cora included Luminous Soul performing at the high profi'le One Young World Opening Ceremony in th8 SSE Arena, which attracted acclaim across social media: 'Luminous Soul were class. An inGredible and inspir8tional example of incluslon # OYW23 @OneYoungWord' 'standing ov8tlon. absolutely stunning perfom78ncellJJ Open Arts Community Choir also came second In a televised choral competition, Curfa, which was broadcast on TG4. Comments from the judge5 included: 'With that song, you lifted our hearts and then shattered them into smithereens. I must say that every time you come out on slage, you Tr so kind, so generous and giving." 'It was beautiful, Leslie has a wonderful voice, it's lovely and deep. As for your hamionies the interactions you had together, the way you told the story through thg words. I really enjoyed it." "It was incredible I have to say I really 8njoyed it. It s very hard to come out on stage and perfomi unaccompanied let alone do it well, but I think you did." °My make up went everywhere because of the tears shed while I was listening and watching you. You'r8 such 8 special choir and that was 8 powerful perfonnance." Open Arts Gamelan In Connswatar In March 2023. we relocated our gamelan lo Connswater Shopping Centre. This will give the garnelan increased visibility, and we will engage with Tnore groups and individuals from across East BelfasL
OPEN ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Explore Partlcipant Development Programme (PDP) We support individual participants to develop Iheir own practice Ihrough mentoring and production support. In 2023 we worked with dancers Talia McDowell, Andy Paton. and Julie Richmond to produce a performance of their own choreographed performance, Comrnunicalion. °Beyond proudlTalia, Julianna and Andy put on a fantastic perfom?ance of their own chor8graphed piece Communication, today at *bouncefestiva12023'. It was superb from start to finish and all their hard work shone through. Huge thanks to Eileen al Open Arts for supporting them to put on this perfom?ance." "Bounce 23 you were amazingj l am so grateful for everyone who came to watchl Just wanted to say a m8ssive thank you lo Open Arts for all their support." In Tune We continued to work with Angel Eyes Nl and Autism Initiatives Nl to facilitate creative workshops for children who are blindlpartially sighted or who have autism. "This programme h8s b8en inv8lu8bla for K s ment81 well-being 8nd personal growth. It ljas provided him with an opportunity to socialis& and learn important skills, h&lping to build his confidence in a saf8 and understanding setting. K 81w8ys leaves the music programme chatting and happy (this is usually a very rare occurrence when he h8s been in a social setting). It also gives m8 respite and 8 chance to reGh8rge my own batteries. We are very grateful to b8 8bl8 to 8V8iI of this opportunity and hope it can continue 88 he is progressing so much. He thoroughly 8njoys attending these Glasses, leaming how to play instruments. chat about things of int8r8St to him wtih p8ople who have knowledge and genuin8 love for the subject. Many thanks to everyone involv8d in putting this together." Movament & Mentoring In August 2023 we began the first Movement & Mentoring project. 12 young people from Mae Murray Teen Hubs look part in a week-long dance summer schem8. Throughout the week they also had visits from m8mb8rs of Luminou5 Soul dance company. This week was followed up with more rehearsals to prepar8 for a p8rformance as part of Open Arts event 'Creative Conversations, at the Cr8SC8nt Arts Centre, part of Bounce Festival. Th8 young people are also finalising their portfolios for accreditstion through Arts Awards. The sense of achievement arnong the young people was palpable. Amazing p61rformance 81 ¥IBounce23' today fmm #MMF, young peop18. Showing off their skills leaml during summer dance camp - a collaboration between Mae Murray Foundation and Open Arts. Well done alll You rocked itl '1 have seen 'S' shine and comg out of her shell from the start of this projeGt. She was shy, very quiet, now she's smiling, contributes to the group work, speaks up and gives her input. Her Gonfidence is through the roof when she's dancing. It s like she Comes alive. Identify, Identlty, Impact This is our programme to explore future possibilities for our organisation. This includes working with experts in market research & development, web design and evaluation. In 2023-2024 we were partner5 in the inclusive Tourism project for Belfast City Council with Smith & Kent Consultancy. With our Lived Experience team, we facilitated Living Library ev8nts, created online training modules, and filmed 3 accessible itinerary videos. We were also part of the organising team for Belfast's first ever Inclusive Tourism seminar, Embrace the Inclusive Spirit. This is all part of our development of our 'Chatting for Change. programme, which we will roll out as a training tool for businesses and organisations. 'Thank you to @OPENAR TSNI and amazing guests for hosting the Living Library as part of the aGcessibilty and inclusive session at our industry briefing yesterday."
OPEN ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 "I thought the fom7at was excellent. There was time and Spa to reflect in between discussions and a great group of people with a range of lived experiences to learn from. Pre-lraining day reading material was very helpful and the explanation at the start great too. Really worthwhile moming all round, thank you., Enjoy Takeaway Theatre The performance is aimed at engaging and empowering the recipient and their family to co-creale a drama based on a story of their making. The experience is about engagement, empowerment and fun for the individual but it also, importantly, enables siblings, parents and family members to enjoy a shared experience. Throughout the year, we delivered visits from Dery to Downpatrick, Bangor to Ballynahinch. 'W& h8d the most lovely visit from Jojo and Stephanie. M is still saying their names. It was such a lovely tim& shared with them and so gentle to suit M's needs, which by the end of the session he was confident, &xcit8d, alert and engaged beautifully. I have some lovely photos I'd love to share wlth you and p18ase feel free to shar8 rf you wish too, We are so grateful for this seThica. Thank you.. 'We had Paul and Stephen aka Ron and Barry here 18St night for our Take8way Theatrellljl We absolutely loved itl M and E had a blast. We were delighted at how M engaged and creat8d his own piece of theatre. We have never seen M engaged and concentrating and taking part so well. The artists guided us through eaGh stage of creating our own litt18 show, and w8 811 loved perfom?ing itl Absolutely amazing, I highly recommend 9v8ry family to book the T8k8away Theatrel" '1 cannot thank you, and your team, enough for th8 amazing time we had tod8y,' Jessica and Stephen are wond8rful and brought so much joy into our home. I must say I was a little conc8rn8d as A had b88n in a bit of a Ywist, all moming and it was hard to know how engaging he would ba. However the pair w8r8 able to tum him around and their p8tienGe 8nd cr8ativo imaginations were amazing. We all had a really graat time. Thank you all so much agaln. Creatlve Conversations On Sunday 811 October we took over the CrescentArts Centre as part of Bounce Festivall The audience experienced performances from Monday Players, Open Arts Community Choir, Luminous Soul dancers., heard ading$ from the creative writing group and participated in a workshop with visual art participants. Inspired by the idea of a 'Living Library they also had the opportunity to chat with the participants through Q&A sessions to learn about the diverse perspectives and life experiences of disabled people. "Just a little note to thank you for a wonderful aftemoon yesterday. To see all Open Arts offers and to enjoy the experience was brilliant. Congratulations to all involved and thank you to Maeve for guiding usl" It was such a lovely vibe in the building on Sunday. The sound of the singing in the stairnell was Incdible (and I particul8rty enjoyed having a little dance to the choirperforming in the café) That was a fab perfomiance from Open Arts on Sunday, everyone who was here gave it raving feedback too. The performances were incredibly moving, and the choir was just stunning on the stairnell. Someone even said they should record there the sound was so good. It was amazing to see Darren and crew also so so exGlted about their performances, and to hear about the script writing going on during lock down etc was amazing. Well done to tho whole team- you were amazing. Pieces of Us In June 2023, w8 launched our exhibition 'Piec8s of Us. in Arts for All in Cityside., This was a collective exhibition from all our visual art groups. Luminous Soul performed in the main mall and Open Arts Community Choir enticed the audience into the exhibition space. Th8 exhibition was in plac8 until the end of August.
OPEN ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 What an amazing show of talent and so many varied art forms. It is also fantastlG to h8ve so many taGtile pieces." other achievements In January 2024, our chairperson Margar8t Mann won the Arts and Business Award for Leaders on Arts Boards. Our Finance and Programme Officer also competed ILM Level 5 in Leadership and Management. Flnancial review The Company is a non-profit making organisation. The results are set out in detsil on page 5. The company had net income for the year of £17,540. The principal funding sources of the charity are by way of grant, principally from the Arts Council of Northem Ireland. and by way of charging fees to various groups for services rendered. Reseryes policy The trustees have examined the charity's requirements for reserves in light of the main risks to the funding of the organisation. Unrestricted free reserves are currently £82,340, as detailed in note 14, and this level of reserves would be sufficient to fund the organisation's running costs for a period of six months at current levels of spending and cover redundancy payments for the current staff. The trustees consider this level of reserv8S to be adequate to meet the needs of th8 charity. Structure, governance and management The organisation is a charitable company Ilmlted by guarantee. The company was established under a Memorandum of Association which established the objacts and powers of the company and is governed undar its Artides ofAssociation. In the event of th8 company being wound up membars are required to contribute an amount not exceedlng £1. The Trustees, who are also th8 dir8Ctors for the purpose of company law, and who served during the y6ar and up to the date of signature of the financial statem6nts were: l H Lindsay S O'Donnell C Murtagh J Mcconvllle M Mann K Hughes A Hope S Finnegan
OPEN ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of trusteès, responsibilitie5 The Trustees, who are also the directors of Open Arts for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in acLordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trust88S to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the and of th8 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparfng these financial ststements. the Trustees are required to: select suitable accounting policles and then apply them conslstently; obseNe the methods and princlples in the Charltles SORP; make judgements and estimates that are reasonable and prudent., state whether applicable UK Accountlng Standards have been followed, 5ublect to any material departures dlsclosed and explalned In the flnancial statements., and prepare the financial statements on the going concem basis unless it is Inappropriat8 to presume that the will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any tlme the financlal position of the and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also r8sponsible for safeguarding the assets of th8 and hence for taking reasonable steps for the prevention and det8Ction of fraud and other irregularities. The trustees, report was approved by the Board of Trust88S. l H Llndsay Trustee S Finnegan Trustae Date:... ..121.11I20'14....
OPEN ARTS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OPEN ARTS We port to the Trustees on our examination of the financial statements of Opan Arts (the ) for the year ended 31 March 2024. Responsibilities and basls of report As the Trustees of the (and also its directors for the purposes of company law) you ar8 responsible for the preparation of th8 financial slat8ments and you have considered the audit requirement of Seclion 65(3) of the Charities Act (Nl) 2008 (the Act). Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to: examine the accounts under section 65 of the Charities Act (Northem Ireland) 2008: follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 6519)(bl of the Charities Act., state whether particular matters have come to our attention. Independent examinerfs statement We have examined your charity accounts as required under Section 65 of the Charities Acl and our examination was carried out in accordance with the general Directions given by th8 Charity Commission for Northern Ireland under section 65(9){b) of the Charities Act. The examination included s review of the accounting records kept by the charity and a comparison of the accounts presentad with those records. It also included Consideration of any unusual iterns or disdosures in the accounts, and seeking explanations from you as charlty trustees concerning any such matters. Our role is to state whether any materlal matters have come to our attentlon giving us cause to believe: That accounting records were not kept in respect of the as required by section 386 of the 2006 Act. or the financial stalements do not accord with those r8cords: or That the financial statements do not comply with th8 accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statem8nt of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. That there is further infomiation needed for 8 proper understanding of the accounts to be reached. We have completed our examination and have no concerns In respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your altention. Harblnson Mulholland C8ntrepoint 24 Ormeau Avenue Belfast Co. Antrim BT2 8HS Northem Ireland
OPEN ARTS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and18gacies Charitable activities Investments 234 34,399 718 197.369 197,603 34,399 718 779 14.391 62 189,372 190.151 14.391 62 Total Incomo 35,351 197,369 232,720 15,232 189,372 204,604 Expendlturo on: Charitable activilles 34.099 181,080 215,179 20,837 210,306 231,143 Total expendlture 34,099 181,080 215,179 20,837 210,306 231,143 Net Incomel(expendlture) and movement In funds 1,252 16,289 17.541 (5,605) 120,934) (28,539) Reconclllatlon of funds: Fund balances at 1 April 2023 109.932 26,698 136.630 115,537 47,632 163,169 Fund balances at 31 March 2024 111,184 42,987 154.171 109,932 26,698 136,630 The stalemenl of financial activities includes all gains and losses recognlsed In the year. All Income and expenditure derive from continuing activities.
OPEN ARTS BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 12 1,890 3.607 Current assets Debtors Cash al bank and in hand 13 16,256 140,066 5,978 131,284 156,322 137,262 Creditors: amount8 falling due within one year 14 (4,041) (4,239) Net current assets 152,281 133,023 Total assets le88 current Ilabllltlg9 154.171 136,630 Income lund8 Restricted funds Unrestricted funds 16 42,987 111,184 26,698 109,932 154,171 136.630 The company is entitled to Ihe exemption from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 31 March 2024. The directors acknowledge their responsibilities for complylng with the requirements of the Companies Act 2006 wlth respect to accounting records and the prepardtion of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on .. l H Lindsay Trustee S Finnegan Trustee Company reglstratlon number N1026507
OPEN ARTS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating actlvlties Cash generated fromllabsorbed by) operations 21 8,064 (19.622) Investing actlvltles Purchase of tangible fixed assets Investment income received (1.034) 718 Net cash generated froml{used In) Investlng activltles 718 (972) Net cash usad In flnanclng activitlos Net Increasel(d•crease) In ca8h and cash equivalents 8,782 (20,594> Cash and cash equivalents at b8ginning of year 131,284 151,878 Cash and cash equlvalents at end of year 140.066 131,284 10-
OPEN ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charlty informatlon Open Arts is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Crescent Arts Centre, 24 Univ8rsity Road. Bea51. 1.1 Accounting conventlon The financial ststements have been prepared in accordance with the 's [governing document]. th8 Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102") and the Charities SORP "Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (effective 1 January 2019). The is a Public Benefil Entity as defined by FRS 102. Th8 financial statements are prepared in sterling. which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £. The financial slaterllents have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include inv8Stment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approvlng the financial statements, the Trustees have a reasonable expectation that the has adequate resource5 to continue in operational existence for the foreseeablo future. Thus the Trustees continue to a¢Jopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are sublect to specific conditions by donors or grantors as to haw they may be used. The purposes and uses of the restricted funds are set out in the notes to Ihe financial statements. Designated funds are unr8Stricted funds earmarked by the trustees for particular future project or commitment. 1.4 Income All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that th8 economic benefits associated with the transaction will flow to the charity and the amount can be reliably measur8d. The following specific pollcies ar8 applied to particular categories of income.. 11
OPEN ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollGles (Continued) income from donations or grants is recognised when there 15 evidence of entitlement lo 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 donaled good5 is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the valu8 is derived from tha cost to the donor or the estimaled resale value. Donated facililies and services are recognised in the accounls when received if the value can be liablY measur8d. No amounts are included for the conlribution of general volunteers. income from contracts for the supply of s8rvices is recognised with- the delivery of the contracted service. Thi5 is classified as unrestricted funds unless ther8 is a contractual requir8ment for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 1.5 Expenditurn Expenditure is recognised on an accruals basis as a liability Is Incurred. Expenditure includes any VAT which cannot be fully r8covered, 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 activities, events, non-charltable trading activitl8s, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aim5 for the ben8fit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure Includes all expenditure that is neith8r related to ralsing funds for the charlty nor part of its 8XP8nditur8 on charitable actlvities. All costs are allocated to expendlture categories reflecting the use of the r8source. Direct costs attributable to single activity are allocated directly to that actlvity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiab18 and consistent basis. 1.6 Tangible flxed assets Tangible fixed assets are initially measured at C05t and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciation is r8cognised so as to write off the cost or valuation of assets less their residual values over their useful lives on Ihe followlng bases: Fixtures and fitting5 25% Straight Line The gain or loss arising on the disposal of an asset is detemined as tha difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Impairment of flxed assets At each reporting end date, the reviews Ihe carrying amounts of its tangible assets to determir7e whether there is any indication that those assels have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is e5ts-mated in order to determine the extent of the imp8irment loss {if any). 12-
OPEN ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Continued) 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposlts held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts ar& shown within borrowings in current liabilities. 1.9 Flnanclal instruments The has elected to apply th8 provisions of Section 11 'Basi¢ Financial Instruments, and Section 12 '0thar Financial Instruments Issues, of FRS 102 to all of its financial instrumants. Financial instruments are r8cognised in the 's balance sheet when the bec0rn8s paty to the contractual provisions of the instrument. Financial assets and liabilitl8s are offs8t. with the net amounts presenled in th8 financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously, Baslc Ilnanclal asset8 Basic flnanclal assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amorti5ed cost using the effective interest method unless the arrangement Gonslilutes a financing transaction, where the transaction is measured at the present value of the future receipts discounled at a market rate of interest. Financial assets classified as receivable within one y8ar are not amortised. Basic financial liabilltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market r8te of interest. Financlal liabilities classified as payable within one year are not amortised. Debt instruments are subsequ8nlly carried at amortlsed cost, using the effective Interest rate method. Trade creditors are obligatlons to pay for goods or services that have been acquired in the ordlnary course of operations from suppliers. Amounts payable a classified as current liabilities If payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the eff8Ctiv8 interest method. Derecognltlon of financial liabllltles Financial liabilities are derecognised when the 's contractual obligations expire or are discharg8d or cancelled. 1.10 Employee beneflts The cosl of any unused holiday entitlement is recognised in the period in which the 8mploye8'S seNices are rec8ived. Temination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retirernent benefit5 Payments to defined Gontribution retirement benefit scheffles are charged as an expense as they fall due. 13-
OPEN ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimat8s and judgements In the application of the 's accounting policies, the Truste8s ar8 required to mak8 judgements. estimates and assumptions about the Garryin9 amount of a5set5 and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical exp8rience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted Restrlcted funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Donations and glfts Grant Income 234 234 197,369 779 741 188.631 1,520 188,631 197,369 234 197,369 197,603 779 189,372 190,151 Grants recelvable for core actlvltl88 ACNI ACNI Other Belfast City Council Deans Christmas Sit Out Bank of Ireland Garfield Weston Future Screens Enkalon BBC Children in Need Dormant Accounts Community Foundation Nl Co-Owner5hip Community Fund Kinder House 95,140 17,362 18,661 1,500 8,373 15,000 21,273 95,140 17,362 18,661 1,500 8.373 15.000 21.273 98,140 8,598 18,661 98,140 8,598 18,661 7,877 7,877 21,918 1,000 32.437 21,918 1,000 32,437 6,250 6.250 2,000 2,000 9,810 2,000 9.810 2,000 197,369 197,369 188,631 188,831 14-
OPEN ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable acllvltles Unrestrlcted funds 2024 Unrestrlcted funds 2023 Charitable actlvltles Earned income 34,399 14,391 Income from investments Unrestrfcted Unrestrictod funds fund8 2024 2023 Interest receivable 718 62 15-
OPEN ARTS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activitles Total 2024 Total 2023 Staff Costs Depreciation and Impairment Artist Fees & Traveling Expendilure General Expenses Legal & Professional Fees staff Tralning Room Hire, Heat & Light Insurance Travel Expenses Telephon8 Printing & Stationary Materials Publicity and Advertlsing 115,394 1,717 58,442 5,471 2,341 328 18,806 2,106 881 750 915 5,320 808 107,430 3.425 79,307 2.294 3,398 720 19,897 1,719 574 788 2,695 2.070 4.926 213.279 229.243 Share of govemance costs (see note 7) 1,900 1.900 215,179 231.143 Analysls by fund Unrestrict8d funds Restricted funds 34,099 181,080 20.837 210.306 215,179 231,143 Support costs allocated to activitles 2024 2023 Governance ¢OSts 1,900 1.900 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(creditlng)'. Depreciation of owned tangible fixed asset5 1,718 3.426 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the during the year. 16-
OPEN ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees The av8rage monthly number of employees during the year was: 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 102,982 4,180 8,232 95,725 3,995 7,710 115,394 107,430 Key Management Personnel Key management personnel includ8 all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for servic8s provid8d to the charity was £43,688 (2023- £43,462) Ther8 were no employees whose annual remuneratlon was more than £60,000. 11 Taxatlon The charity is exempt from taxatlon on Its actlvltles because all its Income Is applled for charitsble purposes. 12 Tanglble flxed a880ts Flxtures and flttlng$ Cost At 1 April 2023 26,643 At 31 March 2024 26.643 Depreciation and Impalrment At 1 April 2023 Depreciation charged in the year 23.035 1,718 At 31 March 2024 24,753 Carrying amount At 31 March 2024 1,890 At 31 March 2023 3,807 17-
OPEN ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Debtors 2024 2023 Amounts falling due wlthln one year: Other debtors 16,256 5.978 14 Creditors: amounts falling due wlthin ono year 2024 2023 other taxation and social security Trade creditors Accruals and deferred incom 2.094 47 1,900 2.198 72 1,969 4,041 4,239 15 Retirement benefit schemes 2024 2023 Deflnad contrlbutlon schemes Charge to profit or loss in respect of defined contribution schemes 8,232 7,710 The operates a defined contribution pension scheme for all qualifylng employees. The assets of the scheme are held separately from those of the In an independently admlnistered fund. 18-
OPEN ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Restrfcted funds Th8 restricted funds of the charity comprise the unexpended balances of donations and grants h8ld on trust subject to specific condition5 by donors as to how they may be used. Movement In funds Incomlng Resource8 Balance at r080urces gxpgnded 31 March 2024 Balanc¢ at 1 Aprll 2023 ACNI AFP ACNI Equipment ACNI Rural EngagementArts Programme ACNI Articulate Bank of Ireland Arts Fund Belfast City Council Community Foundation Nl Choir Touring Fund Co-ownership Community Fund Deans Christmas Fund Dormant Accounts Future Screens Garfield Weston Klnder House Ulster Garden Vilages DIFFERENCE TO ANALYSE 95,140 (95,140) (1,289) (2,442) {8,186) {8,761) 118,661) 12,000) (810) 13,479) 2,493 1,204 6,546 4,278 8,988 8,374 8,373 18,661 2,000 4,090 388 8.377 7,567 6,331 1,500 6,250 7,393 9,810 1,500 6,250 21,273 15,000 2,000 9,230 (23,110) 115,000) (149) 12,0541 1,851 66 2.120 26,698 197,369 1181,081) 42,987 17 Deslgnated funds Unrestricted funds Movement In funds Incomlng Resources Balance at resources expgnded 31 March 2024 Balancè at 1 April 2023 General Funds Development Funds Access Support 82,340 15,000 12,592 35.351 (34,099) 83,592 15.000 12.592 109,932 35.351 (34,099) 111,184 19-
OPEN ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysis of net assets betW88n funds Unrestricted funds 2024 Reslrlcted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assetsllliabilities) 686 103,905 1.204 48,376 1.890 152.281 104,591 49,580 154,171 Por balance sheet Balance to allocate 111,184 6,593 42.987 (6,593) 154,171 Unr•strlctèd funds 2023 Rostrlcted fund5 2023 Total 2023 At 31 March 2023: Tangible assets Currant assatsl(liabilitl8sI 1.113 106,105 2,494 26.918 3,607 133,023 107,218 29,412 136,630 Par balance sheet Balan to allocate 109,932 2,714 26,698 (2,714) 136,630 19 Related party transactlons There were no disclosable related party transactions during the year (2023 - none). 20 Analysls of changes in net fund8 The had no material debt during the year. 21 Cash generated from operations 2024 2023 Surplusl(deficit) for the year 17,541 {26,539) Adjustments for.. Investment income recognlsed in statement of financlal activltles Depreciation and impairment of tangible fixed assets 1718) 1.717 (62) 3,425 Mov8ments in working capital- (Incr8as8Vdecrease in debtors (Decreaseyincrease in creditors (10,277) (198) 2,545 1.009 Cash generated froml(absorbed by) operations 8,065 (19,622) -20-