Charity reglstration numl)er NIC103347 BEAT CARNIVAL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BEAT CARNIVAL LEGAL AND ADMINISTRATIVE INFORMATION Trustees Stefanie Campbell Lucy Dougan Frank Galbraith Oswyn Paulin (Appointed 14August 2023) Charity number NIC103347 Company number N102TT89 Regl8t#r•d offlce 11-47 Boyd Street Belfast BT13 2GU Auditor Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS Bankorn Ulster Bank Limited Arches Retail Park Belfast BT5 4GA
BEAT CARNIVAL CONTENTS Page Trusta8s' report Indépéndent audltorf8 report 12-15 Statement of financial activltles 18-17 Balance 8heet 18 statement of cash flows 19 Not88 to the financial stst8ments 20-30
BEAT CARNIVAL TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial ststements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statem8nts and comply with the charity's Igoveming documenti, Ihe Charities Act 2011 and "Accounting and Reporting by Charities.. 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 IFRS 102)" (effective 1 January 2019). ObJectlve8 and actlvltle8 WHAT THE ORGANISATION Does Beat Camiv81 is Northern Ireland's foremost and long-standing Carnival Arts company, We create carnival parades and outdoor art5 performances. The first city-centre parades were in 1995. We encourage our city of Belfast and communities across the country to think big about celebrating creative, community life in ways that are ambitious and welcoming to all. Beat's specialisrn5 include carnival arts of drumming, dance, making (floats, puppets. props, costume), music. street theatre perforrnance, children's arts and crafts. There is no other carnival arts organisation of the scale, activity, history or influence in Northem Ireland. Beat Camival has introduced many of the artform techniques and trained many of the artists now working across the country. We provide participation and training pregrammes and have extensive experience of work with community organisalions. People gain new skills, connections and individu81 support at weekly 8Ctivity programrnes in Beat Carnival Centre and through extensive outreach. Carnival arts bring new sources of creativity to Northern Ireland'5 traditional experience of cultural parades and slreet music. Camival arts, outdoors in public spaces with people frorn diverse backgrounds, are experienced in ways that are culturally inclusive. The organisation's involvement in 8 wide range of networks, locally and internationally, increases diversity of relationships and shared benefits. Beat Carnival's activity is provided free of charge to participants and audience so that barriers to aCsS and engagement are as low as possible. Ease of access is one of the ways that the activity increases equality of opportunity. Beal Camival Centre wilh its programme of arts creation. education, training, community outreach and events production, provides a focal point for anyone interested in the development of camival arts. Artists design, create, rehearse, teach and train al the Centre. The Carnival Centre's work makes a special contribution to festivals, community celebrations and civic events. Importantly, the premises and it5 activity provide an accessible, supportive and 'safe space,, particularly for young people. Participants at Beat's weekly programme of open-access workshops range in age from four to over 65 years. Six or seven evening sessions operate each week at the Centre. Public audience at Beat's free events gain enjoyment and an increased sense of community pride and connection. In 2023-2024 Beat Carnival provided 1,Q78 benefit adivits'es (workshops, artist sessions, events) for 140,510 beneficiaries. VISION, MISSION STATEMENT AND VALUE BASE Vlsion The vision for Beat Carnival's work with artists, their audiences, the community, Individual participants and young people is of a= "brant, colourful, cr8ative and welcoming society.. Beat Camival will aim to achieve this through their organisational vision of being.. Yhe leaders in excellence of C8mival artfonns.. Mission The Beat Carnival's mission statement is to.. "Make accessible and spectacular C8miv81, le8wng a leg8cy of creative sknlls, collaboration, participation and celebration"
BEAT CARNIVAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Values Beat Camival operates to a set of core values. Inclusive= Carnival is for everyone. Carnival activities lebrate diverse cultures and a common humaniiy With as few barriers to participation as possible. Quality.. There is an aim for excellence in everything Beat CarnNal doès. Innovative: Beat Carnival will strive to take forward the camival artfom). creating new ideas and approaches. The skills and knowledge of Ioc81 artists and camival participants progressively increase through training and experien. Legacy.. Carnival will be devised, developed and deliVed in ways that leave a legacy of skills, ambition and achievement within communities. Civic pride.. Camival makes visible the organisation's great pride in being created In Belfast. Fun.. Enjoyment and entertainment are key aspects of every Camival. PROVIDING PUBLIC BENEFIT PUBLIC BENEFIT PURPOSES Beat Carnival's charitable purpose as set out in the Articles is, in summary, to: advance public education, appreciation of and participation in camival promote arts and culture by managing an Arts Resource Centre as a cultural and social amenity org8nising and delivering camival events, arts workshops and other activities, events, performances and initialiv8S throughout the year providing tuition in creative design, constructional, lextile and perfomianc8 skills promoting cultural lourisrn and cultural exchang8 and opportunities for vocational and recreational purposes for all groups and abilities advance communrty development by engaging with and assisting voluntary and community groups and organisations to organise and participate in cultural, arts, leisure and heritage projeds and inilialives to promote other charitable purposes so long as ihese purposes would be considered to be charitable under the law of Northern Ireland. 2023- 24 PURPOSE A sustainable company. In 2023-24 there was particular purpose and priority to strengthening the cornpany, adapting the business model and preparing for the future. The organisation was preparing for a critical period of organisalional transition. 2023-24 strategic development was to address the challenge of senior leadership transition, replacing the founder-leader of the cultural organisation. The organisation is acting in good time, to have a structured, two-year, strategically coordinated succession process. We have examined resilience and sustainability by engaging consultants. researchers, undertaking business planning and an extensive process of stakeholder consultation. Beat is planning for a tsvo-year Strategic Coordinator post to work with managers through transrtlon to PLrt the organlsallon in good shape for the future. Programme purpose. Cultural democracy underpinned our approach. The programme dellvered arts education and pathways to careers for younger people. Youth support, including well-being, was a central benefit. as was training and employment for artists in a wide range of artforms at the Centre. The Beat Carnival Cent programme Provided weekly creative activities for all ages and abilities and the Centre was a hub for many workshops and events in neighbourhoods and city spaces, enabling arts aeKess and indusion. Programme design and delivery p3rtners Tanged from neighbourhoods described as disadvantaged Ideprived, who told us they felt 'left-out' of many, often centralised, opportunities they are on the periphery and experience many types of disconnection- to intemational Culture partners. WHAT HAPPENED IN 2023-2024 Direct benefits provided by Beat Carnival's activities in 23-24 included new awareness of, and participation in, creative activities for individuals, for groups and communities and for the general public. Free-access, collaborative, camival arts activities fostered good relations and animation of public and neighbourhood spaces, induding spaces that have been or are contested or controlled by factions. The public spaces where arts activity took place we made more welcoming for all. Beat Carnival's activity increased interest in arts in young people and under-engaged groups. The activity improved access to information and expertise about arts for exduded people and communities.
BEAT CARNIVAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In areas that are deemed 'dlsadvantaged' it inspired ambilion and enabled personal achievemenl and Pride. Beat created developmental partnerships with community groups and other arts companies, to increase representation, knowledge sharing, skills sharing, specialist support, Capacity building and the promotion of shared values. Beavs safe. imaginative and attractive arts and cultural activty resulted in people, many of them being children and young people, engaging with others. Pleasure and fun were gained through the programmes. Children and young people benefited from emotional growth, personal development and increased social skills. Participants, both individuals and groups, were better equipped to make posrtive changes in their lives. Social connection5 were enabled in a year of damaging isolation and more people took positive action on issues. An important benefit of Beat Carnival's activity was significantly increased support of young people, through implementation of a long-tem Youth Development programme. Activity developmant and performance highlights over the year.. Beat Carnival celebrated 30 years since company formation. A packed festival programme included community engagement workshops with community groups and schools.. Brazil and Belfast trad fusion music night,. Artist Residency from Shademakers camival production company based on the Isle of Wight; a specialty commissioned immersive theatre tour of Beat Camival history; Carnival family event in 2 Royal Avenue, Belf8St', sold out 'Electro Carnival, event at The MAC with suite of commissioned songs by Katie Richardson. Electro Carnival performance was repeated in SSE Arena at opening of One Young World conference, livestreamed woddwide. Growth of Youth Development Programme, Wth significant investment frorn The National Lottery Community Fund, Beat Carnival was able to sustain and expand the youth programm8. Beat worked wilh over 60 young people per week (term times) across four projects in our core programming. The young people range in age from 5 years to 24 years old. The programmes focus on creative skills development., encouraging self- expression., and experiencing joy & less Stress. Youth - Future Leaders. Staff mentored senior young people in a new Future Leaders programme. Participants take a lead and learn project management and facilitation skills. Youth-A new Carnival School programme delivered with youth and community groups acrcss Northern Ireland focused on groups experiencing povety, having additional educational needs and facing discrimination (eg LGBTQIA+ groups). In programme sessions young people could express themselves via a range of carnival 8rts and create in a carnival celebration within their school or youth setting. 21 session5, 11 groups, 273 participants. Youlh - Summer Scheme - 15 sessions of our Summer Prolect with 35 participants and ended with a Carnival Arts Showcase and dissemination of ihe intemational SPOTing (Spaces of Transformation) Arts Education report to peers, funders and supporters. Youth- renovation of new 'Our Space, youth room at Beat Carnival Centre designed with and for young people. Many performances and events produced over the year included Halloween and Christmas entertainment. Contributed significantly to invigorating the Newry St Patrick's Day Parade. 3 floats, muslc, community engagement. Montserrat Masqueraders (Caribbegn St Patrick's Dayl. QU8 media student5, documentsry produrRd about Beat Camival's involvement with Belfast's St Patrick's Day Parade. Intemational collaborations and relationship development induded the Trans Europe Halles network and conference in Leipzig, Germany., TEH Arts Education Hub meeting in Paris, France; TEH Cultural Transfomiation Project and Movemenl., Masterclass sessions as part of International Samba feslival Mega Samba in Portugal with 12 BEATnDRUM participants. North Belfast Festival development and programme. Sold out Samba perfomance in Oh Yeah Music Centre and successful family Open Day at Beat Carnival. Planning for Beach Of Dreams 2025. 8 major UK-wide creativity and climate action project and coastline festival. Beat Carnival is Northern Ireland partner. Academic connections - QUB Centre for Creative Ethnography and University of Liverpool RAC. Significanl development for Beat Camival 5-year strategy including sessions with Beat staff and Board. Three school work experience placements Individual placements provided for Artisleducater students from ArtEZ University of The Arts, Arnhem, Nethedands.. 1 undergraduate student for 6 week5. 1 masters student for 3 months. Hosted Link5 nelwork meeting. Hosted fact finding visits from Deputy Lord Mayor of Belfast. ML4 All Paty Group for the Arts chair, Sian Mullholland., and Arts Council Nl senior officer Patricia Lavery. Govemance development.. new member and director recruitment and new Chair and Deputy Chair appointed.
BEAT CARNIVAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 One of the many comments and endorsements received over the year is this from a parent of a yOLrth programme participant.. This programme is absolutely amazing. It h8$ definitely increased her confidence, h8s allowed her to m8k8 amazing new friends, and enjoy being creative and encouraging diversity. The staff are fabulous, they pmvide great opportunities for the kids and are so highly spoken of.. Communication is g8t and it is definitely a great safe sp8ce for children." Beat Camival was able to ascertain the value and effectiveness of its activity because it monitored details of participation and outcomes., gathered feedback from participants and audien,. used agreed performance indicators,. produced reports and commissioned extemal consultation services. COMPANY AND PROGRAMME PERFORMANCE PROGRAMME PARTICIPATION and AUDIENCE 202&2024 Pro 8mme Staff capauty bug. succemton ptanning and business model development Translon strategy Flanning iJirj woposal for a Stralegk Co-orrfin31or post. Succes5Km Strate undep Bulléing Yre Co[eted lo irnprDve access. incthion wilh a new cesstrAe entrance on Gardner Slreet and a new acc8MbSe loilel on the ground flow. Increased xce88 to art8 spacu lor DIdfId1all1ed peoplB. IncrBased ¢ale worh3paces in Bdts81 City Centre. Prcposal lo Arts Counul kn sur4J•Nt lo profe5slofial Serv lo safeguarf tl[n9 aThJ rove facilli8g Wag nol wcce Youth pathyabm aTrJ ethKalion worksh(y gBss•ons. New, co4e8¥Jned youth ro and faeihles, Our Space. IreaSe access lo qaffjfy arts e)WTence for chiklren & y(wth. increa8ed art8 educalioTr 1 reseach. inueased artlsts'c slIS. Specialsgj Camfval Music trz4nlng and rehearyts Sessions a1 a nev comrr4886oned •le ol Irish trad. Brazian and workl mus perfomHKe5', Rhythm Roule8, lo new desbnations woiect., Electro Canwal new eknlronko to adVae the Cartyal MUS artforrn. e peoF4e wwofved in musicathg. Inereased perfcffliance Cornnw1ty muslcfjans. Now musi regearch and on rnoveej artfom f rward . Ma8ierclasg sessicqr New event development ¥ignifKait romarch and 0pmeI wilh aibsls al new partnerJ fDr a new major Bellast 2024 event. Major application lo Creative Irelan4J kn UK and lielaThJ coaslal arts Wa3 not Juccesw. Beat 30 anery celobrabons, Sl Patslck'3 Day in Newry and Dthtsr lesllvals and events. Largo scak events created n putlc spaces. A major everrt Bellasl. New audience reactd. Developrnent of CampAI On The Coa51 cDnc•pt Crethity & Ecolc ttwne. vrith tentral cdlaboraltons in Nl Southem Ireland. Beat communmy arts C041e8ign in the C and neighbouthoods. PartK&palion in thal nefrworks and North Bewasl Fe8fwal Sleeiry Cornnts. Camnnty Arts C(Hlesw aThl facIla1 increaseLI rnaryiaa&5ed areas indudirg North Bella New Ncrlh Bellast prografflme5 ftated. Ir[eaSe conknbult(ffl lo nthort3 and other cultUTal [baveS. partpatio In Europe meet.ngs and prolects. Tr3ns EuTope Hles nehvofk of independent cuttural ¢entre3'. inlemational nethtsjng and collaboTab"on, conference meets, Arts Educatson Hub, Youth Hub, Cultwal Transfornation Movement M7dntained and increased pathipalion in Inlernab"onS nthorthg and conaboration. Beat romded inueaseAI rlunths to olhers as ¢VraI h. Arts 5erMces defvery. sessior¥s and ewents. Spectatst arfs seNces defvered across Nothern Irelar¥J. Arts aenCe increased. Income elated. Strategy Developrnent Cal1VIty Cerrtre The Beat Space.. Ycuth Prograrnme Beat Camival MuJ•c e4g Ideas.. Beat R&D & Othdc•Jr Arts, CamNal aThl Bdng Evenls For All". Events Produc1ion Ouldoof & Carn Arts Sector. Support & GrfAyth in Arts vrith Cty and Neb*tbDuthood Beat Intefflational 10 Beat Arts Services
BEAT CARNIVAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Number of fiJH-time e UNalent staff Number of 5hort-letm contracted 01 freelance staff Number of volunteers Nufnber of volunteer hours Number of aTIici ant sesslons Numbei of individual artici ants Number of Artists work I develo ment sesslons Number of Performances l Events Number of estifftated audience-attendees Number of visltors from outside Nl Number of online roducts videos elc Number of known online audi8nce-views 128 50 560 324 1.592 693 61 131725 2.000 60 13.102 Percentsgè of total programme that included particular categories of participants, 0/0 groups and individuals identified as usually 'missing out,, that engaged in Beat Carnival programrnes: Participation Engagement % of programme activty thal involved individuals in these cate ones Peo lewitha sical or mental im airmenl Newcomer or ethnic minori eo le and rou Peo le livin nde rived nei hbouthoods LGBTQ+ eo Older eo ed 65+ Children and oun eo Unem ed Peo 100 100 100 100 50 80 ed 0-24 le STRUCTURE, GOVERNANCE & MANAGEMENT Naturè of the Governing Document and Con8titutlon of the Charlty Beal Carnival is a registered Charity (NIC103347 and HMRC XR 82700) constituted as a Company limited by guarantee and is therefore govemed by Articles of Association. The directors of the company are also trustees of the charily. Eligibility for membership of the charity, and membership of the board of trustees is govemed by the Articles of Association. Relatlonships Between the Charlty and Related Partl•s, Including Its Subsldiari•• The charily has a social enlerprise subsidiary (Beal Trading Lld) with which it has many transactions and a controlling interest. The only other r8laled parties a trustees and the are no transactlons with them. Company Operatlons and Project Management Beat has 8 long-temi Strategic Plan and an annual Operational Plan. It5 projects operate within that framework. Projects are managed through Project Plans with timelines and Project Teams. The project budget is monitored and adjusted as necessary to ensure Ihat spend does not exceed the project income. Beat produces detailed risk assessment for events. Beat targets re¢Tuitrnent and publicity to ensure that a wide cross-section of people get involved in Ihe company and its programmes. Beat's Director presents a fflonthly financAal report to the company Board. Beat operates separate cost centres on SAGE. Beat's financial statements are subject to a full financial audit at the end of each financial year. Beat management and Board of Directors regularly review financial procedures. Beat operates procurement policy and has a select list of suppliers that is updated at the end of each financial year.
BEAT CARNIVAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Beat provides value for money by careful costing, recyding matertals and having a high level of voluntary contribution. Beat Carnival complies with legislalive regulations laid out in Equal Opportunities legislation, the Disability Discrimination Act and the Children's Order, GDPR and other appropriate legislation. Beat Carnival Policies include= a Child Protection & Safeguarding Policy, a Health and Safety Policy. Community Relations Policy, Harassment Policy, Equal Opportunities Policy and Privacy Policy. Staff Tralning Staff and freelance artists received Carbon Literacy Training- Arts and Dementia training., LGBTQIA+ Awamess., Autisim Awareness training. Board received Govemance training Staff Changes Advertised for Strategic Coordinator post. No applicants. Rlsk Statement Further to the above management statements, the trustees identify the major risks to which th& charity is exposed each financial year when preparing and updating a strategic plan, in particular those related to the operations and finances of the charity. The trustees then review any major risks that have been identified 8nd establish systems to mitigate those risks. The charity is satisfied that the systems are in place to mitigate their exposure lo the major risks that have been so identified and reviewed. The charity 18 open to the usual financial risks of any organisation, and the charity has introduced controls to minimise these risks, suth as two signature5 being required for payments from the bank account. In addition, the accounts are regularly explained to members of the charity and are open for rnembels inspection at any time. Identified risks include.. Strategic, Financial, Governance, People, Reputation, IT and Data, Health & Safety, Assets. The Beat Carnlval Centrè bullding There were issues of COnrn with repairs needed to Beat Camival Centre, Northern Ireland's unique arts Creation facility. We think the asset is an important, unique asset in the Northem Ireland and Belfast arts 'ecosystem' and should be Safeguarded and developed for greater benefit. In this period we undertook further repairs to some of the widespread water ingress. The biggest improvement was in accessibility and inclusion, with the new automatlc entrance from Gardener Street to the arts activrty room and an adjacent disability accessible toilet. . FUTURE BUSINESS & PLANNING, ARTISTIC PLANNING & AUDIENCE DEVELOPMENT Flve Programme Elements planned to dellver Beat's 2024-2025 goals and outcomes, engaging 2,000 children, young people and adults in around 400 arts activities; 36 free-Ofarge events in public spaces attra 123,000 audience. 2024-25 programme follows from Beat's extensive development work in 2023-24 involving stakeholders and strategy consultant. Activity is entirely aligned to Beat's slrategic purpose and supports ACNI'S five objeclives. The programme has seven Strategic focus areas lo deliver best possible impact for our communities, audlences and artists.. Lead for the Carnival artform as a means of cultural expression by bringing artists and audiences together in a politically neutral bul creatively diverse fomi of public programming. Examples.. Carnival Arts R&D, music and making. Develop the coheslon and skllls of our local communltles by delivering accessible, engaging and creative programmes that upskill and entertain partiapant6 from all communities. Examples: youth programme,. North and East Belfast outreach. Create a cultural and creative hub at our headquarters for the people of Belfast and beyond. Examples= youth space development and public access. Showcase the creative potenlial of Northem Ireland by championing local artists and hosting international visitors to participate, teach, and Seam in collaborative exchanges. Examples.. national and international cultural and carnivgl nelworks. Partner with existlng and new groups to enhance our capacity and capability to deliver. Examples.. connections with educational institutions, intemational carnival sector etc. Enhance our raach and communication with existing and new audiences. Example., enhand marketing actions. Develop a resillont organisation that is sustainable and can transition to a new Managing Director. Examples., transition programme; board, staff and artist training- commercial events.
BEAT CARNIVAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 2024-2025 context We are proud to operate in the arts ecosystem of Belfast, Northem Ireland, and beyond into Europe. The context factors for Beat are vast due to the breadth of Work we deliver. Creativlty Infrastructure. Beat Carnival Centre provides unique infrastructure of people and facilities for sustaining access- authentic. creative aulhorship,. diversity and ambition in Nl's arts and culture ecosystem. Beat's resilience is proven in the context of reducing arts and culture funding and increasing costs.. in 24-25 w8 will focus on developing our sustainability model through arts service level agreements, new commercial income products, business collaboration and CSR support- in addition to delivery through beneficially collaboralive arts partnerships. Beat has plans for premises improvemenl to safeguard the building fabric and to increase accessibility for all. We have discussed wilh ACNI the need for specialist assistance to make progress. Needs. Arts sector, artist and civi¢-social needs are well understood anecdotally and through Beat's long working expenence. In 2021-2023 we undertook intensive community and arts consultations and employed researchers, including a team position, to provide researched findings that we will reflect and act on in 24-25. Participatory Action Researth ha8 informed Beat's planning as presented here. Beat will continue the reflective and developmental research process. including training with comrnunity artists. We have prograrnmes for Tran8ltion through company leadership succession, green carnival. methodology for environmental benefit through creative action,. inclusion and health through SEN Carnival (special educational needs) the enl8rged empowering youth programme and international Cultural Transform8tian Movement. Legacy. Beat has created a vast legacy of trained artists, ambitious communities, expectant audiences, pleased partners and enthusiastic goodwill. The 2024-25 programme will capitalise on and further develop this legacy benefit for all, through collaborations locally and internationally. 2024-2025 In our wlder context, the plvotal years to 2027 Transition, succession, beginnings and growth Our strategy, from 2023 10 2027 outlines Ihe priorities for Beat as it enters a new, eXtIng and bold phase. As the founding and leading team plan to retire in 2025, the programme here enables Beal Carnival to transition, grow and increase its impact in the face of change. 2024 and 2025 require programmes of organisalional development as Beat looks to build sustained resilience to the coming changes, whilst 2025 will have a phased transition into a new leadership stwcture and team. In 2026 10 2027 Beat will embed this new team and continue to excel in delivering exceplional experiences and carnivals for communities. 2023 focused on organisational understanding, who we are, who we serve, what our purpose 15, what We're good at and where we want to excel in the future to continue lo seNe our community. 2024 is the year of preparation A programme of transition, ensuring our organisation is stable and resilient through 8traleglc investments, and that our programme delivery can thrive. 2025 The year of change A new leader takes the helm, with a planned, oveflapping transition that allows for our team to adapt to changes and deliver exceptional programmes and reach new and existing audiences. 2026 the year of new beginnings. with new leadership, refined processes and programmes. 2027 wll be the year of new opportunity and growth. Financial review The Slalement of Financial Activities on page 16 reports on the charitable activities in bri8f with an expanded analysis in the noles on pages 19 - 28 to the accounts. It shows the overall source and application of funds. the Charity had net income resources as at 31 March 2024 of £50,935 (2023.. £28,385)
BEAT CARNIVAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ReseNes policy The Beat Carnival company is limited by guarantee and it has no share capital. As a charitable organisation as well as a limited company, Beat has the difficulty of attempting io meet the requirement of expending fvnds in line with charitable objectives, as well as maintaining a solvènt company that can meet unforeseen circumstances. To this ènd and as part of the Business and Oevelopment planning, Beat has a Resenies Policy that ouuines the rationale for holding reserves. Beat will aim to maintain organisational resepjes at a level that equates to at least 50 % of annual administration overheads to allow it lo deal with loss of funding or other major shocks. Although Beat may not be in a p051tion to maintain this level of free reserves at a partiGular point in time, rt should strive to achieve a reserve thal equates to this level. Reserves structure Complying with statutory and best practice guidelines, Beat reseNes are split into the following cal8gori88. 1. Unrestricted funds Funds that currently have no known specific current or future purpose. These are kept to a minimum to ensure the Beat is maximising the use of Its available resources. These funds will be available to respond to unknovm risks and opportunities. Unrestricted funds can be spent on anything that furthers the objectives of the organisation., the money has been generated through the Sale of Services or expertise, hire8, or publlc fundraising or donations. 2. Designated (Unrestricted) Reserves Business Risks & Working Capital The Business Risks & Working Capital fund includes allocation towards the on-going working capital requirefflents for project and grant funding reiVed in arrears. It is proposed that these reseNes should also take into account any unforese8n external risks, over which Beat has no control. Such risks included the following: The nomial fluctuation in year on year activities this relates to the situation where Beat may have to fund projected loss in any particular period from existing resources. Provision of effective working capital to support the organisation's programme especially as many projects are funded in arrears thereby creating a requirement for bridging cashflow. The designated reserve may be utilised on an ongoing basis to bridge this cashflow gap, and as such saves Beat from expending resources on excessive bank interest and charges. Loss of funding for specific projects, whereby Beat gap funds the project in order to maintain staff. Legal actions that may arise, which will require funding. Changes in the political environment or in legislation that may require additional unplanned resources. Costs of expert insolvency advice or fundraising asslstance. These reserves are expendable at Ihe discr8tion of the directors. 3. Designated (Unrestricted) ReseNes If part of an unrestricted fund is ear-marked for a particular projeci, it may be designated as 8 separate fLJnd. Thi$ may be designated for a project that Beat is seeking to build resources for. Designation does not restrict the board mernbers and they Gan change their minds. The designation will be recorded in the minutes of a board meeting, as will any subsequent re-designalion. A number of designated funds may exist 8t any one time. Any transfer between funds and allocations to or from designated funds, as well as the reasons for setting up a fund, will be explained. The cUrnt specified funds are.. Building Development and Maintenance Fund to build a fund that will enable premises and facilities development in line with Beal'$ Strategic plan for a Camival Arts Centre of Excellence. Redundancies Fund to cover potential legal and contractual commitments in respect of staff redundancies. Strategic Development and Succession Fund - a fund that in part represents David Boyd's Creative Britons award, whioh was donated to Beat as an unrestricted gward and which Beat has decided to designate to contribute to specific costs of creative opportunity and development. For the coming leadership transition period, the Creative Development Fund is now extended to be a Stralegic Development and Succession Fund, which will be particularly required in the 2023 2025 period of strategic and leadership change. Beat Camival Events Fund - a fund to ensure arts lebration activities can be delivered. Supporting specific fund-raising for pro9rammes. Specified Purpose
BEAT CARNIVAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 4. Restricted Reserves Funds that have been given for particular purposes and projects. Within Beat this reserve usually relates to specific grant funding received in advance. This reseple will be maintained at the level required by the stipulations of the grant awarding bodies. The level of the reserve will be calculated and agreed on an annual basis as part of the process of preparation of annual financial statements. The annual review should indude an analysis of whether any of Ihe stipulations have expired, therefore allowing the release of funds to an unrestricted reserve. The directors will undertake to ensure that all restricted funds are solely utilised in accordance with the temis of their being granted. The first bNO items are 'Unrestricted ReseNes', as they are not subjed to any restriction In law. Beat's Board will review the reserve strategy on an ongoing basis in order to ensure Its relevance to current business circumstsn¢és and risks. A fund designated for Succèssion has been added in thi8 yea$ reserves accounts. Majorrisks The trustees have assessed the major risks to whith the charity is exposed, and are satisfied that systems are In place to rnitigate exposure to the major Tisks, Ri6k Statement Further to the above management statements, the trustees identify the major risks to which the charity is exposed eath financial year when preparing and updating a strategic plan, in particular those related to the operations and finances of the charity. The trustees then review any major risks that have been identified and establish systems to rniligate those risks. The charity is satisfied that the systems are in place to mitigate their exposure to the major risks that have been so identified and Teviewed. The charity is open to the usual financial risks of any organisalion, and the charity has introduced controls to minimise these risks, such as Iwo signatures being required for payments from the bank account. In addition, the accounts are regularly explained to members of the charity and are open for memberfs inspection at any time. Identified risk5 indude= Strategic, Financial, Govemance, People, Reputation, IT and Data, Health & Safety, Assels. Structure, governance and management Beat Carnival is a registered Charity (NIC103347 and HMRC XR 82700) constituted as a Company Llmited by Guarantee and is therefore governed by Artides of Association. The directors of the company are also trustees of the charity. Eligibility for membership of the charity, and membership of the board of trustees is govemed by Ihe Articles of Association. The trustees who served during the yeer and up to the date of signature of the financial statements were: Stefanie Campbell Lucy Dougan Frank Galbraith Oswyn Paulin Jonalhan Hodge Iliam McFgrlane Deirdre McKenna (Appointed 14 August 2023) (Resigned 5 OGtober 2023) (Resigned 4 March 2024) (Resigned 10 June 2024) Recruitment and apptfflent of twstees Members.. Subscribers are members of the company. Others must apply for membership and be approved by the directors. A member may withdraw by giving written notice, unless there would be only two members remaining. Directors: Number shall not be less than 3,. there is no maximum number. Appointment of directors: the company may by ordinary resolution appoint a director. A director may resignoffice by notice to the company.
BEAT CARNIVAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Company Operations And Projèct Management Beat has a long-term Strategic Plan and an annual Operational Plan. Its Pfojeds operale within that framework. Projects are managed through Project Plans with timelines and Project Teams. The project budget is monitored and adjusted as necessary to ensure that spend does not 8xceed the project income. Beat produces detailed risk assessment for events. Beat targets recruitment and publicity to ensure that a wide cross-section of people get involved in the company and its programmes. Beat's Director presents a monthly financial report to the company Board. Beat operates separate cost centre$ on SAGE. Bears financial ststemenls are subject to a full financial audit at the end of each financial year. Beat management and Board of Directors regularly review financial procedures. Beat operates procurement policy and has a select list of suppliers that is updated at the end of each financial year. Beat provide8 valué for money by careful costing, recyding materials and having a high level of voluntary contribution. Beat Carnival complies with legislative regulations lald out in Equal Opportunlties legislation, the Disability Discrimination Act and the Children's Order, GDPR and other appropriate legislation. Beat Carnival Policies include.. 8 Child Protection & Safeguarding Policy, a Health and Safety Policy, Community Relations Policy, Harassment Policy, Equal Opportunities Policy and Privacy Policy. The organlsational Structure and how declslon8 are made The board of directorsltrustees meets 6 times a year as a full board. 11 has established sub groups that discuss the activities of the charity in terms of finance, premises, staffing and programming. The subgroups make recommendations to the board and monitor operational activities. Staff have delegated authority to carry out day to day work within policies agreed by the board. Financial standing orders give necessary authorisation of different amounts. Thè policies and procedures adopted for the Induction and training of director8ftrustee8 Prior lo being elected, nominees are invited to a Board meeting. as well as visiting the premises. to meet trustees and members of staff. All new directors are provided wilh an infomiation pack containing details of the artides of association, resepies, financial performance to date, budget insurance cover and marketing plan. S•ttlng Of Staff Salarles Salaries for posts are set according to the benchmark NJC Salary Scales, widely uséd in the volunlary and community sector in Northem Ireland and endorsed and used by NICVA, the voluntary sector umbrella body. The NJC payscales are local govemment payscales resulling from negotiations belween the employer and trade unlon sides of the Nalional Joint CounciL The benchmark or point of comparison that was used when considering the salary for the posts, was selected through review and recommendation by an extemal HR consultant, aligned to guidance produced by NICVA and agreed by the Beat Carnival Trustees. Relationshlps between the charfty and related parties, Including Its subsidiarles The ch8nty has a social enterprise subsidiary (Beat Trading Ltd) with whith it has many transaction5 and controlling interest. The only other related partie5 are trustees and there are no transactions wth them 10-
BEAT CARNIVAL TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of trustees, responslbllltles The trustees are rèsponsible for preparing the Trustees, Report and the financial statements in aCrdance with applicable law and United Kingdom Accounting Standards (Unilèd Kingdom Generally ACpted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each flnancial year which give a true and fair view of the state of affalrs of the charlty and of the incoming resources and application of resources of the charity for that year, In preparing these financial slatemerrts, the trustees are r8qulr8d to: select sullable accountlng pollcles and then apply them conslstently., - observe the methods and principles in the Charllles SORP: make judgements and esllmates that are reasonable and prudent., state whether applicable accountlng standards have been followed, subject to any rnateilal departures dlsclosed and explained in the financial stalemenls- and prepare the financlal statements on the going concem basls unless il is inappropriate to presume that the charty will continue In operation. The trustees are responsible for keeplng suificienl accounting records that disclose wlth reasonable accuracy at any lime the financial posllion of the charlty and enable them to 8nsur8 that the financial statements comply with the Charitles Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provislons of the trust deed. 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 irregularllles. Audltor In accordance wlth the company's articles, a resolution proposing that Harblnson Mulholland ba reappolnted as auditor of the company will be put at a Genéral Meeting. Disclosuro ol Infomiallon lo audltor Each of the trustees has confirmed that Ihor8 Is no Snform8tlon of which they are aware whlch is relevant lo the audit, but of whlch the audltor Is unaware. Thèy have further confirmed that they have taken appropriate steps to Identlfy such relevant Infomiatlon and to establlsh that the auditor 18 aware of such information. The trustees, pOrt was approved by the Board of Twstees. Stef Trusteg Date.. 71,,1+ 11
BEAT CARNIVAL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BEAT CARNIVAL Opinion We have audited the financial statements of Beat Camival (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activilies, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin8nci81 Reporting standa applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Accounting practi). In our opinion, the financial statements.. give a true and fair view of the stale of the chartty's affairs as at 31 March 2024 and of its incomlng resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Acc8Pted Accountlng Practice,. and have been prepared in accordance with the requirements of tha Charits'es Ad INI) 2008. Basls for oplnion We conducted our audit in accordance wlth Intemational Standards on Auditing (UK) IISAS (UK)) and epplicable law. Our responsibilities under those standards are further described in the Auditors Trsponsibilit18s for the audit ol the financi818tat8ments section of our Teport. We are independent of the charity in accordance with Ihe ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical r8sponsibilitie5 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. Conclu8ions relating to going concorn We h8ve nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you were.. the directors, use of the going concern baBis of accounting in the preparation of the financial statements Is not appropriate., or the director8 have not disclosed in the financtal statements any identified material uncertainlies that may cast significant doubt aboul Ihe group's or the parent company's ability to continue lo adopt the going concern basis of accounting for a period of at least twelve months from the date when th8 financial statements are authorised for issue. Other inlomiation The other information comprises the informatlon included in the annual report other than the financial statements and our audito¢s report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and we do not express any form of assurance conclusion thereon. Our responsibility Is to read the other information and, in doing so, consider whether the other information is materially inconsistent with Ihe financial statements or our knowledge obtained in the course of the audit, or otheise appears to be malerially misstated. If we identify such material incon51StenGies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselve5. If, based on the work we have performed, y conclude that Ihere is a material misstatement of this alher infomiation, we are required to report that fact. We have nothing to report in this regard. 12-
BEAT CARNIVAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BEAT CARNIVAL Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertakèn in the course of our audit.. the infonatIon given in the trustees, report for the financial year for which the financial ststements are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements., and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requirèd to report by excèptlon In the light of the knowledge and understanding of the charity and Its environment obtained in the course of the audit, we have not identified material mlsslatemenls in the dlr8Ctors' report included wllhin the trustees, report. W8 have nothing lo report in respect of the following matters in relation to which the Charilies {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information glven in the finand81 statements is inconsistent in any material respect with the trustee8' report,. or sufficient accounting records have not been kept., or the financial statements are nol in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial statements and for being 58tisfied thal they give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financi815t8tements, the trustees are responsible for assessing the charity's ability to continue 8S going concem, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do 80. AudIt06 reaponalbllltles for the audlt of the flnancial statement8 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditols report thal includes our opinion. Reasonable assurance is a high level of assurance but is not a gLtarantee Ihat an audit conducted in accordance with ISAS (UK) will aayS 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 reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statement5. A further description of our responsibilities is available on the FinanciBI Reporting Council's website at.. https-11 wvm.frc.org.uklaudltorsresponsibilities. This description forms part of our auditorfs report. 13-
BEAT CARNIVAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BEAT CARNIVAL Our approach to identifying and asse6sing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had Ihe appropriate competenc6, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulations applicable to the company through discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector., We focused on specific laws and regulations which we considered may have a direct material effect on the finanual ststemenls or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employrnent, environmenlal and health and safety legislation we assessed the extent of compliance with the laws and regulations Identified above through making enquiries of rnanagement and inspecting legal correspondence.. and identified laws and regulations were communicated within the audit team regularly and the tèam remained alert to instances of non-compllance throughout the audit. We assessed the Susceptibility of the company's financial statements to material misstatement, including obtainlng an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility to fraud, their knowledge of actual, Suspected and alleged fraud- and considering the internal controls in place to mitigate rrsks of fraud and non-compliance with laws and regulations., To addres5 the risk offraud through management bias and oveIde of controls, we.. performed analytical procedures to identfy any unusual or unexpected relationships; tested journal entries to identify unusual transactions., assessed whether judgements and assumptions made in detemiining the accounting estimates set out in Note 2 were indicative of potential bias; and investigated the rationale behind significant or unusual transactions,. In response to the risk of irregularities and non-comp118nce with laws and regulations, we designed procedures which induded, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentalion., reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential litigation and claims., and reviewing correspondence with HMRC and the company's legal advisors., There are inherent limitations in our audit proCedUS described above. The more removed that laws and gulations are from financial transactions. the less likely it 15 that we would become aware of non-compliance. Audits'ng standards also limit the audit procedures required to identify non-cornpliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatemenls that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 14-
BEAT CARNIVAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BEAT CARNIVAL Use of our report This report is made solely to the company's members, as a b¢xly, in accordance with Chapter 3 of Part 16 of thè Companies Act 2006. Our audil work has been undertaken so that we might statè to the company's members those matters we are required to st8te to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, w6 do not accept or assume responslblllty to anyone other than the company and thè company's members as a body, for our audit work, for thls réport, or for the opinions wé have formed. Angela Cralgan (Sènlor Statutory Audltor) for and on behalf of Harbinson Mulholland Chartered Accountants Statutory Audltor C8ntr8polnt 24 Ormeau Avenue Belfast Co. Antrim Northem Ireland BT2 8HS 0711012024 Harbinsori Mulholland is eligible for appointment as auditor of the charity by virtue of its eligibility for appoinlment as auditor of a company under section 1212 of the Companles Act 2006. 15-
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BEAT CARNIVAL BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notss Flxad a88ets Tangible assets 12 339,220 343,341 Current assets Debtors Cash at bank and In hand 13 29,231 451.881 1S.957 417.228 481,112 433,183 Credftorn: amounts falllng duo wlthln on• yéar 14 (14,571) (20,898) Ngt curront assets 466.541 412.285 Total a8$et• IS current Ilabllltle• 805,761 755,828 Net assets 805,761 755,626 The funds of the charity Restricted income funds Unrestrieled funds - general Unrestricted funds- designated 16 382.213 13,352 410.196 336,736 8,475 410.415 17 805,761 755,626 The financlal statements were approved by the trustèes on .. Slelanie Campbell Tru$tee 18-
BEAT CARNIVAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AIARCH 2024 2024 2023 Notes Cash flows from operating activitie8 Cash generated froml(absorb8d by) operations 20 42,604 (47,042) Inv•stlng activlties Purchase of t8ngible fixed assets Investment income received (13,393) 5,445 (37.907) 347 Net cash used in invmtlng actlvlt108 (7,948) (36.527) N•t Ugh used In flnanclng actlvltles Net Increase In ca8h and cash •qulval8nts 34,656 10,515 Cash and cash equivalents at beginning of year 417.226 406,710 Cash and cash equlvalents at end of year 451,881 417,226 19-
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Charity infomiation Beal Camival is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 1147-8oyd Street, Belfast, CountyAntrim BT13 2GU, Northern Ireland 1.1 Accountlng conventlon The financial statements have been prepared in a¢cordanc8 With the charity's Igoverning document], the Charities Act 2011, FRS 102 'The Financial Reporting Stand8rd applicable in the UK and Republic of Ireland. ("FRS 102") and the Charities SORP "Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 2019). The charlty is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Ch8ri1ies (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Stalement of Recommended Practice for charitie5 applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in slerling, which is the functional currency of the charity. Monetgry amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment prope.e8 and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Going concern At the tim8 of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee5 continue to adopt the going concern basis of 8ccounting In preparing the finanaal statem8nts. 1.3 Charitablè fund8 Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantofs as to how they may be used. The purp05e5 and uses of the restricted funds are set out in the notes to the financial staternents. Endowment fvnds are Subject to specific condilions by donors that the caplt81 must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts Gan be measured reliably, and it is Probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gfft Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingenl asset. -20-
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligalion to transfer economic benefrt to a third party, it is probable that a transfer of economic benefits will be required in settlement, 8nd the amount of the obligation can be measured reliably. Expenditure is classified by actlvity. The costs of each activity are made up of the total of dlrect costs and shared costs, including support costs involved in undertaking each activily. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attribulable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreclBtion charges are allocated on the portion of the asset's use. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at Cost and subsequently measured at cost OT valuation, net of depreciation and any impairment losses. Depreciation is CognISed so as to write off the cost or valuation of assels less their residual values over their usefijl live5 on the following base5'. Freehold land and buildings Plant and equipment Fixtures and fittings Motor vehides 20/0 Straight line 20010 straight line 200/0 Straight line 250/a Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, 8nd is recognised in the siatement of financial activities. 1.7 Impalrment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to delermine whether there is any indication th8t those assets have suffered an impairment loss. If any such indication exists, the recoverable arnount of the asset is estimated in order to delermine the extent of the impairment loss (if any). 1.8 Cash and ca8h •qulvalents Cash and cash equivalents include cash in hand, deposlts held at call with banks, other short-temi liquid Investments with original maturilies of Ihree months or less, and bank overdrafts. Bank overdrafts are Shown within borrowings in current liabilities. 1.9 Financlal instruments The charity ha5 elected to apply the provisions of Sectlon 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offsel, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and ther8 is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 21
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Contlnued) Baslc Ilnancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constrtutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classrfied as receivable within one year are not amortised. 8asl¢ flnanclal Ilabllities Basic financial liabilities. including creditors and bank loans 8re initially recognised at transaction price unless the arrangemenl conslitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financi81 liabilities classified as payable within one year are not amortised. Debl instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditOTS are obligations to pay for goods or serrfices that have been acquired in the ordinary course of operations from suppliers. AmountB payable are classified as CUTTent 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 amortlsed cost using the effective interest method. Derecognition of financlal liabilities Financial liabilities are derecognised when the charity's contractual obligalions expire or are discharged or cancelled. 1.10 Employ80 benefit8 The cost of any unused holiday entitlement is recognised in the period in which the employee's servi$ are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to temiinate the employment of an employee or to provide termination benefits. 1.11 Retlrement b•nefit8 Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. Criti¢al accountlng estim•t•s and Judgem•nts In the applicatlon of the charity's aOUntIng policies, the trustees are requlred to make judgements, estimates and assumplions about the carrying amount of assets and liabilibe5 that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying 855umptions are revievrfed on an ongoing basis. Revisions to accounling eslimates 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 fulure periods. -22-
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrèstricted Unrestrlctsd fund8 fund8 general designated 2024 2024 Total Unrastricted Unrestrlcted funds funds general designated 2023 2023 Total 2024 2023 Donatlons and gifts 47,772 47,772 2.636 49,355 51,991 Incoffl• from charltabl• actlvltles Unrestricted Restricted fund8 funds 2024 2024 Total Unrestrlcted Re8trlcted funds funds 2023 2023 Total 2024 2023 Charltable actlvltle8 Sale of goods Performance related grants Charitab18 rental income Other income 22,148 3,316 25,462 7,394 7,394 320,271 320,271 3,69J 183 263,929 263,929 3,770 43 3,690 183 3,770 43 26,019 323,587 349,606 11,207 263,929 275,136 Performance relatsd grants analy81• Charltable actlvltles 2024 Charftable aclivitle$ 2023 Arts Councll Core & Programme Funding Belfast City Counol Multi Annual Funding DFCIBCC Access & Indusing {Capilal) Children in Need Erasmus+ PRS Foundation The Nation81 Lott&ry Community Fund Domiant Accounts BCC Other ACNI Other 143,138 33,000 154,248 33,000 30,000 10,500 16,169 12.835 9,000 71,171 24,450 21,6TI 5,000 20,012 320.271 263,929 -23-
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 5,445 1,380 EndItUr on charltable activltl Charltable actlvitie8 2024 Charitabl• activitle8 2023 Direct C08ts Artist, Performer and Tutor Fee8 Venue Rental CrewlProduction Management Travel & Subsistence Skills Training Programme Cfrordination Event Services PublicitylM8rketing Materials Evalualion & Consultancy 79,915 1,089 1,725 7,171 1,C61 23,362 60,284 460 8,159 1,494 747 3,561 803 1,391 9,933 4,342 4,285 5,108 132,702 86,832 Share of •upport and governancè colts (see note 7) Support Govemance 200,767 18,836 193,035 19,961 352,305 299.828 Analyl* by fund Unreslricted funds - general Unrestricted funds - designated Restricted funds 23,970 50,225 278,110 12,298 25,448 262,082 352,305 299,828 -24-
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activities 2024 2023 Staff costs Depreciation Office expenses Motor expenses Prinling, postage & stationery Repairs & maintenance Computei mainlenance Insurance Training & recruitment Subsutipions & memberships Governance cost8 137,448 17,515 13,536 3,032 2,238 16,735 2.787 5,834 1,031 611 18,836 131,280 16,202 15,403 4,841 2,561 10,908 3,682 4.971 1,872 1,515 19,961 219,603 212,996 Analysed betwaen: Charitable activities 219,603 212,996 2024 2023 Governonce costs comprlse: Audit and accountancy fees Legal and professional 3,610 15,228 4,440 15,521 18,836 19,961 Trustees None of the trustee8 (or any persons connected wlth them) received any remuneration or benefrts from the charity during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number -25-
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees Icontinued) Employment costs 2024 2023 Wages and salarles Social s8curity Costs Other pension costs 122,740 8,132 6,578 108,941 7,986 14,353 137,448 131,280 There were no employees whose annual remuneratlon was more than £60.000. Remuneratlon of key management per8onnel The rernuneration of key management personnel was as follows.. 2024 2023 Aggregate compensation 108,045 102,203 10 Other expondlture Unrostrlcted Unre8trlcted funds fund8 2024 2023 Finandng costs 383 294 11 Taxatlon The charity Is exempt from laxallon on its activitle8 because all its income Is applied for charitable purpose8. -26~
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible fixed assets Fmhold land and bulldlng• Plant and Flxturn• ond •qulpmont rittings Motor ¥ehlcle8 Total Cost At 1 April 2023 Additions 377,253 50,240 13,393 64,592 45,760 537,845 13,393 At 31 March 2024 377,253 63,633 64,592 45,760 551,238 Depr•¢l•tlon and Impairni•nt At 1 April 2023 Depreciatlon charged in the year 55,258 7,545 36,023 7,501 57,484 2,469 45,760 194.503 17.516 At 31 March 2024 62,801 43,524 59,933 45,760 212,018 Carrylng amount At 31 March 2024 314,452 20,109 4,859 339,220 At 31 March 2023 321,997 14,217 7,127 343,341 13 Debtorn 2024 2023 Amount8 falllng duo withln ona year: Trade debtors Other debtor8 Prepayments and accrued Income 3,222 25,057 952 15,212 745 29,231 15,957 14 Cr•dltor•: amounts falling du• wlthln ono year 2024 2023 Trade creditors Other creditors ArU81S and deferred income 3,224 4,935 6,412 1268) 14,695 6,471 14,571 20,898 15 Retirement benefit schemes 2024 2023 Defined contrlbutlon schemes Charge to profit or loss in respect of defined contribution schemes 6,576 14,353 -27-
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Retlrement benefit schemos {Continued) The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 16 Rèstrfcted funds The restricted funds of the charity comprise the unexpended balanc£s of donations and grants held on trust subject to specific condrtlons by donors as to how they may be used. At 1 Aprll 2023 Incomlng Resourc•$ At 31 March resourcei •xpended 2024 Arts Councll Comrnls8ion Arts Council Capital Arts Council Core & Programm8 Arts Council Equipment Grant Belfast City Council Arts & Heritage Belfast City Coun1 CFF Belfast City Counal MAF The National Lotter Community Fund Children in Need DFCIBCC Access & Indusion (Capital) Dormant Accounts Er8mus+ PRS Foundation Samba Masterclass 5.000 292,803 5,000 (10,000) (6,986) (143,138) (3,522) 285,817 143,138 5,308 1,786 14,177 14,177 7,500 33,000 71,171 {7,500) {33,000) {46,883) 15,701) (600) (796) (10.811) (9,000) (173) 24,288 5,701 29,948 29,348 23,654 24,450 12,835 9,000 3,316 {2,024) 3,143 336,736 323,587 (278,110) 382,213 RestriGted funds are legacies and donations recelved for specified purposes within the overall aims of Ihe Charity. 17 Unrestrlct•d funds - deslgnated These are unreslricled funds which are material to the charity's activities. At 1 April 2023 Incoming resources Resourcos expended Transfer8 At 31 March 2024 Working Capital Fund Building Development Fund Redundancies Fund SUcsSion Strategy Fund Beat Carnival Events Fund 150,000 140,000 40,500 60,000 19,915 47,772 (50,225) 12,453 110,OLY)) 160,000 130,000 40,500 44,696 35,000 (15,304) 15,085 410,415 47,772 150.225) 2,234 410,1 -28-
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Unrestricted funds - designated (Contlnued Unrestricted funds comprise those fijnds which the Management Committee ar8 free to use in accordance with the organisation's objectives. Working Capital Fund - allocated towards the ongoing capital requirements for projed and grant funding received in arears Building Development Fund - allocated to allow for maintenance and repair risks and for accrued depreciation Redundancies Fund - allocated to provide for potents'al redundancy costs Strategic Developmenl and sucSsion Fund - allocated to Strategic Development and Succession Events Fund - allocated towards events held 18 Unr•strlctsd funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustee8 for specific purposes. At 1 Aprll 2023 Incomlng Resources re80urces axpended Transfer• At 31 March 2024 Gen8ral funds 8,475 31,464 (24,353) (2,234) 13,352 Prevlous year: At 1 April 2022 Incoming resources Regource• expended Transfer8 At 31 March 2023 General fvnd6 15,223 112,592) 8,475 19 Related party tran8actlon8 The charity received a donation of £47,772 (2023.. £49,355) from Beat Trading Limited, a company limited by guarantee whose only member is Beat Carnival. The amount due in r6SP8Ct of this donation at the year end was £Nil12022.. £Nil) 20 Cash g•n•r•t•d from operation• 2024 2023 Surplus for the year 50,135 28,385 Adjustments for.. Investment income recognised in statement of financial activities Depreciation and impaimient of tangible fixed assets (5,445) 17,515 (1,380) 16,202 Movements in working capital: (Increase)Idecrease in debtors (Decrease) in creditors (13,274) (6,327) 15,733 (11,898) Cash generated from operations 42,604 47,042 29-
BEAT CARNIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of changes in net funds Th6 charity had no material debt during the year. -30-