DOWN COMMUNITY ARTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 Company Registration No. N1027833 Charity No. 103607 EAMONN P MCGRADY & CO Chartered Accountants & Registered Auditors 21 a Market Street DOWNPATRICK Co Down BT30 6LP Tel.. 028 44614340 Fax: 028 44614408
DOWN COMMUNITY ARTS REPORT AND FINANCIAL STATEMEIYTS YEAR ENDED 31ST MARCH 2023 CONTENTS PAGE Company Infonnation Report Of The Committee Accountants, Report Income and Expenditure Account Balance Sheet Notes To The Financial Statements 9- 13
DOWN COmIuNITy ARTS REPORT AND FINANCIAL STATEMENTS 31ST MARCH 2023 COMPANY INFORMATION COMPANY REG NO: N1027833 CHARITY NO: 103607 CHAIRPERSON: Brenda Kent TREASURER: Bill Osboume Vera Woods Resigned 12111 October 2023 Appointed 28111 Noveinber 2023 SECRETARY: Claire Rose Canavan BOARD MEMBERS: Those who served during the year ended 31 st March 2023 were: Claire Rose Canavan Anne Hanna Brenda Kenl Bill Osboume Margaret Ritchie Emma Whitehead Vera Woods Resigned 12111 October 2023 REGISTERED OFFICE: 2-6 Irish Street DOWNPATRICK Co Down BT30 6BP ACCOUNTANTS: Eamonn P McGrady & Co Chartered Accountants & Registered Auditors 21 a Markel Slreel DOWNPATRICK BT30 6LP BANKERS: AIB 42-44 Hill Street NEWRY BT34 IAR SOLICITORS: Sciillion & Green 48 St Patrick"s Avenue DOWNPATRICK BT30 6DW
DOWN COMMUNITY ARTS REPORT OF THE COMMITTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 The committee present their report and the Financial Staiements for the year ended 31 st March 2023. PRINCIPAL ACTIVITIES The principal activity of the company is to bring the arts in all fornis to the community, especially to those living in rural areas. Actual benefits include increased education about art, reduced social isolation, improved self-confidence and enhancement of community efticacy. These are evidenced by the feedback systematically collected from participants in and partners to our work. EVENTS SINCE THE END OF THE YEAR There have been no events since the Balance Sheet date necessitating any revision of the Financial Staiements. REVIEW OF RESULTS The Sury)lus of Income over Expenditure for the year was £85. (2022 surplus - £2,690). The Committee is satisfied with the progress made in the year. STATEMENT OF DIRECTORS RESPONSIBILITIES. Company law requires the directors to prepare Financial Statements for each financial period which gives a true and fair view ot.the state of affairs of the Company at the end ot'ihe tinancial year and of the profit or loss for the period. In preparing those financial statements, the directors are required to: Select suitable accounting policies and then apply them consistently. Make judgements and estimaies that are reasonable and prudent. State whether appropriate accounting standards have been followed. Prepare the financial statements on a going concern basis unless such an assumption is inappropriate. The directors are responsible for keeping proper accounting records, for safeguarding the assets of the entity and for the prevention and detection of fraud and other irregularities.
DOWN COMMUNITY ARTS REPORT OF THE COMMITTEE REPORT AIND FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST MARCH 2023 (Continued) STATEMENT OF DIRECTORS RESPONSIBILITIES (Continued) Insofar as the trustees are a,are". there is no relevant audit inforniation of which the charitable company's accountants are unaware and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant accounts inforniation and to establish that the accountants are aware of that inforniation. ACCOUNTING STANDARDS The committee is of the view that appropriate accounting and financial reporting standards have been t"ollowed in the preparation ot.the FIn]cIal Sthteiiients. ACCOUNTANTS Eamonn P McGrady & Co have expressed their willingness to continue in office as Accountanls and a resolution for their re-appointment will be proposed at the forthcoming annual general meeting. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. By Order of the Committee /l-/L-13 Bren a Kent CFIAIRPERSON DATE 2-6 Irish Street DOWNPATRICK Co Dow] BT30 6BP
DOWN COMMUNITY ARTS Aecountants, report on the unaudited accounts to the directors of Down Community Arts. In order to assist you to fulfil your duties under the Companies Act 2006, 1 have prepared for your approval the financial statements of Down Comm1]ty Arts for the year ended 31 March 2023 which comprise the statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from inforniation and explanations you have given me. st As a practising member of Chartered Accountants Ireland, T am subject to its ethical and other prot"essional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the directors of Down Community Arts, as a body, in accordance with the ternis of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of DowTr Community Arts in accordaiice with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent perniitted by law, I do not accept or assume responsibility to anyone other than Community Arts and its direclors as a body for my work or for this report. It is your duty to ensure that Down Community Arts has kept adequate accounting7 records and to prepare statutory financial statements that give a irue and tair view ol. Ihe assets. liabilities, tinancial position and surplus ot" Down Community Arts. You consider that Dowj Community Arts is exempt t'rom the slalutory audit requireinent for the year. I have not been instructed to carry out an audit or a review of the financial statements of Down Community Arts. For this reason, I have not verified the accuracy or completeness ot. the accountingi records or inforn]ation and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements. Eamonn P McGrady & Co Chartered Accountants 21 a Market Street DOWNPATRICK Co DoTr BT30 6LP Date
DOWN COMMUNITY ARTS INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2023 NOTES 202) 2022 Unrestricted Funds Restricted Funds Total Funds Total Funds INCOME 44,925 67.596 112,521 79,397 Direct C05t of Activities 55 44.870 38.528 40.869 44.870 Administrdtive Expenses OPERATING SURPLUS 85 85 2.690 Interest Received & Similar Incoine Surplus on Ordinary Activilies for the year. Balance Brought Forward 85 85 2,690 Balance Caried Forward
DOWN COMMUNITY ARTS BALANCE SHEET- 31ST MARCH 2023 NOTE 2023 2022 FIXED ASSETS Tangible Assets 12 CURRENT ASSETS Debtors & Prepayments Cash at Bank and in Hand 13 15,152 14,582 2),037 25,429 CURRENT LIABILITIES Bank Overdrafts Accruals and Deferred Income 14 NET CURRENT ASSETS 19,890 19,465 LONG TERM LIABILITIES NET ASSF.TS CAPITAL & RESERVES Reserves Brought Forward 20,982 18,292 Surplus of Income over Expenditure 85
DOWN COMMUNITY ARTS STATEMENT OF FINANCIAL POSITION {CONTINUED) AT 31ST MARCH 2023 In preparing these financial ststements: (a) The directors are of the opinion ihat the company is entitled to exemption from audit under Section 477 of the Companies Act 2006. (b) No notice has been deposited under Seclion 476 by a member requiring an audit, in relation 10 the tinancial statements for the financial year. The directors acknowledge their responsibility for: (i) ensuring thai the company keeps proper accounting records in accordance with Section 386 ot.the Act, and (li) preparing financial statements which give a true and fair view of the state of afyairs ot. the company as at the end of the tinancial year and ot" its profit or loss for the tinancial year and which otherwise comply with the requirements of the Act relating to the financial statements, so far as applicable to the company. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regyime and in accordance with FRS 102 "The Financial Reportingy Standard applicable in the UK and Republic of Ireland" Approved by the directors. Vera Woods TREASURER DATE
DOWN COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 GENERAL INFORMATION The company is a private company limited by guaTantee, registered in Northern Ireland. These financial statements are presented in £ Sterling because that is the cutTency of the economic environment in which the Club operates. STATEMENT OF COMPLIANCE The tinancial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 l January 2015) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (September 2015) and the Companies Act 2006. ACCOUNTING POLICIES The Financial Statements have been prepared in accordance with Statements of Standard Accounting Practice and Financial Reporting Siandards issued by the Institule of Chartered Accountants in Ireland. (a) BASIS OF ACCOUNTING The Financial Statements have been prepared in accordance with the historical cost convention. INCOME Income is measured at the fair value of the consideration received or receivable for gyoods supplied and services rendered. Other income consists ot" donations, grants and other amounts arisingi from the company's ordinary activities. (c) DEPRECIATION Depreciation is calculated to write off the cost of fixed assets over their anticipated useful lives on a reducing balance basis: Fixtures and Fittings 20% Equipment 25% No depreciation is provided in the year of disposal. A full year s depreciation is provided in the year of acquisition. When an asset is acquired and disposed of in the same year, no depreciation is charged. (d) TAXATION No provision is made for taxation as Community Arts has been granted charitable status by HM Revenue & Customs.
DOWN COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2023 (Continued) ACCOUNTING POLICIES (e) LEASED ASSETS Where assets are financed by leasing agreements {'Finance Leases,), the assets arc included in the Balance Sheet at cost less depreciation in accordance with the Company's nonnal accounting policies. The interest element of rental obligations is chargyed to tlie income and expenditure account over the period of the lease. Rentals payable undei. operating leases are charged to the income and expenditure account as incurred. (f) CAPITAL EXPENDITURE All expenditure, other than that which has been capitalised is included in the income and expenditure account in the period to which it relates. (g) GOVERNMENT CRANTS Government gyrants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the perfomiance model. Under the performance model, where the grant does not impose specified future performance- related conditions on the recipient, it is recogjnised in income when the gyrant proceeds are received or receivable. Where the grani does impose specified future pert"ormance- related conditions on the recipient, it is recognised in income only when the pert"onnance-related conditions have been met. Wliere grants received are prior to satist.ying the revenue recogFnition criteria, they are recognised as a liability. (h) FINANCIAL INSTRUMENTS A financial asset or a financial liability is recognised when the company becomes a party to the contractual provisions of the instrument. 10-
DOWN COMMUINITY ARTS NOTES TO THE FINANCIAL STATEMENTS YEAR EIYDED 31ST MARCH 2023 (Continued) INCOME 2023 2022 Unrestricted Restricted Arts Council of Northern Ireland, Lottery ACNI - Emergency Operations Newy, Mourne & Down District Council Nl Ottice Centenary Fund Halifax Foundation Service Provision: YMCA Murlough Community Association Patrician Youth Centre EA Belt-ast Region Downpatrick Towi Committee 51,588 51,588 (91) 11,700 4.000 12,144 3,864 1,800 350 300 900 1,200 500 LIMITED BY GUARANTEE The company is limited by guarantee and therefore does not have a share capital. OPERATING SURPLUS 2023 2022 Operating profit is arrived at after charging: Depreciation 2023 2022 Other Interest Receivable & Similar Income Interest Received Interest Payable & Similar Charges Bank Interest and Charges 207 339 11
DOWN COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (Continued) Employees & Pensions Average number of people employed by the Company during the year 2023 2022 Administration Cost incurred in respect of these employees: Wages & Salaries Pensions 32,805 796 29,854 709 10 DIRECTORS EMOLUMENTS 2023 2022 The direciors emoluments were 11 TAXATION AND SOCIAL SECURITY The company has been granted charitable status by HM Revenue & Customs and therefore is not generally liable to Corporation Tax. 12 TANGIBLE FIXED ASSETS EQUIPMENT FIXTURES & FIrriNGS TOTAL COST: At Siart of Year Additions Disposals 7,676 2,409 10,085 At End of Year DEPRECIATION At Start of Year Disposals Provision for Year 6,939 1,629 8,568 184 156 785 340 BALANCE SHEET VALUE 31 March 2023 -553. 31 March 2022 12-
DOWN COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (Continued) 13 DEBTORS & PREPAYMENTS 2023 2022 Grants Accrued Debtors Prepayments 2,579 11,728 845 2,579 14 CURRENT LIABILITIES 2023 2022 Accruals Taxes & Social Security 4,470 677 4,845 15 CONTINGENT LIABILITIES In certain circumstances. it is possible that grants would become repayable. No such circumslances arose at the balance sheet date. 16 RELATED PARTY TRANSACTIONS There were no transactions involving related parties in the year requiring disclosure in the tinancial statements. 17 GOING CONCERN AIYD COVID-19 In common with almost all businesses, particularly those in sectors such as the creative arts. COVID-19 continued to have had an impact on ihe business operations dui'ing 2022. However, the company has responded tlexibly to the circumstances arising since the pandemic began and continues to trade to the satisfaction of the directors. Accordingly, the directors believe that the use of the Going Concern basis in the preparation of the financial statements is appropriate. 13-