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 & Regislered Auditors 21 a Market Street DOWNI)ATIUCK Co Down BI"30 6LP Tel. 028 44614340 Fax: 028 44614408 DOWN COMMUNITY ARTS REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2023 CONTENTS PAGE Coinpany InfoiThalion Report ot'The Committee Accountants, Report liicoine aiid Expenditure Account Balance Sheet Noles To The Financial Statenients 9- 13 DOWN COMMUNITY ARTS REPORT AND FINANCIAL STATEMENTS 31ST MARCH 2023 COMPANY INFORMATION COMPANY REG NO: N1027833 CHARITY NO: 103607 CHAIRPERSON: Breiida Keiit TREASURER: Bill Osbourne Vera Woods Resigned 12111 O¢lobei' 2023 Appoiiited 28, Noveinber 2023 SECRETARY: Claire Rose Cai)avaii BOARD MEMBERS: Those who served duriiig the year ended 3 1st Marcli 2023 weir: Claire Rose Caiiavan Aline Haiiiia Bi'eiida Keiit Bill OsboLiriie Mar&7(Irei RilLhie Einina Wliitehead Vera Wood5 Resigi)ed 12111 October 2023 REGISTERED OFFICE: 2-6 Irisli StlEel DOWNPATRICK Co Dowii BT30 6BP ACCOUNTALYTS: Eamoiiii P McGrady & Co Cliartered Accoliiilaiits & Registered ALiditors 21 a Markel Sti'eet D()WNPATRICK BT30 6LP BANKERS: AIB 42-44 Hill Street NEWRY BT34 IAR SOLICITORS: Scullion & Green 48 St Patrick's A venue DOWNPATRICK BT30 6DW DOWN COMMUNITY ARTS REPORT OF THE COMMITTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 315.1 MARCH 2023 The committee present their repoi1 and the Financial Statements tor the year ended 31 st Mai'ch 2023. PRINCIPAL ACTIVITIES The principal activity of the compaiiy is to bringy the arts in all t.orms to the cominiinity, espeLially to those livingy in i'iii'al ai'cas. Actlial beiielits iiiclude increased cdiicatioii about art, reduced social isolation, iniproved self-contidence and enhancement ot" coniniuiiity ellicacy. These are evidenced by the Icedback systematically collected t'roiii participants in and partiiers to our work. EVENTS SINCE THE END OF THE YEAR There have been no events since the Balance Sheet dale necessitatiiig any revision ot. the inancial Statements. REVIEW OF RESULTS The Suiplus ot'lnLome over Expenditure for the year was £85. (2022 suiylus - £2,690). The Cominittee is satistied with the progiress Inade in the year. STATEMF.NT OF DIRECTORS RESPONSIBILITIES. Coinpany law requires the directors to prepare Financial Statements t'or each tinaiicial pci'iod whiLh b7ives a true aiid fair vicw of" the stale ol" al"t"aii's ()t' tlie C()mpany at thc eiid ol. tlie tinancial yeai. aiid ol. Ihe projit or loss loi. the pei'iod. In prepai'iiig) tliose tinanLial statenients, the dii'eLtoi's al'e required to: Sclect suitable accounting policies and then apply thein consistently. Make judgements and estimates that are reasonable and prudent, State wliether appi'opriate accounting standards have been followed. Prepare the financial statements on a gyoingy concern basis unless such ali assuniption is inappi'opriate. The directors are responsible for keeping proper accounting records, foi. sal:eguai'diiig the assets of the entity and for the prevention and detection of fraud and other in'egularities. DOWN COMMUNITY ARTS REPORT OF THE COMMITTEE REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST MARCH 2023 (Continued) STATEMENT OF DIRECTORS RESPONSIBILITIES (Continued) Insot'ar as the trustees are aware: there is no relevant audit int'om]ation ot" which the chai'itable coinpaiiy's accouiitants are uiiaware and the trustecs have taken all steps that ihey ou&Fhi to have taken to make iheniselves awai'e ot" any relevant acLounts inlormaiioii and io establish that tlie acLountanls are awlc rc ot. that int"omation. ACCOUNTING STANDARDS The c()Ininiltee is ot" tlie view tliat appropi'iatL' aLL()iiiitiiigi and tinancial rep()rting standards have beeii lol lowed in the preparation ot" the Finaiicial Siateiiieiit5. ACCOUNTANTS Eamonn P McGrady & Co have expressed their willingiiess to continue in ol.tice as Accountants and a resolution tor their re-appointmenl will be propi)sed at the f'oiihconiing annual g7eiieral meeting, SMALL COMPANY PROVISIONS This report ha% been prepc2red in accoi'dance with the provisions applicable to Loinpaiiies entitled to the small Lompanies exeiiiptioii. By Order of'the Cominittee /2-/L-13 Brel) a Keiit CHAIRPERSON DATE 2-6 Irish Street DOWNPATRICK Co Down BT30 6BP DOWN COMMUNITY ARTS Accountants, report on the unaudited accounts to the directors of Down Community Arts. In order to assist you to fultil your duties under the Coinpanies Act 2006, 1 have prepared t'or your appi'oval the financial statements ot. Down Conimunity Aits for tlie year ended 31, March 2023 which comprise the stateinent ot" income and retained earnings, statenient ot" financial position and related notes froni the company's accounting records and froin infoiination and explanations you have given me. As a practising meiiiber of Chartered Accountants Ireland, I ain subject to its ethical and other prot"essional requirements which are detailed at www.charteredaccountaiits.ie. This report is made solely to the directors of Down Conimunity Arts. as a body, in accordaiice wilh the lerms of my engagement lettci.. My work has bceii undertaken solely lo i)rcpai'e £or youi. appr()val tlie tinaiicial statenients ot. Down CoinniLinily Arts in accordaiice with tlie requii'emenis ot. Chartei'ed AcLounlants Ireland as detailed at www.chartei'edaccountants.ie. To the t'ullest extent perimitted by law, I do not accept or assume I'esponsibility to anyone other thali Down Coinmunity Arts and its directors as a body tor my woi'k or t.or this report. It is your duty to ensure that Down Coinmiinity Arts has kept adLqLiate accouiiiinb) records and to prep4ire statutory financial slalemenls that g)ive a ti'iiL and t.air view ol" Ilie asscts, liabililics, tinancial position and sui'plus of" Dowii Coininunity Arts. You Loiisider tliai D()wi Coiiiiiiunity Ails is exempt trom iliL statutory audit I'LqUil'Liiicnt lor tlie year. I have not been iiistructed to cai'ry out an audit or a I'eview ot" tlie tinaiicial stateinents ot. Dowii Coiiimunity Arts. Foi. this reason, I have nol vcrified the accuracy or Loinpletencss ot" thc accouiitingy records or int'ormation and explanalions you have Liivcn to me aiid I do not, thei'efore, expi'ess any opinion on ihe statutory tinancial statenients. Eam()nii P Mc(irady & Co Chartei'ed Accountaiits 21 a Market Sireet DOWNPAI"RICK Co Down BT30 6LP Date DOWN COMMUNITY ARTS INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2023 NOTES 2023 2023 2022 Unreskn'icted Fuiids Restricted Fuiids Total Fuiids Total iinds INCOME 44.925 67.596 112,521 79,397 Direcl Cost of Activities 55 44,870 38.528 40,869 44.870 Adiniiii5trativc Expenses OPERA TINCJ SURI)I,US 85 85 2.690 Iiiiei'est Received & Siinilar Incoiiie Surplus on Ordiiiary Activities for tlie yeai.. Balance Brought Fo￿ard 85 85 2.690 Balance Cairied Forward 21,067 DOWN COMMUNITY ARTS BALANCE SHEET- 31ST MARCH 2023 NOTE 2023 2022 FIXED ASSETS I'aiigible Assets 12 CURRENT ASSETS Debtors & Prepayments Cash at Bank and in Hand 13 15,152 14,582 25,037 25.429 CURRENT LIABILITIII S Baiik Overdrafts Accruals and Det"erred Income 14 NET CURRENT ASSETS 19,890 19,465 LONG TERM LIABILITIES NET ASSETS CAPITAL & RESERVES Reserves Broug7ht Forward 20,982 18,292 Surplus of Income over Expeiiditure 85 DOWN COMMUNITY ARTS STATEMENT OF FINANCIAL POSITION (CONTINUED) AT 31ST MARCH 2023 In prepariiig these financial statements: The directors are of the opiiiion that the company is entitled to exeniption troin audit under Section 477 of the Companies Act 2006. (b) No nolice has been deposited under Section 476 by a nieimbei. I'equii'ingF an audit, in relation to the tinancial statenients t'or the tinancial year. (c) The directoi's acknowledge their responsibility t'oi.: (i) ensuring that the company keeps proper accountinLi recoi'ds iii accordance with Section 386 ot.the Act, and (li) preparing fiiiaiicial statements which give a true and t'air view of the state of" al"t"aii's ot" the company as at the eiid of the tinancial year aiid of ils protit oi. loss fr.or tlic tiiianLial yeai. and which othenvisc coinply with ilie I'equireineiits ot, the Act relatingy to the financial statenients, so far as applicable to the Lompany. The%e financial statements have been prepared in accordance with the provisions applicable to onipaiiies SLibject lo tlie siiiall c()InpaiiiLS' i'egFjiiie aiid in acccirdance with fRS 102 "1'he iiiaiicial Reportiiig? Standard appliLablc in thc UK and EILpiiblic ot" Ii'elcl1Id" Appi'oved by the directors. Vera Woods TREASURER DATE DOWN COMMUINITY ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 GENERAL INFORMATION The company is a private company limited by g%iiarantee, registered in Northeim Ireland. These financial statements are pi'esenled in £ Sterling because that is the cun'ency ot" the economic environment in which the Club operates. STATEMENT OF COMPLIANCE The tinaiicial statements have been prepared in accordance with Accountingy and Reporting by Charities.. Staiement (It. ReLoiiiniended Pi'aLliLe applicable to Lliarities pi'epai'iiig their accoiints in accordaiice ￿'1th the Finaiicial Repoi'ting Siandard applicable in the IJK and Repiiblic ot" Ii'eland {fRS 102) (el'fective l Janiiary 2015) (Charities SORP FRS 102), the b'inancial Reporti11g Staiidai'd applicable in the UK and Republic ot" Irelaiid (FRS 102) {Septeinbei' 2015} aiid the Conipaiiies Act 2006. ACCOUNTINC POLICIES The Financial Stateinents have been pi'epdfLd iii aLLOI'danLc with StatL'inLiits of Staiidard Accouiitiiig Practice aiid Fiiiaiicic11 Reportiiigy Standards issued by the Institute ot. Chartered AcLounlants in Ii'eland. (a) BASIS OF ACCOUNTING The Fiiiaiicial Siatcments have been prepared in aLcordaiice with the Iiistorical cost convention. (b) INCOME Incoime is measured at ihe t'air value of the consideration received or receivable for gioods SLipplied and services rLndei'ed. Oiher inL(Ime coiisists ot. donations, grants and other aiiiounts arisiiig) trom the coiiipaiiy's ordinary activities. (c) DF.PRECIATION Dcpi'eciation is calLulated to wi'ite ot'f the cost ot" fixed assets over their anticipated usetul lives on a reducing balance basis: Fixtures and Fittings 200/0 Eqiiipinent 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 saine year, no depi'eciatioii is charL7ed. (d) TAXATION No provision is made for taxation as Down Community Aits 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 LEASED ASSETS Where assets are financed by leasing agreements ('Finance Leases,), the assets are incliided in the Balance Sheet at cost less depi'eciation in accordaiiLe with the Conipany's n()Iinal accounting policies. The intercst eleiiieiit ot" reiilal obligiations is Lhai-gFed to the inLome and expendilui'e account over the period ot" thc leage. Rentals payable under opei'atingy leases are chargJed to the income a11d expenditui'e a¢Lount as inciirred. (t) CAPITAL EXPENDITURE All expendilure, otlier than that wliich has been capitalised is included in the income and expenditure account in ilie period io wliich il I'elaies. GOVERNMENT GRANTS Govei'niiient gyi'anis