DOWN COMMUNITY ARTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Company Registration No. N1027833 Charity No. 103607 EAMONN P MCCRADY & CO Chailei'ed AcLountants & Regislered Auditors 4-6 Markei Lane DOWNI)ATRICK Co Down BT30 61'H Tel: 028 44614340 eamonnmcgrady@yahoo.com DOWN COMMUNITY ARTS REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2024 CONTENTS PAGE Coinpany Infiomiation Report Ot" The Cominittee Accountants Report Income and Expenditure Account Balance Sheet Notes To The Financial Stalenients 9- 13 DOWN COMMUNITY ARTS REPORT AND FIINANCIAL STATEMENTS 31ST MARCH 2024 COMPANY INFORMATION COMPANY REG NO: N1027833 CHARITY NO: 103607 CHAIRPERSON: Bi'eiida Keiit TREASURER: Bil l Osbouiiie V¢ra Woods Resig7iied 12111 OctobLI' 2023 Appoiiiled 28111 Noveinber 2023 SECRETARY: Claire Rose Caiiavan BOARD MEMBERS: Tliose wlio seiijed dLlI'iiig tlie year elided 31 sl Marcli 2024 were.. Claii'e Rose Caiiavaii Aiii)e Hai)iia E31'eiida Keiil Bill Osboiii'ne Mar￿rLt Rilcliie Eiiiina Wliileliead Vel'a Woods Resigyiied 12111 October 2023 REGISTERFD OFFICE: 2-611.isli SirL'LI DOWNPA'fRICK Co Down B"r30 6BP ACCOUNTANTS: Eamoiiii P McGI'adv & Co CharlLied AccoLllltaiils & Regislei'ed Aliditoi's 4-6 Mai'kel Laiie DOWNPATRICK BI"30 6TH BANKERS: AIB 42-44 Hill Slreet NEWRY B"r34 IAR SOLICJTORS: ScLillion & Green 48 St Patrick'5 Aveiiue DOWNPATRICK BT30 6DW DOWN COMMUNITY ARTS REPORT OF THE COMMITTEE REPORT AND FINANCIAL STATEMENTS FOR THF. YEAR ENDED 31%1 MARCH 2024 The committee present their report and the Financial Siatenienls for the year ended 31 st Mai'ch 2024. PRIINCIPAL ACTIVITIES The principal activity of ihe con]paiiy is to bringJ the arts in all tomis to the coinmuiiity. especially to those liviiigi in rural areas. Aclual beiietits includc inci'cased education aboLii ai'l, reduced social isolatioii, iniproved selt"_coiifidence aiid enhanLeinent of cominunity et"ticacy. These are evidenced by the t"eedback systeinatiLally collected trom partiLipants in and partners to our work. EVENTS SINCE THE END OF THE YEAR There have been no events since the Balance Sheet date necessitatingi any revision of. the Finaiicial StateinLnts. REVIEW OF RESIULTS The Deticil Ot. Expenditure ovei. Income tor the year was £6,973, (2023 surplus - £85). The Coiiiniitlee is satisfied with the pi'ogyress Inade in ihe year. STATEMENT OF DIRECTORS RESPONSIBILITIES. Coimpany law reqiiii'es the directors to prepai'e Finaiicial Statciiiciits t'or each finaiicial period wliich bYiVCS a true aiid t.air view ot" Ihe stale ol" afr7airs ot" tlie Ci)iiipany at the cnd ol. Ilie tiiiaiiLial year and of'the profit or loss t.or the pei'iod. In pi'eparing? those tinancial stalenients. the dii'LLlors are required to: Select suitable accounting policies and then apply thein consistently. Make j udgements and estimates that are reasonable and prudent. State whether appropriate accounting staiidards have been followed. Prepare the tinanLial statements on a g3oin&v Loncem basis unless such an assuniption is inappropriate. The directors are responsible for keeping proper accounting records, for safe&Fuardingy the asscts of the entity and tor the prevention and detection of fraud and other irregularities. DOWN COMMUNITY ARTS REPORT OF THE COMMITTEE REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024 (Continued) STATEMENT OF DIRECTORS RESPONSIBILITIES (Continued) Insofar as the trustees are awaTe: there is iio relevaiit audit int"onnation ot" wliich the charitable company's accountants al'e unciware and the trustees have taken all steps that they ougFht to have taken to Inake theinselves awai'e of any i'elevant accounts infoiination and to establish that the accoiiiitants are aware ot" that intom]ation, ACCOUNTING STANDARDS The commiltee is Ot'the view that appropriate accountingi and tinancial repoitiiigi standards have been t"ollowed in the preparation ot'tlie binaiiLial SlatcinLiits. ACCOUNTANTS Eamonii P Mc(irady & Co have expi'essed their willingyiiess to Lontinue in ot'tiLe as Accountaiils and a resolution t.or their re-appointment will be propc)sed at the tortlicoiiiingi annual gienei'al meetiiig. SMALL COMPANY PROVISIONS This report has been prepared in accordanLe with the provisions appliLable to coinpaiiies entitled to the sniall coinpanies exeinption. By Ol'der ot" the Coiiiinittee IL-(2 Breiida Keiit CI IAIRPERSON DATE 2-6 Irish Street DOWNPA"I'RICK Co Down BT30 6BP DOWN COMMUNITY ARTS Accountants, report on the unaudited accounts to the directors of Doivn Community Arts. In order to assist you to f"ultil your duties under the Conipanies Act 2006. 1 have prepared t.or your approval the linancial statements ol. Down Coinniuniiy Arts t.or the year eiidc'd 31. March 2024 which comprise the slalement ot" inconie aiid retaiiied earniiig)s, staiement ol. financial position and related notes from the conipaiiy's acLounting rec()rds and t'r()In inl'ormation and explaiiations yoii have given me. As a pi'aLtising7 Ineniber of Chartei'ed AcLountaiits Ti'eland. I dm SLibjeLt to its ethical aiid other prot"essional requirements which are detailed ai www.charteredaccountants.ie. This report is niadc solely to the directors ot" Down Community Arts. as a body. in accoi'daiice with the tei'ni.% ot. iiiy engagement leiiei-. My wi)rk lias been undei'takeii solely io prepai'L' toi. your approval the IiiiaiiLial stcileiiieiils ol. Down Coinmiinity Arts iii accordancc with thL' requireinents ot" Cliartered Accountaiits Irelaiid as detailed at www.chai'teredaccoLinianlg.ie, To the fullest extent perinitted by law, I do not accepi or assume responsibility lo aiiyone other thali Down Community Arts and its dircctoi's as a b()dy toi. my work oi. t.or this repoi't. It is youi. duty io ensure that Down Coinniunity Arts has kLpI adL'qLiate accouiitiiig) I'ecords and to prepai'e statulory tiiianLial stateiiieiils thai gyive a true aiid t.air view ()t' the assels. liabilities, IiiianLial po%ition and .%ui'plLlS Ot" D()wn C'c)iiiniLlllity Ails. Yoii considei. that Dowii Coiniiiuiiity Ails is exLiiipi Iroin the slalulory aiidil rLciuii'LllILllt t.or tlic yLar. I have noi been instruLted to cary out an aLidit or a reviow (Il: Ihe tinancial statciiiL'nts ()*" Down C()Iniiiunily Ails. For this reason, I have not veritied ilie aLLiiraLy or Loinpleteiie%s ot. the accounting? i'ecords or int"ormalion and explanations you have gyiven to niL' aiid I do n()t, theref'ore, express any opinion on the statiitory tinancial siaieinents. £)J F,anionn P Mc l'ady & Co Chartei'ed Accoiintants 4-6 Mai'ket l.ane DOWNPA'I'RICK Co Dow] BT30 6TH Date DOWN COMMUNITY ARTS INCOME AND EXPEINDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2024 NOTES 2024 2024 2023 Unresti'icled Funds Re8tricled Total Funds Total Fuiids INCOME IOi,328 103,328 112,521 Direct Cost ofActivities 36.-522 36,522 44,870 Adiniiiisirative Fxpen5es 01)I.-RAI-ING (DF.FICITI/SURPLUS 6 {6,973) (6,973) 85 Interest Received & Similar Incoime {Defi¢it)ISutplus on Ordinary Activities t.or the year. Balaiice Bi'ought Forward (6,973) (6,973) Balaiice Carried FO￿al.d DOWN COMMUNITY ARTS BALANCE SHEET- 31ST MARCH 2024 NOTE 2024 2023 FIXED ASSETS Tangyible Assets 12 914 CURRENT ASSETS Debtors & Prepayments Cash at Bank and in Hand 17.585 15.152 26,612 25.037 CURRENT LIABILITIES Bank Ovei'drafts ALLI'uals and Delerred Income 14 NET CURRENT A&¥SETS 19,890 LONG TERM LIABILITIES NET A&iSETS CAPITAL & RESFRVES Reserves Bi'ought Forward 21,067 20,982 (De£icil)/SU￿Ius ot" Expeiiditure over Income 85 21 DOWN COMMUNITY ARTS STATEMENT OF FINANCIAL POSITION (CONTINUED) AT 31ST MARCH 2024 In preparing these financial statements: (a) The directors are ot. the opinion that the conipany is entitled to exeinption trom audit undei. Section 477 ot'the Companies Act 2006, (b) No notice has been deposited Linder Sectioii 476 by a ineinbei. requii'ing an audit, in relation to the financial stateinents t"oi' Ilie Iinancial year. (c) 'I'he directors acknowledge theii. responsibility t"or'. (i) eiisuringy that the company keeps pi'oper accouiitiiigF records in accordance with SeLtion 386 of the Act, and (li) preparing tinaiiLial statements whicli &Five a ti'ue and t'air view ol" Ihe state ol" al'lairs ol" the cnmpaiiy as at the eiid ot. the tiiiaiicial year aiid ot" its profit or loss t.or tlic tinanci<21 yLar and wliich otlierwise coiiiply with thL I'equirciiients ot" the Act relatingF to the tiiiancial siatenients, so tar as applicable to ihe coinpaiiy. Thcsc tinancial statements have been prepared in accordance with the provisions applicable t() coinpanies subjeLt to the siiiall conipciliiCS' reg?jlilL' ¢ind in aLLoi'dance witli fR% 102 -1.lie Financial Reportiiig? Siandard applicable in the IJK and Repliblic ot" Rrelaiid" Approved by the directors. Ldooc Vera Woods TREASURER DATF. DOWN COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 GENERAL INFORMATION The company is a private company liinited by guaiantee, reg>istered in Northem IrLland. These finaiicial statements are presented in £ Sterling because that is the currency ot" the economic envii'oiimeiit in which the Club opeiates. STATEMENT OF COMPLIANCE The tinancial statements have been prepared in accordance with Accountingy and Repoitiiig by Cliai'ilies.. Siatenient ot. ReLumniLnded Pi'actice applicable to cliarities preparing tlieir accouiits in accordaiice witli the P inaiiLial Rep(Iiting Standai-d applicable in the UK and RepubliL ot" Ireland (fRS 102) (et'leLtive l Januai'y 20 I5) (Charities SORP FRS 102), the Financial Reportiiig Standai'd applicable in tlie UK and Republic of" Ireland (FRS 102) (September 2015) and the Coinpanies Act 2006. ACCOUNTINC POLICIF..S 'I"lic b inaiicial Staleni¢nts have beeii prepared in accordance witli Statciiients of Standai'd ALcoiintillL Practice aiid fiiiciiicial Repoi'ling Staiidai'ds issiied by the Iiistilute ot" Chai'tercd AcLountaiits iii IrLlaiid. (a) BASIS OF ACCOUNTING The Financial Stateinents have been prepared iii accordance with ihe hisloriL'al cost convention. (b) INCOME Incoime is measui'ed at the fair value of tlie coiisideration I'eceived oi. reLeivable for g?oods siipplied and services I'endLI'ed. Oihei. income Lonsists ot" donations, giraiits and otliei. ainounts arisinLi ti'oiii tlie coiiipaiiy's oi'diiiaiy activities. (c) DEPRECIATION Depi'eciation is calculated to write oty the cost of fixed assets ovei. their anliLipated usef'ul lives on a reducings balance basis: Fixtures and Fittings 20 % Eqiiipment 25% No depreciation is provided in the yeai. of dispi)sal. A full year's depreciation is provided in the year ot.acquisitioii. Whcii an asset is acquired and disposed ot" in the same year, no depi'eciation is chargyed. (d) TAXATION No provision is made for taxation as Down Community Arts has been granted charitable status by HM Revenue & CLlStoms. DOWN COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2024 (Continued) ACCOUNTING POLICIES (e) LEASED ASSETS Where assets al'e financed by leasing agreeineiit8 {'Finaiice Leases,), the assets arc included in the BalaiiLe Slieel at Losi ILSS depi'eLiation iii accoi'dclnce with tlic Compaiiy's noi'inal aecountiiig policies. The interest eleiiient ot" I'eiital obligsation% is chai-gFed io ihe ii1Lonie and expenditui'e account ovei. the pei'i(Id ot" the lease. Renlals payablL uiider operating) leases are charged to the income and expeiiditure account as illCLllI'ed. (t) CAPITAL EXPENDITURE All expLnditure, other ihiin that whicli has been Lapitalised is inLILided in ihe illLoine and expenditure account in the pcriod to which it relates. (g) GOVERNMENT GRANTS CJovemment gyraiits are recogiiiised at the t.air value of the asset received or receivable. Grants arL nol I'ecogynised uiitil there is reasonable assurance thai the Lonipaiiy will coiiiply with the conditions attachiiigj to theiii