DOWN COMMUNITY ARTS
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST MARCH 2024
Company Registration No. NI027833
Charity No. 103607
EAMONN P McGRADY & CO Chartered Accountants & Registered Auditors 4-6 Market Lane DOWNPATRICK Co Down BT30 6TH
Tel: 028 4461 4340 eamonnmcgrady@yahoo.com
DOWN COMMUNITY ARTS
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2024
CONTENTS
| PAGE | |
|---|---|
| Company Information | 2 |
| Report Of The Committee | 3 - 4 |
| Accountants’ Report | 5 |
| Income and Expenditure Account | 6 |
| Balance Sheet | 7 - 8 |
| Notes To The Financial Statements | 9 - 13 |
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| DOWN COMMUNITY ARTS | DOWN COMMUNITY ARTS | |
|---|---|---|
| REPORT AND FINANCIAL STATEMENTS | ||
| 31ST MARCH | 2024 | |
| COMPANY INFORMATION | ||
| COMPANY REG NO: | NI027833 | |
| CHARITY NO: | 103607 | |
| CHAIRPERSON: | Brenda Kent | |
| TREASURER: | Bill Osbourne | Resigned 12thOctober 2023 |
| Vera Woods | Appointed 28thNovember 2023 | |
| SECRETARY: | Claire Rose Canavan | |
| BOARD MEMBERS: | Those who served during | the year ended 31st March 2024 were: |
| Claire Rose Canavan | ||
| Anne Hanna | ||
| Brenda Kent | ||
| Bill Osbourne | Resigned 12thOctober 2023 | |
| Margaret Ritchie | ||
| Emma Whitehead | ||
| Vera Woods | ||
| REGISTERED OFFICE: | 2-6 Irish Street | |
| DOWNPATRICK | ||
| Co Down | ||
| BT30 6BP | ||
| ACCOUNTANTS: | Eamonn P McGrady & Co | |
| Chartered Accountants & | ||
| Registered Auditors | ||
| 4-6 Market Lane | ||
| DOWNPATRICK | ||
| BT30 6TH | ||
| BANKERS: | AIB | |
| 42-44 Hill Street | ||
| NEWRY | ||
| BT34 1AR | ||
| SOLICITORS: | Scullion & Green | |
| 48 St Patrick’s Avenue | ||
| DOWNPATRICK | ||
| BT30 6DW | ||
| - 2 - |
DOWN COMMUNITY ARTS
REPORT OF THE COMMITTEE
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31[ST] MARCH 2024
The committee present their report and the Financial Statements for the year ended 31st March 2024.
PRINCIPAL ACTIVITIES
The principal activity of the company is to bring the arts in all forms 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 efficacy. 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 Statements.
REVIEW OF RESULTS
The Deficit of Expenditure over Income for the year was £6,973. (2023 surplus - £85).
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 of the state of affairs of the Company at the end of the financial 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 estimates that are reasonable and prudent.
-
State whether appropriate accounting standards have been followed.
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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.
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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 aware:
-
there is no relevant audit information 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 information and to establish that the accountants are aware of that information.
ACCOUNTING STANDARDS
The committee is of the view that appropriate accounting and financial reporting standards have been followed in the preparation of the Financial Statements.
ACCOUNTANTS
Eamonn P McGrady & Co have expressed their willingness to continue in office as Accountants 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
........................................... Brenda Kent CHAIRPERSON
............................…...
DATE
2-6 Irish Street DOWNPATRICK Co Down BT30 6BP
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DOWN COMMUNITY ARTS
Accountants’ 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, I have prepared for your approval the financial statements of Down Community Arts for the year ended 31[st] March 2024 which comprise the statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of Chartered Accountants Ireland, I am subject to its ethical and other professional 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 terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Down Community Arts in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Down Community Arts and its directors as a body for my work or for this report.
It is your duty to ensure that Down Community Arts has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Down Community Arts. You consider that Down Community Arts is exempt from the statutory audit requirement 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 of the accounting records or information 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 4-6 Market Lane DOWNPATRICK Co Down BT30 6TH
-------------------------Date
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DOWN COMMUNITY ARTS
INCOME AND EXPENDITURE ACCOUNT FOR THE
YEAR ENDED 31st MARCH 2024
| NOTES 2024 Unrestricted Restricted Funds Funds £ £ INCOME 4 103,328 - Direct Cost of Activities 66,806 - 36,522 - Administrative Expenses 43,495 - OPERATING (DEFICIT)/SURPLUS 6 (6,973) - Interest Received & Similar Income 7 - - (Deficit)/Surplus on Ordinary Activities for the year. (6,973) - Balance Brought Forward 21,067 - Balance Carried Forward 14,094 - |
2024 2023 Total Total Funds Funds £ £ 103,328 112,521 66,806 67,651 36,522 44,870 43,495 44,785 (6,973) 85 - -. (6,973) 85 21,067 20,982 14,094 21,067 |
|---|---|
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DOWN COMMUNITY ARTS
BALANCE SHEET - 31ST MARCH 2024
| NOTE FIXED ASSETS Tangible Assets 12 CURRENT ASSETS Debtors & Prepayments 13 Cash at Bank and in Hand CURRENT LIABILITIES Bank Overdrafts Accruals and Deferred Income 14 NET CURRENT ASSETS LONG TERM LIABILITIES NET ASSETS CAPITAL & RESERVES Reserves Brought Forward (Deficit)/Surplus of Expenditure over Income |
2024 £ 914 17,585 9,027 26,612 - 13,432 13,432 13,180 -__ 14,094 21,067 (6,973) 14,094 |
2023 £ 1,177 15,152 9,885 25,037 - 5,147 5,147 19,890 -__ 21,067 20,982 85 21,067 |
|---|---|---|
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DOWN COMMUNITY ARTS
STATEMENT OF FINANCIAL POSITION (CONTINUED) AT 31ST MARCH 2024
In preparing these financial statements:
-
(a) The directors are of the opinion that the company is entitled to exemption from audit under Section 477 of the Companies Act 2006.
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(b) No notice has been deposited under Section 476 by a member requiring an audit, in relation to the financial statements for the financial year.
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(c) The directors acknowledge their responsibility for:
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(i) ensuring that the company keeps proper accounting records in accordance with Section 386 of the Act, and
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(ii) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial 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’ regime and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
Approved by the directors.
----------------------------------------------------------Vera Woods TREASURER DATE
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DOWN COMMUNITY ARTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
1
GENERAL INFORMATION
The company is a private company limited by guarantee, registered in Northern Ireland. These financial statements are presented in £ Sterling because that is the currency of the economic environment in which the Club operates.
2
STATEMENT OF COMPLIANCE
The financial 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 1 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.
3 ACCOUNTING POLICIES
The Financial Statements have been prepared in accordance with Statements of Standard Accounting Practice and Financial Reporting Standards issued by the Institute of Chartered Accountants in Ireland.
(a)
BASIS OF ACCOUNTING
The Financial Statements have been prepared in accordance with the historical cost convention.
(b)
INCOME
Income is measured at the fair value of the consideration received or receivable for goods supplied and services rendered. Other income consists of donations, grants and other amounts arising 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 Down Community Arts has been granted charitable status by HM Revenue & Customs.
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DOWN COMMUNITY ARTS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2024 (Continued)
3 ACCOUNTING POLICIES
(e) LEASED ASSETS
Where assets are financed by leasing agreements ('Finance Leases'), the assets are included in the Balance Sheet at cost less depreciation in accordance with the Company's normal accounting policies. The interest element of rental obligations is charged to the income and expenditure account over the period of the lease. Rentals payable under 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 GRANTS
Government grants 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 performance model. Under the performance model, where the grant does not impose specified future performancerelated conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performancerelated conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition 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.
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DOWN COMMUNITY ARTS
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2024 (Continued)
| 4 INCOME Arts Council of Northern Ireland, Lottery Newry, Mourne & Down District Council Halifax Foundation Service Provision: YMCA Murlough Community Association Patrician Youth Centre EA Belfast Region Downpatrick Town Committee |
2024 Unrestricted £ - - - - - - - - - |
2023 Restricted £ £ 60,048 51,588 43,280 12,144 - 3,864 - 1,800 - 350 - 300 - 900 - 41,575 103,328 112,521 |
|---|---|---|
5 LIMITED BY GUARANTEE
The company is limited by guarantee and therefore does not have a share capital.
| 6 OPERATING SURPLUS Operating profit is arrived at after charging: Depreciation 7 Other Interest Receivable & Similar Income Interest Received 8 Interest Payable & Similar Charges Bank Interest and Charges |
2024 £ 263 2024 £ - ==== 221 ==== |
2023 £ 340 2023 £ - ==== 207 ==== |
|---|---|---|
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DOWN COMMUNITY ARTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
(Continued)
9 Employees & Pensions
Average number of people employed by the Company during the year
| 2024 | 2023 | ||
|---|---|---|---|
| Administration | 1 |
1 | |
| ==== | === | ||
| Cost incurred in respect of these employees: | |||
| £ | £ | ||
| Wages & Salaries |
31,612 | 32,805 | |
| Pensions |
1,859 | 796 | |
| ===== | ===== | ||
| 10 | DIRECTORS EMOLUMENTS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| The directors 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 & FITTINGS COST: £ £ At Start of Year 7,676 2,409 Additions - - Disposals - - At End of Year 7,676 2,409 DEPRECIATION At Start of Year 7,123 1,785 Disposals - - Provision for Year 138 125 7,261 1,910 BALANCE SHEET VALUE 31 March 2024 415 499 31 March 2023 553 624 - 12 - |
TOTAL £ 10,085 - - _____ 10,085 8,908 - 263 9,171 914 1,177 |
|---|---|
DOWN COMMUNITY ARTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
(Continued)
| 13 DEBTORS & PREPAYMENTS Grants Accrued Debtors Prepayments 14 CURRENT LIABILITIES Accruals Taxes & Social Security |
2024 £ 16,579 - 1,006 17,585 2024 £ 12,265 1,167 13,432 |
2023 £ 2,579 11,728 845 15,152 2023 £ 4,470 677 5,147 |
|---|---|---|
15 CONTINGENT LIABILITIES
In certain circumstances, it is possible that grants would become repayable. No such circumstances arose at the balance sheet date.
16 RELATED PARTY TRANSACTIONS
There were no transactions involving related parties in the year requiring disclosure in the financial statements.
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THE NOTES WHICH FOLLOW DO NOT
FORM PART OF THESE ACCOUNTS
AND MAY BE REMOVED BY THE COMMITTEE BEFORE THE ACCOUNTS ARE ISSUED TO OTHER PARTIES.
DOWN COMMUNITY ARTS
Income and Expenditure Account For the Year Ended 31[st] March 2024
| INCOME 2024 £ Arts Council of Northern Ireland: - Core Grant 33,450 - Programme Costs 26,598 60,048 Halifax Foundation - Newry, Mourne & Down District Council 43,280 Service Provision: YMCA - Murlough Community Association - Patrician Youth Centre - EA Belfast Region - Downpatrick Town Committee - 103,328 Direct Cost of Activities 66,806 36,522 Administration Expenses 43,495 OPERATING (DEFICIT)/SURPLUS (6,973) Interest Received & Similar Income -_ (Deficit)/Surplus on Ordinary Activities for the year. (6,973) |
2023 £ 33,450 18,138 51,588 3,864 12,144 1,800 350 300 900 41,575 112,521 67,651 44,870 44,785 85 -__ 85 |
|---|---|
DOWN COMMUNITY ARTS ANAYLSIS OF EXPENSES YEAR ENDED 31ST MARCH 2024
DIRECT COSTS: Facilitators’ & Artists’ Fees Materials Venue & Facility Hire Publicity Transport ADMINISTRATION EXPENSES: Salaries & Employer’s NIC Pensions Motor & Travel Advertising & Publicity Postage & Stationery Computer Costs Telephone Professional Fees Audit and Accountancy Bank Interest & Charges Insurance Heat & Light Rent General Expenses Artisan Market Training Catering Depreciation |
2024 £ 55,620 8,952 2,234 - - 66,806 31,612 1,859 273 754 - 293 922 - 2,014 221 1,964 - 2,800 - 250 150 120 263 43,495 |
2023 £ 53,118 5,392 5,527 3,489 125 67,651 32,805 796 132 1,425 60 1,121 1,065 287 2,720 207 2,348 36 1,400 43 - - - 340 44,785 |
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