## **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|
**- 1 -**
||**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.
- 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.
**- 3 -**
## **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
**- 4 -**
## **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
-5-
## **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|
|---|---|
**- 6 -**
## **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|
|---|---|---|
**-7 –**
## **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.
- (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.
- (c) The directors acknowledge their responsibility for:
- (i) ensuring that the company keeps proper accounting records in accordance with Section 386 of the Act, and
- (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
**- 8 -**
## **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.
**- 9 -**
## **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.
**- 10 –**
## **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
====|
|---|---|---|
**- 11 -**
## **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.
**- 13 -**
## **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|
|---|---|---|