DOWN COMMUNITY ARTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 31ST MARCH 2025 Company Registration No. N1027833 Charity No. 103607 EAMONN P MCGRADY & CO Chartered Accountants & Registered Auditors 4-6 Market Lane DOWNPATRICK Co Down BT30 6TH Tel: 028 44614340 eaMonnmCady@yahoQ.cOM
DOWN COMMUNITY ARTS REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2025 coiYrENTS PAGE Company Infonnation Report Of The Committee Accountants, Report Income and Expenditure Account Balan¢¢ Sheet Notes To The Financial Statements 9-13
DOWN COMMuNrrY ARTS REPORT AND FINAIYCIAL STATEMENTS 31ST MARCH 2025 COMPANY INFORMATION COMPANY REG NO: N1027833 I03607 CHAIRPERSON: Brenda Kent V¢ra Woods SECRETARY: Claire Rose CaDavan BOARD MEMBER5: Those who served dunDg the year ended 3 1st Mar¢b 2025 We.. Anne Han Brenda Kent Claire Rose Canavan Emma Whitehead Margaret Ritchie Vera Woods (Resigned 16th December 2024) REGISTERED OFFICE: 2 1$h St DOWNPATRICK Co Down BT30 6BP ACCOUNTANTS: Eamonn P McGrady & Co Chartercd Accountants & Rw'stered Auditors 44 Mthet Lanc BT30 6TH BANKERS: 4244 Hill Street NEWRY BT34 IAR SOLIcrroKs: Scullion & Green 48 St Patrick's Av¢nuc DOWNPATRICK BT30 6DW
DOWN COMMUNITY ARTS REPORT OF THE COMMITTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sf MARCH 2025 The con]mittee present their report and the Financial Statements for the year ended 31 st March 2025. The principal activity of the company is to bring the arts in all fornis to the community, especially to those living in rural are&s. Actual benefits include incred education about art. reduced social Isolatio improved self-confidence and enhancement of community efficacy. These are evidenced by the feedback systematically collected from participants in and partners to our work. EVEIYTS 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 £2,443. (2024 deficit - £6,973). The Committee is Satisfi with the progress made in the year. STATEMENT OF DIRECTORS RESPONSIBILITIES. Company law requires the director5 to prepare Financial Statements for each financial period which gives a true and fa view of the state of affai of the Company at the end of the financial year and of the profit or loss for the period. In prying those financial statements, the directors are required to: Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are rSonable and prnd¢nL State whether appropriate accounting standards have been followe(L Prepare the financial statements on a going concern basis unless such an assumption is inappropriate. The directors are responsil)le for keeping proper accounting records, for safeguarding the assets of the entity and for the Prevention and detection of fraud and other irregulatities.
DOWN Com(uNITy ARTS REPORT OF THE COMMITTEE REPORT AND FINANCIAL STATEMENT FOR THE YEAR ElED 31ST MARCH 2025 (Continued) STATEMENT OF DIRECTORS RESPONSIBILrriES (Conlinued) Insofar as the trust$ are aware: there is no relevant audit infornyation 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 infornThtion and to establisb that the accountants are aware of that infom]ation. 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. ACcOUNTs Eamonn P McGrady & Co have expressed their willingness to continue in office &8 Accountants and a resolution for their reppOintMent will be proposed at the forthcoming annual general meeting. SMALL COMPANY PROVISIOIYS This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. By Order of the Committee ent CHAIRPERSON DATE 2-6 Trish Street DOWNPATRICK CODO BT30 6BP
DOWN COM[UNITy ARTS Accountants, report on the unaudited accounts to the directors of DoTrvn Community Arts. tn order to assist you to fulfil your duties under the Companies Act 2(K16, 1 have prepared for your approval the fanCIal statements of Down Community Arts for the year ended 31" March 2025 which comprise the statement of income and retained earnings, statement of financial position and related not¢s from the company's accounting records and from inforn]atioll and explanations you have given me. As a practising member of Chartered Accountants Trelan4 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 t¢rn]s of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Down Commutiity 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 th'rectors 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 sutplus 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 calry out an audit or a review of the financial statements of Down Community Arts. For this reason, I have not verified the accuracy or cornpleteness of the accounting records or information and explanations you have given to me and I do not, tberefore, express any opinion on the statutory financial statetllents. slqk Eamonn P McGrady & Co Chartered Accountants 4-6 Market Lane DOWNPATIUCK Co Down BT30 6TH Date
DOWN COMMUNITY ARTS STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR EIWED 31st MARCH 2025 NOTES 2025 2025 2024 Restricted Unrestricted Fullds Fund5 TotaI Total Fund5 Funds DJCOME 109.936 2367 112J03 103J28 Direct Cost of Activities 30 2.337 40512 42.849 36,522 Administrdtive Expenses OPERATtNG (DEFICITYSURPLUS 6 45 (4.780) 2,337 (2,443) {6.973) Interest tic¢cived & Similar Income (Dcficitysurplus on Ordinary Activities for the year. Balance Brought Forward (4.780) 2337 {2,443) (6,973) Balance CaThied Forward
DOWN COMMUNITY ARTS STATEMENT OF FINANCIAL POSITION - 31ST MARCH 2025 NOTE 2025 2024 FIXED ASSETS Tangible Assets 12 710 914 CURRENT ASSETS Debtors & Prepayments Cash at Bank and in Hand 13 18,519 17,585 23,281 26,612 CURRENT LIABILITIES Accruals and Deferred Income 14 NET CURRENT ASSETS 10.941 13,180 LONG TERM LIABILITIES NET ASSETS CAPITAL & RESERVES Reserves Brought Forward 14.094 21,067 (Deficitysutplus of Expenditure over Income
DOWN COMMUNITY ARTS STATEMENT OF FINAI¥CIAL POSITION (CONTINUED) AT 31ST MARCH 2025 In preparing thase financial statements: (a) The directors are of the opinion that the company is entitled to exernption from audit under Section 477 of the Companies Act 2006. (b) No notice has been deposited under Section 476 by a member requiring an audi( in relation to the financial statements for the fll]ancial year. (c) The directors acknowledge their rwonsibility for: (i) ensuring that the company keeps proper accounting records in accordance with Section 386 of the ACL and (li) preparing financial statements which give a tsu¢ and fair view of the stste 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 fuwicial statements, so far as applicable to the company. These financial statements have been prepared in accordance with the provision5 applicable to compaDies subject to the small companies, regime and in accordance with FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Tland, Approved by the directors. Vera Woods TREASURER DATE
DOWN COMMUNITY ARTS OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 GENERAL INFORMATION The company is a private company limited by guarantee, wistered in Northern Ireland. These financial statements are presented in £ Sterling because that is the currency of the economic environment in which the Club operates. STATEMENT OF COMPLIANCE The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Ststement of Recornmended 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 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) ll¥coME Income is measured at the fair value of the consideration received OT receivable for goods supplied and services rendered. Other income consists of donations, grants and other amounts arising from the company's ordinary a¢tiviti¢s. (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 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.
DOWN COMNITy ARTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2025 (Continued) ACCOUNTING POLICIES {e) LEASED ASSETS Where assets are financed by leasing agreements (Finance Leases,), the &%sets" are included in the Balance Sheet at cost less depreciation in accordance with the Companys nornial 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 incUd. (fj CAPITAL EXPENDITURE All expenditure, other than that which has been capitalised is included in the income and expenditure account iu the period to wlll'ch it relates. (8) GOVERNMEiYf GRANTS Government ar¢ recognised at the fair value of the asset received or receivable. Grants are not recognised until there is r¢asonable assurdnce that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the perfonnance model. Under the perfomiance model, where the grant does not impose specified future perforniance- related conditions on the recipient, it is recognised in income when the grant proceeds are received or ceIVable. Where the grant does impose specified future perforn]ance- related conditions on the recipient, it is recognised in income only when the perfornance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteri4 they are recognised as a liability. (h) FINANCIAL INsTRuTrrS A fmancial asset or a financial liability is recognised when the company becomes a paty to the contractual provisions of the instnllnent. 10-
DOWN COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2025 (Continued) COME 2025 Unrestricted Restricted 2024 Arts Council of Northern IrelaniL Lottery Newry, Mourne & DO District Council Creative Village Keep NI Beautiful Department of Justice Ticket Sales Workshop Fee 51,588 60,048 53,320 43280 100 1,828 3,100 2,167 200 LIMITED BY GUARANTEE The company is limited by guarantee and therefore does not have a share capital. OPERATING SURPLUS 2025 2024 Operating profit is arrived at after charging: Depreciation 2025 2024 Other Interest Recelvable & Slmilar Income Intsrest Received Interest Payable & Similar Charges Bank Interest and Charges 216 221 11
DOWN COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31ST MARCH 2025 (Continued) Employees & Pensions Average number of people employed by the Conwany during the year 2025 2024 A<thninistration Cost Incu in respect of these employees: Wages & Salaries Pensions 31,757 1,859 31,612 1,859 10 DIRECTORS EMOLUMEIYTS 2025 2024 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 Corpordtion Tax. 12 TAIYGIBLE FIXED ASSETS TOTAL & FirrINGS COST: At Start of Year Additions Disposals 7,676 2,409 10,085 At End of Year DEPRECIATION At Start of Year Disposals Provision for Year 7261 1,910 9,171 104 204 BALANCE SHEETVALUE 31 March 2025 31 Match 2024 12-
DOWN COMMuNfry ARTS NOTES TO TIIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (Continued) 13 DEBTORS & PREPAYMEIYTS 2025 2024 Grants Accrued Debtors Prepayments 17.532 16.579 987 14 CURRENT LIABtLITtES 2025 2024 Accruals Taxes & Social Security 11,709 631 12,265 15 CONTINGE LIABILITIES In certain CircumCeS, 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 fmancial statements. 13-
THE NOTES llCH FOLLOW DO NOT FORM PART OF THESE ACCOUNTS AND MAY BE REMOVED BY THE COMMITTEE BEFORE THE ACCOUNTS ARE ISSUED TO OTHER PARTtES.
DOWN cOm[uTy ARTS Income and Expenditure Account For the Year Ended 31$¢ March 2025 YCOME 2025 2024 Arts Council of Northern Ireland: - Core Grant . Programme Costs 33.450 33,450 51,588 60,048 Newry, Mourne & DO District Council Creative Village Keep NI Beautiful Department of Justice NI Ticket Sales Workshop Fee 53,320 100 1.828 3,100 2,167 200 112,303 43280 I03,328 Direct Cost of Activities 42,849 36,522 Administration Expenses OPERATING (DEFicrr) (2,443) (6,973) Interest Received & Similar Income (Deficit) on Ordinary Activities for the year.
DOWN COMMUNITY ARTS ANAYLSIS OF EXPENSES YEAR ENDED 31ST MARCH 2025 2025 2024 DIREC[ COSTS: Facilitators, & Artists, Fees Materials Venue & Facility Hire Ticket RefidS Grants Repaid Leader Support Fee 54.763 9.017 4,819 30 405 420 55,620 8.952 2,234 ADMINISTRATION EXPENSES: Salaries & Employer's NIC Pensions Motor & Travel Advertising & Publicity Computer Costs Telephone Professional Fees Audit and Accountancy Bank Interest & Charges Insurance Heat & Light Rent Artisan Market Training Catering Depreciation 31,757 1.859 31,612 1,859 273 754 293 922 415 1,052 875 1,988 216 1.840 2,014 221 1,964 3,762 loo 2,800 250 150 120 263 180 204