Chprity fegistJatloft numb•r MIC104762 Company re91str4tion Thurnber N1033384 (Northem Ireland) MOVING ON MUSIC LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 *ADFTV509* 1411112024 COMPANIES HOUSE A13 K28 MOVING ON MUSIC LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trnstees M Sharm M johnston C Norwood G McGonigle A INine J O'Reilly R Campbell-Palmef - Appointed on 19th M•y 2023 SecreL•ry M Johnston Chavlty number NIC104762 Comp•ny numb•r N1033384 Q9i51er•d offlce The MAC 10 Exchange Street West St Annes Square Bellast Co. Antrim Northern lier￿d 8T1 2NJ lftdep*nd•nt •x•mln•r A48 Group Accountants Umited 1 - 3 Arthur Street Bellast Co. Antrim Northern Irel￿d BT14GA B•nk•rs Danske Bank Done9all Square West &elfJst Co. Antrim Northern Ird•nd STI 6JS MOVING ON MUSIC LIMITED CONTENTS Trustees report Independent examinefs report Ststement Of financial •¢tivities io 8alJnc• 5he•t 11 Notes to the financial statements 12-21 MOVING ON MUSIC LIMITED TRUSTEES REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The tnjstees (who are also known as the dlrectors of the company) Pfe5ent their report ond financial ststements foi the year ended 31 March 2024. The trustees hwe. adopted the pfovisions of Accounting and Reportin9 by Charities.. Statement of Recommended Practicè applicable to charities piepartng their a￿O￿ntS in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20191 PUBUC BENEFIT STATEMENT The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial stotements and comply with the charity's 1goveTning documenll. the Companie5 Art 2006 •nd 'Accounting and Reporting by Chjrities.. Statement of ftecommended Practice applicable to charities preparing their accounts in accordance ￿th the Financial Reportin9 Stsndard applicable in the UK and Republic of Ireland IFRS 1021" {effectivÈ l January 20191. obje￿1¥•$ Ind •ctlvliles The charity's objecls are the Pfornolion, improvement. development and maintenance of public education in and appreciation of the art and science of music in all its forms. Charltsbl• ObJ•rt The advancement of the arts. cultu￿. heritage or science. Pltbllc 8•n•fii The di￿rt benefit to the public which ftows Irom promoting music and advancir4g education in the arts 15 to irnprove the quality of life of the public. pfactitioner5 and participants by. making qua15ty music perforrnances and education projects avablable to the public leading to Increased public awareness and satlsfaction.. providing services in support of, and commisslonlng the WO￿ of local musicians, composen and educ*ors allowing them lo continue to develop their skills by workin9S together to produce msjsic for the public enjoyment,. and givin9 more people the opportunlty to participate by removing barriers to attendanct at such perfofmances for example by producing more locjl events and under represented artists. B•nefi¢i•ri•* people living in Northem Ireland and beyond. MOVING ON MUSIC LIMITED TRUSTEES REPORT ONCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objecti¥e& Activitie& Athievements and Perfofmwice Estsblished in 1995. Moving On Musit is continuing into its 29th Y￿1. preparing to celebrate in ￿ years in 2025. and continues to be a highly effectwe and respected company. MOM is the leading promoter of ja¥ tolk foots, traditional. classical and 'otherf music auoss Nl i.e. music that is non-commercial and needs supporL both financially and strurturalty. to exist. MOM delivers an nnuèl programme of artivity which Includes special one-off concerts In 8elfJsl. coordinating Jnd promotlng tours across Ireland. and delivering Belfast's only jazz le5tival. Brilliant Corner5. MOM implements education and outreaeaf in question in accordance with sertion 476. These financial statements have been prepared In accordance wlth the provisions applicable to comwnies subject to the small companieg regime. The financial statements were approved by the trustees on £4.l.Lol..¢ oip M Johnston Trustee J O'Reilly Trn￿e¢ Company registration number N1033384 (Northem Ireland) 11 MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR fHE YE4R ENDED 31 MARCH 2024 Ac¢•untlng poll¢i•s Chafity inforniation Moving On Music Limited is a Pfivate company limited ty guarantee inCo￿orated in Northern Ireland. The re9lStered office is The MAC, 10 Exchange Street WesL St Annes Sguare, 8elfa5t, Co. Antrim. BTI 2W. Northern Ireland. 1.1 A¢countlng ¢onventlon The accounts have been prepared in accordance with the Companies Act 21)06 and -Accounting and Reporting by Charitie5'. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordanc* with the Financial Aeporting Standard applicable in the UK and Republic of Ireland {FRS 1021" la5 amended for accounting periods commencing from l January 20191. The charity is Public 8enefit Entity as defined by FRS 102. The charity has taken advantsge ol the provisions in the SORP for charities appr￿n9 FRS 102 Update 8ulletin I not to prepare a Siattment of Cosh Flows. The financial 5tstements are prepared in 5terlin9, which is the lunctional cumncy of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financlal statements have been prepared under the historical cost convention. The principal •ccountlng policie5 adopted are set out below. 1.2 Going concern At the time of approving the financial stètements. the trustees have a reasonable expectation that the charity has adequate resources to Continue in operational existence for the foreseeable fvture. Thus the trustees contrnue to adopt the going concern basi5 of accounting in preparin9 the fin8nual statements. 1.3 Charlta61e tunds Unrestricted funds are available lor use at the diSc￿tion of the trustees in lurtherance of their charitable objectives. Restritted funds are subject to specific conditions by donors or grantor5 IS to how they may be used. The purposes and uses of the restricted funds are set out in ihe notes to the financial statements. Endowment fvnds are subject tt> spècific conditions by donor5 that the capital must be rnaintained by the charity. 1.4 Income Income is recDgnised when the tharity is legally entitled to it after any performance Conditions h￿e been meL the amounts can be measured ￿lIablY, and it is probable that income will be ￿ceived Cash donations are recognised on feC•iPi. Other donations ore recogni5ed once the thafity has been notified ol the donation. unless performance conditions ￿qU$re deferral of the amounL Incorne lax fecoverable in relation to donation5 received under Gift Aid or deeds of covenant Is recognised at the time of the donation. 12- MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 37 MARCH 2024 Accounting poli¢i¢s Icontlhued) Legacies are recognised on receipt or otherwise rf the charity has been notified of an impendin9 distribution,. the amount is known. and ieceipt is experted. If the amount is not knowTh the legacy is treated as a contingent asset 1.5 Expenditure Expenditure is recognised once there is 4 legal or constrncti¥e obligation to transfer economic benefit to third party. il is probable that • transfer of economic benelits wlll be required in se￿¢men( the •mount of the obligation can be measured Teliably. Expendilufe is classified by actNity. The costs of each activity are mode up of the total of direct costs and shafed costs, including support costs involved in undertaking each activity. Direct COSts attributatde to single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned b•fv4een thos• Jrtivities on a basis consistent with the use of resources. Cential staff cost5 are allocated on the basis of time spent, and depreciation charges are allocated on the portion ol the asset's Use. Expendituie is iecognised once there is a legal Of constwrtive obligation to mJke a payment to a third paty, it is probable that settlement will be requir•d and the amount of the obligation can be measured reliably. 1.6 Taftglble fixed assets Tangible fixed assets are initially m141sured at cost •nd subsequently me4surtd It cost or valuation, net of depr•ciatlon and any Impairnent losses. Depreciation is recognised so as to write off the cost or valuation of a￿ets less their residual values over their useful lives on the following bases: Fi*(Ltres and fittings Equipment Motor vehides 33% stialght line 33% straight line 33% straight line The gain or loss arising on the disposal of an asset is detemined as the differen¢e between the sale proteeds and the carrying value of the asset, and is reco9nised in the ststemenl of financial activrties. 1.7 lrnpaimiènt of fixed assets At each reporting end date, the charity revtews the carrying amounts of its tangible assets to determine whether there ¢5 any indicats'on ihat those assels have suffered an impairment loss. It any such indication exists, the rect)¥èrable amount ol the asset is estimatÈd in ordèr to determine the extent of thi impairment loss lif any). 1.8 Cash and ￿$h equlvalents Cash and cash equivalents include cash in hand, deposits held at call with bank5, Other short-leim liquid investments with original maturities ol thr•e months or less, and bank overdrafts. Bank overdiafts 4ye shown within borrowings in current liabilities. 13. MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢ies (Continued) 1.9 Fln•ndal Instruments The charity has elected to apply the provisions of Sertion l 1 '8agc Financial Instrumentl and Sertion 12 'Other Financial Instnjments 155ues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet whÈn the charity becomes paty to the contractual provisions of the instrument Financbal assets and liabilities are offseL with the net amounts presented In the financial staternents. when there is a legalty enforceable right to Set off the reco9nised amounts and there is an intention to settle on a rhet basis or to realise the asset and settle the liability simuhaneously. O•sl< ffjnanualaswts Basic financial assets which includo debtors and cash •nd bank baljnces, are initially measured at transaction price including iransaction costs and are subsequenrly carried at amortis•d cost using the effective interest method unless the arrangement constitute5 a financing transartiorn Whe￿ the transaction is measured at the p￿sent value of the future receipts discounted at a fflark￿ rate of interest. Financial assets classified as receivable within one year are not amortised. •ask fin•ndalllablllrfes 8asic financial liabilities, including creditor5 and bank loans are initially recognised at transaction pric• unless the afrangement constitutes J financin9 transaction. where the debi instwment is measured at the present value of the future payments discounted at a rna￿et rdte of interest Financial liabilities classified as payable within one year are not amorti5ed. Debt instnJments are subsequently carried at amortised ¢0¢ using ihe effettbve interest rate method. Trade creditors are obligalions to pay for goods or services that have been acqulred in the ordinary caurse of operatlons from suppliers. Amounts payable are cla55ified as current liabilities if payment ts due within one year or less. If noL they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amorti5ed Cost using the effective interest method. D•rncognlrfon olfln•ne/•lThabllrf&s Financial liabilitie5 a￿ derecognised when the charity'5 contractual obligalions expire or are dlscharyed or cancelled. 1.10 Employee benef rhe cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. remiination benefits are recognised immediatety as an expense when the charity is demonstrab committed to terminate the employment of an employee or to provide termination benefits. -14- MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Cthic•l •