BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMEI NTS FOR THE YEAR ENDED 31ST MARCH 2024 CHARITY REGISTRATION NUMBER NIC 104823 O'HARA SHEARER CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS 547 FALLS ROAD BELFAST BTII 9AB
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTENTS Page Meinbers and Professional Advisoi's Ti'ustees Annual Repoit (inclLiding tlie Statement of Triistees Responsibilities in respect of financial statements) Report of tlie Independent ALiditor to the Ti'ustees, Accounting Policies Statement of Financial Activities (incoi'poi'ating tlie income and expenditui'e account) 10 Balance Sheet Statement of Cash Flows 12 Notes to the Financial Statements 13-18
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 OFFICERS AND OTHER INFORMATION Trustees Ray Morgan Christine Dowling lan Biii'i'ows Biendan Morgan Andy McGregor Secretary Goi'etti O'connor Charity Commission Northern Ireland NIC104823 Principal address 173 University Street Belfast Co Antrim BT7 IHR Statutory Auditors O'Hara She.er Chartered Accountants and Statutory Aiiditors 547 Falls Road Belfast, BTI19AB Banlcers Banlc of Ireland 202 Andersonstown Road Belfast Co Antrim BTI19EB Page I
TRI'Si'f.ES. I,-011-I'IIL I'E,IR LNDED 31bT Ill..IIICII 21124 I'riJ5tCL%' .4niJuiil RL'lJOrt Reioinffieiided PnLIILe Jiid FRS 10? I'ru¥tef¥ TIIL IruslLes ii,IIo bervea diiiiiig lh¢ P¢Tiud arL l¢in Lliim)i&% BrLiidaii Nli)QT¢in iidv lLGrlJ>or GDILitti O'coiinor Sirurlurt. Goi'L'I'lli)uce L IliinAgenient April ?Ul 6 '1'1iL Lliarity, iiuinbL'f 1s NIC1048?3. Tr4?dfLsI L?iid BLIILlSI Tmdf¢*i SLiinin¢r Siliool. lind a W1111Lr WLek'eiid 1¢slival over 3 d41I'5 eaLlI FbIarV l)[Ise(l in B¢ifa51 iits. C() Anliim BT7 IHR Ohjcctll'CS 41nd ActLvIIIL To ei)h¢?ncL Jnd d•'¢lup Ilie sk'ills, ialLnls and creative ability. ofpartiLipaiils Tll the Iradiiioiiiil JMS. Iliri)ugli th¢ piovi5ioiI or oiir PrOglKIne of lL[1VIll To provide acc8 lor en¥J¥ein¢iil in Iilldilional mkisiL ii'iiliin Bknifasi ivliere sii¢li oppurtiinilits lack'ing tind in a iva). Ilint I711 inir¢415L LILiessibiliry ia Ilie 8(Lially di%adv14 ntu¥ed. Acliieved IliroLigli bursary S)nIn[SI1]p5. ediiii4 lioii prograinmes aiid fre4leasil>'; Tli¢ LliariThi acliiLved J iiet inL1)i¢ 511tplus of £57.057 IrDin a total iliLome ol'£ii1.496. of I7.,%?81. Tli¢ prinLipal Itinding soiiries i%'err graiils froin Ilie ACNI. and BCC alon¥ iviili s¢11'.generaled iliLomL Ir0111 B()% Page I
BELFAST SllI)IIllER SCFIOOL OF TRADITIOIIAL IIIUSIC 4NCIAL.ST.4T, Iljl FOR THE YEAR IYDED 31.%T IARCH 2024 Ti'ustLbes' Aiinu411 Rei)oi't Ti'ustees, Responsibilities Statenient Tlie Ii'iistees ic I'e responsible for pi'ep421'in¢i Ilie Ti'iistL'e's Aiiiiiicll Repoit and tliL fiii<lllLi42I sli< leiiienls iii c ccoI'dai)ce iviili applic<1ble law aiid Uiiited tKiiiiJdoiii AeLOlllltiiiLy Si<iiid1< I'ds {Uiiilecl Kiii(Jdoi?) Geiierally Accepted AcLOlllltiiib Pi'acticel Tlie law ai)plicable to cli<ll'ilies iii Ni oi'iliei'ii Ii'eland I'equii'es Ilie Ii'LlStees lo prei)ai'e fiiiaiicii£ I stateiiieiils t"oi' eacli liii¢111Cliil ye<ll' wl)iLI] tFive 1( Iriie aiid 11( ii. vieiv of tlie stlc te of <11fl¢ irs ol"Ilie Llicirity cind of tlie inLoini112 I'esoui'ces £iiid ai)plic%l1ioii ol"I'esources of tl)e cliill'ity foi- tl)at period. It) pi'ep£ll'll)lTr tliese fiiiaiiciill sllL tetneiils, tlie triislees cll'e i-equii'ed to.. select siiilable <lCLOllI)ling polices aiid then apply Il)eiii consisteiiily. observe Ilie nietliods 1£ nd principles iii Ilie Cli<?rities SOR P ?0151 FRS I O?): niake jiidiyement5 2L nd estii)iales 1111£ l (Il'e rec?soI)able and i?riideiil; stc1te ¥vhetl)er applicable 1lCCOLinlingF Stand1L I'ds have beeii followed, subjeLI to lÉ 1)y nlaterial depai'tLlI'es disclosed ai)d explaiiie(l ii) Il)e fiiiaiicial slalenieiils; pi'ep1< ie tlie fiiiai?cial slalenienls on tlie goiii<F COIiLei'ii basis iiiiless it is iiiappropi'iale lo pi'esunie Iliat Ilie cl)ai'ity will coiilinue in oper<ilion. ThL Iriistees (ire responsiblL tor kLepiiig pi'oper ac¢oiiiiliiibi reLords Iliat disclose with I'edSOll<ible acciira¢y ¢ t Éllly liiiie tl)e finaiiLil& I p05itiun of the c111< rity 1( lid eii&1ble Ilieiii lo ensiii'e tl)al Ilie financial st<lteinents coniply willi Ilie C111( l'ilies Act (Noi'tliei'n Ireldncl) 2008. tlie Cl)arilies IALcoiints aiid Reports) RegyLilalioiis (Noi'tliLI-ii IrelLliidl ?0151 1¢ 1)d Ilie i)rovisioiis o f Ilie Iriist deed. Tl)ey 1¢ re alsu I'espoiisible tor S<ifLLYLlal'diiiL' Ilie assets ot Ilie Lliai'ity Kiiid lieiile toi. 1<1kiii<? reasoiiable slLI)s for Ilie pi'evenlioii ai)d deteclioii ot fraud By Oi'dei. of tlie Bo?I'd Bi-end.qn l01'gan Ti'ubtee Date: 4th Janiithry 2O2i Page ?
BELFAST SUMTrIER SCHOOL OF TRADITIONAL MUSIC FINANCIAL sTATEIENTs FOR THE YEAR ENDED 31ST MARCH 2024 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS, Opinion We have audited the financial statements of Belfast Summei. School of Traditional Music (the 'chai'ity') foi. the year ended 31 March 2024 which cornpi'ise the Stateinent of Financial Activities. the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a suinmary of significant accounting policies. The financial I'epoiting frarnewoi'k that has been applied in their prepai-ation is applicable law and United Kingdom Accounting Standards, including Financial Repoiting Standai'd 102 Thef117ancial Repoi't117g Siandal'd applicable in ihe UK Repiiblic of Ii'eland (United Kingdom Genei'ally Accepted Accounting Practice). In oui. opinion, the financial statements: give a true and fail. view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resoui'ces, including its income and expenditure for the year then ended; have been propei'ly prepared in accoi'dance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standai'd applicable in the UK and Republic of li'eland (FRS 102). have been prepai'ed in accoi'dance with the requii'emenls of the Companies Act 2006. Basi5 for opinion We conducted our audit in accordance with Intei'national Standards on Auditing (UK) (ISAS (UK)) and applicable law. Oui. responsibilities undei. those standards are further described in the Auditor's responsibilitie5 foi. the audit of the accounts section of our i'epoit. We are independent of the charity in accoi'dance with the ethical iEquiitments that aiE relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our othei. ethical i'esponsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to pi'ovide a basis for oui. opinion. Conclusions relating to going Concern We have nothing to i'eport in respect of the following mattel's in relation to which the ISAS (UK) requii'e us to report to you where: the tl'UStees' use of the going concern basis of accounting in the preparation of the financial statements is not appi'opriate. or the trustees have not disclosed in the financial statements any identified matei'ial unceitainties that May cast significant doubt about the charity's ability to continue to adopt the going concei'n basis of accounting for a period of at least twelve months fi'om the date when the financial statements are authorised for issue. Other information The othei. infoi'mation comprises the infoiThation included in the annual report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible foi. the othei. infonnation. Oui. opinion on the financial statements does not cover the other infoi'mation and, except to the extent otherwise explicitly stated in oui. report, we do not express any form of assui'ance conclusion thereon. In connection with oui. audit of the financial statements, our responsibility is to l'ead the othei. infoi'mation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit oi. othei'wise appears to be materially misstated. If w¢ identify such matei'ial inconsistencies or apparent material misstatements, we are required to determine whethei. thei'e is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the woi'k we have perfomied, we conclude that there is a rnatei'ial misstatement of this other information, we are required to repoit that fact. We have nothing to report in this regai'd. Page 4
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMII NTS FOR THE YEAR ENDED 31ST MARCH 2024 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS, Matters on ivhich Ive are required to report by exception In the light of the knowled. (re and understandin(F of the Trustees and its environinent obtained in the course of the audit, we have not identified material Inisstalements in the Trustees, Repoit. We have nothing to repoit in respect of the following matters in relation to which the Companie5 Act 2006 requires us to report to you if, in oui. opinioii: sufficient a¢¢ounling records have not been kept. or the fiiiancial stateinents al'e not in a(Freeinent with the accounting i'ecords. oi. ceitain disclosui'es of li'ustees, reinunei'alion specified by law are not Inade; or we have not received all tlie infomiatioii and explanations we require for our audit. Responsibilities of trustees As eyplained mol'e fully in the Stateinent of Trustees, Responsibilities, the trustees. who al'e also the directors of the chai'ity foi. the puipose of coinpany law, are responsible foi. the preparation of the financial stateiT]ents and for being satisfied that they give a true and fair view, and for such intei'nal control as the dii'ectors detennine is necessary to enable the preparation of financial stateinents that al'e free fi'om inaterial Inisslateinent, whether due lo fraud or error. In prepai'ing the Iinancial stateinents, the ti'ustees al'e responsible for assessing the charity's ability to continue as a going concei'n, disc105in(T as applicable, matters related to goino concein and using the going conceiTr basis of accounting unless the trustees eitlier intend lo liquidate the coinpany oi. to cease opei'ations, oi. liave no realistic alternative but to do so. Auditor's responsibilities for the audit of the finallcial statements Our objectives al'e to obtain reasonable assui'ance about whether the financial slatements as a whole are free froin Inalerial Inisstateinent, whetlier due to fraud or errol., and to issiie an auditor's i'eport Iliat includes oui. opinion. Reasonable a55uI-ance is a high level of assui'ance, bul is not a guarantee that an audit conducted in accordance with ISA5 (UK) will always detect a material misstatement when it exists. Misstateinents can arise from fi'aiid or error and are considered Inaterial if, individually or in the aiyoi'egate, they could reasonably be expected to influence the econoinic decisions of users taken on the basis of these financial statements. Irregularities, including fi'aud. are instances of non-coinpliance witli laws and regulations. We desion procedures in line witli oui. responsibilities, outlined above, to detect Inatei'ial Inisstateinents in respect of ii-l'egulai'ilies, including fraud. The extent to wliich our pi'ocedures al'e capable of detecting irregularities, including fraud, is detailed below. Explanation as to Ivhat extent the audit Ivas considered capable of detecting irregularities, including fraud The objectives of our audit in respect of fraud, are to identify and assess the risks of Inaterial inisstatement of the financial statements due lo fraud,. to obtain siifficient appi'opriate audit evidence i'egarding the assessed risks of material misstateinent due to fraud, through designing and iinpleinenting appi'opi'iate I'esponses to those assessed risks; and to respond appi'opi'iately to instances of fi'aud or suspected fi'aud identified during the audit. However, the priinory responsibility for the prevention and dete¢lion offraud rests with both manageinent and those chai'ged with governance of the Charity. Oui. appi'oach was as follows: We obtained an understanding of the legal and regulatoiy requirements applicable to the chai'ity and considei'ed that the most siunificant are the Coinpanies Act 2006 and the Financial Repoiting Standard applicable in the UK and Republic of li'eland (FRS 102) (effective l Januaiy 2015) - (Charities SORP {FRS 102). Enquiry of nianageinent, those chai'ged with governance and the entity's solicitors around actual and potential litigation and ¢laiins. Enquiry of entity staff in compliance fvnctions to identify any instances of any non-compliance with laws and regulations. Reviewing financial stateinent disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Page 5
BELFAST sui1[ER SCHOOL OF TRIKDITIONAL IWIUSIC FINANCIAL STATEI¥IENTS FOR THE YEAR CI NDED 31ST lARCH 2024 REPORT OF THE INDEPENDENT AUDITOR TO THE IV[ElBERS, Auditing th¢ I'isk of manageinent oveii'ide ol contro15. including thi'ough le5ting journal enti'ies and othei. adjustments lor appioprialene55, and evaluating the business I'ationale of signilicanl transactionb Outside tl)e nonnal ¢ourse of business. As pail of an audit in acLOI'dance iviih ISAS (UK) Ive e.xei'cise professional judgement and maintain piDfessional scepticism thi'oughout the audit. We also.. Idenlily and assess tlie I'isks of material misslaleinent of the financial statements. Ivheihei. due to fraud or erioi.. design and pertoi'm audit p1CedU1.cs responsive to tlios¢ I'isks, and obtain audit evidence that is sufficient and appropi'iale to provide a basis foi. our opinion. Thc risk of not detecting a matei'ial misstatcmenl I'esulting from fraud is highei. than foi. one I'esulting froin errol., a5 li'aud niay involve collusion, foigeiy, intentional otnissions. misi'epi'esenlalions. oi. the ovei'ride ot inlei'nal control. Obtain an undei'slanding of internal control I'elevanl to the audit in ordei. to design audit PlOLedui'es that arc appropi'iate in Ilie uircumstances. bul not foi. the purposes of expressing an opinion on the effcctiveness of the company's intei'nal conti'ol. Evaluate the appropi'ialencss of ac¢ounling policies used and the reasonablen¢ss of accounting estimates and related disLlosui'es made by the dii'e¢lors. ConcludL on the appiY)pi'iateness uftlie dii'eclors, use of'the going concern basi5 Ot accounting ai)d: based on th¢ audit evidence obtained. Ivheihei. a tnatei'ial unceitainty e.iisls I'elated to events or conditions th<lt mav cast signiticant doubt oil the chai'ily's ability to continue as a going concern. If ive conclude that a matei'ial uncertainty exists, we are Irquiird to di'aiv attention in oui. audilovs I'eport lo the I'elated disclosures in Ihc financial statements or, i I sucli disclosui'e5 al'e ii)adequate, to modily our opinion. Our conclusions ai'c based on Il)c audit evidence obtained up to oui. auditoi's repoit. Floivevei.. lului'e events or Conditions may cause the Chai'ity to cease lo continue as a going concei'n. Evaluate the overall presentation. sti'uclure and conlenl of the tinancial slatemenls, including the disclosures, and Ivheth¢i' the tinancial slaleincnts I'epresenl Ihc underlying Ii'ansactions and events in a Inannei. that achieves fail. pi'esenlalion. A fuithei. des¢i'iplion of our Irsponsibilities foi. the audit of the financial slaletncnts is located on the Financial Repoi'ling Council's ivebsile at.. http.'/liviviv.frc.org.uklaudilorsi'csponsibilities. This description toi'ms pait of our auditovs I'epoi'l. We communicate ivith Ihosc charged ivith govei'nan¢e regai'ding, among other matters, ilie planned scope and liining ot the audit and signiticant findings, including any signiticanl defi¢iencies in inlci'nal control that ive idenlit"y during our audit. Use of our report This repoit is tnade solely to tlie charitable con)pan) s membeis. as a body, in a¢¢ordance ivitl) Chaptei- 3 of Part 16 of th¢ Companies Act 2006 and regulations made undei. that Act. Oui. audit ivork Ii<iS been undertaken so that ive might State to the chai'itable cotnpany's membeis those matlci's ive al'e I'equii'ed to stale lo Il)etn in an auditois, repoit and for no other pui'pose. To the fullest extent permitted by law, Ive do not accept oi. assuine I'esponsibility to anyone othei. than the chai'ilable company and its membeis as a body, foi. our audit iyork, foi. this I'eport, oi. for the opinions ive have foi'med. LAWRENCE SHEARER F.C.A., Senior St4ltutory Auditor FOR AND ON BEHALfi OF O'HARA SHEARER, Statutory Auditor O'HARA SHEARER CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS 547 Falls Road Belfast BTII 9AB Dated: 4th Januaiy 2025 Page 6
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF ACCOUNTING POLICIES Accounting Convention and Basis of Accounting The financial statements have been prepared undei. the historical cost convention. The financial statements have been prepai'ed in accoi'dance with Accounting and Reporting by Charities.. Statement of Recommended Pi'actice applicable to cliarities preparing their accounts in accordance with the Financial Reporting Standai'd whicli applies in the UK and Republic of Ireland (FRS 102) (effective l January 2015) (Charities SORP (FRS 102)), the Financial Reportin. (F Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Going Concern At the time of appi'oving the financial statements, the trustees, have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees, continue to adopt the going concern basis of accounting in preparing the financial statements. Income Recognition Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Interest Receivable Intei'est on funds held is included when receivable and the amount can be measured reliably; this is normally upon notification of the intei'est paid oi. payable by the Bank. Resources Expended All expenditure is accounted for on an accruals basis and is classified undei. headings that aggregate all costs related to the categoi'y. Fundi'aising costs include the costs of advertising, producing publications, printing and mailing fundraising material, and staff costs in these ai'eas. Costs of charitable activities include direct expenditure incurred through operational activities. Governance costs represent the costs associated with the governance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated witli fundraising or charitable activity. Fixed Assets All tangible fixed assets are recorded at cost. Page 7
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMEI NT OF ACCOUNTING POLICIES Conliniiecl Depreciation Depi'eciation is calciilated to write off tlie cost of fixed assets over theii. estimated useful lives at tlie following rates.. Computer Equipinent 200/0 residual value Repairs and Reneivals All repaii's and renewals are written off as incurred Pension Costs Tlie chai'ity does currently operate a pension scheine. Debtors and Prepayments Ti'ade debtors and other debtors are i'ecognised at tlie settlement amount dLie after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors and Provisions Ci'editors and provisions al'e recognised where the chai'ity has a present obligation resiilting from a past event that will probably result in tlie transfer of funds to a third paity and tlie amount due to settle tlie obligation can be ineasLlI'ed oi. estimated reliably. Ci'editoi's and pi'ovisions are normally recognised at tlieir settlement ainount after allowing foi. any trade discounts due. Financial Instruments The Charity only has financial assets and financial liabil ities of a kind tliat qLialify as basic financial instruments. Basic financial instruments al'e initially recognised at ti'ansaction value and subsequently measLired at theii. settlement value witli the exception of bank loans which are subsequently measui'ed at amortised cost using the effective interest method. Foreign Currencies Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance slieet date. Transactions in foi'eign cui'rencies al'e translated into stei'ling at the rate of exchange ruling at tlie date of the transaction, Exchange differences are taken into account in arriving at the net movement in funds. Page 8
BLI LFAST SUMTrIER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF ACCOUNTING POLICILI S Coiiliiiiiecl Fund Accounting Uni'estricted fLiiids are general fiinds tliat al'e available foi. use at tlie Trustees, discretioii in fuitlierance of tlie objectives of the chai'ity. Desigiiated funds are unresti'icted funds set aside by tlie ti'ustees out of iinrestricted fLinds for specific fLItLlI'e purposes. Restricted fiinds are tliose given for use in a partiCLilar aiEa oi. for specific purposes, tlie use of wliich is restricted lo tliat area or purpose. The income received froin flinders depends on the charity rneeting detailed ci'itei'ia on expenses plans. Grants given under such conditions aiE also given subject to tlieill being obtained for in connectioii witli tlie fLlrthei'ance of the charity's aiins and objectives. SLich incoine can be repayable to the fLindei' if such expenses plans and criteria are not met. Such income is only defei'red wheii the donoi. specifies tliat tlie gi'antldonatioii miist only be used in futui'e accounting periods. or tlie donoi. has iinposed conditions whicli mLlSt be met before the cl)arity lias unconditioiial eiititlement. Incoine fi'orn cliai'itable activities includes income i'eceived Liiidei. contract or whei'e eiititlement to grant fLinding is subject to specific pei'formance conditions is recogiiised as eai'ned as tlie related goods/services al'e provided. Gi'ant income included in tliis category pi'ovides fLinding to siippoit peifoi'mance activities and is itcognised where there is entitlement, ceitainty of receipt and the amount can be measured witli sufficient reliability. Income is deferred wheii.. fees/perfoi'mance related grants are received in advance of tlie performaiice/event to which they relate. Reserves Policy Uiii'estricted fiinds are needed to provide funds which cali be applied to specific projects to enable these pi'ojects to be undertaken at short iiotice and to covei. the rLinning costs of tlie Cliarity for a liinited period, slioLild tliere be a significant shortfall in pi'ojected income. Page 9
BELf4AST SEINlIl.IF.R SCHOOL or TRADITIONI AL II.IllSIC STATEIllEINT OF FINAIN Cl,IL,Kc'riTr'iTIES tli¢ inefjmL 'ind t FOR TFIE I'EAR ENI DCD 31ST IIIAIICH 2024 incoi. eNditui'¢ aceTrunt Uni'estrieted Re511'icted Endoivnment TOTAL Fund5 Funds 2024 TOTAL 2023 INCOlwlE AND EIYDOIVNI ITrlEIYTS FRO[.. DonatlOll5 and legacies Incoine from investn)ents Incon)¢ froin cliarilable activilies Income from otlier trading activities 73,895 382.708 94.893 168,788 382.708 132,757 151.747 TOTAL INCOINIE AND EINDOIVNNIENTS 456,603 )4,893 551,496 284,S04 E,XPENDITURE ON: Expenditur¢ on raising funds ExpenditLire on cliai'ilable 2etivitie5 Otlier expcnditure Net gainsl{lossesl on investments 399,452 94,893 494,345 261,901 TOTAL RESOURCES E,XPEINDCI D 399,452 94,893 494,345 261,901 NET INCONlfil{EIPENDITUREI 57,151 57,151 22,603 Transfers betiveen funds NET [ovEN[lNT IN f4[INDS 57,151 57,151 22,603 RCCOIYCILIATION OF fLINDS TOTAL FIINDS BROUGHT fioRIVARD 30.431 30.431 7.828 TOTAL FUNDS CARRIED FORIVARD 87,582 87,582 30,431 The St£ltemenl of Finuneial Activities ineludes llll losses in the yellr and thei'efoi'e Stlltement of Tutal Recognised Gains nnd Losses hkis not been pi'epared All of the above imounls irlate to continuing activitits The nt¢ompAnylng #t¢•UtIng policits Ilie no1¢5 form ijart of these firt#n¢iBI 5tHtemenls Pag¢ 10
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC BALANCE SHEET AS AT 31ST MARCH 2024 2024 2023 NOTES FIXED ASSETS Tangible assets 10 CURRENT ASSETS Debtors and prepayments Casli at bank Cash on deposit Cash in liand 89,197 31,003 53 64 89,250 31,067 Creditors: amounts falling due within one year 12 (1,668) (636) NET CURRENT ASSETS/(LIABILITIES) 87,582 30,431 TOTAL ASSETS LESS CURRENT ASSETSI{ LIABILITIES ) 87,582 30,431 Creditors: amounts falling due after more than one year 13 NET ASSETS/(LIABILITIES) 87,582 30,431 FUNDS: ENDOWNMENT FUNDS UNRESTRICTED INCOME FUNDS 14115 87,582 30,431 RESTRICTED INCOME FUNDS 14/16 87,582 30,431 These financial statements were appi'oved by the Ti'ustees on 4th January 2025 and are signed on their behalf by: fi BRENDAN MORGAN TRUSTEE DATE 4tli Januaiy 2025 The aecompAnying accounting polieies thnd notes form part of these financial statements Page 11
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC STATEMENT OF CASH FLOWS FOR THE YEAR NDED 31ST MARCH 2024 2024 2023 NOTES CASHFLOWS FROM OPERATING ACTIVITIES Cash generated from operations 16 58,183 22,603 Net cash inflowl(outflow) fi'om opei'ating activities 58,183 22,603 Investing activities Investinent income Pui'chase of tangible fixed assets Acquisition of investments Disposal of investments Disposal of tangible fixed assets io Net cash from investing activities Increasel(decrease) in cash 2nd cash equivalents in the year 58,183 22,603 Cash and cash equivalents at the beginning of the year 31,067 8,464 Cash and cash equivalents at the end of the year li 89,250 31,067 Relating to: Cash at banli and in hand 11 89,250 31,067 Tlie aeeompanying accounting policies llnd notes form P1¢ rt of these fin1¢ ncial Statements Page 12
BELfAST SllilliNICR SCHOOL OF TRADITIONAIJ Il,IllSIC N()TIS TO'I'HL fiNI ANICIAL STATEI Il.IENI TS "OR I-IIE I'EAII [4 NDED 31SI' fvI,KRCH 2024 I. DONATIONI S AIYD LEGACIES Unrestrieted R¢5ti'ieted Funds Fund8 Unrestl'iLted Restricted 2n24 2023 Donations Legacies 2. INI co{E FROttrl Iyi VESTINIENTS Unresti'ieted Re5ti'ieted Funds Fuiiils Unrestrictcd Re5trietcd Funds Funds 2024 2023 In¢onie from UK listed investments Incon)¢ liDm casli 3. INCOINIE FRofwl CHARITABLE ACTIVITIES Unrestrieted R¢5tricted Fund5 Funds Unrestrieted Resti'icted Funds riunds 2(124 2023 Alt5 Council of Nortliern Ireland- National Lottery Fund Belfast City Council - CMAG Belfclst City Council - Arts & Hci'itage Fund Bellast City Council - Titanic Ceili Toiiri511) Noi11iern Ireland Belfast City Council & Toiii'isn) Nl Prodiicl Developn)ent Doniianl Aocount5 Fund Nl Destination CQ Bid Nollh Donoliue Foundation 50,000 20.000 7,600 50,000 20.000 7,600 2,895 50,000 20,000 8,677 50,000 20,000 8,677 2.980 9.000 33,600 2,895 2,980 9,000 33.600 70,000 70,000 17,293 17,293 7,500 1,000 7,500 1,000 1.000 1,000 73.895 94,893 168.788 54.080 78,677 132.757 4. INCOINIE FRO1 I OTHER TRADING ACTIVITIEI S Uni'estrieted Restrieted riunds Unresti'ieted Resti'ieted riunds 2024 2023 Conccrt & Box oific¢ Tickets Event Ticket5 Sponsoiship, Advertising and Fundraising 315.424 315.424 115.108 115,108 67.284 67.284 36.639 36,639 382,708 382.708 151,747 151,747 Page 13
BELFAST SUfvIfvIER SCHOOL OF TRADITIONAL lUS[c NOTES TO THE FINANCIAL STATEfvIENTS FOR THE YEAR ENDED 31ST TrIARCH 2024 5. E.XPlI NDJTURE ON IL41SING FUNDS Unrestricted Restri¢ted Funds Fund5 Unrestricted Restrieted Funds Funds 2024 2023 Promotional and fundraising cosls 6. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Unrestricted Restricted Fund5 Funds 2024 2023 Wages and salaries (Sec Note 81 Social security costs {See Notc 8} Rcpairs and oifice Inaintenance Ai'libl Fees Management Fees Production and Techical Costs IT ai)d production equipment Arlisl costs VolLinteei' costs Marketing clnd Promotional Costs Fui)draisii)g Costs Bo,x Office Costs Printing, postage and stationery Sundry expenses 1,743 48,338 50,081 580 11,904 12,484 150,485 61,478 76,619 2,517 37,666 3,059 35,113 1,859 21,646 357 38.785 189,270 61,478 76,619 5.017 37,666 3,059 37,118 1.859 21,646 357 41,977 41,475 25,124 7,722 16,168 2,900 23,082 1.486 14,675 2,413 42,433 8,636 2,420 84,410 27.544 7,722 21,631 2,900 30.903 1,486 14,675 2,413 2,500 5,463 2,005 7,821 392,542 91,628 484,170 177,602 78,677 2S6,279 Support Costs And Governince costs Ligl)t and hcat Telcplione and inlernel Office rent puyable Insurance Audit fees Subscriptions and licences Loan interest Bank interest and charges 1,680 950 635 1.680 6,359 1.686 1,680 2,537 636 420 1,680 2.537 636 420 5,409 1,051 450 450 349 349 6,910 3,265 10,175 5,622 5.622 TOTAL EXPENDITURE ON CHARITABLE ACTIVITIES 399,4S2 94,893 494,345 183.224 78,677 261,901 Page 14
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC NOTES TO THE FINANCIAL STATEMEI NTS FOR THE YEAR ENDED 31ST MARCH 2024 7. NEI T (OUTGOING)/ INCOfvIING RESOURCES FOR THE YEAR This is stated after charging/{ci'editing) 2024 2023 Audit fees Depi'eciation 1,686 636 8. SALARY COSTS AND EMOLUMENTS 2024 2023 Total staff costs wei'e as follows: Wages and salai'ies - key manageinent pei'sonnel Wages and salai'ies - othei. staff Staff pension costs - key inanagement personnel Staff pension costs Employei. social 5ecui.ity costs - key management pei'sonnel Employer social security costs - othei. staff Einployer social security costs- Employment Allowance 31,000 13,259 2,170 928 1,680 1,044 11,788 68 628 50,081 12,484 The average monthly numbei. of employees during the year was as follows.. 2024 Number 2023 Number No employees had emoluiments in excess of £60,000 {2023.. £Nil) Tl'ustees, remuneration und benefits Thei'e was trustees, remuneration paid totalling £685 relating to payment of fees as musicians and no other benefits for the yeai. ended 3 1st March 2024. (2023: £Nil) Ti'ustees, Expenses Thei'e were no trustees, expenses paid for the yeai. ended 31 st Mai'ch 2024. (2023: £Nil) Page 15
BELFAST SUMIWIER SCHOOL OF TRADITIONAL MUSIC NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4 AR EINDED 31ST MARCH 2024 9. TANGIBLE FIXED ASSETS Compiiter Equipmeiit Total COST As at I st Api'il 2023 Additions Disposals As at 31 st Marcli 2024 DEPRECIATION As at 1st April 2023 Charge for year Eliminated on disposal As at 3 1st Mai'ch 2024 Net book valiie 2024 Net book value 2023 10. RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES FROM OPERATING ACTIVITIES 2024 2023 Operating SiiLylusl(Deficit) for the year Depreciation Movement in debtors Movement in ci'editors (Gain)/Loss on investments (Profit)/Loss on disposal of Fixed Assets Net cash inflowl(outflow) from operating activities 57,151 22,603 1,032 58,183 22,603 Page 16
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEI AR 2024 2023 Debtors Pi'epayments 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Social security costs and othei. taxes Acci'ued expenses 1,668 636 1,668 636 13. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 2024 2023 Other creditors 14. MOVEMENT IN FUNDS Opening Net Movement Balance in Funds 2024 2023 Unrestricted Income Funds General fund 30,431 57,151 87,582 30,431 30,431 57,151 87,582 30,431 Opening Net Movement Balance in Funds 2024 2023 Restricted Income Funds Grants received Page
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC NOTEI S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 IS. UNRESTRICTED INCOMI FUNDS 2024 2023 Balance at I st April 2023 30,431 7,828 Incoming i'esources for the year Resoui'ces expended for the year Ti'ansfei's between funds 456,603 205,827 (399,452) (183,224) Balance at 31 st March 2024 87,582 30,431 16. RESTRICTED INCOME FUNDS 2024 2023 Balance at I st April 2023 Incomino resources for the year Resources e,xpended for the year Transfers between fLinds 94,893 78,677 (94,893) (78,677) Balance at 31 st March 2024 16. LEGAL STATUS Belfast SLimmei' School of Traditional Music is a Cliai'ity registeL'ed with The Chai'ity Commission for Northei'n Ireland Chai'ity Numbei. 104823. Date of Registration 19th April 2016. Page 18