BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FIINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 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 202) CONTENTS Page Members and Professional Advisors Trustees Annual Report (including the Statement of Trustees Responsibilities in respect of financial statements) Report of the Independent Auditor to the Trustees, Accounting Policies Statement of Financial Activities (incorporating the income and expenditure account) 10 Balance Sheet Statement of Cash Flows 12 Notes to the Financial Statements 13-18
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEfvIENTS FOR THE YEAR ENDED 31ST MARCH 2025 OFFICERS AND OTHER INFORMATION Trustees Ray Morgan Christine Dowling lan Burrows Brendan Morgan Andy McGregor Goretti O'connor Secretary Goretti O'connor Charity Commission Northern Ireland NIC104823 Principal address 17) University Street Belfast Co Antrim BT7 IHR Statutory Auditors O'Hara Shearer Chartered Accountants and Statutory Auditors 547 Falls Road Belfast. BTI19AB Bankers Bank of Ireland 202 Andersonstown Road Belfast Co Antrim BTI 19EB Page I
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BELF.IST SI:I.IIIER SCHOOL OF TIiIDITIOI).4L .NII:SIC
FOR THE I'E.4R ENDED
315-r Nl.4RCH ?02>
Trustee5' .Anllual Report
Trustees, Responsibilities Statement
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BELFAST SUMIMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS, Opinion We have audited the financial statements of Belfast Summer School of Traditional Music (the 'charity') for the year ended i I March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements. including a summary of significant accounting w)licies. The financial reporting frainework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Tl7e]inap7cial Reporting Standard applicable in the UK a17d Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the state of the charitable companv's affairs as at i l March 2025 and of its incoming resources and application of resources, including its income and expenditur¢ for the year then ended. have been properly prepared in accordance 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 Standard applicable in the UK and Republic of Ireland {FRS 102); have been prepared in accordance with the requirements olthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for ihe audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements thal are relevant to our audit ofthe accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relalion to which the ISAS (UK) require us to report to you where: the trustee5' use of the going concern b&sis of accounting in the preparation of the financial statements is not appropriate- or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopi the going concern basis of accounting for a period of at least twelve months from the date when the financial staiements are authorised for issue. Other information The other infonnation comprises the inforniation included in the annual reporL other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other inforn)ation and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a material misstatement in the financial statements or a material misstatement of the other infonnation. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Page 4
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 REPORT OF THE IIYDEPENDENT AUDITOR TO THE MEMBERS, Matters on which we are required to report by exception In the lioht of the knowledtse and understandin(p of the Trustees and its environment obtsined in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothinq to report in respect of the following matters in relation to which the Companies Act 2006 requires u5 to report to you if, in our opinion.. sufficieni accouniino records have not been kept- or the financial statements are not in aureeinent with the accounting records; or certain disclosures of trustees, remuneration specified b! law are not made- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained Inore fully in the Statement of Trustees, Responsibilities, the trustees. who are a150 the directors of the charity for the purpose of company law, are responsible for the preparation of the financial stateinents and for being satisfied that Crive a t]e and fair view, and for such intemal control as the directors deterniine is necessary to enable the preparation of financial stateinents that are free from material misstatement. whether due to fraud or error. In preparin(F the financial statements. the trustees are responsible for assessing the charity's ability to continue as a IFoin(F concern, disclosing, as applicable, matters related to going concem and usin(Y the ooinu concern basis of accountino unless the trustees either intend lo liquidate Ihe company or to cease operation5, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurdnce about whether the financial statements as a whole are free froin material misstatement, whether due to fraud or eOr. and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a ouardntee that an audit conducted in accordance with ISA5 (UK) will always detect a material misstatement when it exists. Misstatements can arise froTn fraud or error and are considered material if, individually or in the aooreoate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irreoularities. includina fraud, are instances of non-compliance with laws and reoulations. We desion procedures Tn line with our responsibilities, outlined above, to detect material misstatemenrs in respect of irreoularities, includin fraud. The extent to which our procedures are capable of detectino irregularilies, includints fraud, is detailed below. Explanation as to what extent the audit Ivas considered capable of deteeting irregu12rities, including fraud The objectives of our audit in respect of fraud, are to identify and assess the risks of material misstatement of the financial stateinents due to fraud.. to obtain sutTicient appropriate audit evidence regarding the assessed risks of Inaterial misstateinent due to fraud, through designing and implementing appropriaie responses to those assessed ri5k5- and to respond appropriately lo instances of fraud or suspected fraud identified durino the audit. However, the priinary responsibility for the prevention and detection of fraud rests with both manaoeTnent and those char(Ted with governance of the Charity- Our approach was as follows: We obtained an understandino of the letsal and retsulatory requirements applicable to the charity and Considered that the tn05t sianificant are the Cotnpanies Act ?006 and the Financial Reportino Standard applicable in the UK and Republic of Ireland {FRS I O?) (effective l January ?015) - (Charities SORP (FRS 102). Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims. Enquiry of entity Staff in compliance functions to identify any instances of any non-compliance with laws and re(Julations. Reviewing financial statement disclosures and testino to supporting documentation to assess compliance with applicable laws and regulalions. Page 5
BELFAST SU11¥1ER SCHOOL OF TRADITIONAL MUSIC FINAYI CIAL ST.4TEIIEJTS FOR THE Tr'EAR ENDED 31ST MARCH 2025 REPORT OF THE INDEPENDENT AUDITOR TO THE MEIBERs, Auditing the risk of managemeni override of controls. inLluding through testing joumal entries and other adjustments tor appropriai¢ness. and evaluating the busincss rationale of sionilicant transaciions outside ihe noiinal course ol-business. As part ol'an audit in aLcordan¢¢ with ISAS IUKI Ive excrcise profcssional judgement and mainlain professional scepticism throughout the audir. We also- Identity and assess the risks of material misstaiemeni of ihe financial statements. whether due to fraud or error. dcsign and perlorm audit predureS responsive io those risks. and obtsin audit cvidence that is sufficient and appiopriate to provide a basis for our opinion. The risk of noi dctccting a matcrial misstatement resulting trom Iraud is hieher than tor one resulting l-rom error. as l-13ud may inolv¢ collusion. forgerv. intentional omissions. misrepresentations. or the override of intemal Lonirol. Obtain an undcrslanding ot intemal control relevant io the audit in order io design audit procedures that are appropriate in thc circumstances. but not tor the purrM)ses of expressing an opinion on the cffcctiveness ol'the compan's internal control. Evaluaie the appropriateness of accounting w)licies used and the rvdsonableness of accouniing estimates and relaied disclosures made by Ihc director5. Conclude on the appropriateness of the directors, use of Ihe ooing concern basis of accounting and. based on (he audit evidence obtained. Ivhether a material uncenainiv exisis related to events or conditions that mav cast signiticant doubt on the charits s abilits to coniinue as a going Loncem. If we Conclude that a material uncertaintv exists. we are required to drniv attention in our audiior's report to ihe relaied disclosurcs in the tinancial statements or. if such di5cIosures are inadequate. to modifv our opinion. Our conclusions are based on the audit evidence obtaincd up to our auditor's rewrt. Hoivever. future e&enis or conditions ma% cause the charitv to cease to continue as a going conccrn. Evaluaie the overall presentation. structure and contcnt ofthe financial statements. including the dis¢losurcs. and whether the financial sraiements reprcscnt thc underlving transactions and events in a manner (hai achieves fair presentation. A further description of our responsibilities tor the audit of the financial sthiements is I<ed on ihe Financial RcrK>rting Council's website at.. http.'l/wMv.trc.org.uklauditorsresw)nsibilities. This description fomis pan of our auditorfs reTX>rt. Wc communicate with those chareed wilh eovernance regarding. among oihcr tnatters. the planned scope and timing of the audit and signiticant lindings. includin£ anv signilicani defi¢iencies in internal control that wc identify during our audit. Use of Dur report This report is made soleli io the charitable ¢ompanTr s memlKrs. as a btMJ!'. in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and reeulations made under ihai ALt. Our audit w.ork has bccn undertaken so that we might state to the charitable company's members those matie]3 we are qUIred to statc lo thcJn in an audilors. reFK)rt and for no other purpose. To the tullest extent pemiitted bv law. we do not accepi or assume responsibilitv to anvone other than ihe charitable company and its member5 as a Emxly. for our aLEdit work. for this rep)rL or for thc opinions we have lormed. LAWRENCE SHEARER F.C.A.. Senior Statutory Auditor FOR AND ON BEHALF OF O'HARA SHEARER, Statutory Auditor O'HAIU SHEARER CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS 547 Falls Road B¢ltast BTI 19AB Dated: 2nd Octobcr 2025 Pagc 6
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 STATEMENT OF ACCOUING POLICIES Aecounting Convention and Basis of Accounting The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparin(F their accounts in accordance with the Financial Reportin(F Standard which 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 approvin(F 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 perfonnance conditions attached to the item(s) of income have been meL it is probable that the income will be received and the amount can be measured reliably. Interest Receivable Interest on funds held is included when receivable and the amount can be measured reliably. this is nomially upon notification of the interest paid or payable by the Bank. Resources Expended All expenditure is accounted for on an accruals basis and is classified under headings that aggregate all costs related to the category. Fundraising costs include the costs of advertising, producing publications, printing and mailing fundraising material, and staff costs in these areas. Costs of charitable activities include direct expenditure incurred through operational activities. Governance costs represent the costs associated with the governance arrantsements of the charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. Fixed Assets All tangible fixed assets are recorded at cost.
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 STATEMENT OF ACCOUNTING POLICIES Continued Depreciation Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives at the following rates: Computer Equipment 200/0 residual value Repairs and Renewals All repairs and renewals are written off as incurred Pension Costs The charity does currently operate a pension scheme. Debtors and Prepayments Trade debtors and other debtors are reco(Jnised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. CredRtors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomjally recognised at their settlement amount after allowing for any trade discounts due. Financial Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured 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 sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds. Page 8
BELFAST SUMMER SCHOOL OF TIL4DITIONAL MUSIC FINANCIAL STATEMENrs FOR THE YEAR ENDED 31ST MARCH 2025 STATEMENT OF ACCOUNTING POLICIES Continued Fund Accountin Unrestricted funds are general funds that are available for use at the Trustees, discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside by the trustees out of unrestricted funds for specific future purposes. Restricted funds are those given for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. The income received from funders depends on th¢ charity meeting detailed criteria on expenses plans. Grants given under such conditions are also given subject to them being obtained for in connection with tlie furtherance of the charity's aims and objectives. Such income can be repayable lo the funder if such expenses plans and criteria are not met. Such income is only deferred when the donor specifies that the oranLldonation must only be used in future accounting periods. or tlie donor has itnposed conditions which must be met before the charity has unconditional entitlement. Incotne from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions is recognised as earned as the related goods/services are provided. Grant income included in this category provides funding to support performance activities and 15 recognised where there is entitletnent, certainty of receipt and th¢ amount can be measured with sufficient reliability. Income is deferred when.. feeslperformance related grants are received in advance of the performancelevent to which they relate. Reserves Policy Unrestricted funds are needed to provide funds which can be applied to specific projects to enable these projects to be undertaken at short notice and to cover the running costs of the Charity for a limited period, should there be a significant shortfall in projected income. Page 9
BELF.4ST SI IIIIER SCHO()L OF TR.4DITIQN.4L.III'SIC ST.4TEIIENT OF FIN.4JCI.4L.ICTII-ITIF.S FOR THE I E.IR EIDED 315T )I.IRCH 2024 incnr Oratin the in¢omc #nd e enditure account l-Rre5tricted Restri¢¢ed Endownment TOT.4L Funds Funds Fund5 TOT.IL 2024 IINCOME A54D EINDOIVNIIENTS FRO.11: Donations and lega¢ies Income from investments InLome fron) cliaritable activiti Income Irom other trading activities 152.459 245.444 361.988 168.788 J82.708 361.988 TOTAL INCONIE.4ND E)DOII'NNIENTS 4i4.973 li2.4)9 6117,432 iy1,49CI E.XPENI DITI"RE ON: Expenditure on raising funds Exp¢nditure on charitable activities Oil)er expenditure Nel gain(lOSSeS) on invesiment5 421.894 152.459 574.353 494.345 TOTAL RESOLIRCES EIPEIN4DED 4?1.894 152.459 574.35) 494.345 I ET INco.ftrlEIIE.XPEI%4DITIIRE) 33.079 33,079 57,lil Transfers betiveen funds NET 10.EIEyI T IYI FIINDS 33.079 33.079 57,lil RECONCILI.4TION OF FL'NDS TOT.4L FIINDS BROI'GHT FORIVARD 87.)82 87.582 30.431 TOTIlL FI:NDS CARRIED FORW'.4RD 1211,661 120,661 87,582 The Statement of FinanciJl .Ictii'ities includes all gains and losses in the vexr and thereforc a Siatement of Total Recognised Gains arkd L•sses h25 been prepared All of the above 4mownts relate to continuing aelii'ities The 2ccompanyiDg accoTri18 policies and Ihe ooies fonh ofthe5e finaicilll 5tlltemets Page 10
BELFAST SUMMER SCHOOL OF TRADITIONAL MUSIC BALANCE SHEET AS AT 31ST MARCH 2025 2025 2024 NOTES FIXED ASSETS Tangible assets 10 CURRENT ASSETS Debtors and prepayments Cash at bank Cash on deposit Cash in hand 122,549 89,197 61 53 122,610 89,250 Creditors: amounts falling due within one year 12 (1,949) (1,668) NET CURRENT ASSETSI{LIABILITIES) 120,661 87,582 TOTAL ASSETS LESS CURRENT ASSETSI( LIABILITIES ) 120,661 87,582 Creditors: amounts fallino due after more than one year 13 NET ASSETS/(LIABILITIES) 120,661 87,582 FUNDS: ENDOWNMENT FUNDS UNRESTRICTED INCOME FUNDS 14115 120,661 87,582 RESTIUCTED INCOME FUNDS 14116 120,661 87,582 These financial statements were approved by the Trustees on 2nd October 2025 and are signed on their behalf by: BRENDAN MORGAN TRUSTEE DATE 2nd October 2025 The Aceompanying accounting policies and notes form part of these financial statements Page 11
BELFAST SUMMER SCHOOL OF TRADITIOINAL MUSIC STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2025 2025 2024 NOTES CASHFLOWS FROM OPEII4TING ACTIVITIES Cash generated from operations 16 33,360 58,183 Net cash inflow/(outflow) from operating activities 58,183 Investing activities Investment income Purchase of tangible fi.xed assets Acquisition of investments Disposal of investments Disposal of tangible fixed assets 10 Net cash from investing activities Increasel(decrease) in cash and cash equivalents in the year 33,360 58,183 Cash and cash equivalents at the beginnillg of the year 89,250 31,067 Cash and cash equivalents at the end of the year li 122,610 89,250 Relating to- Cash at bank and in hand 11 122,610 89,250 The accompanying accollnting policies 8nd n•te5 fonn part of these financial statements Page 12
BELF.15T SI 11.IIER SCH()OL OF TDITION.L III'SIC I'OTES TO THE FIN.4NCI.IL ST..kTEIIEJTS FOR THE I E.4R E.NDED 31ST 11..IRCH 202) I. DOIN.4TIONS.4ND LEGACIES I'nrestricted Restricted Funds Funds I'nrestricted Restricted FuNd$ Fund5 202) 2024 Donaiions Legacies 2. INCOfvIE FRO.VI IYI VESTNIENTS I'thrtstrieted Restricted Funds Funds L"nrestricted Restricted FuDds FuThds 2025 2024 Incorne l-rom UK lisled investments Incotne Irom casl) 3. INCONIE FROIll CH.IRJT.4BLE .4cfivITIES I'nrestrieied Re5trieted FuTrds Fumds IlnrestrÉcted Restricted Funds Fund 2025 2024 Ans Council ol"Northem Ireland- National Lottery Fund Arts Council of Northorn Ireland- Small Capital Grants Programme Belfast City Council- CMAG Belfast City Council- Arts & Heritage Fund BelIt City Council - Tiianie Ceili B¢ltast City Council - St Patrick's Day Tourism Northern Ireland Bellast City Council & Tourism Nl Produci Development Dormant Accounts Fund Nl Foras Na Gaelige Noah Donohue Ftsund81ion iO.000 50.000 iO.000 iO.000 20.000 20.0 20.000 7.600 20.000 7.600 2.895 2.985 90.01)0 2.985 90.(H)O 40.IMJO 2.89) 40.0 70.000 70.000 29.889 2.243 29.889 17.29) 1.000 I,O(M) l i2.4)9 24i.444 7i.89i 94.89i 168.788 4. INCOlE FRONI l OTHER TIL4DINC AcfiN'ITIES L"nre5tricted Re5trict¢d FuNd5 Funds linrestrieted Restrieted Funds Fund5 2025 21124 Concert & Box Office Tickets Event Tickets Sponsorship. Advertising and Fundraising 2(A.822 21.402 75.764 264.822 21.402 75.764 315.424 315.424 67.284 67.284 i61.988 J61.988 J82.708 J82.708 Page li
BELF.4ST SLhl,IIER SCHOOL OF TR4DITIONI AL MI USIC NOTES TO THE FIP4ANCI.4L ST.4TEMENTS FOR THE Tr'E.*R EYDED JIST ITrlARCH 2025 5. EXPENDITURE ON tL41SING FUNDS L'nrestricted Restricted Funds Fund$ Unrestrieted Restrieted Funds Funds 2025 2024 Protnotional and fundraising costs 6. EXPENDITURE ON CHARITABLE AcfiviTIES Unrestricted Restrieted Funds Funds Unrestricted Restricted Funds Funds 21125 2024 'ages and salaric5 (S¥¥ Nole 8) Repairs und olyice maintenancc Artist Fees Managcmcnt Ftt5 Production and Techical Costs Offile. IT and produLtion equipment Artist costs Voluntecr costs Marketing and Promotional ¢ost5 Fundraising and dcvelopment costs Box Otfice Costs Printing, postag¢ and stationery Sundryi expenses 4.407 63.085 67.492 1.743 48.338 50.081 105.684 65.821 103.817 5.354 44.)82 669 51.019 7.814 26.lio 57.340 163.024 65.821 109.787 15.681 .755 669 fA.069 7,814 26.150 150.485 61.478 76.619 2.517 37.666 3.059 38.785 189,270 61.478 76.619 5.017 37,666 3,059 37.118 1,859 21.646 357 5.970 10.327 173 2.500 13.050 2.005 1.859 21.646 357 415J17 149.945 565.262 392.542 91.628 484.170 Support Costs and Governance costs Light and heat Telephone and intemct otlice rent payable Insurance Audit tccs Subscripiions and licences Loan intercst Bank interest and charges 1.614 300 600 1.680 4.815 1.968 120 1.680 950 635 1.680 6.359 1,686 4.515 1.368 i?0 5.409 1.051 i08 508 450 450 6.577 2314 9,091 6.910 3,265 10,175 TOTAL EXPENDITURE ON CHARITABLE ACTIVITIES 421W)4 152.459 574J53 399,452 94,893 494,345 Page 14
BELFAST SUMTrIER SCHOOL OF TRADITIONAL MUSIC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 7. NET {OUTGOINGV INCOMING RESOURCES FOR THE YEAR This is stated after chargingl(erediting) 2025 2024 Audit fees Depreciation 1,968 1,686 8. SALARY COSTS AND EMOLUMENTS 2025 2024 Total staff costs were as follows: Wages and salaries - key management personnel Wages and salaries - other staff Staff pension cost5 - key management pewnnel Staff pension cost5 ETnployer social security costs - key management personnel Employer social security costs - other staff Employer social security costs - Employment Allowance 2,170 928 1.680 1.044 795 2,900 2,546 67,492 50,081 The average monthly number of employees during the year was as follows: 2025 Number 2024 Number No employees had emoluments in excess of £60,000 (?0?4: £Nil) Trustees, remuneration 2nd benefits There was trustees, rernuneralion paid totalling £715 relating to payment of fees &s musicians and no other benefits for the year ended J 1st March 20?5. (2024- £685) Trustees, Expenses There were no trustees, expenses paid for the year ended ) I st March 2025. (2024- £Nil) Page 15
BELFAST SUMNIER SCHOOL OF TRADITIOINAL MUSIC INOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 202) 9. TANGIBLE FIXED ASSETS Computer Equipment Total COST As at 1st April 20?4 Additions Disposals As at 31st March 20?5 DEPRECIATION As at I st April 20?4 Charge for year Eliminated on disposal As at 3 1st March ?025 Net book value 20?5 Net book value 2024 10. RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES FROM OPERATING ACTIVITIES 2025 2024 Operating Surplus/(Deficit) for the year Depreciation Movement in debtors Movement in creditors (Gain)ILoss on investments (Profit)/Loss on disposal of Fixed Assets 33,079 57,151 281 1,032 Net cash inflowl{oufflow) from operating aetivities 33J60 58,183 Page 16
BELFAST SUfvIMER SCHOOL OF TRADITIONAL MUSIC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Debtors Prepayments 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Social security costs and other taxes Accrued expenses 1,949 1.668 1,949 1,668 13. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 2025 2024 Other creditors 14. MOVEMENT IN FUNDS Openin Balance Net Movement in Funds 2025 2024 Unrestricted Income Funds General fund 87,582 33,079 120,661 87,582 87,582 120,661 87,582 Opening Net Movement Balance in Funds 2025 2024 Restricted Income Funds Grants received Page
BELFAST SUMMER SCHOOL OF TRADITIONAL Iktusic NOTES TO THE FILYANCIAL STATEMEINTS FOR THE YEAR ENDED 31ST MARCH 2025 15. UNRESTRICTED INCOME FUNDS 2025 2024 Balance at I st April 2024 87,582 Incomino resources for the year Resources expended for the year Transfers between funds 454,973 456,603 (421,894) (399,452) Balance at 31 st March 2025 20,661 87.582 16. RESTRICTED INCOME FUNDS 2025 2024 Balance at 1st April 2024 Incomino resources for the year Resources expended for the year Transfers between funds 152,459 94,893 (152,459) (94,893) Balance at J I st March 2025 16. LEGAL STATUS Belfast Summer School of Traditional Music is a Charity registered with The Charity Commission for Northern Ireland Charity Number 104823. Date of Reoistration 19th April 2016. Page 18