Charity Number 104879 Company Registration Number N1636938 Booml Inc Report and accounts for the year ended 31 March 2024
Booml Inc LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ben Carter Claire Dunwoody Tim Brundle (invited to joln/ attend meetings) Sharon Re8an Nancy Brown Jennifer Armstrong Patrick Thompson Secretary Marianne Kennerley Buslness Address 80A Main Street Bangor Co Down BT20 SAE countants Gilchrist & Co CA Ltd Chartered Accountants 17 Kensington Gate Belfast BT5 6PF Bankers First Trust Bank 31-35 High Street Belfast BTI 2AL
Booml Inc CONTENTS Page Report of the Accountsnt Statement of flnanclal actlvltles Statement of Flnanclal Positlon Notes to the accounts
Charfty Reglstratlon Number 104879 ACCOUNTAKfs REPORT ON THE UNAUDITED ACCOUNTS TO THE TRusfEES/MEMBERS OF Booml Inc You have approved the accounts for the year ended 31° March 2024 which comprise the Statement of Financial Activities, Balance Sheet and related notes. In accordance with your instructlon. we have compiled these unaudited accounts from the accounting records and infonnation and explanations supplied to U5. Independent examlnerfs statement I have examlned the accounts foryear ended 31 March 2024. In connection wlth my examination, no matter has come to my attentlon: Whlch gives me reasonable cause to belleve, In any material Spert, that the requlrement to keep proper accountln8 records In accordance wlth Section 63 of the Charities Act (Northem Ireland) 21J)8 has not been kept; or, To whlch. In my oplnlon, attention should be drawn In order to enable a proper understanding of the accounts to be reached. Gllchrfst & Co CA Ltd 17 Kenslngton Gate Belfast Co Down BTS 6PF 7 December 2024
Boom! INC Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Unrestricted Restricted funds fvnds Total funds Total funds 2023 Note Incomlng Resources Other incoming resources Other trading activities Total income 7.175 7.175 106.253 113,428 4,594 84,088 1c.253 106,253 7.175 88,682 Expondlture Expenditure on raising funds: Costs of generating voluntary income Expenditure on charitable activities Total expenditure 42,881 86,761 129,642 42,881 86,761 129.642 18.631 87.332 105.963 Net expenditure and net mov•m•nt In fvnds (23.389) 7.175 (16.214) (17,281) Reconclllatlon of funds Total funds brought forward Total funds carrled fOard 26.336 26,336 10.122 43.617 2.947 7.175 26,336 The ststement of financial activibes includes all gains and losses recognised in the year. All income and expenditure derive from continuing activib'es. The notss on pages 4 to 11 foffli part of these financial statements.
Boom! INC Company Limited by Guarantee Ststsment of Financlal Position 31 March 2024 2024 2023 Note Flxed assets Tangible fixed assets 13 2,273 2,701 Current assets Debtors Cash at bank and in hand 14 11,489 20,219 31,708 10,716 34,251 44,967 Crlt018. amounts falllng due wlthln one year Net current a88ets Total a88ets less current Ilabllltle8 16 23,859 7,849 10,122 10,122 21,332 23.635 26,336 26,336 Net a88ets Fund8 of the charlty Restricted funds Unrestricted funds 7,175 2,947 10,122 26,336 26,336 Total charlty funds 18 For the year endlng 31 March 2024 the ¢harlty was entitled to exemptlon from audit under section 477 of the Companies Act 2006 relating to small companies. Dlrectorfs responsibilltles: The members have not required the company to obtain an audit of Its financial statements for the year In question In accordance wh section 476., The director acknowledges hls responsibilitles for cornplylng with the requirements of the Act th respect to accounting records and the preparation of financial statements. These financial ststements have been prepared In accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorlsed for issue on 19 December 2024, and are signed on behalf of the board by: Mr P Thompson Trustee Tho notes on pages 4 to 11 fomi part of these financlal statements.
Booml INC Company Limited by Guarantee Notes to the Flnancial Statements Year ended 31 March 2024 General informatlon The charity is a publ benefit entity and a wivate company limited by guarantee, registered in Northem Ireland and a registered charity in Northem Ireland. The addsS of the registered office is 80a Main Street, Bangor, Co Down, BT20 5AE. Statement of compliance The rules of the Charity require the Trustees to wepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and the surplus or deficit for that period. In preparing those accounts the Trustees are required to.. select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent., and - prepare the accounts on the going concern bas unless it is inappropriate to presume that the Charlty will continue in business The Trustees are responsible for maintainlng proper accounting records under Section 63 of the Charities Act (Northem Ireland) 2008 which are sufficient to show and explain all the Charity's transaction,. which are such as to disclose with reasonable accuracy the financial position of the Charity. and which enable the Trustees to ensure that the accounts prepared comply with section 64(1) of the ACL They are also responsible for safeguarding the assets of the Charity, induding the maintenance of adequate procedures to prevent and detect fraud and other irregularities. Accountlng pollcles Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared In sterling, which is the functional currency of the entity. Golng Concern There are no material UnrtaIntIeS about the charity's abllity to continue. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustee for particular future prqect or commitw£nL Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of two sub<lasses: restricted income funds or endowment funds.
Booml INC Company Limited by Guarantse Notes to the Financial Statements (conllnuedj Year ended 31 March 2024 Accounting pollcles (¢ontlnu Incomlng resour¢e8 All incoming resources are included in the statement of financial acb"vities when entitlement has passed to the charity: it is probable that the economic benefits as%)ctated with the transactton Viill flow to the charity and the arnount can be reliably measured. The following specific policies are applied to particular calegories of income: income from donations or grants is recognised when there is evmjence of entitlement to the gif( receipt is probable and its amount can be measured rellabty. legacy income is recognised when receipt is probable and entitlement is estsblished. Income from donaied goods is measured at the frdir value of the goods unless this is impractical to measure reliabty. in whth case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delNery of the contracted service. This is dassified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspen( in which case it may be regarded as restricted. Resour¢es expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure IrudeS any VAT which cannot be fully recovered, and is dassified under headings of the ststement of financial activitie5 to which it lates. expenditure on raising funds includes the costs of all fvndraising activities, events. non- charitsble trading activities. and the sale of donated goc#Js. expenditu on charitable actsvitses includes all costs incurred by a charity in undertaking activities that further its chaiitable aims ft)r the benefft of its beneficiaries, induding those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expendilure includes all expenditure that is neither related to raising funds for the charity nor part of ts exwditure on charitable actswtss. All costs are allocated to expenditure categories reflecting the use of the sOurCe. Direct costs attributsble to a single activity are allocated direcdy to that activty. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initialty recorded at cosc and subsequenty stated at cost less any accurnulated depreciatron and impainnent losses. Any tsngible assets carried at revalued amounts a recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accufflulated impairnient losses.
Boom! INC Company Limited by Guarantee Notes to the Financial Statements (conunued) Year ended 31 March 2024 Accountlng policies {conllnueoy Tangible assets (contlnued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and fittings 10% straight line Impalrnient of fixed assets A review for indicators of impainnent is carried out at each reporting date. with the recoverable amount being estimated where such indicators exisL Where the carrying value exceeds the recoverable amount, the asset Is Impaired accordingly. Prior impairments are also revieVd for possible reversal at each reporting date. For the purposes of impainnent testing, when it is not possible to estimate the recoverable amount of an individual asset, an ests'mate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash infiows from other assets or groups of assets. For impainnent testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to th¢)se units. Government grants Govemment grants are recognised at the fair value of the asset received or re1Vable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be receNed. Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future perfOrMan-re1ated conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior lo satisfying the revenue recognition crlteria, they are recognised as a
Booml INC Company Limited by Guarantee Notes to the Financial Ststements (Condnuod) Year ended 31 March 2024 Accountlng pollcles (¢onllnue¢ Flnanclal Instruff*nts A financial asset or a financial liability is recognised only when Ihe charity becomes a paty lo the contractual provisions of the instfumenL Basic financial instruments are inttialty recognised at the amount receivable or payable including any related transactlon costs. Current assets and cUrn1 liabilities are subsequenty measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequenity measured at amortised co8L Where Investments in shares are publicly traded or their lair value can otherwtse be measured reliabty, the investment is subsequently measured at fair value w51h changes in fair value recognised in income and expenditure. Ail other such investments are subsequently measured at cost less Impairment Other financlal instruments, including defivatives. are initialty recognlsed at fair value. unless payment for an asset is deferred beyond rffinal business terms or financed at a rate of Interest that is not a market rate. in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrumenL Other financial instruments are subsequenty rneasu at falr value, with any changes recognised in the statement ol financial activities, with the exception of hedging instruments in a desMJnated hedging relationship. Flnancial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objectNe evidence of impairment, an Impaimient loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instrumenls regardless ol significance. and other financial assets that are indlvidually significant, these are assessed individually for impairnienL Other financial assets are either assessed individually or grouped on Ihe basis of similar credit risk charaCterists. Any reversals of impairment are recognlsed Immedlatety, to the extent that reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impaiment not previously been recognised. Defined ¢ontrfbutlon plans Contributions to defined contiibution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in fvture payments or a cash refund.
Boom! INC Company Limited by Guarantee Notes to the Financial Statements (¢¢wdnued) Year ended 31 March 2024 Accountlng pollcles (¢ondnu8dJ DefIn contrlbutlon plans (¢onllnu6d) en contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related seNice, the liability is measured on discounted present value basis. The unwinding of the discount is recognised as an expense in the perlod in Wh It artses. Llmlted by guarantse The liabllity of the menbers is limited to a sum not exceeding £1. belng the amount that each member undertakes to contribute to assetsof the charity in the event of its being wound up while he, she or it is a member or within one year and he, she or it ceases to be a member. Othor Incomlng resources Unrestrlcted Funds Restricted Total Funds Funds 2024 Grants Govemment grant income 7,175 7.175 Unrestricted Funds Restitted Total Funds Funds 2023 Gran18 Govemment grant Income 4,594 4,594 Other tradlng actlvltles Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Artistic Incorne Rentsl Income Other Income 21.969 52,222 32,062 21,969 52,222 32,062 106.253 14,215 48,924 20,949 84.088 14,215 48,924 20,949 84.088 106,253 Costs of generating voluntary Incomo Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Direct costs 42,881 42,881 18,631 18,631
Booml INC Company Llmlted by Guarantee Notes to the Financial Ststements {contlnued) Year ended 31 March 2024 Expendlture on charitable actlvltles by fund typ• Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Costs of generating voluntary income and administration 86,761 86,761 87,332 87.332 Expendlture on charltable activftles by aciivlty type undertaken Total funds directy 2024 Total furKI 2023 Staff costs. deprecBtion and govemance costs 86,761 86.761 87.332 10. Net expenditure Net expenditure is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 428 428 11. Stsff costs The totsl staff costs and employee benefits for the reF(Jrting period are analysed as follows." 2024 2023 Wages and salaries Employer contributions to pension plans 28,875 817 27,000 1,026 28,026 29,692 The average head count of employees during the year was 2 (2023: 1). The average number of full-time equNalent employees during the year is analysed as follows: 2024 2023 No. Number of staff No employee received employee beneffts of more than £60.000 during the year {2023: Nil). 12. Trustee remuneratlon and •xp•nses None of the trustees (or anyone connected with them) received any remuneration during the year, and none of them were reimbursed for travelling expenses.
Boom! INC Company Limited by Guarantee Notes to the Financial Statements (cmtthued) Year ended 31 March 2024 13. Tanglble fixed assets Flxtures and Ilttlngs Cost At l Aprfl 2023 and 31 March 2024 Depre¢latlon At 1 April 2023 Charge for the year At 31 March 2024 4.276 1.575 428 2.003 Carrying amount At 31 Paarch 2024 2,273 At 31 March 2023 2,701 14. Debtors 2024 2023 Trade debtors 11,489 10,716 15. Credftors: amounts falling due wlthin one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Other creditors 351 17,942 720 2,319 15.322 4.148 2,089 2.300 23,859 21,332 16. Pensions and other post retlrement beneffts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £817 (2023: £1.026). 17. Government grants The amounts recognised in the finanaal statements for govemment grants are as follows: 2024 2023 Recognised in incoming resources: Government grants income 7.175 4.594 10
Booml INC Company Limoted by Guarantee Notes to the Financial Statements (¢ondntAdJ Year ended 31 March 2024 18. Anatysis of charitable funds Unrestrlcted funds At Income Expenditure 31 March 2024 1 April 2023 General funds 106.253 (129,642) 2.947 At Income Expenditure 31 March 2023 1 April 2022 General funds 43.617 88.682 {105,963) 26.336 Restrf¢ted funds Al Income Expenditure 31 March 2024 1 Aprtl 2023 Restricted Fund 1- Govemment Grant ACNI 7,175 7.175 At Income Expenditure 31 March 2023 1 April 2022 Restricted Fund 1 11
Boom! INC Company Limited by Guarantee Management Inforniation Year ended 31 March 2024 The followlng pages do not fomi part ol the financlal •tatwn•nts. 12
Booml INC Company Llmited by Guarantee Detsiled Statement of Financial Actlvities Year ended 31 March 2024 2024 2023 Other Incomlng r•80urces Government grant income 7,175 4,594 Othol tradlng actlvltlos Artistic Incoma Rental Income Other Income 21,969 52,222 32,062 106,253 14,215 48,924 20,949 84,088 Total Income 113,428 88,682 Expendlture Costs of generatlng voluntsry Income Purchases 42,881 18,631 Expendlture on charltsble actlvltles Wages and salaries Pension costs Rent Llght and heat Repairs and malntenance Insurance Other motarltravel costs Legal and professlonal fees Telephone Other office costs Depreciation Bank charges and Interest Marketing and Advertising General Expenses Subscrlptlons 28,875 817 17,167 11,067 27,000 1,026 32,334 4,350 594 1,707 957 5,434 1,875 2,728 428 3,731 4,696 47 425 3,374 1,742 9,235 1,644 5,066 428 2,849 3,881 444 172 86,761 87,332 Total expendlture 129,642 105,963 Net expenditure (16,214) (17,281) 13