NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP I report to the Trustees on my examinatioi of the financial statements of New Belfast Community Arc5 Initiative Trading as Comrnunity Art5 Partnership (the charity) for the year ended 31 December 2022. Responsibilities and basis of report As the Trustees of the charity land also it5 directors fur the purposes of company lawl yvu are r&pon5ible for the preparation of the finaiicial 51aleiMeiils in acc.nrdance with the requirement5 of tlie Companies Act 2006 Iilie 2006 Act), Having satisfied myself that the financial statements of the charity are not required to be audit under Part 16 of the 2006 Act and are eligible for independent examination, I report iri respect of my exarnination of the charity's financ,'al statements carried out under section 65 of the Charities Ac.t (Northern Irelandl 2008 (the 2008 Act). In carrying out my examina'.ion I have followed all the applicable Directions given by the Charity Commission under section 6519llbl of the 2008 Act, I ndependent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a bociy listed in section 65 of tne 2008 Act. I confirm that l am qualified to undertake the examination because l am a member of , which is one * tbie listed boules. I have completed my examination. I confirm that no matters have come to my attention in connecticn with the examination giving rne cause to believe that in any material respect.. accounti ng record5 were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the fi nancial statements do not accord with those records., or 15
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination,. or the financial slatement5 have not been prepared in accordance with the methods and princip5e5 of the Staten)eiit of Recoirmended Practice for accounting drid reporting by charities applicable to charities preparing their accounts in accordan¢.p with the Financial Re.porting Standard applicable in the UK and Republic. of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to whicli atterition should be drawn in this report in order to enable a proper understanding of the financial statements to be reache.d. Lowry Grant FCCA For, and on behalf of, FPM Accountants Limited Chartered Accountant5 statutory Auditors 1 3 Arthur Street Belfast Co. Antrim 8T1 4GA Northern Ireland Da',ed..
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 3 1 DECEMBER 2022 Unrestricted Restricted f unds funds 2022 2022 Total Unrestricted funds 2021 Restricted funds 2021 Total 2022 2021 Notes Income from: Donations and legacies Charitable aclivilie5 329 56,765 204,953 19,339 205,282 76,104 227 238,999 239,226 44,794 44,794 Total incorne 57,094 224.292 281,386 45,021 238,999 284,020 Ex endlture on: Charitable activities 66,545 236,044 302,589 71,998 268,117 340,115 Net expenditure for the year/ Net movement in funds 19,4511 111,7521 121,2031 126,9771 129,1181 156,0951 Fund balarTrces at 1 January 2022 64,406 15,935 80,341 91,383 45,a53 136,436 Fund balances at 31 December 2022 54,955 4,183 59,138 64,406 15,935 80,341 The statement of fi nancial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements tor an income and expenditure account under the Companies Act 2006.
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP BALANCE SHEET AS A T 3 IDECEMBER 2022 2022 2021 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 14,547 26,215 10 9,570 42,780 9,533 70,931 52,350 80,464 Creditors.. amount5 falling due within one year 12 17,7591 126,3381 Net current a55et5 44,591 54,126 Total a55ets less curront liabillties 59,138 80,341 Income f unds Restricted funds Unrestricted funds 4,183 54,955 15,935 64,406 59,138 80,341
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP BALANCE SHEET (CONTINUED) AS A T 37 DECEMBER 2022 The company is entitled to the exemption from the audit requirement contained in section 477 uf the Companies Act 2006, for the year ended 31 December 2022. The Trustees Te5ponsibilitie5 for ensuring that the charity keeps accounting records which comply with section 386 Df the Companies Act 2006 and for preparing arcounts which give a true and fair view of the state of affzirs of the company as at the end of the financial year Bnd of its incoming resources and application of resources, including its income and expenditure, for the financial year iri dccordance with the requirements of sections 394 and 395 and which othewi£e comply with the requirements of the Companies Act 2Q06 relating to 3ccount5, $0 far as applicable to the compa ny. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. Thege financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companie5 regime. The financial 5tatement5 were approved by the Trustees on 2ff/7/ 2023 hn Mccann Trustee Mr Conor Shields Secretary Company Registration No. N1037645 19-
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIVDED 37 DECEMBER 2022 Accounting policies Charity information New Belfast Community Arts Initiative Trading as Community Arts Partnership is a private company l imited by guarantee incorporated in Northerri I reland. The registered office is The Arc, 7 Donegall Street Place, Belfast, Co. Antrim, BT1 2FN, Northern Ireland. 1.1 Accountlng convention The financial statements have been prepared in accordance with the charity's Igoverning documentl, the Companies Act 2006 and "Accounting and Reporting by Charitie5.' Sidtement of Recommended Practice applicable to charities preparing their account5 in accordancc with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 The charity is a PLJblic Benefit Entity as defined by FRS 102. The c.harity has taken advantage of the provisinns in the SORP for charities applying FRS 102 Updfite Bulletin 1 not to prepare a Statement of Cash Flows. Thc financial statements are prepared in sterl ing, which 15 thc func.tic)nal currency of the charity. Monctary amounts in these financial Statements are rounded to the nearest £. The financial statements have been prepared up,der the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At tl)e time of approving the financial statements, the Trustees have a reasonable expectation that tlie charity has adequate resources to continue in uperational existence for the foreseeable future. Thus the Trustees continue to odopt the going concern basis t)f ac.counting in preparing the financial statements. The Tru5tee5 have considered this in the knowlecge that on the 30th Jarluary, the World Health Or9anisation IWHOI announced Coronavirus as a gloi)31 health emergency and on the I Ith March 2020, it announced that Coronavirus was a global pandemic. 1.3 Charitable funds Unrestricted funds are available for use at the discre lion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditlOn5 by dorior5 as to how they may be used. The purposes and uses of the restricted funds are Set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 20-
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Atcounting policies (Continued) 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it 15 probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donalivns received under Gift Aid or deeds of covenant is recogni5ed at the time of the donation. Legacies are recognised on receipt or otherwise if the charity ha5 been notified of an impending distribution, the amount is known, and receipt Is expected. If the arTiount is not known, the legacy s treated as a contingent asset. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third Paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Expenditure on cliariti4ble activities includes the costs of supporting refL5gee fi4rriilies and activities undertaken to further the purposes of the charity and their associated support costs,. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is cliarged <lS a cost against the activity for which the expenditure was iricurred, 1.6 Tangible fixed assets Tangible fixed asset5 are initially Measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Office Equipment Fixtures and fittings Computer Equipment Music Equipment 20% Straight Line 20Y. Reducing Balance 33% Straight Line 33QA Strai9ht Line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proc.eed£ and the carrying value of the asset, and is recognised in npt inc.ome/lexpenditurel for the year. 21
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 3 1 DECEMBER 2022 Accounting policies (Continued) 1.7 Impairment of f ixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determir7e whether there 15 any indication that those assets have suffered an impairment loss. If any such indication exist5, the recoverable amount of the asset is estimated in order to determine the extent of the impairment10s5 lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposit5 held at call with banks, other short-term liquid investment5 Wlth original maturities of three months or less, and bank overdrafts. Bank uverdrafts are shown within borrowing5 in current liabilitie5. 1.9 Financial instrument5 The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Otlier Financial I nstruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity'5 balance Sheet when the charity becomes party to the contractual Pfovisions of the instrument. Financial assets and liabilities arc offset, with the net a mounts presentcd in thc financial statements, when there is a legally enforceable right tu set off the recognised amounts and there is an intention to settle on a net bas15 or to realise the asset and settle the 5iability simultaneously. Basic Inancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised c05t Using the effeLtive interest method uriless the drrdngeiTie'. Il coiislilutes a financiiig Lraiisaction, where the transaction is measured at the present valiip af thp fiitiirp rp.r.eipts discounted ai a market rate Df nterest. Financial a55ets classified as receivable within oie year are not amortised. Basic financial liabilities Basic financial liabilities, including creditor5 and bank loaps are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument 15 measured at the present value of the future paymenis discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debi instruments are subsequently carried at amortised cost, usi ng the effective interest rate method. Trade creditors are obligation5 to pay for goods or sepJice5 that have been acquired in the ordinary cou r5e of operations from su ppl ier5. A wounts payable are cla55ified as current liabil ities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at traqsaction price and subsecuently measured at amortised cost Using the effective Inte5t rp.ethod. -22-
NEW BELFAST COMMUNITY ARTS INITIATIVE TFIADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) Derecognltlon of linancial Ilablllfres Financidl Iidbilities are derecugi)ised wheri the charity's contractual obligations expire or are discharged or cancelled. 1.1 O Employee benef it5 The cost of any unused holiday entitlement is recognised in the period in which the employee's seDiices are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably comrnitted to terminate the employment of an err,ployee or to provide termi Iiation benefits. 1.11 Retirernent benefits Payments lo deliried cuntributiori retirement benefit schemes are charged as a n expense as tliey fall d ue. Critical accounting estirnates and judgements In the application of tho charity'5 accounting po)licies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated a55umptioris are based on historical experience and other factors that arc considercd to be relevant. Ar.tiial results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis, Revisions to accounting estimates are recognised in the period in which the estimate 15 revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted Restricted funds funds Total Unrestricted fund5 4estricted funds Total 2022 2022 2022 2021 2021 2021 Donations and gifts Grant Income 329 329 204,953 227 227 238,999 204,953 238,999 329 204,953 205,282 227 238,999 239,226 23
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 37 DECEMBER 2022 Donations and legacie5 (Continued) Grants receivable for core activities Belfast City Council Arts Council Northern Ireland- Core Arts Council Northern Ireland - Covid Art5 Council Northern Ireland - E9UlPtment Grant Other 29,000 29,000 29,000 29,000 175,953 175,953 131,964 131,964 48,298 48,298 8,460 21.277 8,460 21,277 204,953 2Q4,95. 238,999 238,999 24-
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FINANCIAL STATEMENT5 (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2022 Charitable activities Vnrestricted Funds 2022 Restricted Funds 2022 Totsl Unrèstricted 2022 Fund5 Z021 social Economy Sponsorships Grant I ncome 19,285 19,285 8,207 300 36,287 37,480 19,339 56,819 56,765 19,339 76,104 44,794 Analysis by fund Unrc5tricled funds Restricted fund5 56,765 56,765 19,339 44,794 19,339 56,765 19,339 76,104 44,794 Performance related grants Arts Council Nl Covid Grant Belfast City Council Project Department of Foreign Affairs Community Foundation for Nl Covid Grant Other 27,945 27,945 27,419 4,000 19,339 19,339 3,913 955 9,535 9,535 37,480 19,339 56,819 36,287 25-
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 37 DECEMBER 2022 Charitsble activities Unrestricted Restricted Funds Funds 2022 2022 Total Unrestricted Restricted 2022 Funds Funds 2021 2021 Total 2021 Staff costs Programme Costs Hire of Equipment General Expenses Refund 124,509 83,994 124,509 90,576 450 558 24,833 45,664 72,845 98,891 97,678 144,555 6,582 450 558 894 4,701 894 4.701 7,590 208,503 216,093 70,497 177,331 247,828 Share of support costs Isee note 6) Share of governance costs (see note 61 30,647 51,486 82,133 1,501 88,236 89,737 363 4,000 4,363 2,550 2,550 38,600 263.989 302,589 71,998 268,117 340,11S Analysis by fund Unrestricted funds Restricted funds 66,545 127,9451 66,545 236,044 71,998 71,998 268,117 263,989 268,117 38,600 263,989 302,589 71,998 268,117 340,115 26-
NEW BELFAST COMMUNITY ARTS INITIATIVE TFIADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Support costs Support Governance cost5 cost5 2022 Support Governance CDStS cost5 2021 Depreciation Premises Expenses Office Expenses Travel Expenses Insurance Costs Finance Charges Sub5cription5 Marketing Staff Expenses General Expen5e5 11,667 34,220 26,076 5,726 3,220 452 190 152 11,667 34,220 26,076 5,726 3,220 452 190 152 10,116 41,514 23,713 5,653 3,566 271 279 10,116 41,514 23,713 5,653 3,566 271 279 593 4,032 4,032 430 430 Accountancy fees Legal a nd profe55ional 4,020 343 4,020 343 2,400 150 2,400 150 82,133 4,363 86,496 89,737 2,550 92,287 Analy5ed between Charitable tictivities 82,133 4,363 86,496 89,737 2,550 92,287 Governance costs includes payrnents to the independent examiners of £4,020 12021- £2,400) for independent examination fee5. Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. Employee5 The average montnly number of employees during the year was.. 2022 2021 Number Number Employment Costs 2022 2021 27-
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FI NANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Employees {Contlnued) Wages and salaries Social security costs Other pension costs 76,446 39,409 8,654 64,542 24,546 8,590 124,509 97,678 No employees received remuneration of greater than £60,000 in the year. Tangible f ixed H55etS Office Équipment Fixture5 and fittings Computer E4uipment Muslc Equlpment Total Cost At 1 January 2022 1,129 3,260 53,436 990 58,815 At 31 December 2022 1,129 3,260 53,436 990 58,815 Depreciation and impairment At I January 2022 Depreciation charged in the year 824 226 2,191 214 28,595 11,228 990 32,600 11,668 At 31 December 2022 2,405 990 44,268 Carrylng amount At 31 December 2022 79 855 13,613 14,547 At 31 December 2021 305 1,069 24,841 26,215 10 Debtors 2022 2021 Amount5 falling due within one year= Other debtors Prepayments and accrued income 7,250 2,320 7,250 2,283 9,570 9,533 28-
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2022 11 Loans and overdrafts 2022 2021 Bank overdrafts 158 Payable within one year 158 12 Creditor5: amount5 falling due within one year 2022 2021 Notes Bank overdrafts Other taxation and social security Deferred income Trade creditors Accruals 158 2,801 2,199 19,339 2,400 2,400 2,400 2,400 7,759 26,338 -29-
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 31 DECEMBER 2022 13 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement in funds Incombng Rèsources sourcès expÈndèd Movement in fund5 Incoming restsurc•s Balance at l January 2021 Balance at l January 2022 Resources Balance at expended 31 December 2022 ACNI Programme ACNI Core ACNI Equipment Belfast City Council Social Enterprise Covid Grant The Commui)ity Foundation 48,298 131,964 148,2981 1131,9641 175,953 1175,9531 83S 8,460 13,630; 5,665 15,6651 7,250 29,000 (36,2501 29,000 129,0001 21,870 121,8701 Resilience Belfast City Council- Covid Equiptment Grant Department of Foreign Affairs 15,098 {15,0981 15,277 15,0921 10,185 16,0021 4,183 6,000 15,9151 85 19,339 119,4241 45,053 238,999 1268,1171 1 5,935 224,292 1236,0441 4,183 30-
NEW BELFAST COMMUNITY ARTS INITIATIVE TRADING AS COMMUNITY ARTS PARTNERSHIP NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 14 Analysi5 of net assets between funds Unrestricted Restricted Funds Funds 2022 2022 Total Unrestricted Funds 2021 Restricted Funds Total 2022 2021 2021 Fund bolances at 31 December 2022 are represented by.. Tangi ble assets Current a55ets/lliabil itiesl 10,364 44,591 4,183 14,547 44,591 10,365 54,041 15,850 85 26,215 54,126 54,955 4,183 59,138 64,406 15,935 80,341 15 Operating lease commitments At the reporting end date the charity had outstanding commitment5 for future rninimum lease payments under non-cancellablp nperating lease5, which fall due as follows.. 2022 2021 Within one year Beeen two and five years 25,610 6,623 25,610 6,623 32,233 32,233 16 Related party transactions There were no disc105able related paty transactions during the year12021 none), 31