CHARITY REGISTRATION NUMBER: NIC105756 Music In Fermanagh Unaudited Financial Statements 31 March 2023 Chartered accountants 50 Campsie Road Omagh Co Tyrone BT79 OAG Muslc In Fermanagh Flnancial Statements Year ended 31 March 2023 Page Trustees, annual report Report to Music In Fermanagh on the unaudited financial information Statement of financial activities Statement of financial position Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 10 Music In Fermanagh Trustees. Annual Report Year ended 31 March 2023 The Irustees present their report and the unaudiled financial statements of Ihe charity lor the year ended 31 March 2023. Reference and administratlve delails Registered charity name Music In Fermanagh Charity reglstratlon number NIC105756 Prlnclpal office 114 Tonnagh Road Derrygonnelly Enniskillen Co Fermanagh BT93 6FL The trustees Mr R Pierce Mrs H Lanigan Wood Professor M Varma Mrs J Mcvey Mr G BIow8r Company secretary Geoffrey Blower Accountgnls SP Mccaffrey & Co Chartered accountants 50 Campsie Road Omagh Co Tyrone BT79 OAG Structure, governance and managemenl Governing document Music In Fermanagh is an unincorporated body governed by ils Conslitulion (dated 12 August 20161. The organisalion is recognised as a charity by the Charities Commission lor Northern Ireland (ref NIC1057561. The organisation registered wilh the Charities Commission for Northern Ireland on 12 January 2017. Governance The governance function ol Music In Fermanagh is lullilled through its Board ol Trustees. The Trustees are charged with overall responsibility lor the organisalion. The Trustees give their lime voluntarily and receive no dividend from the Charity. Any benefits which obtained are incidental. The Board ol Trustees ol Music In Fermanagh are responsible for the overall legal and financial management ol the Charity. Oblectlves and activlties We have referred to the guidance contained in the Chariiy Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. Music In Fermanagh Trustees, Annual Report (¢onllnued) Year ended 31 March 2023 Objectives and actlvltles (conllnu•d) Charlty's Aims The purposes of the organisation are.. 111 to promote and foster the enjoyment and understanding of classical chamber music to the general public in County Fermanagh and its hinterland through the commissioning and presentation of Chamber music recitals, and., 121 to organise and promote other appropriate music events, including educational activities for young children and students in Fermanagh and its hinterland. Achlevements and pertormance During the year the Charity organised three concerts in Enniskillen. These concerts also incorporated some educational workshops which were attended by young people and classical music enthusiasts. Flnan¢lal review Revlew ot Ihe business The Charity is non.profit making with nel income of £23 for the year. The Trustees are engaged in ongoing efficiency savings and are aware of the sustainable use ol resources. Reserve5 Policy The Trustees ol Music In Fermanagh have sel a reserves policy which requires that reserves be maintained al a level which ensures thal the Chaiily's core aclivity could continue during a period of unforeseen diflicully and to assist in the future strategic development of the organisation. The Trustees anticipate building their reserves lo assist with working capital requirements, lo deal with unexpected ilems ol expenditure and to fund income shortfalls (should they arise) from events held. The Trustees have agreed that the Charity should endeavour to hold in reserves an amount not less than £5,000 in an effort to minimise the risks identified lo the Charity. Plans tor future periods The Trustees hope that the Charity will operate al an increased level in th8 next financial year. They will continue lo organise concerts, hold workshops and endeavour to pursue suitable fundraising opportunities. The Iruslees. annual report was approved on 11 September 2023 and signed on behalf ol the board of trustees by.. Geoffrey Blower Charity Secretary Muslc In Fermanagh Report to Music In Fermanagh on the Unaudiled Financial Information of Music In Fermanagh Year ended 31 March 2023 As described on the statement ol financial position, the trustees ol the charity are responsible lor the preparation ol the financial slalemenls for the year ended 31 March 2023, which comprise the slatement ol financial aclivilies, slatement ol linancial position and the related notes. You consider that the charity is exempi from an audit under the Charities Act (Northern Ireland) 2008. In accordance with your inslructions we have compiled these financial statements in order lo assist you lo fulfil your slalutory responsibilities, from the accounting records and from information and explanations pplied to Lts. FREY & CO accounlanls Ch rtere 50 Campsie Road Omagh Co Tyrone BT79 OAG 11 September 2023 Music In Fermanagh Statement of Financial Activlties Year ended 31 March 2023 2023 Restricled funds Total funds Total funds 2022 Unreslric18d funds Notè Income and endowments Donations and legacies Total income 7,250 2,561 2,561 9,811 7,250 9,811 Expenditure Expenditure on charitable activities Total expenditure 7,227 2,561 9,788 9,788 572 7,227 2,561 572 Net incomel{expendlture) and net movement in funds 23 23 15721 Reconclli8tion ol funds Total funds brought lorward Total tunds carried toThiard 9,398 9.421 9,398 9,970 9,421 9,398 The slatemenl ol financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tho notes on pages 6 10 8 forrn part of these Ilnanclal 8talementa. Music In Fermanagh Statement of Financial Posilion 31 March 2023 2023 2022 Nole Current assets Cash al bank and in hand 12,463 9,518 Creditors: amounts fallSng due wlthin one year Net current assets 3,042 120 9,421 9,421 9,398 Total assets less current liabilitles 9.398 Funds ol the charlty Unrestri¢led funds 9,421 9,421 9,398 Total charliy funds 9,398 These financial statements were approved by the board ol trustees and authorised for issue on 11 Sepiember 2023, and are signed on behall ol Ihe board by= Mr R Pierce Trustee Mrs J Mcvey Trustee The notes on pages 6 to 8 form part ol these flnanclal statoments, Music In Fermanagh Noles to the Financial Statements Year ended 31 March 2023 General Information The Charity is a public benefit entity and a registered charity in Northern Ireland and is unin¢orporaled. The address of the principal ollice is 114 Tonnagh Road, Derrygonnelly, Enniskillen, Co Fermanagh, 8T93 6FL. Statement of compliance These financial slalemenls have been prepareé in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Slatemenl of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (Charilies SORP IFRS 10211 and the Charities Act INorthern Ireland) 2008. Accountlng pollcles Basls of preparation The financial slalemenls have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and inveslment properties measured at lair 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 uncertainties aboul the charity's ability to continue. Judgements and key sources ot estimation uncertalnty The preparation ol the financial statements requires management to make judgamenls, eslimales and assumptions that allecl the amounts reported. These estimates and judgements are continually reviewed and are based on experience and othei factors, including expectations ol future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available tor us8 al the discretion of the trustees lo further any ol the charity's purposes. Designated funds are unrestricted funds earmarked by the Iruslees for particular lulure project or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-¢lasses.' restricted income funds or endowment funds. Music In Fermanagh Notes io the Financial Statements feoniinued) Year ended 31 March 2023 Accountlng pollcles {eonllnuodJ Incomlng resources All incoming resources ale included in the statement ot financial activilies when entillemenl has passed lo the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular calegories ol income: income from donations or grants is recognised when there is evidence ot enlitlement lo the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value ol the goods unless this is impractica5 to measure reliably, in which case the value is derived from the cosl to the donor or the estimated resale value. Donated facilities and services are recognised in the accounls when received il the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts lor the supply of services is recognised with the delivery ol the contracted service. This is classified as unreslricled funds unless there is a conlraclual requirement for it lo be spent on a particular purpose and returned il unspenl, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be lully recovered, and is classified under headings of the statemenl of financial activities to which il relates.. expenditure on raising lunds includes the costs ol all fundraising activities, evenls, non- chaf51able trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benelil ol its beneliciaries, including those support costs and costs relating to the governance of the charily apportioned to charilable activilies. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated lo expenditure categories reflecting the use ol the resource. Direct costs attributable to a single activity are allocaleé directly lo that activity. Shared costs are apportioned between the activities they contribute lo on a reasonable, jusliliable and consistent basis. Donatlons and legacles Unrestricted Funds Restricted Total Funds Funds 2023 Donallons Donations and In-Kind Conlribulions Ticket sales 835 6,415 835 6,415 Music In Fermanagh Notes lo the Financlal Statements (conllnu•dJ Year ended 31 March 2023 Donatlons and legacies {conllnuedJ Unrestricted Funds Restricted Total Funds Funds 2023 Grants and In-Kind Fundlng Arts Council for Northern Ireland Fermanagh & Omagh District Council.. In-Kind Funding 358 358 2,203 2,561 2,203 9,811 7,250 Unrestricted Funds Restricted Tolal Funds Funds 2022 Donations Donations and In-Kind Contributions Ticket sales Grants and In-Klnd Funding Arts Council for Northern Ireland Fermanagh & Omagh Districl Council.. In-Kind Funding Trustee remuneratlon and expenses No remuneration or other benetits from employment with the charity or a related entity were received by the trustees. Credltors: amounts falllng due wlthin one year 2023 2022 Trade creditors Arts Council Nl Grant Not Spent 300 2,742 120 3,042 120 Related parties No transactions with related parties were undertaken such as ale required lo be disclosed under the Financial Reporting Standard lor Smaller Entities letlective April 20081. Music In Fermanagh Management Informaiion Year ended 31 March 2023 The lollowlng pages do not form part of the financlal Statements. Muslc In Fermanagh Detailed siatement of Financial Activities Year ended 31 March 2023 2023 2022 Donatlons and legacles Donation5 and In-Kind Contributions Ticket sales Arts Council lor Northern Ifeland Fermanagh & Omagh District Council.. In-Kind Funding 835 6,415 358 2,203 9,811 Total Income 9,811 Expenditure on Charitable actlvltles Pertormance lees Venue and equipment hire Insurance Travel and accomodalion Performing Rights Society Box ollice commissions Accountant lees Website and marketing costs Printing and slalionery Bank fees and charges 5,364 1,855 239 437 175 578 298 312 472 58 235 102 216 19 9,788 572 Total expendlture 9,788 572 Net Incomel{expenditure) 23 15721 10-