Company Roglstration Number: N1640622 Charlty Number: 106022-0 NORTH WEST CULTURAL PARTNERSHIP IA company Ilmitod by guaranta•, not havlng a 8harn capital) ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 CLAREMOUNT FM LIMITED CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS 43 CLARENDON STREET DERRY BT48 7ER
NORTH WEST CULTURAL PARTNERSHIP {A company Ilmlted by ouarnnt••, nat havlng a shar• ¢apllal} CONTENTS Paga Trustees, and Other Infonnation Trustees. Annual Report Statement of Truste8s' Responsibiliti88 Independent Auditorfs R8POrt 8-11 ststement of Financial Activilies 12 Balance Sheet 13 ststem8nt of Cash Flows 14 Notes to the Financial Statements 15-21
NORTH WEST CULTURAL PARTNERSHIP IA company Ilmlt•d by guarnnl••, not havlng a •hare ¢apltal) TRUSTEES. AND OTHER INFORMATION TRUSTEES Hazel Deeney Robert Andrew Lyttkg Margaret McLaughlin Andrew LeslSe Hetherington Chris Duncan Rankin Kenn8th William Donaghey (Reslgned 4 June 2024) CHARrrY NUMBER IN NORTHERN IRELAND lIo22-0 COMPANY REG18TRATION NUMBER NI840622 REGISTERED OFFICE New Gate Arts & Cultural Centre 2- 4 Kennedy Place Londondery BT48 6RF Northem Ireland AUDITORS Clar6mount FM Limited Chartered Accountants and Statutory Auditors 43 clandOn Street Derry BT48 7ER
NORTH WEST CULTURAL PARTNERSHIP IA cornp limit•d by warants4 not having a •harn wiilal) TRUSTEES. ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 The trustses presenl their Trustees. Annual ReporL combinlng the Dlrectors, Report and Trustees. Rew and Ihe audited financial slatements for the financial year ended 31 March 2025. The financial statements are prepared In accordance with Ihe Companies Acl 2006, FRS 102 The Financial RetK)rting Slandard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting StarKlard applicable in the UK and Republic of Ireland (FRS 102). Th8 Ttusts8s' R8POrt (x)ntains th8 infonnalion required to be provided in the Trust8es' Annual Report under the Ststement of Recommended Practice (SORP) guidelines. The trustees of tho chaiity are also charity trustees for the purpose of charity law and under the tharivs consliiution are known as members of the board of trustees. In this report the trustees of North West Cultural Partnership present a summary of its PuOse, governance. adivitie& achievements and finances for the financial year 31 March 2025. The charity is a registered charity and hence the report and results a presented in a fomi which complies with Ihe requirernents of the Companies Act 2006 and. although not obliged to comply with the ststement of Recommended Practlce applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations wh8r8 relevant in these financlal statements. PRINCIPAL Acnvrry The prlnclpal actlvity of the wnpany 1$ to promote community partldpatlon In arts and cultural activities in the Fountain Estate and surrounding areas for publiG benefft. advancing public education and promoting citizenship and social inclusion. MISSION, OBJECTIVES AND STRATEGY OBJECTIVES {1) Promote for the public benefil communlty participation in arts and cultural activilies in the Fountaln estate and surroundlng areas (the 'area of benefiv) by: (i) providing and managing facllities for the education and training of people of all ages In muslc, drama, performing and creative arts,. {li) stirnulatlng artistic creativty through the provision of tdcilities and support for artlstlc expression: and {iii) providirYJ aCS to a range of art forrns and performance opportunities. (2) Advance public education by eouraging and fostering enhanced understanding, appreciation and enjoyment of arts culture through the prcKluction. development and promotion of COnrts, performances. festivals and cultural rfents. 3) Promote citizenship and social indusion Ihrough involvement in community arts in communities that fa deprivation or other disadvantage and in particular. (i) provide SUPFX)rt and organise activities which develop the skills. capacities and capabilities of young P80pI8 to enabl8 th8m to particapate in soiiety as mature and responsible indNiduals: {11) engage with a range of age groups vthin the area of benefit in a manner which seeks to brlng change ithin communities and also within the lives of of indriiduals: (11) encourage soclalty excluded Indlvkluals and communltles to explore social issues through drama and other art forms. (4) Advance communlty development by provldlng fadllltes and practical support to community and voluntary groups and organisalions that are or intend to LE &Yvolved in community arts acllvltles so as
NORTH WEST CULTURAL PARTNERSHIP (A ¢omp*w limitsd by not having a sh•r• wltal) TRUSTEES. ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 to increase their efficiency and effectNeness arKI to encourage SUGh groups and organlsatlons to coperate to athleve thelr airns. STRATEGY Our vision is to build a future of confident, creatlve, and connected pe0F8. We will achieve our vision by engaging and devek)ping individuals and communilies through innovaliv8 arts, creative programmes, and civic leadership. Our priorities are to help people create, hel) people grow. and help amplify voices. To do this we will ensure the partnership is strong8r and more sustainabl6. STrUCTURE. GOVERNANCE AND MANAGEMENT STrUCTURE The charity is a Gompany limited by guarantee. which was incorporated on 5th September 2016. The company is govemed by ts Memorandum and Articles of Association, which were signed on 12th August 2016 on behalf of the first members of the charty. The charity 18 managed by the tTUStees. who are also the directors for the purposes of company law. They meet throughout the year in order to manage Ihe activitles of the charity. They are elected by Members at the Annual General Meeting. REVIEW OF ACHIEVEMENTS AND PERFORMANCE Last year the North Wesl Cultural Partnership adopted a 5-year strateglc plan which included a 2-year Operaonal plan. We are pleased with th8 progress made to date. with many of the targets already met ar, In some cases, exceeded. The trustees would like to commend the Ex8cutive team and all the stsff for their efftirts in meeting these targets and their commlknent to achleving our collective vision. New Gate Arts & Cuhure Centre has become the vibrant arts and cultural hub we had planned. This year alone we have had over 170 events and activities; attractlng an audience of over 24.lJ)O. Our dass8S, workshops, talks, tours, p8rformanc88 and events laken place throughout the year, encouraging partlcipation in the arts, stimulating artlstlc creallvlty, fos18ring enhanced understandlng, appreciation and enjoyment of arts and culture, promoting citizenshlp and social inclusion, advancing communty development and ultimately improving the INes of individuals and cornmunlties. The current fundlng envlronment Is dlfficult. however. Y have been successful in number of applications and have been able to continue the growth of the partnership and its activities. We are delighted with the level of activities and services we have been able to offer, with audience and participant numbers Increasing and refie(#ed in event income. In addition. y hw4e made good progress on a number of social economy projects: these aim to diversify our income arKI ensure a more sustainable partnership. Our communty and outreath projects continue to help bring about change within (x)mmunities' the Peace Impact Programme. Community in PartnehIp Programme and a number of recenty awarded PEACEPLUS Programmes have ensured we remain able to react to communty needs and resolve any issue preventing individua15 and communities from reaching their full potential. Furthermore. our Older PeoFles programme has provided older people with opportunities to attend social events and learn new Skills; reducing isolation and Improving their pthysical and mental wellbeing. The board ar8 pleased with th8 p8rformanc8 of all our staff. many of whom go over and above what is expected of them. They are a very lalented team of irKlividuals, who are commFited to achieving our lective vision. We look forward to another excitlng year, which will see further 8Ctiviti8s developed. even rrK)re perfonnances and events," a8 we continue to develop the North West Cultural Partnership together.
NORTH WEST CULTURAL PARTNERSHIP IA company lknlt•d by guarnnt••, not havlng a Sh ¢apltal) TRUSTEES. ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW The results for the financlal year are set out on page 12 and addltlonal notes are provided showing income and exp8fKJiture in greater detail. FINANCIAL RESULTS At the eThJ of the financial year the charity has assets of £3,348.145 (2024 - £3,546.297) and liabilities of £416,515 (2024 - £533.780). The net assets of the charity have decreased by £(80.887). It is the policy of the charity that unrestricted fvnds which have not been designated for a specific use sholld be maintained at a level equivalent to 6 month's expenditure. The charity considers that reserves at this level will ensure that, in the event of a significant drop in funding. they will be abl8 to continue the charivs activities while consideration is given to ways in which additional funds may be raised. TRUSTEES The trustees who served throughout the financial year. except as noted, were as follows: Hazel Deeney Robert Andrew Lytue Margaret McLaughlin ArKlrew Leslie Hetherington Chrls Duncan Rankln Kenneth William Donaghey (Resigned 4 June 2024) In accordance with the Constitution, the trustees retire by rotstion and. being eligible, offer themselves for re-election. COMPLIANCE wrrH SECTOR-MDE LEGISLATION AND STANDARDS The charity engages pro-actively with legislation. standards and codes which are developed for the sector. North West Cultural Partnership subscribes to arxl is compliant wrth the following: The Companies Act 2006 The Charities SORP (FRS 102) THE AUDITORS Claremount FM Limited. (Chartered Accountants), were appointed auditors by the trustees to fill the casual vacarw and they have expressed their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006. Approved by the board of Trustees on 181h Docembor 2025 and slgned on its bohalf by: Andrew Leslle Hetherington Director Robert Andrew L Dlrector
NORTH WEST CULTURAL PARTNERSHIP (A compary Ilmll•d by guaranl¢o, not havlng a 8h*r• e¥ltsl) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 The trustees, who 8re also directors of Noth West Cultural Partnership for the purFyws of company law. are responslble for preparing the financlal statements in accordance wtth applicable law and regulatlons. Company law requires the trustees as the dir8Gtors to prepare flnan¢ial statements for each Ilnancial year. Under that law Ihe truslees have elected to prepare the financial ststements in accdanCe with Unlted Kingdom Generally Accepted Accounting Practice (Unlted Klngdom Accounling Standards and applicable law) Includlng FRS102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland.. Under company law the trustees must not approv8 the financial statements unlass they are satlsfled that they give a true and fair vlew of the state of affairs of the charity and of the n8t income or expenditure of the charity for that period. In preparing Ihese flnanclal statements. the trustees are requir8d to: select suitable accounting polKies and apply them consist8ntty; • observe the m8thods and principles in the Charitts SORP make Judgements and accountlng estimates that are reasonable 2nd pwdent; • State whether Ihe finandal statements have been prepared In accordance with appllcable aGGounting 8tsrKlards. idenffji those standards, and note the effect and t1 reasons for any material departure from those standards: and prepare the finandal statements the going concem basis unless it is inappropriate to pr&sume that the charty will continue in operation. The trustees ar6 responsible for keeping ad8quate 8ccounting records that are sufficient to show and explaln lh6 charitys transactlons and dlsdose wlth reasonable accuracy at any time the finandal position of the charhy and enable them to ensure that the financial staternents compty the Companies Act 2006 and. They are also responsible for safeguarding the a&sets of the charity and hence for tsking reasonable steps for the preventlon and detection of fraud and other irregulariti88. In so far as the trustees are aware: th8re is no relevant audlt Infonnatkjn (information needed by the ¢hariVs audStor In conn8Ction with preparing the auditorfs report) of which the Gharity's auditor Is unavrnre, and the trustees have taken all the steps that they ought to have tsken as trustees in order to make th8mselves aware of any relevant audit infomiatlon and to establish that the charity's auditor is aware of that infomiation. Approved by the board of Trustees on 181h December 2025 and 8ignod on Its behall by: Andr•w Leslle Hetherin Diractor on Robert Andr•w L Dlrector
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH WEST CULTURAL PARTNERSHIP (A QornPY Ilmll•d by guarnnt¢•. not havkng a harn capltal) REPORT ON THE AUDIT OF THE FINANCIAL STATEMEKrs OPINION We have audited th8 charity financial statements of North Wesl Cultural Partnership (Ihe charity) for the finarKlal year ended 31 March 2025 which comprise the Statement of Financlal Acllvltles (incorporating an Income and Expenditure Accounl), the Balance Sheet, the Statement of Cash Hows and notes to the financial statements. induding the summary of slgnificant accounting policies set out in note 2. The nancial reporting framework that has been applied in thelr preparatlon Is applicable law and Unit8d lfjngdom Accountlng Standards, Includlng FRS 102 The Financial Reportlng Standard appllcable In the UK and Republlc of Ireland. and Accounting and Reporting by Charities: Statement of Recommended Prdctice appllcable to Charitios preparing their accounts In accordan¢8 with FRS 102. In our oplnion, Nthen reporting in accordance wlth a fair presentation framework the financial statements: gNe a Irue and falr vlew of the state of the charitys affairs as at 31 March 2025 and of its defidt for tha financial year then erKled; have been properly prepared in aCCanCe with United Klngdom Generally Accepte(l A¢UntIng Practlce; and have been prepared in acrdanCe with the requlrements of the Companies Act 2006 and the Charities Act (Northern Ireland} 2008. BASIS FOR OPINION We conducted our audit in accordance wlth Intematlonal Standards on Audlllng (UK) (ISAS (UK)) and applicab18 law. Our responsibilities under those standards are further describèd in the Audltorfs responslbilitios for the audit of the flnanclal stat8m8nts section of our report. We are independent of the charity in aGGordance with ethlcal requlrements that are relevant lo our audit of the financial statements in the UK, including Ihe FRC'S Ethical Standard. and we have fulfilled our olher ethical resFX)nsibllltles in accordance with these requirements. We believe that the audit evidence we have obtalned Is suffident arKI appropriate to provlde a basls for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustses, use of the going concem basis of accounting In the preparatlon of the flnanclai statements Is appropriate. Based on the work we have pefftlrnied. we have nol identified any malerlal uncertainties relatlng to events or conditions that, individually or collectlvely, m8y cast signfficant doubt on the ¢harity's abllSty to contlnue as a going concern for a perfod of at least twelve months from the date when th8 financial statements aro authorised for issue. Our responsibilities and the responslbiltties of the trustees with respect to going ¢oncem are descrfbed In the relevant sectlons of Ihls report. OTHER INFORMATION The other Infonnation comprises the inforniation Includ in the annual report otr than the financial statements and our Auditorfs Report thereon. The trust88s are responsible for the other inf0Mln ontalned within the annual report. Our oplnlon on the financial stalernents dcs not cover the other information and. except to the extent olherwise explicltly slated In our report, we do nol express any form of assurance conclusion thereon. Our respcfflsibility is to read the other Informatlon and, in doing so, considar whether the other informatlon is materially inconsistent with the finanGial ststements or our knowledge obtained in the cours8 of Ihe audit. or oth8rwis8 appears to materially misstaled. If we identify such materlal Inconsistencies or apparent material mi&8tatements. we are required lo detennine whether thls gives rise to a materlal misstatement In the flnanclal statements themselves. If, based on the work we hwrfe perfomied, we o)ndude that there Is a material misstatement of thls other Informatlon, we are requlred to report that fact. We hav8 nothing to report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH WEST CULTURAL PARTNERSHIP (A compw Ilmhed by gw•rnnt••, not havlng a sh)r• ¢apltaD OPINION ON OTHER MArrER PRESCRIBED BY THE COMPANIES ACT 2006 In our oplnlon, based on the work undertaken in the course of thè audit.. the Infonnation given in the Trustees, Annual Report for the financial year for whlch the financial st8t8ments are prepared is consistent with the financial statements: and the Truslees, Annual Report has been prepar8d in accordance with applicable legal requirements. MATfERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charlty and its environment obtained in the cour88 of the audit. W8 have not identified material misststsments In the Trustees, Annual Report. We have nolhlng to repc*t in respect of the following matters wher8 the Companies Act 2006 requires us to report to you rf, in our opinion: adequat8 accounting records have not been kept: or Ihe financial stateThnts are not in agreement with the accounting rerdS and retums; or Gertain disdosures of trustees, remuneratlon specified by law are not mad8; or the tNstees were not entiued lo ppare the finarKlal statements in accordance with the small companies regim8 and tak8 advantage of the small companies. exemption in preparfng the Trustees. Annual Report. RESPONSIBILMES OF TRUSTEES FOR THE FINANCIAL STATEMENTS As explained nK)re fully in the Ststement of Trustees, Responsibilities set oul on page 7, the truste&s are responslble for the preparation of the financial statements and ft)r being satisfied that they give a true and fair view, and for such internal control as they determlne is nec&%sary to enable tha preparation of financial statsrnents that are free from material mlsstat8menC whether due to fraud or error. In preparSng the financial statements, the trustees are responsib18 for assessing the charitys abilty to continue as a going concern. disclosing, as appllcable, matters related to going corKem and using Ihe going concem basis of accounting Unl management either inlends to Ilquldate the charty or to cease operatlons, or has no realislic altemative but to do so. AUDITOR'S RESPONSIBIUTIES FOR THE AUDrr OF THE FINANCIAL STATEMENTS Our objectiV88 are to obtain reasonable assurance about whether the financlal statements as a vthole are free from malerial misstatement, whelher due to fraud or 8rror, and to issue an Auditor's Report that includes our opinion. Reasonable assurance Is a hlgh level of assurance. but is not a guarantee that an audtt conducled in accordance with ISAS (UK) will always detect a rnaterfal mlsstatem8nt when it exists. Misstatements can arise from fraud or 8mr and are considered material rf, individually or In the aggregate, they could reasonably be expected to influance the economic d8cisions of users taken on the basis of these financlal slatements. Irregularities, Includlng fraud, are instances of non-compliance with laws and regulations. We deslgn procedures In Ilne wlth our responslbllltles, outlined above, to detect matsrial misstatements In respect of irregularities, induding fraud. The exient to which our procedu are capable of detecting irregularities. induding fraud is detailed below. However, the primary responsibilty for the prevention and detection of fraud rests with both management and those tharged wlth g0Veman ofthe charitable company. We assessed the susceplibility of the charrtabl8 company's financial statements to materfal mlsstatement, Indudlng how fraud mlght occur, Including evaluating man8gem8nt's incentives and opportunltlos to rnanage aamings or influence the reported results. In common with all audlts und8r ISAS (UK), we are required to perfonn specific procedures lo respond to the risk of management override.
INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF NORTH WEST CULTURAL PARTNERSHIP IA company Ilmlt•d ty gu•rnnt••, not having a shire capltall FURTHER INFORMATION REGARDING THE SCOPE OF OUR RESPONSIBIUTIES AS AUDITOR As part of an audit in accordance with ISAS (UK). we exercise professlonal judgement and malntaln professional scepticism throughout the audit. We also: Identify arKI assess the Tisks of material misstalement of the financial statements. whether due to fraud or error. design and perfonn audit procedures responsive to those risks, and obtain audit evidenc8 Ihat is sufficierrt and appropriat8 to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from e0[, as fraud may inv(fve collusion. forgery. intentional omissions. mi8representalions. or the Ovede of intemal control. Obtain an understanding of intemal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on Ihe effectiveness of the charitys int8mal control. Evaluate the appropriateness of accounting polici88 Used and the reasonableness of accounllng estimates and related dlsclosures made by trustees. Conclude on the appropriateness of the trustees, use of the going cOrern basis of accounting and, based on the audit evidence obtained. whether a material uncertalnty exlsts related to events or conditions that may cast significant doubt on the charty's ability to continue as a going concem. If we conclude that a material uncertainty exlsts, we are requlred to draw attention in our Auditorfs ReFQrt to the relaled disdosures in the financial statements or, if such disdosures are inadequate. to modty our opinion. Our conclusions are based on the audit eviden obtained up to the date of our Auditorfs RepotL However, future events or condition5 may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial ststements. including the disclosures. and whether the financial statements r8present the underlying transactions and events in a manner that achieves fair presentation. Enquire of management, those charged with gov8manc8 and the Charity's solicilor around aciual and potential litigation and dalms. Perform analytlcal procedures to Identify any unusual or unexpected relationships that may Indicate risks of malerial misstatement due to fraud. Review minutes of meelings of those Char with governance. 10
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH WEST CULTURAL PARTNERSHIP IA company Ilmlto(I by guarant8e. not havlng a shaY• ¢apltall We communicate with those charged with govemance regarding, among other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. THE PURPOSE OF OUR AUDIT WORK AND TO WHOM WE OWE OUR RESPONSIBILITIES This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor'5 report and for r)0 other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charty and the charity's members a5 a body, for our audit work, for this report, or for the opinions we have formed. G G Heaney (Senior Statutory Auditor) FOR AND ON BEHALF OF CLAREMOUNT FM LIMITED Chartered Accountants and Statutory Auditors 43 Clarendon Street Derry BT48 7ER 181h December 2025 11
NORTH WEST CULTURAL PARTNERSHIP {Aeampany lknlt•d by guarnnt••, rt havlng a sh¥• rApllal) STATEMENT OF FINANCIAL ACTMTIES Ilncorporallng an Income and Expendltur• A¢count FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 Unrestricted Restricted Funds Funds 2025 2025 Totalunrestricted Restiicted Funds Funds Funds 21725 2024 2024 Total Funds 2024 INCOME Donations and legacies CharFtabla activities Olhw trading tIvitieS Investments Other Income 1,000 571,458 19,703 71,824 572.458 19.703 71.824 1,600 3,274,789 3.276.389 10,451 10,451 90.245 90,245 1,270 1,270 21,972 21.972 TOTAL INCOME 115,198 571,458 686.656 103,566 3,274.789 3,378,355 EXPENDITURE Charltable actlvltles 4.1 122.117 645,426 767,543 103.844 448,147 551,991 NET INCOMEI(EXPENDITURE) (6,919) (73,968) (80.88n {278) 2.826.642 2,826,364 Transfers belween funds (42,162) 42,162 (758) 758 NET MOVEMENT IN FUNDS FOR THE FINANCIAL YEAR (49,081) (31.806) (80.887) (1.036) 2.827.400 2.826.364 RECONCILIATION OF FUNDS: Total funds beginning of 13 202.996 2.809,521 3.012.517 204.032 the year (17.879) 186,153 TOTAL FUNDS AT THE END OF THE YEAR 153,915 2,777,715 2.931.630 202.996 2.809.521 3,012,517 The Ststement of Financial Activities includes all galns and losses recognis8d in the ffinancial year. All income and experKliture relate to continulng activibes. The notes cfft pages 15 to 21 fomi part ofthe flnarrial ststomlS 12
NORTH WEST CULTURAL PARTNERSHIP (A company Ilmlt•d by guaFant••, not havlnq • 8har• ¢•pknl) Company MUMr.. N1640622 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 N¢)l•s FIXED ASSETS TaNJible assets 2.883,993 2.887.043 CURRENT ASSETS D&btors Cash at bank and In hand 407,127 57,025 613,270 10 464.152 659,254 CREDITORS: AMouKfs FALLING DUE WITHIN ONE YEAR 11 (378,283) (491,986) NET CURRENT ASSErs 85,869 167,268 TOTAL ASSEfs LESS CURRENT UABILrnES 2.969,862 3,054,311 CREDrroRS Amounts falling due after more than one year 12 (38,232) (41.794) TOTAL NET ASSETS 2.931,630 3,012,517 FUNDS Restricted trust funds General fund (unrestricted) 2.777,715 153,915 2,809,521 202,996 TOTAL FUNDS 13 2,931,630 3,012,517 Thèsa financial ststements have been prepared in accordanc8 With the special provisions relating to small companies wlthln Part 15 of the Companles Act 2006. Approved by the board of Trustees and authorised for issue on 181h December 2025 and slgned on its behalf by Andrew Leslle Hetherin Dlrector Robert Andrew Lyttl Dlrector Thè not8s on pag88 15 to 21 fomi part ofthg flnanc4al statsments 13
NORTH WEST CULTURAL PARTNERSHIP STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 2025 2024 Notss CASH FLOWS FROM OPERATING ACTIVrnES Net movement in fvnds Adjustments for. DepCIatiOn Interest receivable an(1 simitar income Interest payable a1 similar expenses Gains and losses on disposal of fixed assets (81.887) 2,826.364 71.199 (699) 2.920 39.628 {1.270) 3.900 (7N18) 2.868.622 Movernents in working capital: Movement in debtors Movement in credltors 207,143 (117.265) (493,321) 411,683 Cash generated from operations Interest paid 89,878 (2.920) 2,786,984 {3.SY)Q) Net cash g8n8rated from operaling activities 86,958 2,783,084 CASH FLOWS FROM INVESTING ACTMTIES Inlerest received Payments to acquire tangible assets 1.270 (2.437,930) (69.198) Net cash used in investment activities (68,499) {2,436.660) NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 11.041 45.984 20,641 25,343 CASH AND CASH EQUIVALEKfs AT THE END OF THE YEAR 10 57,025 45,984 14
NORTH WEST CULTURAL PARTNERSHIP IA compmy Ilmlt•d by guarantso, not havlng a share capllal) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 GENERAL INFORMATION North West Cultural Partnership is a company limited by guarantee Incorporated In Northem Ireland. Th8 r8gist8red offic8 of th8 charity is New Gate Arts & Cultural Centre, 2 - 4 Kennedy Place. Londondery. BT48 6RF. Norlhem Ireland which is also the principal place of business of the charity. The financial statements have been presented In Pound (£) which is also the functional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Charis financial ststements. BASIS OF PREPARATION The financial statements have been prepared on the going concern basis under the historical cost convention, modified to indude certain items at fair value. The financial statements have been prepared in accordance with the Ststement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordanc8 with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 10T. A8 pemiltted by the Companias Act 2006, the tharity has varied the standard fomiats in that act for the Stat8m8nt of Financial Activities and the Balance Sheet. Departures from the standard formats ar8 to comply with the requirements of the Charities SORP and ar8 in complianc8 With section 4.7. 10.6 and 15.2 of that SORP. STATEMENT OF COMPLIANCE The flnanclal statements of the charity for the financlal year ended 31 March 2025 have been prepared on the going cOnM basis and in accordance wlth the Statement of Recommended PractlC8 (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir81and FRS 102" FUNDACCOUNTING Th8 following are the cat8gori88 of funds maintsined: RESTRICTED FUNDS Restricted funds represent income receFved whlth can only be used for particular purposes, a8 SP8cifi8d by the donors. Such purposes are within the overall objectives of the charity. UNRESTRICTED FUNDS Unrestricted funds consist of General and Designated funds. General funds represent amounts whith are expendable at the discretion of the board. in furtherance of the objectNes of the charity. Designated funds comprise unrestricted funds that the board has, at its discretion. set aside for parlicular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund. INCOME Income is recognised by inclusDn In the Statement of Financial Activities only when the charity is legally entitled to the income. performance conditions attached to the item(s} of income have been me( the amounts involved can be measured sufficient reliabilty and it is probable that the inwme will be received by the charity. INCOME FROM CHARITABLE ACTIVITIES Income from charitable activities indude income eamed from the supply of services under contractual 8rrang8ments and from performance related grants whlch have conditions that speclfy the provision of particular seNices to be provided by the charity. Income from government and other co-funders Is recognlsed wn the chaiity is legally entitled to the Income because it is 15
contlnu8d NORTH WEST CULTURAL PARTNERSHIP IA e(MnnY lknlt•d by guxantw not h•vlng a Sharn capltsl) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 fulfilling the conditions contained in the related funding agreements. Where a grant is rgceiv8d in advance, its recognition is deferred and induded in creditors. Where entillement occurs before income is reNe. it is accrued in debtors. Grants from governments and other CfunderS typically include one of Ihe following types of conditions: Performance based conditions: whereby the charty is contractualty entitled to funding onty lo the extent that the core objeciives of the grant agreement are achieved. Where the chanty is meeting the core objectives of a grant agreement, it recognises the related expenditure, to the extent that it is reimbursable by the donor. as income. •Tim8 bas8d conditions: whereby the charity is contraciualty entitled to funding on th8 condition thal it is utilised in a particular period. In these cases the charity r8cognises the income to the exte it is utllised within the period specified in agreemenL In the absence of such conditlons, assuming that receipt is probable and the amount can b8 relHbly rneasured, grant income is recognised once Ihe charlty Is notffied of entitlement. Grants recefved towards capltal expendtture are credited to the Ststement of Financial Actlvltles when recelved or re1Vable, whlchever Is earller. EXPENDITURE Expendliure Is analysed beiween costs of charltable activities and raising funds. Tha costs of each actlvlty are separately accumulated and disdosed, and analysed accordlng to their major components. Expenditure is recognised wh8n a18gal or constructive obligation exists as a result of a pasl event, a transfer of economic beneffts is required in settlement and th8 amount of th8 obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be attributed to one activty. Such costs are allocaled to activities in proportion to Stsff time spent or other suitable measure for each activty. TANGIBLE FIXED ASSEfs AND DEPRECIATION Tangible fixed assets are stated at cost or at valuation, 18ss accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tsngible fixed assets, less their estimated residual value. over their expected useful INes as follows: Freehold propety Fixtures & ffttings 2% Straight line 1 Ol/Jo Straight line DEBTORS Debtors are recognised at the settlement amount due after any dlscount offered. Prepayments a valued at the amount prepaid net of any trade discounts due. Income recognised by the charity from govemment agencles and other co-funders, but not yet recelved at financi81 year 8nd, is included in debtors. CASH AT BANK AND IN HAND Cash at bank and in hand comprises cash on deposlt at banks requiring less than three months notice of wlthdrawal. 16
contlnued NORTH WEST CULTURAL PARTNERSHIP IA compw Ilmlted by guarantse. not havlw a shar• caplial) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 TAXATION AND DEFERRED TAXATION No current or defeff8d taxation arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred. Deferred tax is recognised in respect of all timing difference8 that have originated but rK•t reversed at the balance sheet date ffiere transactions or events have occurred at that date that will result in an obllgallon to pay mor8 tax in th8 fvture, or a rlght to pay less tax In the future. Timir differences ar8 t8mporary diff8renc88 between the charitys taxable IncAMn8 and ts results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the Lax rates that are anticipated to apply in th8 P8tiods in which the timing differences are expected to reverse, based on lax rates and laws that have been enacted or substantivety enacted by the balanc8 sheet date. INCOME 3.1 DONATIONS AND LEGACIES Unrestricted RtrIcted Funds Funds 2025 2024 Donations and18gaci8S 1.000 571,458 5T2.458 3,276,389 3.2 CHARITABLE ACTIVITIES Unrestrictsd Restrlctsd Funds Funds 2025 2024 GRANTS FROM GOVERNMENTS AND OTHER CO-FUNDERS: Income from charltable acllvltles 19,703 19,703 10,451 3.3 OTHER TRADING ACTMTIES Unrestrlctsd Restrlclod Funds Funds 2025 2024 Other activities 71.824 71,824 90,245 3.4 INVESTMENTS Unrestrlcted Restrlctsd Funds Funds 2025 2024 Investments 1,270 3.5 OTHER INCOME Unrostricted Restrictsd Funds Funds 2025 2024 Other Income 21.972 21,972 1 CHARITABLE ACTivrriES Unrestrlcted RtriCd Funds Funds 2025 2024 Expenditure on charitable activites 122,117 645,426 767,543 551.991 17
continu8d NORTH WEST CULTURAL PARTNERSHIP (A COMP Ilmltsd by guarant••. not havlng a shar• ¢aplta NOTES TO THE FINANCIAL STATEMEKrs FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 2 SUPPORT COSTS 2025 2024 Legal and professional fees Audit fees Mortgage interest General expenses Bank Charges Loss on disFwI of tangible assets 2.514 3,000 3,900 1,468 185 3,288 2,920 250 203 11,067 NET INCOME 2025 2024 NET INCOME IS STATED AFTER CHARGINGI(CREDrriNG): Deprecialion of tangible assets Deficitl(surplus) on disposal of tangible fred assets Auditorfs remuneration: - audil services 71,199 1.049 39,628 3,288 3.(X)O INVESTMEKf AND OTHER INCOME 2025 2024 Rent receivable Management Fees Bank Interest 39,842 53,955 19,505 70,740 1,270 94N96 91,515 EMPLOYEES AND REMUNERATION NUMBER OF EMPLOYEES The average number of persons employed (induding execjjtive trustees) during the financial year was as follows: 2025 Number 2024 Number Number of Staff - Admin 10 10 The staff costs comprise: 2025 2024 Wages and salaries Pension costs 392,916 8,098 268,643 5,514 401,014 274,157 18
contlnued NORTH WEST CULTURAL PARTNERSHIP IA company Ilmlt•d by guarant••, not havlng a shar• P11) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 TANGIBLE FIXED ASSETS Total Froohold Flxtures & property flttlngs COST At 1 Aprll 2024 Additions Disposals 2,868,546 40,545 105,716 2,974,262 28,653 69.198 (4,200) (4,200) At 31 March 2025 2.909,091 130,169 3,039,260 DEPRECIATION At 1 April 2024 Charge for the financial year On disposals 55,431 58,182 31,788 13,017 (3,151) 87,219 71.199 (3,151) At 31 March 2025 113,613 41,654 155,267 NET BOOK VALUE At 31 March 2025 2,795,478 88,515 2,883,993 At 31 March 2024 2,813,115 73,928 2,887.043 DEBTORS 2025 2024 Trade debtors Other debtors 406,377 750 598,520 14,750 407,127 613,270 10. CASH AND CASH EQUIVALENTS 2025 2024 Cash and bank balances 57,025 45.984 57.025 45,984 11. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Bank loan Trade credltors Taxation and social seGurity costs Accruals and deferred income 6.481 364,733 2.137 4,932 6,481 473,872 11,633 378,283 491.986 19
contlnued NORTH WEST CULTURAL PARTNERSHIP IA company Ilmlt•d by guaran1•8. not havlng a sharn Capltal) NOTES TO THE FINANCIAL STATEMEMrs FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 12. CREDITORS AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2025 2024 Other credltors 38,232 41,794 Repayable In one year or less, or on damand (Note 11) Repayable in five year6 or mor6 6,481 31.751 6,481 35.313 38,232 41,794 13. FUNDS ANALYSIS OF MOVEMENTS ON FUNDS Balanc• Income Exp•nditur• Transfers bgtwoen funds Balance 31 March 2025 2024 RESTRICTED FUNDS Restrfcted UNRESTRICTED FUNDS Unrestricted General 2,809,521 571.458 645,426 42,162 2,777,715 202.996 11,198 122,117 {42.162) 153,915 TOTAL FUNDS 3,012,517 685,656 767,543 2,931,630 14. STATUS The charfty Is a company Ilmtted by guarantee not havlng a share capital. The liabilty of the members rs limlted. Every member of the company undertakes to contribute to the assets of th8 company in the event of its beiNJ wound up while they are members, or wlthln one fJnan¢ial year thereafter, for the payment of th8 debts and liabilities of the company contracted before they ceased lo be members, and the costs, charges and expenses of winding up. and for the adjuslment of the rights of the contrl)utors among themselves, such amount as may be requlred. not exceeding £ 1. 15. CONTINGENT UABILrnES The charity recelved a capital grant of £2,427,032 from The Executive Office towards the conslructlon work of the New Gate Arts Centre buSldlng. The full amount has now been recognlsed in income. Contingent liabilty: Under the tem of the grdrrt agre8menl. rf the building is sold or ceases to be used for ivs intended purpose wlthln ten years, the grant may be repayabl8 in full. No provision has been made in these acCnts, as the trustees consider the Ilkellhood of repayment to be remote. 16. POST-BALANCE SHEET EVEKrs There have been no significant events affecting the Charity since the financial yearryend. 20
cx>ntinued NORTH WEST CULTURAL PARTNERSHIP {Acompany Ilmlt•d by uwarant••, npl havlng a ¥har• wiltal> NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 17. CHARGES ON ASSETS By a tharge dated 26 June 2020 the company entered Into a mortgage debenture includlng all the lands comprised in folios LY83609, LY92505, LY114662 and LY92146 County Londondeny In favour of The Executive Office in respect of all financial assistsnce advanced to the company by The Execufve Offlce. 21