COMPANY REGISTRATION NUMBER: N1628773 CHARITY REGISTRATION NUMBER: 107782 Eastside Arts Company Limited by Guarantee Financial Statements 31 March 2023 Finegan Gibson Ltd Chartered accountsnts & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Eastside Arts Company Limited by Guarantee Financial Ststements Year ended 31 March 2023 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members 10 Statement of financial activities (including income and expenditure account) Statement of financial position 16 17 Notes to the financial statements 18 The following pages do not form part of the financial statements Detailed statement of financial activities 30 Notes to the detailed statement of financial activities 31
Eastside Arts Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2023 The trustees. who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2023. Reference and admlnlstrallve detalls Reglstered charfty name Eastside Arts Charity registration number 107782 Company reglstration number N1628773 Principal office and registered Avalon House offlce 278-280 Newtonards Road Belfast BT4 1HE Antrim The trustees D Alderdice F Bell R Davison M Turtle S Brannigan E M¢Cracken J McGrath M Neill J Sialianskaia (Resigned 2 December 2022) (Resigned 26 April 2022) (Appointed 4 July 2023) {Appointed 4 July 2023) (Appointed 4 July 2023) {Appointed 4 July 2023) Company secretary Tony Wilson Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Sollcltors Hewitt and Gilpin Thomas House 14-16 James Street South Belfast BT2 7GA
Eastside Arts Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {conllnuedJ Year ended 31 March 2023 Structurei governance and management Governing Document Eastside Arts is a company limited by guarantee and is a charity recognised by the Charity Commission for Nl. It is a not for profit organisation. The company was established under a Memorandum of Association which established the objects and powers of the company and is govemed under its Articles of Association. Appointment of trustees The Chairperson and the trustees recommend new trustees as needed. New trustees are recruited on the relevance of their skills. and their potential to be able to make a helpful contribution to th8 governance of the charity. As part of this process they are made aware of a trustee's legal obligations under charity and company law. the content of the Memorandum and Articles of Association, th8 decision-making processes. the business plan and recent financial performance of the charity. Once the potential new trustee has agreed to be considered for appointment they can be co-opled by the directors until formal voting by members occurs at the next Annual General Meeting. Trustee induction and training A trustee induction process is in plac8 for all group companies. Organlsation structure and how charity makes decisions Eastside Arts is govemed by the board of directors. The company is managed on a day to day basis by a senior management team. The board of directors meets quarterly. and is appointed by the members at the AGM. A senior managament team manages the day to day activities of the company, and reports on company performance to all board meetings. Arrangements for sethng pay and remuneratlon of key managementpersonnel The directors consider the board of directors, who are the charity's trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling. running and operating the charity on a day to day basis. All directors give of their time freely and no director received remuneration in the year. Details of directors, expenses and related paty transactions are disclosed in note 13 to the accounts. The pay of the s8nior staff is set by referen¢e to NICVA guidance and utilisation of NJC pay scales. In view of the nature of the charity, the directors benchmark against pay levels in other similar sized charities run on a voluntary basi5 when appointing new member5 of key management. Relationships wlth related partles None of our tTUStees re1Ve remuneration or other ben8fit from th8ir Vrk with the charity.
Eastside Arts Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (eontlnu8d) Year ended 31 March 2023 Risk management Th8 company aims to mitigate the major risks it faces by implementation of th8 following procedures'.- Significant external risks to funding have led to the development of a strategic plan which clearly Identifies funding requirements going forward. and Internal control risks are minimised by the implementatlon of procedures for authorisation of all transactions with a financial implication. Directors The directors seNing during the year were as follows:. D Atderdice F Bell R Davison M Turtle S Brannigan
Eastside Arts Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuéd) Year ended 31 March 2023 Objectlves and activities Eastside Arts seeks to inspire Eastside residents and visitors by celebrating east Belfast, nurturing creative talent and delivering excellent programmes and events. Historically east Belfast has b8en underfunded in cultural provision and as a result, there has often been an underlying uncertainty about engagement with the arts in east Belfast. Eastside Arts works within this context to challenge barriers to participation and demonstrate that the arts and creativity are for everyone, bringing regeneration to the east of the city through creative engagement. In terms of extemal strategic context. the company works within th8 Strategic servlce dellvèry and funding Context of the Programme for Government and Belfast Agenda. We are a key partner in delivering the Strategic objectives of our cor8 fundèrs, tha Arts Council Northern Ireland (ACNI), our principal funder, and Belfast City Council. specifically the Belfast Agenda and 10-year Cultural Strategy, A City Imagining. Within the overall Programme for Government. Eastside Arts is most strategically aligned with Outcome 5- We are an innovative, creativa society, where people can fulfil their potential., and Outcome 9: We are a shared. welcoming and confident society that respects diversity. Within Belfast City Council's Belfast Agenda we are most strategically aligned with Outcome 5: Belfast is a vibrant, attractive. connected and environmentally sustainable city- and Outcome 2: Belfast is a welcoming. safe. fair and inclusive city for all. Eastside Arts is proud to be part of the cultural landscape of Belfast. contributing to the growth and development of the Arts Sector in Northem Ireland. The company employed 3 full time member5 of Staff during the course of the year. and managed a team of volunte8rs. Charitable Purpose The purpose of Eastside Arts, as expressed in its objects is to: advance education, to promote the arts, heritage and culture and to promote the benefit of the people of East Belfast and its environs of Greater Belfast without distinction of age. gender, disability. Sexual orientation. nationality. ethnic identity. political or religious opinion. by associating the statutory authorit18s. community and voluntary organisations and the inhabitants and in particular- a) to encourage appreciation for and active participation in Gommunity based visual and performing arts including music, visual art. comedy. theatre, film and literature. b) to encourage appreciation of the arts and stimulate the artistic creativity of people in the area of benefit and to produce performances and exhibitions of works of cultural and educational value including entertainm8nls and exhibitions c) to advance any other exclusively charitable purpose as the directors may. from time to time, decid8 in a¢cordance with the law of charity.
Eastside Arts Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) feontlnu8d) Year ended 31 March 2023 Strategic report The following sections for achievements and performanc8 and financial review form the strategic report of th8 charity. Achievements and performance Public beneflt report From our company objects flow our organisational purpose which is "to create an east Belfast that is a thriving cultural hub- where the arts are valued, creativity is for everyone and people are connected with each other and the wider world., The different elements within our purpose are further broken down into four Strategic Objectives as follows - 1. To improve equity of opportunity for people in east Belfast to engage with creative activities 2. To create a variety of meaningful. open and inclusive opportunities for people in east Belfast to explore creativity and connect with others 3. To celebrate the past, present and future of east Belfast; 4. To develop relationships that ensure the long-term stabilty of Eastside Arts and creat8 invastment in the arts in east Belfast 2022123 Achievements and Perfom)ance in meeting Strategic Objectives: Objectlve 1: To improve equity of opportunity for people in east Belfast to engage wlth creative activities The Gert & Friends - From October 2022 - March 2023 we worked with 25 local people, members of the Gertrude Star Band. between the ages of 16 and 69. creating 9 brand new tracks c0-V1tten with Matt McGinn. Una Mccann, Chip Bailey and Duke Special, which celebrated the culture and heritsge of the band and protestant marching Gullure. A celebration showcase event took place in The MAC Belfast in March and was remounted in C.S. Lewis Square in July which was attended by 577 people. High levels of engagement a¢ross the proje¢tlwith ESP and overwhelmingly positive feedback from the members involved highlighted the importance of the project to individual members: 'Ju5t like to say a big thank you to all involved in the two shows we've put on these last few months...Myseff I'm in the band going on 30 years and I must say it's the best thing I've ever been involved in. The women's choir, what Can Isa Women. Mums, Wives, Aunties, Daughters and friends just brought in. Had the pleasure of doing this with my wrfe which was brilliant. she loved it. The friendships we've all made! Just let's hope one day we'll get the chance to do it all again somewhere.. . Andy, Band Member
Eastside Arts Company Llmlted by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (Gonllnued) Year ended 31 March 2023 Attendance at Communi Meetin s - The staff team continued to develop our networks of contacts from a broad demographic of east Belfast representatives through monthly attendance at Race Relations Network meetings. Community Devèlopmant Cafes, and the Dementia Friendly East 88lfast Ste8ring Committee, including taking on the role of Vice-chair of the Race Relations Neork. We made 4-5 new contacts including East Belfast GAA and Hosford Women's Group, developing our understanding of how and why people engag8 in east Belfast. Shared Curatorshi We worked with an experienced live music curator and two performers and event organisers from the Queer community to programme a number of events in the Eastside Arts Festival to ensure that those with lived experience had input into the opportunities that were created for people to engage in arts and culture through the festival. Objective 2: To ¢reate a variety of meanlngful, open and Inclusive opportunitles for people In east Belfast to explore creatlvlty and connect with others The Artful ein ro ramme was a 5-month Greative programme for older people with social drop-ins for independent seniors. bespoke workshops for those in dementia specialist supported living facilities and public events programmed during the Eastside Arts Festival for both independent seniors and those in palliative I nursing care. Over the course of 5 months we engaged with 386 people. During the Eastside Arts Festival in August we ran the Silver Screenings at Strand Arts Centre and the very popular 'Soda Popz Lunchtime Bop, to cater for older citizens and those on a dementia journey. or with learning disabilities. Creative Kids Our summer activity for children and families featured 2 bespoke events during the Eastside Arts Festival: FunKademy - a 4-day creative summer school for 166 x children aged 5-11 to try a variety of different artforms, have fun and meet other children from outside of their schools or community circles. The Festival Fun Day a birthday themed family fijn day featuring children's theatre, liv8 music, infom)ation stslls, craft activities. storytelling tent and workshops was attended by -500 people. Creative Citlzens Pro mme: In November 2022 we were awarded £317K from the Paul Hamlyn Foundation over a 48-month period to deliver the Creative Citizens community engagement prograrnme. The first year of the programme is almost entirely research based and the final quarter of the reporting period was spent creating a Cultural Research and Engagement Tender. Eastside Choir The choir reached maximum membership capacity at 35 members and during the reporting period, moved rehearsal space from Ballyhackamore Social Club to their permanent home in Short Strand Community Centre. At the end of their Spring Term, the choir performed in Marie Cure Hospi¢e and Connswater Shopping Centre. They delivered 2 x summer performances in the Eastside Arts Festival and in December, they performed beside the Christmas Tree in Lanyon Station for our sponsor Translink. and held the now annual Winter Warmer in Banana Block on Thursday 8 December. Creatin ace In collaboration with a new ¢onta¢t, Hosford Women's Group, we devised and delivered 'Creating Space,. a 4-week reactive project to promote integration and cultural diversity by supporting Hosford's Women's Group to explore their Creativity and share their stories Ihrough trauma-infomied arts practice. We delivered 4 weeks of creative workshops, culminating in an exhibition in Skainos. All the athork on display was availabl8 lo purchase with proceeds reinvested into Hosford Wornen's Group. Kids, Socia We ran 12 x Big Kids, Society events (a fun. creative monthly social night held in 3
Eastside Arts Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {ontinu•d) Year ended 31 March 2023 x cafes in east Belfast. led by 4 x visual artists from our Big Kid's Collectlve) for 108 participants. Open to all ages, experiences and backgrounds. these events focus on creatlng a creative communty, nurturing individual creativity, increasing accessible. open creative opportunities in east Belfast and offertng a space for Creativity outside of publsocial club environments. It's so nice to be able to walk ten mins from my house and do something lik8 this! I loved the first event so much I've signed up to them all. It's my monthly treat to me. from mel Ivs a treat to be able to do something like this together, without the kidsl This is a great way to try something new, and it's affordable too Governance During the final quarter of the year we carried out a skills audit of the ESA Trustees as a first step in addressing Ihe shortfall in current numbers. We then held an open recruitment exercise and received 14 applications. Following shortlisting, 7 applicants were invited to attand interview and 5 of them were recommended to and approved by the ESP Nominations Commkttee. Diversi and Inclusion Trainin Two training sessions took place in January 2022: Guide Dogs UK delivered training in how to assist blind and partially sighted people and NICRE delivered EDI training, attended by 29 staff, volunteers and trustees. Street Art Pro ect We supported a stre8t art project with a group of young men from Altematives in Orangefield Park. Alternatives commissioned a piece of athork for the side wall of Orangefield Pavilion which has been design8d and developed in collaboration with the graffili artist FGB around the tham8 of men's mental health. Partners include Eastside Greènways and Belfast City Council. Objective 3:To celebrate the past. present and future of east Belfast; Eastside Arts Festival The annual festival launched on Friday 17 June took place from 4-14 AugusL The programme featured more than 80 events across 32 venues and we were delighted to get back into the community after the previous 2 years of reduced. digital and hybrid events. The theme of the 2022 festival was our 10th birthday. We attracted 10,000+ audience and 1.800 participants. we employed 280 artists and 6 freelance staff - our numbers were on a par to pre-pandemic levels. 30 volunteers gave approx. 300 hours of their time, 93•/0 of comment card responses rated events as excellent and we saw an increase in both sales and attendance figures from the previous year. Three Pa Che ues Awa ' b Alice Malseed We were awarded funding from the Arts Council Nl Commissioning Programme to Commission writer Alice Malseed to write a new piece of theatre addressing poverty and destitution in east Belfast. The project was devised in Gollaboration with the Eastside Partnership anti-poverty Scaffolding Project. Alica carried out interviews with people with lived experience in preparation for developing a script in the incoming financial year. Objective 4:To develop relatlonshlps that ensure the long-terni stability of Eastslde Arts and create Investment in the arts in east Belfast Staffin Develo ment We were awarded funding from the Future Screens Dfc Artwork Fund to recruit a full-time, Real Living Wage post for 3 years. The purpose of the grant is to create employment opportunities for
Eastside Arts Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu8d) Year ended 31 March 2023 indivlduals to work in a recognised arts organisation, which will in turn support organisational and sectoral growth. We created the post of Production and Admin Assistant and appointed Niki Browne to the post in July 2022. Paul Haml Foundation In October 2022 we submitted a 2nd stage application to PHF for 4-year funding. The November panel granted us the full funding for which we had applied {£317K) and the 'Creative Citizens, proje¢t began in January 2023. Crucially this funding supports core costs which will play a large role in the sustainability and development of ESA in the coming years. Artlst Remuneration We completed a comprehensive piece of work gathering information across artforms around what is considered to be Yairf remuneration with the aim of halping to define a policy around rates of pay. Industry standards vary widely across artforms and union organisations and we are working towards creating a fair and equitable rate card for the following financial year. Fundin and Income Generation This information is reflected in the annual accounts. Flnan¢lal review The results for the year are set out in detail on pages 16 & 17. The company returned a surplus for the year of £71.036 (2022: deficit of £912). At 31 March 2023. the total funds of the charity amounted to £151,290 (2022: £80,254), comprising restricted funds of £83,613 (2022.. £10,104) and unrestrtcted funds of £67.677 (2022: £70,150). The unrestricted funds are essential to provide sufficient funds to cover any unforeseen costs which may arise and fulfil th8 legal obligations of the charity in the event that Current levels of income are not maintained. Roservos policy and going concern A policy has been implemented by the Company in order to recognise the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed should equate to beeen 250/0 and 500/0 of annual administration overheads. The aim is to provide sufficient funds to cover any unforeseen costs which may arise. as well as allowing for the payment of any liabilities which would arise should the company Cease to operate. The company recognises that such targets may remain aspirational. Trustees. responsibilities statement The trustee5. who are also directors for the purposes of company law, are responsible for preparing th8 trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
Eastside Arts Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conllnuedj Year ended 31 March 2023 In preparing these financial ststements, the trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and prudent. slate whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statemenls,. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charty wll continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charrty's transaGtions and disclose with reasonable accuracy at any time the financial POSrtion of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrties. Auditor Each of the persons who is a trustee at the date of approval of this report confims that: so far as they are aware, there is no relevant audit infonnation of which the charty's auditor is unaware.. and they have taken all steps thal they ought to have taken as a trustee to make themselves aware of any relevant audtt infomiation and to establish that the charty's auditor is aware of that information. The trustees, annual report and the strategic report were approved on 1 December 2023 and signed on behalf of the board of trustees by=
Eastside Arts Company Llmlted by Guarantee Independent Auditor's Report to the Members of Eastside Arts Year ended 31 March 2023 Opinlon We have audlted the financial statements of Eastslde Arts (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities {in¢luding income and expenditure account), statement of financial position and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Fral¢e,. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independant of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our olher ethical responsibilities in accordan¢e with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going COnM basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast signrficant doubt on the chartty's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going con¢em ar8 described in the relevant sections of this report. 10
Eastside Arts Company Llmited by Guarantee Independent Auditorfs Report to the Members of Eastside Arts (conllnued) Year ended 31 March 2023 Other infonnation The other information comprfses the infomiation included in the annual report, other than the financial statements and our auditorfs report thereon. The trust88s are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, Consider whether the other informalion is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a malerial misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit= the information given in the trustees. r8POrt for the financial year for which the financial statements are prepared is consistent with the financial statements. and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not Identified material misslatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: ad&quat8 accounting records have not been kept, or r8turns adequate for our audit have rsot been received from branches not visited by us., or the financial slatements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the infomiation and explanations we require for our audit. 11
Eastside Arts Company Llmlted by Guarantee Independent Auditor's Report to the Members of Eastside Arts (¢onllnu•d) Year ended 31 March 2023 Responslbilitles of trustees As explained more fully in the trustees, responsibilities statement. the trustees (who are also the directors for the purposes of company law) ar8 responsib18 for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going conrn and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. 12
Eastside Arts Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Arts (Gontlnued) Year ended 31 March 2023 Auditorfs responsibilities for the audit of the financial statements Our objedives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstat8ment, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a material misstatement when it exist5. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: In identifying and assessing risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, we considered the following- the nature of the industry and sector. control environment and business perft)rmance including the design of the remuneration policies, key drivers for directors, remuneration. bonus levels and perfomiance targets: results of our enquiries of management about their own identification and assessment of the risks of irregularities: any matters we identified having obtained and reviewed documentstion of their policies and procedures relating to- identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-complian. detecting and responding to the risks of fraud and whether management have knowledge of any actual. suspected or alleged fraud-, the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit 8ngagem&nt team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicator5 of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of materia amounls and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing complianc8 With the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty. 13
Eastside Arts Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Arts (¢ondnu8d) Year ended 31 March 2023 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional sceptiGism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit proc8dures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a rnaterial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our condusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to ¢ease to Continue as a going concem, Evaluate the overall pre5entalion. strudure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 14
Eastside Arts Company Llmited by Guarantee Independent Auditor's Report to the Members of Eastside Arts (conllnuedj Year ended 31 March 2023 We communicate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report 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 stsle to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fvllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work. for this report. or for the opinions we have formed. Paul Dolan (Senior Ststutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountsnts & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 1 Dember 2023 15
Eastside Arts Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Nota Income and endowments Donations and legacies Charitable activities 11,370 64.612 11.370 355.930 26,506 207,135 233,641 291,318 Total income 75,982 291,318 367.300 Expenditure Expenditure on charitable activities Total expenditure 78,455 78.455 217,809 296.264 234.553 217.809 296.264 234,553 Net incomel(expenditure) and net movement In funds (2,473) 73.509 71,036 (912) Reconciliation of funds Total funds brought forward Total funds carrled forward 70.150 10.104 80.254 81,166 67,677 83,613 151,290 80,254 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 18 to 28 form part of these flnanclal statements. 16
Eastside Arts Company Limited by Guarantee Statement of Flnanclal Position 31 March 2023 2023 2022 Notè Fixed assets Tangible fixed assets 14 266 5,894 Current assets Debtors Cash at bank and in hand 15 67,545 105,672 173,217 71,535 29,453 100.988 Credltors: amounts falling due thIn one year Net current assets 16 22.193 26,628 151,024 74.360 Total assels less current liabilities 151,290 80.254 Net assets 151.290 80,254 Funds of the charity Restricted funds Unrestrtcted funds 83.613 67,677 10,104 70,150 Total charlty funds 19 151,290 80,254 These financial stalemenls were approved by the board of tTUStees and authorised for issue on 1 December 2023. and are signed on behalf of the board by- Tho nots8 on pag88 18 to 28 fomi part of these financial ststornents. 17
Eastside Arts Company Llmited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General inforniation The charity is a public benefit entity and a private company limited by guarantee. registered in Northern Ireland and a registered charity in Northem Ireland. Tha address of the r8gistered office is Avalon House, 278-280 Newtownards Road, Belfast. BT4 1 HE. Co. Antrim. Statement of compliance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies 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 falr value through income or expenditure. The financial statements are prepared in sterling, which is the funclional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial staternents requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future event5 that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the truste8S to further any of the harity's purposes. Designated funds are unrestricted funds earmarked by the trustees for partlcular future project or commitment. Restricted funds are subjected to r8strictions on their expenditure declared by the donor or through the temis of an appeal. and fall into one of two sub-classes: restricted income funds or endowment funds.
Eastside Arts Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting policies (continued) Incomlng resources All incoming resources a included in the statement of financial activities when entitlement has passed to the charity. it is probable that the eGonomic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The followlng specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evldence of entitlement to the gift. receipt is probable and its amount can be measur8d reliably. legacy income is recognised when receipt is probable and entitlement Is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which 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 if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from Gontracts for the supply of seNices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which Gase it may be regarded as restricted. Resources expended Expenditure is recognised on an a¢Gruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates- expenditure on raising funds includes the costs of all fundraising activities. events, non-¢haritable trading activities. and the sale of donated goods. expenditure on charitable activities includ8s all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. 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 ar8 allocated to @xpenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that aclivity. Shared costs are apportioned between Ihe activities they contribute to on a reasonable. justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets Carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 19
Eastside Arts Company Limited by Guarantee Notes to the Financial Statements (¢ontinued) Year ended 31 March 2023 Accounting policies (continued) Tangible assets (conllnuodj An Increase in the carrying amount of an asset as a result of a revaluatlon. is re¢ognised 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 adivities. A decrease in the carying 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. Depreciation 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= Ftxtures. fittings and equipment 330k straight line Impaimient of fixed assets A review for indicators of impairment is Carried out at each porting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also revi8wed for possible reversal at each reporting date. For the purposes of impairment testing. when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the CaShenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash Inflov that largely independent of Ihe cash inflows from other assets or group5 of assets. For impairmenl 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 those units. Financial instruments A financial asset or a financlal liablllty is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other Consideration expected to be paid or received and not disGounted. Debt instruments a subsequently measured at amortised cost. 20
Eastside Arts Company Limited by Guarantee Notes to the Financial Statements (¢ontints•dJ Year ended 31 March 2023 Accounting pollcles (conllnu8d) Financlal Instruments (contInU) Where investments in shares are publicly traded or their falr value can othepwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impaimient. Other financial instruments. including d8rivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business lems or financed at a rate of interest that is not a market rate. in which Gase the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instNmènts in a designated hedging relationship. Financial 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 objective 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 instruments regardless of significance, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assels are either assessed individually or grouped on the basis of similar credit rlsk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Deflned contrlbutlon plans Contributions to defined contribution 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 viill lèad to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the relat8d setvice, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expens8 in the period in which it arises. Limited by guarantee The chartty is a company limited by guarantee and has no share capital. The liability of each memb8r in the @vent of winding-up is limited to £1. 21
Eastside Arts Company Limited by Guarantee Notes to the Financial Statements (¢ontinu•d) Year ended 31 March 2023 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donatlons Donations 250 250 1.506 1,506 Sponsorship Sponsorship 11,120 11,120 11,370 25,000 26.506 25,000 26,506 11,370 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2023 Sale of ticketslmerchandise as part of direct charitable adivities Belfast City Council Arts Council Arts & Business Other Funders Paul Hamlyn Foundation Halifax Foundation Department for Communities Lottery Award5 for all Dept of Foreign Affairs '. Reconciliation Fund Foyle Foundation Esme Mitchell Grant Community Relations Council Enkalon Foundation 62.112 1.000 62,112 46.000 98,764 45.000 98.764 80.000 80.000 500 21.919 9.250 12.033 20.000 3.000 1.352 1.000 500 21,919 9,250 12.033 20.000 3.000 1,352 1.000 64.612 291.318 355,930 22
Eastside Arts Company Limlted by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Charitable activities (continued) Unrestricted Funds Restricted Total Funds Funds 2022 Sale of tick8tslmerchandisa as part of direct charitable activities Belfast City Council Arts Council Arts & Business Other Funders Paul Hamlyn Foundation Halifax Foundation Department for Communities Lottery Awards for all Dept of Foreign Affairs .' Reconciliation Fund Foyle Foundation Esme Mitchell Grant Community Relations Council Enkalon Foundation 41,118 41.118 53.240 90,197 15,000 3.500 53,240 90,197 15.000 3.500 4.080 4,080 41.118 166.017 207,135 Expendlture on charltablè actlvltles by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Promotlon of the Arts Support costs 78,455 192,455 25,354 217.809 270.910 25.354 78,455 296.264 Unrestricted Funds Restricted Total Funds Funds 2022 Promotion of the Arts Support costs 65.785 146,875 21.893 212,660 21,893 65,785 168.768 234,553 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Promotion of the Art5 Goveman¢e costs 270.910 23.974 1.380 294,884 1,380 233,233 1,320 234,553 270,910 25.354 296.264 23
Eastside Arts Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2023 Analysls of support costs Promotion of the Arts Total 2023 Total 2022 Staff costs Premises Governance costs 7.693 16,281 1.380 7,693 16,281 1,380 7,542 13.031 1,320 21.893 25.354 25,354 10. Net incomel(expenditure} Net incomel(expenditure) is stated after chargingl(cr8diting): 2023 2022 Depreciation of tangible fixed assets 5,628 7.092 11. Auditors remuneration 2023 2022 Fees payable for the audit of the financial statements 1,380 1,320 12. Staff costs The total staff costs and employee benefits for the reporting period are analys8d as follows: 2023 2022 Wages and salaries Social security costs Employ8r contributions to pension plans 108.148 10.004 8.304 84,609 7,116 5,160 126,456 96,885 The average head count of employees during the year was 3 (2022: 2). No employee received employee benefits of more than £60.000 during the year (2022.. Nil). 13. Trustee remuneratlon and expenses The charFty trustees were not paid or received any other benefits from employment with the Charity in the year (2022: £Nil). No charity trustee received payment for prof8ssional or other services supplies to the charity (2022: £Nil). 24
Eastside Arts Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 14. Tanglble flxed assets Fixtures. fittings and equipment Cost At 1 April 2022 and 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 24,117 18.223 5,628 23,851 Carrying arnount At 31 March 2023 266 At 31 March 2022 5,894 15. Debtors 2023 2022 Trade debtors Amounts owed by group undertakings Prepayments and accrued income 6,000 33,877 31,658 39.705 27.840 67,545 71.535 16. Creditors: amounts falling due within one year 2023 2022 Trade creditors Amounts owed to group undertakings A¢cruals and deferred income 9.206 11,757 1.230 5,133 18.654 2.841 22.193 26,628 17. Deferred Income 2023 2022 At 1 April 2022 Amount released to incom8 Amount deferred in year At 31 March 2023 1.611 (1,611) 777 (777) 1,611 1,611 25
Eastside Arts Company Limited by Guarantee Notes to the Financial Statements (contlnu8dJ Year ended 31 March 2023 18. Pensions and other post retirement benefits Defined contribution plans The amount recognised In income or expenditure as an expense in relation to defined contribution plans was £8.304 (2022.. £5.160). 19. Analysis of charitable funds Unrestricted funds At 1 April 2022 At31 Transfers March 2023 Income Expenditur8 General funds 70,150 75,982 (78,455) 67.677 At 1 April 2021 At31 Transf8rs March 2022 Income Expenditure General funds 68,461 67,624 (65,785) (150) 70,150 Restricted funds At 1 April 2022 At31 Transfers March 2023 Income Expanditure ACNI Equipment Programme Dfc Social Enterprise Fund ACNI Stsbility & Renewal Arts Council Nl Core BCC CMAG Paul Hamlyn Foundation Arts & Business - Translink Arts & Business - Connswater Enkalon Foundation Belfast Harbour Festival Fun Day BCC CFF Writers Symposium Halifax Foundation Depy for Communities Community Relations Council ACNI Commissioning Grant Foyle Foundation 360 360 5.362 (5.362) (95,7091 (45,0001 (10.983) 95,709 45,000 80,000 69,017 302 302 4,080 (4.080) (14.332) 21,919 7,587 1,352 (1.352) 3,055 20.000 (3,055) (20.000) 26
Eastside Arts Company Limited by Guarantee Notes to the Financial Statements (contlnu8d) Year ended 31 March 2023 19. Analysls of charftable funds (conlinued) Esme Mitchell Trust Lottery AvrdS for all D8partm8nt of Foreign Affairs . Reconciliation Fund. 3,000 9,250 3,000 (9,250) 12.033 (8,686) (217,809) 3,347 10,104 291.318 83,613 At 1 April 2021 At31 Transfers March 2022 Income Expenditure ACNI Equipment Programme Dfc Social Enterprise Fund ACNI Stabilty & Renewal Arts Council Nl Core BCC CMAG Paul Hamlyn Foundation Arts & Business - Translink Arts & Business - Connswater Enkalon Foundation Belfast Harbour Festival Fun Day BCC CFF Writers Symposium Halifax Foundation Dep't for Communities Community Relations Council ACNI Commissioning Grant Foyle Foundation Esme Mitchell Trust Lottery Awards for all Departrnent of Foreign Affairs . Reconciliation Fund 1,464 (1,464) 617 (157) 360 10,724 (5.362) {90.197) (45,000) 5,362 90,197 45.000 10.000 (10,000) 5,000 1,000 (5,000) (1,000) 2,500 (2,198) 302 8,240 4,080 (8,390) 150 4,080 12,705 166,017 (168,768) 150 10,104 "A grant for £12.033 (Euro 14,039) was rgcgived from the Department of Foreign Affairs.. Reconciliation Fund during the year, which funded the'Billy Boy, in Ireland and Edinburgh project. 27
Eastside Arts Company Limlted by Guarantee Notes to the Financial Statements f¢ontinue Year ended 31 March 2023 20. Analysis of net assets between funds Unrestricted Funds Reslricted Totsl Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 266 83,838 (16,427) 67,677 266 173,217 (22,193) 151,290 89.379 {5.766) 83,613 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fed assets Current assets Creditors less than 1 year Net assets 532 93,709 (24,091) 70,150 5,362 7,279 (2,537) 10,104 5,894 100,988 (26.628) 80.254