Registration No. NI636050
4 CORNERS FESTIVAL
ANNUAL ACCOUNTS
YEAR ENDED 31st MARCH 2024
4 CORNERS FESTIVAL
YEAR ENDED 31st MARCH 2024
LEGAL AND ADMINISTRATIVE INFORMATION
Date of Incorporation 27 January 2016 Members Reverend David A Campton Anthony F Hennessey Fr Martin J Magill (Co-Chair) Edward J Petersen Reverend Robert S Stockman (Co-Chair) Steven Gregg Heather Palmer Gerard Sowney appointed 17/11/2023 Registered Office 77 University Street Belfast Co Antrim BT7 1HL Administrator Megan Boyd Company Registration No. NI 636050 HMRC Charities Registration No. NI 00955 Charities Commission NI Reg No. NIC 107877 Bankers Danske Bank Donegall Square West Belfast BT1 6JS
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4 CORNERS FESTIVAL
YEAR ENDED 31st MARCH 2024
INDEPENDENT EXAMINER’S REPORT
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4 CORNERS FESTIVAL
YEAR ENDED 31st MARCH 2024
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2024
| Incoming Resources Notes Donations & Misc Inc Grant Income 1 Outgoing Resources Salaries Events Other Expenses Net Incoming Resources Balance brought forward Transfer to designated funds |
Unres’ted Res'ted Desig'ed Total 2023 Funds Funds Funds £ £ £ £ £ 10,898 - - 10,898 14,619 62,943 - 62,943 62,411 |
|---|---|
| 10,898 62,943 - 73,840 77,030 |
|
| £ £ £ £ £ - 19,604 2,385 21,989 21,978 4,977 42,475 3,515 50,967 47,832 691 865 100 1,655 1, 168 |
|
| 5,668 62,943 6,000 74,610 70,978 |
|
| 5,230 - -6,000 -770 6,052 20,537 - 27,500 48,037 41,985 - 8000 - 8000 - - |
|
| 17,767 - 29,500 47,267 48,037 |
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4 CORNERS FESTIVAL
YEAR ENDED 31st MARCH 2024
STATEMENT OF FINANCIAL ACTIVITIES (Cont’d)
All amounts above relate to the continuing operations of the company
The company has no recognised gains or losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented.
There is no difference between the net incoming resources and the funds retained for the period stated above and their historic cost equivalents.
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4 CORNERS FESTIVAL
YEAR ENDED 31st MARCH 2024
BALANCE SHEET AS AT 31st MARCH 2024
| Notes Current Assets Cash at bank and on hand Debtors and Prepayments 5 Stock Current Liabilities Creditors and Accruals 6 Net Current Assets Represented by Unrestricted Funds Restricted Funds Designated Funds |
2024 £ 33,228 19,415 - 52,643 5,376 47,267 £ 17,767 - 29,500 47,267 |
2023 £ 25,720 27,108 - |
|---|---|---|
| 52,828 | ||
| 4,791 | ||
| 48,037 | ||
| £ 20,537 - 27,500 |
||
| 48,037 |
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4 CORNERS FESTIVAL
YEAR ENDED 31st MARCH 2024
For the financial year ended 31st March 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the Board on 20 September 2024 and signed on its behalf by
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4 CORNERS FESTIVAL
YEAR ENDED 31st MARCH 2024
STATEMENT OF CASH FLOWS
| Surplus for the year Add: Depreciation Investment income received Fixed Assets purchased Increase in Debtors Decrease in Creditors Decrease in Stock Increase in Bank Balance Opening Bank Balance Closing Bank Balance |
2024 2023 £ £ -770 6,052 - - |
|---|---|
| -770 6,052 - - - - |
|
| -770 6,052 - 7,693 - 4,038 585 3,550 - - |
|
| 7,508 5,564 |
|
| 7,508 5,564 25,720 20,156 |
|
| 33,228 25,720 |
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4 CORNERS FESTIVAL
YEAR ENDED 31st MARCH 2024
NOTES TO THE ACCOUNTS
1. Grant Income
| 1. Grant Income The Executive Office Central Good Relations Funding Belfast City Council - Good Relations Funding Linen Quarter BID Dept of Foreign Affairs & Trade - Reconciliation Fund St Anne’s Cathedral Sit-out |
2024 2023 £ £ 36,315 37,350 3,700 3,850 1207 - 20,871 20,611 850 600 |
| 62,943 62,411 |
2. General Information
The company is a private company, limited by guarantee, incorporated in Northern Ireland.
The address of its registered office is:
77 University Street Belfast BT7 1HL HMRC Charities Number NI 00955 Company Registration No NI 636050 NI Charities Commission Ref Number NIC 107877
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4 CORNERS FESTIVAL
YEAR ENDED 31st MARCH 2024
NOTES TO THE ACCOUNTS (Cont’d)
3. Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set out below. They have been consistently applied to all of the years presented unless otherwise stated.
Statement of Compliance
3.1 These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A – ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. They have been prepared in accordance with the company's governing document. The company is a Public Benefit Entity as defined by FRS 102.
Notwithstanding the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 the directors have decided to prepare a Statement of Cash Flows.
3.2 Going Concern
At the time of approving the accounts the Members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed the ongoing impact of Covid - 19 and are satisfied that it will not have a negative effect on the charity's going concern assumption.
3.3 Charities Commission NI
The company applied for registration with the Charities Commission NI on 2nd March 2020 and this was confirmed on 7th September 2020. The company was recognised as a charity for tax purposes by H M Revenue and Customs in line with Para 1 of Schedule 6 Finance Act 2020 with effect from 27th January 2016.
3.4 Basis of preparation
These financial statements have been prepared using the historical cost convention.
3.5 Charitable Funds
Unrestricted funds are available for use at the discretion of the members in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Designated funds are funds set aside by the members for specific future projects and to meet contractual liabilities should the charity have to close including redundancy payments, amounts due to creditors and commitments under leases.
3.6 Incoming Resources
Income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received.
Cash donations are recognised upon receipt.
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4 CORNERS FESTIVAL
YEAR ENDED 31st MARCH 2024
NOTES TO THE ACCOUNTS (Cont’d)
3.7 Resources Expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the company to that expenditure, it is probable that settlement will be required and the amount of the obligation can be reliably measured. All expenditure is accounted for on an accruals basis.
3.8 Stock
Stock is stated at the lower of cost and nett realisable value.
4. Staff numbers
The average number of employees for the year was 1.
5. Debtors
2024 2023 £ £ Grants due 17,656 23,120
6. Creditors and Accruals
£ £ Creditors & Accruals: falling due within one year 5,376 4,791
7. Members
None of the members (or any persons connected with them) received any remuneration or benefits from the company during the year.
8. Related Party Transactions
There were no related party transactions during the year. (2023 - none)
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