Company Number:NI646743 Charity Number:NIC108829
North West Carnival Initiative (A company limited by guarantee)
Accounts
for the year ended 31 March 2024
North West Carnival Initiative (A company limited by guarantee)
Contents
| Page | |
|---|---|
| Information | 1 |
| Directors Report | 2 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 - 7 |
| Notes to the accounts | 8 - 12 |
North West Carnival Initiative (A company limited by guarantee)
Information Directors and Trustees Ursula Doherty Ollie Green James Kee John Kerr Cath McBride Colleen O'Neill Frank Rafferty Kyle James Thompson Alison Wallace Pat Murphy Jonah Atos Mel Bradley Doreen Murugi Company No: NI646743 Charity No: NIC108829 Accountants McGroarty McCafferty & Company Ltd Accountants & Tax Consultants 2 Carlisle Terrace Derry BT48 6JX Bankers Bank of Ireland Culmore road Derry
Page 1
North West Carnival Initiative
(A company limited by guarantee)
Directors Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Objectives and activities
The principal activity of the company during the year under review was creating carnival parades and outdoor performances
Company Number
NI646743
Directors and their interests
The directors of the charity for the purposes of charity law and throughout this report are collectively referred to as the directors.
The directors serving during the year and since the year end were as follows:
Ursula Doherty Ollie Green James Kee John Kerr Cath McBride Colleen O'Neill Frank Rafferty Kyle James Thompson Alison Wilson
Governing Document
The organisation is a company with charitable status. The company was established under Memorandum & Articles of Association which outlined the area of benefit and the objects of the charitable organisation.
Risk Management
The directors have a risk management strategy which consists of establishing a system of identifying risks and mitigating such risks.
Reserves Policy
North West Carnival Initative have a policy that unrestricted reserves to be maintained at a level to cover six months salary, operational costs and redundancy.
Results & Performance
The results and performance for the year of North West Carnival Initiative are summarised in the enclosed accounts.
Financial review
The financial performance is summarised in the enclosed accounts.
Page 2
North West Carnival Initiative (A company limited by guarantee)
Directors Report
..........continued
Directors Responsibilities In Relation To The Financial Statements
The directors of North West Carnival Initiative for the purposes of company law are responsible for preparing the Directors' Annual 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 directors to prepare financial statements for each financial year, that give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The directors 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 irregularities.
In so far as the directors are aware:
-there is no relevant information of which the charitable company's independent exaaminer is unaware, and -the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information.
This report is prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.
This report was approved and authorised for issue by the Board on 18 July 2024 and signed on its behalf by
Page 3
North West Carnival Initiative
(A company limited by guarantee)
Independent examiner's report on the unaudited financial statements to the directors of North West Carnival Initiative
We report on the accounts of the company for the year ended 31 March 2024, which are set out on pages 5-13.
Respective responsibilities of charity directors and examiner;
As the charity directors you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to;
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examine the accounts under section 65 of the Charities Act 2008;
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follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act 2008.
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state whether particular matters have come to our attention.
Basis of independent examiner's report
We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included a consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity directors concerning any such matters.
Our role is to state whether any material matters have come to our attention giving us cause to believe:
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that accounting records were not kept in accordance with section 386 of the Companies Act 2006;
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that the accounts do not accord with those accounting records;
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that the accounts do not comply with the accounting requirements of the Section 396 of the Companies Act 2006 and the methods and principles of the Charities 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;
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that there is further information needed for proper understanding.
Independent examiner's statement
We have completed our examination and have no concerns in respect of the matters listed above and, in connection with the following directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention.
McGroarty, McCafferty & Company Ltd Accountants & Tax Consultants 2 Carlisle Terrace
BT48 6JX
Date: 18 July 2024
Page 4
North West Carnival Initiative (A company limited by guarantee)
Statement of Financial Activities for the year ended 31 March 2024
| Unrestricted Restricted Funds Funds Income and Expenditure £ £ Incoming Resources Grants & Sundry Income 2. - 144,921 Total Incoming Resources - 144,921 Resources Expended Management & Administration 147,607 Total Resources Expended 2.1. - 147,607 Net Incoming / (Outgoing) Resources 8. - ) (2,686 Transfer between funds ) (2,079 2,079 Balances brought forward 1 April 2023 70,597 607 Balances carried forward 31 March 2024 68,518 - |
2024 £ 144,921 144,921 147,607 147,607 ) (2,686 - 71,204 68,518 |
2023 £ 180,254 |
|---|---|---|
| 180,254 | ||
| 179,647 | ||
| 179,647 | ||
| 607 - 70,597 |
||
| 71,204 |
The above amounts relate to continuing operations of the company.
The company has no recognised gains and 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 for the year stated above and their historical cost equivalents.
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North West Carnival Initiative (A company limited by guarantee)
Balance sheet as at 31 March 2024
| Notes Fixed assets Tangible assets 5 Current assets Debtors 6 Cash at bank and in hand Current liabilities Other creditors Accruals 7 Net current assets Total assets less current liabilities Funds Unrestricted 8 Restricted 8 |
2024 £ 23,883 91,582 115,465 25,385 25,302 50,687 |
£ 3,740 64,778 68,518 68,518 - 68,518 |
2023 £ 47,330 52,521 99,851 9,003 25,139 34,142 |
£ 5,495 65,709 |
|---|---|---|---|---|
| 71,204 | ||||
| 70,597 607 |
||||
| 71,204 |
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North West Carnival Initiative
(A company limited by guarantee)
(continued)
In approving these financial statements as directors of the company we hereby confirm:
For the year ended 31 March 2024, the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The directors have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime in accordance with FRS102 SORP.
The financial statements were approved and authorised for issue by the Board on 18 July 2024 and signed on its behalf by:
__ ____ Director Director
Company Number: NI646743
Page 7
North West Carnival Initiative (A company limited by guarantee) Notes to the accounts
for the year ended 31 March 2024
1. Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
1.1. Accounting convention
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 Charities SORP 2019 (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Companies Act 2006 and Charities Act (Northern Ireland) 2008.
1.2. Fund accounting
Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objectives of the charity.
Designated funds are unresticted funds earmarked by the management committee for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of appeal.
1.3. Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.
1.4. Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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North West Carnival Initiative (A company limited by guarantee) Notes to the accounts
for the year ended 31 March 2024
1.5. Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows:
- Equipment 25% Straight Line
| Unrestricted Restricted Incoming Resources Income Income 2024 2024 £ £ Class of business Voluntary Income Other Income restricted - 144,921 - 144,921 |
Total Funds 2024 £ 144,921 144,921 |
Total Funds 2023 £ 180,254 |
|---|---|---|
| 180,254 |
2. Incoming Resources Class of business
(i) Restricted Funds
Funds received which are earmarked by the Funder for specific purposes. Such purposes are within the overall aims of the organisation.
(ii) Unrestricted Funds
Funds which are expendable at the discretion of the company in furtherance of the aims of the charity. In addition funds may be held in order to finance capital investment and working capital.
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North West Carnival Initiative (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024
2.1. Resources Expended
| Unrestricted Restricted Funds Funds Management & Administration £ £ Wages & salaries - 29,359 Freelance costs 19,590 Staff pension costs - 2,302 Events expenses - 66,247 Cleaning - 47 Rent payable - 16,500 Rates - 1,852 Volunteer costs - 289 Insurance - 2,812 Light & heat - 2,992 Printing & stationery - 430 Repairs & maintenance - 1,093 Telephone - 657 Sundry expenses - 489 Accountancy - 1,033 Bank charges - 160 Depreciation of fixtures & fittings 1,755 - 147,607 Net Incoming Resources Net incoming resources has been arrived at after charging. Depreciation |
Total 2024 £ 29,359 19,590 2,302 66,247 47 16,500 1,852 289 2,812 2,992 430 1,093 657 489 1,033 160 1,755 147,607 2024 £ 1,755 |
Total 2023 £ 41,045 - - 107,728 129 16,500 683 551 3,102 4,891 358 1,035 633 36 1,175 25 1,756 179,647 2023 £ 1,756 |
|---|---|---|
3. Staff note
The average number of persons employed by the company during the year amounted to 1 (2023 - 1).
The aggregate payroll costs incurred during the year were:
| 31 March 2024 | 31 March 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 29,359 | 41,045 |
| Pension contributions | 2,302 | - |
| 31,661 | 41,045 |
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North West Carnival Initiative (A company limited by guarantee) Notes to the accounts
for the year ended 31 March 2024
4. Taxation
There is no charge to taxation as the company has charitable status.
5. Tangible assets
| Equipment £ Cost At 1 April 2023 11,700 At 31 March 2024 11,700 Depreciation At 1 April 2023 6,205 Charge for the year 1,755 At 31 March 2024 7,960 Net book values At 31 March 2024 3,740 At 31 March 2023 5,495 6. Debtors 2024 £ Grants due 22,400 Prepayments and accrued income 1,483 23,883 7. Current liabilities 2024 £ Taxes and social security costs 508 Other creditors 577 Deferred income 24,300 Accruals 25,302 50,687 |
Total £ 11,700 11,700 6,205 1,755 7,960 3,740 5,495 2023 £ 46,001 1,329 47,330 2023 £ 541 577 7,885 25,139 34,142 |
|---|---|
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North West Carnival Initiative (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024
| 8. Movements in Funds Restricted funds: Total restricted funds Unrestricted funds: Total unrestricted funds |
At At 1 April Incoming Outgoing Transfer 31 March 2023 resources resources 2024 £ £ £ £ £ 607 144,921 147,607 2,079 - 70,597 - - 2,079 68,518 71,204 144,921 147,607 - 68,518 |
At At 1 April Incoming Outgoing Transfer 31 March 2023 resources resources 2024 £ £ £ £ £ 607 144,921 147,607 2,079 - 70,597 - - 2,079 68,518 71,204 144,921 147,607 - 68,518 |
|---|---|---|
| 68,518 | ||
| 68,518 |
Purposes of Restricted Funds
Restricted grants awarded to the charity is provided to cover the core objects as explained in directors report.
9. Limited by Guarantee
The company is limited by guarantee and does not have a share capital.
10. Related Party Transactions
There were no related party transactions in the year under review.
11. Controlling interest
Ultimate control of the charitable company lies with the directors.
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