Financial Accounts - Q4 2024 (October - December)
THENCF COMPANY LIMITED BY GUARANTEE
Statement of Income & Expenditure
For the period 01 October 2024 to 31 December 2024
€ INCOME Grant Received 4,851 T-shirt Sales 29 Total Income 4,880 EXPENDITURE Grant Payout 2,988 Accrued Grant Payout 1,090 Grant Refunded 1,100 Repairs & Maintenance 674 Subscriptions 50 Rent 33 Professional Fees 650 Total Expenditure 6,585 DEFICIT FOR THE PERIOD 1,705Balance Sheet
As at 31 December 2024
ASSETS € LIABILITIES € Current Assets Current Liabilities Bank Balance 3,234 Accrued Expenses 1,873 Prepayments 67 Director's Loan 2,000 Total Assets 3,301 Total Liabilities 3,873 FUNDS Retained Earnings Introduced 1,133 Accumulated Deficit (1,705) Total Funds (572) TOTAL ASSETS 3,301 TOTAL LIABILITIES & FUNDS 3,301Explanatory Notes to the Financial Statements
1. Basis of Preparation
The financial statements have been prepared under Irish GAAP for the purpose of filing with the Revenue Commissioners. The company is a small Company Limited by Guarantee (CLG) operating as a non-profit artist co-operative.
2. Accounting Policies
- Income Recognition: Grant income is recognised when received. The company acts as an administrative co-operative, receiving grants and paying them out to artist members.
- Expenditure Recognition: Expenses are recorded on an accruals basis, including costs incurred during the period but paid thereafter.
3. Grant Income and Payouts
The company administers grants on behalf of its artist members. Grant income of €4,851 was received from Mayo County Council and Ballina Fringe Festival. Grant payouts of €4,078 were made to members, which includes €1,090 accrued but not yet paid at year-end (Brian Irvine Totally Made Up Orchestra) paid in Jan 2025.
4. Accrued Expenses (€1,873)
Represent expenses incurred but unpaid at 31 December 2024:
- Accrued grant payout to artist: €1,090
- Accrued accounting fees: €750
- Accrued licence fee: €33
5. Prepayments (€67)
Represents the portion of the annual council licence fee (€100) covering the period 1 January 2025 to 31 August 2025.
6. Director's Loan
€2,000 was introduced by a director as a no-interest loan to provide working capital.
7. Retained Earnings Introduced
€1,133 represents funds transferred from the previous unincorporated association upon formation of the CLG.
8. Corporation Tax
The company has incurred a deficit for the period. No corporation tax liability arises.
Bank Statements
Download Bank Statements 2024 (PDF)
Contact
For any queries regarding these accounts, members may contact info@thencf.art to request bank statements or read-only access to the bank account.