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← Photoworks North Ltd

2025-03-31-accounts

Company registration number NI062234

Northern Ireland Charity Number NIC100285

Photoworks North Limited

Report and Accounts

Year Ended

31 March 2025

Photoworks North Limited Report and accounts Contents

Page
Charity reference and administrative details 3
Trustees annual report (including directors' report) 4 to 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 to 15

Photoworks North Limited Charity reference and administrative details

Company registration number NI062234

Northern Ireland Charity Number

NIC100285

The board of directors (charity's trustees)

S Dodd M Fenning (resigned 13 February 2025) A Ihebom L Kirkwood (resigned 15 May 2024) K O'Neill J Caldwell (resigned 15 May 2024) R Marlow (resigned 15 May 2024) M Healy M Gill LR Millar (appointed 15 May 2024)

Company Secretary

J Duncan

Registered office

Unit 6, 3-10 Bridge Street Belfast County Antrim Northern Ireland BT1 1LT

Accountants & independent examiners

Satori Accounting Chartered Accountants 11 Orchard Business Park Pennyburn Industrial Estate Derry Northern Ireland BT48 0LU

Bankers

Ulster Bank Limited 140-142 Great Victoria Street Belfast Northern Ireland BT2 7BU

3

Photoworks North Limited Registered number: NI062234 Trustees' Annual Report

The Trustees present their report and the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

Structure, governance and management

The company is governed and managed by the board of directors. The directors who served the company throughout the period are shown on page 3, together with details of the registered office and other professional advisors.

The board of directors carry out their governance role throughout the year by way of meetings on a regular basis to review the performance of the company and to make decisions regarding the company’s financial and operational matters. The directors govern the activities of the company in line with the objectives set out in the governing documents of the charity, namely the Memorandum and Articles of Association and the charity’s constitution.

The day-to-day management of the charity is delegated to Mr J Duncan, who oversees all operational and financial matters on behalf of the board and reports directly to the board on all such matters.

Objectives and activities

The principal objectives and activities of the charity during the year continued to be:

The charity is a charitable company limited by guarantee. It is governed by a memorandum and articles of association. The trustees have had regard to guidance issued by the Charities Commission of Northern Ireland on public benefit in carrying out their statutory duties in the governance of the charity.

Strategic report

Achievements and performance (including principal risks and uncertainties, development and key performance indicators)

Main achievements

During this period, the charity produced four issues of the magazine. We continue to publish and distribute a magazine that has a solid track record built up over 32 years and over 113 issues that is critically respected with national and international distribution. Issue 117 was published in March 2025.

4

Photoworks North Limited Registered number: NI062234 Trustees' Annual Report

In addition we have produced two 16 page supplements to accompany the BA and MA phase of Source Graduate Photography online. These have been distributed with the magazine. We worked with over 50 University photography departments. We distribute the magazine for free to 70 art teachers who receive a cover letter connecting the content of each issue with the curriculum. With each issue we distributed free copies of Source to 34 Northern Ireland Libraries.

Alongside its print edition, Source magazine is also available as a digital Edition. Four Digital editions of the magazine have been published. In 2024 all back issues have been scanned and made available to digital subscribers. The Source Website has over 5,000 pages of content, which is free to access as an educational resource.

We published and distributed a sign-up monthly email newsletter produced in-house as part of our editorial outputs. Source Social Media was used to distribute relevant photography news and opportunities as an access point to National and International photography culture.

Performance indicators

(1) Monitor and evaluate sales and subscription figures from distributors and our in-house subscription data bases.

(2) Web statistics Google Analytics, Native Stats, Twitter Analytics, Facebook Insights and E- Newsletter (Emma) Stats.

(3) Income from sales and subscriptions, Graduate Photography Online and advertising in the magazine.

Risks

Our key risks are as follows:

The directors are satisfied that the performance of the company during the year, in terms of both financial and operational results, is in line with the charity’s constitution and key objectives. Adapting to changes and opportunities presented by new technology and the changing landscape of publishing the organisation is now very much a cross platform publisher producing additional material for its Youtube channel, social media outlets and e-newsletters. This allows the public a greater number of ways to engage with our outputs. The print issue remains at the core of all our activities with material from that appearing in digital formats and our website.

5

Photoworks North Limited Registered number: NI062234 Trustees' Annual Report

Financial review (including reserves policy)

The net expenditure for the year was £477 (31 Mar 2024 – net expenditure £18,932). The deficit for the year will be deducted from funds brought forward. Total funds at the year-end date was £54,212 and consisted of designated funds of £48,979 and unrestricted funds of £ 5,233.

The directors have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 6 months of total costs. Total expenditure for the year ended 31 March 2025 was £160,117 and therefore the target is £80,058 in general unrestricted funds. The reserves are needed to meet the working capital requirements of the charity and the directors are confident that at this level they would be able to continue the current activities of the charity while negotiating continuation funding. The present level of liquid reserves available to the charity are £76,011 which is below this target level, and the strategy is to increase reserves through planned operating surpluses. The directors will continue to review the level of unrestricted reserves required.

Plans for future periods

There are no significant changes planned for the forthcoming year. The trustees will continue to govern the charity in line with the constitution in order to achieve the objectives noted above.

Trustees of the charity

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:

S Dodd M Fenning resigned 13 February 2025 A Ihebom L Kirkwood resigned 15 May 2024 K O'Neill J Caldwell resigned 15 May 2024 R Marlow resigned 15 May 2024 M Healy M Gill LR Millar appointed 15 May 2024

6

Photoworks North Limited Registered number: NI062234 Trustees' Annual Report

Trustees' responsibilities

The trustees' are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

The trustees' are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company exemptions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

On behalf of the Board

John Duncan

John Duncan (Jun 4, 2025 15:14 GMT+1)

_____ J Duncan Company Secretary

4 June 2025

7

Independent Examiner's Report To The Members of Photoworks North Limited Year Ended 31 March 2025

Respective responsibilities of charity trustees and examiner

As charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the Companies At 2006. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

I have examined your charity accounts as required under section 65 of the Charities Act and my 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 consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

  1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006

  2. That the accounts do not accord with those accounting records

  3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with 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

  4. That there is further information needed for a proper understanding of the accounts to be reached

Independent examiner's statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

Satori Accounting Chartered Accounants

11 Orchard Business Park Pennyburn Industrial Estate Derry BT48 0LU

4 June 2025

8

Photoworks North Limited Statement of Financial Activities for the year ended 31 March 2025

Notes
Income and endowments from:
Charitable activities
4
Total income
Expenditure on:
Charitable activities
5
Governance costs
6
Total expenditure
Net (expenditure) / income
Reconciliation of funds:
Total funds brought forward
Transfer between funds
Total funds carried forward		 Designated
Unrestricted
Restricted
£
£
£
-
49,468
110,172
-
49,468
110,172
-
29,994
124,996
-
5,127
-
-
35,121
124,996
-
14,347
(14,824)
38,319
1,546
14,824
10,660
( 10,660)
0
48,979
5,233
-		 2025
£
159,640
159,640
154,990
5,127
160,117
(477)
54,689
-
54,212		 2024
£
147,403
147,403
159,073
7,262
166,335
(18,932)
73,621
-
54,689

All income and expenditure derive from continuing activities

The statement of financial activities includes all gains and losses recognised during the year

9

Photoworks North Limited Balance Sheet as at 31 March 2025

Notes
Fixed assets
Tangible assets
7
Current assets
Stocks
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due
within one year
9
Net current assets
Total assets less current
liabilities
Charity funds
12
Designated
13
Unrestricted
13
Restricted
13
Total charity funds		 2025
£
3,479
3,479
1,000
754
76,011
77,765
(27,032)
50,733
54,212
48,979
5,233
-
54,212		 2024
£
546
546
1,000
24,804
38,319
64,123
(9,980)
54,143
54,689
38,319
1,546
14,824
54,689

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006 and "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 (FRS 102)”.

The directors confirm that:

(i) For the year ended 31 March 2025, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies;

(ii) The members have not required the company to obtain and audit of its accounts for the year in question in accordance with section 476;

(iii) the directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts;

(iv) These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime

These financial statements were approved by the directors and authorised for issue on 7 June 2025 and are signed on their behalf by:

Laura Rose Millar

Laura Rose Millar (Jun 4, 2025 16:00 GMT+1)

Mohara Gill

Mohara Gill (Jun 4, 2025 22:35 GMT+1)

Laura Rose Millar Director

Mohara Gill Director

10

Photoworks North Limited Notes to the Accounts for the year ended 31 March 2025

1 Accounting policies

(i) General information and basis of preparation

Photoworks North Limited is a charitable company limited by guarantee registered in Northern Ireland. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are:

The charity constitutes a public benefit entity as defined by FRS 102. 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 (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

The financial statements have been prepared to give a ‘true and fair’ view.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(ii) Tangible fixed assets and depreciation

Tangible fixed assets are initially measured at historical cost. Depreciation has been provided at the following rates in order to write off their assets over their estimated useful life

Equipment - 25% straight line

(iii) Income resources

Incoming resources from generated funds consists of income from fees and services generated by the charity from its main charitable activities. All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Incoming resources from charitable activities consists of grants received from various funding bodies to assist the charity in achieving its objectives. Grants of this nature are recognized in the Statement of Financial Activities when the charity is legally entitled to the income and all preconditions for receipt of the funds have been met.

11

Photoworks North Limited Notes to the Accounts for the year ended 31 March 2025

(iv) Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff costs have been allocated on the basis of time spent on each of the main activities of the charity, which are:

♣ Charitable activities (those activities associated with the charity’s objects) ♣ Governance costs (management and administration of the charity)

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(v) Fund accounting

Incoming resources of the company which are provided for a specific purpose, together with the resources expended to which they relate, form part of the restricted funds of the charity. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Incoming resources which are generated by the charity’s own efforts or provided with no specific preconditions, together with the resources expended to which they relate, are disclosed as part of the unrestricted funds of the charity. Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

(vi) Stock

Stock has been valued by the trustees at the lower of cost and net realisable value, on a FIFO basis. Stock consists of back issues of magazines produced by the charity and other photographic material and literature.

(vii) Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure

(viii) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2 Income from charitable activities

Generated Funds:
Magazine sales
Advertising revenue
Subscriptions
Back issue sales
Graduate photography
Other revenue
Funding:
Arts Council of NI - core and programme
Arts Council of NI - capital grant
The Arts Council (Ireland) - visual arts
Department of Communities
Belfast City Council		 Unrestricted
Restricted
Funds
Funds
£
£
2,737
-
7,774
-
25,768
-
616
-
12,573
-
-
-
-
44,984
-
3,522
-
30,046
20,620
-
11,000
49,468
110,172		 Total
Funds 2025
£
2,737
7,774
25,768
616
12,573
-
44,984
3,522
30,046
20,620
11,000
159,640		 Total
Funds 2024
£
2,538
4,559
22,999
925
15,972
-
-
35,987
30,927
21,715
11,781
-
147,403

12

Photoworks North Limited Notes to the Accounts for the year ended 31 March 2025

3 Expenditure on charitable activities
Audience development
Design fees
Personnel & people:
Editors fees
Web editor fees
Writers fees
Artists fees
Administration salaries
Pension costs
Salaries
Direct magazine costs:
Magazine printing costs
Distribution costs
Digital distribution fees
Web hosting costs
Other running costs:
Advertising and marketing
Rent and rates
Heat, light and power
Insurance
Telephone and internet
Postage
Office printing & stationery
IT, software and consumables
Books
Repro fees
Travel, subsistence and hospitality
General expenses
Depreciation		 Unrestricted
Restricted
Funds
Funds
£
£
-
-
-
-
1,761
50,400
14,306
-
-
12,333
2,038
-
-
19,424
1,292
-
-
19,618
-
11,887
-
7,331
-
4,003
285
-
240
-
4,989
-
116
-
1,330
-
592
-
1,634
151
-
76
-
230
-
-
-
365
-
-
-
589
-
-
29,994
124,996		 Total
Funds 2025
£
-
-
52,161
14,306
12,333
2,038
19,424
1,292
19,618
11,887
7,331
4,003
285
240
4,989
116
1,330
592
1,634
151
76
230
-
365
-
589
154,990		 Total
Funds 2024
£
1,108
-
51,533
16,356
14,274
939
19,368
1,197
18,595
13,943
5,075
4,863
-
-
4,940
142
1,209
834
2,797
339
189
186
20
606
169
391
159,073
4
Governance costs
Accountancy fees
Bank charges
Exchange losses / (gains)		 Unrestricted
Restricted
Funds
Funds
£
£
4,242
-
713
-
172
-
5,127
-		 Total
Funds 2025
£
4,242
713
172
5,127		 Total
Funds 2024
£
3,755
833
2,674
7,262

5 Independent examiner's remuneration

The independent examiner’s remuneration amounts to an independent examination fee of £700 (2024 - £700) and accountancy fees of £3542 (2024 - £3,055).

6 Trustees and key management remuneration and expenses

The trustees neither received nor waived any remuneration during the year, nor did the trustees have any expenses reimbursed during the year.

Mr J Duncan, who is the manager of the charity and company secretary, was paid £24,886 in respect of editors' fees during the year ended 31 March 2025.

13

Photoworks North Limited Notes to the Accounts for the year ended 31 March 2025

7 Tangible fixed assets

Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
8
Debtors
Funding debtors
Advertising and magazine debtors
9
Creditors: amounts falling due within one year
Accruals and deferred income
Deferred income		 Equipment
£
17,897
3,522
21,419
17,351
589
17,940
3,479
546
2025
£
754
-
754
2025
£
10,094
16,938
27,032		 Total
£
17,897
3,522
21,419
17,351
589
17,940
3,479
546
2024
£
-
24,802
24,802
2024
£
9,980
-
9,980

10 Related party transactions

There were no transactions with related parties during the year which require disclosure in the financial statements other than editors fees as disclosed at note 6.

11 Tax status

The company is a registered charity for tax purposes (Northern Ireland charity number NIC 100285 and is exempt from corporation tax on any income or capital gains arising.

12 Company limited by guarantee

The company is limited by guarantee and, therefore, there is no issued share capital.

Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up during a period in which they are still a member of the company, including a period of one year from the date that they ceased to be a member, providing the debts were incurred during their period as a member of the company or the debt relates to costs and expenses of a winding up.

The liability of each member in such circumstances is limited to £1.

14

Photoworks North Limited Notes to the Accounts for the year ended 31 March 2025

13 Funds

Funds brought forward
Net expenditure
Funds available before transfers
Transfers between funds
Funds carried forward		 Designated
Unrestricted
Restricted
Funds
Funds
Funds
£
£
£
38,319
1,546
14,824
-
14,347
(14,824)
38,319
15,893
-
10,660
( 10,660)
-
48,979
5,233
-		 Total
Funds 2025
£
54,689
(477)
54,212
-
54,212		 Total
Funds 2024
£
73,621
(18,932)
54,689
54,689

Description of funds:

(a) Restricted funds

Restricted funds consist of incoming resources which are provided for a specific purpose, together with the resources expended to which they relate. These consist of support from funders for the magazine production.

(b) Unrestricted funds

General unrestricted funds consist of incoming resources which are generated by the charity’s own efforts or provided with no specific preconditions, together with the resources expended to which they relate. These usually consist of monies generated from various revenue streams from magazine sales, subscriptions, advertising and graduate photography.

(c) Designated funds

Designated funds are incoming resources which are unrestricted in their nature but which have been designated by the charity to be used for a particular purpose or expended based on its own internal budgeting system.

As part of good governance and proper financial management of the charity, the board have designated funds of £48,979 towards future operating costs and to meet the charity's legal obligations in the event that funding streams are not sufficient to cover such costs. Designated funds at the year-end includes:

Future issue creation costs (writers, editors, photos)
Salaries including redundancies
Magazine production costs
Other contractual obligations		 4,000
35,843
4,136
5,000
48,979

14 Analysis of net assets between funds

Fixed assets
Stock
Debtors
Cash at bank
Current liabilities
Total		 Designated
Unrestricted
Restricted
Funds
Funds
Funds
£
£
£
-
3,479
-
-
1,000
-
-
754
-
48,979
-
27,032
-
-
(27,032)
48,979
5,233
0		 Total
Funds
£
3,479
1,000
754
76,011
(27,032)
54,212

15

ACC1 - Photoworks North Ltd Accounts 31 03

25

Final Audit Report

2025-06-04

Created: 2025-06-04 By: Kieran Phelan (kieran@satoriaccounting.com) Status: Signed Transaction ID: CBJCHBCAABAA2yh3mqYCnwunk9UrMdsVIAiXLBk68QU1

"ACC1 - Photoworks North Ltd Accounts 31 03 25" History

Document created by Kieran Phelan (kieran@satoriaccounting.com)

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