THE MAC IMETROPOUTAN ARTS CENTRE
(COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Contents
Page
Reference and Administrative Details
Trustees. Report (including the Strategic Report)
Independent Audit Report
9-12
statement of Financial Activities
13-14
Balance Sheet
15-16
Statement of Cash Flows
17
Notes to ts Financial Statements
18-31

THE MAC (METROPOLITAN ARTS CENTREI
IA COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
Andrew Cowan (resigned 20 March 2023)
Colm Devine
David Gavaghan (resigned 23 June 2023)
Ray Hutchinson (Chairman)
Louise O'Boyle
Karen Shaw (resigned 14 August 2023)
Dorothy Wilson
Kim Spence
Reglstered offlce
10 Exchange Street West
Belfast
BT12NJ
Solleltors
Edwards & Co. Sollcitors
28 Hill St
Belfast
BT12L4
Bank
Ulster Bank Limited
11-16 Donegall Square East
Belfast
BT15UB
Reglstered audltors
Harbinson Mulholland
Centrepoint
24 Onneau Avenue
Belfast
BT2 8HS
Recognlsed as a charlty by HM Revenue and Customs under number
XR26229
Company number
N1022945
Charlty reglstration number
NIC100808

THE MAC IMETROPOLITAN ARTS CENTREI
{A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES, REPORT (including the Strategic Report)
The trustees, who are also directors for the purFrf)ses of company law, present their report and the financial
statements of the company for the year ended 31 March 2023
1. Structure, Governance and Management
Governlng Document
The company was incorporated on 26 July 1989 as The Old Museum Arts Centre and changed its name to
The MAC (Metropolitan Arts Centre) on 14 October 2010. The MAC (Metropolitan Arts Centre) is a company
limited by guarantee with charitable status and Is registered under company number N122945. It is accepted
as a charity by the Inland Revenue under reference XR26229.
The company has been registered with the Charity Commission for Northern Ireland from 3 November 2014
under registration number NIC100808.
The charitable objective of the company as stated in its Articles of Association is..
"the advancement of education in Northern Ireland in relation to the arts and in particular by the provision of a
centre for use in instruction in the various arts (visual, performing, musical and literary) and which may also
be used for training in any such activities Of for the performances, readings or exhibits and so that the policy
governing the use of the ¢8ntre shall not discrimlnate on the grounds of religion, political opinion, race, colour,
ethnic origin, sex or age."
There have been no amendments to the governing documents in the year.
Governance Structure
The MAC (Charity) Board is comprised of up to 15 trustees who meet at least 4 limes per year. The trustees
are also directors of the company for the purposes of company law. The term of office for trustees is 4 years,
th the option to serve a maximum of 2 terms. The Board's key responsibilities include setting out the vision,
mission and values of the MAC, agreeing the strategy to deliver the vision and mission, agreeing th8 charity's
governance structur8 and policies and ensuring the protection of the capital asset.
The Charity has established a wholly owned subsidiary, the MAC Trading Company Ltd {TradeCo), a company
Ilmlted by shares which has a seNice level agreement with the Charity which provides a licence to Tradeco to
carry out artistic programmes and ancillary trading in the building and sets out the commercial relationship
be￿een the two companies. Any profits are gifted to the charity in their entirety.
The Board has set out the functions of sub-commitlees, officers, the chief executive and other staff In clear
delegated authorities and monitors their performance. In carrying out their responsibilities, trustees remain
mindful oftheir commitment to upholding the values of accountability to stakeholders, probity and transparency.
Sub<ommittees
Audit and RisklFinance and Remuneration and Nominations sub-committees are in place to deal with specific
issues as required.
The Audit and RiskJFinance sub-committee meets monthly with at least 4 of the meetings each year being
audit and risk focussed. All members of the sub-committee are non*xecutive directors. The sub-committee
is chaired by the Charity Treasurer who has significant, recent and relevant financial experience. The sub-
committee includes fv40 other members from the Boards, neither of whom is the Chair of the Charity.
The Remuneration and Nominations sub-committee meets as required on an ad hoc basis. All members of
the sub-committee are non-executive directors. The sub-committee is chaired by the Charity Chairman,
includes the Chairman of Tradeco and at least two other members drawn from Ihe Charity Board one of
whom has significant HR skills and experience.

THE MAC (METROPOLITAN ARTS CENTREI
IA COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES, REPORT (Including the Strategic Report) {CONfD)
2. Objectives and Activities
The MAC aims to contribute to the ongoing transformation of Northern Ireland through the creation of,
participation in and appreciation of outslanding art.
We Seek to achieve this overarching goal by supporting artists in the creation of excellent art and by
delivering programme5 which make this art accessible to as many people as possible. Our artistic programme
aims to entertain. connect people to art, and address social issues relevant to the people we work with. and
the peop18 of Northern Ireland.
In 202212023 we delivered a curated programme of artistic events across (i) Visual Art, (li) Creative Learning
& Engagement and (iii) Live Events which attracted and inspired over 220,000 visitors. During this year the
MAC brought internationally acclaimed artists to Northern Ireland to share their athork with local people, at
the same time as platforming emerging, mid-career and acclaimed local artists. We worked with national
partners and communities to explore social inequalities and injustices through art and creativity.
As we continued growing back audiences post covid, the MAC worked on a revised marketing and audience
development plan. This strategy aimed to deepen relationships with audiences who had already re-engaged
since 2020, but also aimed to reengage a large proportion of past bookers who had not yet revlsited. Our
exciting programme of events also gave opportunities to continue to attract new audienc8S to the MAC.
In discussing these challenges we looked particularly at the MAC'S strategic prlorlties of Imaglnatlon, Soclal
Change and Belfast and what these could mean for audiences. We developed a brand lead marketing
CAmpaign that would underpin marketing and communicats'ons into 2023124 and beyond. This research
highlighted the importance of the building itself and the 'space' that the MAC represented for people, whether
for art, community, time to think or to work. It encouraged us to think of a wider view of the MAC, aligning with
our new strategic vision and promoting not only the artistic programme but the social, creative, and
transformative elements of the organisation itself.
An overview of 22123
The MAC has been rebuilding audiences after the disruption caused by Covid, and we anticipated this
would take a number of years to return to pre-covid levels.
In 2022123, our number of people who made a booking each year was back to pre-pandemic level$,
standing at 14,618 bookers. This is number of individual bookers and not number of tickets.
There is still a long way to go with rebuilding and sustaining ticket sales at pre-pandemic levels.
Annual footfall for 2022123 was 220,000, and we moved from a 5 to 6 day per week opening from July
2022.
Our aim is to strengthen the MAC'S position. so it continues to be a vibrant civic space where people can
access, and participate in brilliant art.
The MAC Is In the business of imaginatlon
We valu8 creativity on our stages and galleries and in everything we do.

THE MAC {METROPOLITAN ARTS CETrifRE)
(A COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES, REPORT (Including the Strateglc Report) ICONT'D
Vlsual Art
In 2022123 the MAC presented exhibitions which created significant profile-raising opportunities for artists at
critical stage of their careers as well as curating exhibitions which platfonned emerging artists practices here
in Northem Ireland. In addition to this developmentsl work the MAC continued to curate major presentstions of
intemationally renowned artists with huge public appeal.
Our programme opened with an exhibition across all three of our galleries by Scottish artist Clalre Barclay:
Thrum ran from 15 April 2022 - 3 July 2022.
Claire Barclay is a visual artist recognised for producing large-scale sculptural installations created in
response to specific contexts. Her works are immersive sensory experiences that explore our interactions with
materials and functionality, by combining formal elements that evoke thinking around the °psychological
relationships behmeen human beings and the objects that we live with and produce..
In this exhibition Barclay includes a series of tactile sculpturdl environments, where large-scale forms, made
predominantly from fabrics and metals, 'suggest textile narratives and explore our complex re18tionships with
cloth.. Historical connections be￿een the West of Scotland and Northem Ireland have bacome a focus while
evolving the ar￿OrkS.
Thls exhibition was realised in partnershlp with Stephen Frledman Gallery, London.
Thls was followed by a major exhibitlon by Ron Mueck between 29 July- 5 Nov 2022. This was the first
exhibition of Mueck's work in Ireland and brought together seven of his key works including Dead Dad, 1997
and his monumental work In Bed, 2005.
Ron Mueck's sculptures each reflect an inner world of private feelings with unsettling power. The artist's
intimate, understated meditations on universal experienc8s, of compassion, vulnerability, fear and loss, draw
each viewer to their own reflection.
This exhibition was realised in partnership Mueck's gallery Thaddaeus Ropac London & Parls and with loans
from The Fondation Cartier pour I'Art Contemporain as well as private lenders.
We énded the year with New Exlts - 10 Years of Palntlng Shows an exhlbition curated by Dougal McKenzie
& Hugh Mulholland which ran from 9 Dec 2022 - 26 Mar 2023.
New Exits whilst set within the context of the many significant painting exhibitions the MAC has presented
sinc8 Its inception, was primarily an opportunity to draw attention to and celebrate the painting practices that
have emerged and continue to fiourish through the woth of graduates of the BA and MFA Fine Art courses at
Belfast School of Art since 2012. The exhibition acknowledged the close relationship and interdependencies
of the Belfast School of Art and the MAC and how our proximity to each other has informed our work and
contributed to our understanding of what it means to be a contemporary painter today.
Llve Events
2022123 saw a significant change from pre-covid MAC Live Events programme budget levels, which were
reduced by 550/0 from 2019, markedly impacting producing, co-producing, and presenling opportunities.
Nevertheless. the MAC sought to present an artistically ambitious, innovative, and balanced core programme
alongside strategic Festivals and likeminded artistic partners who co-presented or hired the theatre spaces.
The programme covered a dlverse range of art forms presented in collaboration with local, national, and
intemational partners with programming choices reflecting contemporary artistic practice, sectoral, cultural,
political, and social issues comprising new and extant work from emerging and estsblished artists and
organisations.

THE MAC (METROPOLITAN ARTS CETrifRE)
(A COMPANY UMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 IMRCH 2023
TRUSTEES, REPORT lincludlng the Strategic Report) (CONT'D)
The programme of work and associated schemes contained a practical commitment to the development of
artists and companies across all live event disciplines, at every stage in their career, providing a platfomi for Nl
based artists to develop and present their work. Simultaneousty. the MAC engaged with and presented work
from the national and intemational arena.
Featuring highly was the presentation of theatrical work produced and centred in and of the Belfast and Northern
Irish experience.
Two F)opular and well received Christmas theatre productions were also Nl produced The family focused
Cinderella. co-produced with intemationally acclaimed Nl based children's theatre company CahootsNI and
former Dery Girl Ma, Tara Lynne O'Nelll and Chrls Robinson lifted adult spirits with On the Shelf.
In contemporary dance we presented intemationally acclaimed Political Mother by the Hofesh Shechter
Company. Dance training opportunities were provided through the Akram Khan Summer Intensive and by
DU Dance's Unanimous. Comedy at the MAC included Gearoid Farrelly, Emer Magulre and Jen Brlster.
In spoken word, Stephen James Smith presented Midnight Mango as part of Belfast Pride.
Nl based music talent also featured heavily with a dramatically staged concert by Kati• Riehardson/Hox Hue
entitled Lucent with over 15 musicians onstage. A re-imagining of Nell Young's Harvest, led by Donal
Sculllon, featured a band of 12 musicians. Duke Speclal and Friends staged It Was Only a Dream featuring
seven musicians. Acclaimed guitarist Colln Reld perfomied Acmss the Fields and the Ulster Touring Opera
presented Rosslni's The Barber of Sevllle.
A particular highlight was the MAC prodU￿d Derry Glrls Reunion, featuring interviews with Bafta wlnning
writer Lisa McGee and members of the cast, which, served an important purpose by fundraising and raising
awareness of the wider work by the MAC Creative Leaming Team and Associate Partners.
The MAC supported the development of Northem Irish artists through schemes providing space, funding, and
professional support. Through Space to Create, the MAC provided 40 Ilve event artlsts wlth over 70 days of
free space to facilitate the development of new work. Alice Malseed. Catherlne Rees, and Cllodhna
McAllisterwere our three HATCH artists, who along with Artlst in Resldence, internationally renowned pianist,
Ruth McGinley. were provided with bursaries, free workspaces in venue and mentoring and advice from MAC
staff and associates.
The MAC also presented a significant number of multi-discipllnary art form events as part of the Belfast
International Arts Festival 60th anniversary, the Be￿ast Children's Festival 25th anniversary and the Northern
Ireland Science Fests'val 10th anniversary programmes. Other Festivals included the Outburst Queer Arts,
Belfast Pride, and Belfast Media Festivals. Over the summer months the MAC welcomed youth and community
theatre productions from companies such as New Lodge Arts, The Flax Trust, Belfast School of Perfoming
Arts. and Ravara Productions.
The MAC is In the buslness of soclal change
We will work collaboratively and creatively with people who live with the worst effects of inequality and
division on the issues that matter to them.
Creatlve Learnlng & Engagement
The MAC Creative Leaming & Engagement programme focuses on three main areas". (i) MACtivate addressing
social and political inequalities with people who have lived experience, (li) Growing Up at the MAC giving
children and young people access to appreciate, and love the arts. (iii) Universlty Partnerships enabling
international student-artists to learn from Northern Ireland's experience of arts and peacebuilding.

THE MAC (METROPOLITAN ARTS CENTRE)
{A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES, REPORT (Including the Strategic Report) {CONT'D)
(i) MACtivate
collaborates with five Associate Partners and the communities they serve by co-designing programmes which
create opportunities for personal, and societal change. Our Associate Partners are..
Action Mental Health: Changes the lives of those living with mental ill health.
Participation & Practice of Rights {PPR): Promotes human rights for people in the asylum, system,
those living in housing stress, and people living with mental ill health.
Extern: Supports people impacted by homelessness, suicide & addiction.
Alliance for Choice: Campaigns for reproductive rights and bodily autonomy.
The Ralnbow Project: Supports LGBTQIA+ people to improve well-being.
During 202212023 we commissioned four artists to collaborate with our Associate Partners to explore the most
pressing issues in our society. The outcomes will be presented during our participatory exhibition At Thg T8ble
in April- July 2023.
Socially engaged artist Thomas Wells collaborated with The Ralnbow Project, and the LGBTQIA+ community
to co-design and create a new queer arts publication called Sam Eden Two.
Visual Artist Kerrle Hanna collaborated with people through Actlon Mental Health exploring Northern Irelands
current menlal health crisis. Collectively they designed a a series of illustrations which were presented as
public billboard campaign during Mental Health Awareness week in May 2023.
Multidisciplinary creative production company Dumbworld collaborated with Partlclpatlon and the Practice
of Rights working with people in the asylum syslem, mental health activists and people living in housing
distress. Together they developed Future Garden which is a speculative project of co-curation imagining a future
garden for the Mackie's brownfield site in Belfast.
Artist and activist Khaled Barakeh collaborated with people living in the asylum system by working with Anaka
Womens Collective and Partlclpatlon and the Practlce of Rlghts Lift the 8an campaign which promotes the
right for people in the asylum system to work. This commission wlll form part of a socially 8ngaged exhibition
called At The Table which at the MAC in April-July 2023.
Our annual programme also Included ctrdesigning opportunities to engage in the arts and accessing the
MAC. For example, we host weekly creative workshops for women living in the asylum system who have fled
conflict through Partlclpatlon and the Practlce of Rlghts. Actlon Mental Health clients attend weekly
artlwellbeing workshops using our exhibitions as inspiration. We delivered an annual programme with The
Ralnbow Project hosting queer set-dancing and Qulture Club visual art sessions. We programmed events and
workshops with Alllance for Cholce addressing reproductive rights for women, trans-people and people with
di58bilities.
lil) Growin
with the MAC - Children, Young People and Famllles
We hosted weeklylseasonal workshops and events facilitated by artist-educators including where children,
school-groups and families explored art in the MAC exhibited in our galleries and on our stages.
Young people participated in Fly the Flag which is a unique collaboration between arts organisations and
human rights charities that celebrates and reminds us of the human rights we all share. The project was co-
produced by Fuel, the MAC the National Theatre, the National Theatro of Scotland and the National Theatre
Wales. The lead artist for the UK-wide project was Jenny Sealey, Artistic Director of Graeae Theatre and a
champion of disability inclusion, and associate artists Paula Clarke and Finn Kennedy who led this yearfs project
which focused on Article 20 of the UDHR.. Everyone has the right to freedom of peaceful assembly and
association. A film has been created tttat documents the reactions of young people to the right to protest, which
was released on 1 Oth December 2022 on International Human Rights Day.

THE hlAC IMETROPOUTAN ARTS CENTRE)
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATElaENTS
FOR THE YEAR ENDED 31 hlARCH 2023
TRUSTEES, REPORT (Including the Strategic Report) (CONT'D)
(iii} Universit I Creative Partnershi
We co-designedldelivered a 3-month module for Intemational Masters Artist Educator students undertaking
masterfs degree at ArtEZ Universlty Netherlands. Twelve international students from the Netherlands were
based in at the MAC learning about arts and peacebuilding, and their creative agency. The students undertook
community-based artist-residencies throughout Belfast in organisations.
This year, the internationally acclaimed dance company Akram Khan Company (AKC) hosted a Summer
Intensive from 15-20 August. The MAC worked in partnerships with AKC and Theatre and dance Nl. Northem
Ireland's leading support organisation for Theatre and Dance. The one-week immersive training programme
enabled 30 emerging dancers to learn with AKC team.
The MAC Is In tha buslness of Belfast
We will help build Belfast's reputation as on8 of the vrforld's most creative cities.
The critical value of social arts spaces in clties, placemaklng aspirations has been w811 researched and
articulated internationally and has been one of the charity's key functions in the period. The MAC'S social,
economic and cultural impact Iplacemaking's main considerations) have been evidenced through a series of
independent reviews. Most recently it was confirmed by an external team of independent consultants that the
MAC made an economic contribution of £14.8M to the wider economy in 2019120.
The MAC is one of Northern Ireland's iconic cultural landmarks and is a valuable capitsl asset which the
Board of Trustees and MAC team protect, maintain and preserve. Each year the building is used by, and
visited by thousands of people the￿fOre it is our responsibility to ensue all elements of the building are
serviced, maintained and safe for everyday use, and protected for the long-term.
The MAC continues to review its sustainability policy. This year we worked in partnership with Queen's
University to facilitate placements for Msc Leadership for Sustsinable Development students. Through thi8
partnership the MAC is learning the most current processes to ensure we care for the environment and
contlnue to be sustainable. This year we installed an energy monitoring system enabling us to monitor gas,
electric and water usage. We delivered energy saving projects which ensure the MAC plant is turned off as
soon as the building is closed. We localised control of our air conditioning with the aim of reducing usage.
Publlc funding and sustalnabillty
In January 2023, the MAC launched its US Friends of the MAC and UK Corporate Friends of the MAC schemes.
The US Friends was promoted at an event in New York City at the Dead Rabbit bar with the support of Nl
Bureau with a number of significant donations received. In February 2023 the MAC hosted its first public Friends
of the MAC fundraising event Dgrry Girts.. The Reun￿n. UK Corporate Friends of the MAC scheme has been
highly successful to date.
Public Fundin
Our core funders- Arts Council of Northern Ireland and Belfast City Council continue to support us enabling us
to deliver our mission and vision.
Trusts and Foundations
Vve are grateful to the Trusts and Foundations who support us. 1p￿th their support we have work with hundreds
artists and created opportunities for thousands of people to participate and access great art, and
conversations.

THE MAC (METROPOLITAN ARTS CEKfREI
IA COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES, REPORT lincludlng the Strategic Report) (CONT'D)
Trustees, responslbllltles statement
The trustees (who are also the directors of the MAC (Metropolitan Arts Centre) for the purposes of company
law) are responsible for preparing the Trustees, Report and financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
Company law requires the trustees to prepare financial ststements for each year which give a true and fair
view of the state of affairs of the group and charitable company and of the incoming resources and application
of resources, including the income and expenditure, of the charitable group for that period. In preparing the
financial statements, the trustees are required to=
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the Charities SORP.
make judgements and estimates that are reasonable and prudent.
stste whether applicable UK accounting standards have been followed, subject to any material
departure5 disclosed and explained in the financial statements,. and
prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the
Charity will continue in buslness.
The trustees are responsible for keeping proper accounting ￿CordS that disclose with reasonable accuracy at
any time the financial position of the group and charitable company and to enable them to ensure that the
financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the
assets of the group and charitable company and hence taking reasonable steps for th8 prevention and
detection of fraud and other irregularities.
Disclosures of informatlon to auditors
In so far as the trustee8 are aware at the time of approving our Trustees, Report..
there Is no relevant information, being Information needed by the auditor In connection wlth preparing
their report, of which the group's auditor is unaware, and
the trustees, having made enquiries of fellow directors and the group's auditor that they ought to have
individually taken, have each taken all steps that helshe is obliged to take as a director in order to make
themselves aware of any relevant audit information and to establish that the auditor is aware of that
information.
The Trustees, Report, including the Strategic Report, was approved by the trustees on 28th February 2024.
By order of the trustees
i J
Ray Hutchinson
Trustee
Colm Devine
Treasurer

THE MAC IMETROPOLITAN ARTS CENTREI
(A COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAC (METROPOLITAN ARTS
CENTRE)
Opinion
We have audited the consolidated financial statements of The MAC (Metropolitan Arts Centre) for the year
ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities (including Income and
Expenditure Account), the parent charitable company Statement of Financial Activities (including Income and
Expenditure Account), the Consolidated Balance Sheet, the parent charitable company Balance Sheet, the
Consolidated Statement of Cash Flows and the related notes. These financial statements have been prepared
under the accounting policies set out therein.
In our opinion the financial statements..
give a true and fair view ofthe state of the group and the parent charitable company's affairs as at 31 March
2023 and of its surplus for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.,
and
. have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
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 Auditor's responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company 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 other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Material uncertalnty rolated to going concern
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of
the disclosure made in note 2 to the financial statements concerning the group and the parent charitable
company's ability to continue as a going concern. Cashflow projections predict that expenditure will exceed
income for the period ended 31 March 2024. These conditions, along with the other matters explained in note
2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt
about the group and the parent charitable company's ability to continue as a going concern. The financial
statements do not include the adjustments that would result if the group and the parent charitable company
were unable to continue as a going concern.
Conclusions rolating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to
report to you where.,
the directors, use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate., or
the directors have not disclosed in thè financial statements any identified material uncertainties that may cast
significant doubt about the group and charitable company's ability to continue to adopt the going concem basis
of accounting for a period of at least tWe￿e months from the date when the financial statements are authorised
for issue.

THE MAC (METROPOLITAN ARTS CENTREI
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAC (METROPOLITAN ARTS
CENTREI (CONT'D)
Other Infomiation
The directors are responsible for the other information. The other infomiation comprises the information included
in the annual report, other than the financial statement5 and our auditor'5 report thereon. 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 information 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 misstalements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on the
work we have performed, we conclude that Ihere is a material misstatement of this other information, we are
required to report that fact.
INe have nothing to report in this regard.
Oplnlons on other matters prescrlbod by the Companle$ Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and directors, report for the financial year for which the financlal
statements are prepared is consistent with Ihe financial statements., and
the directors, report has been prepar8d in accordance wrth applicable legal requirements.
Matters on whlch we aro requlred to report by exceptlon
In th& light of the knowledge and understanding of the company and its environment obtsined in the course of
the aLKlit, we have not identified any material misstatements in the directors, report.
INe have nothing to report in respect of th8 following matters where the Companies Act 2006 requires us to
report to you if, in our opinion..
• adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us,. or
the financial statement5 are not in agreement with the accountlng records and r8tums,' or
certain disclosures of directors, remuneration specified by law are not made., or
• we have not received all the information and explanations we require for our audit,. or
Responslbllltles of dlrectors
As explained more fully in the directors, responsibilities statement, the directors are responsible 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 directors 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 directors are responsible for assessing the company's abilty to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concem basis of accounting unless the directors either intend to liquidate the company or to cease operations,
or have no realistic alternative but to do so.
10

THE MAC IMETROPOLITAPI ARTS cEP￿RE)
IA COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAC (METROPOLITAN ARTS
CENTRE) (CONT'D)
Audltorfs responsibllltles for the audit of the flnancial ststements
Our objectives are to obtsin reasonable assurance aboLrt whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. 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.
A further description of our responsibilities for the audrt of the financial statements is located on the Financial
Reporting Council's website at.. http'.IIMvw.frc.org.uklauditorsresponsibilities. This description forms part of our
auditor's report.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows..
the engagement partner ensured that the engagement team collectively had Ihe appropriate
competence, capabilities and skills to identify or recognise non-compliance wlth applicable laws and
regulations.,
we identified the laws and regulations applicable to the company through discussions with directors
andlor senior management, and from our commercial kno￿edge and experience of the sector,.
We focused on specific laws and regulations which we considered may have a direct material effect on
the financial statements or the operations of the company, including Companies Act 2006, tsxation
legislation, data protection, anti-bribery, employment, environmental and health and safety legislation
we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence-, and
identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financlal statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptlbllity to fraud, thelr
knowledge of actual, suspected and alleged fraud,. and
considering the internal controls In place to mitigate risks of fraud and non-compliance with laws and
regulations.,
To address the risk of fraud through management blas and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships.
tested journal entries to identify unusual transactions.,
assessed whether judgements and assumptions made in determining the accounting estimates set out
in Note 2 were indicative of potential bias., and
investigated the rationale behind significant or unusual transactions.,

THE MAC (METROPOLITAN ARTS CENTRE)
IA COMPANY LIMITED BY GUARAKfEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAC (METROPOLITAN ARTS
CENTRE) (CONT'D)
Auditorfs responsibilities for the audit of the flnanclal sL*ements (Cont'd)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to..
agreeing financial statement disclosures to underlying supporting documentation.,
reading the minutes of meetings of those charged with governance-
enquiring of management as to actual and potential litigation and claims., and
reviewing correspondence with HMRC and the company's legal advisors.,
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-complianc&.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if
any.
Materlal misstatements that arise due to fraud can be hardar to detect than those that arise from error as they
may involve deliberate concealment or collusion.
This report is made solely to the charitable company'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 state to the company's
members those matters we are required to state to them in an audito￿ s report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and
the company's members as a body, for our audit work, forthis report, or for the opinions we have fomied.
Angela Craigan (Senior Statutory Auditor)
for and on behalf of Harblnson Mulholland
Chartered Accountants
ststutory Auditors
Centrepoint
24 Ormeau Avenue
Belfast
Co. Antrim
Northem Ireland
BT2 8H
281ila+
12

THE MAC (METROPOLITAN ARTS CENTRE)
IA COMPANY UMITED BY GUARANTEE)
FINANCIAL STATEPJJENTS
FOR THE YEAR ENDED 31 MARCH 2023
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE
ACCOUNT)
2023
Restricted
Funds
2022
Restricted
Funds
Notes
Unrestricted
Funds
Unrestrirte
Total
Total
Funds
Income and endowments
from:
Donations and legacies
Investments
Other trading activltles
Other income
370,000 1,433,478
1,069
1,292,052
7,984
1,803,478
1.069
1,292,052
150,000
88
532,211
15,89)
2,356,783 2,506,763
88
532,211
15,890
Totsl
1,671,105
1,433,478
3.104,583
698,189 2,356.763 3,054,952
Expenditure on:
Charitable 8Ctiviti8S
Cost of raising funds:
Commercial trading activities
548,486 1,754,242
2,302,728
229,108 2,404,807 2,633,915
1,090,554
1,090,554
475.527
475,527
Total
1,639,040 1,754,242
3,393,282
704,635 2.404,807 3,109,442
Net Incomellexpendlture)
32.085
(320,764)
(288,699)
(6,446)
(48,044)
(54,490)
Gross transfers between
funds
Net movement in funds
32,065
(320,764)
(288,699)
(6,446)
(48,044)
(54,49)}
Total funds brought forward
258,159 13,654,066
13.912.225
264,605 13,702.110 13,966,715
Total fund8 carried forward
290,224 13,333,302
13,623,526
258,159 13,654,066 13,912,225
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requi￿rnents for an income and expenditure account
under the Companies Act 2006.
The notes on pages 18 to 31 fomi part of these accounts.
13

THE MAC (METROPOLITAN ARTS CENTRE
{A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUND
OF THE CHARITY ALONE
2023
Restricted
Funds
2022
Unrestricted
Restricted
Funds
Funds
Notes
Unrestrided
Funds
Total
Total
Income and endowmonts
from:
Donations and legacies
Investments
Other trading adivities
370,000
1.069
209,482
1.433,478
1,803.478
1,069
209,482
150,000
88
72,574
2,356,763
2,506.763
88
72,574
Totsl
580,551
1,433,478 2,014,029
222,662
2,356,763 2,579,425
Exp•ndlture on:
Charitable activities
548,486 1,754,242
2.302,728
229,108
2,404,807 2,633,915
Total
548.486 1,754,242
2,302,728
229,108
2,404,807
2,633,915
Net movement In fund•
32,665
{320,7641 1288,6991
{6,4461
148.044)
154,490)
Gr088 tran•fern botween
funds
Net movement In fund•
32,665
1320,7841 (288,6991
16,4481
148,0441
154,4901
Total lund8 brought forward
258,159 13,654,066 13.912,255
264,605 13,702,110 13,966.715
Total fund8 Carrled forward
290,224 13,333,302 13,623,526
258,159 13,654,066 13.912,225
The ststement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with th8 requirements for an income and expenditure account
under the Companies Act 2006.
The notes on pages 18 to 31 form part of these accounts.
14

THE MAC (METROPOLITAN ARTS CENTREI
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CONSOLIDATED BALANCE SHEET
Notes
2023
2022
Flxed assets
Intsngible assets
Tangible assets
375
13,382.991
2,084
13,473 379
12
13,383,388
13,475 463
Current assets
Stock
Debtors
Cash at bank and in hand
13,454
325,061
287,174
9,852
481,131
530,741
14
625,689
1,021,724
Credltorn: amounts falllng duo ono year
15
385,529
Net current assets
240,160
436,762
Total a8sets1888 current Ilabilltles
13,623,526
13,912,225
Funds
Unrestricted funds
Restricted funds
17
16
290,224
13 333,302
258,159
13,654,066
Total funds
13,823,526
13,912 225
The financi81 statements on pages 13 to 31 were approved and authorised for Issue by the trustees on
28th February 2024 and were slgned on their behalf by
Ray Hutchinson
Trustee
Colm Devine
Treasurer
Company reglstratlon number: N1022945
The notes on pages 18 to 31 form part of these accounts.
15

THE MAC (METROPOLITAN ARTS CENTREI
IA COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CHARITY BALANCE SHEET
Notes
2023
2022
Flxed assets
Intangible asset5
Tangible assets
Investments
375
13,382,991
750
13,473,379
12
13
13,383,367
13474130
Debtors
Cash at bank and in hand
14
354,003
202 780
429,784
388 364
556,784
818,148
Credltor8: amounts falllng due one year
15
316 625
380,053
Net current a888ts
240,159
438 095
Total assets less curront Ilabllitles
13,623,526
13,912,225
Fund5
Unresiricted funds
Restricted funds
17
16
290,224
13 333,302
258,159
13,654,066
Total fund8
13,623,526
13 912225
The financial statements on pages 13 to 31 were approved and authorised for issue by the trustees on
28th Febnjary 2024 and were signed on their behalf by
Ray Hutchinson
Trustee
Colm Devine
Treasurer
Company reglstratlon number: N1022945
The notes on pages 18 to 31 form part of these accounts.
16

THE MAC (METROPOLITAN ARTS CENTRE)
{A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CONSOLIDATED STATEMENT OF CASH FLOWS
2022
Notes
Cash flows from
operating
actlvltles
Cash generated from
operations
23
46,102
(417,525)
Investlng activltles
Purchase of tangible fixed
assets
Interest recelved
(290,737)
(154,3351
1,069
88
N•t cash (used In
Investlng actlvltleg
(289,6681
(154,247)
Net Increasel (decrease)
In cash and cash
oqulvalents
(243,5661
(571,772)
Cash and cash equivalents
of beginning of year
02
Cash and cash
equlvalents at end of year
Relatlng to:
Bank balances and short
temi deposits
17

THE MAC (METROPOLITAN ARTS CENTREI
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
Nature of organlsatlon
The Charity is an incorporated company limited by guarantee with charitsble status. 11 is governed by a
Memorandum and Articles of Association and the liability of each member is limited lo an amount not
exceeding £1. The registered office is 10 Exchange Street West, Belfast. The subsidiary is a company
limited by shares.
A¢countlng pollcles
Basls of accountlng
These financlal statements have been prepared In accordance wlth the Cornpanies Act 2006 and
"Accounting and Reportlng by Charities: Statement of Recommended Practice applicable to charities
preparing their account5 Wlth the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS1021' (as amended for accounting periods commencing from 1 January 2016). The principal
accounting policies, judgments and key sources of estimation uncertainty are set out below.
The trustees consid8r that these accounting pollcles are suitable, have been consistently applied and are
supported by reasonable and prudentjudgment and estimates.
The MAC (Metropolitan Arts Centre) meets the definition of a public benefit entity under FRS 102. The
financial statements are prepared in accordance with the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.
Group financlal statements
These financial statements consolidate the results of the Charity and its wholly owned subsidiary The
MAC (Metropolitan Arts Cenlrel Trading Co. Limited on a line-by-line basis. A separate Statement of
Financial Activities and Income and Expenditure Accounts for the Charity alone has been presented on
page 13.
All financial statements are made up to 31 March 2023. Where necessary, adjustments ar& made to the
financial statements ofsubsidiaries to bring the accounting policies used into line with those used by other
members of the group.
All intra-group transactions, balances and unrealised gains on transactions belmeen group companies
are eliminated on consolidation. Unrealised losses are also eliminated unle5S the transaction provides
evidence of an impairment of the asset transferred.
Preparatlon of the accounts on a going concern basls
The continued operation of the MAC 15 dependent on the ongoing support of its funders, Art5 Council of
Northern Ireland IACNI) and Belfast Cty Council (BCC). The MAC was planned and built as a space that
requires a certain level of public subsidy in order to provide the benefits it was built to deliver
The financial performance for the year is set out in the Statement of Financial Activities on pages 11 to
12 and described in the Trustees Report. The charity's income exceeded expenditure within unrestricted
resources by £32,065 for the year. This result increased unrestricted reserves from £258,159 to £290,224
at the year end.
18

THE MAC (METROPOLITAN ARTS CENTRE)
{A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 ￿RCH 2023
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
Accounting policies, (Cont'd
Prèparatlon of the accounts on a golng concern basls (Cont'd)
Despite substantial cost cutting, inflatlon and continuing uncertainty in the global economy has
impacted our cost base significantly. As a resutt directors are forecasting an unrestricted deficit of
£143,008 for the year ended 31 March 2024.
The trustees are encouraged by the ext8nsive dialogue and closer working relatlonship with the
MAC'S funders and look forward to continuing to work collaboratively towards deliverlng a
sustainable break-even business model in 2024125. Whilst we are aware that there is uncertainty in
relation to public expenditure plans, we have no better information than to forecast that our continued
delivery of outcomes in excess of those in our funding contracts, and our turnaround of the business
as per our agreements with our funders, will result in at worst stand-alone fundlng for 2023124.
At the point of signing the accounts, there remains a great deal of unpredictability in the economy
and the associated impact on consumer behaviour. The trustees recognise that these
circumstances, coupled with the uncertainty in respect of continued funding from ACNI, represent a
material uncertainty over going concern.
The trustees consider that in preparing the financial statements they have taken into account all
information that could reasonably be expected to be available and recognise that the circumstances
described above represent a material uncertainty that casts doubt on the ability of the group and the
parent charitable company to continue as a going concern. Nevertheless, having considered these
circumstances, alongside proposals for future sustainability, the trustees have a reasonable
expectation that the group and the parent charitable company will continue in operational existence
for the foreseeable future. For this reason, they continue to adopt the going concern basis in
preparing the financial stat8ments.
Income and endowments
(a) Donations and legacies
Donations and legacies includes all incoming resources generated from gifts, donations and grants,
and is recognised in full in the Statement of Financial Activits'es when receivable.
Grants are credited to Incoming resources on the earlier of when they are received or when they are
receivable, unless they relate to a specified future period, in which case they are deferred.
Grants which have been restricted for use by the donor or which relate to capital expenditure are
treated as restricted incorne and are credited to the Statement of Financial Activities when they are
receivable and when all condrtions have been met.
19

THE MAC (METROPOLITAN ARTS CENTRE)
{A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS ICONfD
1 Accountlng policlos (Cont'd)
Income and endowments
(b) Investments
Investment income represents interest receivable during the year on bank deposits,
(cl Other trading activities
This includes income receivable for services provided, Incom8 from activltles undertaken to raise
funds to undertake charitable activitie5, and income from the operation of the MAC.
Expendltura
(a) Charitable activities
This comprises all resources applied by the Charity when working to meet its charitable objectives.
This includes support costs allocated to activities on the basis of time spent on those activitl8S.
(b) Commercial trading activities
This comprises all resources applied by the Charity's wholly owned subsidiary in operating the MAC.
(c) Governance costs
Govemance costs include the costs of govemance arrangements which relate to the general running
of the Charity.
All costs are allocated between the expenditure categories on a basis designed to reflect the use of
resources. Costs relating to a particular activty are allocated dlrectly- others are apportioned on a basis
consistent with the use of resource5.
Intanglble flxad assets
Intangible assets comprise the cost8 associated with acquiring the liquor licence, and is valued at cost
less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments
of each assel over its estimated useful economic life of 5 years.
Tangible flxed assets
Tangible fixed assets are stated at cost less depreciation. The cost of fixed assets is their purchase cost,
together with any incidental costs of acquisition, net of any VAT recoverable.
Depreciation is calculated 50 as to write off the cost of tangible fixed assets, less their estimated residual
values. over the expected useful economic lives of the assets concerned. The principal annual rates
used for this purpose are..
Land and buildings
Fixtures. fittings and 8quipment
20A per annum straight line
-100h_ 25Ok per annum straight line
20

THE MAC {METROPOLITAN ARTS CENTREI
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEhlENTS
FOR THE YEAR ENDED 31 ￿RCH 2023
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
Accounting pollcles (Cont'dlmpalmient of fixed assets)
At each reporting end date, the group and the parent charitable company review the carrying amounts of
its tangible and intangible assets to determine whether there is any indication that those assets have
suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment loss {if any). Where it is not possible to
estimate the recoverable amount of an individual asset, the group and the parent charitable company
estimate the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for
impairment annually, and whenaver there is an indication that the asset may be impaired.
Recognlsed impairmenl losses are reversed If, and only if, the reasons for the impairment10s9 have
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of th8 asset (or
cash-generatin9 unit) is Increased to the revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that would have been determined had
no impairment loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a
revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash and cash equlvalents
Cash and cash equivalents include cash in hand, deposit8 held at call with banks other short-term liquid
investments with original maturities of three months or less and bank overdrafts.
Flnancial assets
The group and the parent charitable company have elected to apply the provisions of Section 11 'Basic
Financial Instrument5, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial
instruments.
Financial assets are recognised in the group's and the parent charitable company's statement of financlal
position when the group and the parent charitable company become party to the contractual provisions
of the instrument.
Financial assets are classified into specffied categorles. The classlfication depends on the nature and
purpose of the financial assets and is determined at the time of recognition.
Basic financial assets, which include trade and other receivables and cash and bank balances, are Inltially
measured at transaction price including transaction costs and are subsequently carried at amortised cost
using the effective interest method, unless the arrangement constitutes a financing transaction, where
the transaction is measured at the present value of the future receipts discounted at a market rate of
interest. Other financial assets classified as fair value through profit or loss are measured at fair value.
Loans and receivables
Trade debtor5, loans and other receivables that have fixed or determinable payments that are not quoted
in an active market are classified as 'loans and receivables,. Loans and receivables are measured at
amortised cosl using the effective interest method, less any impairment.
21

THE MAC (METROPOLITAN ARTS CENTREI
IA COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS ICONT'D)
Accounting policle5 (Cont'd)
Interest is recognised by applying the effective interest rate, except for 5hort-term receivable5 when the
recognition of interest would be immaterial. The effective interest method is a method of calculating the
amortised cost of a debt instrument and of allocating the interest income over the relevant period. The
effective inlerest rate is the rate that exactly discounts estimated future cash receipts through the
expected life of the debt instrument to the net carrying amount on initial recognition.
Impaimient of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators
of impaimient at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events
that occurred after the initial recognition of the financial asset, the estimated future cash flows have been
affected. The impairment loss is recognised in profit or loss.
DereC0gnit￿n of flnancial assets
Financial assets are derecognised only when the contractual rights 10 the cash flows from the asset
expire, or when it transfers the financial asset and substants'ally all tha rlsks and rewards of ownership to
another entity.
Flnancial Ilabllltias
Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes
financing transaction, where the debt instrument is measured at the present value of the future receipts
discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or
loss are measured at fair value.
Other financial Ilabllities
Other financial liabilities, ar8 Initially measured at fair value, net of transaction costs. They are
subsequently measured at amortised cost using the effective interest method, wlth interest expense
recognised on an effective yleld basis.
The effectlve interest method is a method of calculating the amortised cost of a financial liabllity and of
allocating interest expense over the relevant period. The effective interest rate is the rate that exactly
discoun15 estimaled future cash payments through the expected life of the financial liability to the net
carrying amount on initial recognition.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group'8 and parent charitable company's
obligations are discharged, cancelled, or they expire.
Employee beneflts
The costs of short-term employee benefits are recognised as a liability and an expense, unless those
costs are recognised as part of the cost of stock or fixed assets. The cost of any unused holiday
entitlement is recognised in the period in which the employee's services are received. Termination
benefits are recognised immediately as an expense when the group and parent charitable company are
demonstrably committed to terminate the employment of an employee or to provide termination beneffts.
22

THE MAC (METROPOLITAN ARTS CENTrE)
IA COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS ICONT'D)
Accountlng policles (Cont'd)
Taxation
As a registered charity, The MAC (Metropolitan Arts Centre) is not liable to either Income Tax or
Corporation Tax,
Fund accountlng
The Charity has bNo types of funds for which it is ￿spOnSible, and which require separate disclosure.
Definits'ons of the funds are as follows..
(a) Restricted funds
Grants, donations and other income received which are earmarked by the funder or donor for
specific purposes. Such purposes are within the overall aims of the Charity.
(b) Unrestricted funds
Funds which are expendable at the discretion of the trustees, for the general purposes of the Charity.
In addition, funds may be held in order to finance capital investments and working capital.
Crltlcal accounting estlmates and Judgements
In the application of the group's and parent charitable company's accountlng policies, the tTUStees are
required to make judgements, estimates and assumptions about the carrying amount of assets and
liabilities that are not readily apparent from other sources. The estimates and associated assumptions
are based on historical experience and other factors that are considered to be relevant. Actual results
may differ from these estimates.
The estimates and underlying assumptions a￿ reviewed on an ongoing basis. Revisions to accounting
estimates are ￿COgnised in the period in which the estimate is revised, if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods
Key sources of ostlmatlon uncertainty
Going concem
The trustees have prepared budgets and cash flows for a period of at least twelve months from the date
ofthe approval ofthe financial statements. As explained more fully in Note 2 there is a material Un￿rtaintY
regarding the group's and parent charitable company's ability to meet its liabilities as they fall due, and to
continue as a going concern. Nevertheless, having considered the circumstances, the trustees consider
it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial
statements do not include any adjustments to the carrying amounts and classification of assets and
liabilities that may arise if the group and parent charitable company are unable to continue as a going
concern.
Tangible fixed assets
Tangible assets are depreciated over their useful lives taking into account residual values where
appropriate. The actual lives of the assets are assessed annually and may vary depending on a number
of factors. In reassessing asset lives factors such as maintenance programmes are taken into account.
Residual value assessments consider issues such as the remaining live of the asset and the estimated
value in use.
23

THE MAC (METROPOLITAN ARTS CENTRE)
IA COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YUR ENDED 31 MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
Financlal performance of the Charity
The consolidated statement of financial activities includes the results of the Charity's wholly owned
subsidiary which operates the arts facility. The financial perfomance of the Charity alone is shown on
page 14.
Income and endowments
2023
Restricted
Funds
2022
Unre81rlct8d
Funds
Unrestrlcled
Funds
Restricted
Funds
Total
Total
Donatlon8 and l•ga¢le•
Arts Councll of Northem Ireland -
Capital Works
Arts Council of Northern Ireland
Belfast City Council Grants
Paul Hamlyn Foundation
Ulster Gardens
Covid large NAV scheme
John Ellerman
Garfield Weston
Foyle Foundation
Egmée Fairbaim Foundation
Belfast Harfoour
Soci81 Change
Bank of Ireland
Community Foundation
British Council
Fly the Flag
Dormant Ac¢ounl8
other
25,064
1.246,426
25,064
1,246.426
150,000
75,000
30,000
131.933
1,170,903
131,933
1,170.903
150,000
150,000
150,000
150,000
75,000
30,000
150,000
50,000
35,700
696,248
20,000
100,000
50,000
35,700
696,248
20,000
100.000
100,000
100.000
20,000
120,000
10,000
3,950
5,500
3,000
3,000
1,650
9,888
20,000
120,IJOO
10,000
3,950
5,500
3,000
3,000
1,650
9,888
1.979
1.979
370 000
1433 478
1803 478
150 000
2 356 763
2 506.763
Investments
Interest receivable
1,069
1,069
88
88
Other tradlng actlvltlo•
Sponsorship
Other income
Gifts and donations
Rental income
Commercial lffjding operations
25,346
25,346
20,000
20,000
69,598
19,031
1,178.077
69,598
19,031
1.178,077
6,717
10,713
373,698
6,717
10,713
373,698
Government grant
121083
121,083
1292 052
1.292,052
532211
532.211
Other Income
Theatre & Museum & Gallery tax
relief
7.984
7,984
15,890
15,890
Total
1,671,105
1.433.478
3,104,583
698,189 2,356,763
3.054.952
24

THE MAC IMEfROPOLITAN ARTS CENTREI
(A COMPANY UMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
Expenditure
Analysis of expendlture
Support other Direct
Costs
Costs
2023
2022
Charltable activltles
Core costs
Capital Project- The MAC
155,838
375 827
1,771,063
1,926,901
375 827
2,235,342
398 573
Total resources expended
1771063
2 302 728
2633915
Anatysis of support C08ts
Charitable
Activities
Governance
2023
2022
Premises
Financial costs
Depreciation
145,738
752
381 125
145,738
4,802
381125
84,842
7,131
403 291
4,050
Total support costs
527
15
531665
Net Incoming resources
2023
2022
Net incoming resources are stated after charging..
Depreciation - owned assets
Auditor's remuneration..
Audit of financial ststements of the group and parent
charitable company
Audit of the parent charitable company's subsidiary
381,125
403,291
4,750
4,750
There are no other material costs not already disclosed in notes 6 to 10.
25

THE IMC (METROPOLITAN ARTS CENTRE}
IA COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS ICONT'D)
Income from trading actlvltles
The wholly owned trading subsidiary The MAC (Metropolitan Arts Centre) Trading Co. Limited is
incorporated in Northern Ireland {company number N1604239) and pay5 all of its profits to the Charity
under the gift aid scheme. Th8 MAC (Metropolitan Arts Centre) Trading Co. Limited operates the arts
facility and all commercial trading operations carried on at The MAC (Metropolitan Arts Centre) premises.
The summary financial p&rformance ofthe subsidiary alone is..
2023
2022
Tumover
Cost of sales
Administration costs
Distribution costs
Other income
2,661,729
(710,972)
(1,845,884)
{33,699)
2,261,224
(731,429)
(1,604,657)
{39,441)
112054
Net profit
Gift aided to the Charlty
71,174
(2,249)
(Loss)Iprofit before
tsxation
Tax
(15,890)
Retained in subsidiary
The assets and liabilities of the subsidiary alone vftre..
Total assets
Total liabilitl8S
406,498
406,497
510,426
510,425
Total net asset8
Aggregate share capltal and reserves
Employ•• Infom)atlon
202
Staff costs
Wages and salaries
Social security costs
Pension costs
1,343,869
119,351
1,196.551
110,864
Average number of employees including trustees
Employees earning between £60,000 and £70,000
The totsl arnount of employ8e benefits received by key management personnel in the period vrds
£192,87012022.' £268,673). The Charity considers its key management personnel comprises ofthe Chief
Executive, Commercial Director, Director of Finance and Corporate Services and Creative Director.
26

THE MAC (METROPOLITAN ARTS CENTRE)
{A COMPANY LIMITED BY GUAFIANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
10 Trustses, remuneratlon
The trustees received no emoluments during the year. No trustee received reimbursement of exp8nses
during the year.
Intanglble flxed assets
11
Group
Charitable
Com
an
Cost
At 1 April 2022
Additions
31,364
1,874
At 31 March 2023
Depreclatlon
At 1 April 2022
Amortisatlon charged for
the year
29,280
1,709
1,124
375
30,989
1.499
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
375
2,084
375
750
12 Tanglble flxed assets
Group and charltable company
Land &
Buildin
Fittings &
ment
Total
Cost
At 1 April 2022
16,343,164
251,032
460,496
39,705
16,803,680
290,737
Additions
Disposals
16,594,198
500,201
17,094,397
At 31 March 2023
Depreclatlon
At 1 April 2022
Charge for year
Released on disposal
3,088,593
330,237
241,688
50,888
3,330,281
381,125
3,418,830
292,576
3,711,406
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
13.175,366
13,254,571
207,625
218,808
13,382,991
13,473,379
27

ThE MAC IMETROPOLITAN ARTS CENTREI
{A COMPANY LIMITED BY GUAFIANTEE
FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS ICONT'D)
13 Invèstments
The Charity holds one share of £1 in its wholly ovmed trading subsidiary The MAC (Metropolrtan Arts Centre)
Trading Co. Limited, which is incorporated in Northern Ireland. This is the only share allotted, called up and
fully paid. The activities and results of this company are summarised in note 8.
14
Debtors
Amounts falllng dua wlthln one year:
Group
Charitable
Company
2023
2023
2022
2022
Trade debtors
Prepayments and accrued income
other debtors
102,251
216,563
48,794
197,715
234 622
30,660
1,260
216,583 193,902
106 780 234 622
15 Creditors: amounts falllng duo wlthln one year
Group
Charitable
Company
2023
2023
2022
2022
Trade creditors
other tax and social security
Accruals
Other creditors
Intercompany balance
96,806
7,000
110,023
171,700
144,693
201,304
92,921
146,044
28,645 26,792
4,650
4,707
55,635
39,379
1,218
19,549
226 477 289 626
28

THE MAC (METROPOLITAN ARTS CENTrE}
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 ￿RCH 2023
NOTES TO THE FINANCIAL STATEMENTS ICONT'D)
16
Restricted funds of the Charlty
Restated
Balance Movement in
1 April
resources
2022
incoming
Movement in
resources
outgoing
Transfer
Balance
between 31 March 2023
funds
Flxed asset funds
Capital Project
Garfield Weston
13,449,066
205 000
55,063
{375,827)
205,000
205 000
13,333,302
Subtotal
13 654 066
55 083
375,827
13,333,302
Other net assets funds
Core costs
1378415
1378415
Subtotal
Total
13 654,066
1433,478
1,754 242
13.333,302
Flxed asset funds
The fixed asset funds represent funds provided for the purchase of tangible fixed assets. The fund is
represented by fixed assets and is reduced by the depreciation charge on the assets.
17 Unrestrlcted funds of the Charlty
Net
incoming
resources
for year
Balance at
1 April
2022
Transfer
btheen
funds
Total
General reserve
Designated - Garfield
Weston
258,159
(47,434)
79,499
210,725
79,499
Totsl
258,159
32,065
290.224
29

ThE MAC (METROPOLITAN ARTS CEiifREI
{A COMPANY LIMITEO BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 hlARCH 2023
NOTES TO THE FINANCIAL STATEMENTS (CONT'D
18 Analysls of nat assets between funds
Tangible
Fixed assets
other net
ass
ts
Total
Restricted funds
13,337,302
13,333,302
Unrestrlcted funds
240 555
290 244
19 Related party transactlons
Under the control of the Board of Trustees, the MAC Trading Co. Limited, o wholly owned subsidiary of
the Charity, charged the Charity expenses of £1,500,000 (2022.. £1,900,000) and transferred to the
Charity under Gift Aid a donation of £71,174 {2022'. £13,641 }. At 31 March 2023 a balance of £226,478
(2022.. £289,626) was owed by the Charity to the subsidiary. There were no other transactions or
outstanding balances with related parties.
20 Contlngencles
A portion of grants received may become repayable if the Charity fails to comply with the terms of letter
of offer.
21
Corporatlon taxation
The Charity is exempt from taxation in respect of income or capltal gains received. HM Revenue and
Customs reference number XR26229. Its subsidiary is subject to corporation taxation on its income and
capital gains.
22 Subsldlarles
These financial Statements are separate company financial statements for The MAC Limited
Details of the company'5 subsidiaries at 31 March 2023 are as follows..
Name of undertaklng Registered Nature of buslness
Class of
office
shares held
% Held
Dlrect Indirect
The MAC Trading
Co. Limited
As above
Operation of arts
facilities
Ordinary shares
100
30

THE MAC (METROPOLITAN ARTS CENTRE)
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS (CONT'D)
23 Reconclllation of net movement In funds to net cash flow from operatlng activitie8
2023
2022
Net movement in funds for the year
(288,699)
(54,490)
Depreciation & amortisation
382,835
404,990
Loss on disposal of tangible fixed assets
5,536
(Decrease)lincrease in creditors
{199,433)
(628,143)
Decreasel(increase) in debtors
156,070
(135,478)
Decreasel(increasel in stock
(3,602)
(9,852)
Interest received
88
Net cash inflowl (ouffiow) from operating activities
31