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← The MAC (Metropolitan Arts Centre)

2025-03-31-accounts

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THE MAC (METROPOLITAN ARTS CENTRE)

(COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Contents

Page

Reference and Administrative Details 1
Trustees’ Report (including the Strategic Report) 2-10
IndependentAudit Report 11-14
Statement of Financial Activities 15-16
Balance Sheet 17-18
Statement ofCash Flows 19
NotestotheFinancialStatements 20-32

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

Colm Devine (resigned 25 October 2024) Raymond Hutchinson (Chairman) Louise O’Boyle Dorothy Wilson-Longfils (resigned 28 August 2024) Kim-Marie Spence Nicola Brown (appointed 11 March 2025) Eugene Campbell (appointed 11 March 2025) Catherine Fearon (appointed 11 March 2025) Megan Magill (appointed 11 March 2025) Shane Quinn (appointed 11 March 2025) Elizabeth Skelcher (appointed 11 March 2025) Htaik Win (appointed 11 March 2025) Ross Hickey (appointed 13 May 2025)

Registered office

10 Exchange Street West Belfast BT1 2NJ

Solicitors

Edwards & Co. Solicitors 28 Hill St Belfast BT1 2LA

Bank

Ulster Bank Limited 11-16 Donegall Square East Belfast BT1 5UB

Registered auditors

HM Chartered Accountants 6" Floor, East Tower Lanyon Plaza 8 Lanyon Place Belfast BT1 3LP

Recognised as a charity by HM Revenue and Customs under number

XR26229

Company number

NI022945

Charity registration number

NIC 100808

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT (including the Strategic Report)

The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the company for the year ended 31 March 2025.

1. Structure, Governance and Management

Governing 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 NI22945. 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 NIC 100808.

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 or for the performances, readings or exhibits and so that the policy governing the use of the centre shall not discriminate 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 times 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, with 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 the charity's governance structure 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 limited by shares which hasa service 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 between the two companies. Any profits are gifted to the charity in their entirety.

The Board has set clear delegated authorities for sub-committees, officers, the Director and staff, and monitors performance, upholding accountability, probity and transparency.

In 2024-25, seven new trustees were appointed, and the Board operated seven sub-committees: Equity, Diversity & Inclusion; Fundraising (Core, Trusts & Foundations), Strategic Development & Stakeholder Engagement; HR, Training & Transformation; Building & Equipment; Audit & Risk/Finance; and Remuneration & Nominations. All sub-committees comprise non-executive directors and report to the Board.

The Audit & Risk/Finance subcommittee meets monthly, with at least four of the meetings each year being audit and risk focused. All members of the sub-committee are non-executive directors. The sub-committee is chaired by the Charity Treasurer who has significant recent, relevant financial experience. The sub-committee includes at least two other members from the Boards, neither of whom is the Chair of the Charity.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT (including the Strategic Report) (Cont'd)

The Remuneration & 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 Chair, includes the TradeCo Chair and at least two other Charity Board members, one with significant HR skills and experience.

2. Objectives and Activities

Executive Summary

The trustees are pleased to present a successful year of transformation for the organisation. Following a period of significant transition, including financial challenges, governance changes and staff turnover, a new leadership structure was established. This team has stabilised the organisation, rebuilt stakeholder confidence and laid the foundations for strategic growth, resilience and impact.

In 2024-25 we delivered a curated programme across four strands that attracted and inspired over 200,000 visitors, many for the first time. During this year, the MAC brought internationally acclaimed artists to Northern Ireland while also platforming emerging, mid-career and established local artists. We worked with national partners and communities to explore social inequalities and injustices through art and creativity.

  1. Live Events: Over 600 theatre, dance, comedy & music performances annually showcasing local, regional and international talent with affordable ticket pricing.

  2. Creative Learning & Engagement: We address pressing local and global issues, advocate fora society where people and the planet are respected and cared for by collaborating with artists, community partners and people. Our work is rooted in collaboration, creativity, and social change, ensuring that art remains a powerful tool for education, activism, and engagement.

  3. Visual Arts: Exhibitions by local, national and international artists, curated to reflect societal issues, inspire conversation and reflect developments in contemporary visual art practice, with consideration of our increasingly diverse audiences.

  4. Income Generation: Fundraising, sponsorship, trusts and foundations, CaféBar, and artistic and commercial hires for private, public and third-sector clients.

2024-25 was a defining year for the MAC. After breaking a long cycle of deficits, we set a clear goal: to deliver a trading surplus and a transformation plan. In a challenging cultural and economic climate, we renewed our purpose, strengthened resilience and pursued creative ambition. The MAC reaffirmed its role as a vital civic space for the arts, a place where ideas are exchanged, creativity flourishes and communities connect.

Our annual theme, “Space for Everyone”, shaped both our programme and our organisational approach. lt pushed us to ask who we reach, how our spaces are used, and what barriers still stand in the way of engagement with the arts.

Our galleries presented landmark exhibitions, placing artists from Northern ireland alongside internationally recognised names. Our theatres buzzed with drama, comedy, dance and music, from community-led productions introducing new talent to acclaimed professional companies pushing creative boundaries.

Through MACtivate and our expanded Creative Learning & Engagement programmes, we worked over a longer timescale with artists, Artist-Teachers, civil-society organisations and communities to build deeper relationships and more impactful outcomes.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT (including the Strategic Report) (Cont'd)

We strengthened governance, introduced a leaner, more agile leadership structure and embedded sustainability across our work. We earned Green Tourism accreditation and advanced capital projects to reduce our environmental footprint.

This progress has been underpinned by:

Our strategic direction was refreshed through comprehensive stakeholder engagement and the nearcompletion of our 2025-2028 Strategic Plan. This plan sets five priorities: Creativity, Participation, Learning, Social Relevance and Sustainability. Annual programming themes, beginning with Climate in Action in 2025/26, will ensure focus and coherence across artistic, operational and community work.

Our priorities are clear: to champion creativity, widen access, foster learning, ensure social relevance and secure the MAC’s long-term sustainability.

We extend our thanks to our funders, partners, staff, volunteers, artists, audiences, and Board for their unwavering support and commitment.

3. Achievements and Performance

3.1 Live Events

In 2024/25 the MAC delivered 628 live activities to more than 78,000 attendances. This was achieved in a challenging environment for touring productions. The programme balanced new commissions, visiting work and strategic hires, and was developed with local, national and international partners. Programming decisions were informed by contemporary artistic practice and by current cultural, social and political context. The aim was to maintain artistic ambition, broaden audiences and support artists at all stages of their careers.

Theatre remained central. Highlights included the MAC’s own Christmas production, The Adventures of Red Riding Hood, which took a contemporary approach to a classic story and used an open casting process that informed more inclusive production practice. Community engagement was strong, with Pride of the Shore introducing many people to theatre for the first time and exceeding targets for artistic quality and attendance. New writing featured through Tinderbox Theatre Company's / Have Always Liked the Name Marcus, which centred lesser-heard voices and resonated with audiences. Summer activity brought energy across the building through youth and training programmes including Bruiser's Start and Graduate Academies, Belfast Boys Summer Dance Project, and youth theatre projects by New Lodge Arts, BSPA and Ravara. The first Belfast Ballet Festival drew new audiences and created opportunities for future collaboration.

Comedy continued to perform well, with sold-out shows by Jessica Fostekew, Sean Walsh and Miles Jupp. Ruby Wax presented an honest and engaging event on mental health and praised the MAC’s welcome. Music and dance activity grew in ambition and diversity. Belfast Ensemble’s The Doppler Effect showcased the main stage’s technical and acoustic range. Luail’s /mpasse launched a new all-island dance company in Northern Ireland. Family audiences were served by CBeebies’ Nick Cope, which required an additional performance due to demand. A new partnership with Tradfest brought a main stage concert with Sean Maguire in July, a period that is typically quiet for live performance.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT (including the Strategic Report) (Cont'd)

Festival partnerships remained a core element of reach and profile. The MAC worked with Belfast international Arts Festival, Belfast Children’s Festival, NI Science Festival, Outburst Queer Arts, Belfast Pride, Belfast Media Festival and the Deaf Arts Festival, presenting multidisciplinary work and attracting diverse audiences.

Artist development continued through multiple routes. The MAC partnered with Tinderbox Theatre Company on its INCUBATE programme, which supported seven artists over an eight-month process and culminated in a spring 2025 performance showcase. Space to Play provided approximately 75 artists with free or low-cost rehearsal, R and D time and practical advice. Through Ulster Touring Opera, young people aged 8 to 18 received weekly voice, acting and movement training. The Theatre Works Fest NI, led by Amadan and hosted by the MAC, attracted artists from across Ireland, the UK and Europe. The Gap Day scheme, in partnership with Dublin Fringe, offered supported research time for artists for a third consecutive year. New Jazzlife Jam Sessions with David Lyttle launched in January 2025, mixing international talent with emerging local musicians and offering under-18s opportunities to participate. Strong audience response led to a decision to continue the sessions until the end of November 2025.

Audience experience remained a priority. Our post visit surveys undertaken by Indigo rated show venue experience at 4.6 out of 5 and accessibility at 4.3 out of 5, both above UK benchmarks. Net Promoter Score was 71. Pricing remained accessible and the mix of co-presentations and hires enabled a broad range of voices and genres while protecting financial resilience.

3.2 Creative Learning

The year-round Creative Learning and Engagement programme reached more than 22,000 participants through three core strands: MACtivate, Growing Up with the MAC and Study Abroad. Activity was codesigned with artists, partners and communities and was rooted in creativity, collaboration and social justice. The focus was on participation, learning and impact over time rather than on isolated events.

MACtivate uses art to address social inequality in partnership with human rights and community organisations, including Participation and the Practice of Rights, the Rainbow Project, Alliance for Choice, Action Mental Health and Extern. In 2024/25 the MAC co-designed events and projects with migrant women, climate and mental health activists, peacemakers and LGBTQIA communities. Pride-related activity included queer zine-making, banner-making for families, a ‘Get Ready for Pride’ day for children and families with Young at Art, and a queer artists’ meet-up. The team also co-presented a sold-out talk by Motaz Azaiza, the internationally recognised Palestinian photojournalist, which drew an audience of 343 people. As part of Khaled Barakeh’s exhibition The Shake, a movement piece was created and performed in the galleries with 11 women who have experienced inequality. Further events included an Art and Activism forum delivered with Create, Ireland's development agency for collaborative practice, and a partnership event with Social Change Initiative and Politics in Action that explored the future of Northern Ireland. Growing Up with the MAC supports early years, children and families. MAC Baby Time, led by artists Genevieve Swift and Stephen Beggs, provided sell-out sensory sessions that supported 180 babies and their parents. The MAC appointed its first Children’s Artist in Residence, Rachel Fitzpatrick, whose programme promoted wellbeing, creativity and skills development, engaging 982 children. Forty-four artist-led workshops and events ran across the year, including natural pigment printmaking with Ruth Osborne, edible flowers sessions with Erin Bunting and a high-energy drumming circle with Jo Loughlin. A free integrated drop-in for d/Deaf and hearing families was supported by a BSL interpreter. The first Children’s Summer Art Camp took place, and feedback highlighted the quality of facilitation and the inclusive environment. Two imaginationstation art carts and a free playroom, stocked with books, activity sheets, art materials and toys, were available six days a week and were used by approximately 21,000 children and families across the year.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT (including the Strategic Report) (Cont'd)

New Visions is a three-year programme supported by the Freelands Foundation that reimagines postprimary art education with six partner schools: St Louise’s Comprehensive College Belfast, Cullybackey College, St Benedict’s College Randalstown, St Conor's College Clady, Hazelwood Integrated College Newtownabbey and Newry High School. The programme combines Artist-Teacher Fellowships, a Schools in Residence model and long-term collaborations between artists and schools through MAC School Satellites. In 2024/25 the six schools moved art classes to the MAC for 20 days, and 506 students participated. A symposium in March 2025 drew 80 teachers, artists and educators, with a keynote from Freelands Foundation Chief Executive Dr Henry Ward. Feedback indicated increased confidence among teachers to integrate their artistic practice into classrooms.

Study Abroad activity continued to grow. The MAC welcomed Professor Peggy Stafford and 13 students from the State University of New York at Purchase for a four-week accredited module on socially engaged art-making in a post-conflict context. The cohort worked with academic and artistic facilitators, created artistic responses presented in the Upstairs Theatre and subsequently established a Peace-Forum at their home institution. A bespoke NYU peacebuilding residency also took place.

Across all strands the programme prioritised access, inclusion and the removal of barriers. Co-design with partners and communities ensured relevance, and the blend of paid opportunities and in-kind support helped sustain the local creative workforce.

3.3 Visual Arts

The visual arts programme presented a sequence of ambitious exhibitions that placed artists from Northern Ireland alongside internationally recognised practitioners and historical work. The curatorial approach combined profile-raising opportunities for artists based here, rigorous thematic inquiry and meaningful public engagement.

mother tongue ran from April to July 2024 and was guest-curated by Ciara Hickey and Alissa Kleist. The exhibition featured 21 artists based in Northern Ireland who participated in the Freelands Artist Programme between 2018 and 2023. Works in sculpture, installation, painting, photography, audio and film explored ideas of language, land, belonging, family and the body. The project highlighted the quality and breadth of contemporary practice in the region and was supported by PS?, the Arts Council of Northern Ireland, the Freelands Foundation and the Esmé Mitchell Trust.

The Weight of Light, presented from August to October 2024, brought together the practices of Derry-based artists Conor McFeely and Pascale Steven. The presentation examined meaning within experiences of loss and the potential for adaptive change, offering audiences an intimate view of a long-standing artistic partnership and raising the profile of both artists.

Khaled Barakeh: The Shake ran in parallel and explored public art, contested histories and reconciliation, taking inspiration from Maurice Harron’s Hands Across the Divide in Derry and considering how public sculptures function as markers of memory within evolving social and political landscapes. The project combined gallery presentation with socially engaged activity delivered with local partners. It was supported by the Henry Moore Foundation and by Cultural Bridge, a partnership between UK and German funders that supports bilateral artistic collaboration.

! See His Blood Upon the Rose ran from November 2024 to March 2025 and traced floral imagery from botanical study and seventeenth-century still life to political symbol, protest and contemporary practice. The exhibition created purposeful juxtapositions across centuries. Central to the narrative were the contributions of Rachel Ruysch and Mary Delany, shown alongside internationally recognised contemporary artists

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT (including the Strategic Report) (Cont'd)

including Alvaro Barrington, Tracey Emin, Robert Mapplethorpe and John Currin, and Northern lreland-based artists including Jennifer Trouton, Ted Pim and Paola Bernardelli. The exhibition attracted more than 12,000 visitors and a sold-out public programme of masterclasses, talks and workshops. Loans and support were secured from leading public and private collections and galleries. These included the British Museum, the Ashmolean Museum, the National Gallery of Ireland, White Cube, Galerie Thaddaeus Ropac, Sadie Coles HQ, Worcester Art Museum, the Arts Council of Northern Ireland Collection, the British Council and Queen’s University Belfast. Grant support included £30,000 from Garfield Weston and Art Fund.

Across the programme, exhibition-specific talks, screenings and tours supported interpretation and participation. The curatorial approach strengthened the MAC’s reputation as a trusted institution that contributes to national and international discourse while connecting audiences with significant historical and contemporary work.

3.4 Income Generation

Income generation combined trading activity, fundraising, trusts and foundations, sponsorship and hires. Performance improved despite sector-wide funding pressures, with significant growth in trading income and surpluses in the café and bar, catering and venue hire. Ticket sales totalled £824,421. The MAC implemented new payment systems and introduced a booking fee to support transaction costs and invest in the customer experience. Corporate cultivation was strengthened through targeted events and relationship management, and relationships with funders, sponsors and partners were maintained and expanded.

Trusts and foundations underpinned key strands of work. The Freelands Foundation’s £399,000, three-year investment in New Visions enabled a comprehensive schools programme and sector-wide learning through the 2025 symposium. Visual arts activity benefited from project grants, including £30,000 from Garfield Weston and Art Fund for / See His Blood Upon the Rose and support from the Henry Moore Foundation and Cultural Bridge for The Shake. These awards leveraged further in-kind support and high-profile loans from UK and international lenders, enhancing programme reach and visibility.

Artistic and commercial hires remained an important part of the model. Strategic partnerships with festivals and like-minded organisations increased throughput across quieter periods and diversified audiences. Corporate and private events contributed to food and beverage performance and introduced new audiences to the building.

The MAC continued to invest in access, inclusion and workforce development alongside commercial activity. Twenty active volunteers contributed more than 2,000 hours across front-of-house and engagement roles. Twenty-nine percent of staff and volunteers identified as having a disability or hidden disability. A crossorganisational working group advanced accessibility improvements, and audience ratings reflected progress, with venue experience at 4.6 out of 5 and accessibility at 4.3 out of 5. Net Promoter Score was 71, indicating strong advocacy and loyalty.

The income strategy supports the Board's financial objectives. These include building unrestricted reserves to policy target, strengthening commercial resilience across all trading areas, maintaining a balanced profile across performing arts, visual arts and creative learning, addressing building maintenance and infrastructure renewal, embedding sustainability across operations and programming, strengthening the platform for artists based in Northern Ireland while building national and international collaborations, and using data-led audience engagement to grow and diversify reach. The year’s performance demonstrates progress against these objectives and provides a platform for continued investment in artistic excellence and public value.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT (including the Strategic Report) (Cont'd)

4, Looking Ahead

As the MAC enters 2025-26, we will consolidate our reputation as Northern Ireland’s leading contemporary arts centre, building on the momentum of recent transformation. Our focus will be to showcase the best of local creativity within an international context, expand socially engaged learning, and strengthen long-term resilience.

Artistic Programme

We will deliver an ambitious programme across all strands. Visual Arts will feature eight major exhibitions, including Aisling O’Beirn, Steve McQueen (Grenfell& The State of Belfast), Marie Hanlon, William McKeown, Niamh Seana Meehan and The Lost Paintings Project. Live Events will include more than 187 performances, such as Murder for Two (Bruiser), The Upside-Down House (Tinderbox), Animal Farm, Accidental Death of an Anarchist, and partnerships with Kabosh Theatre and major festivals. Creative Learning & Engagement will continue through MACtivate, New Visions, early years programmes and cross-border youth collaborations.

Financial Growth

We will diversify income streams, grow trading and philanthropy, and safeguard core funding. A data-led marketing strategy will attract new visitors, deepen loyalty and extend reach into underrepresented communities.

Sustainability

Sustainability remains central. Guided by our Environmental Policy, we are working towards reducing our carbon footprint by 2027 and diverting 85% of waste from landfill by 2026. Our Green Team will continue to lead energy-efficiency initiatives, sustainable procurement, biodiversity projects and public engagement.

Strategic Direction 2025-28

Our new plan sets five priorities: Creativity, Participation, Learning, Social Relevance and Sustainability. Annual programming themes will ensure coherence:

Focus for 2025-26

At the core of the MAC’s mission is partnership. Through collaboration with artists, communities, cultural organisations and funders, we will continue to be a safe, inclusive and inspiring cultural hub for Belfast and beyond.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT (including the Strategic Report) (Cont'd)

5. Financial Review

Total operating income for the year was £2.939m, with a substantial contribution from public funding and trusts and foundations (ACNI £1,100,500; BCC £120,000; Trusts/Foundations £173,134). Total operating expenditure of £2.928m for the year delivered an operating surplus of £10,621. A depreciation charge of £10,000 on unrestricted assets resulted in unrestricted reserves at year-end of £166,958, against a target of £750,000.

Robust cost control and stronger commercial performance underpinned this result. Key income drivers included: Café Bar sales, Event Catering, Artistic Venue Hire and Theatres and Galleries Tax Relief, which all achieved over target.

Restricted reserves at year end comprised the written down value of restricted assets, £12,636,596, and grant income received in advance to be recognised as operating income in the following year of £47,894, totalling £12,684,490

Trustees remain confident in going concern status, with risk management strategies in place.

Public funding and sustainability

Our focus remains on developing a more commercially resilient model, while securing additional support from trusts, foundations and private sources. We continue to build unrestricted reserves and raise funds for critical infrastructure repairs and renewals.

The MAC now operates with a leaner staffing structure. Despite challenges in fundraising and sponsorship delivery, we have grown trading income and embedded an organisation-wide commitment to income generation. As we look ahead, our three-year Strategic Plan will guide activity and mitigate short-, mediumand long-term risks across income, marketing, operations and financial sustainability.

However, the Trustees remain mindful of the risks to long-term stability. The MAC continues to operate in an environment where core funding has been eroded in real terms and annual funding models make future planning challenging.

Corporate Support

We continue to expand our relationships and partnerships with Friends of the MAC, donors and sponsors. With their support we create space for thousands of people to imagine, enjoy, participate in, and create art.

Public Funding

Our core funders — We are very appreciative of the Arts Council of Northern Ireland and Belfast City Council’s continued support, enabling us to deliver our mission vision and public purpose.

Trusts and Foundations

We are grateful to the Trusts and Foundations who fund us, supporting hundreds of artists through artistic residencies, commissioning of their work, free space in which to experiment, development funding, mentoring support, and employment. We will continue to deepen our relationship with these funders and seek out new funding opportunities.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES’ REPORT (including the Strategic Report) (Cont'd)

Risk Management

The company has a risk management strategy which comprises an annual review of the risks the company and its subsidiary may face, the establishment of systems and procedures to mitigate those risks, and implementation of procedures designed to minimise potential impact should those risks materialise. Trustees’ responsibilities 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 statements 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:

The trustees are responsible for keeping proper accounting records 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 the prevention and detection of fraud and other irregularities.

16th September 2025

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By order of the trustees
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Ray Hutchinson Eugene Campbell
Trustee Treasurer
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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2025 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: e give a true and fair view of the state of the group and the parent charitable company’s affairs as at 31 March 2025 and of its surplus for the year then ended; e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion 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 uncertainty related 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. The conditions 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 relating 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: e the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or e the directors have not disclosed in the 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 concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE MAC (METROPOLITAN ARTS CENTRE) (CONT’D) —————

Other information The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's 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 misstatements, 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 there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors 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 ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern 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.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE MAC (METROPOLITAN ARTS CENTRE) (CONT’D) NN Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities. 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:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

13

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE MAC (METROPOLITAN ARTS CENTRE) (CONT’D) nher

Auditor's responsibilities for the audit of the financial statements (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:

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-compliance. 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.

Material misstatements that arise due to fraud can be harder 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 auditor'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, for this report, or for the opinions we have formed.

==> picture [149 x 36] intentionally omitted <==

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Ohaehe CrowKia
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Angela Craigan (Senior Statutory Auditor) for and on behalf of HM Chartered Accountants

Chartered Accountants

Statutory Auditors

6" Floor, East Tower Lanyon Plaza 8 Lanyon Place Belfast BT1 3LP

14

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT)

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|Unrestricted|Restricted|Unrestricted|Restricted| |Funds|Funds|Total|Funds|Funds|Total| |£|£|£|£|£|£| |Income|and|endowments| |from:| |Donations and|legacies|5|136,940|1,321,528|1,458,468|270,000|1,686,933|1,956,933| |Investments|ta)|3,320|-|3,320|1,452|-|1,452| |Other trading|activities|5|1,424,869|-|1,424,869|1,307|434|.|1,307|,434| |Other income|5|100,105|-|100,105|87,294|-|87,294| |eee| |Total|1,665,234|1,321,528|2,986,762|1,666,180|1,686,933|3,353,113| |eeee|eee| |Expenditure|on:| |Charitable|activities|6|290,942|1,637,619|—|1,928,561|509,218|2,019,654|2,528,872| |Cost|of raising|funds:| |Commercial|trading|activities|1,373,671|-|1,373,671|1,280,849|-|1,280,849| |——| |Total|1,664,613|1,637,619|3,302,232|1,790,067|2,019,654|3,809,721| |pS| |Net|income/(expenditure)|621|(316,091)|(315,470)|(123,887)|(332,721)|(456,608)| |Gross|transfers|between|.|.|.|.|7| |funds|Neen|eee ee|TEEEIEIEIEIESE|SSIES| |Net movement|in funds|621|(316,091)|(315,470)|(123,887)|(332,721)|(456,608)| |Total funds|brought forward|166,337|13,000,581|13,166,918|290,224|13,333,302|13,623,526| |Total funds|carried forward|166,958|12,684,490|12,851,448|166,337|13,000,581|13,166,918|

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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 requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 20 to 32 form part of these accounts.

15

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) OF THE CHARITY ALONE

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|Unrestricted|Restricted|Unrestricted|Restricted| |Funds|Funds|Total|Funds|Funds|Total| |£|£|£|£|£|£| |Income|and|endowments| |from:| |Donations|and|legacies|201,866|1,321,528|1,523,394|270,000|1,686,933|1,956,933| |Investments|3,320|-|3,320|4,452|-|1,452| |Other trading|activities|86,222|-|86,222|114,034|.|114,034| |2=| |Total|291,408|1,321,528|1,612,936|385,486|1,686,933|2,072,419| |—————EEEEEEE>|—|—————————| |Expenditure|on:| |Charitable|activities|290,942|1,637,619|1,928,561|509,218|2,019,654|2,528,872| |NeeeeeeeeeeeeEEeEeEeEEeEeEeEeE—eeee| |Total|290,942|1,637,619|1,928,561|509,218|2,019,654|2,528,872| |Se|ee| |Net movement|in|funds|466|(316,091)|(315,625)|(123,732)|(332,721)|(456,453)| |Gross|transfers|between|-|-|.|-|-|-| |funds|a| |Net movement|In funds|466|(316,091)|(315,625)|(123,732)|(332,721)|(456,453)| |Total funds|brought forward|166,492|13,000,581|13,167,073|290,224|13,333,302|13,623,526| |Total funds|carried|forward|166,958|12,684,490|12,851,448|166,492|13,000,581|13,167,073|

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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 requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 20 to 32 form part of these accounts.

16

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CONSOLIDATED BALANCE SHEET

Notes 2025 2024
£ £
Fixed assets
Tangible assets 11 12,698,767 13,044,968
12,698,767 13,044,968
Current assets
Stock
Debtors
Cash at bank and in hand		 13 14,377
155,865
418,464		 13,711
179,102
394,564
588,706 587,377
Creditors: amounts falling due oneyear 14 (436,025) (465,427)
Netcurrentassets 152,681 121,950
Total assets less current liabilities 12,851,448 13,166,918
Funds
Unrestricted funds
Restricted funds		 16
15		 166,958
12,684,490		 166,337
13,000,581
Totalfunds 12,851,448 13,166,918

The financial statements on pages 15 to 32 were approved and authorised for issue by the trustees on 16th September 2025 and were signed on their behalf by

Ray Hutchinson Eugene Campbell Trustee Treasurer

Company registration number: NI022945

The notes on pages 20 to 32 form part of these accounts.

17

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CHARITY BALANCE SHEET

Notes 2025 2024
£ £
Fixed assets
Tangible assets
Investments		 11
{2		 12,698,767
1		 13,044,968
1
12,698,768 13,044,969
Debtors
Cash at bank and in hand		 13 95,325
201,322		 167,261
201,064
296,647 368,325
Creditors: amounts falling dueone year 14 (143,967) (246,221)
Net current assets 152,680 122,104
Total assets less current liabilities 12,851,448 13,167,073
Funds
Unrestricted funds 16 166,958 166,492
Restricted funds 15 12,684,490 13,000,581
Totalfunds 12,851,448 13,167,073

The financial statements on pages 15 to 32 were approved and authorised for issue by the trustees on

16th September 2025 and were signed on their behalf by

Ray Hutchinson Eugene Campbell Trustee Treasurer

Company registration number: NI022945

The notes on pages 20 to 32 form part of these accounts.

18

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||||||| |---|---|---|---|---|---| |THE MAC|(METROPOLITAN|ARTS|CENTRE)| |(A COMPANY|LIMITED|BY GUARANTEE)| |FINANCIAL|STATEMENTS| |FOR THE YEAR|ENDED|31|MARCH|2025| |CONSOLIDATED|STATEMENT|OF|CASH|FLOWS| |2025|2024| |Notes|£|£|£|£| |Cash|flows|from| |operating| |activities| |Cash|generated|from| |operations|22|48,374|144,325| |Investing|activities| |Purchase|of tangible|fixed|(27,794)|(38,388)| |assets| |Interest|received|3,320|1,452| |Net|cash|(used|in)| |investing|activities|(24,474)|(36,936)| |Net|increase/|(decrease)| |in|cash|and|cash|23,900|107,389| |equivalents| |Cash|and|cash|equivalents| |of beginning|of year|394,564|287,175| |Cash|and|cash| |equivalents|at|end|of year|418,464|394,564| |Relating|to:| |Bank|balances|and|short| |term|deposits|418,464|394,564|

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CONSOLIDATED STATEMENT OF CASH FLOWS

19

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

The Charity is an incorporated company limited by guarantee with charitable status. It is governed by a Memorandum and Articles of Association and the liability of each member is limited to an amount not exceeding £1. The registered office is 10 Exchange Street West, Belfast. The subsidiary is a company limited by shares.

2 Accounting policies

Basis of accounting

These financial statements have been prepared in accordance with the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)” (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 consider that these accounting policies are suitable, have been consistently applied and are supported by reasonable and prudent judgment 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 financial statements

These financial statements consolidate the results of the Charity and its wholly owned subsidiary The MAC (Metropolitan Arts Centre) 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 14.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries 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 between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Preparation of the accounts on a going concern basis

The MAC was planned and built as a space that requires a certain level of public subsidy to provide the benefits it was built to deliver. In particular, the ongoing support of its funders, Arts Council of Northern Ireland (ACNI) and Belfast City Council (BCC) is relied upon by the MAC to continue its operations.

20

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

Preparation of the accounts on a going concern basis (Cont'd)

At the date of approving the financial statements, funding from both funders has been guaranteed for the next financial year. Although this support allows the MAC to continue its operations, this funding is currently based on single-year commitments. In the absence of multi-annual commitments, certainty over long-term stability is limited.

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 can cast 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 statements.

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 Activities 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 income and are credited to the Statement of Financial Activities when they are receivable and when ali conditions have been met.

(b) Investments

Investment income represents interest receivable during the year on bank deposits.

(c) Other trading activities

This includes income receivable for services provided, income from activities undertaken to raise funds to undertake charitable activities, and income from the operation of the MAC.

21

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

2 Accounting policies (Cont'd)

Expenditure

(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 activities.

This comprises all resources applied by the Charity’s wholly owned subsidiary in operating the MAC.

(c) Governance costs

Governance costs include the costs of governance 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 activity are allocated directly; others are apportioned on a basis consistent with the use of resources.

Intangible fixed assets

Intangible assets comprise the costs 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 asset over its estimated useful economic life of 5 years.

Tangible fixed 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 so 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 - 2% per annum straight line Fixtures, fittings and equipment -10% - 25% per annum straight line

22

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

2 Accounting policies (Cont'd)

Impairment 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 whenever there is an indication that the asset may be impaired.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating 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 equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks other short-term liquid investments with original maturities of three months or less and bank overdrafts.

Financial assets

The group and the parent charitable company have elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other 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 financial position when the group and the parent charitable company become party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification 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 initially 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 debtors, 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 cost using the effective interest method, less any impairment.

23

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

2 Accounting policies (Cont'd)

Interest is recognised by applying the effective interest rate, except for short-term receivables 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 interest 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment 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.

Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a 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 liabilities

Other financial liabilities, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated 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’s and parent charitable company’s obligations are discharged, cancelled, or they expire.

Employee benefits

The costs of short-term employee benefits are recognised asa 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 benefits.

24

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

2 Accounting policies (Cont'd)

Taxation

As a registered charity, The MAC (Metropolitan Arts Centre) is not liable to either Income Tax or Corporation Tax.

Fund accounting

The Charity has two types of funds for which it is responsible, and which require separate disclosure. Definitions 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.

3

Critical accounting estimates and judgements

In the application of the group's and parent charitable company’s accounting policies, the trustees 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 are reviewed on an ongoing basis. Revisions to accounting estimates are recognised 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 estimation uncertainty

Going concern

The trustees have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements. As explained more fully in Note 2, there is a material uncertainty that can cast doubt on 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 life of the asset and the estimated value in use.

25

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

4 Financial 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 performance of the Charity alone is shown on page 16.

Income and endowments
2025 2024
Unrestricted
Funds
£		 Restricted
Funds
£		 Total
£		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total
£
Donations and legacies
Arts Council of Northern Ireland -
CapitalWorks
Arts Council ofNorthem Ireland
Belfast City Council Grants
Garfield Weston		 -
-
120,000
-		 -
1,100,500
-
-		 -
1,100,500
120,000
-		 -
.
150,000
100,000		 30,490
1,587,838
-
-		 30,490
1,587,838
150,000
100,000
Ireland Fund - 1,000 1,000 - - -
Henry Moore Foundation
Social Change Initiative
Bank of Ireland Begin Together		 -
-
-		 4,000
-
-		 4,000
-
-		 -
-
-		 .
4,500
4,300		 -
4,500
4,300
Creative Ireland - 5,963 5,963
PHA
Fuel Theatre - Fly the Flag
Cultural Bridge		 -
.
.		 5,000
-
19,500		 5,000
-
19,500		 -
-
-		 -
45,380
8,072		 -
45,380
8,072
DormantAccounts
Art Fund		 .
-		 28,500
-		 28,500
.		 .
15,000		 -
-		 -
15,000
Art Fund Weston Loan - 30,000 30,000 - - -
Programme
Freelands Foundation
Adrian Swire Trust		 -
-		 125,815
-		 125,815
-		 -
5,000		 1,000
-		 1,000
5,000
Freeland Travel
Theatres Trust
Other gifts and donations		 .
-
16,940		 1,250
-
-		 1,250
-
16,940		 -
-
-		 -
4,933
420		 -
4,933
420
136,940 1,321,528 1,458,468 270,000 1,686,933 1,956,933
Investments
Interest receivable 3,320 . 3,320 1,452 - 1,452
Other trading activities
Sponsorship
Gifts and donations		 24,150
-		 .
.		 24,150
-		 48,821
19,474		 -
-		 48,821
19,474
Rental income
Commercial! trading operations		 34,772
1,365,947		 -
-		 34,772
1,365,947		 16,233
1,222,906		 -
-		 16,233
41,222,906
Seen ee
e
1424869 - 1,424,869 1,307,434 = 1,307,494
Other income
Theatre & Museum & Gallery tax
relief		 100,105 - 100,105 87,294 - 87,294
er
Total 1,665,234
1,321,528
2,986,762
1,666,180
1,686,933
3,353,113
Neen
eee

26

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

6 Expenditure

==> picture [434 x 338] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Analysis|of expenditure| |Support|Other|Direct| |Costs|Costs|2025|2024| |£|£|£|£| |Charitable|activities| |Core|costs|159,819|1,404,747|1,564,566|2,160,309| |Capital|Project - The|MAC|363,995|:|363,995|368,563| |Total|resources|expended|523.814|1,404,747|1.928.561|2,528,872| |Analysis|of support|costs| |Charitable| |Activities|_ Governance|2025|2024| |£|£|£|£| |Premises|141,525|-|141,525|173,924| |Financial|costs|734|7,560|8,294|7,260| |Depreciation|373.995|-|373.995|376,410| |Total|support|costs|516,254|7,560|523.814|557,594| |7|Net|incoming|resources| |2025|2024| |£|£| |Net|incoming|resources|are|stated|after|charging:| |Depreciation|— owned|assets|373,995|376,410| |Auditor’s|remuneration:| |Audit|of financial|statements|of the|group|and|parent| |charitable company|6,500|6,500| |Audit|of the|parent|charitable company’s|subsidiary|5,500|5,500|

----- End of picture text -----

There are no other material costs not already disclosed in notes 6 to 10.

27

THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

8 Income from trading activities

The wholly owned trading subsidiary The MAC (Metropolitan Arts Centre) Trading Co. Limited is incorporated in Northern Ireland (company number NI604239) and pays all of its profits to the Charity under the gift aid scheme. The 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 performance of the subsidiary alone is:

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Turnover|2,638,752|2,880,694| |Cost|of sales|(632,848)|(588,038)| |Administration|costs|(1,797,717)|(2,121,943)| |Distribution|costs|(143,106)|(170,868)| |Other|income|-|:| |Net|profit|65,081|(155)| |Donation|to|the|Charity|(64,926)|-| |(Loss)/profit|before|155|(155)| |taxation| |Tax|-|-| |Retained|in|subsidiary|155|(155)| |The|assets|and|liabilities|of the|subsidiary|alone|were:| |Total|assets|382,786|501,705| |Total|liabilities|(382,785)|(501,859)| |Total|net|assets|1|(154)| |Aggregate|share|capital|and|reserves|1|(154)| |9|Employee|information|2025|2024| |Staff costs|£|£| |Wages|and|salaries|1,204,256|1,530,495| |Redundancy|costs|-|160,389| |Social|security|costs|101,664|133,440| |Pension|costs|31,773|40,082| |1,337,693|1,864,406| |Average|number|of employees|_|8B|CC“‘ti|

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There were no employees whose annual remuneration was more than £60,000.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

9 Employee Information (Cont'd)

The total amount of employee benefits received by key management personnel in the period was £150,147 (2024: £192,870). The Charity considers its key management personnel comprises of the Director, Head of Finance and Creative Director Visual Arts.

10 Trustees’ remuneration

The trustees received no emoluments during the year. Directors in the trading subsidiary received £1,640 (2024: £2,526) for reimbursement of travel expenses.

11 Tangible fixed assets

Group and charitable company

Groupandcharitablecompany
Group and charitable company Land & Fittings &
Cost Buildings
£		 Equipment
£		 Total
£
At 1 April 2024 16,594,196 538,589 17,132,785
Additions
Disposals		 3,782
.		 24,012
.		 27,794
-
At 31 March 2025 16,597,978 562,601 17,160,579
Depreciation
At 1 April 2025
Charge foryear		 3,750,714
331,960		 337,103
42,035		 4,087,817
373,995
Released on disposal - - -
At 31 March 2024 4,082,674 379,138 4,461,812
Net book value
At 31 March 2025 12,515,304 183,463 12,698,767
At31March2024 12,843,482 201,486 13,044,968

12 Investments

The Charity holds one share of £1 in its wholly owned trading subsidiary The MAC (Metropolitan 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.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

13 Debtors Amounts falling due within one year:

Amounts falling due within within one year: Group Charitable Charitable
Company
2025 2024 2025 2024
£ £ £ £
Trade debtors 83,256 145,391 1,500 27,240
Prepayments and accrued income
Other debtors		 72,609
-		 32,571
1.140		 68,027
25.798		 28,296
111,725
155,865 179.102 95.325 167.261
Creditors: amounts falling due within one year
Group Charitable
Company
2025 2024 2025 2024
£ £ £ £
Trade creditors 120,196 90,874 25,334 3,655
Other tax and social security
Accruals
Other creditors		 14,169
120,515
181,145		 28,267
146,971
199,315		 3,399
49,549
756		 2,475
67,224
799
Intercompany balance - - 64.929 172,068
436,025 _465,427
143.967		 246.221
Restricted funds ofthe Charity
Restated
Balance Movement in Movementin Transfer Balance
1 April resources resources between 31 March 2025
2024 incoming outgoing funds
£ £ £ £ £
Fixed asset funds
Capital Project 13,000,581 - (363,985) - 12,636,596
Subtotal 13,000,581 - (363,985) - 12,636,596
Other net assets funds
Core costs - 1,321,528 (1,273,634) . 47,894
Subtotal - 1,321,528 (1,273,634) - 47 894
Total 13,000,581 1,321,528 (1,637,619) - 12,684,490

14 Creditors: amounts falling due within one year

15 Restricted funds of the Charity

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

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.

The core costs balance at 31 March 2025 represents funds received from the Freelands Foundation to be allocated against expenditure in the 25/26 financial year.

16 Unrestricted funds of the Group

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|||||||| |---|---|---|---|---|---|---| |Net| |Balance|at|incoming|Transfer| |1|April|resources|between| |2024|for year|funds|Total| |£| |General|reserve|86,838|80,120|-|166,958| |Designated|-|Garfield|79,499|(79,499)|-|-| |Weston| |Total|166,337|621|-|166,958| |eS|

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17 __ Analysis of net assets between funds

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|||||| |---|---|---|---|---| |Tangible|Other|net| |Fixed|assets|assets|Total| |E|£|£| |Restricted|funds|12,636,596|47,894|12,684,490| |Unrestricted|funds|62,171|104.787|166,958| |12,698.767___152,681|_ _12.851,448|

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18 Related party transactions

Under the control of the Board of Trustees, the MAC Trading Co. Limited, a wholly owned subsidiary of the Charity, charged the Charity expenses of £1,200,000 (2024: £1,600,000) and transferred to the Charity under Gift Aid a donation of £64,926 (2024: ENIL). At 31 March 2025 a balance of £64,929 (2024: £172,068) was owed by the Charity to the subsidiary. There were no other transactions or outstanding balances with related parties.

19 Contingencies

A portion of grants received may become repayable if the Charity fails to comply with the terms of letter of offer.

20 Corporation taxation

The Charity is exempt from taxation in respect of income or capital gains received. HM Revenue and Customs reference number XR26229. Its subsidiary is subject to corporation taxation on its income and capital gains.

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THE MAC (METROPOLITAN ARTS CENTRE) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS (CONT’D)

21 Subsidiaries

These financial statements are separate company financial statements for The MAC Limited

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Details|of the|company’s|subsidiaries|at|31|March|2025|are|as|follows:| |Name|of undertaking|Registered|Nature|of business|Class|of|%|Held| |office|shares|held|Direct|Indirect| |The MAC|Trading|As|above|Operation|of arts|Ordinary|shares|100|-| |Co.|Limited|facilities| |Reconciliation|of|net movement movement|in|funds to to|net cash cash|flow from from|operating|activities| |2025|2024| |£|£| |Net|movement|in|funds|for|the|year|(315,470)|(456,608)| |Depreciation|&|amortisation|373,995|376,785| |Loss|on|disposal|of tangible|fixed|assets|-|-| |(Decrease)/increase|in|creditors|(29,401)|79,898| |Decrease/(increase)|in|debtors|23,237|145,959| |Decrease/(increase)|in|stock|(666)|(257)| |Interest|received|(3,320)|(1,452)| |Net cash|inflow/|(outflow)|from|operating|activities|48,375|144,325|

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  1. ~—- Reconciliation of net movement movement in funds to to net cash cash flow from from operating activities

32