Charity Registration No. NIC1009831XR91653 Company Registration No. N1058233 (Northern Ireland) THE BLACK BOX TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE BLACK BOX TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms R Mccarthy Mr S Watson Ms S Dickson Mr N Sinclair Ms S Murray (Appointed 16th December 2022) Mr P Boitel-Gill {Appointed 16th December 2022) Mr C Flynn (Appointed 16th December 2022) Mr B Stafford (Appointed 16th December 2022) Ms S Jones (Co-opt) Secretary Mr B Stratford Charity number NIC100983/XR91653 Company nurnber N1058233 Registered office 18-22 Hill Street Belfast Co. Antrim Northern Ireland BT1 2LA Auditor FPM Accountants Limited 1 3 Arthur Street Belfast Co. Antrim Northern Ireland BT14GA
THE BLACK BOX TRUST CONTENTS Page Trustees, report Statement of trustees, responsibilities 12 Independent auditor's report 13-18 Statement of financial activities 19 Balance sheet 20-21 Statement of cash flows 22 Notes to the financial statements
THE BLACK BOX TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). (as amended for accounting periods commencing from 1 January 2019) Chair Comments The Board presents the Trustees Report for the year 2022/23. We are reporting on a year that has followed significant period which created huge financial pressures on Northern Ireland's arts and creative sectors. The challenges presented by slow recovery from COVID-19 related venue closures as well as the increased cost of living have had an impact on the organisation. In the last number of years through various external factors, The Black Box Trust, along with the rest of society went through series of changes, challenges, adaptstions and getting used to 'new normals,. The turbulence of Brexit, COVID-19, a cost-of-living crisis, and a lack of a sitting Executive caused a call to action for the arts sector to show its resilience and to continue to operate in challenging times. Multi-faceted challenges with the arts sector as a whole in Northern Ireland are ongoing. As Inflation rises, the full impact of the cost-of-living crisis was felt in the winter months of 2022. As well as external factors, the organisation went through a significant period of staff change, wth the resignation of the previous Director and appointing of a new Director, a change in Gig Buddies Coordinator staff, and the resignation of the Outreach Officer following a gap in project funding. Despite this, the manner in which the organisation has responded to this is testimony to the diligence and resourcefulness of the staff and Board and support of our funders. In an ever-changing Cathedral Quarter, it is important to maintain and support creative communitis, particularly in an area now regarded as a leading Cultural Quarter far beyond Belfast. The Black Box continues to bring that invaluable offer and sense of 'destination' to visitors with its diverse proJramme of innovative music, comedy, science, visual arts, disability arts, left-field festivals, and queer arts. The organisation continues to provide a necessary space and voice positively supporting the development and success of arts and artists in this cultural quarter. The dedication of staff, the continuation of artistic programming and promotion, the loyalty of festivals, artists and audiences alike continues to inspire and remind the Board of Trustees of the importance of not just the venue space, but the cultural impact of The Black BOK and how it is a vital part of the Belfast and Northern Ireland arts ecosystem. Activities as follows: Full return of annual programming back to pre-COVID-19 levels Resignation of Rachael Campbell-Palmer as Director Resignation of Aoife O'Reilly as Gig Buddies Co-ordinator Appointment of Isabella Koban as Gig Buddies Co-ordinator Appointment of Kathryn Mcshane as Director Resignation of Seonaid Murray as Outreach Officer Full Return of Programming Partnerships and Festivals Continuation of Management Mentoring Growth of Finance sub-committee to include operations manager and financial administrator. Strategic Analysis & Planning for 2023/24 and beyond begun
THE BLACK BOX TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR fHE YEAR ENDED 31 MARCH 2023 Funding: Dormant Funds - Continuation into Year 2 of the 2 Year fvnding The National Lottery People & Communities- Granted £129,449.01 over 3 years (2023 - 2026) Belfast City Council Core Multi-Annual Grant- Year 3 of £60,000 per year over 4 years Arts Council Northern Ireland Annual Funding Programme - Awarded standstill amount of £24,500 Belfast City Council Gig Buddies-year 2 of approx. £45,000 over 4 years ACNI Health & Safety Capital Grant - Awarded £7588 Nationwide Community Fund - awarded £4856 British Science Association - Awarded £500 Film Hub Nl Exhibition Fund - Awarded £2565 Film Hub Midlands BFI Major Programmes - Awarded £4145 Music Venue Trust Pipeline Investment Fund - Awarded £4200 The continued support from our core funders Belfast City Council, The National Lottery and the Arts Council Northern Ireland is vital in safeguarding the organisation for the future, The sUPPOrt from funders throughout the year for project and capital costs has helped build back the organisation post Cov119 and allow to keep the wheels turning during a challenging economic and political landscape. This report relate5 to The Black Box Trust Financial year 01 April 2022 to 31 March 2023. As per our constitution, the Vision and Mission of The Black Box Trust read5: Vision The Black Box will be the leading, alternative venue for use by festivals, promoters, community gtDUPS and individuals in the greater Belfast area for innovative, grassroots, radical and accessible work. Mission The Black Box is a vibrant arts space in the heart of Belfast's cultural cathedral Quarter. Affordability, accessibility, and quality are key to the work and events we present. We believe in removing Barriers to audiences and improving the ability of all to experience, enjoy and engage with the arts. We present work across the sectors including music, literature, theatre, film, comedy, live art, and cabaret,, and provide a high- perfonmance incubation space for emerging artists, curators, and promoters to experiment and present their art form to audiences. As a not-for-profit arts venue, the Black Box has strong links with both CoMnity initiatives as well as Belfast's highest profile festivals. We aim to continue to encourage the growth of Belfast's creative talent, play a role in the city's arts offer to all of its audiences and be a valued employer throughout the sector.
THE BLACK BOX TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Purpose of The Charity and Charity's Objectives: To provide a cultural space within the Cathedral Quarter in Belfast to advance arts, CLSlture and sciences and promote the public's knowledge, understanding and appreciation of these purposes by providing facilities, venues, seNices, and staff and by developing and establishing programmes for live music, theatre, literature, comedy, film, visual, abstract, conceptual and performance art amonJst others. To advance citizenship and community development by supporting social and community infrastructure, promoting social inclusion and volunteering through engagement with arts, To promote the effectiveness of charities and the effective use of charitable resources by providing office space for administrative purposes including event organisation and festival launches, To advance creative education in arts and drama by fostering, improving, and encouraging new and developing artistic talent to improve individual and group competences and skills, To promote relief of those in need by reason of age or disability by providing facilities, developing, and operating programmes to engage with persons of 16 years or over, older adults and/or adults with learning disabilities to promote social inclusion, learn new skills including advocacy and encourage the use of their creative abilities Artistic and Organisational Values: Through our values we will create a space that celebrates arts and culture through visual arL music, theatre, science, literature, and everything in beeen. The unique selling points of the venue are its pragmatic and proactive approach, welcoming and safe atmosphere, and alternative programming, and this should be maintained. Adventurous Taking creative risk - risk benefitl Alternative A Platform for original, unusual, emerging, left-of-centre work Creative Working creatively and with creative people Collaborative Working with other artists, organisations, sharing our ideas & resources Accountable Open, answerable, and responsible practices and processes Innovative Inventive, brave, original new ways of working and producing Provoking Stimulate debate Stimulating Generating ideas and responses and inspiring new work Curious Asking questions, allowing audiences to discover and wonder Radical An imaginative edge of creative change, social change through arts engagement Welcoming Create a safe, welcoming space for audience and artist alike The Black Box remains a safe and welcoming space for all. The venue is one of the most LGBTQ+ friendly spaces in the city, with staff trained in LGBTQ+ awareness and a policy of supporting queer arts. As well as being home to the award-winning annual Outburst Queer Arts Festival which would not have been able to grow without the support of the venue - the Box is home to many Pride events and LGBTQ+ film screenings, talks and workshops.
THE BLACK BOX TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR EIVDED 31 MARCH 2023 What makes The Black Box unique is its core ethos of supporting equitable access, and social inclusion for participants, audiences, and the creative community of the city. The venue is a hot bed of innovative arts and cultural practice, much of this coming from those who are marginalized, underrepresented and under- resourced in wider arts provision and cultural development. Within the 2022/23 Financial Year, The Black Box hosted, produced and programmed 655 events, involving 1600 artists and welcoming an audience of 43,355 people from Belfast, wider Northern Ireland, the Republic of Ireland and the UK as well as international audiences. While audiences are still lower than pre COVID-19 levels, this number has increased from 2021122. Feedback from audiences, participants, clients and stakeholders continues to be positive. The 81ack Box was in the top 3 of venues mentioned as favourite places to visit, in The Audience Panel 2021 (The Audience Panel, Thrive, 2021), just behind The Lyric and The Grand Opera House. As a 300-capacity venue, we are more than punching above our weight. Maln Actlvities: Our main activities and programme are fully aligned to our Strategic Aims 2019-2024 as follows.. Creative Social Change,. using creativity to support social inclusion, integration and equality and empower people, especially underrepresented groups by developing ski115 and social experiences Creative Space: creating shared spaces and opportunities for artist, producers and performers to experiment test ideas, be innovative and build audiences, Creative Innovation & Partnership: being champions for partnership working, shared learning, and connecting others. We have an open and welcoming approach and invest in developing relationships to support others to fulfill their potential and contribute to the critical mass of artistic endeavor and performance in Belfast. Creative Destinatlon: being an Ouard looking and progressive organisation and believing in the benefits of connecting with and sharing knowledge with international communities Central to the cultural significance of the Black Box is our commitment to community and partnership working, and building on this commitment in a strategic manner is key to building to a place of financial stability following a few years of multi-faceted challenges, both intemal and external. This is achieved through: Core Partnerships The Black Box Trust is a champion of the arts and promotes access and inclusion for all. The Black Box continues to be funded annually as an anchor client by Belfast City Council via the Core Multi-Annual Grant and by Arts Council Northern Ireland through the Annual Funding Programme. The Black Box Trust's strategic aims are aligned with the Strategic Framework for Developing the Arts {2019- 2024), The Belfast Agenda (2023-2027), and A City Imagining (2019-2024) cultural strategies. 2022123 Core Partnerships: Belfast City Council, The National Lottery, Arts Council of Northern Ireland, Music Venue Trust
THE BLACK BOX TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Festival Partnership5 The Black Box has been known to audiences as home to 27 key festivals annually (including Cathedral Quarter Arts Festival, Belfast Film Festival, Outburst Queer Arts Festival, Out to Lunch and Nl sc1Ce Festival as being most notable); the venue's most vital work is in creating spaces and opportunities for new artists and producers and social opportunities for some of our most vulnerable and socially isolated communities. These connections can be made with audiences and artists alike, through working with Festivals. Our 2022/23 Festival Partners: Out To Lunch Festival, Independent Venue Weel Nl Science Festival, XR Festival, Brilliant Corners Festival of Jau St. Patricks Day, Imagine Festival of Ideas & Politics, Sonorities Festival, Cathedral Quarter Arts Festival, Hit the North, Nl Mental Health Arts Festival, OUTPUT, Belfast City Blues Festival, Learning Disabilty Pride Festival, Stendhal Festival, AVA, Belfast Trad Festival, Belfast PRIDE, Film Devour Short Film Festival, Cinemagic, Bounce Disability Arts Festival, Belfast International Arts Festival, Docs Ireland, Belfast Film Festival, Outburst Queer Arts Festival, Sounds of Belfast. Programming Partnerships Working with promoters and partner programmers, we are able to continue to deliver high quality arts to our audiences while sharing the workload of programming and producing events. These partnerships are vital to continuing to present new and exciting work to audiences. Our 2022123 Programming Partnerships: Strange Victory, Sound Culture, Table It, Music Capital, Ghouls on Film, Seedhead Arts, Moving On Music, Cathedral Quarter Arts Festival, Shine, Tenx9, CQ BID. Black Box Programme & Promotlons Through in-house programming, the Black Box hosts a year-round selection of gigs, workshops, DJ nights, talks, debates, lectures, and open forums that promote active citizenship, support engagement, provide an outlet to engage with challenging new work, and remind people that at our core we want everyone to have good time. Our 2022/23 Black Box Programme & Promotions (highlights): The First Slip, SKULL Overboard, DJ Residencies, Late Night Art Exhibitions Programme, NOT, Fem Brady, Sarah Keyworth. Black Box Projects & Outreach The Black Box Projects are visible, through bringing our community of Adults with Learning Disabilities to the heart of the City Centre. We offer a shared space and reduce stigma, through ensuring all of our events are equitably acce55ible, not just our outreach projects. We will continue to do what we do well, while enhancing our offering along the way. Key events and activities are.. Black Moon Disco, Creating Connections, Moon Music, Mini Moon and Gig Buddies. Our 2022123 Project5 & Outreach Partnerships: Belfast City Council, Gig Buddies, Attitude is Everything, Learning Disability Pride, Mencap, Now Group, Orchardville, University of Ulster, University of Atypical, Nl Science Festival, Beat Carnival, Creative Lives, Moving on Music, L'Arche, Feile an Phobal, Fonacab.
THE BLACK BOX TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Hire Offer An affordable and accessible venue to hire for hundreds of independent promoters, producers, artists, performers, SME'S, community groups and charities every year. Milestones & Achievements: Organisational restructuring & hiring of an Operations Manager The Audience Panel (Thrive, 2021) suNey results ranking The Black Box 3rd favourite venue in Belfast, behind Grand Opera House & The Lyric Theatre Recruitment of a new Director Successfully awarded National Lottery People & Communities Funding Beginning the process of conducting strategic analysis of organization with staff. Key Prloritle5 for 2023124 We will.. Continue to work on our strategic analysis and the development of our new 4 Year Strategic Plan. Take stock of our position now 12 months removed from COVID-19 restrictions. Ensure effective planning for rising costs of living which will affect us as an organization as well as our audiences Commit to a renewed and realistic reserves policy Carry out a skills audit of Board and Staff to identify strengths and areas for improvement Financial Review: A review of the charity's f inancial position at the end of the year 2022123 has been another challenging year, due to increased cost of living and significant staffing change. The Director has been working closely with the finance staff, board, and third-party consultants to continue to improve our financial systems and position. Within the process of strategic analysis, it has been identified that a more realistic reserves policy is to be developed by the director and the board of trustees, and a Business Development Sub-committee should be formed to assist the Director in diversifying income. Steps to reduce Deficit: Continued outsourcing of financial management role to Christine Whiteman. Manage strategic funding targets with core funders ACNI AFP & Belfast City Council CMAG programme and build on partnership with The National Lottery. Review Direct Debits & Subscriptions to identify where spend can be reduced Review utilities to identify if better rates can be achieved. Manage strategic funding targets with project funders Garfield Weston, Arts & Business, MW. Deliver fundraising programmes through membership schemes, donations, fundraising events, and online crowd-funding donations with a particular focus on recharging the membership programme. Develop Business Development Sub-committee to identify income generation streams and sponsorship, Deliver a structure review to cover accountable reporting and review arrangements. Review organisation expenditure formally on a monthly basis. Review board as outlined above to identify skills & experience gaps aligned to strategic priority areas.
THE BLACK BOX TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR EIVDED 31 MARCH 2023 Trustees Serving at the time of the Report: Norman Sinclair- Chair Chris Flynn - Treasurer Brian Stratford - Secretary Sandra Murray Pierre Boitel-Gill Sheena Dixon (Maternity Leave) Ruth Mccarthy Stuart Watson Sarah Jones (Co-opted) Maurane Ramon (Co-opted) Trustees servlng 2022123.. Norman Sinclair - Chair Chris Flynn - Treasurer Brian Stratford - Secretary Sandra Murray Pierre Boitel-Gill Sheena Dixon (Maternity Leave) Ruth Mccarthy Stuart Watson Sarah Jones (Co-opted) Professional Advisors & Service5: Ban. Bank of Ireland, Solicitors: Higgins, Hollywood Deazley Flnance Services: Christine Whiteman
THE BLACK BOX TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 stsff Structure 2022123: Rachael Campbell-Palmer, Director (Outgoing Sept 20221 { Kathryn Mcshane, Director (Incoming November 20221 (m Neil Jacques. Operations Manager {FT) Niall Dougherty, Admin & Comms Officer (32hr per/w contract) Seonaid Murray, Outreach Officer (Outgoing December 2022) 132hr per/w contract) Aoife O'Reilly, Gig Buddies Project Coordinator (Outgoing August 2022) {24hr perlw) Isabella Koban, Gig Buddies Project Coordinator {Incoming September 2022) (24hr per/w) Addison Paterson, Promotions & Social Media (16hr perlw External Contractor) Darren McGuigan, Venue Manager (FT) Paul McLaughlin, Aisling Kelly Duty Managers (PT) Up to 12 venue staff (PT, casual hours) Door supeNisors IPT, casuall The Black Box team are highly experienced and motivated and hold a wide and varied range of skills between them. Skills held include: Excellent customer care First Aid Health & Safety Fire Safety Child Protection and Adults at Risk Safeguarding Considerable technical expertise Foard thinking Self-motivated Management skills - events, budget5, people, time Marketing and PR Finance and Accountancy Creativity and Imagination Years of programming expertise Culturé of the Organisation: We have worked on developing user-centered Design Thinking techniques to implement a set of goals to encourage all staff members: Communication. Good team communication is key for healthy day to day operations, and job satisfaction. Ensure the team are aware the value they add to the organization. Share the "big picture" with employees. Staff are consulted on this Report, as well as the Black Box Strategic Analysis, Business Planning and the Black Box 4 Year Strategic Plan. We hold regular staff meetings and opportunities for feedback and discussion. Work with employees to set challenging, yet attainable goals. Ensure Appraisals are held for staff to give opportunity to reflect and set annual goals. Give them a real voice in the Black Box's future. Advice will be tsken from employees and rewarded, for example a 'duvet day,, staff feedback box.
THE BLACK BOX TRUST TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Encourage employees to be innovative. Give people space to think, try out ideas, visit other venues and businesses to get inspired. Put systems in place for measuring productivity. Look at who is working where, attaining the highest product sales or producing the best customer feedback and reward. Give feedback, both formal and real time. Establish ongoing evaluative processes so people can gel feedback on how well they're meeting their goals both in real time and at scheduled assessment times. Salary Policy Statement: Salaries for the organisation are set and reviewed in line with Government legislation by the Dir&tor and approved by the Board of Trustees. Staff are reviewed continuously by line management with formal annual appraisals, staff are paid weekly or monthly depending on job roles and in line with internal financial policy and procedures. Salaries for senior staff and management are determined and reviewed by the Board of Trustees. How the Charity Is Constituted and Governing Documents: The Black Box Trust is a Company Limited by Guarantee and not having share capital. Governing documents Memorandum & Articles of Association 21.08.2015. Auditor FPM Accountants Limited were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting, The trustees, report was approved by the Board of Trustees. The trustees, who are also the directors of The Black Box Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that year. In preparing these financial statements. the trustees are required to: Select suitable accounting policies and then apply them consistently ObseNe the methods and principles in the Charities SORP,. Make judgements and estimates that are reasonable and prudent,. State whether applicable UK Accounting Stsndards have been followed, subject to any material departu$ disclosed and explained in the financial 5tstements,' and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statanents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE BLACK BOX TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Inducting Trustees: Trustees interested in joining the Board must complete an application and interview. Applications are reviewed by the Board and on approval, new trustees go through an induction, and probationary period (of three months) following this, successful candidates are formally appointed to the Committee at the next coming AGM, or at an EGM, Trustee induction packs include information from the last AGM; minutes and annual report, minutes from the last three Committee meetings, a copy of the Black Box Trustee Code of Conduct and are appointed a mentor within the current Committee for support and supervision. Our processes and policy are developed in line with The Code of Good Governance handbook created by the Developing Governance Group and with ongoing support from Arts & Business. STRUCTURE. GOVERNANCE AND MANAGEMENT The charity is a company limited by guarantee governed by its Memorandum and Articles of Association. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Ms R Mccarthy Mr S Watson Ms S Dickson Mr N Sinclair Ms S Murray (Appointed 16th December 2022) Mr P Boitel-Gill (Appointed 16th December 2022) Mr C Flynn (Appointed 16th December 2022) Mr B Stratford (Appointed 16th December 2022) Ms J Barkley (Resigned 12th February 2023) Ms S Jones (Co-opt) Audltor FPM Accountants Limited were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting. 10-
THE BLACK BOX TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Disclosure of infonnation to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken apFropriate steps to identify such relevant information and to estsblish that the auditor is aware of such infomiation. The trustees, report was approved by the Board of Trustees. Mr N Sinclalr Trustee Dated: 20/1.¥..wL 11
THE BLACK BOX TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The trustees, who are also the directors of The Black Box Trust for the purpose of company law, ¥e responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which gve a true and fair view of the state of affairs of the charity and of the incoming resources and application cl resources, including the income and expenditure, of the charitable company for that year. In preparing these fi nancial statements, the trustees are required to; select suitable accounting policies and then apply them consistentlyi observe the methods and principles in the Charities SORP,. make judgements and estimate5 that are reasonable and prudent and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statemerts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 12-
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BLACK BOX TRUST Opinion We have audited the financial statements of The Black Box Trust (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK ano Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, 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 condurted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors respon5ibi/ities for the audit of thé financial statements section of our report. We are independent of the charity 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. 13-
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BLACK BOX TRUST Conclusions relating to going concern We draw attention to note 1.2 in the financial statements, which indicates that the Balance Sheet of The Black Box Trust shows a position of net current liabilities, which indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors, assessment of the entity's ability to continue to adopt the going concem basis of accounting included reviewing positive post year end funding position and results. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infonnation The other information comprise5 the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. 14-
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BLACK BOX TRUST Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in oui opinion: the infonnation given in the financial statements is inconsistent in any material respect with the trustees, reporL or sufficient accounting records have not been kept; or the financial statements are not in a9reement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the diredors of the charity for the purpose of company law, 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemen( whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unles5 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 15-
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BLACK BOX TRUST Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under section 65 of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud 01 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 condutted 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 16-
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BLACK BOX TRUST We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of managemen( sector research and the application ol cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company - Companies Act 2006, Charitie5 Act (Northern Ireland) 2008 and the Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. Our procedures to respond to those risks identified included, but were not limited to.. Enquiry of management, and the entity's solicitors around actual and potential litigation and claims. Enquiry of management to identify any instances of non-compliance with laws and regulation5. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, includi ng through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities is available on the Financial Reporting Council's website at- httPs'.//www,frc.org.uVauditors responsibilities. This description forms part of our auditor's reporL
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BLACK BOX TRUST Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2(X)8. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Lowry Grant (Senior Statutory Auditor) for and on behalf of FPM Accountants Ltd Chartered Accountants Statutory Auditor5 1 3 Arthur Street Belfast Co. Antrim Northem Ireland BT1 4GA FPM Accountants Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006. 18-
THE BLACK BOX TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 3 7 MARCH 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted funds 2022 Restricted funds 2022 Total 2023 2022 Notes Income and endowments from: Donations and legacies Charitable activities Other income 1,087 444,073 8,649 60,000 139,632 61,087 583,705 8,649 32,444 285,531 78 60,000 108,147 92,444 393,678 78 Total income 453,809 199,632 653,441 318,053 168,147 486,200 Ex •nditure on: Charitable activities 456,441 223,316 679,757 312,005 203,186 515,191 Net expenditure for the year/ Net movement in funds (2,632) {23,684} (26,316) 6,048 (35,039) (28,991) Fund balances at 1 April 2022 192,192) 59,691 (32,501) (98,240) 94,730 (3,510) Fund balances at 31 March 2023 {94,824) 36,007 (58,817) {92,1921 59,691 (32,501) 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. 19-
THE BLACK BOX TRUST BALANCE SHEET ASA T37 MARCH 2023 2023 2022 Notes Fixed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 36,385 35,048 13,470 23,704 3,512 11,382 19,175 6,382 11 40,686 36,939 Creditors: amount5 falling due within one year 13 (92,9841 161,584) Net current liabilities (52,298) (24,645) Total assets less current liabilities (1 S,913) 10,403 Creditors: amounts falling due after more than one year 14 {42,904) (42,904) Net liabilities {58,817} (32,501) Income funds Restricted funds Unrestricted funds 1S 36,007 {94,824) 59,691 (92,192) (58,817) (32,501) -20-
THE BLACK BOX TRUST BALANCE SHEET (CONTINUED) ASA T31 MARCH 2023 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023, although an audit has been carried out under section 65 of the Charities Act {Northern Ireland) 2008. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial Statements, so far as applicable to the company. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on Mr N Sinclair Trustee Company Registration No. N1058233 21
THE BLACK BOX TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations 18 894 18,645 Investing artivities Purchase of tangible fixed assets (13,335) (9,775) Net cash used in investing activlties (13,335) (9,775) Financing activities Repayment of borrowings (2,739) Net cash {used in)/generated from financing activities (2,739) Net (decrease)fincrease in cash and cash equivalents (15,180) 8,871 Cash and cash equivalents at beginning of year 6,382 (2,488) Cash and cash equivalents at end of year {8,798) 6,382 Relating to: Cash at bank and in hand Bank overdrafts included in creditors payable within one year 3,512 6,382 (12,310) 22-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Charity inforniation The Black Box Trust 15 a private company limited by guarantee incorporated in Northern Ireland. The registered office is 18-22 Hill Street, Belfas( Co. Antrim, BT12L4 Northern Ireland. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). {as amended for accounting periods commencing from l January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern These financial statements are prepared on the going concern basis. The trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future, however, the trustees are aware of certain material uncertainties which may cause doubt on the charity's ability to continue as a going concern. In the year to 31 March 23 the charity generated a deficit of £2,312 in their unrestricted reseNes. However, the charity has continued in the current year with its improvements in systems and structures and also the development of new fund-raising opportunities. Whilst going concern remains a challenge, in light of actual activity since the year end, the Trustees are confident that they can continue to reduce the net current liabilities deficit and as such the Trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted fund5 are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained bythe charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions hwe been met, the amounts can be measured reliably, and it is probable that income will be received. -23-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Continued) Cash donations are recogni5ed on receipt. Other donations are recogni5ed once the charity has been notified of the donation, unless performance conditions require deferral of the amount Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Expenditure on charitable activities includes the promotion and development of music and activities undertaken to further the purposes of the charity and their associated support costs Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 1.6 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold land and buildings Plant and equipment 10% Straight Line 20% Straight Line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/lexpenditure) for the year. 1.7 Impainnent of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible 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). 1.8 Stocks Stocks are ststed at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 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. Bank overdrafts are shown within borrowings in current liabilities. -24-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Continued) 1.10 Financial instruments The charity has elected to apply the provisions of Section I I 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments, Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Bawc financial assets Basic financial assets, which include debtors 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 nterest. Financial asset5 classified as receivable within one year are not amortised. Basic financial liabilitles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised COSL using the effective interest rate method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged a5 an expense as they fall due. -25-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Critical accounting estimates and judgements In the application of the charity'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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Totsl 2023 2023 2023 2022 2022 2022 Donations and gifts HMRC Job Retention Scheme 1,087 60,000 61,087 2,766 60,000 62,766 29,678 29,678 1,087 60,000 61,087 32,444 60,000 92,444 Donatlons and gifts Donations Belfast City Council Stephen Clark Fund Crowd Funder 1,087 1,087 60,000 60,000 60,000 60,000 1,000 1,766 1,000 1,766 1,087 60,000 61,087 2,766 60,000 62,766 -26-
THE BLACK BOX TRUST NOTES TO•THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitsble activltles Unrestrtrted Fund 2023 Restricted Fund 2023 Total Unre5trirted 2023 Fund 2022 Restricted Fund 2022 Totsl 2022 Sales within charitable activities Performance related grants 444,073 444,073 203,302 203,302 139,632 139,632 82,229 108,147 190,376 444,073 139,632 583,705 285,531 108,147 393,678 Analysis by fund Unrestricted funds Restricted funds 444,073 444,073 139,632 285,531 285,531 108,147 139,632 108,147 444,073 139,632 583,705 285,531 108,147 393,678 Perforniance related grants ACNI - Programme ACNI Other Funding QQUB Film Hub Department of Finance Belfast City Council Gig Buddies Arts and Business Whitemountain Programme Belfast City Council Belfast Music Grant Dormant Funds Public Health Authority Other 24,500 7,390 3,317 24,500 7,390 3,317 24,500 24,500 47,087 47,087 35,142 35,142 45,609 45,609 24,489 900 24,489 900 7,005 7,005 1,500 35,480 4,909 9,364 1,500 35,480 4.909 9,364 49,971 49,971 8,845 8,845 139,632 139,632 82,229 108,147 190,376 -27-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Other income Unrestricted Unrestricted funds funds 2023 2022 Other Income 8,649 78 -28-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable activities Unrestricted Restricted Fund Fund 2023 2023 Total 2023 Total 2022 Staff costs Direct Costs Opening Stock Closing Stock Artistic Costs Performance Fees Production Costs Door Security Training Outside Venue Hire ITMebsite Costs 116,063 149,763 11,382 (13,4701 36,938 4,850 11,292 13,335 815 116,063 153,523 11,382 (13,470) 48,831 4,850 13,596 14,145 2,785 3,760 81,135 3,058 (11,382) 22,779 4,372 7,290 7,886 915 660 2,776 11,893 2,304 810 1,970 2,624 655 3,279 333,592 21,392 354,984 119,489 Share of support costs (see note 7) Share of governance costs (see note 7) 116,310 6,539 183,1 S4 18,770 299,464 25,309 350,707 44,995 456,441 223,316 679,757 515,191 Analysis by fund Unrestricted funds Restricted funds 456,441 456,441 223,316 312.005 203,186 223,316 456,441 223,316 679,757 515,191 For the year ended 31 March 2022 Unrestricted funds Restricted funds 312,005 312,005 203,186 203,186 312,005 203,186 515,191 -29-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 3 7 MARCH 2023 Support costs Support Governance costs osts 2023 Support Governance costs costs 2022 Staff costs Depreciation Rent Premises Expenses Memberships Finance Charges Insurance Travel & Subsistence Office Expenses Repairs & Maintenance Advertising General Expenses 118,104 11,998 82,428 27,521 5,299 10,729 4,629 2,161 359 12,711 20,012 3,513 118,104 11,998 82,428 27,521 5,299 10,729 4,629 2,161 359 12,711 20,012 3,513 192,844 10,578 81,445 16,896 11,332 4,795 2,064 711 639 20,181 6,969 2,253 192,844 10,578 81,445 16,896 11,332 4,795 2,064 711 639 20,181 6,969 2,253 Audit & accounting fees Legal and professional 3,063 22,246 3,063 22,246 6,S63 38,432 6,563 38,432 299,464 25,309 324,773 350,707 44,995 395,702 Analysed between Charitable activities 299,464 25,309 324,773 350,707 44,995 395,702 Govemance costs includes payments to the auditors of £3,500 (2022- £3,500) for audit fees. Employees The average monthly number of employees during the year was; 2023 Number 2022 Number 28 25 30-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Employees Icontinued) Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 221,994 9,303 2,870 183,242 7,1 $8 234,167 192,844 No employee received remuneration of more than £60,000 during the year {2022-NIL) Tangible fixed assets Leasehold land and bulldlngs Plant and equlpmont Totsl Cost At 1 April 2022 Additions 222,664 135,255 13,335 357,919 13,335 At 31 March 2023 222,664 148,590 371,254 Depreclatlon and impairment At 1 April 2022 Depreciation charged in the year 222,664 100,207 11,998 322,871 11,998 At 31 March 2023 222,664 112,205 334,869 Carrying amount At 31 March 2023 36,385 36,385 At 31 March 2022 35,048 35,048 10 Stocks 2023 2022 Finished goods and goods for resale 13,470 11,382 31
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Debtors 2023 2022 Amounts falling due within on• year. Trade debtors Other debtors 13,365 10,339 2,391 16,784 23,704 19,175 12 Loans and overdrafts 2023 2022 Bank overdrafts Other loans 12,310 53,862 56,601 66,172 56,601 Payable within one year Payable after one year 23,268 42,904 13,697 42,904 13 Creditors: amounts falling due wlthin one year 2023 2022 Notes Bank overdrafts Other borrowings Other taxation and social security Trade creditors Other creditors Accruals 12 12,310 10,958 13,587 49,529 780 5,820 13,697 5,256 31,666 10,965 92,984 61,584 14 Creditors: amounts falling due after more than one year 2023 2022 Borrowings 42,904 42,904 32-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 3 7 MARCH 2023 15 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds Incoming Resources Balance at 31 resources expended March 2023 Balance at 1 April 2022 Capital ACNI Small Capital ACNI Resilience ACNI Health & Safety Community Leaders BSA HSBC Dormant Funds TNL Nationwide Community Fund Grant ACNI AFP QUB Film Hub Funding Gig Buddies Paul Hamlyn Whitemountain Programme Belfast City Council Music Grant Other 6,809 10,183 19 2,438 154 253 24,329 4,856 (6,405) (1,320) 119) (8,000) 1154) 1253) (58,822) (4,856) (24,500) (4,838) (43,207} 192) (2,005) 160,000) (8,845) 404 8,863 7,390 1,828 49,971 15,478 24,500 3,317 45,609 1,846 325 2,402 370 6,338 462 8,343 60,000 8,845 59,691 199,632 (223,316) 36,007 16 Anaty515 of net assets between funds Unrestricted Restrlcted Funds Funds 2023 2023 Total Unrestricted Restricted Funds Funds 2022 2022 Total 2023 2022 Fund balances at 31 March 2023 are represented by.. Tangible assets Current assets/(liabilitiesl Long term liabilitie5 14,418 (66,338) (42,904) 21,967 14,040 36,385 (52,298) {42,904) 2,153 (51,4411 {42,9041 32,895 26,796 35,048 (24,645) (42,904) (94,824) 36,007 (58,817) {92,192) 59,691 (32,501) -33-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Related party transactions Remuneration of key management personnel 2023 2022 Aggregate compensation 31,193 52,512 The charity was under the control of the board of trustees throughout the year. There are no related paty transactions to disclose under FRS 102. None of the Trustees receive any reimbursement of expense, remuneration or other benefit from ther work with the charity. Any connection between a Trustee or senior manager of the charity with organisations the charity works with must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. 18 Cash generated from operations 2023 2022 Deficit for the year (26,316) (28,991) Adjustments for. Depreciation and impairment of tangible fixed assets 11,998 10,579 Movements in working capital.. (Increase) in stocks (Increase)/decrease in debtors Increase/ldecrease) in creditors (2,088) (4,529) 21,829 (8,324) 45,768 (387) Cash generated from operations 894 18,645 19 Going Concern These financial statements are prepared on the going concern basis. The trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future, however, the trustees are aware of certain material uncertainties which may cause doubt on the charity's ability to continue as a going concern. As at 31 March 2023, the Balance Sheet of The Black Box Trust shows a position of net current liabilities. Going concern remains a challenge, as well as overcoming the existing deficit however, having reviewed the business plans and actual activity since the year end, we are content that these actions will go some way to addressing the ongoing going concern challenge.
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 20 Analysis of changes in net (debt)/fvnds At 1 Aprll 2022 Cash flows At 31 March 2023 Cash at bank and in hand Bank overdrafts 6,382 (2,870) (12,310) 3,512 (12,310) 6,382 (15,180) (8,798) Loans falling due within one year Loans falling due after more than one year (13,697) (42,904) 2,739 (10,958) (42,904) (50,219) (12,441) (62,660) -35-