Charity registration number NIC100983 Company registratlon number N1058233 (Northern Ireland) THE BLACK BOX TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE BLACK BOX TRUST LEGALAND ADMINISTRATIVE INFORMATION Directors Mr P BoitekGill Isecrelaryl Ms S Dickson Imatemity Leave) Mr C Ftynn (Treasurer) Ms SAJones (Appointed 20 December 20231 Mr N Sinclair (Chair) Ms M Ramon (Appointed 20 Decernber 2023) Ms S Murray Secretsry Mr P Boitel-Gill Charity number NIC100983 Company number N1058233 Principal address 18-22 Hill Street Belfast BT12LA Registered office 18-22 Hill Street Belfast BT12LA Auditor GMCG Lisbum Century House 40 Crescent Business Park Lisburn BT28 2GN Bankers Bank of Ireland P.0. BOx 13 Donegall Place Belfast BT1 5BX
THE BLACK BOX TRUST CONTENTS Page Directors, report Independent audttorf5 report 10-15 Statement of finanaal activitie$ 16 Balar¢ce sheet 17 Statement of cash flows 18 Notes to the financial slatemenls 19-33
THE BLACK BOX TRUST DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The directors present their annual pOrt and financial statements for the year ended 31 March 2024. 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 Practi applicable to charities preparing their accounts in accordance with th& Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 2019)- Chair comments The Board presents the Trustees RepDrt for the year 2023124. We are reporting on a year that has seen a positive increase in audience engagement and cuttural connèctivtty for Belfast, despite this the se¢tor as a whole continues to face challenges. Despite the resilience and creat¢vity demonstrated, funding cuts have continued to place a heavy strain on our sector. Public funding has not kept pace with inflation, creating an environment where it becomes increasingty challenging tD maintsin programs and services. This has perpetuated a climate of Unrtainty, particulaty for freelance artists and smaller venues. The cosl-of-jNing crisis has on]y exacerbated this issue, impacting both audiences and artists alike, making it more expensive on a whole for indNiduals lo parttcipate in the night time economy. Moreover. the arts sector in Northern Ireland continues to face significant challenges in building and maintsining a dNerse, inclusive audience base. Many marginalised groups still fa* barriers to access, whether due to socioeconomic factors, geographic isolation, or a lack of engagement from mainstream cuttural instttutions. Overcoming these barriers requires substantial investment and policy review at a departmentsl level relating to ine]usive practice. As we move forward into 202412025, CDllaboralion across sectors will be critical, alongside a renewed commitment to investing in the cultural infrastructure that has long been a comerstone of Northem Ireland's identity. Despite the challenges faced by the arts sector, The Black Box Trust has underpinned its commitment by being a key player in inclusive creative and soryal change for Belfast and beyond. The Black Box along with local arttsts and organisations have demonstrated incredible ¢reativity. resilience and adaptability. The city's festivals and performances have continued to thrive, with several events su¢¢essfully attracting both lo¢al and intèmational visitors. Collaborative efftirts betseen arts organisalions and community groups have led to increased participation. Additionally, initiatives focused on mental health and social Cohesion have 9ained momentum, illustrating how the arts can serve as a vital tool for community healing and resilience. These posttive outcomes underscore Belfasvs growing strength as a cu]tural hub, and the key role The Black Box has played in this showcasing the potential for arts and culture to drive both social and economic regeneration in the city. Activtties as follows-. Resignation of Niall Dougherty as AdministralNe Officer Appointment of Jessie Fletcher as Booking and Communications Officer Formation of the Business and Commercial DevelDpmenl Sub Committee Drafling of the 2024-2028 Business development and strategic plan. Increase in Festival Partnerships Increase in Organisational Partnerships Increase in total events held Funding Received.. The National Lottery People and Communities Belfast City Council Core Mulli-Annual Grant Arts Council Northern Ireland Annual Funding PTogramme Film Hub Music Venue Trust Pipeline Investment Fund Arts Council Northem Ireland Health & Safety Capital Grant Department for Communities AC$$ & Inclusion Capital Grant The National Lottery DomiantAccounts Funds Nl The continued support from our core fvnders, Belfast City Council. The National Lottery and the Arts Council Northern Ireland is vital in supporting the work The Black Box produces. The support from funders throughout the year for project and capital costs has helped us lo ensure we are continuing to build towards a sustainable future.
THE BLACK BOX TRUST DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Public benertt The diiectors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Vision Be a progressive arts space for taking creative risks Mission Be the leading, alternative venue for use by festivals, promoters, community groups and individuals in the greatsr Belfast area for innovative, grassroots, radical and accessible work. Aims 1. Ensure that the Black Box is an equitably accessible and safe space for all peL)ple through the promotion of socially inclusive arts engagement 2. To develop and provide programmes for people who idenlfy as disabled andlor neurodiverse to learn new skills including advocacy and encourage the use of their creative abilities. 3. To provide an affordable venue space in Belfast for the use of fesltvals. promoters, arttsts and event organisers for the promotion of artistic practice. 4. To provide high-quality risk-taking work, from a variety of genres, for the greater Belfast area and beyond. 5. To en¢ourage and foster the crealivity of new and developing talent. 6. Ensure that the Black Box exists in another 20 years. Purpose of The Charity and Charity's Objectives lo provide a cultural space within the Cathedral Quarter in Belfrdst to advan* arts, culture and sciences and promote the PL¢blic's knowledge, understanding and appreciation of these purposes by providing facilities, venues, servIs, and staff and by developing and establishing programmes for live music. theatre, literature, comedy, film, visual, abstract. conceptual and performance art amongst olhers. to advance cthzenship and community development by supporting social and communty infrastructure, pmmoting social inclusion and volunteering through engagement with arts. to prornDle the èffectiveness of charities and the effective use of charitable resources by providing office space for administrative purposes including event organisation and festival launches, to advan creative education in arts and drama by fostering, irnproving. and encouraging new and developing artistic talent lo improve inolividual 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 lo engage with persons of 16 yèars or over, older adults andlor adults with leaming disabilities lo promote social inclusion. leam new skills including advocacy and encourage the use of their creative abilities.
THE BLACK BOX TRUST DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Artistic and Oryanisational Values: Through our values we will create a space that celebrates arts and cuiture through visual art, music, theat, sciènce, literature. and everything in between. The unique selling points of the venue are tts pragmatic and proactive approach. welcoming and safe atmosphere. and alternative programming, and this should be maintained. Adventurous Taking creatwe risk Alternative Creative A PlaffoTh for original. unusual, emerging, left-of-eentre work Working creatively and with creative people Collaborative Working with other artists, organisalions, sharing our ideas & resources Accountable Innovative Open, answèrable, and responsible practices and processes Provoking Inventive, brave, original new ways of working and producing Stimulate debate Stimulating Curious Generating ideas and responses and inspiring new work Radical Asking questions, allowiny audiences to discover and wonder Welcoming An imaginative edge of creative change, social change through arts engagement 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 Ihe most LGBTQ+ friendty 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 lo grow without the support of the venue - the Box is home to many Pride events and LGB TQ+ film screenings, talks and workshops. What makes The Black Box unique 1$ its core ethos of supporting equitable access, and social indusion for participants, audiences, and the creative community of the cty- The venue is 8 hot bed of innovative arts and cultural practice, much of this coming from those who are marginalized, underrepresented and under-resour¢ed in wider arts provision and cultural development. Within the 2023124 Financial Year, The Black Box hosted, produced and programrned 717 events, involving approximateiy 2147 artists and welcoming an audience of 55,187 people from Belfast, wider Northern Ireland, the Republic of Ireland and the UK, as well as intemational audienTrs. While aucliences are still lower than pre COVID- 19 levels, this number has incTeased year on year.
THE BLACK BOX TRUST DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Main Activities: Our main activities and programme are fulty aligned lo our StrategicAim5 2019-2024 as follows.. Creative Social Change.. using creativity lo support social inclusion. integration and equalty and empower people, especialty underrepresented groups by developing skills and social experiences Creative Space.. creating shared spaS and opportunities for artist. producers and performers lo experiment, test ideas. be innovative and build audiences, Creative Innovation & Partnership.. being champions for partnership working, shared leaming, and connecting others. We have an open and welcoming approach and invest in developing relationships to support others to fijifil their potential and contribute to the critical mass of artistic endeavour and performance in Belfast. Creative Destination.. bèing an Ouard looking and progressive organisalion ancl believing in the beneffls of connecting with and sharing knowledge with international communities. Central to the cultural significance of the Black Box is our commitment lo communty and partnership working. and building on this commitment in a strategic manner is key to building lo a place of financial stability following a few years of multi-faceted challenge5. both internal and external. This is achieved through: 2023124 Core Partnershi Belfast City Council. The National Lottery, Arts Council of Northern Ireland, Film Hub. Arts & Business Nl, Department for Communities. Festival Partnershi The Black Box has been known lo audiences as home to 27 key festivals annualty (including Cathedral Quarter Arts Festival, Belfast Film Festival, Outburst Queèr Arts Festival. Out to Lunch and Nl Science Festival as being most notablel- the venue's rnost 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.
THE BLACK BOX TRUST DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Our 2023124 Festival Partners Out To Lunch Festival, Independent Venue Week. Ml Science Festival. XR Festival, Brilliant Corners Feslival of Jazz, St. Patricks Day. Imagine Festival of Ideas & Politics, Sonorities Festival, Cathedral Quarter Arts Festival, Hit the North, Nl Mental Health Arts Festival, OUTPUT, Belfast Cty Blues Festival, Leaming Disability Pride Festival. Stendhal Festival, AVA, Belfast Trad Festival, Belfast PRIDE, Film Devour Short Film Festival, Cinemagic, Bounce Disability Arts Festival. Belfast International Arts FestNal. Docs Ireland, Belfast Film Festival, Oulbursl Queer Arts Festival. Sounds of Bèlfast. Programming Partnerships Working wilh promoters and partner programmers, wè are able to continue to deliver high qualty 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 2023124 Pro ramrnin Partnershi Strange Victory, Sound Culture, Music Capital, Ghouls on Film. Seedhead Arts, Moving On Music. Cathedral QuarteT Arts Festival, Shine, Tenx9, CQ BID, Nl Science Festival, Zeppo Arts, The Thin Air. Black Box Programme & Prornotions Through inthouse programming, the Black Box hosts a year-round sèlection of gigs. workshops. DJ nights, talks, debates, lectures, and open forums that promote active citizenship, support engagement, provide an outlet to engage wtth challenging new work, and remind people that at our core we want everyone to have a good time. Black Box Projects & Outreach The Black Box Projects are visible, through bringing our eornmunity of Adults with Learning Disabiliknes lo the heart of the Cty Centre. We offer a shared space and reduce stigma, through ensuring all of our events are equitably accessible, 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 2023124 Pro'ects & Outreach Partnershi Belfast City Council, Gig Buddies, Attitude is Everything. Leaming Disability Pride, Mencap, Now Group, Nerve Centre, Tuned-ln Project, Orchardville. UnNersity of Ulster. University of Atypical, Nl Science Festival. Beal Carnival, Creative Lives. Moving on Musio L'Arche, Faile an Phobal, Fonacab. Hire Offer An affordable and accessible venue to hire for hundreds of independent promoters, producers. artists, perfomiers. SME'S. community groups and Charities every year. Milestones & Achievements: Carrying out a full strategic anatysis and slrategic planning process for 2024- 2028 Formation of the Business Development Subcommittee Recruitment of New Projects & Outreach Officer Recruitment of Nèw Gig Buddies Coordinator Recruitment of New Bookings & Communications Officer 64 Million Artists Creative Champion Award Key Priorities for 2024125 We wll: Make our ¢onlribulion to 2024 grassroots by nature, be for and by our audiences. participants, and community. 2. Ensure we remain an equitably accessible venue both physically, socially, and economicalty. 3. Strengthen our organisation through diversifying fvnding and building reserves. 4. Invest in The Black Box Team in order lo reach their fvll potential.
THE BLACK BOX TRUST DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnancial review Al 31 March 2024 the balance of unrestrTCted reseTves was a deficit of £27.62612023 - £94,824). Restrtcted fvnds are restricted for the purpose specified in lettèrs of offer provided by the funding bodies. Al 31 March 2024 the balance of restricted funds totsled £16.96412023- £36.0071. Going concem The charity has seen a significant improvement towards building the unrestricted surplus at the year end. Despite challenges associated with increased cost of living and continued staffing changes, the Director has worked closety wth finance staff, the Board, Financial Subcommittee and Business Development S0Mmittee lo continue to improve our financial systems and position. The chaTty has developed more robust cashflow management systems an(J implemented a more realistic and achievable reserves policy through increased funding received in 202312024 versus 202212023 and is committed to conlinualty improving the financial position of the charity- Steps lo reduce deficit- Continued outsourcing of financial management role to Christine Whiteman. Manage strategic funding targets with core funders ACNI AFP & Belfast Cty Council CMAG programme and build on partnership with The National Lottery. Continue to review and to identify areas where spend can be reducèd Review contracts with 3rd party service providers to see if better rates can be achieved. Deliver fundraising efforts through membership schemes, donations, fundraising events, and online rowd-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 Ver accountable reporting and review arrangements. Review organisation expenditure formaliy on a monthty basis. Review board as outlined above to identfy skills & experience gaps aligned to slrategic priority areas. Res&Nes policy After making enquiries, the difectors have a reasonable expectation that the charity has adequate resources to ontinue operational existence for the foreseeable future. Accordingty they continue to adopt the going concern basis in prepar¢ng the financial statements. Structure, governance and management The Charty is a company limited by guarantee governed by its Memorandum and Articles of A550cialion. The directors who served during the year and up to the date of signature of the financial statements were= Mr P Boitel-Gill (Secretary) Ms S Dickson (Maternity Leave) Mr C Flynn (Treasurer) Ms S A Jones Ms R Mccarthy Mr N Sinclair (Chairl Ms M Ramon Ms S Murray Mr B Slratford Mr P Watson (Appointed 20 December 2023) (Resigned 20 December 2023) (Appointecl 20 December 2D231 (Resigned 20 December 2023) (Resigned 20 December 2023)
THE BLACK BOX TRUST DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees interested in joining the Board must eornplete an application and interview. Applicaligns are reviewed by the Board and on approval, new trustees go through an induction, and probationary period lof 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 thè last three Committee meetings, a copy of the Black Box Truste& 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 Goveman¢e Group and with ongoing support from Arts & Business. Organisalional stwctu Kathryn Mcshane Neil Jacques Niall Doughety Jessie Flelcher Deirdre McKenna Isabella Koban Aislinn Kelly Isabella Koban Darren McGuigan Director Ilncoming November 2022) IFT) Operations Manager IFT) Admin & Comms Officer132hr perlw contract) (Outgoing October 20231 Bookings & Comms OfficeT132hr perlw contract) Ilncoming November 2023) Projects & Outreach Officer Ilncoming May 2023} IFn Gig Buddies Project Coordinator (Outgoing June 20231 {24hr perlwl Gig Buddies Project Coordinator Ilncoming July 2023)124hr perhMI Exhibitions Coordinator110hr perlwl Venue Manager (Fr) Other staff inclLtdes', Two Duty Managers IPT) Up lo fifteen venue staff (PT. casual hours) Door supervisors IPT, casual) The Black Box team are highty experienced and motwated and hold a wide and varied range of skills beeen them. Skills held include: Excellent customer care FirstAid Health & Safety Flre Safety Child Protedion and Adults at Risk Safeguarding Technical expertise FotW8rd thinking Self-motivaled Management skills- events. budgets. people, time Marketing and PR Finance and Accountancy Creativity and Imagination Years of programming expertise
THE BLACK BOX TRUST DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Culture ofthe Or9anlsation: We are an equitably accessible, safe, forward thinking and most importantty, unique space. We encourage everyone to be Ihemsetves and break down barriers associated with participating in arts and cultural activty. Communication Good team communication is key and we ensure the team is aware of the value they add to the organizalion. 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 lo give opportunty to reflect and set annual goals. Give them a real voi¢e in the Black Box's future Advice will be taken from employees via the staff feedback box. Encourage employees to be innovative Give people space lo think, try out ideas, visit other venues and businesses to gel inspired. Put sy$tems 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 forn)al and real time Establish ongoing evaluative processès so people can get fèedback on how well they're meeting their goals both in real time and at scheduled assessment times. Remuneration policy Salaries for the organisation are set and reviewed in line with Governmenl legislation by the Director and approved by the Board of Trustees. Staff are reviewed continuously by line management with formal annual appraisals, staff are paid weekly or monlhty depending on job roles and in line with intemal financial policy and procedures. Salaries for senior staff and management are detemined and reviewed by the Board of Trustees. Statement of directors, responsibilities The directors, who also act as trustees for the charitable activities of The Black Box Trust. are responsible for preparing the Directors. 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 directors lo prepare financial statements for each financial year which give a true and fair view of the state of affair5 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 directors are required to: - select suitable accounting policies and then appty them consistentty-. obs2rve the methods and principles in the Charities SORP (FRS 1021-, make judgements and estimates that are reasonable and prudent., and prepare the financial ststements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation. The directors are responsible for keeping adequate accounting records that disclgse with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements compfy with the Companies Act 2006. They are also responsible for safeguarding the assets of the charty and hen for taking reasonable steps for the prevention and detection of fraud and olher irregularilie5. Auditor GMCG Lisbum were appointed as auditor to the company and a resolution proposing that they be re-appointed will be pul at a General Meeting.
THE BLACK BOX TRUST DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Disclosure of information to audrtor Each of the directors has confimed that there is no information of which they are aware which is relevant to the audtt, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the audilor is aware of such information. The directors, report was approved by the Board of Directors. Norman Sincl. Mr N Sinclair (Chair) Director Date..
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS 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 2024 which comprise the ststement of financial activities, the balance sheet, the statement of cash ffows and notes lo the financial slatements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applioable in the UK and Republic of Ireland {United Kingdom Generaliy Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the stale of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources. including its income and expenditure. for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wtth Intèmational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilorts responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audTt of the financial slalements in the UK, including Ihe FRC'S Ethical Standard. and we have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we hav& obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We draw attention to note 1.2 in the financial ststements, which indicates that the balance sheet of the charity shows a position of net current liabilities, which indicates that a material uncertainty exists that may cast signfficanl doubt on the Charity'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 directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors, assessment of the char$ abilty to continue lo adopt the going cgncem basis of accounting induded the review of positive post year end funding position and results. Our responsibilities anrl the responsibilities of the directors with respect lo going concern are des¢ribed in the relevant sections of this report. 10-
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Other infomiation The other information comprises the infomation included in the annual report other than the financial ststements and our auditorfs report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial ststements does not cover the other information and, except to the extent othèrwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other infomation and, in doing so, Consider whether the other information is malerially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materialty misstated. If we idenlfy 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 infonmation, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of our audit.. the information given in the directors. report for the financial year for which the financial slalements are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements.. and the directDrs' report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knovAedge and understanding of the charity and its environment oblained in the course of the aud¢t, we have not identified material misstalements in the directors, report included wtthin the directors. report. We have nothing to report in respect of the following matter5 in relation to which the Companie5 Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreernènt with the accounting records and retums- or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit., or the directors were not entiued to prepare the financial statements in a¢¢ordance with the Small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic reporL 11
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Responsibilities of directors As explained more ful in the Statement of directors. responsibilities. the directors are responsible for the preparation of the financial ststements and for bèing satisfied that they give a true and fair view, and for such internal control as the directors dètermine 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 charity's ability to continue as a going concern, disclosing, as applicabte, matters related to going concern and using the going concern basis of accounting unless the direolors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Audltor's SPOnsIbl11t[es for the audit of the finan¢ial statements Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran bLrt is not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS 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 reasonabty be expected to influence the economic decisions of Users taken on the basis of these financial statsments. The extent to which our procedu$ are capable of detecting irregularities. induding fraud, is detailed below. 12-
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Extent to which the audtt was considered Capable of detscting irregularttles, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. and then design and perform audit procedures responsive to those risks, including obtsining audit evidence that is sufficient and appropriate to prc)vide a basis for our opinion. In identifying and assessing potential risks of material misstatement in respect of irregulaTities, including fraud and non-compliances with laws and regulations, we consided the following- The nature of the industry and sector, control environrDenl and business performance. including the charitable company's remuneration policies for directors, bonus levels and performance targets. if any-, Results of our enquiries of management about their own identification and assessment of the risks of irregularities., Any matters we identified having obtained and reviewed the charitable company's documentation of their policies and procedures relating to= Identfying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance: Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud,. and The intemal controls established to mitigate risks of fraud or non-compliance with laws and regulations., The matters discussed among the audit engagemenl team regarding how and wheTr fraud might occur in the financial statements and potential indicators of fraud. As a resutt of these procedures, we nsidered the opportunities and incentives that may exist Wtthin the charitable company for fraud and idenlified the greatest potential for fraud in revenue recognition In common with all audits under ISAS IUKI, we are also required to perfom specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statèmèftts. The key laws and regulations we ¢onsidered in this context included the Companies Act 2006, and local tax legislation. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which may be fundamental to the charitsble company's ability to operate or to avoid a material penalty. 13-
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Audit response to risks identified Our procedures lo respond to the risks identified induded the following.. Reviewing the financial statement disclosures and testing to supporttng documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial ststements.. Enquiring of management conceming actual and potential litigation and claims- Performing analytical procedures to identity any unusual or unexpected retationships that may indicate risks of material misstatement due to fraud., Reading minutes of meetinys of Ihose charged with governanTr and reviewing Corresponden with tax aulhorilies., and In addressing the risk of fraud through management override of controls, lesting the appropriateness of journal entries and other adjustments.. assessing whether the judgements made in making accounting estimates are indicative of a potential bias,. and evaluating thè business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identffied laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicalions of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordan with auditing standards. In addition, as wilh any audit, there remains a higher risk of non-delection of irregularilies, as they may involve collusion, forgery, intention81 Dmissions. misrepresentstions, or the override of internal controls. We are not responsible for preventin9 nonw¢ompliance and cannot be expected to detect non- complianTr with all laws and regulations. A further description of our responsibilities is available on the Financi81 Reportin9 Council's website at.. http5'.11 w.frc.org.uklaudilorsresponsibilities. This description fom15 part of our auditorfs report. 14-
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Use of our report 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 charitable company's members those matter5 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 responsibilty to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report. or for the opinions we have formed. Mr Stephen Houston FCA (Senior StatutoryAuditor) for and on behalf of GMCG Lisburn Chartered Accountsnts Statutory Auditor Century House 40 Crescent Business Park Lisburn BT28 2GN 15
THE BLACK BOX TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowrnents from: Donations and legacies Charitable aclivilies other income 1,503 543,788 6,681 1,503 781,686 6,681 1,087 444,073 8,649 60,000 139,632 61,087 583.705 8,649 237,898 Total income 551,972 237,898 789,870 453,809 199,632 653,441 Expendlture on: Charitable activities 524,691 217.024 741.715 456,441 223,316 679.757 Totsl expenditure 524,691 217,024 741,715 456,441 223,316 679,757 Net incomellexpenditurel 27.281 20,874 48,155 (2,6321 123,6841 126,3161 Transfers beeen funds 12 39,917 139,917) Net movement in funds 67,198 (19,0431 48,155 (2,6321 (23.6841 {26.316} Reconciliation of funds: Fund balan$ at 1 April 2023 (94,824) 36,007 158.8171 (92,192) 59,691 132.501) Fund balances at 31 March 2024 {27,6261 16,964 110,6621 {94.824) 36,007 158,81n The statement of financial activities includes all gain5 and losses recognised in the year. All income and expenditure derive from continuing actwities. 16-
THE BLACK BOX TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 13 61,124 36.384 Current assets Stocks Debtors Cash at bank and in hand 14 15 11,058 31,939 8,236 13,470 23,7D5 3,512 51,233 40,687 Creditor5: amounts falling due within one year 16 {81,0321 {86,384) Net current liabilities 129,7991 (45,6971 Total assets less current liabilities 31.325 19,313) Creditors: amounts falling due after more than one year 17 141,987) 149,504) Net assetsl{liabilitiesl 110,6621 (58.8171 The funds of the charity Restricted income funols Unrestricted fLtnds 20 16.964 127.626) 36.007 194.824) 110,662} {58,8171 These financial statements have been prepared in accordance with the provisions appli(xble to companies subject to the small companies regime. The financial statements were approved by the directors on ..1 O and signed on their behalf by Norman Sincl; Mr N Sinclair (Chairl Director Company registration number N1058233 (Northern Ireland) 17-
THE BLACK BOX TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating a1VItieS Cash generated from operations 25 55,123 893 Investing activities Purchase of tsngible fixed assets 143,6691 (13,335) Net ush used in investing activities 143,669} {13,3351 Financing activities Repayment of bank loans 15,875) {2,738) Net cash used in financing activities (5,8751 12,7381 Net increasellde¢rease} in cash and cash equivalents 5,579 115,1801 Cash and cash equivalents at beginning of year (8,7981 6.382 Cash and cash equivalents at end of year 13,2191 18,798) Relating to: Cash al bank and in hand Bank overdrafts included in creditors payable within one year 8,236 3,512 111,4551 112,3101 18-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity inforniation The Black Box Trust is a private company limited by guarantee incorporated in Northem Ireland. The registered office is 18-22 Hill Street. Belfast, B T12LA. 1.1 Accounting convention The financial statements have been prepared in accordance with the charivs memorandum and Articles of Association. the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities= Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling. which is the functional cenCY of the charty. Monetary amounts in these financial statements are rounded to the neare51 £. The financial ststements have been PrePad under the histL)rical cost convention. The principal accountin9 policies adopted are set out below. 1.2 Golng concern The Board has continued to implement steps to ensure improvements in the systems and strudures within the charity to ensure that costs are controlled, new fund-raising opportuntties are explored and income generation can be grown where possible. The Charity meets its day lo day working capital requirements through the facility provided by the charity's bank. with existing facilities being recently renewed with the bank.. The directors have considered future financial projections and future cash flow requirements and are confident that the charity will continue operations for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial ststements on the going concern basis. 1.3 Charitable funds Unrestricted fvnds are available for use at the discretion of the directors in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial ststements. 1.4 Income Inwme is recognised when the charity is legalty entitled to it after any perfomiance conditions have been met, the amounts can be measured reliably, and il is probable Ihat income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations recesved under GiftAid or deeds of covenant is recognised at the time of the donation. The charity receNes grants in respect of the provision of specified services, projects and activities. Income from govemment and other grants are recognised at fair value when the charity has entttlement after any performan¢e conditions have been met. it is probable that Ihe income will be received and the amount can be measured reliabty. If entitlement is not met then these amounts are deferred. Interest on fvrsds held on deposti is included when receivable and the amount can be measured reliabty by the charity. this is nomialty upon notification of the interest paid or payable by the bank. 19-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Atcountiny policies (Continued) 1.5 Expenditure All expenditure is a¢counted for on an accruals basis and has been classffied under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlemenl will be required and the amount of the obligation can be measured reliabty. It is categDrised under one of the following headings: Costs of raising funds, Expendtture on charitable activities and Other expenditure. Irrecoverable VAT is charged as an expense against the activity fDr which expendf(ure arose. Support costs are those that assist the work of the chaFty but do not directly represent charitsble activities and include office costs. governance costs, depreciation costs and administratwe payroll costs. They are incurred dire¢ty in support of expenditure on the objects of the charity and include project management carried out at the office. Office costs, depreciation costs, governance costs and payroll costs are allocated to charitable activities based on useage. The allocation of the support costs is anatysed in note 6. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at $t or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of asset5 les5 their residual values over their usefijl lives on the following bases.. Leasehold improvement5 Plant and machinery Fixtures and rrttings Computers 10 /D Straight Line 20ts/0 Straight Line 200/0 Straight Line 200/0 Straight Line The gain or loss arising on the disposal of an asset is detemined as the drfference bètween the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impaimient of fixed assets At each reporting end date, the charity reviews the carrying amounts of ils 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 lif any). 1.8 stocks stocks are staled 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 rèplacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of compEetion and costs to be incurred in mart(eting. selling and distribution. 1.9 Cash and cash equivalen15 Cash and cash equivalents include cash in hand, deposits held at C311 with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrdfis. Bank overdrafts are shown within borrowings in current liabilities. -20-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.10 Financial instruments The charity has elècled to apply the provisions of Sertion 11 '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 chartty's balance sheet when the chatity becomes paty to the contractual provisions of the instrument. Financial assets and liabifities are offset, with the nel amounts presented in the financial statements, when there is a legally enforable right to sel 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. BasiTC r InanciTal assets Basic financial ass&ls, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequenty carried at amortised cost using the effectwe interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets ciassified as receivable within orie year aTr not amortised. Basic financial liabiTlities Basic financial liabilities, including creditors and bank loans are initialty recognised al transaction price unless the arrangemenl constitutes a financirsg transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financtal li8bilities classtfied as payable within one year are not amortised. Debt instruments are subsequentty carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary coursè 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 subsequentty measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities a derecognised when the charivs contractual obligations expiTr 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 services are received. Termination beneffts are recogni5ed immediately as an expense when the charty is demonstrabty committed to terminate the employmenl L)f an employee or to provide termination benefrts. 1.12 Rptirement benefrts Payments lo defined contribution retirement benefrt schemes are charged as an expense as they fall due. -21
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and Judgements In the application of the charity's accounling policies, the directors are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other Sour$. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results May differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting Èstimates 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 fvture pertods where the revision affects both current and future periods. Key sources of estimation uncèrtainty Fixed assets The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The trustees regularly review these assets lives and change them as necessary to reflect current thinking on remaining INes in light of prospective economic utiltsation and physical condition of the assets concemed. Changes in assets lives can have a significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies. Restrictsd and unrestricted funds Judgements are madè in relation to allocation of income and expenditure lo restricted and unrestrictèd funds. The trustees consider it appropriate lo allocate these funds based on interpretation of donations received. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Rèstricted funds funds 2023 2023 Total 2024 2023 Donation5 and gifts 1,503 1,503 1,D87 60,000 61,087 Donations and gifts Donations Belfast city council 1.503 1,503 1,087 1,087 60.000 60,000 1,503 1,503 1,087 60.000 61.087
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activitles Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Event income Performance related grants 543,788 543,788 444,073 444.073 237,898 237,898 139.632 139.632 543,788 237,898 781,686 444.073 139,632 583,705 Performance related grants analysis 2024 2023 ACNI- Hearth & Safety ACNI-AFP Belfast City Council- CMAG Belfast City Council- Gig Buddies BSA Department for commun(ties- DFC - Access & lftclusion NL Community Funds- Domantfunds account Nl Midlands- Film hub Music Venture NL Community fund- People and Communities QUB- Film hub 8,899 25,112 60,000 40,500 7,390 24,500 45.609 500 1,299 24,500 14,491 49.971 4.145 4.200 4,951 54,840 3,306 3,317 237,898 139,632 Other income Unrestrictsd Unrestricted funds funds 2024 2023 Other income 6.681 8,649 -23-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities 2024 2023 Staff CDSts Direct Costs Opening stock Closing stock Artistic costs Perft)rmance fees Production costs Door security Training ITIWebsite costs 137,997 172.292 13.470 111,058} 50,427 5,200 14.804 17,644 1,714 3,269 116,063 153.523 11,382 113,470) 48,831 4.850 13,596 14,145 2,785 3.279 405,759 354,984 Share of support and governance costs (see note 7) Support Governance 319.793 16,163 299,464 25,309 741,715 679.757 Analysis by fund Unrestricted funds Restricted funds 524.691 217,024 456,441 223,316 741,715 679,757 -24-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allo¢ated to activities Totsl 2024 Total 2023 Staff costs Depreciation Rent Premises expenses Memberships Finan¢e charges Insurance Travel & subsistence Office expenses Repairs & maintenance Advertising General expenses Governance 136,606 18,929 83,974 23,797 118,104 11,998 82.428 27,521 li 4,728 10,924 5,029 3,349 627 18,428 5,839 7,563 16,163 5,299 10,729 4,629 2.161 359 12,711 20.012 3,513 25,309 335,956 324.773 2024 2023 Governance costs comprise: AudTt & accountancy fees Legal and profession81 3,563 12,600 3,063 22,246 16,163 25,309 Net movement in funds 2024 2023 The net movemenl in fvnds is Stated after chargingllcrediting).. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 3,000 18,929 3.500 11,998 Directors None of the directors (or any persons connected with them) received any remuneration or benefits from the charity during the year. -25-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees The average monthly number of employees during the year was- 2024 Number 2023 Number 19 28 Employment costs 2024 2023 Wages and salaries Social security costs Othèr pension costs 260,542 10,518 3,543 221.994 9,303 2,870 274,603 234,167 There were no employees whose annual remuneration was more than £60.000. Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2024 2023 Agggate compensation 87,897 31.193 The Key management personnel are considered lo be the Director. Operations manager and Venue manager. 11 Taxation The charty is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Transfers At the year end the directors took the decision to Feclassify funds in relation to the fLxed assets from restricted funds to unrestricted funds due to the fact that all letter of offer conditions had been satisfied. -26-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tangible fixed assets Leasehold Improvements Plant and Fixtures and machlnery rittings Computers TotaI Cost Al 1 April 2023 Additions Disposals 222,664 27,140 91,697 11,839 131,1061 34.776 22,117 4,690 {1,478) 371,254 43.669 136.793) 14,209} At 31 March 2024 249,804 72.430 30,567 25,329 378,130 DepreciatSon and irnpalnnent Al 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals 222,664 1.312 62,907 10,610 131,1061 29,883 4,893 14,2091 19,416 2,114 {1,4781 334,870 18,929 136.793) At 31 March 2024 223,976 42.411 30,567 20,052 317,006 Carrying amount At31 March 2024 25,828 30,019 5,277 61,124 At 31 March 2023 28,790 4,893 2,701 36,384 14 Stocks 2024 2023 Finished goods and goods for resale 11,058 13,470 15 Debtors 2024 2023 Amounts falling due wrthin one year: Trade debtors Other debtors Prepayments and accrued income 10.897 6,087 14,955 13,366 3,595 6.744 31,939 23,705 -27-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Creditors: amounts falling due within one year 2024 2023 Notes Bank loans and overdrafts Other taxation and social security Trade creditors other creditors Accruals and deferred income 18 17,455 10,130 42,672 4,798 5,977 16,668 13,587 49,529 6.600 81,032 86,384 17 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans Other borrowings 18 35,387 6.600 42.904 6.600 41,987 49,5C)4 18 Loans and overdrafts 2024 2023 Bank overdrafts Bank loans Other loans 11,455 41,387 6,600 12,310 47,262 6,600 59,442 66,172 Payable within one year Payable after one year 17,455 41,987 16,668 49,504 19 Rerement benefit schemes 2024 2023 Defined contribution schemes Charge to profrt or loss in respect of defined contribution schemes 3,543 2,870 The charity operates a defined contribution pension scheme for all qualfying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. -28-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on tTUSt subject to specific conditions by donors as to how they may be used. At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 ACNI- Heatth & Safrty ACNI-AFP ACNI - Small Capital Belfast City Council- CMAG Belfast City Council - Gig Buddies Capital CFNI- New needs Department for Communities DFC-Access & Inclusion HSBC Music Venture NL Community Funds- Dom)anl funds account Nl NL Community funds- People and Communities Paul Hamlyn QUB - Film Hub Funding hitemounlain Programme 1.828 8,899 25,112 {2,2911 125,1121 (1,3201 160,0001 {8.436) 8,863 {7.5431 60,000 2.402 404 40.500 134,4501 16,227) 11781 12601 (2,4581 14981 16871 8.452 5,823 178 (1,D39) 122,042) 498 (2.745) 1,299 24,500 4.951 1.519 15.477 14,491 129,9681 54.840 147,847) 193) (3,631) {2,D041 6,993 37D 325 6,338 (27n 3,306 14,334) 36,007 237,898 1217,0241 139,91n 16,964 -29-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Restricted funds (Continued) Previous year". At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 ACNI-AFP ACNI- Health & Safety ACNI - Small Capttal ACNI - Resilience Belfast City Council- CMAG Capital Community Leaders BSA NL Community Funds- Dormant funds account Nl Belfast City Council- Gig Buddies HSBC Nationwide Communty Fund Grant Paul Hamtyn QUB Film Hub Funding Miiternountain Programme Other 24,50D 7.390 (24,5001 18,000) 11.3201 119) 160,0001 16,4051 11541 2.438 10,183 1,828 8.863 60,000 6,809 154 404 24.328 49,971 158,8221 15,477 45,609 143,207) 1253) 2,402 253 4,856 462 1,846 8.343 {4,8561 1921 {4,8381 12,0051 18,8451 370 325 6,338 3.317 8,845 59,691 199.632 1223,3161 36.007 -30-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Restricted funds (Continued) ACNI- Health and Safety This fund relates lo a grant received in order to purchase health and safety equipment for the venue. ACNI- AFP This fund relates to 8 grant reiVed in relation to njnning costs for the charity. ACNI - Resilience This fund relates to a grant received in relation to running costs for the chartty. ACNI - Small Capital This fund relates to a grant reiVed in order lo purchase small capital items. Belfast City Council- CMAG This fvnds relates to a grant received in order lo cover running costs of the charity. Belfast City Council- Gig Buddies This fund relates lo a grant received in order to cover costs in relation lo gig buddy project. Capital This fund relates to a grant received in order to purchase capital item5. CFNI - New needs This fund relates to a grant reiVed in order to purchase capital items. Department for communities This fund relates to a grant reiVed in order to purchase capital items. DFC Access & Inclusion This fvnd relates to a grant reiVed in order to purchase capital item5. HSBC This fund relates to a grant received in order to pur¢ha5e capital items. Music Venture This fund relates to a grant re¢eived in order to purchase capital items. Nationwide Community Fund Grant This funds relates to a grant received in order to cover running costs of the charity. NL Community Funds- Domant funds account Nl This funds Telales to a yrant received in order to cover running costs of the chartty. NL Comrnunity funds - People and communities This funds retates lo a grant received in order to cover running costs of the charity. Paul Hamtyn This fund relates to a gr8nt reNed in order to purchase capital items. QUB- Film hub This funds relates to a grant received in order to cover running costs of the charity. Whitemountain Programme This fund relates to a grant reed in order to purchase capital items. 31
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Unrestricted funds The unreslricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These in¢lude designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds 194,824) 551.972 1524,6911 39,917 127.626) Previous year: At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 General fvnd5 192,192} 453.809 1456,4411 194,824) 22 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 Mareh 2024: Tangible assels Current asselsllliabililies) Long term liabilities 61,124 146,7631 141.9871 61,124 129,799) 141.987) 16,964 127,8261 16,964 110,662) Unrestri¢ted nd$ 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible assets Current assetsllliabilitiesl Long term liabilities 14,417 159,7371 149,5041 21,967 14,040 36,384 145,6971 (49,5041 194,8241 36,007 158,81n -32-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Operating lease commitments Lessee At the reporting end date the charity had outstanding commitments for fLrture minimum lease payments under nOnnCer[able operating leases, which fall due as follows- 2024 2023 Within one year Betsveen 0 and five years 73.442 374,208 70,000 355,833 447,650 425,833 24 Related party transactions There were no disclosable related party transactions during the year12023 - none). 25 Cash generated from operations 2024 2023 Surpluslldefictt) for the year 48,155 126,3161 Adjustments for: Depreciation and impairment of tangible fixed assets 18,929 11,998 Movements in working capital.. Decreasellincreasel in stocks Iln¢reasel in debtors IDecrea5ellincrease in creditors 2,412 18,234) 16,139) {2.088} {4.530} 21.829 Cash generated from operations 55,123 893 26 Analysis of changes in net (dèbtllfunds At l Aprll 2023 Cash flowsAt 31 March 2024 Cash al bank and in hand Bank overdrafts 3,512 (12,3101 4,724 855 8,236 111,455) 18,798) 5,579 {3,219} Loans falling due wÉthin one year Loans falling due after more than one year 14,358) 149,504) 11,642) 7.517 16.0001 (41,9871 162,6601 11,454 151,2D61 -33-
Signature: Email: norman.dm.5inclair@gmail.com