Company registration number N1058233 (Northern Ireland) Charity registration number NIC100983 (Northern Ireland) THE BLACK BOX TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE BLACK BOX TRUST LEGALANDADMINISTRATIVE INFORMATION Directors Mr P Boitel-Gill (Secretary) Ms S Dickson (Maternity Leave) Mr C Flynn (Treasurer) Ms SA Jones Mr N Sinclair (Chair) Ms M Ramon Ms S Murray Secretary Mr P Boitel-Gill Country of incorporation United Kingdom (Northern Ireland) N1058233 Charity registration Northern Ireland NIC100983 Principal address 18-22 Hill Street Belfast BT12LA Registered offjce 18-22 Hill Street Belfast BT12LA Auditor GMCG Lisburn Century House 40 Crescent 8usiness Park Lisburn BT28 2GN Bankers Bank of Ireland P.0. Box 13 Donegall Place Belfast BT15BX
THE BLACK BOX TRUST CONTENTS Page Directors, report Indépendent audilorfs report 7-12 Stalemenl of financial aclivitiès 13 Statement of financial position 14 Statement of cash flows 15 Notes to the financial statements 16-29
THE BLACK BOX TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The directors present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply wtth the charity's governing document, thè Companies Act 2006 and 'Accounting and Reporting by Charities.. Slatement 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). Objectives and activities The Board is pleased to present the Trustees. Report for 2024125, a year of both progress and challenge for The Black Box Trust. We delivered a higher number of events than in 2023124, strengthening our role as a creative hub and reaffirming our commitment to inclusion, accessibility. and artistic excellence. However, despite increased aclivity. ticket sales declined, reflecting the wider pressures facing audiences amid the ongoing cost-of-living crisis and the difficult funding climale that continues to affect our sector. Across Belfast and Northern Ireland, arts organisations have faced rising costs, static public inveslment, and continued uncertainty. Many artists and venues are struggling to sustain operations as"funding fails to malch inflation. while audience spending power remains constrained. The result has been fewer performances across the region and increased reliance on resilience, innovation. and partnership to maintain momentum. Against this backdrop, The Black Box has continued to lead by example. championing inclusive creativity, nurturing local talent, and fostering social connection through culture. Our collaborations with artists, community groups. and partner organisations have demonstrated how the arts can drive wellbeing, belonging, and regeneration. even in challenging times. We remain deeply grateful for the continued support of our funders and partners. In particular. we extend sincere thanks to the Arts Council of Northern Ireland, Belfast City Council, The National Lottery Community Fund, and Arts & Business Nl for their vital investmenl and belief in our work during 2024125. Their support enables us to remain a cornerstone of Belfast's cultural life and to plan confidently for the future. On behalf of the Board, I thank our dedicated staff. artists, freelancers, volunteers, and audiences for their continued commitment and creativity. Together. we will ensure that The Black Box remains a Spa where everyone can participate, connect. and imagine new possibilities through the arts. Wision 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 greater Belfast area for innovative, grassroots, radical and accessible work. Aims 1. Ensurè that the Black Box is an equitably accessible and safe space for all people through the promotion of socially inclusive arts engagement. 2. To develop and provide programmes for people who identify 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 Ihe use of festivals. promoters, artists and event organisers for the promotion of artistic practice. 4. To provide high-quality risk_taking work, from a vari&ly of genres, for the greater Belfast area and beyond. 5. To encourage and foster the creativity of new and developing talent 6. Ensure that the Black Box exists in another 20 years. PubliG benefit The directors have paid due regard to guidance issued by the Charity Commission in deciding what activitiès the charity should undertake.
THE BLACK BOX TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perfonnance Significant activities and achievements against objectives Pro ramme and Audience En ement Delivered 744 events (increased from 717 in 2023124), involving approximately 2699 artists and welcoming 58,323 audience members. Continued recovery in audience number5, though overall ticket revenuo deciined by due to inflation and reduced consumer spending. Strengthened partnerships with over 25 festivals and 20 promoters, including Cathedral Quarter Arts Festival. Belfast Film Festival. Outburst Queer Arts Festival and Nl Science Feslival. Black Box Pro ects and Outreach Expanded inclusive programmes such as Black Moon, Mini Moon, Gig Buddies Belfast, and Express Yourself Social Cafe. Collaborated with partners including University of Atypical, NOW Group, and Nerve Centre to increase acoss and visibility for adults with learning disabilities. Creative Develo ment and Partnershi Strengthened local, regional and national partnerships to support emerging talent and community wellbeing. Introduced new initiattves linking creative practice with mental-health awareness and social cohesion. Mile51ones and Or anisational Pro res5 Awarded InGIustve Tourism Award Implementation of the 2024-2028 Strategic Plan. Recruitment and training of new staff and volunteers. Recognition through sector awards and peèr-learning opportunities. What makes The Black Box unique is its core ethos of supporting equitable aCss, and social inclusion for participanls, audiences, and the creative community of the cty. 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 2024125 Financial Year, The Black Box hosted, produced and programmed 744 events. involving. 2699 artists and welcoming an audien of 58,323: people from Belfast, wider Northern Ireland. the Republic of Ireland and the UK, as well as intemational audiences. While audiences are still lower than pre COVID-19 levels, this number has increased year on year. Funding Received.. The National Lottery People and Communities Belfast City Council Core Multi-Annual Grant Belfast City Council Gig Buddies Project Funding Belfast City Council Bank of Ideas Arts Council Northern IrelandAnnual Funding Programme Film Hub Exhibition Fund Arts & Business Nl Invest Funding Arts Council Northem Ireland Small Capital Grant Department for Communities Jobshart Scheme c.entral 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 pla of financial stability following a few years of mulli-faceted challenges. both intemal and external.
THE BLACK BOX TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Milestones & Achievements: Carrying out a full strategic analysis and strategic planning prOsS for 2024 - 2028 Formation of the Business Development Subcommittee Recruitment of New Projects & Outreach Officer Recruitment of New Gig Buddies Coordinator Recruitment of New Bookings & Communications Officer Financial review At 31 March 2025 the balan of unrestricted reserves was a deficit of £62,735 (2024 - £27,626). Restricled funds are restricted for the purpose specified in letters of offer provided by the fvnding bodies. At 31 March 2025 the balance of restricted funds totaled £12,77512024- £16,964). Going cOnM The financial year ending 31 March 2025 rettecls steady operational delivery amid a challenging funding environment. Unrestricted income and ticket sales declined, reflecting wider sector trends linked lo reduced audience spending and ongoing cost-of-living pressures. Thp Director has worked closely with finance staff. The Board, Financial Subcommittee and Business Development Sub-committee to continue to improve our financial systems and position. The Black Box Trust has continued to improve upon cashflow management systems and implemented a more realistic and achievable reserves policy. Thè focus for 2025126 will be strengthening &amed revènue. and securing multi-year funding to ensure long-term stsbilty. Steps lo reduce Deficit.. Continued outsourcing of financial management role to Christine Vvhiteman Manage strategic funding targets with core fundersACNI AFP & Belfast City Council CMAG programme and build on partnership with The National Lottery. Continue to review Direct Debits & Subscriptions lo identify where spend can be reduced Deliver fundraising efforts through membership schemes, donations, fundraising events, and online crowd-funding donations with a particular focus on recharging the membership programme. Develop Business Development Sub-commtttee to identify income generation streams and sponsorship. Deliver a structure review to cover accountable reporting and review arrangements. Reserves policy After making enquiries, Ihe directors have a reasonable expectation Ihat the charity has adequate resources to ontinue operational existènce for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements. Plans for future periods Key Priorities for 2025126 We will- Solidify conneclions and relationships with existing partners 2. Combat social exclusion Ihrough consistent equitable aCsS 3. Contribute to long tem oapacity building of Northern Ireland's Arts Sector 4. Ensure sustainability and our environmental impact is considered at every level of our operation5.
THE BLACK BOX TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management The charity is a company limtted by guarantee govemed by its Memorandum and Articles of Association. The directors who seNed during the year and up to the dale of signature of the financial statements were= Mr P Boitel-Gill (Secretary) Ms S Dickson (Malemity Leave) Mr C Flynn {Treasurer} Ms SA Jones Mr N Sinclair (Chair) Ms M Ramon Ms S Murray Recnjitment and appointment of tmstees Trustees are recruited through o.pen call, inducted using our Governan Handbook, and mentored by existing board members. The Trust complies with the Code of Good Governance (Developing Governance Group) and receives advisory support from Arts & Business Nl. 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. Organisational structure Stsff & Culture 2024125: The organisation is led by the Director and 5UPPOrted by a skilled leam of operations, programming and outreach staff. We are commttted to fair pay, equality of opportunity, and professional development for all employees. The Black Box remains a safe, welcoming and LGBTQ+_inclusive space, known for its accessible facilities and socially engaged ethos. Kathryn Mcshane. Director IFT) Neil Jacques, Operations Manager (FT) Jessie Fletcher, Bookings & Comms Officer (32hr perlw contract) Deirdre McKenna, Projects & Outreach Officer (FT) Aislinn Kelly, Gig Buddies ProjeGt Coordinator (35hr perlw) Isabella Koban, Exhibitions Coordinator11 Ohr perlw) Darren McGuigan, Vènue Manager (FT) Chrstine Whiteman. Financial Administrator (Freelance) Paul Connolly. Membership Coordinator {Freelance) X3 Duly Managers (PT) Up to 15 venue staff (PT, casual hours) Door supervisors (PT, casual) Remuneration policy Salaries for the organi5ation are set and reviewed in line with Government legislation by the Director and approved by the Board of Trustees. Staff are reviewed continuously by line management with fomal 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 ofTrustees.
THE BLACK BOX TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 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 directors are required to- select suitable accounting policies and then apply them consislently-, obSee the methods and principles in tho Charities SORP (FRS 102)., make judgements and estimates 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 directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. Company law requires the directors to prepare financial statements for each financial year'which give a true and fair view of the state of affair5 of Ihe 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 apply them consistently.. observe the methods and principles in the Charities SORP., make judgements and estimales that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slatements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial posilion of the charity and ènable them to ensure that the financial slatements comply with the Companies Act 2006." They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for th& prevention and detection of fraud and other irregularities. Auditor In accordance wtth the company's articles, a resL)lution proposing that GMCG Lisburn be reappointed as auditor of the company will be put at a General Meeting.
THE BLACK BOX TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Disclosure of infomiation to auditor Each of the directors has confirmed that there is no infomiation of which they are aware which is relevanl to the audil, 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 auditor is aware of such information. The directors, report was approved by the Board of Directors. Mr N Sinclair (Chair) Director Date.. 02112/25
THE BIACK 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 2025 which comprise the statement of financial activities, the statement of financial position, the statement of cash IIow5 and note5 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 Financial Reporting Standard 102 The Financial Reporting Standatd applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slatements= give a true and fair view of the state of the charitable company's affairs as al 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice- and have been prepared in accordance wtth thè requirements ofthe Companies Act 2006. Basis for opinion We conducted our audtt in accordance with International Standards on Auditing (UK) (ISAS (UK}) and applicable law. Our responsibilities Lrnder those standards are fvrther described in the Auditorfs 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 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 requiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion5 relating to going concem We draw attention lo note 1.2 in the financial statements, 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 significant doubt on the charity's abilty to continue as a going concern. Our opinion is not modified in respecl of this matter. In auditing the financial statements, we have concluded that the directors, use of the going concem basis of accounting in the preparation of the financial statements is approprtate. Our evaluation of the directors, assessment of the charity's ability lo continue to adopt the going concem basis of accounting included the review of positive post year end funding position and results. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Other infomiation The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The directors are responsible for the other infcirmation contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, w& do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation 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 lo determinp whether this gives rise lo 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. 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 statements are prepared. which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements-, and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we arè required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstatements in thè directors, report included within the directors, rèport. We have nothing to report in respect of thè following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and relums-, or certain disclosures of trustees, remuneration specified by law are not made- or we have not reiVed all the information and explanations we require for our audit., or the directors were not entitled to prepare the financial statements in accordance with the small companies regime and tske advantage of the small companies, exemptions in preparing the directors. report and from the requirement to prepare a strategic report.
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Responsibilities of directors As explained more fully in the statement of directors. responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary lo enable the preparation of financial statements that are free from rnaterial 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 applicable. matters related to going ooncem and using the going concern basis Df accounling unless the directors either intend lo liquidate thè charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilitiès for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they Could reasonably be expected to influence the economic decisions of usèrs takèn on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularitie5, including fraud. is detailed below.
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and ass&ss the risks of material misstatement of the financial statements, whether due to fraud or error. and then design and perfom audit procedures responsive to those risks, including obtaining audit eviden that is sufficient and appropriale to provide a basis for our opinion. In identifying and assessing potential risks of material misstatèment in respect of irregularities, including fraud and non-compllanS with laws and regulalions, we considered the following.. The nalure of the industry and sector. control environment 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 identtfied having obtained and revièwed the charttable company's documentation of their policies and procedures relating to.. Identifying, evaluating and complying wtth 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 havè knowledge of any actual, suspeded or alleged fraud: and The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable company for fraud and identified the greatest potential for fraud in revenu& recognition In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that thè Charitable company operates in focusing on provisions of thosè laws and regulations Ihal had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered 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 but compliance with which may be fundamental to the charilable company's ability to operate or lo avoid a material penalty. 10
THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Audit response to risks identified Our procedures to respond lo the risks identified included the following= Reviewing the financial statement disclosures and testing to supporting documentalion to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.. Enquiring of management conceming actual and potential litigation and claims-, Performing analytical prOdureS to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud-, Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities., and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjuslmenls,. assessing whether the judgements made in making accounting pstimates are indicative of a potential bias., and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also Communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing io the inherent limilalions 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 with any audit, there remains a higher risk of non-detection of irregularities, as they may involve [lusion. forgery, inlenlional omissions, misrepresentations. or the override of internal controls. We are not responsible for prevenling non-c()mpliance and cannot be expected to detect non- Complian with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at= https'.11 .frc.org.uklauditorsresponsibilities. This description forms part of our auditols report. 11
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 Ihat we might state to the charitable company's members those matters we are required to state to them in an auditorfs.report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibilty to anyone other than the charitable ompany and the charitsble company's member5 as a body. for our audit work, for this report, or for the opinions we have formed. Mr Stephen Houston FCA (Senior Statutory Auditor) for and on behalf of GMCG Lisburn Chartered Accountants statutory Auditor Century Ptouse 40 CreSnt Business Park Lisbum BT28 2GN 12-
THE BLACK BOX TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 Notes 2024 Income and endowments from". Donations and legaGies Charitable activities Other income 269 506.731 5,556 269 713,403 5,556 1,503 543,788 6,681 1,503 781,686 6.681 206,672 237.898 Total income 512,556 206,672 719,228 551,972 237.898 789,870 Expenditure on: Charitable activtties 547,665 210,861 758,526 524,691 217,024 741,715 Total expenditure 547,665 210,861 758,526 524,691 217,024 741,715 Net incomellexpenditure) 135.109) {4.189} (39,298) 27,281 20.874 48,155 Transfers between funds 12 39,917 (39.91n Net movement in funds (35,109) (4.1891 (39,298) 67,198 (19,043) 48,155 Reconciliation of funds: Fund balances at 1 April 2024 127.626) 16.964 (10,662) (94,824) 36,007 (58,817) Fund balances at 31 March 2025 162.735> 12,775 149,960) (27,6261 16,964 (10,662) The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activtties. 13-
THE BLACK BOX TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 13 46,576 61,124 Current assets Stocks Debtors Cash at bank and in hand 14 15 10,795 29,162 2,858 11.058 31,939 8,236 Creditors". amounts falling due within one year 42.815 51,233 16 {103,387) (81,032) Net current liabilities 160,572) 129,799) Total assets less current liabilities 113.996) 31.325 Creditors: amounts falling due after more than one year 17 135.964) 141,987) Net liabilities (49.960) (10,662) The funds of the charity Restricted income funds Unrestricted funds 20 21 12.775 (62,735) 16,964 (27,626) 149.960) (10,662) These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the directors on and signed on their behalf by.. Mr N Sinclair (Chair) Dire¢tor Company registration number N1058233 (Northem Ireland} 14-
THE BLACK BOX TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activities Cash (absorbed by)Igenerated from operations 25 (2,954) 55.123 Investing activities Purchase of tangible fixed assets (43.669) Net cash used in investing activities (43,669) Financing activities Repayment of bank loans (6.0231 (5,875) Net cash used in financing acttvities (6,023) (5,875) Net Idecrease)lincrease in cash and cash equivalents {8,97n 5,579 Cash and cash equivalents at beginning of year (3.219) 18,798) Cash and cash equivalents at end of year (12,196) (3,219) Relating to: Cash at bank and in hand Bank overdrafts included in creditors payabl& within one year 2,858 8.236 (15,054) {11,455) 15-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information The Black Box Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 18-22 Hill Street, Belfast, BT12LA. 1.1 Basis of preparation The financial statements have been prepared in accordance with the charity's 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") and th8 Charities SORP 'Accounling 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). 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 charty. Monetary amounts in these financial statempnts are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern The Board has continued to implement steps to ensure improvements in the systems and structures within the charity to ensure that costs are controlled, new fund-raising opportunities are explored and income generation can be grown where possible. The charity meets its day to 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 Gonsidered future financial projections and future cash flow requirements and are confident that the chartty will continue operations for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. 1.3 Charitable funds Unrestricted funds 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 statements. 1A Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably. and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised On the charity has been notified of the donalion, unless performance condilions require deferral of the amount. Income tax recoverable in relation to donations received under Gfft Aid tsr deeds of covenant is recognised at the time of the donation. The charity receives grants in respect of the provision of specified services, projects and activities. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, il is probable that the income will be received and the amount can be measured reliably. If entttlement is not met then these amounts are deferrèd. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is nomially upon notification of the interest paid or payable by the bank. 1S
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classtfied 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 settlement will be required and the amount of the obligalion can be measured reliably. It is categorised under one of the following headings.. Costs of raising funds. Expenditure on charitable activities and Other expendilure. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Support costs are those thal assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, depr&ci31ion costs and administrative payroll costs. They ar& incurred directly in support of expenditure on the objects of the charity and include project management carried out al the office. Office costs, depreciation costs, governance costs and payroll costs are Ilocaled to charitable activities based on useage. The allocation of the sUPPOrt costs is analysed in note 6. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cosl and subsequently measured al 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 usefvl lives on the following bases- Leasehold improvements Plant and machinery Fixtures and fittings Computers 100/0 Straight Line 20 /0 Straight Linp 200A Straight Line 200/0 Straight Line The gain or loss arising on the disposal of an asset is determined as the dTfference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end dale, 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 lif any). 1.8 stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable. direct labour cosls and those overheads that have been incurred in bringing the slocks 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 pri less all eslimated cos15 of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalènts include cash in hand. deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 17-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.10 Financial instruments The charity has el&cted lo apply the provisions of Section 11 '8asic 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 charty becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the nel amounts presented in the financial statements, wh&n there is a legally enforceable right to sèl off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction pri including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, wherè the transaction is measured at the present value of the future re[PtS discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities 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 services 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 recognisèd initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are dere¢ognised when the charity's contractual obligations expire or are discharged or cancèlled. 1.11 Employee benefits The cost of any unused holiday entitlement is rècogni5ed in the period in which the employee's ServIS 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 as an expense as they fall due. 18
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements In the application of the charty's accounting policies, the directors 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 lo 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 recognisèd in the period in which the estimate is revised where the revision affects only that period, or in the period of Ihe revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty Fixed assets The annual depreciation charge on fixed assets depends primarily on the estimaled lives of each type of assel and estimates of residual values. The trustees regularly review these assets lives and change them as necessary to reflect currènt thinking on remaining livès in light of prospective economic utilisation and physical condition of the assets concerned. Changes in assets lives can have a significant impact on depreciation charges for the period. Detail of the useful lives is included in Ihe accounting policies. Restricted and unrestricted funds Judgements are made in relation to allocation of incom& and expenditure lo restricted and unrestricted funds. The trustees consider it appropriate to allocate these funds based on interpretation of donation5 received. Income from donations and legacies Unrestricted funds 2025 Unrestricted funds 2024 Donations and gifts 269 1,503 Donations and gifts Donations 269 1,503 269 1,503 19
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Unrestricted Restricted funds funds 2025 2025 Totsl Unrestricted Restricted funds ftinds 2024 2024 Total 2025 2024 Event income performan related grants 506,731 506,731 543,788 543.788 206,672 206,672 237,898 237,898 506,731 206.672 713,403 543,788 237,898 781,686 Performance related grants analysis 2025 2024 ACNI - Health & Safety ACNI-AFP Belfast City Council- CMAG Belfasl City Council - Gig Buddies Department for communities DFC - Access & Inclusion NL Community Funds- Dormant funds account Nl Music Venture NL Community fund- People and Communities QUB- Film hub Arts & Business Belfast City Co- Bank of Ideas 4,279 29,500 60,000 46,832 7,980 8,898 25,112 60.000 40.500 1,299 24,500 14,492 4,951 54,840 3,306 42.807 2,860 10,000 2,414 206,672 237,898 Other income Unrestricted Unrestricted funds funds 2025 2024 Other income 5,556 6,681 -20-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activities 2025 2024 Direct costs Staff costs Direct costs Opening stock Closing stock Artistic costs Performance fees Produciton costs Door sècurity Training ITIwebsite costs 156,904 177,089 11,058 {10,795) 39,912 4,931 15,686 17,460 773 3,525 137,997 172.292 13.470 {11,058) 50,427 5,200 14,804 17,644 1,714 3,269 416,543 405,759 Share of support and governance costs {see note 7) Support Governance 321,943 20.040 317.225 18,731 758,526 741,715 Analysis by fund Unrestricled funds Restricted funds 547,665 210,861 524,691 217.024 758.526 741,715 21
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to activities Total 2025 Totsl 2024 Staff costs Depreciation Rent Premises expenses Memberships Finance charges Insurance Travel & subsistence Equipment hire Repairs & maintenance Advertising General expenses Governance 146.341 14.549 84,920 20,451 2.551 5,540 5,506 2.826 1,031 27,174 3,108 7,94S 20.040 136,606 18,929 83,974 21,229 4,728 10,924 5,029 3,349 627 18,428 5,839 7,563 18,731 341,983 335,956 2025 2024 Governance costs comprise: Audit & accountancy fees Professional fees Monitoring and evaluation 3,000 12,390 4,650 3,563 12,600 2,568 20,040 18,731 Net movement in funds 2025 2024 The net movement in funds is stated after chargingllcrediting): Fees payable for the audil of the charity's financial ststements Depreciation of owned tangible red assets 3,000 14.549 3,000 18.929 Directors None of the directors (or any persons connected with them) received any remuneration or benefits from the charity during the year. -22-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees The average monthly number of employees during the year was-. 2025 Number 2024 Number 20 19 Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 286.897 12,517 3,831 260,542 10,518 3.543 303.245 274,603 Thère were no èmployees whose annual remuneration was more than £60.000. Remuneration of key management personnel The remuneralion of key managemènt personnel was as follows.. 2025 2024 Aggregate compensation 90,016 87,897 The Key management personnel are considered lo be the Director, Operations manager and Venue manager. 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Transfers During the prior year, the directors took the decision to reclassify funds in relation to the fjxed assets from restricted funds to unrestricted funds due to the fact that all letter of offer conditions had been satisfied. -23-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Tangible fixed assets Leasèhold improvements Plant and Fixtures and machinery rittings Computers Totsl Cost At 1 April 2024 249,804 72,430 30,567 25,330 378,131 At 31 March 2025 249,804 72,430 30.567 25,330 378,131 Depreciation and impairment At 1 April 2024 Depreciation charged in the year 223,976 2,714 42,411 10,516 30.567 20,052 1.319 317,006 14,549 At 31 March 2025 226,690 52,927 30,567 21,371 331,555 Carrying amount At 31 March 2025 23,114 19.503 3,959 46,576 At 31 March 2024 25,828 30,019 5,277 61.124 14 Stocks 2025 2024 Finished goods and goods for resale 10,795 11,058 15 Debtors Amounts falling due within one year: 2025 2024 Trade debtors Other debtors Prepayments and accrued income 15,659 3,307 10,196 10,897 6,087 14.955 29,162 31.939 16 Creditors: amounts falling due within one year 2025 2024 Notes Bank loans and overdrafts Other taxation and social security Trade Creditors Other creditors Accruals and deferred income 18 21.054 21,175 49.369 5,732 6,057 17,455 10,130 42,672 4,798 5,977 103,387 81,032 24-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Creditors: amounts falling due after more than one year 2025 2024 Notes Bank loans Other borrowings 18 29,364 6,SOO 35,387 6,600 35,964 41,987 18 Loans and overdrafts 2025 2024 Bank overdrafts Bank loans Other loans 15,054 35,364 6.600 11,455 41,387 6,600 57,018 59,442 Payable within one year Payable after one year 21,054 35,964 17,455 41.987 19 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 3,831 3,543 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. -25-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restricted funds The restricted funds of the charty comprise the unexpended balances of donations and grants held on trust subject to specific condilions by donors as lo how they may be used. At 1 April 2024 Incoming resources Resources expended Transfers At 31 March 2025 ACNI-AFP ACNI- Small Capital Belfast City Council- CMAG Belfast City Council - Gig Buddies Belfast City Council - Bank of Ideas Arts & Business Department for Communities Music Venture NL Community funds- People and Communities QUB - Film Hub Funding 29,500 4,279 60.000 (29,500) (4,279) (60,000) 8.452 46,832 (47,936) 7.348 2,414 10,000 7,980 (2,414) 110.000) (7,980) 11,519) 1,519 6,993 42,807 2.860 (44,373) 12.860) 5,427 1S,964 206.S72 1210,861) 12,775 Previous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 ACNI- Health & Safety 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- Dormant funds account Nl NL Community funds- People and Communities Paul Hamlyn QUB_ Film Hub Funding Vvhitemountain Programme 1,828 8,899 25,112 (2.291) {25,112) (1,320) (60,000) (8.436) 8,863 (7,543) 60.000 2,402 404 40,500 134.450) (6,227) (178) (260) (2,458) (498) (6871 8,452 5,823 178 (1.039) (22,042) 498 (2,745) 1,299 24,500 4,951 1.519 15,477 14.491 129.968) 54,840 (47,84n 193) (3,631) 12,004) 6.993 370 325 6.338 (27n 3,306 (4,334) 36.007 237.898 {217,024) (39,91n 16,964 -26-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restricted funds (Continued) ACNI- Health and Safety This fund relates to a grant received in relation to purchase health and safety equipment for the venue. ACNI - AFP This fvnd relates to a grant received in relation to running costs for Ihe charity. ACNI- Small Capitsl This fund relates to a grant received in order to purchase small capital items. Belfast City Council - CMAG This funds relates to a grant received in order to cover running cosls of the charity. Belfast City Council - Gig Buddies This fund relates to a grant received in order to cover costs in relation to gig buddy project. Belfast City Council - Bank of Ideas This funds relates to a grant received in order to cover running costs of the charity. Arts & Business This funds relates to a grant received in order lo cover running costs of the charity. Capitsl This fund relates to a grant received in order to purchase capital items. CFNI - New needs This fund relates to a grant received in order to purchase capital items. Department for communities This fund relates to a grant received in order to purchase capital rtems. DFC Access & Inclusion This fund relates to a grant received in order to purchase capital items. HSBC This fund relates to a grant receiv&d in order to purchase capital ttems. Musi¢ Venture This fund relates to a grant received in order to purchase capital items. NL Community Funds - Dorniant funds account Nl This funds relates to a grant received in order to cover running costs of the charity. NL Community funds - People and communities This funds relates to a grant received in order to cover running costs of the charity. Paul Hamlyn This fund relates to a grant received in order to purchase capital items. QUB - Film hub This funds relales to a grant received in order to cover running costs of the charity. Whitemountain Programme This fund relates to a grant received in order to purchase capital items. -27-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balancès ofdonations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2024 Incoming resources Resources expended Transfers At 31 March 2025 General funds 127,626) 512,55S {547,665) (62,7351 Previous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds (94,824) 551,972 {524,691) 39,917 (27,626) 22 Analysis of net assets between fvnds Unrestricted funds 2025 Restricted funds 2025 Total 2025 At 31 March 2025: Tangible assets Current assets/(liabilities) Long term liabiltties 46,576 (73,347) (35.964) 46,576 (60,572) (35,964) 12,775 (62,7351 12.775 (49,96Q} Unrestrictsd funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assetsl(liabilities) Long term liab.ilities 61,124 (46.763) (41,987) 61.124 {29,799) (41,987} 16.964 127.626) 16,964 (10,662) -28-
THE BLACK BOX TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Operating lease cornmitments Lessee At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases. which fall due as follows.. 2025 2024 Within one year Belween two and five years 74,142 232,983 73,442 374,208 307,125 447,650 24 Related party transactions There were no disclosable related party transactions during the year (2024- none). 25 Cash (absorbed byllgenerated from operations 2025 2024 IDeficit)Isurplus for the year 139,298) 48,155 Adjustments for: Depreciation and impairm&nt of tangible fixed assets 14,549 18,929 Movements in working capital: Decrease in stocks Decreasellincrease) in debtors In¢reasel(decreasel in creditors 263 2,777 18,756 2.412 18,234) (6,139) Cash (absorbed by)Igenerated from operations 12,954) 55,123 26 Analysis of changes in net Idebtllfunds At 1 April 2024 Cash flowsAt 31 March 2025 Cash at bank and in hand Bank overdrafts 8.236 (11.455) (5,378) (3,599) 2,858 115,054) (3,219) {8,9771 (12,1961 Loans falling due within one year Loans falling due after more than one year (6.000) 141,9871 (6,000) (35,964) 6,023 (51,206) (2,954) (54,160) -29-