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 aC￿ss, 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 prO￿sS 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 cOn￿M
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 aC￿sS
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-,
obSe￿e 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 re￿iVed 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-compllan￿S 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 prO￿dureS 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 CreS￿nt 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 ServI￿S 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 r￿ed 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-