REGISTERED COMPANY INUMBER: N1032251 (Northern Ireland) REGISTERED CHARITY NUMBER: NIC 102004 ort of the Trustees and Unaudited Financial Statements for the Year Ended 31 Mareh 2024 for Belfast Film Festival LimAted A Compan Limited b Guarantee Lynn Drake & Co Ltd Chartered Accountants I st Floor 34 B-D Main Street Moira Co. Annagh B T67 OLE Belfast Film Festival Limited Contents of the Financial Statements for the Year Ended l March 2024 Page Reference and Administrative Details Report of the Trustees Independent Examiner's Report Statement of Finanelal Activities 12 Statement of Financial Position 13 to 14 Notes to the Financial Statements 15 to 28 Detailed Statement of Financial Activities 29 to 30 Belfast Film Festival Limited Referenee and Administrative Details for the Year Ended 31 March 2024 TRUSTEES Dr Laurence McKeown Treasurer Kevin Jackson (resigned 51412024) Louise O'meara (resI￿]ed 121112024) Mark Cousins Lisa Barros D'sa Lucy Baxter Nisha Tandon Marie-Therese McGiv¢rn Maev¢ McAdain (appointed 51412024) COMPANY SECRETARY Michele D¢vliii REGISTERED OFFICE 23 Donegall Street Belfast Co. Antrim BTI 2FF REGISTERED COMPANY NUMBER N1032251 (Northern Ireland) REGISTERED CHAIUTY NUMBER NIC 102004 INDEPENDENT EXAMINER Lynn Drake & Co Ltd Chart¢r¢d Accountants I st Floor 34 B-D Main Street Moira Co. Annagh BT67 OLE CHIEF EXEC OFFICER Ms Michele D¢vlin FINANCIAL ADVISERS CRN Financial Group l For¢stgrove Business Park Newtownbreda Road Belfast BT8 6AW Belfast Film Festival Limited ort of the Trustees for the Year End d 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present tlieir report with the financial statcments of the charity for the year ended 31 March 2024. The tn￿(¢¢5 have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accord￿]Ce with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Mission Statement l Aiins / Objectives MISSION STATEMEINT Our tnission is to proinote a diverse and dynamic programme of filin events, and outreach activity, which is entertaining, provocative and provides a platform for culNral expression and debat¢. AIMS AND OBJECTIVES Aiin l.. Deliver th¢ annual Belfast Film Festival and Docs Ireland, which will exhibit local and intemational films Related Objectives (i) Organise a Citywide film festival each year in November and a documentary festival in June involving film exhibition, seininars. workshops and inaster classes. (li) Bring national and international fihn premieres to Belfast. (iii) Showcase th¢ work of local filill - makers (iv) Provid¢ ali iiidusty marketplace as part of Docs Ireland. Aiin 2= Enhance the profile & status of th¢ Belfast Filin Festival within the cultural life of Belfast Rclated Objectives (i) A¢tiv¢ly contribute to the establishment of a Belfast Film Centre (li) Develop a year-long programme of film events. (iii) Develop and iiJ]pleinent an effcctive PR strategy. (iv) Contribute towards making Belfast a more attractive destination for visitors. Aim 3.. Proinote acc¢ss to film and the film inaking process Related Obj¢ctives (i) Build relationships between local communities and the film industry (li) Facilitste opportunities for volunteers to gain experience in film related events. (iii) Consult communities in order to enhance th¢ir involvement in the Festival programm¢. (iv) Contribut¢ to eDhancing the profile of the local fllm industy. Aim 4.. Maintain a sustainable structur¢ and funding base for the Belfast Film F¢stival Related Objectives (i) Obtain funding for BFF activities (li) Einploy staff to cary out BFF'S programme of work (iii) Undertake Tegular planning, monitoring and evaluation of BFF strategy and activities (iv) Develop and implement a training plan. (v) Build partnerships as required with relevant stakeholders Belfast Film Festival Limited ort of the Trustees for the Year Ended 31 March 2024 OKJECTIVES AND ACTIVITIES Public benefit The purpose of Belfast Film Festival Ltd is to present, promote, organise, provide, manage and produce such spccialized (cultural, lesser seen, archive) film scTe¢iiings and events, community based filni activities, filin related outreach work in marginalized communit1¢5, broadcasts, conc¢rts, musical pieces, entertainment and exhibitioiis, whether on any premises of the Coiiipany or elsewhere, as are conducive to the promotion, maintenance, improv¢m¢nt and advancement of education or to the encouragement of the art of film, or the arts. The direct benefits flowing from this purpose include. the promotion and enjoyment. better understanding and general advancement of the arts and film, for the benefit of the general public in Northern Ireland through exposure to, as an audienc¢ m¢mb¢r or participant through outreach work in marginalized communities and schools, the arts and film. These benefits can b¢ demonstrated by regular internal and external qualitative assessment. audiences and participation" photo and video documentation. regular reporting of charitable activities and financial perfonnance in annual reports, audited annual accounts, and reports to grant fundeTS. The purposes of our charity will not lead to any harni, although there are policies and PTo¢¢dures in place to addr¢ss certain risks. for example safeguarding and child protection policies health and safety policy - codc of conduct for staff and volunteers equal opportunities policy disability policy and saf¢guarding policy. The charity's beneficiaries are the g¢neral public in Noithern Ireland. Specific projects may address the needs of specific sections of soci¢ty (¢.g. access to film and the arts project targeting social needs in particular electoral wards). The only private benefit flowing from the purpose is artists and filmmakers benefit from ¢xposure to a wider audienc¢, which may result in their gaining a higher profile. This is incidental to the achievement of the purpose and. while a private benefit, is n¢cessary to help the cl￿Aty achieve our charitable purpos¢. Belfast Film Festival Limited Report of the Trustees for the Year Ended 31 Mareh 2024 ACHIEVEMENT AND PERFORMANCE DOCS IRELAND 5 Docs Ireland 5, which ran for 6 days 20tlI - 25th June 2023, was packed with over 87 films and events. The festival opened with the Irish Prcmi¢re of Belfast production company Fine Point's portrait of the legeiidary Cyndi Lauper Let the Canary Sing. and closed with a knockout conversation between the newly crowned host of the Lat¢ Lat¢ Show. Patrick Kielty, and fonner champion boxer and mental health advocate. Carl Frainpton, on Northern Irish politics, education and identity. Docs Irelaiid celebrated a buinper year for Irish documentaries with 12 Irish features screening in its Pull Focus Competition. Stories included a wide range of subject matter, from music. art. nature, and identity to investigative journalism which provide insights into this island's complicated past and present. Special Irish Screenings included a one-off screening of extraordinary found footage of a 1970s IRA training video thouglit to be lost and discovered by BBC journalist Da￿agh Macliityre in New York, and a retrospective of films from the director of the extraordinary Lyra, and one of Northern Ireland's most exciting filminakers, Alison Millar. The Pull Focus Irish Documentary Competition included three world pr¢mieres, one European premiere and seven Northem Irish premieres. The New Internatioiial Documentary strand brought documentaries from all over the world to Belfast. Penny Lane returned with her exploration of altruism with Confessions of a Good Samaritan, Paul Sng's Tish questioned why working-class photographer Tish Murtha never got her dues for exposing the reality of povety and inequality and in Much Ado About Dying Simon Chambers captured th¢ final years of his eccentric uncle's life. Shellshock Music buTSt onto the scene with a host of exciting events. In the Computer Accent a pop group faced the challenge of bringing AI into their music and Back to the Archive presented an ev¢ning of live Inusic in collaboration with Northern Ireland Screen's Digital Film Archive. And for the first time, Docs Ireland hosted outdoor scrcenings at the Belfast Stories site next to the Sunflower pub, with a prograiTllne of music documentaries, Amazing Grace, The Decline of W¢st¢rn Civilization Part II: Th¢ Metal Years and Monterey Pop. Alongside an extensive f¢atures programme Docs Ireland was proud to present four diverse and wide-ranging Irish Shorts Programmes, with 52/0 of Short films directed by women and including som¢ of Ireland's m05t exciting emerging documentary talent. In 2018, when the first documentary f¢stival launched. there was great excitement about the continued growth of the Irish documentary scene. and the talent of our filmmakers. This year, audiences are up, box office is up and a rccoTd I I Irish feature documentari¢s - many of them premieres - w¢Te Screened. At this ycat's market, 27 Irish, UK and international projects took part with 35 international decision makers participating in project meetings. Feedback froin international delegates was extreinely positive. with all citing their desire to return. A hub for ￿nding, sales and distribution of documentaries in Ireland and globally, the market is an incubator foT nurturing both dom¢stic and international talcnt so that our industry can continue to thrive iii the futUTe. Belfast Film Festival Limited )ort of the Trustees for the Year Ended 31 March 2024 BELFAST FILM FESTIVAL Belfast Filin Festival launched its 2023 programine on 12th October with a prodigious line-up including tlie biggest filins froiii the Cann¢s and Venice film festivals and seven Best Internatioiial Feature Oscat selections. The festival opened with Andrew Haigh's All of Us Strangers, starring Irish actors Andr¢w Scott and Paul Mescal, while Yorgos Lanthimos, Goldeii Lion-winning Poor Things, jointly produced by Ireland's Element Pictures and starring Emma Stone, Will¢m Dafoe and Mark Ruffalo closed the piogramme. These 2 filnis went on to be Golden Globe, BAFTA and Oscar winners. In its second year, the International Competition sponsored by Yellowinoon, reached new heiglits with six audacious debut features and two accoinplished second features: the winiier of Caillies, coveted Un Certain Regard Award, Molly Manning Walkevs How To Have Sex and the winner of the Camera D'or, Pham Tliien An's Inside Tlie Yellow Cocooii Sliell. Showcasing the best of new cinema both in Ireland and internationally, tlie New Cinema strand had soine of the most anticipated filins on the circuit William Oldroyd's scabrous Eileen starring Anne Hathaway and Thomasin McKenzie and Christos Nikou's dystopian roinaiice Fingemails starring Jessie Buckley and Riz Ahmed. Continuing the theme of Cannes award winners, this prograinmc incliided Justine Triet's Palme D'or awai.dee Anatomy of a Fall and Jonathan Glazer's Gland Prix champion Th¢ Zone of Interest. The strdnd also included the Northern Ireland Screen funded thriller Lie of Th¢ Land and Scottish feature Silcnt Roar with a sterling debut feature perforniance from Belfast actor Louis Mccartney. The festival was delighted to host world-r¢nowned writer-director John Sayles and producer Maggie Renzi in Belfast for a stimulating chat about their lives and work, Iiosted by Doiiald Clarke from The Irish Tiines. They were jointly presented with th¢ festival's prestigious Réalta award for Outstanding Contribution to Film. Belfast Film Festival is known for thinking outside of the box and this year was no diffei'ent with a host of unique special events. They included a look back at the history of 16min feaNring a live DJ afterparty plus vo work-in-progress screenings.. Aislinn Clark¢'s newest Irish language horror Fréamhacha and the eagerly awaited BeLfast-set movie, Kneecap. This year BFF pioneered the Long Short Weekend which brought together shorts, filmmakers, and audienc¢s for a weekend of short film screenings including th¢ Shorts Competition sponsored by Screenskills, and the Northem Ireland Screen Showcase. For the Werk! event in the itnposingly atmosph¢ric industrial setting of Riddel's Warehouse. built h¢ritage and on-screen social history were brought together, with a live soundtrack froin Mariorl Hawkes (Ponyhawkelsound Advice). The Festival announc¢d the conipetition winners at a packed house for th¢ closing night ceremony on Saturday I Ith November. The award for Best International Film went to Mohamed Kordofani's Goodbye Julia. The Breakthrough Perfonnance was awarded to Eka Chavl¢ishvili as Etero in Blackbird Blackbird Blackberry and the Outstanding Craft Award for Direction was pr¢sented to Thien An Pham for Inside th¢ Yellow Cocoon Shell. Belfast Film Festival Limited ort of the Trustees for the Year End d l March 2024 FINANCIAL REVIEW Financial position The company had n¢t outgoing resources for the year of £95.741 (2023.. net outgoing resources of £32.066). wliich reflected the completion of a number of projects durtng the year.At 31 March 2024 Unrestricted funds decreased by £69,969, while restricted funds decreased by £25,772. Reserves policy The charity's policy is to ittain a level of free reserves, wliich matches the needs of the organisation both at the current tiine and in the foreseeable future. The reserves required should be sufficient to ineet committed grant expenditure and the running costs for a period ¢quivalent to six inonths annual expenditure. charity has developed a plan to establish and maintain this agreed level of free reserves. The chaiity will continue to monitor compliance with this policy on a regular basis and the Committee will review the appropriateness of the policy annually. FUTURE PLANS We have an aim to double our audience figures annually over the next 5 years. Future planning is liampered by the fact that the organisation works on an annual funding basis. it would benefit greatly from a longcr-tenn funding agreeinent from core funders. Witl) the recruitment of a new, dynamic team it is intended to raise the festival to a whole new level, with innovative and exciting initiatives including an international competition. Over the coming 4 years we plan to contiiiue to build audiences for all our activity, in particular we will focus on audience building for th¢ new Beltast Stories site. W¢ continue to seek and apply for new funding r¢v¢nues. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming document, a deed of trust, and constitutes a liinited company, liniited by guarantee, as defined by th¢ Companies Act 2006. Belfast Film Festival Limited Re ort of the Trustees for the Year End l March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure LIST OF BOARD MEMBERS Marie- Thérèse McGiv¢rn (Co-chair) Marie-Thérèse recently served as Principal and Chief Executive of Belfast Metropolitan College. Prior to that, she was Director of Development at Belfast City Council where she was responsible for economic development. arts, tourism, events and commuiiity services. She is Chair of Maritiine Belfast and also Chair for the Employability and Skills Advisory Board for the £IOb Belfast Region City Deal. She is a Non-Execulive DirectOT of the Strategic Investinent Board for Northern Ireland. Lisa Barros D'sa (Co-chair) Filin director, writer and producer. smdicd English at University of Oxford. MA in Scre¢iiwritiiig froiii London University of the Arts. Bom in Belfast, she is best known tor co-directing and producing the 2019 feature film Ordiiiary Love" co-directed the filins Good Vibrations and Clienybomb with husband Glenn Leyburn. Based on these three 'strikingly different, feature films, the Irish Times d¢scribed Barros D'sa and Leyburn as the most important contemporary filinmakers working froin Northern Ireland Dr. Laurence McKeown (Treasurer) Author, playwright, screen writer 2001 - present. Writer of the L¢s Blair directed f¢ature film H3 about the 1981 hunger strike which preiniered in 2001, co-written with long-time collaborator Brian Cainpbell (d.2005)' The pair wrote two plays together. The Laughter of Our Children (2001}, and A Cold House (2003). first solo play, The Official Version, (2006). Two Roads West with Kabosh Theatre company, a site-specific play set iii a Belfast black cab, where the audiencc cnters the cab with the two actors. Performed Belfast and Derry. Writ¢r of tlie Green and Blue preiniered as part of the B¢lfast International Festival (2016). Produced by Kabosh, Green and Blue dramatises the realities faced by, and unlikely relationship between, a Garda officer and an RUC officer. Publications Nor Meekly Serve My Time.. Th¢ H-Block Struggle 1976-1981 (1994, co-written with Brian Campbell and Felim O'Hagan)' Out Of Time: Irish Republican Prisoners, Long Kesh, 1972-2000 (2001)- Threads (2019). Time Shadows A Prison Meiiioir (2021). Founding m¢mbeT of Belfast Film Festival. Mark Cousins Northern Irisli director and writer based in Edinburgh. he is a prolific documentarian, best known for his 15-hour 2011 documentary The Story of Film.. An Odyssey,. interviewed many famous filmmak¢r5 and actors including Jane Russell, David Lynch, Martin Scorsese and Roinaii Polanski in the TV series Scelle by Scene. presented the BBC cult fllm series Moviedrome from Junc 1997 to July 2000: He introduced 66 films for the show. has made over 50 documentaries. was director of Edinburgli Film Festival,. Cousins joined the jury of the BFI London Film Festival 2021. Co-Artisti¢ DiTector of 'Cineina China,, 'Th¢ Ballerina Ballroom Cin¢ina of Dreams, and 'A Pilgrimag¢' with Tilda Swinton. with Antonia Bird, Robert Carlyle and Irvine Welsh, Cousins is a director of the production company 4Way Pictur¢s' Between 2001 and 2011 wrote for Prospect. now writes for Sight & Sound and Filmkrant. Nisha Tandon Belfast Film Festlval Limited )ort of the Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AIYD MANAGEMENT Nisha is a social cntrq)renueT. founder & director of ArtsEkta - one of the few organisations on the island of Ireland promoting ethnic arts, culture and heritage. She founded ArtsEkta in 2006 after pinpointing a gap tor quality ethnic arts eiigagement iii the sector. Studied and obtained a d¢gre¢ from the Natioiial School of Drama in New Delhi. Fonn¢r member of the executive board of the Arts Council of Northern Ireland. Member of the IntercultUTal Arts Steering Group which oversees the iniplementation of the InterculturaE Arts Strategy developed by ACNI; Member of B¢lfast City Council's Festival Forum strategy sub group. NI r¢pTesentative for Voluntary Arts BAME Advisory UK Panel. Fomier trustee of Cahoots Nl Theatre Company" Community Arts Forum. European Mela Network. Member of UTV'S Regional Advisory Board. Foundiiig member of 'Stronger Togethev, a collaboration of organisations in the field of racial equality, supporting an Inte￿al¢d community development approach to tackling fdcism, and promoting good r¢lations. Lucy Baxter Lecturer, Centre for Docuinentary Research. QUB 18 years, expcri¢iice in TV. filin and digital conteiit; Tan a production company in London. producer and director of documentary, drama, independent filin and digital content for Tvldigital broadcast and theatrical release; Res¢arch currently is across creative enterprise, creative producing in docuiii¢ntary and fiction. Irish cross border Co-production and the applications of digital cont¢nt and XRI virtual reality film in health and social care, particularly emotional trauma. produced and directed an animated film. Pl on a Future Screens Nl funded VR project as part of her inter disciplinary research project Mental Abiise Matters, which is the subj¢ct of hei PhD. Maeve McAdam Maeve McAdain has worked in the filin and TV industries for nearly 30 years and has successfully develope& financed and produc¢d aW￿a-WInnlng projects for the international niarket. Most recently. Maeve has b¢cn working in production fiiiance, lastly as location accountant for Skydanc¢ for Apple Tv's Foundation Season l & 2. Sh¢ is currently production accountant on Wednesday Season 2 for Netflix. Michele Devlin (Company Secretary) - CEO PROGRAMMING SUB COMMITTEE - Laurenc¢ McKeown, Michele Devlin STAFFtNG SUB COMMITTEE - Laurenc¢ McKeown, Michele Devlin PATRONS Terry George - Film-maker Hotel Rwanda, In The Name of the Father, Some Mother's Son. Reservation Road, The Shorc David Holmes - Coniposer, Producer Good Vibes, l Am Belfast, Oceans I I, Fiv¢ Minutes of Heav¢n. Cherrybomb. Ordinary Love William Crawley - Presenter BBCNI Presented also oil various documentaries Stephen Rea - Actor Multiple titles including V for V¢ndett4 Micha¢l Collins, The Crying Gam¢; Founding member Field Day Theatre. Belfast Film Festival Limited Re ort of the Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Wider network LIST OF STAFF MEMBERS Michele Devlin (CEO). Mary Lindsay (Head of Marketing). Sara Morrison (InclusionlAudience Dev¢lopm¢nt)' Moyra Lock (provides Finance/Adiiiin Services (Freelance)). Temp Staff 2023-24 Jessica Kiang (Programmer). Rose Baker (ProgTainineT)' Stuart Sloan (Prograinmer). Roisin Geraglity (Marketplace and Industry Co-ordinator)" Simeon Costello (Box Office Manager); Benen Dillon (Events Manager)- J￿neS Hall (Programming Assistant). Tresca Mallon {Marketing Assistant). Richard Davis (Guest Liaison). Mitchell Ha￿er (Guest Coordinator); Lizzie Howard (Box Otrice Manager). Ainc Grogan (Volunteer Coordinator)" Dara Mcwade (Box Office Assistant). Risk management The principles of good governance ar¢ embedded within all aspects of Belfast Film Festival Limited, operations with management and staff being keenly aware of the Boards responsibility of ensuring that thc organisation protects itself from financial exposure and reputational damage, A close working relationship is Inaintained between the Board and management to ensure that operationally staff are aware of the standards required of th¢in by the Board and the Board are always iii a position to provide guidance and support to management in the discharge of their duties. This Iwo way relationship is the k¢y feature of Bclfast Film Festival Liinited governance arrangements and is a key str¢ngth in the company. A conscientious approach to ensuring that contractual project requirements are achieved has been maintained at all times both in the accounting period being reported on and since Bclfast Film Festival Limited establishment. Very tight financial controls on expenditure and all financial commitments are inaintain¢d at all tiines and projcct staff have been trained and have become expcrienced in budgetary controls.In both these areas ie Project delivery and financial controls managcment all staff have established close working relationships wtth fiu]diiig organisations to ensure all mandatory Standards are consistently achieved. Board representatives also actively engage with funding bodie5. Th¢ Board, management and staff are fully aware that the nature of the work in which B¢lfast Film Festival Limited is involved can bring with it a high l¢vel of scrutiny to ensure that all activities are fully coinpliant with funding requiTein¢nts and, therefore, beyond reproach. Tlic Board of Belfast Film Festival Liinited is, therefore, greatly reassured of the company's cotnpliance with th¢ highest of standards of governanc¢ on the basis that all monitoring and evaluation of Project delivery demonstrates achievement of all funders objectives and that funders, audits and vouching of financial expenditure and the independent ¢xaminers report confinn conipliance with both probity and regularity in the use of monies received. This report has been prepared in accordance with the special provisions of Part 15 of th¢ Companies Act 2006 relating to small companies. Approved by order of the board of truste¢s on 4 September 2024 and signed on its behalf by.. Michele Devlin - Secretary Inde endent Examiner's Re Belfast Film Festival Limited I report on the accounts of the Colnp￿7Y for the year ended 31 March 2024, which are set out on pages twelve to twenty eight. ort to the Trustees of Respective responsibilities of charity trustees and examiner As tlie charity's trustees (and also the direclors for the puiposes of company law) you are responsible for the preparation of the accounts in accordanc¢ with the requirements of the Companies Act 2006. Haviiig satisfied inyself that the charity is not subject to audit under company law ￿]d is eligible for independent examination, it is my responsibility to.. exainine the accounts wider Section 65 of the Charities Act tollow tlie procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Cl)arities Act state whether particular matters have come to my attention. Basis of the independent examlner's report I have examined your charity accounts as required under Section 65 of th¢ Cliarities Act and my exaiiiination was Ca￿led out in accordance with the general Directions given by th¢ Charity Coinmission for Northern Ireland undei- Section 65(9)(b) ot" the Charities Act. The ¢xamination included a review of the accounting records kept by tlie cliarity and a coiiiparisoD of th¢ accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as charity trustees concerning any such niatters. My role is to slate wliether any material inatters have come to my attention giving me cause to believe: That accounting recoi'ds were not kept in accordance with Section 386 of the Companies Act 2006 That the accounts do not accord with those accounting iecoTds That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principlcs of the Charities Stateinent of Recommended Practice applicable to chariti¢s preparing their accounts in accordance with the Financial Reporting Standard applicable in tlie UK and Republic of Ireland That there is fi￿her infonnation needed for a proper understanding of the accounts to be reached. Independent examiner's statement Since youl- chaTlty's ￿-OsS income ¢xc¢¢ded £250,000 your examiner must be a m¢mber of a listed body. I can confinn that I am qualified to iindertake the exainination becaus¢ I a meinber of the Institute of CharteT¢d Accountants in Ireland which is one of th¢ listed bodies. I have completed my ¢xainination and have no concerns in respect of the matters (l) to (4) listed abov¢ and. in connection with following the Directions of tlie Charity Cominissioii foi. Noi'tliem li"eland, I have found no matters that T¢quir¢ drawing to your attention. Mr Billy Drake Lynn Drake & Co Ltd Chartered Accountants I st Floor 34 B-D Main Street Moira Co. Am]agh 10 Inde endent Examiner's Re Belfast Film Festival Limited BT67 OLE ort to the Trustees of 4 September 2024 Belfast Film Festival Limited Statement of Financial Activities Incor Joratin an Income and Ex for the Year Ended 31 March 2024 enditure Account 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Grants Receivable 271,646 271,646 372,247 Other trading activities 126,010 7,500 133,510 97,982 Total 126,010 279,146 405,156 470.229 EXPENDITURE ON Charitable activities Direct Expenses Governance 192,566 4,183 304,762 156 497.328 4,339 499,646 4,667 Total 196,749 304,918 501,667 504,313 NET INCOMEI(EXPENDITURE) Other recognised gainsl(losses) Gains on revaluation of fixed assets (70,739) (25,772) (96,511) (34,084) 770 770 2,018 Net movement in funds (69,969) (25,772) (95,741) (32.066} RECONCILIATION OF FUNDS Total ￿ndS brought forward 237,768 81,006 318,774 350,840 TOTAL FUNDS CARRIED FORWARD 167,799 55,234 223.033 318,774 The notes fom part of thes¢ financial statements 12 Belfast Film Festival Limited Statement of Financial Position 31 March 2024 31.3.24 31.3.23 Notes FIXED ASSETS Tangible assets Investsnenls 63.159 132,291 88,931 131,521 10 195,450 220.452 CURRENT ASSETS Debtors Cash at bank 20,000 14,342 20,000 82,403 34,342 102,403 CREDITORS Aiiiounts falling due witliin one year 12 (6,759) (4,081) NET CURRENT ASSETS 27,583 98,322 TOTAL ASSETS LESS CURRENT LIABILITIES 223,033 318,774 IYET ASSETS 223.033 318,774 FUNDS Unrestricted funds Restricted funds 14 167,799 55,234 237,768 81,006 TOTAL FUNDS 223,033 318,774 The charitable company is entitled to exemption froin audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required tlie company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of th¢ Companies Act 2006. The trnstces acknowledge their responsibilities for (a) ensuring that tlie charitable company keeps accounting Tecords that comply with Sections 386 and 387 of the Coinpanies Act 2006 and (b) preparing financial stat¢ments which give a true and fair view of the stat¢ of affairs of the charitable company as at the end of each financial year and of its surplus or d¢ficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. Th¢ notes fonn part of these financial statements 13 continued... Belfast Film Festival Limited Statement of Financial P051tion - Continued 31 March 2024 These financial statements have been prepared in accordance with the provisions applicable to Charitable companies subject to tlie small companies regime. The financial statements were approved by the Board of Trustees and auth0ri5ed for issue on 4 Septeinb¢r 2024 aiid were signed on its behalf by.. Laurence McKeown - rustee Marie-Th¢rese ivern - Truste¢ The notes forn) part of these fu￿nCIal statements 14 Belfast Film Festival Limited Notes to the Financial Statements for the Year End d 31 March 2024 ACCOUNTING POLICIES Basis of preparing the tinancial statements {a) General information and basis of preparation Belfast Film Festival is constituted as a company limiled by guarantee incorporatcd in Northem Ireland (N1032251). In the event of the charity being would up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Stateinent 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), the Financial Reporting Standard applicable iii the Uiiited Kingdom and Republic of Irelaiid (FRS 102), th¢ Charities Act (Northern Ireland) 2013. the Companies Act 2006 and UK Generally Accepted Practic¢ as it applies fToin l January 2015. The financial statements ale prepared on a going concern basis und¢r the historical cost convention. modified to includ¢ certain lten￿ at fair value. The financial stat¢m¢nts are presented in stcrling which is the functional currency of the charity.. The significant accounting policies applied in the preparation of these financial statemcnts are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) Funds Unrestricted funds are available for use at the discretion of the trustees in furtheTance of the general obj¢¢tiv¢s of the charity and which have not be¢n designated for other puryos¢s. Designated funds comprisc unrestricted funds that have been set aside by the truste¢s for particular puiposes. The aim and use of each designated fund is set out in the notes to the financial statements. Rcstricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by th¢ charity for particular pU￿oses. The cost of raising and adniinistering sucli funds are charged against the sp¢¢ific ￿nd. The aim and use of each restricted fund is s¢t out in the notes to the financial stafrments. Furtlier explanation of the nature and Purpose of each fund is included in th¢ notes to the financial statements. (¢) Income recognition All incoming resources are included in the Statem¢nt of Financial Activities (SOFA) when the charity is legally entitled to the income after any perfonnance conditions have been met, the amount can be measured reliably and it is probable that th¢ income will b¢ received. 15 continued... Belfast Film Festival Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- continued Basis of preparing the financial statements For donations to be recog]iised the charity will have been notified of the amounts and the settlement date in Writing. If there are conditions attached to the donatioii ￿]d this requires a level of peiformance before entitlement can be obtained then income is deferred until those conditions are Ily met or the ￿lfIlment of those conditions is within the control of th¢ charity and it is probabl¢ that they will be fulfilled.Voluntary income is received by way of grants, donations and gifts and is included in full in tlic Statcment of Financial Activities (SOFA) when receivable. Income received froni collections is recognised when received. Donated facilities and donated professional s¢rvic¢s are recognised in incom¢ at their fair value when Iheir economic benefit is probable, it can be m¢asured Teliably and the charity has control over the itein. Fair value is detern]iiied oil the basis of the value of the gift to th¢ charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A Co￿¢SpOndIng amount is reCO￿lISed in exp¢nditUTe. No amount is included in the financial stateinents for volunteer time in line with the SOR￿ (FRS 102). Further detail is given in the Trustees, Annual Report. For legacies, ¢ntitlem¢nt is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point incom¢ is recognised. On occasion legaci¢s will be nolified to th¢ charity however it is not possibl¢ to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Income from trading activities includes income eam¢d from fundraising events and trading activities to raise funds for the charity. Income is received in excliaiige for supplying goods and servic¢s in order to raise fi￿dS and is recognised wh¢n ¢ntitlement has occurred. The charity receives governiiient grants which are detailed within the notes to these financial statements. Income from government and other grants are Tecugnised at fair value when the chaiity has entitleineiit after any perfornjance conditions have been mct, it is probable that the incom¢ will be received and the ainount can b¢ m¢asured reliably. If entitlement is not Inet then th¢s¢ amounts are deferred. (D) Expenditiure recognition All expenditure is accounted for on an accruals basis. inclusive of VAT which cannot be recovered and has been classified under headings that aggregate all costs related to the category. Exp¢iiditUTe is recogniscd 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 obligation can be measured reliably. It is categorised under the following headings.. Costs of raising funds includes the costs associated with attracting voluntary incomes. Expenditure on charitable activities includ¢s those costs incurred by the charity in tlie delivery of its activities and servic¢s for its beneficiari¢s. It includes both costs that can be allocated direcdy to such activities and those costs of an indirect nature necessary to support them- and Other expenditure r¢presents those iteins not falEing into the categori¢5 above. IrTecoverable VAT is charged as an expense against the activity for which expenditure arose. 16 continued... Belfast Film Festival Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Basis of preparing the financial statements Grants payable to tliiTd parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants ar¢ conditional relating to perfonnance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. (e) Support Costs allocation Support costs ar¢ those that assist the work of the charity but do not directly r¢prescnt charitable activities and include offic¢ costs. governance costs, administrative payroll costs. Th¢y are incurred directly iii support of expenditure oil the objects of the charity and include PToject managcment carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on cliaritable activities on a basis consistent with use of the resources. Premises overheads have been allocated on an insert detail basis and other overheads have been allocated on a basis consistent with the use of resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating infornlation in support of the charitabl¢ activities. (0 Tangible fixed assets Taiigible fixed assets are statcd at cost less accumulated depreciation and accumulafrd iinpairnient 105ses. Cost includes costs directly attributable to inaktng the asset capabl¢ of operating as intended. D¢pr¢ciation is provided on all tangibl¢ fix¢d ass¢ts, at rates calculafrd to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected us¢ful life as follows.. Impi'ovenient to Property Fixtures & Fittings 250/0 Straight Line 25D/o Straight Liiie (g) Financial Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provision of the instrument. Basic fiiiancial instruments are initially recogniscd at th¢ ainounts receivable or payabl¢ inrluding any related transaction costs. Current assets and Gu￿ent liabilities are subsequently measur¢d at the cash or other consideration expected to be paid or relived and not discounted. Debt instruiments are subsequently measured at amortised cost. WheTe investments in shares are publicly traded or their fair value can othenvise be measuTed reliably, the invesbnent is subsequently measured at fair value with changes in fair value recognised in incom¢ and expenditure. All other such investments are subsequ¢ntLy measured at cost less impainneiit. 17 continued... Belfast Film Festival Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Basis of preparing the financial statements Other financial instruments, including derivatives, are initially recognised at fair value, unless pa￿nent for an asset is deferred beyoiid iionnal business teniis or finaiiced at a rate of inlerest that is not a market rat¢, in which case the asset is measured at the present value of the ￿tUre payments discounted at a market rdte of interest for a similar debt instNmcnt. Other finaiictal instrnmcnts are subsequently ineasured at fair value with any changes recognised in the statenieiit of financial activities, with the exception of hedging instruments in a designed hedging relationsliip. Financial assets that are measured at cost or amoitised cost are reviewed for objective evid¢nc¢ of iinpainiieiit at th¢ end of each reporting date. if there is objective evidence of impairment an impairment loss is recognised under the appropriate heading in the statement of financial activities in whicli the initial gaiii is recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are ass¢ss¢d individually for impaim]ent. Other financial assets arc eith¢r assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impainn¢nt ar¢ recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the Carrying ￿lloUnt would have been had the impainnent not previously been recognised. {h) Impairment Assets not measured at fair value are r¢vi¢w¢d for any indication that the asset may b¢ impaired at each balance sheet date. If such indication exists. th¢ recoveTable amount of the asset. or the asset's ash generating uniL is estimated and coinpared to the carrying ainount. Wh¢re the carrying amoun¢ exceeds its recoverable amount. an impairnient loss is recognised in profit or loss unless the asset is ca￿led at a revalued ainouijt where the impainnent loss is a revaluation dccrcase. (i) Provisions Provisions are re¢ognised when the cliarity has an obligation at the balance sheet date as a result of a past event. il is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. ti) Leases Assets acquired under finan¢¢ leases are capitalised and depreciated over the short¢r of th¢ lease tem] and tlie expected useful life of the asset. Minimum lease payments are apportion¢d between the finance charge and the reduction of the outstanding lease liability using the ¢ff¢ctiv¢ interest method. The Telated obEigations. net of future finance charges. are included in creditors. Rentals payable and reccivabl¢ under operating leases are charg¢d to the SOFA on a straight line basis over the period of th¢ lease. (k) Tax 18 continued... Belfast Film Festival Limited Notes to the Financial Statements - continued for the Y ar Ended 31 March 2024 ACCOUNTING POLICIES - eontinued Basis of preparing the finaneial statements No provision is Tequired for taxation as the company is defined as a charity for taxation purposes. The charity is a registered charity and so such is entitled to certain tax exemptions on income and profits from investinents and sulpluses on any trading activities carried on in furtherance of the charity's priniary objectlV¢5, if these profits and surpluses are applied solely for charitable purposes. O) Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The truste¢s have considered the level of funds held and the ¢xpect¢d level of incoine aiid expenditure for 12 months from authorising these financial statemcnts. The budgeted income and expenditur¢ is sufficient with the level of r¢s¢rves for the charity to bc able to ontinue as a going concem. (m) Judgements estimates The following judgements includin(r those involving estimates that have been made in the process of applying the above accounting policies that have had the most signlficant ¢ff¢ct on the amounts recognised in the financial statenients (md that have a significant risk of causing a material adjustmcnt to the carying ainounts of assets and liabilities within the iiext financial year.. (i) depreciation method and asset useful lives The estimates and assuinptions are reviewed on an ongoing basis consid¢ring the current and future maTk¢t ¢onditLons. Taxation The company is a r¢gist¢r¢d charity and so such is entitled to certain tax exemptions on income and profits froin inv¢stinents and SU￿lUs¢S on any tradiiig activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. Fund accounting Unrestricted funds can be used in accordance with tlie charitable objectives at the discretion of the trustees. Restricted fLLnds can only be used for particular rcstrict¢d purposes within the objects of the charity. Restrictions arise wh¢n specified by the donor or when funds are rais¢d for particular restricted purposes. Further explanation of the nature and purpose of eacli fund is included in the notes to tlie financial ststements. Pension costs and other post-retirement benefits The charitable COTnpany operates a defined contribution pension scheme. Contributions payable to the charitable company's pension Scheme are charged to the Ststement of Finaiicial Activities in the period to which they relate . 19 continued... Belfast Film Festival Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 OTHER TIL4DING ACTIVITIES 31.3.24 31.3.23 Sundry Income Spoiisorship and Adverts Box Office The British Council 5,453 65,667 54,890 7,500 5,498 45,980 36,504 10,000 133,510 97,982 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Activity Grants Receivablc Grants 271,646 372,247 Grants received, included in the above, are as follows.. 31.3.24 31.3.23 NI Screen - Annual Funding Belfast City Council - Annual Funding Tourisin Nl Film Hub Nl (QUB) BFI Film Hub Midlands Nl Screen - Docs Festival Nl Screen - Otlier Northern Ireland Screen - Capital Arts & Business Northern Ireland Belfast City CounciE- Special Funding SMEC Group Film Feels Curious Summer Cinema Domiant Accounts Fund The Hearth Nl Screen Archive 80,000 60,000 80,000 90,800 18,000 59,200 10,000 61,890 26,568 6,500 750 30,000 50,000 2,000 8,000 2,000 2,000 1,500 15,039 9,771 26,000 3.875 271,646 372,247 20 continued... Belfast Film Festival Limited Notes to the Financial Statements- continued for the Year End d l March 2024 CHARITABLE ACTIVITIES COSTS Support costs (see note 5) Direct Costs Totals Direct Expenses Governance 456,888 40,440 4,339 497,328 4,339 456,888 44.779 501,667 SUPPORT COSTS Governance costs Management Totals Direct Expenses Governance 40,440 40,440 4,339 4,339 40,440 4,339 44,779 NET INCOMEI(EXPENDITURE) Net income/(¢xp¢ndiNre) is stated after chargingl(crediting): 31.3.24 31.3.23 Independent Examination Fee Accountancy Fee Depreciation - owned assets 1,240 2,252 25,772 1,240 2,512 14,918 TRUSTEES, REMUNERATION AND BEIYEFITS There wer¢ no trustees, reinuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the y¢ar ended 31 March 2024 nor for the year ended 31 March 2023. 21 continued.. Belfast Film Festival Limited Note5 to the Financial Statements- continued for the Year Ended 31 March 2024 STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security Costs Other pension costs 87,703 3.343 3,614 98,032 5.297 3,283 94,660 106,612 The average monthly number of einployees during the year was as follows: 31.3.24 31.3.23 Manageinent & Adininistration No employees received emoluments in excess of £60,000. TAINGIBLE FIXED ASSETS Improvements Computers to and property Equipment Totals COST At l April 2023 and 31 March 2024 121,659 240,849 362,508 DEPRECIATION At l April 2023 Charge for year 121,659 151,918 25.772 273,577 25,772 At 31 March 2024 121,659 177,690 299,349 NET BOOK VALUE At 31 March 2024 63,159 63,159 At 31 March 2023 88,931 88,931 22 continued.. Belfast Film Festival Limited Notes to the Finaneial Statements- continued for the Year Ended 31 March 2024 10. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l April 2023 Revaluations 131,521 770 At 31 March 2024 132,291 NET BOOK VALUE At 31 March 2024 132,291 At 31 March 2023 131.521 There were no investment assets outsid¢ the UK. Cost or valuation at 31 March 2024 is represented by.. Listed investments Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 59,771 5,544 64.188 2,018 770 132,291 The investm¢nts were valued by CRN Financial Group, l Forestgrove Busin¢ss Park, Newtownbreda Road, Belfast, BT8 6A W on 31 March 2024. DEBTORS: AMOUNTS FALLING DUE WITHIIY ONE YEAR 31.3.24 31.3.23 Nl Screen - Annual Funding 20,000 20,000 23 continued... Belfast Film Festival Limited Notes to the Financial Statements - continued for the Year Ended l March 2024 12. CREDITOILS: AMOUNTS FALLING DUE ￿THIN ONE YEAR 31.3.24 31.3.23 Social security and other taxes Other CTeditOTS Accruals and deferred income 1,643 1,355 3,761 476 3,605 6,759 4,081 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted fund funds Fixed assets Investments Current assets Current liabilitics 63,159 63,159 l32,291 34,342 (6,759) 88,931 131,521 102,403 (4,081) 132,291 37,942 (2,434) (3,600) (4,325) 167,799 55,234 223,033 318,774 14. MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unrestricted funds General fund 237,768 (69,969) 167,799 Restricted funds Capital Grant Reserve Nl Screen - Capital Costs Arts Council Northern Ireland - Capital 1,118 74,793 5,095 {137) (24.166) (1,469) 981 50,627 3.626 81,006 (25.772) 55,234 TOTAL FUNDS 318,774 (95,741) 223,033 24 continued..- Belfast Film Festival Limited Notes to the Financial Statements- Continued ror the Year Ended 31 March 2024 14. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and Movenient losses in funds Unrestricted funds General fund 126,010 (196,749) 770 (69,969) Restricted funds Capital Grant Res¢rv¢ Nl Screen - Annual Funding Nl Screen - Capital Costs Belfast City Coiincil - Annual Funding Film Hub NI (QUB) BFI NI Scre¢n - Docs Festival NI Screen - Other Arts & Business Northem Ireland Arts Council Northern Ireland - Capital Belfast City Council - Special Funding British Council Partnership Progranime Domiaiit Accounts Fund The Hearth Nl Screen Archive (137) (80,000) (24.166) (60,000) (30.000) (50,000) (2,000) (8,000) (1,469) (2,000) (7,500) (9,771) (26,000) (3,875) (137) 80,000 (24,166) 60,000 30,000 50.000 2,000 8,000 (1,469) 2,000 7,500 9,771 26,000 3,875 279,146 (304,918) (25,772) TOTAL FUNDS 405,156 (501,667) 770 (95.741) 25 continued.. Belfast Film Festival Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 14. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in ￿ndS Al 3113123 At 114122 Unrestrietcd funds General fund 174,692 63,076 237,768 Restricted funds Capital Grant Reserve NI Screen - Amiual Funding Nl Screen - Capital Costs Belfast City Couiicil - Aniiual Funding Nl Screen - Docs Festival Arts Council Northern Ireland - Capital DFC Renewal Programmc 1,255 55,610 81,605 30,778 286 6,564 50 (137) (55,610) (6,812) (30,778) (286) (1,469) (50) 1,118 74,793 5,095 176,148 (95,142) 81.006 TOTAL FUNDS 350,840 (32,066) 318,774 26 continued... Belfast Film Festival Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 14. MOVEMENT IN FUNDS - continued Comparative net movement in ￿nds, included in the above arc as follows". Incoiiiing resources Resources cxpended Gains and losses Movfflnait in funds Unrestricted funds General fund 85,702 (24,644) 2,018 63,076 Restricted funds Capital Grant Reserve Nl Screen - Annual Funding NI Screen - Capital Costs Belfast City Council - Annual Funding Tourisin Nl Film Hub NI (QUB) BFI Film Hub Midlands NI Screen - Docs F¢stival NI Screen - Other Arts & Business Northern Ireland Arts Council North¢rn Ireland - Capital DFC Rencwdl Prograinin¢ Screen Ireland Britisli Council Partnership Programme Film Feels Curious Sumnicr Cinema (137) (135,610) (13,312) (121,578) (18,000) (59,200) (10,000) (62,176) (26,568) (750) (1,469) (50) (4,280) {io,000) (1,500) (15,039) {137) (55,610) (6,812) (30,778) 80,000 6,500 90,800 18,000 59,200 10,000 61,890 26,568 750 (286) (1,469) (50) 4,280 10.000 1,500 15,039 384,527 (479,669) (95,142) TOTAL FUNDS 470,229 (504,313) 2,018 (32,066) 15. CONTINGENT LIABILITIES A contingent liability exists in that the organisation must spend all grants received from funders in accordance with the temis and conditions of the letters of offer. 27 continued... Belfast Film Festival Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 16. RELATED PARTY DISCLOSURES Thcre were no related paty transaction5 for the year ended 31 March 2024 17. WINDING UP Every member of th¢ Coinpany undertakes to contribute to the assets of the Company, in the event of the S