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2025-03-31-accounts

REGISTERED COMPANY NUMBER: NI028068 (Northern Ireland) REGISTERED CHARITY NUMBER: 102342

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Catalyst Arts Ltd

M.B.McGrady & Co Chartered Accountants Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH

Catalyst Arts Ltd

Contents of the Financial Statements for the Year Ended 31 March 2025

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Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 14
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Catalyst Arts Ltd

Reference and Administrative Details for the Year Ended 31 March 2025

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TRUSTEES Eoin Bennett (resigned 1/12/2024)
Rachael Melvin (resigned 1/4/2024)
Silvia Koistinen (resigned 1/8/2024)
Sean Ward (resigned 1/8/2025)
Emma Quin
Samar Nezamabad (appointed 6/6/2024)
Pete Ramsay (appointed 1/2/2025)
Tori Clarkson (appointed 3/10/2024)
Patsy McCartan (appointed 5/6/2025)
COMPANY SECRETARY Tori Clarkson
REGISTERED OFFICE 6 Joys Entry
Belfast
Antrim
BT1 4DR
REGISTERED COMPANY NI028068 (Northern Ireland)
NUMBER
REGISTERED CHARITY 102342
NUMBER
INDEPENDENT EXAMINER M.B.McGrady & Co
Chartered Accountants
Suite 2B
Cadogan House
322 Lisburn Road
Belfast
Co. Antrim
BT9 6GH
BANKERS Co-operative Bank
PO Box 250
Delf House
Skelmersdale
WN8 6WT
----- End of picture text -----

1

Catalyst Arts Ltd

Report of the Trustees for the Year Ended 31 March 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The company's objectives are to advance and improve, production and promotion of art and culture and the advancement of education and training in the arts and related subjects in Northern Ireland and beyond ("hereinafter called the "area of benefit") through the provision of workshops, advice, information and training and the organisation of exhibitions, residencies and events and through such other charitable ways as decided by the directors.

The company has power to:

(a) promote and improve visual, sonic and live art and the production of works of artistic merit by established, new and emerging artists through the provision of workshops, advice, information and training and the organisation of exhibitions, residencies and events and through such other charitable ways as decided by the directors;

(b) promote learning through the arts with the object of developing aesthetic and cultural appreciation by providing an innovative and experimental (visual or multi- disciplinary) arts programme in the area of benefit which is freely available and accessible to all;

(c) promote arts exchange opportunities for emerging and established artists outside Northern Ireland;

(d) advance the education and training of visual arts and multi-disciplinary practitioners by the provision of integrated training and arts management experience, mentoring and information.

All trustees have had regard to the Commission's Public benefit requirement statutory guidance.

Purpose of the Charity

The main purposes of Catalyst Arts Ltd has always been:

  1. to advance and support the career of local emerging contemporary artists in Belfast and Northern Ireland through on site exhibitions at Catalyst Arts Gallery, off site exhibitions and residencies, technological resources, networking and international opportunities.

  2. to support local volunteers in Belfast with an interest in the arts and arts management, by advancing their skills in practical aspects of running an art gallery such as installation, funding applications, archiving and administration work.

  3. to bring experimental, innovative contemporary art to Belfast and engage the local arts community and the general public with contemporary art through exhibitions, talks, workshops and off site participatory artworks.

2

Catalyst Arts Ltd

Report of the Trustees for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

Significant activities

Catalyst Arts is the longest running artist-led gallery in Northern Ireland. We provide a unique platform for emerging local artists and recent graduates to exhibit their work in a curated context within an accessible, professional and stimulating environment. The gallery fulfils a significant local and national role by touring Northern Irish artists both nationally and internationally. We provide artists with the use of our technological resources, networking opportunities and access to our historical archives.

We are run by a rolling board of up to ten volunteers who curate and deliver high quality exhibitions and projects. We provide to the public an exciting programme of experimental, multidisciplinary contemporary art from local, national and international artists, alongside complementary educational workshops and talks. We aim to maintain and improve our existing relations with other arts organisations and to continue to expand and reach new audiences. Catalyst Arts is a charity based organisation that supports and promotes the production of innovative and experimental contemporary exhibitions and events that are free of charge and accessible to a wide variety of audiences.

Our organisation upholds a unique position within the visual arts sector of Northern Ireland and offers an unrivalled training scheme for individuals that include curation and arts administration.We do not have any paid members of staff and function through the commitment of seven voluntary co-directors and a strong volunteer community.

We are a member based organisation, whose members benefit from open calls, the use of our resource centre and advice on a daily basis. Catalyst provides exhibition opportunities for artists at the beginning of their careers, enabling the display of work alongside practitioners with an internationally established reputation.

Review of past programme

In the 24/25 financial year, Catalyst has presented two Director shows, one Member's show, one Graduate Award solo exhibition of an Ulster University fine art graduate, a guest-curated anniversary show for our 30th anniversary with an additional performance evening, and a fresh iteration of our annual public engagement programme Propagate.

April 2024 commenced with our 2023/24 Graduate Awardee, Éabha Campbell. With support and mentorship from the Catalyst board, they presented their first solo show, entitled MUSCA DEPICTA. Using painting, taxidermy and actively decaying specimens, their exhibition explored decay, metamorphosis, and the in-between states within life and death.

Following this, June 2024 gave us soft listings, Silvia Koistinen's director show to conclude her two year tenure at Catalyst Arts. Through the works of artists Eslam Abd El Salam, Phillip McCrilly, Tara McGinn, and Sorcha McNamara, the exhibition investigated the nature of the gallery space, and the process of exhibition-making, as a space that holds and supports practices. Soft listings also included two engagement events: a kvass making workshop with Philip McCrilly, and a closing in-conversation event with the four artists and the curator.

3

Catalyst Arts Ltd

Report of the Trustees for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

In August 2024, we celebrated Catalyst's 30th anniversary with our mother of pearl programme. The month began with the opening of Shape of a Pocket, an exhibition guest-curated by Dougal MacKenzie and Christopher Hanlon. It served as a reimagining of an exhibition from Catalyst's early days, 1995's Subterrraneans, looking at the current landscape of painting in Northern Ireland. We also launched a publication, mother of pearl, consisting of visual and text-based submissions from past and present Catalyst directors and selections from our archive. As part of the programme, we hosted an evening of performance art in Riddel's Warehouse, featuring artists from Catalyst's past and present: Alistair MacLennan, Brian Patterson, Emma Brennan, Sandra Johnston, and Thomas Wells.

Continuing on, October 2024 gave us a director show from Husk Bennett, -, interrogating the interplay of labour, identity, and production within contemporary practices, challenging the audience with a continually growing and changing display that exposed the effort that goes behind exhibition-making. - featured artwork and text from Edy Fung, Luke van Gelderen, and Cecelia Graham during its run, and closed with a Club Curious evening event with DJ sets by Tailtiu, Son Zept, mima, and Acid Guy and visuals from Reuben Brown.

For December 2024's Late Night Art, we held a publication launch for our FIX23 publication Designed by Zanis Mavrenkis, In House Creative, and also a mini second-hand book sale of duplicates from our extensive library as a fundraising effort.

2025 commenced with cold, wet, humid growth in February, our annual Member's show where we give back to our members that give so much to support us. We were excited to see a wide range of creative responses to the theme of moss - a spongy growth that binds things together - from members based across the island of Ireland and also the UK, including an opening night performance by Olivia Hassett.

On the 28th of February and the 1st of March, we organised YOU WOULDN'T CLOSE A CLUB AT 3AM, the 2024/25 iteration of Propagate - our annual public programme of workshops and events focusing on public engagement and artistic development. This year, it focused on fostering conversation about Belfast's nightlife and DIY club culture. We began with a Panel Discussion at Sound Advice to discuss the challenges in hosting late-night events in Belfast and how we can collectively push for more DIY spaces and events in our city. Panelists were Marion Hawkes, Timmy Stewart, Holly Lester, Peter Gibney, and Andrew Moore, with moderator Saul Duffin. We followed this event with a DIY T-Shirt Spray-Painting Workshop in Catalyst, facilitated by Reuben Brown, and afterwards participants were encouraged to continue the party at Ponyhawke in Ulster Sports Club.

Throughout our programming we have supported both local, national, and international artists, and collaborated with a number of collectives and organisations such as Riddel's Warehouse, Rí-Rá, Sound Advice, The Night Institute, Plain Sailing, Free the Night, Visual Artists Ireland, Artist-Run Europe, Radio AlHarra, and Arts & Business NI. We have also been in close communication with Thrive and Belfast City Council in the development of Late Night Art, participating in focus groups and surveys. We continue to develop relationships with funders such as Belfast City Council, Fluxus Art Projects, Jonathan Ruffer, and the Esme Mitchell Trust. We also very generously received funding from Ulster University for our 2024/25 Graduate Award exhibition, and will sustain this relationship for future graduate awards.

FINANCIAL REVIEW

Financial position

Financial performance in the year to 31 March 2025 has been broadly consistent with the trustee’s forecasts and expectations. Income receipts for the year totalled £51,275 (2024: £49,291) and expenditure for the year totalled £54,144 (2024: £54,002). This resulted in a deficit of £2,869 (2024: deficit of £4,711) for the year.

Reserves policy

Financial Policy on Operating Reserves involves maintaining an operating reserves ratio of between three and six months core costs which based on current income and expenditure varies between £10,000 and £20,000.

4

Catalyst Arts Ltd

Report of the Trustees for the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Trustees who served at anytime during the year were:

Emma Quin Samar Nezamabad (appointed 6 June 2024) Pete Ramsay (appointed 1 February 2025) Tori Clarkson (appointed 3 October 2024) Rachael Melvin (resigned 1 April 2024) Silvia Koistinen (resigned 1 August 2024) Eoin Bennett (resigned 1 December 2024) Sean Ward (resigned 1 August 2025)

Approved by order of the board of trustees on 3 December 2025 and signed on its behalf by:

Samar Nezamabad - Trustee

5

Independent Examiner's Report to the Trustees of Catalyst Arts Ltd

I report on the accounts of the company for the year ended 31 March 2025, which are set out on pages seven to fourteen.

Respective responsibilities of charity trustees and examiner

As the charity's trustees (and also the directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of the independent examiner's report

I have examined your charity accounts as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the 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 matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

  1. That accounting records were not kept in accordance with Section 386 of the Companies Act 2006

  2. That the accounts do not accord with those accounting records

  3. That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principles of the 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

  4. That there is further information needed for a proper understanding of the accounts to be reached.

Independent examiner's statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

Seamus McLernon

M.B.McGrady & Co Chartered Accountants Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH

3 December 2025

6

Catalyst Arts Ltd

Statement of Financial Activities for the Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Programming
Other trading activities
3
Investment income
4		 Unrestricted
fund
£
50
-
5,799
151		 Restricted
fund
£
30,318
14,957
-
-		 31/3/25
31/3/24
Total
Total
funds
funds
£
£
30,368
27,518
14,957
15,846
5,799
5,825
151
102
Total 6,000 45,275 51,275
49,291
EXPENDITURE ON
Charitable activities
Programming		 7,461 46,683 54,144
54,002
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward		 (1,461)
28,296		 (1,408)
2,603		 (2,869)
(4,711)
30,899
35,610
TOTAL FUNDS CARRIED FORWARD 26,835 1,195 28,030
30,899

The notes form part of these financial statements

7

Catalyst Arts Ltd

Balance Sheet 31 March 2025

Notes
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand		 31/3/25
31/3/24
£
£
124
205
10,840
10,524
18,486
21,519
CREDITORS
Amounts falling due within one year
10		 29,326
32,043
(1,420)
(1,349)
NET CURRENT ASSETS 27,906
30,694
TOTAL ASSETS LESS CURRENT
LIABILITIES		 28,030
30,899
NET ASSETS 28,030
30,899
FUNDS
12
Unrestricted funds
Restricted funds		 26,835
28,296
1,195
2,603
TOTAL FUNDS 28,030
30,899

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 3 December 2025 and were signed on its behalf by:

Samar Nezamabad - Trustee

The notes form part of these financial statements

8

Catalyst Arts Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment - 20% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Donations
Grants		 31/3/25
31/3/24
£
£
50
-
30,318
27,518
30,368
27,518
Grants received, included in the above, are as follows:
core		 31/3/25
31/3/24
£
£
30,318
27,518

continued...

9

Catalyst Arts Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

3. OTHER TRADING ACTIVITIES

Membership
Earned Income
Other income		 31/3/25
31/3/24
£
£
2,379
2,639
421
854
2,999
2,332
5,799
5,825
4.
INVESTMENT INCOME
Interest receivable		 31/3/25
31/3/24
£
£
151
102
5.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Accountancy fees
Depreciation - owned assets		 31/3/25
31/3/24
£
£
1,724
1,943
81
252

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
Restricted
fund
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
-
27,518
Charitable activities
Programming
-
15,846
Other trading activities
5,825
-
Investment income
102
-
Total
5,927
43,364
EXPENDITURE ON
Charitable activities
Programming
8,320
45,682		 Total
funds
£
27,518
15,846
5,825
102
49,291
54,002

continued...

10

Catalyst Arts Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

----- Start of picture text -----
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund fund funds
£ £ £
NET INCOME/(EXPENDITURE) (2,393) (2,318) (4,711)
RECONCILIATION OF FUNDS
Total funds brought forward 30,689 4,921 35,610
TOTAL FUNDS CARRIED FORWARD 28,296 2,603 30,899
8. TANGIBLE FIXED ASSETS
Equipment
£
COST
At 1 April 2024 and 31 March 2025 56,385
DEPRECIATION
At 1 April 2024 56,180
Charge for year 81
At 31 March 2025 56,261
NET BOOK VALUE
At 31 March 2025 124
At 31 March 2024 205
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/25 31/3/24
£ £
Other debtors 2,168 2,028
Prepayments and accrued income 8,672 8,496
10,840 10,524
----- End of picture text -----

continued...

11

Catalyst Arts Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accruals and deferred income 31/3/25
£
1,420		 31/3/24
£
1,349
11.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
fund
£
Fixed assets
207
Current assets
26,629
Current liabilities
(1)		 31/3/25
Restricted
Total
fund
funds
£
£
(83)
124
2,697
29,326
(1,419)
(1,420)		 31/3/24
Total
funds
£
205
32,043
(1,349)
26,835 1,195
28,030		 30,899
12.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Core		 Net
movement
At 1/4/24
in funds
£
£
28,296
(1,461)
2,603
(1,408)		 At
31/3/25
£
26,835
1,195
TOTAL FUNDS 30,899
(2,869)		 28,030
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Core		 Incoming
Resources
resources
expended
£
£
6,000
(7,461)
45,275
(46,683)		 Movement
in funds
£
(1,461)
(1,408)
TOTAL FUNDS 51,275
(54,144)		 (2,869)

continued...

12

Catalyst Arts Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1/4/23
£
Unrestricted funds
General fund
30,689
Restricted funds
Core
4,921		 Net
movement
in funds
£
(2,393)
(2,318)		 At
31/3/24
£
28,296
2,603
TOTAL FUNDS
35,610		 (4,711) 30,899
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
5,927
Restricted funds
Core
43,364		 Resources
expended
£
(8,320)
(45,682)		 Movement
in funds
£
(2,393)
(2,318)
TOTAL FUNDS
49,291		 (54,002) (4,711)

A current year 12 months and prior year 12 months combined position is as follows:

At 1/4/23
£
Unrestricted funds
General fund
30,689
Restricted funds
Core
4,921		 Net
movement
At
in funds
31/3/25
£
£
(3,854)
26,835
(3,726)
1,195
TOTAL FUNDS
35,610		 (7,580)
28,030

continued...

13

Catalyst Arts Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Core		 Incoming
Resources
resources
expended
£
£
11,927
(15,781)
88,639
(92,365)		 Movement
in funds
£
(3,854)
(3,726)
TOTAL FUNDS 100,566
(108,146)		 (7,580)

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.

14