Charlty rogistration number NIC102819 Company reglstration number N1629769 (Northern Ireland) PHOTO FESTIVAL BELFAST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
PHOTO FESTIVAL BELFAST LEGAL AND ADMINISTRATIVE INFORMATION Trustees l Lindsay G Neill SAllen C Gallagher Secretary M Weir Charlty numbor NIC102819 Company numbor N1629769 Reglstered offlco 21 Ormeau Avenue 8elfast Antrim BT2 8HD Independent examlner Harbinson Mulholland Centrepoint 24 OrmeauAvenue Belfast Co. Antrim Northern Ireland BT2 8HS Bankers Barclays Bank PIC 17 Castle Place Belfast BT1 1EL
PHOTO FESTIVAL BELFAST CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activities Statement of financial posltion statement of cash flows Notes to the financial statements 7-15
PHOTO FESTIVAL BELFAST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance wfth the accounting policies set out in note 1 to the financial statements and comply with the company's Memorandum and Articles of Association, the Companies A 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (as amended for accounb'ng periods commencing from 1 January 2016). The company is governed and managed by th8 board of directors, who are a150 the charity's trustees. The trustees who currently serve the company are shown on the legal and administration page, together with details of the registered office and other professional advisors. Objectlves and actlvltles The principle objectives and activities of the charity during the year continued to be the organisation and management of a visual arts festival and photographic exhibitions. The charity carries oul its activlties on a "not for profit. basls. The strategies employed to assisl th8 char5ty to meet these obj8Ctlves included the followlng.. to publish the work of emerging photographer to contribute to contemporary photographic culture through critical writing to be a useful resource to those practicing and studying photography to attract new audiences for contemporary photography Achlevements and performance The main achievements of the charity during the year were as follows.. Producing Northern Ireland's largest outdoor athork carrying a message of unity Increasing the organisation's online engagement and following Increasing the audience and visitor numbers to the festival Increase in engagement and social impact Increasing the organisations self-generate income Expanding on and attracting new inlernational partnerships Flnanclal revlew The net surplus for the year was £46,836. It is the policy of the company that unrestricted funds which have not been designated for a specffic use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the company's current activits'es while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trust8es have assessed the major risks to which the company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Plans for the future There are no significant changes planned for the forthcoming financial year. The directors will continue to govern the company in line with the constitution in order to achieve the objectives noted above. Structure, governance and management The company is a company limited by guarantee .
PHOTO FESTIVAL BELFAST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The trustees, who are also the directors for the purpose of company law, and who served during Ihe year and up to the date of signature of the financial statements were= l Lindsay G Neill S Allen C Gallagher ststement of Dlrectors, Responsibilltle$ The directors are responsible for preparing the directors, report and the financial statements in accordance with applicablè law and regulations. Company law requires the directors to prepare financial stat8ments for each financial year. Under that law the directors have electad to prepare the financial statements in accordance with the United Kingdom G8nerally Accepted Accounling Practice (United Kingdom Accounting Standards and applicable law). Under company law the diredors musl not approve the financial statements unless they are satisfied Ihal they give a Irue and fair view of the slate of affairs of the company and of Ihe profit or loss of the company for that period. In preparing these financial statements. the directors are required to: sele¢t suitable accounting policies and then apply them consislènlly., makè judgements and estimates that are reasonable and prudenl., prepare the financial statements on the going concern basis unless tt Is inappropriate to presume that the company wlll Continue in business. Th8 dIrect5 are responslble for keeping adequate accounting records Ihal are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to 8nsure that the financial statements comply with th8 Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees, report was approved by the Board of Trustees. G Neill Dlrector Date".
PHOTO FESTIVAL BELFAST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PHOTO FESTIVAL BELFAST We report to the trustees on Dur examination of the financial statements of Photo Festival Belfast (the Company) for the year ended 31 March 2023. Responslbilltles and basis of report As the trustees of the company (and also its directors for the purposes of company lawl you are responsible for the preparation of th8 financial statements and you have considered the audit requirement of Section 65(3) of the Charities Act (Nl) 2008 (the Act). Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to.. examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008., follow the procedures laid down in the general Directions given by the Charily Commission for Northern Ireland under section 6519)Ibl of the Charities Act.. stat8 whether particular matters have come to our attention. Independent examlner's statement We have examined your charity accounts as required under Section 65 of the Charities Act and our examination was carried out in accordance with the general Directions giv8n by the Charity Commission for Northern Ireland under section 6519)(b) of the Charities Act. The examination included a review of the accounting records kept by the charlty and a comparison of the accounts presented with those records. It also included ConsidallOn of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. Our role is to state whether any material matters have come to our attentlon giving us cause to believe.. That accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or the financial statements do not accord with those records.. or That the financial statements do not comply with the accounting requirements of section 398 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. That there is further information needed for a proper understanding of the accounts to be reached. We have completed our examination and have no cOnrn$ in respect of the matters111 tc14> listed above and, in connection with following the Directions of the Charty Commission for Northem Ireland, we have found no matters that require drawing to your attention. Harblnson Mulholland Centrepoint 24 Omeau Avenue Belfast Co. Antrim BT2 8HS Northern Ireland Dated:
PHOTO FESTIVAL BELFAST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrlcted Rostrict8d funds funds 2023 2023 Total Unrestrlcted Restricted funds funds 2022 2022 Totsl 2023 2022 Notes Income and endowments from: Donation5 and legacies Other income 178,417 282.479 460,896 67,666 3,145 131,436 199,102 3,145 Total Income 178,417 282,479 460,896 70,811 131,436 202,247 Charitable activltles 142,043 272.017 414,060 95,758 128,626 224,384 Net Incomel{oxpendlturel and movemont In funds 36,374 10,462 46,836 (24,947) 2,810 (22,137) Reconclllatlon of fund8: Fund balances at 1 April 2022 61,629 46,413 98,042 78,576 43,603 120,179 Fund balances at 31 March 2023 88,003 56.875 144,878 51,829 46,413 g8,042 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
PHOTO FESTIVAL BELFAST STATEMENT OF FINANCIAL POSITION AS AT31 MARCH 2023 2023 2022 Notes Flxed assets Tangible assets 10 45,110 28,998 Current a55ets Debtors Cash at bank and in hand 11 68,285 83,663 21,712 51,655 151,948 73,367 Credltor8: amounts falling due wlthln one year 12 52,180 4.323 N8t current assets 99,768 69.044 Totsl a8s•ts les$ Gurront liabllltles 144,878 98,042 Th• fund8 of th• company Reslricled income funds Unrestricted funds 13 56,875 88,003 46,413 51,829 144,878 98,042 The company is entitled to the exemption from the audit requir8ment contained in section 477 of the Companies Act 26, for the year 8nded 31 March 2023. The directors acknowledge their responslbllltles for complylng with the requir8ments of the Companies Act 20CK8 with respect to accounting records and the preparation of financial statements. The members have not requlred th8 company to obtaln an audit of its financial statements for the year in queslion in accordan with section 476. These financial statements have been prepared in accordance with the provisions applicAble to companies subject to the small companies regime. The financial statements were approved by the tn15tees on .. l Lindsay Trustee Company registration number N1629769 (Northern Ireland)
PHOTO FESTIVAL BELFAST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operatlng actlvltles Cash generated from operations 17 68,526 10,289 Investlng actlvltles Purchase of tangible fixed assets (36,518) (1,675) Nat cash used In investlng actlvltle8 (36,518) (1,675) Net cash usod In financlng actlvltles Net Increase In Cash and cash equlvalents 32,008 8,614 Cash and cash equivalents at beginning of year 51,655 43,041 Cash and cash equlvalents at end of year 83,663 51.655
PHOTO FESTIVAL BELFAST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies Charlty Informatlon Photo Festival Belfast is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 21 Ormeau Avenue, Belfast, Antrim. BT2 8HD. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The company is a Public Benefit Entity as defined by FRS 102. The financial ststements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hlstorical cost convention. The principal accountlng policies adopted are set out below. 1.2 Golng concern At the tim8 of approving the financial statements, the trustees have a reasonable expectatlon that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees 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. Endowment funds are subject to specific conditions by donors Ihat the capital must be maintsined by the company. 1.4 In¢orno Income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
PHOTO FESTIVAL BELFAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Continued) 1.6 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, It is probable that a transfer of economic benefits will be required in settlement, and Ihe amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dir1 costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff costs have been allocated on the basls of time spent on each of the main adivities of the charity which are.. Charitable activitles (those activities assoclated with the ¢h8rity's objects) Governance costs (managément and administration of the charity) 1.6 Tanglble flxed assets Tangible fixed assets are inltially measured at cost and subsequently measured at 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 useful lives on the following bases.. Fixiures and fittings 25Vo Straight line The gain or loss arising on the disposal of an asset Is detemiined as the difference beteen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrment of fixed assets At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assels have suffered an impairment loss. If any such IndatIOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial Instruments The company has elected to 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 companls balance sheel when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial stat8ments, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PHOTO FESTIVAL BELFAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies (Continued) Basic flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc financial Ilabilities 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 cost, 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 wilhin one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initialSy at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of financlal liabilltles Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. 1.10 Employee baneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised Immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Crltlcal accountlng estlmate8 and Judgements In the application of the company's accounting pollcies, the trustees are required to make judgements, estimates and assumptions aboul Ihe carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experlence and other factors that are considered to 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 recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
PHOTO FESTIVAL BELFAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Incom8 from charitable actlvities Unrestricted Restricted funds funds Total Totsl 2023 2023 2023 2022 Donations and gifts 178,417 282,479 460,896 199,102 Donatlons and gifts ACNI ACNI Other ACN129194 Arts Development Fund Art Fund Open Submission Fees Future Screens Reviews Nl Screen Box Office Other income BCC Capital Grant Hinch Distillery Cultural Inststutes Belfast City Council Sponsorship Foyle Foundation Arts & Business Workshops Rent received Other 39,930 6,470 59,970 39,930 66,440 59,970 35.500 71,226 21,919 5,457 20,000 26,100 383 30,000 3,000 30,055 71,136 28,349 21,655 35,500 71,226 56,774 21,919 5,457 20,000 26,100 383 30,000 3,000 30,055 71,136 22,665 43,428 2,000 15,000 8,500 7,541 28,349 147 2,880 8,375 147 2,880 8,375 21,541 178,417 282,479 460.896 199,102 Other Income Unrestrlcted Unrestrlcted funds funds 2023 2022 Other income 3,145 10-
PHOTO FESTIVAL BELFAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable activities 2023 2022 Stsff costs Depreciation and impairment Festival co-ordinator fees Artist costs and materials Event equipment and materials Transportation fees Project travel and accommodatlon fees Event catering costs Overheads General administration costs Insurance Advertislng and marketing 96,717 20,406 4,954 93,743 41,934 129 38,863 26,840 26,645 2,474 1,624 58,891 64,785 19,231 4,272 39,316 15,356 1,459 11,193 18,459 8,675 3,439 1,420 35,959 413.220 223,544 Share of governance costs (see note 6) 414,060 224,384 Analysls by fund Unrestricted funds Restricted funds 142,043 272,017 95,758 128,626 414,060 224,384 For the year ended 31 March 2022 Unrestricted funds Restricted funds 95,758 128,826 224,384 Support Costs Support Governance costs costs 2023 2022 Independant exam fees 840 840 840 840 840 840 Analysed beeen Charitable activiti8s 840 11
PHOTO FESTIVAL BELFAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the company during the year. Employees The average monthly number of employees during the year was". 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries Other pension costs 94,389 2,328 63,351 1,414 96,717 64,765 There were no employees whose annual remuneration was more than £60,000. Remuneratlon of key management personnel The remuneration of key management personnel is as follows. Taxatlon The charity Is exempt from taxalion on its actlvities because all its income is applied for charrtable purposes. 12-
PHOTO FESTIVAL BELFAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 10 Tangible flxed assets Flxtures and fittings Cost At 1 April 2022 Additions 77,768 38,518 At 31 March 2023 114,286 Depreciatlon and Impairrn8nt At 1 April 2022 Depreciation charged in the year 48,770 20,406 At 31 March 2023 69,176 Carrylng amount At 31 March 2023 45,110 At 31 March 2022 28,998 11 Debtors 2023 2022 Amounts falling due wlthln one year: Other debtors 68,285 21,712 12 Crndltors: arnounts falllng duo wlthln one year 2023 2022 Notes Deferred income Accruals and deferred income 40.400 11,780 4,323 52,180 4,323 13-
PHOTO FESTIVAL BELFAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2023 13 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movement Tn funds Incoming Rgsour¢es Balance at rosources expendod 31 March 2023 Balance at l AprS12022 ACNI Lottery Nl Tourist Board BCC Annual BCC Equipment Culturual Institutes British Council Future Screens Nl Screen Hinch Distillery 106,370 (106,370} (11,013) 171,136> 16,770) (30,055) (2,055) (21,919) (20,000) (3,000) 19,643 8,830 71,136 30,000 30,055 6,770 30,000 20,000 17,945 21,919 20,000 3,000 46,413 282,479 1272,017) 56,875 Grants from the Arts Council of Northern Ireland (ACNI) Lottery and Belfast City Council Annual are reiVed for annual core and programme funding. The ACNI Equipment and Belfast City Council Equlpment funds represent the net book value of tangible fixed assets purchased with the restricted funds. The Arts & Business Funds have been received to support and develop buslness relationships. 14 Deslgnated fund8 The unrestricted funds of the charity comprise the unexpended balances of donations and grant5 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 truste8s for specific purposes. Movement in funds Incomlng Resources Balance at r8source8 expended 31 March 2023 8alanc8 at 1 Aprll 2022 Festival 8,996 176,662 (118,586) 67,072 8,996 176,662 (118,586) 67,072 Designated funds include general funds raised in relation to the 2023 Festival which have not been spent at 31 March 2023. 14-
PHOTO FESTIVAL BELFAST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 Analysis of net assets between funds Unrestricted Restrlcted funds funds 2023 2023 Total Total 2023 2022 Fund balances at 31 March 2023 are represented by.. Tangible assets Current assetsl{liabilities) 8,480 81,522 38,630 18,245 45,110 99,767 28,998 69,044 88,002 56,875 144,877 98,042 16 Related party tran8actlon$ There were no disclosable related party transactions during the year (2022 - nona). 17 Cash generated from operatlons 2023 2022 Surplusl(deficit) for the year 46,836 {22.137) Adjustments for.. Depreciation and impeirment of tangible fixed assets 20,406 19,231 Movements in working capital.. {Increase)Idecrease in debtors Increasel{decrease) in creditors Increase in deferred income (46,573) 7,457 40,400 43,822 (30,627) Cash generated from operatlons 68,526 10,289 15-