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 dIrect￿5 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 Consid￿allOn 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 cOn￿rn$ 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
2￿6, 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 dir￿1 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 be￿een 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 bet￿een 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 Ind￿atIOn
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 be￿een
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 re￿iVed
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-