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2024-03-31-annual-report

Charity registration number NIC102819

Company registration number NI629769 (Northern Ireland)

PHOTO FESTIVAL BELFAST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

PHOTO FESTIVAL BELFAST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees I Lindsay
G Neill
S Allen
H Crowdy
A Desire (Appointed 8 August 2023)
A Hassard (Appointed 27 April 2023)
LA O'Donnell
Secretary M Weir
Charity number NIC102819
Company number NI629769
Registered office 21 Ormeau Avenue
Belfast
Antrim
BT2 8HD
Independent examiner Harbinson Mulholland
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
Co. Antrim
BT1 3LP
Bankers Barclays Bank Plc
17 Castle Place
Belfast
BT1 1EL

PHOTO FESTIVAL BELFAST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Statement of financial position 5
Statement of cash flows 6
Notes to the financial statements 7 - 14

PHOTO FESTIVAL BELFAST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with 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 Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016).

The company is governed and managed by the board of directors, who are also 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.

Objectives and activities

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 out its activities on a “not for profit” basis.

The strategies employed to assist the charity to meet these objectives included the following:

Achievements and performance

The main achievements of the charity during the year were as follows:

The trustees are satisfied that the performance of the company during the year, in terms of both financial and operational results, is in line with the charity's constitutions and key objectives.

Financial review

The net deficit for the year was £53,454.

It is the policy of the company that unrestricted funds which have not been designated for a specific 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 activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees 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 2024

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

I Lindsay

G Neill

S Allen C Gallagher (Resigned 17 January 2024) H Crowdy A Desire (Appointed 8 August 2023) A Hassard (Appointed 27 April 2023) LA O'Donnell

Statement of Directors' Responsibilities

The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that 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 ensure that the financial statements comply with the 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 Director

Date: .............................................

PHOTO FESTIVAL BELFAST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PHOTO FESTIVAL BELFAST

We report to the trustees on our examination of the financial statements of Photo Festival Belfast (the company) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements and you have considered the audit requirement of Section 65(3) of the Charities Act (NI) 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:

Independent examiner'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 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.

Our role is to state whether any material matters have come to our attention giving us cause to believe:

We have completed our 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, we have found no matters that require drawing to your attention.

Harbinson Mulholland

6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim BT1 3LP

Dated: .........................

PHOTO FESTIVAL BELFAST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
155,972
258,310
Total income
155,972
258,310
Expenditure on:
Charitable activities
4
188,551
279,185
Total expenditure
188,551
279,185
Net income/(expenditure) and
movement in funds
(32,579)
(20,875)
Reconciliation of funds:
Fund balances at 1 April 2023
88,003
56,875
Fund balances at 31 March
2024
55,424
36,000		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
414,282
178,417
282,479
414,282
178,417
282,479
467,736
142,043
272,017
467,736
142,043
272,017
(53,454)
36,374
10,462
144,878
51,629
46,413
91,424
88,003
56,875		 Total
2023
£
460,896
460,896
414,060
414,060
46,836
98,042
144,878

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 AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
The funds of the company
Restricted income funds
13
Unrestricted funds
14		 2024
£
50,813
30,935
81,748
(18,439)		 £
28,115
63,309
91,424
36,000
55,424
91,424		 2023
£
68,285
83,663
151,948
(52,180)		 £
45,110
99,768
144,878
56,875
88,003
144,878

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance 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 trustees on .........................

..............................

I Lindsay Director

Company registration number NI629769 (Northern Ireland)

PHOTO FESTIVAL BELFAST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
17
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
2023
£
£
£
£
(50,400)
68,526
(2,327)
(36,518)
(2,327)
(36,518)
-
-
(52,727)
32,008
83,663
51,655
30,935
83,663

PHOTO FESTIVAL BELFAST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

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 Accounting convention

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 accordance 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 statements 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 historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation 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 that the capital must be maintained by the company.

1.4 Income

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 tax 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 2024

1 Accounting policies

(Continued)

1.5 Expenditure

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 the 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 direct 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 between 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 basis of time spent on each of the main activities of the charity which are:

1.6 Tangible fixed assets

Tangible fixed assets are initially 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:

Fixtures and fittings 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

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 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 statements, 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 2024

1 Accounting policies

(Continued)

Basic financial 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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised 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 within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

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.

2 Critical accounting estimates and judgements

In the application of the company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered 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 2024

3 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Donations and gifts 155,972 258,310 414,282 178,417 282,479 460,896

4 Charitable activities

Staff costs
Depreciation and impairment
Festival co-ordinator fees
Artist costs and materials
Event equipment and materials
Transportation fees
Project travel and accommodation fees
Event catering costs
Overheads
General administration costs
Insurance
Advertising and marketing
Share of governance costs (see note 5)
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 31 March 2023
Unrestricted funds
Restricted funds		 2024
£
155,407
19,323
-
55,110
82,256
-
57,668
11,389
18,029
14,259
2,076
50,659
466,176
1,560
467,736
188,551
279,185
467,736
142,043
272,017
414,060		 2023
£
96,717
20,406
4,954
93,743
41,934
129
38,863
26,840
26,645
2,474
1,624
58,891
413,220
840
414,060
142,043
272,017
414,060

PHOTO FESTIVAL BELFAST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

5
Support costs
Support
costs
Governance
costs
£
£
Independant exam fees
-
1,560
-
1,560
Analysed between
Charitable activities
-
1,560
6
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 2024
£
1,560
1,560
1,560
2024
£
1,560
19,323		 2023
£
840
840
840
2023
£
840
20,406

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the company during the year.

8 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Other pension costs		 2024
Number
5
2024
£
152,295
3,112
155,407		 2023
Number
3
2023
£
94,389
2,328
96,717

There were no employees whose annual remuneration was more than £60,000.

PHOTO FESTIVAL BELFAST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10 Tangible fixed assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
11
Debtors
Amounts falling due within one year:
Other debtors
12
Creditors: amounts falling due within one year
Notes
Deferred income
Accruals		 Fixtures and
fittings
£
114,286
2,327
116,613
69,175
19,323
88,498
28,115
45,110
2024
2023
£
£
50,813
68,285
2024
2023
£
£
-
40,400
18,439
11,780
18,439
52,180		 Fixtures and
fittings
£
114,286
2,327
116,613
69,175
19,323
88,498
28,115
45,110
2024
2023
£
£
50,813
68,285
2024
2023
£
£
-
40,400
18,439
11,780
18,439
52,180
116,613
69,175
19,323
88,498
28,115
45,110
2023
£
68,285
2023
£
40,400
11,780
52,180

PHOTO FESTIVAL BELFAST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 in funds Movement in funds
Balance at Incoming Resources Balance at
1 April 2023 resources expended
31		 March 2024
£ £ £ £
ACNI - 88,424 (88,424) -
BCC Annual - 28,713 (28,713) -
BCC Equipment 30,000 - (7,500) 22,500
Belfast Visitor Centre - 11,500 (11,500) -
British Council 17,945 - (17,945) -
Cultural Institutes - 16,114 (16,114) -
Future Sceens - 26,273 (26,273) -
NI Screen - 25,000 (25,000) -
NI Tourist Board 8,630 - (8,630) -
Salary Grant - 27,000 (13,500) 13,500
University of Ulster - 10,000 (10,000) -
Other 300 25,286 (25,586) -
56,875 258,309 (272,017) 36,000

Grants from the Arts Council of Northern Ireland (ACNI) Lottery and Belfast City Council Annual are received for annual core and programme funding.

The ACNI Equipment and Belfast City Council Equipment funds represent the net book value of tangible fixed assets purchased with the restricted funds.

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
Festival 67,072 76,378 (125,513) 17,937
General funds 20,931 79,594 (63,038) 37,487
88,003 155,972 (188,551) 55,424

PHOTO FESTIVAL BELFAST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14 Unrestricted funds (Continued)
Previous year: At 1 April Incoming Resources At 31 March
2022 resources expended 2023
£ £ £ £
Festival 8,996 176,662 (118,586) 67,072
General funds 42,633 1,755 (23,457) 20,931
51,629 178,417 142,043 88,003
Designated funds include general funds raised in relation to the 2024 Festival which have not been spent at
31 March 2024.
15 Analysis of net assets between funds
Unrestricted
Restricted
Total		 Total
funds funds
2024 2024 2024 2023
£ £ £ £
Fund balances at 31 March 2024 are represented
by:
Tangible assets 5,615 22,500 28,115 45,110
Current assets/(liabilities) 49,808 13,500 63,308 99,768
55,423 36,000 91,423 144,878

16 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

17
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
Increase in creditors
(Decrease)/increase in deferred income
Cash (absorbed by)/generated from operations		 2024
£
(53,454)
19,323
17,472
6,659
(40,400)
(50,400)		 2023
£
46,836
20,406
(46,573)
7,457
40,400
68,526