COMPANY REGISTRATION NUMBER: NI629769 CHARITY REGISTRATION NUMBER: NIC102819
Photo Festival Belfast Company Limited by Guarantee Unaudited Financial Statements 31 March 2025
Finegan Gibson Ltd Chartered accountants Causeway Tower 9 James Street South Belfast BT2 8DN
Photo Festival Belfast
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2025
| Page | |
|---|---|
| Trustees’ annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities (including income and | |
| expenditure account) | 4 |
| Statement of financial position | 5 |
| Notestothefinancialstatements | 6 |
Photo Festival Belfast
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report)
Year ended 31 March 2025
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025.
Reference and administrative details
| Registered charity name | Photo Festival Belfast | |
|---|---|---|
| Charity registration number | NIC102819 | |
| Company registration number | NI629769 | |
| Principal office and registered | 21 Ormeau Avenue | |
| office | Belfast | |
| County Antrim | ||
| BT2 8HD | ||
| The trustees | ||
| S Allen | ||
| H Crowdy | ||
| A Desire | ||
| A Hassard | ||
| Lindsay | ||
| G Neill | ||
| L O'Donnell | ||
| J Watts | (Appointed 30 January 2025) | |
| J Patty | (Appointed 30 January 2025) | |
| Company secretary | Michael Lee Weir | |
| Independentexaminer | PaulDolanFCA |
Structure, governance and management
The company is a company limited by guarantee.
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: e to publish the work of emerging photographer
-
to contribute to contemporary photographic culture through critical writing
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e to be a useful resource to those practicing and studying photography
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e to attract new audiences for contemporary photography
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Photo Festival Belfast
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report) (continuea)
Year ended 31 March 2025
Achievements and performance
-
The main achievements of the charity during the year were as follows: e Winning 'Technology Ambassador Award! from the 2024 Ambassador Circle ¢ Achieving an international promotional reach of over 100 million people ¢ Delivering two of the organisation's most technologically advanced exhibitions
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e Increasing the organisations online engagement and following
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e Increasing the organisations income from Trusts & Foundations e Increasing the organisations public engagement and participation ¢ Securing the largest single grant to date towards the organisations objectives 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 surplus for the year was £2,522.
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 future periods
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.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees’ annual report was approved on 28" January 2026 and signed on behalf of the board of trustees by:
G Neill Trustee
2
Photo Festival Belfast
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Photo Festival Belfast
Year ended 31 March 2025
| report to the trustees on my examination of the financial statements of Photo Festival Belfast (‘the charity’) for the year ended 31 March 2025.
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 in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the ‘2008 Act’) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination | have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act.
Independent examiner's statement
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 65 of the 2008 Act. | confirm that | am qualified to undertake the examination because | am a member of Chartered Accountants Ireland, which is one of the listed bodies.
| have completed my examination. | confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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— the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
| confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Paul Dolan FCA Independent Examiner Chartered Accountants and Registered Auditors 28!" January 2026
3
Photo Festival Belfast
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
;
Year ended 31 March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Totalfunds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 1,530 | — | 1,530 | - |
| Charitable activities | 6 | — | 215,861 | 215,861 | 233,024 |
| Other trading activities | 7 | 139,162 | — | 139,162 | = |
| Other income | 8 | 2,048 | - | 2,048 | 181,258 |
| Total income | 142,740 | 215,861 | 358,601 | 414,282 | |
| Expenditure | |||||
| Expenditure on charitable activities | 9,10 | 161,980 | 194,099 | 356,079 | 467,736 |
| Total expenditure | 161,980 | 194,099 | 356,079 | 467,736 | |
| Net income/(expenditure) and net | |||||
| movement in funds | (19,240) | 21,762 | 2,522 | (53,454) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 55,424 | 36,000 | 91,424 | 144,878 | |
| Totalfundscarriedforward | 36,184 | 57,762 | 93,946 | 91,424 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages6 to 15 form part of these financial statements.
4
Photo Festival Belfast
Company Limited by Guarantee
Statement of Financial Position
31 March 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 16 | 23,540 | 28,115 |
| Current assets | |||
| Debtors | 17 | 4,862 | 50,813 |
| Cash at bank and in hand | 80,635 | 30,935 | |
| 85,497 | 81,748 | ||
| Creditors: amounts falling due within one year | 18 | 15,091 | 18,439 |
| Net current assets | 70,406 | 63,309 | |
| Total assets less current liabilities | 93,946 | 91,424 | |
| Net assets | 93,946 | 91,424 | |
| Funds ofthe charity | |||
| Restricted funds | 57,762 | 36,000 | |
| Unrestricted funds | 36,184 | 55,424 | |
| Totalcharityfunds | 20 | 93,946 | 91,424 |
For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
e 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;
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° The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
These financial statements were approved by the board of trustees and authorised for issue on 28th January 2026 and are signed on behalf of the board by:
----- Start of picture text -----
T Ith _—-,
eo
| Lindsay
Trustee
----- End of picture text -----*
The notes on pages6 to 15 form part of these financial statements.
5
Photo Festival Belfast
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 21 Ormeau Avenue, Belfast, County Antrim, BT2 8HD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
3. Accounting policies
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
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.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
6
Photo Festival Belfast
Company Limited by Guarantee Notes to the Financial Statements (continuea)
Year ended 31 March 2025
- Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
° income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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° legacy income is recognised when receipt is probable and entitlement is established.
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° income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
° income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
e expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
° expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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e other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
7
Photo Festival Belfast
Company Limited by Guarantee
Notes to the Financial Statements (continueg)
Year ended 31 March 2025
- Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
- 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomesa party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
8
Photo Festival Belfast
Company Limited by Guarantee
Notes to the Financial Statements (continueg)
Year ended 31 March 2025
- Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
- Limited by guarantee
The company is a company limited by guarantee.
9
Photo Festival Belfast
Company Limited by Guarantee
Notes to the Financial Statements (continuea)
Year ended 31 March 2025
5. Donations and legacies
;
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 1,530 | 1,530 | - | - | |
| 6. | Charitable activities | ||||
| Restricted | Total Funds | Restricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| ACNI | 26,277 | 26,277 | 88,424 | 88,424 | |
| BCC Annual | 51,925 | 51,925 | 28,713 | 28,713 | |
| Belfast visitor centre | - | - | 11,500 | 11,500 | |
| Cultural Institutes | 15,580 | 15,580 | 16,114 | 16,114 | |
| Future Screens | 21,038 | 21,038 | 26,273 | 26,273 | |
| NI Screnn | - | - | 25,000 | 25,000 | |
| Salary Grant | — | - | 27,000 | 27,000 | |
| University of Ulster | — | - | 10,000 | 10,000 | |
| ABNI | 23,500 | 23,500 | - | - | |
| Jobstart | 7,741 | 7,741 | _ | - | |
| NLHF - National Lottery Heritage Fund | 69,800 | 69,800 | - | = | |
| 215,861 | 215,861 | 233,024 | 233,024 | ||
| 7. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Sponsorships | 4,793 | 4,793 | - | - | |
| Sales | 104 | 104 | - | — | |
| Office Rental | 2,074 | 2,074 | — | - | |
| Open subs | 123,944 | 123,944 | - | - | |
| Portfolio reviews | 8,247 | 8,247 | - | — | |
| 139,162 | 139,162 | - | - | ||
| 8. | Other income | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2025 | |||
| £ | £ | £ | |||
| Otherincome | 2,048 | - | 2,048 |
7. Other trading activities
8. Other income
10
Photo Festival Belfast
Company Limited by Guarantee
Notes to the Financial Statements (continueg)
Year ended 31 March 2025
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|8.|Other|income|(continued)|
|Unrestricted|Restricted|Total|Funds|
|Funds|Funds|2024|
|£|£|£|
|Other|income|155,972|25,286|181,258|
|9.|Expenditure|on|charitable|activities|by|fund|type|
|Unrestricted|Restricted|Total|Funds|
|Funds|Funds|2025|
|£|£|£|
|Charitable|Activity|160,003|194,099|354,102|
|Support|costs|1,977|-|1,977|
|161,980|194,099|356,079|
|Unrestricted|Restricted|Total|Funds|
|Funds|Funds|2024|
|£|£|£|
|Charitable|Activity|186,991|279,185|466,176|
|Support|costs|1,560|-|1,560|
|188,551|279,185|467,736|
|10.|Expenditure|on|charitable|activities|by|activity|type|
|Activities|
|undertaken|Total|funds|Total|fund|
|directly|Support|costs|2025|2024|
|£|£|£|£|
|Charitable|Activity|354,102|-|354,102|466,176|
|Governance|costs|—-|1,977|1,977|1,560|
|354,102|1,977|356,079|467,736|
|11.|Analysis|of support|costs|
|Total|2025|Total|2024|
|£|£|
|Governance|costs|-|1,560|
|12.|Net|income/(expenditure)|
|Net|income/(expenditure)|is|stated|after|charging/(crediting):|
|2025|2024|
|£|£|
|Depreciation|of tangible|fixed|assets|11,984|19,323|
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11
Photo Festival Belfast
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
13. Independent examination fees
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||||||||
|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Fees|payable|to|the|independent|examiner|for:|
|Independent|examination|of the|financial|statements|1,680|1,560|
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14. Staff costs
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||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The|total|staff|costs|and|employee|benefits|for|the|reporting|period|are|analysed|as|follows:|
|2025|2024|
|£|£|
|Wages|and|salaries|134,968|152,850|
|Social|security|costs|8,485|-|
|Employer|contributions|to|pension|plans|4,328|2,557|
|147,781|155,407|
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The average head count of employees during the year was 5 (2024: 3).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
15. Trustee remuneration and expenses
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the company during the year.
16. Tangible fixed assets
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||||||
|---|---|---|---|---|
|Equipment|
|£|
|Cost|
|At|1|April|2024|116,613|
|Additions|7,409|
|At|31|March|2025|124,022|
|Depreciation|
|At|1|April|2024|88,498|
|Charge|for|the|year|11,984|
|At|31|March|2025|100,482|
|Carrying|amount|
|At|31|March|2025|23,540|
|At|31|March|2024|28,115|
----- End of picture text -----
12
Photo Festival Belfast
Company Limited by Guarantee
Notes to the Financial Statements (continueg)
Year ended 31 March 2025
17. Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other debtors | 4,862 | 50,813 | |
| 18. | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Accrualsanddeferredincome | 15,091 | 18,439 |
19. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £4,328 (2024: £2,557).
20. Analysis of charitable funds
Unrestricted funds
| At | ||||||
|---|---|---|---|---|---|---|
| At | 31 March 202 | |||||
| 1 | April 2024 | Income | Expenditure | 5 | ||
| £ | £ | £ | £ | |||
| General | funds | 37,487 | 142,740 | (161,980) | 18,247 | |
| Festival | 17,937 | - | = | 17,937 | ||
| 55,424 | 142,740 | (161,980) | 36,184 | |||
| At | ||||||
| At | 31 March 202 | |||||
| 1 | April 2023 | Income | Expenditure | 4 | ||
| £ | £ | £ | £ | |||
| General | funds | 20,931 | 79,594 | (63,038) | 37,487 | |
| Festival | 67,072 | 76,378 | (125,513) | 17,937 | ||
| 88,003 | 155,972 | (188,551) | 55,424 |
13
Photo Festival Belfast
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
20. Analysis of charitable funds (continued)
| Restricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At | 31 March 202 | |||
| 1 April 2024 | Income | Expenditure | 5 | |
| £ | £ | £ | £ | |
| ACNI | - | 26,277 | (26,277) | - |
| BCC Annual | - | 51,925 | (51,925) | - |
| BCC Equipment | 22,500 | - | (22,500) | - |
| Belfast Visitor Centre | - | - | - | - |
| British council | - | - | = | - |
| Cultural institutes | - | 15,580 | (315) | 15,265 |
| Future Screens | - | 21,038 | (21,038) | — |
| NI Screen | - | - | = | - |
| Salary Grant | 13,500 | - | (13,500) | - |
| University of Ulster | - | - | - | - |
| Other | - | - | - | - |
| NI Tourist Board | - | - | - | - |
| NLHF - National lottery heritage fund ABNI Jobstart |
- - - |
69,800 23,500 7,741 |
(27,303) (23,500) (7,741) |
42,497 - ~ |
| 36,000 | 215,861 | (194,099) | 57,762 | |
| At | ||||
| At | 31 March 202 | |||
| 1 April 2023 | Income | Expenditure | 4 | |
| £ | £ | £ | £ | |
| 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 Screens NI Screen Salary Grant |
- - - |
26,273 25,000 27,000 |
(26,273) (25,000) (13,500) |
- - 13,500 |
| University of Ulster | - | 10,000 | (10,000) | - |
| Other | 300 | 25,286 | (25,586) | - |
| NI Tourist Board | 8,630 | - | (8,630) | - |
| NLHF - National lottery heritage fund | - | - | = | = |
| ABNI | - | - | - | - |
| Jobstart | - | - | - | = |
| 56,875 | 258,310 | (279,185) | 36,000 |
14
Photo Festival Belfast
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
21. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Tangible fixed assets | 23,540 | - | 23,540 |
| Current assets | 27,735 | 57,762 | 85,497 |
| Creditors less than 1 year | (15,091) | - | (15,091) |
| Net assets | 36,184 | 57,762 | 93,946 |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 5,615 | 22,500 | 28,115 |
| Current assets | 49,808 | 13,500 | 63,308 |
| Creditors less than 1 year | = | - | - |
| Netassets | 55,423 | 36,000 | 91,423 |
15