Company r¢gistration number.. N1072553 Clwity r¢gis#Mtion numb¢T.' 103457 Belfast Platfonn for the Arts (A compony limit¢d by ￿rantee) Annual Report and Fknan¢iAI Stst¢m¢Dts for th¢ Ye4r Ended 31 March 2022 Hopp¢r & Co Chartcred Accountsnt & Re8istsred Auditor 6 Doagh R￿d Bally¢lar¢ Co Antrim BT39 9BG Belfast Platform for the Arts Contents Reference and Administrative Details I to2 Trustees, Report 3to5 St*temcnt of Trustee5' Re5pollsLbilitics Ind¢pendet)t Ex8min¢V$ Rtyort sts*ment of Financi￿ Activiiies BAl8nc¢ Sheet Not¢8 w the Finw)cial Statements Ioto 16 Belfast Plarforni for the Arts Reference and Admlnlstrative Details TnLStees: Meadhbh McIlgonn (Resi￿ed 21 April 2022) Eilish M¢tAughlin {ReSi￿d 20 May 20211 S3￿h Rehill (Rcsi8ned 5 May 20211 Declan Proctor (Resigned S May 20211 Aine McGuinness (Resigned 21 AprÉl 20221 Sharott McKeown (Rcsi8ll¢d 5 May 2021) Jessica GU[￿ (Resigned 21 April 2022} Latisha Reihill lapp)inted 5 May 2021 and R¢5igtLed 21 April 2022) Malachy M(CrL￿[en (appointed 5 May 2021 ortd Re5igJJed 21 April 2022) Holly Foskett {appoin*d 6 May 2021 and R¢stgnol 19 O¢tol*r 20221 Lawa HaTheythham (appoioted 20 May 2021 and Resi8ned 21 April 2022) Xayier Me￿ade Cosra {#ppoinied 5 May 2021 and ResigneAJ 25 March 20231 Sinead Camernn (Resigned 3 February 2022) La]ka Dawdikova (appointed 20 April 2023) Ekaterina Solomatina (appointed Imay 2022) Ekaterina Buryakova (appTrinted l October 2022 and Resi￿1 16 May 2023) Arny Gibney DevliD (appointed l March 2023) Chloe A￿stin {appTrinted 20 May 2022 and Resigtled l (ktober 20221 Charity Registration Number 103457 compa￿ R¢glstrAdon NuDther N1072553 The clL8rity is in¢oryoJa¢ed in Nonh¢m Ir¢lgnd Page I Belfast Platforni for the Arts Reference and Adrnlnistradve Detalls Reglstered oifjre Unsts 37-38 Connswater Shopping Centr¢ Bloomfield Avwie Belfwt BT5 5LP IDdep¢Dd¢nt Hopper & Co Charter￿1 Aceountant & R¢g&stered Auditor 6 Doa8h Road B8lly¢lAre Co Antrim BT39 9BG B￿kerS HSBC Royal Avenue 25-29 Royal Avetkue Be]f￿t Co Antrim BTI IFB Page 2 Belfast Pl8tforni for the Arts Trustees, Report The tntsiees, who are also dirttiors for the purposes of company law, present th¢ir at)nual report tO8¢th¢r with the financial statements of the charitable company for thc year ended 31 March 2022. L¢8al admtnistsxtive inf0M￿tion i$ contained oth the company infornmtion p&g¢ prrfe&ling this repoTL ObJe¢tlwe8 And *edvltles Objects Belf481 PIArfomi for the Arts { kno￿1 &8 Plaffonn ) is a voluntary org8nis8tion established Én May 2009 by a group of ¢on¢¢rned individuw16 to a88i$t p¢r90tt8 with artistic tsl¢nts to promote themselves kn the senerdl public and lo advance the education and undcrsthrMlin8 of thc public in the promotion and appreciation of the Arts in Belfast and bcyond. We seck to acheive this by holth'ng regular cxhibitions and a progrnmme of events deS1￿¢d ￿ meet these obie¢tiYes. We are an arttst led S￿￿l0 and eomtempor8ry art gallery now b&qed in E&81 Belfast. Our role is to actively promote CTeativc CXPTC55ion. prc8cntation and accc5S to ¢ontcmtx>rary Brt prnrticc through our Exhibition, OUtr￿L¢b and SMdio Progromm¢s. W¢ are m8tVLg¢d by a Board of DiT￿tors draw￿ from 8 wid¢ range of orB4nisations conncctcd the Art5, all of whom hav¢ prnGtical WOTkinB knowlrdg¢ of thr Arts, 4TMI who #r¢ well qugilfird and ¢xp¢ri¢n¢¢d in th¢ir fields of ¢xp¢rti8¢. P*bllc benefv We A58i5t crncr8in8 krtisis in neee89ilou8 eLrcurnsiart¢es to beeorne 8tlf-iupportin8 by the prtiviyiort of gDJdio spa¢¢ and fAciliiies, advice And trainin8, allowin8 them to develop their ialenls. We alsL) maname an arena for public art exhibition8. demon8tr8tion8 lecbJre8 and a6 a centre for other art related activities which encourn8cs appreciation for and participation in community based arts actlVLtie5 desi￿Led to ¢nablc mcmbth¥ of th¢ Beneral publt¢ to explore their ¢r¢8tivity. The8¢ ￿tiVitieS 8erv¢ to edu¢ate gnd iThf¢)rni the 8¢n¢T41 publi¢ in the appreciation of thc art8. Th¢ trustccs confirm that they havc complicd with th¢ r¢quiTcmcnts of section 4 of the ChHritlC5 Act 2008 to have due re8aTd to the public benefit guid￿)ce published by The Charity Cornmission for Northern Ireland. Pa8e 3 Belfast Plarforni for the Arts Trustees, Report Acbievem￿ts *nd ptrf&rnJanee Since op¢niTLg during 2021 in the Q>nTthvat¢r shop￿￿8 (x>mple4 we bave rnade a strong Connecti￿ and establislryl oury¢lves as part of the cotomuDity and ecosystem tbere. E45t Belf￿ sc¢n a ¢reativ¢ gentrifiratiott ittitiative which Platform has played a part in. With 'in persoll, exbibitions rebjrning to post C4)vid norniality in March 2021 we decided to mov¢ ba¢k from virtual exhibitiotts to fully Te-o￿nIng the gallery once agaiTL to the publi¢ atml Corttin￿ with ¢v¢nts similar those pnor to the Covid 19 pottd¢mi¢. With our new improved premises thi5 was the time to establish our n]aTk in EASt B¢lfast with support from Centre management other local galleries #roun(L In November 2021 w¢ hosted Plaiforni's first Salollathon Exhibition which w&8 opett invitatton for local artists to submit work to be exhibited resulting in 70 artWQTk5 from both professional and novi¢¢ artists. Th¢ ¢xhibition generated a huge amount of interaction and interest as well &8 doJJatioJJs to the gallery. It fi]med 8nd documented by l(Kal TV chatlnel Nvfv which put our slanjp on our new horne Én East Belf85t. With a newly ¢stabli5h¢d residcnr¢ and th¢ abÈlity to have'in person, events 28ain th¢ spa¢e ha$ welcomed three new artists in residence which has hclped support the g8]lery with attd maifitena￿e costs. In 2021-2022 the gallery has received exhibition applicatioTLS from both local and inter￿tiOnal artists which is how helping to build Plarforni's ststus a$ at) established Belfast artist ruD. artist led, 8allcry. The future goa15 of thi5 arts organisation ¢en*r¢d 8round building a strongtt commw)ity sptrit at)d col]ecttve minds¢t among the members of Plarforni. Financial revlew The main incomin8 resources are doDatiotLS from mani￿r5 for the use of sbJdÉo accomodatiotl. ITt addition the Platforn) bcn¢ifts frorn the use of th¢ B¢lfa5t pr¢mises on a Jtnt f￿ b&¥És, the notional rent value of £35,0￿ p.a. is shown &8 ly)th an itKomitJ8 and outgoi￿8 resource. Structsrej govern8Dce and management Nafyre ofgoverning documeMI B¢lfa5t Plarform for the Art5 i5 a company Itmit¢d by 8uarante¢ whi¢h 1$ 8ov¢m¢d by its M¢morandum and Articlcs of A4sociation. Trustee4 who a￿ akn Executive Committee members, are nominatcd and elect￿ at￿L￿allY by full tneTnbers at the AGM and 0150 by th¢ Executive Committee during the year to fill casual vacancies should the need arise. Existing CommÈttee member5 are eligible for re not ¢ompty with the K]nfield Av¢nu¢ BelfÈst BT5 5LP These financial stst¢ments wer¢ authorised for issue by the tnLs*es on IS June 2023. 2 Accounting pdiries Summ*ry of significant accoun¢iDg pollcies god key 8tcotytttlttg estlmat The principal accountin8 policies applied in the tffeparation of these financial stst¢m¢nts ar¢ s¢t out below. These polici¢$ hav¢ consistently applied to all the years prescntc(L unless othcrwise ststed. Stslempnt of compliaDce The financial tht¢¥tLents have been prepared in accorth¢ with Accountin8 and R¢[￿l￿g by Ch8Titi¢s: StatemeDt of Pra¢ti¢¢ appli¢able to dwitics preparing their accounts in accordance with the Financial Rwrting Stsndard applicabl¢ in the UK and Republic of Ireland (FRS 102} l¢ffe¢tiv¢ l JattuAry 2015) - IChaTiti¢5 SORP (FRS 102)). the FiTwicial R¢porttng Standard applicable in the UK and Republic of Irelalld IFRS 102). Th¢y also comply with th¢ Compwies Act 201￿ llJKI Charitics Act (Northem IrelaThll 21M>8. Basls of prep*r*llo Belfast Platforni for the Arts meets the definition of a public benefit entity under FRS 102. Assets atyd liabilities are initially re¢ogtsised at histotical c05t or transaction Val￿ uDle5S OtheThvise stated in the relevant accountin8 policy notes. Goittg concer The financial stateM￿ts have been prepgred a 80in8 conlxrn b&81& The tmstees ass￿$ whether the use of going is approp￿te ix. whether there ate any matetial urLC¢rtaintie5 related to events or conditioThs that may c&8t $1gttifica￿t doubt the ability of the clwty to continue as a going con¢em. The truth¢5 Tnake this ass¢5STtL¢TLt in respect of a pertod of one year from the date of approval of lh¢ fjnancial Stat¢￿ents. IDcom¢ *Trd All illcom¢ is reco￿lS¢d once the ¢harity I￿5 entiilem¢nt to the incorne. it is proFAble that the income be received and the amount of the income receivable can be musuwd rtliably. Pag¢ 10 Belfast Plfdrforni for the Arts Note5 to tbe Fln4ncl*l Statements for the Y¢ar Ended 31 March 2022 Donation8 are when the ¢h&rity has notified writiD8 of both the amount and settlement date. In th¢ ¢v¢tht that 8 dot%8tion is subject to &)nditions that rcquire a level of perfO￿anCe by charity befort the charity is eThtit]ed to funds. the income is dcfwred And not r¢cognis¢d ¢ither those conditions are fvlly ItieL or the fulfilment of those ¢￿dItionS is wholly within th¢ ¢ontrol of the dlarity and it 15 probable that the8e conditions will be fulfilled in the reporting period. Grnmts recelwble GTaTts are reco8ni5ed when the ch&rity has an entitlement to the fiJnd8 and any ￿ndItIon8 linked to th¢ 8r4nts have been m¢L whe￿ p¢rforni8n¢¢ ¢onditi¢)ns are attach¢d to the 8raDt aDd are yet to be met. the incoine is re¢ognised as a liability and its¢lud¢d on th¢ b8lAnce sheet as deferred income to bc released. DoMieds¢pvlc¢s ￿d￿lI1￿•s Wh¢r¢ 8¢1vi￿$ or faciliti¢s are pn)vided to the ch8rity a5 a dON￿n thDt would nonnally be purchttsed from our S￿￿11¢r& this bcnefii is included in the financial $tst¢ments At iv$ foir vglu¢ unless iv$ fair value be Tcliably mr￿Ured, then at th¢ cosi to the donoror the resale volu¢ of gwd8 that are to be sold. GW old I￿Oming T¢80UTCeS from tsx rKI8irn$ Ar¢ Inc1￿￿ed in the Ststernent of FInW￿la1 Activities w the SWh)e time hs the sift to which thry rejate. Expemdlture All eXpend1th￿ is r¢co8niBed once there is a le8al or constructive obligation to thit expenditur¢. it is probabl¢ scttlemcnl 1$ requir&1 and th¢ omount can b¢ me4surol reliably. All cost8 are allocated to the applicable exwdiftmr heading thai ag8r¢yt¢ similor wsts to th&t cat¢80ry. Where costs cDnnot bc dircctly attributcd to tArticular headings they hAV¢ allrtAted on a basis con$istent with th¢ use of resouw¢s, with c¢ntr81 st8ff ¢08ts Alloca*d on th¢ b￿1$ of tim¢ spent, and depreciation ehar8es allocated on thc r￿10Th of thc a55Ct'S USC. Other 8UPPOrt ¢osts ar¢ all￿4￿4 based on th¢ 8pr¢ad of st8ff ￿$t￿. Th¢8¢ 8Te Costs in¢urred in attracting voluntary income, the managcment of investtnents and th08e incurted in tradin8 activities that rnise fiumts. Support ¢oits Support Costs in¢l¥de eentrhl fitywtions And hgv¢ been allocated to a¢tivÉty cost cale8ories on a basi8 COllS15tcnt with the us¢ of ttsources. for cxamplc. allocatin8 property costs by floor areas. or per eapil4 5thff ¢osts by th¢ lime Spent and othor co8ts by their usllge. The charity 1$ considered to P988 the ¢e8ts s¢t out tn P8r8gt8ph I Schedule 6 of the Finance Act 2010 and therefore it meets the definitton of 8 ¢h8rit8bl¢ company for UK corpordtion tax purposcs. Accordingly. the charity 15 Potentially exempt from laxation in r¢5PKt of income or Gapitsl gain5 rtr¢iv¢d CAlegoriG8 ¢w¢r¢d by Chapt¢r 3 Pfyrt I l of the Corporation Tax Act 2010 or Scction 256 of the Taxalion of Chargeabl¢ Gains Act 1992, to thc extent that such income ot gains Are Applied exclusively to charitable purposes. T*•glble thed asxts IT￿1¥7dUaI fixed ass¢ts ros¢in8 £1.00 or more are initially r#(MQed at ¢osi less any subsequent accumulatrd d¢pre¢i8tioD subsequent accumulatd impaimient losses. P8g¢ll BeIr￿t Plarform for the Arts Notes to the Flnanclal Statements for the Year Ended 31 March 2022 DeprttlatioD aDd anwrll**tlon Ikpreciation is provided on langible fixed 85scts so 88 to write off the cost or valuotiory 1¢88 ony ¢8tirnat resithml value. overtheir ¢xprft￿ useful e¢onomi¢ lif¢ &5 follow8.' As*et daa FwnitUTe and equipm¢Tht D¢preclatloD Iiiethod r8tr 33Yo straight line Tr•de debtorj Tradc debtors ttmaunts due from ¢u8tomern for me￿bandI8¢ sold or 8wvi¢¢8 r¢rfornxd in th¢ ordinary cowse of business. Trade d¢btors or¢ r¢¢ognised initially at the transaction pricc. They are subsqucntly mcasured at wnorti5cd c05t U8lll8 the effcetive intcrcst rneth(¥l less provi8iott for tmpaimwnL A provision for th¢ impainnent of tr8d¢ debtots is es¢ablished when th¢r¢ is obj¢¢tiv¢ ¢vid¢nce th&t the eh8rity will tLOt be able to collect all amounts due according to the original termB of thc rcceivablc5. Clih •nd emih e4ufv#1e￿ts Cash and c8sh quivalenls compTXSC C85h on hmd ond eHII deposits, other short-t¢mb highly liquid irwe51rncnts thAt are TtAdily conv¢rtibk to & known amount of ¢4sh atMI 4r¢ subjecl to an insi8nifi¢8nt risk of ¢hang¢ in value. Trade credlto Trad¢ creditors are oblig4tion8 to py for 8LKKlJ or thRt haye be¢n a¢quirtyJ in the ordinary ¢our8¢ of ixtsincss from 5upplkeTY. Accounts payoble ar¢ ¢1gsstfid os awent liabilities if the charity does noi have an wi¢onditionil righ¢ at the end of the reportLII8 period. to defcr scttlcrneTht of the crcditor for at leasi tw¢lve ft￿nths aft¢r th¢ reporhng dAtc. If thcrc is an ￿COndItIonal ri8ht to dcfer 8ettlemetht for at It￿¢ twelve months after the reporting ￿ they are Ftt8¢nted ag nonrfutT¢n¢ ligbiliiie8. Tr*Jc CTeditors reco8fti5ed initially At the transaction price and subs¢qu¢ntly m¢￿ured 41 aM(rti￿ ewt using the efftciive in*re$i metho Fund structure Unrtstri¢tcd ithcome fimd8 are g¢n¢rnl that are 8V8Llabl¢ for u0¢ 81 the trustees dixretion in furthernnc¢ of the objectives ofthe cknity. c1￿51flCU1Ith1 FinwJ¢io1 &8sets And fin8neial liabilities Ar¢ rtto8thi8ed when the charity bworn¢8 th Parfy to thc ¢ontrncft￿I provisions of the instrument. Financiwl liabiliti¢5 and equity instn1m￿ 8re classified a¢cordin8 to the substance of thc c0ntrnct￿j llrrangemcnts cntcrcd into. An equity in5trumcnt is ¢onts#¢t thw¢ ¢wd¢tt¢¢s o r¢$iduAI intert$t itt the ts8ets of th¢ Charity aft¢r d￿UCtIng all of its li8biJiti¢s. Pa8c 12 Belf48t Platfom for the Arts Notes to Ihe Flnanelal Statements for the Year Ended 31 March 2022 All fin8ncial &8sets and liabilities are initially measured ai trallsaction priee (iKluding transadion cos¢s), excepi for thosc financial 85%ts cl355ifie4J 85 at fAir value through profit or loss, whtch are initially Me￿ured at fair value (which 1$ nomwlly the trans8¢tion pricg ¢xcluding trans&¢tion eostsl. unless the arrangement C0Th5titutGs a fin￿tIng tran￿tion. If gn alrangement coThstitutes a finaTJcing transactio￿ the financial asset or fiTJan¢ial liability is TEheasured at the present value of the payments discowited at o market rnt¢ of interest for Similar (kbt in8trum¢nt. Financia] assets and liabilities are only offset itt the st8t¢rneot of financiol posilioo wh¢0 and only wh¢n th¢r¢ ¢xists a l¢gally ¢ttforce•bl¢ right to set oty the rttoBniscd amounts and the charity inttnds either to 5cttlc on nct ba8is. or to ruli5C thc And settl¢ the liability simultaneously. Financial assets are dcrccognis¢d wlth only wben a) the ¢ontrn¢tt41 rights to the ¢￿h tlow$ from the finon¢i81 ass¢t ¢xpir¢ or ar¢ 8¢ttl¢d b) th¢ ¢harity transf￿ to onother psrty substsntially Hll of the risks and Teward8 of ownership of the financial a&8e( or c) the charity. dcspit¢ hlving ret&iTwJ some. bui TWI all, Significant risks and r¢wJrd8 of owtttrthip. hD5 transf¢nvJ c4xJtrol of the ￿$¢1 to ￿0th¢r party. Finan¢ial li&bilitl¢8 or¢ d¢Teco8nised only wtKn th¢ obligation 6pecifi¢d in the contract is dischzr8¢d. caneellcd or expires. J Ill￿￿¢ don•tlo•• and l¢ga¢k• u￿r￿trAc￿￿ fund# Ge#tral Tot*1 Donation5 and legacies., Donations from individuals (Irants, including ¢APital grants; Grants frorn other chEriti Doth*d services fa¢ilitie8 Oth¢r itwrne from donstions and le8acics Total for 21122 1,857 35,( 228 1,857 35,OC4) 228 41,125 41.125 Total for 2(121 Unregtrleted funds Cenernl Totql Tot*1 for 2022 Tol*l fvr 21121 P&8e 13 Belfmt Plarform for the Art8 Not¢$ to tke Trlnan¢tsl StstsmeRts for the Year Ended 31 March 2022 S Exp¢odltv¢ OD Totsl nds Gevr*l Donated servi¢es 8nd Bifts ID kir All￿ated support Costs Tolal for 2022 35.(Krti 9.￿7 35,(KX 9.iN)7 44.IK)7 To¢#1 for 2021 42.840 42.840 Pagc 14 Beif28t Plarform for the Arts Notes to the Flnancl*l St*tements for the Ye•r Ended 31 Marth 2022 Totsl Net (ALt8oin8 r&wrc¢8 fw the yeBT incl￿. 2•22 8 T•xitlo• 9 Dtbton 2022 2•21 Ttr•Je debtors 350 I• Cmh and eqth*k#ts 2•22 2•21 I I Credllon: I￿X￿ts f*l]Ini dv *lthlm •meytar 2022 2•21 Tr&k ¢rtdiwrs 5fA) 1,179 480 1241 .020 Ac¢nthls 12 Fun& B¥1•￿£¢ *t I ApTiI 2•21 B*l*Dte It 31 m￿£￿ 2922 3,137 41,125 255 Pa8e 15 Belfast PlarfonD for the Arts Notes to the Flnanclal Statements for the Year Ended 31 Mar¢h 2012 B*l*Ke *t I April 2020 *#ce at 31 Manh 2021 42,083 (42,840) 3.138 13 Anal￿15 of assets betwetA Unrestri¢ted T1)￿ T￿ndS xt 31 Marek 2022 2,516 1261 2,516 (2261) 255 255 U#restri¢l¢d Total funds at f•fjds 31 Mar¢h 2021 5297 2.159 5,297 Currcnt ]iabilitie5 3.138 3.138 14 ADaiysls olmet f•n AtiApr 21121 At 31 M8r¢k 2022 4,947 4.947 Nddc 4,947 Al l Aprll 202 4,947 At 31 Mar¢h 21)21 S.3(￿1 5.3 Net debt 5.3 5.3 Pa8c 16 Belfast Plarform for the Arts Statement of Flnanelal Actlvltles by fund for the Year Ended 31 March 2022 Unrestricted Funds Tolal Total Unrestricted Unrestricted Fund$ 2021 21122 Income and Endowmtnts frnm: Donatiotts and l¢ga¢ies Inv&8tment income 41,125 42,082 Totsl illcon 41.125 42.083 EX￿ndIt￿re ott: Raising fJnds Total ¢xpcnditu Net ex￿ndItUTe (44.007) (41840) 42,840 2,882 757 Net tnoyement in funds (2.882) {757} RecoDcilia¢ion of fuDd5 Totsl fi￿d$ brought fonvard 3,137 3,895 Total funds catried foThvard 255 3,138 This page do￿ not fornipart of the statutory finoncial st2tem¢nt& P8g¢ 17 Be]fa$t Plgrform for the Arts Detslled Ststement of Flnanclal Aedvldes for the Year Ended 31 March 2022 Total 2022 Tot41 2021 Income and from: Dottatiotts artd l¢g¥rics lanHlysed below) InveBtrn¢nt in¢¢)me {4naly8ed below) Totsl income 41,125 42.082 Expelldlture on: Raising fund5 (analysed bclowl 44,007 42,840 Tot81 expenditure 44.007 42.840 expenditure 2,882 757 Net mov¢m¢nt in fiu)ds (18821 (757) Rtconclll*tlon of fllndi Total funds bn)ught foThvard Total fvnds wried forward 255 3,138 This d¢xs not forni part of the stathtory financi81 $tstem¢thts. Page 18 Belfast Platfonn for the Arts Detalled Ststement of Flnantixl Artivltles for the Year Ended 31 March 2022 Total 2022 Total 2021 Donllrfofts ottdlrytlcles Grants- other &gencies Dottoted us¢ of facililies Renthl inMne Othcr in¢om¢ 1.857 35,0(K) 5.797 35.000 1.285 228 41.125 42.082 (Jher i￿orne Pro8rgmme co$t8 Rent And rnt¢5 Water rates Ligh( Ind powcr Insurance Rcpairs and main*t)An¢¢ Tclqjhonc snd f Sundry cxpcn8e8 Cle•oing Independ¢nt ¢x8min¢rf8 fee 12.1101 I35.￿)0) 16011 135.(M)01 71 16851 (1,9621 {2,7721 {1.3271 (53) (31) 480 11.9211 11,6961 11,9771 1365) {267} 540 44,007 42.840 This page does not form part of the stsllltory finatt¢t81 sthtements. Page 19