Charity registration number NIC103560
Company registration number N1631354 (Northern Ireland)
BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
S Doherty
F Kane
L M Johnston
K Mawhinney
(Appointed 3 April 2023)
Secretary
R Wakely
Charity number
NIC103560
Company number
N1631354
Registered office
Cathedral Quarter Managed Workspace
1091113 Royal Avenue
Belfast
Co. Antrim
BT1 1FF
Auditor
Harbinson Mulholland
Centrepoint
24 Ormeau Avenue
Belfast
Co. Antrim
Northern Ireland
BT2 8HS
Bankers
U15ter Bank Limited
11-16 Donegall Square East
Belfast
BT1 SUB
Solicltors
Cleaver Fulton Rankin
50 Bedford Street
Belfast
Co. Antrim
Northern Ireland
BT2 7FW

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
CONTENTS
Page
Chairperson's foreword
Directors, report
Statement of Directors, responsibilities
Independent auditor's report
8-10
statement of financial activities
11
Statement of financial position
12
Statement of cash l]ows
13
Notes to the accounts
14-25

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
CHAIRPERSON'S FOREWORD
FOR THE YEAR ENDED 31 MARCH 2023
Belfast Festival (trading as Belfast International Arts Festival) is Ireland's leading international festival of arts and
ideas. Its transformation into an independently managed and more civically engaged event in 2015, was a
reflection of our belief in the importance of global connectivity, local communities, cultural diversity and
contemporary art practice to the well-being of Belfast and Northern Ireland. With our multi-disciplinary programme
of contemporary arts and culture from around the globe, we seek to push boundaries and challenge perceptions,
engage actively with audiences and communities around and beyond the city, and make a vital contribution to
ensuring the rest of the world knows about the diversity of our cultural riches.
Belfast International Arts Festival returned for a super-sized celebratory 60th year with events in April, May, August,
September, and the annual 3-week Autumn Festival being extended to more than 5 weeks across October and
November.
We are pleased to share some of the Festival Highlights..
310 events (including 13 digital and broadcast events). {2021122 - 2531
91 days (7-day Springtime programme across April & May,. 51 days of Irish Craft Heroes & a series of
exhibitions. film, poetry & Minimal Human Contact from 29 August to 4 October,. 33 days of BIAF22 running
from 5 October to 6 November). 12021122 - 331
Box Office Income £106,658.17. 12021122 - £94.747)
Featured companies, artists and speakers from Canada, USA, Palestine, Egypt. Morocco, Cote D'lvoire,
France, Belgium, the Caribbean, and Ihese islands at 38 venues and locations across Belfast
Secured 284 pieces of media coverage be￿een August & November 2022, with a reach of 31.3 million.
(2021122 - 289124.4million}
41.3k social media followers (Facebook, Twitter and Instagram combined. {2021122- 37.7)
90,801 users and 369,800 page views on BIAF website (22 March - 7 November 2022 i.e. first announcement
re 60th programme. through to Festival end). {2021122- 65,0281337,348}
E-newsletter subscriber database increased by 23.5 % to 6,577 with an average open rate of 41.2 % (higher
than the industry average of 29.20kn). {2021122_ 5,300/26.6 % ).
32 free events (in-person and digital) including 9 free entry visual arts exhibitions and 2 Poetry Jukebox
installations. (2021122 - 30}.
58 % of ticketed events be￿een April & November priced £10 or under. 12021122- 580h).
Average ticket price £12.25. (2021122 - £10.41).
Attracted an audience of 217,837 ofwhich 211,472 were to live in-person events in Belfast and ofwhich
187,327 were attendees at our visual arts programme.
Geographic Attendance
Location
Belfast
Nl {Outside Belfast Council Area}
ROI
GB
Rest of World
2020
27%
300/0
2021
2022
4801.
4501.
200/.
3.50

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
CHAIRPERSON'S FOREWORD
FOR THE YEAR ENDED 31 MARCH 2023
Publlc Benefit
A leader in our field, BIAF is one of few events in Northern Ireland that has the artistic credibility and technical
capacity to attract and deliver ambitious and world-class events. BIAF brings new and never before seen work
to Belfast, resulting in a programme of events that includes multiple UK, IrishlNI. European and Wodd premieres.
At the heart of Ihe 2022 programme was a special focus on Canada and the Middle East and North Africa. As
well as bringing international artists to the Belfast stage, BIAF proudly showcases home-grown talent to
international arts programmers and out of state visitors.
The 60th anniversary edition opened earlier than usual in April with Cristal Palace, a dazzling free outdoor event
which transformed Titanic Paddocks, adjacent to Titanic Slipways on the Maritime Mile, into an open-air night-
time ballroom complete with an airborne orchestra sat atop a giant chandelier, aerial acrobats and sharp-witted
characters many of which were performed by a local community cast. The programme continued through the
Spring and into the Summer with a handful of key events including performances of Nick Power's Between Tiny
Cities. a rich exploration of masculinity and multi-culturalism, through the lens of hip hop choreography (part of
our contribution to the UKJAustralia Season 2021-22)- the UK'S Poet Laureate. Simon Armitage and Irish Craft
Heroes, a highly-visual, outdoor panel trail located in Botanic Gardens and Celebrating Ireland's inspirational
craftspeople and makers.
The critical and popular success of this earlier start lo the annual programme is likely to lead to future and
occasional events in the Spring and Summer that will allow the Festival to widen its audience reach and
celebrate key cultural and historic evenls.
Highlights of the Autumn season included Paul Carrack-, Dinner With Gn)ucho by Frank McGuinness'. Navy Blue
by Oona Doherty.. Propaganda. a New Musical by Conor Milchell". The Queen in Me by Teiya Kasahara,. Another
Lover's Discourse from Palestinian interdisciplinary artist. Riham Isaac,. leading European choreographer Noé
Soulier.. writers Jonathan Coe. Donal Ryan, Tish Delaney.. Ulster Orchestra.. Cahoots., Big Telly and Dumbworld.
Venues included both tradilional and non-traditional arts venues, providing an authentic and unique Belfast City
experience Key programme highlights took place in Grand Opera House. The MAC and Lyric Theatre Unusual
venues included the purpose-built Ghost House by Cahoots in Cityside Retail and Leisure Park and the relatively
new Banana Block in East Belfast. CS Lewi5 Square, Botanic Gardèns, Queen's University, as well as the
atmospheric Empire alongside Black Box, Ulster Hall as well as neighbourhood arts venLtes such asAn
Culturlann, Strand Arts Cenlre, Queens Film Theatre, Brian Friel Theatre, and Crescent Arts Centre, and the
intimate setting of No Alibis Bookstore ensured audiences experienced some of Belfast's top visitor attractions
and iconic venues.
In terms of discovering the city from a new perspective we continued our partnership with Nl Tourist Guiding
Association to triple the number of themed walks to 9 in total, taking place over 19 different dates, resulting in 37
tours in total. New tours included Doctors & Diseases, Linen QuarterTour, Cathedral Quarter MusicTour, Belfast
Jewish Story and Titanic Trail.
BIAF enjoys a strong working relationship with strategic partner, Visit Belfast. As a member, BIAF benefits from
exposure on Wisit Belfast website, e-newsletter campaigns. publications and access to further marketing and
promotional activilies throughout the year. Visit Belfast was the official box office provider, commencing al the
first release of Spring events through to Festival conclusion on 6 November, and continuing with one
rescheduled event in 2023. With enhanced digital promotion online and visitor footfall into the Welcome Centre
this was an excellent way of promoting to visitors and reinforcing BIAF to those that are already aware.
Displayed prominently in the Welcome Centre was the BIAF branded Festivals and Event Island, brochure, and
external screen advertising.

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
CHAIRPERSON'S FOREWORD
FOR THE YEAR ENDED 31 MARCH 2023
Visit Belfast staff are well briefed and able to answer any queries regarding BIAF and indeed the wider Belfast
offering as well as cross sell BIAF to those who were not yet aware of it. We also delivered a presentation to
members at September's Industry Briefing session. increasing awareness among local hospitality and tourism
industry members.
In order to entice international visitors, we worked with accommodation partner Hastings Hotels, a well-respected
brand recognised for their warm welcome and 5 star visitor experience at their Grand Central Hotel, and 4 star at
the Europa Hotel. to provide a special Festival accommodation rate which was jointly promoted via website, social
media advertising, Google Ads, e-newsletter, and competitions.
The ongoing uncertainty surrounding visa and work permit arrangements for visiting artists from EU countries
alongside customs arrangements- further complicated by the Nl protocol - again caused BIAF concern as we
experienced significant delays obtaining Visas, particularly for those from North Africa and the Middle East. Aside
from increased Visa charges, the delays meant travel was booked later and cost more than anticipated. Where
there was no direct flight from the country of origin to Nl, travellers with Visas had to route through mainland UK
instead of Dublin, resulting in longer journey times and extra flights.
Looking ahead to 2023, BIAF is committed to continuing to deliver significant cultural, social and economic benefits
to Belfast's residenls and to growing the number of visitors to the city. This will range from a special programme to
mark the 25th anniversary of the Good FridaylBelfast Peace Agreement through to include efforts to mitigate the
growing financial crisis by widening the selection of accommodation and hospitality partners and packages to
include many more budget options. We will also continue to grow our community engagement programme and
volunteering scheme to provide accessible events across all communities in Belfast City, with both the
environmental and financial sustainability of the festival being paramount.
Finally. I would like to thank my fellow Board members, the team, and volunteers of Belfast Festival who give
generously of their time and commit to supporting Belfast Festival. A particular note of thanks. from the whole
BIAF family, is given to Jackie Mccoy. who after completing her full term of office, stood down as a Director and
Chairman of Belfast Festival at theAGM in September 2022.
L M Johnston
Chairperson
Dated..
5/ 7/23

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
DIRECTORS, REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their annual report and financial slatements for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to tIE accounts
and comply with the charitable 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 20161.
Objectives and Actlvities
In setting our objectives and planning our activities for the year the Trustees have given careful consideration to
the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the aclivitfds have
helped to achieve the charity's purpose and provide a benefit for the beneficiaries.
Our mission is to be the preeminent. progressive international arts event within Northern Ireland, actively
engaging both global and local communities in the richness and diversity of contemporary arts praCt￿e With our
partners throughout the entire city, we seek to create a distinctive environment for aUdIen￿S to eryoy and
participate in inspirational and transformative aesthetic experiences from world-class artists, thinkers and
Seaders.
We do this by..
Presenting a wide range of contemporary arts and cultural events of the highest possible international
standard to the widest possible audiences from home and abroad.
Reflecting contemporary culture from across the globe to audiences from Belfast, Nl and visitors to the
provin￿.
Offering an international showcase for the best of Northern Ireland contemporary culture.
Presenting events which cannot easily be achieved by any other UK or Irish arts organisation through
innovative programming and a commitment to creating new work.
Actively ensuring equal opportunities and access for all seclions of our communities to directly experience,
participate in and enjoy the Festival.
Collaborating and partnering with arts and community organisations across Belfast to create an annual city
wide. cultural celebration.
Ensuring Belfast Festival has adequate financial resources and expertise to fulfil its mission and address its
overaS1 sustainability.
Our guiding principles reflect the importance of..
Global connections.
Access and participation.
Community.
Collaboration and partnership.
The Directors have paid due regard to guidance issued by the Charity Commission in deciding what adivities the
charitable company should undertake.
Achievements and Performance
The 60th anniversary edition of Belfast Festival, its eighth as the independently rebranded Belfast International
Arts Festival, fealured an extended programme of live and digital events commencing in April, and ending in
November 2022. The year included 310 events (2021122 2531, from 15 countries12021122 - 11) over 91 days
(2021122 - 33}. The total audience was 217,837 (2021122 - 107,399.) Ticketed Attendance 38.80912021122 -
34.3991
Financial Review
In this year, Belfast Festival is pleased to have realised incoming resources of £772,460, and outgoing resources
of £773,395.

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
DIRECTORS, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Reserves Policy
It is the policy of Belfast Festival to create and maintain Unrestricted Reserves at a level which balances our
objedives to develop and support artists and artistic projects with our need to remain financially slable. The
Festival Director & Chief Executive advises the Board of Directors at the financial year-end of the scope for
setting aside funds and building the balance sheet accordingly.
Three categories of Reserves are considered by the Directors to be desirable..
1. A minimum level of free reseNes equating to at least four {4) months of annual supportl¢ore expenditure is
considered sufficient to cover management, administration and overheads, and to respond to emergency
needs which arise from time to time.
2. An additional provision of free reserves for unforeseen liabilities, such as unanticipaled reductions or cuts in
public funding.
3. A designated reserve for artislic research and development, which might include commissioning,
presentation and producing of events and projects.
Reserves may also from time to time be used to finance key artistic projects. to meet specific financial challenges
or difficulties and any other purpose that the Board of Directors may deem necessary.
In addition there may be a need to designate certain sums from free reserves for anticipated expenditure in the
short to medium term. This would generally be for capital expenditure and will be specified in the notes to the
annual accounts.
The Directors acknowledge that it will take time to accumulate such reserves as described above at point 1, but
commits itself to doing so in a timely and considered manner.
As at 31 March 2023 the charitable company has £94,417 held in the following Reserves Categories..
£30.000 (2021122 £30.000) in designated funds in respect of category 1 above {working towards
target of £80.0001
£27,389 {2021122 - £27,389) in respect of category 2
£37,028 {2021122- £37.963) in respect of category 3.
Risk Management
The charitable company has a risk management strategy that is regularly monitored and identifies all potential
risks and challenges and steps that are taken to mitigate or reduce them. Major issues going forward include the
continuing difficult economic climate, which is particularly reflected in a decline in financial support for arts and
culture from both the public and private sectors. In addition the ongoing uncertainty around the process for the
United Kingdom to leave the European Union brings with it particular financial and operational challenges for an
event that is avowedly international in its outlook.
Structure, Governance and Management
Belfast Festival is a company limited by guarantee and a registered charity. It is governed by a voluntary Board of
Directors, who normally meet every to three months.
The Directors who served during the year and up to the date of signature of the financial statements were-
S Doherty
F Kane
L M Johnston
K Mawhinney
Professor J Mccoy MBE SFHEA FCMI
(Appointed 3 April 2023)
(Resigned 27 September 2022)
None of the Directors has any beneficial inlerest in the company. All of the Directors are members of the
company and guarantee lo contribute £1 in Ihe event of a winding up.

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
DIRECTORS. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
A number of Directors served on the following sub-committees during the year.
Finance &Audit Sub-committee.. L M Johnston (Chairperson).
Human Resources: J Mccoy {Chaimian). During the year L M Johnston and S Doherty attended.
Patrons Development Group.. J Mccoy {Chairman) and S Doherty.
The Artistic Director and Chief Executive is Richard Wakely.
Audltor
In accordance with the company's articles, a resolution proposing that Harbinson Mulholland be reappointed as
auditor of the company will be put at a General Meeling.
The Directors. report was approved by the Board of Directors.
L M Johnston
Director
Dated..
s/?12J

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
STATEMENT OF DIRECTORS. RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2023
The Directors, who also act as trustees for the charitable activities of Belfast Feslival. are responsible for preparing
the Directors, Report and the accounts in accordance with applicable law and United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Directors to prepare accounts for each financial year which give a true and fair view of
the state of affairs of the charitable company and of the incoming resources and application of resources, including
the income and expenditure. of the charitable company for that year.
In preparing these accounts. the Directors are required to=
Select suitable accounting policies and then apply them Consistently
Observe the methods and principles in the Charities SORP
Make judgements and estimates thal are reasonable and prudent
State whether applicable UK Accounting Standards have been followed. subject to any material departures
disclosed and explained in the accounts
Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable
company will continue in operation
The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any time the financial position of the charitable company and enable them to ensure that the accounts comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe charitable company and
hence for taking reasonable steps for the prevention and delection of fraud and other irregularities.

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
INDEPENDENT AUDITOR'S REPORT
TO THE DIRECTORS OF BELFAST FESTIVAL
Opinion
We have audiled the financial statements of Belfast Festival (the 'charitable company'} for the year ended 31 March
2023 which comprise the statemenl of financial activities, the statement of financial position, the slalement of cash
flows and notes to the financial statements, including significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards.
including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol
Ireland {United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements-
give a true and fair view of the state of the charilable Company's affairs as at 31 March 2023 and of its
incoming resources and application of resources, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi￿..
and
have been prepared in accordance with the requirements of the CompaniesAct 2006.
Basis for opinlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are fvrther described in the Auditoffs responsibilities for the audit ol
the financial statements section of our report. We are independent of the charitable company in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors. use of the going concern basis of
accounting in the preparation of the financial statemenls is appropriate.
Based on the work we have performed. we have not identified any material uncertainties relating to events or
conditions that. individually or colleclively, may cast significant doubt on the charitable company's abilily to continue
as a going concern for a period of at least twelve months from when the financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the
relevant sections of this report.
Other information
The Directors are responsible for the other information. The other information comprises the information included in
Ihe annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial
statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in
doing so. consider whether the other information is malerially inconsistent with the financial statements or our
knowledge obtained in the audit or othewise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misslatement5, we are required to determine whether there is a material
misstatement in the financial slatements or a material misstatement of the other information. If, based on the work
we have performed, we conclude that there is a material misstatement of this other information. we are required to
report Ihat fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respecl of the following matters in relation to which the Charities (Accounts and
Reports) Regulations 2008 require us to report to you if, in our opinion..
the information given in the financial statements is inconsistent in any material respect with the Directors,
report., or
sufficient accounting records have not been kept; or
the financial statemenls are not in agreement with the accounting records.. or
we have not received all the information and explanations we require for our audit.

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE DIRECTORS OF BELFAST FESTIVAL
Responslbllities of Directors
As explained more fully in the statement of Directors, responsibilities, the Directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the Directors determine is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors
are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as
applicable, matters related to going concern and using the going concern basis of accounling unless the Directors
either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditors under section 65 of Ihe Charities Act (Northern Ireland) 2008 and report in
accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations. was as follows=
the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations-.
we idenlified the laws and regulations applicable to the charity through discussions with trustees andlor senior
management, and from our commercial knowledge and experience of the sector-
we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the charity, including Companies Act 2006, taxation legislation, data
protection, anti-bribery, employment. environmental and health and safety legislation
we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained
alert to instan￿$ of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstalement, including obtaining an
understanding of how fraud might occur, by..
making enquiries of management as to where they considered there was susceptibility lo fraud. their
knowledge of actual, suspected and alleged fraud" and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we-.
performed analytical procedures to identify any unusual or unexpected relationships.,
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in detemiining the accounting estimates set out in
Note 2 were indicative of potential bias., and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-complian￿ with laws and regulations. we designed procedures
which included, but were not limited to..
agreeing financial statement disclosures to underlying 5UPPOrting documentation.,
reading the minutes of meetings of those charged with governance.,
enquiring of management as to actual and potential litigation and claims.

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE DIRECTORS OF BELFAST FESTIVAL
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-complian￿ with laws and regulations to
enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from e￿or as they may
involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https-11
www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report.
This report is made solely to the charity's trustees, as a body, in accordance with part 14 of the Charities Act
(Accounts and Reports) Regulations 2008. Oul audit work has been undertaken so that we might State to the
charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and
the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies
Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we
are required to state to them in an auditols report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the company and the company's members as
body, for our audit work, for this report, or for the opinions we have formed.
Angela
aigan (Senior Statuto
Auditor)
for and on behalf of Harbinson Mulholland
Chartered Accountants
Statutory Auditor
Centrepoint
24 Ormeau Avenue
Belfast
Co. Antrim
Northern Ireland
BT2 8HS
Harbinson Mulholland is eligible for appointment as auditor of the charitable company by virtue of its eligibility for
appointment as auditor of a company under section 1212 of the Companies Act 2006.
10-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
Unrestrlcted Restricted
funds
funds
2023
2023
Total
Unrestrlcted Restricted
funds
funds
2022
2022
Total
2023
2022
Notes
ndowments from:
co
Donations and
legacies
Charitable activities
Other income
9,734
150,245
8,601
603,880
613,614
150,245
8,601
455,573
455,573
105,695
105,695
Total income
168,580
603,880
772,460
105,695
455,573
561,268
enditu
Charitable activities
on:
169,515
603.880
773,395
97,732
455,573
553,305
Net {expenditure)lincome
for the yearl
Net movement in funds
(935)
(935)
7,963
7.963
Fund balances at 1 April
2022
95,352
95,352
87,389
87,389
Fund balances at 31
March 2023
94.417
94,417
95,352
95,352
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies wilh the requirements for an income and expenditure account
under the Companies Act 2006.
11

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
STATEMENT OF FINANCIAL POSITION
AS AT31 MARCH 2023
2023
2022
Notes
Fixed assets
Tangible assets
12
130
1,446
Current assets
Debtors
Cash at bank and in hand
13
92.173
73,071
131,309
129,465
165,244
260,774
Creditors: amounts falling due within
one year
14
(70,957)
{166,868)
Net current assets
94,287
93,906
Total assets less current liabilities
94,417
95,352
Income funds
Unrestricted funds
Designated funds
15
94,417
95,352
94,417
95,352
94,417
95,352
The company is entitled to the exemption from the audit requirement contained in seclion 477 of the Companies Act
2006. for the year ended 31 March 2023, although an audit has been carried out under section 65 of the Charilies
Act (Nl} 2008
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 under the requirements
of the CompaniesA¢t 2006, 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 fina
ial statements were approved by the Directors on
L M Johnston
Trustee
Company registratlon number N1631354
12-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
Notes
Cash flows from operating activities
Cash (absorbed by)Igenerated from
operations
21
(56,394)
42,550
Investing activities
Purchase of tangible fixed assets
{389)
Net cash used In investing activities
{389)
Net cash used in financing a¢tivltles
Net (decrease>lincrease in cash and cash
equivalents
(56,394)
42,161
Cash and cash equivalents at beginning of year
129,465
87,304
Cash and cash equivalents at end of year
73,071
129,465
13-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policles
Charity information
Belfast Festival is a private company limited by guarantee incorporated in Northern Ireland. It is governed by
a Memorandum and Articles of Association and the liability of each member is limited to an amount not
exceeding £1. The registered office is Cathedral Quarter Managed Workspace, 1091113 Royal Avenue,
Belfast, Co. Antrim, BT11 FF.
1.1 Accounting convention
The accounts have been prepared in accordance with the charitable company's memorandum and articles of
association,
the Companies Act 2006 and "Accounting and Reporting by Charilies.. 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 IFRS 102)" (as amended for accounting
periods commencing from 1 January 2016). The Charilable 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 charitsble 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 Directors have a reasonable expectation that the
charitable company has adequate resources to continue in operational existence for the foreseeable future.
Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial
statements.
1.3 Charltable funds
Unrestricted funds are available for use at the discretion of the Directors in furtherance of their charitable
objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purwses 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
charitable company.
1.4 Incomlng resources
Income is recognised when the charstable 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 re￿ived.
Cash donations are recognised on receipt. Other donations are recognised once the charitable 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 donalion.
Legacies are recognised on receipt or Othe￿Ise if the charitable 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.
14-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policles
(Continued)
1.5 Resources expended
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 Ihe total of dir&t costs and
shared costs. including support costs involved in undertaking each activity. Direct costs attributabte to a single
activity are allocated direclly to that activity. Shared costs which contribute to more than one activity and
support costs which are not attributable lo 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
deprecialion Charges are allocated on the portion of the asset's use.
Expenditure is accounted for on an accruals basis and has been classified under headings that agg￿gate 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 the use of resources.
1.6 Tangible flxed 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=
Equipment, Fixtures & Fittings
25% and 33¥0 on cost
The gain or loss arising on the disposal of an asset is determined as the difference belmeen Ihe 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 dale, the charitable 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 lif 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 ¢haiitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and
Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company
becomes party to the Contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presenled in the financial statements, when
there is a legally enforceable right lo set off the recogni5ed amounts and there is an intenlion to settle on a
net basis or to realise the asset and settle the liability simultaneously.
15-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Accounting policles
(Continued)
Basic financial assets
Basic financial assels, 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 inilially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charitable 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 charitable company is
demonstrably committed to terminate the employment of an employee or to provide lerminalion benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Charitable activities
2023
2022
Box office income
Service provision
Sponsorship
Donations
106.658
2,248
33,200
8,139
94,747
5,457
3,200
2.291
150,245
105,695
16-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Crltlcal accounting estimates and judgements
In the application of the charitable company's accounting policies. the Directors 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 assumpiions are reviewed on an ongoing basis. Revisions lo accounting
estimales 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.
Key sources of estimatlon uncertainty
Tangible fixed assets
The annual depreciation charges on fixed assets depends primarily on the estimated lives of each type of
asset and estimates of residual values. The Directors regularly review these asset lives and change them as
necessary to reflect current thinking and remaining lives in light of prospective economic utilisation and
physical condition of the assets concerned. Changes in asset lives can have a significant impact on
depreciation and amortisation charges for the period. Detail of the useful lives is included in Ihe accounting
policies.
Debtors
Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors
involves some estimatior¢ uncertainty.
Other income
Unrestricted
funds
Total
2023
2022
other income
8,601
Donations and legacles
Unrestricted Restrlcted
funds
funds
Total Restricted
funds
2023
2023
2023
2022
Grants receivable
9,734
603,880
613,614
455,573
17-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Donations and legacies
(Continued)
Grants recelvable for core activities
Arts Council of Northern Ireland- Development grant
Arts Council of Northern Ireland- Exchequer Fund
Arts Council of Northern Ireland - Health & Safety
Grant
Art Work Programme
Australian High Commission- Depart of
Foreign Affairs & Trade
Belfast City Council- City & Neighbourhood Services
Belfast City Council- City of Music
Belfast City Council - Commissioning
Belfast City Council - COVID Supplies Fund
Belfast City Council - Cristal Pala
Belfast City Council Cultural Multi Annual Grant
British Council Nl
British Council Nl - India Project
British Council Nl - MENA
Department for Foreign Affairs & Trade.,
Reconciliation Fund
Enkalon Foundation
Halifax Foundation for Northern Ireland
Institut Francais
Lord & Lady Lurgan Trust
The Radcliffe Trust
Tourism Nl
60,000
207,243
207,243
207,243
493
17,189
493
17,189
493
1.600
25,000
20,000
20,000
9,234
15,000
493
81,000
45,000
15,000
7,500
85,000
9,234
15,000
493
81,000
45.000
15.000
7,500
85.000
493
45,000
37,500
40.962
40,962
500
6.000
6.000
2,000
5,000
50,000
33,243
500
6,000
6,000
2,000
5,000
50,000
45,000
9,734
603,880
613,614
455,573
Charitable activities
2023
2022
Activities undertaken directly
547,331
341,636
Share of support costs (see note 7)
Share of governan￿ costs (see note 7}
215,208
10,856
200.125
11,544
773,395
553,305
Analysls by fund
Unrestricted funds
Restricted funds
169,515
603,880
97,732
455,573
773,395
553,305
18-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Support costs
Support Governance
costs
costs
2023
Support Governance
costs
costs
2022
Staff costs
Depreciation
Professional fees
Expenses and travel
Rent and ServI￿S
Office costs
Staff Training
177,295
1,316
2,257
6,532
14,291
10,746
2,771
177,295
1,316
2,257
6,532
14,291
10,746
2,771
177,528
1,316
1,966
5,934
8,924
4,457
177,528
1,316
1,966
5,934
8,924
4,457
Audit fees
Accountancy
4,740
6,116
4,740
6,116
4,740
6,804
4,740
6,804
215,208
10,856
226.064
200,125
11,544
211,669
Analysed be￿een
Charitable activities
215,208
10,856
226,064
200,125
11,544
211,669
Governance costs includes payments to the auditors of £4,740 (2022 £4.740) for audit fees and £6,116
{2022- £6,838) for non-audit services.
Net movement in funds
2023
2022
Net movement in fvnds is stated after chargingl(creditingl
Fees payable to the company's auditor for the audit of the company's financial
statements
Depreciation of owned tangible fixed assets
4,740
1.316
4,740
1,316
Directors
There were Directors, expenses of £nil paid during Ihe year {2022- £nill.
10 Employees
The average monthly number of employees during the year was..
2023
Number
2022
Number
19-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10 Employees
(Continued)
Employment costs
2023
2022
Wages and salaries
Social security costs
other pension costs
161,039
10,482
5,774
160,652
11,089
5,787
177,295
177,528
The number of employees whose annual remuneration was more than £60,000
is as follows-
2023
Number
2022
Number
£60,000-£69,999
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or seclion
252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12 Tangible fixed assets
Equipment, Flxtures & Frtting5
Cost
At 1 April 2022
18,029
At 31 March 2023
18,029
Depreciatlon and Impairment
At 1 April 2022
Depreciation charged in the year
16,583
1,316
At 31 March 2023
17,899
Carrying amount
At 31 March 2023
130
At 31 March 2022
1,446
20-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13 Debtors
2023
2022
Amounts falllng due within one year:
Trade debtors
Prepayments and accrued income
31,798
60,375
1,185
130,124
92,173
131,309
14 Creditors: amounts falling due within one year
2023
2022
Notes
other taxation and social security
Deferred income
Trade creditors
Other creditors
Accruals and deferred income
5,764
12.373
987
14,593
13,654
125,261
16
4,438
1,323
59.432
70,957
166.868
15 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of
unrestricted funds by the trustees for specific purposes:
Movement
in funds
Incoming
resource5
8alance at
1 April 2021
Balance at
1 Aprll 2022
Resources
Balance at
expended 31 March 2023
Management reserve
Funding reserve
Research & development reserve
30.000
27.389
30,000
30,000
27,389
37,963
30,000
27,389
37,028
7,963
{9351
87,389
7.963
95,352
1935)
94,417
21

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
16 Deferred income
2023
2022
Other deferred income
987
987
Deferred income is included in the financial statements as follows=
2023
2022
Current liabilities
987
987
Deferred income relates to capital grants and the balance will be released in line with the depreciation policy.
-22-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
17 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balan￿$ of
donations and grants held on trust for specific purposes=
Movement in funds
Incoming Resources Balance at 31
resources
expended March 2023
Balance at 1
Aprll 2022
Arts Council of Northern Ireland - Exchequer Fund
Arts Council of Northern Ireland - Health & Safety
Grant
Art Work Programme
Belfast City Council - City & Neighbourhood
Services
Belfast City Council - Commissioning
Belfast City Council - Covid Supplies Fund
Belfast City Council - Crislal Palace
Belfast City Council - Cultural Multi Annual Grant
British Council Nl
British Council Nl - India project
British Council Nl MENA
Department for Foreign Affairs & Trade..
Reconciliation Fund
Halifax Foundation for Northern Ireland
Institut Francais
Lord & Lady Lurgan Trust
The Radcliffe Trust
Tourism Nl
207,243
1207,243)
493
17,189
(4931
(17,1891
20,000
15,000
493
81,000
45,000
15,000
7,500
85,000
(20,000}
(15.000)
(493)
(81,000)
(45.000)
(15,000)
{7,500)
{85,000)
40,962
6,000
6,000
2,000
5,000
50,000
(40,9621
(6,000)
(6,000}
(2,000)
(5,000)
(50.000)
603,880
{603.880)
18 Analysis of net assets between funds
Unrestricted Restricted
funds
funds
2023
2023
Total Unrestricted Restricted
funds
funds
2022
2022
Total
2023
2022
Fund balances at 31
March 2023 are
represented by:
Tangible assets
Current assetsl{liabilities)
130
94,287
130
94,287
1,446
93,906
1,446
93.906
94,417
94,417
95,352
95,352
-23-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
19 Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
Aggregate compensation
109,011
109,042
The charitable company considers its key management personnel to be the Artistic Director & Chief
Executive, and the General Manager.
Other than remuneration of key management personnel, there were no disclosable related party transactions
during the year {2022 - none).
-24-

BELFAST FESTIVAL
TIA BELFAST INTERNATIONAL ARTS FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
20 Operating lease commitments
At the reporting end date the charitable company had outstanding commitments for future minimum lease
payments under non-cancellable operating leases, which fall due as follows-.
2023
2022
Wilhin one year
Belween two and five years
10,140
1,690
10,140
11,830
11,830
21,970
21 Cash generated from operations
2023
2022
(Deficitllsurpus for the year
(9351
7,963
Adjustments for..
Depreciation and impairment of tangible fixed assets
1,316
1,316
Movements in working capital..
Decreasellincrease) in debtors
IDecrease)fincrease in creditors
(Decrease) in deferred income
39.136
(94,924)
(987)
(86,295)
120,553
(9871
Cash (absorbed by)Igenerated from operations
(56,394)
42,550
22 Analysis of changes in net funds
The charitable company had no debt during the year.
-25-