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 beeen 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 beeen 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 praCte With our partners throughout the entire city, we seek to create a distinctive environment for aUdIenS 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 eor 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 reived. 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 OtheIse 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 agggate 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 ServIS 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 beeen 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-