Charity registration number NIC103560 Company registration number N1631354 INorthem Ireland) BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL LEGALAND ADMINISTRATIVE INFORMATION Directors S Doherty F Kane K Mawhinney J Mcllroy (Appointed 3 April 20231 (Appointed 5 September 20231 Secretary R Wakely Charlty number NIC103560 Company number Nl831354 Reglstered office Cathedral Quarter Managed Workspa 1091113 Royal Avenue Belfast Co. Antrim BT1 1FF Audltor Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS Bankers Ulster Bank Limited 11-16 Donegall Square East Belfast BT15UB Sollcltors 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 Independent auditor's report Statement of financial activities 10 Statement of financial position 11 Statement of cash flows 12 Notes to the accounts 13-25
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL CHAIRPERSON'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2024 It is with immense pride and a profound sense of responsibility that I present this report, for 2023124. as the new Chairperson of Belfast Festival. For over six decades, Festival has been a beacon of creativity, resilience, and innovation. 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 Importan 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 cullural riches. BIAF23 was held between 12 October and 5 November 2023, and marked the 61st annual autumn Festival featuring the very best in international and homegrown artisls across theatre, dance, music, visual arts, literature and film. We are pleased to share some of our 2023 highlights.. 228 events (including 11 digital events) 25 days 23 premieres Featured companies. artists and speakers from Canada, Palestine, Morocco, Mexico, USA, Germany, Italy, Afghanistan, Ireland and the UK at 34 venues and locations across Belfast. Analysis of box office data reveals that 46.5 % of bookers were from Belfast, 440A from the rest of Nl, and 9.50/0 were Out-of-slate visitors Secured 330 pieces of media coverage August-November 2023, with a reach of 40.9 million 42,100 social media followers (Facebook, Twitter and Instagram combined) 43,000 users of BIAF website E-newsletter subscriber database increased by 4.89/0 to 6,894 with an average open rate of 45 % (indLStry average is 29.2 %) 73 free performances (in-person and digitall Average ticket price £13.09 Ticketed Audience.. 46,156 From our 2023 Audience Survey, 950/0 of respondents would recommend Festival to friends and family, and 98% believe that it promotes Belfast and Northern Ireland positively. 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. Highlights at BIAF23 included Coming Home performed by Cara Dillon and An Evening with the Belfast Ensemble and Marc Almond both at the Grand Opera House. King by Fishamble Theatre Company, wort<.txÈ by Nathan Ellis and FIQI acrobatic feats, music, sketches, and choreography by Morocco's Groupe Acrobatique de Tanger. Our literary programme featured Booker shortlisted Paul Murray, internationally-renowned journalist Gary Younge, Claire Kilroy and Mike Mccomack, Mick Herron, Rachel Connolly and Nicole Flattery, Tom Crewe and K Patrick. Venues included both traditional and norFtraditional arts venues, providing an authentic and unique Belfast City expenence. Key programme highlights took place in Grand Opera House, The MAC and Lyric Theatre. Unusual venues included the purpose-built theatre space by Cahoots in Cityside Retail and Leisure Park and the relatively new digital venue, Brick Moon by Big Telly. CS Lewis Square, Queen's University, the Black Box and the Ulster Hall also featured alongside neighbourhood venues such as An Culturlann, Strand Arts Centre, Queens Film Theatre, Limelight Belfast, the Crescent Arts Centre and the intimate setting of No Alibis Bookstore ensured audiences experienced some of 8elfasfs top visitor attractions and iconic venues. Geographic Attendance Locatlon Belfast Nl (Outside Belfast Council Area) ROI GB & Overseas 2021 50Q/o 420/0 2022 23 46.5/0 44% 2.50/0 7°/0 2.5°/0
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL CHAIRPERSON'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2024 Publlc Benefit Em lo ment In 2023 BIAF generated paid employment for 5 employees, 14 short-temi contracted or freelance staff, and 669 perfomiers and artistic Company members. ero ortunities and trainin Each year BIAF offers opportunities for the development of people's skills through volunteering. Volunteers gain experience and training in arts and events co-ordination, artist hosting and customer engagement.. further benefits include enhanced employment prospects, improved mental health and the enjoyment of a good night out while working as part of a dedicated team. Over the 2023 festival our team contributed 150 volunteer hours with 70 % of our volunteers being from Belfast. BIAF presents works that encourage creative engagement. In 2023 we programmed a range of such actwities under our EMBRACE scheme including workshops for a range of age groups from leading international artists. BIAF'S core Festival is strategically timed to take place during the key tourist shouldef season. encouraging people to visit Nl al a different time of year. Belfast acts as a gateway to the most popular tourist destinations, encouraging out-of-state visitors to attend Festival events and enjoy the rich nightlife of the city. while exploring Nl during the day. To support this, BIAF'S 'Plan Your Visit, section on our website includes curated highlights of what the city has to off8r. BIAF promotes Belfast to a worldwide stage as a positive, culturally aware and diverse city. Festival brings together people from different communities and different socio-economic backgrounds at accessible and neutral venues. In 2023, BIAF programmed events in all corners of Belfast and in iconic city centre venues, offering a genuinely citywide programme without geographical exclusions. nin We are committed to delivering a programme of free and low-cost ticket options to break down barriers and encourage participation from communities across the city. In 2023, we hosted 73 free events and the average paid ticket price was just £13.09. Through our accessible events slrand, we work with a number of lik&minded cultural and community-based organisations such as University of Atypical and Open Arts to maximise access to BIAF events, providing captioned, BSL interpreted, and audit>descnbed performances. The Diversity of our work was recently recognised through an award from Arts & Business Nl.
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL CHAIRPERSON'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2024 mm ni Our commitment to inclusiveness continues through our Community Ticket scheme, providing free tickets to community groups such as people seeking asylum, LGBTQ+ communities, and young people facing homelessness. Supported by Belfast Harbour Commission. we were recognised with the Arts & Business Nl's 'Commitment to Diversity Award 2023,. We are pleased to share the following highlights= 16 community groups (2022- 12 groups) 207 free tickets12022 - 133 tickets) 420/0 increase in participating groups. circa 55 % increase in the number of tickets distributed. Collaboration with umbrella organisations, Community Arts Partnership and Afro-caribbean Support Organisation Nl 11 new groups including Swift Hearers and Voices of Young People in Care. Free transport offered to all and taken up by 2 groups (Forthspring Youth Matters, and several families from DePaul Cloverhill Hostell. iv BIAF helps to place Belfast wilhin an intemational context as a major European city with its own unique creative characteristics. BIAF celebrates the natural creativity of the city as reflected in its artists, its architecture and urban spaces, its history and future. Festival's intemational appeal is growing, with 9.5 % of our 2023 audience being Out-of-state visitors, up from 80/0 in 2022. This increase underscores the festival's role in attracting visitors to our vibrant city. BIAF actively contributes to making a positive case to ensure that Nl is able to compete with other regions of the UK, which increasingly use culture and arts to drive economic regeneration. nm ustainabili The environmental and financial sustainability of Belfast Festival is of paramount important to us. Our environmental impact has been re-assessed during the year and new strategies and procedures implemented across our activities lo reduce our carbon output annually to meet with government policies. We are working with Visit Belfast and Belfast City Council to assess our Green Tourism impacts. Despite serious budgetary constraints, the true spiril of the arts shines brightest in adversity. We are more determined than ever to ensure Festival thrives, exploring new funding avenues, forging partnerships, and harnessing digital plattorms to reach wider audiences. Our mission is to make the arts accessible to all, breaking down financial, social, and geographical barriers. Festival would not be possible without the generous support of our Principal Funder, the Arts Courcil of Northern Ireland, as well as Belfast City Council, Tourism Northern Ireland, the British Council, and the Govemment of Ireland's Department of Foreign Affairs. We owe them, and our many other partners and stakeholders, a debt of gratitude for their unwavering support. would also like to acknowledge my predecessors, Louise Johnston and Professor Jackie Mccoy, for their professionalism and commitment in recent years, and Richard Wakely, whose leadership and vision have been instrumental in shaping Festival. As we embark on another year of artistic exploration and cultural celebration, I invite you to join us in experiencing the transformative power of the arts. Let us continue to build on our successes and create unforgettable moments that will inspire and uplift our community. F Kane Chairperso Dated:
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Directors present their annual report and financial statements for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to tF* 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 Republic of Ireland {FRS 1021. las amended for accounting periods commencing from 1 January 2016). Objectives and Activities 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 activitEs 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. Wth our partners throughout the entire city, we seek to create a distinctive environment for audiences to ery'oy and participate in inspirational and transformative aesthetic experiences from world-class artists, thinkers and leaders. We do this by.. Presenting a wide range of contemporary arts and cultural events of the highest possible intemational 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 province. Offering an international showcase for the best of Northern Ireland contemporary culture. Presenting events which cannol 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 sections 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 overall sustainability. Our guiding principles reflect the importance of.. Global connections. Access and participation. Community. Collaboration and partnership. The Directors have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charitable company should undertake. Achievements and Performance The 61st edition of Belfast Festival, its ninth as the independently rebranded Belfast International Arts Festival, took place from 12 October 5 November 2023. The year included 228 events {2022123 extended anniversary edition - 310), from 10 countries12022123 - 15) over 25 days {2022123 - 911. Ticketed Audience Attendance 46,15612022123- 38,809). Flnancial Review In this year, Belfast Festival has realised incoming resources of £609,391, and outgoing resources of £616,768.
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves Policy It is the policy of Belfast Festival, trading as Belfast International Arts Festival, a company limited by guarantee and registered charity in Northern Ireland, to create and maintain unrestricted reserves at a level, which balances our objectives to develop and support artists and artistic projects, with our need to remain financially stable. The Audit & Finance SutFCommittee. in consultation with the Artistic 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 to be desirable by the Company. A minimum level of free reserves equating to the Company's contracted commitments plus management, administration and other overheads for a minimum period of 3 months. An allocation of free reserves for unforeseen liabilities and emergency needs, such as unanticipated reductions or cuts in public funding. Reserves may also from lime to time be used to finance key artistic projects or 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 reseNes 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 Company acknowledges that it will take time to accumulate such reserves as described above but commits itself to doing so in a timely and considered manner. Monltorlng and Review The Audit & Finance Sub-committee, in consultation wilh the Board of Directors, and where appropriate advice from our Auditors. will regularly review the operation of this policy. As at 31 March 2024 the charitable company has £87,000 held in the following Reserves Categories.. £40,00012022123 - £30,000) in designated funds in respect of category 1 above £30,00012022123 - £27,389) in respect of calegory 2 £17,000 (2022123- £37,028) in respect of category 3 Rlsk Management The charitable company has a risk management strategy thal 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. 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 Dohety L M Johnston F Kane K Mawhinney J Mcllroy {Resigned 5 December 20231 (Appointed 3 April 2023) (Appointed 5 September 2023) None of the Directors has any beneficial interest in the company. All of the Directors are members of the company and guarantee to contribute £1 in the event of a winding up.
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Sub- Committee Members.. Audit & Finance Sub-committee: L M Johnston and J Mcllroy Human Resources.. S Doherty The Artistic Director and Chief Executive is Richard Wakely. Statement of Directors. Responsibllltles The Directors, who also act as trustees for the charitable activities of Belfast Festival, 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: Selecl 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 assels of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor 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 Meeting. The Directors, report was approved by the Board of Directors. F Kane Director Dated.. 319lw
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF BELFAST FESTIVAL Opinion We have audited the financial statements of Belfast Festival (the 'charitable company'l for the year ended 31 March 2024 which comprise the statement of financial activities, the statement of financial position, the statement 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 charitable company's affairs as at 31 March 2024 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 Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit ol Ihe 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 Ihe 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 thal the audit evidence we have obtained is sufficient and appropriate to 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 slatements is appropriate. Based on Ihe work we have performed, we have not idenlified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial stalemenls 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 Informatlon The Directors are responsible for the other information. The other information comprises the infomation included in the 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 materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are qUIred to report by exception We have nothing to report in respect 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 infonnation 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 statements 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 Responsibilities 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, Ihe 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 accounting unless the Directors either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Audltor's responsibilities for the audit of the flnancial statements We have been appointed as auditors under section 65 of the 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 auditols report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee thal an audit conducted in accordance with ISAS IUKI 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 identified 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, environmentsl 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 regularty and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to 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.. perfonned analytical procedures to identify any unusual or unexpected relationships- tested joumal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining 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-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting 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-compliance 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 error 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 auditor's 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. Out 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 fomed. 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 audilor's 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 a body, for our audit work, for this report, or for the opinions we have formed. foLi Angela C aigan (Senlor Ststut Auditor) for and on behalf of Harblnson Mulholland Chartered Accountants Statutory Auditor 3..1I.i.ILfr Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northem 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.
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrlcted funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other income 7,000 157,619 3.954 440,818 447,818 157,619 3,954 9,734 150,245 8,601 603,880 613,614 150,245 8,801 Total Income 168,573 440,818 609,391 168,580 603,880 772,460 Expenditure on". Charitable activities 175,950 440,818 616,768 169,515 603,880 773.395 Totsl expendlture 175,950 440,818 618.768 169,515 603,880 773.395 Net expendlture and movement in funds 17,3771 (7,377) (935) 1935) Reconclliation of funds: Fund balances at 1 April 2023 94,417 94,417 95,352 95,352 Fund balances at 31 March 2024 87,040 87.040 94,417 94,417 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 12 705 130 Current assets Debtors Cash at bank and in hand 13 70,171 49,559 92,173 73,071 119,730 165,244 Credltors: amounts falling due wlthln one year 14 {33,395) (70,957) Net current assets 86,335 94,287 Total assets less current liabilltles 87,040 94,417 Net assets excludlng penslon Ilablllty 87.040 94,417 The funds of the charltable company Unrestricted funds 87,040 94,417 87,040 94,417 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 65 of the Charities 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 Companies Act 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 fin cial statements were approved by the Directors on F Kane Director Company registration number N1631354 (Northem Ireland) 11
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 22 122,453) {56,394) Investlng actlvities Purchase of tangible fixed assets {1,059) Net cash used In Investlng actlvltles (1,059) Net cash used In financing activities Net decrease in cash and cash equlvalents (23,5121 (56,3941 Cash and cash equivalents at beginning of year 73,071 129,465 Cash and cash equivalents at end of year 49,559 73,071 12-
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity infonnation Belfast Festival is a private company limited by guaranlee incorporated in Northern Ireland. It is govemed 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, BT1 1 FF. 1.1 Accountlng conventlon The accounls have been prepared in accordan 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}" las amended for accounting periods commencing from 1 January 2016). The charitable company is a Public Benefit Entity as defined by FRS 102. The financial statements afe prepared in sterfing, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £. The financial stalements have been prepared under the historical cost convention. The principal acLounting 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 operationa5 existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricled 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 or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company. 1.4 Incoming resources Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounls can be measured reliably, and il is probable that income will be received. 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 reiVed under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or othetwise 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 i s treated as a contingent asset. 13-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Contlnued) 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 the total of direct costs and shared costs, inclLJding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen Ihose activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Equipment, Fixtures & Fittings 250/0 and 330h on cost The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets Al each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication thal those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss {if any}. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem 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 charitable 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 presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on net basis or to realise the asset and settle the liability simultaneously. 14-
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles Icontinuedl Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured a transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charitable company's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are reived. 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 termination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Income from charitable actlvltles Unrestricted funds 2024 Unrestricted funds 2023 Box office income Service provision Sponsorship Donations 117,770 12,013 22,910 4,926 106.658 2,248 33,200 8.139 157,619 150,245 15-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical 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 assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty Tanglble 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 deprecialion and amortisation charges for the period. Detail of the useful lives is included in the accounting policies. Debtors Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation uncertainty. Other Income Unrestrlcted Unrestrlcted funds funds 2024 2023 Other income 3,954 8,601 16-
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities Charitable activities 2024 Charitable activities 2023 Direct costs Activities undertaken directly 380,882 547,331 Share of support and governance costs Isee note 7) Support Governance 224,518 11,368 215,208 10,856 616,768 773,395 Analysls by fund Unrestricted funds Restricted funds 175,950 440,818 169.515 803,880 616,768 773,395 17
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies Unrestrlcted Restricted funds funds Total Unrestricted Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Grants receivable 7,000 440,818 447,818 9,734 603.880 613,614 Grants receivable for core actlvltles Arts Council of Northern Ireland - Exchequer Fund Arts & Business Nl Arts Council of Northern Ireland - Health & Safety Grant Art Work Programme 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 Palace Belfast City Council - UNESCO City of Music Belfast City Council Cultural Multi Annual Grant British Council Nl British Council Nl - India Project British Council Nl MENA British Council Nl Palestine British Council Nl Spotlight Department for Foreign Affairs & Trade., Reconciliation Fund Destination CQ Bid Enkalon Foundation Film Hub Nl Halifax Foundation for Northern Ireland Institut Francais Lord & Lady Lurgan Trust The Ireland Funds 212,454 4,750 212,454 4,750 207,243 207,243 493 17,189 493 17,189 20,830 20,830 20,000 20,000 20,000 20,000 9,234 9,234 15,000 15,000 493 493 81,000 81,000 5,120 5,120 45,000 20,000 45,000 20,000 45,000 15,000 45.000 15,000 7,500 7,500 85,000 85,000 2,318 2,318 12,000 12,000 46,348 46,346 7,000 40,962 40,962 7,000 500 500 2,000 2.000 5,000 5,000 6,000 6,000 2,000 6.000 6,000 2,000 5,000 5,000 18-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies (Continued) Total Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds 2024 2024 2024 2023 2023 2023 The Radcliffe Trust Tourism Nl 5.000 50.000 5,000 50,000 40,000 40,000 7,000 440,818 440,818 9,734 603,880 613.614 Support costs allocated to actlvltles 2024 2023 Staff costs Depreciation Professional fees Expenses and travel Rent and services Office costs Staff training Govemance costs 195,825 483 1,982 3,852 14,873 7,503 177,295 1,316 2,257 6,532 14,291 10,746 2,771 10,856 11,368 235,886 226.064 Analysed between: Charitable activities 235,886 226,064 Net movement in funds 2024 2023 The net movement in funds is stated after chargingllcrediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 4,740 483 4,740 1,316 Dlrectors There were Director5, expenses of £nil paid during the year12023 - £nill. 10 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number 19-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees Icontinued) Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 178,750 10,848 8.227 161,039 10,482 5,774 195,825 177,295 The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £60,000-£69,999 Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2024 2023 Aggregate compensation 110,877 109,011 The charitable company considers its key management personnel to be the Artistic Director & Chief Executive, and the General Manager. 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 20-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tanglble fixed assets Equipment, Fixtures & Fitting5 Cost At 1 April 2023 Additions Disposals 18,029 1,059 12,3501 At 31 March 2024 18,738 Depreclatlon and Impalrnient At 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals 17,900 483 {2,350) At 31 March 2024 16,033 Carrylng amount At 31 March 2024 705 At 31 March 2023 130 13 Debtors 2024 2023 Amounts falllng due wlthin one year: Trade debtors Prepayments and accrued income 1,499 68,672 31,798 60.375 70,171 92,173 14 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 1,752 6,302 515 24.826 5,764 4,438 1,323 59,432 33,395 70,957 21
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 6.227 5,774 The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. 16 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incoming resources Resources expended Transfers At 31 March 2024 Management serve Funding reserve Research & development reserve General funds 30,000 27,389 10,000 2,611 40,000 30,000 37,028 (7,377) (168,573) (12,651) 40 17,000 40 168,573 94.417 168,573 {175,950) 87,040 Previous year: At 1 Aprll 2022 Incoming resources Resources expended Transfers At 31 March 2023 Management reserve Funding reserve Research & development reserve General funds 30,000 27.389 30,000 27,389 37,963 {935} (168,580) 37,028 168,580 95,352 168,580 (169,515) 94,417 -22-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movement in funds Incoming Resources Balance at 31 resources expended March 2024 Balance at 1 April 2023 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 - Cultural Multi-Annual Grant Belfast City Council - UNESCO City of Music British Council Nl British Council Nl - Palestine British Council Nl - Spotlight Department for Foreign Affairs & Trade., Reconciliation Fund Film Hub Nl Halifax Foundation for Northern Ireland The Ireland Funds Tourism Nl 212,454 1212,454) 4,750 20,830 (4.7501 (20,830> 20,000 45,000 5,120 20,000 2,318 12,000 (20,000) (45,000) (5,120) (20,000) (2,318) {12,000) 48.346 2,000 5,000 5,000 40,000 (46,346) 12.0001 (5,0001 (5,000} (40,000) 440,818 (440,818) 18 Analysls of net assets between funds Unrestrlcted funds 2024 At 31 March 2024". Tangible assets Current assetsl{liabilities) 705 86.335 87,040 23-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysis of net assets between funds (Continued) Unrestricted funds 2023 At 31 March 2023: Tangible assets Current assetsl(liabilities) 130 94,287 94,417 19 Events after the reporting data There were no subsequent events to report. 20 Related party transactions Other than remuneration of key management personnel, there were no disclosable related party transactions during the year {2023 - none). -24-
BELFAST FESTIVAL TIA BELFAST INTERNATIONALARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 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.. 2024 2023 Within one year Between and five years 1,690 10,140 1,690 1,690 11,830 22 Cash generated from operatlons 2024 2023 Deficit for the year {7,377) 1935) Adjustments for.. Depreciation and impairment of tangible fixed assets 483 1,316 Movements in working capital.. Decrease in debtors (Decrease} in creditors (Decrease) in deferred income 22,002 (37,561) 39.136 194.924) (987) Cash absorbed by operatlons {22,453) (56,394) 23 Analysis of changes In net funds The charitable company had no material debt during the yeaf. 25-