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 re￿iVed 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 be￿een 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
re￿ived.
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-