Charlty reglstratlon number NIC103560 Company reglstratlon number N1631354 {Northorn Iveland BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL LEGALAND ADMINISTRATIVE INFORMATION Dlr•ctors S Dohety F Kane K Mawhlnney J Mcllroy R Russell (Appointed 10 June 20251 Secretary R IASakely Charlty numbor (England and Walos) NIC103560 Company numb•r N1631354 RegiBtered offlce Cathédral auarter Managed Workspace 1091113 Royal Avenue Belfast Co. Antrim BTI 1FF Audttor HM Chartered Accountant8 8th Floor East Tower Lanyon Plaza 8 Lanyon Pl8ce Belfast Co Antrim BT1 3LP Bankor• Ulster Bank Llmlted 11-16 Donegall Square Ea8t Belf881 BT15UB Sollcltorn Cleaver Fulton Rankin 50 Bedford Street Belfast Co. Antrlm Northern Ireland BT2 7FW
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL CONTENTS Page Chairpèr80n's foreword Directors, report Statement of Dire¢tors' responsibilities Independent auditorfs report 8-10 statement of fin8nci81 activities 11 Statemenl of fingnclal position 12 ststemenl of cash flows 13 Notes to the accounts 14-25
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL CHAIRPERSON'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2025 l am very proud to present this report, for 2024125. in my Second year as Chairperson of Belfast Festival. The Festival continues to shine as a beacon of crèalivty, rasilience, and innov8tion and this is, in no small part, due to the energetic and visionary leadership of BIAF'S Artistic Diredor & CEO, Richard Vvakely. During the year Richard informed the Board of his intention to step down as Festival Director in late 2025 and the Board have since been focused on working to appoint a suitable successor who will continue and build on Richard's important legacy. Belfast Festival (trading as Belfast Intérnational Arts F6sllval} is Ireland's18ading Internaonal festiv81 of arts and ideas. Ils transformation into an independenuy managed and more civically engaged event in 2015, was a reflectlon of our belief in the importance of global connectivity. local communities, cullural diversity and contemporary art practice lo the well-belng of Belfast and Northern Ireland. Wrth our multi-disciplinary programme of contemporary arts and cuKure from around th8 globe, we Seek to push boundaries and challenge perceptions, engage actively with audiences and communrties around and beyond the city, and mak8 a vltal contribution lo ensuring the rest of the Wofld knows about the diversity of our cultural riches. A specially extended 2024 edition of BIAF was held between 16 October and 26 November and marked the 62nd annual autumn Festival, featuring the very bést in international and homegrown artists across Ihealre, dance, music, visual arts, literature and film. We are ple8sed to share some of our 2024 highlights: 335 events across 42 day6.. from 16 October-26 November 23 premieres Artists from 16 countries across S continents indudlng Chlna, Pale6tln8. USA, Sweden and Mall. 34 venues and locations across Belfast. Box office data rèveals Ihal 47.9% of bookers were from Belfa81, 41.8% from the rest of Nl, and 10,30/9 from Oul-of-slale. 301 pieces of mèdia coverage $gGured (Aug-Nov 2024)-, with a reach of 23,4 mllllon. 43.5k social media followers IFac&book, X and Instagram). 51,000 users on BIAF website IApr 23- Mar 24} Ezlne subscribers Increased by 40A to 7200 with an open rate of 42% Ivs 26.6% industy average) 63 free perfomances • Average ticket pdce £14.18 Audieneè Figure.. 60.896 OurAudlenc8 Survey revealed that 32% of our audiences were first time vlsitors, up 7% on 2024, and also that 95Vo of respondents would recommend Festival to friends and family, and 99% bèlieve that it promoles Belfa8t and Northern Ireland Positlvely. A5 well as our commitment to bringing international artists to the Belfast 8lage, BIAF contlnues to proudly showcase home-grown talent to inlernalional arts programmers and out of slate visitors. 2024 w88 a landmark year in this respect wlh the significant success of The Vanishing Elephant, presented in assoriation with Cahoots Nl. This enlhralling family show had rf(s UK and Ireland premiere at BIAF and went on to tour nationally and intemationally. Meanwhile, the first edition of the BIAF International Showcase, generously sponsored by Cultu Ireland, brought 30 inlernat101181 delegates lo Belfast lo experience the city's unique cultural ambience and experience a selection of work from thé festival including Aumr8.' A Modem Myth, Granny Jackson's Dead and Losing It and In 8elween. Other highlight5 during BIAF24 included the immersive perfomiance North Star, part of Belfasl 2024., Les Amazone's D'Afriquè,' and the acclaimed The Tragedy of Richard 111, presented in partnership wth The Lyric Theatre. The Festival also produced and presented its own Pfoduclion, Touch Hear Feel, for the Belfast 2024 programme. Touch H88r Feel is an inclusive dance performance installation developed by BIAF Artist- In-Residence Helen H811 and ctrdesigned with mernbers of the visually impaired and blind community. Our popular talks programme meanwhile featured a diverse range of talent including renowned film-maker and author Neil Jordan. acclaimed authors David Peace, David Park and Naomi Alderman and an appearance by the late, great Michael Longley. We also partnered with the leading Caribbean Llteralure festival, Bocas and the British Council lo present three acclaimed writers from across the Caribbean at the Crescent Arts Centre; Monique Roffey, Kevin Jared Hosein and Safiya Sinclair. The Festival programme was extended in 2024 to play our part in supporting a programme lo celebrate th8 175th anniversary of the Belfast School of Art al Ulster University. The Belfast School of Art is one of these islands. most importanl art schools wlh a rich tradrtion of producing great arts'sts, many of whom have been featured in our festival programmes over Ihe years.
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL CHAIRPERSON'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2025 Festival venues included both traditional and non-tradilional arts venues, providlng an authentic and unique Belfast City experience. Key programme highlights look place in Grand Opera House, The MAC and Lyric Theatre. Unusual venues included the purpose-built theatrè space by Cahoots in Cityside Retail and Leisure Park and a pop-up venue in an ex-commercial building taken over by the Fèstival, specifically for the presentabon of Touch Hear F881. CS Lews Square. Queen's Universlty, the Black Box and the Ulster Hall also featured alongside nelghbourhood venues such 88 An Culturlann, Queens Film Theatr8, Limelight Belfast, the Crescent Arts Centre and thè unlquely Intimate setting of No Alibis Bookstore. Gaographl¢ Att&ndanco Locitl¢Jn Belfast NI Ioulside Belfast Councll Areal ROI GB & Overseas 2022 2023 46.5°h 44Yo 2.50h 480 45. 2.50 4.5° 70 Publlc Benofft In 2024 BIAF generated paid employment for 5 employees, 14 short-lemi contracted or freelance staff, and 813 performers and arts'stic Company members. nd trai Each year BIAF offers opportunities for the dèvelopment of peopl8's skills through volunteerlng. Volunteers gain experience and training in arts and events ctrordination. artist hosting and customer engagement,. further beneffts include enhanced employment prospects, improved mental health and the enjoyment of a good night out whlle worklng as part of a dedlcated team. Over the 2024 festlV81, our team contributed 150 volunteer hours with 70Dh of our volunteers being from Belfast. BIAF presents works that encourag8 creative engagement. In 2024 we again pro9rammèd a range of Such activllles under our EMBRACE scheme induding workshops for a range ol age group8 from leading intemats'onal artlsls. BIAF'S core F8s1ival is strategically Ilmed to take place during the key lourlst shoulder season, encouraglng people to vlsil Nl at a drfferent timè of year. Belfast acts as a gateway to the most popular tourist destinations, encouraging out-of-state visitors lo allend Festival events and enjoy the rich nlghtlife 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 offer. 81AF promotes Belfast lo a worldwide stage as a positive. culturally aware and diverse city. Festival brings together people from different communities and different sociTreconomic backgrounds al accessible and neutral venues. In 2024, BIAF programmed events in all comer5 of Belfast and in iniC ¢rty centre venue$. offering a genuinely citywide programme without geographlcal exclusion5. We are committed to delivering a programme of free and low-cosl ticket options lo bleak down barriers and encourage participation from communits'es across the city. In 2024, we hosted 63 free events and Ihe averagè paid ticket price was just £14.18.
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL CHAIRPERSON'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2025 Through our accesslble events strand, and wlth the support of funders such as the Foyle Foundation. we work with a number of lik8-minded cultural and communrty-based organisations such as Unlversity of Atypical, RNIB and Black Box Projects to maximise access to BIAF events, providing captionèd, BSL interpreled, and audio described perfomiances. The Diversity of our work ha8 been recognised with an award for the most inclusive experience at The Incluslve Tourism awards 2025. muni OUT commitment to inclusiven898 continu&s through our Community TKkel scheme, provlding free tickets to community groups such as people seeking asylum, disability groups. and young people facing homelessness. Supported once again by Belfast Harbour Commi$sloners we aro pleased to share the following hlghlights.. 16 communty groups engaged 217 free tickels12023 - 207 tickets) Engagement with groups including Engag8 with Age, GEMS Nl and Expr858 Yourself Soci81 Café. 12 new groups and 4 returning groups. BIAF helps to place Belfast within an intemational context as a major European dty th its own unlque creative characlèrfsllcs. BIAF cèlebrates the natural cr8atlvity of the city as rellected in rf(s artists, 6ts archltecture and urban spaces, Ils history and its futur8. Festival's intemalional appeal is growing, wrth 10.3trkn of ¢XJf 2024 8udlenc8 belng Oul-of-slate visilois, up from 9.5/9 in 2023. This in¢rea88 underscore8 the festival's role in attracting visitors lo our vibrant city. BIAF actively conlribules to maklng a positive case to ensure that Nl is able to compete with other regions of the UK, which Incraaslngly use culture and arts to drive economic regenerallon. Th8 environmental and financial 8U8tainabilily of Belfast Festival is of paramount important to us. Our environmental impact has been r8-assessed during the year and new strategies and procedures implemented 8cros$ our acllvlties to reduce our carbon output annually to meet wllh government policies. We worked ¥Mlh V181t Belfast and Belfa81 City Counal to a66ess our Green Tourlsm Impacts and were glven 8 Grèen Tourlsm Silv8r award in recognition of our commitment to this. Desprte ongoing serious budgetary cstraInts, the true spirit of the arts continues to shine brighlesl in adversity. We are more detemined than ever to ensure Festival thrives, exploring new funding avenues. forging partnerships, and harnessing digital platlorms to reach wider audiences. Our misslon ig to make the arts accessible to all, breaklng down financial. social, and geograph11 barriers. Festival would not be possible without the generous support ol our Prlncipal Funder, the Arts Council of Northern Irèland, as well as Belfast City Council, Tourism Northern Ireland, British Council Nl, and the Govemment of Ireland's Departmenl of Foreign Affairs. We owe them, and our many olher partners and stskeholders, a debt of gratrtude for their unwavering support. As always, I would like to thank our Artistic Director and CEO, Richard Wakely, whose leadership and vision continue to be instrument81 in shaping Festival. As we start out on this, his final year at the festival, I want to pay tribute to his passion and commitment over the last 10+ years and wish him every fvture success and happiness. F Kano Chairperso Dated..
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL STATEMENT OF DIRECTORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Directors, who also act as trustees for the charitsble activities of Bewast Festival, are responsible for preparSng the Directors, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally A¢PIed Accounting Practice). Company Law requires the Directors to prepare accounts for each financlal year whkh give a true fair view of the State of affairs of the charit8ble company and of the incoming resource$ and appllcation of reSrs. including the income and expendrture, of the charitable company for that year. In preparing these accounts. the Dlrectors are required to.. Select suitable accounting policies and then apply them conslslently Observe the methods and principlès in Ihe Chariti&s SORP Make judgements and estimates that are reasonable and prudent stale whèther applicable UK Accounting Stsndards have been foilowed, subject to any materi81 departures dlsclosed and explained in the accounts Prepare the accounts on the golng conc8m basls unless It Is Inappropriate lo presume that the charStable (xnpany will continue in operation The Directors are responsible for kèeping adequate accounting records that disclose with reasonabl8 accuracy at any Ilme the financial position of the charitable company and enable them lo ensure that the accounts comply with the Companies Act 2006. They arè also responsible for safeguardlng Ihe assets of the charitable company and hence for ta.ng re880nabl8 steps for the prevention and detectlon of fraud and other Irregularltles. Company law requires the Directors lo prepare financial statements for each financlal year whSch glve a true and fair view ol Ihe stsle of affairs of the ¢harilable company and of the incoming resources and 8ppIic8tion of resources, including the Income and expenditure, of the charitable company for that year.
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Directors present their annual report and flnancial statements for the year ended 31 MarGh 2025. The accounts have been prepared in accordance With the accountlng policles set out in note 1 to a¢Gounts and comply wf(h thè charitsble company's Memorandum and Artid8s of Assooalion, th8 Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK arxl Republic of Ireland (FRS 102). las amended for accounting perlods commencing from 1 January 2016). ObJoctlv8s and Actlvllles In selling our objectives and planning our actlvlties for the year the Trustees have given careful consideration to the Charlty Commission for Northern Ireland's guidance on public benefft to ensure that the activitEs hav8 helped lo achieve the ¢hanty'S purpose and provide a benefit for the benefia8ri8s. Our mission Is to be the preemlnent, progresslve intemational arts evenl wlthin Northern Ireland, actively engaging both global and local communits8s in the richness and diversity of contemporary arts practke. With our partners throughout the entire city, we seek to create a distinctive environment for audiences to enjoy and particlpalé In inspirational and transformative aesthetic experiences from worldwclass artists, thinkers and leaders. We do thls by.. Presenting a wide range of conlemporary arts and cultur81 events of the highest possible intemalional standard lo tha wldesl possiblè audlences from home and abroad. Reflting conternporary culture from across the globe to audlcnces from Bewast, Nl and vlsltors lo the province. Offering an inlérnatlonal showcase for the best of Northem Ireland contemporary culture. Prgsentlng events whlch cannot easily be achleved by any other UK or Irish arts organis8tion through nnovativ& programming and a commllmenl to creallng new work. A1velY ensuring equal opportunities and access for all $e¢tlons of our communllles to dlrectly experience, partirypate in and enjoy the Festival. Collaborating and partnering with arts and Community organisalions across Belfast to cr88te an annual clty wide, cultural celebration. Ensurlng Beast Fesllval has adequate finandal resources and expertlse lo fulfil ils mission and address its overall sustain8bility. Our guSdlng principles reflect the importance ofr. Global connections. Access and partiCipaOn. Community. Collaboration and partn8r8hip. The Directors have paid due regard to guldance issued by the Charlty Commisslon in deciding whal actlvities the charitable company should undertake. Achievements and Porforniance The 62nd editlon of Belfast Festival, its lenlh as the Sndependenlly rebrandad Belfast International Art8 Fostival, took place from 16 October - 26 November 2024. The year included 335 events from 16 counlnes 12023124- 101 over 42 days {2023124- 251. Ticketèd AudienceAttendance 60.896 (2023124 - 46,156). Flnanclal Revlew In this year. Belfast Festival has realised incoming resources of £647.106. and outgolng resources of £647,122.
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Pollcy It is the policy of Belfast Festival, trading as Belfast Intemational Arts Festival, a company limitèd by guarantee and reglstered charity In Northern Ireland, to create and maintain unrestricted reserves at a level. which balances our oblectlves to develop and support artlsts and artistic projects, with our need lo remain financially stabl6. The Audit & Finance Sub-committee, In consultation wlth the Artistie Director & Chief Executive, advlses the Board of Dlrectors al the flnancial year-end of the scope for setting aside funds and building the balancg she81 accordingly. Three categorles of reserves are consldered lo be desirable by the Company. A minimum level of free reserves 8qualing to th8 Company's contracted commllments plus managem8nt, adminiglration and other overheads for a minimum p8riod of 3 months. An allocation of free reseNes for unforeseen liabilitie$ and emergency need8, such 88 unanticipa reductions or cuts In public funding. Reserves may also from lime to lime be used to finance key artlstlc projects or lo meet spec5fic fin8ncial challgnges or drfficulties and any other purpose that the Board of Dlrectors may deem necessary. Monltorlng and Rgvl•w The Audit & Flnance Su&Committee. in consultation wrth the Board of Directors, and ere appropriate advice from our Auditors, will regularly review the operation of this policy. As al 31 March 2025 the charitable company has £87.000 held Sn the following Resee8 Categories.. £40.00012023124 - £40,000} in designated funds in respect of cat890ry 1 above £30.00012023124 - £30,000} in respect of caleg0ry 2 £17,00012023124- £17,000 l in respect of cate9Y 3 Rlsk Management The charllable company has a rlsk management strategy that Is regulady rnonrf(ored and identifies all potential rlsks and Challenges and steps that are taken lo mitigate or feduce them. Major issues going forward include the continuing difflcult economic climate, which 16 partlcularfy reflected in a decllne in financial support for arts and ulture from bolh the public and private séctor8. Structurn, Governance and Management Belfast Festival is a company limited by guarantee and a reglstered charity. It Is goveméd by a voluntary Board of Directors, who normally meet every hvo lo Ihree months. The Directors who seNed during the year and up to the date of signature of the financial statements were.. S Dohety F Kane K Mawhinn8y J Mcllroy R Russell (Appointed 10 June 20251 None of the Directors has any benefictal interest in the company. All of the Dlrector5 are members of the company and guarantee to contribute £1 in the event of a winding up. Sutrp Committee Mèmbers.. Audit & Finance Sub-commitlee.. J Mcllroy Human Resources.. R Russell The Artistic Director and Chief Executive 1$ Richard Wakety-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Audltor In aGGordance with the company's articles, a resolLrtion proposing that HM Chartered Accountants be reappolnted as auditor of the company will be put at a General Meeting. The Dlrectors, report was approved by the Board of Direct8. F Kana Dlrector 919195
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF BELFAST FESTIVAL Opinion We have audit8d the financial slalements of Belfast Festival (the 'charitable company'l for the yèar ended 31 March 2025 which compnse the statement of financial activities. the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounllng 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 Fin8ncial Reporting Standard appliGable in the UK and Republic ol Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion. thè financial statemènts.. giv8 a true and fair vlew of the stat8 of Ihe charitable company's affairs as at 31 March 2025 and of its incoming resourcas and application of resourcés, for the year then ended,. h8v9 been properfy prepared In accordance with United lQ'ngdom Generally Acceptéd Accounting Practi,. and have been prepared in accordance wth the requirements of the Companles Act 2006. Basls for oplnion We conducted our audlt In accordance with International Standards on Auditing {UK} {ISAs IUKII and applicable law. Our responslbilities under those standards are further descrlbed in the Audilofs responsibilities for th8 audi¢ ol the financial slalements sectron of our report. We are independent of the chadtable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhlcal Standard, and we have fulfilled our other ethical responsibilities in ac¢ordanc& with th8S8 rèquirements. We believe that the aud51 evldence we have obtained Is sufficient and appropnalé to provide a basis for our opinion. Concluslons rnlatlng io golng concèm In auditing thé financial slal8menls, we have concluded that tho Dlre¢lors' use of the going concern basls of a¢counling in the preparation of the financial 6tatement8 18 appropriate. Based on the work we have performed. we have not identified any material uncertaintiés relating to events or conditions that, Individually or collectively, may cast signlficant doubl on the charitable company's ability to continue as a going concern for 8 period of at least e1ve months from when the financial statements are authori5ed for issue. Our responslbllities and th8 responslbilities of the DlreGtors with respect to golng conc8rn are described in the relevant sections of this report. Other Infomatlon The Directors are responsible for the other infomallon. The other Information comprfses the Informalion included In the annual report, other than the financial slalements and our auditor's report thefeon. Our opinion on the financial statements does not cover the other infomialion and we do not express any fomi of assurance conclusion Ihereon. In connection wlth our audit of the financial statements, our responsibility is lo read the other infomialion and, in doing so, consider whether Ihe other infomatlon is materially inconsislenl with the financlal statements or our knowledge obtained in the audit or otheiSe appears to be materially misstated, If we identify such material inGonsistencies or apparent material misststemenls, we are required lo determine whether there is a malenal mlsslat8ment in the financlal slalements or 8 material misstatement of the other infomialion. If, based on the work we have performed, we conclude thal there is a material misslalement of this other information, we are required to report that fact. We havo nothing to report In this regard. Matters on whlch wo arg requlred to roport by exceptlon We have nothing to report in respecl of the following matters in relation to which the Charitle$ {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the informatson given in the finanal ststemenls is inconsistent in any material respect with the Dlrectors, report., or sufficient accounting records have not been kept,. or Ihe financial statements are not in agreement wth the accounting records-, or we have not received all the information and explanats'ons we require for our audit.
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF BELFAST FESTIVAL Respon8ibilitiè8 of Dlrectors As explained more fully in the staternenl of Directors, re$ponsibililie$, the Directors are responsible for th8 preparation of the financial statements and for being salisfied that they givé a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial slalemenls that are frée from material misstatement. whether due lo fraud or error. In preparing the financial slatemenls, the Directors are responsible for assessing the charitable company's ability to continue as a going concern. dlsclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Directors elther intend lo Ilquidate the charitable company or lo cease operations, or have no realistic altemative bul lo do so. Audltorfs responslbllltles for the audlt of tho financlal Statements We have been appointed a8 8udrtors under section 65 of the Charitles Act {Northem Ireland) 2008 and report In accordance with the Act and relevant regulations made or havlng 8ffe¢t Ihereunder. Our objecb'ves are lo obtain reasonable assurancé about whether the financial statements as a Who are free from materfal misslalement. whether due lo fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance Is a hlgh level of assurance but is not a guarantee that an audrt conducted in accordance wrth ISAS (UK) will always delect a material misstatement when St exists. Mlsslatemenls can arise from fraud or error and are considerèd material if. indlvldually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on Ihe basis of these financial statements. The extent to which our procedures are capable of detscllng irregularllles. includSng fraud.ls detaSled b810w. Our approach to identifying and assessing the rlsks of material mi6Statem8nt In respect of Irregularitrds, Indudlng fraud and non-compliance wilh laws 8nd regulations, was as follows.. the eng8gernenl partner ensured Ihot the engagement team colSeclively had the appropriate competence, capabilities and skllls to identify or recognise non•compliance with applicable laws and regulations,. we identifièd the laws and regulations applicable to the charrty Ihrough discussions with trustees andlor senlor manag8ment, and from our commercial knowledge and experience of the sector,. we focused on specific laws and regulations whlch we consldered may have a direct malerlal effect on the financial slalements or the OperatnS of the charity, including Companles Act 2006, tsxatlon legislatlon, data protection, anti-bribery, employment. environmental and health and safely legislation we 8ss88sed the extent of compliance wrth the laws and regulations identified above through making enquiries of management and inspecting leg81 correspondence., and Identsfied laws and regulations were communicated within the audit team reguiaty and the team remained alert to Instances of non-compllan¢e throughout the audlt. We assessed the susceptlbility of the charlty's finandal statements to material rnisstatement, Including obtaining an understanding of how fraud might occur, by., making enquiries of management as lo Whe they con8lder&d thare was su8ceptlbilily to fraud, their knowledge of actU81, suspected and alleged fraud., and considering the internal controls in p18¢e lo miligale rlsks ol fraud and non-compliance wth laws and regulations. To address the rfsk of fraud through management bi88 and override of contiols, we.. pertomed analytical procedures lo Idenlify any unusual or unexpecled relationships; tested journal entries to identify Unusual tran5aclion8', assessed wh8ther judgements and assumptions made in determlning the accounting estlmates set out in Note 2 We indicative of potents'al bias.. and Investigated the ratlonale behind sIgnlCant or unusual transactions. In response to the rfsk of irregularities 8nd non-cornpliance wth laws and regulations, we designed procodures which includèd, but were not limrted to.. agreeing financial statement disclosures lo underlying supportlng documentation; reading the minutes of meetings of those charged with governance: enquiring of management as to actual and potenb'al 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 audlt procedures described above. The more removed that laws and regulation$ are from financial transactions, the less likely it is that we would become aware of non-compllance. Auditing standards also limit the audit procedures required to identify non-compllance wth laws and regulations to enqulry of the directors and other rnanagement and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to delect than those thal arise from effor as Ihey may involve deliberate concealment or colluslon. A further de6ptIOn of our responslbillties Is avallable on the Flnancial Rew11ng Counal's webglte at.. https'.11 www.frc.org.uklauditor8responslbilities. This description foms part of our auditor's report. This report is madè solely lo th8 charlty's trustees, as a body, in accordance with part 14 of the Charilles Act (Accounts and Reports) Regulations 2008. Out audit work has been undert8k8n so that we might stale lo the charhy's trustees those matters we arè requlred lo stale to th&m In an auditors, report and for no other purpose. To the fullest 8Xtènt permitted by law, we do not accept or assume responsibilty to anyone other than the charity and the charlty's Irustees as a body, for our audlt work, for this report, or for ihe oplnlons we have fomed. Thls report is made solely to the charity's trustees, as a body, in accordance th Part 4 of the Charitles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the charity's trustees those matters we are required lo state to them in an audllor's report end for no other purpose. To the fullèst extent permlttèd by law, we do not accept or assume r8sponsibilily lo anyone other than the charity and the charity'8 trustees as a body, for our audit work, for thls report, or for the oplnlons we have fomied. Angela Cral lor and on be (Sonlor Statutory A torl alf of HM Chartored Accountants Chartorad Accountant8 ststutory Audltor 6th Floor East Tower Lanyon Plaza 8 Lanyon Place 8elfasl Co. Antrim BT13LP 10-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Re8trlet8d funds fund8 2025 2025 Total Unre$trl¢ted Restrtcted funds funds 2024 2024 Total 2025 2024 Notss Income and ondowrnents from: Donations and legacie5 Charitable activSties Other Income 7,000 184,087 18,834 437,185 444.185 184,087 18.834 7.000 157,619 3.954 440.818 447,818 157,619 3,954 Total Incom• 209,921 437,185 647,108 168,573 440,818 609,391 Expendlture on: Charitable aGllvltles 209,937 437,185 647,122 175,950 440,818 616,768 Total oxpendlturn 209,937 437,185 647,122 175,950 440,818 816,768 Net expendlturn and movémont In fvnd$ {161 1181 {7.377) (7,3771 Reconclllatlon of funds: Fund balances at 1 April 2024 87,040 87,040 94,417 94,417 Fund balanc•$ at 31 March 2026 87,024 87,024 87,040 87,040 The statement of financlal advllles in¢ludes all gains and losses recognised In the year. All Income and expenditure derive from continuing 8Ctivilies. 11
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2025 2025 2024 Notes Flxèd assets Tangible assets 12 3,759 705 Current assets Debtors Cash at bank and in hand 13 120,809 67,956 70,171 49,559 188,785 119,730 CrltOrs. amounts falllng due wlthln on& yèar 14 (105,500) 133,395) Net ¢urr•nt a8sots 83,265 86.335 Totsl assot8 I9 Current Ilabllltles 87,024 87,040 The lunds of tho charftable company Unre8trided fvnd8 16 87,024 87,040 87,024 87,040 The company is entitled lo the exemption from Ihe audit requirement contained in section 477 of the Companles Acl 2006, for the yèar ended 31 March 2025. The directors acknowledge thelr responsibilities for complylng with the requirement5 of the Companies Act 2006 with respect to accountlng records and the preparallon of financlal ststements. The members havè not requlred the company to obtain an audit of Ils financlal statements under the requirements of the Companiès Act 2006, for the year in question in accordance wlth sectlon 476. These financial statements havé been prepared In 8ccordance wlth the provisions appllcable to companles subject lo the small companies regime. .q.Iqias The finanual statements wer& approved by tho Dlrectors on .. ... F Kane Dlrector Company reglstration number Nl831354 (Northem Ireland) 12-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2026 2024 Notes Cash flows from operatlng actlvltles Cash generated frornl{absorbed by) operation8 23 23,481 (22,453) Investing actlvlti Purchase of tangible fixed assets (5,084) {1,059} Nèt cash used In Invostlng actlvltles (5.0841 (1,0591 Net cash used In Ilnanclng actlvltles Net increaselldecrg080) In cash and Gash oqulvalonts 18,397 (23,512) Cash and cash equlva18nts at beglnnlng of year 49,559 73,071 Cash and cash oqulvalent8 at ond of year 67,956 49,559 13-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollclas Charlty Informatlon Belfast Festival is a private company limited by guarantee incorporated in Northern Ireland. It is governed by 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 AcGountlng conventlon The account5 have been preparéd In a¢¢ordanc8 with the charitable company's memorandum and articles of associallon, the Companies Ad 2006 and 'Accounting and Rat)orting by Charitl8s'. Statemant of Recommended Praclce applicable to chanb'es preparing their accounts in accordance with the Financkgl Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021° {as amended for accounllng periods Commencing from 1 January 20161. The chafilable company Is a Publ1¢ Benefit Entity as defined by FRS 102. The financial statements are prepared in sterllng, which Is the functional currency of the charltable company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hi8lorical cost convendon. The princlpal accountlng pollcies adopted are sel out below. 1.2 Golng concern At the time of approving the financial slalemenls, the Directors have a reasonable expectation that the charStsble Company has adequate resources to continue in op8rational existence for the foreseeable future. Thus the Dlrectors continue to adopl th8 going concem basis of accounting in preparing the financial statemen1$. 1.3 Charltsble fund8 Unrestricted funds are available for u8e at the discretlon of the Dlrectors In furtherance of their charitable objeclives. Restrlcled funds are subject lo specific conditions by donors or grantors as to how they may bè used. The purposes and uses of the restrlcled funds are set out In the notes to the financial statements. Endovmient funds are subject to Wfic condltions by donors that the c8pilal must be maintained by the ¢harltable company. 1A Incomlng regourcos Income is recognised when the charitable company is legally entrf(led to il after any performance conditions have been mel. the amounts Can be measured ieliably, and it is probable Ihat inGome will be received. Cash dationS are recognised on receipt. Other donations are recognised once the charitable Company has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impènding distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy i 8 treated as a contingent assel. 14-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Icontinuad) 1.6 Resourcés expended Expen¢Jitur8 is recognised once there is a legal or constructive obligats'on to transfer economic benefft 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 classlfied by 8Ctivity. The costs of each actlvity are made up of the total of dIrt costs and shared costs, induding support costs involved in undertaking each activity. Dired costs attributa18 to a single a¢tivity are allocated directly to that activity. Shared costs V4hich contribute to more than one activity and support costs whlch are not 8tlributable to a single activity are apportioned beeen those activities on a basig consistent with the use of resources. Cèntral staff costs are allocated on the bass of lime spent. and depreciation charges are allocated on the portion of th8 asset's use. Expendtture is accounted for on an accruals basis and has been classlfled under headlngs that aggregate all costs related to the category. Where costs cannot be directly attributed to particular h8adlngs they have been allocated to activities on a basis consistent with the use of resources. 1.6 Tanglble Ilxed assets Tangible fixed assets are initially measured at cost and sub68quently measured at cost or valuallon, net of depreciation and any impairment losses, Depreciation is recognised 80 as to wnte off the cost or valuation of assets less thelr residual values over their useful lives on the following bases.. Equlpment, Fixtures & Fittings 25% and 33% on c081 The galn or loss arlsing on the dlsposal of an asset is detem)ine(l as the difference bétween the sale proceeds and the carrylng value of the asset, and is recognised in the statement of financial activits'es. 1.7 Impalmiènt of flxed assets Al each reporting end dale, the charitable company reviews the carying amounts of Its langlble assets to determlne whether there is any indication that those assets have SUffed an impairment loss. If any such Indication exists. the recoverable amount of the asset 15 estimated in order to detemiine the extent of the Impaim)enl loss lif any). 1.8 Cash and cash •qulvalent8 Cash and cash equivalents include cash In hand, dep081ts held at c811 with banks, other short-term Ilquid Investments with onginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withln borrowlngs in current IlabSllties. 1.9 Flnanclal Instruments The charitable company has elected to apply the provisions of Sgction 11 'Ba$ic Financlal 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, wllh the nel amounls presented in the financial slalements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 15-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poll¢ies IContinu6d} Basie fln•nclal assets Basic financial assets, which include debtors and c88h and bank b81ances, are Initially measured a transactlon pr1 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 18 measured at the present value of the future receipts discounled at a market rate of Interest. Financial assets classified as r1Vable within one year are not amortised. 8aslc financial Ilabilides Baslc financial Ilabllities, includlng credllors and bank loans are initially recognised 81 tran98Ction prlce unles8 the arrangement constr'tutes a financlng Iransaclion, where the debt inslrumenl is measured at the present value of the future payments discounted at a market rate of Interest. Financ[81 Ilabilities classified as payable thin one year are not amortised. Debt Inslnjments are subsequently carried al amortised cost. using the effective inter@st ratg method. Trade creditor8 are obligations to pay for goods or services that have been acqulred in the ordinary Course of operations from $uppli&rs. Amounts payable are classffied as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabllilies. Trade creditors are recognised initially at Iransaction prtce and subsequently measured at amortised Cost using the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial liabilities ara derècognised when the charitable company's contractual obllgallons explre or are dlstharged or cancelled. 1.10 Employee boneflts The Cost of any unused hollday entsllemenl is recognised in the period in which the employee's 8ervice$ arè recelved. Termination benefits are recognised immediately as an expense when the charilable company is demonstrably commilled lo lemiinate the employment of an employee or to provide termination benefits. 1.11 ReUrem8nt beneflts Payments to deflned contribution retlrement beneffit schemes are chaiged as an expense as they fall due. In¢ome from Gharltablo actlvltles Unrestrlcted fund8 2025 Unrestrlctod funds 2024 Box office income Service provlsion Sponsorship Oonalions 78,694 85,787 15,130 4,478 117,770 12,013 22,910 4,926 184.087 157,619 16-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 other incom& Unrestrlcted Unrestricted funds funds 2025 2024 other Income 18,834 3,954 Crltlcal accountlng 08tlmate• and Judgements In the application of the charitable company's %counting pollcles, the Directors are required to make judgements, eslim818s and assumptions about the Carrying amount of assets and liabilities that are not readlly apparent from other sources. The estimates and associated assumptions afe based on historical 8xperlence arbd other factors that are considèred lo be relevant. Actual results may differ from these estimates. Thè estimates and underfying assumpllons are reviewed on an ongoing basls. Revisions to accounting estimales are recognised in the penod in which the estimatè Is revlsed wher8 the revislon affects cfily that period, or In the period of the revision and future periods where the revlsion affects both current and future periods. Key Sources of 88tlmatlon uncart•lnty Tanglble flxèd assets The annual depreciatlon charg86 on fixéd assets depends primarily on the estimated lives of each type of 8SS8t and estimates of residual values. The Directors regularly review thès8 asset Ilves and change them as necessary to reflect current thinking and rémaining lives in light of prospective economic utilisalion and physical condilion of the assets conc8med. Changes in assèt lives can have a significant Impact on deprecialion and amortisation charges for th8 period. Oelail of the useful lives is included In the accounting policies. Dobtors Short term debtors are measured at Iransaction price, less any impairment. Impairment of such debtors Involves some estimation uncertainty. 17-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expondltur• on charltabh actlvltles Charltsble activltles 2025 Charltsble actlvltles 2024 Dlract costs Actlvities undértaken directly 402,408 380.882 8h8rn of 8upport and governanc6 costs {80fr note 61 Support Goveman¢e 228,996 15,718 224.518 11,388 647,122 816,768 Analysls by fund Unrestricted funds Restricted funds 209,937 437.185 175,950 440.818 847.122 816,768 Support costs allocated to actlvftles 2025 2024 Staff costs 0epr8ciation Professional fees Expenses and travel Rent and servi¢es Office cost8 Govemance costs 200,451 2,031 2,213 4,636 12,420 7,245 15,718 195,825 483 1,982 3,852 14,873 7,503 11,368 244,714 235,886 Analysed between: Ch8ritsble actNitie8 244,714 235,886 Ngt movement In funds 2026 2024 The net movement In funds is stated after chargingl{crediting}'. Fees payable for the audit of th8 charlty's financial statements Depreciation of owned tangible fixed assets 5,040 2,031 4,740 483 18-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Donatlon8 and lègaclos Unrestricted Rostrfcted funds funds Totsl Unrestricted funds Restricted fund8 Total 2025 2025 2025 2024 2024 2024 Grants receivable 7,000 437,185 444,185 7,000 440,818 447,818 Grants re¢elvablo for coro actlvllles Arts Counal of Northem Ireland - Exchequer Fund Arts & Business Nl Arts Counul of Northern Ireland - Health & Safety Grant Art Work Programme Belfast Clty Councll - Clty & Neighbourhood Services Belfast Clty Councll - Arts and Culture Bélfast Ctly Council- DtscAgtionary Bglfa51 City Council- 2024 Beffast Clty Councll - UNESCO Crty ofmuslc Belfast City Council - Cultural Mulli Annual Grant British Council Nl Cultural Ireland British Council Nl Palesune British Council Nl - Spotlight Department for Foreign Affairs & Trade; Reconciliation Fund Destination CQ Bid Foyle Foundation Film Hub Nl HalSfax Foundation for Northem Ireland The Ireland Funds Tourlsm Nl 207.243 4,750 207,243 4,750 212,454 4,750 212,454 4.750 1,311 20,904 1,311 20,904 20,830 20,830 20,000 20,000 20,000 20,000 2,995 2,995 5,000 5.000 5,000 5,000 8,494 8,494 5,120 5,120 45,000 18,000 13,313 45,000 18.000 13,313 45,000 20,000 45,000 20,000 5,860 5,860 2,318 2,318 12,000 12,000 33,315 33,315 7,000 6,000 46.346 48,346 7,000 7,000 7,000 6,000 2,000 2,000 5.000 5,000 40,000 5,000 5,000 40,000 40,000 40,000 7.000 437,185 444,185 7.000 440.818 447,818
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Diroctors There ware Directors. expenses of £nll paid during the year (2024- £nill. 10 Employ••s The average monthly number of employees during the year was.. 2026 Number 2024 Number employmant costs 2025 2024 Vvages and sal9ri88 Social security costs Other penslon c08ts 182,740 11,385 6,326 178,750 10,848 6,227 200,451 195,825 The number ol employees who88 annual remuneration was more than £60.000 18 as follows.. 2025 Numbèr 2024 Numbor £60.000-£89,999 £70,000+ Remuneratlon of key management pernonnel The remuneration of key management personnel was as follows.. 2026 2024 Aggregate compens8tion 108,109 110.877 The charitable company considers its key management personnel to be the Artistic DireGtoi & Chief Executive, and the General Manager. 11 TaxatSon Thé charlty is exempt from tax on income and galns falling wlthSn section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Galns Act 1992 to tho 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 2025 12 Tanglble fixed assets Equlpm*nt. Flxtures & Flttlnws Cost At 1 April 2024 Additions 16,738 5.084 At 31 March 2025 21,822 Depreciation and Impalrment At 1 Aprll 2024 Depre¢i8tion charged in the year 16,032 2,031 At 31 March 2025 18,083 Carrylng amount At 31 March 2025 3,759 At 31 March 2024 705 13 Debtor• 2026 2024 Amounts falllng duo wtthln one yèar: Trade debtors Prepayménts and accrued income 48,124 72,685 1,499 68,672 120,809 70,171 14 Credltors: amounts falllng due wlthln one yoar 2025 2024 Other taxats'on and social securfty Trade credilors Other creditors Accruals and deferred income 4,286 28,212 350 72,652 1,752 6,302 515 24,826 105,500 33,395 21
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1 S Retlrement nalIt schemès 2025 2024 Defined eonlrlbutlon schemos Charge to profit or loss in reswct of defined contribution schemes 6,326 6.227 The charitable company operates a defined contribution pension scheme for all qualfying employees. The assets of the scheme are hald separalety from those of the charitsble company in an independently administered fund. 16 Unrestrlcted fund• The unrestricted fundB of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors 8S to how they may be used. These Include deSnated funds which have been set aside out of unrestricled funds by the trustees for specific purposes. Tran8fer• At 31 March 2026 At 1 Aprfl 2024 Incomlng resourcès Rosourcos expondod Management reserve Funding reseNe Research & development reseNe Genéral funds 40,000 30.000 40,000 30,000 17,000 17,000 24 209,921 {209,9371 87,040 209,921 1209,937) 87,024 Prevlou8 year: At 1 Aprfl 2023 Incomlng resources Resource• exponded Transfers At 31 March 2024 Management reserve Funding reserve Research & development reserve General funds 30,OIK) 27,389 10,000 2,611 40,000 30,000 37,028 {7,3771 (168.573) (12,651) 40 17,000 40 188,573 94.417 168,573 1175,950) 87,040
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 R6strktod funds The restricted funds of the chgrity cornprls8 the unexpended balances of donations and grants held on trust 8ubject to specific Conditions by donors as to how they may bè uséd. Movement In funds Balance at 1 Incomlng Resourcès Balance at 31 Aprll 2024 resoue& expended March 2025 Arts Council of Northern Ireland - Exchequer Fund Art Work Programme Arts Counul - Small Capllal EquiFKnent Fund Arts & Business Nl Belfast Clty Councll - Cuttural Multi Annual Grant Belfast City Council - City & N8ighbourhood Services Belfast City Council - UNESCO Clty of Musl¢ Belfast City Council - Arts & Culture Belfast Clty Coundl - 2024 Belfast City Council - DiscretTonary Fund British Council Nl British Council Nl - Palestine Culture Ireland - Department of Tourlsm & Culture Department for Foreign Affairs & Trade; Reconuliallon Fund Tounsm Nl Foyle Foundation 207.243 20.904 1,311 4,750 45.000 (207.243) (20,904) 11,311) (4,7501 {45,000) 20,01)) 8,494 2,995 5,000 5,000 18,000 5,860 13,313 120,000) 18,4941 12,9951 15,0001 15,000) 118,000) 15,860) {13.313) 33,315 40.000 6,000 {33,315) {40,0001 {8,0001 437,185 1437,1851 18 Analys18 of not assets belw••n fund• Unre8trlcted funds 2025 At 31 March 2025: Tangible assets Current assetsl(liabilitie81 3,759 83,265 87,024
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 ADalysl$ of net assets between funds (Continued) Unrostrlcted funds 2024 At 31 March 2024: Tangible assets Current assetsllllablliti85) 705 86,335 87,040 19 Evonts after the reportlng date There were no subsequent events to report. 20 Rolated party transactlons Other than remuneration of key management personnel, there were no disclosable related paty transacllons during the year {2024- none). -24-
BELFAST FESTIVAL TIA BELFAST INTERNATIONAL ARTS FESTIVAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Operatlng lea88 commitments At the reporting end date the charitable company h8d outstanding ¢ommiim6nts for future minimum lease paymènts under non-cancellable operating leases, which fall due as follows: 2025 2024 thin one year 31,876 1,690 22 Analy818 of changes In netfund• The charltablo company had no material debt durlng the year. 23 Cash 9gner8tod from operatlon8 2025 2024 DeflcK for the year (181 {7,377) Adluslmenls for.. Depreciation and impainnent of tangible flxed asset8 2,031 483 Movemants in working capital.. Ilncrease}Idecrease in debtor8 Increasel{decffjase} in creditors 150,638) 72,104 22,002 137,5611 Cash genorntod from11absorb by) operatlon$ 23,481 122.4531 25-