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 Interna￿onal 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 i￿niC ¢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 c￿straInts, 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 geograph￿11 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 reS￿r￿s. 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.
Refl￿ting 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.
A￿1velY 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 Be￿ast 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 partiCipa￿On.
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 Rese￿e8 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 cate9￿Y 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 Direct￿8.
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 othe￿iSe 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 finan￿al 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 Operat￿nS 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 sIgn￿lCant 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 de6￿ptIOn 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
Cr￿ltOrs. amounts falllng due wlthln
on& yèar
14
(105,500)
133,395)
Net ¢urr•nt a8sots
83,265
86.335
Totsl assot8 I￿9 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 d￿ationS 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 dIr￿t costs and
shared costs, induding support costs involved in undertaking each activity. Dired costs attributa1￿8 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 be￿een 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 SUffe￿d 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 r￿1Vable 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
deS￿nated 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 resou￿e& 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-