COMPANY REGISTRATION NUMBER.. N1041605 CHARITY REGISTRATION NUMBER: 104973 Belfast Exposed Photography Company Limited by Guarantee Financial Statements 31 March 2023 FEB CHARTERED ACCOUNTANTS Chartered accountants & statutory auditor Linenhall Exchange 1 st Floor, 26 Linenhall Street Belfast Northern Ireland BT2 8BG
Belfast Exposed Photography Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) Statement of financial position 19 23 24 Notes to the financial statements 25
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report (Incorporating the DireCtOS Report) Year ended 31 March 2023 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of th8 charity for the year ended 31 March 2023. Reference and administrative details Reglstsred charfty name Charity reglstrdtion number Company registratlon number N1041605 Belfast Exposed Photography 104973 Prlnclpal office and registered The Exchange Place office 23 Donegall Street Belfast BT12FF The trustees CE Doran Mr A Leonard Miss A Early Ms M Harte Mr C Heath Mr A M Jones Ms S Chakr8varti Mrs S Beatty Ms B Frazer Ms H Morris- Cafiero Mr T Corr (Appointed 21 February 2023) (Appointed 16 April 2023) (Appointed 16 April 2023) (Resigned 20 September 2022) (Resigned 17 April 2023) Auditor FEB Chartered Accountants Chartered accountants & ststutory auditor Linenhall Exchange 1 st Floor. 26 Linenhall Street Belfast Northern Ireland BT2 8BG Bankers Dansk8 Bank Limited 819 Donegall Square North Belfast BT15GJ Sollcltors Millar Mccall & Wylie 370-374 Upper Newtownards Road Belfast BT4 3EY
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnueil) Year ended 31 March 2023 Structure, governance and management Belfast Exposed Photography is constituted as a Company Limited by Guarantee and is governed by a Memorandum and Articles of Association. The Board of Trustees are responsible for the strategic management of the chariiy. Th8 Board of Trustees and names of principal advisers are set out on Page 1. The Board appoints all new Trustees based on s81ection criteria. which ensures that collectively it maintains a broad range of r81evant skills and experience. An induction programme is offered to all new trustees to ensure that they are briefed on the charity's objects. strategy and activities. The Trustees have the overall responsibility for the system of internal control for the charity, which includes ensuring that there are reasonable procedures in place for the prevention and detection of fraud and other irregularities. However, such a system can provide only reasonable, but not absolute, assurance against errors and fraud. Risk assessment is carried out on an annual basis and a risk document is updated and studied regularly by the Board of Trustees. Signrficant risks are highlighted for consideration and monitored by the Board. These include: The risk of the impact of cuts in funding Th8 risk of failing to build suffscient cash reseNes- and The transfer or sale of ownership of the building and subsequent threats to lease and rent. Belfast Exposed Photography operates a 3 month oper8tional costs reseNe policy. Reserves policy Reserves are the part of a charity's unrestricted funds that are freely available to spend on any of the charity's purposes. The definition excludes restricted income funds and endowment funds, although holding such fijnds influences our reserve policy. The Board has examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the restricted funds not committed or invested in tangible fixed assets held by the charity should be 3 months of the expenditure. The reseNes are needed to meet th8 working capital requirements of the charity and the Board are confident that at the level agreed they would be between 3 months of th8 expenditure. The restrict8d fund is currently In deficit, but the Charty's policy will be to transfer funds from the unrestricted reserves to retum the restricted funds to a surplus position.
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2023 Last yea¢s activities were jam packed full of energy, optimism and newness for our audiences and participants. Ther8 were ground-breaking exhibitions, implementation of exGlting engagement programmes such as viewpoint mental health and well-being programme, public and corporate Training programmes, website development, continued digitization of the archive, public art in Victoria Centre, New and exciting partnerships and delivery of a brand-new conference. Top 20 highlights (in no particular order). Arts organisation of the year & new Sponsor award through Arts & Business Over 70 articles in newspap8rs and magazines including, Vogue, Aesthesia, Fin8nci81 Times and internationally acclaimed The Art newspap8¢. Seen to be Heard exhlbttion & Campaign & Tour Establishment of Bank Gallery Space Mairead Mcclean - Beff8St International Festival Inttiation of mental health 2nd well-being programmes Top audience in preview evening of 650 - Anthony Luvera. Growth of physical audiences Victori8 Square public art 'Seeing Through a Different Lens, exhibition Futures - Academy (Youth) showca8e event Chamber of Commerce shortlisted for best member of staff (Mervyn Smyth) Shortlisted for best evening out Late Night Art through Staycation awards Selected as Nl representative in pan-national photography programme Bristol City of Culture. Emerging Curator awards 6 awardees Reflections - a leadership project In collaboration with women's community groups from across Belfast Formed the Irish Photo NetNork Selected as Nl Coronation Generation Project Manager Took part In the iBeholder project with Thrive Nl Invented the world first TikTok exhibition Feile an Phobail multi<ultured young person project
Belfast Exposed Photography Company Limited by Guaranteè Trustees. Annual Report (Incorporating the Director's Report) (contintrtl) Year ended 31 March 2023 Blueprint orli oryanis8tlon5 Belfast Exposed got through to the second phase of Blueprinl programme run by Arts & Business Nl. Its intention is to lay the foundations for building long-term financial strength. looking at topics such as creative resilience, leading change, building financial sustainability and purpose-driven governance. Belfast Exposed have been awarded a grant to produce commercial books and products from our Archive. A d8signer from Whitenoise has agreed to design the book free of charge. lrfsh Photo Network Belfast Exposed has in partnership with the B&lf8st Photo Festival, Photo Mus8um Irelsnd and Source Magazine - established The Irish Photo Natwork as a n8w, co-curated online platform to showcase the work of contemporary photographers from the island of Ireland. The NeOrk aims to represent the photographic community on both sldes of the border and provide a continually developing view of the state of photographic practlce on the island. Combining thè expertise of four organisations at the cutting edge of the visual arts, the NeOrk is an exciting new venture that will fuel cross-border collaboration. Northlsouth Network Belfast Exposed are a member of a North South Gallery neork working with galleries across the whole of Ireland. Programmes delivered looked at gallery best practice creating access for people from disabled communities, sustainable practice and provides the opportunity for galleries to neOrk and identify opportunities for touring. Most of this is being carried out via Zoom, however site visits are starting to happen in Londonderry and Belfast. Dublinlscotland Connections Belfast Exposed has started to work strategically with Street Level in Glasgow and Photo Museum Ireland in Dublin in a non-formal network. This year both Photo Museum Ireland and Belfast Exposed presented Irish photography in Street Level and are currently presenting one of Street Level's artists in an exhibition in 'Arts for All, which formed part of the Healing Through Photography conference. We have also agreed to promote each other WO when addition81 support is needed for the promotion of our artists. Bradford City of Culture 2025 Bradford has won city of Culture 2025 in a pan-national approach Belfast Exposed has been selected as Nl representatlV8 working alongside Impressions Gallery, Street Level and FFotogallery (Wales). It is very early days., however, it is a fantastic opportunty that will allow this new partnership to do a large-scale project fully funded by the cty of culture.
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report {Incorporating tha Director's Report) (eontinuedj Year ended 31 March 2023 iBeholder programma Belfast Exposed ar8 part of Thrive Nl audien development iBeholder programme for visual arts in Northern Ireland. The iBeholder pilot project is about finding alternative and digital ways for non4icketed visual arts galleries in Northern Ireland to collect data about their audiences. On ompletion of the programme there were some benefits but with delay's during COVID organisation constraints with Thrive Nl it was not the original concept. Nonethe18SS. It did have useful facts about the nature of Belfast Exposed audiences. Exhibltions Mairead Mc Clean exhibition Gallery (Gallery I, Gallery 11, Studio Gallery, Street View & Archive Gallery) As the world was em8rging out of the COVID-19 pandemic In early 2022, Belfast Exposed audience numbers have béen positive. This year we increased our offer in the exhibition programme and presented 25 exhibitions in total. There were five exhibitions in the main space in Gallery I (international), six in Gallery 11 (emérging and local), six in Studio Gallery (emerging, local & experiment81), 58ven on Streetview {National, UK, ROI & Canada) and one in Archiv8 Gallery (Nl wide). In total, Belfast Exposed showcased the work of 123 artists with 11 solo exhibitions and 14 group shows. Physical audiences attending the gallery this year ar8 in excess of 40,000 which sees an increase of additional 15,500 audiences. We believe this is a combination of factors including,. variety and diversity of exhibitions,. the expansion of cultur81 tourists in Belfast., and additional students moving to the area. It is worth noting, Belfast Exposed had the biggest audience numbers ever with our first opening in January 2023, with 650 people in the preview evening. Throughout the year, Belfast Exposed hosts Artist Talks which allow artists to discuss their practice and the work shown in their exhibition. In the last financial year, we have hosted 22 artist talks with k)cal and international artists with 2 hosted online and 20 in person in Belfast Exposed. The talks have also been filmed and added on our YouTube channel to ensure accessibility for those who cannot make it to the gallery in person. We have also embraced live streaming across Facebook and YouTube for bigger scale Artist Talks, such as 'Seen to be Heard, The Power of Arts, Advocacy & Activism on our Mental Health and Well-Being' which has reached 240 viewers. We have taken part in four of the city's big festivals 'Belfast Intemational Festival, who showcased Mairead Mcclean's work, 'Belfast Photo Festival, with Thomas Altdorf and A Trace of Ownership, Nl Mental Health and Arts Festival with 'Se8n to be Heard, exhibition with MFA'S and Nl Science Festival
Belfast Exposed Photography Company Llmited by Guarantee Trustees, Annual Report (Incorporatlng the Director's Report) (continued) Year ended 31 March 2023 with photography at night exhibition. Not in a festival but worth noting is the Martin Parr Ireland retrospective exhibition. Exhlbltlon Public Programm8 We maintained strong links to the Ulster Universty, Universit188 in the South of Ireland, Further Education Colleges like Belfast Met and through the Queens Learning for Life programme led by Amanda Croft as w811 as many schools and colleges. These are an important part of our exhibition engagement programme and we are continuing to develop and work with students and their tutors, making them aware of the gallery and our resources. Futures exhlbltlon prograTnme 8UPPOrting early career artlsts In line with Belfast Exposed Futures programme supporting emerging artists, Belfast Exposed supported 22 MFA graduates from Ulster University and emerging international artists in the Belfast Photo festival and Jerwood programme. Three of the current six futures have had solo exhibitions with each of them receiving a review of their work and the exhibitions are of a very high standard with some awardees achieving international status. Supporting new photographic talent continues educational development, provides skills in 8rtistic, business & personal development, mentorship and training opportunities and future career development for emerging artists in photography. These programmes receive additional marketing support helping them to establish a coherent portfolio. Managing Six Futures artists was a challenging number to work with and costly. A review has taken place recommending a reduction in numberg in following years. Belfast Exposed maintsin strong links with the Ulster University, Universrties in the South of Ireland, Further Education Colleges like Belfast Met and through the Queens Learning for Life programme led by Amanda Croft as well as many schools and colleges across Northern Ireland. These are an important part of our exhibition engagement programme. and we are building neOrkS to develop and work with students and their tutors, making them aware of the gallery and our resources.
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2023 Off-site Bank Gallery & Studlos With the purwse of finding an off-site Spa for Mental Health and Well-Being prograrnmes, Belfast Exposed found new premises in High Street a former Bank of Ireland site. The lease was 9 months with the hope of a furth8r 9 months and then see what happ8ns. We have partnered with 88yond Skin in providing studios for Asylum Seekers and Refugees {mental health issues couped up in the hotels) and offered studios to some participants in the engage programme. Working with Beyond Skin has opened a more strategic direction diversity wis8 and helps support integration and access. It has allowed Belfast Exposed to create 8 new gallery which is housing 8 GFA commission by Donavan Vlfylie and Pater Mann who produced the most amazing photographic contemporary art film. Currently running. In exhibition terms, rt has allowed us to see if we can think big with purpos8-built installations which l am confident we can say we have achieved. Tourlng exhlbltlon8, public art, and art centres. Wrth the support of Belfast Exposed, 'Seen to Be Heard, has toured to several locations since May 2022. This included a showing at the Lake Side Arts in Nottingham from the 8th the 30th of October 2022 and the Wood Quay Buildings, Dublin from the 7th- the 13th of November 2022 a6 part of Dublin City Council inclusion and Integration Week and travelled to Strule Art Centre from 5th - 28th January 2022. Vlctorla Square public art Seeing Through a Different Lens exhlbltlon II¢TIIII To kickstart 2023, Belfast Exposed worked in partnership with Victoria Square to deliver a series of photography and wellbeing workshops in January and February 2023. Seeing Through a Different Lens involved a series of w0shopS in th8 Belfast shopping complex over 4 weeks to help both novic8 and practised photographers, and smartphone owners, learn new and exciting tricks for taking better photography and capturing life through a different lens. Everyone who took part had the opportunity to submit their images for consideration for an outdoor exhibition hosted in Victoria Square during March April 2023 as part of the complex's 15th birthday celebrations. This aligned with timings of the conference.
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conunued) Year ended 31 March 2023 Awards Arts & Business Awards AWARDS 2022 Belfast Exposed won the acclaimed Arts Organisation of the Year 2022 Award, which came with 8 £3,000 cash investment from Forestside, for our pioneering creative collaborations, which have helped to create change across the community. We also took home the New Sponsor Award, for their partnership with Translink on the 'Natural Connections, photography compelltion and exhibition. Also, the Forestside Choice award went to the Seen to Be Heard Project. It was a very positive experience. Stsy¢ation Award BeEf8St Exposed were nominated by the public for the be8t evening out Category were a finalist and won runner up.
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) (continued) Year ended 31 March 2023 Engagement In the year 2022-23 Belfast Exposed worked with 5,000 participants throughout the year. This is up 100rh* on previous years and considered a signiFicant achievement. Vlewpoint- Therapeutic Photography Programme Belfast Exposed has seen our therapeutic photography partnerships grow, with th8 Northern, Belfast and Southem Health and Social Care Trusts engaging as a strategic partner to enhance their services. We engaged with partlClP8nts of all ages, from carers, gaining a respite activity for themselves, people whose lives are affected by depression and anxiety, families bereaved through suicide to the areas of Forensic Mental Health with participants Wlth more acute mental heaEth issues including schizophrenia, 8ating disorders and those whose lives have been affected by addictions. We have seen gr0h in the programm8 With piloting new programmes by engaging participants using the methodologies of Photo Voice and Photo Elicitation. Photo Voice.. using previously taken imag89 from Belfast Exposed Archive leading to participants taking their own images which they will explore the reasons for taking and the emotions and experiences that have guided these images. Photo Elicitation.. Used with participants enabling 8 qualitive research method for participants, facilitators organisations and research where an image enriches the engagement process and provides greater understanding than oral and written engagement. Belfast Exposed continues to engage with participants with varying degrees of mental health issues impacting their lives, from schizophrenia, depression anxEty disorders, those living with addictions and families bereaved through suicide, groups including the NHSCT Groups of p80ple we engage with on both a weekly and monthly basis, Family Care Adoption seNice, NHSCT & BHSCT Carers, Brain Injury Matters, Headway in Larne and the Victim and Survivor Trust, WAVE Trauma, Churchlane Mews assisted living Investing in our peop18 Belfast Exposed has 2 staff members studying Therapeutic Photography Post Graduate Certificate through Robert Gordon Universty, Aberdeen, this onlin8 course enables further knowledge to be gained and 8 better understanding of the academic aspects of Therapeutic Photography all enhancing the skills and knowledge within Belfast Exposed.
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fconthpuedj Year ended 31 March 2023 Healing Through Photography COnfence I I , In a bid to showcase the work Belfast Exposed does and shared with others Healing Through Photography Conference- Seeing Through A Different Lens, has been planned for April 2023 Communlty Engagement Programme Belfast Expos8d Community Programme engages with our Community Partners in a collaborative way assisting with raising awareness. This can be issues within a community that are broughl to a wider audience, providing access to photography as a method of education through our OCN Educational Community Engagement Project, summer scheme activities offering a fun and creative art form as with Conway Youth Centr8 to engagement offering skills in photography from a new view such as our Nl Science photography workshops, providing the science behind photography in capturing creative images. 10-
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report {Incorporating the Dlrectorfs Report) (continued) Year ended 31 March 2023 Youth Belfast Ex sed Youn Futures & Academ The 2022123 Young Futures started in October and is due to complete in July 2023, with a showcase event in the Studio Gallery. The Young Futures, which was done through a Belfast Exposed Open Call as well as participants who attended the Belfast Exposed Summer Sch8me 2022. In total 13 students will have completed the programme by July 2023, their showcase focusing on their long4erm lens-based projects, which varies themes of the self-ldentity, youth cutture, urban landscapes and editorial performance. The Young Futures group have been to multiple gallery locations, such as a guided tour by Cstalyst Arts co4irectors, and a waxldrawing workshop facilitated by Wexford based artist, who is part of the Freeland's Programme, th8t was located at Ps2. As well as extemal locations, each class located in Belfast Exposed is presented a variety of assignments and practical demonstrations, exploring photography skills, professional development, curating work. All participants benefffted from the programme with SnifiCant changes in their confidence, communication and social skills as well as learning transferable skills, creativty and questioning their environment and community. We had a showcase event which was a celebratory event, recognising the participant's achievements and skills, social actions, friendships built and encouraging those who want to take their career forward, the opening night was well attended 100 family, friends, the Young Futures and the Lord Mayor of B81fast launched it. CRUN (Causeway Rural Urban Networf<) YEAR Mae Murray Foundation: Belfast Exposed engaged within young people, who were initially brought together after COVID by a doctor at The Causeway Hospital to create a calendar. bul it was noted the images were not of a quality. Belfast Exposed were engaged to improve the quality of the images. however, we identified the images were an expression of the feelings and emotions of the participants, in seeing this and through collaboration with the participants we changed the direction of their image taking into a Therapeutic Photography Project. The project came to the attention of the Loneliness Network in the NHSCT and a report was produced, the fists of its kind within any trust featuring You ng People and had a major showcase in Flowerfields Arts Centre. 11
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report (Incorporating tho Dlrectorfs Report) (continued) Year ended 31 March 2023 TRAINING Photography Courses The 'Photography Courses, has provided a consistent and reliable stream of income for th8 organisation. The covid pandemic, rising interest rates and the developing 'cost of living, crisis, posed a huge threat to th8 r81iability of this service in terms of its income generating potential. During the pandemic, particularly during lockdowns, we temporarily delivered our courses online. When the lockdowns and restrictions were lifted, courses were back to b8 d81ivered in person and we saw a gradual increase in participation and purchases of our courses. The financial year (2021122) after the start of the pandemic saw the courses delivered to 124 participants with an income of £12,500, the following ye8r (the most recent financial year 2022123) saw a further increase with 178 participants and an income of £18,680. As there is a limit to how many courses you can schedule per week, and management of resources, the income ceiling h8r8 18 more limited. The strategy for increased profit has been more focus8d on delivering the courses in-house by staff, with very few courses now being delivered by freelan tutots (only 4), and by increasing the range and variety of courses w8 offer, which has been very successful. The much bigger area for growth of income comes from the 'Photography Services, outlined below. Photography Servi¢oS Belfast Exposed ha5 seen a signifant rise in interest and demand for bespoke photography courses. Both from individuals seeking bespoke one-tone sessions. to groups. communities and staff teams requiring a photography course to be tailored to suit their needs, whether that be to improve participants, wellbeing, to learn specrfic photography skills, or for staff to be better equipped to create their own content and visuals for online marketing purposes. Prior to 2021, this aspect of our business was never fully developed or establlshed and was delivered on an ad hoc basis. The potential of these services are now being fully realised, with the development of the Wellbeing Photography Programme,, the improved marketing bespoke courses. and most importantty the strategic approach to better package the bespoke courses for businesses. Followlng the implementation of the above aspects, the first financial year of 2021122 brought in an income of £9,980. The following financial year of 2022123 saw a further increase with an income of £12,840. For the first month {April 2023) of th8 current financial year has already brought in £1,330. Th8 'Photography Services, aspect of the Training p.rogramme has provided a huge opportunty for growth and more income from our courses. BOOKSHOP The Bookshop provides a small, yet steady and reliable, income for Belfast Exposed, generating approximately £3,000 to £4.000 per year. We continually expand and diversify the books we offer through sought-after publications from local and international photographers. in demand new releases, and books tailored for our photography courses. Additionally, we plan to provide a range of products like archive prints, postcards, and merchandise including a smartphone photography kit, photobook-making kit, and branded pens, badges. notebooks, t- shirts. hoodies, umbrellas and tote bags. There are areas for gr0h and further income generation in the Bookshop. with one of the main 8aS being the huge potential of an e-commerce webstte. To help with the financial sustainability of the organisation, we plan to launch a brand-new website with e-commerce functionality in 2023 which would provide us with the abilty to S811 books. products and merchandise worldwide in a much more efficient and user-friendly way for our online customers. 12-
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report (Incorporating tha Director's Report) {condnued) Year ended 31 March 2023 We plan to produce more of our own publications, commissioning artists to create photobooks and zines. and a series of themed editions of images from our archive. One standout opportunity, which will contribute to the financial sustainability of the organisation, is the production of 'Stories of Beffast, a collection of books from the Belfast Exposed Archive. This links to our business plan to developing products for cultural tourisls and developing overseas markets. The books will also have a degree of local interest, and can also be a key project to mark our upcoming 40th anniv8rsary and celebrate the significance of the archive. VENUE HIRE Offering our spaces for venue hire has been very successful. This seNice was never fulty established or utilised until a few years ago. Now, it can generate anywhere from £4,000 lo more than £9,000 per year. The success has come from providing unique spaces at affordable prices,. the addition of more galleries and spaces availabla to hire., repeat customers booking throughout the year, 8nd the growing range and variety of events including being a set to film TV shows, to being a venue for wedding ceremonies. The increase of ga118ry spaces also makes it more possible for clients to hire a spacé for an exhibition, which is a common request that we can now accommodate. MARKEfiNG Marketing - 2022123 This year has seen signlfScant growth in marketlng activity and a series of succe85es in promoting Belfast Exposed and our work to a wider audience, both locally and internationally. To better manag8 workload and make the most of staff expertise, the decision was made to split the Digital Marketing officer into (part time) roles.. Marketing & Communications Officer.. focusing on areas such as email marketing, PR. communications, copywriting and Digilal Medi8 Officer.. taking primary responsibility for social media management, video production, content production and digital advertising. While both roles overlap considerably and work together to fulfil our broader marketing strategy, the specialisation of each role has also allowed us to grow our marketing considerably over the year. Digltal Marketlng Our digital marketing has many platforms, one of which is using Mailchimp to send targeted email campaigns to lists of subscribers. The goal of these campaigns is to raise awareness of upcoming work, generate sales of courses and books and bring audiences to the gallery spaces. Ther8 are kn main perfomiance metrics when measuring the performance of email marketing: Open Rate and Click Through Rate. Open Rate is the % of subscrib8rs who received an email and opened it. Click Through Rate is the °h of subscribers who received an email and clicked on at least on8 external link within an email. In terms of benchmarking campaign performance against these metrics, Mail Chimp's own statistics give us the following statistics to measure our performance against.. For ALL industrieslsectors, the average email Open Rate is 22.710/0 For ALL industrieslsectors, the average email Click Through Rate is 2.91 O/c For the 'ARTSIARTISTS' sector, the average email Op8n Rate is 26.27% For the 'ARTSIARTISTS' sector, the average email Click Through Rate is 2.95% 13-
Belfast Exposed Photography Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnu8d) Year ended 31 March 2023 Whi18 these metrics are not the only ways in which we measure performance and they can be misleading without context they offer some of the best and most accessible ways of viewing the perfomiance of our email marketing activities. Compared to these benchmarks, Belfast Exposed's digital marketing has been consistently above average in 2022-23. Our Average Open Rate for email campaigns wss 42.530/0. As can be seen in the graph below, our email campaigns were significant above averag8 in this regard throughout the entire year. Average Monthly £mail Ope4 Rate Conip3red ID Mailc.hinip AverA8È5 7022 - 23 7QQO% 5QOO% 4aoax 3QllaX Meanwhile, our Average Click Through Rate for email campaigns wa8 4.560A. Again, this is significantly above Sverage for the year: erce irfonlhlv Emdl> Click TlirouKh Rate CrJn)paied to Mailchimp Averi3V.eg 2022 - 23 1&004 Plot Ar•a IQDQ JJJX 2AKI% oJJJ% -14-
Belfast Exposed Photography Company Llmlt8d by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conbnued) Year ended 31 March 2023 Press & Medla The 2022-23 period was strong for Belfast Exposed in terms of press & media coverage. Our approach to press & media has involved the revision of our press mailing lists, Ihe cultivation of personal relationships wtth journalists and editors, and a concert8d effort to broadcast our work through more consistent press releases and social media. A number of high-profile shows, leveraging press & media contacts and a more targeting approach to press releases and journalists lead to one of our best years in terms of the volume of press coverage. In total, Belfast Exposed has featured in 77 pieces of media coverage in 2022 23. This m8rks our most successful year for press & media on record, with our previous highest for a year being 44. This coverage ranges from reviews, new8 pieces based on press releases, exhibition & event listings and intewiews in both regional and national publication8. We have also been featured in several BBC Radio Ulster shows and on N. Selected outlets included Belfast Live, The Belfast Telegraph, The Ulster Tatler, The Irish N8WS, Belfast Media, Th& Newslett6r, The Irish Time, The Scotsman, The Independent, BBC Radio, Dazed Magazine, Visual Artists News, The Irish Arts Review, Nvfv, Aesthetic8 Magazine and Vogue. Internationally, Belfast Exposed appeared before an international audienc8 via Aesthelica Magazine and Vogue related to The Truth Is In The Soil and She l Her l Hers l Herself respectively. Digital Engagement strategy Utilising a digital engagement strategy over th8 last year, Belfast Exposed has now learnt a variety of lessons that will have shaped the strategy over the year At th8 b8ginning of the year social media analytics showed the user engagemenl of videos sat significantly higher than on any other style of media. However, with Instagram's persistence to morph to a video first platform, other platforms such 8s TikTok and F8cebook have now adapted their algorithms to promote image-based posts to compete with the used depend coming from Instagrem. As algorithms continue lo change, Belfast Exposed stays updated with currenl trends to ensure content is optimised for user engagement. As well as algorithms shifting, so are layouts of plstforms. A rent post style change on Facebook is now longer showing 9.,16 (portrait videos) in thls ratio but rather showing only a 4..5 ratio. Posts are now carefully designed so content is fulty visible on a timeline. We h8ve focused on creating high quality video content and are now experimenting with 8nimat8d infographics. According lo research infographics give engaging visual that attract followers and encourage them to share. it also mak8S It more probable for a post to be shared to n8w networks. As Belfast Exposed invests in digilal engagement, we actively encourage our exhibiting artists to do so also. We have monitored how the use of collaborative content posting on digital platforms. i.e sharing and saving content can encourage positive algorithms, so contenl is optimised. An example of this is the successful sharing of Seen to Be Heard content in March of 2022. With multiple social media profiles sharing Belfast Exposed conlent, it resulted in a successful campaign in advocating for change and educating audiences. It is now an 8spect of artist contracts to engage with our social media platfomis and digital strategy, so they sh8re our content and tag our platforms in their own. With video content, trends over the last year have shown an increasing preference for subtitles to be embedded in the video as 800A of social media videos are now viewed silently. Subtitles allows users to watch videos on their commute as they do not need to hear the content to engage. Belfast Exposed videos now use subtitles as this aligns with our key aim to be accessibility to all and it increases engagement by 15 %. -15-
Belfast Exposed Photography Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2023 Archlve In the past year, Belfast Exposed has taken important st8PS to improving accessibilty to our photography archive to draw in new researchers and community members. Using the Spectrum Museum standards, we have been working towards assigning new identrfication numbers to our files to make each of these more readily locatable for those interested in visiting our archive. Archive staff hav8 also created a finding aid for this purpose. Since June of last year, we have digitised over 1000 negatives, and with th8 help of several new volunteers, we have successfully begun digitising our print media-primarily the contact sheets that accompany our18rge collection of 35mm negatives. We have recently acquired a new collection from a member of the Betfast Community-now called The Owens Collection-which consists of approximately 750 negatives and silver gelatine prints dated to c. 1925-1960. Approximately 200 of these images have already been digitised and we are looking foThvard to sharing a selection of photographs from this collection with the public. We are also in the process of acquiring another collection of photographs from a communlly member. Our archive has thus continued to grow and has become more diverse. On 8 weekly basis, we are a180 featurlng new archive images on our social media pages to promote our diverse collections. We have also been participating in sev8ral exciting projects with organisations such as the Belfast City Council and the Gallery of Photography (Dublin). Our ongoing collaboration with the Belfast Cty Council has seen to a video being produced and shared to promote a new tourism centre that will open downtown in 2027. Imag88 from our archive were used in this project to promote our histories, the uniqueness of our city and local communities. Our collaboration with the Gallery of Photography is ongoing, as images are being sourced from our collections for a larger exhibition conceming the history of Ireland. In the coming year, we will continue with our large-scale dlgitisation project and we hope to draw more volunteers in who are interested in the fields of collections managem8nt, photography preservation and archiving. We look fOard to the next stage of our ¢ollabor81ion with the Belfast City Councll, and will continue to collaborate with other organisations to share images from our archive. In Concluslon The past year at Belfast Exposed has been marked by exceptional growth. resilience. and innovation. We have succ8ssfully advanced strategic initiatives, expanded our audience reach, and celebrated the arts through a diverse range of exhibitions, programs, and initiatives. As we move forward. Belfast Exposed is poised to continue its mission of fostering creativity. supporting emerging tslent, and engaging with communities to promote the power of photography as an art fom and a tool for positive change. We express our gratitude to our dedicated staff, trustees. volunteers, artists, participants, and supporters. as well as our funding bodies, including the Arts Council of Northern Ireland, Belfast Cty Council, Arts & Business Nl and Barring Foundation for their unwavering commitment to Belfast Exposed's vision and mission. Together, we look forward to a future filled with even more impactful exhibitions, innovative programs, and meaningful community engagement. 16-
Belfast Exposed Photography Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) {w?tlnued) Year ended 31 March 2023 Tru9tees' respons5bilitles statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordanc8 Wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of th8 State of affairs of the charitable company and the incoming resOUrS and application of resources, including the income and expenditure, for that period. In prep8rtng these financial statements, the trustees are required to.. 3elect suitable accounting policies and then appty them consistently., obseNe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue in business. The trustees a responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements compty with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable Bteps for the prevention and detection of fraud and oth8r irregularities, Audltor Each of the persons who is a trustee at the d8te of approval of this report confimis that,. so far as they are aware, there is no relevant sudit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to estsblish that the charity's auditor 18 aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. Small company provisions This report has been prepared in accordance with the provisions applicable lo companie8 entitled to the small companies, exemption. 17-
Belfast Exposed Photography Company Limitsd by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (CltInUed) Year ended 31 March 2023 The trustees, annual report was approved on 28 September 2023 and signed on behalf of the board of trust88s by: CE Doran Trustee 18-
Belfast Exposed Photography Company Limlted by Guarantee Independent Auditor's Report to the Members of Belfast Exposed Photography Year ended 31 March 2023 Oplnlon Wa have audited the financial statements of Belfast Exposed Photography (the 'charity') for the y8ar ended 31 March 2023 which Gomprise the statement of financial activities (including income and expenditure account}, stalement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditur8, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requlrements of the Companies Act 2008. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statem8nts section of our report. We are independent of the charity in accordance with th8 ethic81 requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirem8nts. We beli&ve that the audit 8videnc& we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu8lon8 relatlng to golng concern In auditing the financial statements, we havé concluded that the trustees, use of the golng concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perform8d, we have not identified any material uncertainties r81ating to events or condition5 that, individually or collectively. may cast significant doubl on the charity's abilty to continue as a going conc8rn for 8 period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect io going concern are described in the relevant sections of this report. 19-
Belfast Exposed Photography Company Limited by Guarantee Independent Auditorfs Réport to the Members of Belfast Exposed Photography (contlnuedj Year ended 31 March 2023 Other Informatlon The other information comprises the information included in the annual report, other than the fin8ncial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial ststements, our responsibiliiy is to read the other infomation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheise appears to be materially misststed. If we identfy such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this othar information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrfbed by the Companié8 Act 2006 In our opinlon. based on the work undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whi¢h we are requlred to report by exceptlon In the light of the knowledge 8nd understanding of the charty and its environment obtalned in the course of the audit, we have not identified material mlsstatements in the trustees, report. We have nothing to report in respect of the following matters in relatron to whlch the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting record8 have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financi81 st8tements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the direclors, report and from the requirement to prepare a strategic report. -20-
Belfast Exposed Photography Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast Exposed Photography (¢ontlnued) Year ended 31 March 2023 Responsiblllties of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of th8 financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstat8ment, whether due to fraud or error. In preparing the financial statements, the trustee8 ar8 responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters r81ated to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do 80. Audltorf8 re8ponsibilit18s for the audlt of the financlal statem8nt8 Our objectives are to obtain reasonabl8 assurance about whether the financial statemenls as a whole are free from material misstatement, whether due to fraud or 8rror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect 8 material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of useis taken on the basls of these financial 8tatements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined 8bov8. to detect material misstatements in respect of irregularit18s, including fraud. The extent to which our procedures ar8 capable of detecting irregularities, including fraud is d@tai18d below- We obtained an understanding of the 18gal and regulatory fram8work applicable to the Company through enquiry of manag8ment, industry research and the application of cumulative audit knowledge. We identified the following princip81 laws and regulations relevant to the Company - Companies Act 2006 and the Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102). We developed an understanding of the key frfaud risks to the 8ntity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key control cycles in place and enquiry of managem8nt. As part of an audit in accordance with ISAS (UKJ, we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. 21
Belfast Exposed Photography Company Llmited by Guarantee Independent Auditor's Report to the Members of Belfast Exposed Photography {contlnuedJ Year ended 31 March 2023 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on th8 appropriateness of the trustees, use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's abilty to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if 8uch disclosures are inadequate, to modify our opinion. Our conclusions 8re based on the audit evidence obtained up to th8 date of our auditor's report. However, future events or conditions may cause the charty to cease to continue as a going concern. Evaluate the overall presentatlon, structure and content of the financlal statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged wrth governance regarding, among other matters, the planned SCOP8 and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our rnport This report is made solety to the charity's members, as a body, in accord8nce with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thal we might state to the charty's members those matters we are required to state to them in an auditor's report and for no other purpos8. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity 8nd the charty's members as a body, for our audit work, for this report, or for the opinions we have formed. Michael Flannigan (Senior Statutory Auditor) For and on behalf of FEB Chartered Accountants Chartered accountsnts & statutory auditor Linenhall Exchange 1st Floor. 26 Linenhall Street Belfast Northern Ireland BT2 8BG 28 September 2023 -22-
Belfast Exposed Photography Company Limited by Guarantee statement of Financial Activltles {including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds Totsl funds 2022 Unrestricted funds Nots Income and endowments Donations and legacies Other trading activities Investment income 316.575 316,576 113.610 15 237,276 107,880 52 113,610 15 Total income 113,625 316,575 430,200 345,208 Expendlture Expenditure on raising funds: Costs of raising donations and legacies Costs of other trading activities Expenditure on charitable activities Tt)tal expendlture 40.668 18,121 53,632 112,419 150,629 82,264 83,423 191.294 100,385 137,056 167,750 83,644 91,387 10 316,318 428,735 342,781 Net Income 1,206 259 1,465 2.427 The note8 on pages 25 to 32 fomi part of these flnancial statements. -24-
Belfast Exposed Photography Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Fixed assets Tangible fixed assets 15 64.040 71,519 Current assets stocks Debtors Cash at bank and in hand 16 17 21,723 30,252 77,143 129,118 22,706 20,768 63,107 106,579 Creditors: amounts falllng due wlthln ono y8ar Nat current assets 18 80,055 66,460 49,063 40,119 111,638 Total assets le88 current Ilabllftles 113.103 Net assets 113,103 111,638 Funds of the charity Restricted funds Unréstricted funds 109,470 3,633 113,103 109,211 2,427 111,638 Total charlty funds 21 These financial statements have been prep8red in accordance wlth the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 28 September 2023, and are signed on behalf ofthe board by.. CE Doran Trustee The noles on pages 25 to 32 forni part of these financial slatements.
Belfast Exposed Photography Company Limited by Guarantee Notes to the Financial Ststements Year ended 31 March 2023 General informatlon The charity is a public b8nefit entty and a private company limited by guarantee, registered in Northern Ireland and a registered charty in Northern Ireland. The address of the registered office is The Exchange Place, 23 Donegall Street, Belfas( BT12FF. Statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting pollcla8 Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial a&8ets and liabilities measured at fair value through income or expenditure. The financial statements are prepared in sterling, whrch is the function81 currency of the entity Going concern There are no materlal uncert£inti8S 8bout the charity's abilty to continue. Dlsclosure exemptlons The charlty has applied Upd8te Bulletin 18$ published on 2 February 2016 and does not include cash flow statement on the grounds that it is applying FRS 102 Section 1A. Fund accountlng lJnrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted fund5 earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their exp8nditure declared by the donor or through the terms of an appeal. and fall into one of two subknclasses: restricted income funds or endowment funds. -25-
Belfast Exposed Photography Company Limited by Guarantee Notes to the Financial Statements (condnued) Year ended 31 March 2023 Accounting policies {c<>nUnued) Incomlng resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefrts associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of incom8= income from don8tions or grants is recogni88d when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donaled facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of servic88 is recogni5ed with the delivery of the contracted service. This is classrfied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified undar headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising actlvlties, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefrt of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible 8ssels are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Belfast Exposed Photography Company Limited by Guarantee Notes to the Financlal Statements {continu•d) Year ended 31 March 2023 Accountlng policies (contlnued) Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset as follows.. Fixtures & fittings Equipment 10_250A straight line 25°h straight line Impalrment of flxed assets A review for indicators of impairment is carried oth at each reporting date, with the r8coverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Stock8 Stocks are measured at the lower of cost and estim8ted selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs Incurred in bringing the stock to its present location and condition. Flnanclal Instruments A financial asset or a financial liabilty is recognised only when the entity become5 a party to the contractual provisions of the instrument. Basic fin8ncial instruments are initially recognised at the amount receivab18 or payable unlass the arrangement constitutes a financing transaction, where It is recognised at the pres8nt value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assels and Current Ilabilities are subsequently measured at the cash or othar consideration expected to be pald or received and not discounted, Defined contributlon plans Contributions to defined contribution plans are recognised 8s an expense in the period in which the related service is provided. Prepaid contributions are recognised as an 8sset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Vthen contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related seNice, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmited by guarantee This is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. -27-
Belfast Exposed Photography Company Limited by Guarantee Notes to tho Flnanclal Statements fcontlnued) Year ended 31 March 2023 Donations and legaci8S Restricted Total Funds Funds 2023 Restricted Total Funds Funds 2022 Grants Arts Council Nl Annual Belfast City Council Other grants receiveable 180,850 29.700 105,825 180,850 29,700 105,825 162,844 27,000 38,282 162,844 27,000 38,282 Sponsorshlp Sponsorship 200 200 9,150 237,276 9,150 316,575 316,575 237,276 Other tradlng actlvities Unrestricted Totsl Funds Un restricted Total Funds Funds 2023 Funds 2022 Photographic and project receipts 113,610 113,610 107,880 107,880 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 15 15 52 52 Costs of raising donation8 and legacies Unrestrict8d Funds Restricted Totsl Funds Funds 2023 Premises costs Programme delivery costs 2,210 38,456 19,889 130,740 22,098 169,196 191,294 40,666 150,629 Unrestricted Funds Restricted Total Funds Funds 2022 Premises costs Programme delivery costs 1,702 35,394 37,096 15,322 115,332 130,654 17,024 150,726 167,750
Belfast Exposed Photography Company Llmlted by Guarantee Notes to the Financial Statements (cononuedj Year ended 31 March 2023 Costs of other trading actlvities Unrestricted Funds Restricted Total Funds Funds 2023 Wages & salaries Employerfs NIC 16,399 1,722 18,121 78,125 4,139 82,264 94,524 5,861 100,385 Unrestricted Funds Restricted Total Funds Funds 2022 Wages & salaries Employeff s NIC 15,575 1,539 17,114 62,813 3,717 78,388 5,256 66,530 83,644 10. Expenditure on charltable activitles by actlvity type Total funds 2023 Total fund 2022 Support costs Governance costs 137,056 137,056 91.387 11. Net Income Nat income is stated after chargingl(crediting): 2023 2022 Depreciation of tangible fixed assets 26,604 15,861 12. Audltor8 remuneratlon 2023 2022 Fees payable for the audit of the financial statements 3,420 2,774 13. Staff c08ts The total staff costs and employee benefrts for the reporting period are analysed as follows.. 2023 2022 W8ges and salaries Social security costs Employer contributions to pension plans 200,532 11,652 3,786 215,970 172,102 10,625 3,642 186,369 -29-
Belfast Exposed Photography Company Limited by Guarantee Notes to the Financial Ststements fcontsnuedj Year ended 31 March 2023 13. Staff costs (continuad) The average head count of employees during the year was 11 (2022: 7). The average number of full-time equivalent employees during the year is analysed as follows.. 2023 No. 2022 No. Number of staff 11 No employee received employee benefits of more than £60,000 during the year {2022: Nil). 14. Trustse remuneration and exp8n888 No remuneration or other benefits from employment with the charity or a related entty were received by the trustees. 15. Tangiblo fixed assats Fixtures and frttings Equipment Total Cost At 1 April 2022 Additions 297,390 263,593 18,125 560,983 18,125 579,108 At 31 March 2023 297,390 281,718 Depreclatlon At 1 April 2022 Charge for th8 year At 31 March 2023 281,793 1,911 283,704 207,671 23,893. 489,464 25,604 231,364 516,068 Carrylng amount At 31 March 2023 13,888 15,597 50,354 64,040 71,519 At 31 March 2022 55,922 16. Stocks 2023 2022 Raw materials and consumables 21,723 22,706 17. Debtors 2023 2022 Trade debtors Prepayments and accrued income Other debtors 18,146 1,394 10,712 30,262 11,826 1,591 7,349 20,766 -30-
Belfast Exposed Photography Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2023 18. Creditors.. amounts falling due within one year 2023 2022 Bank loans and overdrafts Trade creditors Accruals and def@rred income Social security and other taxes Other creditors 877 27,849 50,428 707 19,736 43,693 1.467 857 901 80.055 66,460 19. Deferred Income 2023 2022 At 1 April 2022 Amount released to income 40,313 (16,861 ) 24,452 56,174 {15,861} 40,313 At 31 March 2023 20. Penslons and other p08t retlrement benefits Defined contrlbutlon plan$ The amount recognised In income or expenditure as an expense In relation to defined contribution plans was £3,786 (2022.. £3,642). -32-