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 DireCtO￿S 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 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 re￿nt 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 fO￿ard 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 resOUr￿S 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) (Cl￿tInUed) 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 othe￿ise 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-