The directors present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
The Board is pleased to present the Trustees’ Report for 2024/25, a year of both progress and challenge for The Black Box Trust. We delivered a higher number of events than in 2023/24, strengthening our role as a creative hub and reaffirming our commitment to inclusion, accessibility, and artistic excellence. However, despite increased activity, ticket sales declined, reflecting the wider pressures facing audiences amid the ongoing cost-of-living crisis and the difficult funding climate that continues to affect our sector.
Across Belfast and Northern Ireland, arts organisations have faced rising costs, static public investment, and continued uncertainty. Many artists and venues are struggling to sustain operations as funding fails to match inflation, while audience spending power remains constrained. The result has been fewer performances across the region and increased reliance on resilience, innovation, and partnership to maintain momentum.
Against this backdrop, The Black Box has continued to lead by example, championing inclusive creativity, nurturing local talent, and fostering social connection through culture. Our collaborations with artists, community groups, and partner organisations have demonstrated how the arts can drive wellbeing, belonging, and regeneration, even in challenging times.
We remain deeply grateful for the continued support of our funders and partners. In particular, we extend sincere thanks to the Arts Council of Northern Ireland, Belfast City Council, The National Lottery Community Fund, and Arts & Business NI for their vital investment and belief in our work during 2024/25. Their support enables us to remain a cornerstone of Belfast’s cultural life and to plan confidently for the future.
On behalf of the Board, I thank our dedicated staff, artists, freelancers, volunteers, and audiences for their continued commitment and creativity. Together, we will ensure that The Black Box remains a space where everyone can participate, connect, and imagine new possibilities through the arts.
Vision
Be a progressive arts space for taking creative risks
Mission
Be the leading, alternative venue for use by festivals, promoters, community groups and individuals in the greater Belfast area for innovative, grassroots, radical and accessible work.
Aims
1. Ensure that the Black Box is an equitably accessible and safe space for all people through the promotion of socially inclusive arts engagement.
2. To develop and provide programmes for people who identify as disabled and/or neurodiverse to learn new skills including advocacy and encourage the use of their creative abilities.
3. To provide an affordable venue space in Belfast for the use of festivals, promoters, artists and event organisers for the promotion of artistic practice.
4. To provide high-quality risk-taking work, from a variety of genres, for the greater Belfast area and beyond.
5. To encourage and foster the creativity of new and developing talent
6. Ensure that the Black Box exists in another 20 years.
The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Programme and Audience Engagement
Delivered 744 events (increased from 717 in 2023/24), involving approximately 2699 artists and welcoming 58,323 audience members.
Continued recovery in audience numbers, though overall ticket revenue declined by due to inflation and reduced consumer spending.
Strengthened partnerships with over 25 festivals and 20 promoters, including Cathedral Quarter Arts Festival, Belfast Film Festival, Outburst Queer Arts Festival and NI Science Festival.
Black Box Projects and Outreach
Expanded inclusive programmes such as Black Moon, Mini Moon, Gig Buddies Belfast, and Express Yourself Social Cafe.
Collaborated with partners including University of Atypical, NOW Group, and Nerve Centre to increase access and visibility for adults with learning disabilities.
Creative Development and Partnerships
Strengthened local, regional and national partnerships to support emerging talent and community wellbeing.
Introduced new initiatives linking creative practice with mental-health awareness and social cohesion.
Milestones and Organisational Progress
Awarded Inclusive Tourism Award
Implementation of the 2024–2028 Strategic Plan.
Recruitment and training of new staff and volunteers.
Recognition through sector awards and peer-learning opportunities.
What makes The Black Box unique is its core ethos of supporting equitable access, and social inclusion for participants, audiences, and the creative community of the city. The venue is a hot bed of innovative arts and cultural practice, much of this coming from those who are marginalized, underrepresented and under-resourced in wider arts provision and cultural development.
Within the 2024/25 Financial Year, The Black Box hosted, produced and programmed 744 events, involving 2699 artists and welcoming an audience of 58,323: people from Belfast, wider Northern Ireland, the Republic of Ireland and the UK, as well as international audiences. While audiences are still lower than pre COVID-19 levels, this number has increased year on year.
Funding Received:
The National Lottery People and Communities
Belfast City Council Core Multi-Annual Grant
Belfast City Council Gig Buddies Project Funding
Belfast City Council Bank of Ideas
Arts Council Northern Ireland Annual Funding Programme
Film Hub Exhibition Fund
Arts & Business NI Invest Funding
Arts Council Northern Ireland Small Capital Grant
Department for Communities JobShart Scheme
Central to the cultural significance of the Black Box is our commitment to community and partnership working, and building on this commitment in a strategic manner is key to building to a place of financial stability following a few years of multi-faceted challenges, both internal and external.
Milestones & Achievements:
Carrying out a full strategic analysis and strategic planning process for 2024 - 2028
Formation of the Business Development Subcommittee
Recruitment of New Projects & Outreach Officer
Recruitment of New Gig Buddies Coordinator
Recruitment of New Bookings & Communications Officer
At 31 March 2025 the balance of unrestricted reserves was a deficit of £62,735 (2024 - £27,626). Restricted funds are restricted for the purpose specified in letters of offer provided by the funding bodies. At 31 March 2025 the balance of restricted funds totaled £12,775 (2024 - £16,964).
The financial year ending 31 March 2025 reflects steady operational delivery amid a challenging funding environment. Unrestricted income and ticket sales declined, reflecting wider sector trends linked to reduced audience spending and ongoing cost-of-living pressures. The Director has worked closely with finance staff, The Board, Financial Subcommittee and Business Development Sub-Committee to continue to improve our financial systems and position.
The Black Box Trust has continued to improve upon cashflow management systems and implemented a more realistic and achievable reserves policy. The focus for 2025/26 will be strengthening earned revenue, and securing multi-year funding to ensure long-term stability.
Steps to reduce Deficit:
Continued outsourcing of financial management role to Christine Whiteman.
Manage strategic funding targets with core funders ACNI AFP & Belfast City Council CMAG
programme and build on partnership with The National Lottery.
Continue to review Direct Debits & Subscriptions to identify where spend can be reduced
Deliver fundraising efforts through membership schemes, donations, fundraising events, and online crowd-funding donations with a particular focus on recharging the membership programme.
Develop Business Development Sub-Committee to identify income generation streams and sponsorship.
Deliver a structure review to cover accountable reporting and review arrangements.
After making enquiries, the directors have a reasonable expectation that the charity has adequate resources to continue operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements.
Key Priorities for 2025/26
We will:
Solidify connections and relationships with existing partners
Combat social exclusion through consistent equitable access
Contribute to long term capacity building of Northern Ireland’s Arts Sector
Ensure sustainability and our environmental impact is considered at every level of our operations.
The charity is a company limited by guarantee governed by its Memorandum and Articles of Association.
The directors who served during the year and up to the date of signature of the financial statements were:
Trustees are recruited through open call, inducted using our Governance Handbook, and mentored by existing board members. The Trust complies with the Code of Good Governance (Developing Governance Group) and receives advisory support from Arts & Business NI.
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
Staff & Culture 2024/25:
The organisation is led by the Director and supported by a skilled team of operations, programming and outreach staff. We are committed to fair pay, equality of opportunity, and professional development for all employees. The Black Box remains a safe, welcoming and LGBTQ+-inclusive space, known for its accessible facilities and socially engaged ethos.
Kathryn McShane, Director (FT)
Neil Jacques, Operations Manager (FT)
Jessie Fletcher, Bookings & Comms Officer (32hr per/w contract)
Deirdre McKenna, Projects & Outreach Officer (FT)
Aislinn Kelly, Gig Buddies Project Coordinator (35hr per/w)
Isabella Koban, Exhibitions Coordinator (10hr per/w)
Darren McGuigan, Venue Manager (FT)
Chrstine Whiteman, Financial Administrator (Freelance)
Paul Connolly, Membership Coordinator (Freelance)
X3 Duty Managers (PT)
Up to 15 venue staff (PT, casual hours)
Door supervisors (PT, casual)
Salaries for the organisation are set and reviewed in line with Government legislation by the Director and approved by the Board of Trustees. Staff are reviewed continuously by line management with formal annual appraisals, staff are paid weekly or monthly depending on job roles and in line with internal financial policy and procedures. Salaries for senior staff and management are determined and reviewed by the Board of Trustees.
The directors, who also act as trustees for the charitable activities of The Black Box Trust, are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In accordance with the company's articles, a resolution proposing that GMcG Lisburn be reappointed as auditor of the company will be put at a General Meeting.
The directors' report was approved by the Board of Directors.
Opinion
We have audited the financial statements of The Black Box Trust (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical 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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 1.2 in the financial statements, which indicates that the balance sheet of the charity shows a position of net current liabilities, which indicates that a material uncertainty exists that may cast significant doubt on the charity's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the charity's ability to continue to adopt the going concern basis of accounting included the review of positive post year end funding position and results.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements 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 directors 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 directors' report and from the requirement to prepare a strategic report.
As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:
The nature of the industry and sector, control environment and business performance, including the charitable company’s remuneration policies for directors, bonus levels and performance targets, if any;
Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
Any matters we identified having obtained and reviewed the charitable company’s documentation of their policies and procedures relating to:
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable company for fraud and identified the greatest potential for fraud in revenue recognition . In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company’s ability to operate or to avoid a material penalty.
Our procedures to respond to the risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Black Box Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 18-22 Hill Street, Belfast, BT1 2LA.
The financial statements have been prepared in accordance with the charity's memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The Board has continued to implement steps to ensure improvements in the systems and structures within the charity to ensure that costs are controlled, new fund-raising opportunities are explored and income generation can be grown where possible.
The charity meets its day to day working capital requirements through the facility provided by the charity's bank, with existing facilities being recently renewed with the bank.. The directors have considered future financial projections and future cash flow requirements and are confident that the charity will continue operations for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
The charity receives grants in respect of the provision of specified services, projects and activities. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under one of the following headings: Costs of raising funds, Expenditure on charitable activities and Other expenditure.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, depreciation costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at the office. Office costs, depreciation costs, governance costs and payroll costs are allocated to charitable activities based on useage. The allocation of the support costs is analysed in note 6.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charity’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The trustees regularly review these assets lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in assets lives can have a significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies.
Judgements are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The trustees consider it appropriate to allocate these funds based on interpretation of donations received.
Event income
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The Key management personnel are considered to be the Director, Operations manager and Venue manager.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
During the prior year, the directors took the decision to reclassify funds in relation to the fixed assets from restricted funds to unrestricted funds due to the fact that all letter of offer conditions had been satisfied.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
ACNI - Health and Safety
This fund relates to a grant received in relation to purchase health and safety equipment for the venue.
ACNI - AFP
This fund relates to a grant received in relation to running costs for the charity.
ACNI - Small Capital
This fund relates to a grant received in order to purchase small capital items.
Belfast City Council - CMAG
This funds relates to a grant received in order to cover running costs of the charity.
Belfast City Council - Gig Buddies
This fund relates to a grant received in order to cover costs in relation to gig buddy project.
Belfast City Council - Bank of Ideas
This funds relates to a grant received in order to cover running costs of the charity.
Arts & Business
This funds relates to a grant received in order to cover running costs of the charity.
Capital
This fund relates to a grant received in order to purchase capital items.
CFNI - New needs
This fund relates to a grant received in order to purchase capital items.
Department for communities
This fund relates to a grant received in order to purchase capital items.
DFC Access & Inclusion
This fund relates to a grant received in order to purchase capital items.
HSBC
This fund relates to a grant received in order to purchase capital items.
Music Venture
This fund relates to a grant received in order to purchase capital items.
NL Community Funds - Dormant funds account NI
This funds relates to a grant received in order to cover running costs of the charity.
NL Community funds - People and communities
This funds relates to a grant received in order to cover running costs of the charity.
Paul Hamlyn
This fund relates to a grant received in order to purchase capital items.
QUB - Film hub
This funds relates to a grant received in order to cover running costs of the charity.
Whitemountain Programme
This fund relates to a grant received in order to purchase capital items.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
There were no disclosable related party transactions during the year (2024 - none).