REGISTERED COMPANY NUMBER: NI032251 (Northern Ireland)

REGISTERED CHARITY NUMBER: NIC102004

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2026

for

Belfast Film Festival Ltd

(A Company Limited by Guarantee)

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

9

Independent Examiner's Report

10

to

11

Statement of Financial Activities

12

Statement of Financial Position

13

to

14

Notes to the Financial Statements

15

to

27

TRUSTEES

Dr Laurence McKeown Treasurer (resigned 30.11.25)

Mark Cousins

Lisa Barros D'sa

Lucy Baxter

Nisha Tandon

Marie-Therese McGivern (resigned 31.10.25)

Maeve McAdam

COMPANY SECRETARY

Michele Devlin

REGISTERED OFFICE

23 Donegall Street

Belfast

Co. Antrim

BT1 2FF

REGISTERED COMPANY NUMBER

NI032251 (Northern Ireland)

REGISTERED CHARITY NUMBER

NIC102004

INDEPENDENT EXAMINER

Drake Wells Stewart Limited

Chartered Accountants

1st Floor

34 B-D Main Street

Moira

Armagh

BT67 0LE

CHIEF EXEC OFFICER

Ms Michele Devlin

FINANCIAL ADVISERS

CRN Financial Group

1 Forestgrove Business Park

Newtownbreda Road

Belfast

BT8 6AW

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2026. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

MISSION STATEMENT

Belfast Film Festival Limited's mission is to deliver a diverse and dynamic programme of film events and outreach activities that entertain, inspire, challenge and provide a platform for cultural expression, learning and debate.

AIMS AND OBJECTIVES

To deliver two annual film festivals, Belfast Film Festival and Docs Ireland, showcasing local, national and international cinema.

I. Organise an annual citywide film festival each November and an annual documentary festival each June, featuring film screenings, seminars, workshops and masterclasses.

II. Present national and international film premieres in Belfast.

III. Showcase and promote the work of local filmmakers.

IV. Provide an industry marketplace and networking opportunities through Docs Ireland.

To enhance the profile and status of Belfast Film Festival and Docs Ireland within the cultural life of Belfast.

I. Contribute actively to the development and establishment of a Belfast Film Centre.

II. Develop and deliver a year-round programme of film events and cultural activities.

III. Implement effective marketing, communications and public relations strategies.

IV. Support Belfast's reputation as an attractive cultural destination for visitors.

To promote access to film and the filmmaking process.

I. Strengthen relationships between local communities and the film industry.

II. Provide opportunities for volunteers to gain skills, training and experience through film-related events.

III. Consult and engage with communities to increase participation in festival programmes and activities.

IV. Contribute to raising the profile of the local film industry and creative sector.

V. To maintain a sustainable organisational structure and funding base for Belfast Film Festival Limited.

VI. Secure and diversify funding to support festival activities and charitable programmes.

VII. Employ and develop staff to deliver the organisation's strategic objectives.

VIII. Undertake regular planning, monitoring and evaluation of organisational strategies and activities.

IX. Develop and implement training and professional development programmes.

X. Build and maintain effective partnerships with key stakeholders, funders and sector organisations.

PUBLIC BENEFIT

The purpose of Belfast Film Festival Limited is to present, promote, organise, manage and produce specialised film screenings and events, including cultural, archive and lesser-seen cinema; community-based film activities; film-related outreach programmes; broadcasts; performances; exhibitions; and other artistic and educational activities that advance education and encourage the appreciation and development of film and the arts.

The charity delivers public benefit by promoting the enjoyment, understanding and advancement of film and the arts for the people of Northern Ireland. This is achieved through public screenings, festivals, educational activities, outreach programmes, community engagement initiatives and opportunities for participation in cultural activities.

The trustees confirm that they have had due regard to the Charity Commission's guidance on public benefit when planning and reviewing the charity's activities.

The impact and benefits arising from the charity's activities are monitored and evaluated through a range of measures, including audience attendance figures, participant feedback, stakeholder consultation, independent evaluation, photographic and video documentation, and regular reporting to funders and stakeholders. Performance is also reported through the annual trustees' report and financial statements.

The trustees are satisfied that the charity's activities provide clear public benefit and do not give rise to significant harm. Appropriate policies and procedures are in place to manage risks and protect beneficiaries, staff and volunteers, including:

I. Safeguarding and Child Protection Policy

II. Health and Safety Policy

III. Staff and Volunteer Code of Conduct

IV. Equal Opportunities Policy

V. Disability and Accessibility Policy

VI. Data Protection and Privacy Policies

The charity's beneficiaries are primarily members of the public throughout Northern Ireland. Certain projects are designed to address the needs of specific groups or communities, including individuals experiencing social, economic or geographical barriers to participation in arts and cultural activities.

Any private benefit arising from the charity's activities is incidental to the achievement of its charitable purposes. For example, filmmakers, artists and creative practitioners may benefit from increased exposure and professional development opportunities through participation in the charity's programmes. Such benefits are secondary to, and necessary for, the delivery of the charity's public benefit objectives.

ACHIEVEMENT AND PERFORMANCE

Over the last 12 months, Belfast Film Festival and Docs Ireland successfully delivered ambitious programmes of screenings, industry activity, talent development initiatives and audience engagement events, reinforcing Belfast's reputation as a vibrant centre for film and documentary culture.

A key theme across both festivals was the strong audience appetite for locally relevant stories and filmmakers, alongside opportunities to engage with international talent and innovative screen content. Both festivals successfully balanced local, national and international programming, attracting significant audiences, industry professionals and media attention while supporting the development of filmmakers at all career stages.

Programme Delivery and Key Achievements

Belfast Film Festival celebrated its 25th anniversary with a high-profile programme of screenings, premieres, industry events and audience engagement activities delivered across multiple venues throughout Belfast. A significant highlight was the presentation of the prestigious Réalta Award to actor and filmmaker Lucy Liu for her performance in Rosemead, generating considerable profile and media coverage for the festival.

The festival presented a strong mix of international and local cinema, opening with Lynne Ramsay's Die My Love and closing with Saipan by Belfast filmmakers Glenn Leyburn and Lisa Barros D'Sa. Demand for locally produced work proved exceptionally strong, with Saipan requiring an additional screening to accommodate audiences. Special anniversary screenings of Good Vibrations, Hunger and I Am Belfast further demonstrated audience enthusiasm for Northern Ireland's screen heritage.

Support for local filmmakers remained central to delivery, with new productions including Aontas, Underscore, Housejackers and Love in Belfast showcased alongside documentaries such as In Time: Dónal Lunny and Tomorrow's Too Late. The Long Short Weekend also provided an important platform for emerging and established short filmmakers.

Docs Ireland delivered a comprehensive programme of documentary screenings, live events, industry activity and talent development initiatives, further strengthening its position as a leading documentary festival on the island of Ireland. Highlights included a preview masterclass of Alessandra Celesia's Aliens, the specially produced David Lynch tribute The Pink Room, and a sold-out live editor's commentary screening of Grizzly Man with acclaimed editor Joe Bini.

Audience demand for documentaries exploring local history, culture and contemporary issues remained particularly strong, with sold-out screenings including Operation Bogeyman, Hunting Captain Nairac and The Negotiator. These successes reinforced the continuing importance of local storytelling within both festivals' programmes.

As part of its 25th anniversary celebrations, Belfast Film Festival delivered SPARKS 25, a talent development and audience engagement initiative supported by the BFI Audience Projects Fund. Three emerging Belfast-based programmers - Isabella Koban, Katie McFadden and Tabassum Islam - were recruited and mentored to curate screening programmes aimed at engaging underserved audiences across the city. The project provided valuable professional development opportunities while broadening access to cultural cinema for communities traditionally underrepresented in film exhibition including Belfast's Global Majority and Eastern European communities, working-class communities, and disabled people.

Industry Development and Talent Support

Both festivals continued to provide significant opportunities for filmmaker development, networking and industry engagement.

At Belfast Film Festival, filmmaker Q&As, industry discussions and guest appearances from leading figures including Ben Wheatley, Barry Ward, Mark Cousins and Charlie Shackleton enhanced audience engagement while providing valuable access to industry expertise.

Docs Ireland's Marketplace remained a major platform for documentary development and financing, facilitating 415 one-to-one meetings between filmmakers and 35 international commissioners, funders, distributors, sales agents and festival representatives. Thirty projects participated in the marketplace, including eight projects from the IGNITE talent development programme receiving their first international pitching opportunities.

The IGNITE-Docs programme successfully completed its fifth edition and continues to demonstrate strong outcomes, with alumni projects securing support from organisations including Doc Society, Northern Ireland Screen, Screen Ireland, RTÉ and international broadcasters and distributors.

A notable long-term success was A Want in Her, which progressed through multiple Docs Ireland industry initiatives following its Northern Ireland Screen Pitch Award before premiering internationally at IDFA and returning as the festival's closing film. This demonstrates the sustained impact of the festival's development programmes in supporting projects from concept through to international exhibition.

International partnerships also expanded during the year. Docs Ireland established a new relationship with the Jacob Burns Film Center in New York, creating a residency opportunity for participating filmmakers and strengthening international development pathways for local talent.

Audience Impact and Feedback

Feedback across both festivals was overwhelmingly positive. Audiences particularly valued:

Access to high-quality international, independent and documentary films not otherwise available in Northern Ireland.

Strong representation and support for local filmmakers and stories.

Opportunities to engage directly with filmmakers, industry professionals and guest speakers.

Unique cultural experiences, live events and networking opportunities.

The festivals' role in fostering creative exchange, learning and community engagement.

Industry delegates, filmmakers and international partners also highlighted the quality of the programmes, the strength of participating projects and the value of the networking and marketplace opportunities provided.

Delivery Variations, Challenges and Learning

Delivery was largely in line with original objectives. The primary variance from planned delivery was that Docs Ireland took place one week later than in previous years, resulting in the festival commencing at the end of Quarter 1, with full delivery and outcomes reported in Quarter 2. This scheduling adjustment did not negatively impact delivery or outcomes.

One of the most significant learning points across both festivals was the continued and growing audience demand for locally produced content and stories with strong regional relevance. High demand for screenings such as Saipan and the sell-out success of several locally focused documentaries demonstrated the importance of maintaining a strong local focus alongside international programming.

The need to add additional screenings at Belfast Film Festival highlighted the value of retaining flexibility within festival scheduling to respond to audience demand. Future delivery will continue to incorporate adaptable programming models where possible.

Both festivals also reinforced the importance of long-term talent development and sustained industry support. The success of initiatives such as IGNITE and the continued progression of projects through multiple stages of development demonstrated that meaningful career development often requires ongoing support over several years rather than standalone interventions.

FINANCIAL REVIEW

Financial position

The company had net outgoing resources for the year of £26,025 (2025: net outgoing resources of £169), which reflected the completion of a number of projects during the year.At 31 March 2026 Unrestricted funds increased by £10,619, while restricted funds decreased by £36,644.

Reserves policy

The charity's policy is to retain a level of free reserves, which matches the needs of the organisation both at the current time and in the foreseeable future. The reserves required should be sufficient to meet committed grant expenditure and the running costs for a period equivalent to six months annual expenditure. The charity has developed a plan to establish and maintain this agreed level of free reserves. The charity will continue to monitor compliance with this policy on a regular basis and the Committee will review the appropriateness of the policy annually.

Funding

Funding remains one of the most significant challenges facing Belfast Film Festival Limited. The wider economic environment continues to place pressure on public sector budgets, creating uncertainty around future levels of support for arts and cultural organisations. At the same time, securing private sponsorship remains increasingly competitive, with a growing number of arts, cultural and community organisations seeking support from a limited pool of corporate and philanthropic funders. Rising operational costs, combined with these funding pressures, require the organisation to continually diversify its income streams, strengthen partnerships and clearly demonstrate the social, cultural and economic value of its activities.

Despite these challenges, the Trustees remain optimistic about the organisation's future. During the year, Belfast Film Festival appointed a Business Development Manager to lead efforts in strengthening commercial partnerships, developing new income opportunities and expanding engagement with corporate sponsors and philanthropic supporters. The Trustees are confident that this investment will enhance the organisation's fundraising capacity and contribute to building a more sustainable and resilient financial model for the years ahead.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Organisational structure

LIST OF BOARD MEMBERS

Maeve McAdam (Chair)

Maeve McAdam has worked in the film and TV industries for nearly 30 years and has successfully developed, financed and produced award-winning projects for the international market. Most recently, Maeve has been working in production finance, lastly as location accountant for Skydance for Apple TV's Foundation Season 1 & 2. She is currently production accountant on Wednesday for Netflix.

Lisa Barros D'Sa

Film director, writer and producer; studied English at University of Oxford; MA in Screenwriting from London University of the Arts. Born in Belfast, she is best known for directing and producing Saipan; Ordinary Love; Good Vibrations; Cherrybomb. Along with her co-director husband, Glenn Leyburn, described by the Irish Times as "the most important contemporary filmmakers working from Northern Ireland".

Mark Cousins

Northern Irish director and writer based in Edinburgh; he is a prolific documentarian, best known for his 15-hour 2011 documentary The Story of Film: An Odyssey; interviewed many famous filmmakers and actors including Jane Russell, David Lynch, Martin Scorsese and Roman Polanski in the TV series Scene by Scene; presented the BBC cult film series Moviedrome from June 1997 to July 2000; He introduced 66 films for the show; has made over 50 documentaries; was director of Edinburgh Film Festival; Cousins joined the jury of the BFI London Film Festival 2021; Co-Artistic Director of 'Cinema China', 'The Ballerina Ballroom Cinema of Dreams' and 'A Pilgrimage' with Tilda Swinton; with Antonia Bird, Robert Carlyle and Irvine Welsh, Cousins is a director of the production company 4Way Pictures; Between 2001 and 2011 wrote for Prospect; now writes for Sight & Sound and Filmkrant.

Nisha Tandon

Nisha is a social entreprenuer, founder & director of ArtsEkta - one of the few organisations on the island of Ireland promoting ethnic arts, culture and heritage. She founded ArtsEkta in 2006 after pinpointing a gap for quality ethnic arts engagement in the sector. Studied and obtained a degree from the National School of Drama in New Delhi. Former member of the executive board of the Arts Council of Northern Ireland; Member of the Intercultural Arts Steering Group which oversees the implementation of the Intercultural Arts Strategy developed by ACNI; Member of Belfast City Council's Festival Forum strategy sub group; NI representative for Voluntary Arts BAME Advisory UK Panel; Former trustee of Cahoots NI Theatre Company; Community Arts Forum; European Mela Network; Member of UTV's Regional Advisory Board; Founding member of 'Stronger Together', a collaboration of organisations in the field of racial equality, supporting an integrated community development approach to tackling racism, and promoting good relations.

Lucy Baxter

Lecturer, Centre for Documentary Research, QUB

18 years' experience in TV, film and digital content; ran a production company in London; producer and director of documentary, drama, independent film and digital content for TV/digital broadcast and theatrical release; Research currently is across creative enterprise, creative producing in documentary and fiction, Irish cross border co-production and the applications of digital content and XR/ virtual reality film in health and social care, particularly emotional trauma; produced and directed an animated film; PI on a Future Screens NI funded VR project as part of her inter disciplinary research project Mental Abuse Matters, which is the subject of her PhD.

Patrons

Terry George - Film-maker - Hotel Rwanda, In The Name of the Father, Some Mother's Son, Reservation Road, The Shore

David Holmes - Composer, Producer - Good Vibes, I Am Belfast, Oceans 11, Five Minutes of Heaven, Cherrybomb, Ordinary Love

William Crawley - Presenter BBCNI

Stephen Rea - Actor - V for Vendetta, Michael Collins, The Crying Game; Founding member Field Day Theatre.

List of Staff Members

Michele Devlin (Director); Mary Lindsay (Marketing Manager); Moyra Lock (provides Finance/Admin Services (Freelance); Rory Clifford (Business Development Manager).

Temp Staff 2025-26

Rose Baker (Programmer); Stuart Sloan (Programmer); Roisin Geraghty (Head of Industry); James Hall (Programming Assistant); Tresca Mallon (Marketing Assistant); Mitchell Harper (Industry Coordinator); Lizzie Howard (Box Office Manager); Aine Grogan (Volunteer Coordinator); Jennifer Hamilton (Social Media Assistant); Isabella Koban (Sparks 25 Programmer); Katie McFadden (Sparks 25 Programmer); Tabassum Islam (Sparks 25 Programmer).

Risk management

The principles of good governance are embedded within all aspects of Belfast Film Festival Limited, operations with management and staff being keenly aware of the Boards responsibility of ensuring that the organisation protects itself from financial exposure and reputational damage, A close working relationship is maintained between the Board and management to ensure that operationally staff are aware of the standards required of them by the Board and the Board are always in a position to provide guidance and support to management in the discharge of their duties. This two way relationship is the key feature of Belfast Film Festival Limited governance arrangements and is a key strength in the company.

A conscientious approach to ensuring that contractual project requirements are achieved has been maintained at all times both in the accounting period being reported on and since Belfast Film Festival Limited establishment. Very tight financial controls on expenditure and all financial commitments are maintained at all times and project staff have been trained and have become experienced in budgetary controls.In both these areas ie Project delivery and financial controls management all staff have established close working relationships with funding organisations to ensure all mandatory standards are consistently achieved. Board representatives also actively engage with funding bodies.

The Board, management and staff are fully aware that the nature of the work in which Belfast Film Festival Limited is involved can bring with it a high level of scrutiny to ensure that all activities are fully compliant with funding requirements and, therefore, beyond reproach. The Board of Belfast Film Festival Limited is, therefore, greatly reassured of the company's compliance with the highest of standards of governance on the basis that all monitoring and evaluation of project delivery demonstrates achievement of all funders objectives and that funders' audits and vouching of financial expenditure and the independent examiners report confirm compliance with both probity and regularity in the use of monies received.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Belfast Film Festival Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees 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;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 28 July 2026 and signed on its behalf by:

Michele Devlin - Secretary

I report on the accounts of the company for the year ended 31 March 2026, which are set out on pages twelve to twenty seven.

Respective responsibilities of charity trustees and examiner

As the charity's trustees (and also the directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

-	examine the accounts under Section 65 of the Charities Act

-	follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act

-	state whether particular matters have come to my attention.

Basis of the independent examiner's report

I have examined your charity accounts as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

1.	That accounting records were not kept in accordance with Section 386 of the Companies Act 2006

2.	That the accounts do not accord with those accounting records

3.

That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principles of the 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

4.	That there is further information needed for a proper understanding of the accounts to be reached.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in Ireland which is one of the listed bodies.

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

Mr Billy Drake

Drake Wells Stewart Limited

Chartered Accountants

1st Floor

34 B-D Main Street

Moira

Armagh

BT67 0LE

28 July 2026

31.3.26

31.3.25

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

3

Grants Receivable

-

320,084

320,084

293,955

Other trading activities

2

176,791

-

176,791

186,083

Total

176,791

320,084

496,875

480,038

EXPENDITURE ON

Charitable activities

4

Direct Expenses

167,710

356,544

524,254

480,618

Governance

4,835

184

5,019

4,980

Total

172,545

356,728

529,273

485,598

NET INCOME/(EXPENDITURE)

4,246

(36,644

)

(32,398

)

(5,560

)

Other recognised gains/(losses)

Gains on revaluation of fixed assets

6,373

-

6,373

5,391

Net movement in funds

10,619

(36,644

)

(26,025

)

(169

)

RECONCILIATION OF FUNDS

Total funds brought forward

150,980

71,884

222,864

223,033

TOTAL FUNDS CARRIED FORWARD

161,599

35,240

196,839

222,864

31.3.26

31.3.25

Notes

£

£

FIXED ASSETS

Tangible assets

9

33,558

64,211

Investments

10

144,055

137,682

177,613

201,893

CURRENT ASSETS

Debtors

11

13,200

60,301

Cash at bank and in hand

49,178

2,843

62,378

63,144

CREDITORS

Amounts falling due within one year

12

(43,152

)

(42,173

)

NET CURRENT ASSETS

19,226

20,971

TOTAL ASSETS LESS CURRENT LIABILITIES

196,839

222,864

NET ASSETS

196,839

222,864

FUNDS

14

Unrestricted funds

161,599

150,980

Restricted funds

35,240

71,884

TOTAL FUNDS

196,839

222,864

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 28 July 2026 and were signed on its behalf by:

Maeve McAdam - Trustee

Nisha Tandon - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

(a) General information and basis of preparation

Belfast Film Festival is constituted as a company limited by guarantee incorporated in Northern Ireland (NI032251). In the event of the charity being would up, the liability in respect of the guarantee is limited to £1 per member of the charity.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2013, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity..

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities (SoFA) when receivable. Income received from collections is recognised when received.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees' Annual Report.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

The charity receives government grants which are detailed within the notes to these financial statements. 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.

(D) Expenditiure recognition

All expenditure is accounted for on an accruals basis, inclusive of VAT which cannot be recovered 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 the following headings:

Costs of raising funds includes the costs associated with attracting voluntary incomes;

Expenditure on charitable activities includes those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them; and

Other expenditure represents those items not falling into the categories above.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads have been allocated on an insert detail basis and other overheads have been allocated on a basis consistent with the use of resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Improvement to Property - 25% Straight Line

Fixtures & Fittings - 25% Straight Line

(g) Financial Instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provision of the instrument.

Basic financial instruments are initially recognised at the amounts receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or relived and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designed hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. if there is objective evidence of impairment an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain is recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

(h) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(i) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(j) Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

(k) Tax

No provision is required for taxation as the company is defined as a charity for taxation purposes.

The charity is a registered charity and so such is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.

(l) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(m) Judgements estimates

The following judgements including those involving estimates that have been made in the process of applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:

(i) depreciation method and asset useful lives

The estimates and assumptions are reviewed on an ongoing basis considering the current and future market conditions.

Taxation

The company is a registered charity and so such is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate .

2.	OTHER TRADING ACTIVITIES

31.3.26

31.3.25

£

£

Fundraising and Donations

15,456

12,754

Sponsorship and Adverts

48,000

50,399

Box Office

64,761

45,709

Specific Event Sponsorship

48,574

77,221

176,791

186,083

3.	INCOME FROM CHARITABLE ACTIVITIES

31.3.26

31.3.25

Activity

£

£

Grants

Grants Receivable

320,084

293,955

Grants received, included in the above, are as follows:

31.3.26

31.3.25

£

£

NI Screen - Annual Funding

137,917

133,900

Belfast City Council - Annual Funding

60,000

60,000

Film Hub NI (QUB) BFI

30,500

32,500

NI Screen - Other

11,800

4,130

Arts & Business Northern Ireland

4,000

-

NI Screen - Capital Costs

-

26,826

Screen Ireland

10,289

8,241

British Council Partnership Programme

1,500

-

Dormant Accounts Fund

-

19,542

NI Screen Archive

500

4,500

Department of Tourism Ireland

-

4,316

Comisin na Mean

3,578

-

BFI Audience Award

60,000

-

320,084

293,955

4.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 5)

Totals

£

£

£

Direct Expenses

501,748

22,506

524,254

Governance

-

5,019

5,019

501,748

27,525

529,273

5.	SUPPORT COSTS

Governance

Management

costs

Totals

£

£

£

Direct Expenses

22,506

-

22,506

Governance

-

5,019

5,019

22,506

5,019

27,525

6.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.26

31.3.25

£

£

Independent Examination Fee

1,240

1,240

Accountancy Fee

3,050

2,384

Depreciation - owned assets

30,653

24,896

7.	TRUSTEES' REMUNERATION AND BENEFITS

During the year ended 31 March 2026, one director received remuneration of £1,500 for services provided to the charity in a capacity other than as a trustee (guest speaker). This payment was authorised in accordance with the charity's governing document and the relevant provisions of the Charities Act. The trustee concerned did not participate in the decision-making process, and the remaining trustees were satisfied that the arrangement was in the best interests of the charity.

Trustees' expenses

During the year ended 31 March 2026, attendance at Tribunal costs amounting to £2,000 (2025: Nil) were reimbursed to 1 (2025: Nil) director of the company.

8.	STAFF COSTS

31.3.26

31.3.25

£

£

Wages and salaries

87,044

93,314

Social security costs

803

4,536

Other pension costs

4,348

4,509

92,195

102,359

The average monthly number of employees during the year was as follows:

31.3.26

31.3.25

Management & Administration

2

3

No employees received emoluments in excess of £60,000.

9.	TANGIBLE FIXED ASSETS

Improvements

Computers

to

and

property

Equipment

Totals

£

£

£

COST

At 1 April 2025 and 31 March 2026

121,659

266,797

388,456

DEPRECIATION

At 1 April 2025

121,659

202,586

324,245

Charge for year

-

30,653

30,653

At 31 March 2026

121,659

233,239

354,898

NET BOOK VALUE

At 31 March 2026

-

33,558

33,558

At 31 March 2025

-

64,211

64,211