National Youth Choir of Northern Ireland IA company Ilmltod by guaranl•O. not having a Sharo capital) Annual Report and Unaudited Flnancial Statements for the financial year ended 31 March 2023 0 8 DEC 2023 EPTI ')CHXLAQJ' 08112r2023 C(XdPANIES HOUSE JNI #107 Company Number: N1035447 Charlty Number: 100542 National Youth Choir of Northern Ireland IA company limit•d by guarant¢o. not having a sharn capltal) CONTENTS Pago Reference and Adminlstrallve Informalion Directors, Annual Report Statement of Directors. Responsibilil*s Independenl Examiner's Report Statement of Financial Activities Balan¢e Sheei 10 Note5 lo the Financial Statements National Youth Choir of Northern Ireland IA company Ilmil•d by guarantK. not having a sharo ¢apitall REFERENCE AND ADMINISTRATIVE INFORMATION Dlrectors Eibhlls Farrell Heather Graham (Resigned 30 November 2022) Gillian Greenfield Paul Mulholland Graerne Siewart Catherine Dalzell Ethel Ruddo¢k (Resigned 12 December 2022) Amy Benningion Dafren Canmoré (Resigned 12 Oecember 20221 Company Secretary Gillian Greenfield {Appoinled 29 June 2022) Shane F8rren (Re5ign¢d 29 June 2022) Charlty NUffl￿r In Northem Ir•land 100542 Company Number N1035447 R•gl$tered Offlce and Prln¢lpal Address Millennium Court Arts Cenire William Slr••t Portaoown BT62 3NX Ind•pend•nt Examlner Muldoon & Co 16 Mounl Charles B81fasl BT7 1NZ Banker• Ulster 88nk Llmlled 11-16 Donegall Square Easl Bell8s1 BT1 5HD National Youth Choir of Northern Ireland (A company limit•d by guaTanlg9, not havlng • sharo ¢apllg1 DIRECTORS. ANNUAL REPORT for th8 financial year ended 31 March 2023 The director5 present Iheir DI￿lor$. Annual Report, combining Ihe Direclors. Report and Truslees. Report. Ihe naudiled fina￿131 slalemenls for the financial ended 31 March 2023. Tho financial slalements are prepared in acwdarKe with the Companies A¢t 2006, FRS 102 "The Financlal Reporting Standard applicable in Ihe UK and Republic of Irel￿d, and Acc¢unling and Reporting by Charitie5: stsIeff￿nl of Recommended Practice appli￿ble lo chaTilies preparing their financial slalements in accordan￿ with the FinancA81 Reporting Standard applicable in the UK and Rewblic of I￿and {FRS 102). The Directo￿. Report contains informalion required lo be provided in Ihe Dlrectors, Annual Report under I Sialemenl ol RerLJmmended Praclice (SORP) WKlellnes. The directors ol Ihe ¢ompany are also tharity Iruslees lor the purpose of charity and under the company's constitution ore known as members of Ihe board of Iruslees. In this report the direciors of National Youth Choir of Nonhem Ireland present a summary of Its purpose. governan¢e, a¢lpiilies. aChiev￿￿nts and finances for Ihe fInar￿la1 year 31 March 2023. The ￿MpanY is a registered charity and hence Ihe repori and results are presenlod in a fom vthich eomplies with the requirements of Ihe Companles Act 2006 and, 8llhc￿gh nol obliged lo comply wilh the S18temenl ol Recommended Pracllce appluble in the UK and Republic ol Ireland FRS 102. the organisalion has implemented its fecommendalN)n$ where relevanl in these finanrial slalemenls. Pfin¢ipal Actlvllles The princip81 aclivity of Ihe cofflpany 15 to eslablish 8nd maintain Ihe Nalh)nal Youth Choir of Northern Ifeland (NYCNI) and promole Ihe highest standard of choral sing'ng and vocal skills among young ￿Ople of Northern Ireland. Prlnclpal RSsk$ and Uncertalntles The direclors and. the Adminislralion Manager have assessed the major risks lo which Ihe charty is exrose(l. in parlicular Ihose relaling lo Ihe operations and finances ol the company aThl have pul in place 8 rhsk managernenl plan 10 rniligale any exposure lo Ihose risks. Relerence and Adrnlnlstrallv• detslls The tsjmpany. Ilmiled by guaranlee and nol havir4J a share capital. was incorpoTaled on 12 January 1999 and has a charitable slalus - rel XR29957. The cornpany number is N1035447. Ils Pr1r￿1pal registeréd office Is Millenntum Court Arts Cenlre. William Slreet, Portadown. 8T63 3NX. The coryany 15 registered with Ihe Charity Commission Norlhem Ireland NIC 100542. Olr•ctor8 The direct¢yS seNed thrOu￿oUt Ihe finanoal year. except as Iioled. were as lollow8'. Ebhlls Farrell Heaiher Graham (Resigne(130 Novembgr 2022) Gilian Greenfiekl Pwl Mulholland Graeme Siew8rt Catherine Dalzdl Elhel Ruddock {Resi￿ed 12 D￿ember 2022) Amy Bennington Darren Canrnore (Resigned 12 Oecembèr 2022) The secffjlaries who served dwlng Ihe financial year were.. Gitlian Greenfield (Appointed 29 J￿8 2022) Shane Farren {Resigned 29 June 2022) ObJecllve$ and xtlvltles The rnaln objeclive ol the tharity Is to pffjmote thè study 8nd wacilce of choral mL￿C In order lo fosler public knowledge and appreti81ion of such muslc ty the presenialion of concerts and other activities for the people in Northern Ireland. The aclivities undertaken during Ihe year by NYCNI ￿¢1￿je0 schwl workshpps. residenlial music course5. rnasler dasses arKI concerts. National Youth Choir of Northern Ireland (A ¢ompany Ivnitèd by guaiante•, nol havln9 a share capital) DIRECTORS. ANNUAL REPORT foi Ihe financial year ended 31 March 2023 Rovi¢w ol A¢tiviti96, A¢h10￿M￿nts and Performan In the 12 month perlod lo 31 March 2023 NYCNI artistic aclivlty fully recovered •ft¢r lh• ro$lriclion$ in the prevlous Iwo years caused by the public heallh siluallon. In April 2022 lorty4ix girfs attended the Girls, Choir three day course. directed by Andrew Nunn, culmin8tSng in a shori o)ncert. This Easter coursè had been Introduced last year as an on4ine course and is iniended to become an annual evenL The Girls, Choir is a bfwjging ensemble be￿een the junbof aTrJ training choirs. offerlng a fvriher performance opportunity for Ihe ¢hoii members. In Juty 2022 NYCNI delIVe￿ Ihree cPK•ral Courses at Camtrt)ell College. A lotal of 208 young singers allended. The Se￿Or Iralnlng ¢holr Murses were led by Artlslbc Direct￿ Andrew Nunn while the junior ¢holr cnnducled by Alison McNelll. The Senior and Tfainlng Ch)ir courses weffj bolh lor seven Oays 8nd were residenlial. whlle the JuThor Choir was for five days and nofvfesloenllal. Each o)urse flnlshed vllh a fAin¢ert. The Junior and Training Cholr concerts look place in Campbg11 College while the Senior Choir concert Wes in St George's Church in Bellasl. These perfonn3nces were Tec4>rded and released as short videos on the charity's website and sooal media channels. The Senior Choir also perfomed a lunchlime r￿lIa1 bn Oublln on 2 August. The Junior Choir cathed out a series ¢f 'flash-mob" perfomiances al various venues in Belfast on 6 August. Be￿een Oclober 2022 and M￿% 2023 NYCNI (18INered school workshops open audillon sessions across Northem Irel￿d for Ihe 2023 sumn*r CA)urses and the Girf's Choir Eosler courn•. all led by Andrew Nunn. Workshops and open audlllons were also held for 8n exciting doveloprnenl, the NYCNI Boys cl￿r. For thé fir81 Ilme. Ihis chc4r is for prSmary school children and will give younger l)oy$ the Opp￿￿nIty lo experience choral slnging. 11 is hoped Ihal this Choir will also a¢1 as a feeder inlo Ihè Junior Choir. Alison McNelll led Ihe vKrkshops and gudilions and will lead the four day coutsa al Easter 2023. The AGM was hekl on 12 December 2022. Six lull board meellngs were held during Ihe durlng the year. Followbr*J a l¢ndér procas$ Forefront ConsulllrKJ prepared a Slfaleglc Plan for NYCNI ¢overlng ihe peflod 2023 - 2025. Thls s•1 out a number ol slraleglc objecllv6s for Ihe fX)mpany and a delivery Ilmefrwne. Cenlral lo Ihal dellvery was the 8ppoinlmenl ol 8 part lime Chlel Execullve lo lead the Implemenlalion ol Ihe slrale9y. In January 2023, Alice Kennelly was appolnled lo the role. Fiharbeial R•sults The results are sel oul on pages 9 and 10. NYCNI had 8 net oulgolng re50urce for Ihe 12 month financial period lo 31 March 2023 01 £13.611. Thls Ioss w&5 partly due to the one￿ff cost of Ihe strategi¢ plan preparation. It was also partly caused by a Board deciston lo inve51 in Ihe apwinlmenl of 8 Chief Executive. The ojmpany had built up some r•seNes and the 8oard deGkled lo spend somé of these regeTre$ in lunding tho Chi•1 Executive's salary for the first year. in expecl81ion Ihal new funding WIM be obianed lo eneble Ihe role io continue. As a result ol this decision. the Dlreclors budgeted the company lo have a slgnificant k)ss In the year to 31 March 2024 bul lo relaln adequale reserves al Ihal year end d*e. l*>wever. as outlined in note 16 lo the accounts. unforeseen Issues havè caused the 1055 for Ihe year to 31 March 2024 10 ir￿%ease gonificanlly wilh a cnnsequenl impacl on the expected reserves of Ihe mpany at that dale. Compllanee wllh sector.wlde Leglslatlon and Standards The company engages pro-xlNety wilh leglslalion, slandard5 and codes which are developed for thè seclor. Nallonal Youlh Choir of Nonhem Irdand Subs¢￿tse$ lo and is compliant wilh tho following: - The Companies Acl 20016 - The Chanlles SORP (FRS102) Reservos Pollcy The Direclors. policy in rela11￿ to unre5trided resep4es Ss lo rnalnlain a level of reserves lo protecl the company agalnsl unexpeded addilional costs or reduclions in income. The Oireclor5 consider that an approprtale level is around six months recurring expenditure. Al the year*nd unreslricled reserves were £66.357. whid) Ihè Oireclors nsidei salisfadory. Structuie, Gov•rnan¢• and Manag•mont Orpanlsational Stru¢lure The N81ion81 Youth Choir of Northem Irel￿d (NYCNI) is governed by a Board ol ￿rectOrS which delegaies sponsibility for the adrnlristrative artistic running of thé eompany lo a Chlef Execulive with adminislralive support 8nd an Artisllc Direclor. During the annual ￿Urse5. NYCNI also engages Ihe seThices of conduclors. a team of section coaches fw sopranos. conlrallos. ternrs and basses, Vocal lutors as well as a le￿ of welfare personnel. National Youth Cholr of Northern Ireland IA ¢ornp•ny Ilmltsd by gyornntw. not h•¥lng a *h•rn c•pttal) DIRECTORS. ANNUAL REPORT for the finand81 ye8r ondod 31 Man* 2023 Governlng Oocum•nt Tha company is limlled by guaranta8. nol havlng a shar• cai%lal. 11 Is regislgred In Ireland (fealstradon number N1035447} and has oblained charliable slatus with Chatlty Commlssbn Northem IT•l•nd (réfer•nc• numb•r 100512). It19 gov•ffl•d by118 Mernornndum and ArtJ¢lo$ of Ajsoclailon. Recrulthi•nt and Appolntm•nt of Dlr•ctorn Now dirBeiors have an Inductlon mo•tiTrg wlih tha Chalr ol tho Board. Troy are brtof¢d on a rango of is$u•s lrtcludlng a fvll Introdu¢tSon to the organlsatlon, Ils d8elslon4n8klng pro￿$9, Ils bu$lnoss plan and Its Tr¢•nl flnancl81 perfomonc• an¢J Ihg roles and respon$lbllltle6 01 o Bgard M¢mb•r. Sp•clal Provl•lon• Mlatlng to •rn•ll cornw4nS•• Thè Abovè fel￿ has been prepared In accorthnce wlth th• $pèdal P￿skIn8 relallng to 8mall ty)mpanles wblhln Pan 15 01 tho Cofflpanie8 Ac¢ 2006. Appr•v•d by th• of Dlrg¢tor• on ind •lBn•d on Its b•h•ll by: Paul Mulholl*nd Dlrethr Natlonal Youth Cholr of Northern Irtland IA Gompany Ilmltgd by gyor•nt•g. ngl havlng & Bhaye ￿pItalI STATEMENT OF DIRECTORS, RESPONSIBILITIES for lh• financlal year ènd•d 31 March 2023 The diTedots arn rssponslble for preparing Ihe financial 3tatfjmonts wi a￿￿￿ance wilh applieAbio low and regu1811ons. Company law rnqulres the dlre¢lors to prepare 1SnanGlal sts18monts lor each flnendol yeaf. Undei thai law Iho dlrectors havo 0le¢t8d to weparè thg finJntyal stslemenls in ac¢4)rdance vrilh United Klngdom Gener81ty Accepted A¢¢ounlbn9 (Unltsd Klngdorn A(fOUnlin9 St8nQa(ds and applicable 18w) Indudtng FRS102 Yhe Flnancial RepO￿r￿J Standord appll¢ablo In the UK and Ropubllc ol Irelanrf. Undei r￿MpanY law the dlrettors musl nol appn)vo thg Ilnar￿al slatgmonls unles8 they ar8 sallsfiad thBI Ihey glvo a I￿8 8nd ￿1r vtow of the slaio of affalts ol thé company and ol thè nal Sncomo or axpandituro ol tho company for that period. In pr•parfng theso flnandal slAl8m8ntB. tho dlr•clors arn roqulr8d to: make judgements and 6sUm81è9 thai a￿ reu$onabl8 8nd prudontr. observe the metI￿oS ond principl85 In ihe Charit18s SORP.. Sts10 *h8thor tha finand81 sl8tsm•nls ho￿ been preparnd In accordance whh.the rfevant fin8nci¥l reporting meworf(, Identify th038 slandarfi, 8nd note the offe￿ ond th• rea¢ons for •ny rnalerw d•parlure from th09e standa￿5. and propare th8 financial slalements on tho gthn9 ¢M¢¢m basis unl8sg It 1$ Inappr¢M8ta to wesume thai I company wlll contlnuo In ope￿￿On. Th8 dlrnclors conflrrn Ihal they have cwipll•d tho Abovo fequlr•m8nt$ In prep8rlnp the financlal 6talomonts, The dlmctOTr are ttyspon6114e for kneplng adoquole occY>untSng rewnls Ihat are suffic￿nI lo Show and oxplaln lh• o)mpany'8 Iran5acYons and disclo¥0 vhth feasonablo 8rxuracy al any tSmo the flnBnclal posltton ol Ihe G¥Jmpany 8nd 8n8bl8 them lo enguro Ihal tho rm0￿1818t8l8rnents cornp￿ Ad. Thoy ara argo r•sponJibla for ￿lagua￿ln9 tha assets ol the ￿MpanY 8Th1 hence fur t¥b'JYJ reasonablg $tepg for Ihe p(oveniion and datection of fraud and Oihef lff8gul•rfllo8. Appm•41 by th• 8o•rd pl Dlreclorn on .L knz3 and Alon•d on Its behall by: Paul Mulholl8nd Dlr8¢tor National Youth Cholr of Northern Ireland IA Company limit•d by guarant￿. nol havlnq a share capilal) INDEPENDENT EXAMINER'S REPORTTO THE BOARD OF DIRECTORS OF NATIONAL YOUTH CHOIR OF NORTHERN IRELAND We reFK)rt on ihe accounls ol the charity for Ihe year ended 31 March 2023, whlch are sel oul on pages 9 to 17. Respectove responslbllltles of dlrectors and examlner The companls liuslees (who are also the direclots ol ihe Company for Ihe purposes of ￿MpanY law) 8re respon$iblo for the preparaiion ol Ihe financaal slalemenls in &¢orora￿ng an In¢omp Exp0f•dI￿f& Ac¢ount for the fina￿la1 year ended 31 March 2023 Unrèstrlcted Restrl¢ted Funds Funds 2023 2023 Total Unreslri¢led Restricted Funds Funds 2022 2022 Total 2023 2022 Notes Incomlng Resources Donations and legacies charit8￿e aclivilies Other in￿)me ,477 80,980 7,486 64,797 73,274 80,980 7,486 6,475 18,590 1.221 62,796 69,271 18,590 1,221 Total Incomlng resoufces 96.943 64.797 161,740 26,286 62,796 89,082 Rev)Ur￿$ EMpgnd•d Ra5sing funds Charilable xlivities 3,975 10B,579 3,975 171,376 62,797 35,563 80.796 96,359 Total Resourc•s Expended 112,$54 62,797 175.351 35,563 60.796 96,359 Net Incomlngloutgolng resources before transfers Gross Iransfern belweon lunds (15,611> 2,000 {9.277> 2.000 (7,277) 875 1875) Net movement In fund$ lor thè Ilnan¢lal y•ar (15,611) 2,000 (13,611) {8.402) 1,125 (7,277) R¢¢on¢iliation of funds Balances bfoughl forward al 1 Aprll.2022 13 81,968 2,000 83,968 ,370 875 91,245 8alan¢¢o carrhd fomard at 31 Mar¢h 2023 66,357 4,000 70,357 81,968 2,IXIO 83,988 Tha &aterr*ni of Fin8ndal A¢tivilles include$ 811 gains and losses reco9nlsed In Ihe financlal year. All income arKI expendllure relale lo continuing a¢tNlties. Thg Trxgs on pw 11 to 17 Imn i>*1 ol Ihe llnand•l slthnerts Natlonal Youth Cholr of Northern Ireland (A company Ilmlted by guaTanM not hJ¥lng a Sh￿ wllal) C•mp•ny NymbDr: NIOJ5447 BALANCE SHEET as at 31 Ma￿h 2023 2023 2022 Noto3 Flx•d Afjuts Tanglble assots Cuvrenl As••ts DebIc￿S Cash at bank and in hand 10 &342 90.172 3.165 104.714 9*514 107,879 Cr•dllorn'. Amounts l•lllno du• wlthln on• y•ar 11 (25.225) ' (23.994 Not Curr•nt Ass•ts 70.289 83.885 Totsl A•••l• l••• Curr•nt Ll•bJNtI 7Q.357 83.968 Fund8 Réstrlcted trust funds Gonoral lund lunrestrtcted) 4.000 66.357 81,968 Tol•1 luna• 13 70.357 83.968 finan(3BI stsIen￿rts h•v• been prgpar¢d in accordorKe wlh spKl81 pr¢>vI￿on$ ro￿ng to 9n811 eompari8s wbthkn Pan 15 01 the Companlgs 2(X)8. For the nn8nclal year eThl8d 31 M8T¢h 2023 tho C￿p￿Try wbs •rtJUed lo oxornpdon from audbt under Be¢llon 477 of Iho Compath05 Acl 2006. and no nollc8 hes b•en doposliod und•r B¢¢lh)n 476. The dlreclors confim that tho membern have not requlred thg ccMp￿Y to obtskn an audll d its fin8rt1al sialomenl8 for Ihe flnaneld year in que8lion In at￿r￿anCe with 8e¢Noft 476 01 the Companlos ALI 21)06. Th• dirnclorn JckntwlBdp• tholr rnSFM51bllllle8 lor on6urlng Ihal lh• c¥mp¥ny k•ops ac￿unIon9 r•cords vthl¢h cO￿Y wllh secuc￿ 386 a￿1 p￿pa￿r￿J fin￿&01 8tatements ¥thlch glvo a Irue and lalr v￿W of th8 of 8ftalrs ol the company 89 al thg end of Ihtr ftnanclèl year and ol Its profll 8nd1089 lor the fina￿la1 year In 8xorrJanc• wKh tho ¢•qulreménts of 8acllons 394 and 395 *KI whlc* compty wllh I￿ f•qubm¢nls ol th• Companlg¥ Act 20C rn1otiNd tolknoneial sthtenthn￿ $0 lar as applk*téè kn th• Mffwny. Approv•d ty lh• Oo•rd Ol DIM¢torn and •uthMl8•0 for h•u• on b•half by 411o¥L k)l3 and •lw•d on118 P4(. Paul Mulholland Dlr•Etor Trp￿tI3 ￿ Pa￿ ?1 to 17 thl th• 10 National Youth Choir of Northern Ireland (A ¢ompany Ilmii¢d by ouatanto9, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the finan(?al year ended 31 March 2023 GENERAL INFORMATION National Youth CholT of Northem Irel￿￿ Is a ccffipany limlled by guaranleo. incorporaled in Northem Ire18nd. The 8cSdress of ihe ieG4slered office Is given in the charily inloftiiation on p&Je 3 of these financial stat￿e￿I5. The nalure of the tharity's operations and principal activities are lo promote study and pract￿e of choral mus*c in order to fosler publi¢ knowledge and appreciation of such music by the presentation of cor￿rts and olher Klivilles. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following xcounling policies have been applied vJnsistgnlly in dgaliry wilh Ilem5 vthich a￿ o)nsidered material in relalion to the charity's finavKial slalements. ststement of ¢ompllancé The financial statements have been prepwe¢l in acc¢rdan¢e wllh Accounting and Reporting by Charllies: Stalemenl of Recnmmer)ded Praclice applicable lo tharitles preparing their accounts In accordance wilh Ihe Flnancial Reporlivu Slandard applicable in Ihe UK and Republic of Ireland {FRS 102) (effective 1 January 2019) - (Charity SORP (FRS 10211, the Financial Reporting Standard applicable in Ihe United Kingdom and Republic ol Irèland {FRS 11Y2). Ihe Companles Aa 2ThJ6 and UK Generalty Accepted Ac￿VnI1ng Pract¢r￿. The charity has applied Vpdale Bulletln 1 a5 published on 2 February 2016 and does nol Include a cash llow $t8lemonl on the grounds il is applyln9 FRS 102 Seclion 1A. The financlal slalements have been prepared under the historical cost wnvenilon. The financial stalwnenls are presented in steilivvJ which is the functional currency of the charity and rounded lo the neafesl £1. The significant accounilrKJ ￿lIcIeS applied in Ihe preparallon ol these financial slalemenls are sel out below, These policies have been consislenlly applled lo all years presented unless oihepNise slated. Cash flow Statemenl The company has avalled ol the axomplSon In FRS 102 from th8 requlremenl lo produce 8 c8sh Ilow $18lemenl becaus811 Is classIf￿d as 8 sm811 company. Fund iccounting The following are the categ)rises of funds mawitair&: Restrldèd lunds Restricted funds Gqn only be used for partlcular restricted wrposo$ wilhln the objeclives of Ihe tharily. Unrestrlcled fvnd8 Unreslricled funds are avathie for use 81 disuelion of the direclors In lurtherance of genefal activllles of the etharity. 11 National Youth Choir of Northern Ireland IA company IlmSt¢d by guarant9e, not having a sh•r• ¢apitall NOTES TO THE FINANCIAL STATEMENTS Ct)nlinued for thè finBnciBI year ended 31 March 2023 Incom•no Rèsourcès All Incomln9 resourc9$ aro irduded In Iho Staiemenl ol Flnancial Activiti¢8 ISOFAI when the chartty is Iggolly enlitl8d lo the Income after any p8rfomaTr¢e conditions hav• boon met. the amount can b8 measured reliably and il is probable Ihai lh• inwno will b• rtrAiv¢d. For 4onalions lo be iecognised the charity vlll have been nolifjed of the amount$ and Ihe selllemenl dal? in writing. 11 Ihere are condilions olla¢h¢d lo lh8 donotion and Ihis requlres a level of performance before enlitl&menl ¢an bo obiain¢d.' then income is delerred unlll those wndlllon$ are fully mel or Ihe luifdmenl of those eknndilions Is withln Ihe tt*nlrol of the Charity ond11 1$ probable that ihey will be fulflled. Donaled IBcililies and ¢Jonale(I profo9sion818eNices are reujgnised in incoiY)o at Iheir fair valuo when Ihwi economic benefit is prob8ble, il can b8 mèasured r8liabty. and Ihg eharily has control over the ilgm. Fair vglue 1$ dgtermined on the bBsis of Ihg value ol tho gift lo the charity. For example, the amount the charlty wouILI bg willin9 lo pay in Ihp op8n market lor such 18cililies and seThI￿$. A correspondlng amount is recognised in &xpen¢ilure. No amount 15 Includeol in the finan¢lal $1Olemonl$ for volunt¢er lime In line wllh Ihe SORP {FRS 1021, Whéro practicable, grfts In kind donated for dlslrtbulion lo the beneflciarles ol Ihe charlly are Included In stock donations In Ihfr flnancial slalftmenl$ upon recelpl. 11 It bs impracllcable lo assess the fair value al receipl crf 51 the ¢osty to undert8ke such a v*lu8llon 0￿￿e19Th any benefits. then Ihe fair valu• is re¢4gnis¢d 0$ component ol donat￿￿6 il 1$ dislribuled and 8n equlvalenl amounl T¢￿gniSed as chari18b ¢xpendilure. Incomè ffom Irading aCtivili88 Includ￿ Income earned from lun¢r¥lskn9 8v•ntJ and trading a¢livilI￿ lo r818e lunds lor the charity. Income is recelve(J In exchan90 for 8upplying goods ond 8•rvl¢e$ sn order lo ralse funds and 58 rocognisfjd when enlillemenl h88 occuN•d. Oonallong 8nd Grants aro credlled lo the SOFA Sn Ihe y￿r In whld) they were re¢olvable. Rè8ourcfrs Exptrnded All èxpèndiluiè 1$ a¢￿UnI80 foi on an accruals basis and has been cl$sslfl•d undor hèadln9s th81 aggr8981• all costs relèlgd lo Ihe calogory. Expondllure Is re￿9n1$e￿ where there Is 8 legal or consiructive obligalKJn lo mako payments lo Ihlrd partles. il Is probable th81 Ihe s8ttlem6nl ￿11 be requlr8d and ihe ¥movnl ol the obli9allon can be measured rellably. Irrecoverable VAT is charged 8$ an •xp•n$e againsl the 8cllvily lor whlch axpendllure arog8. Stspport cosls 8re Ihose Ihal 8s4$1 lh• work of th• ¢h•dty bul do nol threclly fepresenl charilable jclivltses and in¢ludg offic4 costs. gowernance D)sls. and admlnl£lraiive payroll costs. They are incurred ¢Jiro¢lly in supptsrl ol expenditure on the objects ol the charity. Whefe 8upporl costs c8nnoi b• dlrectly attributed to parti¢ul8r heèding8, they have been allocated lo ￿81 of relslng funds expendilur• on ¢harilable 8clivilies on a b3818 consi81enl wllh use of th• r•sourc01. Muslc Pr¢oT lo 30 Novèmber 2002, the music sold lo members. Up to 1 D0￿Mb￿r 2005, purch88ed music was ¢h8f9ed lo Ihe Profit & Loss account 8s an expense and slock was hgld in the UYC Music Library, The rnuste 18 valuable In Ihal 11 c4n be used 898in, hlred lo olher Youlh Choirs and can be sold. A(urdingly in 2006. the Board agreed lo Gapilalisg all music over £200 pgr Itern5 with 8n inits'al depreLiation of 50% and a fijrther 10% annually Ihore?fter. Irrn¢Dvor•blo valu• •dd•d t•x As the company 15 not re9islered for VAT, any Irrecoverab19 VAT is chargtd lo lh• glatemenl ol Ilnand81 aclSvilles or capilaliseé as parl of Ihe cost ol Ihe related asset. whwe appropriate. Stock$ Stocks are staled at the lower ol cost e511maled selhng price less costs lo o)mplele and sell. Cosl Includes all cosls ol purchase. costs of conversion and other o)$16 incvrr8d in brlnglng stock to Ils present locallon an4 cgnditlon. Cost is calculated using the fitsl-in. firsl-out fomula. Pfovlsion Is mado for damagèd, obsolele. and slow-rnoving stock wherè ¥pproprial8. 12 Natlonal Youth Choor of Northern Ireland {A ¢ompany limlt•d by guarantee, noi having • $harn upital) NOTES TO THE FINANCIAL STATEMENTS t))nlinued for the financial year ended 31 March 2023 T4nglbl• flxed assets •nd d•pr•ciation Tanglble fixed assets are slaled al ￿$1 or al valuallon, less accumulaled depreciation. Th8 charge lo depreciation Is calculaled lo write off th8 original c05t or valuation ol tsrKJible fixed assels. less Iheir eslimaled residual value. over Iheir expected useful lives as folov*B". Pknt *)d machinery Fixtures. fittings equipmenl Molor vehldes 10% Slraighl line 33Y. Slraighl line Music over £200 in Val￿ al cost in year one 50% Music over £200 In value after year one 10% Debtors and eredltors ro¢•lvable wlthln ¢)n• year Debtors and Credilots wih no staled inleresl rale and recelv8ble or payable wlthin one year are reccffded ai transaction price. Any losses arising from impaimienl are recognised in expenditure. Taxallon The charity ts an exempl Charfty and Is considered to pass the lesls out in Paragraph 1 Schedule 6 FIr￿nCe Ad 2010 and Iherelorefjl rneets ihe definition of 8 charilablo company lor UK ￿}rpOratIon tax pu￿OSeS. Granls r•celvable Donalions & Gr8nl$ are credited lo Ihe slalemenl ol financlal aclivllles In the year In whlch they bver• receivable. Pèn$•on8 The CoMp￿Y operales a defined conlribulion pension stheme lor empbyees. The assels ol the scheme are held sepafalely Irom Ihose of Ihe company. Amual conlribuilons payable lo the ￿MpanY'S pension stheme aro th•r9ed to lh• Intr•m• and éxpèndlture le￿Unt in the perlod lo vthich they relale. GOING CONCERN AS ¢uilin•d In nolo 16, thè ¢xmpany has an expected loss lor the year lo 31 March 2024 of ar0￿d £70.OC#). which is likely lo exhaust the company's reserves. The b￿]ge1 for tho I0#07￿1n9 year lo 31 Marth 2025 shows a felurn to profilablllly cash Ikjw projeclM)ns wthich demonslrale that the company will bè able lo conlinu& operations throu￿QuI Ihe Iwelve month period lollowlng the dale of s￿nIng these aCC(￿nIS. While the company ￿ntInueS lo be dependent on funding Irom Ihe Aris Council Nl, the direclors (lo noi Mnsidor Ihal there 18 a siwificanl doubt aboul the abillly of the c4mpany to c￿lInue a$ a going Concern and accordlngly have prepared Ihese acc¥)vnts on a g)iThJ concern basis. INCOME DONATIONS AND LEGACIES Unrestrlctod Reslrlcted Fund8 Funds 2023 2022 Individual Supporter I)onal￿$ Gift Aid on member subs AcayJnlancy- PWC lor processin9 payrol gfft Arts Council Northern Ireland General Tfusl Income 500 2,177 1,800 soo 2,177 1,800 60,797 B,000 550 125 1.800 60.796 6,000 60,797 4,000 4,000 8,477 64.797 73,274 69.271 CHARITABLE ACTIVITIES Unrestricted Roslrlcted Funds Funds 2023 2022 c1￿1151¢r Foes 8ox Office 76,750 4,230 7&750 4,230 18.590 80.980 80.980 18,590 13 National Youth Cholr of Northern Ireland (A company Ilml¢ed by guaranteo, not h•vlng a shar• capltal} NOTES TO THE FINANCIAL STATEMENTS ojnlinued for Ihe financial year ended 31 March 2023 OTHER INCOME Unr••trieted RestrScted Fund$ Funds 2023 2022 Miscellèneous Incomè Bank Interest 7,149 337 7,149 337 1.210 11 7,486 7.486 1.221 expENDITURE CHARITABLE ACTIVITIES Dlr•ct Costs Other Costs Support Costs 2023 2022 OnlinelResidenli81 Courses Concert Cost$ School Wothshop$ 71,689 12,002 17,670 49,519 8.290 12,206 121.208 20.292 29.876 42.706 19.721 33,932 101,361 70.015 171.376 96.3S9 ANALYSIS OF SUPPORT COSTS 2023 2022 Wages and salaries Artislic Olreclor Fees Rent payable Insurance TrÉvelling and entertainment Bank char9eS General expenses Deprecialion on Equipmenl Governancè ￿$1- Ac¢yJunlancy Governance ￿$1 - Legal & Prolesslonal 49,265 5,000 4,390 583 285 389 1,619 15 3,420 5,049 43,018 5.000 2.800 570 52 201 1.052 327 3,120 3,427 70,01S 59,567 Svpport cosls are 8IIocaied on a PTOPOrtion of charil8ble activity costs. The ac¢ounlan¢y fee indude8 an Independent examination fee ol £1,620 {2022'. £1,320) NET INCOMING RESOURCES 2023 2022 Net Incoming Re$our¢e$ are stated after ¢hargln91{¢r¢dltlng>: Depre¢lalion of langible assets 15 327 14 National Youth Choir of Northern Ireland {A company limlied by guarantee. nol havin9 8 sharo ￿PItal) NOTES TO THE FINANCIAL STATEMENTS continued for Ihe financi81 year ended 31 March 2023 EMPLOYEES AND REMUNERATION Number of employees The average nvmber of persons ernployed (including executivè diieclors) during the financial year was as follows: 2023 Numb•r 2022 Number Charilable Aclivilies The staff costs c4)rnprise: 2023 2022 Wages and salaries Pension cosls 47,760 1,505 40,986 2,032 49.265 43,018 No trustee receivad any remuneratlon in Ihe year (2022.. £NILI However, one direGlor received payment for profèssional s8Thicos as sel oul In nole 15. TANGIBLE FIXED AsseTS Plant and Flxtuies, ma¢hlnery fittlngs and equlpment Motcr v•hlclfj$ Totsl Cost Al 31 March 2023 650 3,043 3,001 6.694 DèprecSatlon Al 1 April 2022 Chafge lor Ihe financial year 567 15 3,043 3,001 6.611 15 AI 31 MArch 2023 582 3,043 3,001 6,626 N•t book v•lu• Al 31 March 2023 68 68 Al 31 Mafch 2022 83 83 10. DÉBTORS 2023 2022 payments and a￿rUed inLx)me 5.342 3,165 11. CREDITORS Amounts falllng due wllhln cne year 2023 2022 Taxallon and soclal seGurlly costs Ac£ruals and deferred income 1,415 22,579 23,781 25,225 23,994 15 National Youth Choir of Northern Ireland (A company limitèd by guafanl¢•. havln9 a $har¢ caphlall NOTES TO THE FINANCIAL STATEMENTS continued for th8 financia year e￿Ied 31 March 2023 12. RESERVES 2023 2022 At 1 April 21Y22 Deficil for Ihe financial year 63,968 113,611) 91.245 {7.277} Al 31 Mar¢h 2023 70.357 83,968 13. FUNDS 13.1 RECONCILIATION OF MOVEMENT IN FUPIOS Unrèstricted Restilcted Funds Funds Total Funds Al 1 Aprll 2021 Movemenl duriro ihe financial year .370 {8.402) 875 1.125 91,245 (7,277) Al 31 March 2022 Movemenl duriTrJ Ihe finanual year 81.968 {1S.611) 2.000 2.000 83,968 (13.611) Al 31 Mar¢h 2023 66.357 4.000 70.357 13.2 ANALYSIS OF MOVEMeNTS ON FUNDS Balanc• 1 Aprll 2022 Incoffl• Expendlture Tr8nsl•r8 Balanc• 31 March 2023 funds R•stri¢tsd funds ACNI General Trusl Income 60.797 4.000 60,797 2,OlXI 2.000 4.000 2,000 64.797 62,797 4.000 Unrestrlctod fvnds Unreslrlcle(l General 81.968 96.943 112,S54 66,357 Total funds 83,968 161,740 175,351 70,357 13.3 ANALYSIS OF P4ET ASSETS BY FUND Flxed assets - ¢h•rity use Current assots Currént Ilabllllles Total Restricled trust funds 4,000 4.000 Unreslricled general knnds 68 91,514 (25,225) 66,357 68 95.514 (2S.225) 70,357 14. STATUS The cornpany is limiled by guaranlee and as such dcwn'( have any share capital. The labllity of each rnember Is liniled to £1. 15. RELATED PARTY TRANSACTIONS Ouring the year director Catherine Daliell was paid £1,400 (2022 - £2.096) for professional seThi¢es. 16 National Youth Choir of Northern Ireland (A cornpany Ilmlted by guaran1¢•, not havlng a share ¢opllal) NOTES TO THE FINANCIAL STATEMENTS continued for Ihe financial year endBd 31 March 2023 16. POST.BALANCE SHEET EVENTS Following the year end Ihe company ha$ in¢uffed slgnificani losses. Part of thls was planned and Ihe company had bud9eted 8 loss of around £40,000 for the year to 31 March 2024 to facililate addition81 stsffing and a¢livily. However, due lo unforeseen Issues. whlch have now been resolved, that deficit has risen and Ihè expected10s5 for Ihe year is now around £70.000, which is likely lo exhausl Iha Company's reserwes. 17