Charity registration number NIC101104
Company registration number NI051710 (Northern Ireland)
THE ULSTER YOUTH ORCHESTRA
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
THE ULSTER YOUTH ORCHESTRA
LEGAL AND ADMINISTRATIVE INFORMATION
| Directors | Mr A Boyd |
|---|---|
| Mr D J Canmore | |
| Mr P McCrisken | |
| Mrs C J Wells | |
| Lady D E Trimble | |
| Mr D W Smyth | |
| Mr M McKavanagh | |
| Mr R Pollen | |
| Ms Ruth Millar | |
| Ms N Curran | |
| Mr S M Robinson | |
| Secretary | Mr S M Robinson |
| Charity number | NIC101104 |
| Company number | NI051710 |
| Registered office | Cathedral Quarter Managed Workspace |
| 109/113 Royal Avenue | |
| Belfast | |
| Co. Antrim | |
| BT1 1FF | |
| Auditor | Harbinson Mulholland |
| Centrepoint | |
| 24 Ormeau Avenue | |
| Belfast | |
| Co. Antrim | |
| Northern Ireland | |
| BT2 8HS | |
| Bankers | Ulster Bank |
| 91/93 University Road | |
| Belfast | |
| BT7 1NB | |
| Solicitors | Elliott Duffy Garrett |
| Royston House | |
| 34 Upper Queen Street | |
| Belfast | |
| BT1 6FD |
THE ULSTER YOUTH ORCHESTRA
CONTENTS
| Page | |
|---|---|
| Directors' report | 1 - 3 |
| Statement of Directors' responsibilities | 4 |
| Independent auditor's report | 5 - 8 |
| Statement of financial activities | 9 |
| Statement of financial position | 10 |
| Notes to the financial statements | 11 - 19 |
THE ULSTER YOUTH ORCHESTRA
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The directors present their annual report and financial statements for the year ended 30 September 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the company's Memorandum and Articles of Association, 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)” (as amended for accounting periods commencing from 1 January 2016)
Structure, Governance and Management
The Ulster Youth Orchestra Limited was incorporated on 20 September 2004. There are eleven directors of the company and new directors can be appointed at a properly convened company meeting up to the maximum permitted in the company's Memorandum and Articles of Association.
Objectives and activities
The company exists to give young people from across Northern Ireland the very best quality music tuition as well as the opportunity to perform with the world's leading musicians and conductors. It does this through the provision of an annual residential course consisting of workshops and tutorials ending with two concert performances with additional activities during the year.
The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake.
Achievements and performance
During the period under review, the Orchestra was, for the first time since due the Covid-19 pandemic, able to resume its full annual programme, including the residential course at Greenmount College and concerts in Belfast and Derry-Londonderry.
The year began with workshops and auditions being held online, moving back to normal face-to-face activities as the Covid-19 restrictions gradually receded.
In November 2021 an online Audition Help Session was offered to all applicants ahead of the auditions to be held the following month. A panel of professional orchestral musicians, experienced in auditioning, gave students advice on preparation for, and presentation at, the audition process.
The auditions were held online in December 2021, due to continuing Covid-19 restrictions, and candidates were asked to present a selection of orchestral excerpts and two contrasting pieces to a panel of professional musicians. 120 musicians aged between 14 and 23 auditioned, and 90 were offered places.
The annual Play-in Day was held, in person, in March 2022 at Ballymena North Business and Recreation Centre. Play-in Day was developed out of an idea from a former member to give all applicants a positive experience post audition. The day brought together 50 young musicians for a day of sectionals, tutti rehearsals and a short concert for family and friends, conducted by Matthew Quinn.
In April 2022 a number of orchestra members took part in a contemporary music workshop and concert with regular partners, the Hard Rain Soloist Ensemble. The partnership with the Ulster Orchestra also continues, with the Professional Experience Scheme and special ticket offers for UYO members.
The summer course was led by main conductor Jac van Steen (Honorary Principal Guest Conductor of the Ulster Orchestra), rehearsal conductor Tom Fetherstonhaugh (assistant Conductor of Bournemouth Symphony Orchestra), and a team of 11 highly experienced professional instrumental tutors. The soloist was Belfast born Ciaran McCabe who performed Korngold's Violin Concerto. Ciaran is a soloist, chamber and orchestral musician who is also a member of UYO alumni, having led the Orchestra in 2004.
A free public outreach concert of film music was held at Rushmere Shopping Centre, Craigavon on Saturday 13th August.
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THE ULSTER YOUTH ORCHESTRA
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Ticketed public concerts were then held in the Guildhall, Derry-Londonderry, on Friday, 19th August and the Ulster Hall, Belfast, on Saturday, 20th August 2022 to great acclaim.
In addition to the full orchestra concerts, small groups performed at a variety of events throughout the year and were received warmly at each of those events.
Financial review
The company relies on funding and sponsorship as well as personal donations to enable us to undertake all our activities. We also wish to acknowledge the ongoing support of members of the Orchestra and their families along with the invaluable work done by our volunteers. Without the support both financial and in person the activities of the Orchestra would be greatly curtailed. We are particularly grateful to the Arts Council of Northern Ireland who have consistently provided funding, including during the Covid-19 period, which has provided a solid foundation on which the 2022 programme could be developed with confidence. This in turn has supported the Orchestra’s success in receiving funding awards from other Trusts and Foundations.
| Major grants and sponsorship received this year were as follows: | £ | |
|---|---|---|
| Arts Council of Northern Ireland | 43,491 | |
| Andrew Lloyd Webber Foundation | 15,000 | |
| The D'Oyly Carte Charitable Trust | 3,500 | |
| Radcliffe Trust | 3,000 | |
| Lord and Lady Lurgan Trust | 2,000 | |
| Enkalon Foundation | 2,000 |
An award of £45,000 was made by the Garfield Weston Foundation in 2019, of which £15,000 was carried forward from 2021 to be used in 2022. This amount was fully utilised in the year.
A final instalment of £15,000, which was originally due to be received from the Andrew Lloyd Webber Foundation towards the 2020 programme, was received and fully utilised in 2022. We are grateful to this Foundation for their flexibility in the timing of this award.
The income from the Arts Council of Northern Ireland, the Garfield Weston Foundation and the Andrew Lloyd Webber Foundation is regarded as restricted and is separately shown on the Statement of Financial Activities. All other income and expenditure is regarded as unrestricted, with any surplus or deficit in the year brought to reserves.
The level of income during the year was significantly higher than in prior years, due principally to the resumption of awards being received, and members paying the normal level of fees for the full programme. However, this was more than offset by a significant increase in programming costs, as the full costs of the summer course and concerts were incurred.
The net outgoing resources for the year amounted to £28,958 (2021: £17,585 incoming) leaving a surplus in reserves at the year-end of £99,150 (2021: £128,108), £71,025 of which is unrestricted (2021: £75,629).
Reserves Policy
The directors’ policy is to ensure that sufficient unrestricted reserves are available to cover core administration, fund-raising and support costs, without which the charity could not function, and to provide for known future developments, liabilities and uncertainties. The level of reserves is reviewed on an ongoing basis.
Risk Assessment
The directors have assessed the major risks to which the Orchestra is exposed, and are satisfied that systems are in place to mitigate exposure to major risks.
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THE ULSTER YOUTH ORCHESTRA
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Directors
The directors who served during the year are listed below Mr A Boyd Mr D J Canmore Mr P McCrisken Mrs C J Wells Lady D E Trimble Mr D W Smyth Mr M McKavanagh Mr R Pollen Ms Ruth Millar Ms N Curran Mr S M Robinson
Auditor
Harbinson Mulholland have indicated their willingness to continue in office and a resolution concerning their reappointment will be proposed at the Annual General Meeting.
Disclosure of information to auditor
To the knowledge and belief of the directors, there is no relevant information that the company's auditors are not aware of, and the directors have taken all steps necessary to ensure the directors are aware of any relevant information, and to establish that the company's auditors are aware of the information.
The Directors' report was approved by the Board of Directors.
..............................
Mr S M Robinson
Secretary Dated: .........................
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THE ULSTER YOUTH ORCHESTRA
STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The directors, who also act as trustees for the charitable activities of The Ulster Youth Orchestra, are responsible for preparing the Directors' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the company 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 company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
..............................
Mr S M Robinson Secretary Dated: .........................
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THE ULSTER YOUTH ORCHESTRA
INDEPENDENT AUDITOR'S REPORT
TO THE DIRECTORS OF THE ULSTER YOUTH ORCHESTRA
Opinion
We have audited the financial statements of The Ulster Youth Orchestra (the ‘company’) for the year ended 30 September 2022 which comprise the statement of financial activities, the statement of financial position 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:
-
give a true and fair view of the state of the charitable company's affairs as at 30 September 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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 company 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.
Conclusions relating to going concern
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
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 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the Directors' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
-
5 -
THE ULSTER YOUTH ORCHESTRA
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF THE ULSTER YOUTH ORCHESTRA
Responsibilities of directors
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 company’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.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditors under section 65 of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
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THE ULSTER YOUTH ORCHESTRA
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF THE ULSTER YOUTH ORCHESTRA
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with directors and/or senior management, and from our commercial knowledge and experience of the sector;
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions;
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC and the company’s legal advisors;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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THE ULSTER YOUTH ORCHESTRA
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF THE ULSTER YOUTH ORCHESTRA
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Angela Craigan (Senior Statutory Auditor) for and on behalf of Harbinson Mulholland
.........................
Chartered Accountants Statutory Auditor
Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS
Harbinson Mulholland is eligible for appointment as auditor of the company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE ULSTER YOUTH ORCHESTRA
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income and endowments from: Donations and legacies 3 18,442 58,491 Charitable activities 4 44,461 - Investments 5 87 - Other income 6 3,150 - Total income 66,140 58,491 Expenditure on: Expenditure on charitable activities 7 70,744 82,845 Net (expenditure)/income for the year/ Net movement in funds (4,604) (24,354) Fund balances at 1 October 2021 75,629 52,479 Fund balances at 30 September 2022 71,025 28,125 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 76,933 4,175 76,792 44,461 8,923 - 87 11 - 3,150 1,998 - 124,631 15,107 76,792 153,589 6,687 67,627 (28,958) 8,420 9,165 128,108 67,209 43,314 99,150 75,629 52,479 |
Total 2021 £ 80,967 8,923 11 1,998 |
|---|---|---|
| 91,899 | ||
| 74,314 | ||
| 17,585 110,523 |
||
| 128,108 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE ULSTER YOUTH ORCHESTRA
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
| Notes Fixed assets Tangible assets 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets Income funds Restricted funds 17 Unrestricted funds Designated funds 18 General unrestricted funds |
2022 £ 125,880 (54,395) 65,000 6,025 |
£ 27,665 71,485 99,150 - 99,150 28,125 71,025 99,150 |
2021 £ 98,207 (8,299) 65,000 10,629 |
£ 38,783 89,908 128,691 (583) 128,108 52,479 75,629 128,108 |
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2022, although an audit has been carried out under section 65 of the Charities Act (NI) 2008 .
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Directors on .........................
..............................
Mr M McKavanagh Director
Company Registration No. NI051710
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THE ULSTER YOUTH ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
1 Accounting policies
1.1 Accounting convention
The accounts have been prepared in accordance with the 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)” (as amended for accounting periods commencing from 1 January 2016). The Ulster Youth company is a Public Benefit Entity as defined by FRS 102.
The company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts are prepared in sterling, which is the functional currency of the company. 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.
1.2 Going concern
The charity reported net expenditure of £28,958 for the year, of which £4,604 related to unrestricted funds. At the year end the charity held unrestricted funds of £71,025. The directors have prepared projections and, having considered the circumstances outlined above, are of the view that they have secured sufficient funding to ensure that the company can continue to trade for the next 12 months. For this reason they continue to adopt the going concern basis in preparing the financial statements.
1.3 Charitable funds
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 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the company.
1.4 Income
Income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Grants and donations are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred.
Grants and donations which have been restricted for use by the donor or which relate to capital expenditure are treated as restricted income and are credited to the Statement of Financial Activities when they are receivable and when any performance conditions attached to the grant or donation have been met.
Legacies are recognised on receipt or otherwise if the Ulster Youth company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Income from charitable activities includes all incoming resources generated from audition fees, course fees, performances of the orchestra and other sundry items arising from the charitable activities of the organisation. All income is recognised in full in the Statement of Financial Activities when receivable.
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THE ULSTER YOUTH ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
1 Accounting policies
(Continued)
Income from other trading activates includes all incoming resources from the sale of Ulster Youth Orchestra branded hoodies and t-shirts. All income is recognised in full in the Statement of Financial Activities when receivable.
Investment income is recognised when received and is allocated to the appropriate fund.
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
This comprises all resources applied by the charity when working to meet its charitable objectives. This includes support costs allocated to activities on the basis of time spent on those activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include the costs of maintaining the office.
Governance costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
1.6 Tangible fixed assets
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:
Fixtures and fittings 20% straight line
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.
1.7 Impairment of fixed assets
At each reporting end date, the company 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).
1.8 Cash and cash equivalents
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.
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THE ULSTER YOUTH ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
1 Accounting policies
(Continued)
Basic financial assets
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
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the company’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.
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THE ULSTER YOUTH ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
3 Donations and legacies
| Unrestricted Restricted funds funds 2022 2022 £ £ Donations and gifts 5,342 - Grants receivable 13,100 58,491 18,442 58,491 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 5,342 2,675 - 71,591 1,500 76,792 76,933 4,175 76,792 |
Total 2021 £ 2,675 78,292 |
|---|---|---|
| 80,967 |
4 Charitable activities
| Box office income Members' fees |
2022 £ 5,137 39,324 44,461 |
2021 £ - 8,923 |
|---|---|---|
| 8,923 |
All income from charitable activities is unrestricted in 2022 & 2021.
5 Investments
| Interest recievable All investment income is unrestricted in 2022 & 2021. Other income Other income All Other income is unrestricted in 2022 & 2021. |
2022 £ 87 2022 £ 3,150 |
2021 £ 11 |
|---|---|---|
| 2021 £ 1,998 |
||
6 Other income
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THE ULSTER YOUTH ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
7 Expenditure on charitable activities
| Depreciation and impairment Direct costs and overheads Share of support costs (see note 8) Share of governance costs (see note 8) Analysis by fund Unrestricted funds Restricted funds Support costs Staff costs Office overheads Audit fees Analysed between Charitable activities |
Support costs Governance costs £ £ 31,392 - 2,577 - - 1,920 33,969 1,920 33,969 1,920 |
2022 £ 11,118 106,582 117,700 33,969 1,920 153,589 70,744 82,845 153,589 2022 £ 31,392 2,577 1,920 35,889 35,889 |
2021 £ 11,118 29,097 |
|---|---|---|---|
| 40,215 32,159 1,940 |
|||
| 74,314 | |||
| 6,687 67,627 |
|||
| 74,314 | |||
| 2021 £ 29,826 2,333 1,940 |
|||
| 34,099 | |||
| 34,099 |
8 Support costs
Governance costs includes payments to the auditors of £1,920 (2021- £1,940) for audit fees.
9 Directors
None of the directors (or any persons connected with them) received any remuneration or benefits from the company during the year.
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THE ULSTER YOUTH ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
10 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| 2 | 2 | |
| Employment costs | 2022 | 2021 |
| £ | £ | |
| Wages and salaries | 29,376 | 28,260 |
| Other pension costs | 2,016 | 1,566 |
| 31,392 | 29,826 |
The total amount of employee benefits received by key management personnel in the period was £31,392 (2021- £29,826). The charity considers its key management personnel to be the Orchestra Manager and the Administrative Assistant.
There were no employees whose annual remuneration was more than £60,000.
11 Tangible fixed assets
| 11 | Tangible fixed assets | ||
|---|---|---|---|
| Fixtures | and fittings | ||
| £ | |||
| Cost | |||
| At 1 October 2021 | 55,588 | ||
| At 30 September 2022 | 55,588 | ||
| Depreciation and impairment | |||
| At 1 October 2021 | 16,805 | ||
| Depreciation charged in the year | 11,118 | ||
| At 30 September 2022 | 27,923 | ||
| Carrying amount | |||
| At 30 September 2022 | 27,665 | ||
| At 30 September 2021 | 38,783 | ||
| 12 | Financial instruments | 2022 | 2021 |
| £ | £ | ||
| Carrying amount of financial liabilities | |||
| Measured at amortised cost | 53,812 | 7,715 |
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THE ULSTER YOUTH ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
| 13 Creditors: amounts falling due within one year Notes Government grants 15 Accruals and deferred income 14 Creditors: amounts falling due after more than one year Notes Government grants 15 15 Government grants Deferred income is included in the financial statements as follows: Deferred income is included within: Current liabilities Non-current liabilities Movements in the year: Deferred income at 1 October 2021 Released from previous periods Deferred income at 30 September 2022 |
2022 £ 583 53,812 54,395 2022 £ - 2022 £ 583 - 583 1,167 (584) 583 |
2021 £ 584 7,715 8,299 2021 £ 583 2021 £ 584 583 1,167 1,751 (584) 1,167 |
|---|---|---|
16 Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution scheme. The pension cost and charge represents contributions payable by the company to the fund amounted to £2,016 (2021- £1,566). At 30 September 2022 £Nil contributions were payable to the fund (2021- £Nil).
The charge to profit or loss in respect of defined contribution schemes was £2,016 (2021 - £1,566).
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THE ULSTER YOUTH ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
17 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | |||
|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | |
| 1 October 2021 | resources | expended | 30 September | |
| 2022 | ||||
| £ | £ | £ | £ | |
| ACNI | - | 43,491 | (43,491) | - |
| ACNI Capital | 34,279 | - | (8,554) | 25,725 |
| Garfield Weston | 15,000 | - | (15,000) | - |
| Ulster Garden Villages | 3,200 | - | (800) | 2,400 |
| Andrew Lloyd Webber Foundation | - | 15,000 | (15,000) | - |
| 52,479 | 58,491 | (82,845) | 28,125 |
The ACNI fund represents grants received from the Arts Council of Northern Ireland towards core and programming costs of the Orchestra
The ACNI Capital fund represents a grant received from the Arts Council of Northern Ireland towards the purchase of musical instruments for the Orchestra.
A 3 year award of £45,000 was received from the Garfield Weston Foundation in 2019. £15,000 of this was carried forward from 2021, and fully utilised in the 2022 year.
The Ulster Garden Villages award represents a grant received towards the purchase of musical instruments for the Orchestra.
£15,000 was received from the Andrew Lloyd Webber foundation, representing the final payment under a 3 year award of £45,000. This was fully utilised in the 2022 year.
18 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement | ||||
|---|---|---|---|---|
| in funds | ||||
| Balance at | Incoming | Balance at | ||
| 1 | October 2021 | resources | 30 September | |
| 2022 | ||||
| £ | £ | £ | ||
| Cash flow reserve | 65,000 | - | 65,000 | |
| 65,000 | - | 65,000 |
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THE ULSTER YOUTH ORCHESTRA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
| 19 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 30 September 2022 are represented by: Tangible assets 2,935 24,730 Current assets/(liabilities) 68,090 3,395 Long term liabilities - - 71,025 28,125 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 27,665 4,699 34,084 71,485 71,513 18,395 - (583) - 99,150 75,629 52,479 |
Total 2021 £ 38,783 89,908 (583) 128,108 |
|---|---|---|
20 Financial commitments, guarantees and contingent liabilities
At the reporting end date the company had total outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: Within one year £1,320 (2021- £1,320), within two to five years £228 (2021- £228).
21 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
22 Company status
The Ulster Youth Orchestra is a company limited by guarantee and the liability of the members is limited to a maximum of £1 for each member.
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