Charity registration number NIC101104 Company reglstratlon number N1051710 {Northern Ireland) THE ULSTER YOUTH ORCHESTRA ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
THE ULSTER YOUTH ORCHESTRA LEGALAND ADMINISTRATIVE INFORMATION Dlrectors MrA 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 Socretsry Mr S M RobSnson Charfty number NIC101104 Company number N1051710 Reglstered offlc• Cathedr81 Quarter Managed IOIOTk8pace 1091113 Royal Avenue Belfast Co. Antrim BT11FF Audltor Harbinson Mulholland Centrepoint 24 Omieau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS Bankers Ulster Bank 91193 University Road Belfast BT71NB Sollcltors Elliott Duffy Garrett CIO Elliott Duffy Garrett 40 Linenhall Street Belfast BT2 8BA
THE ULSTER YOUTH ORCHESTRA CONTENTS Page Directors, report Statement of Directors, responslbllltles Independ•nt audltovs report statement of financial activities 10 Statement of financial position 11 Notes to the flnanclal statements 12-21
THE ULSTER YOUTH ORCHESTRA DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The directors present their annual report and financial statements for the year ended 30 September 2023. 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 properfy convened company meeting up to the maximum permitted in ihe company's Memorandum and Articles of Associats'on. Objectlveg and actlvltles The company exists to give young people from across Northem Ireland the very best quality music tuition as well as the opportunity to perform wlth 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 concert performances with additional activities during the year. The directors have pald due regard to guldance issued by the Charity Commission in deciding what activities the company should undertake. Achlevements and performance During the period, the Ulster Youth Orchestra celebrated its 30th Anniversary. The celebrations came to crescendo at the National Concert Hall in Dublin and the Ulster Hall in Belfast in August 2023 with perfomances from acclaimed pisnlsts Barry Douglas and Michael McHale, a new commisslon by Greg Caffrey and a highly commended BBC Radio Ulster broadcast. The year began with the applicats'on process for the 2023 orchestra and there was a 44% applicant increase on the previous year, bringing the numbers back to pre-covid levels. Auditions were held both online and in person at Queen's University Belfast Music Department in December 2022. A total of 18 local professional musicians made up the 9 panels who auditioned 140 young people. The annual Play-in Day event was held on 19th February in the Harty Room at Queen's University, Belfast. Play- in Day was developed to give all applicants a positive expen'ence post audition. 54 musicians enjoyed a day of rehearsals and a short pertormance of music by Strauss and Schubert, conducted by emerging Irish conductor, Karen Ni Bhroin. 2023 saw the Ulster Youth Orchestra collaborate for the first time with Northem Ireland Opera who Invited pl8yers to audition for its new commission Nobodylsomebody - a teenlyoung adult opera premiere composed by Neil Martin and written by playwright Fionnuala Kennedy. Matthew Quinn conducted the opera in 5 performances at the Elmwood Hall in Belfast from 3rd to 5th March. UYO'S partnership with the Hard Rain Soloist Ensemblg continued in April with a workshop and concert at the Sonic Arts Research Centre at Queen's University, Belfast. The partnership with the Ulster Orchestra also continues. with the Professional Experience Scheme. During the year, the UYO String Quartet and Brass Quintet played at a variety of events, including the graduation ceremonies at Greenmount Agricultural College in Antrim, the Belfast Lieutenancy Dinner to mark the passing of HRH Queen Elizabeth at Grand Central Hotel, Belfast and as part of the Christma5 celebrations at Rushmere Shopping Centre in Craigavon. A particularly notable engagement this year was the perfonnance of the String Quartet at Hillsborough Castle at the Gala Dinner to mark the 25th anniversary of the Good Friday Agreement. The main activity during the year was the 30th Anniversary Summer Residential Course and Concerts. The ten- day course began on 3rd August with rehearsal conductor Daniel Hogan and a team of 11 highly respected and experienced professional tutors leading the orchestra through a mixture of sectional and tutti rehearsals
THE ULSTER YOUTH ORCHESTRA DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 After the first five days of intense leaming, the tLrtors and Daniel departed and Venezuelan-bom American conductor Ilyich Rivas, the performance conductor, arrived. Rivas enjoys a remarkable career with concerts all over the world and was a perfect choice for this repertoire. The programme opened with a new work by Northern Irish composer Greg Cafftey. Specially commissioned by UYO for its 30th anniversary and funded by the Arts Council of Northern Ireland, 'Fanfare and Overture." In CeleblI0n and antlClP8tion of peace, local and universal, is dedicated to the young UYO players and celebrates the hope, optimism and potential for a new generation for whom latiVe peace can be assumed and enjoyed following the signing of the Good Friday Agreement. Jolning the Ulster Youth Orchestra In thls special year were of its highly acclaimed patrons, planists Bary Douglas and Michael McHale. Barry Douglas performed Tchaikovsky's majestic Piano Concerto No.1 In the first half and in the second half, Michael McHale played Gershwin's Piano Concerto in F. Barry Douglas has established a major international career since winning the Gold Medal at the 1986 Tchaikovsky International Piano Competition, Moscow. Michael McHale has also established himself as one of Ireland's leading pianists and has developed a busy intemational career as a solo recitalist, concerto soloist and chamber musician. Michael credits Barry as one of his great influences and mentors, and for the two to share a stage in one concert was a rare and VnderfUl opportunlty for audiences and the orchestra alike. The grand finale to our programme wa8 the thrilling and ever-popular West Side Story: Symphonic Dances by Bernstein, which brought the evenings to a dazzling close. The first concert was on 1 Oth August at the National Concert Hall in Dublin, where the orchestra enjoyed a standing ovation. The finale was a sold-out concert on 12th August at the Ulster Hall in Belfast. BBC Radio Ulster recorded the concert for broadcast on its flagship classical music show, Classical Connections, and the producer commented, °il was oulstanding- everyone's perfonnance was at such 8 high st8nd8rd, 8nd given the pieces perfom?ed were technic8lly difficult, I was hugely impressed by the musici8nship on disp18y.° This year's course and concerts were a wonderful end to our 30th year and the success can be attributed to many different factors; Ihe choice of repertoire, the choice of conductor and instrumental tutors, the welfare team and staff, and most importantly, the enthusiasm and hard work that the young people demonstrated.
THE ULSTER YOUTH ORCHESTRA DIRECTORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Flnanclal 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 oflhe 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 providad a solid foundation on which the 2022 programm8 could be developed with confidence. This in turn has supported the Orchestra's success in receiving funding awards from olher Trusts and Foundations. Major grants and sponsorship received this year were as follows.. Arts Council of Northern Ireland Garfield Weston Foundation The Foyle Foundation Belfast City Council Nl Opera Radcliffe Trust Enkalon Foundation 57,032 20,000 20,000 8,000 6,000 3,000 2,000 The Income from the Arts Councll of Northem Ireland, the Garfield Weston Foundatlon, the Foyle Foundation. Belfast City Council and Nl Opera 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 resep4e8. The level of income during the year was significantly higher than in prior years, due principally to the r8ceipl of the Garfield Weston and Foyle Foundation awards, together with a higher contribution from member fees. This was offset by higher programming costs, as the orchestra continued to move away from online activity and towards full resumption of in-person activities. The net outgoing resources for the year amounted to £1,252 (2022.. £28,958 incoming) leavlng a surplus in reserves at the year-end of £97,898 {2022.' £99,150), £76.926 ofwhich is unrestricted (2022: £71,025). Reserves Pollcy The directors, policy is to ensure that sufficient unrestricted reserves are available to cover core admlnistratlon, fund-raising and support costs, without which the charity could not function, and to provide for known future developments, liabilities and uncertaintles. The level of reseNes is reviewed on an ongoing basis. Rlsk Assessment The directors have assessed the major risks to which the Orchestra is exposed, and are satisfled that systems are in place to mitigate exposure to malor risks. Dlrectors The directors who served during the year are listed below MrA 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
THE ULSTER YOUTH ORCHESTRA DIRECTORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Audltor Harbinson Mulholland have indicated their willingness to contlnue in office and a resolution concerning their re- appointment will be proposed at the Annual General Meeting. Dlsclosure of informatlon to audltor To the know18dge and belief of the dlrectors, 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 Informats'on, and to establish that the company's auditors are aware of the information. The Dlr8¢tors' report was approved by the Board of Directors. Mr S M Roblnson Secretary Dated: 29 April 2024
THE ULSTER YOUTH ORCHESTRA STATEMENT OF DIRECTORS, RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 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 financlal 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 requlred to: select suitable accounting policies and then apply them consistently., obseple the methods and princlples in the Charltles SORP,, make Judgements and estimates that are reasonable and prudent., - state Ythether applicable UKAccounting Standards have been foll0vd, sublect to any material departures disclosed and explained in the accounts,. and prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will contlnue in operation. The directors are responsible for keeping adequate accounting records that dlsclose 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 Roblnson Secretary Dated.. 29 Aprll 2024
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 2023 which comprise the ststement of financial activities, the ststement 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 applicable18w and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin8nci81 Reporting Stand8rd applicable in the UK and Republ 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 2023 and of its Incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared In accordance wlth the requirements of the Companles Act 2006. Ba31s for oplnlon We conducted our audit In accordance vrfith Internatlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditors responsibilities for the audit of tho financial slatements 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 responsibilitles in accordance with these requirements. We believe that the audit evidence have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Directors, use of the going concern basis 01 accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, VR have not identified any material uncertaintles 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 e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sectlons of th18 report. other Infomiatlon The other information comprises the information included in the annual report othér than the financlal 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 identtfy such material inconsistencies or apparent material misstatements, we are reqUId 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 infonnation, are required to report that fact. Vts have nothing to report in this regard. Matters on whlch 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 infomation given in the financial statements is inconsistent in any material respect with the Directors, report., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records. or we have not received all the infomiation and explanations we require for our audit.
THE ULSTER YOUTH ORCHESTRA INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF THE ULSTER YOUTH ORCHESTRA Responsibilities of dlrectors 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 concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitsble company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllitles for the audlt of the financlal 8tatements le 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. Reason8ble assurance is 8 high level of assurance but is not a guarantee that an audit conducted in accordance wlth 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.
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: the 8ngagement partner ensured that the engagement team collectively had the appropriate competen, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations-, we identified the laws and regulations applicable to the company through discussions with directors andlor 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 2008, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal Corresponden,. and identified laws and regulations were communicated within the audit taam 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 misstat8ment, including obtaining an understanding of how fraud might occur, by.. maklng enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls In place to mitigate risks of fraud and non-compllance with laws and regulations., To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates set out In Note 2 were indicatlV8 of potential bias; and Investigated the rationale behind significant or unusual transactlons., In response to the risk of Irregularitles and non-compliance with laws and rsgulatlons, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential litigation and claims., and 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 idents'fy non-compliance with laws and regulations to enquiry of the directors and other management and th8 inspection of regulatory and legal correspondence, rf 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.'Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
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 Cralgan (Senlor Statutory uditor) for and on behalf of Harblnson Mulholland Chartered Accountants Statutory Audltor Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS Harbinson Mulholl8nd is eligible for appointment as auditor of the company by virtu8 of Its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
THE ULSTER YOUTH ORCHESTRA STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestricted Restrlcted funds funds 2022 2022 Total 2023 2022 Not88 Income and endowments from: Donations and legacies Charitable activities Investments Other Income 23,597 57,510 1,205 2,974 111,032 134,629 57,510 1,205 2,974 18,442 44,481 87 3,150 58,491 76,933 44,461 87 3,150 Total Income 85,286 111,032 196,318 66,140 58,491 124,631 Charitable actlvltles 79,385 118,185 197,570 70,744 82,845 153,589 Net Incomel(expendlturel and movement In funds 5,901 (7,153) (1,252) (4,8041 (24,354) (28,958) Reconclllatlon of funds: Fund balances at 1 October 2022 71,025 28,125 99,150 75,629 52,479 128,108 Fund balances at 30 September 2023 76,926 20,972 97,898 71,025 28,125 99,150 The statement of financlal activities includes all gains and losses recognised In the year. All income and expenditure derive from contlnuing activities. 10-
THE ULSTER YOUTH ORCHESTRA STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2023 2023 2022 Notes Flxed assets Tangible assets Current assets Debtors Cash at bank and in hand 11 20,659 27,885 13 4,010 80,141 125,880 84,151 125,880 Credltors: amounts falllng due wlthln one year 14 (6,912) (54,395) Net current assets 77,239 71,485 Total assets le88 current Ilabllltl88 97,898 99,150 Income funds Restricted funds Unrestricted fund8 Designated funds General unrestricted funds 17 20,972 28,125 85,000 11,926 65,000 6,025 76,926 71,025 97,898 99,150 The company is entitled to the exemptlon from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September2023, although an audit has been carried out under section 85 ofthe Charities Act (Nl) 2008 . The directors acknowledge their responsibilities for complylng wlth the requlrements of the Companies Act 2006 vAth respect to accountlng records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requlrements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statemgnt5 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 29 April 2024 Mr M McKavanagh Dlrector Company Reglstratlon No. N1051710 11
THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies 1.1 Accountlng conventlon 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 2018). The Ulster Youth company is a Public Benefit Entity as defined by FRS 102. The company hastaken advantage of the provlslons in the SORPforcharities 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 fin8n¢ial stalements are rounded to the nearest £. The financlal statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern The charity reported net expendlture of £1,252 for the year, of which £3,864 net income related to unrestricted funds. At th8 year end the charity held unrestricted funds of £74,889. 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 forthe next 12 months. For this reason they continue to adopt the going concern basis in preparing the financial statements. 1.3 Charftable 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 or grantors a8 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 capltal must be maintained by the company. 1.4 Income Income is recognised when the company Is legally entltled to it after any performance condltlons 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 specifjed future period, in which case they are deferred. Gr8nts 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 r8ceivable 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 Orchestra has been notified of an impending distribution, the amount is known, and r8ceipt 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. 12-
THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accountlng pollcles (Contlnued) 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 Statemenl 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 18 a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of econom1¢ benefit$ wlll bo requlred in settlgment, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each 8Ctivlty are made up ofthe totsl 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 contn'bute 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 tlme spent, and depreciation charges are allocated on the portion of the asset's use. This comprises all resource8 applied by the charty when working to meet it8 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 constituts'onal 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 Tanglble flxed assets Tangible fixed assets are initially meesured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to wrlte off the cost or valuatlon of assets less their residual values over their useful lives on the following bases: Fixtures and fittings 20Oh 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 Impalmient of flxed assets At each reporting end date, the company reviews the carrying amounts of its tanglble assets to determine whetherthere is any indication that those assets have suffered an impairment loss. Ifany such indication exists, th8 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 a shown within borrowings in current liabilities. 13-
THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accountlng pollcles (Contlnued) 1.9 Flnanclal Instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial asset5 and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc flnancial assets Basic financial assets, which include debtors and Cash and bank balances, are Inltlally 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 receipls discounted at a market rate of interest. Flnanclal assets classified as receivable within one year are not amortised. Basic flnanclal Ilabilities Basic financial Ilabilities, including creditors and bank loans are initially recognised at transaclion 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 sepiices that have been acquired in the ordinary course ot 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. Derecognltlon of flnanclal Ilabilities Financial liabilities are derecognised when the company's contractual obligations expire or are dlscharged or cancelled. 1.10 Employee beneflts The cost of any unused hollday entitlement is recognised in the period in which the employee's servlces are received. Temiination benefits are recognlsed Immedlately as an expense when the company is demonslrably committed to temiinate the employment of an employee or to provide termination benefits. 1.11 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 14-
THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Crltlcal 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. Incom• from donatlon8 and legacle8 Unre8trlcted Restrlcted funds funds 2023 2023 Totsl Unrestrleted Rostrlcted funds funds 2022 2022 Total 2023 2022 Donatlons and glfts Grants receivable 14,837 8,760 14,837 119,792 5,342 13,100 5,342 71,591 111,032 58,491 23,597 111,032 134,629 18,442 58,491 78,933 Charltable actlvltl08 2023 2022 Box office income Members, fees 9,308 48,202 5,137 39,324 57,510 44,461 All income from charitable activities is unrestricted in 2023 & 2022. Investments 2023 2022 Interest reclevable 1,205 87 All investment income is unrestricted in 2023 & 2022. 15-
THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 other Income 2023 2022 Other income 2,974 3,150 All Other income is unrestricted In 2023 & 2022. Expondlture on charltable actlvltle8 2023 2022 Depreciation and impairment Direct costs and overheads 12,146 144,104 11,118 106,582 156,250 117,700 Share of 8UPPOrt costs (see note 8) Share of governance costs (see note 8) 39,220 2,100 33.969 1,920 197,570 153.589 Analy818 by fund Unrestrlcted funds Restricted funds 79,385 118,185 70,744 82,845 197,570 153,589 Support costs Support Governance costs osts 2023 2022 Staff costs Office overheads 34,171 5,049 34,171 5,049 31,392 2,577 Audit fees 2,100 2,100 1,920 39,220 2,100 41,320 35,889 An81y8ed between Charitable activities 39,220 2,100 41,320 35,889 Govemance costs includes payments to the auditors of £2,100 (2022- £1.920) for audit fees. 16-
THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Dlrectors None of the director8 (or any persons connected wlth them) received any remuneration or benefits from the company during the year. 10 Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries Other pension costs 32,540 1,631 29,376 2,016 34,171 31,392 The total amount of employee benefits received by key management personnel in the period was £34,171 (2022- £31,392). The charity considers its key management personnel to be the Orchestra Manager and the Administrative Assistant. There were no employees whose annual remuneratlon was more than £60,000. Remun•ratlon of key managemont personnel The remuneration of key management personnel is as follows, 17-
THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 11 Tanglble fixed assets FlxtureG and flttlngs Cost At 1 October 2022 Additions 55,588 5,139 At 30 September 2023 60,727 Depreclatlon and Impalrnient At 1 October 2022 Depreciation charged In the year 27,922 12,146 At 30 September 2023 40,068 Carrylng amount At 30 September 2023 20,659 At 30 September 2022 27,665 12 Flnanclal Instruments 2023 2022 Carrylng amount of financlal Ilabllltles Measured at amortised cost 6,912 53,812 13 Debtors 2023 2022 Amounts falllng due wlthln one year: other debtors 4,010 14 Credltor8: amounts falllng dua wlthln one year 2023 2022 Notes Government grants Accruals and deferred income 583 53,812 8,912 6,912 54,395 18-
THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 16 Government grants Other deferred income D8ferred income is included in the financial statements as follovts.. 2023 2022 Deferred income Is Included within., Current liabilits'es 583 Movements In the year.. Deferred income at 1 October 2022 Released from prevlous perlods 583 (583) 1,167 (584) Deferred income at 30 September 2023 583 16 Retlrement benaflt schemes Defined contrlbutlon Schemes The company operates a defined contribution scheme. The pension cost and charge represents contributions payable by the company to the fund amounted to £1,631 12022- £2,016 ). At 30 September 2023 £Nil contributions were payable to the fund (2022- £Nil). The charge to profit or loss in respect of defined contribution schemes was £1,631 (2022 - £2,018). 19-
THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 17 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movement In funds In¢orning Resources Balance at rnsource8 expended 30 September 2023 Balance at 1 October 2022 ACNI ACNI Capital Garfield Weston Ulster Garden Villages The Foyle Foundation Nl Opera Belfast City Councll 51,733 5,299 20,000 (51,733) (11,652) {20,000) 1800) (20,000) 16,000) 18,000) 25,725 19,372 2.400 1,600 20,000 6.000 8,000 28,125 111,032 (118,185) 20,972 The ACNI, Garfield Vveston, Foyle Foundatlon, Nl Opera and Belfast City Council funds represent grants received towards core and programming costs of the Orchestra. The ACNI Capital fund represents grants received from the Arts Council of Northern Ireland tOW8rds the purcha8e of musical instruments for the Orchestra. The Ulster Garden Villages award represents a grant received towards the purchase of musical instruments for the Orchestra. 18 Deslgnated funds The unrestrlcted funds of the charity comprise the unexpended balances of donatlons and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designat•d funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Movement In funds Incomlng Balance at resources 30 SeptombBr 2023 Balan¢9 at 1 October 2022 Cash flow reserve 65,000 65,000 65,000 65,000 -20-
THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 19 Analysls of net assets between funds Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Fund balances at 30 September 2023 are represented by., Tangible assets Current assetsl{liabilities) 20,659 313 20,659 77,239 2,935 68,090 24,730 3,395 27,865 71,485 76,926 76,926 20,972 97,898 71,025 28.125 99,150 20 Flnanclal commltments, guarants08 and contlngent Ilabllftles 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.. Vl4Trthin one year £1,320 (2022- £1,320), within o to five years £228 {2022- £228). 21 Relatsd party transactlons There were no disclosable related party transaction8 during the year (2022 - none). 21