Chatity registration nuwnber NIC1O1104 (Northein Ireland) Company reglstratlon nurnber N1051710 THE ULSTER YOUTH ORCHESTRA ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 THE ULSTER YOUTH ORCHESTRA LEGAL AND ADMINISTRATIVE INFORMATION Dlractors MrA eoyd Mr D J Canrnore Mr P ￿lOCriSken Mrs C J Wells Lady D E Trimble Mr D W Smylh Mr M McKavanagh Mr R Poll£n Ms R Millar Ms N Curran Mr S Nl Robinson Secretary Mr S M Roblnson Charlty number INorth•rn Ireland) NIC101104 Company numbgr N1051T10 R•glst•r•d offl D6 Colvin House, Inspire Business Park Carrovdrèaoh Rd BeK8SI BT161QT Audltor HarbirLgon Mulhollanij fjlh Floor East Tower Lanyon Plaza 8 Lanyon Place 88llasi Co. Anlrim BTI 3LP Bankers Ulster Bank g1193 University Road Bellasl BT71NB Sollcltors Elliott Duffy Garrett CIO Elliott Duffy Gt)rrert 40 Linenhall Slreel BeKasl BT2 88A THE ULSTER YOUTH ORCHESTRA CONTENTS Page DiieGtor5' report Statemènt of DI[e￿Or> r8sponslbllltles Indèpandent 8udllor's report Statement ol financial activities 1( Slalemenl of flnanclal posllon Notes to the financial statements 12-20 THE ULSTER YOUTH ORCHESTRA DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Th8 dir8Ctors pr858nt their annual report and financial slat8m8n15 far Ihe y8ar ended 30 S8pletnb8r 2024. The 8¢ctsunls have been prep8reé in ￿￿Ordenee wilh the 8¢¢ounting policies set out in note 1 to the 8¢countS and comply with the cornpany's Memorandurn and Artscles of Association, Companies Act 2006 and -Accounbng and Reptsrting by Charilies. Slatetnent of Recomfflended Practi￿ applicable to chaiitie5 preparing their accounts in accordance with th& Financial Reporting Standard applicable the UK and R8public ol Ireland IFRS 1021. las amended for accounting periods commencing frDm 1 January 20161 Structure, Governance and Management The Ulster Youth Orchestra Llmlled w8s Incorporated on 20 Seplembor 2004. Thero ar6 818ven dlrgctors ol Ihg Company and New directors can b8 appointed al a prop8rly conv8n8d company meeting up to the rnaximurn pwmilled in Ihg company's Idemorandurn and Articles of Association. Oblèctlvès and actlvbtlès Thc company exists lo give young people from across Northern Ireland the very best quality music tuition as ivell as the opportunity lo parform wilh tha world's leading musicians and conductors. 11 ¢Joas this through thè provision of an annual residential Goursg con5151ing of w)rkshops and tutorials endlng with two Goncert PerfOr￿anceS wlth additional aGlivilies uring the year. The directors have poid due regard to guidan¢e issued by the Chority Commission in deciding what activities the eompeny should underiaka. Achiav•m•nts and p•rfomianco Uclotser Iraditsonally sees the opening ol the application pr￿esS for the following sumrn8r and thanks lo the success of the 2023 CCMJrse, applications lor 202412091 were higher than they have been in many previous years, with 74 out of the Q6 membgr8 01 th$ 2023 orchestra r8-applylng In 2024. An Audition Help SessK)n w95 held over Zoom on 6th December 2023. Four audition parEllists and two members of UYO slaff deliverod a 60-minuto talk and Q&A session on how Ihe audition pio¢ess work&d, how to preparo for an audilion and vihal to expect on the day. A recording of the session was made available lo those who were unable lo attend liv8. 170 live audi110￿ were then held on 161h. 17th and 18th December 2023 with the fi'rst day hdd at Strabane Acaderny and the subsequ8nl Iwo days al QU8 Music Deparlrnanl, 8ellasL In Jonuary 2024, 0 chamber group of 18 VYO mgmbgrs performed lo grgat occlaim at the Arts 8 8u$ino$s Nl Annual Aw8rdy Ceretnony al Ihe Lyric Theatre, 8ellasl, conduclgd by UYO alumnus Paul Mccuskei. The event opened wilh a medley from West Side Story followed by 2 pieces by ex UYO leader and emerging composer Sam Kane., 'Sunflower' inlerpreled by dancer Clara Kerr and 'Lost in the Stratosphere, aocompanied poet Mo5ira Donaldson and her be8iJliful poern 'Losl Irorn the Lu￿inouS City. about the starling murrnurations over lh8 Albert 8ridge in 891ts81. The annual Play-in Day event was held al Queens Unniersily, Beifasl in February 2024. Play-in Day was developed to give all applicants a positive experience post audilitsn. 6D musicians enjoyed 8 day of rehear881s and a short performance ol music by Tchaikovsky and Wagner. directed by the highly sought aller Belfast bom conductor Matthew Quinn, and prolesslonal h8rplsl and Conductor Tanya HoLJghlon wholgd woodwlnd, bra9s and harp In a sectlonal. On 28th March, a workshop led by facililator Jonathan Sirnmance from the Ulster Orohestra inlrthuced the Stringtime Prolecl lo g young string players. ThSs prolgcl, lundel by the Arts Councll ol Northern Irel8nd's Arts & Ol¢er People Prograrnme was originally planned for 2020 and was subsequently postponed due lo the pandemic. The aim of ihe project is to deliver a short programme ol string quarlet music to encourage participation by the older people Ihrough movement, singing, ¢lapping or dancing. Jonath8n 0qLJipp￿ tha players with outrèach workshtsp skills, gnhan¢ing social ¢onlidèn¢o and boosting career d￿elOpment. The players visited Older People Northwesl (Age Concern) on 3 occasions in June and July 2024 ￿hen Jonalhan's workshop skills were pul Inio practi￿. The final slage of this project was UYO'S invitation to tho clients to allend the Guildhall concert on 161h August 2024. 24 peopl8 from tha day Centre came along and as part of the project, we offered Iree travel, an ir)vilation to the VIP reception, free tickets and tree programtne5. THE ULSTER YOUTH ORCHESTRA DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEAIBER 2024 UYO'S partn8rship with the Hard Rain Soloi51 Ensemble continued in April with a workshop and conc8rt al Harty Roorn at Queen'5 University. Bdfasl. This year's sessk)ns were by Paul Hoskins from the Purcell School and the young players wer8 introduced to G80rge Lewis Arcade, and thg iconic 'ln C, by Terry Riley. This was pr?¢edod by a talk from Paul Hoskin5 on th8 lopic'Audition Skn'lls.. UYO Alumni violinist Sam Kan8 and harp5st Rosia Muphy w•rg chosan as tha nèxt Fgaturod Young Artists, a mantorship scherne delwered by Ihp conternporary music en5erllble, exclusive lo UYO. Th8 Partngrship with th8 Ulsl8r Orch8slra also conb'nu84 with lh8 Prof8ssional Experi8nc8 Scheme. UYO'S main acb'vily, the ten-day annu81 residential course, began ai Greenmounl Agricultur81 College. Anlrim on Thursday 8ttri August with young Cuban assistant conductor César Eduardo Ran)os at the helm. Casar is one ol fftain conductor Jac van St88n's studènts from th8 National Master in Orchestral Conducting Coursè in thè Hague. At only 28, hè has alrèady sorvcd as assistant conductor of the Cuban National Symphony Orchestra and ha5 conducted at the Dutch National Opera and Ballet and the B81gian National Orch8stra. The flrsl day5 were a combbnation of s8cllonal and luttl rehearsals. Elev8n hlghly respected and experlenc8d prol8ssional tutors took tha various s8cts.ons of th& orch8Stra through their pac8S, c8ments.ng th8 rhylhms, articulalion, bowing5 and accidentals before the handover from assistant and tulor5 to rnain conductor Jac van Steen who brought the slylistic datalls to Iho for8 and polish8d thè orch85tra to p8rformancè Standard. Jac van Sle&n énjoys a busy car88r conducting somè ol Europé's liriest orchestras and Is currénly Honorary Principal Guest Conductor of the Ulgter Orchèstra Guest Conductor ol the Prague Symphony Orchestra. Hè has a genuine P8S5ion for leaching and coaching and in addition ID hi5 work a5 8 conductor, he 15 Profe550r of Conducting at the Royal Con8•Nalory of Mu$1¢ in Tho Hagu8, work$ in many of th• UK'$ fin•$l ¢on$•ryalolr•$ and ha$ r•c•nlly wachfjd both th• N3lional Youth Orcheslra of Scotland and the National Youth Orche51ra ol Walps. During th8 coursa Iharè wer8 2 concérts. 24 rahearsals, 8 w&lfar8lstud•nl m88ts'ngs, tLrtor talks, a contarnporary muslc particlpatory sassion led by profasslonal muslelans from thé Hard Rain Soloi4lEns&mblÉ, chambèr musle and Indlvldual les50n8 wlth the lulors, a sèsslon Inlroduclno vlollns to thè viola wlth the opportunlty to racoivé two vlolas on long tarm loan, slr8tching 58S510nS to warm up gvery tnoming and a conducting rna518rclas5 Wlth th# int8rnat￿na1IY acclaitned and hugely experlenced Jae van Sle8n. Two public ¢onctrrts were hald. one ai tha Guildhall in DerrylLondonderry on 16th Augu81 and the finalo al the Ulster Hall on Saturday 17th August 2024. The concerts W8re well altend8d and recaived, as r8poM8d by Alf K4cCr8ary in tha News Letter 0118 August 2024,. "One of the highlights of Ihe suTr7mer music se8son in Northern Ireland is the snnu81 concert by the Ulster Youth Orchestra, a￿d so it proved 8gain this year. Under the baton of J8G vsn SI￿￿, th& Honorary Principal Gu8sl Conduclor of Ihg Ulsler OrGheslra Lvho is always welconFe our midst. this young ensemble produced 3 slunnino all.round performan¢• in 8 wg11-fi11gd Ulster Flell on Salurdoy night. THE ULSTER YOUTH ORCHESTRA DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Flnanclal revlew The company relies on funding and sponsorship as w811 as personal donations lo 8n8bl8 us to undertake all our activities. We also wBh to aoknowledge th8 ongoing 8UPPOrt of members of th8 Orch8Stra and Ih8ir famili88 along with the invaluable viork done by our volunteers. Without the support both financial and in person the actiirities of the Or¢heslra viould be gieally curtsiled. We are particularly grateful lo the AMS Council of Northem Ireland who have consislenlly provided funding, which has prowided a solid foundation on which the lull artislic programme could be developed with confidence. This in lum has supported the Or¢heslro's su¢¢ess in receiving funding awards from other TrLJsls and Foundats'ons M8lor grants and spon$orshlp re¢elved Ihls y6ar were as follows,, Arts Council of Northern Ireland 57,727 Garfield Weston Foundation 15,000 Tho D'oyly Catyg Foundotlon 3,500 Radcliffe Trust 2,500 Enkalon Foundation 2,000 The income frorn the Council of Norlhem Ireland, ltrie Garfield Weston Faundats'on, the Foyle Founcjation, Belfast City Council 8nd Nl Opar8 B Ibgarded as reslrictod and is separately shown on th6 Slal8m&nl ol Finano31 A¢livi118$. All other incom8 an(J expendrtur8 is regarded as unrestricted, wilh any surplu5 or delicil in the year brought lo reserves. Tho 1oVg10l in¢ome during the ygor was lower than in prior yoars, du¢ principally lo a roduclion in grants gwarded. This vias offset by the receipt of Orchestra Tax relief, higher member fees, and a reduction in programrnng cosis Iwhich were hi9her in 2023 due to the 30th anniversgry progratnrnel. The net outgoing resources for the year am(yJnled lo £8.84512023'. £1,252 oulgoingl leaving a surplus in reserves al the yeor-end of £89,05312Tr23.' £97,898), £79,171 of which is unreslricted12023'. £76,926). ReBerve8 Policy The director5, policy 15 to ensure that sufficient unrestricted reserve5 are available lo cover core administration, fvnd-ralslng and support ¢osts, wllhout whl¢h th8 charity could not lunctlon. and lo provida for known luturg devalopmènls, li8bililies and uncertainlie5. The Iviel of reserw85 is reviewed on 8n ongoin9 ba315. Rl8k Assessment The directors h8ve 9ssessed the rnajor risks io which the Or¢hestro is exposed. gnd ore satisfied that systems or? in place to milKJale pxpo8ur8 lo majoi ri$k$, Dlrectors The directors who servèd dLJring thè year are listed belthv Mr A Boyd Ir D J Canmore Mr P Mccrisken Nlrs C J Wells Lady D E Trimble Ir D W Smylh Ir M McK8van8gh Ir R Pollèn Nls R Millar Is N Curran S M Robinson THE ULSTER YOUTH ORCHESTRA DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Audltor Harbingon Mulholland have indicaiod their willingnoss to continuo in officè and a ra801ulw)n conceming Ihoir r8-appointm8nt will b8 propo88d at th8 Annual General Me8ting. Dlsclosuro of 5nfomiatSon to aud5tor To Ihe knowledge and belief ol the directors, there is no relevanl infDmiation that the company's auditors are not aware of, and Ihg dir8olors have taken all steps necossary lo trnsurtr the dir$dors are aware ol any relevant information. 8n(J lo establish that th8 company's auditors are aware ol the inforrnalion. The Dire¢lors' report was approved by the Board of Oir&¢tors. Mr S M Roblnson Secretary Dated,. 12 May 2025 THE ULSTER YOUTH ORCHESTRA STATEMENT OF DIRECTORS. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Th8 dir8Ctors, who a150 act as trust885 for the charitable activi1185 01 The Ulster Youlh Orch8slra, are r85PDnsib18 lor preparing the Directors, Report and the accounts in accrydance with applicable law and United Kingd)m Accounting Slandards (United Kingdom Gener211y A¢¢epLad Accounting Practical. Company Law requi￿$ the direct¢rs lo prepare a¢coLJnts for egch financial year which give a true gnd fair view of the state of affairs ol the company and of tha incoming resourcgs and application of resourcès, includng tha inccmg and 8xpgndilurg. 01 the charitable (x)mpany for that year. In pipparing these accounts, th8 directors ar£ rgquired lo.. select suitable accounkn'ng pc)licies and Ihen apply them consislenlly.. observ& th8 m8thods and princlplès In th• Charltlès SORP", maké iudgarnants and astimal8s that aro r&asonabl8 and prud•nl', . slate whether applicabl8 UK Accounllng Slandards hav8 b88n follow8d. subject lo any rnal8rfal departur88 dlsclos8d and explain8d in the accounts., and prepare lh8 accounts on tho golng concern basss unl8ss11 Is Inapwoprlal8 to presum8 thal tha company wlll ccntlnu8 In opèrdllor). Th6 dirtetots ar8 responsiblè lor kèéping adequate accounting reeords that disclo$8 with 1888onabl8 aceuraey 818ny limé the financial posits'on of the Gompany and enable them to ensure that the aGcounls comply with the Companies Acl 2000. They are also responsible for safe Juarding Ihe assets of the company and hence for lakiry reasonable steps for the pr8vents.on and d•t8ction of fraud and othér Srregularlti88. Mr S M Roblnson Secretary Dated,. 12 May 2025 THE ULSTER YOUTH ORCHESTRA INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF THE ULSTER YOUTH ORCHESTRA Oplnlon Wts h8V& 8udited the finan¢ial stslamènls ol The Ulster YoLrth Orchg8lra Ilhe 'eompany'l lor the ye8r end&d 30 Strplember 2024 which comprise th8 stat8rn8nt of fiNancial aotivi1188, th8 stat8menl of financial ptssilion and no18s lo th8 financial slatements, induding significanl a¢¢ounling policies. The financial reporting framework th81 has been applied In their prgpar81ion is applicabb18w and Uniled Kingdom Accounting Siandardg. including Financial Reporting Slandaid 102 The Financial Reporting Standard applicable in tha UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pradi¢el. In our opinion, the financial staternenls.. give a true and lair view ol the slate ol the charitable company's affairs as at 30 Sep18mber 2024 and ol its incoming resoLJr¢es and application ol resources, lor the year then ended: havg b&8n prop8rly preparad In accordance with Unlled Klngdom Generally Ace8pled Accounllng Practl¢*,' and hav& been prapared in a¢¢crd8nce with Ihts requir&mgnts of th& Compani68 A¢1 2006. Basis for opinlon We conducted our audrt in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our rgsponsibililitrs und9r thosg standards are lurthgr dgs¢ribgd in tho Audilors r&sponsibililies for th$ au(lil of the finon¢i&l stalgments section ol our report. We are independent of the company in accordance with Ihe ethical iequiremenls that are rèlevant to our audit ol the linanc4al statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other elhi¢al responsibilili8s in accordancg wilh these rgquiremenls. We beligve that the audit evidence we have obtained 1$ sufficient arNJ appropriate lo provide a ba515 lor our opinion. Con¢lu81on$ r•latlng to golng ¢¢n¢¢m In audrting Ihe financial statements, we have concluded that the Directors, use c*f the going concem basis ol accounting in the pr8paration of Ihe financial stat8m8nls Is appioprialo. Based on tl* work we h8ve perfomed, we have not identified any m8tèri81 un¢ertainlies rèlalino lo events or conditions that, individually or colleclivoly, may cast significant doubt on the company's ability to continug 1$ a going concorn for a period of al least twelve months Irorn when the financial staternenls 3re aulhorised for issue. Our responsiblli118s and tha r8sponsibillli8s ol th• directors with resp8cl to golng concèrn ar8 d8scrfb•d In the rélevant sèctions of this report. othar Infomiatlon Th8 olh#r Inlormallon comprls#s thè Infomation includèd in th* annual rtrport othèr than lh# financlal stalemants and our auditor's report Ihereon. The direciors are responsible ftr the other Inforrnalion ¢ontainÈd dvllhin the annual report. Our opinion on the linancial slatem8nts does not cover the olher infomiation and we do not express any lorm ol assurance conclusion Ihttraon. Our responsibility is to read tho Oth￿ information and, In dolng su, consldar wh8lhttr Ihtr oth8r inlormation is malgrially incrjnsistent with the flnancial %t8lÈments or our Knowl￿9¢ Dbtsined In the coursè of the 8iJdll, or otherwise app¥ars lo b• materially misstated. If wè Idenlily such materlal inconsislenci8s or apparent rnal8ri81 misslat•mtrnls, w• ar8 required to determing wh8ther thi5 giv#5 rise lo a mat8rial mis51at8rn8nl in the financial stat8m8nts th8mselves. If, bas8d on the work we have performed, we conclude thal there is a materi81 miss18ternent of this other inforrnation, w8 are required to r¥port that fact. We have nothing to report in this regard. Mattern on which we are required to report by ex¢eplion We have nothing to report In respect of the Idlowing matters in r8lalSon to whlch th8 Chariil•s Accounts and R8ports Regulations (Northem Ireland) 2015 requires us lo repDrt lo you Il, In oui opinion.. Ihg Inlom)aWon slven In Ihe fln8n¢lal siaigmgnts Is Inconslsient In any maigrlal r8spact wSth 1he DIre￿or$. repon; or sufficienl a¢counting records have not been kept,. or Ihe fin8noal statements are not in agreemeni with the accounting re¢ords- or we have not received all the information and explanations we require forour audit. THE ULSTER YOUTH ORCHESTRA INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF THE ULSTER YOUTH ORCHESTRA ResponslbllStles of dlieclors As exp18ined more full￿. in the slalemenl of Directors, responsibl1th￿, the directors ara r&sponsiblg for 1he preparation of the financi818la18rn8nls a￿1 for being satlsfied that th&y 9ivo a tru8 and fair view, and for such int&mal control as the dir8Ctors determine is necessary lo enable the preparation of financial statements Ihat are free frorn material rnisstslemenl, whether due lo fraud or errol. In preparing the financial statements. the diredors 818 r8$ponsible for assessing the cornpany's ability to continue as a going concern, disclosing, as applicable, matters relaled to going concern and using the going concern basis of ac¢ounts'ng unless directors either Intend lo liquidate the ¢h8rilable ¢ompany or lo ￿ase operations, or have no ￿all$ll¢ all8mative bul to do so Audltor'$ r¢sponslblllll•s for the audlt of th• flnan¢lal $tst$m&nt$ We have been appointed as auditors under SeC￿.0n 65 01 the Charitss Act (Northorn Ireland) 2008 and r•port In accordance iith the Act and relevant regulations madè or having effeel Ihereunder. Our objectivès are lo obtain reastsnabl& assurance about wh6lher the financial stai8manls as a whole ar8 froe from materi81 misstatement, whelher due to fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assuran-e is a high level ol assurance but is not 8 guarantee that an aLJdil conducted in a¢cordance with ISAS IUKI will ah￿ayS dete¢l m81eiial mis$taie￿enI when it exists. Mis$talemenlS can arise frorn Iraud or error and are considered rn81g1ial il. individually or in the aggregate, they could reasonably be expected to influence the economic deGision5 of users taken on the basis ol Ihese flnancl81 siatements. Th8 extent lo which our proc8dur8s are capable of d8lacting 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 idenlfying and assessing the risks of rnalerial rnisstalement in respect of irr8gularities, including fraud and non-compliance with laws and regulations, was as follow5.. • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or reccgnise non-compliance with applicxble laws and regulations., we Idtsnlifiod Ihtr laws and regulations applicablg lo the company through dlscussions wllh dlr&clors andlor senlor anagem8nt, and from our commercial knowledge and experienc8 of the sector., INe focused on specillc laws and iegulatlons whlch we Considered may hav& 8 dlr8¢t m8t8rial effect on tha flnan¢lal statements or the operations of the company. including Companies Act 2006, laxalion legislation, data proleclion, anli-bribery, employmènt, environmental and he8llh and safety legiglalion • wè assessed th8 oxlent ol complianc• with the law5 and regulations id8nts'fl•d abov8 through making 8nqulrl8s or management and In5pectirwJ legal eorr8spondencè,' and identified laws and regulations were communicated within the audit tearn regularfy and the tewn remained alert to inslanres ol non-rompliance throughout Ihg au¢Jil, We assessod tho su5ceptibillly of cornpany's flnanclal slatom8nts lo material misstatement, InclLKllng obtalning an und8rslanding of how fraud might occur, by.. making enquiries of man8￿rnent as to where they Considered there was susceptibility lo Ireud, their knowlerlge of actual, suspected and alleoed fraud.. and • considering the internal controls in place lo mitigate risks ol fraud and non-compliance with laws and regulations., To addrpas the risk ol Iraud through manage￿ent bi&9 dnd overridg ol ¢onlrol&. we.. perfomied analytical procedure5 10 identify any unusual or unexpected relakn'onshiF6.' 18sled joumal 8ntri•s to id￿tifY unusual transacliDns', • assessed wh&th•r ludg8m8nts and as%umptlons made In dei8rmlning accountlng 8stlmales sat oul In Not8 2 ware Indi¢31ive of polèntial bias,. and Investr'gal8d th8 ratSonal8 b8hlnd signllicanl or unusual transactlon9', In response to thè risk of irregularitie5 and non.compliance with laws and regulations, we designed procedures which includ8d. but ￿r@ not limrted to.. 9grgèin9 financ￿1 statamenl di$clo$urè$ to undgrfying $upporiin9 do¢urnentBtion', rea¢Jing the minutes of meetings ol those th8rg8d with govern8n¢e', enquiring ol management as lo actual and polential litigats'on and daims., and reviewing correspondence with HMRC and the company's legal advisor5', There are inherent limi￿￿.0￿8 in our audil procedures described above. The more rernoved that laws and regulations are from lin8n¢ial transactions, the less likely il is that we vrfould bp¢ome aware ol nonrd5 and th6 preparation ol linanaal Slatemenls. The member5 have not required the cornpany lo obtain an audit of its financial statements under the requirements ol the Companies Acl 2006, fc>r the year in question in accordance with section 476. These financial slaternents have been prepared in accordance with the provisions applicable lo companies subjecl lo the small Companies regiThe. The financial statements were approved by the Directors on 12 May 2025 Nlr M McKavanagh Dlractor Company R•9l$tratlon No. NIO51710 11 THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Ac¢ountSng pollcle8 1.1 Accounting convention Th8 accounts have been prepar8d in accordanc• wllh the tho Compani8s Act 2006 and "Accounting and Reporting by Charities." Slaternenl ol Recomrnend&d Piactsce applicable lo charib.es piepanng their accoun15 In accoidance with the Financial Reporting Slandard applicable in the UK and Fiepublic of Ireland IFRS 1021" la5 amended for Bccounting perlods commenclng from 1 January 20161. The Ulster Youth companyls a Publbc Benefll Entily as defined by FRS 1()2_ Th8 company has taken advantage of Ihe provisions in the SORP for chaiikn'es applying FRS 102 Update Bullelin 1 not to prepar8 a Stat8ment ol Cash Flows. Th8 ￿countS ar• prapar8d In st8rling, whlch Is th8 lUnc￿Onal currency ol th8 company. Mon8lary arnounts In Ihes8 financial stalemenls are rounded to Ihe nearest E. Thè financial slaiement8 hav8 bean preparèd undèr the historical cost eonvonlion. The priffl¢ipal a¢¢ounling polici89 adopted are set out below. 1.2 Going ¢on¢em The charity reported net expenditure of £8,845 for the year, ol which £2,245 net income related to unreslricted liinds. Al the yaar enij the charity hold unreslriclgd funds of £79,111, The directors have prepared projections 8nd. h8ving considered the circumstances ouuined above, are of the view that they have secured sUffI￿ent funding to ensure that Ihe company can continue to trade lor ￿e next 12 months. For Ihis reason they continue to adopt Ihe going ¢oncem 1.3 Charllabl& fund$ Unreslricled funds are available for use at the discretion of the directors in furtherance of their charitable objectives, R8stricl8d funds ar8 subjèct to sp8crfie conditions by donors or grantors as to how they may be us8d. Th8 purpDs8s and uses ol the reslri¢led funds ar& sel out in the notes to Ihe linanaal sialernenls. Endowment funds subject to specifi¢ condltions by donors that the capital must bè malntsined by the Company. 1.4 Incorne Income is mcognised when the company Is legal￿ 8ntitled to 11 after any performance conditKJns have been met, the amounts ean be mèasurèd reliably. and it is probablè that ineorne wlll be recelv8d. Gran15 anij donations are credited lo incoming resources on the earlier date of when they are received Dr when they a￿ receivable, unles5 they ielate to a specified fulure period, in which case they a￿ defe￿d. Granls and donations which have been restricted for use by Ihe donor or which relate to capital expenditure are treated a5 restricted income and are credited lo th8 Slalement of Fin8ncial Acllvilles when they are T￿e1Vable and wh8n any perfortnance cor)ditions attached to the grant or donation have be8n m8t. Legacies are recognised on receipt or otherwise if Ihe Ulster Youth Orchestra ha5 iEen notified ol an imppnding dislribulion, tha 3mounl is known, and rècèipt is èxpècl8d. If amount is not knomrn. lh8 lag8Cy IS treatèd as a contingent asset. Income from chwitable actiNibes includes all incoming resources generated frorn audition fees, ¢Durse fees, performances of tha orchestra and other sundry items arising from Ihts charitabl& aclivi1168 of Ihtr organisation. All incorne 15 recognised in full In the Slaternenl ol Financial Activities when receivable. 12- THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 A¢¢ounting policies Icontinutdl Income from other trading 8¢tivate$ indudes 811 in¢oming resour¢e$ from the $8le of Ulster Ytsuth Or¢hestr8 branded hoodies and l-shirts. All Income is recognised In lull In the Slalemenl ol Financial Aclivitses when receivable. Inveslmenl income is recognised when received and is allocated to the 8ppropriate fund. 1.5 R•8our¢¢s ¢xp¢nd&d Expenditure Is recognised once there is a legal orconslruclive obligation lo transfereconomic benelrt to a third party, it is probable that a transfer ol eoonomic beneffi'ls will be required in 5elllement, and the arnount of the obligation can be mgasurgd rtrliably. Expenditure Is classified by aclivily. The costs of eath activity are rnade up ol the total of direct costs and shared costs, in¢luding support costs involved in undertaking e8ch 8clivity. Dir8¢1 costs allribul8ble lo a single 8¢1ivily arg allocaled directly lo that aolivity. Shar8d costs which conlribule lo rnore than one activity support wsls which are not allributsblo to o single g#ivity ore apportioned between those pGtivili?s on a basis consistent wilh the use of sour¢e$. C¢nlral slaff cogis 8r¢ allo¢8l$d on the basis ol limg $pgnl, and d¥prgcialion ¢haroos ar$ alloc8led on the portion al the asset's use. This wmprises all resourTrs applied by Ihe ¢h8rily when working lo meet ils thorilable cbjeclives. This in¢ludps supptsrt costs allocated to activities on the ba$1$ ol Iimg spent on those activili&¥. Support costs are those ctssls incurred directly In suppori ol expenditure on Ihe objects ol the charity and include the costs of maintaining the office. Gov8rnan¢8 costs are those Incurrttd In connecllon wllh th6 admlnislratlon ol the charlty and cornpllan¢a wllh conslilutional and slatulory iequiremenls. All expendiliire is Bccounted for on an ?ccrua15 basi$ ond h85 been ¢lassrfi'ed under he?ding$ th91 Ei99regate Bll costs related lo the ¢alogory. 1.6 Tanglblo Ilxed a$8•18 Tangible fixed asset5 arg initially me8sured al w51 and subsegugnly measured at GQs1 or valuation, n?1 ol dpprK.iAtinn And Any impAirmp.nl Ins99.8. Deproeiaiion is rttogni88d 60 as to writè off the eosl or valualion ol a8sets1888 thgir rèsidual values Ovèr their useful lives on the following bases.. F5KtiirAs And ffiltinos 2no/o %trAight IlnA The gain or loss arising on the disposal of an asset is delerrnined as Ihe differer)ce between the sale proceeds 8nd the carrying value ol the asset, and is recognised in the statement of financial acti'vities. 1.7 Impalrment of Ilxed assets Al aach rèportino and data. th8 company ravièws lh* carryinG amounts of rts tangiblè assèts to datarmina whethar there 15 any indication that those a558t5 have suffered an impairment1055. 11 any su-h indicati[￿ exist5, lh8 coverable amcunt of the assel 15 estimated in order to determine the extent of the impsirment loss lif any), 1.8 Cash and cash èquival•nts Cash and cash ffjuiwalents include cash in hand, deposits hdd at call wth banks, other short-lerm liquld investments with original maturilies ol three months or less, and bank overdrafts. 8ank overdrafts artr shown within borrowings in current liabilities. 13- THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 A¢¢ounting policies Icontinutdl 1.9 Finaneithl in8trumontJ The Company has elected to apply the provisions ol Section 11 '8asic Financial Instruments, and Section 12 '0ther Financial Instrurn8nts Issues. of FRS 102 to all of its linan¢ial inslrumenls. Financial instruments are ￿cOgnised in the company's balance sheet when the company becomes party tD the ontraclual provisions ol IhE instrurnent. Financial ossets and liabilities a￿ offset, with tho nel omounts presented in the financial stalemenls, when there is a legally 8nforc8ab18 right to $81 off the iecognisgd arnounls and Ihgrg 1$ an int9nlion lo sell18 on a nel basis or lo r8ali$g the asset and seiiie the liablity sirnultaneously, 8aslc flnan¢lal assets Basic fi'nancial assets, whieh include debtors and cash and bank balanees. are initi£lly messured al transaction prie8 indiiding transaction costs and are subsequently carried at amortised cost using th& effective interest method unless Ihe arrangemenl constitutes a financing transadion, where the Iransaclion is measured 8t the present value of the future receipts discounted 81 a rn8rkel rate of inl8r&sl. Financk818ssels classrfied as ie¢eivablè wthin on8 y9ar ale not amortlsed. 8aslc nnan¢lal Il&blllrl&s Basic financial liabilitias. including cr8ditors and bank loans ai• initially racognisad al transaction prica unlass th8 a￿ange[nent constitut85 a financing transaction, ￿here th8 debl instrumenl is measured at the pres8nt value ol the future paymgnt5 di5countgd it a m¥rk8t rot? of interest. Financi81 liabiliti9$ ¢lassified 85 pgyable within ong ygor ¥ro nol amort1$9d, Debt instrumen15 are subsequently carried al arnortised cost, using the effective interest rale method. Trade crèdltorg are obllgatlons to pay for goods or sèNices that have bèèn acqtjired In the ordlnary coursè ol operations from suppliers. Amounts payable are cLassilied as current liabilities il payment is due wrthin one year or les$. 11 not, Ih8y ar8 presenlgd as non-current liabilities. Tradg creditors ar8 recognl$ed Initially al Iransactyon pri¢9 and sub4eqiJgntly rneasijrpd at amortispd cost using ltrie effective interest rnelhod. D•r•coqnlllon of flnanclal Ilabllltl•s Finan¢lo1 Ilobililics are derc¢agnised when the eornp•ny's contractual ebligolions eypirc or are dlsehargtsd or cancellad. 1.10 Employee beneflts Th8 Cost of any unus8d holiday enlltlemènt is recojnlsad In th8 ￿rIOd In whlch th• 8mploy8a's setvlces are rec8lv•d. T¥rmlna11on b8n8fits ar¥ r¥cognis¥d imm8dial•ly as an 8xp•ns¥ when Iha company is domonslrably commitl¥d lo l*rmlnatè th• èmploymènt of an employèe or to provldtr tèmlnatlon b#nelits. 1.11 Rollrfym•nt b¢n•flt$ Payments lo del￿ed contri￿tIon 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 SEPTEAIBER 2024 Crltlcal accounung estlmates and Sudgements In the 8pplie8bon of the comp8ny'$ 8¢etrunting poli¢ies, the diredors are ￿quired io rn8ke juds*menls, estimates 8nd assumptions about carrying atnounl of assets and liabilities that ale not readily apparenl from other sources. The estirnates and associated assumption5 are based on hi5torlcal expèrfence and other lactors that are consldered to be relevant. Actual iesulls may differ from these esllmates. Thp p.*limAIp* And ijndprfying A88iJmptinnq Arg. rp.vipwpd nn An nnonino hAqi¢ Rp.vi*inn* In Aernijnlino p.8lim2ip.8 Arp recogn159d in the perlod in which the estimate is rev158d where the revlsvjn affects only that perlod, or In the period ol the revision and Tutur8 periths where the revision aff8cls both current and future periods. In¢om• Irom donatlons and1oga¢l•s Unr•¥trlctsd R•strl¢t•d funds funds 2024 2024 Toial Unrestrlctsd R•slrlct•d funds funds 2023 2023 Total 2024 2023 Donations and gKI$ Grants 9.852 4.960 9,852 83,681 14,837 8,760 14,837 119,792 78,721 111,032 14.812 78,721 93,533 23,597 111,032 134.629 Charltabl• actI￿t￿•S 2024 2023 Box office incomg Mamb8rs' leas 4,675 54,352 9.308 48,202 59,027 57,510 All In¢om• from ¢harltablo activ115•6 is unr•$tdct8d In 2024 & 2023. Investments 2024 2023 Interest recA8vable 1,443 1,205 All Investmgni Inwrne Is unrgsrrf¢r9d In 2024 & 2023. 15- THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Othfji Income 2024 2023 Other income 25,161 2,974 All Other incomè 18 unre8tricled in 2024 & 2023. Exp¥ndituro on ¢haritsblo a¢tivitl•8 2024 2023 Dopreciation and impairmènt Direct Gosts and overheads 11,551 126,954 12,146 144,104 138,505 156,250 Share of support costs (see note 91 Share ol governance c05ts Isee nole 91 47,204 2,300 39,220 2,100 188,009 197,570 Analy$l$ by lund Unreslricl8d funds Restricted fund5 98,198 89,811 79,385 118.185 188,009 197,510 Nèt mo¥tsm8nt in fund8 2024 2023 Th8 n8t mDV8m8nl In funds Is slated after charglngllcr8dltingl'. Fees payable lor Ihe audit of the charilv's lin8ncial 51alemen15 Depreciation of owned tangible fixed assets 2,300 11,551 2,100 12.148 16- THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Support costs Support costs Governance o¥ts 2024 2023 Staff costs Office overheads 38,712 8.492 38,712 8.492 34,171 5,049 Audit fees 2,300 2,300 2,100 47.204 2,300 49,504 41,320 Analysed between Charitab18 activrties 47,204 2,300 49,504 41,320 Governanee eosls includes payrnenls to the auditors 01 £2.3Cn12023- £2.1001 lor audit188S. 10 Dlractors Non8 ol the dir8clors lor any p8rsons conn8cl8d with th8ml rèc81v•d any r•mun8ration or b8n8ltts from th8 mmpany durfn9 Ihe y&ar. 11 Employogs Th& ovoroge monthly nUM￿r ol &mployee$ durlng Ihe ygar wo$.. 2024 Nurnber 2023 Number Employm•nl ¢ck418 2024 2023 Wages and salari8s Other pension costs 33,287 5.425 32,540 1,631 38,712 34,171 R•mungratlon of koy rnanagomgnt por50nnel Thè total amounl of Smployèè banafits rscaivèd by ksy m8nagèmènt paisonn$l in tha ￿rIOd was £38,71212023- £34,171 1. The charity considers its key rnan8gefflent personnel lo be the OrGhe5tra Manager and the Administrative Assistant. There were no employees whos? annuel rernuneralion was more than £60,000. 17- THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 12 Tanglble flxed assets Flxtures and ffttlngs Cost At 1 October 2023 Disposals fj0.727 12,9721 At 30 September 2024 Dopr•¢latlon and Impalrmènt At 1 Oclober 2023 Dèpreciation ¢harged in the year Elirninaied in r&sp&ci ol QisF08al8 40,C68 11.551 12,9721 At 30 September 2024 48,647 Carrylng amount AI 30 Sgplgmber 2024 9,108 AI 30 September 2023 20.659 13 Flnanelal Instrumènts 2024 2023 Carrylnu amount of flnan¢lal Ilablllt1•8 Meosured ot oniortised cost 19.070 6.912 14 Debtors 2024 2023 Amounts falling du• within on& y•ar'. Olhgr debtors 22.165 4.010 15 Cr•dllors'. amounts falllng duo wlthln on• y•ar 2024 2023 Accruals and deferfyd incorne 19,070 6,912 16 R•tir•m•nt b•n•lit 8ch•m•8 2024 2023 D•flnod contrfbutlon sch8rneg Charoe to profil or10ss in respect of defined contribution schemes 5.425 1,631 18- THE ULSTER YOUTH ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 16 Relir•m•nt benefit s¢hèm•8 Icontinutdl The company OFef8te8 8 defined ¢ontribution $¢heme. The pension ¢ost and ¢herge represents eontribution8 P8yable by the company 10 Ihe fund amounted lo £5,42512023- £1.631 }. AI 30 Seplembei 2024 £Nil contributions were payable to the fund12023- £NIII. 17 Rostrlctgd funds Thè reslri¢ted funds ol the th8rity ¢ornprise the unexpended bal8nc¢s ol donations and uranls held on trust subje¢l lo SP8cifie conditions by donor5 as to how they rnay be used. At 1 Octob•r 2023 Incomlng r•sources R•8ourc•s At30 expende(6eptember 2024 ACNI ACNI C0pilo1 Garfield Weston Ulslpi Gaiden Village$ Radcliff8 Trust Enkalon Foundalion Arts & Business 57,727 157,7271 110,2901 115,0001 18001 12,5001 12.0001 11,4941 19.372 9.082 15,000 1,600 2,500 2.000 1,494 20,972 78,721 189,8111 9.882 Pr?viou& year.. At 1 Cctober 2022 Incoming r•¥our¢oS Relourcets At30 9xp•nd8