(REGISTERED NUMBER: NIC103443)
BELFAST PHILHARMONIC SOCIETY
REPORT OF THE DIRECTORS AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
BELFAST PHILHARMONIC SOCIETY
CONTENTS OF THE FINANCIAL STATMENTS FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees’ Report | 2-5 |
| Independent Examiners Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Statement of Cash Flows | 9 |
| Notes to the Financial Statements | 10-19 |
BELFAST PHILHARMONIC SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
COMMITTEE: Katherine Hanratty Chairperson Michael Chambers Vice-Chairperson Heather Moore Honorary Secretary Richard Bell Honorary Treasurer Andrew Forsythe Honorary Treasurer Elect India Macdonald Youth Choirs Co-ordinator Martin Donnelly Safeguarding Officer Miriam Crozier Hilary Speers REGISTERED OFFICE: 50 Bedford Street Belfast BT2 7FW CHARITIES COMMISSION FOR NORTHERN IRELAND NUMBER: NIC103443 INDEPENDENT EXAMINER: Baker Tilly Mooney Moore 17 Clarendon Road Belfast BT1 3BG BANKERS: Danske Bank Forestside Shopping Centre Upper Galwally Belfast BT8 6FX SOLICITORS: Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW
Page 1
BELFAST PHILHARMONIC SOCIETY
TRUSTEES’ REPORT
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
The Trustees present their report and accounts for the year ended 31 August 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity’s Constitution, law applicable to charities in Northern Ireland, guidance from the Charities Commission for Northern Ireland, and “Account and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”.
Objectives and Activities
Charitable Objective
The Society’s objects are:
-
To advance the arts and culture by the promotion, practice and performance of choral works;
-
To foster and develop musical standards and the knowledge and taste of the public providing public performances of the best works in music; and
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To encourage composers, instrumentalists and singers of merit by introducing their works and talent to the public.
Aims of Charity
The Society’s mission is to perform choral work to the highest standard engaging the greatest number of people possible through its concert and training programme and contributing to the musical and cultural life of the city of Belfast, and throughout Northern Ireland and the Republic of Ireland.
The Society seeks to achieve these aims by performing with the Ulster Orchestra, putting on its own concerts throughout the year and by pursuing a music education programme for children and young people.
Strategies for achieving aims and objectives
The Society’s adult choir performs with the Ulster Orchestra. The Youth Choir performs with NI Opera and has developed links with Dublin Youth Choir, meeting and performing regularly together as the Cross Border Youth Choir.
Criteria or measures used to assess success
The Society’s performances are usually given to capacity audiences but the 2022 season saw a reduction in audience numbers during the return to normal activities following the pandemic. The adult choir has 105 members and the various Youth choirs total 134.
Statement of compliance with Charity Commission guidance
The charity has paid due regard to guidance issued by the Charity Commission in deciding what activities the board should undertake, including the guidance produced on Public Benefit.
Grants
The Society is most grateful to the Arts Council of Northern Ireland for grants awarded in support of artistic costs, organisational stability and adaptation during the Covid-19 pandemic. Also, the Society is grateful to Esm é Mitchell Trust for a grant awarded in support of the general manager of The Society.
Use of volunteers
The Society employs one part-time administrator and one full-time manager. Everyone else involved is a volunteer. The Society and especially Youth Choirs could not operate without the help of volunteers.
Page 2
BELFAST PHILHARMONIC SOCIETY
TRUSTEES’ REPORT
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
Achievements and performance
Summary of main achievements
The adult choir continues to be the choir of choice for the Ulster Orchestra. During the year the adult and youth choirs maintained good membership levels while continuing to operate remotely via online classes, rehearsals and workshops. Members benefited from additional opportunities through virtual communications with composers, conductors and musicians. Both groups participated in virtual concerts which were streamed and released to large audiences across multiple platforms.
Investment performance against objectives
No set objectives given the small value of investments held.
Key performance indicators explaining outputs achieved by objectives
Given the straightforward nature of the charity, the board are of the opinion that analysis using KPI’s is not necessary for an understanding of the development, performance or position of the charity.
Financial review
Review of the financial position at the end of the reporting period
The statement of financial activities for the year is set out on page 7 of this report. The Society had a net loss in funds for the financial year of £33,596 (2021: gain in funds of £36,028) leaving unrestricted funds of £54,663 (2021: £85,716) and restricted funds of £13,314 (2021: £15,857). The unrestricted funds are considered to be essential to provide sufficient funds to cover any unforeseen costs which may arise and fulfil legal obligations of the charity in the event that current levels of income are not maintained.
Significant events that affected financial performance and financial position during the period
The Society relies heavily on the membership subscriptions and the grants from the Arts Council of Northern Ireland and the Esm é Mitchell Trust. The principal risks going forward include reductions in our grant funding and the unknown longer-term impacts of the Covid-19 pandemic on the art’s sector in Northern Ireland. The board periodically review the Society’s financial position to ensure that it has sufficient funds going forward.
Principal sources of income and how expenditure meets objectives
The principal sources of income are the membership subscriptions and the Arts Council and Esm é Mitchell grants. The main areas of expenditure are the salary of our manager, part-time administrator and the fees paid to the Chorus Master, Musical Director, Assistant Musical Director, Accompanist, Singing Tutor and the various Musicianship tutors.
Reserves policy
The Society aims to have unrestricted reserves equal to at least one third of the following years anticipated expenditure plus any predicted budget deficit for that year. This would equate to targeted reserves of £44,123 against actual reserves held of £54,663. The Board members consider that reserves of this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Society’s current activities whilst consideration is given to ways in which additional funds may be raised.
Page 3
BELFAST PHILHARMONIC SOCIETY
TRUSTEES’ REPORT
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
Risk factors
The main areas of risk are if the Arts Council grant is reduced and the cost of putting on our own concerts significantly exceeds receipts from ticket sales. For the 2021/22 season the reduction in revenue from ticket sales presented a challenge but decreased risk is anticipated during the 2022/23 season due following return to normal operating practices and audience restrictions at venues.
Plans for future periods
The Society has submitted a detailed budget to the Arts Council for the 2022/23 season and has been successful in being awarded a grant again. The Society also continues to receive a grant from The Esmé Mitchell Trust to fund a choir manager.
Structure, governance and management
Nature of governing documents and how charity is constituted
Historically, the Society was governed by a constitution which was adopted at an Extraordinary General Meeting on 12 October 2016. In light of the ongoing pandemic, the Society has updated the constitution to accommodate electronic communications and platforms for the Annual General Meeting, this change was agreed at an Extraordinary General Meeting on Wednesday 24 March 2021.
The Society is run by a Board consisting of at least six officers and two members elected by the membership. The Board has the power to co-opt up to four additional board members.
Methods to recruit and appoint new trustees
Four of the officers are elected from among the members of the Society. Two officers are appointed by the Board.
Indemnity provisions for trustees
The Society holds an insurance policy which provides cover for the Board members when acting on behalf of the Society.
Organisational Structure and how charity makes decisions
Membership is open to all those over 16 years of age who have auditioned, been found competent by the Chorus Master and have paid the relevant subscription. The membership elects four of the officers. Each section elects its own leader.
How decisions are made
The board makes decisions on behalf of the Society after consulting the manager, membership, Chorus Master, Musical Director or Assistant Musical Director as appropriate.
Policies and Procedures for induction and training of trustees
New Board members are offered the opportunity to attend relevant training courses.
Arrangements for setting pay and remuneration of key management
The salary of the manager and administrator, and the fees paid to the musical staff are agreed by the Board.
- Relationships with related parties and other charities/organisations with which it co ordinates in the pursuit of its charitable objectives
The Chairperson, Chorus Master and Manager act as the point of contact with the Ulster Orchestra. The Chairperson, Hon Treasurer and Manager are the point of contact with the Arts Council.
Page 4
BELFAST PHILHARMONIC SOCIETY
TRUSTEES’ REPORT
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
Statement of Trustees’ Responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Northern Ireland requires the trustees to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees 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 2019 (FRS 102)
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees report as approved by the Board of Trustees.
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Katherine Hanratty Chairperson
……………………
Richard Bell Honorary Treasurer
Date:04/03/2023
Date: 04/03/2023
Page 5
BELFAST PHILHARMONIC SOCIETY
INDEPENDENT EXAMINER’S REPORT FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
Independent examiner’s report to the trustees of Belfast Philharmonic Society
We report on the accounts of the charitable society for the period ended 31 August 2022, which are set out on pages 7 to 19.
Respective responsibilities of charity trustees and examiner
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the Charities Regulations (Northern Ireland) 2015.
It is our responsibility to:
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examine the accounts under section 65 of the Charities Act;
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follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act; and
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state whether particular matters have come to our attention.
Basis of independent examiner’s report
We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.
Our examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.
Our role is to state whether any material matters have come to our attention giving us cause to believe:
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That accounting records were not kept in accordance with section 63 of the Charities Act.
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That the accounts do not accord with those accounting records.
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That the accounts do not comply with the accounting requirements of the Charities Act.
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That there is further information needed for a proper understanding of the accounts to be reached.
Independent examiner’s statement
We have completed our examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention.
Baker Tilly Mooney Moore Chartered Certified Accountants 17 Clarendon Road Clarendon Dock Belfast BT1 3BG
Date:
Page 6
BELFAST PHILHARMONIC SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
| Notes Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total Income Expenditure on: Charitable activities 6 Net gain/(loss) on investments 10 Net income Transfers between funds Net movement in funds Fund balances at 1 September Fund Balances at 31 August 15 |
Unrestricted Funds £ 46,389 10,910 239 57,538 96,363 (255) (39,080) 8,027 (31,053) 85,716 54,663 |
Restricted Funds £ - 41,490 - 41,490 36,006 - 5,484 (8,027) (2,543) 15,857 13,314 |
Total 2022 £ 46,389 52,400 239 99,028 132,369 (255) (33,596) - (33,596) 101,573 67,977 |
Total 2021 £ 60,037 81,396 247 |
|---|---|---|---|---|
| 141,680 | ||||
| 105,903 | ||||
| 251 | ||||
| 36,028 - 36,028 65,545 |
||||
| 101,573 |
Page 7
BELFAST PHILHARMONIC SOCIETY
BALANCE SHEET AS AT 31 AUGUST 2022
| Notes FIXED ASSETS Tangible assets 11 Investments 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS NET ASSETS FUNDS Unrestricted funds 15 Restricted funds 15 |
£ 27,684 49,932 77,616 (23,854) |
2022 £ 11,985 2,230 14,215 53,762 67,977 54,663 13,314 67,977 |
£ 23,525 69,773 93,298 (7,478) |
2021 £ 13,268 2,485 |
|---|---|---|---|---|
| 15,753 85,820 |
||||
| 101,573 | ||||
| 85,716 15,857 |
||||
| 101,573 |
The financial statements were authorised for issue and approved by the Board of Directors on 04-03-2023 and were signed on its behalf by:
Katherine Hanratty Richard Bell Chairperson Hon Treasurer
Page 8
BELFAST PHILHARMONIC SOCIETY
STATEMENT OF CASH FLOWS FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
| Notes Cash flows from Operating Activities Cash generated by operations 17 Investing Activities Fixed Asset Additions Investment income Interest income Net cash (absorbed) / generated from Investing Activities Net cash used in financing activities Net increase/(decrease) in cash and Cash Equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 £ (1,135) 71 168 |
£ (18,945) (896) - (19,841) 69,773 49,932 |
2021 £ (5,230) 61 186 |
£ 26,294 (4,983) - |
|---|---|---|---|---|
| 21,311 48,462 |
||||
| 69,773 |
Page 9
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
BELFAST PHILHARMONIC SOCIETY
1. STATUTORY INFORMATION
Belfast Philharmonic Society is an unincorporated charity in Northern Ireland. The public benefit entities Charity Commission number and registered office address can be found on page 1.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS102) – second edition) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Financial Instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.
Going Concern
The accounts have been prepared on a going concern basis as no material uncertainties exist which may cast significant doubt upon the entities ability to continue as a going concern.
Income
All incoming resources are included in the Statement of Financial Activities (SOFA), and they are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
- Charitable expenditure compromised those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Taxation
There is no liability to taxation due to the trust's charitable status.
Fixed asset investments
Investments are initially recognised at transaction price. Subsequently they are measured at fair value using the closing quoted market price as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).
Page 10
BELFAST PHILHARMONIC SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
2. ACCOUNTING POLICIES (CONTINUED)
Depreciation of tangible fixed assets
Depreciation is calculated to write off the value of fixed assets over their useful lives as follows: Fixtures & Fittings 10% -20% per annum Musical and Computer equipment 20% - 33% per annum
Fund Accounting
The Society has various types of funds for which it is responsible and which require separate disclosure. These are as follows:
(i) Restricted Funds
Funds received which are designated by the donor for specific purposes. Such purposes are within the overall aims of the organisation.
- (ii) Unrestricted Funds
Funds which are expendable at the discretion of the charity in furtherance of the objects of the charity.
Judgements and key sources of estimation uncertainty
There were no significant judgements or estimations made in the period.
3. DONATIONS AND LEGACIES
| Subscriptions from Choir Members Subscriptions from Phil Kids Gift Aid Recoverable Donations |
Unrestricted Funds £ 15,283 20,867 6,869 3,370 46,389 |
Restricted Funds £ - - - - - |
Total 2022 £ 15,284 20,867 6,869 3,370 **46,389 ** |
Total 2021 £ 15,400 29,936 8,798 5,903 |
|---|---|---|---|---|
| 60,037 |
Page 11
BELFAST PHILHARMONIC SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
| 4. CHARITABLE ACTIVITIES Grants - Arts Council NI Grants – Esme Mitchell Trust Grants – The Community Foundation Concert Income Service Income Other Income Come and Sing Event Grants Art Council NI – 20/21 Season Art Council NI – 21/22 Season Art Council NI – Small Capital Programme Art Council NI – Emergency Programme Art Council NI – Stability and Renewal Esme Mitchell Trust The Community Foundation |
Unrestricted Funds £ - - - 7,117 2,330 1,463 - 10,910 - - - - - - - - |
Restricted Funds £ 21,490 20,000 - - - - - 41,490 - 15,000 - 6,490 - 20,000 - 41,490 |
Total 2022 £ 21,490 20,000 - 7,117 2,330 1,463 - 52,400 - 15,000 - 6,490 - 20,000 - 41,490 |
Total 2021 £ 58,421 20,000 - - 1,500 8 1,467 |
|---|---|---|---|---|
| 81,396 15,000 - 3,143 17,416 22,862 20,000 - |
||||
| 78,421 |
Page 12
BELFAST PHILHARMONIC SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
5. INVESTMENT INCOME
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Income from unlisted | ||||
| Investments | 71 | - | 71 | 61 |
| Interest receivable | 168 | - | 168 | 186 |
| __ | __ | __ | __ | |
| 239 | - | 239 | 247 | |
| ======= | ======= | ======= | ======= |
6. CHARITABLE ACTIVITIES
| Note Project Administration Chorus Master Chorus Master Travel Accompanist Accompanist Travel Hire of Premises Teachers Music Hire Fundraising Consultancy Fee (Recruitment) Come and Sing Event Training Other direct costs Support Costs 7 Governance Costs 7 Analysis By Fund Unrestricted funds Restricted Funds |
Concert and Rehearsal Expenses 13,397 12,566 4,524 4,546 539 7,557 54 236 417 648 - 18 571 45,073 10,757 1,288 57,118 41,430 15,688 57,118 |
Phil Kids Expenses 26,282 9,615 1,749 5,108 497 7,680 12,862 71 378 330 - 575 934 66,081 7,882 1,288 75,251 54,933 20,318 75,251 |
2022 39,679 22,181 6,273 9,654 1,036 15,237 12,916 307 795 978 - 593 1,505 111,154 18,639 2,576 132,369 96,363 36,006 132,369 |
2021 41,226 16,091 - 8,133 - - 13,289 979 - - 846 375 603 |
|---|---|---|---|---|
| 81,542 21,887 2,474 |
||||
| 105,903 | ||||
| 31,191 74,712 |
||||
| 105,903 |
Page 13
BELFAST PHILHARMONIC SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
7. SUPPORT COSTS
| Note Support Costs Office and Administration Costs Concert Fees Bad Debt Expense Finance Costs Depreciation 6 Governance Costs Accountancy 6 |
Concert and Rehearsal Expenses 5,017 4,125 255 151 1,209 10,757 1,288 1,288 |
Phil Kids Expenses 3,891 2,416 255 111 1,209 7,882 1,288 1,288 |
2022 8,908 6,541 510 262 2,418 18,639 2,576 2,576 |
2021 6,461 12,804 - 436 2,186 |
|---|---|---|---|---|
| 21,887 | ||||
| 2,474 | ||||
| 2,474 |
8. TRUSTEES
None of the Trustees (or any persons connected with them) received any remuneration or expenses during the year (2021: £Nil).
9. EMPLOYEES
Number of employees
| 2022 | 2021 | |
|---|---|---|
| The average monthly number of employees during the year was: | 2 | 2 |
| ====== |
====== |
Employment costs
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Wages & Salaries | 13,397 | 26,282 | 39,679 | 41,226 |
| ______ | ______ | ______ | ______ | |
| 13,397 | 26,282 | 39,679 | 41,226 | |
| ===== | ===== | ===== | ===== |
There were no employees whose annual remuneration was £60,000 or more.
Page 14
BELFAST PHILHARMONIC SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
10. NET GAINS ON INVESTMENTS
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Revaluation of investments | (255) | - | (255) | 251 |
| __ | __ | __ | __ | |
| (255) | - | (255) | 251 | |
| ======= | ======= | ======= | ======= |
11. TANGIBLE FIXED ASSETS
| Fixtures, | Fixtures, | Musical and | ||
|---|---|---|---|---|
| Fittings and | Computer | |||
| Equipment | Equipment | Total | ||
| £ | £ | £ | ||
| Costs | ||||
| At 1 September 2021 | 17,441 | 4,209 | 21,650 | |
| Additions | 1,135 | 1,135 | ||
| __ | ____ | _ | _ | |
| At 31 August 2022 | 18,576 | 4,209 | 22,785 | |
| ====== | ====== | ====== | ||
| Depreciation | ||||
| At 1 September 2021 | 6,950 | 1,432 | 8,382 | |
| Depreciation charged | ||||
| in the year | 1,216 | 1,202 | 2,418 | |
| _ | _ | _ | ||
| At 31 August 2022 | 8,166 | 2,634 | 10,800 | |
| ====== | ====== | ====== | ||
| Carrying amount | ||||
| At 31 August 2022 | 10,410 | 1,575 | 11,985 | |
| ====== | ====== | ====== | ||
| At 31 August 2021 | 10,491 | 2,777 | 13,268 | |
| ====== | ====== | ====== |
Page 15
BELFAST PHILHARMONIC SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
12. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Unlisted | |
| Investments | |
| £ | |
| Cost or valuation | |
| At 1 September 2021 | 2,485 |
| Valuation changes | (255) |
| __ | |
| At 31 August 2022 | 2,230 |
| __ | |
| Carrying amount | |
| At 31 August 2022 | 2,230 |
| ======= | |
| At 31 August 2021 | 2,485 |
| ======= |
Fixed asset investments revalued
Investments are included at revalued amounts with the basis of the valuation being the current market value as at 31 August 2022 being £2,230. Investments are all in the NI Central Investment Fund for Charities and can be liquidated at any time as required.
13. DEBTORS
| 2022 | 2021 | |
|---|---|---|
| Amounts falling due within one year | £ | £ |
| Other debtors | 27,350 | 22,487 |
| Prepayments and accrued income | 334 | 1,038 |
| ______ | ______ | |
| 27,684 | 23,525 | |
| ===== | ===== |
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 23,243 | 6,926 |
| Trade Creditors | 273 | - |
| Payroll taxes | 338 | 554 |
| ______ | ______ | |
| 23,854 | 7,480 | |
| ===== | ===== |
Included in the above is £20,718 (2021: £3,189) of deferred income in relation to ACNI grant paid in advance.
Page 16
BELFAST PHILHARMONIC SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
15. ANALYSIS OF CHARITABLE FUNDS
| Balance at | Balance at | |||||
|---|---|---|---|---|---|---|
| 01-Sep | Incoming | Resources | Net gain/(loss) on |
31-Aug | ||
| 2021 | Resources | expended | Investments | Transfers | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Funds | ||||||
| Unrestricted Income fund | 85,716 | 57,538 | (96,363) | (255) | 8,027 | 54,663 |
| Total unrestricted funds | 85,716 | 57,538 | (96,363) | (255) | 8,027 | 54,663 |
| Restricted Funds | ||||||
| Leiza Riddell | 500 | - | - | - | - | 500 |
| TM in Memoriam June 1934 |
500 | - | - | - | - | 500 |
| JC Picken (Dec) | 100 | - | - | - | - | 100 |
| Tour fund | 2,064 | - | - | - | - | 2,064 |
| Esme Mitchell Tuition fund | 150 | - | - | - | - | 150 |
| TMcC in Memoriam | 5,000 | - | - | - | - | 5,000 |
| Arts Council NI – 21/22 Programme costs |
15,000 | (15,000) | - | - | ||
| Arts Council NI – Emergency Programme |
- | 6,490 | - | - | (6,490) | - |
| Arts Council NI – Stability | ||||||
| and Renewal | - | - | - | - | - | - |
| Arts Council NI – Small Capital Programme |
2,543 | - | (1,006) | - | (1,537) | - |
| Esme Mitchell Trust | - | 20,000 | (20,000) | - | - | - |
| John H Legacy | 5,000 | - | - | - | - | 5,000 |
| Total Restricted Funds | 15,857 | 41,490 | (36,006) | - | (8,027) | 13,314 |
| Total Funds | 101,573 | 99,028 | (132,369) | (255) | - | 67,977 |
Unrestricted income fund
The unrestricted income fund represents the free funds of the charity which are not designated for particular purposes.
Leiza Riddell, TM in Memoriam June 1934, JC Picken deceased and Tour Fund These restricted funds represent legacies and tuition funds received many years ago.
Arts Council NI – Programme Costs
This represents funds received towards the overall artistic costs of the Society.
Page 17
BELFAST PHILHARMONIC SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
Esme Mitchell Trust
This represents the award of funds from the Esme Mitchell Trust towards the costs of appointing a manager at the Society.
Arts Council NI – Emergency Programme & Stability and Renewal This represents funds received in response to the Covid-19 pandemic.
Arts Council NI – Small Capital Programme
This represents funds towards capital expenditure in relation to the Society.
Legacy Donations
These represents donations from former members of the Society. These funds are restricted and designated for the production of a piece of music in 2024.
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed Assets | Current Assets | Creditors | Total 2022 | Total 2021 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Unrestricted funds: | |||||
| General Fund | 11,985 | 66,532 | (23,854) | 54,663 | 85,716 |
| Restricted funds: | |||||
| Revenue grants | |||||
| Leiza Riddell | - | 500 | - | 500 | 500 |
| TM in Memoriam June 1934 | - | 500 | - | 500 | 500 |
| JC Picken (Dec) | - | 100 | - | 100 | 100 |
| Tour fund | - | 2,064 | - | 2,064 | 2,064 |
| Esme Mitchell Tuition fund | - | 150 | - | 150 | 150 |
| TMcC in Memoriam | - | 5,000 | - | 5,000 | 5,000 |
| John H Legacy ACNI–Emergency Programme |
- - |
5,000 - |
- - |
5,000 - |
5,000 - |
| Capital grants | |||||
| Arts Council NI – Small Capital Programme |
- | - | - | - | 2,543 |
| Total funds | 11,985 | 79,846 | (23,854) | 67,977 | 101,573 |
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BELFAST PHILHARMONIC SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 AUGUST 2022
| 17. | CASH GENERATED FROM OPERATIONS | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Net incoming resources | (33,596) | 36,028 | |
| Adjustments for: | |||
| Investment income in | |||
| Statement of financial | |||
| Activities | (239) | (247) | |
| Fair value gains and | |||
| losses on investments | 255 | (251) | |
| Depreciation of | |||
| tangible fixed assets | 2,418 | 2,186 | |
| Overstatement of Accruals |
- | - | |
| Movements in | |||
| working capital | |||
| (Increase)/Decrease | |||
| In debtors |
(4,159) | (7,693) | |
| (Decrease)/increase | |||
| In creditors | 16,376 | (3,729) | |
| ______ | ______ | ||
| (18,945) | 26,294 | ||
| ====== | ====== |
18. RELATED PARTY TRANSACTIONS
There were £nil transactions with related parties during the period (2021: £nil).
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