GISTERED TrtUMBER: NIC103443) BELFAST PHtLEkRMOMC SOCIETY REPORT OFTEE DthECTORSAND UNAiIDrrED FINANCIAL A1mEs FOR THE YEARENDED 31 AUGU 2024
BELFAST TrB]LHAIIMONIC SOETy FOR PERIOD I SEYrzTrtBER 2023 TO 31 AUGUSI 2024 Page Iwl 2nd athnini1trat1 InforntiOn Tru3tees' Report IndependentEumlnerfj Report ststement of Flnanclgl Activitl¢s Batsnce Shett . stst¢meut of Cash FIows Notes to the FIlldI1 StAt¢m¢nts 10-19
BELFAST PHILHARMONIC SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION FOR THE PERIOD I SEPTEIVIBER 2023 TO 31 AUGUST 2024 COMMITTEE: Katherine Hanraty Mi¢hael Chambers Hilary Speers Andrew FOrse Martin Donnelly Miriam Crozier Brian Agu5 Daniel Clements Chairperson Vice-ChaiTper50n Honorary Secretary Honorary Treasurer Youth Choirs CooTdinator Saf¢guardin£ Officer REGISTERED OFFICE: 50 Bedford Street Belfast BT2 7FW CHARrrIES COMMISSION FOR NORTHERN IRELAND NUMBER: NIC103443 INDEPENDENT EXAMINER: Baker Tilly Mooney Moore 17 Clarendon Road Belfast BTI 3BG BANKERS: Dan5ke Bank Forestside Shopping Centre 27 Upper Galw&lly Belfast BT8 6FX SOLICITORS: Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW Pag¢ I
BELFAST PHILHARMONIC SOCIETY TRUSTEES, REPORT FOR THE PEIUOD I SEPTEMBER 2023 TO 31 AUGusf 2024 Th¢ Trustee5 present their report and account5 for the year ended 31 August 2024. The accounts have been prepared in accordance with the ar¢ounting policies set out in not¢ 2 to the accounts and comply with the Charity'B Constitstion. IE4w appliGable to charitie5 inNorthern Ireland. guidance from the Charities Commission for Northern Ireland, and"Account and Reporting by Charities.. Statement of Recommended Practice applicable to ChltieS prepaTing thelr accounts in accordance with the Financial Reporting Standd applicable in the UK and R¢public of Ireland (FRS 102) (effective l January 2019>" Objeetfves and Actlvltles Charitable Ob'ective Th¢ Society's objeets e, l. To advance the arts and culture by the promotion* practice and perforniance of ¢hordl works. 2. To f05teT and develop musical standards and the knowledge and taste of the public providing public perforn]ances of the best works in music; and 3. To encourage composers, instrumentalist$ and sinEers of merii by introducing their work5 and talent to the publio. Aims of Ch The Society's rais5i0n is to perforni choral work to the highest Stdard engaging the greatest nurnber of people possible through its concert and training programme hnd contributing to the MUSIC and cultural life of the oity of Belf&sL and throughout Northern Ireland and the Republic of Ireland. Thc Society seeks to achieve these aims by perfonning wlth the Ulster Orchestra, putting on its own concert5 throughout the year and by pursuing a music educatioD programme for Ghildren and young people. Strate jes for achievin aims and ob'ectiv The Society's symphonic choir perforrn$ with the Ulster Orchestra. The Youth Choir is prirnarily a musical education vehicle. It perfoms in re¢ita15 for fri¢nds and family and ha5 developed links with Dublin Youth Choir, m¢¢ting and perforniing regularly together as the Cross Border Youth Choir. Criteria or measures used to a5se9s guccess The Society strives to perfomi to capacity audience3. The Society itself grew, with symphonic thoiT members totalling 135 and singery with the youth GhoiT5 totailing 141, Statement of com liance with c.hari Commission uidance The chaTity has paid du¢ r¢Eard to guidance issued by the Charity Commission in deciding what activities the board should undertake, inGluding th¢ guidance prnduced on Public Bencfrt, Grdnts The Society is most Erateful to tbe Arts Council of Northern Ireland for grants awarded tn support of the artistic costs of iuJJDing tbe Society. Use of VDlunteer The Society employs one part-time Production mager and one part-tim¢ Youth Choirs Supervisor. and contracts several 5elf-employed musicianship staff. Everyone else involved is a volunteeT. The Society and especi&lly youth choirs could not operate without the help Df volunteers. Page 2
BELFAST PHILHARMONIC SOCIETY TRUSTEES, REPORT FOR THE PERIOD I SEPTEMBER 2023 TO 31 AUGUST 2024 Achievements and peYform*nce of main achievement Highlights of the 2023124 season included Member5 of both the symphonic and youth Choirs joining Northern Ireland Opera for their production of T05Ga, the Belfast première of Stanford's Requiem commemorating the CenteTr of the trish composer's death. the Phil Kids singing at the lighting of the Assembty Christmas tree following an inviiation from the Speaker5 ole?, the Youth Choir winning th¢ RIE Lyric FM 2023 Choirs for Christhias competition for best perforniance of a Contemporary trish choral work (Come and Sing, composed by Sekn Doherty), perfonnances of Dvorak's Stabat Mater and M&hl¢i's Symphony No. 2 with the UlsteT Orchcstra, and a return to the Hill Of The OIATeill in Dungannon to Close the season. Lvestment erfornianc¢ a ainst Ob.tiVeS No set objectives given the small value of investrnents held. erforniance indicators e lainin ut5 achieved b ob'ecti Given the straightforward nare of the charity. the board are of the opinion that allalysis using KPI'S is not necessary for an understanding of the development, ptrfornian¢¢ or position of the charity. Flnanefipdl review Review of th¢ fanCIal osition at the end of the re ortin eriod The 51atement of financial activities for the year is set oul on page 7 Df this report. The Society had a net loss in funds for the fmanciai year of £14,196 (2023., loss in fvndg of £12.959) leaving unrestricted funds of £2 1,258 (2023: £37,631) and restricted funds of £19.564 (2023.. £17,387). The unrestricted funds are considered to be essential to provide sufficient fiu]ds to cover any unforeseen wsts wbich nuy arise and fulfil legal obligÉitions of the charity in the evBnt that current levels of income are not maintained. nificant cventq that affected fJnanGial erfonnance and fmancial osition durin eriod The Society relies hcavily on the subscriptions from singers in both the symphonic and youth choirs, and the grants from the Art5 Council of Northcrn Ir¢land. The principal risks going forw&rd include reductions in our grant funding, TeductlDns in income from subscription5, and insufficient ticket incotne to offset the costs of st84ging con¢¢rts. The board periodically review the Society's fmarteial position to ensure that it has suffiGient fimds going forward. Princi al sour¢es of income and how ex endittire meets ob ¢¢tives The principal sources of income are the mcmbership subSlpt1OnS and grants frorn the Arts Council. The main areas of expenditure are the salarie5 of our Production Manager and Youth Choirs Supervisor and the fees paid to the Chonts DiTector. Youth Choirs Artistic DTr¢ctor, Youth Choirs A5SlStant Director, Accompanist, Singing Tutor and the various Musicianship trjtors. Rese es oli The Society aims to have unrestricted Teserves equ to at least one third of the following years anticipated expendittwe plus any predicted budget defjcit for that year. This would equate to targeted reserves of £64,193 against acal reserves held of £21,258. The BoaTd members consider that reserves of this level will ensiire that. in the event of a significant drop in funding, they will be able to continue the Society'5 rrent activities whi19t consideration is given to ways in which additional fijnds may be raised. Page 3
BELFAST PHILHARMONIC SOCIETY TRUSTEES* REPORT FOR THE PEIUOD I SEPTEMBER 2023 TO 31 AUGUST 2024 Risk factors The main areas of risk are ifthe Arts Council grant is reduced. and the cost of putting OTh OUT own concert5 significantly exceeds receipts from ticket sales. Th¢ Society continues to seek replacements for the grant incomc provided by The Esmé Mitchell Trust. wncluded at the end of 2022123 s¢ason. Plans for fure eriods The SoGicty h45 been awarded standstill funding from the Arts Council for the wming sev4son (£39,935). The 2024125 season includes an exciting and varied progrdmme of events to rnark the Society's 150th anniversary, including perforniing Mendelssohn's Elijoh (the very frst piece that the SoGi¢ty perfonned ISO years ago), tours to Budapegt and Limerick, and th¢ premiere of a ncwly commissioned work by composer Elaine Agnew and poet Sinéad Morrissey. Structure> goverDance and managément Nature of ovemin documents and how ehari is constituted Historically, the Society was governed by a Constitution which was adopted at an Extraordinary General Meeting on 12 Octob¢r 2016. In li£ht of the Covid-19 pandernic, the Society has updated the constitution to accommodate electronic comrnuni¢alion5 and pl&tforns forthe Annual General Meeting, thi5 Ghan¥e agreed It an Extraordinary Gen¢ral Meeting on Wednesday 24 March 2021. The Society is run by a Board consisting of ot least six officers and two members elected by the membership. The Board has the power to co-opt up to four 74ddition#l board members. Methods to re¢ruit and oint ncw trus Four of the officers are elected from among the members of the Society. Two officer5 are appointed by the Board. ndemni rovision f r trustee5 The Society holds an insurance policy whxch provides cover for the BoaTd members when &cting on behalf of the Society, anisational Structur¢ hnd how chari Membership is open to all those over 16 years of age who have auditioned, been found competent by the Chorus Director arAd have paid the relevant subscription. The membership elects four of the officers. Each sedion eleGt5 its own leader. How decisions are mad¢ The board rnakes decisions on behalf of the Society after consulting the Production Manager, memb¢r5hip, Chorus Dire¢tor, Youth Choirs Artistic Director or Youth Choirs As51Stant Director as appropriate. Poli¢i¢5 and Procedur¢s for induction and trainin of trustces New Board members are offered Ihe opporiunity to att¢Dd relevant training courses. ¢men r settin and remuneration fke mana ement The salary of the Production ManRger and Youth Choirs Supervi50T. and the fees paid to tbe rnu5ical staff are agreed by the Board. Page 4
BELFAST PHILHARMONIC SOCIETY TRUSTEES, REPORT FOR THE PEIUOD I SEPTEMBER 2023 TO 31 AUGUST 2024 RelatioThshi s with related arties and other charitieslor charitable ob'ectives The Chairperson. Choru5 Director and Production Manp4Eer function as the point of contact with th¢ Ulster Orchestra. The Chairperson. Honorary Treasurer and Production Manag¢r are the point of Contact with the Arts Council. an15ations with which it co-ordinates in the ursuit of Èts Statement of T stees. Res Dnsibilities The trustees are rcspon.sihle for preparing the Trustees, Annu Report and the financi&l statementg in accordance with appliGable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), The law applicable to charities in Northern Ireland requires the trustees to prep¢ financial ststernents for each financial year which gives a trne and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the ¢harAty for that period. In preparing these f]nanGial ststernent5, the trustees are required to.. select $uitabl¢ accounting policies and then apply them consistently; observe the methods and principles in th¢ Charities SORP 2019 (FRS 102) make judgements and estirn*s that are reasonable and prudent. state whether Applicable accounting standards have been followed. subject to any rnateri&l departtjres digclo$ed ond explained in the financial statement5. prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue in operation. The trustses are responsible for keeping proper accounting records that disclose with reayonable accuraoy at any time the financial position of the charity and enable them to ensure that the fanCIP41 staternents comply with the Charlties Act (Northern Ireland) 2008, the Charities (Accounts and Reports) Regulations (Northern Ir¢land) 2015 and the provisions of the constitution. They are also responsible for safeEuarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregUllties. The tNStees report as &pproved by the Board of Trnstees. // Katherine HaDJatty Chairperson Andrew Forsyihe Honorary TreasuTer Date.. Page 5
BELFAST PHILHARMONIC SOCIETY INDEPENDENT EXAMINER'S REPORT FOR THE PEIUOD I SEPTEMBER 2023 TO 31 AUGUST 2024 Independent ex4miner's report to the tru8t¢es of Beifa5t Pbi]h¥rmonic Society We report on the accounts of the charitsble society for the period ended 31 August 2024. which are Set out on pages 7 to 19. Respective responsfibllities of ¢harity ttee8 and exp4miner As the chity'S IteeS you are responsible for the preparation of the a¢¢ounts in acwrdance with the Charitie5 Regulations (Northern Ireland) 2015. It l5 our responsibility to: examine the accounts under section 65 of the Charities ACL. follow the procedures laid down in th¢ general Direction5 given by the Commission under section 65(9)(b) of the Charities ACL. and stste whether particular matters have corne to our attention. BASIS of independent exAmln¢r'$ report We have exatnined your charity accounts as required under section 65 of the Charities A¢t and our examination was arried out in occordanoe with the general Direction5 given by the Charity Commission for Northern treland under section 65(9)(b) of the Charitie5 Act, Our examination included a review of the accounting r¢rords kept by the charity and a ¢omparison of the accounts presented with those records, It also included ¢onsideration of any unusual items or disclosures in the a¢counts and seeking VAplanations from you as charity tsustces concerning any such matters, Our role is to State whether any material matters have Gorne to our Attention giving us ¢ause to believe: 1. Th3t accounting reGoTd8 were not kept in accordance with section 63 of the Charities Act, 2. That the &ccounts do not accord with those accounting records. 3. Thot the a¢¢ounts do not comply with the accounting requirements of the Charities Act. 4. That ther¢ is further infornialion needed for a proper understanding of the a¢¢ounts to be Thed. Independent exAmlner's stxtement We have completsd our examination and have no concerns in respect of the matters (l) to (4) listed above and. in ¢onne¢tioll with following the Directions of th¢ Charity Commission for Northern Ireland, we have found no rnatter5 that require drawing to your attention. Ur filJl /7lrt* Baker Tilly Mooney Moore Chartered Certified AcGounlants 17 Clarendon Road Clarendon Dock Belfast BTI 3BG Page 6
BELFAST PHILHARMONIC SOCIETY srATEMENf OF FINANCIAL ACTIVITIES FOR THE PERIOD I SEvfEMBER 2023 TO 31 AUGUST 2024 Unrestrieted Restricted Total TotAI Funds Funds 2024 2023 Notes Income from: Donations And legacies Charitable activities 60.984 87,368 162 60,984 134,678 162 51,792 87,612 136 47,310 Investments Tot41 Income 148A14 47JlO 195,824 139.540 Expendlturn oll.. CharTtable activities 165,136 45,133 210,269 151,862 Net gainl{loss) on investments Net gainl(loss) on disposal of fLYed assels io 249 249 52 (689) Net income/expenditure (16.373) 2,177 (14,196) (12,959) Transfer5 between fimds N¢t movement In funds (16J73) 2,177 (14,196) (12,959) Fund balances at I Septernber 37,631 17,387 55,018 67,977 Fund Bxlaneeg At 31 August 15 21,258 19,564 40,822 55,018 Page 7
BELFAST PHILHARMONIC SOCIETY BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investsnents 12,776 2,531 11,907 2,282 12 15J07 14,189 CURRENT ASSETS Debtors 13 18,288 68,731 21,216 56,714 Cash at bank and in hand 87,019 77,930 CREDITORS Amounts flIng due withiTh one ye 14 (61,504) (37,101) NET CUIIRENT ASSETS 25,515 40,829 NET ASSETS 40,822 55,018 FifNDS Unrestricted funds 15 21,258 19,564 37,631 17,387 Restricted ndS 15 40,822 55.018 The fClaI statements were authorised for issue and approved by the Board of Trustees on . its behalf by: . and were signed on Katherine Hanraty Chairper50n Andrew Forsythe Hon Treasurer Page 8
BELFAST PHILHARMONIC SOCIETY STATEMENT OF CASH FLOWS FOR THE PEIUOD I SEFTEMBER 2023 TO 31 AUGUST 2024 2024 2023 Notes Cash flows from OperatiThg Aetivlties C&8h gencrated by operations 17 13,838 .536 Investing Activities Fixed Asset Additions (1,983) 71 (1,890) 73 Inveslment income Interest income 91 63 Net cash (absorbed) / generated from Investing Aetivitiej (1,821) (1,754) Net cash uged in financing activities Net ineregse/(decrea8e) in Cf48h aDd Casb Equlvfilents 12.017 6,782 Cash and Gvdsh equivalents at beginning of year 56,714 49,932 Cash and cash equivalent5 at end of year 68.731 56.714 P&ge 9
BELFAST PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD I SEPTEMBER 2023 TO 31 AUGusf 2024 STATvfoRY INFORMATION Belfast Philhmonic Society is an unincorporat¢d Charity in Northern Ireland. The public benefit entities Charity Commission nurnber and registered office address can be found on page l. ACCOUNTING POLICIES Basis of prep74ring the finnciAI statements The financial statements have been prepared under the hi5tori¢al cost convention and in AGGordance with AccouTAtiThg and Reporting by Charities., Statenient of Recommended PractiG¢ applicable to chariti¢s preparin£ their accounts in accordance with the Financial Reporting stdard applicablc in the UK and the Republic of Treland (FRS 102) (effective l January 2019) - (Charities SORP (FRSI 02) - second edition) and the Finan¢ial Reporting Standard &pplicable in the UK and Republic of Ireland (FRS 102). Financial Instrument$ All fjnancial in5trurnents of the company are Gon5ideT¢d to meet the definition of basic fLnAncial instnllnents. Going Concern The accounts have been Prepared on a going concern basis as no material uncertaintie5 exist which m&y Gast significant doubt upon the entitiei ability to continue as a going con¢em. Income All incoming resources are included in the Statement of Financial Activities (SOFA), and they are recognised where there is entitl¢menL oertainty of receipt 4nd the amount can be measured with Sufficient reliability. Expendlture All expendikne 15 accounted for on an accruals basis and has been Classified under headings that aggregate ll cost5 related to the category. Charitable expenditure compromised those costs incurred by the charity in the delivery of its activitle5 and services for its beneficiaries. It in¢ludes both costs that can be allocated directly to such activities and those costs of an indirect nature necessory to 5UPPOrt them. T4xallon There 1$ no liability to t&¥ation due to thc trust's charitable stP¢tss. Fixed Y45set Investments Investments are initially reGogni5ed attransaction price. Subsequently they are rneasured at fair value using the closing quoted market price as at the balance sheet date. The 5tatemen of fmanrial aGtivitie5 includes the net gains and losses arising on revaluation and disposals throughout the year. Realised goins And105$e$ All gains and losses are taken to the statement of finanGial activities as they arise. Re81i5ed gains and losses on investments aTe calculated as the differ¢nGe between sates proceeds and opening mArket value (or pUrChe date if later). u¢aliSed gains and losses are calculated as the diff#ren¢e betweenthe rnket value at the year end and opening market value (or purchase date if later). PaEe 10
BELFAST PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD I SEPTEMBER 2023 TO 31 AUGUST 2024 ACCOUNTJNG POLICIES (coNfiNUED) Dèpreciation of tangible fIed a5set5 Depreciation is calculated to write off the value of f¢d assets over their usefvl lives as follows: Fithres & Fittings Musical and Computer equipment 200/0 - 330/9 per annum Fund Aeeountlng The Society has various types of ndS 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 PUTpose5. Such purposes are within the overall aims of the organisation. (u) Unrestricted Funds Funds which are expendable at th¢ dis¢r¢tion of the charity in firtherance of the objects of the charity, Judgements and key $ourtes of estimation uncertalnty There were no significant judgements or estimations made in the period. DONATIONS AND LEGACIES Unrtstricted Funds Reslrieted Funits Total 2024 Total 2023 Subscriptions from Choir Mernbers Subscriptions from Phil Kids Gift Aid Recoverable Donations 25,974 23,449 7,780 3.781 25,974 23,449 7,780 20,051 22,472 8,079 1,190 60,984 60,984 51,792 P&ge 11
BELFAST PHILHARMONIC SOCIETY NOTES TO THE FINANCtAL STATEMENTS (CONTINUED) FOR THE PERIOD I SEPTEMBER 2023 TO 31 AUGUST 2024 CHARITABLE ACTMIJES Unrestricted Funds Restricted Funds Total 2024 Total 2023 Grants - Arts Council Nl Gr}ts- Esme MitGhcll TNst Grants - Bellast City Council Grants - The Leche Trust Concert Income Service Income Budapest Tour Deposits Othgr In¢onJe 43,310 43,310 43,685 20,000 5,345 4,000 4,000 17,042 2,948 65,957 17.042 2.948 65,957 13,148 2,721 2.713 87J68 47,310 134,678 87,612 Grants Arts Council NI- 22123 Season Art5 Council Nl- 23124 Season Arts Council NI Commission Fund The Leche Trust Esme Mitchell Trust Belfast City Council 39,935 39.935 3,375 4,000 39,935 3.375 4,000 3,750 20,000 47,310 47,310 69,030 Pag¢ 12
BELFAST PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD I SEPTEMBER 2023 TO 31 AUCUST 2024 tNVESTMENT INCOME Unrestricted Funds Restrx¢ted Funds Ttstal 2024 Total 2023 Income from unlistsd Investments Interest receivable 71 91 71 91 73 63 162 162 136 CHARITABLE ACTIVITIES Coneort And RehL&r¥AI Expenses Phil Kids Expenses 22.881 11.511 629 4.798 I,iio 10.570 7,764 Not¢ 2024 34,240 24,924 2,007 9.552 2,228 16,643 7,884 1,183 S66 13 2023 43,092 28.932 4.005 11.448 1,720 20,320 11,505 300 750 165 466 820 Project Adrninistration Chorus Director Chon]5 Dtre¢tor Travel AcGompgni8t Accompanist Travel Hire ol Premi5ey Teachers Music Hire Fundraising Consult Fee (Recruitment) Training Other direct cost5 11,359 13.413 1.378 4.754 1,118 6,073 120 1,183 283 283 13 534 41,088 6t1,093 101,IBI 123,523 Support Costs Ggverngnce Ctssts 9 1.546 1,320 14,902 1,320 106,448 2,640 25,699 2,640 133 954 76.315 210269 151862 An*ly515 By Fund Unrestricted funds Restricted Funds 111.386 53,750 165.136 86.582 65280 151,862 133 953 76J16 210,269 Page 13
BELFAST PHIiIIARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PEIUOD I SEPTEMBER 2023 TO 31 AUGUST 2024 SUPPORT COSTS Coneert 2nd Rehearsal Expenses Phll Kids Expenses Note 2024 2023 Support Cost5 Office and Administration Costs Budup¢st Tour Expenditsre Concert Fees Bad Debt Expense Finance Costs D¢preGiation 10,326 67.871 12,673 6.974 17,300 67,871 19,910 12,595 7,237 11.651 119 557 134 557 253 1,114 175 1,278 106 448 25,699 Governance Cost$ AccountanGy 1,320 1,320 2,640 2.640 2,640 TRUSTEES None of the Trustees (or any persons Qonnected with them) received any rernunerp4tion or expenses during the y¢ar (2023: £Nil). EMPLOYEES Number of employees 2024 2023 The average monthly number of emplctyees during the yearwas.. Employment costs Unrestrieted Fund5 Restricted Funits 2024 2023 Wages & Salaries 11,359 22,881 34240 43,092 11,359 22,881 34,241J 43.092 TheTe were no employees whose annual remuneration was £60,000 or more. Page 14
ELFAST PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD I SEPTEMBER 2023 TO 31 AUGUST 2024 io. NET GAINS ON INVESTMENTS Unrestricted Funds Restricted Funds 2024 2023 Revaluation of investmEnt5 249 249 52 249 249 52 TANGIBLE FIXED ASSETS Fixtures, Fittings and EquiptDent Musical and Computer Equipment TotAI Costs At I September 2023 Additiong Di5P05&15 20.222 1.214 3,106 769 23,328 1,983 At 31 August 2024 21,436 3,875 25,311 Depreciation At I September 2023 Depreciation charged in the year Depreoiation on disposals At 31 Augiist 2024 ,737 2,684 11,421 700 414 1,114 9,437 3,098 12,535 Carrying amount At 31 August 2024 11999 777 12,776 At 31 August 2023 11.485 422 11,907 Page 15
BELFAST PHILHARMONIC SOCIETY NOTES TO THE FINANCL4L STATEMENTS (CONTINUED) FOR THE PEIUOD I SEPTEiIQBER 2023 TO 31 AUGUST 2024 12. FIXED ASSET INVESTMENTS Unlisted Investments C05t or vglualion At I September 2023 Vduation change5 2,282 249 At 31 August 2024 2,531 Carryfing imonnt At 31 August 2024 2,531 At 31 August 2023 2,282 Fixed asset investments revalued Investments are inGlud¢d at r¢valued amounts with the bp45iS of the VtiOn being the current market value a5 at 31 August 2024 being £2.531. Investments are all in the NI Central Investment Fund for chltIeS and can be liquidaled at any time a5 required. 13. DEBTORS 2024 2023 Amounts fallfing dut wlthln one year Tradc Debtors Other debtor5 Prcpaym¢nts and aoGrued income 1,450 16.179 659 1,016 19,710 490 18288 21216 14. CREDITORS: AMOUNTS FALLING DUE WfTHIN ONE YEAR 2024 2023 Accruals and defeed income Trade Creditors Payroll taxes 59.438 1,923 143 28.280 8,327 494 61.504 37,101 Included in the above is £19,968 (2023- £19,968) of deferred income in relation to ACNI grant paid in advance. Page 16
BELFAST PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (coNrtNUED) FOR THE PERIOD I SEPTEMBER 2023 TO 31 AUGUST 2024 15. AFIALYSIS OF CHARITABLE FUNDS BalAnce at Bal&nee at 01-Sep Lncomillg 2f123 Resourees Resources Net g%inlOos5) on Itetn5 31-Aug 2024 expended Transfers Unrestrltted Funds Unrestricted Income fund 37,631 148,514 (165,136) 249 21258 Total unrestricted fllnd8 14 165 136 249 Restricted Funds Leiza Riddell TM in Memoriam June 1934 JC Picken (Dec) Tour nd Esme Mitchell Tuition nd 500 500 500 500 loo 2,064 150 loo 2,064 150 TMCC in Memoriam 5,000 5,000 Richard Bell Donation Arts Counctl Nl - 23124 Programme costs Art8 Council NI- Commission Fund The Leche Trust John H Legacy 323 (323) 39,935 (39,935) 3,750 3,375 (4,875) 2,250 4,000 4,000 5,000 5,000 Total Restrlcted Funds TotAI Fund$ Unrestrficted inconje fund The unrestricted income fund represents the free fund5 of the charity which are not designated for particular purposes. Leiza Riddell. TM in Memoriam June 1934, JC Picken deceased and Tour Fund These r¢stri¢ted funds represent legacies and tuition fijnds received many years ago. Arts Council NI_ Programme Costs This represents funds received towards the overall artistlc Costs of the Society. Page 17
BELFAST PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PEIUOD I SEPTEMBER 2023 TO 31 AUGUST 2024 Arts Council NI- Commission Fund This repTesents ndS received for the 2024125 anniversary season. Legacy Donation5 These represents donations from fonner members of the Society. These fund8 are restrictsd and design&ted for the production of a piec¢ of musi¢ in 2024. 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Ftsed Assets Currtttt Assets Creditors Total 2024 TotAI 2023 Unrestrlcted funds: General Fund 12,776 69,986 (61,504) 21258 37,631 Restricted funds: Reveiiue grunts Lelza Riddell TM in Memoriam June 1934 JC Picken (Dec) Tour nd Esme Mitchell Tuition fund ACNI Commission Fund TMCC in MLm0ri4m John H Leg&Ly The Leche Trust Richard Bell Donp4tion 500 500 loo 2,064 150 2,250 5,000 5,000 4,000 500 500 loo 2,064 150 500 500 loo 2,064 150 3,750 5,000 5,000 .5,000 4,000 323 TotAI fund5 12,776 89,550 (61,504) 40,822 55,018 Page 18
BELFAST PHILHARMONIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PEIUOD I SEPTEMBER 2023 TO 31 AUGUST 2024 17. CASH GENERATED FROM OPEIL4TIONS 2024 2023 Net incoming resources (14,196) (12,959) Adju5tmcnts for.. Investment income in Statement of Financial Activities Fair value gains and losses on irjvestments Fair vut galns and losses on disposal of f]xed assets Depreciation of tangible fixed &isets (162) ( 136) (249) (52) 689 1,114 1,279 Movements in worklng capit81 (IncTease)Decrease in debtor5 (Decrease)ffji¢re&se in creditors 2,928 24,403 6,468 13,247 13,838 8,536 18. RELATED PRTy TRANSACTIONS There were £nil transe4ctions with related p&rtie5 during the period (2023,. £nil). Page 19