**(REGISTERED NUMBER: NIC103443)** ## **BELFAST PHILHARMONIC SOCIETY** **REPORT OF THE DIRECTORS AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** ## **BELFAST PHILHARMONIC SOCIETY** ## **CONTENTS OF THE FINANCIAL STATMENTS FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** ||**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 2024 TO 31 AUGUST 2025** **COMMITTEE:** Katherine Hanratty Chairperson Gemma Armstrong Vice-Chairperson Hilary Speers Honorary Secretary Andrew Forsythe Honorary Treasurer Martin Donnelly Youth Choirs Coordinator Sharon Robinson Safeguarding Officer Brian Agus Daniel Clements **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 27 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 2024 TO 31 AUGUST 2025** The Trustees present their report and accounts for the year ended 31 August 2025. 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: 1. To advance the arts and culture by the promotion, practice and performance of choral works; 2. To foster and develop musical standards and the knowledge and taste of the public providing public performances of the best works in music; and 3. 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 symphonic choir performs with the Ulster Orchestra. The Youth Choir is primarily a musical education vehicle. It performs in recitals for friends and family 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 strives to perform to capacity audiences. Membership of the symphonic choir grew to 147, however there was drop in singers with the youth choirs to 117. ## 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 the artistic costs of running the Society. ## Use of volunteers The Society employs one part-time Production Manager and one part-time Youth Choirs Supervisor, and contracts several self-employed musicianship staff. 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 2024 TO 31 AUGUST 2025** ## **Achievements and performance** ## Summary of main achievements The 2024/25 season marked the Belfast Philharmonic Society’s 150th anniversary, and featured many memorable highlights; these included a tour to Hungary with concerts in Budapest and Esztergom, a performance of Elijah alongside the Ulster Orchestra (almost 150 years to the date when the Society performed their first concert), a joint concert of Carmina Burana with North Belfast Youth Choir, a Gala Concert which included the premiere of ‘The Offing’, a commissioned work composed by Elaine Agnew with text by Sinead Morrissey, and a Gala Dinner celebration held at Belfast City Hall. ## 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 £8,690 (2024: loss in funds of £14,196) leaving unrestricted funds of £28,818 (2024: £21,258) and restricted funds of £3,314 (2024: £19,564). 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 subscriptions from singers in both the symphonic and youth choirs, and the grants from the Arts Council of Northern Ireland. The principal risks going forward include reductions in our grant funding, reductions in income from subscriptions, and insufficient ticket income to offset the costs of staging concerts. 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 grants from the Arts Council. The main areas of expenditure are the salaries of our Production Manager and Youth Choirs Supervisor and the fees paid to the Chorus Director, Youth Choirs Artistic Director, Youth Choirs Assistant 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 £55,416 against actual reserves held of £28,818. 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 2024 TO 31 AUGUST 2025** ## Risk factors The main areas of risk are if the Arts Council grant is reduced, if subscription income across the Symphonic and Youth Choirs does not cover the ongoing running costs of the organisation, and if the cost of putting on our own concerts significantly exceeds receipts from ticket sales. ## Plans for future periods The Society has been awarded standstill funding from the Arts Council for the coming season (£39,935). The 2025/26 season will feature performances of works by Rutter, Fauré, Brahms and many more, an evening of film music in collaboration with Fermanagh Choral Society, and the Youth Choirs celebrating their 20th anniversary in a concert bringing together singers from across Belfast, Dublin and Sperrin to perform alongside the Ulster Orchestra. ## **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 Covid-19 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 Director 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 Production Manager, membership, Chorus Director, Youth Choirs Artistic Director or Youth Choirs Assistant 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 Production Manager and Youth Choirs Supervisor, and the fees paid to the musical staff are agreed by the Board. Page 4 ## **BELFAST PHILHARMONIC SOCIETY** ## **TRUSTEES’ REPORT** ## **FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** - Relationships with related parties and other charities/organisations with which it co ordinates in the pursuit of its charitable objectives The Chairperson, Chorus Director and Production Manager function as the point of contact with the Ulster Orchestra. The Chairperson, Honorary Treasurer and Production Manager are the point of contact with the Arts Council. ## 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP 2019 (FRS 102) - - make judgements and estimates that are reasonable and prudent; - - 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. **----- Start of picture text -----**
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Katherine Hanratty Chairperson Andrew Forsythe Honorary Treasurer Date: Date: Page 5 ## **BELFAST PHILHARMONIC SOCIETY** ## **INDEPENDENT EXAMINER’S REPORT FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** ## **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 2025, 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: - examine the accounts under section 65 of the Charities Act; - follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act; and - 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: 1. That accounting records were not kept in accordance with section 63 of the Charities Act. 2. That the accounts do not accord with those accounting records. 3. That the accounts do not comply with the accounting requirements of the Charities Act. 4. 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 Page 6 ## Date: ## **BELFAST PHILHARMONIC SOCIETY** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** |**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 movement in funds**
Fund balances at 1 September
**Fund Balances at**
**31 August**
15|**Unrestricted**
**Funds**
**£**
68,750
49,180
146
**118,076**
110,599
83
**7,560**
21,258
**28,818**|**Restricted**
**Funds**
**£**
-
48,490
-
**48,490**
64,740
-
**(16,250)**
19,564
**3,314**|**Total**
**2025**
**£**
**68,750**
**97,670**
**146**
**166,566**
**175,339**
**83**
**(8,690)**
40,822
**32,132**|**Total**
**2024**
**£**
60,984
134,678
162| |---|---|---|---|---| |||||195,824| |||||210,269| |||||249| |||||(14,196)
55,018| |||||**40,822**| Page 7 ## **BELFAST PHILHARMONIC SOCIETY** ## **BALANCE SHEET AS AT 31 AUGUST 2025** |**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|**£**
**9,085**
**10,908**
**19,993**
**(7,900)**|**2025**
**£**
**17,425**
**2,614**
**20,039**
**12,093**
**32,132**
**28,818**
**3,314**
**32,132**|**£**
18,288
68,731
87,019
(61,504)|**2024**
**£**
12,776
2,531| |---|---|---|---|---| |||||15,307
25,515| |||||40,822| |||||21,258
19,564| |||||40,822| The financial statements were authorised for issue and approved by the Board of Trustees on 25 March 2026 and were signed on its behalf by: ___________________ ___________________________ Katherine Hanratty Andrew Forsythe Chairperson Hon Treasurer Page 8 ## **BELFAST PHILHARMONIC SOCIETY** ## **STATEMENT OF CASH FLOWS FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** |**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|**2025**
**£**
(6,401)
73
73|**£**
(51,568)
(6,255)
-
(57,823)
68,731
10,908|**2024**
**£**
(1,983)
71
91|**£**
13,838
(1,821)
-| |---|---|---|---|---| |||||12,017
56,714| |||||68,731| Page 9 ## **BELFAST PHILHARMONIC SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** ## 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 2024 TO 31 AUGUST 2025** ## 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**
**£**
30,338
21,674
5,794
10,944
**68,750**|**Restricted**
**Funds**
**£**
-
-
-
-
**-**|**Total 2025**
**£**
**30,338**
**21,674**
**5,794**
**10,944**
**68,750 **|**Total 2024**
**£**
25,974
23,449
7,780
3,781| |---|---|---|---|---| |||||60,984| Page 11 ## **BELFAST PHILHARMONIC SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** ## 4. **CHARITABLE ACTIVITIES** |Grants - Arts Council NI
Grants – The Leche Trust
Grants - Francis Routh Trust
Grants - Vaughan Williams Foundation
Grants - The Hinrichsen Foundation
Concert Income
Service Income
Budapest Tour Deposits
Gala Dinner Income
Other Income
**Grants**
Arts Council NI – 24/25 Season
Arts Council NI – 23/24 Season
Arts Council NI Commission Fund
Arts Council NI Small Capital Grant
The Leche Trust
Grants - Francis Routh Trust
Grants - Vaughan Williams Foundation
Grants - The Hinrichsen Foundation|**Unrestricted**
**Funds**
**£**
-
-
-
-
-
12,537
5,800
4,191
9,416
17,236
**49,180**
-
-
-
-
-
-
-
-
**-**|**Restricted**
**Funds**
**£**
45,490
-
500
1,000
1,500
-
-
-
-
-
**48,490**
39,935
-
375
5,180
-
500
1,000
1,500
**48,490**|**Total 2025**
**£**
**45,490**
**-**
**500**
**1,000**
**1,500**
**12,537**
**5,800**
**4,191**
**9,416**
**17,236**
**97,670**
**39,935**
**-**
**375**
**5,180**
**-**
**500**
**1,000**
**1,500**
**48,490**|**Total 2024**
**£**
43,310
4,000
-
-
-
17,042
2,948
65,957
-
1,421| |---|---|---|---|---| |||||134,678
-
39,935
3,375
-
4,000
-
-
-| |||||**47,310**| Page 12 ## **BELFAST PHILHARMONIC SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** ## 5. **INVESTMENT INCOME** ||**Unrestricted**|**Restricted**|**Total**|**Total**| |---|---|---|---|---| ||**Funds**|**Funds**|**2025**|**2024**| ||**£**|**£**|**£**|**£**| |Income from unlisted||||| |Investments|73|
-|**73**|71| |Interest receivable|73|-|**73**|91| ||________|________|________|________| ||146|-|**146**|162| ||=======|=======|=======|=======| ## 6. **CHARITABLE ACTIVITIES** |**Note**
Project Administration
Chorus Director
Chorus Director Travel
Accompanist
Accompanist Travel
Hire of Premises
Teachers
Music Hire
Fundraising
Consultancy Fee (Recruitment)
Training
Other direct costs
Support Costs
7
Governance Costs
7
**Analysis By Fund**
Unrestricted funds
Restricted Funds|**Concert and**
**Rehearsal**
**Expenses**
17,932
18,341
1,419
6,076
720
8,002
-
1,098
413
-
-
321
**54,322**
59,966
1,385
**115,673**
83,303
32,370
**115,673**|**Phil Kids**
**Expenses**
9,547
4,962
477
5,841
1,206
12,172
8,475
1,098
413
96
-
239
**44,526**
13,755
1,385
**59,666**
27,296
32,370
**59,666**|**2025**
**27,479**
**23,303**
**1,896**
**11,917**
**1,926**
**20,174**
**8,475**
**2,196**
**826**
**96**
**-**
**560**
**98,848**
**73,721**
**2,770**
**175,339**
**110,599**
**64,740**
**175,339**|**2024**
34,240
24,924
2,007
9,552
2,228
16,643
7,884
1,183
566
13
-
1,941| |---|---|---|---|---| |||||101,181
106,448
2,640| |||||210,269| |||||165,136
45,133| |||||210,269| Page 13 ## **BELFAST PHILHARMONIC SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** ## 7. **SUPPORT COSTS** |**Note**
**Support Costs**
Office and Administration
Costs
Budapest Tour Expenditure
Concert Fees
Bad Debt Expense
Finance Costs
Depreciation
6
**Governance Costs**
Accountancy
6|**Concert and**
**Rehearsal**
**Expenses**
45,972
2,181
10,811
-
126
876
**59,966**
1,385
**1,385**|**Phil Kids**
**Expenses**
4,988
-
7,745
-
146
876
**13,755**
1,385
**1,385**|**2025**
**50,960**
**2,181**
**18,556**
**-**
**272**
**1,752**
**73,721**
**2,770**
**2,770**|**2024**
17,300
67,871
19,910
-
253
1,114| |---|---|---|---|---| |||||106,448| |||||2,640| |||||2,640| ## 8. **TRUSTEES** None of the Trustees (or any persons connected with them) received any remuneration or expenses during the year (2024: £Nil). ## 9. **EMPLOYEES** ## **Number of employees** The average monthly number of employees during the year was: **2025 2024** 2 2 ====== ====== ## **Employment costs** ||**Unrestricted**|**Restricted**||| |---|---|---|---|---| ||**Funds**|**Funds**|**2025**|**2024**| ||**£**|**£**|**£**|**£**| |Wages & Salaries|17,932|9,547|**27,479**|34,240| ||______|______|______|______| ||**17,932**|**9,547**|**27,479**|34,240| ||=====|=====|=====|=====| 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 2024 TO 31 AUGUST 2025** ## 10. **NET GAINS ON INVESTMENTS** ||**Unrestricted**|**Unrestricted**|**Restricted**||| |---|---|---|---|---|---| ||**Funds**||**Funds**|**2025**|**2024**| |||**£**|**£**|**£**|**£**| |Revaluation of investments|83||-|83|249| ||________||________|________|________| ||**83**||**-**|**83**|249| ||=======||=======|=======|=======| |**TANGIBLE FIXED ASSETS**|||||| ||**Fixtures,**||**Musical and**||| ||**Fittings**|**and**|**Computer**||| ||**Equipment**||**Equipment**|**Total**|| ||**£**||**£**|**£**|| |**Costs**|||||| |At 1 September 2024|21,436||3,875|**25,311**|| |Additions|5,462||939|**6,401**|| |Disposals|-||-|-|| ||______||_______|_______|| |At 31 August 2025|**26,898**||**4,814**|**31,712**|| ||======||======|======|| |**Depreciation**|||||| |At 1 September 2024|9,437||3,098|**12,535**|| |Depreciation charged|||||| |in the year|1,440||312|**1,752**|| |Depreciation on|-||-|-|| |disposals|_______||_______|_______|| |At 31 August 2025|**10,877**||**3,410**|**14,287**|| ||======||======|======|| |**Carrying amount**|||||| |At 31 August 2025|**16,021**||**1,404**|**17,425**|| ||======||======|======|| |At 31 August 2024|11,999||777|12,776|| ||======||======|======|| ## 11. **TANGIBLE FIXED ASSETS** Page 15 ## **BELFAST PHILHARMONIC SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** ## 12. **FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||**Unlisted**| ||**Investments**| ||**£**| |**Cost or valuation**|| |At 1 September 2024|2,531| |Valuation changes|83| ||________| |At 31 August 2025|**2,614**| ||________| |**Carrying amount**|| |At 31 August 2025|**2,614**| ||=======| |At 31 August 2024|2,531| ||=======| ## **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 2025 being £2,614. Investments are all in the NI Central Investment Fund for Charities and can be liquidated at any time as required. ## 13. **DEBTORS** ||**2025**|**2024**| |---|---|---| |**Amounts falling due within one year**|**£**|**£**| |Trade Debtors|750|1,450| |Other debtors|7,470|16,179| |Prepayments and accrued income|865|659| ||______|______| ||9,085|18,288| ||=====|=====| ## 14. **CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Accruals and deferred income|4,520|59,438| |Trade Creditors|2,857|1,923| |Payroll taxes|523|143| ||______|_______| ||7,900|61,504| ||======|======| Page 16 ## **BELFAST PHILHARMONIC SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** ## 15. **ANALYSIS OF CHARITABLE FUNDS** ||**Balance at**|||||**Balance at**| |---|---|---|---|---|---|---| ||**01-Sep**|**Incoming**|**Resources**|**Net**
**gain/(loss) on**||**31-Aug**| ||**2024**|**Resources**|**expended**|**Items**|**Transfers**|**2025**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Unrestricted Funds**||||||| |Unrestricted Income fund|**21,258**|118,076|(110,516)|-|-|**28,818**| |**Total unrestricted funds**|**21,258**|118,076|(110,516)|-|-|**28,818**| |**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 – 24/25
Programme costs|-|39,935|(39,935)|-|-|-| |Arts Council NI –
Commission Fund|2,250|375|(2,625)|-|-|-| |ACNI – Small Capital
Programme|-|5,180|(5,180)|-|-|-| |The Leche Trust|4,000|-|(4,000)|-|-|-| |John H Legacy|5,000|-|(5,000)|-|-|-| |Francis Routh Trust|-|500|(500)|-|-|-| |Vaughan Williams
Foundation|-|1,000|(1,000)|-|-|-| |The Hinrichsen Foundation|-|1,500|(1,500)|-|-|-| |**Total Restricted Funds**|19,564|48,490|(64,740)|-|-|3,314| |**Total Funds**|**40,822**|**166,566**|**(175,256)**|**-**|**-**|**32,132**| ## **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. Page 17 ## **BELFAST PHILHARMONIC SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** ## 16. **ANALYSIS OF NET ASSETS BETWEEN FUNDS** ||**Fixed Assets**|**Current Assets**|**Creditors**|**Total 2025**|**Total 2024**| |---|---|---|---|---|---| ||**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds:**|||||| |General Fund|17,425|19,293|(7,900)|**28,818**|**21,258**| ||||||| |**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**| |ACNI Commission Fund|-|-|-|**-**|**2,250**| |TMcC in Memoriam|-|-|-|**-**|**5,000**| |John H Legacy
The Leche Trust|-
-|-
-|-
-|**-**
**-**|**5,000**
**4,000**| |Richard Bell Donation|-|-|-|**-**|**-**| ||||||| ||||||| |**Total funds**|**17,425**|**22,607**|**(7,900)**|**32,132**|**40,822**| Page 18 ## **BELFAST PHILHARMONIC SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 SEPTEMBER 2024 TO 31 AUGUST 2025** ## 17. **CASH GENERATED FROM OPERATIONS** ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Net incoming resources|(8,690)|(14,196)| |Adjustments for:||| |Investment income in Statement||| |of Financial Activities|(146)|(162)| |Fair value gains and losses||| |on investments|(83)|(249)| |Fair value gains and losses on||| |disposal of fixed assets|-|-| |Depreciation of tangible||| |fixed assets|1,752|1,114| |**Movements in**||| |**working capital**||| |(Increase)/Decrease in debtors|9,203|2,928| |(Decrease)/Increase in creditors|(53,604)|24,403| ||_________|_________| ||(51,568)
|13,838| ||========|=======| ## 18. **RELATED PARTY TRANSACTIONS** There were £nil transactions with related parties during the period (2024: £nil). Page 19