Charty Registration No. N1106395 Company Reglstration No. N1636612 (Northern Ireland) THE ULSTER ORCHESTRA FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 harbiiisoii iiiulholland
THE ULSTER ORCHESTRA FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustogs MrAndrew Dougal OBE Mrs Frances Gibson IAr (Victor) Alan Hewitt Mr (Patrick Mark) Paul Hunt Mr Michael Alexander Mr Peter Spratt Sècretary Mrs Barbara McKinley Charity nUMr N1106395 Company nurnber N1636612 Registered office Seymour House 9 Gloucester Street Belfast Antrim Northern Ireland BT14LS Independent examiner Harbinson Mulholland Centrepoinl 24 Omieau Avenue Belfast Co. Antrim Northem Ireland BT2 8HS
THE ULSTER ORCHESTRA FOUNDATION CONTENTS Pa99 TTUStees' report Independent examinerfs report Statement of financial activities Stslemenl of financial position Notes to the financial statements 6-11
THE ULSTER ORCHESTRA FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 The trustees present their report and financtal $latsments for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 10 the financial slalemenls and comply with the Foundation's Arkncles of Association, the Companies Act 20C6 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (as amended for accounting periods commencing from 1 January 20161. Objectives and activitie8 The Foundation's object is the promotion of the study, practice and kno¥edge of the art of Music in Northem Ireland and elsewhere by the giving and arrangement of concerts and other such means as il is though fit including, wilhoul limitation, the provision, maintenance or improvement of perfomiances, educational activities and community engagement by the Ulslei Orchestra at venues in Northem Ireland and elsewhere where it is for the benefit of the public generally. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what artivilie$ the Foundation should undertake. Achlevements and perforniancè Flnancial review The results for the year are set out on page 4. The directors. policy is lo ensure that suffjcient unrestricted reserves ale available to cover ce adminislralion, fund-raising and support Costs, without which the charity could not function, and to provide for known fvture developmenls. liabilities and uncertainties. The level of reserves is rewewed on an ongoing basis. The trustees has assessed the major risks to which the Foundatlon 18 exposed. and are satisfied that systems are in place to mitigate exposure lo the major risks. COVID 19 At the beginning of 2020 there was a global outbreak of COVIt>19. The Charity has conts'nuerj to operate throughout th8 pericd. Stru¢turgJ governance and management The Foundation is a company limited by guarantee and was incorporated on 23 February 2016. There are 6 trustees and now trustees can be appointed at a properly convened meeting up to the maximum permitted in the Foundation's Articles of Association The tfustees. who are also the director8 for the purpose of company law. and who seNed during the year and up lo the dale of signature of the financial statements were.. MrAndrew Dougal OBE Mrs Frances Gibson Mr (Victor} Alan Hewitt Mr IPalrid( Mark) Paul Hunt Mr Michael Alexander Mr Gerald Lavery Mr Pgler Sprati (Resigned 24 September 2020)
THE ULSTER ORCHESTRA FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 None of the trustees has any beneficial inleTesl In the company. All ofthe trustees are members of the company and guarantee lo contribute £1 in the event of a wnding up. The trustee ' report was approved by the Boaid of Trustees. Mr (Patric Chairman ark) Paul Hunt Mr (Victor) Alan Hewltt Trustee Dated.. ..l.i&.:..I,U-.....knLI
THE ULSTER ORCHESTRA FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ULSTER ORCHESTRA FOUNDATION We report lo the trustees on our examination of the financial ststemenls of The U151er Orchestra Foundation (the Foundation) for the year ended 31 March 2021. Responslbllltle8 and basis of report As the twstees of the Foundation land also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements and you have considered the audit requirement of Section 65{3) of the Charities Act INI) 2008 (the Act}. H8ving satisfied ourselves that the charity is not subject lo audit under company law. and is eligible for independent examination. il is our responsibility lo.. examine the accounts under section 65 of the CharitiesAcl {Northern Ireland) 2008- follow the procedures laid down in the general Directions given by the Charity Commission for Northem Ireland under seclioft 6519llbl of the Charities ACL stste whether particular mallers have come to our attention. Independent examlnerfs Statement We have examined your charity accounts as fequired undeT Section 65 of the Charities Act and our examination was cariied out in accordance with the general Difeclions given by the Charity Commission for Northern Ireland under section 65(9llbl of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those re¢ords. It also included consideration of any unusual items or disclosures in the aunts, and seeking explanations from you as charity trustees eoncerning any such matters. Our role is lo state whether any material matters have come to our attention giving us cause lo believe.. That accounting records wers not kopt in respect of the Foundation as required by sects'on 386 of the 2006 Act,. or the financial slalements do not accord with those records.. or That the financial slalements do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland. That there is further information needed for a proper understsnding of Ihe accounts to be reached. We have completed our examination and have no concems In respect of the matters {11 to (41 listed above and, in conne¢lion with following the Directions of the Charity Commission for Northern Ireland, we have -f_ound_no matters that_ require drawing to your attention. PLa-LilV I i[IcLQ Harbinson Mulholland Chartered Accountants Centrepoinl 24 Ormeau Avenue Belfast Co. Antrim BT2 8HS Northem Ireland
THE ULSTER ORCHESTRA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Unrestrlcted Rostrleted fund$ funds 2021 2021 Total Unrestricted Restricted f¥Jnds funds 2020 2020 Total 2021 2020 Notes Donations and legacies 5.0¢)0 5.000 30.516 17,811 48,327 Charltable activities 5.448 5,448 27,473 16,596 44.069 Net lexpendlturovincome for the yearf Nat movement in funds {4481 14481 3.043 1,215 4,258 Fund balances at 1 April 2020 12,104 13,715 25,819 9,061 12.500 21,561 Fund balances at 31 March 2021 11,656 13,715 25,371 12,104 13,715 25.819 The stalement of finarFcial aclfvilles includes all gains and losses COgniSed in the year. All income and expenditure derive from continuing activities. The slalement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE ULSTER ORCHESTRA FOUNDATION STATEMENT OF FINANCIAL POSITION ASAT31 MARCH2021 2021 2020 Notes Curont assets Cash at bank and in hand 34,424 30.595 Cr•ditors: amounts falllng dug within one year {9,053) (4,776) Nel current assets 25.371 25,819 Incomo funds Restricted funds Unrestricted funds 13,715 71,656 13,715 12.104 25,371 25,819 The company is entiued to the exemption from the audit requirement contalned in section 4T1 of the Companies A 2006, for the year ended 31 March 2021. The directors acknowledge their responsibilrties for complying wlh th8 requirements of the Companies Act 2006 th respect to accounting records and the preparation of financial statements. The fftembers have not required the company to obtain an audit of ils flnan¢ial statements for the year in question in accordance wth section 476. These finandal slalements have been prepared in a)rdance %Aqlh the provisions applicable lo coThpanies subject to the small companies regime. sl tements were approved by the Trustees on A'.rt.. 1 è I I The fin n¢1 Mr (Patr. Trust90 k Matkl Paul Hunt Company Registration No. N1636612
THE ULSTER ORCHESTRA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUnn9 pollcle8 Charfty InfoTmatlon The Ulster Orchestra Foundation is a private company limited by guarantee incorpoialed in Northern Ireland. The registered Offi is Seymour House. 9 Gloucester Street, Belfast, Anlrim, 8T1 4LS, Northern Ireland. 1.1 A¢countlng conventlon The financial statements have been prepared in accordance wtth the Companies Act 2006 and'Accounting and Reporting by Ch8rilies'. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021. {as amended for accounting periods commencing from 1 January 20161. The Foundation 1$ Public Bgnefit Entity as defined by FRS 102. The Foundation has taken advantsge of the provisions in the SORP for charities apptying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Fl¢)WS. The financial slalements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the neare51 £. The financial slalements have been prepared under the historical cost Convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the lime of appioving the financial slatemenls. the trustees have a reasonable expectatton that the Foundation h2s adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue lo adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the trustees in fL5rtherance of Iheir tharilable objectives. Reslrlcted funds are Subject lo speciflc conditions by donors as lo how they may be used. The purposes and uses of the restricted fvnds are set out in the notes lo the financial statements. Endowment funds are Subject to specific Conditions by donors that the capitsl musl be mainlained by the Foundation. 1.4 Income Inwme is Tecognised when the Foundation is legally entitled to il after any perfom7ance conditions have been met, the amounts can be measured reliably. and it is probable that income will be rece(ved. Cash donations are reeognised on reipl. Other donalions are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in latIon lo donations received under Gift Aid or deeds of covenant is recognis$d at the time of the donalton. Legacies are wognised on receipt or otheTh¥ise if the Foundation has been not¢fied of an impending dislribulion. the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a conkn"ngent asset.
THE ULSTER ORCHESTRA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Accounting poli¢les (Continued) 1.5 EXndIture Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity lo the expenditure. All expenditure is accounted for on an accruals basis and has been classified undèr headings that aggregate all $1S related lo the category. Charitable expendtture comprises those cost5 in¢LFrred by the charity in the delivery of its activrties and services for its beneficiaries. 11 includes both costs that can be allocated directly lo such actNilies and those costs of an indirect nature necessary to support them. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at C811 with banks, other short-tem7 liquid investments with Original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Baslc flnancial assots Basic finanaal assets. which include debtors and cash and bank balances, are initially measured at transaction pri including transacliofi costs and are subseqLfenlly carried al amortised cost using the effective interest method unless the arrangement conslilulgs a financing Iransaclion, where the Irar*saclion is measured al the present value of the fulufe receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amorti5ed. Bas1¢ flnan¢lal Ilabllitles Basic financial liabilities, including Creditors and bank loans are inttialty recognised al transaction pri unless the arrangement conslilules a finanung Iransaclion, where the debt instrument is measured at the present Value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instrijments aro subsequently carried al amgrtised cosL using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquifed in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment 15 due within one year or less. If not. they are presented as n0n-Curnt liabilities. Trade CTedilors are recognised initialty at transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition orfinancial Ilablllties Financial liabilities are derecognised when the Four%dation's eontractual obligations expl or a discharged or cancelled. Critlcal accountlng estlmatss and 5udgemonts In the application of the Foundation's accounting policie5, the trustees are required to make judgements, eslimales and assumptions about the carying amount of assets and liabilities that a not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are regnised in the period in which the estimate is revised where the revisson affects only that period. or in the period of the revision and future periods where the revision affects both CUTrenl and future periods.
THE ULSTER ORCHESTRA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Donatlons and loga¢ie$ Unrestrlctsd Unrestricted Restricted nds funds funds Total 2021 2020 2020 2020 Donations and gifts 5,000 30.S16 17.811 48,327 Charitablo a¢tSvltles 2021 2020 Management costs Advertising Book cost Donation to Ulster Orchestra 4.277 6.110 108 16,596 20,000 4,277 42.814 Share of support wsts (see note 5) Share of governance costs (see note 5} 61 1.110 55 1,200 5,448 44,[9 Analy$i$ by fund Unrestricted funds Restricted funds 5,448 27.473 16.596 For the year ¢ndo(f 31 March 2020 Unrestricted funds Restricted fvnds 27.473 16,596 44,069
THE ULSTER ORCHESTRA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Support costs Support Govomance costs costs 2021 Support Governance costs C051s 2020 Bank charge 61 61 S5 55 Accountancy 1,110 1,110 1,200 1.200 61 1,110 1,171 55 1,200 1,255 Analysed betsveen Charitable aclivrtles 61 1,110 1,171 1,200 1.255 Trustsos None of the trustees lor any persons connected with them) weived any remuneration or benefits from the Foundation during the year. Employees The ave¥age monthly number of employees during the year was.. 2021 Numbor 2020 Numb9r Total Credltor8: amounts falllng dua wlthln on• year 2021 2020 Trade creditors Accruals and deferred income 7.943 1,110 4.776 9,053 4,776
THE ULSTER ORCHESTRA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Restrfctgd fund$ The income funds of the chartty include festricled funds comprising the following unexpended balances of donations and grants held on trust for specific purposes= Movement in fund8 Movement In fund8 Balance at Incomlng r950urc95 Balancè at l April 2020 In¢oming Balan¢e at resour¢es 31 March 2021 1 Apdl 2019 expended Book sponsorship McGinnislBraidwater D Thompson 12.500 6.811 10.000 1.000 116,596> 2,715 10,000 1,000 2,715 10,000 1,tXIO 12.500 17.811 {16,5961 13,715 13,715 10 Unrestrlcted fund$ Movement in funds Incomlng R950urc95 Balance at ro9oyr¢•s •xp6nd¢d 31 Alarch 2021 Balance at 1 Aprfl 2020 Unrestricted funds 12,104 s.ooo {3,7161 13.388 11 Analysis of net assets between funds Unrestricted Rostrf¢tod funds funds 2021 2021 Total Unrestricted Restricted funds funds 2020 2020 Totsl 2021 2020 Fund balances al 31 March 2021 ar8 represented by.. Cuttenl assetsl 11,656 13,715 25,371 12,104 13,715 25,819 11.656 13,715 25,371 12,104 13,715 25,819 10-
THE ULSTER ORCHESTRA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 12 Relatsd party transactions Transactlon8 wlth related parties During the year the Foundation entered into the following transactions with related parties.. Donation made 2021 2020 Other related parti&5 20,000 The Foundation also incurred management costs from an other related party of £4.277 12020 - £6,110} during the year. The balance owed to related parties at 31 March 20211s £7.94312020 £3,666).