Company number: N1636612 The Ulster Orchestra Foundation Company Limited by Guarantee Trustees, Report and financial statements for the period ended 31 March 2023 Independent Examiner's Report The Ulster Orehestra Foundation la company limited by guarantee) I r8port on the accounts of the charity for the period ended 31 hllarch 2023 which Are set out on pages 5 to 10. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER As the charity trustees land also directors of the company for the purposes of company lawl you are responsible for the preparation of accounts in accordance wtth the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law and is eligible for independent examination, it is my Esponsibility to.. examine the aGGounls Ltnder section 65 of the Charities Act follow the procedures laid down in the general Diredions given by the Charity Commission for Northern Ireland under section 65 {9llbl of the Charrtses A to stsle whether particular matters have come to my attention. BASIS OF THE INDEPENDENT EXAMINER'S REPORT I have examined your ¢harEty accounts as required under section 65 of the Charities Act and my examination was carried out in accordance wth the general directions given by the Charity Commission of Northem Ireland under section 65{9}Ib} 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 records. It also included consideration of any such Matters. My role is to state any material matters have come lo my attention gimng me ¢ause to believe= 1) That accounting records were not kept in accordance with section 386 of the Companies Act 2} That the ¥c¢ounts do not aceord th those accounting recorofs 31 That the a¢￿Unts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and wth the principles of the Charities Ststement of Recommended Practi￿ appli¢able to charities preparing their accounts in a￿OrdanCe wqth the FTnancial Reporting Stsndard applicable in the UK and the Republic of Ireland. 41 That there is further infomiation needed for a proper understanding of the accounts lo be reached. BASIS OF THE INDEPENDENT EXAMINER'S REPORT I have completed my examination and have no concerns in respect of the matters {11 to (4} listed above and, in connection with the following Directions of the Charty Commission for Northern Iretand, I have found no matters ￿quire drawng to your attention. Cia In 252-260 Suffolk Rd, Hannahstown Belfast 8T11 9PB Date.. 2S-Ni- Qc£S Company number: N1636612 The Ulster Orchestra Foundation Company Limited by Guarantee Trustees, Report and financial statements for the period ended 31 March 2023 The Ulster Orchestra Foundation Contents Page Legal and administrative information Trustees, report Independent Examiner5, report to the members Statement of financial activities Balance sheet Notes to the financial statements &8 The Ulster Orchestra Foundation Legal and administrative information Trustees Mr Paul Hunt MrAndrew Dougal Mrs Frances Gibson Mr hAichael Alexander Mr Alastair Rankin MBE Mr Peterspratt Resigned 23106123 Resigned 28/IV22 Secretary Mrs Barbara McKinley Company Number N1636612 Charity Number N1106395 Registered Office Townsend Street Church 32 Townsend Street Belfast Co. Antrim BT13 2ES Accountant5 Ciaran Hamill 252-260 Suffolk Road Hannahstown Belfast BTII 9PB Bankers AIB University 5reet Belfast 8T7 Solicitors TRUSTEESANNUAL REPORT THE ULtrER ORCHESTRA FOUNDATION TRusfEES REPORT IINCLUDIP4G DIREcfoRS' REPORll ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 The truste￿ present their report and thè unaudited finanrAal statements of the company forth8 period end 31 March 2023. The financial statements have been prepared in aecordance the accounting poltoes sèt out Sn note I to the finananu $18tementS and coM￿Y the Found8tion's Artides ol Associabon, the Companies Act 2006 and'Ac¢ounting and Repoiting by Charities.. Ststernent of Recornmended Prad%￿ app1[￿ble to chaftties preparing the4r accounts in accordance with the Finantial Reporting standa￿ applicable in the UK and Republi¢ of Irèland IFRS1021' las amended for accounting periods cornmencing from 1 January 20161. 0￿ECTIVEs AND ACTIVITIES The Faundation's object is Ihe promtsbon of the study. pracics and knty￿edg* of the art of music in Northern Ireland and dsewheie by the giving and arrangement of concerts and other such means as it is thought fit including. Witho￿ limitstion. the prowsion, m8intenan¢e or improvement of perfomances, education81 acti¥￿e$ and community engagement by the Ulster Orchestra at venues in Northern Ireland and etsewhere where it is forth8 benefit of the pubtic generalty. The trustees have pald du¢ regaril to guidance issued bythe Charfty Cornmission in deryding what activities the Foundation $hould undertake. HIEVEMENTS AND PERFORMANCE FlnanGial Review Th8 results for the year are set out on page 4. The dirertors'policy is to ensure thatsuffiaent unr&stricted reserve5 ere avallaue to covèr COTe administration, lundraising and support costs, wthout which the Charity could not function, and to provide for known fvture devdopments, liabilities and uncertainties. The level of reseNes is reviewed on an ongoing basis. The trustees have assess￿ the major risks to which thè FoundatEon is exposed, atyl are Satisfied that5yBlems are in plar* to mitigate exposure to the major risks. Covid 19 Al tt)e beginning of 2020 there was 8 global outbreak of Cowd-19. Th8 Charity has continued to operate throughout the period. Structure. govemanca and managemont The Found8tion is a company limite(J by guarantee and was ineorportated on 23 FebN#ry 2016. There are five trustees and new Irustees Can be appointed at a properly convened meeting up to the mwmurn permitted in the Foundation's ￿ti￿eS ofAssociation. The trustees , who are also tt)e directors hr the purpose of company law, and who served during the yearand up to the date of &gnature ofthe finarrial statements were= Mr Andrew Dougal O.B.E. Mts Fran¢es Gibson Mr (Patrick Markl Paul Hunt Mr Michael Aexander r A Rankin Mr Peter Spratt Mr Phlip Black MrJames Sandford Resigfted 23106123 Resigned 28111122 Appointed 22105123 Appointed 2W05 Signe Mr Amdrw Dougal Chairman Independent Examiner's Report The U15ter Orchestr8 Foundation la company limited by guarantee) I report on the accounts of the charity for the period ended 31 March 2023 which are set out on pages 5 to 10. RESPECTIVE RESPONSIBILITtES OF TRUSTEES AND EXAMINER As the chartty trustees {and also directors of the company for the purposes of company lawl you are responsible for the preparation of accourrts in accordance wtth the requirements of the Companies Act 2006. Having setisfied myself that the Company is not subject lo aijdil under company law and is eligible for independent examination, it is my ￿ponsibIl￿ to.. examlne the accounts under section 65 ofthe Charities Act follow the procedures laid down in the general Directions given by the CharÈty Comrnission for Northerrh Ireiand under section 65191(bl of the Charities Act to ststs whether parttcular matters have come lo my attention. BASIS OF THE INDEPENDENT EXAMINER'S REPORT I have examined your charity accounts as required under section 65 of the Cl*rtiies Act and my examination was carried out in accordance wlh the general directions given by the Charity Commission of Northem Ireland under section 6519llb) of the Charities Act The examination included a review of the accounting records kept by the charty and a comparison of the accounts prasentad with those records. It also included consideration of afty such matters. My rola is to state any material matters have come to my attention giving me cause to kliwe.. 1) That accounting records were not kept in a¢¢orfance with sedion 386 of the Companies Act 2) That the ac¢ounts do not accord with those accounting records 31 That the accoijnts do not comply vrith the a¢￿untIng requirernents of section 396 of the Companies Act 2006 and with the principles of the 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. 4) That there is further informatlon needed for a proper understanding of the a￿OUnts lo be reached. BASIS OF THE INDEPENDENT EXAMINER'S REPORT I have completed my ex8min8tion and have no ¢oncems in respect of the matters111 to {41 listed above and. in connection with the following Directions of the Charity Commission for Northem Ireland. I have found no matters require drawng to your attention. Ciar In 252-260 Suffolk Rd, Hannahstowft BeKast BT119PB Date.. 2SLii- Th¢ Ulster Orchestrn Foundatlon Statèment of Financial Activities forthe period ended 31 March 2023 RestrÉcted Revenue Funds Unrestrirted Furtds 2023 Total 2022 Total Note Incoming Resources Incoming resources from generated funds.. Voluntary In£tsme Incorning resources from Charitable Acttivites 1.000 1,000 26,450 Total Intoming Resources 1.000 1,000 26,450 Resources Expended Charrtable Activitie5 Governance Costs 32.500 1.146 292 292 Total Resources Expended 292 292 33,646 Net incoming I loutgoingl resource5 for the year before revaluations 708 17,1961 Trdnsfers between fvnds Net movement Èn funds 708 708 17,1961 Total funds broughtforward 14,460 3,715 18.175 25.371 Total funds carried forward 15.168 3,715 18,883 18.17S The Statement of Financial Artivitiés includes als gains and105ses in the year and therefore a statement of total recogni5ed gains and losses has not been prepared. All of the above amounts relatetts tantintsing activities. Thè notes on pages 7 to 10 form part of these financial statements. The Ulster Orchestra Foundation Balance Sheet as at 31 March 2023 Notes 2023 2022 CURREfr¥f A55ETS Cash at Bank & in hand 20,203 20.203 20,395 20,395 CREDITORS- Amounts falling due within one year 1,320 2,220 NET CURRENT LIABILITIES 18,883 18.175 Net assets 18.883 18,175 FUNDS Unrestricted Income Funds Restricted Revenue Funds 15.168 3,715 14,460 3,715- 18.883 18.175 For the period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Att 2006 relating to small companies. Trustees responsibilities: l The members have not required the company to obtain an audit of its accoLTnts for the year in question in accordance with sertion 476: and 2 The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. ese financial statements were approved by the Board and signed on its behalf by Andrew Dougal Dirertor Date Company number: N1058223 The notes on page5 7 to 9 form part of these financial Statements. The ulster Orthestra Foundation Notesto the Financial Statements for the pèriod ended 31 March 2023 Accounting Policies The following accounting policies have been applied consistently in dealing with items in the company's financial Statements. 1.1 Basis of Accounting The financial statements are prepared underthe historical cost convention and in accordance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland, and Charities SORP IFRS 1021. The financial statements are prepared in pounds sterling which is the function currency of the company. This enttty is a Public Benefit Entity. 1.2 Fund Attaunting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the gener31 objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. General funds may be transferred to designate fvnds where Trustees wish to usè thèsè funds for 3 specific purpose. Such funds may be transferred back to general funds once the criteria for the designation have been met or are no longer applicable. Restricted funds are funds which which are to be used in accordance with spectfic restrictions imposed by donors or which have ben raised by the Charity fcjr particular purposes. The cost of raising and administering such fund5 are th2rgÈd against the specific fund. The aim and use of restri¢ted funds is set out in the notes to the financial statements. Restricted funds may only be transferred to general or designated fund5 once the Criteria for restrirtion have been discharged or no longer applv. 1.3 Incorning Resources Atl incoming resources are included in the Statement of Financial Activities when the charity is legally Èntitled to the income and the amount can be quantified with reasonable accLJracy. Grants, setwice agreement, fee income and grants for equipment are recognised in the SOFA in the period in which they are receiwable. 1.4 Resource5 Expended Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Charitsble expenditure comprises those costs inCU￿d by the charity in the delivery of its activities and services for its benefi¢i3ries. It includes both costs that can be allocated direttly to such attivities and those costs of an indirect nature necessary to support them. The Ulster Orthestra Foundation Notesto the Ananual Statemerts forthe period ended 31 March 2023 IA Resources Expended ctd... Governance costs intlude those costs associated with meeting the constitutional and statutory requirements of the charity and include the auditfees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure cBtegories of tho Statement of Financial Activitie5 on a basis designed to reffect the use of the resource. Costs relating to a partitular activity are allocated directly, others are apportioned on an appropriate basi5. IS Value AddedTax The Ulster Orchestra Foundatlon 15 not registered for VAT. 1.6 Taxation The company is a charity and the charltable tax exemptions 3re therefore being claimed to the extÈnt that income and/orgains are applicable and applied to charitable purposes only. These exemptions will remaln in place as long2s income and expenditure is applied to ¢haritable purposes on￿. 1.7 Cash and cash equivalet Cash consists of cash on hand and dernand deposits. Cash equivalents Consist of shortterm highly liquid investments that are readily converttble to known amounts of cash that are subject to an insignificant risk of change in value. The Uls¢erOrthestra Foundation Notestothe Finanaal Statements for the period ended 31 Marth 2023 Unrestsitted Fut)ds Revenue Futtds ZOZ3 Totsl 2022 Total 2 Voluntqrylncome Donations & Grfts I,ooo 1,000 26,4SO Restricted Unre#ritted Revenue Fund5 Funds 2013 Totsl 2022 Total 3 Ch3ritableA¢ifiVites Ulster Orchertra 32,SiN) 32,500 Restricted Unrestrirted Reven F¥nds Funds 2023 Tatsl Total 6 6o¥emantt Costs 8aDk charges Accountaney 22 270 22 270 36 ¥iio 292 292 1146 7 Credltor5.' amoutttsfalliTrxdue Within Dne year 2022 Accruals and deferred Income 1320 2.220 L320 2,220 X Income Fund5 Revaluation Opening Incomithg Outgoirq Tran5fets a05tn8 estrirted Funds Book sponsorship DTh¢mpson 2,7 2,715 Unresrricted Fund 14,460 129ZI .16 18.175 18,883 The restricted funds comprI5e the above unexpende¢ balances held on trustfrjrspedfic purposes 9 Company limited byguardntee The Ulsrerorchestra FouDd?tion isa compaty lirnr(ed bygvarantee and does not have a Share ￿P[til. The liability of eath mernbtr is limited to on amount nut exceeding£l.