Company number: N1636612 The Ulster Orchestra Foundation Company Limlted by Guarantee Trustees, Report and financial statements for the perlod ended 31 March 2024 I Iiiilliiill A086tW J 0710912024 COMPANIES HOUSE A15
The Ulster Orchestra Foundatlon Contents Pa Legal and administrative information Trustees, report Independent Examlners, report to the members Statement of financial activlties Balance sheet Notes to the financial statements
The Ulsler Orchestra Foundation Le8al and administrative information Trustees Mr Paul Hunt MrAndrew Dougal Mrs Frances Gibson Mr Michael Alexander Mr Alastair Rankin MBE Mr Phllip Black Mr james Stanford Resi8ned 23106123 Appointed 22 May 2023 Appointed 22 May 2023 Secretary Mr5 8arbara McKinley Company Number N1636612 Charlty Number N1106395 Registered Office Townsend Street Church 32 Townsend Street Belfast Co. Antrlm 8T13 2ES Aecountants Neill Cauwood S Castlehlll Drlve Belfast BT4 3GS Bankers Al8 Unlversity Sreet Belfast BT7 Solicitors
TRU5TEE5ANNUALREPORT THE ViSTeR OACHesTAA FOUNDATION TRVSTEESREPORT IINCLVOINfj DIAECTOAS. REPORTI ICONnNUEDI FOII ThE YEAR ENDED 31 MARCH 2024 The tnjstees present Ihèlr rw and th UditI finaKNql statemenis of the companyfu the poriod erthd 31 Mard) 2024. fln8ncial slatemenls have been prepared in accA)rdanc¢ vllh th? acclntIng polici•s sel out in nole 1 to the finanancial stolemenlg ond comply %541h the FoundBllon'$ Articlos of A$SlatiOn. lh• Compani8s Act 2006 and.AuntIng and Reporung by Charities.. Stalernent of Recomrnended Practice applicaFle to charities preparing their accounts in a¢cordan¢e Ibith Ihe Finanoal R¢porbng Standard applicable In the UK and Republic ol IrelaTrJ (FRS1021" la$ amended for accounllng periods CtyThmènong from 1 January 20761. OBJECTIVES AND ACTWMES The Foundaltcffi's oblect is Ihtr w¢)motion ol the 3tudy. praebcè and knowledg¢ of the art ol music in Northem Ireland and dsewth8rè by the giviThJ and arrongemenl of confrts and other su¢h means as il is thought fil irt¢lvding, ithoul lim6talion. the provislon. mglntenanca or improvomonl ol p8rformances. eilucalional acth'vitios And community ongagemenl by Ihe Ulsl•r Orchestra at venue$ in Noflhem Ireland and elskn vtheie It Is lor the benefit ol the public 9•n•fally. Th¢ truste8s have pald du• i•gard to guldanc• l$$ued by lh8 Chartty CornnSsion In dKidh9 at 8ctfviti•s th• Foundion sIKJuld undertak•. ACHIEVEMENT8 AND PERFOAMANCÉ FIDancl•l R9• Th• r•6uttB for tho y•ar ar• Bet out on paq• 4. The dlrectors'Folicy 18 to ¥n¥ur¢ that sufficient unfeslrfdgd r•8•rve¥ are avwlAble to covw corè administra'on, lundralslng and support costs, wllh¢y)t thich Ihe charity c4uld not funclion. and to prwde for kno lulur• devolmnIS. Ilabil¥ties and urterlalnlle$. The level ol serveS 18 rovl04d ¢)n sn on90iry b46i6. Th• truste•• h•v• a88eMed ¢h• major rfsk8 to whlch the FourOn 1$ •w•<J, and ar• Mll8ll•d Ih•t syJl•rn8 ar• In pL•c• lo millgal8 ?xposure to the major ri3kB, Stru¢tur•, Bov•mn¢• and manig•m•nl Foundation 1$ a company lim¢led by guarantèe and was incorportatod on 23 Fèbruary 2016. Tlw¢ are five trustees and n•wtrusié•s ean be appolnled at 8 properfy eonvtntd m8eling up lo Ihe maxmum p8miitted In the Found•tiM'$ Artldes of A4$0dpllon. The Iwsl••i , •r• also lh• dlrg¢torJ lor th• purpo¥ ol g)mwtny l•w, arJ 1¥8(1 th• r •nd up to the dats ol iwn4r0 of lh• fMwn¢l418talgrnenls were.. Mr Andrew Dowal 0.8.E. Mrs Fra¥ Gib¥on Mr IPatri¢k Mark) Paul Hunt Mr Klltha81 xander Mr A Rahkin Mr Phillp 81ad( Mr Jame¥ Sa[lr R•signed 23106123 Apwnlod 22105123 Appointed 22105123 Sffjned on beham of Ihe Iruslws rs Frances Gibson Dirg¢tor
Independent Examlner's fteport Th• Vlster Orchestra Foundation la company limitetl by 8uaranteel I rep¢Jrt on the accounts of th8 charity for Ihe period ènded 31 March 2024 which are set out on pages S to 10. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER As the charity trustees land also director5 of th8 company for th• purpose5 01 company law) you are responslble lor Ihe preparallon ol accounts in accordance with th8 requlremenls of the Compan595 Act 2006. Having ¥a115fled my8811 th81 Ihe company is not subject lo audll under Company law and Is ell9ible for indep8ndonl ex8mSn#lion. il Is my responslbility lo.. ex8mlne the accounls under sectlon 65 of the Ch8rilio¥ A follow the procedures laid down in the general DlrectSons given by the Charlty Cornmi$$ion for Northem Irelantl under section 6519llbl of the Charilies Act to stale wthelher particular matter$ have ¢ome to my attèntion. BASIS OF THE INDEPENDENT EXAMINER'S REPORT I hav8 examlned your charfty account¥ as requlred undèr $6clMJn 6S of Ihe Charllle8 Act gnd my oxarnination was cJrrled out In accordanc8 wllh the general direcllons glven by the Charity Commlsslon of Northem Ireland under s•cllon 65{9llbl of Iho Charitlgs Act. The 8Mamlnallon Included a revlew of lh9 8¢counling records kepl by the chadty and a comparison of Ihe account$ pr•senled wllh those records. 11 also included wnsideration ol •ny su¢h matters. My role Is to state 8ny m8l•rial matt8r8 have come to my attention glving me causa lo beli8V•'. 1) That 8ccounllng rec(Kds wore not kept In accordance sect1 386 of Ihe Companies Act 2) That the 8ccounls do not accord with those accountsng rècords 3) Tttal the acwunls do not comply wilh the accounllng requiremen15 of 5ecllon 396 of the Compardes Acl 2006 and wllh the principles ol Ihg Chari1185 Statement of Recommended Pracltce applicable lo ¢horllies preparing their accounts In accordanG• with tho Flnanclal Roportlng Standard 8ppll¢•blo in th• UK and lh• Republlc ol Ireland. 4) That there Is further informauon needod for 8 proper und8rnlandlng of the account$ to bo reached. BASIS OF THE INDEPENDENT EXAMINER'S REPORT I have compleled my examinali¢)n and have no concems in respect of the matters (1)10141 li51ed above and, in connection with the follng Oiroctions of Ihg Charity Commi55ion for North8m Ireland, I have found no matt¢rs requiw drawing to your attention. Neill Cauwood Indendent examlner 5 Casllehill Drfve 8eNast BT4 3GS Date..
The Ulsler Orthestra Foundation Statement ol Flnancl•l Acll¥Etles for th• perlod ended 31 March 2024 Restrl¢ted R•v¢nu• Funds Unrestrlcled Funds 2024 Total 2023 Total Note Incomlni Resources Incoming resources from generated fund5'. Voluntary Income Incomin8 resources from Charllable Acitivltes 26,100 26,100 Totsl Incomlni Re5011rtes 26,100 26.1 Ilesources Expended Chailtable Actlvltles Governance Cost5 io,cM)o I,Isi 10.000 1,151 292 Total Rerr¢S Exp•nded 11,151 11,151 292 Net Incomini I loutioln$l resourc•s for thè year belorè re¥aluatlons 14.949 14.949 708 Tr•n¥l•rs b•¢w••n lundi Net rnovernent In funds 14,949 14.949 708 Total fynd5 brou8ht forward 15,168 25,371 Total funds carrled forward 3,715 33.832 26.079 Th* Staiement of Flnancial Attlvltles in¢lvd¢s all galn5 and losses In the year and therefore a statement of iotal fecognised galns and losses has noi been prepared. All of the ¥bove wmounts relate to contlnuln8 actitIeS. The notes pages 7 10 10 form part of ihese financial stalement5.
The Ulst*r Ofchestra Foundatlon Balance Sheet as at 31 Marth 2024 Notes 2024 2023 CURRENT ASSETS Cash at Bank & In hand 33.832 33,832 20,203 CREDITORS- Amounts falling due within one year 1.320 NET CURRENT LIABILITIES 33,832 18.883 Net assets 33,832 18.883 FUN05 Unrestrlcted Income Furbds Restricted Revenue Funds 30,117 3,715 15.168 3.715- 33,831 18,883 For the period ended 31 March 2024 the Company was entitled to exemptlon from audit under section 477 of the Companies Act 2006 relating to small companies. Trustees respon51bllltle5'. l The members have not requlred the company to obtain an audit of Its accounts for the year In question In accordance with section 476,. and 2 The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accountin8 records and preparation of accounts. These account5 have been prepared in accordance with the provisions applicable to companies subject to the small companles regime. These flnanclal statements were approved by the Board and sl8ned on Its behalf bv Frances Glbs Dirertor Date Company number: N1058223 The notes on pages 7 to 9 form part of these flnancl•l slJlerneThts.
The U15ter Oiche5tra Found4btlon Notes to the Financial Statements for the period ended 31 March 2024 Accountlni Pollcl•$ The following accountlng poll¢les have been applied consistently in dealin8 Wlth items in the company's financial statements. 1.1 Basis of Accounting The financial statements are prepared under the historical cost convention and in accordance with FRS102, 'The Financlal Reporting Standard applicable in the UK and the Republic of Ireland, and Charities SORP IFRS 1021. The financlal statements are prepared In pounds sterllng which is the function currency of the company. This entity is a Public Benefit Entity. 1.2 Fund A¢¢ountlni General fund5 are unrestricted funds whlch are a¥allable for use at the discretlon of the Trustees in furtherance of the general objectives of the Charity and whlch have not been deslgnated for other purposes. Des18noted funds comprise unfestricted funds that have been set aside by the Trustees for particular purposes. General funds may be transferred to deslinate funds where Trusiees wish to use thest funds for a 5pe¢lfic purpose. Such funds mèy be translerred back to 8eneral funds once the criteria lor the designatlon have been met or are no longer applicable. Restricted funds are lunds which which are to be used in accordance with specific restrictions imposed by donors or which have ben rlised by the Charity for particular purposes. The cost of raising and administering such funds are char8ed a8ainsi the specific fund. The aim and use of restrlcted funds15 set out in the notes to the financial statements. Restricted funds may only be tr?nsferred to 8eneral or designated funds once the criterla for restrlclion have been dlKhaiged or no lon8er apply. 1.3 Incomlnl Resources All in¢omin8 resourtes are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantifièd with reasonable accuracy. Grants, service a8reement, fee income and 8rant5 for equSpment are recoBni5ed In the SOFA in the peliod In which thev are receivable. 1.4 Resources Expended Resources expended are included in the Statement of Financial Activities on an accnia'ls basis, incluslvet&f- any VAT which cannot be recovered. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activitie5 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.
The ulster Orchestr? Foundatlon Notes 10 the Financlal Statements forthe perlod end 31 Mar¢h 2024 1.4 Resource5 Expended dd... Governance costs include those cost5 a5s¢xiated with meetln8 the constitutional and statutory requiremen15 of the charity and include the audit fees and cosis linked to the strategic mana6ement of the charity. All costs are allocated between the expenditure ttl016t5 of the StattmEnt ol Finantial Activities on a basis designed to reflect the use of the resource. Costs relatlTh8 to a particular actlvity are allocated diredly. others are apportioned on an appropriate basls. 1.5 Value Added Tam The Ulster Orchestra Foundatlon Is not re8lstered for VAT. 1.8 Tax•tlon The company is a charlty and the charitable tax exemptlons are therefore beln8 ¢laimed to the extent that In¢omÈ andlor gains are appllcablt and applied to charltable purposes only. These exernptlons will remain in place as lone as income and expendltur• Is applled to charltable purposes only. 1,7 C05h Ind ¢ash 44ulvalehts Cash con515ts of cash on harsd and dèmand deposlts, Cash equlvalents conslst of short term hilhly liqvid Investments that are feadily Convertible to Inown amounts of cash that ari sublert to an insl8nlflcani risk of change In value.
The U151erOr(he51rn FOdlI0 Notestothe Flnandl Sttemnts loithe perlod ended 31 Mtrth 2024 Restrided Revenue Funds 2024 Total 2023 Total Funds I Volurttorylntome Donaisons & Glfts 26.ICII 2&1fy) 26,1 26,IC) fteslrlcttd Revtnu¢ Futhds 2024 Total 2023 Total Funds 3 ¢haritsbl¢A¢itivites Vlster Orchestra 10.1 10.0 10.0 10.0 ft•itrlctqd R•v•nu• 2024 T•t•l 1023 Tot•1 Funds 4 Gw•rn4nu Colts 495 495 Entertalnln8 dltnts Bank charge5 22 170 1.151 1,151 292 S ef•dltoTh.' •m•unts l•llly+J• wlthln on• y•4r 1024 202J Accruils Ind d•l•rr•d Incom• 1,320 6 Income Fundi Ile¥Jluatlan Out¢00 TAfbslers Lo%$ ljpenl Incomlni eltrlrted Fundi eook sppn50tihlp O Thompson 2.715 2,71$ 15.16 16,100 ii.lsi 30.11? 18.883 26.100 111,1511 The restrirted lundsrompri5 the above un¢xp¢ndEd balanrp5 htld an trurtfor speclfic purp05e5 9 Company Ilmiied bygu•wi•e The UlsterOrchestr• Fouhdltion is • tomp•Ny limited by8uar•nt** and dots not have a 5hareeapStal. The Ilabllityof esch member is lirnited io an amount noi exceedini £1.