Charity regi$tration number NIC106859 Company reglstratlon number N163741 D (Northern Irelandl BELFAST MUSIC SOCIETY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BELFAST MUSIC SOCIETY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Mambars J Harmar-smilh K Gordon l H Lindsay B McGeowii R McNair Mr A J Kirby Dr J Licinic Van Walstijn (Appointed 1 May 20231 IAppoinled 20 July 20241 Sgcrgtary J Haimar-smilh Charlly numb•r NIC106859 Company number N￿37410 Reglstered offlce Cre8¢9nt Art8 Centre 2-4 Universlly Road Belfast Co Antrirn Northern Ireland BT7 1NH Indopgndgnt oxamlngr Harbinson Mulholland Cenlrepoinl 24 Ormeau Avenug B8lfast Co. Anlritn Northérn Irèland BT2 8HS Bankers Danske Bank Donggall Square VVg51 Belfast Co. Anlrim Northern Ireland BT16JS BELFAST MUSIC SOCIETY LIMITED CONTENTS Page Meniber5' repart Ind8p8ndent exatnlner's report Stslemenl of financial activlties Statement ol financial position Noles lo the flnan¢lal 81al8m8nl8 6-12 BELFAST MUSIC SOCIETY LIMITED MEMBERS. REPORT (INCLUDING DIRECTORS. REPOR FOR THE YEAR ENDED 31 MARCH 2024 Th8 Membars present Iheir annual report and ffinancial stat8rn8nt5 fDr the yearend8d 31 March 2024. The fin8nei81 ststemeni$ have been prepared in 8c¢ord8n¢e with the 8¢¢0unb"ng poli¢ies set out in note I to the fin8nci81 slatetnenls and cotnply wilh the Cotnpanies Act 2006 and 'Accounling and Reporting by Charities." Slaternenl ol Recorntnended Practicp applicable to charitie5 preparinq Iheir accounts in accofdance with the Finanelal Reporting Standard appllcable in the UK and Republlc of Ireland IFRS 1021 lerrective 1 January 20191 Oblfj¢tlves and 8rAlvStl•$ Bell8st Music Society exists to present chamber music concerts, which il has b88n doing sinc8 1921, and as such meets the public benefit test by encouraging the playing and appre¢i8tion of chamber music. The Members have pa￿ due regard to guidance issued by the Charity Cornmis$ion In docidlng what 8¢tivitles tha Soclely should underiake. Achlevements and perforrnance Bellasl Music Society has pres8nled an Annual Inl8mallonal Festival ol Chambar Mu8lc al Queen's Univ8rslty B8llast since 2005, consolidating the previous long-running subscription series into a single evènt. Over the yèars, BMS'S season has grown to Include Northern Lights MinpFesl, Nlght Mus5¢, Chamber 8abS68 & Cherubs, and a dlversts programme 018ducation and outr8ach acllvities. In r8c8nt S8asons, w8 lurth8r 8xpand8d our off8rlngs 10 Includ8 BMS CHILL, a s8rl8S of Classical music ¢on¢erts tailored for people with additlDn81 neèds lacilllalèd by RIChmusi¢NI, specialists In music •ducalion for individuaL8 with special n88ds. The 2023-2G24 season mart(ed an excits'ng return to a full 51ale of live performEnce8. The Intem8tional Festival ol Ch4mber Music showca59d worfd-cla55 musicians such as Michagl McHal8, The Marmen Quarigt. and Ailish & James 8aillEu, captivating audiences wlh a blend ol technical brilliance and emotive perforMan￿S. Our Northern Lights Mini-Fesl feattjred an eclectic programme including Peter Moore & Friends, The Nightingale Trio and Fionnuala Ward & DavKI Zucchi combining classical Iraditions with oonlempor8ry perspeciives. Education 8nd Community engagemènt also Ioc>k centre stagè, wlth OLJr Chamber Babies & CherLJbs concerts contlnuino lo insplre young audlencas, whll* workshops and maslarclass Inltlallv8s conneclad studanls with chanbar music in cre81ive an¢ accessible way8, This vibrant season demon8lraled the resilience and evolution ol 8ell8s1 Music Society, ensuring ch￿ber musi¢ remains a vital and inspiring presence in tlie cultural life ol Belfa51. Flnanclal rovI•w The Statement ol Financial Activities for the year is set out on page 4. The accumulated funds decreased by £5,776 to £68,341 Q023,' £74,117). Re¥erve$ poli¢y The Sociely's px)licy is lo relain a level ol free reserves lo enable il lo stsge next year's Inlemalional Festival which will lake place in March. As the Society is primarily publicly funded Ihrough the Art5 Council lor Northern Ireland, there is a risk lo future fvrKling from, among other things. o change in public policy, ond our reserves gre held to co'4er this eventuality. BELFAST MUSIC SOCIETY LIMITED MEMBERS. REPORT (INCLUDING DIRECTORS. REPORTI ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Rlsk rnanag¢mgnt Th8 Members have overall r8sportsibility for Énsuring Ihat th8 Soci8ty has in plac8 an appropriat8 Sy8t8m of controls, Iin¥ncial and olherwise, to provide re8son8ble assurance that". thè Society is op8ratlng 8ff￿18nuY and eff8clively- • its aSse15 are saleguardgd against unaulhor158d use or disposi￿On', propèr r8cord$ arg mainiained and financial infomialion us8d within tha Society or lor publication is reliable.. the Society complies with relevant laws and reguL2lions', and the Sociely's systems ol finan¢i81 control ale d8soned lo provide re8son8bl&, bul not absoluie assurance agalnst materlal missiaierneni or loss. The major risks lo whith the Society is exposed. as iden￿'lied by th8 Soaely members. have be8n r•¥i8w•d and systsms have been established to miligaie those risks. Structurei governanc• and rnanag•rn•nt Belfasl MLJSle Society operalad since 1921 as an unincorporated 8ssoeiallon, but Incorporated as a Company Limited by Guarantee on 29 March 2016. The Soci8ty is govèrned and managed by a Board, Th8 term of offic8 lor Officers 15 four years which is renewable, but no Officer may serve for more ihan 8￿￿ht years ￿lthOU1 a break. Board rnembers also serve 8 four-year lerm which is renewable once. Th8 Memb8rs, who arè also the dirèctors for th8 purpose of company law. and who s8rved during the yéar and up to th8 81* ol slgnature of the finan¢lal stalemenls were.. J Hamiar-smrth K Gordon l H Lindsoy B McG6own R McNair B Aiken Ir A J Kirby nr J l icinir. Van W•l$tijn IResigngd 20 August 20231 IAppointed 1 May 20231 IADpointpd ?0 Jijly ?0?41 S¢atsm•nt of socl•ly m•mb•rs' r•sponsIb￿lI1•S The Society members are responsible lor preparing the Society's annual repori aiid financial slalernenls in accordance viith applicable law and United Kirodom Accounting Standards (UK Generally Accepted Accounting Praclicel. The Members, report wa5 approved by the Board of Mernbers, J Harmar-smith Chalr Dalèd.. 17 Dgcembar 2024 BELFAST MUSIC SOCIETY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF BELFAST MUSIC SOCIETY LIMITED We r8POrt to the Mernt￿rS on our exarnination of the financial stat8￿)￿ntS of Belfast Music Soc18ty Limrted Ilhe Soci81yl for the year ended 31 M8rGh 2024. Ro$pon$lbllltl&$ and b¥sl$ of roport As Ihe Members of the Sctiety land also its directors for the purposes of company lawl y¢u arfr responsible for the prepaialion ol lh8 lina￿al slal8m8n15 and you hav8 considered th8 audit requirernenl of Sectson 65131 ol the Chari1185 Acl INII 2008 (the A¢tl. Haying satisfied ourselves that the Charity is not subject to audit under company law, and is eligible for indep8nd8nl 8xamlnatlon, 11 Is our r8sponslbllity to.. exarnlne the ac¢ounl$ under 8eellon 65 01 th8 Charlllgs Act (Northern Ir&landl 2008., follow the procedures laid down in the general Dir8clions giv8n by th8 Charity Commission for Northem Ireland under section 6519llbl of the Charities Act,. $181tr whtr¢h$r partl¢ular m8ttgrs havg ¢ome lo our atlgntlon, Ind•p•nd•nt •xamln•r's stat•m•nt We have examined your charity accounts as 18qulred under Section 65 01 Ihe Charbles Act and our •xamlnation was carri•d out in accordance with the general Directions given by tki8 Charity Commission lor Northern Ireland under section 6519llbl ol the Charities Aet. The Èxamination includèd a revlew ol the accoLJnting ￿e0rd$ kept by the charity and a comparison of thè accounts pr858nt8d with Ihos8 records. It also Included consid8ration of any unusual Items or dlsclosur8s In thè accounts. and s88king 8xplanalions from you as charlty trusteès concernlng any such matt8rs. Our rol8 1$ tts stal8 wh•th•r tny malèrf•l rn•tl•rs hav8 com8 to our attention gbvlng us e8usa lo bèlièvè., That accounting records were not kept in respect ol the Society as required by section 388 of the 2006 Act., or the fin8ncial 51alernent5 do not aGcord with Ih05e reGords', or That the linan(ial slal8monls do not comply with th& ac¢ounlirYJ roquiremgnls of $OClion 396 01 Companies Act 2006 and wilh the method5 and principles ol the Charities Statement ol Recomrnended Practice applicable to charrties preparing their accounts in o¢cordance with the Fir￿n¢la1 Repc)rting Slondard opplicable in the VK and Republic of Irglan¢, That there is lurther inlorrnalion needed lor a proper und8rslanding of the accounts lo be rgached. W8 hav8 complet8d our 8xamination and havè no conc8ms in r8spoCt ol th8 n)alt8rs111 to141 lisl8d abov8 and, in eonnéction wlth follo￿n9 th8 Dlractlons ol th8 Charlty Cornmlssion for Northarn Ireland, we have found no mati•rs that r8qulr8 drawlng lo your allenlitsn. H8rbln$on Mulholland Centrepoinl 24 Orme8u Avenue Ballast Co. Antrim BT2 8HS Northem Ireland Dalèd,. 17 Dgcembar 2024 BELFAST MUSIC SOCIETY LIMITED STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•stri¢tsd Restri¢t•d funds funds 2024 2024 Total Unro8tri¢tsd Re8tri¢l*d fund8 funds 2023 2023 Total 2024 2023 Notes Incom• from= Donations and legacies Chari18blè 8clivth$s 991 15.057 991 62,006 1,190 11,148 1.190 64.S86 46,949 52,838 Total Incom 16.048 46,949 62,997 12,938 52,838 Expenditure on: Raising funds Charitable activ￿85 31 17,731 1,760 49,251 1,791 66,982 21 11,990 2.141 47,289 2,162 59,279 Total •xptsnditurn 17,762 S1,011 88,773 12,011 49,430 61,441 Net Incomellexp8ndStur&l and movernent in funds 11,7141 14,0621 15,7761 927 3,408 4.335 R•ron¢iliatipn of fvnd•'. Fund balancas al 1 April 2023 66,432 7,685 74,117 65,505 4.277 69,782 Fund bal8n¢0$ 8t 31 M3r¢h 2024 64,718 3,623 68,341 66,432 7,685 74.117 The Stalernent of financial acliviligy includes all gains and losses rgcognisgd in the year. All in¢orne 8xpendilure d9rivg from continuing activilies. BELFAST MUSIC SOCIETY LIMITED STATEMENT OF FINANCIAL POSITION AS A T 31 AIARCH 2024 2024 2023 Not9¥ FlxÈd 8gse18 Tangib18 asse18 11 3,727 5,789 Currènt a88•t8 Debtors Cash at bank and In hand 12 21.227 3,335 72.311 67,001 75,646 Cr•dilor8= amount$ f811ing du• within on• y•ar 13 12,3871 17,3181 N•t curmnl a860ts 64,614 68,328 Total as8•ts1•88 currnnl Ilabllltl•s 68,341 74.117 Thg funds of th• So¢loty Rcstriclod incomo funds Unresiricled funds 14 15 3,623 64,718 7.685 66,432 68,341 74.117 The company is entitled lo the exemption from the audit requirement contained in section 477 of the Companies A¢1 2006, lor tha yaar ended 31 M3rch 2024. The DireclorslTruslees acknowle(kJe their responsibilities lor ensuring that the charity keeps accounting records which Comply with section 386 of Ihe Act and lor preparing financial staternenis which give a true end lair view ol the slate of effair$ ol ihe company 4$ al the end of financial year gnd ol rts incoming rgsour¢e$ and appli¢alion of rgsour¢e$. inGluding ils income and expendilurp, lor the financi81 year in accordance with the requirements ol sections 394 8nd 395 and which otrtrtwisg comply wllh Ihtr roqulr*mgnts of lh¢ Companlgs Act 2006 r91Ollng lo finon¢lo1 stst9m?nis, so lar os appllcoblg 10 the cornpany. The members have not required the cornpBny lo obtain on aLJdil of ils financial ststements for the year in question in ac¢ord8nc8 wilh section 476. These financial s18lernen15 have LEen prepared in accordan￿ with the provisions applicable lo cornpanies subject lo the small cornpanies regirrE. The financial slalemenis were approved by the Members on 17 December 2024 l H Lindsay Trustee Company registration number N1637410 (Northern Ireland) BELFAST MUSIC SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountSng pollcle8 Ch8rity infowmation Belfast Music S￿letY Llrnlt8d is a privat8 company limit8d by guaranlee incorporatqd In Northem Ireland. The r8glsterod officè Is Crèscent Arts Cènlré, 24 Unlversity Road, Bellasl, Co Anlrim, 8T7 1 NH, Northern Irèland. 1.1 Accounting conventlon Th& financial stalem&nts hav8 b88n pr8parèd in aceordanc& ivith lh8 SoeA&ty's artIC￿S of asÉoeiation. th8 Compani&s Act 2006, FRS 102 The Financi81 Reporting Standard applic8ble in the UK and Republic of Irdand" I'FRS 102.1 and the charl￿.eS SORP 'Accounts'ng and Reporting by Charities.. Statement of RecomrTh9nded Practice applicable to charities preparing their accounts in aeeordance with the Financial Reporting Standard applicablè in the UK and Republi¢ ol Ireland IFRS 1021. lefftellve 1 January 20191. Thè S¢xièty 1$ a Publlc Bèn8flt Enuly as d8fln8d by FRS 102. Thè Socièty has 18ktn advantagé of th8 provlslons In tho SORP for ¢harili$s not to prépsr8 a Slalemlnt of Cash Flows. The financial slalements are prepared in 618rfing, which 15 the functional currency ol the Society. Monetary amounty in firidfiLltil sldli>iri¥ril¥ rour)d¥d tu Ili# Iitldf&?*l £. The linon¢io1 Stolements ho'le been prepored under the historical ¢osl ¢onvents'on, modified lo Include the revaluolion ol freehold properties and lo include inyestrllgnl propgrtie$ arKI certain financial inslrutnents al lair v81ug. The prinapal accounting policies adopted are set out below. 1.2 Golng ¢on¢gm Al the lirne of approving the financial slalernenls, the Member5 have a reasonable expectation that the Society has ad8qual8 r8sourc8s to continu8 in operational 8xist8nc8 lor th8 foresè8abl8 futur•. Thus th8 Membérs continu8 10 adopt th8 golng conc8rn basis ol accounllng In pr8parlng the Ilnandal slatarn8nls. 1.3 Ch8rlt8blo fund$ Unre51ricled funds are available for use at the discrellon ol the Mernbers In furtherance of Ihelr charilabltr objectives. Restricted lund¥ are gubj8et 10 specrfie conditions by donors or 9rsnlors ag to how they May be used. The purptrs8S and uses ol the restricted funds are sel out in the notes to the linanaal staternents. EndowmÈnt lunds a￿ subjèct to spèeifie condltions by donors Ihat thè eapital musl ba maintainèd by the Society. 1.4 Incorne Income Is recognised when th8 Society Is legally entitl8d to it after any p8rformanc# condrtions hav8 b8¥n m•1, th# arnount5 be ￿eaSured reliably, and it 15 probable that incorne will be rec8ived. Cash donations artr r¥cognis¥d on rèceipt. Other donations ar¥ recognisèd onc¥ th¥ Society has b¥8n notifièd of th¥ donation, unless perforrnance conditions require deferral of the atnount. Income tax recoverable in relatio￿ to donations received under Gift Aid or deeds of covenant is recognised al Ihe time of the don8ticffl. Lega¢ies are r8¢ognisod on receipt (K olherwlse If the Society has been nolmed of an Imp&ndSng dislribullon. the amount is known. and receipt is expected.11 the arnounl is ncl known, tha legacy is Irealed as a conlingenl asset. BELFAST MUSIC SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies Icontinutdl 1.5 Expendituro All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all c4)sts related to tho category. Whero costs cannot bo diro¢tly allributed to particular hfjaéings they have bean allocatgd lo aGtivilies on a b&sis con51Stent with use of the resources. 1.6 Tangibl• fix•d •$$•l$ Tangible fixed asset5 are initially measured at C051 and sUbsequen￿Y measured al cost or valuation, net of depreciation and any Imp8irmenl losses, Depr8cialion is r￿ognISed so as lo write off the cost or valuation ol assets less Ih8ir residual values over their useful livp.q nn Ihp fnllnwino h28p.8'. Computers 33Wo Straight line Thè 99in or loss arlsinu on the dlsposal Of an as$gt 1$ delermin¢d as Ihe difference belween the sal$ pro¢8ed$ and thè earrying value ol thè a$sèt, and is rèeagnisèd in the gtstemènt of linaneial a¢￿'vitieS. 1.7 Impalrm•nt ol flx•d a$$•ts At 8ach reporting end date. the Society reviews th& carrying amounts of Its tangible assets to d&lermine whether Ih•r8 is any indication that those assets have suffered an impairment loss.11 any SLJch indioalion exists. the re¢overable amoLinl thè asset li èstimalèd in ttrdar to d8lèrrninè tho èxtént ol thè impairmènt los$ lif any!. 1.8 C88h and cash èquivalènt& C8sh and cash equivalonls Includa ¢8sh in hand, deposits held al ¢811 wth b8nk$. olhei short-larm liquid inv8slmtsnls with orioinal maturities DI three months or less, and bank overdrafts. 8ank overdrafts ar& shown within borrowinqs in 1.9 Flnanclal Instrument8 iety has elected to opply the provisions of Section 11 'Basic Financial Instruments, and Section 12'01her Financi81 Instrurnents Issues, of FRS 102 to all ol its financial inslrumenls, Financial instruments are recognised in the Society's balance sheet when the Society becomes party lo the conlra¢lu81 provisions of th8 instrument Financial assets and liabilities are offset, with the nel amounts presenled in the financial stalemenls, when there is a legally É>riloic¥aLily ri£Jhl lo se)1 olf i¥cognised amounts and there 1$ an intention lo sellle on a nel basis or to realise the asset dnd S&llle the liablity simultaneously. Basic financial assets Basic fi'nancial assets, which include debtors and cash and bank balances, are initially measured al transaction price inrjiidino transArtinn r.n8ts and Arp. s1jh￿.qlI?n1IY tArripd At Amnrliqp.d M81 ijsing Ihp pNp.ptivp intprp.81 rng.lhnd iJnlp.8s the arrangemenl conglilules 8 Iln8neing Iransacllon, whtsre the Ir8ns8clion Ig Measured al the prtrsenl value of the future receipts discounted al a market rale of inlerasl. Financrdl assets classified as receivable wrthin one year are not amortised. BELFAST MUSIC SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies Icontinutdl Basie financial lithbiliti&$ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri￿ unless the arrangen)enl constitut$s a financing transaction, wh*ro the dobl instrumonl is measurgd al Ihe prèsènt value ol th$ future payments discounted at a market rate ol interest. Financial liat)ilities classified as payable within one year are not amortised. Debt instruments are subsequently rarried al arnortised cost, using the effective interest rate methixj. Trade creditor$ ar8 obligations lo pay for goods or services Ihal have been acquired in the ordinary coursg ol operations from supplier5. Amounts payable are ckssilied as current liabilities if payment iy due within one year or less. 11 not. they aro presented as non-currcnl liabilitios. Trade crcdilofs aro rocognisod initially al transaction price and subsequgnlly rveasured al amortisgd using tbg effgclive inlerest rnelhod. DwKognltlon of IlnanGlal Ilabllltles Financial li8 Art 19FIR ftr s•ctinn 242 nl tha Taxation of Chargèable Gains Acl 1992 to thè gxtènt that th8sg aro applied to ils charitablè objècts. 10- BELFAST MUSIC SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tanglble flxed assets Compulers Cost At 1 April 2023 Additions 13.445 1,495 At 31 March 2024 14,940 Dopr•¢latlon and Impalrmènt At 1 April 2023 Dopre¢ialion ¢harged in the ￿ar 3.557 Al 31 March 2024 11,213 Carrying amount Al 31 March 2024 3.727 At 31 March 2023 5.789 12 Debtors 2024 2023 Amounts f4lllng dug wlthln on9 yoar.. Prepayments and occrued income 21,227 3.335 13 Cr•dllors', amounts falllng du• wlthln on• y•ar 2024 2Q23 Accru01$ and defgrrgd In¢omg 2,387 7,318 14 R•strl¢t&d funds The reslricled lun¢Js of the tharily cornprise the unempended balance5 01 donations and grant5 held on trust subject to specific conditions by donors as to how they rnay be used. Movemonl In funds Incomlng r8¥ourc¥s Rof6oureo¥ trxpended 31 March 2024 1 Aprll 202J Donations ACNI - Grant luThling ACNI- Grant luThYed capital items B8llast City Council 2,000 12,0001 140.4541 13,5571 15.0001 40,454 1,495 5.000 5,685 3.623 7.685 46,949 151,0111 3,623 11 BELFAST MUSIC SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Unrestrlcted funds The unre8tri¢ted lunds of the charity ¢ompri$e ihe unexpended b818nce$ of dtsn8tion8 and gr8nt8 which 8re not 8ubje¢t to specific condibons by donors and grantors as to how they Nay be used. These ir￿ude designated funds which have beèn sèt aside out ol unrestrlcted funds by the trustees for specllic purposes. At 1 Aprll 2023 Incomlng resources Re80urces expended At 31 March 2024 Ggnoral funds 66.432 16,048 117,7621 64.718 Pr•vltsus y••r'. At 1 Aprll 2022 Incomlng r£sourcos Resourc•s gxpanded At 31 March 2023 General lund5 65,505 12.938 112.0111 86.432 18 Anatysls of n•t a88•ts b•tw••n fundB Unr•8trlcted funds R•otrfct•d funds Total 2024 2024 2024 At 31 March 2024: Tanglble a$sel8 104 64,614 3,623 3.727 64,614 64,718 3,623 68.341 Unrestricted funds 2023 Reotricted fundg 2023 Total 2023 At 31 March 2023: Tangible assets Currsnl assèlsllliabilitiesl 104 66,328 5,685 2,000 5,789 68.328 66,432 7.685 74,117 17 Event8 aftor the reporting dats Ther8 havs) boèn no m81grial ¢venls, o¢¢urring aftgr the rgporting do1¢ Ihol r$quir8 adjustmonts lo or dis¢losurg in tho financial stat8merrt5. 12- This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic fonn, authentication and manner of delivery under section 1072 of the Companies Act 2006.