Charlty registration number 1024723 Company rcgistratioll number 02820709 (England and Wales) CARMARTHEN AND DISTRICT YOUTH OPERA Annual report and unaudited financial statements For the year ended 31 May 2024
CARMARTHEN AND DISTRICT YOUTH OPERA LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr M Rogers Mrs H Hughes Mr W Davies Mrs S Rowlands Miss H J Thorogood Mrs R P Lewis Secretary Mrs H M Hughes Charity number 1024723 Company number 02820709 Registered office Tremle Idole Carniarthen Carn]arthenshire SA32 8DG
CARMARTHEN AIW DISTRICT YOUTH OPERA CONTENTS Page Trustees, report Independent examiner's report Ststement of financial activiti¢s Balanrx sheet Notes to the financial statements 8-17
CARMARTHEN AND DISTRICT YOUTH OPERA TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MA Y2024 The Trustees present their report and accounts for the year ended 31 May 2024. The aOUnts have been prepared in accordance with the Companies Act 2006 and the Statement of Recommended Practice, "AccountAng and Reporting by Charities" issued in March 2005. Objectives and activities The company's objects are to promote, maints1 improve and advance education particularly by the encouragement of the art of music and other arts and to the presentation of the pcrforniances with an cducational and charitable purpose. Thc organisation adopts policies which ensure it actively pursues any other charitable activity which can usefully be undertaken in support of thcsc objects and there has been no change in these during the year. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake. The Charity organised a production of "Our House" during the year. Achievemellts and performance Since 1979 the Company has grown and it has developed an outstanding reputation for the quality of its productions. It has provided opportunities for hundreds of young children to excel in an inclusive environment developing skills such as motivatioffj commitment, self confidence and discipline. The Company has perfornied at the Waterford Musical Festival, the Buxton Festival and at a Gala supportftng perforniance at the London Palladium. It is proud to be on¢ of th¢ most highly regarded cultural youth organisations in Wales. Financial review The Charity made a loss before grants and donations of circa £20,000 on the production of "Our House" The Trustees are aware of the sensitivity grant fimding has to the continuity of future productions. It is the policy of the company that unrestricted funds which have not becn designated for a specific use should be maintained at a level equivalent to at least 12 months of operations, excluding ant funding and sponsorships donated for the main production, which ensures it should be able to continue 12 months while consideration is given to ways in which additional funds may be raised. The Trustees have assessed the major risks to which the company is exposed, and ar¢ satisfied thal systems are in place to mitigate exposure to the major risks. Structur& governance and management The company is a company limited by guarantee. The Board of trustees together with eighty or so volunteers manage the operations and development of the organisation.
CARMARTHEN AND DISTRICT YOUTH OPERA TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MA Y2024 The trustees, who are also the directors for the purpose of company law. who served during the year were: Mr M Rogers Mrs H Hugh¢s Mr W Davies Mrs S Rowlands Miss H J Thorogood Mrs R P Lewis The Board of trustees approach existing volunteers who have shown an interest in becoming a trustee. Individuals are invited to a meeting to discuss their skills. The board subsequently decides if their attributes will add value to the management and development of the association. None of the Trustees have any beneficial interest in the company. All of the Trustees ar¢ members of the company and guarantee to contribute £1 in the event of a winding up. The company's current policy concerning the payment of trade creditors is to follow the CBI'S Prompt Payers Code (copies are available from the CBI, Centre Poin¢ 103 New Oxford Street, London WCIA IDU). The company's current policy concerning the payment of trade creditors is to: settle the tenns of payment with suppliers when agreeing the tenns of each transaction. ensure that suppliers are made aware of the ternis of payment by inclusion of the relevant ternis in contracts. and pay in accordance with the company's contractual and other legal oblAgations. Trade creditors at the end of the year are - accountancy services £648.00 bank charges £5.00 and storage Costs £300.00. Th¢ Board meets on a regular basis (at least every 2 months). Each tntre has a specific role and will often work with a sub committee of volunteers. There are no relevant related parties.
CARMARTHEN AND DISTRICT YOUTH OPERA TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MA Y2024 On behalf of the board of Trustees Mrm ogers
CARMARTHEN AND DISTRICT YOUTH OPERA INDEPENDENT EXAMll¥ER'S REPORT TO THE TRUSTEES OF CARMARTHEN AIYD DISTRICT YOUTH OPERA I report to the Trustees on my examination of the financial statements of Carniarthen and DistrACt Youth Opera (the company) for the year ended 31 May 2024. Responsibilities and basis of report As th¢ Trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, report in respecl of rny examination of the company's financial statements carried out under section 145 of the Charities Act 2011 (the 20 I l Act). In carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 201 l Act. Independent examiner's statement I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believ¢ that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 the financial statements do not accord with those records" or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examinatfton" or 4 the financial statements have not been prepared in accordance with the methods and principles of the ststement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawi in this report in order to enable a proper understanding of the financial statements to be reached. Dated: 31 October 2024
CARMARTHEN AND DISTRICT YOUTH OPERA STATEMENT OF FINANCIALACTIvrfiES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR EIVDED 31 AUY2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Donations and legacies Charitable activities Investments 30247 33,529 2,609 30,247 33,529 2,609 30,817 62,823 659 30,817 62,823 659 Total income 66,385 66,385 94,299 94,299 ndi Raising funds 4,869 4,869 5,847 5,847 Charitable activities 53,807 53,807 81,872 240 82,112 Other 11 3,891 3,891 2,672 2,672 Total resourees expended 62,567 62,567 90,391 240 90,631 Net ineome for the yearl Net movement in funds 3,818 3,818 3,908 (240) 3,668 Fund balances at l June 2023 142,403 20 142,423 138,495 260 138,755 Fund balances at 31 May 2024 146,221 20 146,241 142,403 20 142,423 The statement of financial activities includes a]1 gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the r¢quirem¢nts for an income and expenditure account under thc Companies Act 2006.
CARMARTHEN AND DISTIUCT YOUTH OPERA BALANCE SHEET ASAT31 MAY2024 2024 2023 Notes Fixed assets Intangible assets Tangible assets 13 14 161 1,403 321 1.709 1,564 2,030 Current assets Debtors Cash at bank and in hand 15 6,906 138,724 141,336 145,630 141,336 Creditors: amounts fallfing due Ivithin one yeAr 16 (953) (943) Net current assets 144,677 140.393 Total assets less current liabilities 146,241 142,423 Income funds Restricted funds Unrestricted fLmds 17 20 146,221 20 142,403 146,241 142,423
CARMARTHEN AND DISTRICT YOUTH OPERA BALANCE SHEET (CONTINUED) ASAT31 MAY2024 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2024. The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006 The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small Gompanies regime. 6/Z The financial ststements were approved by the Trustees on ............ Mrm Thistee ogers Company Registration No. 02820709
CARMARTHEN AND DISTRICT YOUTH OPERA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIVDED 31 MA Y2024 Accounting policies Charity Information Carniarthen and District Youth Opera is a private company limited by guarantee incorporated in England and Wales. The registered office is Tremle, Idol¢, Carniarthen, Cannarthenshire, SA32 8DG. 1.1 Accounting convention The financial statements have been prepared in accordance with the company's tbooks and rccords], the Companies Act 2006 and "Accounling and Reporting by Charities: Stat¢ment of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicablc in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from l January 2016). The company is a Public Benefit Entity as defined by FKS 102. The company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the company has ad¢quate resources to continue in operational existence for the foreseeable future. Thus the Trustces continue to adopt the going concern basis of accounting in preparing the financial ststemcnts. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their haritable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. £20 was held at the start of the year for the purpose of helping potential members who may be unable to pay membership subscriptions due to financial hardship. Endowment funds are subject to specific conditions by donors that the capital must be maintsined by th¢ company.
CARMARTHEN AND DISTRICT YOUTH OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y2024 Accounting policies (Continued) 1.4 Incoming resources Income is recognised when the company is legally entitled to it after any perforniance conditions have been met, the amounts Can b¢ measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless perforniance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or d¢¢ds of covcnant is recognised at th¢ tim¢ of th¢ donation. Legacies are recognised on receipt or otherwise if the company has been notified of an impending distrAbution. the amount is known. and receipt is expectcd. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Resources expended Expenditure 15 recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of ¢¢onomi¢ b¢n¢fits will be required in s¢ttl¢m¢n( and th¢ amount of th¢ obligation Can be measured reliably. Expenditure AS classified by activity. The costs of each activity are made up of the total of direct costs and shared cost& including support costs involved in undertaking each activity. Direct cost¢ attrAbutable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central sta costs are allocated on the basis of time spenL and depreciation charges are allocated on the porti(m of the asset's use. 1.6 Intangible red assets other than goodwill Intangible assets acquired separately frorn a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangibl¢ ass¢ts acquircd on busin¢ss combinations are reco]ISed separdtely from goodwill at the acquisition date where it is probable that the expected future economic bcnefits that arc attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably. th¢ intangible asset arises from contractual or other l¢gal rights. and th¢ intangible asset is s¢parable from the entity. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Website 200/0 on a Straight Line basis
CARMARTHEN AND DISTRICT YOUTH OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y2024 Accounting policies {Continued) 1.7 Tangible flxed Assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any irnpairment losses. Tangible f¢d assets are stated at cost. Plant and machinery I OL)/o on a Straight Line basis Th¢ gain or loss arising on the disposal of an asset is deternlined as the difference between the sale proceeds and the carrying value of the ass¢L and is recognised in the statement of financial activities. 1.8 Impairment of fixed assets At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to deterniine whether there is any indication that those assets have suffered an impairnient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to det¢rn)ine the extent of the impainnent loss (if any). 1.9 Cash and eash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The cornpany has elected to apply the provisions of Section I I 'Basic Financial Instriiments, and Section 12 '0th¢r Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities ar¢ offseL with the net amounts presented in the financial statements, when there is a legally enforc¢able right to set off the recognised amounts and there is an intention to Kttle on a net basis or to realise the asset and settle the liability simultaneously. Basicfinancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction PTice including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transactio where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets Classified as receivable within on¢ year are not amortised. 10-
CARMARTHEN AND DISTRICT YOUTH OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EJVDED 31 hL4Y2024 Accounting policies (Contlnued) Basiefinancidl liobilities Basic fmancial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transactioffj where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using thc effective interest rdtc method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordin course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Critical accounting estimates and judgements In the application of the company's accounting p)licies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estin]ates and associated assumptions are based on historical expcriencc and other factors that are considered to be relevant. Actual results rnay differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the p¢riod in which the estimate is revised where the revisi(x] affects only that period, or in the period of the revision and future periods where the revision afftcts both current and future periods. Donations and legacles Unrestrictsd Unrestricted funds funds 2024 2023 Donations and gifts M¢mb¢rship fees 24,072 6.175 24,637 6,180 11
CARMARTHEN AND DISTRICT YOUTH OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y2024 Income from charitable activlties Unrestricted Unrestricted funds funds 2024 2023 Ineome analysis Sales within Charitsble activities Ancillary trading income 1,511 31018 1,530 61,293 33.529 62,823 Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 2,609 659 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundraisin tradin Other trading activities 4,869 5,847 4,869 5,847 12-
CARMARTHEN AND DISTRICT YOUTH OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR E]VDED 31 MA Y2024 Charitable aetivities Depreciation Depreciation Charge forcharge for the the Year Year 2024 2023 Depreciation and impairnlent Show Expenses 306 53,501 306 81,806 53,807 82,112 53,807 82,112 Analysis by fund Unrestricted funds Restricted funds 53,807 81,872 240 Net movement in funds 2024 2023 The net movement in funds is stated after charging/(crediting): Depreciation of owned tangible fixed assets Amortisation of intangible assets 306 160 306 160 Trustees None of the Trustees (or any persons connected with them) received any remuneration during the year. 10 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Totsl 13-
CARMARTHEN AND DISTRICT YOUTH OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 10 Employees (Continued) There were no employees whose annual remuneration was more than £60,000. 11 Other 2024 2023 General Expenses 3,891 2,672 3.891 2,672 12 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 13 Intangible fixed assets Website Cost At l June 2023 and 31 May 2024 801 Amorti5ation and impalrment At l June 2023 Amortisation charged for the year 480 160 At 31 May 2024 640 Carrying amount At 31 May 2024 161 At 31 May 2023 321 14-
CARMARTHEN AND DISTRICT YOUTH OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR E]VDED 31 MA Y2024 14 Tangible fixed assets Plant And rnachlllery Cost At l June 2023 9,802 At 31 May 2024 9,802 Depreciation and impairment At l June 2023 Depreciation charged in the year 8.093 306 At 31 May 2024 8,399 Carrying amount At 31 May 2024 1,403 At 31 May 2023 1,709 15 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 3,000 3,906 6,906 16 Creditors: amounts falling due within one year 2024 2023 Trade creditors 953 943 £953 represents accountancy fees, bank charges and storage costs. 15-
CARMARTHEN AND DISTRICT YOUTH OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y2024 17 Restrieted funds The restricted funds of th¢ charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At l June Resources At 31 May 2023 expended 2024 Movement in the year 20 20 Previous yeydr: At l June RourCeS At 31 May 2022 expended 2023 260 (240) 20 18 Unrestrieted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subj¢ct to specific conditions by donors and grantors as to how th¢y may be used. These includ¢ deSIated funds which have been set aside out of unrestricted funds by the trnstees for sp¢cific pury)os¢s. At l June 2023 Incomtng Resources At 31 May resources expended 2024 General funds 142,403 66,385 (62.567) 146,221 Previous year: At l Junc 2022 Incoming Resources At 31 May resources expended 2023 General funds 138,495 94,299 (90,391) 142,403
CARMARTHEN AND DISTRICT YOUTH OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 19 Analysis of net assets between funds Unrestricted funds Restricted funds Total Unrestricted Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Fund balances at 31 May 2024 are represented by: Intangible fixed assets Tangible assets Current assets/ (liabilities) 161 1,403 161 1,403 321 1,709 321 1,709 144,657 20 144,677 140,373 20 140,393 146,221 20 146,241 142,403 20 142,423 20 Related party transactions There were no disclosable related party transactions during the year (2023 - none). 17-