Sinfonia Cymrv Charity No. 1058196 C¢mpabW No. 032410356 TNsttes' Report and Uroudited ktounts 30 SeptembeT 2023 llllMIINIIII •AD482KZC* 3010512024 COMPANIES HOUSE 4152 Slnfonia Cymru Contthts Page5 2tolO Trustees. Annual Rewt Independent Examifie¢s Report Staternent of Financial Activities li 12 Balance Sheet 13 Ngte5 to the Accounts 14to22 Chartered Accountants Report 23 Page I Sinfonla Cym Trustees An￿￿31 Report The trustees. who are also directors of the tharityfor the purposès of the Cornpanies Act 2C(6. present their report with the unaudited financial statements of the charity for the Year ended 30 September 2023. REFERENCE AND AOMINISTRATIVE D￿Alls Company No. 032410356 Charity No. 1058196 Reii5teYed Offke 103 Bute Street Cardiff Caerdydd CFIO SAD Dirertors and Trustees Th* OirertDrs of the charitable cgrnpany are its Trustees for the purpo￿ of tharity law. The following Directors and Trusiee5 served during the year= R.S. Bright A.F. lor¢es LM. Madeley J. Marriot A.T. Marshrnan (Appointed on 21 Juty 20231 C. Plurnlev W.M.A. Sterk A.J. Vennart S.E. Willis Tansley Key Management Per50nnèl Chair Secretary Chief Executi Accountants Full Stop Accounts Ltd 67 Lakeside DrNè Cardiff Wiard Sterk Caroline Tress (Appointed on l October 20221 IAppointed on l October 20221 CarolineTre55 CF23 6DE Bankèrs Unity Trust Bank pk Nine 8rindley Place Birmingharn B12HB Pa8e 2 Sin1¢￿ia Cymru Trustee5 Annual Report Soli¢ltors Darwin Gray LLP Helmont House Chvrthill Way Cèidiff CFIO 2HE Independent Examiner Tina jenkins CGMA 19 Clos y Carw Llantwit Fadre CF38 28P OBJECTIVES AND AalVITIES Sinfonia Cymru is a chamber orchestra for exceptional profe55ional musicians under the age of 30 from Wales, the UK and beyond, dedicated to championing young players and helping them to grow their èxperience in the earty sta8es of their career. Through investment in the dèvelopment of emerging musicians, WÈ develop future generations of cultural artists and leader& Our Welsh identity is fundamental to our work-. our interdependent mission is that everyone in Wales will have the opportuntty to acce$5 classical music and thai far more people. from a diversity of backgrounds. will participate in, be inspired by, and experiencé our perforniances and tornrnunity projerts. We ach￿¥* this by taking music into Communities acr05s Wales, to boih urban and rural venues. and to sthools and htalthcare settings. Our core work indudes orchestral concerts, chamber fflusic rtatals. cutting-edge contemporary music, cross-genre projects. and projerts with, and for. schools. At timès wt'r* an orchestra in thè traditional sense ranging in scale from 51ring ensemble to full symphony. At other times. smaller groups of players provide more intimate perforrnances in a variety of style We aim to nurture classical musitiafts twho are exceptionally talented. artisticalty curious, challengin& optn and èngaging. and who will become role models for other Young pl•yer& Today* musicians need a much wider skilset and a rnore nexible approath to music-making then p￿viOuS generations, and we help our players develop this. Unaftaid to thallenge the status quo. we put our players at the heart of our creative programrning and Kiv* mu51tians the opportunty to culbvatt a wide range of ski115. For a freelance orchestra. this is exceptional. We are very grateful to our key stakeholders, the Arts Councli of Wale5 and Welsh Government, without whose funding we would not be able to deliver great musieal experien￿5 for audientss dose to their homes, in traditional rnusic venues and in a wid$variety of srnaller and unconventional setting5. This public funding support, alongside other valued support from Trusts. Foundations. and indiwdual donors. enables us to play our role in ensuring a fvture for cLissical MUSK in Wales. In particular. we are gratefiJl to the Foyle Foundation. Colwinston Charitsble Trust, Garfield Weston Foundation, Mtd Wales Music Tnjst, Scops Arts Trust. and Powys Community Endowment Fund. all of whith have recently given mulii-year 5UPPOrt for our work. Page 3 Sinfonla Cymru Trustees Annual Report Public benefft The Trustees confirm that they have referred to the Charity Commission's genèral guidance on public benefit when reviewing the charitys aims and obiectives antj in planning future activities. The main activities undertaken to further the charivs purpose for the public benefit are oullined throughoutthe report. ACHIEVEMENTS ANO PERFORMANCE The 2022123 season was the first fvll yèar of activity since the pandemi¢, and the bU$￿t year in the orgèni5ation's history, in term5 of the number of elents presented for audrences in Wale5 and the number of days of work provided to musicians. In total. we gave 65 performances. reathing over 12.1XIO live audience members in every local authority ID Wales and further afield. in venues rangtng from fruit and veg shops to miner< institutes, schools to toncert halls. Broadcasts of our projects on BBC Radio 3, Sky Arts and our social media channels rea(hed hundreds of thousands more listeners. There were four orchestral tours, in addition to an orchestral appearance at Llais Festival performing with John Cale. Gruff Rhys, Jame5 Dean Bradfitld and Catè Le Bon at the start of the year. The first tour. produced b¥ Neil O'Brien Entertainment. saw Sinfonia Cyrnru perfonnin8 in venues in England and Wales with Sir Bryn Terfel in a programrne that Tanged from opera arias to showtunes to Welsh folksongs. In re￿nt years, Sinfonia Cymfu has norrnally been unconducted- however, we were de1￿hted that thi5 tour gave us the opportunity to reunFte onstage with condurtor Gareth Jones, Sinfonia Cyrnru's Founder, as well as performing Welsh leeend. Sir Bryn Terfel. November 2022 saw the postponed (due to the pèndemicl tour with French trumpet sensation Lucienne Renaudin Vary. Luuenne perfomied an edectic programrne of dassical and iatt works for audiences at Riverfront INewportl, Royal Colleee of Music and Drama Icardiffj, Pontyberem Primary Sthool. and William Aston Hall Iwrexhaml. This w05Amnkly aston151vng musioonship. luciennepalpobly exciting the oudience. W￿￿e the ensemble blew us owoy. Quitt remorkoble. ond oll under 30, Luoenne just 23."_ Audience Feedbat* The performance in Newport was recorded by BBC Radto 3 and broadcast in January 2023. This concert was also preceded by a performan￿ by pupls from Maindee Primary School INev4portl who had taken part in song-writing workshops led by Sinfonia Cymrn wolini%t Joy Be¢ker. They perfornied Songs they had written, along with body perojssion and rapping. Our second orthestral tOUT. titbed "Hiraeth, lo￿ & LonEinf, in February 2023 was with cellist and vocalist Abel Selaocoe and his trio. Chesabè - with Sidiki Dembele on percussion and Alan Kèary on bass guitar. A Sinfonia Cymru orchestra alurnnus, we werè delighted to invite Abel back to perform as soloist, in programme which induded his multi-award-winning sone Ka Bohaleng. which he had premiered at è Sinfonia Cymru "Curate" thamber concert in 2020. The tour to RWCMD IC4rdiffj. Abery5twyth Arts Centre and Theatr Cfvryd (Moldl was 95% sold out. and we were particularly pleased that we seemed to reath an audience who were new to classical music.. Page 4 Sinfonia Cymru TNstèes Annual Report "Oh my gosh thot was omazin9. I've never seen on Lychestra before. I thought it would be too Juncy ond highbrowlor me. but I loved itl Sofre5h. sol(m and I hope &n]tyJia Cymru come to Mid Wules 090in so I bring my Jriends" -1 wos not sure wljrt I wqs gtvng to listen to but wos blown owoy by the outstonding evening. Not only teur5 ol joy btrt feeling port ol o world tommvnity. The exceptionol 50uftd5 of voice fjnd instrument surpossed anything I heard before. Pleose pa55 ¢YJ oll thonks to all Jorshorin9 50 muth. A reolly qreot ochievement.. "Whrt o revelrtim. This is whot music is all obotrt. We Jelt we were not possively receiving St￿ethin9, but inrteud became an integrol wrt olthe performonce. Abel wos utterfy obsorbed in the ¢7rt L¥communicrting. with hisfellow mu&cions und the oudience. with humour andimu9ination. Didch ynlowrl "fm 59 glod I bcoked tickets Jor my porents. they'd never usuully Con￿ to see E7n orchestro with me but they it was one of the best live mu5icpedwmonces the￿Ve ever5een! Thanks &nlonio Cymrulgrproving thut orchestrdmu5icisfvr everyone14P The Febrnary 2023 tour also marked the start of our partnetsh¥i with One World Choir, a thoir made up of singers from both the local Cardiff eommunrty and frorn the refugee and asylum-seeking community. Singers from children to seniors perfomied alongside Sinfonia Cymru, Abel and Chesaba at a pr￿Oncert event at RWCMD. The final orchestral project of the 2022n3 season was with violinist Max Baillie, and began with our inaugural orchestral residency at Gregyno8 Hall in Powys in lune 2023. The residency offered players paid Professional Development se55ions, with a focus on weN-being and creative development. as well as an extended reheatsal pèriod for the tour. Max is celebrated for his interest in the cross-pollination of musical styles, and this residency provided time for players at the stsrt of their careèrs to explore musical techniques with Max that are relatively unusual in a da55ical orthestral settin8, suth as improvisation. singing and folk-style playing. °Ifound the residency enricthng to my musicol lile in many woys...I discovered that it is po5511￿e to approach prole5sionul music work with more QWGreness ond wellness which then tsllows musicions to connert on u deeperlevel within o woiert ¢7nd will then benefft the quolity of musicmoking." "I loved the voriety oj music ond left fteling very inspired in temis olfindin9 the things I really wont to be d￿￿9 with my coreer...I reolly enjoyed workin9 Wtith 80illie.. he has so mony idea5 und insights wthch I hadn't heurd belore andinspiredme to be mtye creotive ond entrepreneurial.- In addition to our orthestral tours. Sinfonia Cymru presented over 30 chamber pèrforrnances, of which 21" perfomiances were free to audienos as part of our main￿ Willage Halls IMVHI series. The MVH tour takes chamber music to rural locations around Walès, with the aim of removing finanoal and geographical barriers to actessing classical mu5K. As well as wlkige halts, we Perforn￿d in (are hornes, a charity shop. a pub. cafes, sthools. and many rn0￿. Page S Slnf¢)n•a Cymru Tmstees Annual Report Our "Curate" programme. in whi(h mu5ioans are in￿ted to curate a chafflber pro8rarnme based on a thème or idea that they are passionate about enabled three dNef5e ideas to be brought to lrfe.. in June, Amy Roberts (Oboe) curated -Frorn the overtlow of the heart, Ihe mouth speaks-, a prograrnme inspired by music and spirrtuality in Yarying foms,. in July, flautist Dan Shao presented music txplorin8 the human relationshhp wilh water in Yhe Volte of the Whale". a famity-friendly concert with storytelling by Catherine Dyson.. and in September, cellist Abby Lorimer presented °A More Perfect Union". a programrne of music by diverse femalè composers living in America. There5 somethin9 reolly speaal obout be￿9 trusted with op051t1(￿ olletydership. IAeft reqlly listene&to and respected ond I￿Ve finished the week fteling IlXt￿ mwe confident in 9thng out ond rtmning my own projert5 obout thing5 thot I'm p95sionate about."(Abby Loniner) 2022123 saw an expansion of OUT Work with Prhmary School& Our ongoing rebationship wilh Malndee Primary ih Newport saw us working with pupils on several composftion projects through the year. The suttess of the Maindee partnership led us io tteate an addithonal partnwship with a new sthool. Holton Primary in Barry, Vale of Glamorgan. We are deliRhted to be working with Holton- the partnership will see the orchestra and charnber gfOUPS reheèrsing at the sthool regularty and gT¥ing interactive perfomianc•s and workshop5 Wlth and for the pupils there. Our Powys Schools Project briny together music, Storytelling and art as a springboard for creative engagement in primary sthools across rural Powy& Over the COU￿ of the projert, 292 children aKed 5-11 and their teachers had the chance to make musio trèatt artwork. txplore their treativity. and tske part in interartive performances with Sinfonia Cymru's musicians and Welsh bilingual storyteller Tamar Williarn& A further L089 children attended the resuhing performances in Wyeside. Hafren and Theatr 8rycheiniog. The financial year ended with Sky Arts broadcasting"Musical Masterpieces= The Four Sea50n< (presented by Erroltyn Wallen and Mweene KFassl. an hour-long programme which proffiled Sinfonia Cymr¢J performing a reimagining by Simmy 5ingh Iviolini5t and Sinfonia Cymru Creatrve A5soaatel and Delia Stevens Ipercussionl of Vivaldi's masterpiece. Simmy and Delia reimagined the work frorn the perspertNÈ of thè seasons as they are today. as a way of channelling climate Erief and hope for t￿luture. During thé year we decided to vacate our office, *ndiwtÈ the lease with Cardiff Council. to become a femote working organisation. The staff team now meets on tour and at three Hafrdn (Welsh for Haven) spaces, whith art close to where staff live.. The RiverfTODt in Newport. Aljerystwh Arts Centre and Holton Primary School. Sorne of the benefits of this new system indude: The benefits of working from adopted workspaces indude: Facilitates a better understsndine of the venues to whith we tour. their staff and systerns, and audiences and communities Ifor exarnpl•, Sinfonia Cyrnru's Marketing Consultant now works from a desk wthin the mark￿Ing department of Aberyswh ATts Cèntre, w'ving insight into venue audiences and marketing OPPQrtunitresl.' Page 6 Sinfonia Cymru Tryslee$ Annual Report Money saved on offKè rent. administrative costs and vtnue hire can be re-invested in intreased arts artlvity. with rnore budget thus drrertly benefitting audience5 and players (for example Holton Primary have offered us free rehearsal spate and storage space- in retum. we reguladv give performances and workshops for the pupi15 there) It dernon5trates our long-temi commitment to those communitie5 around our Hafan spaces, and we are able to tailor our artistic activity to meet the need5 of those cornrnunities (for example at lknverfront in Newpoit, where we are particularly focussing on presenting concert for farniliesl 'Working localty reduces staff travel. and is better for the environment than commuting to a ¢entral office. FINANaAL REVIEW Reserves Poliry In order to give Sinfonla Cyrnru a stable base on which to plan future activrty. the Board has approved a level of re5ery￿ to protect the orEani5ation from unexpected shortfalls in income - particularly tickèt income. perfomiance fees. and fundraisin8 income. Thi5 is deslgnated the Risk Reserve and the current level is set at £75,0(￿1. A further amount of £1￿,(￿ Isubject to availability of funds) is deS￿Thated as a Programmè Reserve. to support future artiwty or speual project5 that would not oth•p￿LSe be achievable through the compan¢s normal fvnding structure. Therè has bÈen an irt¢rease in 5￿fonIa Cymru's re%erves lever over the past few years (the resuft of small surplusès due to careful financial planning in the years preceding the pandemit, followed by the pandemic, when the organisatFon continutd to rective ACW grant ￿ndIng, but was only able to present relatively inexpensNe online Work tlue to lock-down resirictionsl, with the reserves standing at £321,266 at the beginning of this finanoal year. Lhjring 2023, the Trustees therefore decided to commit a further £120k to the or8anisation's Programme Rese￿ lin addition to the £lC(Ik brought forward in the Programme Rtsèrvel. Thè intèntion is that this additional £120k will bè drawn down over fvè years (likely resulting in an overall defiat each year for th05e five year51. to support a significant iTr(rease in the level of attivity Slnfoni? Cyrnru presents. be8inning with the 202V23 financial year ￿er￿lt of £20.401. The total Programme Reserve at the end of September 2023 15 now £199,599. Any remainin8 non-re5triCted rèserves will be shown in an unrestricted General Fund. This poliry is to be reviewed annually by the Board. Staffin Caroline Tress. took up post of Chief ExeoJtive of the organisation on thè tst of October 2022, following the retirement of the previous Chief Executwe Petèr Bellingham. Twstees Trustees do not receive rernuneration and th•r• wtr* no claims for reimbutsÈmènt of expenses in running the charity. Trustee's Liability and Management Insuwance 1￿Mit EifKJkl was included as standard in Sinfonia Cymru's insurance polity for the year. It protert5 trustees from personally having to pay legal daims made against thern for any breath of trust or duty of negligence or care (Èxcluding reck￿5$ or wiltful wrongdoing). During the year, Aled Tudor Mar5hman was coopted as z Trustee. to be fornially appointed at the AGM in january 2024. Page 7 Sintonla Cymfu Trustees Annual Rei PLANS FOR FUTURE PERIOD5 The 2023124 Season will see Sinfofiia Cymru lour as a chamber orchestra with exceptional soloists.. BRIT Award-winninK Saxophonist and 8BC Presenter Jess Gillam M.8.E. INo%ember 20231.. virtuoso rnulti-guitari5t and ECHO Rising Star Sean Shibe (February 20241,. and Simmy Singh Iwolin and Sinfonia Cymru Creative Assotiatel. Oelia Stevens Ipercussionl and Will Pound Ihamonical. in a prozramme expkjring da5sical music through the lens of climate grief and hope for the future lJune/Juty 20241. Titled "Regenerate.. Seasons for Change- Thrs Juneljuly 2024 pro¢rarnme 15 an expan￿On of the project recorded for Sky Arts in 2023. We will continue our residency s(heme supported byGre8ynog Hall ahead of the Regenerate tour. As part of our cornmitment to reach more rural communities across wa￿5, we will repeat and expand our Mainly Village Halls Tour. taking free performance5 of chamber rnusic to village halls, cafes. schools, shops and other community spaces across Wales. Our lunthtrme chamber concert series continues •t The Riverfront. Newport. with tharnber tour5 of these programmes around Wales. Our Curate series, in which we ask players to submit proposals for programmes based around an idea of their thoice and we then work with the selected 'turatoTs' to produce the events, also continues. Our annual proitct with primary schools in Powys will tske plate again in Spfing 2023. supported by Mid Wales Music Trust. The relationships with Maindee Primary School (Newportl. Holton Primary Sthool (Barryl aftd various schools in and around Pontyberem will continue to develop this year. The in(reased Programme Res*Nt will be used overthe next four year5 for the following purp05es.' l. To provide increased access to live dassical rnusic for audien￿$ and participants pan-Wale5 2. To provide more Pa￿ work and professic*nal de¥elopment for rnusicians in the early stage5 01 theiT frèelance careers 3. To raise the organisation's profile and divew5fy incorne The increased Programme Reserve wll be used for the folk)wing purposes: l. We want to continuè to offer low cost or free opportunities for audiences in all areas of Wale5 to hear live classical music performed at an incredibty high standard. Consequently. we have tsken the d¢¢ision that our Mainly Village Halls IMVHI tour. Ofiginally conceived as a on&off Sififonia Cymru 25th AnnNefsary tour, will becorne an annual fixture in our diary and a cornerstone of our annual programme. Additionally, we plan to expand most of the lunthtirne concerts whith take place S times per year at the I￿Verfront in Newport into short charnber tours. Thesè tours will prnvide opportunitie5 to conne¢t wlth our MVH venues at a second point in the year, while also reathing out to music societies around Wales to offer affordable concerts- we believe it is vital to support these usually volunteef-led dubs and societie5 which are ttuc￿l to the rnusical life of Wales and which often appeal to an audience who are seeking social ¢onnectN>n as well as musical connertion. but many of whKh are suffering reduted membership as a resuli of the cost of living CTiSiS and an agin8 membership. Page 8 Sinfonia Cymru TNstees AnNwl Report 2. At thè best of times. earty career artists face substantial competition to acces5 the ne￿$sary skills. training and performaftce opportunities to progfess in the secior. The pandemic ha5 significantly worsened this position. through a devastating and disproportionate impart on younE artists. With the majority of the UK'S orchestral players working as freelancers. many did not receive any finanaal support at all lover 4(PA of freelance mU￿clan$ were ineliBible- Incorporéted Society of Musi(iansl. with 83% of professional muyciafts unable to ret¢Jm to their previous levels of work (Help Musicians). The cost of livine crisi% and Pxexit have compounded this issue. with musicians reporting thèt rising costs and complexities around touring 5eriou51v impacting their abrlity to Sustain a Ca￿r- 65% of musioans are currently facin8 financial hardship and 47% have had to take jobs outside the industry (Musician< Union). Charity Help Musioans reported a 118% increase in calls to their mental health helpline,. their survèy in 2022 revealed that 25% of respondents were considering leaving the music profession pemianently. There is a real ri%k of permanent damage to the Ècology in which young Professionals build skills. progre55 through the ranks of a classical career. and lèarn through contact with world-dass artists on the internatbonal stage- all with wider irnplications for the UK'S cultural sector and reputation. We therefore feel it is vital to invest in our young musrcians, providing them with as much work, experien￿, and income as is POS￿ble and finanaalty sustainable at tht5 twne. An increase in the level of artIV￿ of the organ￿allOn will result diredty in more paid work and professional development opportunities lor mu5iaans. 3. In ordly ft>r this increased level of activity to be su5tsinable, we will need to take a strategic approach to increasin8 and divefsifying ￿ncOme. Although we can expect that an increase in the number of concerts will result in an increase in income from ticket sales and bucket donations. we will also need to seek funds from other sources. We intend to activtW pursue commercial work in addit*)n to our core artistic programme, including fee-paying work and work for TV and Radio (we have made sorne progre5$ With this strategy in thi5 financial year with our appearance on Sk¥ Arts in September 20231. We intend to build on any inuease to the organisation's profile by Seeking a greater number of lar8e individual donations and an increase in the sile of grants we apply for from Trusts and Foundation* sTRU￿URE, GOVERNANCE AND MANAGEMENT Legal status The company was incorporated and commenced its activities on 21 August 1996. The company athieved charitable status on 23 September 1996. Governlnl document Sinfonia Cymru is a charitsble company limited by guarantre. incorporated on 21 Au8ust 1996. The board 15 governed by its Memorandum and Articles of Association dated 13 Auffust 1996 and amended on 16 December 2019. In the event of the board being wound up the rntrnbers are required to Contribute an amount not exceeding Él. Recwitment and appolntment of TNstees Members of the Board of Trustees are appointed or rwnovèd by resolution of the trustees. Trustees are appointed to provide expertise in the various skills nttded to run the organisation efficiently and effertively. Trustee indurtion and trainin£ Upon appointment, new trustee5 are given an induction pack whith indudes.. a comprehensive Board handbook l Governance Code: recent Board papers,. financial information intluding annual and long-terrn budgets. Whèn appropriate, training sessions are open to board mernbers where the training is considèrèd useful to their fole. P%È9 Slntoni• Cyrnru Tmstees Annual Report Operating Protess The Board meets at least four time5 a year, timed to fit with delivery of keytsrgets or information requirements set by the Arts Council of Wale& The Board may forrn sulpcornrnittees in order to delegate Spear￿ tasks, prote￿S or projec￿ Composriion. ert&agernentand rnanagement of the orchestra, programming. the running of the offi￿. and day-tfyday staff matters are ￿e￿gated to the Chief Executive. The Chief Executive and Chair maintain a regular dialogue between forrnal Board meetings. Risk manaffement Thè trustees have examined the rnajor risks that the charity faces, in particular those related to the operations and finances. and are satisffied that systems are in place to mitvéate the exposure to Stgftifitant risks. RESPONSIBILITIES OF THE TRUSTEES The Trustèes are responsible for preparing the Trustees, annual report and the financial stsiements in accordance with applicable Izw and United ￿ngdoM Generally Accepted Accounting Practice. Company law requires the trustees to prepare finan¢ial ststements which give a true and frdir vièw of the state of affairs of the charitable company and of the intoming resourtes and applicatKin of resources, including the income and expenditure. for the charitable company for that period. In preparine these financial statement5, the trustees are required to-. select suitable accounting policies and then apptythem consistently.- observe the rnethods and prinoples in the Charities SORP; make judgements and estimates that are reasonable and prudenL' stste whether applicable UK accounting standards have been followed, subject to any rnaterial departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are ￿sponSible for keeping proper accounting records that disdose wtth reasonable accuracy at any tirne the financial position of the charTty and to enable them to ensure that the financial statements comply with the Companiès Act 2W6. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other I￿eS￿l3r1tieS. Statement of dlstlowrè of informatlon to txamlner So far as the trustees are aware, there is no relewdnt examination information of whith the company's examiners are unaware and eath trustee has tsken all the steps that he or she oughtto have taken as a trustee in order to makt hirnself or herself aware of any relevant infomiation and to establish that the company's examiners are aware of that information. S￿ned on behalf of the board Wiard Sterk 19 February 2024 Page 10 Slnlonla Cym Indep¢ndent Exaft￿Trus #Eport Wep¢ndent Examlnrfs Rem"to thetrustees of%nfoAla I report.to the charity trust*es on"InyExainrnatitiii of the Anancjal ststement£ of Sinfonia Cyfhm lor.the year. elided 30 Septernbet 2023. Aesp•nslbHltlesand l)¥s15"of rewt As the charltvs irustees of the comp4ny"l?nd"atso Itsrlirectws forthe purposts of CL￿panY lawl you arè. r¢sponslbie forthe pfeparatKjn of the fir￿n¢￿1 swemeAts"in a¢wrdanowlth the requirements of the Cottipanies Act 2w61.the 2CQ6 Art. Havlng satisfied myself that the finanthal statements of the Charity a￿ not required to be audited.vnder Part 16of the 2006 Aciand are el￿tbIe for Indepehdent examinatlon. E repgrt In respect of my exarnlnation of your charity's finartctal statements as carried out un¢ter sectKJn 145 dthe Charit￿$ Art 20111'the2011 Act'.1. In c•rTying out my e¥aminatTon I havè folbw*d the DtrrEctlr￿ klvets bythe tharityComrni55ion unde¢section 1415ll&l of the 2011 A¢t. IndepEndentexaminerfs ststemenl As the Charbty's gr055 incorne exceeded £250,frn your.examlnertnust be a ffiern￿r of a body Ilsted IA- sectioTh 145 of the 2011 Art. I carifinn thatl am qualified.to uftdertsk¢ the exarninotion because l afTra mern￿r of.CIMA whi¢h is onp ofthe n5ted bodtes. I have completed my exarninatloD. I can confirm that nom•erial nwtters have tomy attentlon In connecfion.wtth the examination giving me cause tobelieve: . accounting records were nor kept Inaccordance WithsectK￿ 386ofthe 2(M)6 Act: or • the firtoncial ststements (lonot accord.with those records: or the.financial statements donot complywith the accovntinc requirements under secth.on 396 ottbe 2006 Att Other fhan any requirement that the finandal statementsW"ve a'true and lalr. vièw whlch ￿not a mattertonsKlered as part of.an Independent exaMi￿tion: or . the financla15tatements have ftot been prepared In accord•r￿ with the methods and prlrKiple$ of the Statement of Reeommended Practi£e for accounting and reportirrf b¥ charltres applicable to chaFitles preparlng thelr attount5in accordance.with the Finantial fteportlnE Stand•rd appllcable In the UK and Republlc of Ireland IFRS 1021. I have no CO￿*M5 and have ¢ome acrossD(>other matter>trt c￿nertIOn the e¥arfjirJatkn to whith attentlon should be" drawn l• th15 report in ordprtoerb•blè • proper understa"ndl.wol ihe financial Statements tt>be reached. nkins CharteredMana4ementAtc¢)uMtant 19 C105 v Carw. Llantwjt Fardre 19th J•nuary 2Q24 P4e 11 Sinfonia Cymru ststement of Flnanclal ArtiwlTres for the yearended 30 Septembtr 2023 UnrestrKted Restrirted funds fvnds Total fvnds Total funds 1023 2023 2022 Notes Income and endowments from: DonatlOD5 and legacies Charitable activitie5 knvestments 237,149 102,289 203 31,508 268,657 108,089 203 290,774 22.123 61 Other 75,819 75,819 36,993 Totsl 415.460 37.308 452.768 349,951 Expenditufe on: Raising funds Charitable actiwties Other 10.260 370.236 55,365 10,260 407,544 55,365 9.524 223,562 56.406 37.308 io Totsl 435.861 37,308 473,169 289,492 Net gains on investm•nt5 Net lexpendlture)Ilntome Transfers between funds 120.4011 120,4011 60.460 Net lexpenditure)lincome before otherBainslllossesl 120.4011 120,4011 60,460 Other gains and losses Net ￿￿vernent in fvnd5 120,4011 120,4011 60,460 Reconciliation of lund5: Total funds brought forward 321,265 32L265 260.806 Total funds carried lorward 3(Kl,864 32L266 Page 12 Sinfonla Cymru Balance Sheet at .30 September 2023 Company P40. 03240356 2023 2022 FSxed assets Tangible assets 1.878 1,878 2,916 2,916 Current assets Debtors 84,921 231.827 316,748 117.7621 56,089 285,358 341.447 123,0981 sh at bank and in hand Creditors: Amount falling due within one year Nrt current as$d$ 14 298.986 318.349 Totsl assets less ojrrent liabtiitles 321.265 Net •sset$ excbJdln# pens¥Jn asset or liability 321.265 Total net assets 321,265 Thefvnds ofthe charfty Restricted fvnds Unrestricted funds General funds Desienated funds 16 16 26.265 274.599 146,265 175,OCK) 321,265 ReseNe$ 16 Totslfvnds 321,265 These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Fgr the year ended 30 september 2023 the company was entitled to exemption under section 477 of the Companies Act 2(￿ relating to srnall cornpanies. 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 requirefflents of the Compan￿$ Act 2006 with respect to accounting ￿e0rd5 and the preparation of accounts. Approved by the board on 19 February 2024 And Signed on its behalf bv: Wiard Sterk 19 February 2024 Page 13 Sinfonia Qmru Notes to the Accounts fortheyear ended 30 September 2023 l Accountirry polKies Basls of preparation The financial statements have been prepared in accordancè with Accounting and Reporting by Charities.. Statement of Recommended Pradicè applKable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20151 (Charitie$ 50RP IFRS 10211, the Financial Reporting Stsndard applitablè in the UK and Republic of Ireland IFRS 1021 and the Companies Act 21))6. Chan8e in basis of xcountini orto prev•DUS accounts There has been no change to the accounting policies (valuation rules and method of a¢countingl sin¢e last year and no changes have been made to accounts fof previous years. FurKI actounting Unrestricted fvnds These are availablè for usè at the dweth)n of the tru5tee5 in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Oeggnated funds Restricted funds Income Recognition of income Income is induded in the Statement of Finanaal Acttvities ISOFAI vthen the charity becomes enti￿ed to. and virtually certain to receive. the Income and the amount of the income can be measured with sufficient reliability. Incorne with related Where income has related expenditure the income and rekted expenditure 15 expenditure ported Kross in the SOFA. Donations and Voluntsry income received by way of grants. donations and gifts is included in the the SOFA when rtcervable and only when the Charity has unconditional entitlement to the income. legatiès Tax redaims on Income from tax reclaims is induded in the SOFA at the samè time as thè donations and gifts giftldonation to whith it relate& Volunteer help The value of any volunteer help received 15 not included in the xcount5. Investment income This is induded in the accounts when receivable. Page 14 Sinfonia Cym Notes tolhe A¢¢¢unts Ex￿ndItUre Recognition of expenditure Expenditure is recognised on an accJuals basis. Expenditurt intludès any VAT which nnot be fulty recovered. and is reported as part of ihe expenditure to whith it relates. Expenditure on These comprise the costs a$￿(lated with attrartinK ¥oluntary income, fundraising raising funds trading costs and investment management cos Expenditure on Thtse comprise the costs incurred by the Charity in the delivery of its actNlties and charitablè activities seThices in thè furtherance of its objects. induding the making of grants and governance costs. These include those costs a5SOCiated with meeting the constitutional and statutory requirements of the Charity. includin8 any audivindependent examinatlon fees. costs linkèd to the strategic management of the tharity. together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular a¢tNSty. Governancè costs Taxatlon The charity is exernpt from corporation tax on its tharitable actr¥itie& Trade and other debtors Trade and other debtors are recognised at the settlemént amount due after any trade dixount offered. Prepayrnents are valued at the amount p￿paId net of any trade dtscounts due. Cash and ¢ash *qui¥•lent5 Cash and cash equNalents cornprise cash at bank and on hand, demand deposits with banks and other short-tèrm highly liquid investments with original maturbties of three months or less and bank overdrafts. In the staternent of financial position, bank overdrafts are shown wfthin borrowings or Current liabilities. In the Staternent of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and fomi an integral part of the company's cash management. Trnde and other credttors Short tèrrn creditors are measured at the transartion pri￿. Othercreditors and provisb)ns are recognised where the charity has a piesent obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the oblwation can be measured or estimated reliably. Creditors and prowsions are nomially recognised at their settlernent amount after allowing for any trade dixounts due. Page 15 Sinfr*rFia Cym Note5 to the Attounts Leas￿ assets Where the charity enter5 into a lease which entai￿ taking Substantial￿ aff the risks and rewards of ownèrship of an assèt, the lease is treated as a finance lease. Leases which do not transfer 5ub5tsntialty all the risks and fewards of ownership to tharity are dassified as operating leases. Assets held undèr financt leasès are initialty recognised as assets of the tharity at their fair value at the inception of the lèase or, if lower, at the present *71ue of the rninimum lease payrnents. The correspondrng liability io the lessor is induded in the balano sheet date as a finance lease oblvdation. Lease payments are apportioned belweèn ffinan￿ expenses and redurtion of the lease obligation so as to achieve a Constant rate Of intèr6t on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are dirertly attributable to qualifying assets. in which case they are ¢apitslised in accordance with Ihe tharity's policy on borrowing c0515. Assets held under finance leases are deprwated in the same way as owned assets. Operating lease payrnents are recognised as an expense on a 5traight-line basis over thè lease term. In the event that lease incentives are received to enter into openting leases. such incentives arè recognised as a liability. The aggregate benefft of incentives is recognIs￿ as a reduction of rental expense on a straight-line basi5. Penslon costs The charity operates a defined contribution plan for it5 ernployets. A defined contribution plan is pension plan under which the company pays fixed contributions into a separate entity- Once the contributions have been paid the cornpany has no fvrther payments obliBatboThs. The contributions are recogrtised as expènses when they fall due. Amount5 not paid are shown in accruals in the balance sheet. The assets of the plan a￿ hold separately from the company in independently administéred funds. Re￿Ipt of donated yxls. facilities and ser¥ices All donated goods. facilitie5 and sery1￿ received are recognised within incoming resour￿$ and expenditure at an estimate of the value to the charity- 2 Company slatss The company 15 a private company limited by guarantee and consequentty does not have share capital. Page 16 Sinfonia Cymvu Notes ta the Accounts 3 Statement of Financial Activities- wiorye•r Vnrestrkted fvnds Restrkt lunds Total funds 2022 X122 2022 Income and *nd(M7ments from: Donations and legaries Charitable artivities Investments 230,724 22.123 61 2￿.774 22,123 61 her 36,993 36,993 Totsl 289.901 60.050 349,951 Expenditure on: Raising fund5 Charitable acbvities 9.524 163,512 9,524 223.562 56,406 60.050 Other 56.406 Total 229.442 60,050 289,492 Net income 60,459 60,459 Net Intomè betoreother Inslllosse51 oihel yins and losses: Net movement in fvnds 60.459 fyJ.459 60,459 60,459 Recgnciliatlon of funds: Total fvnds carrfed fr*Thr4rd 60,459 60,459 4 Income fyom donationsand kpcle5 Unyestrirtod Restr•cted Total Total 2023 2022 Donations and gifts Gift Aid General grants provided by govemmenvpublic settor Trusts. Foundations and Chariiable organisations 7.926 7,926 6.669 1,618 229.223 229.223 222.438 31.508 31.508 ,050 237,149 31.508 268,657 290.774 Page 17 Sinfonia ¢*mru Notes to the A¢¢ount$ S Income from charilalAe attfvttles Unrestrirted Restricted Total Total 2023 2022 Concerts and Performances 102,089 2CA) 107.889 22,123 Creative Lèarning Income 102,289 108,089 22,123 6 Income from Investment5 Unre5trKted Total T*)tal 2022 Interest income 203 203 61 203 203 61 7 Other income Tot•1 Tot41 20Z3 2022 Orchestral Tax Relief 7S.819 75.819 75,819 75.819 36,993 36.993 8 Expenditure on raisini fund5 Unreslrkted Total Total 2023 2022 Fundraising trading c05ts Advertising. marketin& direct rnail and publicity 10.260 10,260 9,524 10.260 10,260 9.524 9 Expendlture on tharitable aLtb¥it5es Unrestitted Restricted Total Totsi 2022 2023 Expenditure on charitable activities Concert5 and Performances Digitsl Projects and Professional Development Other staff costs 260.146 37.>)8 297,454 140,332 817 4,935 105.155 4,935 105,155 3,756 78,657 Staff wages 370.236 37.308 407.544 223,562 Page 18 Sinfonia L*mru frlote$ to the Accounts 10 Other expend*ure Total Total 2023 2022 Depreciation Professional, Le8al and Consulting General Administrative 1.038 1.038 595 44.821 44.821 40,848 5,826 3,680 5.826 3,680 7.148 7.815 Establishment Expense5 55.36S 55,365 56,406 11 Staff costs No ernployee received emoluments in ex￿$ of £60.CKX). Total employee benefits received by kry management personnel 40,726 31,217 The average monthty number of full time equivalent employees during the year was as follows.. 2022 Salaries and wages Employers Nl Pension costs (defined contribution pension plan) Totsl staff costs 98,C 1.733 72,9XI 2,239 4.410 104.203 78,657 Amount of pension contributions recognised in the SOFA as an expense £4,410 12022.. £3,488). The charity operates a defined tontribution pension scheme for staff. The assets of the stherne are held separately frorn those of the charTty. The contributions are ltha￿ed to the income and expenditure account and allocated between unrestrirted and restricted fvnd5 where applicable. Page 19 Sinfonia Cym Notes to the Accounts 12 TanÉlble fixed assets Cost or r￿alUat￿) At l October 2022 At 30 September 2023 Depreciation and impairment At l October 2022 Depreciation charge for the year At 30 September 2023 Net book values 6,564 6,564 3,648 1,038 4.686 At 30 September 2023 At 30 Septembèr 2022 13 Debtors 1,878 2.916 2023 2022 Trade debtors 2,157 5,004 39.459 9.469 56,089 VAT recoverable Other debtors 6,192 75.839 2,342 84,921 Prèpaymtnts and accrued income 14 Creditors: Amounts falling due wthin one year 2023 2022 Bank loans and overdrafts Trade creditors Other taxes and social security Other creditors 14 9,381 414 154 10,829 Accruals Dèf•rrtd income 1,985 3.959 17,762 5.314 7.820 23,098 IS Defèrred Income Movement of the deferred income shown in Creditws: amounts fallinE due within one year 2023 2022 At l October 7.820 17.8201 3.959 3,959 26.250 126,2501 7,820 7,820 Released in current year Deferred in cuffent yèar At 30 5eptÈmber Deferred income as at l Ortobtr 2022 was £5,820 deposit for Bryn Terfel tour and £2,C(Ki from the Leche Trust for Curate Activity. Both were released in Ihè Cu￿￿nt year. Deferred income as at 30 September 2023 is £2.459 cost of living payment from Arts Council Wales and £1,5rx) restricted grant frorn Nugee Foundation for the Powys schools proiecL Page 20 S5nfonla Cymru Notes to the Accounts 16 Movement In funds Incoming resour¢es At30 September 2023 lintludir At l Ottober other 2022 oalns110sses1 Resources expended transfèrs Restrrrted funds: Restrirted income fund Leche Trust Colwinston Trust Mid Wales MusicTrust CF in Wales Darkley Trust Scops Art Trust Bryn Terfel The Gregynog Trust 12,rJxil {12,5LKII 15.rmi 11,5001 12.lJX)I 12.5001 (S,￿0) 16,1))81 Total 37.308 137,3081 Unrestrlcted funds: General fvnds 146.265 415,460 1435.8611 {99.5991 26,265 Desi8natetes to the kcounts Deferrèd restrKted ￿cOMe for 2024 includes £15(￿ not yet re¢ogni%ed from the Nugee Foundation restricted for Powys schools project. 17 Related party disdosures Name of related party Description of relatK>nship between the parties Alistthr Vennort Trustee Creating musical arranEements for the organisation. Alistair is an established arranger of musical works. and received payrnent during the year of £7￿. in line with industry standards. Description of transattion and general amounts involved Name of related pami Oe5cription of relationship between the parties The Gregynog Trust The fjregynog Trurts Choiris CaroleAnne Dovies who is the wile 0A&"nI￿19 Cymru trustee WMKdSterk. Promided Venue and Cultural Fund donation of £6,LN)8 to Max Bailee performan￿ and its development. Sinfonia Cymru contributed by payirtg £2,651.60 to Gregynog Hall Is the remaining cost of the activity. During the year. discussions continued with the Gregy1￿8 Trust regarding partnership between the two organisations. This commenced in the summer of 2022 and will see Sinfonvd Cymru creatin8 annual residencies at Gregynog Hall. Sinfonia Cymru was introduced to Gregynog Hall by Carolè-Anne Daviés. thè Chair of The Gregynog Trust. CarOltrAn￿ is married to Sinfonia Cymru trustee, Wiard Sterk. The discussions were stsrted with the former Chief EXe￿tiVe of the Trust and have continued with her successor. CaroltrAnne made thè Miitial introduction for the two parties and during the handover period between her Chief Executives, she maintained a holding relationship with Sinfonia Cymru. Description of transaction and general amounts involved Page 22 Slnfonia Cymru Chartered A¢tountant$ Report to the Board of Trust*e5 In order io as51St you to fulfil your duties undef the Companie5 Art 2(1￿. we have prepared for your approval the financial staternents of Sinfonia Cyrnru for the year Ènded 30 September 2023 whith comprise the Statement of Financial Activiiies Ilncorno and Expenditure Account), the Balance Sheet, and the related notes from the companvs accounting records and from inforrnation and explanations you havè given us. As a prartising member firm of the Chartered Institute of Management Accountants, we are subject to its ethKal and other professional requirements which are detailed at http'.Ilwww.cimaglobal.corn. This report is made to the Board of Trustees of Sinfonia Cyrnru in atcordante with our terms of engagement. Our work has been undertaken solely to prepare for your appro¥al the financial statements of sinfonia Cymru and state those matters that we have agreed to state to the Trustees in this report in accordance with the requirements of the Chartered Institute of Management Accountsn15 as detailed at http.1l￿.CInagI0baI.c0rn. To the fullest extent permitted by law, we do not accept or assume responsibility to anyont other than the company and its director for our work or for this reporL It is your duty to ensure that Sinfonia Cymru has kèpt adequate a¢counting records and to prepare statutory finanaal ststernents that give a true and fair ￿eW of the assets. liabilities, rinantial position and profit of Sinfonia Cyrnru. You consider that Sinfonia Cymru is èxempt from the statutory audit requrement for the year. We have not been Instructed to carry out an audit of the financial statèments of Sinfonia CYMDJ. For this reason. we have not verified the accuracy or cornpleterTress of the accounting records or information and explanation5 you have given to us and we do not, therefore, empress any opinion on the statutory financial ststement& Full Stop Accounts Ltd 67 Lake￿de Drive CF23 6DE Page 23