REGISTERED CHARITY NUMBER: 1083071 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE WELSH CHAMBER ORCHESTRA UMITED Graham Paul Limited Court House Court Road Bridgend CF311BE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examiner's Report ststement of Flnanclal Activities Balance Sheèt Notss lo the Financlal Statsments 7 to 13 Detailed Ststsment of Flnanclal Actlvltieg 14
REPORT OFTHE TRUSTEES FOR THE YEAR ENDED31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Cornpanies Act 2006, present their report with the financial statements of the chanty for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparins their accounts in accordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectlves and aims The core aims of the Welsh Chamber Orchestra are to promote the enjoyment, by the public, of chamber archestral music in Wales by perf0mlanS of the highest professional standards, and to promote the enjoyment and development cf chamber orchestral music in schools through workshops and schools c£)ncerts. Signlficant activitie5 The orchestra gave nin& live ccncerts during 2023-24. The venues performed at were.. Canolfan Beaumaris as part of the Beaumaris Festival, William Aston Hall, Wrexham, St Elli Church (Llanelli Music Club), Tali8sin Arts Centre, Swansea, Theatr Brycheiniog, Brecon, Aberysivryth Arts Centra, Torch Theatre, Milford Haven. StAndrew's Church, Cury Rivel and Rhyl Town Hall. All concerts were received with significant success with repertoire including works by Mendelssohn, V8ughan Williams, Schubert. Boyce, Warlock, Finzi, Debussy, Hayén, Handel & Mozart alongside a new work by Gareth Olubunmi Hughes. Social investments The trustees have had due regard to the Charity Commission's guidance on public benefit. FINANCIAL REVIEW Financial posltlon There was a deficit of income over expenditure for the year of £14,97712023 - £27,308 surplus) The balance of reserve5 as at 31 March 20243 was £46,894 (2023 - £61,871) The Welsh Chamber Orchèstra was in receipt of grants from Arts Ccuncil of V41ales. R•s•rves policy The directors havè eslabllshed 8 policy whereby unrestricted funds not committed or invested in tangible fixed assets ('the free reserves,) held by the charity should be between 3 and 6 months of the resources expended which equates to £2,000 and £2.500 in general funds. STRUCTURE, GOVERNANCEAND MANAGEMENT Governlng document The organisation is a charitable company limited by Guarantee, incorporaled on 10 February 1987 and registered as a charity on 27 October 2000. The company was established under a Memorandum of Association which estsblishes the objects and powers of the charitable cornpany and is governed by Its Articles of Association. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02098243 (England and Wales) Regl8t8red Charlty numbar 1083071
THE WELSH CHAMBER ORCHESTRA LlkllTED (REGISTERED NUMBER: 020091431 REPOR T OF THE TRUSTEÉS FOR THE YEAR EPIDED 31 MARCH 2024 ftgl•i•rnd 9ffl Co(Jrt Rapd CF31 i8F. Capl Slr - l.thvard8 APHD5e D J p1W Ire$•Jrd &1 ) 24J Corw G W A HCert)e Mr• K M Ptb•lpg ¢apFunted 21.1241 Company S•crnl•ry DJPWp3 d•p•nd¢rf Examln Graham Paul L4ni1•d CoLffl 4$• CoL•t Road CF3118É by arow tsf1M boaftl of IIu5te&$ . I i/t/zt Sgned M Ils by DJP Socrfery
THE WELSH CHAMBER ORCHESTRA LIMITED Independent èxamlner's report to the trustees of The Welsh Chamber Orchestra Llmit•d ('th• Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilltles and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company lawl you are responsible for th8 preparation of the accounts in accordance with the requirements of the Companies Act 20CK (Ihe 2006 Act,). Having satisfied myself that the Bccounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitls accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carying OLrt my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent examiners Statement I have completed my examination. I confirm that no matters have Gorne to my attention In connedion with the examination giving me cause to believe.. accounting records Vre not kept in respect of the Company as required by Section 386 of thè 20CNS Act., or the acuntS do not acrd with those records,. or the accounts do not comply with the accounting requlrements of Section 3* of the 2006 Act other than any requirement that the accounls give a true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be dRwn in this report in order to en8ble a proper understanding of the accounts to be reached. J Payne ACA Graham Paul Lirnited Court House Court Road Bridgend CF31 1BE 19 August 2024
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 27,500 27,500 56,958 Other trading activities Investment income other income 11,893 145 34,861 11,893 145 34,861 42,999 29,329 Total 46,899 27,500 74,399 129,286 EXPENDITURE ON Raising funds 11,703 11,703 14.826 Charltable activities Concerts 22,673 55,000 77,673 87.152 Totsl 34,376 55,000 89,37e 101,978 NET INCOMEI(EXPENDITURE) 12,523 (27,500) (14,977) 27,308 RECONCILIATION OF FUNDS Total funds brought forward 11,871 50,000 61,871 34,563 TOTAL FUNDS CARRIEO FORWARD 24.394 22,500 46,894 61,871 The notes forn part of these financial statements
BALANCE SHEET 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets 93 116 CURRENT ASSErs Cash at bank and in hand 48,601 63.555 CREDITORS Amounts falling due within one year 10 (1.800) (1,800) NET CURRENT ASSETS 46,801 61,755 TOTAL ASss LESS CURRENT LIA81UTIES 46,894 61,871 NET ASSETS 46,894 61,871 FUNDS Unrestricted funds Restricted funds 12 24,394 22,500 11,871 50,000 TOTAL FUNDS 46,894 61,871 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the yèar ended 31 March 2024. The members have not required the company to obtain an audit of its financial statèments for the year ended 31 March 2024 in 8ccordance wth Section 476 of the Companies Act 2006. The trustees acknowt8dge their re6ponsibilities for (a) ensuring that the charitable company keeps acccunting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a tnje snd falr vlew of the state cf affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial slatements, so far as applicable to the charitable company. (b) The notes form part of these financial statements continued...
rHE WEL8H CHAMBER ORCHESTFIA UMITED IREGISTERÉO 14UMBER.' 020962431 8ALANCE SHEET - contlhu•d JI IAARCH 2024 The# S•1nI4 lkn EJW Im¥¢d In •C¢aInc wrftt tt provA<y)5 appli 10 cThmp•n9 io Iho w C<Ynpwn rDgm* l w•r• approv•J uf TNsl•o• #Th# low . vmro 54n•d on i¢• ty N Lloyd . Edwj K M Phdps . Tiusite Tbè noteg lorm part of luwwl swem&nts
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basls of preparing Ihe financial statements The financial statements of the charitable company, which is a public benefit errtty under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, and the Companies Act 2006. The financial statements have been prepared under the historical cost conv&ntion. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as Soon as there is a légal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can b8 measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that agsregate all cost related to the category Where costs cannot be directly attributed to pa'Cular heaéings they have been allocated to activities on a basis consistent v4ith the use of resources. Tangible fixed a68ets Depreciation is provided at the following annual rates in order to wrrte off each asset over its estim8t8d useful lrfe. Fixtures and fittings 20DA on réducing balance Taxation The charity is exempt frcm corpordtion tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordanc8 with the charitable objectives at the discretion of the trustees. Restricted funds can cnly be used for particular trIcted purposes within the objects of thè charlty. Restridions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose cf each fund is included in thé notes to the financial statements. continued...
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 OTHER TRADING ACTIVITIES 2024 2023 Income from concerts 11.893 42,999 INVESTMENT INCOME 2024 2023 Deposit account interest 145 RAISING FUNDS Ralslng donatlons and legacl88 2024 2023 Postage and ststionery Sundries Depreciation Support costs 23 117 23 11,540 37 1,314 29 13,446 11,703 14,826 NET INCOMEIIEXPENDITURE) Net incomel(expenditure) is stated after chargingl{crediting)'. 2024 2023 Depreciation - owned assets Independent Exarninefs Fees 23 1,440 1,440 TRUSTEES, REMUNERATION AND BENEFITS The following trustees received payments durlng the year in respect of administration vnrk carried out.. Mr D Phelps NIL (2023 - £4,500) Mrs K Phelps £9,500 (2023- NIL) The following trustees received payments during the year in respect of musical duties and expenses: Mr A Hose £11,250 (2023- £15,000) Mr D Phelps £54 (2023 - NIL) Mrs K Phelp5 £754 (2023 - NIL) No trustee received remunerat'on in their capacity as trustee. continued...
NOTES TO THE FINANCIAL STATEMENTS-continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS There were no staff costs for the year ended 31 March 2024 nor for Ihe yéar ended 31 March 2023. No employees received emoluments in exc&s5 of £60,000. The average number of employees during the year was Nil (2023- Nil) COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 5,520 51.438 56,958 Other trading activities other income 42,999 29,329 42.999 29,329 Total 77,848 51,438 129,286 EXPENDITURE ON Raising funds 14,826 14,826 Charttable activitles Concerts 85,151 2,001 87.152 Totsl 99,977 2,001 101,978 NET INCOMEIIEXPENDITURE) (22,129) 49.437 27,308 RECONCILIATION OF FUNDS Totsl funds brought forward 34,000 34,563 TOTAL FUNDS CARRIED FORWARD 11,871 50,000 61,871 continued...
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Fixtures and fittings COST Al 1 April 2023 and 31 March 2024 1,354 DEPRECIATION At 1 April 2023 Charge for year 1,238 23 At 31 March 2024 1,261 NEf BOOK VALUE At 31 March 2024 93 At 31 March 2023 116 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accrued expenses 1,800 1,800 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total fvnds 2023 Total funds Unrestrictsd fvnds Restricted funds Fixed assets Current assets Current liabilities 93 26,101 (1,800) 93 48,601 (1,800) 116 63,555 (1.800) 22.500 24,394 22,500 46,894 61.871 12. MOVEMENT IN FUNDS Net movement in funds At 1.4.23 31.3.24 Unrestriclèd funds General fund 11.871 12,523 24,394 Restrlcted funds Arts Council of Wales D'oyly Carte Charitable Trust 45,000 5,000 (22,500) (5,000) 22,500 50,000 {27,500) 22,500 TOTAL FUNDS 61,871 (14.977) 46,894 -1 continued...
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 12. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 46,899 (34,376) 12.523 Restrlcted funds Arts Council of Wales D'oyly C8rt8 Charitable Trust 27,500 (50,OOQ) (5,000) (22,500) (5,000) 27,500 {55.000) (27,500) TOTAL FUNDS 74,399 (89,3761 {14,977) Comparatlves for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund 34.000 (22,129) 11,871 Restrlctsd funds Restrict Funds Arts Council of Wales O'oyly Carte Charitable Trust 563 (563) 45,000 5.000 45,000 5,000 49,437 50.000 TOTAL FUNDS 34,563 27,308 61,871 -11- continued...
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 12. MOVEMENT IN FUNDS - conlinued Comparative net movement in funds, included in thé above are as forlov.. Incoming resour Resources expended Movement in funds Unrestricted funds General fijnd 77,848 (99,977) {22,129) Restricted funds Restricted Funds Arts Council of Wales D'oyly Carte Charitable Trust RIJW Trust Ty Cerdd (563) (563) 45,000 5,000 45,lJOO 5,000 1,250 188 <1,250) (188) 51,438 (2,001) 49,437 TOTAL FUNDS 129,286 (101,978) 27,308 A current year 12 months and prior year 12 month5 cornbined posjtlon Is as follows., Net movement in funds At 31.3.24 At 1.4,22 Unrestricted funds General fvnd 34,CK)O (9,606) 24,394 Restrocted funds Restncted Funds Arts Council of Wales 563 (563) 22,500 22,500 563 21,937 22,500 TOTAL FUNOS 34,563 12,331 46,894 -12- continued...
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 12. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 124,747 (134,353) (9,606) Restrfcted funds Restricted Funds Arts Council Df Wales D'oyly Carte Charitable Trust Rilw Trust Ty Cerdd 1563) (50.0001 {5.0001 {1,2501 (188) (583) 22,500 72,500 5,000 1,250 188 78.938 (57,001) 21,937 TOTAL FUNDS 203,685 (191,354) 12,331 Restricted funds carried fonvard of £22,500 represent monies received from Arts Council of Wales for grant8 for 2024-25 project. 13. RELATED PARTY DISCLOSURES Detalls of tnjstees remuneration and benefrts are disdosed at Note 5 to the accounts. There were no related party tranBactions for the year enéed 31 st March 2024. -13-
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Grants 27,500 56.958 Other tradlng activitles Income from concerts 11,893 42,999 Investment income Deposit account interest Other Income HMRC Tax credrts 34,861 29.329 Totsl incomlng resourc88 74,399 129,286 EXPENDITURE Raising donations and legacles Postage and stationery Sundries Fixture8 and fittings 23 117 23 37 1,314 29 163 1,380 Charltable activities Concert expenses 77,673 87,152 Support costs Govemance Gosts Accountancy fees Legal fees Administrative fees 1,440 600 9,500 1,460 486 11,500 11,540 13,446 Total resources expended 89,376 101,978 Nat (expenditurelllncome {14,977) 27,308 This page does not form part of the statutory financial staternents -14-