REGISTERED COMPANY NUMBER: 02098243 (England and Wales) REGISTERED CHARITY NUMBER: 1083071 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR THE WELSH CHAMBER ORCHESTRA LIMITED Graham Paul Limited Court House Court Road Bridgend CF31 1BE
THE WELSH CHAMBER ORCHESTRA LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trustees Indépendent Examinerfs Report Statement of Flnan¢ial Activities Balance Sheet 5 to 6 Notes to the Financial Statements 7 to 13 Detalled Staternent of Flnanclal Actlvltles 14
THE WELSH CHAMBER ORCHESTRA LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, presenl their report with the financial statements of tha charity for Ihe year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effeclive 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The core aims of the Welsh Chamber Orcheslra are to promote the enjoyment, by the public, of chamber orchestral music in Wales by performances of the highest professional standards, and to promote the enjoyment and development of chamber orchestral music in schools through workshops and schools concerts. Significant activities The orchestra performed 121ive concerts beeen 1 April 2024 and 31 March 2025. The venues were.. Canolfan 8eaumaris as part of the Beaumaris Festival,. The Met, Abertillery., The Lyric Theatre, Carmarthen., St Andrew's Church. Curry Rivel., Blaéngarw Workmen's Hall- Welshpool Methodist Church., Ucheldre Holyhead,. The Tabemacle, Machynlleth,. The Welfare, Yslradgynlais- St Elli's Church, Llanelli,. Haverhub. Haverfordwesl., and Rhyl Town Hall (Rhyl Music Clubl. All concerts were received with significant success with repertoire including works by Mozart, Haydn, Tchaikovsky and Borodin alongside a newly commissioned work by Alex Mills. Soclal investments The Iruslees have had due regard lo the Charity Commission's guidance on public benefit. FINANCIAL REVIEW Financial position There was a deficit of income over expenditure for the year of £19,64712024 £14,977 deficit) The balance of reserves as at 31 March 2025 was £27,247 12024 - £46.894}. The Welsh Chamber Orchestra was in receipt of grants from Arts Council ofwales. Resenies policy The directors have established a policy whereby unrestricted funds not committed or invested in tangible fixed assets I'the free reserves'l held by the charity should be beeen 3 and 6 months of the resources expended which equates to £2,000 and £2.500 in general funds. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The organisalion is a charitable cornpany limited by guarantee, incorporated on 10 February 1987 and registered as a charity on 27 October 2000. The company was established under a Memorandum of Association which establishes the objects and powers of the charitable company and is governed by ils Articles of Association. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02098243 IEngland and Wales) Registered Charity number 1083071
THE WELSH CHAMBER ORCHESTRA UMITED (REGISTERED NUMBER: 02098243) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026 Reglstered office Court Hous8 Court Road Bridgènd CF311BE Trustees Capt Sir N Uoyd - EardS APHose Canon G W A Holcombe Mrs K M Phelpg Conwny Secretary D J Phdps Independent Examlnèr Grdham Paul Limited Court House Court Road Bridgend CF311BE Approved by order of the board of trustee$ on ,.. and slgned on its behalf by. CJ J Phelps lary
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WELSH CHAMBER ORCHESTRA LIMITED Independent examinerfs report to the trustees of The Welsh Chamber Orchestra Llmited ('the Company'l I report to the charity Iruslees on my exarnination of the accounts of the Company for the year ended 31 March 2025. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Acl'}. Having satisfied myself that the accounts 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 charity's accounts as carried out under Section 145 of the Charities Act 2011 {'Ihe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{51 Ib) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the Company as requiréd by Section 386 of th8 2006 Act. or the accounts do not accord with those records., or the accounts do not comply with th& accounting requirements of Section 398 of the 2006 Act other than any requiremenl that the accounts give a true and fair view which is not a maller considered as part of an independent examination., or the a¢¢ounls have not been prepared in accordance with the methods and principles of the Slalemenl of Recommended Practice for accounting and reporting by charities (applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211. I have no concerns and have come across no other mattèrs in connection with the 8xamination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. J Payne ACA Graham Paul Limited Court House Court Road Bridgend CF31 1BE
THE WELSH CHAMBER ORCHESTRA LIMITED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,550 51,063 52.613 27,500 Other trading activities Investment income Other income 15,000 342 31.069 15,000 342 31,069 11,893 145 34,861 Total 47.961 51,063 99,024 74,399 EXPENDITURE ON Raising funds 5,686 5,686 11,703 Charltable actlvltles Concerts 39,422 73.563 112,985 77,673 Total 45,108 73,563 118,671 89.376 NET INCOMEIIEXPENDITURE) 2,853 (22,500} 119.6471 (14,977) RECONCILIATION OF FUNDS Total funds brought forward 24,394 22,500 46.894 61,871 TOTAL FUNDS CARRIED FORWARD 27,247 27,247 46,894 The notes form part of these financial statements
THE WELSH CHAMBER ORCHESTRA LIMITED BALANCE SHEET 31 MARCH 2025 2025 2024 Notes FIXED ASSETS Tangible assets 75 93 CURRENT ASSETS Cash at bank and in hand 29.032 48,601 CREDITORS Amounts falling du8 Wlthin one year 10 {1,8601 (1,800} NET CURRENT ASSETS 27,172 46,801 TOTAL ASSETS LESS CURRENT LIABILITIES 27,247 46,894 NET ASSETS 27,247 46,894 FUNDS Unrestricted funds Restricted funds 12 27.247 24,394 22,500 TOTAL FUNDS 27,247 46,894 The charitable company is enlilled to éxemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company lo obtain an audit of ils financial statements for the yèar ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for la) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the slate of affairs of the charitable company as al 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 olherwise comply wilh the requirements of the Companies Acl 2006 relating to financial slatemenls, so far as applicable lo the charitable company. (b) The notes fomi part of these financial slalements
THE WELSH CHAMBER ORCHESTRA UMITED BALANCE SHEET- continued 31 MARCH 2025 These financial $latem8nls havé been prepared In aca)rdanc£ with the promsions appliG8ble to charitsble companies subject to the small mmpani8s regime. The fin na I statements were approved by the Board of TNstees and authorised for issue on and were signed on its behalf by.. N Uoyd- Eard8- Trustee K M Phelps- Trustee The notes form part of these finanaal statements
THE WELSH CHAMBER ORCHESTRA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of preparing the financial statements The financial slalements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 'Accounling and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with thè FInancal Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20151,. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, and the Companies Act 2006. The financial slalements have been prepared under the historical cost convention. Income All income is recognised in the Slalement of Financial Activities once the charity has enlitlemenl lo the funds, it is probabla that the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or conslnjclive obligation committing the charity lo that expenditure, il is probable that 8 transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly allributed lo particular headings they have been allocated lo activitl8s on a basis consistent wilh the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset ov8r its eslimaled useful life. Fixlures and fittings 20 /0 on reducing balanc8 Taxatlon The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives al the discretion of th8 trustees. Restricted funds can only be used for particular restricted purposes within the objects of Ihe charity. Restrictions arise when specified by the donor or when funds are raised for particular reslricled purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
THE WELSH CHAMBER ORCHESTRA LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 OTHER TRADING ACTIVITIES 2025 2024 Income from concerts 15,000 11,893 INVESTMENT INCOME 2025 2024 Deposit account interest 342 145 RAISING FUNDS Raising donations and18gacies 2025 2024 Postage and stationery Sundries Depreciation Support costs 23 117 23 11,540 1,333 18 4,324 5,686 11.703 NET INCOMEI(EXPENDITUREI Nel incoméllèxpendilur&l is staled after chargingllcrediting).. 2025 2024 Depreciation - owned assets Independent Examiner's Fee5 18 1,500 23 1,440 TRUSTEES. REMUNERATION AND BENEFITS The following trustees received payments during the year in respect of adminislralion work Garried out.. Mr D Phelps £1.90012024 - NIL) Mrs K Phelps NIL {2024 - £9,500) The following trustees rèc8ived payments during the year in respect of musical duties and expenses.. Mr A Hose £15,000 {2024 - £11,250) Mr D Phelps NIL12024 - £54) Mrs K Phelps NIL {2024- £754) No trustee reiVed remuneration in their capacity as trustee.
THE WELSH CHAMBER ORCHESTRA LIMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 MARCH 2025 STAFF COSTS There were no staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024. No employees received emoluments in excess of £60,000. The average number of employees during the year was Nil12023 - Nil) COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled funds R8Stricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and lega¢ies 27,500 27,500 Other trading activities Investment income Other income 11,893 145 34,861 11,893 145 34,861 Total 46,899 27,500 74,399 EXPENDITURE ON Raising funds 11,703 11,703 Charitable activities Concerts 22,673 55,000 77,673 Total 34,376 55,000 89.376 NET INCOMEIIEXPENDITURE) 12,523 127,500) 114,977) RECONCILIATION OF FUNDS Total funds brought fomard 11,871 50,000 61,871 TOTAL FUNDS CARRIED FORWARD 24,394 22,500 46.894
THE WELSH CHAMBER ORCHESTRA LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 TANGIBLE FIXED ASSETS Fixtures and fittings COST At 1 April 2024 and 31 March 2025 1,354 DEPRECIATION At 1 April 2024 Charge for year 1,261 18 At 31 March 2025 1.279 NET BOOK VALUE At 31 March 2025 75 At 31 March 2024 93 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Accrued expenses 1,860 1,800 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 Total funds 2024 Total funds Unrestricted funds Reslricled funds Fixed assets Current assets Current liabilities 75 29,032 11,8601 75 29,032 11,860> 93 48,601 (1,800) 27,247 27,247 46,894 12. MOVEMENT IN FUNDS Nel movement in funds At 1.4.24 Al 31.3.25 Unrestricted funds General fund 24,394 2,853 27,247 Restricted funds Arts Council of Wales 22,500 122,500) TOTAL FUNDS 46,894 119,647} 27,247 -10-
THE WELSH CHAMBER ORCHESTRA LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENOED 31 MARCH 2025 12. MOVEMENT IN FUNDS - continued Nel movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund Machynlleth Tabernacle Trust 46.411 1.550 143.5581 11.550) 2,853 47,961 145,108) 2,853 Restricted funds Arts Council of Wales D'oyly Carte Charitable Trust Ty Cerdd M Davies Vaughan Williams Oakdale Trust 38,250 6,000 563 3,000 1,250 2,000 160,750) (6,0001 15631 13,0001 11,2501 12,000) (22,500} 51.063 173,563) 122,500) TOTAL FUNDS 99,024 {118,671) 119,647) Comparatlves for movement in funds Net movement in funds Al 1.4.23 At 31.3.24 Unrestricted funds General fund 11,871 12,523 24,394 Restrlcted funds Arts Council ofwales D'oyly Carte Charitable Trust 45,000 5,000 122,500) 15,000) 22,500 50,000 127,500) 22.500 TOTAL FUNDS 61.871 114,977> 46,894
THE WELSH CHAMBER ORCHESTRA LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 12. MOVEMENT IN FUNDS - continued Comparative 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 Restricted funds Arts Council ofwales D'oyly Carte Charitable Trust 27,500 150.000) {5,000) 122,500) {5,000} 27,500 155,000) (27,5001 TOTAL FUNDS 74,399 189,376) {14.9771 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 1.4.23 Al 31.3.25 Unrestricted funds General fund 11,871 15,376 27,247 Restricted funds Arts Council of Wales D'oyly Carte Charitable Trust 45,000 5,000 {45,000) (5,000} 50,000 150.OOQ} TOTAL FUNDS 61,871 134,624 } 27,247 -12-
THE WELSH CHAMBER ORCHESTRA LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 12. MOVEMENT IN FUNDS - contlnued 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 Machynllelh Tabernacle Trust 93,310 1,550 177.9341 11,550) 15,376 94,860 179,484) 15,376 Restrlcted funds Arts Council of Wales D'oyly Carte Charitable Trust Ty Cerdd M Davies Vaughan Williams Oakdale Trusl 65,750 6.000 563 3,000 1,250 2,000 (110,750> {11,000> 1563) {3,000> 11,2501 12,000) (45,000) {5.000) 78,563 {128,563) 150,0001 TOTAL FUNDS 173,423 {208,047) 134,624) 13. RELATED PARTY DISCLOSURES Details of Iruslees remuneration and benefits are disclosed at Note 6 to the accounts. There were no r61aled paty transactions for the year enéed 31st March 2025. -13-