Company registra11 nufflr 4106014 11 & bltdl•s Char?ty regiStv¥lion number. 1085422 Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2022 *ABISQRBM 1311212022 COMPANIES HOUSE
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Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited Reference and Admlnlstrative Detalls TNstees OrKFI Dr M Davies Prof. J Blythe F E Br(wm T Duffy C Bartlett S Srnith M-A F Robertg-O'Reilty Peter Comel Re%gned 14 Nov 2021 Resigned 10 Aug 2021 AInted 18 ALW 2021 Secretary D KilBride Registered Office 4 Purbeth Street Cardiff CFS 1FR CoMpY Registration Number 4106014 Charity Registration Number 1085422 Independent Examiner Comp Management Limiied 4 Purbeck Street C¥diff CF5 1FR
Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited Trustees. Roport The trustees. vtho are directors for the Pufposes of company law, present the annual report together vith the financial statements of the tharitable company f(Y the year ended 31 March 2022. Commencement of activities The charity is a charitable company and was set up on 10th November 20W when it took over the assets and Ibabilits'es of the former'lrac". It became a registered Chanty on 7th Marth 2002. Governing document The charity is contrdled by its goveming dorwment. its memorandum and artide$ of asswation, and constitutes a limited ¢cYnpany. limited by guarantee. as defined by the Companies Act 2006. Members of the chwitable company guarantee to contribute an amount not exceeding £10 to the asset5 of the charitable company in the event ofwinding up. Recruitment and appoinlment of new twustees Members of the board. who are directors for the purpose of company law and trustees for the putpose of charity kgw. vkno ser¥e during the year up to the dale of this report. are sel out above. The minimum number of trustees required is three with no maximum. The trustees are appoinled at the Annual General Meeiing or otherwise appointed by the Trustees bthere there is a vacancy. Induction and training of new trustees Atl new Iruslees receive information on Iheir obfigations and resplmsibilities as trustees and receive a full inductbon to the chaiity's aims and objectives. Training is made availabk on trustees, roles and responsibilities as required. Organisatlonal strncture Chjring 2021-2022, the full time Director, appointed by the trustees. Managed the day lo day operations of the chanty together vthh the part time Company Manager. A part-time Administrator was part of the team unlil 30 April 2021. In January 2022, a full lime Business Development Manager took up this new post, a$ did a part-kn'me Communications & Marketing Officer. A part-lime project officer eOrdinated the Avanc project and a team of freelan staff provided the delivery of acti¥ities. Objo¢tives and airns The charity's principal activity is as a Folk Devdopment Agency for Wales. Its objects are to increase awareness, understanding and confidence in the music. song and dance traditions within Wales.. and to raise awareness outside Wales of tradrtKJnal rnuc acb¥ities laking PL9. and to eale links wilh other organisations and partiC4pants throughLXrt the wortd. Charltable activities Trac Cymnj's lo represent and devdop the traditional folk arts of Wales carried on throughout the Comd 19 pandemic. without recourse to furlough. Activities during the year under revtew continued lo be affected by the pandemic. vknich had halled the usual flow of funding as well as creating uncertainty in faCe-trpfa actity.
Traddodiadau Cerdd Cymru l Music Trnditions Wales (trac) Limited TTustses' Report (continued) Intemal Review and Its consequences The focu$ fcrf much of the year was on restructuring following the intemal revtewv•hich took pl during lockdovm. on recruiting and embedding the new members of staff. and on fundraising and planning to regain momentum lost through the pandemt through a Strateg exPS1 over the next three lo five years. Avan¢: the Youth Folk Ensemble of Wales Wales's National FcAk ensemble for muslan$ aged 18- 25 TAas supported financialty by ACW and a range of nw4 charitable trusts and fthjndatlr8 (see Principal funding sources below). They rehearsed and perfomed both online and in person, appearing at Celtic connectn8 in Glasgow and releasing a video Sing as 11 as attending fflusic industry training and events su¢h as Focus Wales. Wales Folk Awards Although planning meetings continued fcK the next Wales Fdk Awards. it was accepted that due lo CO7d the next Award$ VaY)uld not be feasible unts"l April 2023. The Awards are a major profile raising event for Wales, traditional musrc scene as V11 as for Tra¢ Cymru, and the organising panel includes the BBC, ACW. and significant foures from the Wdsh folk scene. International work Trac Cymru's Direcior attended three ¢x*line version5 of music industry eNpnts regularly attend. namely WOMEX, Sh(wcase Scotland. and the Fdk Alliance Intemalional Conference, plus a further Ihree in person: Focus Wales. Feisean na Gael conference in Scotland. and English Folk The European Folk Network. cfyfounded by Tra¢ Cyrnru. hekl three online conferences and an event in Budapest al vthich Trac Cymru's Director addressed the members. The event was attended by delegates from all over Europe and online. Trac cru'S Director spoke at tsvo music industry events in Itay as wel as advisino our equivalents in Scotland. TRACS. on rts restruduring process. Trac Cymru convened the first one-day COnfenCe on the equalty, indusivity and diversty issues specifically facing folk organisatic$ whose remit is the traditiond folk arts. Held online. il was attended by partner ¢xganisations auoss Britain. Online Resources Tra¢ Cymru continued to offer an inffflnation Servi lo Ihe public and to the traditional music sector. including a directory of perlonners, tutors and instrument makers. arKI line resources for learning Iraditional songs and rnusic. Newsletters were sent oul al least monthty and our soc4al media presence was developed further by our new Communications & Markeling Officer.
Traddodiadau Cerdd Cymru l Music Traditions Wale5 {trac) Limited Trustees. Report (continued) Partnerships Notable partnerships in 2021-22 induded BBC Radio Wales and BBC Radio Cymru. English Folk Expo. Music Wales partnership. Ty Cerdd. Arts & Business Cymru. Wales Arts Intemational, Creative Wales, Musicians Union, Upbeat Music and Arts. and Focus Wales. 3. Reserve policy The results of the charity a shcwK in the statement for finan(ial aciivities. The trustees have policy whereby the unrestncted funds not committed or invested in fixed assets (the free reserves) held by the charity should be belween 3 and 6 months of expendilure. The present level of reserves available to the tharity is £56.173 4. Principal funding sources In 2021122 Trac Cymru continued to benefit from Arts Counal for Wales Revenue funding plus Project funding for the Avanc proiecl. Additional funding for Avanc was gained from Creative & Cullural Skills, the PRS Foundation. the Ash Farn1 Foundation. The Garrick Charitable Trust, The Leche Trust, The Fenton Arts Trust. and the Darkley Tnjst. A successful applicab'on lo the Welsh Govemmenfs TSRF3 Cowd recovery fund made a significant drffen¢e in this year. Core income VRS augmented by a small amjnI generated by Mari Lvryd kit and book sales. The nUal report was approved by the tru$lees of Ihe tharity on 1 ¥ember 2022 and signed on ils behalf by.. Dr K Floyd Trustee
Traddodiadau Cerdd Cymru l Muslc Traditions Wales (trac) Limited Slatement of Trusttts. Responsibllities The trustees (who are 8180 the directors of Traddodiadau Cerdd Cymru l Music Traditions Wales {tra¢) Limited for the purpose of company I) are responsible for preparing the financial statements in accord with Ihe United Kingdom A(inting Standards (UDiled lQ"ngdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare fmancial statemerrts for each financial year. Under company law the trnstees must not approve the finan(aal statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resc4Jrces and application of resources. induding its income and expenditu. that period. In preparing these financial ststements. the tru$lee$ a require<l to: - select suitable accounting policies and apply them consistently: - observe the method5 and principles in the Charities SORP: - make judgements and estimates that are reasonable and pmdent: - state whelher applicable UK Accounting Standards have been f0MNed. subje¢t to any material departures disdosed and explained in the financral statements; and - piepare the financial statements on the going concem basis unless it rs inappropriate to presume that the charitable wnpany 711 ntinue in business The trustees are responsible for keeping adequate accounting records that are suffiaent to show and explain the charitable compan5 transactions and disclose 1th reasonable accuracy at any time the finanual pots.0n of the charitable company and enable them to ensure Ihal the financial statements comply with the Companies Acl 21XE. They are also responsible for safeguarding the assets of the charitable company and hence for taking aSOnable Steps for the prevention and detection of fraud aThJ other irregularities. Approvèd by the trustees of the charity on 1 November 2022 and syned on its behalf by: Dr K Floyd Trustee
Traddodladau Cerdd Cymru l Musl¢ Tradltlons Wales (trac) Llmfted Indopendent Examin¢Vs Report to the Irusts•s Ot. Traddodiadau Cerdd Cymru l Musbc Tradilions Wales ltrac) Limited I report on the accounts of the drity for the year ended 31 March 2022. Respectiv• responsibilities of trustees and examiner The trustees (wtho are also the directors of the company for the purFx)se of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for Ihis year under section 144(2) of lh8 Chariti8s Act 2011 (the 2011 Act) and that an indepandent examination is needed. Having satisfied myself that the Charity is not subject lo audit under company law and is eligible for independent examination, it is my responsibilty to= - examine the accounts under section 145 of the 2011 Act: - to follow the procedures laid down in the general DirectiS given by the Charity Commission urKler section 145 {5)(b) of the 2011 Act; and - to state whether particular mallers have come to my attentK)n. Basis of Independent oxamlnees report My examination was carried in accordance Ihe general Oirections given by Ihe Charity Commission. An examination indudes a review of Ihe accounting records kept by the charity a1 a comparison of the accounts presented with thctse records. It also indudes C4)nsideration of any unusual items or disclosures in the acu)unts. and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not prowde all the evidence that would be required in an audit and consequenly no opinion is given as to whether the awx)unts present a "true and fair vievf and the report is limited to those matters set oul in the statsm8nt below. Indepondont oxaminofs statement In connection with my examinatton. r¥) matter has come to my attention: {11 wthich gives me reasonable cause to believe that in any matsfial r8SP8Ct the requirements: a) to keep accounting recwds in accordance vmh sectN)n 386 of Ihe Companies Act 2006: and b} to prepare accounts Wthich accord with the accounting records, comply wtth the accounting r8quirem8nts of section 396 of the cpan Act 2Ch)6 and with the methods and principles of the Statement of Recommended Practice: A0ting and Reporting by Charities have not been met. or {2) to which, in my opini¢)n, attenn shoukl be drawn in order to enabie a proper understanding of the accounts to be reathed. c Dats: I Comp Management Limiied 4 Purbeck Street Cardiff CF5 1FR
Traddodladau Cerdd Cymru l Music Traditions Wales (trac) Limited (Includlng Income and Expenditure Account and Statement of Total Recognised Gains and Losses) unrestri Restricted Total lunds funds 2022 Tolal 2021 Income from: Donations and legacies- ACW grts & others Other trading activitie$ - events Investment income- interest 81.134 5.331 11 74.874 156.Crf)8 5.331 106.151 9.313 20 Tota Income 86.476 74.874 161.350 115.484 Expendlture on: Charitable activities Other ewenditure Total Eypenditure {$3.534) 26.195 {39.982) (93.516) (2,128 28,323 42,110 (61.417) 35,994 9.729 121.839 97.411 Net inc(xme l (expenditu) 6,747 32.764 39,511 18,073 Transfers belween funds Net movement in funds 6,747 32,764 39,511 18,073 R¢¢on¢iliation of funds Total fijnds brought forward Total funds carried forward 49.426 16.197 65.623 47,550 13 56.173 48.961 105.134 65,623 All of the charitjls activittes derive frorn amtinuing oper*ions during the above period.
Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited IRegistration number: 4106014) Balance Sheet as at 31 March 2022 2022 2021 Fixod Assets Tangible Assets 3,231 3.231 Current Assets Debtors Cash at bank and in hand 10 1,462 104.998 479 68,557 106.460 {4,557) 69.036 (3,413) Creditors.. Amounts due within one year Net Current Assets 101.903 65,623 Net Assets 105,134 65.623 Funds of the charity: Restricted Funds Unrestricted income funds Unrestricted funds 48.961 16.197 56.173 49,426 Total funds 12 105.134 65.623 For the financial year ended 31 March 2022. the charTty was entitled to exemption from audit under section 477 Companies Act 2(K6 relating to small companies. Directors, responsibilities.. The Iruslees have nol required the charity to obtain an audit of its accounts for ihe year in questio in accordan with Section 476" The directors acknowledge the resp(sIbilItieS for comptying with the requirements of the Act th respect lo accounting records and Ihe preparatton of the acCnts. These accounts have been prepared and delivered in accordance vthh the prowsions applicable to ComleS subject to the smal cornpanies regime. The financial statements were approved by the trustees and authorised for issue on 1 November 2022 nd signed their behalf by. Dr Trustee
Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited Notes to the Financial Statements for the year ended 31 March 2022 1. Charity Status The chaiity is a charity limited by guarantee and wisequenlly does not ha%p share capital. Eath of the trustees is liable to contritrwte an amount not exceeding £101(wRrds the assels of the charty in the event of liquidation. Summary of significant accounting policies and key a¢¢ounting estimates The principal accounting policies applied in the pparation of these financial statements ara set out below. These policies have been consislenty applied to all the years presented. unless othe7$8 stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Repcwting by Charities: Statement of Recommended Practice applicable lo tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) (Charities SORP (FRS102)). the Finanaal Reporting Standard applicable in Ihe UK and Republtc of Ireland (FRS 102) and the Companies Act 2006. Basls of Preparntion Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Ltd meets the definition of a public benefit entity uTrJer FRS 102. Assets and liabilities are initially reccM3nised at historical cost or transaction value unless olhewse slated in the relevant accounting policy notes. Going con¢•m The tnjslees consider that there are no material uncertainties about the chariV$ ability to continue as a going conwn nor any signifrcanl areas of uncertainty that affect the Carrying value of assets held by the charity. Exemption from preparing a cash flow statement The charity opted to earty adopt Bulletin 1 published on 2 February 2016 and have therefore not induded a cash flow Slatement in these ncIal statements Income and endowmonts All income is renISed once the charity has entiuement to the inc¢Ye. it is probable that the income v4ill be received and the amount of the income receivable can be measured reliably. Grants receivable Grants are recognised vknen the charity has entsllement to the fvnds and any conditions linked to the grants have been meL Where performance condibons are attached to the grant and are yet lo be met, the income is re¢3n1Sed as a liabilty and included on the tsa1ce sheet as deferred income to be released.
Traddodladau Cerdd Cymru l Music Traditions Wales (trac) Limited Notes to the Financial Statements for the year ended 31 March 2022 (continuod) 2. Accounting Policles (continued) EXnditre All expenditure is recognised On there is a legal or consttuctiwE obligation to that eypendilure. it is probable settlement is required and the amount G8n be measured reliabty. Atl costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where cost5 cannot be diredly attributable to particular headings they have been allocated on a basis consistent with the use of resources. with cefttral slaff costs allocated on the basis of time spent. and depreaation Charges allocated on the portion of the asset's use. Olher support costs are allocated based on the spread of staff costs. Charltsble activities Ch8ritable expenditure mmpriseS those costs incurred by the charity in the deli¥ery of its aclivities and 5eNices its benefTrciaries. It indude5 both costs that Gqn be alk)caled direcuy to such actiwties and those costs of an indireci nature necessary to support them. Support costs Support costs indude central functions and have been allocated to aclivily cost categories on a basis consistent with the use of resources. for example. allocating property cosls by flocK areas. or per capila, staff costs by the tirne spent and other costs by their usage. Governance costs These include the costs attributable to the charivs (XynpllCe with contilutional and ststulory requirements. induding audit. strategic management and Irustee's meetings and reimbursed eenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedufe 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the chartty is potentially exempl from taxation in Spect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Ctyporation Tax Act 2010 or selOn 256 of the Taxalion of Chargeabk Gains Act 1992. lo the exlent thal such income or gain$ are supplied exdusively lo charitable purposes. Tangible fixod assets Indi¥iduaY fixed assels cosling £O.(Y) or more are inilially recorded at cost, le$s any subsequent accumulated depreaation and subsequent a0mulated impairement costs. Depreciatlon and amortlsatlon Depreciation is provided on trangible fixed assets so as to write off the cost or valuats'on. less any estimated residual value. their expetted uselul economic life as follows: Office Equipment 33.33%
Traddodiadau Cerdd Cymru l Music Traditions Wales {trac> Limited Notes to the FInala1 Statements for the year ended 31 PAarch 2022 (continued) 2. A¢¢ounting Policies (continued) Trade debtors Trade debtors are amounts due from customers for merthandise sokl or serwces perfomed in the ordinary course of business. Trade debtors are recognised initidty at the transaciion price. They are subsequenty ffleasured at amortised cost using the effectibE interest thod. less provision for impaimienl. A provision for the impairment of trade debtors is established when there is c&jective evidence that Ihe charity will not be able to collect aN amounts due according lo the original tems of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash ¢)n hd and Call deposits. and other short-term highly liquid investments that a readily contstrtible to a knMI amount of cash and are subject to an insignificant risk of change in value. Trade Credito Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are Classif as current liabiltbes if the charity does not have an unconditional right. at the end of the reporting perityj. to defer settlement of the creditor for at least twelve months after the reporting date. If there is an uncondits'onal right to defer selllemenl for at least thve months after the rewting date. they are presented as non¥current Trade creditors are recognised initialty at the transaction price and subsequentty rneasud al amortised cost using the effective Inte$t method. Fund structure Unrestricted income funds are general funds are awailable for use at the Irustee's discretion in furtherance ol the objectives of Ihe tharity. Restricted income funds are those donated for use in a partlar area for $F(r puFPS. the use of lch is $tricted to that area or purpose.
Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited Notes to tho Finan¢ial Statements for the year ended 31 March 2022 (continued) 3. Expenditure on charitable activities: Unrestricted Funds: General Re5ts1cted Funds Total 2022 T¢Aal 2021 Direct costs Allocated support costs Govemance costs 26.011 13.971 33.444 55.565 4,507 93.516 20,194 36,716 4,507 61,417 41.594 4.507 39.982 Of which: a) Support costs allocated to charitsble activlties Other Support costs Admln costs Total 2022 Total 2021 48,473 55.565 36.716 b) Govemance Costs Unrestslcled Funds: Genernl Restslcted Funds Tolal 2022 Total 2021 Audit fees.. Audit of finanaal statements Other govemance costs 4.507 4.507 4,507 4.507 4.507 4,507 4. Other expenditur•: Funds: Restslcted General Funos Total 2022 Total 2021 Depreciation. amorti5ation and other Similar costs Allcrated support cosls 162 26.033 26.195 28 2,100 2.128 190 28.133 28.323 35,994 Of whlch: Support costs allocated to olher expenditur• Admin Supwt costs Tot*1 2022 Total 2021 Other Expenditure 23.462 1.995 2.676 28,133 35.994
Traddodiadau Cerdd Cymru l Music Traditions Wales (trac) Limited Not•s to the Financial Statomonts for tho yoar ended 31 March 2022 Icontinued) 5. Net Ift• l (•xpenditur•) for the year 2022 2021 This stated after charging . Depreciation Auditors remuneration: Auditors fees Accounting services 190 1.513 2.994 1.513 2.994 6. Staff costs 2022 2021 Salaries and wages Social security costs Pension costs 68.950 1.601 1,384 71.935 64.754 1.088 1,335 67,177 No employees had employee benefrts in excess of £60.IXKI {2021: nil). Pension costs are alltxated lo activities in proportion to the related staffing costs incurred and are vtholty charged to unrestricted funds. The average number of employees during the year were as follows.. 2022 Numbtr 2021 Number Charitable aclilryties Support 7. Pensions Employees of the charity are entitled to join a deffined contributM)n "money purchase scheme". The charity conlribution is restricted to the contributM)ns disdosed in nole 6 and are charged to the unrestricted funds of the charty. At year end. outstanding pensi) ntributIonS amounted to £295. The money purchase plan is managed by NEST and the plan invests the contributions made by the employee and the employer using the "Quali"n9 Eamings" method. 8. Trustee remuneratlon and expenses No Iruslees. nor any persons cOnnled them, have feceived any remuneration or benefits from the charity ¢Juring the ye. Tfuslees received reimbursed expenses of £nil for the year in connecaion travel to trustee Meetings (2021.. £nil>.
Traddodiadau Cerdd Cymru l Music Traditions Wales {trac) Limited Notes to the Financial Statements for tho year ended 31 March 2022 Icontinued) 9. Tangible fixed ass•ts Office Equipn*nt Total Cost At 1 st April 2021 Additions during year Deletions during year At 31 March 2022 13.598 3,421 13.598 3,421 13.598 3,421 13,598 3.421 Acc4Jmulatod DeprKiation At 1 st April 2021 Charge for the year Deletions during year At 31 March 2022 13.598 190 13.598 190 13,598 190 13.598 190 Not book valuo At 31 March 2021 At 31 March 2022 3.231 3.231 10. Debtors 2022 2021 Trade deblors Prepayments and ac¢Jued income 1,462 1.462 479 479 11. Creditots: amounts falling due within on• year 2022 2021 Trade credrtors Other taxation and soci4 Se[ity Accruals 623 1.290 2.194 1.500 4.557 3.413 12. Funds Balance 1 Incomlng Resources Balance 31 Aprfl 2021 Resources expended Transfern Mar¢h 2022 Unreslricled funds- general 49.426 86.476 (79.729> 56.173 Restricted funds 16,197 74,874 (42,110> 48.961 65.6ZJ 161.350 121.839 105.134
Traddodiadau Cerdd Cymnj l Music Traditions Wales (trdc) Limited Notes to the Flnancial Statements for the year endod 31 March 2022 (continued) 13. Analysis ol net assots boiween funds Funds: Genernl Restrfcted Funds Total 2022 Current assets 60.730 48.961 109.691 Current liabilities (4,55n (4.557) Total net assets 56.173 48.961 105.134