Charity number 1135241
Chroma
Unaudited
Trustee's Annual Report and Accounts
31 March 2024
**Chroma Report and accounts Contents**
||**Page**|
|---|---|
|Legal & administrative information|1|
|Trustees Annual Report|2|
|Independent Examiners Report|5|
|Statement of Financial Activities|6|
|Balance sheet|7|
|Notes to the Financial Statements|8|
**Chroma Charity number**
**1135241**
**Legal and administrative information.**
## **Constitution**
Chroma is a charity registered with the Charities Commission (number 1135241). The Charity is governed by the Constitution adopted on 25 November 2009.
## **Trustees**
The following persons served as trustees during the year:
Julian Wright Philip Cashian Katherine Pogson MA RCA Dr David Bruce Jessica Cottis LRAM Peter Brathwaite FRSA
## **Principle address**
Flat 25 130 Wapping High Street London E1W 2NH
## **Accountants**
Eden Accounting Ltd Chartered Certified Accountants Suite L3 South Fens Business Centre Chatteris Cambridgeshire PE16 6TT
## **Bankers**
Lloyds Piccadilly London
1
**Chroma Charity number**
**1135241**
## **Trustees Annual Report**
The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2024.
## **Reference and Administrative Information**
These details are provided on page 1 of these financial statements titled 'Legal and administrative information'.
## **Structure, governance and management.**
## **Governing Document**
Chroma was registered as a charity on 12 April 2010.
It is controlled by its governing document-the Constitution adopted 25 November 2009
## **Recruitment and appointment of Trustees and organisation**
The trustees, who act as directors for the purposes of the Companies Act 2006, are appointed in the first instance by the board of trustees, with one third being subject to retirement by rotation at each annual general meeting and, if wished, reappointed. Potential candidates to act as new trustees are identified by existing trustees with a view to providing additional skills and expertise, and they are invited to attend board meetings to establish their suitability and willingness to be appointed.
The charity is administered by a management committee who are not trustees. The committee reports to the trustees on a regular basis. The management are recompensed for their time involved in the day to day administration and for their contribution by virtue of their skills and knowledge.
## **Risk management**
The trustees have given consideration to the major risks to which the charity is exposed, and these risks and the ways of mitigating these are reviewed on a regular basis. All major insurable risks are subject to normal public liability.
## **The Charity's objectives**
The objects of the charity are :-
To advance the education of the public in the subject of music and related art forms To develop the capacity and skills of communities through creative, team-based workshops, to better equip their members to meet the demands and challenges of their particular societies
To advance in life and help young people through the provision of music and creatively-based activities which develop their skills, confidence, awareness and ability to contribute to the wider society.
2
**Activities**
## EDUCATION WORK
In 2023-2024 CHROMA continued to work with student composers at Royal Holloway, University of London; the Royal Academy of Music and Oxford University, with workshops, mentoring, performances and recordings of student works.
## MENTORING COMPOSERS AND INSTRUMENTALISTS
The Royal Academy of Music project took place over two terms and involved 6 postgraduate composers writing for an ensemble of CHROMA professionals mentoring 3 At Oxford University we worked with 8 student composers writing for flute, clarinet, violin, cello and piano.
Over two terms at Royal Holloway, University of London we worked with 49 undergraduate and postgraduate composers writing for solo, duo and ensemble.
## "FIREBIRD": TWO SECONDARY SCHOOLS IN GLOUCESTERSHIRE
3 days of music, dance and drama workshops culminating in performances based on Stravinsky's The Firebird in Chipping Campden School (36 students from years 8-10) and Droitwich Spa High School (81 students year 9)
"ARMADA 1588" : PRIMARY SCHOOLS AND CO-CREATED COMMUNITY PROJECT IN SHETLAND
Over 10 days in collaboration with the communities of Bigton and Fair Isle – workshops in schools, a community piece about the Gran Grifón, and 2 concerts - 181 schoolchildren and 32 workshop participants in Bigton and Fair Isle
## OTHER
CHROMA produced the premiere performances of The People's Cabaret by Luke Styles and Jessica Walker - performed at the Spiegeltent for Norwich Festival and Komedia Club for Brighton Festival
Invited by conductor Harry Sever we provided the orchestra for L'elisir d'amore for Ware Choral Society
For Bampton Opera in September we performed At the Venetian Fair by Salieri at St John's Smith Square
## **Volunteers**
As ever with a small charity, work is done by unpaid volunteers, though payment is made for services rendered at appropriate rates to those engaged in musical performances and day to day administration.
## **Reserves Policy**
The trustees believe that the charity should run on operating reserves because it has no endowments and is currently largely dependant on income from performance fees and donor funding, which are subject to risk and/or fluctuation from year to year. The charity also requires protection against unforeseen events, and needs to ensure the ability to continue operating despite adverse or damaging events.
## **Investment powers, policy and performance.**
The trustees undertake to use any income received from the charity activities in ways that are consistent with the aims and objectives of the charity as set out in the constitution.
## **Principle funding sources**
The charity's activities are funded by fees, donations, and grants from trusts and organisations.
3
## **Responsibilities of the Trustees**
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Charity Law requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, for the financial period. In preparing those accounts, the trustees are required to:select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2005; make judgements and estimates that are reasonable and prudent; follow applicable accounting standards, subject to any material departures disclosed and explained in the accounts.
prepare the accounts on the going concern basis unless it is inappropriate to presume the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure the accounts comply with The Charities Act 2011, The Charity(Accounts & Reports) Regulations 2008 and the provisions of the Constitution. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other regularities.
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant information and to establish that the charity's reporting accountants are aware of that information. The trustees confirm that there is no relevant information that they know the reporting accountants are unaware of.
## **Trustees**
The trustees, who are the charity's trustees for the purpose of charity law and, who served during the period and up to the date of this report, are set out on page 1.
4 Dec 2024 Approved by the trustees on and signed on their behalf
**Claire Shovelton Treasurer**
4
## **Chroma**
## **Independent Examiner's report to the trustees on the unaudited accounts of Chroma**
I report on the financial statements of the Charity for the year ended 31 March 2024, which are set out on pages 6 to 11 . This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that ACT. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent Examiners Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.
## **Respective responsibilities of trustees and examiner.**
As described on page 4 you are responsible for the preparation of the accounts, you consider that the audit requirement of section 144(2)of The Charities Act 2011 (the Act) does not apply and that an independent examination is needed.
It is my responsibility to:-
- **1** examine the accounts under section 145 of the Act; **11** to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145 (5) (b)of the Act; and
**111** to state whether particular matters have come to my attention.
## **Basis of Independent examiner's report**
My examination was conducted in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner's statement.**
In connection with my examination, no matter has come to my attention:
- **1** which gives me reasonable cause to believe that in any material respect the requirements
- to keep accounting records in accordance with section 130 of the ACT
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements the methods and principles of Statement of Recommended Practice on Accounting and Reporting by Charities.
have not been met or
**11** to which, in my opinion attention should be drawn in order to enable a proper understanding of the accounts to be reached.
M Prattis AFA
Eden Accounting Ltd Chartered Certified Accountants Suite L3 South Fens Business Centre Chatteris M J Prattis� Cambridgeshire PE16 6TT
5
## **Chroma**
## **Statement of Financial Activities**
## **for the year ended 31 March 2024**
|**Notes**
**Incoming Resources**
Activities for generating funds
2
Grants secured
3
Investment income
4
**Total incoming resources**
**Resources Expended**
Direct costs of generating income
5
Administrative & governance costs
6
Total resources expended
**Net surplus (deficit) income over expenditure**
Reserves as at 31 March 2023
Transfers to specific reserves
Reserves as at 31 March 2024
10|**2024**
**£**
28,885
17,320
88
46,293
34,434
8,146
42,580
3,713
5,857
-
9,570|**2023**
**£**
30,658
2,500
6|
|---|---|---|
|||33,164
22,854
8,044|
|||30,898|
|||2,266|
|||3,591
-|
|||5,857|
## **Continuing operations**
None of the charity's activities reflected in the statement of financial affairs were acquired or discontinued during the year.
## **Total recognised gains and losses**
The charity has no recognised gains or losses other than the deficit for the year.
6
## **Chroma Balance Sheet As at 31 March 2024**
|**Chroma**
**Balance Sheet**
**As at 31 March 2024**||||||
|---|---|---|---|---|---|
||**Notes**||**2024**||**2023**|
||||**£**||**£**|
|**Current assets**||||||
|Debtors|8|7,016||600||
|Cash at bank and in hand||11,604||5,257||
|||18,620||5,857||
|**Creditors: amounts falling due**||||||
|**within one year**|9|(9,050)||9,050||
|**Net current assets**|||9,570||14,907|
|**Total assets less current**||||||
|**liabilities**|||9,570||14,907|
|**Capital reserves**||||||
|Unrestricted reserves|10||9,570||5,857|
||||9,570||5,857|
|Signed on behalf of the Trustees
Approved by the Trustees on||De||||
|4 Dec 2024||||||
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**Notes to the accounts**
## **Chroma**
## **for the year ended 31 March 2024**
## **1 Accounting policies**
## Basis of preparation
The accounts have been prepared under the historical cost convention and follow the recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice (Sorp 2005)
## Incoming Resources
Income represents amounts received for projects undertaken during the year. No costs have been set against this income.
## Investment Income
Investment income is recognised in the accounts when it is received.
## Restricted Reserves
Restricted reserves are to be used for specific purposes as determined by Council members. The charity does not currently have any restricted reserves.
## Unrestricted reserves
Unrestricted reserves are donations, grants and income received or generated for the objects of the charity without further specified purpose and are available as general reserves.
|**2 Activities for generating funds**
Fees for education activity
Fees for performances
Donations
**3 Grants received**
Awards for All/Lottery
Hugh Fraser Foundation
Hope Scott Foundation
William Syson Foundation
Scops Art
Foyle Foundation
Armada 1588 (rebate)|**2024**
£11,451
£17,414
£20
£28,885
£6,000
£2,000
£1,500
£2,000
£1,500
£5,000
-£680
£17,320|**2023**
£12,271
£18,381
£6|
|---|---|---|
|||£30,652|
|||0
0
0
0
0
0
£2,500|
|||£2,500|
8
## **Chroma**
## **Notes to the accounts for the year ended 31 March 2024**
## **4** Investment income
|Deposit interest
**5 Direct costs of generating income**
Artist fees & travel
Musical scores/instrument & hire costs
Marketing
**6**
**Administrative & governance costs**
Management costs
Travel costs
Insurance
Accountancy
Bank charges
Routine office expenditure
**8**
**Debtors**
Trade debtors
Vat repayment
Prepayments|£88
£33,494
£803
£137
£34,434
**2024**
£1,823
£4,791
£600
£848
£84
£0|£6|
|---|---|---|
|||£22,130
£500
£224|
|||£22,854|
|||**2023**
£4,264
£2,272
£650
£774
£84
£0|
||£8,146
**2024**
**£**
6,625
160
231
7,016|£8,044|
|||**2023**
**£**
-
-
600|
|||600|
9
## **Chroma**
## **Notes to the accounts**
**for the year ended 31 March 2024**
|**9**
**Creditors: amounts falling due within one year**
Trade creditors
Grants returned
**10 Unrestricted reserves**
General reserves
Reserves as at 31 March 2023
Net surplus (deficit) income over expenditure
At 31 March 2024|**2024**
**£**
4,870
4,180
9,050
**2024**
**£**
5,857
3,713
9,570|**2023**
**£**
-
-|
|---|---|---|
|||-|
||||
Unrestricted reserves are held for the purpose of the general objectives of the charity
## **11 Taxation**
No provision for taxation has been made in these accounts as the entity is a registered charity, and all its surplus reserves are applied for charitable purposes.
10