**REGISTERED COMPANY NUMBER: 07580995 (England and Wales) REGISTERED CHARITY NUMBER: 1145038**
**Trustees' Report and Unaudited Financial Statements for the Year Ended 31 March 2023 for Orion Symphony Orchestra**
## **Orion Symphony Orchestra**
## **Contents of the Financial Statements for the Year Ended 31 March 2023**
||Page|
|---|---|
|Trustees' Report|1 to 3|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|Notes to the Financial Statements|6 to 8|
|Detailed Statement of Financial Activities|9|
## **Orion Symphony Orchestra Trustees' Report for the Year Ended 31 March 2023**
The Trustees present their annual report together with the financial statements for the year 1 April 20 22 to 31 March 2023. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) as amended by Update Bulletin 1 (effective 1 January 2019).
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
07580995 (England and Wales)
**Registered Charity number** 1145038
## **Registered office**
1 St Giles Road Camberwell London SE5 7RL
## **Trustees**
Ian Adams Denis Cassidy Jan Cassidy Christopher Colosimo Andrew Hollingsworth Stephanie Marshall Chair (till 10 December 2023) (resigned 10 December 2023) Karen Phillipps Margaret Pollock Toby Charles Purser (Chair from 11 December 2023 to 13 April 2024) Peter Sheppard (Appointed 10 April 2024) (Chair from 14 April 2024) Linton Stephens (resigned 16 January 2025)
## **Company Secretary**
Andrew Hollingsworth
## **Artistic Director**
Nicholas Daniel
**President** Robert Rinder
## **Independent examiner**
Gibson Appleby 1-3 Ship Street Shoreham - by–sea West Sussex BN43 5DH
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is a charitable company limited by guarantee and was formed on 28 March 2011 in the UK. Members of the charitable company guarantee an amount not exceeding £1.00 to the assets of the charitable company in the event of winding up. The company is limited by guarantee and, therefore, there is no share capital in which the directors can be interested.
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## **Orion Symphony Orchestra**
## **Trustees' Report for the Year Ended 31 March 2023**
The Charity is controlled by its governing document, a Memorandum and Articles of Association, and constitutes a Limited Company, limited by guarantee, as defined by the Companies Act 2006. Under those Articles, the initial term of office for a trustee shall be one year, after which they may offer themselves for a re-appointment term of three years. After this term, they may offer themselves for a further and final three year term. Appointed Trustees are given an induction to the charity by the director regarding the running of the charity and by a Trustee or the Company Secretary regarding their legal responsibilities. None of the Trustees have had any beneficial interest in the charity in the year.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Objectives and Aims of The Orion Symphony Orchestra are to promote and provide exceptional development opportunities and training for the best young musicians in the period between music college and fully professional careers, and to inspire the next generation of young musicians.
## **ACHIEVEMENT AND PERFORMANCE**
## **Activities**
This is the Orchestra's fourteenth year as a charitable company limited by guarantee.
The Orion Orchestra returned to a full set of performances following the end of social distancing.
The summer was marked by the Marylebone Music Festival. We were able to perform outside in Manchester Square under the cover of a marquee top with concerts over 4 days.
We were joined at the end of 2021 by Nicholas Daniel as Artistic Director and Robert Rinder as President of the Orchestra. We had planned a concert in St John’s Smith Square to mark Holocaust Memorial Day in January 2022 . Unfortunately, the uncertainty over the resurgence of the Omicron variant led to us having to postpone this concert which took place on Sunday 22 January 2023 in the Dukes Hall at the Royal College of Music.
Each summer our young musicians have had the opportunity to perform outdoors as part of light classical proms spectaculars put on commercially by Bel Events. This activity is not carried out directly by the charity but its trading subsidiary Orion Trading Limited is contracted to provide the Orchestra.
The board of Trustees would like to thank all the volunteers, friends and supporters of Orion whose tireless generosity and energy have continued to help us in the cause of promoting young musicians in such a crucial stage of developing their careers.
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## **Orion Symphony Orchestra**
## **Trustees' Report for the Year Ended 31 March 2023**
## **Public Benefit**
The Trustees confirm that they have complied with their duty under section 17 of The Charities Act 2011 to have regard to the public benefit guidance published by The Charity Commission. This annual report includes a detailed description of the activities undertaken by the charity during the year to further its charitable purposes for the public benefit.
The assistance given to young musicians is proportionate to their needs. The Trustees have referred to the guidance contained in the Charity Commission’s guidance on public benefit and have planned The Orion Symphony Orchestra’s activities to avoid the granting of any private benefit other than one that is purely incidental to carrying out The Orchestra’s objectives. The Trustees believe they have followed the Charity Commission’s guidance in this area.
## **FINANCIAL REVIEW**
## **Principal funding sources**
The principal funding sources are donation receipts and ticket sales at concerts conducted by the Orion Symphony Orchestra. The incoming resources from generated funds was £103,281 (2022- £81,783).
## **Reserves**
The trustees are conscious of the need to hold adequate reserves to maintain continuity of operations. The trustees will aim to hold unrestricted reserves of no less than £25,000 in normal circumstances and will engage in additional fundraising activities in order to maintain this goal.
## **Going concern**
The trustees have considered the future of the operations of the Orion Orchestra. By the very nature of the operations there is uncertainty with each concert as to whether income will cover expenditure. By careful planning and promotion of the concerts, seeking sponsorship and separate fundraising activities the trustees have concluded that Orion Symphony Orchestra is a going concern.
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
## **ON BEHALF OF THE BOARD** :
Andrew Hollingsworth - Trustee 26 February 2025
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## **Orion Symphony Orchestra**
## **Statement of Financial Activities for the Year Ended 31 March 2023**
|**INCOME FROM:**
**Incoming resources from generated funds**
Donations and legacies
Bank interest
Total incoming resources
**EXPENDITURE ON**
Raising funds
**Total resources expended**
**NET INCOMING / (OUTGOING)RESOURCES**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Year Ended
31.3.23
Unrestricted
Funds
45,123
174
45,297
54,669
54,669
(9,372)
30,988
£21,616|Year
Ended
31.3.23
Restricted
Funds
57,984
-
57,984
59,685
59,685
(1,701)
13,060
£11,359|Year
Ended
31.3.23
Total
Funds
103,107
174
103,281
114,354
114,354
(11,073)
44,048
£32,975|Year
Ended
31.3.22
Total
Funds
81,780
2|
|---|---|---|---|---|
|||||81,783|
|||||69,392|
|||||69,392|
||||||
|||||12,390
31,658|
|||||£44,048|
4
## **Orion Symphony Orchestra Registered Company Number: 07580995**
## **Balance Sheet At 31 March 2023**
|Notes
**CURRENT ASSETS**
Debtors and prepayments
5
Share in subsidiary company
Cash at bank
**CREDITORS**
Amounts falling due within one year
6
**NET CURRENT**
**ASSETS/(LIABILITIES)**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS/(LIABILITIES)**
**FUNDS**
7
Unrestricted funds
Restricted Funds
**TOTAL FUNDS**|2023
£
8,168
1
26,729
(1,923)
32,975
32,975
32,975
21,616
11,359
32,975|2022
£
3,614
1
42,356
(1,922)|
|---|---|---|
|||44,048|
|||44,048|
|||44,048|
|||30,988
13,060|
|||44,048|
The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on 26 February 2025 and signed on their behalf, by:
Andrew Hollingsworth –Trustee, Treasurer
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## **Orion Symphony Orchestra**
**Notes to the Financial Statements for the Year Ended 31 March 2023**
## **1. ACCOUNTING POLICIES**
## **Accounting convention**
The financial statements have been prepared in accordance with 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 (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Orion Symphony Orchestra meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **Going concern**
The Trustees believe that the Orion Symphony Orchestra is a going concern and have prepared the financial statements on that basis.
## **Incoming resources**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Income is generated from four streams. Firstly from tickets sales for concerts, secondly from the hiring out of the orchestra for private events, donations from trusts and companies and lastly from annual subscriptions.
## **Resources expended**
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 attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. RAISING FUNDS**
|Net resources are stated after charging/(crediting):
Hire of equipment
Hire of venues
Hire of music
Hire costs|Year Ended
31.3.23
£
339
16,918
1,126
£18,383|Year Ended
31.3.22
£
-
4,460
668|
|---|---|---|
|||£5,128|
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## **Orion Symphony Orchestra**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **3. FEES PAID**
There were no employees during the year.
The following amounts were paid to artists, performers, for artistic direction and management of the production. All of the recipients are self-employed.
|Artistic direction and management
Artists and performers|Year Ended
31.3.23
£
6,590
64,687
£71,277|Year Ended
31.3.22
£
1,725
40,430|
|---|---|---|
|||£42,155|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
The fees paid to Trustees are further explained in notes on related party transactions.
## **Trustees' expenses**
There were no expenses paid to trustees for their duties as trustees for the year ended 31 March 2023 (2022 - £Nil).
## **5. DEBTORS**
|Donations held by intermediaries
Income tax recoverable Gift Aid
Prepayments|Year Ended
31.3.23
£
-
6,510
1,658
£8,168|Year Ended
31.3.22
£
-
3,614
-|
|---|---|---|
|||£3,614|
## **6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
|Amount owed to Orion Orchestra Trading Company Limited
Other creditors|Year Ended
31.3.23
£
723
1,200
£1,923|Year Ended
31.3.22
£
722
1,200|
|||£1,922|
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## **Orion Symphony Orchestra**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **7. MOVEMENT IN FUNDS**
|At 31.3.22
£
**Unrestricted funds**
General fund
30,989
**Restricted funds**
Marylebone Festival Fund
13,060
Total restricted funds
13,060
**TOTAL FUNDS**
44,048
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
45,297
**Restricted funds**
Marylebone Festival Fund
57,984
57,984
**TOTAL FUNDS**
103,281
**8. RELATED PARTY DISCLOSURES**
Related party transactions were as follows:
Fees paid to the trustees
Toby Purser
being fees for artistic direction / conducting
Denis Cassidy
being fees for Stage management
Jan Cassidy
being fees for Orchestra management|Net movement
in funds
£
(9,372)
(1,701)
(1,701)
(11,073)
Resources
expended
£
54,669
59,685
59,685
114,354
Year Ended
31.3.23
£
-
3,240
2,850|At 31.3.23
£
21,616
11,359
11,359
32,975
Movement in
funds
£
(9,372)
(1,701)
(1,701)
(11,073)
Year Ended
31.3.22
£
1,500
1,400
325|
|---|---|---|
## **Orion Orchestra Trading Company Limited**
On 3[rd] April 2014, a related trading subsidiary company was formed (Orion Orchestra Trading Company Limited, company number 08976301). This company has been established to deal with commercial aspects of providing an orchestra for commercial events. The two directors of the company are Toby Purser and Andrew Hollingsworth who are also directors of the charity.
During the year the Orion Orchestra Trading Company Limited, a wholly owned subsidiary made donations to Orion Symphony Orchestra of £2,458 (2022-£3,059). The results of this subsidiary are not included in these financial statements. In the year ended 31 March 2023 this company enjoyed income of £30,477 (2022 - £47,524) and incurred costs of £30,574 (2022- £50,233), including the donations to Orion Symphony Orchestra. At 31 March 2023 Orion Orchestra Trading Company Limited had net assets of £921 (2022 - £1,018).
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## **Orion Symphony Orchestra**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2023**
|**INCOMING RESOURCES**
**Voluntary income**
Donations
Bank interest
**Total incoming resources**
**RESOURCES EXPENDED**
**Costs of generating voluntary income**
Sundry costs
Trustees' fees
Artists and performers
Hire of equipment
Venue hire
Hire of music
Programme and flyer costs
Other concert costs
Donation
Phone and internet costs
Fundraising costs
**Governance costs**
Accountancy
Sundry
**Support costs**
**Management**
Insurance
Postage and stationery
Advertising and promotions
Website costs
IT
Travel and subsistence
**Finance**
Sundries
Bank charges
**Total resources expended**
**Net (expenditure) / income**|Year Ended
31.3.23
£
103,107
174
103,281
6,090
65,187
339
16,918
1,126
6,605
8,979
3,480
323
705
109,752
2,400
-
2,400
1,154
334
575
2,063
139
139
114,354
(11,073)|Year Ended
31.3.22
£
81,780
2|
|---|---|---|
|||81,782
-
3,225
38,930
-
4,460
668
2,239
13,756
2,648
323
261|
|||66,510
1,200
-|
|||1,200
1,043
-
-
-
364
83|
|||1,596
192|
|||192|
||||
|||69,392|
|||12,390|
This page does not form part of the statutory financial statements
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