REGISTERED COMPANY NUMBER: 07580995 (England and Wales) REGISTERED CHARITY NUMBER: 1145038
Trustees' Report and Unaudited Financial Statements for the Year Ended 31 March 2024 for Orion Symphony Orchestra
Orion Symphony Orchestra
Contents of the Financial Statements for the Year Ended 31 March 2024
| 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 2024
The Trustees present their annual report together with the financial statements for the year 1 April 2023 to 31 March 2024. 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.
1
Orion Symphony Orchestra
Trustees' Report for the Year Ended 31 March 2024
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 fifteenth 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.
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. In the summer of 2023 this activity was curtailed part way through the season due to the insolvency of Bel Events and Orion Trading Limited has not undertaken any further activities since August 2023.
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.
2
Orion Symphony Orchestra
Trustees' Report for the Year Ended 31 March 2024
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 £142,675 (2023- £103,281).
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 £50,000 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
3
Orion Symphony Orchestra
Statement of Financial Activities for the Year Ended 31 March 2024
| 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 31.3.24 Unrestricted Funds 67,597 612 68,209 45,676 45,676 22,533 21,616 £44,149 |
Year Ended 31.3.24 Restricted Funds 74,427 39 74,466 67,762 67,762 6,704 11,359 £18,063 |
Year Ended 31.3.24 Total Funds 142,024 651 142,675 113,438 113,438 29,237 32,975 £62,212 |
Year Ended 31.3.23 Total Funds 103,107 174 |
|---|---|---|---|---|
| 103,281 | ||||
| 114,354 | ||||
| 114,354 | ||||
| (11,073) 44,048 |
||||
| £32,975 |
4
Orion Symphony Orchestra Registered Company Number: 07580995
Balance Sheet At 31 March 2024
| 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 |
2024 £ 12.460 1 52,875 (3,122) 62,212 62,212 62,212 44,149 18,063 62,212 |
2023 £ 8,168 1 26,729 (1,923) |
|---|---|---|
| 32,975 | ||
| 32,975 | ||
| 32,975 | ||
| 21,616 11,359 |
||
| 32,975 |
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
5
Orion Symphony Orchestra
Notes to the Financial Statements for the Year Ended 31 March 2024
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 31.3.24 £ 348 12,008 235 £12,591 |
Year Ended 31.3.23 £ 339 16,918 1,126 |
|---|---|---|
| £18,383 |
6
Orion Symphony Orchestra
Notes to the Financial Statements for the Year Ended 31 March 2024
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 31.3.24 £ 11,500 61,840 £73,340 |
Year Ended 31.3.23 £ 6,590 64,687 |
|---|---|---|
| £71,277 |
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 2024 (2022 - £Nil).
5. DEBTORS
| Donations held by intermediaries Income tax recoverable Gift Aid Prepayments |
Year Ended 31.3.24 £ - 12,460 - £12,460 |
Year Ended 31.3.23 £ - 6,510 1,658 |
|---|---|---|
| £8,168 |
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 31.3.24 £ 722 2,400 £3,122 |
Year Ended 31.3.23 £ 723 1,200 |
| £1,922 |
7
Orion Symphony Orchestra
Notes to the Financial Statements for the Year Ended 31 March 2024
7. MOVEMENT IN FUNDS
| At 31.3.23 £ Unrestricted funds General fund 21,616 Restricted funds Marylebone Festival Fund 11,359 Total restricted funds 11,359 TOTAL FUNDS 32,975 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 68,209 Restricted funds Marylebone Festival Fund 7 4,466 7 4,466 TOTAL FUNDS 142,675 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 £ 22,533 6,704 6,704 29,237 Resources expended £ 45,676 67.762 67.762 113,438 Year Ended 31.3.24 £ 700 2,500 6,300 |
At 31.3.24 £ 44,149 18,063 18,063 62,212 Movement in funds £ 22,533 6,704 6,704 29,237 Year Ended 31.3.23 £ - 3,240 2,850 |
|---|---|---|
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 £Nil (2023-£2,458). The results of this subsidiary are not included in these financial statements. In the year ended 31 March 2024 this company enjoyed income of £38,566 (2023 - £30,477) and incurred costs of £39,520 (2023- 30,574), including the donations to Orion Symphony Orchestra. At 31 March 2024 Orion Orchestra Trading Company Limited had net liabilities of £33 (2023 - £921 assets).
8
Orion Symphony Orchestra
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| 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 Donations Phone and internet costs Fundraising costs Governance costs Accountancy Trustee meetings Support costs Management Insurance Postage and stationery Advertising and promotions Website costs IT Travel and subsistence Finance Sundries Bank charges Total resources expended Net income / (expenditure) |
Year Ended 31.3.24 £ 142,024 651 142,675 9,500 63,840 348 12,008 235 7,172 11,451 4,250 296 1,107 110,207 1,200 112 1,312 818 391 585 1,794 125 125 113,438 29,237 |
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) |
This page does not form part of the statutory financial statements
9