REGISTERED COMPANY NUMBER: 07843236 (England and Wales) REGISTERED CHARITY NUMBER: 1145130 Chartered Accountants Report of the Trustees and Financial Statements for the Year Ended 31 August 2024 for The Cardiff Philharnionlc Orchestra (A Company Limited by Guarantee) RodrK)i HSe Greenwo(xS Close Coidiff Gole Business Potk Coidiff CF23 8AA BPU Limited Chartered Accountants Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA Trewieted 10 C¢Arycwl tsuchl WO Wono reouioled loi o of ¥sItT• bwinp&s (IltieS bv In51itu1e COrteiedAr.cwnionis bou Ckoneied AcCtntS I 0 1iodiry nome of BPV Lld co Irnbel 372348 rieG451¥ea Inwoies. A I of ClC5 0111110M Ihe Te9isieiecSolIe othe. business potential unleashed
The Cardiff Philhamionic Orchestra Contents of the Financial Statements for the Year Ended 31 August 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Ststements 9 to 14 Detailed Statement of Financial Activities 15 to 16
The Cardiff Phllhamionic Orchestra Report of the Trustees for the Year Ended 31 August 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. 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 {FRS 102) (effective 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Cardiff Philharmonic Orchestra is controlled by its governing document, the articles of association, and constitutes a company limited by guarantee, as defined by the Companies Act 2006, and is a registered chartty. Public Benefit Delivery, Charitable Purposes and Objectives The Cardiff Philharmonic Orchestra's objects are to advance the education of the public in the appreciation of the art and science of music in all of its aspects by the presentation of public concerts and recitals and by such other ways as shall be decided from time to time. Organisational Structure The Cardiff Philharmonic Orchestra is controlled by the directors who supervise its activities. The directors met fomially ten times during the year. Advi and assistance from players and external advisers are made use of as and when appropriate. Risk Management The directors have a duty to identify and review the risks to which the Cardiff Philhamionic Orchestra is exposed and to ensure that appropriate controls are in pla to provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07843236 (England and Wales) Registered Charity number 1145130 Registered office Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA Trustees M Bell MBE L S Robinson Msmay P F Randerson J Scott
The Cardiff Philharmonlc Orchestra Report of the Trustees for the Year Ended 31 August 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner John Huw Palin FCA BPU Limited Chartered Accountants Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA
The Cardiff Philharmonic Orchestra Report of the Trustees for the Year Ended 31 August 2024 ACTIVITIES AND FINANCIAL OVERVIEW Activities During the financial year the Cardiff Philharmonic Orchestra gave 5 ConrtS. Two concerts were given in Llandaff Cathedral. Film Night ConrtS were given at Blackwood Miners, Institute and the New Theatre Cardiff, a new venue for the orchestra,. and one cOnrt was given at Hoddinott Hall, Cardiff. Financial Performance A surplus of £55,391 was recorded during the year (year ended 31 August 2023 £11,167). surplus Total incoming resources for the year were £87,983 (year ended 31 August 2023 - £46,368), of which £51,559 (year ended 31st August 2023 - £nil) related to the establishment of the Claire Frankcom Fund for Young Soloists. Reserves Policy The directors seek to maintain a level of reserves that will provide financial support for a minimum of ten orchestral ConrtS. Investment Policy and Objectives Cardiff Philhannonic Orchestra invests surplus funds for the short to medium term on the best terms available for the period of time for which the funds are available. RISK ASSESSMENT Any per1Ved risks are considered at the regular Board meetings and any necessary actions are then implemented to reduce the risk areas of greatest conrn. ST. DAVID'S HALL St. David's Hall, Ihe Cardiff Philharmonic Orchestra's main venue for many years. remains closed. It is unlikely that St. David's Hall will re-open until Autumn 2026 at the earliest. With the ongoing closure of St David's Hall, the orchestra has perfonned sucSsful conrtS at Llandaff Cathedral, the New Theatre, Cardiff and BBC Hoddinott Hall. THE CLAIRE FRANKCOM FUND FOR YOUNG SOLOISTS (CFFYS) In October 2023 Claire Frankcom's aunt, Miss Gwyneth Lewis, provided an endowment of £50,000 to the orchestra to establish the Claire Frankcom Fund for Young Soloists. The fund is to be used to provide funding to engage young soloists for concerts presented by the Cardiff Philharmoni Orchestra. The Fund was used in October 2023 to present the exciting young guitarist. Pavel Ralev, in a performance of Rodrigo's Concierto de Aranjuez at Llandaff Cathedral. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of The Cardiff Philhamonic Orchestra for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi).
The Cardlff Philharmonlc Orchestra Report of the Trustees for the Year Ended 31 August 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - continued Company law requires the trUStS to prepare financial statements for each financial year which give a twe and fair view of the state of affairs of the charitable company and of the incoming resour5 and application of resources. induding the income and expenditu, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitsble accounting policies and then apply them con5iStently" observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent: prepare the financial statements on the going concem basis untess it 15 inappropriate to presume that the charitable company will continue in bustness. The trUStS are responsibEe for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Ad 2006. They are also responsible for safeguarding the assets of the charrtable company and hence for taking reasonable steps for the prevenlion and detectton of fraud and other irregularities. Approved by order of the board of truste8s on .... . behalf by= and signed on its MSMay-Trus
Independent Examiner's Report to the Trustees of The Cardiff Philharmonic Orchestra Independent examinerfs report to the trustses of The Cardiff Philharmonic Orchestra ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024. Chartered Accountonts Responsibilities and basls of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). 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 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5) (b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordan wtth the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). Radn(x House GIr00d Close Cordiff Gole business Potk Cordirf CF23 8AA I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. John Huw Palin FCA etssteied to Carryon audrt wolk LI( ono iewioÈc5 ICM o nge trrInt tw59SotilleS bv Instllule ol Acc(tan1$ WO5. BPU Limited Chartered Accountants 6 February 2025 bpu CFnrfged ktOunirAIs i 0 11(*ry notreof W Itd CLYTV)ny 3723Tr48 Regi41e Wa A iÉi ol dii&Clc¥s ovoibbl8 TEysÈie¢Jolhtt fA)tr•e. business potential unleashed
The Cardiff Philharmonic Orchestra Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 August 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Charitsble activities Charitable activities 34,722 50,000 84,722 46,221 Investment income 1.702 1,559 3,261 147 Total 36,424 51,559 87,983 46,368 EXPENDITURE ON Costs of generating funds 32,592 32,592 35,201 NET INCOME Transfers between funds 3.832 940 51,559 (940) 55,391 11,167 10 Net movement in funds 4,772 50,619 55,391 11,167 RECONCILIATION OF FUNDS Total funds brought forward 55.532 55,532 44,365 TOTAL FUNDS CARRIED FORWARD 60,304 50,619 110,923 55,532 The notes form part of these financial statements
The Cardiff Philharmonic Orchestra Balance Sheet 31 August 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Notes FIXED ASSETS Investments 35,000 3S,000 CURRENT ASSETS Debtors Investments Cash at bank 4,509 35,000 26,408 1,106 10,000 4,513 5,615 45,000 30,921 6,622 49,960 65,917 15,619 81,536 56,582 CREDITORS Amounts falling due wtthin one year (5,613) (5,613) (1,050) NET CURRENT ASSETS 60,304 15,619 75,923 55,532 TOTAL ASSETS LESS CURRENT LIABILITIES 60.304 50.619 110,923 55,532 NET ASSETS 60,304 50,619 110,923 55,532 FUNDS Unrestricted funds Restricted funds 10 60,304 50,619 55,532 TOTAL FUNDS 110,923 55,532 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordan with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at 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 OtheISe comply with the requirements of the Companies Act 2006 relating to financial statemersts, so far as applicable to the charitable company. The notes form part of these financial statements continued...
The Cardiff Phllham)onlc Orchestra Balance Sheet - contlnued 31 August 2024 These financial statements have been prepared in accordan wilh the provisions applicable to charitable companies subject to the small companies regime. Y,ffinanFial.statements were approved by the Board of Trustees and aulhorised for Issue on . and were signed on its behalf by: stee L S Robinson - Trustee The notes fom part of these financial statements
The Cardiff Philhannonic Orchestra Notes to the Financial Statements for the Year Ended 31 August 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exptIOn of investments which are included at market value. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a 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. Imiere 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. Orchestra Tax Credit Relief is credited in the accounting period in which it is received. Investments Investments comprise fixed term deposits that mature after more than twelve months. Fixed tenn deposits that mature in less than twelve months are included in current assets. INVESTMENT INCOME 2024 2023 Interest received 3,261 147 continued...
The Cardiff Philharmonic Orchestra Notes to the Financial Statements - contlnued for the Year Ended 31 August 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. Trustses, expenses Trustees, expenses of £45 were paid in the year ended 31 August 2024 (2023.. £35). STAFF The charity employs no staff. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund Total funds INCOME AND ENDOWMENTS FROM Charitable activities Charitable activities 46,221 46,221 Investment income 147 147 Totsl 46,368 46,368 EXPENDITURE ON Costs of generating funds 35,201 35,201 NET INCOME 11,167 11,167 RECONCILIATION OF FUNDS Total funds brought fOard 44,365 44,365 TOTAL FUNDS CARRIED FORWARD 55,532 55,532 10 continued...
The Cardiff Philhamionic Orchestra Notes to the Financial Statements - continued for the Year Ended 31 August 2024 FIXED ASSET INVESTMENTS 2024 2023 Cash on deposit 35,000 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Concert debtors Other debtors and prepayments 1,276 5,346 5,615 5,615 6,622 CURRENT ASSET INVESTMENTS 2024 2023 Cash on deposit 45,000 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals and other creditors 5,613 1,050 10. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 3118124 At 119123 Unrestricted funds General fund 55,532 3,832 940 60.304 Restricted funds Claire Frankcom Fund for Young Soloists 51,559 (940) 50,619 TOTAL FUNDS 55,532 55,391 110,923 continued...
The Cardiff Philharmonic Orchestra Notes to the Flnancial Statements - continued for the Year Ended 31 August 2024 10. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows: Incoming ReSoUrS resources expended Movement in funds Unrestricted funds General fund 36,424 {32,592) 3,832 Restricted funds Claire Frankcom Fund for Young Soloists 51,559 51,559 TOTAL FUNDS 87,983 {32,592) 55,391 Comparatlves for movement in funds Net movement in funds At 3118123 At 119122 Unrestricted funds General fund 44.365 11,167 55.532 TOTAL FUNDS 44.365 11,167 55.532 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended Movement in funds Unrestrlcted funds General fund 46.368 (35,201) 11,167 TOTAL FUNDS 46,368 (35,201) 11,167 12 continued...
The Cardiff Philharmonic Orchestra Notes to the Financial Statements - continued for the Year Ended 31 August 2024 10. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds Transfers beeen funds At 3118124 At 119122 Unrestricted funds General fund 44,365 14,999 940 60,304 Restricted funds Claire Frankcom Fund for Young Soloists 51,559 (940) 50,619 TOTAL FUNDS 44,365 66,558 110,923 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming ReSoUrS resources expended Movement in funds Unrestricted funds General fund 82,792 (67,793) 14,999 Restricted funds Claire Frankcom Fund for Young Soloists 51.559 51,559 TOTAL FUNDS 134,351 (67,793) 66,558 11. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 August 2024. 13 continued...
The Cardiff Philharmonic Orchestra Notes to the Financial Statements - continued for the Year Ended 31 August 2024 12. MEMBERSHIP The liability of the members is limited to £1 during membership, or within one year after resignation, as may be required on the occasion of the winding up of the company. There were 99 members as at 31 August 2024 and 2 resignations during the year (31 August 2023 98 members and 2 resignations). 14
The Cardiff Philhannonic Orchestra Detalled Statement of Financial Activities for the Year Ended 31 August 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Interest received 3,261 147 Charitable activities Performance Income Orchestra Tax Credit Donations 30,817 3,817 50,088 41,341 3,767 1,113 84,722 46,221 Total incoming resources 87,983 46,368 EXPENDITURE Costs of staging performances Hire of Concert Halls Performance Fees PRS Fees Credit Card Commission Music Hire and Purchase Marketing Travel Instrument Hire Printing Rehearsal Hall Hire 13,138 2,190 843 524 3,997 192 95 4,211 1,343 1,659 13,833 900 1,731 820 2,476 4,503 35 4,322 1,159 1,589 28,192 31,368 Costs of administration Member Events Communications Insurance Subscriptions Professional Fees Sundries Storage Costs Bank Charges 254 376 285 486 1,164 39 1,735 61 77 224 270 276 1,134 12 1,770 70 4,400 3,833 This page does not form part of the statutory financial statements 15
The Cardiff Philharmonic Orchestra Detailed Statement of Financial Activities for the Year Ended 31 August 2024 2024 2023 Total resources expended 32,592 35,201 Net income 55,391 11,167 This page does not form part of the statutory financial statements 16