Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

Charity registration number: 1152853 

Tŷ Cerdd - Music Centre Wales 

Annual Report and Financial Statements 

for the Year Ended 31 March 2024 


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HSJ Audit Limited Auditor Severn House Hazell Drive Newport NP10 8FY 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## **Contents** 

|Trustees' Report|1 to 12|
|---|---|
|Independent Auditors' Report|13 to 15|
|Statement of Financial Activities|16|
|Balance Sheet|17|
|Cash Flow Statement|18|
|Notes to the Financial Statements|19 to 29|





Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## **Trustees’ Report** 

The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 31 March 2024. 

## OBJECTIVES AND ACTIVITIES 

Tŷ Cerdd’s mission is: 

To support artists, communities and audiences to create, perform and participate in the music of Wales. 

And our vision: 

We envisage a Wales in which music-creators of all genres and backgrounds are enabled to make music and develop careers; in which a diversity of people and communities can engage in and enjoy Welsh music. 

If you’re making music in Wales, it’s Welsh music! 

We deliver this mission and vision through a range of activities with composers / music-creators and collaboration with organisations and communities. We served the whole of Wales and increasingly work from our homes (which take in south-east and west Wales), and our base in Wales Millennium Centre, which hosts a recording studio and a library of music for hire, alongside an archive collection. 

We engage with international audiences and sectors, not only through our record label and publishing imprint, but also through artist-development initiatives with partners, and through our place in a range of international networks. 

We deliver Lottery funding on behalf of Arts Council of Wales. 

Our current goals as a charity are: 

- Providing greater equality of opportunity for artists and communities 

- Sustaining & developing excellence 

- Ensuring a fit and agile organisation, able to deliver work for stakeholders and with partners 

- Strengthening the music infrastructure within Wales 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

Public benefit 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous twelve months. The review looks at the success of each key activity and the benefits. The review also helps us ensure our aims, objectives and activities remained focused on our stated objectives. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities thus ensuring that it continues in its purpose. 

## Grant making policies 

Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specific service or output. 

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. 

## ACHIEVEMENTS AND PERFORMANCE 

2023-24 at Tŷ Cerdd saw a wide range of activity – from development work with music-creators and artists and sector support, to distribution of funding and delivery of priorities for our funders and partners. Our motto “if you’re making music in Wales, it’s Welsh music” underpinned the entire programme of work. 

The CoDi (Composer Development Initiative) programme continues to sit at the forefront of Tŷ Cerdd’s strategic support for Welsh music and our commitment to the development of Welsh and Wales-based music-creators. Building on the work done to develop previous pathways, Tŷ Cerdd’s iterative approach allows us to tackle barriers to participation and development for targeted groups, genres or demographics. With continuing support from the Arts Council of Wales, PRS Foundation (through their UK-wide Talent Development Programme) and Vaughan Williams Foundation, alongside a new funding relationship with Jerwood Foundation, CoDi 20232024 included: 

- Organ@Soar – this pathway reached its culmination in May 2023 with a public performance. Six music-creators, cross-genre, created new works for the newly restored organ at Theatr Soar in Merthyr, under the expert guidance and mentorship of organist James McVinne and composer Richard Baker. Participants: Andrew Cusworth, Dafydd Dabson, David John Roche, Hannah Paloma, Heledd C Evans, Owain Hughes 

- CoDi Text – postponed from 2020, the recording of the six new works generated through this pathway finally took place, after being derailed by Covid lockdown. Writer Kaite O’Reilly and composer Joseph Davies had guided six composers, alongside three instrumentalists and two singers: Participants: Ethnie Foulkes, Gareth Churchill, Julia Plaut, Luciano Williamson, Richard McReynolds, Timothy Johnson 

- Bwthyn Sonig – Tŷ Cerdd’s ongoing partnership approach to working with and enabling learning-disabled music-creators – run in partnership with Canolfan Gerdd William Mathias (Caernarfon), Two Rhythms (Cardiff), lead artists Teifi Emerald and Elin Taylor, and Glasgow-based partner Sonic Bothy. This phase of the project involved 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

discussions on working flexibly, decision making, navigating payment and accreditation for disabled artists’ work, terminology and creating safe spaces. 

- Street Art Opera – In collaboration with Tŷ Cerdd, Music Theatre Wales ran workshops at Pontio in Bangor and Chapter in Cardiff to introduce this new form of opera making to Wales. With support from the originators, Irish public art company Dumbworld, these skills-development days for professional artists included discussions from writing the libretto and music to shooting with green-screen and post-production. 

- Penguin Pebbling – this was a pathway specially for neuro-divergent music-creators of any genre. A partnership with Aubergine Café, it was led by sound-duo Ardal Bicnic (Heledd C Evans & Rosey Brown) and creative producer Jake Griffiths. Over a series of workshops, six early-career music-creators (Eranan Thirmangan, Ffion Campbell-Davies, James Jones, Laura Phillips, Neo Ukandu, Rhiannon Takel) explored techniques and approaches, leading to a final sharing event and recording session. The Penguins reunited after the pathway had concluded for a public performance event at Shift in February 2024. 

- Pathway to the Orchestra – Over a series of 1-to-1 mentoring sessions with composer Lynne Plowman, plus supplementary resources and sessions from Tŷ Cerdd and project partners BBC National Orchestra of Wales, five music-creators received bespoke training and skill-development in writing for orchestral instruments (clarinet, violin, cello and piano). Participating music-creators: Tom Elstob, Heledd C Evans, Sam Jones, Małgola Gulzynska, Gwen Siôn. 

- BŴM! is a two-year pathway for early-career artists in making outdoor music and sound that responds to themes of climate crisis. In partnership with Oxford Contemporary Music and Articulture, the pathway supported artists to develop practical and creative skills and to learn about embedding climate responsive work into their practice.  Participating artists: Ella Roberts, Francescas Simmons, Gwen Siôn and Teifi Emerald. 

- Composers’ Studio was delivered in partnership with UPROAR – Wales's new contemporary ensemble, artistic director Michael Rafferty – and with composer mentors Lynne Plowman and Richard Baker. Six early-career composers had the opportunity to write a five-minute piece for a conducted ensemble of 12 players. Participating artists: Eluned Davies, Jake Thorpe, Joseph Graydon, Luciano Williamson, Niamh O’Donnell and Tayla-Leigh Payne. 

- Tlws y Cyfansoddwr – part of a reboot of the National Eisteddfod’s Tlws y Cerddor, this pathway kicked off (to come to fruition at the Eisteddfod in August). Four composers worked with mentor John Rea and a quartet of musicians from Sinfonia Cymru. Participating artists: Nathan James Deaden, Lowri Mair Jones, Gwenno Morgan and Tomos Williams 

- Off-Grid – a network for experimental sound-artists and music-creators, this group continued participatory activity throughout the year, culminating in a workshop at the Bangor Music Festival in February focusing on graphic scores. 

- Caffi Arbrofol – an offshoot from Off-Grid, a new monthly online meeting was launched in July 2023: open-door, informal sharing and discussion between experimental practitioners. 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

Sound of the City – complementing this range of artist-development activity, we were pleased to work with Cardiff Music City in running a call for proposals from artists. Tŷ Cerdd framed and issued the call and convened a panel in early 2024, in partnership with Cardiff Council. Proposals for 23 projects were received and four artists from a range of genres were selected for residencies with presenting venues and organisations across the city during spring 2024. Selected artists were: N’famady Kouyaté, Natalie Roe, Eugene Capper and Gemma Smith. 

Support for music-making across Wales was delivered through our Lottery funds , delegated from Arts Council of Wales, and split across three pots: 

- Create – resourcing the creation of new work by music-creators of any genre 

- Engage – funding a range of activity, from live performance and workshops to community collaborations 

- Inspire – supporting the development of work with participants aged under 26 

From leisure-time and community groups to professional work in a range of diverse settings, over £148k of funds was distributed in 97 awards to organisations (29 Create, 43 Engage, 25 Inspire). In 2023-24 we started running Q&A sessions prior to the closing date for each round to promote the funds and support those who wish to make an application. 

In 2023-24 Tŷ Cerdd Records continued its work by releasing: 

- amrwd – Angharad Jenkins, Patrick Rimes: the debut album from these founding members of the multi award-winning band CALAN. It was nominated for Welsh Language Album of the Year. 

- Cwmwl Tystion II / Riot! – Tomos Williams: The second iteration of trumpeter and composer Tomos Williams's Welsh jazz project dealing with Welsh culture and history – following up on the 2021 Tŷ Cerdd Records, Cwmwl Tystion / Witness 

Complementing Tŷ Cerdd Records, Sionci is our new, artist-led digital label, conceived to enable creative- and career-development for artists, cross-genre. During 2023/24, while we developed our strategy for Sionci, there was one release on the label: 

- ‘All These Dreams’: collaboration with Welsh National Opera and artists Eädyth Crawford, Mercy Shibemba and Aliya on this single telling the true stories of people living with HIV. 

Alongside these releases for our own labels, we were pleased to partner with Drake Music Scotland (with PRSF Beyond Borders funding) on an artist-development project with disabled composers towards a release for NMC Records. Six composers from across the UK developed new works (with support from pianist Siwan Rhys and composer Ben Lunn), which we recorded and produced in the Tŷ Cerdd Studio for Letting the Light In (released later in 2024). The composers featured were Sonia Allori, Sarah Lianne Lewis (Wales), Jo-anne Cox, Elinor Rowlands, Leon Clowes and Sorcha Pringle. 

Outside recording work for release, Tŷ Cerdd’s Studio operation had a busy year, packed with variety – from intensive sessions supporting composers and recording the results of the CoDi pathways, to working with a range of clients, including Welsh National Opera, for whom we created Electronic Press Kits for their main productions. 

Tŷ Cerdd Publications released a number of titles in 2023, including putting the much loved Alawon Gwerin Cymru, by J Lloyd Williams and Llew Tegid – placing it back into circulation after decades out of print. Alongside this were several other songs from the Hughes and Son publishing catalogue as part of our continuing agreement with S4C (inheritors of the catalogue), 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

as well as the organ scores created by participants in our development pathway Organ@Soar. We also continued our regular partnership with the Urdd Eisteddfod and published three set pieces/arrangements for their competitions, as well as an arrangement of ‘Y Deryn Pur’, made by Michael Pollock for Llŷr Williams and Jessica Robinson to perform at Cardiff Singer of the World 2023. 

The Tŷ Cerdd library and collection provided performing groups and societies with scores for their rehearsals and performances and facilitated access to the research resource available within the archive. And Tŷ Cerdd instigated an ongoing conversation across the Wales-wide libraries and archives about working together to catalogue signpost Welsh music collaboratively. 

A keystone of Tŷ Cerdd’s commitment to developing work in the Welsh-language is our relationship with the National Eisteddfod . In August 2023 at Boduan (Llyn Peninsula) we had a strong presence on the Maes, hosting a stand in partnership with a range of Wales-based music organisations, and continuing our regular partnership with the Royal Welsh College of Music and Drama through a range of Discover Welsh Music concerts on the Encore stage – with a special feature on composer David Harries, marking 90 years since his birth. CoDi Cân was also developed for this Eisteddfod – with black artists Aisha Kigs and Adjua creating their first ever Welsh-language songs through a mentoring process (with Eädyth Crawford and Aleighcia Scott). The songs featured on S4C’s Heno, and Eädyth Crawford gave an interview about the project. 

Tŷ Cerdd continued to play a pivotal role in Welsh representation on an international stage, and at the close of 23/24 #WelshMusicAbroad was announced – a partnership between FOCUS Wales, Trac Cymru and Tŷ Cerdd powering opportunities and representation for Welsh artists overseas. Wales Arts International remained a key partner and supporter of this work: 

- In September 2023, Tŷ Cerdd’s director, Deborah Keyser, attended the annual conference and general assembly of IAMIC (International Association of Music Centres), an international network of organisations that promote, document and signpost the music of their country or region in a diversity of musical genres. The event took place in Latvia – in Riga and port city Liepāja, on the Baltic Sea. During 23/24 Deborah became VicePresident of the network, working alongside President Stephan Schulmeistrat from the German Music Information Centre. 

- As part of the ongoing partnership with Wales Arts International, Tŷ Cerdd worked with them to manage the Welsh delegation’s presence at WOMEX in A Coruña in October 2023. 

- ISCM (International Society for Contemporary Music) – World New Music Days took place in South Africa (Johannesburg and Cape Town) in November and December 2023. Composer Nathan James Dearden’s ‘i breathe’ was performed Cape Town Camerata, conducted by Leon Starker. 

   - ISCM is an important network for Wales and Tŷ Cerdd, and during this year we also ran a call for scores for the ’25 event (to be held in Portugal) and submitted a Welsh shortlist of six works to the Portuguese jury. 

Tŷ Cerdd’s board of trustees continued to provide governance and invaluable support to the staff team through quarterly board meetings and monthly board shorts. 

The Board continued to look at ways to develop the trustees appointed in 2022-23 and how Tŷ Cerdd could make best use of their skills and expertise. 

At the start of the year 23/24 Tŷ Cerdd submitted a bid to Arts Council of Wales’s Investment Review , and in September 2023 we were informed that we had been awarded an uplift in regular 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

funding of 34% from April 2024. While less than requested, this was very welcome news in a tough round that saw very few organisations receiving increased funding. 

## Financial review 

## Policy on reserves 

As at 31 March 2024 the charity was reporting total reserves of £255,364 (2023: £271,897). Of this balance £95,502 (2023: £122,004) related to general unrestricted reserves and £159,862 (2023: £149,893) related to restricted reserves. 

Of the unrestricted reserves a balance £79,374 (2023: £99,327) related to free reserves which are readily available to the Trustees. 

It is the policy of the charity to hold sufficient reserves to meet all immediate liabilities and costs associated with any known future commitments. The level at which this balance is set is reviewed periodically by the trustees’ to ensure reflective of the charity’s current position. 

## Investment policy and objectives 

Any surplus cash balances held are deposited within interest bearing accounts. 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

PLANS FOR FUTURE PERIODS 

Following the outcome of the Arts Council of Wales’s increased investment in Tŷ Cerdd, artist-development become further embedded into the programme of work, alongside a range of other activities. 

Plans for 2024-2025 include 

The development of CoDi artist development work, with a programme of interventions and creative pathways, including: 

- Tuag Opera – a partnership with Music Theatre Wales, Literature Wales, Theatr Genedlaethol, Sherman Theatre and Cwmni Fran Wen, this pathway will pair six music-creators with six writers, supporting them to develop skills in writing opera. With support from lead artists Gwyneth Glyn and Iwan Teifion Davies. 

- Ffidil Plws – leading UK contemporary practitioners Angharad Davies and Darragh Morgan will lead six music-creators in writing for solo violin and electronics. 

- BŴM – the second phase of this pathway for four early-career artists in making outdoor music and sound that responds to themes of climate crisis. 

- Further development of Bwthyn Sonig – moving forward the work enabling learning-disabled music creators in North and South Wales (with Canolfan Gerdd William Mathias and Touch Trust), including a series of inclusive club nights and performances (with additional support from Anthem’s Atsain fund). 

- Music and Race in Wales – working with Black Lives in Music and TÂN Cerdd towards a Showcase and symposium event 

- Continuing to develop Interact with the Off-Grid network and Music Industry 101 skills sharing & training sessions 

- Tlws y Cyfansoddwr – bringing this pathway with the National Eisteddfod (started in 23/24) to fruition at the Pontypridd Eisteddfod and developing the work towards Wrexham ’25. 

- AffriCerdd – an evolution of CoDi Cân, mentoring artists of colour to create new Welsh-language songs for the National Eisteddfod in Pontypridd. 

We will continue to grow the Sionci label as a development platform for artists and the work of the CoDI programme by releasing Hiraeth by Adjua and Llygaid Cudd by Aisha Kigs – both stemming from our CoDi Cân / AffriCerdd work. In addition, we will mark our new relationship with Wales-based Pyst through the release on Tŷ Cerdd Records of Contrasts an EP of piano music by distinguished Welsh composer Brian Hughes. From June 2024, the whole catalogue will be digitally distributed by Pyst, cementing the label’s commitment to Wales and the nation’s musical infrastructure. 

Advancement of our Lottery schemes, ensuring representation on panels and outreach to communities. 

We will develop our publishing catalogue, continuing to work with living composers, bring heritage work back into print and unearth unpublished music. And we will move forward 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

the discussion with Wales-wide libraries and archives about working together to catalogue signpost Welsh music collaboratively. 

The furtherance of our international work under #WelshMusicAbroad, including through the ISCM and IAMIC networks, and the delivery of the Wales presence at both Classical:NEXT in Berlin and WOMEX in Manchester, in partnership with Wales Arts International. 

Continued dialogue and planning with WMC over the development of Makers’ Spaces and office location. 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## Nature of governing document 

The charity is controlled by its constitution being a constitution of a Charitable Incorporated Organisation (CIO). 

## Recruitment and appointment of trustees 

As set out in the Constitution, the Chairman and Vice Chairman are elected by, and the Director and treasurer appointed by, the trustees. 

## Induction and training of trustees 

All new trustees undergo an induction programme, which includes: 

- an induction pack that is given to new trustees (and to re-elected trustees), which includes policy and procedures such as declaration of interest, confidentiality, policies and means of assistance for member societies 

- any other training which may be required from time to time. 

## Relationships with related parties 

## Arts Council of Wales 

The Charity receives funding from the Arts Council of Wales, one of whose officers attends meetings of the Board, and regularly liaises with the Director. The Arts Council of Wales provided revenue grant funding to Tŷ Cerdd - Music Centre Wales this financial year in the sum of £209,877 (2023: £216,383). 

## Organisational structure 

Tŷ Cerdd’s board of trustees meets quarterly, with frequent Board Shorts between main meetings (monthly, where possible). All trustees are required to declare conflicts of interest annually and to absent themselves from the meeting in the case of a personal conflict. Trustees are appointed for an initial term of three years and can be re-elected at Annual General Meetings (or other specially convened meetings) for two subsequent terms of three years. 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## REFERENCE AND ADMINISTRATIVE DETAILS 

## **Trustees** 

Steph Power, Chair Claire Foster Christina Macaulay Gareth Churchill Gillian Green Giselle Dugdale Graham Howe (retired 13/12/2023) Harriet Wybor John Hywel Morris (retired 13/12/2023) Litang Shao Klaudia Zawadka Niamh O’Donnell Rachel Ford-Evans Tumi Williams 

## **Staff** 

Deborah Keyser, Director Abby Charles, Head of Finance and Administration Ethan Davies, Publishing & Research Officer James Clarke, Recording Studio Manager & Producer Laila Khan, Administrative Assistant Matthew Thistlewood, Head of Content Shakira Mahabir, Relationships & Communications Manager 

## **Principal Office** 

The Wales Millennium Centre Bute Place Cardiff CF10 5AL 

## **Charity Registration Number** 

1152853 

## **Bankers** 


HSBC, Cardiff 

## **Auditor** 

HSJ Audit Limited Auditor Severn House, Hazell Drive, Newport NP10 8FY 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

Statement of Trustees' Responsibilities 

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. 

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## Disclosure of information to auditor 

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. 

The annual report was approved by the trustees of the charity on 10 December 2024 and signed on its behalf by: 

> ......................................... <_ y ) NN Me 

Steph Power 

Chair 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Independent Auditor's Report to the Members of 

## Tŷ Cerdd - Music Centre Wales 

## Opinion 

We have audited the financial statements of Tŷ Cerdd - Music Centre Wales (the 'charity') for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice). 

## In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## Conclusions relating to going concern 

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## Other information 

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## Matters on which we are required to report by exception 

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report. 

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## Responsibilities of trustees 

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## Auditor Responsibilities for the audit of the financial statements 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

We corroborated our enquiries of management by review of correspondence with HMRC, The Charity Commission and other regulatory bodies. 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. 

Based on the results of our risk assessment we designed our audit procedures to identify and address material misstatements in relation to fraud. 

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

...................................... 

Mr Andrew Hill FCCA ACA DChA BFP (Senior Statutory Auditor) 

For and on behalf of HSJ Audit Limited, Statutory Auditor 

Severn House 

Hazell Drive 

Newport 

NP10 8FY 11/12/2024 Date:............................. 

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Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Statement of Financial Activities for the Year Ended 31 March 2024 

|Statement of Financial Activities for the Year Ended 31 March 2024|Statement of Financial Activities for the Year Ended 31 March 2024|
|---|---|
|Unrestricted<br>funds<br>Restricted<br>funds<br>Total<br>2024||
|Note<br>£<br>£<br>£||
|Income and Endowments from:||
|Charitable activities<br>262,450<br>292,100<br>554,550||
|Other income<br>1,432<br>-<br>1,432||
|Total income<br>263,882<br>292,100<br>555,982||
|Expenditure on:||
|Charitable activities<br>(290,385)<br>(282,130)<br>(572,515)||
|Total expenditure<br>(290,385)<br>(282,130)<br>(572,515)||
|Net(expenditure)/income<br>(26,503)<br>9,970<br>(16,533)||
|Net movement in funds<br>(26,503)<br>9,970<br>(16,533)||
|Reconciliation of funds||
|Total funds brought forward<br>122,004<br>149,893<br>271,897||
|Total funds carried forward<br>14<br>95,501<br>159,863<br>255,364||
|Unrestricted<br>funds<br>Restricted<br>funds<br>Total<br>2023||
|Note<br>£<br>£<br>£||
|Income and Endowments from:||
|Donations and legacies|5,235<br>-<br>5,235|
|Charitable activities|281,605<br>290,484<br>572,089|
|Other income|1,328<br>-<br>1,328|
|Total income||
||288,168<br>290,484<br>578,652|
|Expenditure on:||
|Charitable activities|(288,809)<br>(262,867)<br>(551,676)|
|Total expenditure||
||(288,809)<br>(262,867)<br>(551,676)|
|Net(expenditure)/income||
||(641)<br>27,617<br>26,976|
|Net movement in funds||
||(641)<br>27,617<br>26,976|
|Reconciliation of funds||
|Total funds brought forward||
||122,645<br>122,276<br>244,921|
|Total funds carried forward<br>14||
||122,004<br>149,893<br>271,897|



All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 14. 

The notes on pages 19 to 30 form an integral part of these financial statements. Page 16 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## (Registration number: 1152853) Balance Sheet as at 31 March 2024 

||2024|2023|
|---|---|---|
|Note|£|£|
|Fixed assets|||
|Tangible assets<br>8|35,280|39,754|
|Current assets|||
|Stocks<br>9|21,285|13,439|
|Debtors<br>10|52,132|67,126|
|Cash at bank and in hand<br>11|235,233|213,750|
||308,650|294,315|
|Creditors: Amounts fallingdue within oneyear<br>12|(88,566)|(62,172)|
|Net currentassets|220,084|232,143|
|Netassets|255,364|271,897|
|Funds of the charity:|||
|Restricted income funds|||
|Restricted funds<br>14|159,863|149,893|
|Unrestricted income funds|||
|Unrestricted funds|95,501|122,004|
|Total funds<br>14|255,364|271,897|



The financial statements on pages 19 to 30 were approved by the trustees, and authorised for issue on 10 December 2024 and signed on their behalf by: 

......................................... 

Steph Power Chair 

The notes on pages 19 to 30 form an integral part of these financial statements. Page 17 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Cash Flow Statement for the Year Ended 31 March 2024 

|Cash Flow Statement for the Year Ended 31 March 2024|Cash Flow Statement for the Year Ended 31 March 2024|
|---|---|
|2024<br>2023||
|Note<br>£<br>£||
|Cash flows from operating activities||
|Net cash (expenditure)/income||
||(16,533)<br>26,976|
|Adjustments to cash flows from non-cash items||
|||
|Depreciation|4,473<br>8,733|
||(12,060)<br>35,709|
|Working capital adjustments||
|||
|Increase in stocks<br>9|(7,846)<br>(513)|
|Decrease in debtors<br>10|14,994<br>9,311|
|Increase/(decrease)in creditors<br>12|26,395<br>(51,132)|
|Net cash flows from operating activities||
||21,483<br>(6,625)|
|Cash flows from investing activities||
|||
|Purchase of tangible fixed assets<br>8|-<br>(2,944)|
|Net increase/(decrease) in cash and cash equivalents||
||21,483<br>(9,569)|
|Cash and cash equivalents at 1 April||
||213,750<br>223,319|
|Cash and cash equivalents at 31 March||
||235,233<br>213,750|



All of the cash flows are derived from continuing operations during the above two periods. 

The notes on pages 19 to 30 form an integral part of these financial statements. Page 18 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Notes to the Financial Statements for the Year Ended 31 March 2024 

## 1 Accounting policies 

## Statement of compliance 

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

## Basis of preparation 

Tŷ Cerdd - Music Centre Wales meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. 

## Exemption from preparing a cash flow statement 

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. 

## Going concern 

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. 

## Income and endowments 

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability. 

## Donations and legacies 

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. 

## Expenditure 

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. 

## Charitable activities 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

Page 19 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Governance costs 

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses. 

## Taxation 

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## Intangible assets 

Intangible assets represent recording costs in relation to online content and are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised over their estimated useful economic lives. 

## Tangible fixed assets 

Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

## Amortisation 

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows: 

|Asset class|Amortisation method and rate|
|---|---|
|Recording costs|5 years straight line|



## Depreciation and amortisation 

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: 

Library publications - 10% straight line Musical instruments - 25 years straight line Studio and office equipment - 20% straight line 

## Stock 

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the weighted average method. 

## Cash and cash equivalents 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

Page 20 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Notes to the Financial Statements for the Year Ended 31 March 2024 

## Fund structure 

Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity. 

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 

## Pensions and other post retirement obligations 

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. 

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. 

## 2 Income from donations and legacies 

|2<br>Income from donations and legacies||
|---|---|
||Total<br>Total|
||2024<br>2023|
||£<br>£|
|Donations and legacies;||
|Donations from individuals|-<br>235|
|Legacies|-<br>5,000|
||-<br>5,235|



Page 6 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Notes to the Financial Statements for the Year Ended 31 March 2024 

## 3 Income from charitable activities 

||Unrestricted|
|---|---|
||funds<br>Restricted<br>Total<br>Total|
||General<br>funds<br>2024<br>2023|
||£<br>£<br>£<br>£|
|Library hire charges|989<br>-<br>989<br>1,481|
|Recording studio|38,252<br>-<br>38,252<br>49,941|
|Arts Council of Wales||
|Revenue Grant|209,877<br>-<br>209,877<br>239,375|
|Arts Council of Wales Lottery||
|Grant|7,800<br>148,200<br>156,000<br>156,000|
|CoDI Project|1,500<br>107,295<br>108,795<br>70,170|
|Tapestri|-<br>7,369<br>7,369<br>24,570|
|International Events|5,770<br>29,236<br>35,006<br>30,552|
||264,188<br>292,100<br>556,288<br>572,089|



Page 22 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Notes to the Financial Statements for the Year Ended 31 March 2024 

## 4 Analysis of governance and support costs 

Support costs allocated to charitable activities 

|Basis of|Premises<br>costs<br>including<br>depreciatio<br>Total<br>Total|
|---|---|
||Staff costs<br>n<br>2024<br>2023|
|allocation|£<br>£<br>£<br>£|
|Development of Welsh<br>Percentage||
|Music<br>time spent|42,845<br>11,958<br>54,803<br>51,895|




||Unrestricted|||||
|---|---|---|---|---|---|
||funds|Total||Total||
||General|2024||2023||
||£|£||£||
|Audit fees||||||
|Audit of the financial statements|4,385||4,385||3,257|
|Other fees paid to auditors|1,297||1,297||1,754|
|Legal fees|852||852||1158|
||6,534||6,534||6,169|
|||||||
|||||||



5 

During the year the charity made the following transactions with trustees: 

Steph Power £297 (2023: £Nil) of expenses were reimbursed to Steph Power during the year. Klaudia Angelika Zawadka 

£212 (2023: £Nil) of expenses were reimbursed to Klaudia Angelika Zawadka during the year. No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. 

No trustees have received any other benefits from the charity during the year. 

Page 23 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Notes to the Financial Statements for the Year Ended 31 March 2024 

## 6 Staff costs 

The aggregate payroll costs were as follows: 

|6<br>Staff costs<br>The aggregate payroll costs were as follows:||
|---|---|
||2024<br>2023|
||£<br>£|
|Staff costs during the year were:||
|||
|Wages and salaries|163,282<br>153,578|
|Social security costs|15,781<br>14,876|
|Pension costs|35,163<br>31,754|
||214,226<br>200,208|



The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 

||2024<br>2023|
|---|---|
||No<br>No|
|Development of Welsh Music|5<br>5|
|Administration and support|2<br>2|
||7<br>7|



No employee received emoluments of more than £60,000 during the year 

Page 24 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Notes to the Financial Statements for the Year Ended 31 March 2024 

## 7 Taxation 

The charity is a registered charity and is therefore exempt from taxation. 

## 8 Tangible fixed assets 

|8<br>Tangible fixed assets|8<br>Tangible fixed assets|
|---|---|
|Furniture and<br>equipment<br>Other tangible<br>fixed asset<br>Total||
|<br>£<br>£<br>£||
|Cost||
|At 1 April 2023<br>62,203<br>31,920<br>94,123||
|At 31 March 2024<br>62,203<br>31,920<br>94,123||
|Depreciation||
|At 1 April 2023<br>42,878<br>11,492<br>54,370||
|Charge for theyear<br>3,197<br>1,276<br>4,473||
|At 31 March 2024<br>46,075<br>12,768<br>58,843||
|Net book value||
|At 31 March 2024<br>16,128<br>19,152<br>35,280||
|At 31 March 2023<br>19,325<br>20,428<br>39,753||
|9<br>Stock||
||2024<br>2023|
||£<br>£|
|Stocks|21,285<br>13,439|
|10<br>Debtors||
||2024<br>2023|
||£<br>£|
|Trade debtors|1,396<br>24,175|
|Prepayments|49,336<br>41,551|
|Other debtors|1,400<br>1,400|
||52,132<br>67,126|
|11<br>Cash and cash equivalents||
||2024<br>2023|
||£<br>£|
|Cash at bank|235,233<br>213,750|



Page 25 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Notes to the Financial Statements for the Year Ended 31 March 2024 

## 12 Creditors: amounts falling due within one year 

|12<br>Creditors: amounts falling due within one year|||
|---|---|---|
||2024|2023|
||£|£|
|Trade creditors|77,576|55,952|
|Other creditors|3,687|2,080|
|Accruals|7,303|4,140|
||88,566|62,172|
|||2023|
|||£|
|Deferred income at 1 April 2023||(18,772)|
|Amounts released frompreviousperiods||18,772|
|Deferred income atyear end||-|



## 13 Obligations under leases and hire purchase contracts 

## Operating lease commitments 

|Operating lease commitments|Operating lease commitments|
|---|---|
|Total future minimum lease payments under non-cancellable operating leases are as||
|follows:||
||2024<br>2023|
||£<br>£|
|Land and buildings||
|||
|Within one year|17,764<br>17,764|



Page 26 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Notes to the Financial Statements for the Year Ended 31 March 2024 

|14<br>Funds||
|---|---|
||Balance at 1<br>Incoming<br>Resources<br>Balance at 31|
||April 2023<br>resources<br>expended<br>March 2024|
||<br>£<br>£<br> <br>£<br>£|
|Unrestricted funds||
|General||
|||
|General Fund|122,004<br>263,882<br>(290,385)<br>95,501|
|Restricted funds||
|||
|Grand piano|17,077<br>-<br>-<br>17,077|
|CoDi Project|45,364<br>107,295<br>(80,186)<br>72,473|
|Lottery|41,190<br>148,200<br>(145,443)<br>43,947|
|International Events|3,373<br>29,236<br>(25,558)<br>7,051|
|Arts Active Trust|1,423<br>-<br>-<br>1,423|
|Tapestri|19,322<br>7,369<br>(13,476)<br>13,215|
|Showcase Scotland|22,144<br>-<br>(17,467)<br>4,677|
|Total restricted funds||
||149,893<br>292,100<br>(282,130)<br>159,863|
|Total funds||
||271,897<br>555,982<br>(572,515)<br>255,364|



Page 27 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Notes to the Financial Statements for the Year Ended 31 March 2024 

||Balance at 1<br>Incoming<br>Resources<br>Balance at 31|
|---|---|
||April 2022<br>resources<br>expended<br>March 2023|
||<br>£<br>£<br> <br>£<br>£|
|Unrestricted funds||
|General||
|||
|General Fund|122,645<br>288,168<br>(288,809)<br>122,004|
|Restricted||
|||
|Grand piano|18,354<br>-<br>(1,277)<br>17,077|
|CoDi Project|22,024<br>64,170<br>(40,830)<br>45,364|
|Lottery|46,867<br>148,200<br>(153,877)<br>41,190|
|Affricerdd|277<br>-<br>(277)<br>-|
|International Events|1,954<br>30,552<br>(29,133)<br>3,373|
|Arts Active Trust|6,999<br>-<br>(5,576)<br>1,423|
|Tapestri|12,588<br>24,570<br>(17,836)<br>19,322|
|Showcase Scotland|13,213<br>22,992<br>(14,061)<br>22,144|
|Total restricted funds||
||122,276<br>290,484<br>(262,867)<br>149,893|
|Total funds||
||244,921<br>578,652<br>(551,676)<br>271,897|



The specific purposes for which the funds are to be applied are as follows: 

The Grand piano fund represents the gift of a grand piano to Tŷ Cerdd. 

The Composer and performer bursaries fund represents legacy income received by the charity during the year for this specific purpose. 

## 15 Analysis of net assets between funds 

|15<br>Analysis of net assets between funds||
|---|---|
||Unrestricted<br>Total funds at|
||funds<br>Restricted<br>31 March|
||General<br>funds<br>2024|
||£<br>£<br>£|
|Tangible fixed assets|16,128<br>19,152<br>35,280|
|Current assets|167,940<br>140,710<br>308,650|
|Current liabilities|(88,566)<br>-<br>(88,566)|
|Total net assets||
||95,502<br>159,862<br>255,364|



Page 28 



Tŷ Cerdd - Music Centre Wales Annual Report for the Year Ended 31 March 2024 

## Tŷ Cerdd - Music Centre Wales 

## Notes to the Financial Statements for the Year Ended 31 March 2024 

||Unrestricted<br>Total funds at|
|---|---|
||funds<br>Restricted<br>31 March|
||General<br>funds<br>2023|
||£<br>£<br>£|
|Tangible fixed assets|22,677<br>17,077<br>39,754|
|Current assets|161,499<br>132,816<br>294,315|
|Current liabilities|(62,172)<br>-<br>(62,172)|
|Total net assets||
||122,004<br>149,893<br>271,897|



Page 29