CHELTENHAM SYMPHONY ORCHESTRA REPORT ANO FINANCIAL STATEMENTS 31 August 2024 Charlty no: 1166369
CONTE NTS Pag• TRUSTEE ' ANNUAL REPORT INDEPEN ENT EXAMINER'S REPORT STATEME T OF FINANCIAL ACTIVITIES &ALANCE HEET NOTES T THE FINANCIAL STATEMENTS 7-10
CHELTEN AAI SYMPHONY ORCHESTRA TRUSTEES ANNUAL REPORT The Tnjsl Cheltenha s wesent their Annual Rwl and the unaudited financial statements of Symphony Orchestra for the year ermknl 31 August 2024. TRUSTEES AND ORGANISATION The Trus s who served on Ihe Board of Trustees during the year W8..- Andrew D id Banks Chairman Kalharine Victoria Haslam Dr Adam Usher Treasurer {resigrBJ 31 August 2024) Janel Brenda McKechn Treasurw (appointed 31 August 20241 Catherine 8illirolon Secretsry David Tcmjd Tessa Pentston Ben Lewis Stuart Mich I St John Trustees a soijghl from members and patrons of lh& orchestr8, and comprise the key management personn81 of the CIO. No external bc#Jy may appoint trustees lo Chellenham Symphony rchestra. Th& role of trustee ts unremunerated. In addition, he folkh¥ing decled members seNgJ on the CheStra c4)mmittee'. Lindsay J Nicky Jee Michael Also the Musical Director. DavKI Curtis. and the orchestra Wer, Caroling Brc*kman served on the hestra coMMee as ex4)ff members. CON8TrruTION Chellenham Symphorry Orchestra (the Charrtyl i8 a Charitable IncorF(•rated Organisalion (CIO) regisler&J with the Charity Cc¥nmission {&Stratn numb8r. 11653591 and govemed by its ConslrtulK)n. dated 29 jUary 2016. The addre SPR. of the Charity is 9 Mikjreds Fami. Proston. Cirantsster. Glou(wtershire, GL7 OBJECTIVES, ACTiiryfiES, AND PUBUC BENEFIT The Charty as as its main C11 the thncerrEnt ofthe art of symphonic music making for the publit benefft, in parlicular by brirwJing this music and Ihe art form lo aUdnCeS in Chellenham and lo towns and villages wtthin Gk$tefsh1fe. [derIng counties, and beyond. It fu[1$ the showcasing aims by prfOnlThJ up to six certS a year in and around Chellenham, range of ¢xchestral music. The Trust aTe aware of the Wb1 benefrt provisr(Jns of the Charrties Act 2011 and of the guidance on them publisw by the Charilies C1)mmS1On. They are salfied that the objectives of the Charity and the acb"vities of the Charity are wrthin the definitions of charitable Purposes as sel d(yhTn in the Act.
CHELTE HAM SYMPHONY ORCHESTRA TRUSTEE6 ANNUAL REPORT {Cortinued) ACHIEVEMEKfs AND PERFORMANCE During the year to 31 August 2024, the Charity perfomied six concerts. Fwe of these were planned lo lake place al the Pttfville Pump Roc5 in Chdtenham. However. due lo the Pump Rooms having to close essential maintenance Wofks, three conrtS were moved lo the Princess Hall at Cheltenham Lad, College. The orchestra relumed lo the Pump RClmS fo the May cr[ and finished the season with its final concert al Pershore der soc music pla oncertos ty benefited from these concwts by having the chance lo hear symphonic ed live in community venues. four of which featured soloisls perfomiing ilh the orchestra. FINANCIAL REVIEW Th8 Charlt 's total income in the 2024 financial year tolalled £28,03012023 - £28,165), and ils exndituTe was £27,75012023- £30,576). This Cfeated an overall suiplus in th8 year of £2 O compared to the prevtous yeals dgficit of £2,411. Soloist feas were much redLKed in 2024 compared to the previous year, as plans were made ir¢ 2 3 to brlng in bnaMed soloists, whKh wasn't case in 2024. Hall hire chargas increased for the 2024 year, as eXted. due lo the increase in fees at the Pump Rcoms, and having lo Sour aliemalivè venues during the Pump Rooms, dosure. The hire c 8rges are exFected to increase considerabty fron the 2024125 financial yaar onward, as the Charity ha5 been informgj that ils regular concert venues will be increasing their fees greatly. RESERVES The reserves of the Charrty xt as rts worting capital fund. The costs associated with pulling on coneerts often have to be pa up front before any income is received, wrth deposits for concert hall hire being pahl severd months in &YVae. Therefore. he TTUSte8s cOnSer that a minimwn e1 ofreserves 0fbeeen £10.000 and £15,OCM) should be kept. Al 31 August 2024 the Charity's reseNes slwd al £31,78912023 £31,509). This inflated level of reserves is due lo the surplus that was made during the pandemic, hen orchestra rnemrs and patrons conbnu&J to donate, bul charitable activities h lo be SUsnded. However, glven the expected incr&8se in exr*nditure fwl in the near luture, the Trustees expect reserves to reduce to a level in line with the pdicy wilhin the next two lo three years. PLANS FOR FufuRE PERIODS The Charity plans to continue tts pr(yJramme of six nrtS in t(Jth the 24r25 and 25126 rinancial years. Due to the large increasg in wices that the Charity is faciro in regards to performance hall hire, the Trustees have gNen Considerati lo the venues used for perfomian and have Start tTrng further afield.
CHELTE HAM SYMPHONY ORCHESTRA TRUSTEES ANNUAL REPORT IContinu•d) TRUSTEFS, RESPONSIBILrriES IN RELATION TO THE FINANCIAL STATEMENTS The Irusl s are reS[$1ble for wyring the Tru51ee's Report and the financial stalemenl$ in accordan with applicab law unit lQ"ngdom Accounting Standards including Financial Reporting Standard 102.. The Financial RerKJrtiw Standard applicabie in the UK and Republic of Ireland (United lfjngdom Generally Accepted Accountsng Practicgl. The law financial s licable lo chariltes in England & yatre$ ruIreS the trustees lo prepare lemenls for each financial year which gNe a true and fair viv* of the stale of affairs of the charity and of the income and expenditure of the charity fcf that perK)d. In preparing rinancial statements. the tnjslees are required tr).. suitable &cwntirYJ p)IKi8s and then appty thwi (x)nsislenlly,' ObseNe the melhr)ds and principles in Charities SORP., Make judgements and accounting estimates that are r9asonable arbd prudent., Stsle whether applicable accounting standards have been followed, subject lo any material departures disck)sed and explained in the financial stalemenls. and Pre lo re the financk31 statements on the going concern basis unless il is inappropriate resume the charity will cthtinue in operaty"on. The trust are responsibk8for maintainlry proper aCtntir¥J ld$ which disclosewith reasonable accuracy at any tsme the financial Frf)Sition of the charity and enabb th8m lo ensure that the financial slalemenls ccthply with the charit Act 2011, the Charity (Aceounls and Reports) Regulations 20CQ and the provisions of the eonslilulion. They are also restx)nsible for safeguarding the assets of the charity and hence for takiro reasonabl6 steps for the prevention and del&tion of fraud and other irregularitses. Fora e Trust 20£5 Chaimian
INDEPEN ENT EXAMINER'S REPORT TO THE TRUSTEES OF CHELTENHAM SYMPHONY ORCHESTRA ON THE UNAUDrrED FINANCIAL STATEMENTS I retKJrt lo he Trustees on my examination of accounts of the Cheltenham Symphony Orchestra jthe Charitable IrOr[21ed Organisation ('CIO')I for the year ended 31 August 21r24. R•sponsibiliti•s and basis ot report As the CIO'S Trustees you are responsible for the preParatsc of the aCc(nIS in accordance with the rUlTernents of the Charities Act 20111.lhe Act'l. I report in espect of my examination of the CIO'S acecAJnts carried out under section 145 of the 20111 Act and in carying out my examination I have followed all the applicable Directions iven by the Charity C(MisSIon under seclion 14515)Ibl of the Act. Indepond•nt Examin•r's Stat•m•nt I have attention i pleled my examinalion. I Confi Ihal no material matters have come lo my material Te connecti)n with the examinatn which gives me c£use lo beIve that, in any nting rrdS were not kepl in ance wrth sli0n 130 of the Charities Act the account$ dKI not e0rd with the untIng recc*ds: or the accounts nol c(pIY with applicablè requirements corKerning the form and content of ac£ounls set out in tha Charities (Acecwnls and Reports) Regulations 2008 other than any requirement that the accounts givè a 'lrue and fair, view which is not a maltw conswJer&J as part of an independent examination. I have no Concerrts arKI have come W¢)ss f1 other matters in connection with the examinatio to whKh attention should be drawn in this report in order to enable a proper undeislanding of the accounts lo be fethd. 1710112025 Felicity Salg FCA Welland Cold Pool Lane Chellenharn GL516HZ Date
CHELTE HAM SYMPHONY ORCHESTRA STATEMENT OF FINANCIAL ACTIVITIES lorth•y r •nd•d 31 August 2024 Unr•stri¢t•d Funds Unrestri¢t•d Funds 2024 2023 INCOME AND ENDOWMENTS FROM: Donations and IJie5 Charitable acliviknes Investments 10.675 16,673 12,051 16,114 EXPENDI URE ON: 28.030 28,165 Charitable clivities 127.7501 {30,5761 NET INCO E AND MOVEMENT IN FUNDS 12,411) RECONCIUATION OF FUNOS: Unrestrict nds as a11 S8plemt*r 2ff23 Nel movement in fijnds for the year 31,509 33,920 12,4111 Unrestrict funds as al 31 August 2024 31,789 31,509 All income nd expenditu derive frLNn CtinuIng &livtts'es.
CHELTE HAM SYMPHONY ORCHESTRA Charity fr40. 1166359 BALANCE SHEEr 31 Augu¥ 2024 Unrestrict Funds Unrestrict Funds 2024 2023 CURREN ASSErs Debtors and prepayments Cash al nk and in hand 3,465 28,044 25.323 CReDITORS 33.289 31,509 Amounts Iling due within one year 11.5LKJ} TOTAL A8SEfs LE88 CURRENT LIABIUTIES 31.789 31,509 FUNDS Unreslrict Jnds as at 31 August 2024 31.789 31,509 The eme Andrew Banks he notes on pages 7 to 10 form part ofthe5e financial slalements.
CHELTE HAM SYMPHONY ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 GENERAL INFORMATION Th8 Charity is a Chari18ble Incoryx)rated OrganisalK)n registered in England and . Detwls of its administrat office are set wt of page 1. AcqouKfiNG POUCIES The mod financial ststements arè prepar1 uThler Ihe historical cost convention {as led by the revaluation of inveslmentsl adopting the following principal counting wlicies. all of whith are in )rdalicE with the Financial ReportirTrg Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20191- (CharitS SORP IFRS 10211. the Financial Reporting Slandard applicab in the UK and Republic of Ireland {FRS 1021 and the Charities Acl 2011. The harty conslitules a public entity as defined by FRS 102. Golw Con4)•rn The Trustees have revthved the financial statements as well as the charity's budgets and lans foi the next year and beyond and its resefves poSitn up lo the dale of signi g off these financial slalemenls. The cone ruslees are fulty confident that the charity shcMJkJ be consKlwgJ as a going Judg•m•nts and asSump0Th$ In th 8ppli¢alion of the Charity's w)unting rdKies, the Tnjslees ar8 required lo mak&judgemenls. eslimales and assumpliorss about the carying amounts of assets and liabilrties that are not readily apparent from olhgr sources. The estimates and asscyialed assumplKJns are based on hiStOral expnce and other factors that are consideied to be revant. Actual results may differ from these estimates. The eslim es and undertying assumptions are revwed on an ongoing basis. No s gnificanl judgements have been made. nor key sources of eslimalion UnrtaInty Mlenlified by the Trustees in prepariThJ these financial statements Inc inq Resources Don8 ons, gifts and Ia¢le$ represent Ounts receiv&1 during the year, together with any associated lax refund. perfo eNed in relatn to licet saies for perfc¥mances are regnIj once the ance has been carried out. R•so¥rc•s Expend¢d Ale nditure is accouTrted for under the wuals concept. The Irrverable element ofValueAdded Tax is included within the item ofexpense to which it relate5. ts, indudillg support costs, are de lo arise frLYn fvlfilling the charitable obj&ts of the Charity. Any costs asscr1alj with fund raising or donations and legac are not vnaterial lo separately dwk)5e.
CHELTE HAM SYMPHONY ORCHESTRA NOTES TO THE RNANCIAL STATEMENTS Fof the y r ended 31 August 2024 ACCOUNfiNG POLICIES {Continu•d) Fun Cenèral unrestricted funds CL¥nprise &cuMuLqtj surpluses and deficits on general activities. They are available for use at the discfelh)n of the Trustees in furtherance ofth Charity's L)jects. ed funds are fuThts subJ.l lo condit$ imFwd by the donorls). Itgrs Cr• Liabi ities are rec&anised where it is more likety than rrt)I that there is a legal or conslruclive obligatn committing the chartty lo pay out resources and the amount ofth cligal)n can be measured with Teasonable certainty. Tayion The ruslees consider th81 the Chanty satisfies the tests set iyjt in Paragraph 1 Schetlule 6 of the Finance Act 2010 for UK corporation tsx purposes. Accordingly, the Gharity is potentially exempt from taxation in resp1 of income or caprtal gains received within categories cover&J by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of chargeab Gairts Act 1992. to the extent that such income or gains are appli&Y exclusivety on the specific charitable objKls of Ihe charity and fLY no other puipose. ACrdIngty. Ihere is laxalion charge in Ihgse finan¢1 slalem8nts. The Chanty is not regffdlergd for VAT. Finan¢lal Instrum•nts Finarrial instruments are classrfied arKJ coUntaI for xcording to the substance of the ebnlraclual affangement, as financial assets or financial liabilils. All financial assets and Iwbililies are initially measured al transaclM)n Pri {including transaction INCO E FROM DONATIONS 2024 2023 Don ons from memtrws aThJ patrS Gift Ald receivable 8,305 3,746 1,811 10,675 12,051
CHELTE HAM SYMPHONY ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS For the y r ended 31 August 2024 INCQME FROM CHARITABLE ACTIVITIES 2023 Tk t and prcKJramme Sa for (¥ncerts Cheltenham Arts Council grant CD les lo members 16.423 250 15,(K)9 895 210 16,673 16,114 EXPE NDITURE ON CHARITABLE ACTMfiE8 2024 2023 Hire of halls PRS fees Hire of mus Printing lincl. prcgrammes) Advertising Subs¢riplions and insura Sund expenses 13.276 9,934 19,108 6,700 655 2,016 702 242 264 2,139 1,740 112 474 75 27.750 30.576 STAFf COSTS The harity had no empbyaes duriro the year {2023- nill. Thereft)re no employee benefits of more than £60.01. TRU EE REMUNERATION AND EXPENSES The Trustees [Ned rb) remuneral#J) or re1mbursnent of OLrt-of.Foc*et expen in the year. DEBT RS 2024 2023 ments Gfft Ai(J rvab 6,155 1,811 1,742 1.723 3.465
CHELTE HAM SYMPHONY ORCHESTRA NOTES TO THE FINANCIAL STATEMENTS Forthey r end&1 31 August 2024 CR DITORS . within on• y•ar 2024 2023 10 RELATED PARTY TRANSACTIONS Ther were relaled party tran1cS during the yeaT.