## **Trustees Annual Report and Financial statements for the year ended**
## **31 March 2025**
## **Contents**
1. Legal and Administrative Information
2. Trustees Report
3. Structure, governance and management
Appendix 1 - Financial statements
1
## **1. Legal and Administrative Information**
Charity Name: Performance Arts Lab Charity Type: Charitable Incorporated Organisation Charity Number: 1177986 Registered Address: 64 Berrymead Gardens, Acton W38AB Board of Trustees: Mr Duncan Orr Dr Melissa Wickremasinghe Mrs Sarah Holford Mr Anthony Legge Mr Michael Davis Management Team: Mrs Carolyn Wheeler (General Manager) Mr Dominic Wheeler (Artistic Director) Bank Account: National Westminster Bank
2
## **2) Trustees Report**
## **Our aims and objectives:**
- To advance arts education through the support, encouragement and training of young artists in the disciplines of music, dance and drama.
- To advance the arts for the public benefit, particularly (but not exclusively) by offering performances to the public by the aforementioned young artists, and by training those same young artists to run workshops in the creative arts for the public benefit within their own local communities.
## **How aims and objectives are carried out:**
Performance Arts Lab (known henceforward as PAL) seeks to design and deliver courses in elite arts training for young opera singers, pianists, composers and librettists and plans to broaden the scope of this work to include dancers and classical instrumentalists in the future. These courses include public performances in which the outcomes of the courses are shared. The standard model to which we aspire is a four-week summer residential course, but these can also take the form of shorter courses, which we call ShapeChangers, as well as, in response to the global pandemic, online courses, which have proved so successful we have decided to develop this mode of working further.
PAL also seeks to design and deliver workshops for businesses using young musicians to help both practising and training business professionals to investigate the use of creativity and intuition in the workplace.
## **Achievements in the year ended 31 March 2025:**
Personal upheavals in the lives of the founders have meant that PAL has been inactive this year. Discussions about the future of the charity are ongoing.
## **3) Structure, governance and management**
## **Governing document**
PAL.is a Charitable Incorporated Organisation which was established under a Charity Commission Foundation Model Constitution in March 2017.
3
## **Governing Body**
PAL is governed by a Board of Trustees, chaired until recently by Professor Sir Barry Ife. The Board meets quarterly but is also consulted regularly in the running of the charity, and is active in helping to source funding, expand the charity’s network of contacts and find opportunities and outlets for the charity’s work. PAL’s financial affairs are overseen by the Treasurer, Duncan Orr.
Following the successful expansion of the Board of Trustees in 2021, we are currently seeking a new Chairman. A variety of candidates have been approached, but none have yet felt this to be a suitable role for them. The search continues.
## **Management Team**
The direction and day-to-day running of PAL is undertaken by Carolyn Wheeler, General Manager and Dominic Wheeler, Artistic Director. The General Manager leads on the development of the Arts in Business workshop programme and the organisation of all iterations of the charity’s work. The Artistic Director leads on the design and content of the arts training summer courses, and on the selection of students and teaching staff who take part in them.
The Charity has undertaken to reimburse Mr and Mrs Wheeler for the monies they invested in starting the charity, and they have received nominal payments as and when specific projects have been delivered. These are outlined in the financial report.
## **Financial risk management**
The main financial risk that PAL is exposed to is ensuring that it has enough funds to meet its financial obligations when organizing its courses. This risk is managed by careful financial budgeting and formal sign-off of those budgets by experienced Trustees prior to entering into financial commitments and contracts.
## **Reserves policy**
PAL is currently in financial deficit due to amounts loaned by the Charity’s management and founders to establish PAL before its profile encouraged donations. The Trustees are committed to establishing a robust reserves policy once the Charity’s financial deficit is cleared.
4
**Appendix 1**
## A Charitable Incorporated Organisation (CIO) Financial Statements
for the year ended 31st March 2025
## **Contents**
||||Page no.|
|---|---|---|---|
||Charity information||6|
||Proft & loss account||7|
||Balance sheet||8|
||Notes to the fnancial
statements||9|
||Detailed proft & loss account||12|
|||||
|||||
5
**for the year ended 31 March 2025**
## **CHARITY INFORMATION**
||||||
|---|---|---|---|---|
||**Trustees**||Mr Duncan Orr (Treasurer)
Dr Melissa Wickremasinghe
Mrs Sarah Holford
Mr Anthony Legge
Mr Michael Davis||
||||||
||||||
||**Management**||Mr Dominic Wheeler||
||||Mrs Carolyn Wheeler||
||||||
||||||
||**Address**||64 Berrymead Gardens||
||||London||
||||W3 8AB||
||||||
||**Charity Commission**
**registration number**||1177986||
||||||
6
## **PROFIT & LOSS ACCOUNT for the period ended 31 March 2025**
|**OFIT & LOSS ACCOUNT**
**he period ended 31 March 2025**||||||||
|---|---|---|---|---|---|---|---|
|Turnover|**Notes**
1
2
3||**Year ended**
**31 March**
**2025**
-
-
-
(71)
(71)
-
(71)
-
(71)|||**Year ended**
**to 31 March**||
|||||||||
||||||||**2024**|
|Direct expenses related to turnover||||||||
|Gross profit||||||||
|Administrative expenses
Operating profit/(loss)
Interest receivable
(Loss)/profit on ordinary activities
before taxation
Taxation
Profit/(loss) on ordinary activities after taxation||||||||
|||||||||
|||||||||
|||||||||
7
BALANCE SHEET
Mar¢h 2025
31M
Cash at on hand
Creditors- arrmts fallM¥ wiihin c¥* year
16.7521
16.7321
16.7441
186731
Tot41 Dot lllabmul
16.7441
1&6731
16.7441
16.673}
16,7441
(6.673)
Thellnandal st&ementswere approvèd bythè Tntsteas cm 16 Janw 2024 aThl wereslgnad
D1call Ori.
**NOTES TO THE FINANCIAL STATEMENTS for the period ended 31 March 2024**
## **1. Accounting policies**
The Charity was registered with the Charity Commission for England and Wales on 17 April 2018. The principal accounting policies adopted in the preparation of the financial statements are as follows:
## a) Basis of preparation
The financial statements have been prepared under the historic cost convention and in accordance with Accounting and Reporting by Charities – Statement of Recommended Practice (SORP FRSSE) and applicable UK Accounting Standards.
The accounts have also been prepared under the going concern convention. This has been done despite the net liability situation disclosed on the balance sheet. The Trustees believe that this is appropriate as
- the Charity’s liabilities have mainly arisen in its early days of operation before the Charity’s profile encouraged donations;
- since the year-end, the Charity has continued to operate and meet its liabilities as they have become due; and
- the liabilities in the Balance Sheet at 31 March 2024 are due to the Charity’s founders and management, who remain supportive of the Charity.
## b) Turnover
Turnover represents donations received and net invoiced sales of goods, excluding value added tax mainly comprising fees for musical training services provided to commercial organisations.
## c) Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:
Computer equipment – 3 years
## **2. Operating profit/(loss)**
Operating profit/(loss) is stated after charging:
|g profit/(loss) is stated after charging:||||||||
|---|---|---|---|---|---|---|---|
|
Depreciation – owned assets
Payments to management for performance fees||**Year ended**
**31 March**
**2025**
**£**
-
-||||**Year**
**ended**
**31**
**Marc**
**2024**
**£**
-
-|**h**|
|||||||||
|||||||||
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **for the period ended 31 March 2025**
## **3. Taxation**
No liability to UK corporation tax arose on ordinary activities for the period ended 31 March 2025 (Year ended to 31 March 2024 - £nil).
9
## **4. Fixed assets - tangible**
## **5.**
|Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge
Disposals
At 31 March 2025
Net book value at 31 March 2025
Net book value at 31 March 2024||||||**Computer**
**equipment**
**£**
1,548
-
-
1,548
(1,548)
-
-
(1,548)
-
-|**Computer**
**equipment**
**£**
1,548
-
-
1,548
(1,548)
-
-
(1,548)
-
-|**Computer**
**equipment**
**£**
1,548
-
-
1,548
(1,548)
-
-
(1,548)
-
-|**Computer**
**equipment**
**£**
1,548
-
-
1,548
(1,548)
-
-
(1,548)
-
-|**Computer**
**equipment**
**£**
1,548
-
-
1,548
(1,548)
-
-
(1,548)
-
-|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
|**Debtors**||**31 March**|||||**31**
**2024**|**31**
|**Mar**|**ch**|
||||**2025**||||||||
||||||||||||
||||**£**||||**£**||||
|Other debtors|||-||||-||||
|Prepayments|||-||||-||||
||||-||||-||||
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
**for the period ended 31 March 2025**
**6. Creditors – amounts falling within one year**
|Due to related parties
Accrued expenses||**31 March**
**2025**
**£**
6,752
-
6,752||**31**
**March**
**2024**
**£**
6,732
-
6,732|**31**
**March**|
|---|---|---|---|---|---|
|||||||
10
The related parties are the Charity’s founders and management who continue to support the charity and its aims.
## **7. Reserves**
|**Reserves**||||||
|---|---|---|---|---|---|
||||**Profit & loss**
**account**|||
|||||||
|||||**£**||
|At 1 April 2024||||(6,673|)|
|Loss for the period||||(71)||
|||||||
|At 31 March 2025||||(6,744|)|
|||||||
11
## **DETAILED PROFIT & LOSS ACCOUNT**
## **for the period ended 31 March 2025**
||||**Year ended**
**31 March 2025**|**Year ended**
**31 March 2025**|**Year ended**
**31 March 2025**|**Year ended**
**31 March 2025**||||**Year ended**
**31**
**March 2024**|**Year ended**
**31**
**March 2024**|**Year ended**
**31**
**March 2024**|**Year ended**
**31**
**March 2024**|**Year ended**
**31**
**March 2024**||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||||||
||||**£**||**£**||**£**|||||**£**||||
||_Turnover_|||||||||||||||
||Fees receivable||||-|||||||-||||
||Donations received||||-|||||||-||||
||||||-|||||||-||||
||_Direct expenses_|||||||||||||||
||Performance fees||-||||-|||||||||
||Travel & subsistence||-||||-|||||||||
||||||-|||||||-||||
||Gross profit/(loss)||||-|||||||-||||
||_Administrative expenses_|||||||||||||||
||Website development||-||||-|||||||||
||Photography||-||||-|||||||||
||Website expenses|(71)|||||(228)|||||||||
||||||(71)|||||||(228)||||
|||||||||||||||||
||||||(71)|||||||(228)||||
12