REGISTERED COMPANY NUMBER: 12776979 (England and Wales) REGISTERED CHARITY NUMBER: 1191690
Report of the Trustees and
Audited Financial Statements
for the Year Ended 31 August 2024
for
Theatr Clwyd Music Trust Ltd
Haines Watts Chester Limited, Statutory Auditor Military House 24 Castle Street Chester Cheshire CH1 2DS
Theatr Clwyd Music Trust Ltd
Contents of the Financial Statements for the Year Ended 31 August 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Report of the Independent Auditors | 7 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Statement of Financial Position | 11 | ||
| Statement of Cash Flows | 12 | ||
| Notes to the Statement of Cash Flows | 13 | ||
| Notes to the Financial Statements | 14 | to | 20 |
| Detailed Statement of Financial Activities | 21 |
Theatr Clwyd Music Trust Ltd
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).
Theatr Clwyd Music Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. The charity was incorprated on 29 July 2020. The charity took over the assets and liabilities of Flintshire Music Service on 1 April 2021.
The memorandum of association established the objects and powers of the charity and is governed under its articles of association.
Chair's report
The year under review has seen us make steady progress and growth of our delivery with numbers now replicable, or in some cases higher, than pre-Covid levels. However, myself and trustees have continued to spend down on reserves against a deficit operating model to allow Cath Sewell, our new Director, to enact the change required for a progressive and sustainable model for a modern music service. We see this as long term investment, and aim to avoid short term efficiencies. We do as trustees note that this year under review will be the last of its kind as we begin to build up reserves in the future. As a small charity we are extremely fortunate to have the support and safety of being a sibling of the wider Theatr Clwyd trading group, and readers should continue to cross reference these accounts alongside Theatr Clwyd Trust Ltd.
Our one-to-one, or 'group of three' lessons delivered in schools continue to be popular, and we continue to try and meet demand by shortening the waiting list of young people where possible.
The First Experiences has continued to excite all members of Theatr Clwyd Music, as we offer free musical class experiences to every primary school in Flintshire. With close to 2000 young people receiving free class music sessions during the year, we enjoyed a vibrant and heartwarming end of year sharing for every Year 3 pupil held at our Wrexham venue, William Aston Hall, during 4 performances supported by BBC Now Orchestra. We are certainly already seeing the benefits of the Welsh National Plan for Music. Over the coming 12-24 months we will begin to shift the balance of First Experiences, which will continue to be offered to ever Year 3 student in the county, to focusing on how young people from all backgrounds are able to continue a musical pathway.
The backdrop of public finances continue to offer significant challenges, and with the leadership of Cath who continues to improve our working dialogue with the 74 schools in the county, it became clear that we needed to shift our financial model with schools. The second half of the year under review was spent in consultation with schools and families, and from September 2024 onwards we will move from the 'per lesson' payments being subsidised by schools to a new opt in model for schools to become Theatr Clwyd Subscribers. This model allows for schools to easily budget without the unknown of how many young people might take up lessons each year, but also broadens the offer from Theatr Clwyd to include drama, dance, creative writing and visual arts as additional offers to our core music education - making the most of a music trust being run by a major producing theatre and arts centre whilst also focusing on supporting schools to deliver the new curriculum in Wales which puts Creative Arts in a more valued position for young people's education. It should be noted that this means schools can access Theatr Clwyd Music lessons for their young people without paying any contribution, but we hope over time the majority of schools will subscribe and therefore ensure our financial model for music education is sustainable. It remains important that schools continue to self-fund musical expertise for students wanting to take music at GCSE and A-Level.
We continue to see growth in our youth ensembles, and as well as the more traditional groups such as string, wind, and choirs etc, we are excited to have started guitar and rock and pop groups for young people during the year.
Since coming into post Cath has made significant progress on our relationships within the wider musical landscape of Wales and we were thrilled to host the first multi-county ensembles for over 7 years by partnering with both Wrexham and Denbighshire Co-operative music services. The culminating performance at William Aston Hall, supported by a string quartet from Royal Welsh College of Music and Drama, really did show off the young musical talent across the counties from those at grade 3 and above. We look forward to continuing this journey and moving towards a full North Wales set of ensembles in the future.
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Theatr Clwyd Music Trust Ltd
Report of the Trustees for the Year Ended 31 August 2024
One area of growth, and a significant new area to support the financial position of our work into the future, will only be fully realised from September 2025 onwards. The £50m investment into the building bearing the name Theatr Clwyd will offer dedicated space to increase our private lessons for both young people and adults. With facilities including three theatre auditoria, a cinema, an art gallery, theatre production making facilities, events spaces, restaurants, bars and café's, we are also extremely excited that dedicated rooms for small music lessons, and a larger dedicated space for our youth ensembles to rehearse, will ensure music is a key area of delivery within a world class producing theatre and arts centre - due to open in June 2025.
The building will also be home to dedicated arts and health referral spaces, and the other area of development for our provision is alongside the wider referral partnerships already in place - including Flintshire County Council's Social Services, the North Wales NHS Board (BCUHB), housing associations, and refugee charities to highlight just a few. Music will play a key role in our social value led provision over coming years.
As ever we are fortunate to have strong funding relationships with both Flintshire County Council via the wider Theatr Clwyd Cultural Service Agreement, and with Welsh Government via the National Plan for Music. The recent news that Welsh Government have confirmed their continued support for the National Plan is to be welcomed and will ensure we can continue to deliver our high impact work in north east Wales.
Finally, a thank you to the brilliantly skilled Music Associates who show such care and diligence with their work and delivery, to Cath for her leadership, and to my fellow trustees who show support, guidance, and strong governance of Theatr Clwyd Music alongside their own busy professional lives.
Liam Evans-Ford
Chair of Theatr Clwyd Music Trust
CEO of Theatr Clwyd
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity is established to advance education in music and other arts, in particular, but not exclusively, by providing workshops and sessions to schools and the wider community.
The trustees have given due consideration to the Charity Commission guidance on the operation of the Public Benefit requirements. Our main activities and who we try to help are described below. All our charitable activities provide education in music and other arts to schools and the wider community to enhance lives, and provide support to those who may be financially disadvantaged. All activities are undertaken to further our charitable purposes for the public benefit.
The strategies employed to achieve the charity's aims and objectives are to:
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To offer a broad range of music lessons on both a group and individual level
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To strive to make music as accessible and affordable as possible
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To focus on developing pathways for young people and the wider community
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Theatr Clwyd Music Trust Ltd
Report of the Trustees for the Year Ended 31 August 2024
STRATEGIC REPORT Achievement and performance Charitable activities
Summary of the main achievements of the charity, identifying the difference the charity's work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.
Review of activities
The financial year to 31st August 2024 marks the second full 12 months of trading.
Lessons within Schools
Our lessons within schools continued to grow during the year with over 1,200 learners receiving lessons each week.
The number of schools within Flintshire accessing our music service also increased to over 70.
Lessons in Guitar, Drums and Voice remain the most popular instruments that people wanted to learn. However, the number of learners within some of our endangered instruments also grew, notably in Oboe and Double Bass.
With funding support from Flintshire County Council, we continued to offer free lessons for pupils who received free school meals. GCSE and Level Music pupils were also supported via Theatr Clwyd Music Trust
Musical Pathways
Musical Pathways which offers one-to-one tuition for adults and young people outside of the school environment had a brilliant year and increased in numbers and the variety of instruments being taught.
Due to the ongoing redevelopment of our home within the Theatr Clwyd building space to be able to deliver these sessions is limited until we reopen fully in 2025. Following reopening we see this as a significant area of growth for the Trust.
Ensembles
Our Young People Ensembles were significantly impacted by the pandemic, during this year there has been a steady increase in the numbers of participants We also relaunched two of the ensembles that hadn't run since 2020.
First Experiences
Probably the biggest success during the year was our First Experiences Programme. With support from Welsh Government via the National Music Plan for Wales during the summer of 2022 hundreds of new instruments were made available to us for this scheme. These ranged from P-Cornets through the specialist equipment which was shared with learners who have additional learning needs. Using these instruments over 2,000 children in years three and four received weekly whole class music lessons.
Financial review
Principal funding sources
Theatr Clwyd Music Trust acknowledges the support it receives from Flintshire County Council via the cultural services agreement it holds with Theatr Clwyd Trust.
Total incoming resources for the year ended 31 August 2024 was £794,426 (2023 - £789,567).
Income from grants for the year ended 31 August 2024 totalled £ 404,333 (2023 - £432,738).
Reserves policy
As at 31 August 2024 Theatr Clwyd Music Trust Limited has unrestricted funds not committed or invested in tangible fixed assets of £25,168 (2023 - £105,994).
The target level of free reserves is 3 months worth of unrestricted expenditure, which would accommodate for any unforeseen changes in income streams. Currently the level of free reserves represents 1.5 months of unrestricted expenditure so the target has not been achieved in the current financial year.
The reserves policy is reviewed annually when preparing the budget for the forthcoming year.
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Theatr Clwyd Music Trust Ltd
Report of the Trustees for the Year Ended 31 August 2024
STRATEGIC REPORT
Principal risks and uncertainties
The trustees acknowledge the continuing cost of living crisis and the impact that has on family's income. They also recognise that funding for schools has received significant funding cuts which could also impact their contribution towards music tuition.
Financial effects of any significant risks
The trustees are not aware of any significant events within the year that would have a detrimental impact on the organisation.
Financial and risk management objectives and policies
The Trust has an established risk register which uses a rating system to assess the level of risk and the likelihood of this risk occurring with identified mitigating actions. The register is reviewed quarterly by the Trustees.
Impact of any material pension liability on the accounts
Employees who transferred under TUPE on 1st April 2021 remain members of the Clwyd Pension Fund (LGPS). At the point of transfer the scheme was closed to new members. Under the terms of our Cultural Service Agreement and the Business Transfer Deed any deficit arising from the pension up to 31 March 2021 remains the responsibility of Flintshire County Council. From 1st April 2021 Flintshire County Council and Theatr Clwyd Music Trust Ltd agreed a risk share approach in respect of future service and deficit payments
Charity's investment policy
Aside from retaining a prudent amount in reserves each year most of the charity's funds are to be spent in the short term so there are few funds for long term investment.
Future plans
National Plan for Music Education Wales
As we enter the third full year of the National Music Plan for Wales, our focus begins to move towards performance opportunities.
Working in partnership with BBC NOW GCSE Music pupils will have opportunities to attend concerts across North Wales.
Also we are working in collaboration with Wrexham and Denbighshire Music Co-operative to relaunch County Ensembles which will create further performance opportunities for players.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
The board of trustees of up to 7 members meets 4 times a year to administer the charity.
A Director of Music is appointed to manage the day to day operations of the charity.
Related parties
The full disclosure of all transactions with all recognised related parties in Note 13 of the financial statements for the period ended 31 August 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
12776979 (England and Wales)
Registered Charity number
1191690
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Theatr Clwyd Music Trust Ltd
Report of the Trustees for the Year Ended 31 August 2024
Registered office
Theatr Clwyd Raikes Lane Mold Flintshire CH7 1YA
Trustees
L T Evans-Ford C H Homard T Mvula K H Price K Wasserberg (appointed 1.1.24)
Company Secretary
A Roberts
Auditors
Haines Watts Chester Limited, Statutory Auditor Military House 24 Castle Street Chester Cheshire CH1 2DS
FUNDS HELD AS CUSTODIAN FOR OTHERS
As at 31 August 2024 the trustees confirmed that there were no funds held as custodian for others (2023: nil).
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Theatr Clwyd Music Trust Ltd 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 Practice).
Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditors are aware of that information.
AUDITORS
The auditors, Haines Watts Chester Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.
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Theatr Clwyd Music Trust Ltd
Report of the Trustees for the Year Ended 31 August 2024
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 20 May 2025 and signed on the board's behalf by:
L T Evans-Ford - Trustee
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Report of the Independent Auditors to the Members of Theatr Clwyd Music Trust Ltd
Opinion
We have audited the financial statements of Theatr Clwyd Music Trust Ltd (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 Report of the Independent Auditors 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 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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Report of the Independent Auditors to the Members of Theatr Clwyd Music Trust Ltd
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Our 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 a Report of the Independent Auditors 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:
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Enquiry of management, those charged with governance around actual and potential litigation and claims.
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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Auditing the risk of management override of controls. including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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Challenging assumptions and judgements made by management in significant accounting estimates, in particular:
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Accruals and Prepayments - a sample was reviewed to determine that these were applied correctly.
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Bad Debt Provision - we reviewed bad debts to ensure that the bad debt policy had been applied consistently.
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Identifying and testing journals entries, in particular those posted with unusual account combinations.
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 Report of the Independent Auditors.
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Report of the Independent Auditors to the Members of Theatr Clwyd Music Trust Ltd
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael John Forshaw BA FCA (Senior Statutory Auditor) for and on behalf of Haines Watts Chester Limited, Statutory Auditor Military House 24 Castle Street Chester Cheshire CH1 2DS
20 May 2025
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Theatr Clwyd Music Trust Ltd
Statement of Financial Activities for the Year Ended 31 August 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 792,520 Investment income 3 1,906 Total 794,426 EXPENDITURE ON Raising funds 4 808,648 Other 66,604 Total 875,252 NET INCOME/(EXPENDITURE) (80,826) Other recognised gains/(losses) Actuarial gains on defined benefit schemes 61,000 Net movement in funds (19,826) RECONCILIATION OF FUNDS Total funds brought forward 133,994 TOTAL FUNDS CARRIED FORWARD 114,168 |
Restricted Endowment fund fund £ £ - - - - - - - - - - - - - - - - - - - - - - |
31.8.24 Total funds £ 792,520 1,906 794,426 808,648 66,604 875,252 (80,826) 61,000 (19,826) 133,994 114,168 |
31.8.23 Total funds £ 789,215 352 789,567 786,251 61,861 848,112 (58,545) 85,000 26,455 107,539 133,994 |
|---|---|---|---|
The notes form part of these financial statements
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Theatr Clwyd Music Trust Ltd
Statement of Financial Position 31 August 2024
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 9 38,515 Cash at bank 154,269 192,784 CREDITORS Amounts falling due within one year 10 (167,616) NET CURRENT ASSETS 25,168 TOTAL ASSETS LESS CURRENT LIABILITIES 25,168 PENSION ASSET 12 89,000 NET ASSETS 114,168 FUNDS 11 Unrestricted funds TOTAL FUNDS |
Restricted Endowment fund fund £ £ - - - - - - - - - - - - - - - - |
31.8.24 Total funds £ 38,515 154,269 192,784 (167,616) 25,168 25,168 89,000 114,168 114,168 114,168 |
31.8.23 Total funds £ 119,454 132,440 251,894 (145,900) 105,994 105,994 28,000 133,994 133,994 133,994 |
|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 20 May 2025 and were signed on its behalf by:
L T Evans-Ford - Trustee
The notes form part of these financial statements
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Theatr Clwyd Music Trust Ltd
Statement of Cash Flows for the Year Ended 31 August 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.8.24 £ 19,923 19,923 1,906 1,906 21,829 132,440 154,269 |
31.8.23 £ (66,330) (66,330) 352 352 (65,978) 198,418 132,440 |
|---|---|---|
The notes form part of these financial statements
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Theatr Clwyd Music Trust Ltd
Notes to the Statement of Cash Flows for the Year Ended 31 August 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM ACTIVITIES |
OPERATING | |
|---|---|---|
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received Decrease in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operations |
31.8.24 £ (80,826) (1,906) 80,939 21,716 19,923 |
31.8.23 £ (58,545) (352) 20,689 (28,122) |
| (66,330) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.9.23 | Cash flow | At 31.8.24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 132,440 | 21,829 | 154,269 |
| 132,440 | 21,829 | 154,269 | |
| Total | 132,440 | 21,829 | 154,269 |
The notes form part of these financial statements
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Theatr Clwyd Music Trust Ltd
Notes to the Financial Statements for the Year Ended 31 August 2024
1. 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 accordance with 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.
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. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
2. DONATIONS AND LEGACIES
| Grants Income from lessons etc Miscellaneous income Grants received, included in the above, are as follows: Other grant income W G Funding SLA Income |
31.8.24 £ 404,333 386,094 2,093 792,520 31.8.24 £ 7,333 197,000 200,000 404,333 |
31.8.23 £ 432,738 356,477 - |
|---|---|---|
| 789,215 | ||
| 31.8.23 £ 188 203,250 229,300 |
||
| 432,738 |
continued...
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Theatr Clwyd Music Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Interest receivable - trading RAISING FUNDS Other trading activities Staff costs Other staff costs |
31.8.24 £ 1,906 31.8.24 £ 801,141 7,507 808,648 |
31.8.23 £ 352 31.8.23 £ 779,957 6,294 |
| 786,251 |
4. RAISING FUNDS
5. SUPPORT COSTS
| SUPPORT COSTS | |||||
|---|---|---|---|---|---|
| Information | Governance | ||||
| Management | Finance | technology | costs | Totals | |
| £ | £ | £ | £ | £ | |
| Other resources expended | 38,746 | 7,752 | 12,433 | 7,673 | 66,604 |
6. 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.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.
7. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Employees |
31.8.24 £ 650,491 50,077 100,573 801,141 31.8.24 32 |
31.8.23 £ 632,064 47,060 100,833 |
|---|---|---|
| 779,957 | ||
| 31.8.23 32 |
No employees received emoluments in excess of £60,000.
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continued...
Theatr Clwyd Music Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 789,215 - Investment income 352 - Total 789,567 - EXPENDITURE ON Raising funds 786,251 - Other 61,861 - Total 848,112 - NET INCOME/(EXPENDITURE) (58,545) - Other recognised gains/(losses) Actuarial gains on defined benefit schemes 85,000 - Net movement in funds 26,455 - RECONCILIATION OF FUNDS Total funds brought forward 107,539 - TOTAL FUNDS CARRIED FORWARD 133,994 - 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Accrued income Prepayments and accrued income |
Endowment fund £ - - - - - - - - - - - 31.8.24 £ 6,166 24,669 7,680 38,515 |
Total funds £ 789,215 352 789,567 786,251 61,861 848,112 (58,545) 85,000 26,455 107,539 133,994 31.8.23 £ 27,677 84,688 7,089 119,454 |
|---|---|---|
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continued...
Theatr Clwyd Music Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accruals and deferred income MOVEMENT IN FUNDS At 1.9.23 £ Unrestricted funds General fund 133,994 TOTAL FUNDS 133,994 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 794,426 (875,252) TOTAL FUNDS 794,426 (875,252) Comparatives for movement in funds At 1.9.22 £ Unrestricted funds General fund 107,539 TOTAL FUNDS 107,539 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 789,567 (848,112) TOTAL FUNDS 789,567 (848,112) |
31.8.24 31.8.23 £ £ 8,520 6,417 21,132 21,026 137,964 118,457 167,616 145,900 Net movement At in funds 31.8.24 £ £ (19,826) 114,168 (19,826) 114,168 Gains and Movement losses in funds £ £ 61,000 (19,826) 61,000 (19,826) Net movement At in funds 31.8.23 £ £ 26,455 133,994 26,455 133,994 Gains and Movement losses in funds £ £ 85,000 26,455 85,000 26,455 |
|---|---|
11. MOVEMENT IN FUNDS
continued...
Page 17
Theatr Clwyd Music Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.22 £ 107,539 107,539 |
Net movement in funds £ 6,629 6,629 |
At 31.8.24 £ 114,168 114,168 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 1,583,993 (1,723,364 ) TOTAL FUNDS 1,583,993 (1,723,364 ) |
Gains and Movement losses in funds £ £ 146,000 6,629 146,000 6,629 |
|---|---|
12. EMPLOYEE BENEFIT OBLIGATIONS
The charity participates in the Clwyd Pension Fund which is a multi-employer scheme and is part of the Local Government Pension Scheme in England and Wales. This is a defined benefit pension scheme for qualifying employees and the benefits are set in line with Local Government Pension Scheme Regulations. Benefits vary depending on the employee's joining date and length of participation in the Fund.
The pension cost and provision for the year ended 31st August 2024 are based on the advice of a professionally qualified actuary. The most recent actuarial valuation is dated 31st August 2024 which has been updated to reflect the conditions at the date of the Statement of Financial Position.
| 2024 | 2023 | |||
|---|---|---|---|---|
| The major assumptions used by the actuary were: | % | % | ||
| CPI Inflation/care benefits revaluation | 2.6 | 2.8 | ||
| Increase in salaries | 3.85 | 4.05 | ||
| Increase in pensions in payment | 2.7 | 2.9 | ||
| Discount rate | 5.0 | 4.3 | ||
| Mortality assumptions: | 2024 | 2023 | ||
| Years | Years | |||
| Retiring today | ||||
| Males | 23.4 | 22.5 | ||
| Females | 23.5 | 23.4 | ||
| Retiring in 20 years | ||||
| Males | 25.2 | 22.3 |
continued...
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Theatr Clwyd Music Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
12. EMPLOYEE BENEFIT OBLIGATIONS - continued
| Females | 25.3 | 26.9 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Analysis of amount charged to operating profit: | £000s | £000s | |||
| Current service cost | 62 | 95 | |||
| Net interest cost | (4) | 0 | |||
| Administrative expenses | 3 | 4 | |||
| Total cost recognised in operating profit | 61 | 99 | |||
| 2024 | 2023 | ||||
| Analysis of amount charged to other recognised (gains)/losses | £000s | £000s | |||
| Remeasurements - net (gain)/loss | (35) | (92) | |||
| Effect of asset ceiling | 0 | 0 | |||
| Total remeasurements (gain)/loss in SOCI | (35 ) |
(92 ) |
The amounts included in the Statement of Financial Position arising from the charity's obligations in respect of defined benefit plans are as follows:
| defined benefit plans are as follows: | defined benefit plans are as follows: | defined benefit plans are as follows: |
|---|---|---|
| 2024 2023 |
||
| £000s £000s |
||
| Present value of benefit obligations | 544 | 438 |
| Fair value of plan assets | (633 ) |
(466 ) |
Deficit/(surplus) in scheme |
(89 ) |
(28 ) |
| Movements in the present value of defined benefit obligations | 2024 |
|---|---|
| £000s | |
| Liabilities at 1 September 2023 | 438 |
| Current service cost | 62 |
| Contributions by scheme members | 25 |
| Actuarial gains and losses | (4) |
| Interest cost | 23 |
| Liabilities at 31 August 2024 | 544 |
| Movements in the fair value of plan assets | 2024 |
| £000s | |
| Fair value of assets at 1 September 2023 | 466 |
| Interest income | 27 |
| Remeasurements | 31 |
| Administration expenses | (3) |
continued...
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Theatr Clwyd Music Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
12. EMPLOYEE BENEFIT OBLIGATIONS - continued
| Contributions by the employer | 87 25 633 |
|||
|---|---|---|---|---|
| Contributions by scheme members | ||||
| Fair value of assets at 31 August 2024 | ||||
| 2024 | 2023 £000s 63 185 26 10 182 466 |
|||
| The fair value of plan assets are as follows: | £000s | |||
| Equities | 91 | |||
| Other bonds | 232 | |||
| Property | 27 | |||
| Cash/liquidity | 42 | |||
| Other | 241 | |||
| Fair value of plan assets at the end of the period | 633 | |||
Defined contribution scheme
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
13. RELATED PARTY DISCLOSURES
During the year there were amounts paid to Theatr Clwyd Trust Ltd of £906 (2023: £2,604) and donations made from Theatr Clwyd Trust Ltd to Theatr Clwyd Music Trust Ltd of £205,608 (2023: £204,556).
Amounts outstanding payable to Theatr Clwyd Trust at 31 August 2024 were £nil (2023: £665). Amounts owed from Theatr Clwyd Trust Ltd at the year end were £nil (2023: £4,478).
All transactions between related parties were under normal market conditions.
Page 20
Theatr Clwyd Music Trust Ltd
Detailed Statement of Financial Activities for the Year Ended 31 August 2024
| 31.8.24 | 31.8.23 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Grants | 404,333 | 432,738 |
| Income from lessons etc | 386,094 | 356,477 |
| Miscellaneous income | 2,093 | - |
| 792,520 | 789,215 | |
| Investment income | ||
| Interest receivable - trading | 1,906 | 352 |
| Total incoming resources | 794,426 | 789,567 |
| EXPENDITURE | ||
| Other trading activities | ||
| Wages | 650,491 | 632,064 |
| Social security | 50,077 | 47,060 |
| Pensions | 100,573 | 100,833 |
| Other staff costs | 7,507 | 6,294 |
| 808,648 | 786,251 | |
| Support costs | ||
| Management | ||
| Insurance | 3,380 | 2,968 |
| Sundries | 759 | 494 |
| Exam costs | 1,697 | 3,476 |
| Computer costs | 9,914 | 7,540 |
| Staff welfare | 760 | 412 |
| Health and safety | 20 | - |
| Sundry expenses | 456 | 225 |
| Subscriptions | 155 | 105 |
| Travel costs | 17,819 | 19,974 |
| Entertainment | 191 | 710 |
| Advertising | 635 | 308 |
| Production and musician fees | 2,960 | 9,290 |
| 38,746 | 45,502 | |
| Finance | ||
| Bank charges | 7,752 | 6,047 |
| Information technology | ||
| Repairs and renewals | 12,433 | 9,875 |
| Governance costs | ||
| Accountancy, audit and legal | 7,673 | 437 |
| Total resources expended | 875,252 | 848,112 |
| Net expenditure | (80,826) | (58,545) |
This page does not form part of the statutory financial statements
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