| Page | |||
|---|---|---|---|
| Legal and administrative | details | ||
| Co-Chairmen | and Trustees' Report | 2 —7 | |
| Statement of |
responsibilities ofthe Trustees |
||
| Independent | Auditors' | Report | 9-12 |
| Statement of | Financial | Activities | 13 |
| Balance Sheet | 14 | ||
| Statement of |
Cash Flows | 15 | |
| Notes to the | Financial | Statements | 16—28 |
| Restricted | Unrestricted | Total | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Note | funds | funds | funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | |||||
| E | 6 | F | f | |||||
| INCOME AND ENDOWMENTS | FROM: | |||||||
| Donations and legacies |
2 | 13,838 | 13,838 | 5,377 | ||||
| Charitable activities |
3 | 494,601 | 1,577,946 | 2,072,547 | 1,510,869 | |||
| TOTAL | 494,601 | 1,591,784 | 2,086,385 | 1,516,246 | ||||
| EXPENDITURE ON: | ||||||||
| Raising funds | 7 | 5,824 | 82,899 | 88,723 | 126,488 | |||
| Charitable activities |
8 | 380,385 | 1,622,011 | 2,002,396 | 1,370,234 | |||
| TOTAL | 386,209 | 1,704,910 | 2,091,119 | 1,496,722 | ||||
| NET INCOME I(EXPENDITURE) | 108,392 | (113,126) | (4,734) | 19,524 | ||||
| NET MOVEMENT | IN FUNDS | 108,392 | (113,126) | (4,734) | 19,524 | |||
| RECONCILIATION | OF FUNDS: | |||||||
| Total funds brought | forward | 136,694 | 492,755 | 629,449 | 643,990 | |||
| Other adjustments | (37,975) | (37,975) | (34,065) | |||||
| Total funds carried | forward | 16 | 245,086 | 341,654 | 586,740 | 629,449 |
| BALANCE SHEET | BALANCE SHEET | |||||||
|---|---|---|---|---|---|---|---|---|
| AS | AT 31 | DECEMBER 2022 | ||||||
| Note | 2022 | 2021 | ||||||
| FIXEDASSETS | ||||||||
| Tangible fixed assets |
86,084 | 90,496 | ||||||
| CURRENT ASSETS | ||||||||
| Debtors: amounts | falling due within one year | 12 | 449,559 | 262,541 | ||||
| Debtors; amounts | falling due after more than | one | year | 13 | 159,647 | 50,417 | ||
| Cash at bank and | in hand | 14 | 443,816 | 412,301 | ||||
| 1,053,022 | 725,259 | |||||||
| CREDITORS: amounts falling due within one |
year | 15 | (552,366) | (186,306) | ||||
| NET CURRENT ASSETS | 500,656 | 538,953 | ||||||
| TOTAL ASSETS | LESSCURRENT LIABILITIES | 586,740 | 629,449 | |||||
| THE FUNDS OF THE CHARITY | ||||||||
| Restricted funds | 16 | 245,086 | 136,694 | |||||
| Unrestricted funds |
16 | 340,654 | 491,755 | |||||
| Designated funds |
16 | 1,000 | 1,000 | |||||
| TOTAL CHARITY | FUNDS | 586,740 | 629,449 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| f | 6 | ||||||
| Cashflows from |
operating | activities | |||||
| Net income | (4,734) | 19,524 | |||||
| Adjustmen/s for: |
|||||||
| Depreciation adjustment |
3,803 | 2,812 | |||||
| Accruals snd prepayments | non-cash | adjustments | 332,837 | (10,033) | |||
| Non-cash provisions |
16,363 | 10,033 | |||||
| Financing costs |
2,192 | 3,687 | |||||
| Taxation | 11,925 | 11,417 | |||||
| Foreign currency | translation | (37,975) | (34,065) | ||||
| Changesin: | |||||||
| Trade and other | debtors | (296,248) | 180,618 | ||||
| Trade and other | creditors | 16,860 | 33,731 | ||||
| Cash generated | from operations | 45,023 | 217,724 | ||||
| Taxation | (11,925) | (11,417) | |||||
| Cash generated | from / (used in) operating |
activities | 33,098 | 206,307 | |||
| Cashflows from |
investing | activities | |||||
| Purchase oftangible assets |
(931) | (2,538) | |||||
| Foreign exchange loss on |
assets | 1,540 | |||||
| Net cash used in |
investing | activities | 609 | (2,538) | |||
| Cashflows from |
financing | activities | |||||
| Financing costs |
(2,192) | (3,687) | |||||
| Net cash used in |
financing | activities | (2,192) | (3,687) | |||
| Net increase / (decrease) |
in cash and cash equivalents | 31,515 | 200,082 | ||||
| Cash and cash | equivalents | at beginning | ofyear | 412,301 | 212,219 | ||
| Cash and cash | equivalents | at end ofyear | 443,816 | 412,301 |
| . | DONAT | ION | S AND LE |
GACIES | ||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| 6 | 8 | |||||
| Other | donations | 13,838 | 5,377 | |||
| 13,838 | 5,377 | |||||
| . | INCOMING | RESOURCES FROM CHARITABLE ACTIVITIES | ||||
| 2022 | 2021 | |||||
| 6 | 6 | |||||
| Government | grant receivable | (Note 4) | 950,511 | 766,199 | ||
| Grant | receivable | from Italian | Ministry of Culture | 213,190 | 214,901 | |
| Corporate contribution |
(Note 5) | 59,693 | 42,980 | |||
| Other | income | (Note 6) | 849,153 | 486,789 | ||
| 2,072,547 | 1,510,869 |
| 2022 | 2022 | 2021 | |||
|---|---|---|---|---|---|
| 6 | F. | ||||
| European | Commission | 850,000 | 724,847 | 515,762 | |
| UK-British | Council | 19,083 | |||
| Spain | 26,450 | 22,556 | 22,737 | ||
| Finland | 23,000 | 19,613 | 19,771 | ||
| Germany | 20,000 | 17,055 | 17,192 | ||
| Sweden | 16,550 | 14,113 | 14,491 | ||
| Austria | 17,000 | 14,497 | 14,613 | ||
| The Netherlands | 18,500 | 15,776 | 15,903 | ||
| Greece | 13,600 | 11,598 | 11,691 | ||
| Czech Republic | 15,000 | 12,791 | 12,894 | ||
| Poland | 15,000 | 12,791 | 12,894 | ||
| Romania | 15,000 | 12,791 | 12,894 | ||
| Slovakia | 11,500 | 9,807 | 9,885 | ||
| Denmark | 10,750 | 9,167 | 9,241 | ||
| Malta EURO grant | 9,000 | 7,675 | 7,736 | ||
| Cyprus | 6,500 | 5,543 | 5,587 | ||
| Luxembourg | 7„000 | 5,969 | 9,155 | ||
| Portugal | 12,300 | 10,488 | 10,573 | ||
| Belgium | Flemish | 8,000 | 6,822 | 6,877 | |
| Estonia | 6,500 | 5,543 | 5,587 | ||
| Hungary | 5,179 | 4,417 | 4,928 | ||
| Latvia | 5,000 | 4,264 | 4,298 | ||
| Slovenia | 2,800 | 2,388 | 2,407 | ||
| 950,511 | 766,199 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| 6 | f | ||||
| Corporate | contribution | 59,693 | 42,980 | ||
| 59,693 | 42,980 | ||||
| 6. OTHER INCOME |
|||||
| 2022f | 2021 f |
||||
| Donations | in kind | 212,827 | 68,703 | ||
| Brochures | advertising | 1,876 | 3,954 | ||
| Concert promoters | and broadcasting | receipts | 525,817 | 385,010 | |
| Sundry other income | 108,633 | 29,122 | |||
| 849,153 | 486,789 |
| . ANAL |
YSIS OF RES | OURCES EXPE | NDED BYEXPE | NDITURE TYPE | ||
|---|---|---|---|---|---|---|
| Staff costs | Depreciation | Other costs | Total | Total | ||
| 2022 | 2022 | 2022 | 2022 | 2021 | ||
| 6 | 6 | 6 | f | |||
| Fundraising | and publicity | 49,377 | 761 | 38,585 | 88,723 | 126,488 |
| Direct charitable | 215,284 | 3,042 | 1,784,070 | 2,002,396 | 1,370,234 | |
| 264,661 | 3,803 | 1,822,655 | 2,091,119 | 1,496,722 |
| Other costs | 2022 | 2021 | |
|---|---|---|---|
| f | E | ||
| Concert expenses | 569,829 | 334,089 | |
| Brochures | 17,338 | 14,026 | |
| Accommodation and subsistence |
636,242 | 291,490 | |
| Travel | 309,974 | 161,174 | |
| Premises | 1,938 | 1,420 | |
| Fundraising and marketing |
7,423 | 40,800 | |
| Communications | 4,241 | 5,245 | |
| Legal and professional | 50,028 | 35,757 | |
| Auditors remuneration: |
audit fee | 4,921 | 27,749 |
| Auditors remuneration: |
grant audit | 6,750 | 6,750 |
| Office costs | 156,616 | 136,474 | |
| Miscellaneous expenses |
39,109 | 62,729 | |
| Trustees expenses | 1,428 | ||
| Exchange differences | 4,680 | 2,770 | |
| Losses and contingent | liabilities | 213 | 43,680 |
| Income tax and VAT | 11,925 | 11,417 | |
| 1,822,655 | 1,175,570 |
| . CHARITABLE EXPENDITURE |
||
|---|---|---|
| 2022 | 2021 | |
| f | E | |
| Orchestra | 1,513,395 | 791,140 |
| Support costs | 485,959 | 576,844 |
| Depreciation | 3,042 | 2,250 |
| 2,002,396 | 1,370,234 |
| Raising | Charitable | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| funds | activities | 2022 | 2021 | ||||
| f | 8 | f | 8 | ||||
| Governance | 61,699 | 61,699 | 70,256 | ||||
| Finance | 438 | 1,754 | 2,192 | 3,687 | |||
| Office and administration | costs | 15,408 | 201,928 | 217,336 | 259,687 | ||
| Salary costs | (Note 10) | 49,377 | 215,284 | 264,661 | 318,340 | ||
| Establishment | costs | 388 | 1,550 | 1,938 | 1,420 | ||
| Exchange differences | 936 | 3,744 | 4,680 | 2,770 | |||
| Other overheads | 800 | ||||||
| 66,547 | 485,959 | 552,506 | 656,960 |
| 0. STAFF COSTS |
||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Staff costs were as follows: | 8 | 8 | ||
| Wages and salaries | 221,691 | 247,465 | ||
| Social security costs | 25,193 | 46,689 | ||
| Pension | 17,777 | 24,186 | ||
| 264,661 | 318,340 | |||
| he average weekly number | of employees | during the year was as follows: | ||
| 2022 | 2021 | |||
| No. | No. | |||
| Raising funds | ||||
| Direct charitable |
| 1. TANGIBLE |
FIXEDASS | ETS | |||
|---|---|---|---|---|---|
| Fixtures, | |||||
| fittings and | |||||
| Computer | office | Musical | |||
| equipment | equipment | equipment | Total | ||
| Cost | |||||
| At 1 January 2022 | 28,390 | 50,745 | 78,865 | 158,000 | |
| Additions | 738 | 193 | 931 | ||
| At 31 December 2022 | 29,128 | 50,938 | 78,865 | 158,931 | |
| Depreciation | |||||
| At 1 January 2022 | 24,920 | 36,235 | 6,349 | 67,504 | |
| Charge for year | 1,743 | 937 | 1,123 | 3,803 | |
| At 31 December 2022 | 26,663 | 37,172 | 7,472 | 71,307 | |
| Foreign exchange | gain/(loss) | (674) | (8,292) | 7,426 | (1,540) |
| Net Book Value | |||||
| At 31 December 2022 | 1,791 | 5,474 | 78,819 | 86,084 | |
| At 31 December 2021 | 3,470 | 14,510 | 72,516 | 90,496 |
| 12. | DEBTORS:AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| 6 | f | |||
| Income | debtors | 6,585 | 31,292 | |
| Other debtors | 11,000 | 10,294 | ||
| Social | security and other taxes | 33,742 | 8,154 | |
| Grants | receivable | 398,232 | 212,801 | |
| 449,559 | 262,541 | |||
| 13. | DEBTORS:AMOUNTS | FALLING DUE AFTER MORE THAN | ONE YEAR | |
| 2022 | 2021 | |||
| E | ||||
| Grants | receivable | 159,647 | 50,417 | |
| 159,647 | 50,417 | |||
| 14. | CASH AT BANK AND | IN HAND | ||
| 2022 | 2021 | |||
| 6 | 8 | |||
| Cash at bank | 435,917 | 404,402 | ||
| Cash in hand | 7,899 | 7,899 | ||
| 443,816 | 412,301 |
| 5. CREDITORS: |
AMOUNTS FALLING DUE WITH |
IN ONE YEAR | |
|---|---|---|---|
| 2022 | 2021 | ||
| 6 | F | ||
| Amounts falling due |
within one year | ||
| Trade creditors | 101,788 | 60,557 | |
| Social security and other taxes | 43,731 | 36,179 | |
| Other creditors | 31,801 | 47,361 | |
| Accruals and deferred | income | 375,046 | 42,209 |
| 552,366 | 186,306 |
| Brought | Incoming | Resources | Other | Carried | |||
|---|---|---|---|---|---|---|---|
| forward | resources | expended | adjustments | forward | |||
| Restricted | funds | ||||||
| EUYO/EUYOF | 136,694 | 494,601 | (386,209) | 245,086 | |||
| Unrestricted | funds | 491,755 | 1,591,784 | (1,704,910) | (37,975) | 340,654 | |
| Designated | funds | ||||||
| Lionel Bryer | Memorial | fund | 1,000 | 1,000 | |||
| 629,449 | 2,086,385 | (2,091,119) | (37„975) | 586,740 |