Company Registration No. 01587684 (England and Wales)
Charity Registration No. 283484 (England and Walesl
THE CHAMBER ORCHESTRA OF EUROPE
(Limited by guarantee and not having share capital)
TRUSTEES. REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

THE CHAMBER ORCHESTRA OF EUROPE
CONTENTS
Page
Legal and administrative information
Trustees, report
Independent auditor's report
Statement of financial activities (including Income and expenditure
accounti
Balance sheet
Statement of cash flows
12
Notes to the financial statements
13-19

THE CHAMBER ORCHESTRA OF EUROPE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees and
Executive commlttee
John Peter Abercromby Readman
Michael Graham Hoare
James Judd
Secretary
Michael Graham Hoare
Company Registration No.
01587684
Charity Registration No.
283484
Principal office
North House
27 Great Peter Street
London SW1P 3LN
Reglstered offlce
40 Queen Anne Street
London W1G 9EL
Auditors
Lewis Golden LLP
Chartered Accounlanls and Statutory Auditors
40 Queen Anne Street
London W1G 9EL
Bankers
C Hoare & Co
37 Fleet Street
London EC4P 4DQ
Solicitors
BDB Pilmans LLP
1 Bartholomew Close
London EC1A 78L
Website
www.coeurope.org

THE CHAMBER ORCHESTRA OF EUROPE
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees Iwho are also the directors) are pleased to present their report, together with the financial
statements of the company for the year ended 31 December 2021 which also represents the Directors, report
as required by s415 of the Companies Act 2006.
The financial statements have been prepared in accordan￿ with accounting policies set out on pages 13 to 15
and with applicable United Kingdom accounting stsndards, current stslutory requirements, the Charities Act
2011, the Companies Act 2006 (Charitable Companies), Accounting and Reporting by Charities". Statement of
Recommended Practi￿ Applicable to Charities Preparing their accounts in accordance with the Financial
Reporting Stsndard Applicable in the UK and Republic of Ireland IFRS 102112nd Edition, effective January
20191 I Charities SORP"), the Financial Reporting Standard applicable in the United Kingdom and Republic of
Ireland I'FRS 102,1 and the charity's governing document. Legal and administrative information set out on
page 1 forms part of this report.
The company and its charitable objectives for the public benefit
The Chamber Orchestra of Europe ICOEI is a company limited by guarantee and not having a share capital
Inumber 015876841. It is governed by ils Memorandum and Articles of Association dated 25 September 1981,
and is a registered charity {number 2834841.
Legal and administrative information, as sel out on page 1, forms part of this report.
As well as being Leaders and Principals of other major orchestras, the players pursue parallel careers as
international soloists, members of celebrated chamber ensembles, and as professors of music. Unsurprisingly,
the Chamber Orchestra of Europe philosophy influenTrs the players, own work during the rest of the year,
notably in a wide range of educational projects in which they are involved, making the Orchestra a truly
impressive example of co-operation between individual European nations.
The Chamber Orchestra of Europe has been able lo implement a European Partnership Scheme with a group
of major concert halls and festivals across the continent. These include the Citè de la Musique in Paris, the
Concertgebouw in Amsterdam, the Philharmonie in Cologne, the Tealro Communale in Ferrara, and the
Lucerne and Salzburg Mozartwoche Festivals. These partnerships enhance the Orchestra's financial and
artistic stability, increase its profile, and ensure that ils objectives can be sustainable in the long temi.
The Chamber Orchestra of Europe Academy was developed in 2009 in order lo give selected students the
chance lo stLJdy wth the principal players of the Chamber Orchestra of Europe and be inspired by the
Orchestra's unique ethos and passion for Making music.
The Trustees confirm that in accordan￿ with section 17 of the Charities Act 2011 they have referred lo the
Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives
and in planning their future activities.
Oryanisation
The company's adminislralion is under the control of the Trustees. The Trustees during the year to 31
December 2021 were..
J.P.A. Readman Ichairmanl
M.G. Hoare (Secretary)
J. Judd (Direclorl
No TrusteelDireclor received any remuneration in the year to 31 December 2021, and no travel or other
expenses were paid on behalf of any Trustee.

THE CHAMBER ORCHESTRA OF EUROPE
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
Method of appointment of trustees
The appointment of TrusteeslDirectors is governed by the Memorandum and Articles of Association. In
accordance with the charitable company's Articles of Association James Judd retires by rotation and, being
eligible, offers himself for re-election.
Results for the year ended 31 December 2021
The results for the year on page 10 of the financial statements show a net surplus for the year of £195,937
increasing reserves at the end of the year to £2,209,972.
Achievements and Performance
The COE was once again unable to perform during the first half of 2021, ils 40th anniversary year, and the
team focused their efforts on another two new releases from archive recordings." fi'rsuy, another sel of concert
recordings with conductor Nikolaus Harnoncourt taken between 1989 and 2007 in concerts halls in Berlin,
Amsterdam and Graz which were released on 22 October 2021 by ICA Classics., secondly a DVDIBlu-Ray sel
of all of the Sibelius Symphonies performed by the Orchestra al the Helsinki Festival in 1998 with Paavo
Berglund, subsequently released by ICA Classics in January 2022 on the occasion of the 10th anniversary of
Berglund's death.
In May we celebrated the COE'S 40th anniversary online on Zoom instead of al the Merchant Taylor's Hall in
London which was the venue of the Orchestra's launch concert back in 1981. The paty involved various
speeches from a number of members, past and present, as well as a substantial quiz about the COE experuy
put together and animated by Patrick McEnlee, the COE'S Tour and Stage Manager. We were delighted to be
joined by former members calling from far-away countries who would not otherwise have been able to join an
in-person celebration in London.
The COE started touring again al the end of June 2021 and was delighted that the Beethoven Symphony Cycle
project with Yannick Nézel-séguin had been resuscitated by the Baden-Baden Feslspielhaus. The musicians
were thrilled to be able to perform together again, albeit in a socially distan￿d manner, lo a much reduced
audien￿, with lesls every single day to gel into the concert hall. Also, due to the travel ban be￿een the UK
and Germany in place al the lime, twelve British musicians and members of the COE team had to quarantine
outside the UK for 10 days before the start of the project. All the symphonies were recorded by Deutsche
Grammophon, as had been planned back in April 2020 and the release is scheduled for July 2022. The
concerts in Baden-Baden were the first lo be streamed on the Festspielhaus's brand new digital concert hall to
an International audience.
At the end of July the COE travelled to the Rheingau Musik Festival where it performed for the first time in the
Festival's 'Summil of Strings series. All six concerts led by COE violinist Ben Gilmore featured soloists from
the Kronberg Academy, the most prestigious Academy for string players in Europe, with which the COE has
developed a strong partnership over the past years. The COE will be the first orchestra in residence at the
Academy's brand new venue, the Casals Forum, when it opens in September 2022. All six concerts were
streamed on Magenta TV and were available to watch for a year free of charge anywhere in the world.
The Orchestra was then joined at the end of August by violinist Veronika Eberle and violist Amihai Grosz in
three perf0mlan￿$ of works by Richard Strauss, Mozart and Haydn at the Bedin Philharmonie and Hamburg's
Elbphilharmonie.
In the autumn we performed one concert in Bordeaux on 21 October with pianist Piotr Anderszewski and then
o concerts with one of the COE'S Honorary Members Sir Andras Schiff in Germany at the end of November.
These concerts were in Berlin and Friedrichshafen and brought the second half of the year to a very successful
conclusion. Fortunately we had no concerts planned in December as these would have inevitably been
cancelled as a result of the emergence of the Omicron variant which led to many concert halls in Europe being
closed until the beginning of 2022.

THE CHAMBER ORCHESTRA OF EUROPE
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
Achievements and Performance Icontinuedl
As the COE was kept off the platform for so many months between 2020 and 2021, we decided lo launch the
COE'S own podcast, Interlude, in October 2020. Expertly presented by former BBC Radio presenter Simon
Mundy, this has been a very Suc￿$$fUl initiative as il kept the Orchestra in people's minds throughout the
pandemic. In particular, we released a special "COE@40" series during 2021, celebrating 40 years of the
COE. These episodes featured current and former members of the Orchestra including conductors Jaime
Martin, Thierry Fischer and Dougie Boyd, as well as regular artistic partners such as Yannick Nezel-seguin, Sir
Antonio Pappano, Robin Ticciati and Janine Jansen. Other episodes in 2021 included the 'Making-of our
recently released archive recordings.. Matthew Wilkie was interviewed about our second Harnoncourt box-sel
and In January 2022 Dougie Boyd looked back at our Sibelius symphony cycle with Paavo Berglund. The 15
episodes of the podcast are all available on Apple podcasts, Spotify, Deezer and all other major platforms.
Financo and sponsorship
We continue to be very fortunate to benefit from the significant support of The Gatsby Charitable Foundation
and from our programme of support of the Principal positions in the Orchestra. In 2021 we benefited again
from a meaningful grant towards our eligible expenses from HMRC under its orchestra lax relief scheme which
was introduced in April 2016. Above all, however, we re￿iVed exceptional and very signilicanl additional
donations from The Gatsby Charitable Foundation specificalty to support our members through a very
challenging Covid-affected year, for which we are immensely grateful.
Reserves Policy
At the end of the year the Orchestra had reserves of £2,209,972. The Oreheslra requires a level of reserves to
ensure sufficient resources to support a programme of activity that involves development some years in
advance. The Trustees also consider it appropriate lo have a certain level of reserves lo mitigate some of the
risks associated with working across Europe al a lime of uncertainty caused by Covid. Given the cancellations
and other disruptions arising from the virus, the Trustees consider the reserves held at the year-end to be vital
lo ensure the Orchestra's future.
The reserves of the charity are constantly reviewed by the Trustees to ensure they are appropriate lo support
the activities of the charity. The Trustees sel budgets al the start of the year and review actual income and
expenditure against these budgets at regular Trustee meetings.
Major Risks
The major risks to which the COE is exposed are constantly reviewed by the Trustees and, lo the extent
possible, systems have been put in place to mib'gale those risks. Specifically, these include dealing with the
massive consequences of Covid and now of Brexit, to which the COE is as vulnerable as any British orchestra.
However, with the healthy level of reserves and additional grants from The Galsby Charitable Foundation there
is every prospect that the Orchestra remains In a reasonable position lo weather the Covid storm.
Future Activities
At the beginning of 2022 we faced further problems as a result of COVID with our COn￿rt at the Salzburg
Mozartwoche being cancelled for the second year running. It was something of a miracle that we were able to
undertake our concerts with Norwegian violinist Vilde Frang and Venezuelan conductor Rafael Payare in
Bergen, Oslo and Aalborg in February given the ongoing travel restrictions in place throughout Europe.
In March we were lucky lo be able lo perform with Robin Ticciati and cellist Jean-Guihen Queyras in Berlin, but
again our concert in Ludwigshafen was cancelled al very short notice as a result of BASF closing their hall until
the beginning of April. However we were delighted to be able to begin our residency al the Eslerhazy Palace in
Eisensladl with a concert directed by COE Leader Stephanie Gonley and Turkish pianist Fazil Say, followed by
our first ever Performan￿ al the Isarphilharmonie in Munich. The COn￿rt in Eisensladl also marked the
beginning of our audiovisual partnership with medici.tv which will broadcast all our concerts at the Eslerhazy
Palaee to their millions of viewers worldwide for the next three years.

THE CHAMBER ORCHESTRA OF EUROPE
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
Future Activitiés Icontinuedl
We are very much Icdoing lorward to working with Jakub Hrusa and Patn"cia Kopaichinskaya in Italy Ni May
gtnd at &nd of th• month with Fran¢oig Loloux in GLvmany. June will see us undertaksng our firsl OV•f
tOLSr with Sir Simon Ratue. his *ife Magdalona Kozana and tenor Andr8w Stapl85, and then in Juty we retum lo
Baden-Baden for a sefies ol conc&rts with Yannick Nézet-séguin. perfomino and recO￿1ng the Brahms
symphonies for Deutsthe Grammophon.
The rest of Ihe ye8r also lth)ks very exciting aTrJ hopefulty we be able to accomplish 8 full $e8son for the
fI￿t time in almost thr88 years.
statsmont of trust￿. r•spon$lbllltl•s
The trustees (who are also direc￿r5 of The cnambef Orchèstra ot Europe tor the purposes of company18wI
ar8 r8sponsibl8 lor proparing the Trustees, Report and financial statèmènts in 8mdance applicable law
and re9ulations.
Cornpany law requires th8 trustees to kyep8￿ finantyal Statements for each financial ￿ar. Und8r that law
trustees must prepare the flnanctal stslements in acCOrdar￿ with United Klrwom Generally Accepted
Accounting Praciice (United Kingdom Accounting Stsndards and aptlicable lawl. Under company law the
trusiees must not approva tha finanual st8t8ments unless they are satrsfied that they give a tru¢ and fair view
ol Ilie ¥idle uf ¢alli*llb Ut Lli(Iritable Ggmpany and of the Incomlng resource5 and appllcallon of resources.
indudlng the Income and expenditure. of the tharitabl8 companyfor that pèriod.
In piepaiing Ihe5e financk91 statements. the trustees are roqulred to:
81 s¢le¢t suitable accounting pdicies and then apply them ¢on8iStentty,'
bl observe the methods an(J principles in Ihe ChariJes SORP",
el m9kp jiidoments and estimatos that ara ross￿￿bla and prud8nt:
dl state whether applicable UK accA)unting standards have been folknw8d. s{Jbi￿t to any matertal
departuies rlisclosed and explained in the financial statements". and
81 prepa￿ the financial statsments on the going conc8m basis unless il is inappropriate lo presume that
the chaiitable company will conb'nue to operate.
Tho trusteès are r$sponsible for k88ping adgquate accounting records that are suffieient lo sh¢)w and explain
the charita￿e cx)mpanls transactions and disclose with reason8bte accuracy at any time the financial KM)sltlon
ol the charitable eompany and ènable them to ensure thAt thp finanrial qtxtr4mgntR r.nmpty ￿th thA Comp8ni8S
ACÈ 2006. They a￿ also tssponsible for safeguarding the assels of the eompany and hence fof takin9
reasonable steps for the PTevenlion and detectlon ollraud and other iffegulariEtes.
The trustees confimi that $0 far as thfry a** aware, there ié no relevant audit information la$ Klgfin&l by s¥GtiiJn
418131 of Ihe Companies Act 20061 of which the charrtable compatys auditors are unawafe. They have taken
11 thè st8PS that they ought to have tak•n as trtsgt•è# in ordèr to mako thgms8lvOB aware of any rglèvant Budit
infomation ar￿ to establish that Ihe charitable cx)mpanVs auditors are aw8re of th8t information.
By order of the trustee5
fvL4J J-
John Pg18r A￿cr0￿bY Readman
Chalmian
Date..

THE CHAMBER ORCHESTRA OF EUROPE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CHAMBER ORCHESTRA OF EUROPE
Opinion
We have audited the financial statements of The Chamber Orchestra of Europe (the 'charilable company'l for
the year ended 31 De￿mber 2021 which comprise the Ststemenl of Financial Activities (including an income
and expenditure accounll, the Balance Sheet, the Slalement of Cash Flows and Notes to the financial
slalements, 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, including
Financial Reporting Standard 102 The Financial Reporting Standard applicable in the LIK and Republic of
Ireland (United Kingdom Generally Accepted Accounting Praclicel.
In our opinion, the financial statements..
give a true and fair view of the slate of the charitable company's affairs as al 31 December 2021 and
of ils incoming reSoUr￿S and application of resources, including ils income and expenditure, for the
year then ended,. and
have been propedy prepared in accordance with United Kingdom Generalty Accepted Accounting
Practice," and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilib.es
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 lo 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 lo events or
conditions that, individually or collectively, may cast significant doubl on the entity's ability to continue as a
going concern for a period of at least ￿e1ve months from when the financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the trustees with respect lo 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 Trustees, 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 exlenl othenmse
explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with
our audit of the financial stalemenls, our responsibility is to read the other information and, in doing so,
consider whether the other Information is materially inconsislenl wlh the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misst8led. If we Identify such material
inconsistencies or apparent material misstatements, we are required to determine whether there is a material
misslatemenl in the financial statements or a material misstslemenl of the other infomiation. If, based on the
work we have performed, we conclude that there is a material misstalemenl of this other information, we are
required lo report that fact.
We have nothing lo report in this regard.

THE CHAMBER ORCHESTRA OF EUROPE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CHAMBER ORCHESTRA OF EUROPE {CONTINUED)
Opinions on other matters proscribgd by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the Information given in the Trustees, Report, which includes the Directors, Report prepared for
eompany law purposes, for the financial year for which the financial statements are prepared is
consistent with the financial statements., and
the Directors, Report included within the Trustees, Report has been prepared in accordance with
applicable legal requirements.
Matters on whlch we are requlred to report by exceptlon
In the light of the knowledge and understanding of the charitable company and ils 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 in relation to which the Companies Act 2006
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
reTrived from branches not visited by us., or
the financial slalements 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., or
the trustees, were not entitled to prepare the financial statements in accordance with the small
ompanies regime and take advantage of the small companies, exemptions in preparing the trustee5'
report and from the requirement to Prepa￿ a strategic report.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement set out on page 5 the trustees (who are also
the directors of the charitable company for the purposes of company lawl are responsible for the preparation of
the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control
as the Iruslees determine is necessary lo enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial slalements, the Iruslees are responsible for assessing the charitable company's
ability to continue as a going concern, disclosing, as applicable, matters related lo 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.

THE CHAMBER ORCHESTRA OF EUROPE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CHAMBER ORCHESTRA OF EUROPE {CONTINUED)
Auditor's responsibilities for the audit of the financial Statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
from material misslatemenl, whether due to fraud or error, and lo 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 IUKI will always detect a material misstatement when il exists. Misstalemenls can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial slatemenls.
Irregularities, including fraud, are Instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularib'es, including fraud. The exlenl lo which our procedures are capable of delecling irregularities,
including fraud is detailed below..
We tailored the scope of our audit to ensure that we performed sufficient work lo be able lo give an opinion on
the financial statements as a whole. We used the oulpuls of a risk assessment, our understanding of the
company, its environment, its controls and critical business processes, to consider qualitstive factors in order
lo ensure that we obtsined sufficient coverage across all financial statement line items.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws
and regulations lirregulariliesl and ffftud that are material to the financial statements. In identifying and
assessing risks of material misstatement in respect of irregularities including non-compliance with laws and
regulations, our prO￿dureS included but were not limited to..
al planning stage, we gained an understanding of the legal and regulatory framework applicable to the
charitable company, the Industry In which they operate and considered the risk of failing lo comply with
these legal and regulatory requirements",
we discussed with Trustees and staff members the policies and procedures in place regarding
compliance with laws and regulations",
we discussed amongst the engagement team the identified laws and regulations, and remained alert
to any indications of non-compliance., and
during the audit, we focused on areas of laws and regulations that could reasonably be expected to
have a material effect on the financial slalements from our general commercial and sector experience
and through discussions with the Trustees las required by auditing standards), from Inspection of the
charitable company's regulatory correspondence and review of minutes of Trustees, meetings in the
year.
We also considered those other laws and regulations that have a direct impact on the preparation of financial
slalements, such as the Companies Act 2006 and the Charities Act 2011.
Our procedures in relats'on to fraud included but were not limited to..
inquiries of Trustees and staff members whether they have knowledge of any actual, suspected or
alleged fraud.,
gaining an understanding of the internal controls established lo mitigate risk related lo fraud.,
using analytical prO￿dureS lo identify any unusual or unexpected relationships.,
discussion amongst the engagement team regarding risk of fraud such as opportunities for fraudulent
manipulation of financial stalemenls., and
scrutiny review of unusual transactions and entry into sensitive nominal ledger accounts.
The primary responsibility for the prevention and detection of irregularities including fraud rests with the
Trustees. As with any audit, there remained a risk of non-deleclion of irregularib'es, as these May involve
collusion, forgery, intentional omissions, misrepresentslions or the override of internal controls.

THE CHAMBER ORCHESTRA OF EUROPE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CHAMBER ORCHESTRA OF EUROPE {CONTINUED)
Auditor's responsibilities for the audit of the financial Statements {continued)
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstalemenls in the financial stalemenls, even though we have properfy planned and performed our
audit in accordanTr with auditing standards. For example, the further removed non-compliance with laws and
regulations is from the events and transactions reflected in the financial statements, the less likely the
inherently limited procedures required by auditing standards would identify it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website al.. https'.Ilwhw.frc.org.uklauditorsresponsibililies. This description forms part of
our Auditor's Report.
Use of our report
This report is made solely lo 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 slate lo the
charitable company's members those matters we are required lo slate lo them in an audilorfs report and for no
other purpose. To the fLJllest 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.
Senior Statutory Auditor
For and on behalf of Lewis Golden LLP
Chartered Accountants and Statutory Auditors
40 Queen Anne Street
London W1G 9EL
Dale.. 6 June 2022

THE CHAMBER ORCHESTRA OF EUROPE
STATEMENT OF FINANCIAL ACTIVITIES
lincluding an income and expenditure account)
FOR THE YEAR ENDED 31 DECEMBER 2021
Notes
Unrestricted
Funds
2021
Unrestricted
Funds
2020
Income and endowments from..
Donations and legacies
Charitsble activities
765,178
767,370
872,486
451,750
Other
254,004
461,940
Totsl income and endowments
1,891,668
1,681,060
Expenditure on:
Charitsble activities
11,695,731)
11,368,180)
Totsl expenditure
11,695,731)
11,368,180)
Net income
195,937
312,880
Net movement in funds
16
195,937
312,880
Total funds brought forward
2,014,035
1,701,155
Total funds carried forward
16
2,209,972
2,014,035
10

TME CHAMBER OftCH￿RA OF EUROPE
AS AT 31 DEGEMBER 2021
11
227Q011
2.(J)4.134
2.305,374
1032,864
(101,(k811
12B.I
2204.323
2,￿,￿2
ZIM4ms
2AOO,9TI
2.014.1
2.2rAI&T2
2.Ot4mS
aprlBth UK wvj R•* (FRS 1021 •*ttcffl. qllw1￿ l J•yJay Z5191. Urthr B•¢4)n
20
11

THE CHAMBER ORCHESTRA OF EUROPE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
Notes
2021
2020
Net cash inflow from operating activities
18
271,877
286,261
Increase in cash and cash equivalents during the year
271,877
286,261
Cash and cash equivalents al the beginning of the year
2,004,134
1,717,873
Total cash and cash equivalents at the end of the year
2,276,011
2,004,134
12

THE CHAMBER ORCHESTRA OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting policios
1.1 Basis of preparation
The financial slalements have been prepared under the historical cost convention and have been
prepared in accordance with Accounting and Reporting by Charities.. Slalement of Recommended
Practice applicable to charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland IFRS 102112twJ edition, effective 1 January 20191
and the provisions of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021.
The charitable company meets the definib.on of a public benefit entity under FRS 102.
1.2 Going concem
The trustees have considered a period of 12 months from the dale of approval of the financial
statements when considering the going concern status of the charity. The charity reported an Increase in
cash and cash equivalents of £271,877 for the year and has unrestricted reserves of £2,209,972. There
are no material uncertainties regarding the going concern status.
1.3 Income and endowment$
(i) Donations and legacies
Income from Friends, donations and legacies are recorded on a receipts basis. Donated goods and
services are recorded by recognising an equal donation and expense at the fair value of the resources
received.
(li) Income from charitable activities
Revenue from concerts and recordings are recorded on the accruals basis.
(iii) Otherincome
Other income is recognised on the accruals basis when the charity has entidement to the income, it is
probable that the income will be received by the charity and the income can be measured reliably.
1.4 Expenditure
Expenditure in the statement of financial activities is dealt with on the accruals basis and is classified as
follows..
(i) charitable aGlivilies
This comprises all costs expenditure incurred by the charity in meeting its charitable objectives.
1.5 Accumulated funds
The unreslricled income funds represent the funds of the charitable company which are not designated
for particular purposes.
Any funds receivable during the relevant aceounling period bul not utilised are carried forward as part of
total charity funds.
1.6 Tangible fixed assets and depreciation
Tangible fixed assets are slated at cost less depreciation. Depreciation is provided on all tangible fixed
assets (other than freehold landl al rates calculated lo write off the cost less eslimaled residual value of
each asset over its expected useful life as follows..
Musical instruments
Computer equipment
250/0 reducing balance
250/0 reducing balance
1.7 Debtors
Short term debtors are measured at the transaction price, less any impairments. Loans receivable are
measured initially al fair value, net of transaction costs, and are measured subsequently al amortised
cost using the effective interest rale method, less any impairment.
13

THE CHAMBER ORCHESTRA OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
Accounting policies {continuod}
1.8 Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held al call with financial
institutions and other short-term highly liquid investments that mature in no more than three months from
the date of acquisition and that are readily convertible lo known amounts of cash with insignificant risk of
change in value.
1.9 Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank
loans, are measured initially at fair value, nel of transaction costs, and are measured subsequently al
amortised cost using the effective interest rale method.
1.10 Forelgn currency
Transactions in foreign currencies are recorded at the rale ruling al the dale of the transacts'on. Monetary
assets and liabilities denominated in foreign currencies are translated at the rale of exchange ruling al
the balance sheet dale. All differences are taken to the Slalement of Financial Activities (including an
income and expenditure accounti.
1.11 Music library
No value is placed on the charitable company's library of music.
1.12 Presentational curroncy
The financial statements are presented in Sterling, due lo the company being based in the United
Kingdom, while the functional currency of the company is Euros.
1.13 Pgnsions
Defined contribution pension scheme
The company operates a defined contribution scheme for its employees. A defined contribution scheme
Is a pension scheme under which the company pays fixed contributions into a separate entity. Once the
onlributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the ststemenl of financial activities when they fall
due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the
scheme are held separately from the company in independently administered funds.
1.14 Financial instruments
lil Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are inilialty
recognised al transaction price, unless the arrangement constilules a financial Iransaclion, where the
transaction is measured at present value of future receipts discounted at a market rale of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
14-

THE CHAMBER ORCHESTRA OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
Accounting policies {continued)
1.14 Financial instruments {continued)
At the end of each reporting period, financial assets measured al amortised cost are assessed for
objective eviden￿ of impairment. If an asset is impaired, the impairment loss is the difference be￿een
the carrying amount and the present value of the eslimaled cash flows discounted al the asset's original
effective interest rate. The impaimenl loss is recognised in the Statement of Financial Aelivilies
{including an income and expenditure accounll. If there is a decrease in the impairment loss arising from
an event occurring after the impairment was recognised, the impairment is reversed. The reversal is
such that the carrying amount does not exTred what the carrying amount would have been had the
impairment not previously been re¢(￿nIsed. The impairment reversal is recognised in the Statement of
Financial Activities (including an income and expenditure accountl.
Financial assets are derecognised when..
lal The contractual rights lo the cash flows from the asset expire or are settled., or
Ibl Subslanlially all the risks and rewards of the ownership of the asset are transferred to another
party," or
{cl Control of the asset has been transferred to another party who has the practical ability to
unilaterally sell the asset lo an unrelated third party without imposing additional reslriclions.
Basic financial liabilities, Including trade and other creditors that are classified as debt are initially
recognised at transaction price Ljnless the arrangement constitutes a financing Iransaclion. where the
debt instrument is measured at the present value of the future payments discounted at a market rate of
interest.
Debt instruments are subsequenuy carried at amortised cost, using the effective interest rale method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Trade creditors are recognised initially at transaction pri￿ and
subsequently measured al amortised cost using the effective interest method.
Financial liabilitie5 are derecognised when the liability is extinguished, this is when the conlraclual
obligation is discharged, cancelled or expires.
lili) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements
when there is a legal￿ enforceable right to set off the recognised amounts and there is an intention to
settle on a net basis or to realise the asset and settle the liability simultaneously.
2 Income and endowments
Income generated from charitable activities is staled nel of value added tax, and represents amounts invoiced to
third parties.
3 Other income
2021
2020
EU VAT reclaim
Royalties
Insufftnce claims
Orchestra lax relief
3,462
14,214
12,746
223,582
6,958
1,965
627
452,390
254,004
461,940
15

THE CHAMBER ORCHESTRA OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
Expenditure on charitable activities
Notes
2021
2020
Dlrect:
Players, fees and expenses
Tour management fees
Travel expenses
Artists, fees
Perfomance ￿lated costs
Withholding tsx
617,433
104,399
246,359
107.379
185,655
17,795
568,916
113,565
248,119
109,670
114,402
10,500
Indirect-
Wages and salaries
Employer's national insurance
Pension contributions
Telephone, postage, printing and sundry office supplies
Foreign exchange lossesllgainsl
Governance costs
179,086
16,636
11,133
42,555
107,555
69.746
179,098
16,759
11,028
44,544
1117,8801
69,459
1,695,731
1,368,180
Players, fees and artists, fees include payments made to independent professionals for the provision of
services to the Orchestra. These fees include subsistence costs where applicable.
Withholding tax Is deducted from gross concert fees for performances in Germany and is non-
recoverable due to the charitable company not being liable for corporation tax.
Governance costs
2021
2020
Auditor's remuneration
Accountancy fees
Bank charges
18,113
27,204
14,429
24,850
27,204
17,405
59,746
69,459
Auditor's remuneration
2021
2020
Audit fees
Accountancy and other services
14,631
3,482
20,363
4,487
18,113
24,850
16-

THE CHAMBER ORCHESTRA OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
Donations in kind
During the current and prior year, the charitable company benefited from the provision of office facilities
and equipment made available by Friends of the charitable company. The Iruslees are of the opinion
that it is not practical lo quantify this donation in kind, as the work required in obtaining professional
advice would outweigh any possible benefit. The eharilable company also received a donation in kind by
way of a reduction in audit fees of £2,750 12020.. £1,243) for services provided by Lewis Golden LLP.
This donation in kind has not been recognised in arriving at the nel expenditure for the year.
Taxation
The charitable company is a registered charity and is not liable to corporab.on tsx in the United Kingdom.
staff costs
2021
2020
Wages and salaries
Social security costs
Pension contributions
179,086
16,636
11,133
179,098
16,759
11,028
206,855
206,885
Average number of employees during the year..
2021
Number
2020
Number
Administration
No employee re￿iVed emoluments exceeding £60,000 in the current or prior year.
During the current and prior year none of the trustees lor any persons connected with them) re￿iVed
any remuneration or reimbursement of expenses.
17

THE CHAMBER ORCHESTRA OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
10 Tanglble flxed assets
Musical
instruments
Computer
equipment
Total
Cost
At 1 January 2021
44,178
3,236
47,414
Additions
At 31 December 2021
44,178
3,236
47,414
Depreciation
At 1 January 2021
36,747
3,134
39,881
Charge for the year
1,859
25
1.884
At 31 December 2021
38,606
3,159
41,765
Net book value
At 31 December 2021
5,573
76
5,649
11
Debtors
2021
2020
Trade debtors
Other debtors
Prepayments and accrued income
9,028
8,827
10,865
7,804
21,559
29,363
28,520
Financial assets that are debt instruments measured at amortised cost comprise trade debtors and
accrued income amounted to £nil12020". £15,076).
12 Creditors: amounts falling due within one year
2021
2020
Trade creditors
Taxation and social security
Accruals and deferred income
34,040
6,842
60,169
17,9571
8,558
25,551
101,051
26,152
In the current year, accruals and deferred income includes £41,669 of deferred income in relation lo
concerts lo be performed in 2022. There was no deferred income recognised in the prior year.
Financial liabilities measured at amortised cost comprise trade creditors, general accruals lexcluding the
audit fee accrual) amounted lo £34,04012020'. asset of £1,156).
18

THE CHAMBER ORCHESTRA OF EUROPE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
13 Contingent assets
The contingent asset that has not been recognised in the Balance Sheet is the potential Orchestra Tax
Relief receivable for the year ended 31 December 2021. The Iruslees expect lo make a claim, however
the value and timing of this receipt is uncertain. The Iruslees hope to re￿1ve approximately 25'/o of the
eligible expenses incurred prior to 27 October 2021, temporaiily increasing to 50010 of the eligible
expenses thereafter until 31 March 2023.
14 Status of the charitable company
The charitable company, a registered charity, is a company limited by guarantee and not having share
capital. The subscribers lo the Memorandum of Association, and any other persons which the
ommittee admit, are members of the charitable company. Al present, the membership is 312020.. 31,
each member guamnteeing the charitable company up lo an amount of £1. There is no controlling party.
15 Related party transactions
There were no related paty transactions or balances during the current or prior year.
16 Total charlty funds
2021
2020
At 1 January 2021
Nel income
2,014,035
195,937
1,701,155
312,880
At 310ecember 2021
2,209,972
2,014,035
17 Analysis of net assets
2021
2020
Fund balances as at 31 December are represented by..
Fixed assets
Debtors
Cash at bank
Creditors." amounts falling due within one year
5,649
29,363
2.276,011
1101,0511
7,533
28,520
2,004, 134
126,1521
At 31 December
2,209,972
2,014,035
All funds are unrestricted.
18 Reconciliation of net movement in funds to net cash flow from operating activities
2021
2020
Nel movement in funds
Add". dèpreciation charge
Ilncreaselldecrease in debtors
Increaselldecreasel in creditors
195.937
1,884
18431
74,899
312,880
2,520
61,419
190,5581
Nel cash flows from operating activities
271,877
286,261
19