Company Re91Stration No. 01587684 IEngland and Wales) Charity Registration No. 283484 (England and Wales) THE CHAMBER ORCHESTRA OF EUROPE (Limited by guarantee and not having share capital> TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE CHAMBER ORCHESTRA OF EUROPE CONTENTS Page Legal and administrative information Truslees, report Independent auditorfs report 8- 11 Statement of financial activities {induding incorne and expenditure account) 12 Balance sheel Sta*errenl of cash flows 14 Notes to the financial staterllenls 15-21
THE CHAMBER ORCHESTRA OF EUROPE LEGAL AND ADMINISTRATIVE INFORMATION Truste8s, DlrectOTS and Executive commlttee John Peter Abercromby Readman Thlichael Graham Hoare James Judd Secretary Michael Graham Hoare Company Registration No. 01587684 Charity Registratlon No. 283484 Prlnclpal offlce North House 27 Great Peter Street London SW1P 3LN Registered office 40 Queen Anne Street London W1G 9EL Auditors Lewis Golden LLP Chartered Accountants and Stalulory Auditors 40 Queen Anne Street London W1G 9EL Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Sollcltors BDB Pitmans LLP 1 Bartholomew Close London EC1A 7BL Website www.coeurope.org
THE CHAMBER ORCHESTRA OF EUROPE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Tnjstees {who are a150 the Directors) are pleased lo present their report, together with the financial statements ol the company lor the year ended 31 December 2022 which also represents the Directors. report as r8quired by s415 of the Companies Act 2006. The financial statements have been prepared in accordance with accounting policies set out on pages 15 10 17 and with applicable Unite(J Kingdom 8ccounllng standards, CL¢rrenl statutory requirements, the Charities Act 2011, the Companies Act 2006 (Charitable Companies), AOunting and Reporting by Charilies.. Statement ol Recommended Practi Applicable to Charities Preparing their accounts in accordance with the Financial Reporting Standard Applicable in Ihe UK and Republic of Ireland IFRS1021 (2nd Edition, effective January 20191 I'charities SORP'I, the Financial Reporting Standard applicable in the United Kingdorn and Republic of Ireland I'FRS 102,1 and the charity's goveming docuwenl. The legal and adminislralive inforTnalion sel out on page I lomis part of this report. The company and 5ts ¢haritable objectives for the publle beneflt The Chamber Orchestra of Europe ICOE} is a company limi18d by guarantee and not having sha¥e eapital (Company Registration No. 015876841. It is govemed by its Memorandum and Articles of Association dated 25 Septembei 1981. and is a registered ¢harily {Ch8rity Registration No. 2834841. Legal and administrative inlomatson, as Set out on page 1, forms part of this report. The objectlVè5 of the Qrcheslra are lo promote the p¢rfotmance of works of classical music so as lo increase public 18Ste and appreclation for the art of music. A5 well as being Leaders and PTincipals 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 influence5 the players, own work during the re51 of the year, olably in a w¢de range of educational projects in which they are involved, rraking the Orchestra a truly impressive example of co-operation between individual European nations. The Gharnber Or¢heslra of Europe has been able to implement a European Partnership Srhewe with a group of major concert halls and 18slivals across the conb'nenl. These inelude the Cite de la Musique in Pari5, the Concertgebouw in Amslerclam, the Philh8rmonie in Cologne, the Teatro Communale in Ferrara, and the Lucerne and Salzburg Mozartwoche Feslivals. Th859 partnerships enhance the Orchestra's financial and artisti¢ stability, increase its profile. and ensure that ils Dbjectives can be sustainable in the long lerm. The Chamber Orchestra of Europe Academy was devel(wd In 2009 order to give se1e¢ted students the chance to study with the principal players ol the Chamber Orchestra of Europ8 and be inspired by the Orchestra's unique ethos and passion for making mu51c. The Trustees confirm thal in accordance with section 4 of the Charities Act 2006 they have referred to the Charity Commission's general guidance on public benefit when reviewing the Cha¥ity's aims and obje¢lives and in pL3nning their future 8clivilies. Organi5ation The charitable comp8nls administration is under the control of the Trustees. The Trustees during the year to 31 December 2022 were.. J.P.A. Read¥nan Ichairmanl M.G. Hoa Isecrelaryl J. Judd (Direclorl Mo TrusteelDirector received any remuneration in the year to 31 December 2022, and no travel or other expenses were paid on behalf of any Tnjstee.
THE CHAMBER ORCHESTRA OF EUROPE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED) Method of appolntment of Trustees The appointment of TrusteeslDireGtors is govemed by the Memorandum and Articles of Association. In accordance with the ¢harit8ble companls Articles of Association Peter Re8drnan retires by rotation and. being eligible, offers hirnsell for re-election. Results for the year ended 31 December 2022 The results for the year on page 12 of the financial slalements show a net deficit for the year of £61,944 reducing reserve5 at the end of the year to £2,148,028. Achl8vem•nts and P8rforman¢e A5 Wtth the first half of 2021, COVID slruGk us again al the beginning of 2022 with our first concert of the year at the Salzburg MozarbKoche Festival in January being cancelled al the last moment. Our firsl tour of thè yèar was thèrèforè a series of concert5 In Norway and Denmark in February with Venezuelan conductor Rafael Payare and Norwegian violÉnist Vilde Frang. Together we performed Mozart's Don Giovannl Overture, Schumann's Violin Concerto and Beethoven's Symphony No. 3 'Eroica' in Oslo, Bergen and also Aalborg Denmark. AIS Ihe venues were extremely welcoming and the Orchestra {COEI performed all concerts lo sold-out halls and enlhusiaslic applause. According to Ihe Oslo Aftenposten.. °The orchestra shows enormous elasticity and pl8ys with a great dynamic range and enormous precision. It's like the orchestra is onè musician instead of about forty." In March we worked with Robin Ticciali and 3150 Jean-GLJihen QLJeyras, with whom we had last toured in 2017 with Yannick Nézet-séguin. Although our concert in Ludwigshafen was cancelled. again as a result of COVID, our concert at the Kammermusiksaal der Philharmonie Berlin still went ahead and we performed Mendelssohn's Hebrides Overture, Schumann'5 Cello ConGerto and Beethoven's 6th Symphony, the 'Pastoral'. Later in March the Orchestra began ils role as the new orcheslra-in-residence at the Esterhazy Palace in Eisensladl with a concert featuring Fazil Say. The COE was selected by a group of six world-renowned musicians and Gultural managers in a multistage process. The residency is for a period of Ihree years during which the Orchestra will undertake at least four concert projects per year in the Haydns881 of the Esterhazy Palace. The concerts will be performed both for the HERBSTGOLO-Festival and for the concert series classic.Esterhazy. In this Conlexl. an extensive audio visual partnership has been formed belween the Orchestra, the Esterhazy Pala and medici.Iv, the world's leading Gla5sical mLJSie channel. All of the COE'S con¢erts in Eisenstadt will be 51re8med live on medi¢i.tv. with on-demand replays available to audience5 woddwide. The concert was repeated at the recently opened Isarphilharmonie in Munich. In May, the Orchestra was thrilled to work for the second time with hrtoldovan-Austrian Violinist Patricia Kopatchinskaja and for the very first time wlh Czech conductor Jakub Hrusa. Together they travelled to Italy and performed Beelhoven's Violin Concerto and Schumann's SyTnphony No. 2 in Pisloia and Bologna. The COE'S first project with Patricia happened in May 2016 when we gave six concerts together in Italy, Switzertand and France. Over just a coijple of weeks, a strong connection developed between Patricia and the COE and when Dne of the COE violinists was taken ill for the second half of the concert Borde8ux, Patricia offered lo joln the first violins, performing Beelhoven's Symphony No. 7 as if she had always been part of the Orchestra. In her words, plawng Wlth the COE is'notjusl a dream, but a dream within a dreaml Later in May. the Orchestra was delighted lo be working again with FranGois Leleux. Franpis is véry special to all of us al the COE as he was our prfncipal oboe for some years. Like a number of wind players in the COE over b'me - Thierry Fischer, Dou918 Boyd, Jaime Martin he developed his career as a conductor and is now Artistic Partner of Camerata Salzburg and Artist-in-Residence at the City of Birmingham Symphony Orchestra. This time, FTanGois performed his own arrangernents for ob08 and orchestra of arias from Moz8rt's operas The Magic Flute and Don Giovanni, as well as CiFn8Tosa's Concerto for Oboe and Strings. Widmann's Arla for violin, viola and eleven strings, Haydn's Symphony No. 22 and Moxart's Symphony No. 28 were directed by the COE Leader Maria Wloszczowska.
THE CHAMBER ORCHESTRA OF EUROPE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED) Achievement5 and Performanc• (continued) In June, we met up with Simon Rallle for our first-ever major lour with him foll<)wing our first concert together in Berlin in October 2020 in the middle of Ihe COVID-19 global pandemic. This Iirst encounler with him was a very emotional lime for the COE mu5iGians who had not had the opportunity to play together since February that year. They were alsts Ljnsure when they would be able lo play again alter these concerts with Simon and NOegIan violinist Vilde Frang at the Berlin Philharmonle. 11 was in these surreal clrGumstances that the COE embarked on ils very firsl project with the British conductor with whorn il had been trying to work for years, We were therefore very much Iwking fonmard lo this substantial tour, featuring five concerts in Dresden, Luxemburg, Cologne, Vienna and Hambury with Simon's wile Magd8len8 Kozena and tenor Andrew Staples performing Mahler's Das Lied von der Erde. The programme also included Richard Strauss's Metamtsrphosen. written lor 23 solo slrings at the end of the Second World War. The tour was a gre3t triumph for all involved and led to Sirnon Rattle committing to many futLJre projects with Ihe COE in the coming years. In June and July the COE was very pleased to be working for the second time with the Canadian pianist Jan Lisiecki after th8ir fiTSt proj8ct together with Yannick Nézet-séguin b8ck in 2015. This series of concerts was postponed from June 2020 when we were going to celebrate Beethoven's 250th birthday wth a Beethoven Piano Concerto cycle in a number of German cilies and festivals. This series of concerts was split into two Parts, the first at the Klavier-Festival Ruhr in Wuppertal, Dortmund and Ludwigsburg at Ihe end of June, the second part al the Rheingau Musik Festival in Wiesbaden where they perfomied the entire cycle in two concerts at the end of July. Also in July, we returned to our residency at the Baden-Baden Festspielhaus which marked the 10th anniversary of our collaboration wth Y8nnick Nezet-seguin at this special venue. Followng performances and ordings ol Mozart's late operas for Oeutsche Grammophon - Mozart's Cosi Fan Tulle, Enlfohrung aus dem Serail, Le Nozze di Figaro, La Clemenza di Tilo and The Magic Flut8 we have recenlly mov8d on lo orchestral repertoire, most impcirtant1y performing and recording a Beethoven Symphony Cycle in 2021 a5 soon as restrictions due to the COVID-19 pandemic began to be lifted. The resulting recording was released to great critical aGclaim. In 2022 we performed Brahms's Symphonies Nos. 1 and 2 together with piano concertos by Clara Wieck-schumann and Robert Schumann with Bealrice Rana. We also perfomed Brahms'5 Piano Concerto Nos. 1 and 2 with Seong Jin Cho and Symphonies Nos. 2 and 3 by Xlxlh century French composer Louise Farrenc. The Brahms Symphonies were recorded for Deuische Grammophon with 8 view to completing the set this summer in Baden-Baden. Warner Classics recorded Clara Wieck-schumann's Piano Concerto No. 1 and Robert Schumann's Piano Concerto with Beatrice Rana and released Ihe CD to iniernational acclaim in Febrtjary this year. In September, we relumed lo the Settimane Musicali di Ascona to perform with pianist- and artistic direclor of the festival - Franc85co Piemonlesi. He invitBd the COE ID the festival for the first time ill 2016 when our first project together was with Roger Norrington in a programme by Haydn and Beethoven. We were then invited back in 2019 with conductor Joshua Wei5erslein and performed works by Brahms, Liszt. Haydn, Kodaly, Bartok and Golljov, which were based on the theme 'D8n¢es'. For reasons we all know, the Orche51ra was unable to perform at ihe Festival in 2020 and 2021 and we were delighted lo have been invited again in 2022 to work wlh Francesco Piemontesi and conductor Robin T1ccia. Later in September, following the launch of the COE'S residency al the Schloss Esterhazy in Eisenstadt back in March 2022, we opened the HERBSTGOLD Festival with concerts with the Festival's artistic director Julian Rachlin and COE Honorary Member Andras Schiff For our first-ever concert with violinist Julian Rachlin we perfoimed Brahms's Violin Conrt0 in D major, Haydn's Symphony No. 49 'La Passione, _ echoing the maln theme of the 2022 festival 'Passion' and a le51imony lo the heritage of the Schloss Esterhazy, Haydn's workplace and Beethoven's Symphony No. 7. For the second concert, the Orchestra performed Haydn's Piano Concerto No. 11 in D major. Bartok's Divertimento for string orchestra and Haydn's Symphony No. 104 'London' with our close friend Andras Schiff.
THE CHAMBER ORCHESTRA OF EUROPE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 ICONTINUED) Achievemènis and Performance Icontinuedl For a number of years now, the Orchestra and the Kronbèrg Academy have been working in partnership, with the COE being Invlted lo perforTll 8 number ol limes in Kronberg, including for the celebration ol the Academsls 25th anniversary in 2018. We are thrilled Ihal this partnership has resulted in an invitation to become or¢h8stra-in-residence al the AGadomy's brand new Casals Forum Whe we can rehearse before tOLJrs as well as perfomi smaller scale concerts with some of th8 KronbeTg Academy sludenls and teachers. For the celebmtion of the opening of the Casals Forum in Seplembei, we perfomied a series of private concerts for the Kronberg Academy's sponsors and friends as wel5 as a public concert and a chamber concert to celebrate the long-awailed grand opening of the Casals Forum. Joining the Ord)estra were Andras Schiff as well as world-class artists such as Isabelle Faust, Steven Isserlis. Tabea Zirnmerman, Antoine Tameslit and Vadim Gluzman, The repertoire for the public ¢oncert included Beelhoven's Overture in C Major "The consecration of the house" and Piano Concerto No. 1 as well as Brahms's Concerto for Violin and Cello in A minor. At the end of the month, the Orchestra, FranGois Leleux and Lisa Baliashvili perfomed al the Mozart+Fesl, three-day festival in celebration of the inauguration tsf the Mozarteum's new foyer and the completion of the first stage of the renovation of the GroQer Saal. The programme featured Mozart's Symphonies Nos. 28 and 40. Mozart's Violin Concerto in A major and Bellini's Oboe and slrings concerio. Then in October, the Orchestra was joined by pianisl Dénes Vaoon and violinist Veronika Eberle to perfomi Haydn's Symphony No. 34, HLJmmel's Concerto for Piano. Violin and Orchestra, Janacek's Concertino and Mendelssohn's Concerto for Piano, Violin and Strings. We then performed al the Kammermusiksaal der Philhatmoni8 in Berlin and al the Schloss Eslerhazy in Eisenstadl, with some of our players and Dénes then travelling lo Budapest lo give a concert in the Grand Hall of the Liszt Academy, featuring repertoire by Moiart, Janacek. Schubert and Dvorak. In November the COE was invited back lo South Korea, this lime with ihe generous support of Hyundat, for 8 series of concerts with Ukrainian conductor Kirill K$rabits and Korean pianist Sunwook Kim. We performed Iwo differanl programme8 lealuTing works by Beethoven, Mendelssohn and Schubert In Seoul, Daegu and Incheon. To end 8 most challenging and exciting year. the Orcheslra then joined Tony Pappano for seven concerts in Oviedo. Athens, Ferrara, Milan, Munich, Antwerp and Cologne. Thesg performances featured star violinist Janine Jansen, another very close friend of the Orchestra and the programme induded Ravel's Tombeau de Couperln, Prokoliev's Violin Concerto No. 1, Dvorak's Serenade for Strings and Kodaws Dances of Galanta. All in all 2022 provided an excepuonal year of music-making for all the members ol the Orchestra and the team behind the scene5 and was a massive relief following the IraLJmas of 2020 and 2021. FinJnce and sponsorship We continue lo be very lortunale to benefit from the significant support of The Gatsby Charitable Foundation and from our programme of support of the Princip81 position3 In the Orchestra. In 2022 we benefited 8gain from a meaningful grant lowards our eligible expenses from HMRC under ils orchestra tax reliet scheme which was introduced in April 2016. Above all, however, we received exceptional and very significant additional donations from The Galsby Charitable Foundation specificaSly to support our members, for which w8 ar imrllensely grateful.
THE CHAMBER ORCHESTRA OF EUROPE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED) Re58tves Pollcy At the end of the year the Orchestra had reserves of £2,148,028. The Orchestra requires a level of reserves 10 ensu sufflcienl resources to suppc>rt a programme of activity that involves development some years in advance. The TrLJstees also consider it appropriate lo have a certain level ol reserves lo mitigate some of the risks associated with working 8cross Europe at a lime of uncertainty caused by the effects of the war in Ukraine. Given the current Unrtain conditions throughout Europe and the significant increase in hotel and travel costs, the Trustees consider the reserves held at the year end lo be vital to ensure the Orcheslr8'9 fulure. The reserves of the charity are constantly reviewed by the Trustees to ensure they are appropriate lo support the activilies of the charity. The Trustees sel budgeis al the start Df the year 8nd VIeW actual income and expenditure against these budgets at regular Trustee meetings. Major Rlsks The major risks to which the COE is exposed are constantly reviewed by the Tru5tee5 and, to the extent possible, systems have been put in place to mitigate those risks. Specifically, these includè de81ing with the massive consequences of Brexit, Covid and the war in Ukraine to which the COE is as vulnerable as any British orchestra. However, with the healthy level of reserves and additional grants from The Gatsby Charitablts Foundation there is every prospect that the Orchestra reTllains in a reasonable position to weather the current kjncertainties. Future Actlvltios Al the beginning of 2023 we paid our first-ever visit lo the Canary Islands to give con¢erts w((h a great friend of the Orchestra, Pierre-Laut Aimard and to work for Ihtr first lime with conduclor Andres OrozctFEslrada. It was a greal time for the Orcheslra tD be away from the winter in Europe and experience Iwo remarkable concert ha115 with enlhusiaslic audiences. From the Canaries, the Orcheslra made its way to Sa12burg for its first visit to the Mozartwoche Feslival since 2020. Again, with Andres Orozco-Estrada conducting, Ihe Orchestra was joined by Seong Jin Cho for a perfornian of Mozart's Pi8no Concerto K.466, 8 work he had already played and e0rded with the COE and Yannick Nézet~Séguin in Baden-Baden. Aftei a short paus8, the Orchestra regrouped in Bordeaux for a major tour with Robin Ticciati with wncerts in Bordeaux, Hamburg, Berlin, Eisenstadt and Bregenz. featuring soloist Lisa Batiashvili, another great friend of the OrGheslra, playing Beelhoven's Violin Concerto. These concerts were received with rapturous acclaim and cemented Ihe burgeonlng partnershlp betsveen Robin Tl¢clati and Ihe entire Orchestra. Comlng projects Include a tour with Herbert Blomstedt in May, a special concert with Bryn Terfel and Robin Ticciati at the Renconlres Musicales in Evian in June, followed by 8 retum to the Baden-Bad8n Feslspielhaus in July with Yannick Nézet-seguin lor performances and recordings of Brahms'5 Syrnphonies Nos. 3 and 4. In August, we team up again with Daniel Harding and then return lo Eisenstadt, Kronberg and 8onn for a significanl number of concerts in the Autumn wth conductors and soloists including Julian Rachlin, John Eliot Gardiner. Robin Ticciati, Alice Coole, Allan Clayton. Kirill Gerstein, Christian Tetzlaff and Augustin Hadelich. At the end of the year. we look forward to performing with Andrew Manze and Jan Lisiecki before campleling 2023 with a major European lour with Tony Pappano and Beatrice Rana.
THE CHAMBER ORCHESTRA OF EUROPE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED) staternent of Trustees. responslbllltles The Trustees (who are also Directors of The Chafnber OTchestra of Etjrope for the purposes of company lawl are responsible for preparing the Trustees, Report and financial statements in accordance with applicable law and regul81ions. Company law requires the Truslees to prepare financial statements lor each financial year. Under that law Trustees must prepare the flnancial 51alements in accordance wth United Kingdom Generally Accepted Accounling Practice Iuniled 'ngdoM Accounting Standards and applicable lawl. Under company law the Trustees must not approve the financial slalements unless they are satlsfied that they give a true and fair view of the state ol affairs of the chaiitable company and ol the incomng resources and application of resources, including the income and expenditure, of the charitsble company for that period. In preparing these financial statements, the Tnjslees are required lo.. al select suitable accoLJnting poli¢ies and then apply them consistently., bl observe the methods and principles in the Charities SORP., cl make judgment5 and estimates that are reasonable and prudent., dl stale whether applicable UK accounts'ng standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and el prepare the financial 5latements on the going concem basis unles5 It is inappropriate to presume that the charitable company will ¢ontinLJe to operale. The Trustees are sponsIble lor keeping adoqualg ac¢ounling records that are sufficient lo show and explain the charitable compan¥s transactions and disclose with reasonable accuracy al ariy lime the financial posltion of Ihe charitable company 8nd enable them lo ensure that the Iinanci81 statements comply wlh the Companies Act 2006. They are also SponSible lor safeguarding the assets of the company and hence for taking reasonable 5tep5 for Ihe prevention and detection of fraud and other irregularities. The trustees are responsible lor the maintenance and integrity of the corporate and financial infonnation Included on the charitsble company's website. Legislation in the United Kingdom governing the preparation nd di558rnination of financial statements may differ from legislats'on in other jurisdictions. The Trustees confimi that so far as they are aware, there is no relevant audit information las defined by section 41813101 the Companies Act 20061 of which th8 ¢haTileble companls auditors are unaware. They have taken all the steps that they ought lo have taken as Tmstees in order to make themselves aware of any relevant 8udit information and to establish that the charitable companys auditor5 3re aware of that inlortnalion. By order of the Trustees A(hJA ohn Peter Abarcromby Readman Chairman Date..
THE CHAMBER ORCHESTRA OF EUROPE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHAMBER ORCHESTRA OF EUROPE Opinion We have aLJdited the financial statements of The Chamber Orch8slra of Europe (the 'ch8rilable COTnpanll for the year ended 31 December 2022 which comprise the Stal8menl ol Financial Activities lin¢ludlng an income and exp8ndilure accounll, the Balance Sheet, the Stalement of Cash Flows and Notes lo the financial statements. including a summary of significant accounting policles. The financial reportlng framework that has been applied In their prep3ration is appliG8ble law and Uniled Kingdom Accounting Standards, including Financial Reporting Siandard 102 The Financial Reporting Slanclard appliGablg in the UK and Republic or Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the linanc¢al statements.. give a true and lair view of the state of the charitable company's affairs as al 31 December 2022 and ol its incoming resources and application of resourGes, including its income and expenditure, for the year then ended", and have been properly prepared in accordance with United Kingdom Generally ACpted Accounling Practice., and have been prep8red in accordance with Ihe reqtjirements of ihe Companies Act 2006. Basis for opinion We conducted our audit in accordanc8 Wth Intemational Siandards on Audiling IUKI IISAS IUKII and applicable law. Our responsibilities Ljnder those siandards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independ6nl of the charilable company in 8ccordanGe with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilits.es in accordance with these requirements. We believe that the audit evidence we have obtsined is suffiGienl 8nd appropriate to provide 8 basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have conduded that the Trustees. use of the going concern basis of accounting in Ihe preparation of the financial statemen15 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 doubl on the enb'lls ability lo continue as a going concern for a p8riod of al 18asl tw8lv8 month5 from when the financial stalemenls a aulh0ri58d for issue. Our responsibilities and the r8sponsibililies of the Trustees with respect lo going concern are described in the relevant sects'ons of this report. other information The Ttustees are responsible for the other inforrnalion. The other information comprises the information included in the Trustees, Report other than the financial statements and our auditorfs report thereon. OLJr opinion on the financial statemenls does nol cover the other information and, except to the extent otherwise expli¢iVy stated in our ieport. we do not express any form of assurance Conclusion Ihereon. In ¢onne¢tion with our aijdit of the financial statements, Dur responsibility is lo read Ihe other Information and, in doing so, consider whether the other information is materially inconsistent with the financial stslements or our knowledge obtained in the audit or othetwise appears to be materi8lly missts18d. If we identify such material nconsislencies or apparent material misslalemenls, we are required to determine whether there is a material misstatement in the financial statements or a rwtaterial misstatement DI the other Information. 11, based on the work we have performed. we conclude that there is a material misslatemenl of this other infomiation. we are required to report that fact. We have nothing lo report in this gard.
THE CHAMBER ORCHESTRA OF EUROPE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHAMBER ORCHESTRA OF EUROPE ICONTINUED) Oplnions on other matters prescribed by the Companies Act 2006 In our opinion, based o>n the work undertaken in the course ol Ihe aLJdit.' the information given in the Trustees, Report, which includes the D¥re¢lor8' Report prepared for company law purposes, for the financial year for which the financial slalements a prepared is consistent with the fi'nancTral statements", and the Oirectors, Report induded within the Trustees, Report has been prep8Ted in accordance with applicable legal requirement5. Matters on whl¢h we are requlred to r&port by exc¥ptlon In the 1Sght of the knowledge and understsnding of the charitable company and ils environment obtsined in the course of the audit, we have not idenlifsed materi81 misstatements in the Trtjstees, Report. We have ncjlhing 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 relums adequate for ou¥ audit hav8 not been received from branches nol visited by us., or the financial stalements are not in agreement with the accounting rewrds and retums., or ertain disclosures of Trustees, rernuneTation specified by law are not made,. or we have not received all the information and explanations we reqkjire for our audit., or the Trustees, were not entitled lo prepare the financial statements in accordance with the small companies regime and take advantage ol ihe small companies. exemptions in preparing the Trustee5' report and from the requirement to prepare a strategic report. Responsibilities of Trustees A5 explained more fully in the TNstees' responsibilities statement set out on page 7 the Trustees Iwho are also the Directors of the charitable company for the purposes of company lawl are responsible for thè pr8paralion of the financial slalements and lor 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 slalements that 8re free from material misstatement, whether due to fraud or error. In preparing the financial siatements, the Trustees are responsible for assessing the charitable companls ability lo continue as a going concern, disclosing, as applicable. matters related lo going concem and using the going concern basis of aGGounting unless the Tru51ees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so.
THE CHAMBER ORCHESTRA OF EUROPE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHAMBER ORCHESTRA OF EUROPE (CONTINUED) Audltor's responslbllltlés for tho audlt of the flnancial statements Our objectives are lo oblaln reasonable assurance about whether the financial statements as a whole a free from material misstalement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuranGp, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect 8 material misstatement when il exists. Mis51atemenls can arise from fraud or error and a cDnsidered material if. individually or in the 8ggregate, they could reasonably be expected lo influence the economic decisions ol users laken on Ihe basis of these financial statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouilined above, lo detect rllalerlal misslalemenls in resped of IrgUIar11ies, induding fraud. The exlent io which our procedur85 are capable of detecting irr8gularities, including fraud is detailed below.. We tailored the scope of our audit to ensure that we perfoimed sufficient work to be able lo give an opinion on the financia5 statem8nts as a whole. We used the outputs of a risk assessment, aur understanding ol the company, its environment, Its controls and critical business processes, lo consider qualitative factors in order to ensure that we obtained sufficient coverage across all financial statement line items. Our audit procedures were designed to respond lo those Identified risks. including non-compliance with saws and regulations lirregularilie51 and fraud that are material to the financial statements. In identifying and assessing risks ol material mis5talem8nl in respect ol irregularities including non-compliance wth laws and regulations, our procedures included but were not limited lo.. at plannTng 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 poli¢ies and procedures in place regarding compliance with laws and regulations; we discusspd amongst the engagement team ihe 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 lo have a material effect on the financial sl81omenls from our general commercial and sector experionce and thmugh discussions with Ihe Trustees las required by auditing stsndardsl, from Inspection ol the charitable companls regulatory correspondence and review of minutes of Trustees, meetings in the ar. We also considered those other laws and regulations th8t have 8 direct impact on the preparation ol financial slaternenls. such as the Companies A¢t 2006 and the Charities Act 2011. Our procedures in relatson lo fraud included but were not limited lo.. inquiries of Trustees staff members whether they have knowledge of any actual, suspected or alleged fraud., gaining an understanding of the internal controls established to mitigate risk related lo fraud. using analytical procedures lo identify any unusval or unexpected relationships: discussion among51 the eng8gemenl team regarding risk of fraud such as opportunities for fraudulent manipLJlation ol f1nancial statements,. and scrutiny revlew of unusual transactions and entry into sensitive nominal ledger accounts. The primary responsibility for the prevention and detection ol irguIar1tieS including fraud rests with the Trustees. As with any audit, there remained a risk of non-detection Df irregularities, as these may involve collusion, forgery, inlentional omissions, misrepresentations 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) Auditorfs responsibilities for the audit of the f5nancial statements {continuedl Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in Ihe financial statements, even though we have properly planned and performed our audit in accordanoe with auditing standards. For exarnple, th& further reTnoved non-compliance with laws and regulations is from the events and transactsons reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. A further descripsion of our responsibilities for the audit of the financial stslements Is located on the Finanaal Reporting Council's website at.. https'.Ilwnw.frc.org.uk18udilorsr8sponsibilibes. This description forms part of our Auditor's Report. USÈ of our report This report 18 made solely lo the charitable company's members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Ad 2006. Our audit work has been undertaken so thal we might slate to Ihe charitable cornpany's members those matters we are required tu state to them in an auditor's report and for no other purptsse. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitablè ¢ompanls members as a body, lor our audit work, for this report, or for the opinions we have formed. Andraw Moss Senior Statutory Audltor For and on bèhalf of Lwls Golden LLP Chartered Accountants alld Stalulory Auditors 40 Queen Anne Street London W1G 9EL Dale.. 0610612023
THE CHAMBER ORCHESTRA OF EUROPE STATEMENT OF FINANCIAL ACTIVITIES (Includlng an income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2022 Notes Unreslrl¢ted Funds 2022 Unrestricted Funds 2021 Income and endowments from.. Donations and legacies Charitable activities 781,269 765,178 872,486 2,861,973 Other income 266,015 254,004 Total income and endowments 3,909,257 1,891,668 Expenditure on: Charitable aclsvities 13.971,2011 11.695,7311 Total expenditure 13,971,201) 11.695,7311 N81 lexpenditurel l income 161,9441 195,937 N8t movement In funds 16 161,944} 195.937 Total funds brought forward 2.209,972 2,014,035 Total funds carried forward 16 2,148,02B 2,209,972 12-
THE CHAMBER ORCHESTRA OF EUROPE BALANCE SHEET AS AT 31 DECEMBER 2022 Not85 2022 2021 Tangible f5xed assets 10 4.236 5.649 Current assets Debtors Cash at bank and in hand 11 248.005 2,009.737 29,363 2,276,011 2,257,742 2,305,374 Crédltors.. amounts falllng due wlthln one year 12 1113,9501 1101.0511 Net current asset5 2,143,792 2,204,323 Total assèts léss eurr•nt IlèbllStlès 2,148,028 2,209,972 Represented by:" Unresiricted inGome funds 2,148,028 2,209,972 Totsl charlly funds 16 2.148.028 2,209,972 These financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and RepubSic of Ireland IFRS 102112nd edition, 8ffEclive 1 January 20191 and in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. The financial statements were approvtrd and authorised for issue by the board.. John Peter Abercromby Readman Chalnnan Michael Graham Hoare Trustee Dale.. The Chamber Orchestra of Europ& (Company Règistratlon No. 015876841 Icharlty Reglstratlon No. 2834641 The notes on pages 15 to 21 form part of these financial ststemenls.
THE CHAMBER ORCHESTRA OF EUROPE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 Notès 2022 20Z1 Net cash loutFlowl l inflow from operating acti¥itie5 18 {266.2741 271,877 (Decrease) l increase in cash and cash equivalents during the year 1266.2741 271.877 Cash and rash equiv8len15 81 the beginning of the year 2,276,011 2,004,134 Total cash and cash equivalents at th• end of th• yèar 2,009,737 2,276,011 14
THE CHAMBER ORCHESTRA OF EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ac¢¢untlng pollclas 1.1 83515 of prèparatitsn The fi'nancial slatemenls have been prepared under the historical cost oonvenlion and have been prepared in accordance with Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102112nd edition. effective 1 January 20191 and the provisions of the Companies Act 2006 and thè Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The charitable company meets the definition of a public benefit entity under FRS 102. 1.2 Golng concern The Trustees have considered a period of 12 months from the date ol apprDval ol the financial slalemenls when considering the going concern status ol the charity. The charity has unrestricted reseNes of £2,148,028. Thfj are no material uncertainties regarcling the going concern status. 1.3 Income and endowments (i) Donations and legacies Income frotm Friends, donations and legacies are recorded on a receipls 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 ch8ri18ble 8ctlvllies Revenue from conc8rts and recordings are recorded on the accruals basis. (iii) OtherAncome Other Income is fecognise(l on the accruals basis when the charity has enlillemenl to the income. 11 Is probable that the inCOTne will be received by the charily and the income can be measured reliably. 1.4 Expendlture Expenditure in the st8lement of finanaal activities is dealt with on the accruals basis and is classified as follows". (i) charitable actFvifies This comprises all costs expenditure incurred by the charity in meeting its charitable objectives. 1.5 Accumulated fund$ The unreslricled income funds represent the funds of the charit8ble company which are not designated for particular pijrposes. Any funds receivable during Ihe relevant accounting period bLrt not ulilised aro carried forward a5 part of total charity fun¢Js. 1.6 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreclation. Depreciation is provided on all tangible fixed assets at rates calculated to wrile off the cost less estimated residual value ol each asset over its expected useful life as follows.. Musical instruments Computer equipment 25Q/¢ reduclng balance 250A reducing balance 1.7 Debtors Short term debtors are measured at the tr8nsaclion pnce, less any irnpairmenls. Loans re1vable are measured initially al fair value, net of transaction costs. and are me8sured subsequentty at amortised cost using the effective interest rate melhod, less any impairment. 15
THE CHAMBER ORCHESTRAOF EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2Q22 (CONTINUED} Accounting policies {continuedl 1.8 Cash and cash equivalents Cash and c85h equivalents are represented by cash in h8nd, deposits held at call wth financAal institutions and other short-term highly liquid investments that mature in no more than three months from the dale of acquisition and that are readily convertibl8 lo known amounts ol cash with insignificant risk of change in value. 1.9 Crèditors Short term credilors are meaSUd at the transaction price. Other financial liabilities, are measured inili8lly al fair value, nel of transaction cos15, and are measured subsequently at amortised cost using the effeclive interest rale method. 1.10 Forelgn currèncy Transactions in foreign currencies are recorded al the rate ruling at the dale of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated 81 the rate of exchange ruling at (he balance sheet date. All dIfferenS are taken to the Statement of Financial Activities lincluding an income and expenditure account). 1.11 Music library No value is placed on the charitable mpan$ library of music. 1.12 Presentational currency The finanaal slalements are presented in Sterling, due lo the corllpany being based in the United Kingdotn, while the functional currency of Ihe company 15 Euros. 1.13 Penslons Deflned contrlbutSon penslon s¢h8mo The company operates a defined contribution schème for ils employees. A defined contribution Scheme is a pension scheme under which the company pays fixed contributions Into a separate entity. Once the contributions have been paid the company ha5 no further payment obligab'ons. The conlTibulions are recognised as an expense in the Statement of Financial Activities lincluding an income and expenditure account) when they fall due. Amounts not paid are shown In accrvals 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 li) Financial assets Basic financial assets, inclLJding trade and Other debtors and cash and bank balances are initially r8cogni5ed al transaction price, unless the arrangement consts"lutes a financial transaction, where Ihe transaction is measured at present value of future receipts discounted al a market rale of interest. SuGh assets are subsequently carried al arllortised cost using the effectiv& inltrresl method. 16
THE CHAMBER ORCHESTRA OF EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUEDI Accounting pollcles Icontlnu8dl 1.14 Financial instruments Icontinuedl Al the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairtnenl. If an asset is impaired, the impairment loss is the difference belween the carrying amount and the present value of the estimated cash flows discounted al the asset's original effective inl8rest rate. The impairment loss is recognised in the Sialemenl of Financial Aetivilies (including an income and expenditure accounll. If there is a decrease in the impairment loss arising from n event occurring after the impairment w88 recognis8d. the impairmenl is reversed. Th8 reversal is such that the carrying amount does not exceed what the Carrng amount would have been had the impaimienl not previously been recognised. The impairment reversal is recogni5ed in the Slalement of Financial Acts'vitles {including an Income and expenditure 8ccountl. Financial a55els are derecognised when.. lal The contr8ctiJal rights to the c85h flows from the asset expire or are settled,. or Ibl Substantially all the risks and rewards of the ownership of the asset are transferred lo another arty,. or Icl Control Df the asset has been transferred to another party who has the practical ability lo unilaterally sell the asset to an unrelated third party without imposing addib'onal restrictions. Illl Flnancial liabiif(ies Basic financial liabilities, including trade and other creditors that are classified as debt are initially recognised at transaction pric8 un18SS the arrangement constitutes a financing Iransaclion, where the debt Instrument is measured at the present value of the future payrnents discoLJnled at a market rate of interest. Debt instruments are subsequently carried al amortised cost, using the effective interest rate method. Trade ¢reditors are oblig8tions lo pay for goods or services Ihat have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are d¢cOgniSert when the liability is exlinguished, this is when the contractual obligation is discharged, cancelled or expires. liiil Offsettlng Finanal assets and liabilities are Dffset and the net amounts presented in the financial slatemenis when there Is a legally enforceable right lo sel off the reGniSed 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- charitable activities Income generated from charllable activllies is stated net of valLJe added tax, and represents amounts invoiced to third parties. 3 Other income 2022 2021 EU VAT reclaim Royalties Insurance claims Orchestra lax relief 956 2,795 3,462 14,214 12,746 223,582 262,264 266,015 254.004
THE CHAMBER ORCHESTRA OF EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 {CONTINUED) Expenditure on charitable activities Notes 2022 2021 Dlrect.. Players, fees and expenses Tour management fees Travel expenses Artists, fees Performance related costs Withholding tax 1.501,670 104,399 1.131.511 489,640 384,799 47,226 617,433 104,399 246,359 107,379 185,655 17,795 IndSr*ct: Wages and salaries Employer's national insurance Pension contributions Telephone, postsge. printing and sundry office supplies Fore1gn exchange losses Govemance costs 182,582 17,406 10,817 26,805 9,513 64,833 179,086 16,636 11,133 42,555 107,555 59,746 3,971,201 1,695,731 Players, fees and artists, lees inelLJde payments made to independent professionals for the provision of SeiceS to the Orchestra. These fees include subsistence costs where 8ppli¢able, Withholding tsx is deducted frorn gross concert fees for performan¢¢s in Germany and is non- recoveiable duo to the Gharilable company not being liable for corporation lax. Govoman¢e ¢o$ts 2022 2Q21 Auditor's remuneration Accountancy lees Bank charges 22,888 28,560 13,385 18,113 27,204 14,429 64,833 59,746 Audltor's remuneration 2022 2021 ALJdit fees Accountancy and other semces 18,599 4,289 14,631 3,482 22,888 18,113 18-
THE CHAMBER ORCHESTRA OF EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 {CONTINUED) Donations in kind During the currenl and prior year, the charitable company benefited from the provision of office facilities and equipment made available by Friends of the charitable company. The Ttustee5 ao of the opinion that it is not practical to quantify this donation in kind, ss the work required in obtaining professional 8dvice would outweigh any possible benefit. In the prior year the charit3ble company also received a donation in kind by way ol a reduction In audit fees of £2,750 for services provided by Lewis Golden LLP. This donation in kind was not recognised in arriving at the net expenditure for the prior year. Taxatlon The charitable company is a registered charity and is not liable to corporation lax in Ihe United Kingdom. Staff costs 2022 2021 Wages and salaries Social security costs Pension contributions 182,582 17,406 10.817 179.086 16,636 11,133 210.805 206,855 Average number of employees during the year". 2022 Number 2021 Number Adminislralion No employee reiVed emoluments exceeding £60.000 in the current or prior year. During the current and prior year none ol the Trustees lor 8ny persons connected with them) received any remuneration or reimbursement of expenses. 19
THE CHAMBER ORCHESTRA OF EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED) 10 Tangible fixed assets Musical Instrum&nts Computer equlpment Total Ctsst At 1 January 2022 44,178 3.236 47,414 Additions At 31 December 2022 44.178 3,236 47,414 Dopre¢l#tl¢n At 1 January 2022 38,606 3,159 41,765 Charge for the year 1,393 20 1.413 Al 31 DeceFnber 2022 39,998 3,180 43,178 Net book value At 31 December 2022 4,180 56 4,236 At 31 December 2021 5,572 5,649 11 Debtors 2022 2021 Trade debtors Other debtors Prepayments and accrued incorne 226,288 12,765 8,952 7,804 21,559 248,005 29,363 Financial assets that are debt instruments measured at amortised cost comprise trade debtor5 and accrued income amounled to £226,28812021'. £nill. 12 Credltor5: amounts fallSng due wlthln one year 2022 2021 Trade creditors Taxation and social security Accruals and deferred incorne 84,925 7,525 21,500 34,040 6,842 60,169 113,950 101,051 In Ihe current year, accruals and deferred income includes £nil 12021.. £41,669) of deferred income in relation lo concerts to be performed in the upcoming year. Financial liabilities measured at amortised cost comprise trade creditors, general accru815 (excluding the audil fee a¢cruall amounted to £84,92512021.' £34,040). -20-
THE CHAMBER ORCHESTRAOF EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 {CONTINUED) 13 Contingent assets The conb'ngent asset that has not been recognised in the Balance Sheet is the potential orchestra tax relief receivable for the year ended 31 Decelnber 2022. Th8 Trustees expect to make a claim, however the v81ue and timlng of this receipt is uncertain. The Trustees hope to receive approximately 50 /0 of the eligible expenses. 14 Status of the charitable company The charitable company, a registered charity, is a company IiTllited by guarantee and not having share capital. The subscriber5 to the Memorandum ol Association, and any other persons which the committee admit, are members of the charitable company. At present. ihe membership is 312021.. 3), each member guaranteeing Lhe charitable company up lo an amount of £1. There is no controlling party. 15 Related party transactions There were no related party transactions or ba18n¢es during the Currenl or prior year. 16 Total charity fund5 2022 2021 At 1 January 2022 Nel lexpenditurel l income 2.209,972 161,9441 2,014,035 195,937 At 31 December 2022 2.148,028 2,209.972 17 Analysis of net assets 2022 2021 Fund balances as a131 Decémber are presented by.. Fixed assets Debtors Cash at bank Creditors.. amounts falling due within one year 4,236 248,OC15 2,009.737 1113,9501 5,649 29,363 2,276,011 1101,051) At 31 Decembei 2,148,028 2,20g,972 All funds are unrestricted. 18 Reconciliation of net movement in funds to net cash flow from optratlng aetivltlÈs 2022 2021 Net rnovement in funds Add.. depreciab'on charge Inereasè in debtor5 Increase in creditors 161,9441 1,413 1218,642) 12.899 195,937 1,884 18431 74,899 Net cash loutflowl l inflow from operating activities 1266,274) 271,877 21