## **TRUSTEES REPORT Year ended 31 July 2023** ## **Structure** The Society is constituted as a Registered Charity No.296537 and shall conform to the Charities Act and the rules and requirements of the Charity Commission. As of 2014 the address of the Society is: 48, Lakeside, Earley, Reading RG6 7PQ. The Trustees of the Society are the Chairman, Dr Frances Jones; Vice-Chairman, Mrs Jacqueline Baines; Secretary, Ms Katharine Henson and Treasurer, Mrs Alison Fyffe. The Society is a small charity and as such is not registered at Companies House. ## **Management** The Society shall be administered by a Committee consisting of a Chairman, a Vice-Chairman, Secretary and Treasurer, and up to six ordinary members. The Musical Director and Leader of the Orchestra shall be exofficio members of the Committee. The Committee may co-opt new members as necessary. The Committee shall fulfil such functions as necessary to ensure the smooth running of the Society. It shall hold sufficient minuted meetings to complete business in hand. The quorum for such meetings shall be a total of half the Committee plus one, of whom one must be Chairman, Vice-Chairman or Secretary. Minutes shall be available to Society members on request and a resume of meetings shall be routinely available to members. ## **Objectives and Activities** The principal aim of the Society is to promote within the community of Windsor and Maidenhead and district enjoyment of and education in music by rehearsal and public performance of orchestral music. Provided financial support is available, the Society also holds an annual competition open to young musicians to encourage skills in performance and the opportunity to take part in public concerts organised by the Society. The Society holds a minimum of three public concerts per annum, and occasionally cooperates with other societies with similar aims in further public performances. The Society has also given concerts in aid of local charities. ## **Financial governance** An Annual General Meeting (AGM) shall be held before the end of December. Members shall be notified in writing at least three weeks in advance and sent copies of the agenda. The business of the AGM shall be a) to receive annual reports and accounts b) to elect officers and ordinary members of the Committee c) to fix subscription rates d) to transact such other business as may be required Page 1 of 3 Subscriptions may be charged as needed at a rate to be fixed at a General Meeting. The financial year shall end on 31st July. A bank account shall be held in the name of the Society. Online payments shall be authorised and cheques shall be signed by two officers, one of whom will be the Treasurer. The Society may receive donations and grants. Tickets for concerts may be offered for sale to the public. The income and property of the Society howsoever derived shall be applied solely towards promoting the objectives of the Society as above and no portion shall be paid or transferred directly or indirectly to any member of the Society except in payment of legitimate expenses incurred on behalf of the Society. All fixed assets less than £250 shall be expended through the income and expenditure account whilst others are recorded at historic cost and depreciated over their useful lives of 10 years. The Treasurer shall keep a record of all income and expenditure and shall present the examined accounts at a General Meeting or any other time on reasonable request. An Examiner shall be appointed by the Committee and shall, where possible, examine the accounts before the AGM. ## **Financial review for period including reserves policy** The accounts were prepared on an accrual basis – this change was made for the accounting periods from 1[st] August 2013 onwards. The Society was very successful once again in obtaining grants to support its activities. In addition, the retention by HMRC of the 50% rate for Orchestra Tax Relief and the return of the Young Musicians’ Competition in October 2022 after a break due to Covid, led to an increase in income over 2021-22 for the Society. As noted in the accounts the Society recorded income of £27,933 (£25,012 – Financial Year 2021-22) and a deficit of £645 (surplus of £ 6,489 – Financial Year 2021-22). The net assets of the Society at the year-end were £41,714 (£42,359 at 31[st] July 2022). Grant income was £5,000, gift aid claimed was £1,423, and Orchestra Tax Relief claimed via WMSO Productions Ltd. was £6,566. Page 2 of 3 The Society’s Reserves Policy was reviewed on 19[th] October 2023. It was decided to redefine reserves as the Society Fund less its fixed assets (rather than those monies held in the Society’s savings and deposit accounts as previously defined), since this more accurately reflects the liquidity of the Society. The Committee agreed that the Society’s reserves should be sufficient to cover one year’s expenditure in the event that its income streams from grants and OTR become reduced. Taking the financial year 2022-23 as a benchmark it was agreed that reserves held should be in the range £27,000 to £30,000. Reserves at 31[st] July 2023 amounted to £39,348, a decrease of £170 from 31[st] July 2022. The Committee reviewed the level of reserves on 19[th] October 2023 and it was noted that, due to the Society’s success in attracting grant income and the introduction of Orchestral Tax Relief, reserves are above their agreed level. It was therefore decided that members’ subscriptions are currently higher than necessary and can be reduced, subject to approval at the Society’s AGM and to annual review. The Society’s fixed assets consist of a set of acoustic screens with stands and a set of timpani. The total value of fixed assets held by the Society stood at £2,367 on 31[st] July 2023. Date agreed ……………………………………………………... FRANCES JONES (Chairman) JACQUELINE BAINES (Vice-Chairman) KATHARINE HENSON (Secretary) ALISON FYFFE (Hon Treasurer) Page 3 of 3 WINDSOR & MAIDENHEAD SYMPHONY ORCHESTRA STATEMENT OF Accoupifs FINANCIAL YEAR 2022-23 BALANCE SHEEr All fi8ures in £ at 3V07122 Flxed assets: A￿ustic screens and 5ts rimpani 493.84 2,340.CIJ 41654 1.950. Cash at bank and th hand Cashltheques in hand Current a￿1)unt .768.97 1.048.10 28,tW.53 7.533.78 1,052.67 28.683. Savings accouni Expenses relatkng to next year- YMCC (kt 2023 Loan to WMSO Produrtions Ltd 55.48 5.661.43 111.98 ,177.51 Easyfundraiyng poyment due Gtft aid daimed but rKrt paid 5ubscn"pvons due Tolal assets 19.63 32.31 46ArJ. 47?5&09 UABILMES Accounts payable Grant relating to next yea Incrrfne rdatyng to next year-YMCC (kr 2023 o.TrJ 4.IMJ.C 3.(KKI.i¥J 3.150. 65.( P&P for WM9) @so ￿￿kS owed to FJ T¢xal liabthtses 15. 4.115.ts) 4U58.98 41.7 Balance at start of year Suwus forthey 35.869.67 6.489.31 42.358.98 -644.98 SOCIETY FUPKI ATYEAR END 41358.98 41.714. l. Little Box OffKe fee 2. prin￿ Philip Tntst £l.IXQ for YMCC: 8ayli% Trust £2.(AXlfor (2 No¥ember 2023 Swed. Ali50n Fyffe Ilkjn. Trea5urerl £4P rt of the Inde ent Examin I have examined the 3(xounts set out on I to 5 on the basis ofan examinauon ofthe Soo"eVs accounting records and of explanations 8T￿ to me. I confirTn that the accovnts agree with the kneVs accounting records. whKh in my opFnion tompfy wrth the requitynents of the Charity Commiswn. No other matters have come to liÉht whth in my opinion prevent a proper under51anding ofthe acC￿nts. 26 September 2023 Ste¥e E￿ardS HDn. Independent Examiner Pagelofs WINDSOR & MAIDENHEAD SYMPHONYORCHESTrA STATEMEKf OF ACCOUKtS FINANCIAL YEAR 2022-23 INCOME AND EXPENDtruRE ACCOU All figures in £ FINANCIAL YEAR 2021-22 HNANaAL 2022.23 INCOME Concert accTrJnt (see page 31 50th anniversary celebration Amazon Smile income Bank interest Ea5yFundraising income FrTrends of the orchestra Gift aid 8.603.30 9385AI 10.17 289.IY3 93.12 120. 1,789.87 4.5(KJ.lYJ 29. 9.362.50 214.54 18.41 930 140.C#) IA23.06 5.IXX>. 59. 6.910.C#) 182.92 48525 827.37 637.11 Grants for specific use Member and other donationslgrants Subscription Weekly refreshments WMSOJubilee Fund WMSO @50 ￿￿k donat￿n5 towards printing costs WMSO @50 tM)ok sales Young Musicians, Competition 1,447AW) TOTAL INCOME 25.012.49 Z7,932.57 EXPENSES Concert account Isee page 3) 50th anniversary celebration Card reader set-up expense Charitable donation Depreciation - capital equipment Equipment purchase- non capital Expenses officer5 and cornmittee Expenses relatin8 to previous year Insurance. PRS and subscription to MM Publicity. printing and distrÈbution Web hosting WMSO @50 book expenses Young Musicians. Competttion 16.576.19 18.341.91 4,928.66 0.32 38. 473.30 570.IXI 199.28 473.30 70.80 375.1x1 22.50 630.35 412.IX) 222. 31.19 74.37 1fi57.14 lJ17.48 TOTAL EXPENDffuRE 18,S23.18 28￿77.55 SURPiU510EFICIT 6,489.31 NOTES: l. Include5 £1.￿￿1 from Prince Philip Trust for Cl Nov 22. £2.(KKI from Louis BaylisTru5t for Cl Nov 22 arbd £2.LXK) from Louis Baylis TnJst for C2 Mar 23 2. *￿nUal subsuiption rate redU￿d from £195 to £150 for FY 2022-23 and thereafter 3. Indudes a g￿t of £l.LYN) from Sp)xe Merry and Rixman Foundation carried over from 2020 Page2of5 •8= 88888= 888¥ 88888=88X=2 P4 ilai P4 88888-88=2 11¥14jl2ail 88888-88-8- I r4 rnrn 888 28=5 88888-88 * a> (Il LTh L 88888-88 rnthm liijili mo ovm ¢Dmvo ov 000 000 000 00 ¢¥) 000 000 000 In ￿ o) *** 000 000 000 000 0￿( 000 ooo 000 000 LY) c o o uu= r4 r4 0 WINDSOR & MAIDENHEAD SYMPHONY ORCHESTRA StATEmE￿[ OF ACCOUMfS FINANCIAL YEAR 2022-23 BALANCE SHEET All fi8ure5 in £ at 3V07n2 31107123 Flxed assel>" Acou5tyc sueens and stand5 rimpan 499.84 1340.(M) 416 Cash ￿ bank and in harnl Cash/cheques in hand 8.768.97 1,048.10 28.080.53 7,533.7 L052.6 28,683. Deposit account Saving5 account Expenses relating to next year-YMCC Oct 2023 iDan to WMSO Produthons Ltd 55.48 5.661.43 iii. .177.51 Ea5yfundrai5iFY pa￿￿t due Gift aid datmed but not paid Jbxn"ptsMS due Total assets 19.63 32.31 46A73S8 47958. UAWLMES Accounts ￿yable Grant reLatb￿ to nexiyea/ Income relatinR to next year-YMCC(kt 2023 4.IXK).(K) 3.150. P&P for WMSO @SO brth 0¥￿1 to FJ 15. 6244. 4115 413x98 4L714. Balance at start of year Surplus for the 35.869.67 6.489.31 41358.98 41.3￿98 41.714. l. Lithe Box Office fee 2. prin￿ Philip Trust £l.LTrXI forYMCC: BaylisTnJst £2.(ffj C2 Novefflber 2023 Signed. A]i50n Fyffe lknn. Re of the Inde dent Exarniner I have examtned the accounts set wt on I to 5 on the bays of an examination ofthe s￿.$ a¢¢tyJnting rerord5 and of eXP￿nath￿Sgr¥en to me. I confirm that the accounts agree with the Soaety's accountin8 r￿d$. whth in my ownion comply with the requirements of the Charity CommissK)n. No other matters have cometo l¥ht whKh in my opin￿* prevent a proper understsnding of the acrounts. 26 September 2023 Stele Eth*ards Hon. Independent Examlner Pagelof5