WALLED CITY MUSIC TRUST
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the
financial statements and comply with the charity's goveming document, the Companies Act 2006 and
"Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing
their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) (effective 1 January 2019)"
Objectives and activities
Walled City Music Trust is a not for profit organisation. The charity's mission is to..
To create an inspiring plaffom for classical music. accessible to all-
To foster a new generation of young musicians.
To strengthen music-making within the community.,
To remove boundaries and broaden perceptions by presenting fresh, innovative and exciting
programmes from the world's most exceptional musicians.
The charity promotes the public perfomiance of classical music, in particular through annual festivals, such as
the Walled City Music Festival that features chamber music perfomiance by high calibre national and
international artists.
In association with these events we promote educational programmes for schools and occasionally for advanced
level students, programmes to encourage community music making and concert tours in Northem Ireland, across
Ireland and in the UK.
We are also involved in partnership projects to address issues such as the access of disabled musicians to
participative music making.
The benefit that flows from our purpose is the promotion of enjoyment, better understanding and appreciation of
the art and science of classical music in all its many fomis, and including on occasion other musical forms that
are related to or are also readily appreciated by audiences for dassical music, including contemporary music,
jazz, opera and music theatre, choral music and improvisation. We do this for the general public in Northern
Ireland, and further afield in the UK and abroad through touring. involving the public as audience members or as
active participants in music making.
We can evidence the benefits of our work through regular evaluation and audience survey of all our events,
including qualitative analysis of audience and participant response, through photo, video and recorded
documentation, peer review, and regular reporting through annual reports, audit and reports to funders. We can
think of no obvious possibility of hami arising from our activities. which are subject to risk assessment. the
ne￿SSary safety and protection policies and codes of conduct for staff and volunteers.
Our beneficiaries are the public of Northem Ireland and occasionally outside Northem Ireland through touring or
partnership projects. Some projects address a specific need in society, such as music provision in areas of
economic deprivation within the city of Derry, community capacity building through music making or opportunities
for disabled performers to make music.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the
charity should undertake.

WALLED CITY MUSIC TRUST
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Achievements and performance
Following several years of on-line and hybrid activity during and post the Covid pandemic, in 2022123 ￿￿lled City
Music returned to a live events programme in 2022123.
In June 2022 WCM presented the programme postponed from March 2022 due to Covid concerns. This edition
featured perfomiances by Ulster Orchestra and Acoustronic in an orchestral programme including a newly
commissioned work from Frank Lyons, ZoomTime,' a concert by the Grammy award nominated New York
percussion quartet, Sandbox Percussion: a 40th anniversary cOn￿rt by Brodsky String Quartet, and a
programme of music in schools from the Mill Avenue Chamber Players.
In July 2022, the WCM International Piano Fesb'val and Competition successfully resumed after a 2-year hiatus
as a five-day festival held at Ulster University. Magee. with a faculty of tutors and a student body of 12
participants. Numbers were affected by continuing Covid restrictions, especially for students from Asia, however
it is hoped that these will return in subsequent years.
WCM continues to provide administration and ServI￿S for the City of Dery Intemational Choir Festival. The tenth
edition, held in October 2022 was the first fully live event for 3 years. The programme featured a live and digital
mix of concerts, online broadcasts, workshops and perfomiances for schools and community groups, digital
workshops and symposia. commissions, and a virtual choir trail attracting 30 choirs world-wide. The Festival's
digital programme attracted more than 500,000 online views whilst highlights of the live programme included a
performance to a massed crowd in Derry's Ebrington Square by Phil Coulter, concerts by international groups
Rajaton, Polish Chamber Choir and Estonian Philhamionic Chamber Choir, and an international competition,
won by Eller Girls Choir from Estonia.
Walled City Music ran in its established time-slot in March 2023 with a programme featuring solo and chamber
recitals by cellist Raphael Wallfisch, mezz¢>soprano Sharon Caty and pianist Barry Douglas.
Financial review
Total income for the year was £162,424, of which £152,341 was generated from grant funding, £10,083 from
festival event ticket sales, competition entry fees and sponsorship,
Total expenditure was £170,969, of which all was spent on charitable activities, delivering The Walled City Music
Festival and Piano Festival programme of events.
The balance on total funds at the year-end was £26,248, of which £20,478 was restricted in nature and £5,770
was unrestricted. Restricted ￿ndS are made up of donations which the donor has specified are to be solely used
for particular areas of the charity's work or for specific projects being undertaken during 2023124 and the net
book value of assets which were purchased with restricted grant funding.
Reserves policy
The Trustees consider it prudent to hold monies in reseprfe in the everrt that unforeseen circumstances should
lead to financial difficulties which might put the future of its employment capacity, users. well-being and general
charitable work in jeopardy.
The Trustees have established a reserves policy to ensure the stability of the mission. programme, employment
and on-going operalions of the charity. Free reserves are defined by the Twstees as those funds freely available
for use as the charity so determines and thereby excludes any restricted or designated funds. A formal policy on
reserves has been agreed by the Trustees which stipulate that reserves be maintained at a level which ensures
that the charity's core activity could continue during a period of unforeseen difficulty- A proportion of reserves are
maintained in a readily realisable fomi.
The Trustees, policy is that the amount of free resepies should refiect three months, operating expenditure being
core salaries and overheads. The charity's programme of activities would be significantly scaled back in such a
scenario to reduce costs. The trustees assessment of the charity's core operational expenditure is approximately
£7,000 per month, therefore three months, reserves would be £21,000. Free reserves as at 31 st March 2023 are
£5,770. The Trustees Continue to strive to build a general level of reserves in accordance with their policy so that
they will be able to continue the current activities of the charity. In the short term, the Trustees have also
considered the extent to which existing activities should be curtailed. should circumstances arise.

WALLED CITY MUSIC TRUST
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Risk management
The Trustees are aware of the major risks to which the charity is exposed. Where appropriate, systems or
procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised
through the prO￿dureS for authorisation of all transactions and projects. Procedures are periodically reviewed to
ensure that they continue to meet the needs of the charity. Procedures are also in place to ensure compliance
with health and safety of staff, volunteers and clients. The Trustees have assessed the major risks to which the
charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for the future
WCM has scheduled three festival events for 2023124..
Walled City Music International Piano Festival (July 2023). An eight day residential event held at Ulster
University, Magee for an intemational body of student participants, led by an a faculty of leading piano
professors.
City of Derry International Choir Festival (October 2023). A tenth anniversary festival, to indude guest
artists The Sixteen, a perfomiance of Verdi Requiem by the Festival Chorus and Ulster Orchestra. and
activities for choirs of all ages
intemational and national competitions, schools events and a
community programme across the city.
Vvalled City Music Festival (March 2024): a programme of chamber concerts and workshops by leading
perfonners and ensembles.
Structure, governance and management
Governing document
The Walled City Music Trust is a company limited by guarantee and accepted as charitable by HMRC under
reference XT 20573. The company was incorporated on 20th March 2009. The company was established under
a Memorandum of Association which established the objects and powers of the company, and is governed by its
Articles of Association. The company is also a registered charity with the Charity Commission for Northem
Ireland under reference NIC104719.
The trustees, who are also the directors for the purpose of company law, and who Se￿ed during the year and up
to the date of signature of the financial statements were=
Anthony Jackson (Chair person)
Frank Lyons
Donal Doherty
Tom Wylie
Patricia Brady
ElaineAgnew
Caitriona Mullan
(Appointed 11 January 2023)
(Appointed 11 January 2023)
Recruitment and appointment of the Trustees
The Directors of the company are also charity Trustees for the purposes of charity law. Unless othe￿iSe
determined by ordinary resolution, the number of trustees shall not be subject to any maximum but shall not be
less than one.
All members of the Board of Trustees give their time voluntarily and received no benefits from the charity.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company
and guarantee to contribute £1 in the event of a winding up.
Organisational structure
The charity is administered by a Board of Trustees who are responsible for the strategic direction and policy of
the company. Board members are from a variety of professional backgrounds relevant to the work of the charity.
The Board as a whole was approved by the AGM and continues to monitor its membership. The board has
appointed a management team to manage the day to day operations of the charity.

WALLED CITY MUSIC TRUST
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Statement of trustees. responsibilities
The trustees, who are also the directors of l•lalled City Music Trust for the purpose of company law, are
responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law
and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice}.
Company Law requires the trustees to prepare financial statements for each financial year which give a true and
fair view of the state of affairs of the charity and of the incoming reSoUr￿S and application of resources, including
the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the twstees are required to:
select suitable accounting policies and then appty them consistently-
observe the methods and principles in the Charits"es SORP;
make judgements and estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards have been followed. subject to any material departures
disclosed and explained in the financial statements,. and
prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the
charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disdose wth reasonable accuracy at
any time the financial F)OSition of the charity and enable them to ensure that the financial statements comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hen￿ for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees, report was approved by the Board of Trustees.
Anthony
Trustee
Dated: 31 January 2024
air person)