INVERNESS SYMPHONY ORCHESTRA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 scorrisH CHARifi NUMBER: SCIJ47808 INVERNESS SYMPHONY ORCHEsfRA INFORMATION (AT DATE OF SIGNING REPORT) SCOTTISH CHARITY NUMBER 5C047808 COMMirrEE CHARITY'S PRINCIPALADDRESS SECRETARY TREASURER BANKERS Barclays Bank PIC Edlnburgh 3 Leicestershire LE87 2BB INDEPENDENT EXAMINER INVERNESS SYMPHONY ORCHESTRA MANAGEMENT COMMITTEE REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The managemènt commlttee, who are also trustees, present the flnanclal statement5 for the yearended 31 October2024. StNcturei 8ovemance and management The Orchestra was re8lStered on 9 October 2017 as The Ness Sinfonia and subsequently hanged its name to Invernes5 Symphony Orchestra on 22, January 2024 In recognltlon of Its contlnued 8rowth. Inverness Symphony Orchestra is a recognised charity, Charity Number SC047808. The charlty is governed by its constitution and managed by its Mana8ement Commlttee. The committee members who Served durln8 the year were as follow5.. Recrultment and appolntmentof trustees All of the trustees are appolnted or re-appointed by the members at our annual general meeting. Governlng document Inverness Symphony Orchestra is a charitable Incorporated a550ciatlon and the purposes and administration arrangement5 are set out in our constitution. ResponslbSlltlesot thè trustvs The trustees are responsible for the strateglc directlon, governance and for keeplng proper accounting records that disclose wlth reasonable accuracy at any time the financial posltion of the charity. They also manage the day to day runnlng of the charity, To facllitate the effectlveness of the charlty, some trustees hold a role which contributes to operation5 includin8 finance, administration and programme related artivities. The accounts are prepared in accordance with the terms of the Charltles and Trustee Investment Iscotlandl Act 2CK)5 and the Charities Accounts (Scotlandl Regulations 2006 as amended, It Is also the trustee's responsibilityto ensure the assets of the charity are safeguarded, taking preventative measures for the detection of irre8ularltles and fraud. INVERNESS SYMPHONY ORCHESTRA MANAGEMENTCOMMIThEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 ocfoBER 2024 Rlsk management The trustees have a duty to identifyi asse55, act on and review the rlsk to which the charity is exposed and ensure appropriate systems are in place to provide reasonable assurance5 to mitigate exposure to major risks. Charltable purpose5 The principal object of the charity as recorded in our con5tltution is to maintain, Improve and advance the education of the public in the art of the science of mu51c, In particular, orchestral music, in (but not excluslvelyl the Hl8hlands of Scotland. Revlew of Artlvltles Actbvltles contlnued with term time rehearsals and 5u¢cessful, well attended concerts at the conclusion of the Autumn, Spring and Summer term5, Membership numbers continue to grow. New developments included coordinatin8 and runnlng spin off ensembles of orchestra members collaboratlng wSth other musical groups In the Inverness area. These well attended events are a valuable addltlon to the charitable actlvities of the orchestra and further raSse awareness in the running of successful music maklng opportunitie5 In the local communlty. Plans for the future Events and opportun5ties wlll continue to be developed to keep raisSng the awareness of classical music within the local community. Flnanclal revlew As shown in the receipts and payments statement. the charlty made a surplus of £6,678 for the year12023 - Surplus £5,585). At 31 October 2024, the balance of funds held in the bank account was £17,19812023 - £10.5201. Reserves The Management Commlttee are of the oplnion that formally benchmarkin8 a specific target level of reserves is not wholly appropriate for the charlty and Its activitie5. In the oplnion of the Management Committee. the assets of the charity a￿ however avaSlable and adequate to fulfll Its objects. INVERNESS SYMPHONY ORCHESTRA MANAGEMENTCOMMirrEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Donatsd seNl¢es There were no donated facilities or servlces in the year ended 31 October 2024. Sl8ned on behalf of the committee members.. Oate: 2. June 2025 INVERNESS SYMPHONY ORCHESTRA INDEPENDENTEXAMINERS REPORT I report on the accounts of the charity for the year ended 31 October 2024 which comprlse a staternent of recelpts and payments. statement of balances and the related notes. Us* of myreport Thls report Is made solely to the charltls trustees, a5 a body, in accordance with Sertion 44 of the Charltles and Trustee Investment IS¢otlandl Act 2005. My examinatlon h35 been undertaken 50 that I might state to the charltvs trustees those mattels l am required to statè to them In an IndependÈrt examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responslbi1Sty to anyone other than the charity and the ¢haritV5 trustees as a body, for my examlnatlon, for the report, or for the oplnlons I have forrned. Respectlve rtsponslbllltlesof trusteesand Ind•p•nd•nt oxamln•r The charit¢s trustees are responsible for the preparatlon of the account5 In accordan¢e with the terms of the Charitle5 and Trustee Investment Iscotlandl Art 2005 and the Charitie5 Accounts (Scotlandl Re8ulatlons 2006 las amended). The charlt¥ trustee5 consider that ihe audit requlrement of Regulatlon 10111 Idl of the Accounts Regulatlon5 does not apply. It Is my respon51billly to examlne the account5 as required under section 44111 Icl of the Act and to state whether partlcular matters have come to mv altentlon. Basls of Independerbt examlnees statement My examlnation Is carrled out in accordance wlth Re8ulatlon 11 of the CharStles Accounts (Scotlandl Regulatio￿ 2006 las amended). An examlnation Includes a review of the accountln8 records kcpt bv the charity and a comparison of the ac¢ount$ presented with those re¢ords. It also Includes consideration of any unusual Items or disclosure5 in the accounts, and seeks explanations Irom the trustees concernlng Such mattews, The procedure5 undertaken do noi pro¥Sde all the evidence that would be requlred In an audlt, and consequently I do not express an audlt oplnlon on the vlew 8lven by the account5. Independent examlnerf55tatement In ihe couise of my examlnalSon, no matter ha5 ¢ome to my attention.. al whlch glves me reasonable cause to believe that In any rnaterlal respect the requlrements.. to keep accountlng records In accordance with section 44llllal of the 2005 Act and Re8ulation 4 of the 2006 Accounts Re8ulations a5 amertded, and lo prepare accounts which accord with the accountln8 records and comply wSth Regulaiion 9 of the 2006 Accoun15 re8ulations as amended have not been met, L)r bl towhich in my opinion, artentlon should be drawn In order to enable a proper Understandin￿ of the accounts to be reached Date.. IL Its12< INVERNESS SYMPHONY ORCHESTRA STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 ocfoBER 2024 2024 2023 RECEIPTS RECEIPTS FROM CHARITABLE ACTIVITIES Concert Recelpts Subscriptions Glft Ald Recovered 3,140 12,295 4,347 2,426 7,781 19,782 10,207 RECEIPTS FROM FUNDRAISING Sponsor5hlp Donations, Grants & Sundry Income 1,755 1,072 1,560 2,827 6.560 Total Receipts PAYMENTS COSTOF CHARITABLE ACTIVITIES Professional Fees Venue & Performance Costs Instrument & Mu51¢ Purchase Administratlve & Governance 11,080 1,790 5.072 3,360 L133 1,617 3,C61 Total Payments 15.931 SURPLUS1IDEFICIT) FOR THE YEAR All funds are unrestrlcted l Note 2) INVERNESS SYMPHONY ORCHESTRA STATEMENT OF BALANCES AT 31 OCTOBER 2024 2024 2023 BANK Opening Balance 10.520 4,935 Surplus {Deflcit) forthe year 6.678 5.585 Closlng bank balance 17, 198 t)ONATED & OTHER ASSErs 6,025 6.025 UNRESTRICTED FU NDS The finan¢lal slatements were approved by the Mana8ement Commlttee on 2. June 2025 and were sl8ned on thelr behalf by: Trustee & Chair Trustee & Treasurer INVERNESS SYMPHONY ORCHESTRA NOTESTO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 I. ACCOUNTING POLICIES Basls of accountlnE The accounts have been prepared on the recelpts and payments basls and In accordance with the Charities & Trustee Investment Iscotlandl Act 20D5 and the Charities Accounts (Scotlandl Regulatlon5 2006 las amended). 2. FUNDS Unrestrlcted funds are those that may be used at the dlscretlon of the trustees In furtherance of the objects of the charity. The trustees maintain a singlè unrestrlcted fund for the day-to- day runnln8 of the charlty. There are no restricted funds. 3. TRUSTEE EXPENSES No expenses were pald on behalf of the trustees durlng the year12023 - £NIII. 4. TRUSTEE REMUNERATION No trustee received any remuneratlon durlng the year12023- £NIII.