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REGISTERED COMPANY NUMBER: 02098243 (England and Wales)
REGISTERED CHARITY NUMBER: 1083071














REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE WELSH CHAMBER ORCHESTRA LIMITED

THE WELSH CHAMBER ORCHESTRA LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 13

THE WELSH CHAMBER ORCHESTRA LIMITED (REGISTERED NUMBER: 02098243)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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
Objectives and aims
The core aims of the Welsh Chamber Orchestra are to promote the enjoyment, by the public, of chamber orchestral music in Wales by performances of the highest professional standards, and to promote the enjoyment and development of chamber orchestral music in schools through workshops and schools concerts.

Significant activities
The orchestra gave nine live concerts during 2023-24. The venues performed at were: Canolfan Beaumaris as part of the Beaumaris Festival, William Aston Hall, Wrexham, St Elli Church (Llanelli Music Club), Taliesin Arts Centre, Swansea, Theatr Brycheiniog, Brecon, Aberystwyth Arts Centre, Torch Theatre, Milford Haven, St Andrew's Church, Curry Rivel and Rhyl Town Hall.

All concerts were received with significant success with repertoire including works by Mendelssohn, Vaughan Williams, Schubert, Boyce, Warlock, Finzi, Debussy, Haydn, Handel & Mozart alongside a new work by Gareth Olubunmi Hughes.

Social investments
The trustees have had due regard to the Charity Commission's guidance on public benefit.

FINANCIAL REVIEW
Financial position
There was a deficit of income over expenditure for the year of £14,977 (2023 - £27,308 surplus) The balance of reserves as at 31 March 20243 was £46,894 (2023 - £61,871).

The Welsh Chamber Orchestra was in receipt of grants from Arts Council of Wales.

Reserves policy
The directors have established a policy whereby unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charity should be between 3 and 6 months of the resources expended which equates to £2,000 and £2,500 in general funds.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 10 February 1987 and registered as a charity on 27 October 2000.

The company was established under a Memorandum of Association which establishes the objects and powers of the charitable company and is governed by its Articles of Association.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02098243 (England and Wales)

Registered Charity number
1083071


THE WELSH CHAMBER ORCHESTRA LIMITED (REGISTERED NUMBER: 02098243)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024


Registered office
Court House
Court Road
Bridgend
CF31 1BE

Trustees
Capt Sir N Lloyd - Edwards
A P Hose
D J Phelps (resigned 31.3.24)
Canon G W A Holcombe
Mrs K M Phelps (appointed 21.1.24)

Company Secretary
D J Phelps

Independent Examiner
Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

Approved by order of the board of trustees on 19 August 2024 and signed on its behalf by:





D J Phelps - Secretary

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE WELSH CHAMBER ORCHESTRA LIMITED


Independent examiner's report to the trustees of The Welsh Chamber Orchestra Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








J Payne ACA

Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

19 August 2024

THE WELSH CHAMBER ORCHESTRA LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies - 27,500 27,500 56,958

Other trading activities 2 11,893 - 11,893 42,999
Investment income 3 145 - 145 -
Other income 34,861 - 34,861 29,329
Total 46,899 27,500 74,399 129,286

EXPENDITURE ON
Raising funds 4 11,703 - 11,703 14,826

Charitable activities
Concerts 22,673 55,000 77,673 87,152
Total 34,376 55,000 89,376 101,978

NET INCOME/(EXPENDITURE) 12,523 (27,500 ) (14,977 ) 27,308


RECONCILIATION OF FUNDS
Total funds brought forward 11,871 50,000 61,871 34,563

TOTAL FUNDS CARRIED FORWARD 24,394 22,500 46,894 61,871

THE WELSH CHAMBER ORCHESTRA LIMITED (REGISTERED NUMBER: 02098243)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 9 93 116

CURRENT ASSETS
Cash at bank and in hand 48,601 63,555

CREDITORS
Amounts falling due within one year 10 (1,800 ) (1,800 )

NET CURRENT ASSETS 46,801 61,755

TOTAL ASSETS LESS CURRENT
LIABILITIES

46,894

61,871

NET ASSETS 46,894 61,871
FUNDS 12
Unrestricted funds 24,394 11,871
Restricted funds 22,500 50,000
TOTAL FUNDS 46,894 61,871

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


THE WELSH CHAMBER ORCHESTRA LIMITED (REGISTERED NUMBER: 02098243)

BALANCE SHEET - continued
31 MARCH 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 19 August 2024 and were signed on its behalf by:





N Lloyd - Edwards - Trustee





K M Phelps - Trustee

THE WELSH CHAMBER ORCHESTRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Fixtures and fittings - 20% on reducing balance

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.


THE WELSH CHAMBER ORCHESTRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Income from concerts 11,893 42,999

3. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 145 -

4. RAISING FUNDS

Raising donations and legacies
2024 2023
£    £   
Postage and stationery 23 37
Sundries 117 1,314
Depreciation 23 29
Support costs 11,540 13,446
11,703 14,826

5. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 23 29
Independent Examiner's Fees 1,440 1,440

6. TRUSTEES' REMUNERATION AND BENEFITS

The following trustees received payments during the year in respect of administration work carried out:

Mr D Phelps NIL (2023 - £4,500)
Mrs K Phelps £9,500 (2023 - NIL)

The following trustees received payments during the year in respect of musical duties and expenses:

Mr A Hose £11,250 (2023 - £15,000)
Mr D Phelps £54 (2023 - NIL)
Mrs K Phelps £754 (2023 - NIL)

No trustee received remuneration in their capacity as trustee.


THE WELSH CHAMBER ORCHESTRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. STAFF COSTS

There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023.

No employees received emoluments in excess of £60,000.

The average number of employees during the year was Nil (2023 - Nil)

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 5,520 51,438 56,958

Other trading activities 42,999 - 42,999
Other income 29,329 - 29,329
Total 77,848 51,438 129,286

EXPENDITURE ON
Raising funds 14,826 - 14,826

Charitable activities
Concerts 85,151 2,001 87,152
Total 99,977 2,001 101,978

NET INCOME/(EXPENDITURE) (22,129 ) 49,437 27,308


RECONCILIATION OF FUNDS
Total funds brought forward 34,000 563 34,563

TOTAL FUNDS CARRIED FORWARD 11,871 50,000 61,871


THE WELSH CHAMBER ORCHESTRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023 and 31 March 2024 1,354
DEPRECIATION
At 1 April 2023 1,238
Charge for year 23
At 31 March 2024 1,261
NET BOOK VALUE
At 31 March 2024 93
At 31 March 2023 116

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accrued expenses 1,800 1,800

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
£    £    £    £   
Fixed assets 93 - 93 116
Current assets 26,101 22,500 48,601 63,555
Current liabilities (1,800 ) - (1,800 ) (1,800 )
24,394 22,500 46,894 61,871

12. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 11,871 12,523 24,394

Restricted funds
Arts Council of Wales 45,000 (22,500 ) 22,500
D'Oyly Carte Charitable Trust 5,000 (5,000 ) -
50,000 (27,500 ) 22,500
TOTAL FUNDS 61,871 (14,977 ) 46,894

THE WELSH CHAMBER ORCHESTRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 46,899 (34,376 ) 12,523

Restricted funds
Arts Council of Wales 27,500 (50,000 ) (22,500 )
D'Oyly Carte Charitable Trust - (5,000 ) (5,000 )
27,500 (55,000 ) (27,500 )
TOTAL FUNDS 74,399 (89,376 ) (14,977 )


Comparatives for movement in funds

Net
movement At
At 1.4.22 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 34,000 (22,129 ) 11,871

Restricted funds
Restricted Funds 563 (563 ) -
Arts Council of Wales - 45,000 45,000
D'Oyly Carte Charitable Trust - 5,000 5,000
563 49,437 50,000
TOTAL FUNDS 34,563 27,308 61,871

THE WELSH CHAMBER ORCHESTRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 77,848 (99,977 ) (22,129 )

Restricted funds
Restricted Funds - (563 ) (563 )
Arts Council of Wales 45,000 - 45,000
D'Oyly Carte Charitable Trust 5,000 - 5,000
RVW Trust 1,250 (1,250 ) -
Ty Cerdd 188 (188 ) -
51,438 (2,001 ) 49,437
TOTAL FUNDS 129,286 (101,978 ) 27,308

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.4.22 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 34,000 (9,606 ) 24,394

Restricted funds
Restricted Funds 563 (563 ) -
Arts Council of Wales - 22,500 22,500
563 21,937 22,500
TOTAL FUNDS 34,563 12,331 46,894

THE WELSH CHAMBER ORCHESTRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 124,747 (134,353 ) (9,606 )

Restricted funds
Restricted Funds - (563 ) (563 )
Arts Council of Wales 72,500 (50,000 ) 22,500
D'Oyly Carte Charitable Trust 5,000 (5,000 ) -
RVW Trust 1,250 (1,250 ) -
Ty Cerdd 188 (188 ) -
78,938 (57,001 ) 21,937
TOTAL FUNDS 203,685 (191,354 ) 12,331

Restricted funds carried forward of £22,500 represent monies received from Arts Council of Wales for grants for 2024-25 project.

13. RELATED PARTY DISCLOSURES

Details of trustees remuneration and benefits are disclosed at Note 5 to the accounts.

There were no related party transactions for the year ended 31st March 2024.