Charity registration number NIC104719
Company registration number NI072077 (Northern Ireland)
WALLED CITY MUSIC TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
WALLED CITY MUSIC TRUST
CONTENTS
Page
Charity Information
1
Trustees' report
2 - 5
Independent examiner's report
6
Statement of financial activities
7
Balance sheet
8
Notes to the financial statements
9 - 18
WALLED CITY MUSIC TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
- 1 -
Trustees
Anthony Jackson (Chair person)
Frank Lyons
Donal Doherty
Tom Wylie
Patricia Brady
Elaine Agnew
Caitriona Mullan
Secretary
Gloria Breslin
Charity number
NIC104719
Company number
NI072077
Registered office
Holywell DCCP
10-14 Bishop Street
Derry
BT48 6PW
Independent examiner
Moore (NI) LLP
21/23 Clarendon Street
Derry/Londonderry
BT48 7EP
Bankers
Bank of Ireland
27 Culmore Road
Londonderry
BT48 8JB
Solicitors
Caldwell Robinson
Artillery Chambers
10/12 Artillery Street
Derry
BT48 6RG
WALLED CITY MUSIC TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

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 governing 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:

The charity promotes the public performance of classical music, in particular through annual festivals, such as the Walled City Music Festival that features chamber music performance 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 Northern 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 forms, and including on occasion other musical forms that are related to or are also readily appreciated by audiences for classical 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 harm arising from our activities, which are subject to risk assessment, the necessary safety and protection policies and codes of conduct for staff and volunteers.

 

Our beneficiaries are the public of Northern Ireland and occasionally outside Northern 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 2024
- 3 -
Achievements and performance

Following several years of on-line and hybrid activity during and post the Covid pandemic, in 2023/24 Walled City Music returned to a fully live programme, with audiences recovering to pre-pandemic levels.

 

In July 2023, the WCM International Piano Festival and Competition successfully resumed as an eight-day festival held at Ulster University, Magee, with a full faculty of tutors and a student body of 26 participants from China, England, Iran, Ireland, Northern Ireland, the Philippines, South Korea, Taiwan and USA. Each participant received a package of tuition by the resident faculty, as well as the chance to perform in daily evening and lunchtime concerts. In addition, they experienced concert performances by the resident faculty team and performed Festival commissions from Elaine Agnew and Ed Bennett as part of our in-house competition, won by the English pianist Dominic Doutney.

 

WCM continues to provide administration and services for the City of Derry International Choir Festival. The tenth anniversary edition, held in October 2023 featured a live and digital mix of concerts, online broadcasts, workshops and performances for schools and community groups, workshops, symposia and commissions. The Festival’s digital programme attracted more than 250,000 online views whilst highlights of the live programme included a performance to a massed crowd in Derry’s Guildhall Square of the Cranberries’ anthem Dreams, a concert by guest artists The Sixteen and an outstanding international competition featuring choirs from Czech Republic, England, Ireland, Latvia, Switzerland, Norway and Poland, won by MASKA from Latvia.

 

Walled City Music Festival ran in its established time-slot in March 2024 with a programme featuring orchestral, solo and chamber recitals and a schools outreach progamme by Ulster Orchestra, Piatti String Quartet, Ailish Tynan, Nathan Sherman, Alex Petcu, Cathal Breslin, Sabrina Hu, Kim Vaughan, Gerard McChrystal, George Hutton and Margaret Keys.

Financial review

Total income for the year was £159,736, of which £129,306 was generated from grant funding, £30,430 from festival event ticket sales, competition entry fees and sponsorship,

 

Total expenditure was £167,981, 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 £18,003, all of which £nil were unrestricted.

Reserves policy

The Trustees consider it prudent to hold monies in reserve in the event 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 operations of the charity. Free reserves are defined by the Trustees 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 form.

The Trustees’ policy is that the amount of free reserves should reflect 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 £8,000 per month, therefore three months' reserves would be £24,000. Free reserves as at 31st March 2024 are £18,003. 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 2024
- 4 -

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 procedures 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 2024/25:

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 Northern Ireland under reference NIC104719.

The trustees, who are also the directors for the purpose of company law, and who served 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
Elaine Agnew
Caitriona Mullan

Recruitment and appointment of the Trustees

The Directors of the company are also charity Trustees for the purposes of charity law. Unless otherwise 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 2024
- 5 -
Statement of trustees' responsibilities

The trustees, who are also the directors of Walled 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 Accepted 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 resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities 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 concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position 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 hence 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 Jackson (Chair person)
Trustee
Dated: 24 January 2025
WALLED CITY MUSIC TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WALLED CITY MUSIC TRUST
- 6 -

We report on the accounts of the charity for the year ended 31 March 2024, which are set out on pages 7 to 18.

Respective responsibilities of trustees and examiner

The trustees, who are also the directors of Walled City Music Trust for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006.

Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to:

 

(i)

examine the accounts under section 65 of the Charities Act

(ii)

follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act

(iii)

state whether particular matters have come to my attention.

 

 

Basis of independent examiner's report

We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

 

Our role is to state whether any material matters have come to our attention giving us cause to believe:

 

1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006

2. That the accounts do not accord with those accounting records

3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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

4. That there is further information needed for a proper understanding of the accounts to be reached.

 

Independent examiner's statement

We can confirm that we are qualified to undertake the examination because we are registered members of Chartered Accountants Ireland which is one of the listed bodies.

 

We have completed our examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention.

 

Moore (NI) LLP
Chartered Accountants Ireland
21/23 Clarendon Street
Derry/Londonderry
BT48 7EP
Dated: 24 January 2025
WALLED CITY MUSIC TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Charitable activities
3
30,430
129,306
159,736
10,083
152,341
162,424
Total income
30,430
129,306
159,736
10,083
152,341
162,424
Expenditure on:
Charitable activities
4
18,197
149,784
167,981
6,705
164,264
170,969
Total expenditure
18,197
149,784
167,981
6,705
164,264
170,969
Net income/(expenditure) and movement in funds
12,233
(20,478)
(8,245)
3,378
(11,923)
(8,545)
Reconciliation of funds:
Fund balances at 1 April 2023
5,770
20,478
26,248
2,392
32,401
34,793
Fund balances at 31 March 2024
18,003
-
18,003
5,770
20,478
26,248

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WALLED CITY MUSIC TRUST
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
-
215
Current assets
Debtors
11
19,275
18,966
Cash at bank and in hand
29,786
40,653
49,061
59,619
Creditors: amounts falling due within one year
12
(31,058)
(33,586)
Net current assets
18,003
26,033
Total assets less current liabilities
18,003
26,248
The funds of the charity
Restricted income funds
15
-
20,478
Unrestricted funds
18,003
5,770
18,003
26,248

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on 24 January 2025
Anthony Jackson (Chair person)
Trustee
Company registration number NI072077 (Northern Ireland)
WALLED CITY MUSIC TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
1
Accounting policies
Charity information

Walled City Music Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Holywell DCCP, 10-14 Bishop Street, Derry, BT48 6PW.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing 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)". The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

 

Expenditure on charitable activities includes the costs of services undertaken to further the purposes of the charity and their associated support costs. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.

WALLED CITY MUSIC TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
20% straight line
Musical equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WALLED CITY MUSIC TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The company is a charity and is recognised as such by HM Revenue and Customs for taxation purposes under the charity tax reference XT20573. As a result, there is no liability to taxation on any of its income.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WALLED CITY MUSIC TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
3
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Walled City Music Festival

Ticket sales

4,949
-
4,949
4,531
-
4,531

Grant funding

-
129,306
129,306
-
152,341
152,341

Sponsorship, advertising and programme sales

2,836
-
2,836
1,667
-
1,667
Piano Festival

Ticket sales

22,645
-
22,645
3,885
-
3,885
30,430
129,306
159,736
10,083
152,341
162,424
Grant funding analysis
Walled City Music Festival
Walled City Music Festival
2024
2023
£
£
NI Arts Council
109,250
112,750
Derry City & Strabane District Council
7,928
7,928
Department for Communities
12,128
31,663
129,306
152,341
WALLED CITY MUSIC TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
4
Expenditure on charitable activities
Walled City Music Festival
Piano Festival
Total
Walled City Music Festival
Piano Festival
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Direct costs
Staff costs
79,455
-
79,455
72,104
-
72,104
Depreciation and impairment
215
-
215
1,700
-
1,700

Festival expenses

12,490
17,982
30,472
18,992
6,054
25,046

Artists' fees

21,823
-
21,823
41,902
-
41,902

Artists' accommodation

-
-
-
2,181
-
2,181

Artists' flights and travel

6,822
-
6,822
3,701
-
3,701

Artists' subsistence

213
-
213
276
-
276

Venue hire

1,415
-
1,415
4,920
-
4,920

Office and administration costs

14,000
-
14,000
7,983
-
7,983

Other costs

3,316
-
3,316
3,716
-
3,716
139,749
17,982
157,731
157,475
6,054
163,529
Share of support and governance costs (see note 5)
Governance
10,250
-
10,250
7,440
-
7,440
149,999
17,982
167,981
164,915
6,054
170,969
Analysis by fund
Unrestricted funds
215
17,982
18,197
651
6,054
6,705
Restricted funds
149,784
-
149,784
164,264
-
164,264
149,999
17,982
167,981
164,915
6,054
170,969
5
Support costs allocated to activities
2024
2023
£
£
Governance costs
10,250
7,440
Analysed between:
Walled City Music Festival
10,250
7,440
WALLED CITY MUSIC TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Support costs allocated to activities
(Continued)
- 14 -
2024
2023
Governance costs comprise:
£
£
Independent Examiners fees
2,750
2,750
Legal and professional
7,500
4,690
10,250
7,440
6
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
2,750
2,750
Depreciation of owned tangible fixed assets
215
1,700
7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
3
3
Employment costs
2024
2023
£
£
Wages and salaries
77,483
70,251
Social security costs
1,344
1,412
Other pension costs
628
441
79,455
72,104
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
2024
2023
£
£
Aggregate compensation
37,073
38,126
WALLED CITY MUSIC TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
9
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10
Tangible fixed assets
Office equipment
Musical equipment
Total
£
£
£
Cost
At 1 April 2023
1,911
6,590
8,501
At 31 March 2024
1,911
6,590
8,501
Depreciation and impairment
At 1 April 2023
1,696
6,590
8,286
Depreciation charged in the year
215
-
215
At 31 March 2024
1,911
6,590
8,501
Carrying amount
At 31 March 2024
-
-
-
At 31 March 2023
215
-
215
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Grants receivable
6,256
15,572
Other debtors
13,019
3,394
19,275
18,966
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other taxation and social security
1,835
799
Deferred income
13
-
4,985
Trade creditors
18,284
15,675
Other creditors
1,797
4,340
Accruals
9,142
7,787
31,058
33,586
WALLED CITY MUSIC TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
13
Deferred income
2024
2023
£
£
Arising from Piano Festival Ticket sales in advance
-
4,985

Deferred income is included in the financial statements as follows:

2024
2023
£
£
Deferred income is included within:
Current liabilities
-
4,985
Movements in the year:
Deferred income at 1 April 2023
4,985
-
Released from previous periods
(4,985)
-
Resources deferred in the year
-
4,985
Deferred income at 31 March 2024
-
4,985
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
628
441

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

15
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
NI Arts Council grants
2,386
109,250
(111,636)
-
NI Arts Council equipment grants
833
-
(833)
-
Derry City and Strabane District Council
-
7,928
(7,928)
-
Department for Communities
17,259
12,128
(29,387)
-
20,478
129,306
(149,784)
-
WALLED CITY MUSIC TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Restricted funds
(Continued)
- 17 -
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
NI Arts Council grants
30,612
112,750
(140,976)
2,386
NI Arts Council equipment grants
833
-
-
833
Bailey Thomas Grant
956
-
(956)
-
Derry City and Strabane District Council
-
7,928
(7,928)
-
Department for Communities
-
31,663
(14,404)
17,259
32,401
152,341
(164,264)
20,478

Analysis of restricted funds

 

a) NI Arts Council grants

Funding for core costs (salaries and overheads), presentation of the Walled City Music Festival, and commissioning fees.

 

b) NI Arts Council - equipment grants

Funding for the purchase of stage and performance equipment.

 

c) Bailey Thomas Grant

Funding for the further development of the performance ensemble Acoustronic, as part of the Inclusive Creativity project.

 

d) Derry City and Strabane District Council Grant

Funding received from the Cultural Organisations Fund for core costs (overheads).

 

e) Department for Communities

Funding received from the Future Screens NI fund as an Employment and Skills Initiative for the Arts Sector in Northern Ireland.

16
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
5,770
30,430
(18,197)
18,003
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
2,392
10,083
(6,705)
5,770
WALLED CITY MUSIC TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
17
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Current assets/(liabilities)
18,003
-
18,003
18,003
-
18,003
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 March 2023:
Tangible assets
215
-
215
Current assets/(liabilities)
5,555
20,478
26,033
5,770
20,478
26,248
18
Financial commitments, guarantees and contingent liabilities

Certain grants received and receivable may become repayable to the funder if the charity is no longer able to meet the conditions under which they were awarded. Due to the nature of these contingencies, it may not be possible to quantify the potential financial effect or give an indication of the timing as to the liabilities that may arise.

19
Related party transactions
Transactions with related parties

During the year the charity entered into the following transactions with related parties:

The Trustees of Walled City Music Trust (WCMT) formed a new company, City of Derry International Choir Festival Limited, (CoDICF) to coordinate and manage the City of Derry International Choral Festival programme of events. WCMT and CoDICF are therefore under common control. At the year end, WCMT were owed £11,872 from CODICF in respect of loans for cash flow purposes (2023: £2,142 was owed from CoDICF to WCMT).

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