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COMPANY REGISTRATION NUMBER: 07348697
CHARITY REGISTRATION NUMBER: 1139848
Menter Rhosygilwen
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2024
Menter Rhosygilwen
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
3
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Notes to the financial statements
6
Menter Rhosygilwen
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 December 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2024 .
Reference and administrative details
Registered charity name
Menter Rhosygilwen
Charity registration number
1139848
Company registration number
07348697
Principal office and registered
Neuadd-y-Derwen
office
Rhos-y-Gilwen Mansion
Rhoshill
Cilgerran
Pembrokeshire
SA43 2TW
The trustees
Dr G Peters
Mr N A Forrest
Dr D A L Owen
Dr R R L Davies
Independent examiner
R E Matthews
Garn Hebogydd
Gwbert
Cardigan
Ceredigion SA43 1PR
Structure, governance and management
The charity was incorporated on 17th August 2010 as a company limited by guarantee. It is governed by Memorandum and Articles of Association as amended by a special resolution which was registered at Companies House on 10th January 2011.
The charity was registered by the Charity Commission on 14th January 2011.
There must be at least four Trustees. The appointment of new trustees will be decided by the existing trustees.
Objectives and activities
The primary objective of the charity is to advance the Arts and culture for the benefit of the general public by promoting and facilitating access to and performances of music, literary and dramatic arts and other art forms.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
We are delighted to report a successful year with total audience income reaching approximately £50,000 - marginally exceeding artists' fees - demonstrating strong support for our events. As ever, the highlight of our calendar was the Summer Opera, with two sell-out performances of Carmen, confirming its place as a firm favourite in our programme.
While classical music concerts continue to be an essential part of our mission, we have noted a continuing decline in attendance post-COVID. This reflects broader demographic and social changes - our traditional audience base is aging, and habits have shifted. Nevertheless, we remain committed to maintaining a classical presence, and we are exploring ways to make these events more accessible and appealing to a wider demographic.
In contrast, folk music events remained strong, and our Welsh choral performances proved the most consistently well-attended throughout the year. The Christmas Concert once again stood out as a particularly special moment, bringing together the community in celebration.
We were encouraged by the response to newer ventures, particularly in reggae, which drew a notably younger crowd - many in their 20s. This broadening of genres is something we hope to develop further as we continue to diversify our audience and strengthen community engagement.
Our Easter arts exhibition supported three local art groups and, although overall visitor numbers were modest, it did include a successful family day, an encouraging step toward broader community involvement.
We were also proud to announce a new student bursary scheme to support young local musicians. In 2024, two awards were made to promising school leavers, one accepted into the Royal Academy of Music and the other into the Guildhall School of Music and Drama in London. These achievements underscore our commitment to nurturing the next generation of talent.
Financial review
The charity must maintain sufficient reserves to fund future activities whilst recognising the risks inherent in estimating ticket sales in advance. The deficit of £6,498 as a result of expenditure on rebranding and a new website which have been well received and the introduction of a streamlined online ticketing system has been a clear improvement.
Plans for future periods
2024 has been a year of strategic transition and the trustees are confident that changes made during the year will be beneficial by reaching a wider audience and reducing the charity's costs.
The coming year will no doubt present challenges. The ongoing economic pressures mean our audiences may be more selective about how and when they attend events. The trustees are sensitive to this and will strive to ensure our programme remains accessible, relevant, and inspiring.
The trustees' annual report and the strategic report were approved on 20 September 2025 and signed on behalf of the board of trustees by:
Dr G Peters
Trustee
Menter Rhosygilwen
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Menter Rhosygilwen
Year ended 31 December 2024
I report to the trustees on my examination of the financial statements of Menter Rhosygilwen ('the charity') for the year ended 31 December 2024.
Responsibilities and basis of report
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
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 charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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 financial statements 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.
R E Matthews Independent Examiner
Garn Hebogydd Gwbert Cardigan Ceredigion SA43 1PR
20 September 2025
Menter Rhosygilwen
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 December 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
15,292
15,292
20,960
Charitable activities
6
48,956
48,956
42,520
--------
--------
--------
Total income
64,248
64,248
63,480
--------
--------
--------
Expenditure
Expenditure on charitable activities
7,8
70,746
70,746
59,886
--------
--------
--------
Total expenditure
70,746
70,746
59,886
--------
--------
--------
--------
--------
--------
Net (expenditure)/income and net movement in funds
( 6,498)
( 6,498)
3,594
--------
--------
--------
Reconciliation of funds
Total funds brought forward
9,044
9,044
5,450
--------
--------
--------
Total funds carried forward
2,546
2,546
9,044
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Menter Rhosygilwen
Company Limited by Guarantee
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible fixed assets
13
240
480
Current assets
Debtors
14
4,104
7,416
Cash at bank and in hand
163
5,259
-------
--------
4,267
12,675
Creditors: amounts falling due within one year
15
1,961
4,111
-------
--------
Net current assets
2,306
8,564
-------
-------
Total assets less current liabilities
2,546
9,044
-------
-------
Net assets
2,546
9,044
-------
-------
Funds of the charity
Unrestricted funds
2,546
9,044
-------
-------
Total charity funds
17
2,546
9,044
-------
-------
For the year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 20 September 2025 , and are signed on behalf of the board by:
Dr G Peters
Trustee
Menter Rhosygilwen
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Neuadd-y-Derwen, Rhos-y-Gilwen Mansion, Rhoshill, Cilgerran, Pembrokeshire, SA43 2TW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
Every member of the charity undertakes to contribute such amount as may be required (not exceeding £1) to the assets of the charity if it should be wound up while he is a member or within one year after he ceases to be a member, for payment of the charity's debts and liabilities contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves.
There were four members of the charity at 31st December 2024.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations received
15,292
15,292
20,960
20,960
--------
--------
--------
--------
6. Charitable activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Programme of events
48,956
48,956
42,520
42,520
--------
--------
--------
--------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Programme of events
70,386
70,386
59,526
59,526
Support costs
360
360
360
360
--------
--------
--------
--------
70,746
70,746
59,886
59,886
--------
--------
--------
--------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Programme of events
70,386
–
70,386
59,526
Governance costs
–
360
360
360
--------
----
--------
--------
70,386
360
70,746
59,886
--------
----
--------
--------
9. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
240
240
----
----
10. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
360
360
----
----
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
13,587
13,233
Employer contributions to pension plans
196
171
--------
--------
13,783
13,404
--------
--------
The average head count of employees during the year was 1 (2023: 1 ).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
No trustee expenses have been incurred.
13. Tangible fixed assets
Equipment
Total
£
£
Cost
At 1 January 2024 and 31 December 2024
960
960
----
----
Depreciation
At 1 January 2024
480
480
Charge for the year
240
240
----
----
At 31 December 2024
720
720
----
----
Carrying amount
At 31 December 2024
240
240
----
----
At 31 December 2023
480
480
----
----
14. Debtors
2024
2023
£
£
Other debtors
4,104
7,416
-------
-------
15. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
–
2,451
Accruals and deferred income
1,160
1,080
Social security and other taxes
684
597
Other creditors
117
( 17)
-------
-------
1,961
4,111
-------
-------
16. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 196 (2023: £ 171 ).
17. Analysis of charitable funds
Unrestricted funds
At 1 January 2024
Income
Expenditure
At 31 December 2024
£
£
£
£
General funds
9,044
64,248
(70,746)
2,546
-------
--------
--------
-------
At 1 January 2023
Income
Expenditure
At 31 December 2023
£
£
£
£
General funds
5,450
63,480
(59,886)
9,044
-------
--------
--------
-------
18. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Tangible fixed assets
240
240
Current assets
4,267
4,267
Creditors less than 1 year
(1,961)
(1,961)
-------
-------
Net assets
2,546
2,546
-------
-------
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
480
480
Current assets
12,675
12,675
Creditors less than 1 year
(4,111)
(4,111)
--------
--------
Net assets
9,044
9,044
--------
--------