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2022-07-31-accounts

REGISTERED COMPANY NUMBER: 02396173 (England and Wales) REGISTERED CHARITY NUMBER: 1004086

Report of the Trustees and Financial Statements for the Year Ended 31 July 2022 for Ex Cathedra Limited

Locke Williams Associates LLP Chartered Accountants Registered Auditors c/o Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL

Ex Cathedra Limited

Contents of the Financial Statements for the Year Ended 31 July 2022

Page
Artistic Director's Report 1
Report of the Trustees 2 to 12
Report of the Independent Auditors 13 to 15
Statement of Financial Activities 16
Balance Sheet 17 to 18
Cash Flow Statement 19
Notes to the Financial Statements 20 to 28

Ex Cathedra Limited

Artistic Director's Report for the Year Ended 31 July 2022

It feels as if we’re getting back to normal. Our 2022-23 season includes a wonderful selection of concerts in great venues, which demonstrates the wide range of special qualities for which Ex Cathedra is so admired by audiences, musicians and critics.

Music is a force for good. We are reminded constantly of this in our work: it can change lives, uplift, inspire; it can bring people together and it knows no boundaries! It is local and global; it is a universal language that is fundamental to human existence.

Ex Cathedra is uniquely placed, through the special chemistry which has evolved amongst its musicians during its 50-year history, to demonstrate the power of music through its exceptional work in schools, hospitals, in the wider community and through its annual concert series performed in the region and beyond. We have a developed a thriving

relationship with audiences in Wolverhampton, Hereford, Coventry, Shrewsbury, Leicester, London and of course in Birmingham.

This extraordinary creative energy, imagination and ability to engage the local community is a great tribute to the spirit of Ex Cathedra

We are extremely grateful to all the funders and supporters who have helped us navigate the pandemic. However, there are challenges ahead. Earned and box office income continues to recover slowly. We are extremely grateful to Arts Council England for increasing our grant for 2023-26 but we urgently need more support towards core costs and our artistic programme if we are to sustain our current activity, grow and flourish over the next 50 years.

We are ambitious to engage more people – from all backgrounds – in singing. Singing is for everyone, and singing together is a powerful, shared creative experience. It transforms individuals into a community, connecting us, regardless of age, ethnicity, faith, gender or any other definition. It builds confidence, shared understanding and empathy. It teaches us to listen with care and express ourselves with confidence.

Everyone should have opportunity to experience the physical and wellbeing benefits of singing together, and to be inspired by world-class choral music. The great Tudor composer William Byrd – whose 400th anniversary we celebrate in 2023 - wrote in the preface to his Psalms, Sonets, and Songs of Sadness and Piete in 1588:

Since singing is so good a thing, I wish all men would learne to sing.

Jeffrey Skidmore OBE Artistic Director

Page 1

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

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 July 2022. 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 2015).

OBJECTIVES AND ACTIVITIES Objectives and aims

Ex Cathedra is established to further the education of the public of the West Midlands and elsewhere in the art and science of music. It seeks to reach and engage as many people as possible with outstanding vocal experiences by exploring, commissioning and performing the finest choral music, and by producing inspirational projects with participants of all ages in schools, hospitals and community groups. Ex Cathedra has set out the following priorities in its Business Plan for 2022-26:

Mothers and toddlers supported by Carriers of Hope perform their composition as part of Liz Dilnot Johnson’s “When a Child is a Witness”, produced by Ex Cathedra at Coventry Cathedral, February 2021

Page 2

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

OBJECTIVES AND ACTIVITIES

Significant activities

Thanks to its recordings, live and online performances, and its sector-leading education and participation projects, Ex Cathedra's international reputation as a leading UK choir and Early Music ensemble goes from strength to strength.

Founded in 1969 by Jeffrey Skidmore OBE, Ex Cathedra comprises a chamber choir, a Consort (10 singers), and a Baroque Orchestra/Ensemble comprising the UK's finest period-instrumentalists. Its education and participation projects are delivered by a sector-leading team of Vocal Tutors, all members of Ex Cathedra, who comprise qualified teachers, professional singers, conductors and experienced workshop leaders.

Ex Cathedra is an Arts Council National Portfolio Organisation, with funding offered until March 2026 and an uplift secured in the latest funding round. The organisation receives a small annual grant from Birmingham City Council, support from private and commercial sources, donations from individuals, and grants from trusts and foundations. During the pandemic it benefited from the government’s Culture Recovery Fund.

In setting objectives, the trustees give careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary guidance on widening access and setting fees. The company offers a wide range of ticket prices for all its concerts, with tickets available from £15 for all concerts and discounts for those in receipt of benefits, u16s and students, 18-30s, and disabled patrons. It frequently targets ticket offers to groups it has worked with in local areas e.g. Ladywood.

To meet its objectives, Ex Cathedra:

Page 3

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

ACHIEVEMENT AND PERFORMANCE Charitable activities

REVIEW OF PROGRESS AND ACHIEVEMENTS

2021-22 was a period of yet more adjustment as the world emerged from the pandemic. Most activities retained covid protocols, and some concerts retained social distancing but the majority went on sale without this restriction in place. Attendance at concerts increased but remained substantially below pre-pandemic levels. ‘In person’ projects in schools began to resume during the year, but work with hospital patients remained online throughout with just two hospital visits resuming right at the end of the year. It was a period in which the contribution to overhead costs from activities was around £61k lower than the equivalent year would have been pre-pandemic.

Fortunately, Ex Cathedra was able to secure a further grant of £57k from the final round of the government’s Culture Recovery Fund. We are grateful to the trust funders who continued to support the digital programmes of work we created for project beneficiaries, and to many individuals who continued to donate through our Host of Angels individual giving scheme.

Notable achievements during the year included:

Page 4

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

Children from Anderton Park Primary School take a break from recording Singing Playgrounds resource material at Vada Studios

A screenshot from a schools resource film featuring Kadialy Kouyate (L) and Dan Ludford Thomas (R)

Ex Cathedra animateurs deliver a Big Sing event at Symphony Hall with 700 primary schoolchildren and teachers

Kadialy Kouyate performs as part of Liz Dilnot Johnson’s “When a Child is a Witness”, produced by Ex Cathedra at Coventry Cathedral, February 2021

Ex Cathedra, the CBSO and Keneish Dance perform David Fanshawe’s “African Sanctus” at Symphony Hall, January 2021

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Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

Charitable activities – continued Feedback included:

"one of Britain's very best choirs… superb" ( New York Times )

“Ex Cathedra and their players gave an inspired and thrilling performance of this extraordinary work… singing with great agility, authenticity, and sensitivity. The band were simply sublime. This was a memorable and outstanding performance”

( www.reviewsgate.com review of Monteverdi Vespers )

“an artistically ambitious and emotionally compelling work that is firmly rooted in the contributions of the participants … evocative music with a purpose and meaningful sense of engagement” ( Ivor Composer Award citation for When a Child is a Witness )

“one of the most significant and poignant contributions to Coventry’s City of Culture celebrations… the work empowers performers from a diverse range of backgrounds, cultures and experiences to create a distinguished artwork designed to make this a better world for all”

( www.seenandheard-international.com review of When a Child is a Witness )

“It was lovely to see the collaboration between high quality arts and grassroots community engagement. At no point was anyone made to feel ‘second class’… never has the integration been so warm and respectful.” ( Keith Horsfall, EYM Refugee Choir founder )

“a ravishing performance of this monumental work” ( www.reviewsgate.com review of Bach’s St Matthew Passion )

“a memorable performance which had everything one could wish for from such an iconic work…This piece showcased not only Ex Cathedra, but also their Academy of Vocal Music and members of their community choirs. The Academy sang with professionalism and precision, a true reminder that the future of choral music is in very good hands”

( www.davidbartonmusic.co.uk review of Bach’s St Matthew Passion )

“In the works performed in this concert there is a perfect melding – or symbiosis if you will – of words and music. Moreover, there is perhaps what all artistic creatives hope for: a true, honest & sincere expression of the human condition – of our lived-experience and human emotions… In these composers [Panufnik and Roth] – and indeed in the texts and authors they choose to set or to collaborate with – there is a real sense of authenticity and of a consummate, deeply felt storytelling.”

( www.reviewsgate.com review of Unending Love Weekenders )

“I would like to thank everyone involved with the concert on Wednesday. As ever, it was absolutely stunning and I found it very moving. Perfect choice of repertoire performed to such a high standard. C and E loved every minute and we can't stop singing Changing Gears at home. I love how you foster a sense of family and I'm so pleased the girls are part of this.”

( Academy of Vocal Music parent )

“an intercontinental ‘sonic friendship’, where worlds don’t so much collide as collaborate” ( www.5against4.com review of African Sanctus )

"Participating in Singing Medicine is like taking a child into a meadow and letting them run; getting them into the air and letting them be free. It's a moment of space, to share, to express, to sing, it's almost like being allowed to stretch." (Member of staff at Birmingham Children's Hospital )

"We have really enjoyed the singing session, it really made my child smile. It was even more special as one of the ladies sang the song in our language"

( Parent of 5-year-old Singing Medicine beneficiary in Wolverhampton )

“@singingmed One of the greatest teams lifting spirits, changing worlds. Your work is amazing.’ ( Prof Grenville Hancox MBE)

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Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

FINANCIAL REVIEW Finances

Finances

The attached financial statements show the current state of finances to be secure. Thanks to the funding support available - including the government's Culture Recovery Fund - reserves only decreased during a very challenging year by £7,300, ending the year at £136,470.

The charity received revenue grant funds amounting to £131,061 from local authority and public sources, of which £56,944 was from the Culture Recovery Fund. This was critical as Ex Cathedra's annual funding from Arts Council England and Birmingham City Council is far less than its baseline operating costs, so with the contribution to core costs after activity costs being so impacted by the pandemic, reserves would have been depleted, placing Ex Cathedra in a perilous position.

£379,175 was raised from sponsorships, donations and grants from other public sources, trusts, commercial and private funds for use during the year, a relatively small reduction on pre-pandemic fundraising.

Earned income from ticket sales, and from fees for concert engagements and education projects recovered to £246,210, in part due to the rescheduling of activity postponed from prior years.

Fundraising Practices

Over the last 10 years fundraised income has become an increasingly important income stream. Ex Cathedra's approach is to seek funds from individuals, companies and charitable trusts, with the large majority of funds raised in the year being received from trusts and foundations.

Fundraising activities were undertaken by members of staff, including a part-time Grants & Individual Giving Manager, who drafts applications, writes reports for funders and looks after the individuals who donate to the Host of Angels scheme.

Ex Cathedra is registered with the Fundraising Regulator and adheres to the Regulator's Fundraising Promise, Code of Fundraising Practice and its terms and conditions. During the year Ex Cathedra received no complaints about its fundraising work.

Reserves policy and going concern

The trustees have established a policy on the amount of reserves that Ex Cathedra should carry. They believe that as a non-profit making organisation there is no requirement to accumulate reserves beyond its immediate needs. However, Ex Cathedra does need to maintain a minimum level of free reserves to safeguard its ongoing viability and provide adequate cashflow.

To meet the cashflow requirements, the trustees consider that the organisation should seek to maintain reserves at the equivalent level of 8 weeks of turnover.

Whilst the organisation had a cash outflow in the year of £188,555, this was due timing of planned activity which meant a reduction in deferred income levels in the year and hence a cash outflow.

The trustees have also determined a minimum operating threshold, being the funds necessary to finance the business through an orderly shutdown of the charity in the event of an unforeseen, catastrophic disaster. This level will also vary from time to time. It was recently calculated at £100,000.

The trustees have reviewed the circumstances of Ex Cathedra, with a regular review of the cashflow forecast and projects pipeline given the ongoing impact of the coronavirus pandemic, high inflationary environment and ongoing audience uncertainty (see Future plans below). They consider that adequate resources continue to be available to fund the activities of the organisation for the foreseeable future. The trustees are of the view that charitable company is a going concern.

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Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

FUTURE PLANS

Plans for the 2022-23 season will see Ex Cathedra present a concert programme that welcomes audiences back to something nearer a normal season of activity. However, audiences are expected to remain cautious, and the national data indicates that around 15% of audiences have not yet returned, and these people were previously buying around 30% of the tickets by value. High inflation and the cost of living means audiences face more difficult choices. There are indications of price resistance and of audiences attending fewer concerts. Plans will remain under continuous review, particularly as no further support from the government’s Culture Recovery Fund is expected.

‘In person’ schools projects have resumed, but children in schools have missed out on 3 years of singing development, staff confidence is low and there is a continued de-prioritisation of music from government, with declining numbers of students taking music at GCSE and A level. Within this context, we will work to inspire young people to engage with music and singing and to access all the benefits and opportunities it brings, and we will do this through a hybrid model that supports school staff with a suite of online resources and films as well as ‘in person’ visits and “big sing” spark events with hundreds of children at Symphony Hall.

We also hope to see Singing Medicine resume in hospital. After a long hiatus, there are changes in ward personnel and it is likely to take some time for hospitals to commit funds at the level they contributed prepandemic, to supplement our fundraising. Singing Medicine delivery will continue to expand beyond our core partnership with Birmingham Women’s & Children’s Hospital, partnering with other NHS Trusts and sector partners to support patients recovering from a stroke, suffering from Long Covid or with dementia, mental health, lung function and other challenges. We know that singing can help recovery as well as improving wellbeing and combatting isolation: singing together releases feel-good hormones, reduces stress and aids deeper breathing.

2022-23 will see Ex Cathedra deliver a wide-ranging season of concerts, and continue to develop innovative and inclusive new approaches:

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Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

Over the last 10 years, Ex Cathedra has evolved its financial model to adjust to continuing changes in the funding available. However, funding for core costs from public funders has not been available to enable staff capacity to grow alongside the increase in activity required to generate more earned income, and represented just 6% of turnover for 2021-22 (although £175k National Lottery Projects Grant for When a Child is a Witness and Unending Love Weekenders was also delivered during the year).

The trustees recognise that the staff team are working far in excess of their contracted hours and pay is low compared to peer organisations. The organisation’s underlying financial model remains at risk despite this hidden subsidy, and it is potentially over-exposed to fluctuations in box office and fundraised income – expected to remain significant risks throughout the next 2 years. As the organisation emerges from the pandemic, it needs to make a step-change in its underlying funding and financial model to create a sustainable structure and platform from which to deliver its existing programme of activity and unlock its latent potential.

Following the success of our Arts Council England NPO application and the uplift in funding offered, the organisation is pleased to take the first step in this direction and begin to address some of its capacity challenges. It should be noted, however, that the increase in funding offered is still relatively modest and from April 2023 will represent something in the region of 12% of total income (the average for NPOs is c.20%). This will not be sufficient for the organisation to address all the issues we outlined above, and, with earned income likely to remain deflated, the budget for the next period remains challenging.

Mandatory reporting templates from Arts Council England mean that Ex Cathedra is likely to need to change its year end to the fiscal year to minimize the additional workload imposed. This may mean Ex Cathedra’s 2022-23 financial year is shortened, running from August 2022 to March 2023.

Ex Cathedra perform by candlelight

Page 9

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document and constitution

Ex Cathedra is controlled by its governing document, its Memorandum and Articles of Association dated 1 February 1989 as amended on 25 November 2004 to allow for indemnity insurance cover for directors and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Each director agrees to contribute £1 in the event of the charity winding up.

Recruitment and appointment of new trustees

The Company currently has 10 directors or trustees, the Chairman being appointed from amongst them. Birmingham City Council nominates up to one representative to observe meetings under its funding agreement. Ex Cathedra also appoints one young person (under 20) each year to attend and contribute to Board meetings.

Induction and training of new trustees

When considering co-opting new directors or trustees, the Board has regard to the requirement for any specialist skills needed. New directors are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity. They are required to state on their appointment that they know of no reason why they should not be appointed and to undergo clearance procedures with the Disclosure and Barring Service (repeated periodically) due to the Company's relationships with vulnerable beneficiaries.

Organisational structure

The directors meet quarterly as a Board. Trustees are nominated to take responsibilities for different areas of the Company's activities e.g. finance, education, marketing etc. The day-to-day running of the charity is delegated to the General Manager with support from the Director of Education and Head of Finance.

Key management remuneration

The board of directors (trustees), General Manager, Director of Education and Head of Finance comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. All directors give of their time freely and no director received remuneration during the year. The pay of senior staff is reviewed annually.

Risk management

The trustees have carried out a detailed review to identify the major risks that the charity faces in order to implement a risk management strategy that includes the establishment of systems and procedures to mitigate those risks and their potential effect on the charity. Risks are scored for likelihood and impact after mitigation. The Risk Register is reviewed by the Board at least once a year and adjusted as necessary.

The trustees consider that the main risks to Ex Cathedra are:

A focus on its Business Plan priorities, strong relationships with key funders, robust financial monitoring, and the work of subgroups ensure that these priorities are being addressed. The charity has a strong system of internal control, including:

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Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

02396173 (England and Wales)

Registered Charity number

1004086

Registered office

CBSO Centre Berkley Street Birmingham West Midlands B1 2LF

Trustees

Mr J F Clemson Ms S M Kernthaler Ms L J Krishnamoorthy Mr P N Ledgard Mr Peter Phillips (chair) Dr J M Pymm Mrs J Robinson Ms P Whitehouse

Three trustees, Mr P Keene, Mr A Nayak and Professor J Smith have been invited and are expected to join the board of trustees.

Company Secretary Mrs A R Burgess

Auditors

Locke Williams Associates LLP Chartered Accountants Registered Auditors c/o Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL

General Manager Peter Trethewey

Advisers

Bankers Lloyds Bank Erdington Branch Birmingham

Insurance brokers

Marsh Commercial 45 Church Street Birmingham B3 2RT

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Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 July 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Ex Cathedra Limited for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Locke Williams Associates LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 23 January 2023 and signed on its behalf by:

P N Ledgard - Trustee

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Report of the Independent Auditors to the Trustees of Ex Cathedra Limited (Registered number: 02396173)

Opinion

We have audited the financial statements of Ex Cathedra Limited (the 'charitable company') for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Report of the Independent Auditors to the Trustees of Ex Cathedra Limited (Registered number: 02396173)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the sector in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, trustees and enquiries of third parties, where appropriate.

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Report of the Independent Auditors to the Trustees of Ex Cathedra Limited (Registered number: 02396173)

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and checking the authorisation of expenditure as part of our substantive testing, using analytical review to identify any significant or unusual transactions and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Locke Williams Associates LLP Chartered Accountants Registered Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 c/o Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL 26/01/2023

Date: .............................................

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Ex Cathedra Limited

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 July 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
207,371
Charitable activities
Own promotions
141,841
Engagements, media and other concerts
87,129
Learning
10,785
Special projects
-
Fundraising
3
5,096
Investment income
4
9
Total
452,231
EXPENDITURE ON
Raising funds
6
20,084
Charitable activities
7
Own promotions
210,552
Engagements, media and other concerts
151,817
Learning
77,438
Special projects
-
Total
459,891
NET INCOME/(EXPENDITURE)
(7,660)
RECONCILIATION OF FUNDS
Total funds brought forward
138,540
TOTAL FUNDS CARRIED FORWARD
130,880		 Restricted
funds
£
302,865
6,455
-
-
197,300
-
-
506,620
24,843
75,795
-
208,322
197,300
506,260
360
5,230
5,590		 31.7.22
Total
funds
£
510,236
148,296
87,129
10,785
197,300
5,096
9
958,851
44,927
286,347
151,817
285,760
197,300
966,151
(7,300)
143,770
136,470		 31.7.21
Total
funds
£
650,643
36,414
33,562
-
-
2,551
20
723,190
40,756
273,707
95,423
284,435
-
694,321
28,869
114,901
143,770

The notes form part of these financial statements

Page 16

Ex Cathedra Limited (Registered number: 02396173)

Balance Sheet 31 July 2022

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds:
General fund
IT Fund
Restricted funds:
Alice Corser Scholarship Fund
TOTAL FUNDS		 31.7.22
£
6,339
95,632
275,660
371,292
(241,161)
130,131
136,470
136,470
130,538
342
130,880
5,590
136,470		 31.7.21
£
8,352
52,968
464,215
517,183
(381,765)
135,418
143,770
143,770
138,198
342
138,540
5,230
143,770

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

Page 17

Ex Cathedra Limited (Registered number: 02396173)

Balance Sheet - continued 31 July 2022

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 23 January 2023 and were signed on its behalf by:

P N Ledgard - Trustee

The notes form part of these financial statements

Page 18

Ex Cathedra Limited

Cash Flow Statement for the Year Ended 31 July 2022

Notes
Cash flows from operating activities
Cash generated from operations
20
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.7.22
£
(187,599)
(187,599)
(965)
9
(956)
(188,555)
464,215
275,660		 31.7.21
£
38,314
38,314
(8,340)
20
(8,320)
29,994
434,221
464,215

The notes form part of these financial statements

Page 19

Ex Cathedra Limited

Notes to the Financial Statements for the Year Ended 31 July 2022

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 2019)', 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.

For grants and donations to be recognised, the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled

Income from charitable activities includes ticket and fee income earned from undertaking performances, engagements and recordings. Income is received in exchange for supplying goods and services in furtherance of the charitable objectives and is recognised when entitlement has occurred.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

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.

Costs are shown net of any recoverable VAT.

Allocation and apportionment of costs

Charitable activity costs include those direct costs incurred in the furtherance of the charitable actives and are analysed between the significant activities undertaken.

Support (core) costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity.

Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Payroll costs been allocated accords activities on the basis of employees involvement in each activity and other overheads have been allocated in proportion to incoming resources by activity.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

Tangible fixed assets

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

Page 20

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

1. ACCOUNTING POLICIES - continued

Tangible fixed assets
Concert equipment - 25% on cost
Fixtures and fittings - 25% on cost
Office equipment - 25% on cost
Computer equipment - 33% on cost

Individual fixed assets costing £500 or more are capitalised at cost

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Grants for core funding purposes
Sponsorships and donations		 31.7.22
£
131,061
379,175
510,236		 31.7.21
£
245,140
405,503
650,643

Included within grants for core funding purposes is £56,944 of Cultural Recovery Funds received from the Arts Council England during the year (2021 £171,022).

Page 21

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

3.
CHARITABLE TRADING
Royalties, media and recording
Sales of CDs etc
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Own promotions
Engagements, media and other concerts
Learning
Special projects
Grants received, included in the above, are as follows:
Arts Council England
6.
RAISING FUNDS
Other trading activities
Purchases
Staff costs		 31.7.22
£
2,391
2,705
5,096
31.7.22
£
9
31.7.22
£
148,296
87,129
10,785
197,300
443,510
31.7.22
£
197,300
31.7.22
£
17,099
27,828
44,927		 31.7.21
£
1,307
1,244
2,551
31.7.21
£
20
31.7.21
£
36,414
33,562
-
-
69,976
31.7.21
£
-
31.7.21
£
13,865
26,891
40,756

Page 22

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

7. CHARITABLE ACTIVITIES COSTS

Own promotions
Engagements, media and other
concerts
Learning
Special projects		 Direct
Costs
£
285,407
151,264
285,692
196,048
918,411		 Support
costs (see
note 8)
£
940
553
68
1,252
2,813		 Totals
£
286,347
151,817
285,760
197,300
921,224

8. SUPPORT COSTS

Support costs are the charity's Governance costs, being audit and legal fees. These costs have been allocated to the charitable activities in proportion to income arising.

9. NET INCOME/(EXPENDITURE)

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

31.7.22 31.7.21
£ £
Auditors' remuneration 2,700 2,700
Auditors' remuneration for non-audit work 113 113
Depreciation - owned assets 2,978 1,501

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.

11. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 31.7.22
£
182,491
8,853
9,685
201,029		 31.7.21
£
183,224
8,016
8,731
199,971

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

Page 23

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

11. STAFF COSTS - continued

The average monthly number of employees during the year was 14 (2021:13). The Charity employs 3 full time members of staff with an average of 11 part time (including 4 choral Scholars), FTE number of staff is 5.80.

The total amount of employee benefits received by key management personnel is £78,150 (2021 £75,875). The charity considers its key management personnel compromise the board of directors, who are the Charity's trustees, and the senior management team, being the general manager, the director of education and the director of finance.

12.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
319,313
Charitable activities
Own promotions
36,414
Engagements, media and other concerts
33,562
Fundraising
2,551
Investment income
20
Total
391,860
EXPENDITURE ON
Raising funds
21,381
Charitable activities
Own promotions
193,028
Engagements, media and other concerts
95,423
Learning
53,699
Total
363,531
NET INCOME
28,329
RECONCILIATION OF FUNDS
Total funds brought forward
110,211
TOTAL FUNDS CARRIED FORWARD
138,540		 Restricted
funds
£
331,330
-
-
-
-
331,330
19,375
80,679
-
230,736
330,790
540
4,690
5,230		 Total
funds
£
650,643
36,414
33,562
2,551
20
723,190
40,756
273,707
95,423
284,435
694,321
28,869
114,901
143,770

Page 24

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

13. TANGIBLE FIXED ASSETS

Concert
equipment
£
COST
At 1 August 2021
18,263
Additions
-
At 31 July 2022
18,263
DEPRECIATION
At 1 August 2021
13,533
Charge for year
1,261
At 31 July 2022
14,794
NET BOOK VALUE
At 31 July 2022
3,469
At 31 July 2021
4,730		 Fixtures
and
Office
Computer
fittings
equipment
equipment
£
£
£
1,944
568
17,557
-
-
965
1,944
568
18,522
1,944
568
13,935
-
-
1,717
1,944
568
15,652
-
-
2,870
-
-
3,622		 Totals
£
38,332
965
39,297
29,980
2,978
32,958
6,339
8,352

All assets are used in direct furtherance of the Charity's objects.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
VAT
Prepayments and accrued income
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Deferred income
Accrued expenses		 31.7.22
£
17,774
3,545
74,313
95,632
31.7.22
£
61,226
2,303
10,318
102,978
64,336
**241,161 **		 31.7.21
£
6,998
-
45,970
52,968
31.7.21
£
23,716
4,602
10,330
247,710
95,407
381,765

Page 25

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.7.22 31.7.21
£ £
Within one year 3,809 7,574
Between one and five years - 3,809
3,809 11,383

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
£
Fixed assets
6,339
Current assets
365,702
Current liabilities
(241,161)
130,880		 Restricted
funds
£
-
5,590
-
5,590		 31.7.22
Total
funds
£
6,339
371,292
(241,161)
136,470		 31.7.21
Total
funds
£
8,352
517,183
(381,765)
143,770

18. MOVEMENT IN FUNDS

At 1.8.21
£
Unrestricted funds
General fund
138,198
IT Fund
342
138,540
Restricted funds
Alice Corser Scholarship Fund
5,230
TOTAL FUNDS
143,770
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
452,231
Restricted funds
Restricted income fund
308,960
Alice Corser Scholarship Fund
360
Special project grant
197,300
506,620
TOTAL FUNDS
**958,851 **		 Net
movement
At
in funds
31.7.22
£
£
(7,660)
130,538
-
342
(7,660)
130,880
360
5,590
(7,300)
136,470
Resources
Movement
expended
in funds
£
£
(459,891)
(7,660)
(308,960)
-
-
360
(197,300)
-
(506,260)
360
(966,151)
**(7,300) **

Page 26

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
IT Fund
Restricted funds
Alice Corser Scholarship Fund
TOTAL FUNDS		 At 1.8.20
£
109,869
342
110,211
4,690
114,901		 Net
movement
in funds
£
28,329
-
28,329
540
28,869		 At
31.7.21
£
138,198
342
138,540
5,230
143,770

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

Unrestricted funds
General fund
Restricted funds
Restricted income fund
Alice Corser Scholarship Fund
TOTAL FUNDS		 Incoming
resources
£
391,860
330,790
540
331,330
723,190		 Resources
Movement
expended
in funds
£
£
(363,531)
28,329
(330,790)
-
-
540
(330,790)
540
(694,321)
28,869

Purpose of funds:

Designated Fund:

The Investment fund represents funds set aside for future investment opportunities in Education and Choral activities.

The research fund represents funds set aside for future research projects.

Restricted Funds:

Page 27

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

19. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2022.

20. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Increase in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 31.7.22
£
(7,300)
2,978
(9)
(42,664)
(140,604)
**(187,599) **		 31.7.21
£
28,869
1,501
(20)
(27,402)
35,366
38,314

21.. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.21 Cash flow At 31.7.22
£ £ £
Net cash
Cash at bank 464,215 (188,555) 275,660
464,215 (188,555) 275,660
Total 464,215 (188,555) 275,660

Page 28