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2024-03-31-accounts

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

Report of the Trustees and Financial Statements for the Year Ended 31 March 2024 for Ex Cathedra Limited

Ex Cathedra Limited

Contents of the Financial Statements for the Year Ended 31 March 2024

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 March 2024

Ex Cathedra is special. A highly regarded music critic once said that the choir was probably the best in the world.

This is quite a claim and not only includes the technical virtuosity and unique chemistry of the singers but also the ethos of the ensemble, its ability and desire to communicate with audiences, its imaginative programming, its stylistic awareness and above all its humanity.

Our participation and education work adds a crucial dimension. I am delighted that our ChoirMaker programme for secondary schools won Outstanding Music Education Resource at the Music and Drama Awards 2024. We also congratulate Sally Spencer, a soprano with Ex Cathedra for over 25 years, on receiving the inaugural Sky Arts Hero Award for her work on our Singing Medicine project at Birmingham Children's Hospital.

All these elements allow the group to explore an extraordinary range of diverse repertoire which addresses the important issues of our age including climate change, immigration, racism, the fight against torture, world peace, health and equality.

We perform at the highest possible level traditional repertoire and newly commissioned music from every continent in our aim to make great music accessible to everybody.

Another leading commentator, festival director and respected musical thinker summed up our work by saying that Ex Cathedra was "the most sophisticated, three dimensional and multi-layered of all the leading groups in the country". This is high praise and something we strive to maintain.

We are extremely grateful to all our funders and supporters including Arts Council England who increased our grant for 2023-26. However, we continue to face financial challenges. We urgently need more support if we are to sustain our current activity, grow and flourish over the next 55 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.

Jeffrey Skidmore OBE Artistic Director

Page 1

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees

for the Year Ended 31 March 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Ex Cathedra is established to further the education of the public of the West Midlands and elsewhere in the art and science of music. We seek 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:

Performing "On Before" with Carlos Acosta and Laura Rodriguez at Birmingham Hippodrome, April 2024

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Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 March 2024

OBJECTIVES AND ACTIVITIES

Significant activities

Hailed by the New York Times as "one of Britain's very best choirs", Ex Cathedra is a world-class vocal ensemble which leads the choral sector in the fields of performance, education and wellbeing. A charity about singing, for 55 years we have been delighting audiences with our concerts, have pioneered education projects that inspire and train future generations, and have delivered projects that enable people of all ages to access the remarkable wellbeing benefits of singing from concert venues to hospitals.

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 that ends in March 2025, support from private and commercial sources, donations from individuals, and grants from trusts and foundations.

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 starting at £5 for those in receipt of benefits, u16s and students, 18-30s, and disabled patrons. The charity targets ticket offers to community partners with whom it is working.

To meet our objectives, Ex Cathedra:

Page 3

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 March 2024

REVIEW OF PROGRESS AND ACHIEVEMENTS

Charitable activities

The fiscal year ending 31 March 2024 was a period of continued recovery and re-adjustment post-pandemic, as reflected in the overall financial outturn. Activity with schools and in healthcare settings had resumed, including a regular pattern of visits to hospitals but it remained a challenge to re-engage partners at previous financial levels. For example, school budgets and staff remained as stretched than ever. It became clear that audience patterns had become more exaggerated: the overall the box office was up thanks to our strongest ever Christmas season, but attendances for events that would always have been challenging were markedly lower than expected. A number of adjustments have been made for 2024-25 as we respond and adapt. Nevertheless, we anticipate the recovery and adjustment will provide additional stress for the organisation for another year or two.

We were therefore extremely grateful to retain and grow support from a number of trusts, our Host of Angels supporters and some individual donations towards specific projects. Even with this, the period has further eroded our reserves and diminished our resilience to future trading challenges.

We noticed continued stiff competition for trust support, with funders continuing to offer considerably less than requested, even when successful. The consequent increase in applications and reporting places considerable additional demands on our limited capacity, and presumably impacts funders similarly.

Notable achievements during the year included:

Page 4

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees

for the Year Ended 31 March 2024

Recording composer-in-residence Liz Dilnot Johnson's choral album "Gentle Flame" at the Royal Birmingham Conservatoire with Margaret Lingas, Gabriella Liandu, the composer herself, Jeffrey Skidmore and Debipriya Sircar (L-R)

Primary schoolchildren take art in a Singing Playgrounds session with two of our Vocal Tutors, Dan Ludford Thomas and Gemma King

Ex Cathedra animateurs deliver a Big Sing event at Symphony Hall with 500 primary and secondary schoolchildren and teachers

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Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 March 2024

A screenshot from one of our school resource films featuring Kadialy Kouyate (L) and Dan Ludford Thomas (R)

Christmas Music by Candlelight, Coventry Cathedral 2023

Summer Music by Candlelight 2023, curated and directed by Associate Conductor Sarah Latto

Ex Cathedra's Singing Medicine team gather in a corridor at Birmingham Children's Hospital

Feedback included:

"Concerts given by Ex Cathedra are never just concerts. One of the most compelling aspects of their performances - aside from the actual singing - is the way they apply scholarship and historical understanding to the presentation of the music..." ( Bachtrack )

"Ex Cathedra stood out for the way they combine technical excellence with humanity and warmth. They're seriously professional but also love the music into being, and I don't think any choir in Britain does that better" (Catholic Herald )

"fresh and absolutely vital" ( 5* Bachtrack review of Bach St Matthew Passion )

"simply remarkable" ( 5* Reviewsgate review of Handel's Messiah )

"incredible intonation and tuning, soaring to great heights and plunging into abyssal depths yet staying true, never wavering" ( Bachtrack review of Rachmaninoff Vespers )

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

"compelling and engrossing... this magnificent musical outfit has a history ahead of it as long and distinguished as that behind" ( 5* www.reviewsgate.com)

"Ex Cathedra has been a massive part of both our lives for so many years and we will miss it very much. It was a huge influence in M's musical journey and we feel blessed and honoured to have had so many years with you all. I have kept every programme and brochure from every event from all over the years; they remind me of the feelings of awe and joy that I personally felt so many times and I am truly grateful." ( Academy of Vocal Music parent )

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Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 March 2024

"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 )

"It is incredible that singing medicine is freely given... We appreciate it so much. We want her to find the - at times gruelling - treatment as manageable as possible, emotionally as well as physically." ( Parent of a Singing

Medicine patient )

"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 )

FINANCIAL REVIEW

The attached financial statements show the current state of finances to be satisfactory, with net expenditure of £10,341 during the period, reducing funds carried forward to £108,980. As outlined in the report above, it remained a challenging period of adjustment to an operating context that we recognise has changed but has not fully settled.

The charity received revenue grant funds amounting to £121,261 from Arts Council England and Birmingham City Council. Although we are delighted with the increase in core funding from Arts Council England, this remains far less than the organisation's baseline operating costs, with the shortfall closed by fundraising and core cost recovery from activity.

£365,074 was raised from sponsorships, donations and grants from other public sources, trusts, commercial and private funds for use during the period.

Earned income from ticket sales, and from fees for concert engagements and education projects was £341,386.

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 ideally maintain reserves at the equivalent level of 8 weeks of a 12-month turnover. This target would currently be around £135,000.

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. The early warning threshold has been set 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 high inflationary environment and ongoing audience uncertainty (see Future plans below). They are mindful of the reserves position and diminished resilience to future trading challenges but 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 the 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 March 2024

FUTURE PLANS

With more limited headroom in its reserves, the trustees have adopted a prudent plan for 2024-25.

Our grant from Birmingham City Council has been halved for 2024-25 and ends entirely in March 2025. Whilst the value of the funding had declined substantially over several years, this loss of funding will be compounded by an increase in unrecoverable VAT on the venues owned by the Council, and the wider impact of cuts to other funded organisations where we have complex inter-relationships.

The overall fundraising required to enable concerts, education projects and to cover core costs therefore remains high, and, in light of this and the changed operating context, the organisation is undertaking a fundraising review.

We have also made a number of adjustments to activity, for example expanding our programme at St Martinin-the-Fields, continuing the relationship with Lichfield Festival at Christmas, and reviewing ticket pricing and start times to reflect trends identified. Concerts promoted in Birmingham include two venues located outside of the city centre.

Spring/summer 2024 has included a well-attended 300th anniversary performance of Bach's St John Passion at Symphony Hall, engaging our Academy of Vocal Music and members of Birmingham community choirs in a contemporary reconstruction of the Good Friday liturgy Bach knew. During May, the choir visited Sherborne Abbey, reached new audiences in a staged production of Carlos Acosta's show On Before , and gave a livemusic version of the film Amadeus with the CBSO at Symphony Hall. In June we gave 5 performances of Summer Music by Candlelight to audiences across the West Midlands and in London and held two private workshop sessions with prospective artistic directors as part of our recruitment process.

June also saw the release of our latest album, Gentle Flame: choral music by Liz Dilnot Johnson , comprising several works written for Ex Cathedra by our composer-in-residence including Blake Reimagined and the choral movements of When a Child is a Witness .

A live film recording of our Monteverdi Vespers 1610 featured in the LIVE from London online summer festival, reaching audiences across the world, alongside internationally-renowned choral ensembles VOCES8, Chanticleer, Ringmasters and others.

Looking ahead to our 2024-25 concert season, titled "... to the heart" - which encompasses as wide a range of repertoire as ever - we will:

Our Academy of Vocal Music will continue its programme of rehearsals and performances, including 27 performances of The Nutcracker with Birmingham Royal Ballet and our Good Friday St Matthew Passion .

Our Education & Participation team have already spent several days in the studio recording new resources for our schools and Singing Medicine projects, and in May we released a charity single You are Everything recorded with staff and patients at Birmingham Children's Hospital. We are working extensively with schools from Sefton to Stratford-on-Avon, collaborating with Birmingham Arts School, and are working on a major new project with Birmingham Royal Ballet: Luna.

Page 8

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 March 2024

'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 has been long-term de-prioritisation of music, with declining numbers of students taking music at GCSE and A level. Within this context, we continue working 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.

Singing Medicine continues to expand both through and 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, 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.

We were thrilled that recognition of this work in 2024-25 includes the inaugural Sky Arts Hero Award being presented to Sally Spencer, our singer and co-creator of our Singing Medicine project 20 years ago.

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Ex Cathedra musician and child leukaemia nurse, Sally Spencer, is the inaugural winner of the Sky Arts Hero award, September 2024, for her work on our Singing Medicine project at Birmingham Children's Hospital.

Page 9

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 March 2024

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. Between meetings there is a trustee overview of activities through several subcommittees, each chaired by a trustee. 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 Finance Manager 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. The Artistic Director is not an employee, but contracted to provide services. 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:

Page 10

Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 March 2024

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 J F Clemson Ms S M Kernthaler P J T Keene Ms L J Krishnamoorthy A Nayak P S Phillips (chair) Professor J M Pymm Dr J Robinson Professor J A Smith Ms P Whitehouse

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

Bankers

Lloyds Bank Erdington Branch Birmingham

Insurance brokers Marsh Commercial 45 Church Street Birmingham B3 2RT

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".

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Ex Cathedra Limited (Registered number: 02396173)

Report of the Trustees for the Year Ended 31 March 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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 21 October 2024 and signed on its behalf by:

LEZ

P S Phillips - Trustee

Page 12

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 March 2024 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.

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

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, the Charities Act 2011 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.

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

Date: 29/10/2024

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Ex Cathedra Limited

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2024

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
228,269
Charitable activities
5
Own promotions
205,605
Engagements, media and other concerts
106,281
Education & participation
-
Recording
29,500
Sundry income
3
26,462
Investment income
4
441
Total
596,558
EXPENDITURE ON
Raising funds
6
30,128
Charitable activities
7
Own promotions
279,426
Engagements, media and other concerts
172,271
Education & participation
91,728
Recording
33,656
Total
607,209
NET INCOME/(EXPENDITURE)
(10,651)
RECONCILIATION OF FUNDS
Total funds brought forward
113,302
TOTAL FUNDS CARRIED FORWARD
**102,651 **		 Year Ended
31.3.24
Restricted
Total
funds
funds
£
£
258,066
486,335
-
205,605
-
106,281
-
-
-
29,500
-
26,462
-
441
258,066
854,624
29,091
59,219
21,628
301,054
-
172,271
207,037
298,765
-
33,656
257,756
864,965
310
(10,341)
6,019
119,321
6,329
108,980		 Period
1.8.22
to
31.3.23
Total
funds
£
338,509
185,877
12,989
4,500
-
10,601
92
552,568
38,905
287,123
54,257
189,432
-
569,717
(17,149)
136,470
119,321

The notes form part of these financial statements

Page 16

Ex Cathedra Limited (Registered number: 02396173)

Balance Sheet 31 March 2024

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/(LIABILITIES)
FUNDS
17
Unrestricted funds:
General fund
IT Fund
Restricted funds:
Alice Corser Scholarship Fund
TOTAL FUNDS		 31.3.24
£
2,222
96,542
179,140
275,682
(168,924)
106,758
108,980
108,980
102,309
342
102,651
6,329
108,980		 31.3.23
£
5,056
143,232
196,293
339,525
(225,260)
114,265
119,321
119,321
112,960
342
113,302
6,019
119,321

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

The members have not 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 March 2024

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

The financial statements were approved by the Board of Trustees and authorised for issue on 21 October 2024 and were signed on its behalf by:

LEZ

P S Phillips - Trustee

The notes form part of these financial statements

Page 18

Ex Cathedra Limited

Cash Flow Statement

for the Year Ended 31 March 2024

Year Ended
31.3.24
Notes
£
Cash flows from operating activities
Cash generated from operations
19
(17,594)
Net cash used in operating activities
(17,594)
Cash flows from investing activities
Purchase of tangible fixed assets
-
Interest received
441
Net cash provided by/(used in) investing activities
441
Change in cash and cash equivalents
in the reporting period
(17,153)
Cash and cash equivalents at the
beginning of the reporting period
196,293
Cash and cash equivalents at the end
of the reporting period
179,140		 Period
1.8.22
to
31.3.23
£
(78,439)
(78,439)
(1,020)
92
(928)
(79,367)
275,660
196,293

The notes form part of these financial statements

Page 19

Ex Cathedra Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 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.

The preceding period financial statements were presented for the eight-month period from 1 August 2022 to 31 March 2023. The accounting reference date was shortened to bring the charity into line with other key organisations, such as Arts Council England. The Statement of Financial Activity is therefore not entirely comparable.

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.

Page 20

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

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

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.

Page 21

Ex Cathedra Limited

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

2. DONATIONS AND LEGACIES

Year Ended
31.3.24
£
Grants for core funding purposes
121,261
Sponsorships and donations
365,074
Legacies
-
486,335
3.
SUNDRY INCOME
Year Ended
31.3.24
£
Royalties, media and recording
839
Sales of CDs etc
2,657
Other income
22,966
26,462
4.
INVESTMENT INCOME
Year Ended
31.3.24
£
Deposit account interest
441
5.
INCOME FROM CHARITABLE ACTIVITIES
Year Ended
31.3.24
Activity
£
Own promotions
205,605
Engagements, media and other concerts
106,281
Education & participation
-
Recording
29,500
341,386		 Period
1.8.22
to
31.3.23
£
49,412
237,434
51,663
338,509
Period
1.8.22
to
31.3.23
£
1,293
2,681
6,627
10,601
Period
1.8.22
to
31.3.23
£
92
Period
1.8.22
to
31.3.23
£
185,877
12,989
4,500
-
203,366

Page 22

Ex Cathedra Limited

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

6. RAISING FUNDS

Other trading activities

Other trading activities
Period
1.8.22
Year Ended to
31.3.24 31.3.23
£ £
Purchases 28,981 19,299
Staff costs 30,238 19,606
59,219 38,905

7. CHARITABLE ACTIVITIES COSTS

Own promotions
Engagements, media and other
concerts
Education & participation
Recording		 Direct
Costs
£
299,179
171,302
298,765
33,387
802,633		 Support
costs (see
note 8)
£
1,875
969
-
269
3,113		 Totals
£
301,054
172,271
298,765
33,656
805,746

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):

Period
1.8.22
Year Ended to
31.3.24 31.3.23
£ £
Auditors' remuneration 3,000 3,000
Auditors' remuneration for non audit work 113 113
Depreciation - owned assets **2,834 ** 2,303

Page 23

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the period ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the period ended 31 March 2023.

11. STAFF COSTS

Year Ended
31.3.24
£
Wages and salaries
219,705
Social security costs
9,482
Other pension costs
4,005
**233,192 **		 Period
1.8.22
to
31.3.23
£
135,538
8,800
6,603
150,941

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

The average monthly number of employees during the year was 11 (2023:11) including its choral Scholars. At 31 March 2024, the Charity employed 2 full time members of administration staff, 6 part time administration staff and 4 part-time choral Scholars. The full time equivalent (FTE) number of administration staff is 5.4 (excluding choral Scholars as numbers vary depending on funding each year).

The total amount of employee benefits received by key management personnel is £96,430 (£55,881 for the 8-month year ending 31 March 2023). 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 Finance Manager.

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
154,402
Charitable activities
Own promotions
185,877
Engagements, media and other concerts
12,989
Education & participation
4,500
Sundry income
10,601
Investment income
92
Total
368,461		 Restricted
funds
£
184,107
-
-
-
-
-
184,107		 Total
funds
£
338,509
185,877
12,989
4,500
10,601
92
552,568

Page 24

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
funds
£
EXPENDITURE ON
Raising funds
21,877
Charitable activities
Own promotions
281,097
Engagements, media and other concerts
54,257
Education & participation
28,808
Total
386,039
NET INCOME/(EXPENDITURE)
(17,578)
RECONCILIATION OF FUNDS
Total funds brought forward
130,880
TOTAL FUNDS CARRIED FORWARD
113,302		 Restricted
funds
£
17,028
6,026
-
160,624
183,678
429
5,590
6,019		 Total
funds
£
38,905
287,123
54,257
189,432
569,717
(17,149)
136,470
119,321

13. TANGIBLE FIXED ASSETS

Concert
equipment
£
COST
At 1 April 2023 and
31 March 2024
18,263
DEPRECIATION
At 1 April 2023
15,635
Charge for year
1,261
At 31 March 2024
16,896
NET BOOK VALUE
At 31 March 2024
1,367
At 31 March 2023
2,628		 Fixtures
and
Office
Computer
fittings
equipment
equipment
£
£
£
1,944
568
19,542
1,944
568
17,114
-
-
1,573
1,944
568
18,687
-
-
855
-
-
2,428		 Totals
£
40,317
35,261
2,834
38,095
2,222
5,056

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

Page 25

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
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
16.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
funds
funds
£
£
Fixed assets
2,222
-
Current assets
269,353
6,329
Current liabilities
(168,924)
-
102,651
6,329
17.
MOVEMENT IN FUNDS
At 1.4.23
£
Unrestricted funds
General fund
112,960
IT Fund
342
113,302
Restricted funds
Alice Corser Scholarship Fund
6,019
TOTAL FUNDS
119,321		 31.3.24
£
14,999
81,543
96,542
31.3.24
£
30,331
6,708
10,000
49,254
72,631
168,924
31.3.24
Total
funds
£
2,222
275,682
(168,924)
108,980
Net
movement
in funds
£
(10,651)
-
(10,651)
310
(10,341)		 31.3.23
£
33,255
109,977
143,232
31.3.23
£
27,207
8,099
10,047
101,261
78,646
225,260
31.3.23
Total
funds
£
5,056
339,525
(225,260)
119,321
At
31.3.24
£
102,309
342
102,651
6,329
108,980

Page 26

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

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
Comparatives for movement in funds
Unrestricted funds
General fund
IT Fund
Restricted funds
Alice Corser Scholarship Fund
TOTAL FUNDS		 Incoming
resources
£
596,558
257,756
310
258,066
854,624
At 1.8.22
£
130,538
342
130,880
5,590
136,470		 Resources
Movement
expended
in funds
£
£
(607,209)
(10,651)
(257,756)
-
-
310
(257,756)
310
(864,965)
(10,341)
Net
movement
At
in funds
31.3.23
£
£
(17,578)
112,960
-
342
(17,578)
113,302
429
6,019
(17,149)
119,321

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
£
368,461
183,678
429
184,107
552,568		 Resources
Movement
expended
in funds
£
£
(386,039)
(17,578)
(183,678)
-
-
429
(183,678)
429
(569,717)
(17,149)

Page 27

Ex Cathedra Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

Purpose of funds:

Restricted Funds:

18. RELATED PARTY DISCLOSURES

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

19. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
Period
1.8.22
Year Ended
to
31.3.24 31.3.23
£ £
Net expenditure for the reporting period (as per the Statement
of Financial Activities) (10,341) (17,149)
Adjustments for:
Depreciation charges 2,834 2,303
Interest received (441) (92)
Decrease/(increase) in debtors 46,690 (47,600)
Decrease in creditors (56,336) (15,901)
Net cash used in operations (17,594) (78,439)
ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank 196,293 (17,153) 179,140
196,293 (17,153) 179,140
Total 196,293 (17,153) 179,140

20. ANALYSIS OF CHANGES IN NET FUNDS

Page 28

2024-10-29

EXC01-CHA 2024 Final

Final Audit Report

Created: 2024-10-23 By: DAVID WILLIAMS (davidw@lockewilliams.com) Status: Signed Transaction ID: CBJCHBCAABAADNPYEzLI1CZifGNo-n5xEA2oIeUJpwds

"EXC01-CHA 2024 Final" History

Document emailed to peterphillips@masteragency.co.uk for signature 2024-10-23 - 10:23:44 GMT

Document emailed to DAVID WILLIAMS (davidw@lockewilliams.com) for signature 2024-10-29 - 11:43:01 GMT

2024-10-29 - 11:45:24 GMT