Forest Philharmonic Society (Limited by Guarantee)
Directors' Report and Financial Statements for the year ended 31 July 2023
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Forest Philharmonic Society (Limited by Guarantee)
Report of the Trustees (incorporating the Directors’ Report) for the year ended 31 July 2023
Reference and Administrative Details
Charity Name Forest Philharmonic Society Charity Registration Number 1026792 Company Number 1539958 (England and Wales) Registered Office 83 Mornington Road Walthamstow London E11 3BG Trustees/Directors Caroline Ashley Anthony Brice (Treasurer) Daniel Elson Matt Kelly (Chair) Laura Tomlinson Sylvia Poulsen Jane Lee Rachel Simnett
Structure, Governance and Management
Forest Philharmonic Society is a Company Limited by Guarantee, established under a Memorandum of Association and governed by its Articles of Association. Trustees are recruited from members of the Society who express an interest in, and are considered to have skills beneficial to, its governance. Trustees are elected at the Annual General Meeting. One third retire by rotation each year and may stand for re-election.
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Forest Philharmonic Society (Limited by Guarantee)
Objectives, Activities, Achievements and Performance
The objects for which the Society is established are to promote, maintain, improve and advance musical education and to increase the public's knowledge of and educate the public's taste for music. The Trustees plan the performances and activities within the community with due regard to the Charity Commission Guidance on public benefit.
Whilst the Society holds rehearsals in Waltham Forest, concerts continue to be presented in Redbridge due to the ongoing closure of Walthamstow Assembly Hall and the lack of a suitable alternative venue.
The Society completed its recruitment process for a new leader, with Sophie Cameron taking up the role from September 2023.
The concert in June 2023 was dedicated to Stuart Carruthers – a member of the orchestra for over 40 years – with a post-concert collection in aid of the Motor Neurone Disease Association.
Financial Review
The Society's policy is to hold reserves in the region of £15,000-£20,000 to enable it to enter into contracts for the hire of performance venues for the following 12-18 months.
The loss of Walthamstow Assembly Hall with its significantly larger audience capacity continues to have a negative impact on box office revenue. Whilst somewhat offset by the Orchestral Tax Relief scheme, the cost of presenting concerts continues to exceed revenue. The Society is grateful for the continued generous donations from a donor supporting the cost of soloists.
Unrestricted funds currently stand at £41,517 with restricted funds of £4,475. The Society will use these reserves to fund its future seasons of concerts.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to smaller companies.
Signed on behalf of the Board on 22 April 2024.
Anthony Brice Director
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Independent examiner’s report to the trustees of Forest Philharmonic Society
I report on the accounts of the company for the year ended 31 July 2023, which are set out on pages 5 to 10.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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• to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Antoinette Gorst FCCA CTA MAAT
22 April 2024
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Forest Philharmonic Society (Limited by Guarantee, Company Number 1539958)
Statement of Financial Activities including Income and Expenditure Account for the year ended 31 July 2023
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| [Notes] | 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | ||
| Income from: | |||||
| Donations and legacies | [3] | 14,075 | 720 | 14,795 | 13,470 |
| Charitable activities | [4] | 21,275 | - | 21,275 | 20,240 |
| Other | 309 | - | 309 | 36 | |
| ---------- | ---------- | ---------- | ---------- | ||
| Total | 35,659 | 720 | 36,379 | 33,746 | |
| ---------- | ---------- | ---------- | ---------- | ||
| Expenditure on: | |||||
| Charitable activities | [5] | 39,247 | 900 | 40,147 | 31,442 |
| Sale of stock | - | - | - | 24 | |
| ---------- | ---------- | ---------- | ---------- | ||
| Total | 39,247 | 900 | 40,147 | 31,466 | |
| ---------- | ---------- | ---------- | ---------- | ||
| ---------- | ---------- | ---------- | ---------- | ||
| Net movement in funds | (3,588) | (180) |
(3,768) | 2,280 | |
| ---------- | ---------- | ---------- | ---------- | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 45,105 | 4,655 | 49,760 | 40,849 | |
| Total funds carried forward | 41,517 | 4,475 | 45,992 | 49,760 |
All disclosures relate to continuing activities. The Statement of Financial Activities includes all gains and losses recognised in the year.
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Forest Philharmonic Society (Limited by Guarantee, Company Number 1539958)
| Balance Sheet at 31 July 2023 | |||||
|---|---|---|---|---|---|
| [Notes] | 2023 | 2022 | |||
| £ | £ | £ | £ | ||
| Current assets | |||||
| Cash at bank and in hand | 22,704 | 40,125 | |||
| Stock | - | - | |||
| Debtors | [7] | 26,056 | 11,212 | ||
| ---------- | ---------- | ||||
| Total current assets | 48,760 | 51,337 | |||
| Liabilities | |||||
| Creditors: Amounts falling due within one year | [8] | (2,768) | (1,577) | ||
| ---------- | ---------- | ||||
| Total assets less current liabilities | 45,992 | 49,760 | |||
| ---------- | ---------- | ||||
| The funds of the charity | [9] | ||||
| Restricted funds | 4,475 | 4,655 | |||
| Unrestricted funds | 41,517 | 45,105 | |||
| ---------- | ---------- | ||||
| Total funds | 45,992 | 49,760 | |||
| ---------- | ---------- |
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 (the Act) relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Act, so far as they are applicable to the company, with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provision of Part 15 of the Act applicable to companies subject to the small companies’ regime.
The financial statements were approved by the Board on 22 April 2024.
Anthony Brice Director
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Forest Philharmonic Society (Limited by Guarantee)
Notes to the financial statements
1. Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 and the Companies Act 2006.
2. Accounting Policies
Incoming Resources: Incoming resources are included in the Statement of Financial Activities (SoFA) when the company becomes entitled to the resource, it is probable the resources will be received and the monetary value can be measured reliably. They are reported gross of any related expenditure which is then disclosed in resources expended in the SoFA. Grants and donations are only included in the SoFA when the company has entitlement to them. Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to which they relate.
Resources Expended: Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised when a liability is incurred.
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Forest Philharmonic Society (Limited by Guarantee)
| Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| Funds | Funds |
Funds | Funds | |||
| 2023 | 2023 |
2023 | 2022 | |||
| £ | £ | |||||
| 3. | Income from donations and legacies | |||||
| Subscriptions | 8,359 | - |
8,359 | 7,604 | ||
| Friends | 282 | - |
282 | 270 | ||
| Charitable donations | 3068 | 720 |
3,788 | 3,268 | ||
| Legacies | - | - |
- | - | ||
| Gift Aid | 2,366 | - |
2,366 | 2,328 | ||
| ---------- | ---------- |
---------- | ---------- | |||
| Total | 14,075 | 720 |
14,795 | 13,470 | ||
| ---------- | ---------- |
---------- | ---------- | |||
| Redbridge | Other |
|||||
| concerts | concerts |
Total | Total | |||
| [Notes] | 2023 | 2023 |
2023 | 2022 | ||
| £ | £ |
£ | £ | |||
| 4. | Income from charitable activities | |||||
| Tickets and other sales | 9,082 | - |
9,082 | 5.184 | ||
| Engagement fees | - | - |
- | 6,728 | ||
| Orchestra Tax Relief | 12,193 | - |
12,193 | 8,329 | ||
| ---------- | ---------- |
---------- | ---------- | |||
| Total | 21,275 | - |
21,275 | 20,241 | ||
| ---------- | ---------- |
---------- | ---------- | |||
| 5. | Expenditure on charitable activities | |||||
| Professional coaching | 24,294 | - |
24,294 | 19,501 | ||
| Soloists & extra musicians | 3,913 | - |
3,913 | 3,197 | ||
| Halls & venues | 4,760 | - |
4,760 | 4,055 | ||
| Music | 2,106 | - |
2,106 | 1,077 | ||
| Instruments | 1,753 | - |
1,753 | 820 | ||
| Marketing | 499 | - |
499 | 285 | ||
| Sales expenses | 709 | - |
709 | 550 | ||
| Support costs | [6] | 2,113 | - |
2,113 | 1,957 | |
| ---------- | ---------- |
---------- | ---------- | |||
| Total | 40,147 | - |
40,147 | 31,442 | ||
| ---------- | ---------- |
---------- | ---------- | |||
| 6. | Support costs | |||||
| Legal and accounting fees | 1,260 | 1,040 | ||||
| Professional memberships | 244 | 269 | ||||
| Insurance | 233 | 210 | ||||
| Other expenses | 363 | 324 | ||||
| Governance | 13 | 14 | ||||
| ---------- | ---------- | |||||
| Total | 2,113 | 1,957 | ||||
| ---------- | ---------- |
Support costs are apportioned equally between charitable activities.
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Forest Philharmonic Society (Limited by Guarantee)
| Charity | Charity | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| 7. | Debtors | ||
| Prepayments and accrued income | 969 | 189 | |
| Other debtors | 25,087 | 11,023 | |
| ---------- | ---------- | ||
| Total | 26,056 | 11,212 | |
| ---------- | ---------- | ||
| 8. | Creditors: Amounts falling due within one year | ||
| Trade creditors | 1,628 | 557 | |
| Accruals | 1,140 | 1,020 | |
| ---------- | ---------- | ||
| Total | 2,768 | 1,577 | |
| ---------- | ---------- | ||
| 9. | Statement of funds |
| Balance | Balance | |||
|---|---|---|---|---|
| at 1 August | at 31 July | |||
| 2022 | Income | Expenditure | 2023 | |
| £ | £ | £ | £ | |
| Unrestricted funds | 45,105 | 35,659 | 39,247 | 41,517 |
| Restricted funds | 4,655 | 720 | 900 | 4,475 |
| ---------- | ---------- | ---------- | ---------- | |
| Total funds | 49,760 | 36,379 | 40,147 | 45,992 |
| ---------- | ---------- | ---------- | ---------- |
Restricted funds comprise donations received towards one or more concerts to take place in 2023-24 and future years.
10. Analysis of net assets between funds
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Current assets | 44,285 | 4,475 | 48,760 | 51,337 |
| Creditors due within one year | (2,768) | - | (2,768) | (1,577) |
| ---------- | ---------- | ---------- | ---------- | |
| Total | 41,517 | 4,475 | 45,992 | 49,760 |
| ---------- | ---------- | ---------- | ---------- |
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