Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
**Registered number: 02886300 Charity number: 1033702**
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
**(A Company Limited by Guarantee)**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2025**
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Company, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 7|
|**Independent Examiner's Report**|8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10|
|**Statement of Cash Flows**|11|
|**Notes to the Financial Statements**|12 - 22|
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
|**Trustees**|K Ashby (appointed 26 November 2024)|
|---|---|
||K Cooper (appointed 26 November 2024)|
||S Crookes (appointed 26 November 2024)|
||R Darbyshire (appointed 17 September 2024)|
||A Eadon (appointed 26 November 2024)|
||A Goodwin (appointed 26 November 2024)|
||N Harries (appointed 26 November 2024)|
||S Holt (appointed 26 November 2024)|
||S Krüger Bridge (appointed 25 November 2024)|
||C Naylor|
||S Neill-O'Brien (appointed 26 November 2024)|
||L Oldfield|
||B Philomin|
||H Pugh (appointed 24 November 2024)|
||G Richford (appointed 26 November 2024)|
||J Steadman|
||R Tanner (appointed 26 November 2024)|
||J Hasnip (resigned 12 June 2025)|
||M Rickard (appointed 26 November 2024, resigned 22 January 2026)|
||S Taylor-Denton (resigned 9 June 2025)|
||S Toyne (resigned 26 November 2024)|
||W Weir (resigned 26 November 2024)|
|**Company registered**
**number**
02886300
**Charity registered**
**number**
1033702
**Registered office**
The Music Base
Kings Place
London
N1 9AG
**Accountants**
MWS Accountants Limited
Chartered Accountants
Registered Auditors
4 Chester Court
Chester Hall Lane
Basildon
Essex
SS14 3WR
**Bankers**
Barclays Bank
1 Churchill Place
London
E14 5HP||
Page 1
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025**
The Trustees present their annual report together with the financial statements of the The Rodolfus Choral Foundation Limited for the year 1 October 2024 to 30 September 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## **Objectives and activities**
## **a. Policies and objectives**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
We have three broad objectives:
1. We aim to inspire children and young people from all walks of life offering life-enhancing experiences through the joy of singing on our choral courses.
2. To nurture the rich and timeless choral tradition and promote high quality choral education.
3. To run our flagship youth choir which serves as a beacon of excellence and inspiration and helps launch many young people’s careers in music.
## **b. Strategies for achieving objectives**
We strive to develop partnerships with organisations working with children and young people in a musical context and in deprived parts of the country to offer them opportunities with our organisation such as attending a course or taking part in our youth choir projects
## **c. Activities undertaken to achieve objectives**
We run residential choral courses for children and young people in six venues across the summer holidays, and an auditioned youth choir that undertakes quasi-professional projects through the Autumn, Winter and Spring.
## **d. Grant-making policies**
We award financial support to a number of singers to attend a choral course based on their family income. Recipients can receive anything up to 95% reduction if their annual family income is below £60,000. We publish our Bursary Awards policy on our website.
In 2025, 87 students received a bursary of, on average 75% off the full fee. This represented 26% of all students attending. 35 of these bursary students came to us via our partner organisations and the remaining 52 applied directly to us.
## **e. Volunteers**
All our trustees give their time to govern the Rodolfus Choral Foundation on a voluntary basis.
Page 2
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Objectives and activities (continued)**
## **f. Main activities undertaken to further the Company's purposes for the public benefit**
Main activities undertaken to further the Company's purposes for the public benefit, our charitable activities reflect our our objectives and are as follows:
1. We aim to inspire children and young people from all walks of life offering life-enhancing experiences through the joy of singing on our choral courses.
2. To nurture the rich and timeless choral tradition and promote high quality choral education.
3. To run our flagship youth choir which serves as a beacon of excellence and inspiration and helps launch many young people’s careers in music.x
## **Achievements and performance**
## **a. Main achievements of the Company**
In 2024-25, we successfully ran 6 choral courses with 332 students attending, of which 83 received a generous bursary.
## **Residential Choral Courses**
The senior courses offer an intensive week of choral singing including whole choir rehearsals and sectionals, consort singing in smaller groups, individual singing lessons, performances and church services, masterclasses from visiting professionals and ad hoc sessions on harmony, vocal health, and career and education advice. Many singers come on a senior course to help them make crucial decisions about their next steps; they may be considering a choral scholarship at university or to apply directly to music college and the training and advice they receive is second to none.
The junior courses are a mix of whole choir rehearsals learning secular and sacred pieces for concert hall and chapel performance at the end of the week. The singers are also put into age-defined consort groups where they learn and perform a piece at an informal concert.
## **The Rodolfus Choir** did 4 projects,
1. Evensong at St John’s College, Cambridge
2. a Christmas project involving 5 days of rehearsal, a London concert and a broadcast evensong for BBC Radio 3 on New Year’s Eve;
3. a weekend studying Palestrina with the vocal ensemble Stile Antico in Oxford;
4. Easter holidays project to rehearse and record a CD of secular choral works by the contemporary composer Cecilia McDowall.
The choir has 109 members, 83 of which took part in at least one project.
## **Choral Weekend**
We welcomed adult choral singers to a 4-day Choral Weekend in Spring 2025. 63 singers signed up to sing evensong at Westminster Abbey and a concert performance of Brahms’s Requiem at St Andrew’s Holborn with soloists from the Rodolfus Choir and a small chamber orchestra accompaniment.
Page 3
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Achievements and performance (continued)**
## **b. Key performance indicators**
Our KPIs are a combination of numbers of singers attending our courses and workshops together with qualitative feedback via an online questionnaire.
332 singers attended our summer courses; 109 singers auditioned successfully for the Rodolfus Choir, with the majority taking part in at least one project; 63 adults attended our Choral Weekend in London.
Qualitative feedback is overwhelmingly positive with a high number of singers returning year on year.
Financial KPIs are the following:
|Financial KPIs are the following:|||
|---|---|---|
||2025|2024|
|Income from charitable activities|£370,792|£321,344|
|Total income|£541,665|£442,569|
|Net funds movement|£85,550|£6,608|
## **c. Review of activities**
Of our six choral courses, 4 are for singers aged 16-21 (Seniors) and 2 are for singers aged 8-15 (Juniors).
Our Junior course in Wellington College remains our most popular junior course with a reliable uptake of around 60 young singers while our course in Winchester is a little less popular because it is a newer venue to us. Both venues work well for junior courses offering excellent facilities.
Our four senior courses take place in Cambridge, Oxford, York and Royal Holloway. Our courses in Cambridge and Oxford have long been very popular with at least 60 students on each. Our singers enjoy being in these cities which are so well known for chapel music and many aspire to be choral scholars. Our course in York is a recent addition and is a fantastic city to base ourselves with the Minster and several other Cathedrals within a short coach ride. However, we generally have around 40 students who attend this course as we do not have such a well developed presence in the city. Our course at Royal Holloway University of London has been a great success with between 50 and 60 students attending, great facilities and the lure of an inspiring chapel and other facilities.
The Rodolfus Choir is auditioned in the summer preceding the 2025-26 season and 109 singers signed up and paid a modest subscription to be members for the year (a few receiving financial support). The projects were very well attended and appreciated by the membership
## **d. Factors relevant to achieve objectives**
Attracting young singers to our choral courses is our primary objective and we do this in a number of ways, including targeting music directors and singing teachers to promote the course to their singers and building partnerships with organisations working in areas of deprivation whose musical pupils would benefit from a course.
Over the last year, we have had to work hard to keep our course fees down in the face of escalating food and energy costs and VAT charged by boarding schools where we are based. We have felt some effect of this with slightly lower numbers applying for a course than in 2024.
There has also been a gradual shift in the appeal and accessibility of choral scholarships at university with fewer students wanting, or able, to take up this opportunity resulting in somewhat fewer singers wanting to do a choral course.
Page 4
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
**(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Achievements and performance (continued)**
## **e. Fundraising activities and income generation**
We have received both restricted and unrestricted donations from private donors and from Trusts & Foundations to help us achieve our activities, particularly for our bursary fund which enables singers to attend a choral course.
Our Choral Weekend for adult singers has also been a useful source of unrestricted income to help with the core costs of the Foundation.
## **f. Investment policy and performance**
We do not have an investment policy at present. However, we have an instant access savings account which runs alongside our current account and yields a modest return on the capital we build up before the summer as families pay course fees and funders make grants for our activities. This yielded less than £5,000 in 2024-25.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
Trustees consider 6 months reserves to be sufficient at present. Due to the seasonal nature of our activities and the freelance staff team, our financial commitments are low.
At 30th September 2025 the charity had total reserves of £205,957 (2024: 120,407) of which £22,666 (32,233) was restricted and £183,291 (2024: £88,174) was unrestricted.
## **c. Principal risks and uncertainties**
Our main uncertainties are around numbers of students signing up to our residential courses each year as this has been less predictable since the pandemic.
## **d. Financial risk management objectives and policies**
Our objective is to minimise financial risk. We do this by reserving the option to cancel a course if we do not have sufficient numbers to make it viable. We are constantly monitoring uptake of places and resulting surplus and if this is not sufficient to pay operational staff comfortably then we consider cancellation.
## **e. Principal funding**
Our main funding is derived from selling places on residential choral courses.
Page 5
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
**THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Structure, governance and management**
## **a. Constitution**
The Rodolfus Choral Foundation Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
## **b. Methods of appointment or election of Trustees**
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
## **c. Organisational structure and decision-making policies**
The number of Trustees must not be less than three (unless otherwise determined by ordinary resolution) but shall not be subject to any maximum number. The Board of Trustees manages the charity and meets quarterly to discuss all aspects of administration of the company and its charitable activities, including operations, finance and future development. The Chair of the Trustees provides monthly updates in addition to quarterly meetings to ensure any pressing matters can be addressed promptly and efficiently. A General Manager is appointed by the Trustees to manage the day-to-day operations of the charity, and has delegated authority, within the terms approved by the Trustees, for administration of company activities, staff management and certain financial matters.
## **d. Policies adopted for the induction and training of Trustees**
New Trustees are made aware of their legal obligations as charity trustees and company directors through briefings from the existing Trustee Board and are encouraged to consult published guidance on such obligations and on the implications of and expectations associated with the undertaking of their role. New Trustees are made aware of the content of the Company’s Memorandum and Articles of Association, provided with information on the business plan, recent financial performance and decision-taking processes.
## **e. Pay policy for key management personnel**
The Company aims to pay key management personnel a market rate for the relevant roles and experience.
## **Plans for future periods**
The Rodolfus Choral Foundation plans to grow the numbers of children and young people attending its courses but ensuring that the quality is maintained and increasing our partnerships and our Bursary Fund to ensure that people from all communities can take part.
## **Members' liability**
The Members of the Company guarantee to contribute an amount not exceeding £10 to the assets of the Company in the event of winding up.
Page 6
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 11 June 2026 and signed on their behalf by:
**C Naylor** (Trustee)
Page 7
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Independent Examiner's Report to the Trustees of The Rodolfus Choral Foundation Limited ('the Company')**
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 30 September 2025.
## **Responsibilities and Basis of Report**
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 22 June 2026 Jonathan Gorridge FCA ICAEW **MWS Accountants Limited** Chartered Accountants
Page 8
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
**85,569**
**370,792**
**21,354**
**3,134**
**480,849**
**17,664**
**368,068**
**385,732**
**95,117**
**88,174**
**95,117**
**183,291**|**Restricted**
**funds**
**2025**
**£**
**60,816**
**-**
**-**
**-**
**60,816**
**-**
**70,383**
**70,383**
**(9,567)**
**32,233**
**(9,567)**
**22,666**|**Total**
**funds**
**2025**
**£**
**146,385**
**370,792**
**21,354**
**3,134**
**541,665**
**17,664**
**438,451**
**456,115**
**85,550**
**120,407**
**85,550**
**205,957**|_Total_
_funds_
_2024_
_£_
_119,050_
_321,345_
_-_
_2,174_
_442,569_|
|---|---|---|---|---|
|||||_15,302_
_420,659_
_435,961_|
|||||_6,608_|
|||||_113,799_
_6,608_
_120,407_|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 22 form part of these financial statements.
Page 9
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02886300**
## **BALANCE SHEET AS AT 30 SEPTEMBER 2025**
|**Note**
**Fixed assets**
**Current assets**
Debtors
11
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
12
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
13
Unrestricted funds
13
**Total funds**|**5,715**
**245,632**
**251,347**
**(45,390)**|**2025**
**£**
**-**
**205,957**
**205,957**
**205,957**
**205,957**
**22,666**
**183,291**
**205,957**|_8,681_
_152,134_
_160,815_
_(40,408)_|_2024_
_£_|
|---|---|---|---|---|
|||||_-_
_120,407_|
|||||_120,407_|
|||||_120,407_|
|||||_120,407_|
|||||_32,233_
_88,174_|
|||||_120,407_|
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 11 June 2026 and signed on their behalf by:
**C Naylor** (Trustee)
**R Darbyshire** (Trustee)
The notes on pages 12 to 22 form part of these financial statements.
Page 10
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
|**STATEMENT OF CASH FLOWS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2025**
**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
**Net cash provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 12 to 22 form part of these financial statements|**2025**
**£**
**89,819**
**3,134**
**3,134**
**-**
**92,953**
**152,134**
**245,087**|_2024_
_£_
_(22,995)_
_2,174_
**2,174**
**-**
**(20,821)**
_172,955_
_152,134_|
|---|---|---|
Page 11
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **1. General information**
The Rodolfus Foundation Limited is a limited company and charity limited by guarantee and incorporated in England and Wales. Its registered office is The Music Base, Kings Place, 90 York Way, London, N1 9AG.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Rodolfus Choral Foundation Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 12
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
# **THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **2. Accounting policies (continued)**
## **2.5 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.6 Cash at bank and in hand**
Cash at bank and 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.
## **2.7 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **2.8 Financial instruments**
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.9 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 13
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **3. Income from donations and legacies**
|**Unrestricted**
**funds**
**2025**
**Restricted**
**funds**
**2025**
**£**
**£**
Donations
85,569
60,816
_Unrestricted_
_funds_
_2024_
_Restricted_
_funds_
_2024_
_£_
_£_
Donations
_43,051_
_75,999_
**4.**
**Income from charitable activities**
**Unrestricted**
**funds**
**2025**
**£**
Income from charitable activities - Musical Education
370,792
_Unrestricted_
_funds_
_2024_
_£_
Income from charitable activities - Musical Education
_321,345_
**5.**
**Income from other trading activities**
**Income from fundraising events**
**Unrestricted**
**funds**
**2025**
**Total**
**funds**
**2025**
**£**
**£**
Subscriptions
21,354
**21,354**|**Total**
**funds**
**2025**
**£**
**146,385**|
|---|---|
||_Total_
_funds_
_2024_
_£_
_119,050_|
||**Total**
**funds**
**2025**
**£**
**370,792**|
||_Total_
_funds_
_2024_
_£_
_321,345_|
||_Total_
_funds_
_2024_
_£_
_-_|
Page 14
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **6. Investment income**
|**Unrestricted**
**funds**
**2025**
**£**
Investment income - local cash
3,134
_Unrestricted_
_funds_
_2024_
_£_
Investment income - local cash
_2,174_|**Total**
**funds**
**2025**
**£**
**3,134**|
|---|---|
||_Total_
_funds_
_2024_
_£_
_2,174_|
## **7. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2025**
**£**
Musical Education
368,068
_Unrestricted_
_funds_
_2024_
_£_
Musical Education
_445,873_|**Restricted**
**funds**
**2025**
**£**
70,383
_Restricted_
_funds_
_2024_
_£_
_(25,214)_|**Total**
**2025**
**£**
**438,451**|
|---|---|---|
|||_Total_
_2024_
_£_
_420,659_|
## **8. Analysis of expenditure by activities**
||**Activities**|||
|---|---|---|---|
||**undertaken**|**Support**|**Total**|
||**directly**|**costs**|**funds**|
||**2025**|**2025**|**2025**|
||**£**|**£**|**£**|
|Musical Education|400,578|37,873|**438,451**|
Page 15
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **8. Analysis of expenditure by activities (continued)**
|Musical Education
**Analysis of direct costs**
Choral courses
Choral concerts & recordings
Concert management & administration
Academy sponsorship
Choral courses
Choral concerts & recordings
Concert management & administration
Academy sponsorship|_Activities_
_undertaken_
_directly_
_2024_
_£_
_397,569_|_Support_
_costs_
_2024_
_£_
_23,090_
**Musical**
**Education**
**2025**
**£**
355,902
20,276
15,259
9,141
400,578
_Musical_
_Education_
_2024_
_£_
_292,523_
_13,206_
_72,168_
_19,672_
_397,569_|_Total_
_funds_
_2024_
_£_
_420,659_|
|---|---|---|---|
||||**Total**
**funds**
**2025**
**£**
**355,902**
**20,276**
**15,259**
**9,141**
**400,578**|
||||_Total_
_funds_
_2024_
_£_
_292,523_
_13,206_
_72,168_
_19,672_
_397,569_|
## **Analysis of support costs**
||**Musical**|**Total**|
|---|---|---|
||**Education**|**funds**|
||**2025**|**2025**|
||**£**|**£**|
|Administrative expenses|37,873|**37,873**|
Page 16
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Administrative expenses
**9.**
**Independent examiner's remuneration**
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts
Fees payable to the Company's independent examiner in respect of:
All other services not included above
**10.**
**Trustees' remuneration and expenses**|_Musical_
_Education_
_2024_
_£_
_23,090_
**2025**
**£**
**1,500**
**780**|_Total_
_funds_
_2024_
_£_
_23,090_|
|---|---|---|
|||_2024_
_£_
_1,635_
_-_|
||||
During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ .
During the year ended 30 September 2025, no Trustee expenses have been incurred _(2024 - £807)_ .
|**11.**
**Debtors**
**Due within one year**
Trade debtors
Other debtors
**12.**
**Creditors: Amounts falling due within one year**
Bank overdrafts
Trade creditors
Other creditors|**2025**
**£**
**849**
**4,866**
**5,715**
**2025**
**£**
**546**
**2,156**
**42,688**|_2024_
_£_
_-_
_8,681_|
|---|---|---|
|||_8,681_|
|||_2024_
_£_
_-_
_-_
_40,408_|
Page 17
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **12. Creditors: Amounts falling due within one year (continued)**
|**2025**
**£**
**45,390**|_2024_
_£_|
|---|---|
||_40,408_|
Page 18
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **13. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
**Designated funds**
Designated Funds
**General funds**
General funds
**Total Unrestricted funds**
**Restricted funds**
Restricted donations
The Chris Bennie Fund
Bursaries Fund
Academies Fund
Steel Foundation
**Total of funds**|**Balance at 1**
**October**
**2024**
**£**
**-**
**88,174**
**88,174**
**-**
**973**
**12,775**
**6,356**
**12,129**
**32,233**
**120,407**|**Income**
**£**
**50,000**
**430,849**
**480,849**
**12,000**
**-**
**44,816**
**4,000**
**-**
**60,816**
**541,665**|**Expenditure**
**£**
**-**
**(385,732)**
**(385,732)**
**(12,000)**
**(549)**
**(45,187)**
**(9,141)**
**(3,506)**
**(70,383)**
**(456,115)**|**Balance at**
**30**
**September**
**2025**
**£**
**50,000**|
|---|---|---|---|---|
|||||**133,291**|
|||||**183,291**|
|||||**-**
**424**
**12,404**
**1,215**
**8,623**
**22,666**|
|||||**205,957**|
Page 19
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **13. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General funds
**Restricted funds**
The Chris Bennie Fund
Bursaries Fund
Academies Fund
Steel Foundation
**Total of funds**
**Summary of funds**
**Summary of funds - current year**
Designated funds
General funds
Restricted funds|_Balance at_
_1 October_
_2023_
_£_
_88,197_
_1,330_
_-_
_24,273_
_-_
_25,603_
_113,800_
**Balance at 1**
**October**
**2024**
**£**
**-**
**88,174**
**32,233**
**120,407**|_Income_
_£_
_-_
_-_
_12,775_
_6,356_
_12,129_
_31,260_
_31,260_
**Income**
**£**
**50,000**
**430,849**
**60,816**
**541,665**|_Expenditure_
_£_
_(23)_
_(357)_
_-_
_(24,273)_
_-_
_(24,630)_
_(24,653)_
**Expenditure**
**£**
**-**
**(385,732)**
**(70,383)**
**(456,115)**|_Balance at_
_30_
_September_
_2024_
_£_
_88,174_|
|---|---|---|---|---|
|||||_973_
_12,775_
_6,356_
_12,129_
_32,233_|
|||||_120,407_|
|||||**Balance at**
**30**
**September**
**2025**
**£**
**50,000**
**133,291**
**22,666**
**205,957**|
## **14. Summary of funds**
Page 20
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **14. Summary of funds (continued)**
**Summary of funds - prior year**
|_Balance at_
_1 October_
_2023_
_£_
_Income_
_£_
General funds
_88,197_
_-_
Restricted funds
_25,603_
_31,260_
_113,800_
_31,260_
**15.**
**Analysis of net assets between funds**
**Analysis of net assets between funds - current year**
**Unrestricted**
**funds**
**2025**
**£**
Current assets
228,681
Creditors due within one year
(45,390)
**Total**
183,291
**Analysis of net assets between funds - prior year**
_Unrestricted_
_funds_
_2024_
_£_
Current assets
_128,582_
Creditors due within one year
_(40,408)_
**Total**
_88,174_|_Expenditure_
_£_
_(23)_
_(24,630)_
_(24,653)_
**Restricted**
**funds**
**2025**
**£**
22,666
-
22,666
_Restricted_
_funds_
_2024_
_£_
_32,233_
_-_
_32,233_|_Balance at_
_30_
_September_
_2024_
_£_
_88,174_
_32,233_
_120,407_
**Total**
**funds**
**2025**
**£**
**251,347**
**(45,390)**
**205,957**
_Total_
_funds_
_2024_
_£_
_160,815_
_(40,408)_
_120,407_|
|---|---|---|
Page 21
Docusign Envelope ID: D2EA18E7-4039-8C4F-8178-48460AD2FBFE
## **THE RODOLFUS CHORAL FOUNDATION LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **16. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Dividends, interests and rents from investments
Decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**
**17.**
**Analysis of cash and cash equivalents**
Cash in hand
Overdraft facility repayable on demand
**Total cash and cash equivalents**
**18.**
**Analysis of changes in net debt**
**At 1**
**October**
**2024**
**£**
Cash at bank and in hand
**152,134**
Bank overdrafts repayable on demand
**-**
**152,134**|**2025**
**£**
**85,550**
**(3,134)**
**2,967**
**4,436**
**89,819**
**2025**
**£**
**245,632**
**(545)**
**245,087**
**Cash flows**
**£**
**93,498**
**(546)**
**92,952**|_2024_
_£_
_6,608_
_(2,174)_
_102_
_(27,531)_
_(22,995)_
_2024_
_£_
_152,134_
_-_
_152,134_
**At 30**
**September**
**2025**
**£**
**245,632**
**(546)**
**245,086**|
|---|---|---|
Page 22