Registered number 3124250
The City of London Phonograph and Gramophone Society Limited
Company Limited by Guarantee
Directors' and Trustees' Report and Unaudited Financial Statements
For the year ended
31 July 2020
Charity number 1057538
1
The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Directors' and Trustees' Report and Unaudited Financial Statements Year ended 31 July 2020
Contents
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and | |
| advisers | 3 |
| Directors' and Trustees' Report | 4 |
| Independent Examiner's report | 7 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11-15 |
| Detailed statement of financial activities | 16 |
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The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Reference and administrative details of the charity, its Trustees and advisers
Charity name
The City of London Phonograph and Gramophone Society Limited
Directors
Mr. J.H.C. Proudfoot Mr. P.J. Bennett Mr. T. Wood-Woolley Mr. B.E. Oakley Mr. R.J. Girling Mr. K.R. Harrison Mr. R.S. Scott Mr. C.S. Johnson Ms E. R. G. Hedger Mr T. H. Stephenson (appointed 6 October 2019)
Secretary
Mr. R.S. Scott (MR M. R. Srodzinsky resigned 6 October 2019)
Independent examiner
Mr D. Saint, ACA 3 Old Dairy Cottages Ibstone High Wycombe Bucks HP14 3YW
Bankers
Nat Westminster Bank plc, Redwood Bank Limited and Aldermore Bank PLC
Registered office
The Tangle Ibstone High Wycombe Bucks HP14 3XT
Registered number
3124250
Charity number
1057538
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The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Directors' and Trustees' Report
Year ended 31 July 2020
The Directors for the purposes of the Companies Act (who are also the Trustees of the Charity ) have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 July 2020.
The Directors confirm that the annual report and financial statements of the company meet the requirements for a directors' report and accounts for Companies Act purposes and comply with the Charities Act 2011, the Companies Act 2006 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wit the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)(effective 1 January 2015).
Directors
The following persons served as directors during the year:
Mr. J.H.C. Proudfoot Mr. P.J. Bennett Mr. M.R. Srodzinsky (resigned 6 October 2019) Mr. T. Wood-Woolley Mr. B.E. Oakley Mr. R.J. Girling Mr. K.R. Harrison Mr. R.S. Scott Mr. C.S. Johnson Ms E. R. G. Hedger Mr T. H. Stephenson (appointed 6 October 2019)
Structure, Governance and Management
The Company is limited by guarantee and is a Registered Charity, number 1057538. The Company is bound by its Memorandum and Articles of Association which are lodged at both Companies House and the Charity Commisioners.
The policy and general management of the Charity is directed by the Board of Directors whose number shall not be less than 4 nor more than 12. The directors are appointed by the Members of the Society at the Annual General Meeting from their number and during the term of office, each director must be a member of the Society. At the Annual General Meeting, two members of the Board of Directors for the time being shall retire from office when the number of directors exceeds five and three when the number of directors exceeds nine. The members of the Board of Directors to retire shall be the members who have been longest in office since their election or appointment. A retiring Member of the Board of Directors shall be eligible for re-election.
The Charity maintains links and works with any and all parties who have an interest in the furtherance of its charitable objects.
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The Directors carry out a risk assessment upon the activities undertaken in order to safeguard the assets of the Charity. The Directors intend to review the risk assessment each year in order to maintain the effectiveness of the measures implemented as a result of their assessment.
Objectives and Activities
The principal activity of the Company during the year was that of a learned society.
The objectives of the Charity are to advance the education of the public in the art, science and history of the reproduction of sound. In order to achieve these objectives, the Directors are committed to increasing the membership of the society each year, prepare periodic journals, attend trade fairs and provide other events to publicise and promote the Company's charitable objectives.
The Directors believe that by promoting the stated objectives, the long term strategy of the Charity will be achieved.
The Directors and Trustees wish to express their gratitude to the volunteers who continue to offer their unpaid services for the benefit of the society.
Achievements and Performance
The Directors consider that the activities of the Charity have achieved its stated aims during the year.
The Annual General Meeting weekend and the promotion of phonofairs have been major events for the Charity during the year. Meetings of members were organised on a regular basis in order that the interaction of the members will continue to enhance the objectives of the Charity and the directors intend that these will continue. The society bookshop continued to offer a valuable service to both members and the wider public in the promotion of the society.
Financial Review and Policies
The Directors are mindful of the resources available to the Charity and intend to review activities in the current year in order to have sufficient funding levels available to continue to promote the Charitable objectives.
The principal source of funding continues to be the membership subscriptions to the society. It is this funding which enables the society magazine to be published and other activities to be brought to fruition.
Every member of the society has undertaken to contribute such amount as may be required (not exceeding £10) to the Charity's assets should it be wound up while he or she is a member or within one year after ceasing to be a member. If the Charity is wound up or dissolved, its surplus assets will be given or transferred to a charity with objects similar to those of the Charity.
The Directors review available funds regularly in order to ensure that the Charity has sufficient resources to maintain its operations for a period of one year whilst new sources of funding are obtained.
After making appropriate enquiries, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existance for the forseeable future. For this reason, they continue to adopt the going concern basis for preparing financial statements.
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Directors' Responsibilities in relation to the Financial Statements
The Charity Trustees (who are also the directors of the City of London Phonograph and Gramophone Society Limited for the purposes of company law) are responsible for preparing the Directors' and Trustees' Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Standards).
Company law requires Directors to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the income resources and application of resources, including income and expenditure, of the Charity for that period. In preparing financial statements, the Directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principals in the Charities SORP;
-
make judgement and estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on a going concern basis unless it is inappropriate to presume
that the Charity will continue in operation.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the directors on __ and signed on their behalf by:
Mr R S Scott Director
6
The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Independent Examiner's Report to the Trustees of
The City of London Phonograph and Gramophone Society Limited
_______________
I report on the financial statements of the company for the year ended 31 July 2020 which are set out on page 9 to 16.
This report is made soley to the company's Trustees (who are also directors for the purposes of Company Law), as a body, in accordance with section 145 of the Charities Act 2011 (the Act) and regulations made under section 154 of that Act. 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 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.
Respective Responsibilities of Trustees and Examiner
The Trustees are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.
Having satisfed myself that the company is not subject to audit under charity or company law and is eligible for independent examination, it is my responsibility to:
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examine the financial statements under section 145 of the Act ;
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follow the procedures laid down in general directions given by the Charity Commission under section 145(5)(b) of the Act ; and
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state whether particular matters have come to my attention.
Basis of Independent Examiner's Report
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of accounting records kept by the company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all of the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a "true and fair view" and the report is limited to those matters set out in the statement below.
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Independent Examiner's Statement
In connection with my examination, no matter has come to my attention :
-
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 financial statements which accord with the accounting records and 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
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
D. Saint, ACA Independent Examiner
3 Old Dairy Cottages Ibstone High Wycombe Bucks HP14 3YW
Date :
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The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Statement of Financial Activities
(incorporating the Income and Expenditure Account)
for the year ended 31 July 2020
| Note 2 3 4 Interest 5 6 Expenditure on governance costs Net Income for the year Reconciliation of Funds : Total funds brought forward Total Funds carried forward Donations and legacies Income from charitable activities Subscription income Total Income Expenditure on : Expenditure on charitable activities |
Total Funds 2020 14,726 7,165 11,373 1,227 34,490 22,546 500 23,046 11,444 109,697 121,141 £ |
Total Funds 2019 51,476 5,773 11,761 242 £ |
|---|---|---|
| 69,252 | ||
| 19,568 550 |
||
| 20,118 | ||
| 49,133 60,564 |
||
| 109,697 |
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The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Balance Sheet
as at 31 July 2020
| Notes 9 Stocks Cash at bank and in hand 10 Unrestricted funds 11 Creditors: amounts falling due within one year Net current assets Net assets Charity Funds Total Funds Fixed assets Tangible assets Current assets |
2020 £ 4,413 5,034 112,195 117,229 (500) 116,729 121,142 121,142 121,142 |
2019 £ 4,617 5,122 100,508 105,630 (550) 105,080 109,697 109,697 109,697 |
2019 £ 4,617 5,122 100,508 105,630 (550) 105,080 109,697 109,697 109,697 |
|---|---|---|---|
| 109,697 | |||
| 109,697 | |||
| 109,697 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2020 and of its results for the year then ended in accordance with the requirements of sections 394 and 395 of the Companies Act 2006 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements so far as applicable to the company.
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)(effective 1 January 2015).
The financial statements were approved by the board on ______ and signed on their behalf by:
Mr R. S Scott
Director
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The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Notes to the Financial Statements for the year ended 31 July 2020
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the 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 (FRS102)(effective 1 January 2015) - (Charities SORP (FRS102)), and the Companies Act 2006.
Company status
The company is a company limited by guarantee. In the event that the company is wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
Basic financial instruments
The charity 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.
Fund accounting
All income is classed as income from unrestricted sources unless there is a specific condition attached to the income as to its use by the charity when it is reflected as restricted funds within the financial statements.
Income
All income resources are included in the statement of financial activities when the company is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Subscriptions are accounted for on a received basis and all other sources on a receivable basis.
Income tax recoverable in relation to donations received under gift aid is recognised at the time that the claim is accepted by HM Revenue and Customs.
Expenditure
All expenditure is accounted for at the time that it arises and has been included under the expense categories that aggregate all costs for allocation to activities.
Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Tangible fixed assets
Individual fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Certain assets will be re-valued periodically in order to reflect their true market value.
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2
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
- Computer equipment over 3 years - Other assets no provision as value exceeds cost
Stocks
Stocks are measured at the lower of cost and estimated net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined using the first in first out method.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event and such obligation can be measured or estimated reliably. Short term creditors are measured at transaction price (which is usually the invoice price).
Foreign currency translation
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. Exchange differences are taken ino account in arriving at the net income for the period.
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| 1,270 156 395 1,146 481 1,057 472 2,083 105 7,165 Centenry Master series Advertising revenue Reference series sales London meetings collections and gift aid Malvern weekend (net income) Other income funds £ Book shop income Phonofairs Donations and legacies received Voluntary income All amounts received were unrestricted funds. Income from Charitable activities Unrestricted Donations and legacies |
2020 14,726 14,726 2020 1,270 156 395 1,146 481 1,057 472 2,083 105 7,165 £ Total funds £ |
2019 51,476 £ |
|---|---|---|
| 51,476 Total funds 2019 1,070 487 250 1,416 678 - - 1,540 331 £ |
||
| 5,773 |
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| 4 2020 10,712 10,712 660 660 11,373 11,373 5 2020 £ 22,546 22,546 6 2020 500 7 2020 5,880 1,234 1,817 127 932 5,576 20 1,251 404 Insurance 278 1,352 2,000 1,103 573 22,546 Subscriptions Bursary Centenary Licence fee Phonofair costs Room hire and meeting expenses Postage, stationery and advertising Web site costs Depreciation Sundry expenses Direct costs £ For the Record printing Other printing Books, cylinders and other purchases Governance costs £ Accountancy fees The expenditure related to the Independent Examiner's remuneration All expenditure was met from unrestricted funds. funds Summary by fund type £ Costs of generating income All expenditure was met from unrestricted funds. Subscriptions Gift aid All amounts received were unrestricted funds. Expenditure on charitable activities Unrestricted Total funds Unrestricted Total funds funds £ £ Subscription income |
Total funds 2019 11,031 730 £ |
|---|---|
| 11,761 | |
| Total funds 2019 19,568 £ |
|
| 2019 550 £ |
|
| 2019 6,883 350 776 46 1,997 4,247 - 726 238 279 86 500 3150 292 £ |
|
| 19,568 |
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8
2020 2019 Number Number - -
Employees
Average number of persons employed by the company
No salaries or wages have been paid to employees during the year. All directors and volunteers provided their services free of charge.
9 Tangible fixed assets
| Additions Charge Net book value At 31 July 2019 At 31 July 2020 Cost At 1 August 2019 At 31 July 2020 Depreciation At 1 August 2019 At 31 July 2020 |
Other assets 4,155 - 4,155 - - - 4,155 4,155 £ |
1,363 199 1,562 901 404 1,304 462 258 Computer equipment £ |
Total 5,518 199 £ |
|---|---|---|---|
| 5,717 | |||
| 901 404 |
|||
| 1,304 | |||
| 4,617 | |||
| 4,413 |
In previous years, the directors identified assets which had been acquired and which had no cost value recorded within the society's Balance Sheet. In order that the existence is not lost to the society, the directors re-valued those assets and included them within the financial statements under the heading "other assets"
The assets concerned and the directors valuations are:
| a "Bust of Edison" | value | £2,000 | |
|---|---|---|---|
| an "Expert Minor Gramophone" | value | £1,500 | |
| the "Frank Andrews Trophy" | value | £655 | |
| Creditors: amounts falling due | within one year | 2020 | 2019 |
| £ | £ | ||
| Other creditors | 500 | 550 |
10
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| 11 12 13 Tangible fixed assets Current assets Creditors due within one year Balance at 31 July 2020 Related party transactions Resources expended Balance at 31 July 2020 Analysis of assets between funds Unrestricted funds Statement of Funds Unrestricted funds Balance at 1st August 2019 Incoming resources |
2020 109,697 34,490 (23,046) 121,142 2020 4,413 117,229 (500) 121,142 £ £ |
2019 60,564 69,252 (20,118) £ |
|---|---|---|
| 109,697 | ||
| 2019 4,617 105,630 (550) £ |
||
| 109,697 | ||
There were no related party transactions for the year ended 31 July 2020 or 31 July 2019.
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The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Detailed Statement of Financial Activities for the year ended 31 July 2020
| Interest Total Income For the Record printing Other printing Books, cylinders and other purchases Phonofair costs Room hire and meeting expenses Postage, stationery and advertising Subscriptions Web site costs Depreciation Insurance Sundry expenses Bursary Centenary Licence fee Total expenditure Net income Expenditure on charitable activities Expenditure on governance costs London meetings collections and gift aid Malvern weekend (net income) Other income Suscription income Subscriptions Gift aid Donations and legacies Income from Charitable activities Book shop income Phonofairs Advertising revenue Reference series sales |
2020 14,726 1,270 156 395 1,146 481 2,083 105 7,165 10,712 660 11,373 1,227 34,490 5,880 1,234 1,817 127 932 5,576 20 1,251 404 278 1,352 2,000 1,103 573 22,546 500 23,046 11,444 £ |
2019 51,476 1,070 487 250 1,416 678 1,540 331 £ |
|---|---|---|
| 5,773 11,031 730 |
||
| 11,761 242 |
||
| 69,252 | ||
| 6,883 350 776 46 1,997 4,247 - 726 238 279 86 500 3,150 292.27 |
||
| 19,568 550 |
||
| 20,118 | ||
| 49,133 |
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