Orchestra of the Swan Trustees’ Report and Financial Statements for the year ending 31 August 2020
Charity Registration Number: 1068570 Company Registration Number: 03458051
www.orchestraoftheswan.org
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Index to Annual Report
and Financial Statements
31 August 2020
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Page Report of Strategy and Activity 1 - 10 Trustees and Officers 11 Trustees’ Report 12 - 15 Statement of Trustees’ Responsibilities 16 Independent Examiner’s Report 17 - 18 Statement of Financial Activities and Income and Expenditure Account 19 Statement of Financial Position 20 - 21 Accounting Policies 22 - 23 Notes to the Accounts 24 - 29
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Orchestra of the Swan Trustees’ Report and Financial Statements for the year ending 31 August 2020
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Report of Strategy
and Activity for the year
ended 31 August 2020
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2019-2020 was Orchestra of the Swan’s 24th season, which started off successfully before being compromised by the Coronavirus pandemic. Accordingly, this report presents as a ‘before’ and ‘after’, showing the rapid change in direction required to adapt to the Covid-19 crisis.
## Pre COVID-19 (1 September 2019 – 23 March 2020)
Orchestra of the Swan (OOTS) began the new season with a continuation of its ‘immersive residency’ strategy launched the previous season at the Stratford Play House, Courtyard Hereford and the Royal Birmingham Conservatoire (RBC), that puts a partnership with the venue and its community at its heart, working together with selected local and regional partners to carefully curate programmes and community activity that resonate with each venue’s distinct and diverse audience.
The ongoing success of this model was supported by core funding from the Garfield Weston Foundation and generous grants towards our work in schools and for people with dementia from Arts Council England (ACE), the Linbury Trust, the Eranda Rothschild Foundation, the Oldhurst Trust and the Ulverscroft Foundation.
The strategies employed to achieve the charity’s objectives at each of its residencies are detailed below:
## Stratford Play House, Stratford-upon-Avon
Moving our successful Night Owl cross-genre themed concerts from a Stratford night club to the Variety Bar in the Play House to accommodate a larger audience; starting the season with a community weekend with 2 free concerts providing an opportunity for the local community and visiting tourists to experience an orchestra for free; opening up 3 concert rehearsals to
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schools, care homes and dementia café visitors; working in partnership with local dementia cafés, care homes and the Stratford Hospital.
## Courtyard, Hereford
Our main concert series linked with a smaller scale rural concert series in partnership with Arts Alive, which in turn provided opportunities for rural links with local primary, secondary and SEND schools delivering workshops in partnership with Encore Music Services; contributing to the venue’s annual Family Festival with 2 performances of ‘Carnival of the Animals’; performing small ensemble concerts for free in the foyer; and the promotion of all activity centrally from the venue regardless of whether the venue was benefitting financially from that activity.
## Royal Birmingham Conservatoire
We provided students with numerous career development opportunities including: the premiere of 2 new works by 2 composition students; the participation of 16 instrumental students in 2 side-by-side rehearsals; a new programme of improvisatory workshops entitled ‘Burning Swan’ involving 10 students and 5 OOTS players; providing 2 MA students with work placements at OOTS; and a new partnership with Priestley Smith School for the visually impaired in Birmingham, enabling RBC students to shadow OOTS players delivering workshops to primary and secondary visually impaired students.
## Live Concerts
In the UK OOTS gave 29 concerts before Covid-19 cancelled all live events, one of which was recorded and streamed on Classic FM. Guest Conductors included Harvey Brough, Tom
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Orchestra of the Swan Trustees’ Report and Financial Statements for the year ending 31 August 2020
Hammond, Jonathan James, Jason Lai, Richard Laing, Rebecca Miller and Daniele Rosina. Guest Artists included Eduardo Garcia, David Gordon, Viv McLean, Papagena Vocal Quintet, Rose Redgrave, Matthew Sharp, Tamsin Waley-Cohen and Lauren Zhang.
_“You'd be hard pressed to find a happier bunch of musicians than Stratford's Orchestra of the Swan. They play with a smile which spreads throughout their performances, and Tuesday's concert positively beamed. Daniele Rosina was the conductor, his confident geniality and clarity of beat drawing oodles of goodwill from these remarkable players, beginning with a Haydn Symphony no.88 which combined both elegance and energy. And then came the icing on my cake, and certainly one of the highlights of my reviewing year, an absolutely flowing, supple Beethoven "Pastoral" Symphony from Rosina's fluent baton. Here was lilt, sensitivity, flexible space for the music to breathe, and the woodwind responded admirably to Beethoven's many demands, not least in the famous birdsong coda at the end of what was here an idyllically flowing Scene by the Brook.”_
**5* Christopher Morley, Midlands Music Reviews**
## Recordings
OOTS launched its own record label ROOTS (Recordings of Orchestra of the Swan) in January 2020 with a recording entitled ‘Timelapse’. A digital cross-genre album that blurs the lines between classical and ‘popular’ music, Timelapse explores shared landscapes across the centuries, where time and style become irrelevant. To be released in January 2021 on the Signum Classics label, Timelapse includes orchestral arrangements of songs by The Smiths, David Bowie and Radiohead alongside Rameau, Satie, Errolyn Wallen, Thomas Ades, Grieg, Vivaldi, Gorecki, Couperin, Steve Reich and Schubert, aimed at a broader digital audience and focusing on radio play.
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## Digital
Prior to lockdown, OOTS worked with YouTube influencer and composer David Bruce to deliver four YouTube projects – ‘5 Composers, 1 theme, 1 orchestra’ (October 2019), ‘Genre Swap’, ‘Aquamarine’ and ‘Fanfarron’ (March 2020), generating 819,432 views during the season.
Social media engagement is growing, with 4,120 Facebook, 2,279 Twitter and 235 Instagram followers supported by a repurposed OOTS YouTube channel.
## Learning & Participation
25 OOTS players, trained to deliver workshops to people with dementia, were able to deliver 72 half-day workshops benefitting 613 people with dementia in 8 regional care homes and 4 dementia cafés (Warwickshire, Worcestershire, Birmingham) before Covid hit. 12 Conservatoire students participated in 12 Birmingham workshops and 2 concert rehearsals in Stratford (December 2019 and February 2020) were dementia friendly, welcoming 20 care home residents in the town. To extend the players’ expertise, 1 training and 1 reflection ‘day’ took place for 6 players led by the charity Mindsong.
_“Just to reiterate the thanks to everyone involved in yesterday for creating such a wonderful experience of learning and for providing such a lovely inclusive, nurturing environment where, I think we all felt, we were able to be open and honest with each other and feel incredibly supported in the process. Can't wait to be able to share what I learnt :) Thank you.”_
Shulah (OOTS Player on the dementia training day)
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OOTS works closely with local education hubs at each of its residencies to ensure access to, and participation in, professional high-quality musical and performance experiences for those in Primary, Secondary and SEND Schools. OOTS’ activities enhance cross- curriculum study whilst supporting and encouraging the holistic development of healthy individuals, with all activity tailored to a school’s or college’s specific requirements, year groups and abilities, fully supporting the National Plan for Music Education. This season pre-Covid, OOTS delivered 31 workshops in 12 schools in Warwickshire, Worcestershire and Herefordshire with 936 participating school children including 81 with special needs.
_“The music workshops with Year 5 were excellent. They were pitched at the right level (excuse the pun), were engaging and got all children involved. It was great to have a workshop that involved a whole class, rather than a select few. The music played was outstanding with a range of instruments to show the children - brilliant! The staff and children who were in the performance loved it. They listened attentively to the pieces they played but also loved the interactive rhythm work they got to experience. It was an excellent afternoon and we can’t wait for the next.”_ Music Co-ordinator, Abbey Park Middle School
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_“Thank you for giving the children the opportunity to see the orchestra in action. They thoroughly enjoyed it!”_
_“Thank you again for inviting us! We brought 104 children in the end as some were unable to come. The children loved watching the orchestra set up and listening to the beautiful pieces of music.”_
Garway Primary School
_“However much we have learned from the OOTS visits, the experience cannot be replicated in school and therefore, we value and appreciate the visits and sharing performance…the work done here by the musicians is invaluable to these children. Thank you.”_
Meryl Kemp, Blackmarston School (SEND)
Two player training sessions took place prior to the commencement of our project at Priestley Smith School for the Visually Impaired; one by Prof. Adam Ockleford to assist players in understanding how to deliver musical activity for the visually impaired, and the second to cover safeguarding in this special environment.
_“I thoroughly enjoyed the training afternoon. It really opened my eyes but was really surprised by some of the statistics about visual impairment. Adam was very good and, of course, having Lisa there as a sounding board was invaluable. It really could be a fascinating experience and it's already started me thinking about different approaches to music making and how to teach it, whether pupils are visually impaired or not. 2 hours was almost too short but very worthwhile afternoon. Thanks for organising it.”_
Martha Ann (OOTS Player on the VI training)
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## Post COVID-19 (24 March 2020 – 31 August 2020)
The impact of Covid-19 was catastrophic for our freelance players with over £100k of cancelled work between March and July 2020 including a tour to the Istanbul Festival, and no opportunity for a return to normality until Spring 2021, with many falling outside the scope of available self-employed government assistance. As an organisation, we were unable to pay our players for this cancelled work, but partially mitigated this through the early creation of a Player Fund, kick-started by the vast majority of ticket-holders who kindly donated their refund entitlements to this very valuable cause. As a result of this generosity, between April and July 2020, 29 core players received £664 each towards essential costs.
OOTS’ lack of available filmed archive material became very evident very quickly, requiring a radical and speedy shift to a digital model. As a small organisation we were nimble, using specific grant payments received for the purpose to enable our players to create 180 short ‘private’ care home videos for 4 Stratford-upon-Avon care homes, 29 public education videos which were shared widely via regional education hubs and 2 videos which premiered works written by 2 visually impaired pupils at Priestley Smith School – ‘The Evening Falls’ and ‘I don’t want no kisses’. Combined, these online resources were viewed nearly 4,000 times on OOTS’ YouTube channel.
Emergency Funding was sought and secured from ACE, the National Lottery Community Fund and the Stratford District Council Discretionary Fund which enabled us to achieve the following:
- The recruitment of a Development Manager to assist the Managing Director with fundraising from 4 August 2020
- Towards 4 digital performance projects:
- A commission by YouTube influencer David Bruce entitled ‘Swanning Around’, viewed 14,333 times since going live on YouTube on 29 June.
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- ‘Vivaldi Sleep’ - 10 cross-genre artists improvising over OOTS’ recording of Autumn from Vivaldi’s Four Seasons with accompanying videos by 10 conceptual video artists (6 professionals, 4 Birmingham University media students); featuring soloists Trish Clowes (sax), Yumi Kowasawa (koto), Shabhat Hussain (tabla), Susi Evans (Klezmer clarinet), Philip Sheppard (electric cello), Paul Sartin (folk violin), Jim Moray (folk singer), Aidan O’Rourke (fiddle) and David Gordon (Jazz piano). The recording was scheduled for release over 5 weeks on YouTube from mid-November 2020.
- 12 live zoom sessions for people with dementia, delivered to 2 partner care home and 19 individuals (72 participants).
- 4 professionally filmed 45-minute videos by OOTS quartets for people with dementia, available as a national free resource via OOTS’ website from mid October.
## Fundraising
We would like to thank all those involved in the Orchestra of the Swan – players, support staff, volunteers, Friends of the Orchestra and the FOOTS committee, as well as our partners, corporate and public, for all their help and support during this immensely difficult year.
The Friends of the Orchestra give invaluable financial, office and front of house support. Membership of this group remains steady (around 300) with 25 new members this season. Events for members (pre-Covid) included both fund-raising and social gatherings, creating opportunities for Friends, players, staff and trustees to meet.
At a time of considerable financial restraint and a looming BREXIT, we are especially grateful to our Corporate Partners who have supported our programme this season:
|Chris Wheeler Graphic Design|Handelsbanken||
|---|---|---|
|Staying Cool|Quotidian Investments|Ziran Land|
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Trust and public funding income remained steady this season, due to the continued programme of workshops in and for care homes and dementia cafés regionally for people living with dementia, and our extended education programme in regional schools. In particular, we would like to thank the following Charitable Trusts/Foundations, and public bodies for their very generous support this season:
29th May 1961 Charity Garfield Weston Foundation Alan Woodfield Trust George Fentham Birmingham Charity Arts Council England GJW Turner Trust Arts Alive Lapid Trust Baron Davenport Laslett’s Charity Boshier Hinton Foundation Linbury Trust City of Birmingham Orchestral Endowment McLay Dementia Trust Fund Misses Barrie Charitable Trust D’Oyly Carte Charitable Trust National Lottery Community Fund Dumbreck Charity Oldhurst Trust Edward Gostling Foundation Orchestras Live Elise Pilkington Charitable Trust Perry Family Charitable Trust Elizabeth Creak Charitable Trust R&D Turner Charitable Trust Elizabeth Eagle-Bott Foundation Ratcliff Foundation Elmley Foundation Steel Charitable Trust Eranda Rothschild Foundation Ulverscroft Foundation Eric W Vincent WE Dunn Charitable Trust Eveson Charitable Trust William A Cadbury Trust Frognal Trust Wilmco Charitrust
We would also like to thank the many individual donors who provide not only valuable additional resources, but also a personal connection to the local community.
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## The Future
Responses from the partner consultations in all our residency areas are forming the backbone of our planning and the direction of our Immersive Residencies over the forthcoming seasons. Such feedback will encourage the OOTS team to address newly identified and agreed key project principles to ensure that the requirements of all our communities are met.
Our Night Owl series will become our new digital focus following Covid-19. Its popularity is due to the multi-faceted and diverse nature of the programming, involving artists from different musical genres and backgrounds.
Circumstances since March 2020 have demonstrated a need to find a better balance between filming/recording projects, live concerts and community work, as our current business model with its heavy focus on self-promoted live concerts is unsustainable under current health priorities. This is a good thing and will help us to be more sustainable in the long term. However, we have every intention of continuing to perform live concerts and engagements wherever and whenever this becomes possible.
The last two years has seen a transformation in the Orchestra’s profile – achieved through innovative programming, recordings, a highly committed group of excellent musicians at the core of the Orchestra and the excellent work undertaken by the staff, players, Friends of the Orchestra and volunteers.
**Debbie Jagla Managing Director**
11 December 2020
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Trustees and Officers
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Trustees John W E Liggins Nicholas Hodges Kathy Murphy Altaf Kara Christopher Wheeler Nicholas F Keegan Edwin Buckhalter Simon Littlewood (appointed 7 January 2020) Charity Number 1068570 Company Number 03458051 Principal Address 14 Rother Street and Registered Office Stratford-upon-Avon Warwickshire CV37 6LU Solicitors Shoosmiths LLP 2 Colmore Square 38 Queensway Birmingham B4 6JB Independent Examiner Baxters Limited 3 Nightingale Place Pendeford Business Park Wobaston Road Wolverhampton WV9 5HF
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Trustees’ Report for
the year ended 31 August 2020
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The Trustees, who are also the directors for the purpose of company law, present their report and the accounts of the charity for the year ended 31 August 2020. These accounts have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, and the Charities Act 2011.
## Objectives
The charity’s objectives continue to be to promote, advance, develop and maintain public education in, and appreciation of, the art and science of music in all its aspects by presentation of public concerts, recitals, opera, ballet, musical and dramatic works, displays and entertainments of all kinds involving orchestras, the theatre, variety, stage, musicals, radio and television for the public benefit. There has been no change in the objectives during the year.
## Structure, Governance and Management
Orchestra of the Swan (OOTS) is a company limited by guarantee governed by its Memorandum and Articles of Association dated 26th February 1997 and it is registered as a charity with the Charity Commission.
The Trustees, who are also directors for the purpose of company law, who served during the year and up to the date of this Report are listed on page 11.
The Board has delegated responsibility for the day to day operations of the charity to the executive team, including the Managing Director and the Artistic Director.
The Managing Director is responsible for the day to day business and financial operations of
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the charity, staff management and the appointment of new staff, subject to Board approval.
The Artistic Director is responsible for developing the ambitious artistic vision of the Orchestra, the continued delivery of high quality, interesting and innovative programmes and to communicate this vision clearly to funders, staff, Trustees, Friends and other stakeholders. The Artistic Director also appoints the core players of the orchestra.
The titles of Managing Director and Artistic Director denote executive roles within the company and do not confer on the holders any of the primary responsibilities of Trustees and statutory directors of the company. The Trustees are wholly independent of the executive, do not receive any remuneration as Trustees, and are not accustomed to act in accordance with the Executive’s wishes and directions.
The Trustees meet approximately six times per annum to receive reports from both the Managing Director and the Artistic Director and to consider those reports as well as to consider the short and long term plans for the charity and generally to fulfil their obligations as Trustees.
As part of those obligations the Trustees undertake a regular review of the financial risks that the charity may face and maintain a risk register. This register is intended to:
- Identify the material risks facing the charity.
- Establish systems and procedures to mitigate those risks identified in the register.
- Implement procedures to minimise the potential liability to the charity should those risks materialise.
In addition, the charity has policies in place on Child Protection and Vulnerable Adult Safeguarding, Coronavirus, Equal Opportunities, Health & Safety, Lone Working, Manual Handling and Information Security.
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## Board Changes
In January 2020 we were delighted to welcome Simon Littlewood to the Board. In the course of a 30 year career in publishing Simon has overseen the rapid international growth of organisations such as Random House and is already making a significant contribution to our strategic discussions, Simon is currently a board member of the International Publishers’ Association and the Federation of European Publishers.
There have been no other changes to the Board in the period from 31 August 2019 to date.
## Financial Review
In common with almost all Arts organisations, our results for the 2019/20 financial year were severely affected by the onset of Coronavirus in March, resulting in the cancellation of all 11 of the programmed concerts for the remainder of the season.
Total income for the year was down by 17% to £489k (2018/19: £589k). The decrease is due to the fall in box office receipts and fees for cancelled concerts and engagements, and significantly lower strategic grants income, to some degree offset by an increase in restricted grants directed to our Learning & Participation programmes aimed at dementia and education (including special needs), together with Covid Emergency funding from Stratford District Council Discretionary Fund, Arts Council England and the National Lottery Community Fund.
We also received a significant contribution to other income as a result of both Orchestra Tax Relief and the Coronavirus Job Retention Scheme for 2 furloughed staff, who have now returned to work.
Total expenditure was 13% lower at £511k, compared with £587k last year, reflecting the lower payments to players and also other costs saved by not staging the cancelled concerts and engagements.
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The net outturn for the year was a deficit of £22k (2018/19: surplus of £2k). The Charity’s cash position however ended the year slightly stronger with balances in hand of £191k compared with £173k last year, reflecting funding received to cover the current year’s programme of activities including some Covid-19 emergency funding.
## Reserves Policy
Total reserves at 31 August 2020 were £51,625 (31 August 2019: £73,916) all of which were unrestricted funds.
Orchestra of the Swan has reviewed its reserves policy, which is to retain sufficient funds in reserve to enable us to manage the company’s affairs so as to be sustainable in the future.
The orchestra requires reserves in order to provide for contingencies as they arise. In normal circumstances we need to programme our concerts, care home, educational and dementia activities more than a year in advance, and yet we are heavily reliant on sponsorship and donations which can vary from year to year due to changes in the economic climate and many other factors.
The Trustees are therefore determined to continue to maintain strong financial controls and to continue to build unrestricted reserves over the next few years until they are equivalent to at least six months’ organisational running costs.
## **Signed on behalf of the Board of Trustees**
**John Liggins Trustee**
11 December 2020
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Statement of
Trustees’ Responsibilities
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The Trustees, who are also directors for the purposes of company law, are responsible for preparing the Trustees’ report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity Trustees to prepare accounts for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that year.
In preparing these accounts, the Trustees are required to:
- Select suitable accounting policies and apply them consistently;
- Observe the methods and principles in the applicable Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent Examiner’s Report
to the Trustees of Orchestra of the Swan
(Limited by Guarantee)
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I report to the Trustees on my examination of the financial statements of Orchestra of the Swan (‘the charity’) for the year ended 31 August 2020.
## **Responsibilities and basis of report**
As the Trustees of the company (and also 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 charity’s accounts as 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 charity’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 that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the accounts do not accord with those records; or
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- 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.
**Baxters Limited Independent Examiner**
3 Nightingale Place
Pendeford Business Park, Wobaston Road
Wolverhampton WV9 5HF
11 December 2020
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Statement of Financial Activities including
Income and Expenditure Account
for the year ending 31 August 2020
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**Unrestricted Restricted Total Total Funds Funds 2020 2019 Income** Notes £ £ £ £ Donations and legacies 1 73,956 9,000 82,956 114,759 Investment Income 2 117 - 117 119 74,073 9,000 83,073 114,878 Income from charitable activities 3 218,928 132,277 351,205 420,437 Other incoming resources 4 54,371 - 54,371 53,454 **Total income** 347,372 141,277 488,649 588,769 **Expenditure** _Charitable activities_ Costs relating to staging performances 324,824 141,277 466,101 543,197 Governance costs 44,839 - 44,839 43,725 **Total expenditure** 5 369,663 141,277 510,940 586,922 **Net deficit** (22,291) (22,291) 1,847 Total funds brought forward 73,916 - 73,916 72,069 **Total funds carried forward** 14 51,625 - 51,625 73,916
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 22 to 29 form part of these accounts.
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Statement of Financial Position
at 31 August 2020
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**2020 2019 Fixed assets** Notes £ £ Tangible assets 9 1,900 2,518 Investments 10 1 1 1,901 2,519 **Current assets** Debtors 11 12,230 30,030 Cash at bank and in hand 191,361 173,242 203,591 203,272 **Creditors:** Amounts falling due within one year 12 (153,867) (131,875) **Net current assets 49,724 71,397 Net assets** 51,625 73,916 **Funds of the charity** Restricted Funds 13 - - Unrestricted Funds 14 **51,625 73,916 Total charity funds** 14 51,625 73,916
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For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These accounts were approved by the Board of Trustees for issue on 11 December 2020 and are signed on behalf of the board by:
**John Liggins Nick Keegan**
**Trustee Trustee**
The notes on pages 22 to 29 form part of these accounts.
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Accounting Policies
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## **Basis of preparation**
These accounts have been prepared on the historical cost basis.
The accounts are prepared in sterling, which is the functional currency of the entity.
## **Judgements and key sources of estimation uncertainty**
The preparation of the accounts requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Funds**
**General Funds** – these are unrestricted funds that are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity and have not been designated for other purposes.
**Designated funds** – these are unrestricted funds that the Trustees have set aside for a particular purpose. The aim and use of each designated fund is set out in the notes to these
**Restricted Funds** – these are funds received where the donors have imposed specific restrictions on the use of those funds or which have been raised by the Charity for specific purposes. The costs of raising and administering such funds are charged to the specific fund.
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is classified under headings of the statement of
Orchestra of the Swan Trustees’ Report and Financial Statements for the year ending 31 August 2020
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## **Fixed Assets**
Tangible assets are stated at cost less accumulated depreciation.
Investments in unlisted equity shares are initially recorded at cost and subsequently measured at fair value.
## **Depreciation**
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment (including website) 25% straight line Fixtures 10% straight line
## **Operating lease**
Assets held under finance lease are included and depreciated in accordance with the company’s normal accounting policies. The present value of future rental is shown as a liability. The interest element of rental obligations is charged to the statement of financial activities over the period of the lease in proportion to the balance of capital repayments outstanding.
Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.
## **Investments**
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in
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Notes to the Accounts
year ended 31 August 2020
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**1. Donations and legacies 2020 2019** £ £ Donations and legacies 82,956 114,759 **2. Investment Income 2020 2019** £ £ Interest receivable 117 119 **3. Income from charitable activities Unrestricted Restricted Total Total Funds Funds 2020 2019** £ £ £ £ Orchestral performances 218,928 130,277 349,205 387,784 Sponsorship and advertising - 2,000 2,000 32,653 218,928 132,277 351,205 420,437 The income for orchestral performances includes tickets, programme sales, as well as grants and funding in respect of specific performances and the commissioning and creation of new music for those performances. Further details are set out in the Trustees’ Report that accompanies these accounts.
**4. Other Incoming Sources 2020 2019** £ £ Orchestra Tax Relief 46,921 49,700 CJRS Grant 6,014 - Other income 1,436 3,754 **54,371 53,454**
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**5. Expenditure Staff Other Total Total Costs Costs 2020 2019** £ £ £ £ Costs relating to staging performances – activities undertaken directly 107,988 358,113 466,101 543,197 Governance costs 33,760 11,079 44,839 43,725 141,748 369,192 510,940 586,922
Included in other costs is depreciation of £829 (2019 £7,897)
**6. Activities Undertaken Directly 2020 2019** Other costs relating to costs staging performances comprise: £ £ Players fees 197,942 252,616 Conductor and artistic director fees 32,964 30,704 Music 12,319 19,928 Event management 114,888 126,624
358,113 429,872
Event management includes direct and indirect costs associated with orchestral performances including hall hire, promotion, advertising, printing, and a proportion of the day to day costs of running the Orchestra.
**7. Trustees**
None of the trustees (nor any persons connected with them) received any remuneration or benefits from the charity during the year.
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**8. Employees Number of employees** The average number of monthly employees during the year was: **2020 2019** Number Number Marketing 1 1 Administration 5 4 **6 5 Employment costs 2020 2019** £ £ Wages and salaries 134,149 129,944 Social Security costs 7,599 8,257 141,748 138,201 **9. Tangible Assets** £ **Costs** At 1 September 2019 8,604 Additions 211 Disposals - At 31 August 2020 8,815 **Depreciation** At 1 September 2019 6,086 Charge for the year 829 Disposals - At 31 August 2020 6,915
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Orchestra of the Swan Trustees’ Report and Financial Statements for the year ending 31 August 2020
**9. Tangible Assets cont.** £ **Carrying amount** At 31 August 2020 1,900 At 31 August 2019 2,518
**10. Investments** One Ordinary share of £1 is held in Orchestra of the Swan Trading Limited, being the whole share capital. It was incorporated in England and Wales and has staged certain concerts on behalf of Orchestra of the Swan. No profit was made and its balance sheet reserves are £1 (2019 £1).
**11. Debtors 2020 2019** £ £ Trade debtors 468 5,108 VAT recoverable 2,309 - Prepayments and accrued income 9,453 24,922 12,230 30,030 **12. Creditors: Amounts falling due within one year 2020 2019** £ £ Trade creditors 13,041 9,289 Taxes and social security costs 2,747 3,786 Accruals and deferred income 138,079 118,800 153,867 131,875
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## **13. Restricted Funds**
The income funds of the charity includes restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.
**Balance Balance at 31 August at 31 August 2019 Income Expenditure 2020** £ £ £ £ Other Specific Projects - 141,277 (141,277) - - 141,277 (141,277) -
Other specific projects are outlined in the Trustees’ Report and reflect specific grants and donations received which are to fund particular activities that the Orchestra undertakes and where the grant or donor specifies that the funds are to be used for that purpose.
**14. Analysis of Net Assets Between Funds Unrestricted Restricted Funds Funds Total** Fund balances at 31 August 2020 are represented by: £ £ £ Fixed assets 1,901 - 1,901 Current assets 203,591 - 203,591 Creditors: amounts falling due within one year (153,867) - (153,867) 51,625 - 51,625
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Orchestra of the Swan Trustees’ Report and Financial Statements for the year ending 31 August 2020
## **15. Operating Leases**
The total future minimum lease payments under non-cancellable operating leases are as follows: **2020 2019** £ £ Not later than 1 year 4,417 4,167 Later than 1 year and not later than 5 years 21,500 -
25,917 4,167
**16.** The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 14 Rother Street, Stratford-upon-Avon, Warwickshire CV37 6LU.
**17.** Orchestra of the Swan is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £10 to the assets of the charitable company in the event of its being wound up while he or she is a member.
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Charity number 1068570 • Orchestra of the Swan is a member of the ABO
Design: CWGD - www.chriswheeler.co.uk
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