OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-08-31-accounts

PETROS SINGERS

ACCOUNTS FOR YEAR ENDED

31 AUGUST 2022

Registered Charity 1074643

YEAR ENDED 31 AUGUST 2022

ANNUAL REPORT

Petros Singers was registered as a charity by the Charity Commission on 12 March 1999, originally in the name of St. Peter’s Singers.

The charity’s registration number is 1074643.

The principal address of the charity is:

David Foster (Treasurer) Partridges Black Hill Lindfield West Sussex RH16 2HE

The objects of the charity, as stated in the constitution, are:

  1. to promote, improve, develop and maintain public education in and appreciation of the art and science of choral music in all its aspects by the presentation of public concerts and by such other ways as the Committee shall determine from time to time,

  2. to promote fellowship, through music, among the members,

  3. to promote excellence in musical performance, and

  4. to donate to such charities and of such amounts as the Committee may determine, all or part of any surplus of receipts over expenses arising from any concert or fund-raising event of the Choir.

The activities of the choir during the year The reduction and then the ending of Covid related restrictions enabled the choir to return to a normal programme but with more events than in pre-pandemic years. The decision was taken to add into the choir’s programme concerts for which the works had been fully rehearsed, but not performed, because of the cancellation of the concerts in the previous two years.

The choir held a very well-attended open workshop in October 2021 and performed five concerts during the year, as opposed to the more usual three or four. All but one of these concerts was promoted and managed by the choir. The exception was the concert on 18[th] June 2021 which was promoted and managed by All Saints Church, Lindfield. They reimbursed the choir for 69% of the choir’s costs.

The Trustees of the charity are the elected members of the Committee as shown on page 4.

The Trustees of the charity confirm that they have paid due regard to the Charity Commissioners’ guidance on public benefit. As well as the value of our public concerts in promoting musical education and in particular the appreciation of choral music, a number of specific activities are undertaken to enhance public benefit, as follows:

  1. Petros Singers offer bursaries each year to young people (aged between 16 and 27) for them to get involved in music, to try singing in a chamber choir, to further their musical education, to learn new musical works and to have the opportunity of enjoying singing in a high-quality choir. These bursaries are given by waiving the annual subscriptions and funding up to one voice coaching session per term for beneficiaries who are also given free entry to any workshops that the choir holds. Three singers remained with the choir throughout the year and one other for part of the year as recipients of such bursaries. The value of this in subscriptions waived amounted to £670. Sadly the Covid pandemic again prevented the choir from being able to arrange individual singing lessons for anyone this year.

  2. Where deemed appropriate, subscriptions were reduced or even waived to support singers who otherwise would not be able to join the choir. The value of subscriptions thus not collected from members who

Petros_Accounts_2021-2022

Page 2

Profit for the year

This year shows a net profit of £4,115. Given the impact on the choir’s plans of the Coronavirus pandemic to have made such a profit (albeit after an increased number of events generated extra income), is a significant achievement.

The basic operating costs of the choir, assuming no concerts take place, typically result in a loss. This year that loss was £1,460, only slightly more than in the previous year.

The profit of £5,575 from events more than offset the operational loss, hence the net profit of £4,115.

The outlook for 2022-2023

The profit made during 2021-2022 enabled us to increase our reserves and so confirm the plans for the concert programme for the coming year including the expensive performance of the Bach B Minor Mass in March 2023.

As with all organisations the choir is expecting to see costs increase in many areas due to the current economic climate. We have increased our annual subscriptions for the coming year by 12.5% and will be increasing our ticket prices for the major concert of the year. The reserves on 31st August 2022 should allow the choir to continue its planned programme and still leave the minimum desired level of reserves on 31[st] August 2023. The trustees will work to sustain the amount of sponsorship and advertising revenue for each event.

The year-end level of reserves

  1. The opening current account balance on 1[st] September 2021 was £12,573. The end of year balance was £16,506 on 31st August 2022. These positions are fully reconciled with bank statements taking account of any uncleared cheques and unpaid invoices needing to be paid.

  2. The year-end balance included £318 which was held over at the request for the charity, LYC, to whom this amount will be paid in late 2022.

  3. The minimum current account balance during the year was £10,087 which occurred in February 2022. 4. The PayPal account which enables the purchase of tickets via the choir’s website had a balance of £731 on 31st August 2022.

  4. The petty cash balance was £128. This is used towards the cash floats needed for events.

  5. On 31st August 2022 there were three cheques that had been sent but had not cleared with a value of £460. Two were cleared by 2nd September 2021 but all three were included in these accounts.

  6. The profit (on a pure cash basis) for the year 2021-2022 was £4,115.

  7. The year-end figure for the total reserves available to the choir is £17,047.

Petros_Accounts_2021-2022

Page 3

Required reserves policy

The reserves consist of the balance in the NatWest bank account, payments held in the PayPal account and petty cash. The lowest value of the total of these in most years occurs at the end of the financial year, although this year the lowest value occurred in December 2021. Since December each of the events has generated a profit for the choir thus contributing to a build-up in the reserves. The financial year-end is the point at which the policy on the level of reserves required to maintain the choir as a going concern should be based.

The pandemic has endorsed the approach that charities need to have reserves which would enable them to remain viable for a significant period without external income – in our case from profits attributable to events. Previously this period was assumed to be about 6 months. Current experience suggests that this should be more prudently set closer to one year. Based on recent years this would be about £10,000. This is deemed to be the minimum level for reserves below which remedial action would need to be taken.

The choir needs to have a further reserve to take the risk of planning concerts which could generate a loss. Based on past experience, such a loss could be £4,000 or more for a large concert. The current reserves are now above the minimum, and ideally required, level of £14,000.

A margin above this would be prudent, but not to excess. It is unlikely that the choir’s year-end reserves will rise above the current level in the near future. In view of the choir’s charitable status it has been decided to set a level of £17,000 at which point the committee should decide how to use any such excess in the context of its charitable objectives and the concert plans for the following 18 months. The end of year reserves for 2021-2022 are marginally over that threshold so no further action is planned at this stage.

The trustees regularly monitor the level of reserves primarily by having the treasurer make a financial report to each of their regular meetings. These are held at least three times during the year.

Going concern

The trustees of the charity are confident that Petros Singers is in a position to meet all its financial obligations for the 12 month period following the date of the approval of these accounts. Hence, they consider the choir to be a going concern.

By Order of the Trustees:

Frank Althaus - Tickets, Quentin Edgington – Venue Bookings (resigned on 24[th] September 2022), David Foster - Treasurer, Charlotte Lawrie - Publicity, Laura Mackay – Chair, Caroline Nelson – Vice Chair, Rosemary Norris – Secretary, Jenny Sanderson – Librarian, Rick Smith – Membership, and Sam Younger – Venue Bookings (co-opted on 30th October 2022).

Signed on behalf of the trustees on 28th November by: Laura Mackay, Chair ………………………..

STATEMENT OF THE COMMITTEE’S RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS

In preparing these accounts the Committee is required to:

  1. Select suitable accounting policies and apply them consistently.

  2. Make judgements and estimates that are reasonable and prudent.

  3. State whether applicable accounting standards have been followed.

  4. Prepare the accounts on the going concern basis unless it is inappropriate.

The Committee is responsible for keeping proper accounting records which disclose, with reasonable accuracy, at any time the financial position of the Choir. They are also responsible for safeguarding the assets of the Choir and detection of fraud and other irregularities, by establishing and maintaining a satisfactory system of control over the Choir's accounting records, cash holdings and all its receipts and remittances.

Petros_Accounts_2021-2022

Page 4

Independent Examiner's Report to the Trustees of

Petros Singers

Year Ended 31 August 2022

I report to the Trustees on my examination of the accounts of Petros Singers for the year ended 31 August 2022 which are set out on pages 6 to 10.

Responsibilities and basis of report

As the Charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed………………………….. Date 28th November 2022

Chris Lawes FCA Banks Cooper Associates Limited 21 Marina Court Castle Street Hull HU1 1TJ

Petros_Accounts_2021-2022

Page 5

PETROS SINGERS

RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 AUGUST 2022
Notes
12 Months
12 Months
12 Months
12 Months
1
2021-2022
2020-2021
2019-2020
2018-2019
RECEIPTS
2
£
£
£
£
Event revenue
Ticket sales
3
15,017
3,758
4,143
12,413
Programme revenue
4
1,934
40
1,020
1,630
Event sponsorship/donations
5
7,276
332
2,672
3,840
Total receipts from events
24,227
4,130
7,835
17,883
Operational revenue
Miscellaneous sales
40
6
12
28
Subscriptions
6
7,160
6,045
7,190
7,435
Sponsorship/donation (not for
event)
7
1,313
1,250
HMRC Gift Aid
8
1,352
1,808
1,852
1,555
Total operational receipts
9,865
9,109
9,054
9,018
TOTAL RECEIPTS
34,092
13,239
16,889
26,901
PAYMENTS
2
Event costs
Venue hire
5
2,565
300
400
2,285
MD, Performer and instrument fees
5
10,910
2,130
2,912
5,100
Publicity and printing
5
1,669
540
851
1,845
Ticket agency and other event costs
5
3,508
1,055
1,364
1,359
Total event costs
18,652
4,025
5,527
10,589
Operational costs
Rehearsal venue hire
9
1,020
660
600
900
Rehearsal MD fees
4,780
4,650
4,750
4,450
Rehearsal accompanist fees
2,275
2,340
2,275
2,275
Internet/web fees
571
488
1,301
495
General marketing
5
519
72
88
513
Professional fees
960
936
936
900
Making Music – Subs, PRS, &
Insurance
10
380
474
531
548
Charity donations
11
2
485
104
Other operational costs
12
778
801
166
181
Bad debt write-off
40
350
80
Total operational costs
11,325
10,422
11,482
10,447		 RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 AUGUST 2022
Notes
12 Months
12 Months
12 Months
12 Months
1
2021-2022
2020-2021
2019-2020
2018-2019
RECEIPTS
2
£
£
£
£
Event revenue
Ticket sales
3
15,017
3,758
4,143
12,413
Programme revenue
4
1,934
40
1,020
1,630
Event sponsorship/donations
5
7,276
332
2,672
3,840
Total receipts from events
24,227
4,130
7,835
17,883
Operational revenue
Miscellaneous sales
40
6
12
28
Subscriptions
6
7,160
6,045
7,190
7,435
Sponsorship/donation (not for
event)
7
1,313
1,250
HMRC Gift Aid
8
1,352
1,808
1,852
1,555
Total operational receipts
9,865
9,109
9,054
9,018
TOTAL RECEIPTS
34,092
13,239
16,889
26,901
PAYMENTS
2
Event costs
Venue hire
5
2,565
300
400
2,285
MD, Performer and instrument fees
5
10,910
2,130
2,912
5,100
Publicity and printing
5
1,669
540
851
1,845
Ticket agency and other event costs
5
3,508
1,055
1,364
1,359
Total event costs
18,652
4,025
5,527
10,589
Operational costs
Rehearsal venue hire
9
1,020
660
600
900
Rehearsal MD fees
4,780
4,650
4,750
4,450
Rehearsal accompanist fees
2,275
2,340
2,275
2,275
Internet/web fees
571
488
1,301
495
General marketing
5
519
72
88
513
Professional fees
960
936
936
900
Making Music – Subs, PRS, &
Insurance
10
380
474
531
548
Charity donations
11
2
485
104
Other operational costs
12
778
801
166
181
Bad debt write-off
40
350
80
Total operational costs
11,325
10,422
11,482
10,447
24,227
4,130
7,835
17,883
40
6
12
28
7,160
6,045
7,190
7,435
1,313
1,250
1,352
1,808
1,852
1,555
9,865
9,109
9,054
9,018
34,092
13,239
16,889
26,901
2,565
300
400
2,285
10,910
2,130
2,912
5,100
1,669
540
851
1,845
3,508
1,055
1,364
1,359
18,652
4,025
5,527
10,589
1,020
660
600
900
4,780
4,650
4,750
4,450
2,275
2,340
2,275
2,275
571
488
1,301
495
519
72
88
513
960
936
936
900
380
474
531
548
2
485
104
778
801
166
181
40
350
80
11,325
10,422
11,482
10,447
TOTAL PAYMENTS 29,977
14,447
17,009
21,036
ANNUAL(DEFICIT)/SURPLUS 4,115
(1,208)
(120)
5,865

Petros_Accounts_2021-2022

Page 6

PETROS SINGERS

STATEMENT OF ASSETS AND LIABILITIES AS AT 31 AUGUST 2022

Notes 31.08.22 31.08.21 31.08.20 31.08.19
£ £ £ £
CURRENT ASSETS
Cash at bank at end of year 13 16,506 12,573 14,012 14,132
Cash in PayPal at year end 14 731 231
Petty cash 128 128 128 128
Less funds held for charity 15 (318)
Net assets 17,047 12,932 14,140 14,260
RESERVES
At start of financial year 12,932 14,140 14,260 8,395
(Deficit)/Surplus for year 4,115 (1,208) (120) 5,865
At 31st August 17,047 12,932 14,140 14,260

These accounts were approved by the trustees and authorised for issue and signed on their behalf on 28[th] November 2022 by:

...............................................................

David Foster, Treasurer

Petros_Accounts_2021-2022

Page 7

ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

NOTES TO THE ACCOUNTS

1. Previous Years

2. Accounting Policies

Any invoices which have been received, and for which we are required to make payment, but the payment has not been initiated, do however contribute to the costs for the year.

These policies are applied to ensure that the reported bank balance is seen as the amount which is available to the choir and hence is often less than that shown on the bank statement.

3. Ticket Sales

Overall ticket sales were £15,017, which is £2,604 more than in the last pre-pandemic year. This is attributable to the larger number of events that were held during the year.

Approximately 75% of the tickets were purchased in advance, mostly via the choir’s website which uses PayPal as the payment processor.

Of the 25% of tickets paid for at the door, 5% were paid in cash and 20% using the recently obtained Zettle card readers which are linked to the choir’s PayPal account.

4. Programme revenue

This consists of income paid by advertisers in our concert programmes. Advertising rates were held unchanged for this year and will remain so for the coming year. Although the total for the year is slightly up on pre-pandemic levels, the amount per concert is less because of the uncertainty experienced by all businesses and the difficulty of finding new advertisers.

5. Various items

Many items are significantly different from 2018-2019 and previous years for no other reasons than the impact of the Covid-19 restrictions and the different number of events held.

6. Subscriptions

Subscriptions are received annually from choir members. Annual subscriptions in the year 2021-2022 were £200 if paid in one instalment, or two instalments of £105 each, and £140 or £70 for members joining in January or April. Concessionary rates are paid by some members ensuring that financial hardship or limited income is not an inhibitor to membership of the choir. The value of subscriptions that were waived, either as concessions or for members of the Young Singers Bursary Scheme, was £890.

Petros_Accounts_2021-2022

Page 8

The increase in subscriptions compared with the previous year is attributable to less members taking leave of absence for all or part of the year, and to overdue payments of £400 from 2020-2021 which were paid in the 2021-2022 year.

For the year 2022-2023 the subscriptions will be increased for the first time in four years. The new rate for the year will be £225.

7. Sponsorship/donation (not for event)

Three donations were received for the choir’s general funds: two were personal gifts and the other from Horton and Garton who gave us £1,000 paid in monthly instalments.

8. HMRC Gift Aid

The amount of Gift Aid received was reduced because some members’ subscriptions are no longer eligible for Gift Aid. Gift Aid is claimed after the end of the tax year in which the subscriptions or donations were paid. Hence the claim was based on sums received in 2020-2021 when the eligible amounts were lower than previous years.

9. Rehearsal venue costs

The hiring rate per rehearsal has remained unchanged at £300. In 2018-2019 we paid for 10 rehearsals each term. During the two pandemic years St Peter’s Hammersmith only charged for the evenings when it was possible for the choir to meet. Since January 2022 the choir has paid for 12 rehearsals per term.

10. Making Music subscriptions, PRS, and Insurance

These fees are related to the choir’s turnover and the size of audiences at concerts largely in the previous accounting year. These returns are made in November based on the previous 12 months. Hence the reduction was attributable entirely to lower concert income and attendances.

11. Charity donations

This year the choir made no charitable donations other than a rounding up amount of £2 towards LYC.

12. Other operational costs

The reduction compared with the previous year is attributable to the lack of one-off purchases made in the previous year, offset somewhat by the extra fees paid to PayPal and Zettle as a result of the larger ticket revenue processed through those accounts.

13. Bank account

The choir’s current account is held at NatWest, 314 Chiswick High Road, London W4 5TB. In line with the constitution, the account requires two trustee signatures on all cheques or instructions to the bank. During the year there were four trustees authorised to sign on the choir’s behalf: David Foster, Charlotte Lawrie, Laura Mackay and Caroline Nelson.

Towards the end of the financial year the choir applied for, and was in the process of implementing, online banking access for the same four signatories, with the same dual authorisation requirement as for signing cheques. This should facilitate the payment of invoices electronically – a method which we are increasingly being asked to use rather than paying by cheque.

14. PayPal account

The revenue from ticket sales is left in the PayPal account and only transferred to the NatWest bank account some days after the event has taken place. Further, a minimum balance of £100 is left in this account. This is to ensure that the funds are immediately available to provide for refunds, especially in the event of concert cancellation. At the end of the financial year tickets had already been sold for the October 2022 Bach B Minor workshop. Hence the year-end balance exceeded the minimum £100.

Petros_Accounts_2021-2022

Page 9

15. Reimbursement of expenses incurred by trustees

The following trustees were reimbursed costs that they had incurred for the choir during the year:

The reimbursements are paid after the trustees have submitted a claim to the treasurer, backed up by receipts. The treasurer then writes a cheque which is sent with a copy of the documentation to another trustee to review and then countersign the cheque. Hence they are all approved by two trustees.

The typical claims for reimbursement are for items which require a trustee to purchase using their own account e.g. supermarket purchases of refreshments for concerts or online purchase of printing of flyers.

Petros_Accounts_2021-2022

Page 10