Company registration number: 3895782 Charity registrdtion number.. 1082788 London Bach Society (A company limited by guarantee) Annual Report and Financial Stat¢ments for the Year Ended 31 March 2024 HODSON & CO Wislon House I Wiston Avenue Worthing West Sussex BN14 7QL
London Bach Society Contents Reference and Administrative Details Tntees, Report 2to6 Stslement of Trustees, Responsibilities Independent Examinevs Report Stsfrment of Financial Activities 9t0 10 Balance Sheet Notes lo the Financial Statements 13to23
London Bach Society Reference and Administrative Details TThstee5 R J Frdser, FCA Hon Treasurer Mrs l L Mackaay P M Smaill Secretary Mrs M A Stcinilz, Artistic Director Principal Office Bach House 73 High Street Ox*d Surrey RH8 9LN Regis¢ered Olee Bach House 73 High Street Oxted Surrcy RH8 9LN Company Registration Number 3895782 Charlty Registratlon Number 1082788 Independent Examlner HODSON & CO Wiston House I Wiston Avenue Worthin8 West Sussex BN14 7QL Page I
London Bach Society Trustees, Report The trnstecs, who ar¢ dAre¢tors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 Mar¢h 2024. Objective5 and activities Objecls and aims The charity's object and principal activity is to educate the public in the art and science of music and in particular to foster and promote the undersianding and appreciation of the music of Johann Sebastian Bach as well as that of his family, his contemporaries and any other composers whose works contribute to such understanding and appreciation. Th¢ London Bach Society was founded in 1946 and converted into a company on 16 December 1999. The company remained dormant until l April 2001 when the business of the old chariry was trdnsfcrred to the new ornpany. Objectives, Slrutegl ond aclivllles The London Bach Society promotes public concerts, recitals and other cvents in an annual Bach Festival and throughout the year. Public a¢tivity in 2023-2024 continued the gradual recovery from the effects of Covid-19. with a limited perfomiancc output. The rate of this recovery depends on cxtemal factors over which we have little or no control. The Bach Orchestral Library is available lo be used by societies nationwide and the Peter Collins pipe Continuo organ is housed by David Wright. in su¢¢e55ion Malcolm Greenhal&,h. from where il can be hired oul lo other music organisations in b¢tween our conc¢rts, These sources derive income to help keep the library in good condition and provide some additional income streams, although as the orchestral maierial is now available online this is less than hitherto. The Society mainlaifts a well-stocked website and is updalcd regularly, consisting of infornialion about the Society and its events. There are also regular Web posts that featur¢ up to the tninute new5, uploaded articles on rclevant pabFes that can focus on Bach, the Bach Family. Bach-influenced omposers, and other relevant topical subject5. Slclnxtt Buch PlqyerJ The only p¢rfomiance in 2023-2024 was a special evening on 3 November lo relaunch Bachfesi post-covid. Founded in 1968, the SoGiety continues to support a professional period instrument orchestra, which 15 also resident at the annual festival. There is no pemanent director. This arrangement provides the flexibility to offer the plarform to a variety of directing talent. The orchestra manager is Philippa Brownsword, who is also Concerts Manager at public perforniances. The SBP was founded to enhance modern Bach scholarship in 'live' perforniances. and this purpose continues to influence programming today in Lqndem wilh creating first Bach experiences for young people. Publi¢alloRs The Society's Journal "Bach Notes. is published in email and online versions, distributed free to the Society's Bach Friends and Mail Chimp mailing list. Copies are available to download from the website. Page 2
London Bach Society Trustees, Report Bach Friends The growing Bach Friends donor scheme launched in March 2013 completed its clcvcnth year and h&5 provided an improved donor and Gift Aid revenue overall. Bach Friends 15 open to everyone, with donor opportunities in the rdnge £50 to £1,000 per annum. It also includes a provision for Young Bach Friend5 to join al £20. Invitations to renew are issued annually. The target of £IO,OOO+ per annum from Bach Frieiids donations remains. These donations continued to be received in spite of the loss of public concerts. recitals etc due to Covid-19 lockdowns. Although the revenue 15 down. Howcver, the £1 0,000 target was not met. Trustees were mindful of the challenging fwancial climate prevailing and that maintaining a regular Oulpul of public activity is key to Ihe attraction of more Bach Friends. The online filmed recitsls made in March 2021 came some way to keeping us visible and in touch when launched. These remain accessible on the VIM Platforni. Boeh Club The now well•establtshed 18-30 Bach Club provides for future generations &s part of the Society's audience development programme commitment to diversity. No Club concerts were presenl¢d in 2023.2024 but il is planned to revive the Club concerts or d¢vclop its a¢tAvities. Slrfttegic Forward Planning Th¢ trustees continucd lo support the Strategic Plan entitled "Upwards and Outwards" and this prevailed during 2023-2024 in spitc of ihe pandemic Covid-19 induLed lockdowns. Forward planning. financial and artistic. is the central item on the Agenda for each Council Meeting as prominenl concert halls continue to plan ever rurther ahead and the competition for Trust fijnds bccomes ever greater. After a review and departingy from the original strntegy to promote annually at St. John's Smith Square, a mix of venue5 is now considered and used where appropriate, and the regular assessment of concert venues is carried oui each year. A regular appearance on a rn8jor concert platfomi remains a priority to enhance profile and build support going forward. DevelopmeMI Work The directors and trustees continued to work to the aims and objective5 of a long-tern development campaign that have been enshrined in th¢ LBS Strategic Plan. This assists with forward planning and fund-raising. Any unfvlfillcd objective will be carried torward as the Strategic Plan is reviewed and updated to guide us for future years. The directors and trustees remain committed in principle to the acquisition of a central London office and library accomn70dalion &s an objective of current and future development campaigns. In thc present economic climate. no timescale lias been set. The chief concern is to find a Suilable home for the Society's library. The trustees wamily encourage the members and Bach Friends to play thctr part in our development campaign especially in the recruitment of new support. with the events at Bachfe5t an excell¢nt introduction to the Society. Professional companies able to assisi witli the generation of funds to promole aspects of the festival and help with core costs are welcome and pursued wl)ere possible. Page 3
London Bacb Society Trustees, Report Legaeies and Bequuls The Society has benefited from personal legacie5 and bequests, and these have helped us to complet¢ some important musical projects. including our historic Bach Cantats ¢ycle11958-1987) and the annual Bachfests from 1990 onwards. These make a significant difference to the Society's finances. The trustees ¢onlinue to encourage all 5UPPOrt¢r5 to think carefvlly about this aspect of giving and remcmber the London Bach Society in thcir Wills. A substantial legacy was received from the Estate of thc late Stephen Rob¢rts, baritone and teacher, who passed away in December 2022 The amount is recorded in the figures on page 17. A 5th share of the Pension Fund is also due. Trusts and Foundatloft,s The trustees have Continued to pursue grants from trusts and foundations. Such awards, Combined with personal donations received, ensure that our perforn)ing and educational work can be presented at the highest standards and be promoted &8 widely as possible. Trusts can also help to fund core costs so that our work can be direc¢ed. planned, and administered effectively and our essential day lo day running costs finam¢cd. Those able to do so under their charitable ternis of reference are approached. Professional companies able to assist with the generation of funds through their charitable giving programmes are also pursued. Personal Donors The directors and Iruslees continue lo encouragie greater personal philanthropy to mainlain artistic standards, assist with forward planning and general sustainability. We are gyrdteful lo all the Bach friends who enhanc¢d their annual gift by amending their Standing Order. and Gift Aid on these donations from Bach Friends increased the value ot. their gifts by 25p for every £1 donated. The trustees record their warni thanks to all the Bach Friends whose support is on an upward curve once more. Public benefit The London Bach Society continues to provide public benefit, not only from the concert plafform bul also on a day.tO-day basis. The enhancement of this fornis part of the annual programme of work to develop the Society's activities and charitsble purpose. The Iruslces hxve given due ¢onsider41ion to th¢ guidun¢c conlained in the Lhority Commission's gcnernl guidance on public benefit when revicwing our aims and objectives and in planning our future activities. The trustees confinn that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Conimission for England and Wales. Page 4
London Bach Society Trustees, Report Fin4ncial revièw Policy reserves The trustees have examined the charity's requirements for reserves lighi of the main risk5 lo the organisation. The trustees will continue to review the fmancial affairs of the charity with ihe aim to increase income, monitor Los"Is and improve ovcr411 conirol vf its Opcrnlions. The majorfry of ¢usls in¢urred by the charity are eithcr rel8(ed 10 charitable acliviiies or 5upwJn ¢0515. Thc irnslces try lo cnsurc that any aclivitics undertnken. inLludin8 concerts and pcrfornijnces. ar¢ fully funded. However. thc irusfces have a8rccd ih81 ilic Churity should aim io mainiain unrestrictcd reserves mughly cquivaleni three months, runniny cosls. lannualised) in order lo guard a¥ain&l risk, unexpled tluclualions in in¢ornc or other erner¥encie5, Bs WCII as meeiin¥ any oblig?Alions in th¢ evciii of closurr. The curreni Financial Reserve is £5,000 Jnd. in die lighi ofihe receni legacy. this will be reviewed in 2024-?015. The t515 consider thlll thc prtseni level ol. fundins wtll be odequate lo suppon ihe Continuation ofthe charity and for li ts fultll its obli8ations. Inve,stmentpullry and (pbJeLtives The object of the company authoris¢s it to invest and deal with moneys not immediately required for its puTroses in and upon such investments securities and propety as rnay be Ihoughl fit. Trusttes and offlcers The trustccs and officers serving during the year and since the year end were as follows., Trustee5'. R J Fra5¢r, FCA Hon Treasurer R C B Jones (resigned 26 November 2024) Mrs l L Mackaay P M Smaill Secretary: Mrs M A St¢initz, Artistic Director Strncture? governance and management Nalure ofgovernlng documelll The charity is Constituted as a company limited by guarantee and is therefore governed by Articles of Association. These have been reviewed during the year. Recrullmenl and appointmenl oflruslees All directors of the company are also trustees of the charity, and there are no other trustees. The Council has the power lo appoint additioftal trustees as it considers fit to do so. The recruitment of new trustees is on-going. Induction and trainlng oftru.stees All trustees are already familiar with the practical work of the charity. N¢w trustees are encouraged to attend all tnanagement committee meetings. Short training scs5ions to familiarise new trustees with the charity and ihe context within which the charity operates are provided when required. Page 5
London Bach Society Trustees, Report Oryanisalional StruL*Hre The charity is organised so that the tnJ5tees aim io meet regularly to manage its affair5. The trustees generally me¢t once a quart¢r with additional meclings as r¢quired and Zoom provided the facility to meet durlng 2023-2024. Mr5 M Steinitz combines the role of Artistic Director with the day-to-day administration and running of the charity and is the only paid employee. Mojor rlsks and mon¢yemenl of those rlsks Risk Managemenl The trustees actively review the major risks that the chariry faccs on & regular basis and believe that maintaining reserves at current levels, combined with the annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. Th¢ tNstees have also examined other operational and business risks faced by th¢ charity and confirni that they have established systems to mitigate the signifjcant risks, Flnancial instruments rhe charity only h&$ financial assets and financial liabilities of ¥ kind that qualify as basic financial instruments. Basic financial instruments are initially recognised ai transaction value and subsequently measured at their seiilement value with the exception of bank loans which are subsequently measured at amortised cosi using the effectiv¢ interest method. The annual report was approved by the tNstees of the charity on ... 2615 and signed on its behalf by.. R J Fraser Trustee Page 6
London Bach Society Statement of Trustees, Responsibilities The ttustees (who are also the directors of London Bach Society for the purposes of ¢ompany law) are responsible for preparing the trus*es' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United KAngdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" Company law requires the trnstees to prepare financial statements for each financial ycar. Under company law the trustees must not approve the financial statcments unless they are satisfied thal they give a trne and fair view of the siale of affair5 of Ihc chJrithble company and of ihe incoming resour¢es Jnd appliculion of resources, inGluding ils income and expenditur¢, of the charitable company for ihat period. In preparing these financia stslements, the tNstee5 are required io: select 5Uitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP. make judgements and estimates that are rea50nabl¢ and prudent. state whether applicable accounting standards. ¢omprising FRS 102 have been follow¢d. subject to any alerial departures disclosed and explained in the financial stslements, and prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charitable company will continue in business. The tnjstees are responsible for keeping proper accounling records thal can disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that thc financial statements comply wilh Ilie Companies Act 2006. They are also responsible for safeguarding the assets of the charitable ompany and hence for taking reasonable Steps for the prev¥ntion and dete¢tion of fraud and other irregularities. The trustees are responsible for the maintenancc and inte8rity of Ihc corporate and finan¢ial infonnation included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on . ..LoIS and signed on it5 behalf by: er rrustee Page 7
London Bach Society Independent ExamiDer's Report to the trustees of London Bach Society ('the Company,) I report to the charity twstees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and bgsis of report As the Gharity's trustees of the Cornpany (and also its directors for the purposes of Comparty law) you are responsiblc for the prepardtion of the accounts in accordanre with the requirements of the Companie5 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 examtnation of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('tli¢ 2011 Act,). In caryin¥ out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Indepelldemt examiner'5 ststement I have Compleied my examination. I confirni that no matters have come lo tny attention in connection with the examination giving me cause to believe: l. a¢¢ouniin8 COrdS were noi kcpi in pect of London Bh S1¢ ¥ rtquircd by section 386 of the 21106 Act. or 2. the accounts do not accord with those records. or 3. the accounts do not comply with tlie accounting requir¢ments of section 396 of the 2006 Act other than any requirement that th¢ accounts give a 'true and fair vicw, 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 ihe Statement of R¢conimend¢d PrnLtice for accounting Jnd rew)rting by charities [dpplic#ble lo ch8ri1i¢s prcparing Iheir ac¢ounts in accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland (FRS 102)]. I have no concerns and have wme across no other matters in connection with the cxarninalion to which ailention should be draw this report in order to enable a proper understanding of the accounts to be reached. Matthew Hodson BS¢ FCA Independent Examiner Wiston House I Wiston Avenue Worthing Wesl Sussex BN14 7 Page 8
London Bach Society Statement of Financial Activlties for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2024 Unre5trTCted Restricted 2023 Nole Income and Endowments from: Donations and legacies Other trading activities Investment income 117,850 3,950 117.850 3,950 Total Income 124 033 124.033 Expendlture OD: Charitable activitie5 (26.240 26.240 Total Expenditure (26,240 26,240 Nel income 97.793 Net movement in funds 97,793 97,793 RecondliatioTr of funds Total fiinds brought forward Total funds carried forward 76.740 2.500 79,240 16 174,533 2.500 177.033 TotAI 2023 Unrestritted Restrirted 2022 Note Ineome and Endowments from: Donations and legFacies Other trading activities Investrnent income 27,567 7.587 345 27,567 7.587 345 Total Income Expenditure on: Charitable activities 18,199 Total Expenditure (18,199 18,199 Net income Transfers between funds 17.300 7.500 17,300 17.5001 Net fftovement in funds 24.800 (7,500) 17.300 Recon¢illatlon of funds Total funds brought forward Total funds carried forward 51,940 i 0,000 61.940 16 76,740 2,500 79.240 All of the charity's activities derive from continuing operations during the above two periods. The notes on pages 13 to 23 forni an integrdl part of these financial stslements. Page 9
London Bach Society Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Th¢ funds breakdown for 2024 and 2023 are shown in note 16. The notes on pages 13 to 23 forn) an integral part of these financial statements. Page 10
London Bach Society (Registration number: 3895782) Balance Sheet as at 31 March 2024 2024 2023 Not¢ FiIed assets Tangible assets 12 14.108 14.108 Currenl assets Debtors Cash al bank and in hand 13 12,760 153.069 22.496 50.147 165,829 72.643 Creditors: Amounts falling due wlthlll one year Nel current a35ets 14 (2.904 162 925 70,132 Totgl Asset5 less cDrrttsl liablliti 177,033 84,240 Creditors: Amounts f8lling due after more than one yeAr Net assets 15 5.000) 177 033 Funds of the charity: Restricted incom¢ fund Restricted funds 16 2,500 2,500 Unrestricted Incom¢ funds Unrestricted funds 174.533 76.740 Tolal funds 16 177.033 79,240 For Ilie financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies A¢t 2006 relating to small companies. Directors, responsibilities.. The m¢tnbers have not required the charity to obtain an audit of its a¢¢ounts for the year in question in accordance with 5eLtion 476. and The directors acknowledge their responsibilities for complying with the requircments of thc Act with respect lo accounting records and th¢ preparation of accounts. These financial Statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part15 of the Companies Act 2006. Th¢ notes on pages 13 to 23 form an integral part of these financial statements. Pagell
London Bach Society (Registration number: 3895782) Balance Sheet as at 31 March 2024 The finclaI statcrnents on pages 9 to 23 were approved by the trustees, and authorised for issue on Q'tAS-and signed on iheir behilf by.. Trustee The notes on pages 13 to 23 forni an integrnl part of these financial statements. Page 12
London Bach Society Notes to the Financial StatemLnts for thc Year Endcd 31 March 2L124 Charity stAtIis The charity is a conipLiny limited by guarantee and coiisequently duLS Ilut have sh<irc capiliil. Each of the 1rii.qlees 15 liable to contribute an ainounl not excL'L.ding £1 towards th¢ a5scls ol th¢ cliariiy iii Il)e CVLnl ol. liquidation. ThL address of its register¢cl office is: Bacli HousL 73 1 ligh Sti'eel Oxted Surrey R148 9LN These fiiiancial slaiemeiits were duthorised for issue by the iruslees on 6 Jaiiuary 2025. 2 Accounting policies Summnry of sixnific4?nt 4)Lcuiinting i)i)licies 21 nd koy accounting e%tim4lL'S Tl)L priiicipal aLLOUI)ling policies dppIiLd ii) Ihl prLpiK r1110 of thLSL liiiaiiL'ial staiLinenl.% (irc sel oul bclow. I'hesL policies have bcL'ii consistently appliL.d lo all th¢ years presented, Ltnlcss ()IIILrwisL' stilled. Siiitemenl of conipliAnie The fin£iii¢ili I sliiieiiiciit5 havc hLtn prl'piired in aLLi1rdlee iyiili ilLiounlii)&• ilnd Kityurtinb by Cliurilics- sii1lL'IIILiiI ol EieLI)nimeiidLd Pr£lLtice lapplical)le lo Ll)driliLS prcpariiii? Ihcir cl¢L()Iiiils in dccordi)l)Le willi IIIL Pin<inLi&il Rcportlllb¥ Sicll)diird dppIiL<iblL iii tliL UK R¢pLibliL <)f IrLI(11)d Iriis 102)) (IS5LIL,d ii) OLiobL'r 201 ()) ILliuritiL's SORP {I.'RS I ()2)I, Ilic Fi1111 iiciill RLix)rtiiig %ian(lard dpplicdble in IhL UK (Ind RLpubliL ()I' IrL'l£iiid (I'.RS 1021 Ihe Cunipiiiiics ALt 2006. Hasis i)f prei)? I'iition .i)iiclI)n Iliiih %i)ciei! nieeis thc defiiiiliiiii ol. a piiblic benL'fil enlily und¢r l.-RS I O? Assets 41nd liabiliiiL's thrc initially re¢og¥niscd at hisioriLal cost ()r tr1¢ 11.sa¢iioi) valuc un1¢%5 oihLrwisc staled iii IIiL rcl¢v(Iiil dLLniiiiling p(Ilicy notes. ThL financiiil slalemei)ts are prepared in sterlinb), wliich is (lie funclional CLirrL'I)cy of tl)e L'nli(y. Giiing concern 'rhe triisleLS con.%ider that there are no malerial uiicei1dinlie% dboul Ilie Lharily's ability Io Loi)liniic as a L>oiiig CUIILLrn iinr 1( ny bignificaiit aru(Ib of uncertainly tliat arrLLI the C<iri'yiiig value of assets IILld by tlic clidrity. Income and endowments All iiKom¢ is re¢ouiiiscd <)nce ihe charily has Lllliileni¢Jii lu IhL' incnme, li i& PbalL Ihiil IhL' incLimL' will bc received aiid the aiiiount ol the iiicoii)e receiv<ible Clin be measurLd reli<ihly. Page 13
London Bach Society Notes to the Financial Statements for the Year Ended 31 March 2024 Donations ond legacies Donations arc recognised when the charity has been notified in writing of both the amount and settlemenl dale. In the event that a donation is subjcct to conditions that require a level of perfornian¢e by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are 1]Y me¢ or the fulfilment of those conditions is wholly wkthin the control of the eharity and it is probable that these conditions will be fvlfilled in the reporting period. Legacy gift5 are recogni5ed on a casc by case basis following the grant of probate when the administratorlexecutor for the estate has communicatcd in writing both the amount and settlement date. In the event that the gift is in the fom of an asset other than cash or a financial asset traded on a rccognised stock exchange. recognition is subject to the value of the gift being reliably measurdble with a degree of re&sonable ac¢ur8¢y and the title to the Set having been transferred to the charity. Grants recelvable Grants are recogni5ed when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perforn]ance conditions are attached to the grant and are yel to be met. the income is recognised as a liability and included on the balance sheet as deferred income to be released. Donaledservicu ondfqcilill Wl)ere services or facilities are provided to the charity as a donation that would nonnally be purchased from our suppliers. this benefit is included in the financial slatements at ils fair value unless it5 fair value cannot be reliably measured, then at the cost to the donor or the resale value of goods that are to bc sold. Inveslmenl Income Dividends are recognised once the dividend has becn declared and notification has been received of the dividend due. Expendlture All expenditure is recognised once there is a legal or ¢onstru¢tive obligation lo that expenditure, tl is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expendiiure heading that aggregate similar costs to that category. Wher¢ costs cannot be dirertly attributed to particular headings they have been allocated on a basis consistent with the use of resources. with central staff costs allocated on the basis of time spenL and depreciation charges allocated on the portion of th¢ asset's usc. Other support costs are &llo¢ated based on the spread of stsff costs. Chdrltable oclivities Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activitie5 and services for its beneficiaries. It includes both costs that can be allocated directly lo such activllies and those costs of an indirect nature necessary to support them. Gratstprovulons Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example. allocating property wsts by floor areas, or per Capita. staff costs by the lime spent and other costs by th¢ir usage. Page 14
London Bach Society Notes to the Financial Statements for tbe Year Ended 31 March 2024 Governance eo$t5 These includ¢ the costs attributable to the charity's compliance with constitutional and slatulory requirements. including audi¢ strategic m&nagement and trustee5' meetings and reimbursed expenses. Taxation The charity is wnsidered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and theref(we il m¢Ets the d¢finiiion of ll churitable company for UK wrwaiion lu purp)ses. A¢cordingly. the charity is potentially ¢xempt from taxation in respect ol income or capital gains received within ¢ategoric.s covered by Chapter 3 Part I l of thc Corporation Tax Act 201 O or Se¢tion 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or grains are applied exclusively to ¢haritable purposes. Tangible fi%ed assets Individual fixed assets are inilially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairnient losses. D¢preeiation and 8mortis8tion Depreciation is provided on tangible fixed assets so as to vKiie off thc ¢osl or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset ¢14ss Computer ¢quipment Depreciatpon method and rAte between 2 and 5 years Trade debtor5 Trade debtors are amounts due from customers for merchandise sold or serrfices perfomied in the ordinary course of busines5. Trade debtors are reLo&ynised inicially at the transaction price. They are subsequently measured at amortised cost using the effective in¢eresÉ method. less provision for impaimcnl. A provision for the impaiment of trade debiors is established when there is objective evidence that the charity will noi be Éible lo collect all amounis due according to the original tern]s of the rcceivables. Cash and cash equivalents Cash and cash equivalents comprisc cash on hand and call deposits, and other short-terni highly liquld investments thal are readily convertible lo a known amount of cash and are subject lo an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for good5 or services that have becn acquired in the ordinary course of business from supplicrs. Accounts payable are Classified as (ent liabilities if the ¢harity does not have an uncondilioiial right, at the end of the reporting period, to def¢r settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at le&st twelve months aftcr the reporting date, they are presented as non-currcnt liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised Cost using the effectiv¢ interest metliod. Page 15
London Bach Society Notes to the Financial Statements for the Year Ended 31 March 2024 Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. In*r¢st-bearing borrowings are .%ubsequently carried at amortised cosL with the differen¢e between the proceeds, net of transaction costs, and the amount due on redemption being recognised a5 a charge to the Statemenl of Financial Activities over the period of the relevant bormwing. Interest expense is reco¥ni5ed on ihe basis of the effective interest method 4md is included in intcrest payable and similar charges. Bomwings are classified as current liabilities unless the ¢harity has an unconditional right lo defer settlement of the liability for at le&st twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use al the trustees, discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds earn]arked by the trustees for particular futhre project or commilmcnt. Rcslricled income fvnds are those donated for use in a particular area or for specific purposes. the use of which is restricted to ihat area or purpose. Fln4neiAI instruments Clwsi]Icalio Financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instruments are initially recoTnIsed al Irdnsaction value and subsequently measured at their 5ettlemenl value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Pag¢ 16
London Bach Society Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from donations legacies Unrestricted Total 2024 Total 2023 General Donations and legacies. Donation5 Legacies Gift aid reclaimed Grdnts, including capital grdnts. Grants from other charittes 91 112,202 557 91 112,202 557 650 20,000 1,917 5,000 117850 117850 27,567 4 Ineome from other trading gclivltles Unre51rlcted Total 2024 Total 2023 General Trading income,. Organ ai)d Music Hire Events income. Tickcts & Programmc Sales Bach Friends 230 230 216 1,245 2,474 1,245 2.475 106 6,495 .1,9SO 5 Investment Income Unrestrlcted funds General Total 2024 Total 2023 Interest receivable and similar in¢ome' Jnterest receivable on bank deposits 2,233 2.233 345 Page 17
London Bach Society Not to the Financial Statements for the Year Ended 31 March 2024 6 Expenditure on ch1ble 4ctivities Unrestrieted funds General Total 2024 Total 2023 Note Concert Expense8 Grant fvnding of activitie5 Allocated support cosls Governance costs 13,619 13.619 1,436 5,000 8,636 9,618 9,618 7 Analysis of governance and support eosts Governance costs Unrestrieted fund5 General Total 2024 Total 2023 Independent examiner fees Examination of the financial statements Oiher fees paid to examiners Legal fees Other governance costs 1.981 200 1,981 20Q 1.860 566 822 822 655 3.003 3,127 Page18
London Bach Society Notes to the Financial Statements for the Year Ended 31 March 2024 8 Net incomingloutgoiDg resources Net incorning resources for the year include- 2024 2023 Operating leases - other assets 942 579 9 Trustees remuneratloll And expejses During the year the ¢harity made the following transaction5 Wlth trnstccs.. No trustees. nor any persons connected with them. have received any remuneralion from thc charity during the year. No trustees liave received any reimbursed expense5 or any ocher beneflts from the charity during Ihc year. 10 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs during the yeyér were: Wages and Salaries 4,800 4,800 rhe monthly average number of persons (including senior managemeni / leadership team) employed by the charity during the year exprcssed as hll time equivalents was as follows.. 2024 No 2023 No Number of Staff No employee weived emoluments of more than £60.000 during the year. The total remuneration of the key management personnel of the charity w&s £4,800 (2023 - £4,800). Page 19
London Bach Society Notes to the Financial Statements for the Year Ended 31 March 2024 1 l Tai*tion The charity is a register¢d charity and is therefore exernpt from tsxation. 12 Tangible fixed assets Library portr41t Organ Equipment Total Cost At l April 2023 8.OOU 756 14,861 At 31 March 2024 756 Depretlgtlon At l April 2023 753 At 31 March 2024 753 753 Nel book value At 31 March 2024 8.000 6,105 14,108 At 31 March 2023 8.000 6,105 I4,108 13 Debtor5 2024 2023 Accmed income Gift Atd Recoverable 12.202 558 20,000 12,760 14 Creditors: amounts falling due within oDe year 2024 2023 Trade creditors Other t&Yation and social security Other credilors Ac¢rnals 245 240 619 1,800 216 215 346 2,904 15 Creditors: amounts falling due after one year 2024 2023 Other loans 5,000 Page 20
London Bach Society Notes to the Financial Statements for the Year Ended 31 March 2024 16 Funds Ba12nce at l April 2023 Incoming resource5 Resource5 Balance gt expended 31 MArch 2024 Unrestricted Generul Unrestricted Funds 71.740 124,033 (26,240) 169.533 Deslgnated Cash Reserve 5,000 Tot&1 Unrestric¢¢d 76.740 124,033 {26.240) 174.533 Restricted Tru51 Grant 2,500 2,500 Total funds 124 033 177033 Page21
London Baeh Society Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 Mareh 2023 Balance Ydt l April 2022 Incotning resour¢ Resources expended Transfers UDrestricted Gerteral Unrestricted Funds 47,740 35,499 (18.199) 6,700 71.740 Designated C&sh Reserve 4.200 800 Total unrestricted 35 499 18,199 7.500 Restricted Trust Grant Continuity Support TotAI restrleted 2.500 7.500 2.51x1 7,5(K) 10.000 Total funds 35.499 (18,199) 79.?40 The specific purposes for which the funds are to be applied are as follows.. The Continuity Support awards werc given to help organisations to keep going during the pandemic with core costs, to enable them to remain visible via projects and set up cash reserv¢s to help to achieve sustainability over the longer term. We have allocated £5,000 towards a cash reserv¢ and if Ihe need arises to drnw on this in the futur¢. il will be pres¢n¢ed lo the Trustecs for their agre¢ment. The restr&¢ted TN5t Grant of £2,500 donated pre-covid to be used for Bach Singers Prize. Page 22
London Bach Society Notes to the Financial Statements for the Year Ended 31 March 2024 17 Analysi5 of net assets between funds Total fund5 at 31 March 2024 Unrestrieted fvnds Getteral Designated Restricted fuDd$ Tangible fixed assets Currenl assets Current liabilities 14,108 158,329 2.904 14,108 165.829 (2,904 5.000 2,500 Total net assets 169 533 177033 Total funds at 31 M4rch 2023 Unrestricted funds General Design9ted Restricted funds Tangible fixed assets Current Sets Curreni liabilities Creditors over l year 14.108 65,143 (2.511) 5.000 14,108 72,643 (2.511) 5,000 2,500 Total net assets 18 Analys15 of net funds At l April Finjncing cash 2023 flows At 31 M8r¢b 2024 Cash at bank and in hand 50,147 102,922 153,069 Nel debt 102,922 153,069 19 Related party iransaetlons There were no related paty transactions in the year. P¥4ge 23