THE TEMPLE MUSIC FOUNDATION A company limited by guarantee
Financial Statements
For the year ended 31[st] December 2022
Registered Company No 4594413 Registered Charity No 1095141
The Temple Music Foundation Financial statements for the year ended 31[st] December 2022
| Contents | |
|---|---|
| Report of the Trustees | 1 |
| Report of the independent examiner | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 |
The Temple Music Foundation Financial statements for the year ended 31[st] December 2022
Report of the Trustees
Profile of the charity
Governing Memorandum and Articles of Association dated 10[th] September 2002 and amended by instrument: Special Resolution dated 24 June 2011 Directors: Guy Beringer KC (Hon) CBE Michael McLaren KC (Chair) Katie Bradford Ian Moyler The Rt Hon Sir Christopher Clarke The Hon Sir Martin Spencer The Hon Philip Havers KC Daniel Toledano KC Rosamund Horwood-Smart KC Robert Venables KC Jennifer Jonas
The directors of the company are also Trustees of the charity and are referred to throughout this report as “Trustees”. The charitable company is referred to as the “charity”.
Registered The Treasury Office Office: Inner Temple London EC4Y 7HL Independent David Wheeler F.C.C.A. Examiner: Cheeld Wheeler & Co Chartered Certified Accountants Redhill Chambers 2d High Street Redhill, Surrey. RH1 1RJ Bankers: Royal Bank of Scotland St Paul’s Branch London EC4M 7EJ
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102). This report includes the report of the directors required by company law.
Objective of the charity
The promotion of public appreciation and understanding of music by assisting in any way the performance of music for the benefit of the public or any section of the public and in particular the public performance of choral music in the Temple Church London.
The Trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. The Trustees further confirm that the activities of the charity are carried out, in line with its objects, for the public benefit.
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The Temple Music Foundation Financial statements for the year ended 31[st] December 2022
Report of the Trustees (continued)
Trustee Recruitment and Training
Because of the charity’s close links with The Honourable Society of the Inner Temple and The Honourable Society of the Middle Temple (“the Inns”), Trustees are recruited primarily from the members of the judiciary and the Bar. Selection is made by the board on the basis of the particular skills that putative Trustees can offer.
Review of progress and achievements
The Temple Music Foundation returned to a very full programme of approximately 30 concerts in 2022 compared to the pandemic-affected schedule in 2021 when only ten concerts could be held towards the end of the year and the charity made grants to support the liturgical music of the Temple Church. By contrast, the 2022 programme featured Imogen Cooper, the Busch Trio, the Holst Singers, the Bach Cello Suites, the Sublime, the Mozart Requiem, the Goldberg Variations, five concerts in the Temple Song series and two fundraising concerts in support of Afghanistan and access to justice charities. The sponsorship of concerts by individuals, chambers and corporations was relatively low in 2022, leading to a deficit of £56,674 on the non-Choir programme. A pool of 14 volunteers provided approximately 270 hours of assistance on concert days in 2022.
Temple Church Choir
As in previous years, donations amounting to £60,000 were received in 2022 from The Honourable Society of the Inner Temple and The Honourable Society of the Middle Temple to promote the Choir’s non-liturgical activities including concerts, broadcasts, recordings, training and tours. Ticket sales contributed a further £22,609 (2021: £4,170).
Choir-related expenditure amounted to £81,697 (2021: £71,328) resulting in a net surplus for the year of £912 (2021 deficit: £7,158).
Future Plans
The charity is offering a full and well-attended concert programme for 2023 including a Holy Week festival, the Temple Song Series, Tavener’s Schuon Lieder, the Holst Singers, the Bar Choral Society and Stile Antico among many others.
Financial Review
The charity had income of £247,420 (2021: £234,687) and expenditure of £303,489 (2021: £220,020) resulting in a deficit of £56,069 (2021 surplus: £14,667). There was an unrealised gain on investments of £307 (2021 loss: £580), resulting in a net decrease in funds of £55,762 (2021 increase: £14,087). In total, the charity’s reserves have therefore decreased from £235,468 to £179,706.
The 2022 deficit of £55,762 comprises a deficit of £56,674 on the charity’s general concert programme and a surplus of £912 on the non-liturgical activities of the Temple Church Choir, which the charity took over in 2018.
Grant Making Policy
The charity’s policy is to make grants to support the musical education and activities of the Temple Church Choir.
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The Temple Music Foundation Financial statements for the year ended 31[st] December 2022
Report of the Trustees (continued)
Reserves policy
At 31 December 2022 the charity’s reserves were £179,706 (2021: £235,468) of which £126,909 was held in the General Reserve and £52,797 in the Choir Fund Reserve. The Trustees consider the charity holds an appropriate level of reserves to provide funding for activities during the remaining part of 2023 and to enable the charity to continue operating beyond that date.
Risk
As a general policy, the Trustees review the risks to which the charity is exposed as part of the process of considering and planning all events and activities. The principal risk to which it is routinely exposed is that of security of funding. Consequently, no activities are undertaken unless funding is in place (either directly or through reserves) or arrangements for the underwriting of costs have been made.
The Trustees continued to pay particular attention in 2022 and 2023 to the financial impact of sponsorship, audience numbers and the availability of performers and venues.
Statement of Trustees’ responsibilities
The Trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Recognised Accountancy Practice).
Company and Charity laws require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to:-
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK accounting standards have been followed, subject to any natural departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will not continue on that basis.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. 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.
The financial statements on pages 5 to 10 were approved by the Trustees on 25 September 2023 and signed on their behalf:
Guy Beringer KC (Hon) CBE,
Director and Trustee
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INDEPENDENT EXAMJNER?S REPORT TO THE MEMBERS OF THE TElLE MUSIC FOUNDATION I report on the accounts of the charity for the year ended 31 December 2022. which are set out on pages 5 to 10. Respo$[bIlItieS and basis of repLbrL The clwity's Trnstees {who are also the ¢Jireetors of th¢ ¢haritsble ¢ompany foT the PUTP)5es of ¢ompany law) are respollsibl¢ for the preparation of the aOunts in accordance with the requirements of the Companies Act 2006 (the 2006 Act). and the Charities A 2011 (the Act). The Charity's Trust¢es consider that an audit is not required for this year under part 16 of the 2006 Act and that an independent ¢xamiDation is neede¢L I report in respe¢l of my examination of the charitable company's accounts as required under section 145 of the 2011 Act and in canying out my examination I have followed all the applicable directions given by the Chwities Commission under section 145 (5Kb) of the ACL Independent ExamlTher's StstemeDt I have completed my examination. I confjrni that no matters have come lo my attention in connection with the examiation giving me cause to believe that in any material respect: l. Accounting records were not kept in respect of the charity as required by section 130 of the Acl or 2. That the &cciiunts do not accord with those records 3. That the accounts do not compty with the applicAble requirements concerning the forni 8nd content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other the requirement that the accounts show a'*ue and fair view" which is not a mantr ¢onsid¢red as part of an independent examinaiion. I have DO concerns and have come across no other matters in ¢onnection with the examination to which attention sbould be drawm in this report in order to enable a proper understanding of the aceoullts to be reache David Wheeler Mr David Wheeler F.C.C.A. Cheeld Wheeler & Co Chattrred Certified Accountants Redhill charnrs 2d High Strc¢t Rthill. Surr¢y. RHI IRJ 25" S¢pt¢mber 2023
The Temple Music Foundation Financial statements for the year ended 31[st] December 2022
Statement of financial activities including the Income and Expenditure Account
| Notes Income Donations and similar income 1 (d) Income from charitable activities Concerts Investment income Total income Expenditure Costs of raising funds Charitable activities: Concerts 2 Grants 2 Governance costs 2 Total expenditure Net income / (expenditure) before other recognised gains / (losses) Other recognised (losses)/ gains Gains and (Losses) on investment assets Net movement in funds Reconciliation of Funds Fund balances brought forward at 1st January 9 Fund balances carried forward at 31st December 9 |
General Fund £ Restricted Funds £ Choir Fund £ Total Funds 2022 £ Total Funds 2021 £ 70,508 34,400 60,000 164,908 179,571 59,403 - 22,609 82,012 54,858 500 - - 500 258 |
|---|---|
| 130,411 34,400 82,609 247,420 234,687 |
|
| 13,695 - - 13,695 11,306 172,197 34,400 81,697 288,294 169,674 - - - - 37,540 1,500 - - 1,500 1,500 |
|
| 187,392 34,400 81,697 303,489 220,020 |
|
| (56,981) - 912 (56,069) 14,667 |
|
| 307 - - 307 (580) |
|
| (56,674) - 912 (55,762) 14,087 |
|
| 183,583 - 51,885 235,468 221,381 |
|
| 126,909 - 52,797 179,706 235,468 |
The statement of financial activities includes all gains and losses in the year. All income and expenditure derive from continuing activities. The notes on page 7 to 10 form part of these financial statements.
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The Temple Music Foundation Financial statements for the year ended 31[st] December 2022
Balance Sheet as at 31[st] December 2022 Registered Company No 4594413
| Registered Company No 4594413 | ||
|---|---|---|
| Notes Fixed Assets Tangible Fixed Assets 4 Investments 5 Current Assets Stock 6 Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities The Funds of the Charity: Total Funds 9 |
Unrestricted Funds Choir Fund 2022 £ 2022 £ 7,958 3,229 5,437 - |
Total Total 2022 £ 2021 £ 11,187 14,094 5,437 5,129 |
| 13,395 3,229 - 2,251 30,808 - 203,681 53,446 |
16,624 19,223 2,251 3,913 30,808 57,351 257,127 205,116 |
|
| 234,489 55,697 120,975 6,129 |
290,186 266,380 127,104 50,135 |
|
| 113,514 49,568 |
163,082 216,245 |
|
| 126,909 52,797 |
179,706 235,468 |
|
| 126,909 52,797 |
179,706 235,468 |
The Trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 (“the Act”) and have confirmed that no notice has been deposited under Section 476 of the Act. The Trustees have acknowledged their responsibilities for ensuring that the charity keeps accounting records which comply with Section 386 of the Act and for preparing accounts which give a true and fair view of the charity and of its surplus for the year then ended in accordance with the requirements of Section 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the accounts, so far as applicable to the charity.
The financial statements are prepared in accordance with the provisions of the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 5 to 10 were approved by the Trustees on 25 September 2023 and signed on their behalf:
Guy Beringer KC (Hon), CBE
The notes on page 7 to 10 form part of these financial statements .
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The Temple Music Foundation Notes to the financial statements for the year ended 31[st] December 2022
Statutory information
The charity is registered in England and Wales as a company limited by guarantee, number 4594413. The registered office is at The Treasury Office, Inner Temple, London EC4Y 7HL.
1. Accounting policies
- a) Basis of preparing the financial statements The financial statements of the charity have been prepared in accordance with the Charities SORP (FRS102) “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102)” and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The charity constitutes a public benefit entity as defined by FRS102.
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b) Income Donations, interest and investment income are accounted for when receivable. Legacies are accounted for when received or otherwise if amounts are known with certainty.
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c) Expenditure
Direct charitable expenditure comprises services supplied and activities undertaken, which are identifiable as wholly or mainly in support of the charity’s objectives. Grants, prizes and scholarships are accounted for when awarded. Those costs shown as Governance relate to compliance with constitutional and statutory requirements. Costs of Generating Funds comprise fundraising costs. All support costs are allocated to musical events as those relating to grants are deemed negligible.
d) Restricted Funds
Donations received for a specific concert are reported as Restricted Funds.
- e) Choir Fund
Following the transfer of responsibility for promoting the Temple Church Choir to the charity in 2018, funds brought forward at the start of the year and any surplus / deficit from activities undertaken during the year are reported as part of a segregated fund and may only be used for the benefit of the Choir.
f) Investments
Investments are reported at market value in accordance with the Charities SORP. See Note 5.
g) Fixed Assets
Office equipment and software, including the website, are depreciated at a rate of 25% on cost per year. The piano is depreciated at 5% on cost per year.
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The Temple Music Foundation Notes to the financial statements for the year ended 31[st] December 2022 (continued)
2. Expenditure
| 2. Expenditure | |
|---|---|
| Charitable activities Costs of mounting concerts Direct costs of concerts Support costs Grants Grant to Temple Church Governance costs Independent Examiner’s remuneration |
General Fund Restricted Fund Choir Fund 2022 £ 2021 £ 123,273 81,697 204,970 98,198 83,324 - - 83,324 71,476 |
| 81,697 288,294 169,674 |
|
| - - - - 37,540 |
|
| 1,500 - - 1,500 1,500 |
3. Trustees
None of the Trustees received any reimbursement of expenses or remuneration for their services during the year.
4. Tangible Fixed Assets
| Equipment | |
|---|---|
| £ | |
| Cost at 1 January 2022 | 28,494 |
| Additions | 1,488 |
| ——— | |
| Cost at 31 December 2022 | 29,982 |
| ——— | |
| Depreciation at 1 January 2022 | 14,400 |
| Charge for the year | 4,395 |
| ——— | |
| Depreciation at 31 December 2022 | 18,795 |
| ——— | |
| Net book value at 31 December 2022 | 11,187 |
| ——— | |
| Net book value at 31 December 2021 | 14,094 |
| ——— |
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The Temple Music Foundation
Notes to the financial statements for the year ended 31[st] December 2022 (continued)
5. Investments
| 130 shares in Unilever plc (donated in 2008) | 2022 £ 2021 £ 5,437 5,129 |
|---|---|
| 5,437 5,129 |
The statement of financial activities shows a recognised gain on the revaluation of investment assets of £308 (2021 loss: £580).
6. Stock
| CD and DVD Recordings (Choir Fund) Provision for slow-moving stock Trade debtors Prepayments Accrued income Other mounts falling due within one year Trade creditors Accruals (of which, Choir Fund £6,129, 2021: £0) Deferred income Other creditors |
2022 £ 2021 £ 4,502 (2,251) 4,513 (600) |
|---|---|
| 2,251 3,913 |
|
| 2022 £ 2021 £ - 5,224 211 5,757 - 9,500 30,597 36,870 |
|
| 30,808 57,351 |
|
| 2022 £ 2021 £ 68,791 21,960 14,710 2,819 17,290 18,235 26,313 7,121 |
|
| 127,104 50,135 |
7. Debtors
8. Creditors: amounts falling due within one year
Deferred income relates to sponsorship income, ticket sales, donations and similar relating to events that will take place in the following financial year. All amounts deferred are released to income in the following financial year.
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The Temple Music Foundation Notes to the financial statements for the year ended 31[st] December 2022 (continued)
9. Movement in Funds
| Net Movement | |||
|---|---|---|---|
| At 1.1.22 | in funds | At 31.12.22 | |
| £ | £ | £ | |
| Unrestricted | |||
| funds | |||
| General Fund | 183,583 | (56,674) | 126,909 |
| Restricted funds | |||
| Choir Fund | 51,885 | 912 | 52,797 |
| ——— | ——— | ——— | |
| Total funds | 235,468 | (55,762) | 179,706 |
| ——— | ——— | ——— |
10. Related Party Transactions
During the year, the charity received generous donations from its President, Trustees, third party trusts controlled by the Trustees and its Members amounting to £41,235 (2021: £25,170).
11. Commitments
At the year end, the charity had no contractual commitments to expenditure (2021: zero).
12. Going Concern
The charitable company has substantial cash resources to ensure that it is able to meet its financial obligations and there are no material uncertainties and consequently the Trustees are satisfied that the charity continues to operate as a going concern.
13. Taxation Status
The charitable company is exempt from the requirement to pay Income and Corporation Tax on its income, but accounts for Value Added Tax on its ticket sales and the sales of music .
14. Employee Costs
During the year, two members of staff were employed, neither of whom was paid in excess of £60,000.
Pension contributions in the year amounted to £4,548 (2021 - £2,060).
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