THETEMPLE Music FOUNDATION A company limited by guarantee FINANCIAL STATEMENTS For the year ended 31" December 2023 Registered Company No 4594413 Registered Charity No 1095141
The Temple Music Foundation Financial statements for the year ènded 31st December 2023 Contents Report of the Trustees Report of the independent examiner Statement of financial activities Balance sheet Notes tothe flnancial statements
The Temple Music Foundation Financial statements for the year ended 31st December 2023 Report of the Trustees Profile of the charlty Governing instrument: Memorandum and Articles of Association dated 10 September 2002 and amended by Special Resolutions dated 24 June 2011 and 11 May 2017 Directors: Guy Beringer KC (Hon) CBE (Chairl Michael McL8ren KC Katie Bradford lan Moyler Si r Christopher Clarke Sir Martin Spencer Philip Havers KC Daniel Toledano KC Rosamund Horwood-smart KC Robert Ven8bles KC Jennifer Jonas The directors of the company are also Trustees of the charity and are referred to throughout this report as Yrustees" The charitable company is referred to as the°charity". Registered Office: The Treasury Office InnerTemple London EC4Y 7HL Bankers: Royal Bank of Scotland St Paul's Branch London EC4M 7EJ Independent Examiner: David Wheeler F.C.C.A. Cheeld Wheeler & Co Chartered Certified Accountants Redhill Chambers, 2d High Street, Redhill, Surrey RH1 1RJ The Trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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 {FRS1021. This report includes the report of the directors required by company law. Objective of the charity The promotion of publlc 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 confirrn 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.
The Temple Muslc Foundation Financlal statements for the year ended 31st December 2023 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 skilLsthat putative Trustees can offer. Review of progress and achievements The Temple Music Foundation had a full programme of approximately 40 concerts in 2023, featuring a new series of international organ recitals. a new collaboration with London Mozart Players who appeared in concert with Julian Bliss, a Holy Week Festival. a rare performance of Sir John Tavener's Schuon Lieder to mark the charity's 20 anniversary, a William Byrd FestivaL. Temple Song recitals by Julius Drake with Kate Royal & Christine Rice, lan Bostridge, and Gerald Finley, two performances by the Early Opera Company of Henry Purcell's King Arthur plus a performance for London primary Schools (for whom a guidebook was produced by Guy Fox History Project), and performance platforms for students at the Guildhall School of Music & Drama and the Royal College of Music. The growth in the charity's offering {from approximately 30 concerts in 20221, increased its audience to 8,000 (2022: audience of 6,000). The sponsorship of concerts by individuals, chambers and corporations increased by 17% compared to 2022, but remained relatively low compared to costs, Leading to a deficit of £41,637 on the non-choir programme. A pool of 14 volunteers provided approximateLy 360 hours of assistance on concert days in 2023. Temple Church Choir As in previous years, donations amounting to £60,000 were received in 2023 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 (2022.. £60,000). Ticket sales contributed a further £23,870 {2022: £22.609). Choir- related expenditure amounted to £78,028 (2022: £81,697) and a grant of £25,000 was agreed to support the Church's Restoration and Renewal Project, resulting in a net deficit for the year of £19,158 (2022 surplus: £912). Future Plans The charity is offering a full and well-attended programme for 2024 including concerts in memory of the late Lord Judge. a rare performance by the Early Opera Company of Maurice Greene's Jephtha. a Holyweek Festival. the Busch Trio, a new collaboration with Opera Rara. a performance by London Mozart Players with Matilda Lloyd. the Temple Song series. and a Winter Festival, among many others. Financial Review The charity had income of £299,294 {2022: £247,420) and expenditure of £359,592 (2022." £303,489) resulting in a deficit of £60,298 {2022 deficit: £56.0691. There was an unrealised loss on investments of £497 (2022 gain: £307), resulting in a net decrease in funds of £60,795 (2022 decrease: £55,762). In total, the Charitys reserves therefore decreased from £179,706 to £118,911. The 2023 deficit of £60,795 comprises a deficit of £41,637 on the charity's general concert programme and a deficit of £19,158 on the non-liturgical activities of the Temple Church Choir.
The Temple Muslc Foundation Flnancial statements for the year ended 31st December 2023 Report of the Trustees {continued) Grant Making Pollcy The charity's policy is to make grants to supportthe musical education and activities of the Temple Church Choir. Reserv69 policy At 31 Decetnber 2023 the charity's reserves were £118,911 (2022: £179.7061 of which £85.272 was held in the General Reserve and £33,639 in the Choir Fund ReseNe. The Trustees consider the charity holds an appropriate level of reserves to provide funding for activities during the remaining part of 2024 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 underwrtting of costs have been made. The Trustees continued to pay particular attention in 2023 and 2024 to the financial impact of sponsorship, audience numbers and the availability of performers and venues. ststement of Trustees, responslbilities The Trustees (who are also the directors of the charitable company for the purpose of company lawl are responsible for preparing a Trustees, annual report and financial statements in accordance wth 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:_ Select suitable accounting policies and then applythem consistently. Observe the methods and principles in the Charities SORP. Makejudgements and estimates that are reasonable and prudent: State whether applicable UK accounting standards have been followed, subject to any natural departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume thatthe charitabLe companywill 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 fortaking reasonable steps for the prevention and detection of fraud and other irregularities. The financial statements on pages 5 to 10 were approved bythe Trustees on34 September 2024 and signed on their behalf: Guy Beringer KC (Hon) CBE, Director and Trustee
Independent Examinar's Report to the Members of The Temple Muslc Foundation I report on the accounts of the charity for the year ended 31 December 2023. which are set out on pages 5 to 10. Responsibilities and basis of report. The charity's Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the accounts in accordance with the requirements of the Comp8nies Act 2006 (the 2006Actl. and the Charities Act 2011 (the Act). The charity's Trustees consider that an audit is not required for this year under part 16 of the 2006 Act and that an independent examination 15 needed. I report in respect of my examination of the charitable company's 8ccounts as required under section 145 of the 2011 Act and in carrying out my examination I have followed 8Llthe applicable directions given by the Ch8rities Commission under section 145 {51{bl of the Act. Independent Examln8r's Statement As the charity's income exceeds £250,000 an examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because I am a qualified m8mber of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confimi 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 respectof the Charity as required by section 130 of the Act. or 2. Thatthe accounts do not accord with those records 3. Thatthe accounts do not compLy with the applicable requirements concerning the form 8nd content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the requirementthatthe accounts show a "true and fair view" which is not a matter consider9d as part of an independent examination. 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. Mr David Wheeler F.C.C.A. Cheeld Wheeler & Co Chartered Certified Accountants Redhill Chambers 2d High Street RedhilL, Surrey. RH11 RJ 4pIp 1¢>
The Temple Muslc Foundatlon Flnancial statements for the year ended 31M December 2023 Statement of financlal activities Includingthe Income and Expenditure Account Total Funds 2023 Total Funds 2022 General Restricted Fund Funds Choir Fund Notes Income Donations and similar income 1{d) 93.391 40,083 60,000 193,474 164.908 Income from charitable activities Concerts 80,147 23.870 104,017 82.012 Investment income 1.803 1,803 500 Total income 175,341 40,083 83,870 299,294 247.420 Expenditure Costs of raisingfunds (9.488) (9,488) 13.695 Charitable activities: Concerts (205,1431 (40,0831 178,0281 (323,254) 288,294 Grants {25,0001 (25,000) Governance costs (1,850) 11,850) 1.500 Total expenditure Net income I lexpenditurel before other recognised gains / (losses) (216,4811 (40,0831 1103,0281 {359,592) 303.489 (41,140) 119.1581 160,298} (56,069) Other (ios$es)I gains Gains and (Losses) on investment assets (4971 (497) 307 Net movement in funds {41.637) (19,158) (60,795) (55, 762) Reconciliation of Funds Fund balances brought forward at 1stJanuary 126.909 52.797 179,706 235.468 Fund balances carrled forward at 31" December 85,272 33,639 118,911 779,706 The statement of financial activltl8s includes all gains and losses in the year. All in¢ome and expenditure derive from ¢ontlnuing activities. The notes on page 7t0 10 form part ofthese financial stat8m8nts.
The Temple Music Foundation Financial statements for the year ended 311t December 2023 Balance Sheet as at 31*1 December 2023 Registered Company No 4594413 Unrestricted Funds 2023 Choir Fund 2023 Total 2023 Total 2022 Notes Fixed Assets Tangible Fixed Assets 3,770 3,021 6,791 11,187 Investments 4,940 4,940 5,437 8,710 3,021 11.731 16.624 Current Assets Stock 2,233 2,233 2.257 D8btors 22,012 22,012 30,808 Cash at bank and in hand 152,569 36,377 188,946 257, 727 174,581 38,610 213,191 290. 186 Credftors: amounts falling due within one year (98,0191 17,992) 1106,011) (127, 104) Net current assets 76,562 30.618 107,180 163,082 Total assets less current liabilitlas 85,272 33.639 118.911 179. 706 The Funds of the Charity: Total Funds 85,272 33,639 118,911 179, 706 The Trustees consider that the charity is entitted 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 S8Ction 476 of the Act. The Trust88s have acknowledged their responsibiiitles for ensuring that the charity keeps accounting records which comply with Section 386 of the A¢t and for preparing accounts which give a true and fair view of the ch8rity 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 8ccounts, so f8r as applicable to the charity. The financial statem8nts are prepar8d in accordance with the promsions of the small companies regime within Part 15 ofthe Companies Act 2006. The financial statements on pages 5 to 10 were approved by the Trustees onltr September 2024 and signed on their behalf: Guy Beringer KC (Hon), CBE The notes on page 7 to 10 form part of these financial statements.
The Temple Music Foundatlon Notes to the financial statements for the year ended 31st De¢ember2023 Statutory informatlon The charity is registered in England and Wales as a company limited by guarantee, number 4594413. The registered off ice is at The Treasury Off ice. InnerTemple, London EC4Y 7HL. 1. Accounting policies Basis of prep8ringth8 flnan¢ial statements The financial ststements of the charity have been prepared in accordance with the Charities SORP IFRS102) "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 underthe historical cost convention. The charity constitutes a public benefit entity as defined by FRS102. 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. Expenditur8 Direct charitable expenditure comprises services supplied and activities und8rtaken. 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 fundr8ising 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. Choir Fund Following the transfer of responsibility for promotingthe TempLe Church Choirto the charity in 2018, funds brought forward at the start of the year and anysurplus I deficit from activities undertaken during the year are reported as part of a segregated fund and may only be used forthe benefit of the Choir. Investments Investments are reported at market value in accordance with the Charities SORP. See Note 5. Flxed Asset8 Offlce equipment and software, including the website, are depreciated at a rate of 25% on cost per year. The piano is depreciated at S% on cost peryear.
The Temple Music Foundation Notes to the financial statements for the year ended 31st December 2023 (contlnued) 2. Expenditure General Restricted Fund Fund Choir Fund 2023 2022 Charltabie activities Costs of mounting concerts Direct costs of concerts Supportcosts 102.809 40,083 78,028 220,920 204,970 102,334 102,334 83,324 205,143 40,083 78,028 323,254 288,294 Grants Grant to Temple Church 25,000 25,000 Governance costs Independent Examiner's remuneration 1,850 1,850 1,500 3. Trustees None of the Trustees received any reimbursement of expenses or remuneration for their SeiCe$ duringthe year. 4. Tan1ble Flxed Assets Equipment Costat 1 January2023 29,982 Additions Cost at 31 December 2023 29,982 Depreciation at 1 January2023 {18,795} Chargeforthe year {4.396) Depreciation at 31 December 2023 123.191) Net bookvalue at 31 December2023 6,791 Netbook value 8t31 December2022 11,187
The Temple Music Foundation Notes to the flnancial statements for the year ended 31•t December 2023 (contlnued) 5. Investments 2023 2022 130 shares in Unilever plc (donated in 20081 4,940 5,437 5,437 The statement of tinancial activities shows an unrealised loss on the revaluation of investment assets of £49712022 gain: £308). 6. Stock 2023 2022 CD and DVD Recordings (Choir Fund) 4,485 4.502 Provislon for slow-movlng stock (2,2521 2,233 (2,251) 2,251 7. Debtors 2023 2022 Trade debtors 3,000 Prepayments 31 211 Accrued incom6 10,000 Other 8.981 30.597 22,012 30,808 8. Creditors: amounts fallingdue within one year 2023 2022 Trade creditors 13,488 68.791 Accruals (of which. Choir Fund £7.992. 2022: £6.1291 Deferred income 69,019 14,710 14.550 17.290 Other creditors 8,954 26.313 106.011 127. 704 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 fi'nancial yearto which the income applies.
The Temple Music Foundation Notes to the financial statements for the year ended 31" December 2023 (continued) 9. Movement in Funds Net Movement in funds At1.1.23 At31.12.23 Unrestricted funds General Fund 126,909 (41,6371 85,272 Restricted funds Choir Fund 52,797 119,158) 33,639 Totalfunds 179,706 (60,795} 118,911 10. Related PartyTransactions Duringthe year, the charity received generous donations from its President, Trustees, third party trusts controlled bythe Trustees and its Members amountingto £29,83512022: £41,235). 11. Commitment5 At the year end, the charity had no contractual commitments to expenditure12022: 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 th8t the charity continues to operate as a going Concern. 13. Taxatlon Status The charitable comp8ny is exemptfrom the requirementto 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 £5.637 (2022.. £4,548). 10-