THETEMPLE Music FOUNDATION A company limited by guarantee FINANCIAL STATEMENTS Forthe year ended 31" December 2024 Registered Company No 4594413 Registered Charity No 1095141
The Temple Music Foundation Flnanclal statements for tha year ended 31st December 2024 Contents Report of the Trustees Report of the independent examiner Statement of fin8ncial activities Balance sheet Notes to thefinancial statements
The Temple Muslc Foundatlon Financial statements for the year ended 31st December 2024 Report of the Trustees Proflle of the charity Governing instrum8nt: Memorandum and Articles of Association dated 10 September 2002 and amended by Special Resolutions dated 24June 2011 and 11 May 2017 Directors: Guy Beringer KC (Hon) CBE (Chairl Michael McLaren KC Katie Bradford lan Moyler Sir Christopher Clarke Sir Martin Spencer Philip Havers KC (to 14 February20251 DanielToledano KC Rosamund Horwood-smart KC Robert Venables KC Jenniferjonas The directors of the company are also Trustees ofthe charity and are referred to throughoutthis report as"Trustees" The charitable company is referred to as the "chariw. Registered Office: The Treasury Office Inner Temple 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 RH11RJ The Trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparingtheir accounts in accordance with the Financial Reporting standard applicable in the United Kingdom and Republic of Ireland (FRS102). This report includesthe reportof the directors required bycompany law. Objectlve 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. TheTrustees confirm thatthey have complied with their duty underthe Charities Act2011 to have due regard to the public benefit guidance published by the Charity Commission for Engnd 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 Music Foundation Financial statements for the year ended 31st December 2024 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 I'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 had a fuLI programme of approximateLy 50 concerts in 2024. featuring 8 Holy Week Festival, a Winter Festival, the EarLy Opera Company in Maurice Greene's Jephtha, a performance of Britten's Canticles byAllan Clayton, Julius Drake and others, the world premiere of a newwork by Sirjames MacMilLan for French horn and piano, a performance byThe Sixteen of the Monteverdi Vespers, performances by the chamber music collective, Temple Soloists, including Beethoven's String Quartet Opus 132. and a new collaboration with Opera Rara. The growth in the charity's offering (from approximateLy30 concerts in 2022 and 40 in 20231, increased its audience to 9,000 (2023: audience of 8,0001. Sponsorship of concerts by individuals, chambers and corporations increased by 39% compared to 2023, but remained relatively low compared to costs, leading to a deficit of £20,860 on the non-choir programme before receipt of a generous legacy of £105,430. A pool of 12voLunteers provided approximately 450 hours of assistance on concert days in 2024. Temple Church Choir As in previou5years, donations amountingto £60,OOOwere received in 2024fromThe Honourable Society of the Inner i empLe and The HonourabLe Society of the Middle Temple to promote the Choir's non-liturgical activities including concerts, broadcasts, recordings, training and tours 12023: £60,000). ficket sales contributed a further £29,718 {2023: £23,870). Choir-reLated expenditure amounted to £86.80312023: £103,028 including a grant of £25,000 to support the Church's Restoration and Renewal Project) resuLting in a net surplus forthe year of £2.915 (2023 deficit: £19.1581. Future Plans The charity is offering 8 full programme for 2025 including a performance by Gabrieli Consort & Players of Handel's Solomon, a fully-staged production of Parsifal IAct111 with the Prelude to Act 11, the Early Opera Company in Rameau's Pygmalion. plus chamber music. song recitals. and choral concerts from the Temple Singers and the Temple Church Choir (featuring new works commissioned forthose choirs) as welLas the Hoist Singers. Financial Revlew The charity had income of £479,975 {2023: £299,294) and expenditure of £393.698 (2023: £359,592) resulting in a surplus of £86.277 (2023 deficit: £60,298). There was a realised gain following the disposal of investments of £1.20812023 unrealised loss: £4971, resulting in a net increase in funds of £87,485 {2023 decrease: £60,795). In total, the charity's reseNes therefore increased from £118,911 to £206,396. The 2024 surplus of £87,485 compris&s a surplus of £84,570 on the charity's general concert programme and a surplus of £2,915 on the non-liturgical activities of the Temple Church Choir.
The Temple Musl¢ Foundatlon Financial statements for the year ended 31st December 2024 Report of the Trustees (continued) Grant Maklng Policy The charity's policy is to make grants to support the musical education and activities of the Temple Church Choir. Reserves pollcy At 31 December2024the charity's reseNes were £206,39612023: £118,911) of which £169,842 was held in the General Reserve and £36,554 in the Choir Fund Reserve. The Trustees consider the charity holds an appropriate level of reseNes to provide funding for activities during the remaining partof2025 and to enable the charityto continue operatingbeyond that date, and are in the process of developing a more detailed reserves policyfollowing receipt of a generous legacy in 2024. 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 directlyorthrough resetvesl orarrangements forthe underwritingof costs have been made. The Trustees continue to pay particular attention 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 companyforthe purpose of company law} are responsible for preparinga Trustees, annual reportand financialstatements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Recognised Accountancy Practice). Company and Charity wS require the Trustees to prepare financial statements for each financial yearwhich give a true and fair view of the state of affairs of the charitable company as at the end of thefinancialyearand of the surplus or deficit of the charity. In preparingthose financial statements the Trustees are required to:_ Select suitable accounting policies and then applythem consistently: Observe thg 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 company WILI 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 ensurethatthefinancialstatements complywiththe CompaniesAct 2006 andthe Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps forthe prevention and detection offraud and other irregularities. The financial statements on pages 5 to 10 were approved bythe Trustees on 17 July 2025 and signed on their behalf: Guy Beringer KC (Hon) CBE, Director and Trustee
Independent Examiner's Report to the Members of The Temple Music Foundatlon I report on the accounts of the charityfortheyear ended 31 December 2024, which are set out on pages 5t0 10. Responsibilities and basls 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 Companies Act 2006 (the 2006 Act), and the Charities Act 2011 (the Act). The charity's Trustees considerthat an audit is not required forthis year under part 16 ofthe 2006 Act and that an independent examination is needed. I report in respect of my examination of the charitable company's accounts as required under section 145 of the 2011 Act and in carrying out my examination I have followed allthe applicable directions given bythe Charities Commission under section 14515){b} of the Act. Independent Examiner'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 exarnination because I am a qualified member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. Accounting records were not kept in respect of the charity as required by section 130 of the Act" or 2. Thatthe accounts do not 3ccord with those records 3. Thatthe accounts do not compLy with the applicable requirements concerningthe form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 otherthan the requirementthat the accounts show a.true and fair view" which is not a matter considered 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 orderto enabLe a proper understanding of the accounts to be reached. LJL Mr David Wheeler F.C.C.A. Cheeld Wheeler & Co Chartered Certiited Accountants Redhill Chambers 2d High Street Redhill. Surrey. RH11RJ
The Temple Music Foundation Financial statements forth8 year ended 31•t December 2024 Statement of financial activities includlng the Income and Expenditure Account Total Funds 2024 Total Funds 2023 General Restricted Fund Funds Choir Fund Notes Income from: Donations and legacies Charitable activities: Concerts 220,428 70.338 60,000 350,766 193,474 97,085 29,718 126.803 104,017 Investments 2,406 2,406 1,803 Total income 319,919 70.338 89,718 479,975 299.294 Expenditure on: Raisingfunds (14,085) (14,085) (9,488) Charitable activities". Concerts (220,772} (70,338) 186,803} (377.913) (323,254) (25,000) Grants Governance costs (1,7001 (1,700) (1,850) Total expenditure 1236,557) (70,338) (86,8031 (393,698) (359,592) Net galnsl(losses) on Investments Transfers between funds 1,208 1,208 (497) Net movement in funds 84,570 2,915 87,485 (60,795) Reconcluation of Funds: Total funds brought forward 85,272 33.639 118,911 179.706 Totalfunds carrled forward 169,842 36,554 206,396 7 18.911 The statement of financial activities includes all gains and losses in the year. All income and expenditure derive from continuingactivities. The notes on page 7t0 10tomi partof thesefinancial statements.
The Temple Music Foundation Financial statements forthe year ended 3151 December 2024 Balance Sheet as at 31"December 2024 Registered Company No 4594413 Unrestricted Funds 2024 Choir Fund 2024 Total 2024 Total 2023 Notes Fixed assets: Tangible assets 474 3.021 3,495 6,791 Investments 4,940 474 3,021 3,495 11,731 Current assets: Stocks 2,233 Debtors 59,876 59,876 22,012 Cash at bank and in hand 261,054 34.151 295,205 188,946 320,930 34,151 355.081 213.191 Creditors: amounts falling due within one year 1151,5621 16181 {152,180} (106,011) Net current assets 169,368 33,533 202.901 107. 180 Total net assets 169,842 36,554 206,396 778,911 The funds ofthe Charity: Totalfunds 169,842 36,554 206.396 718,911 The Trustees considerthat the charity is entitled to exemption from the requirement to have an audit under the provisions ofsection 477 otthe CompaniesAct 20061.the Act'l 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 tair 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 relatingto the accounts. sofar as applicable to the charity. The financial statements are prepared in accordance with the provisions 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 on 17 July 2025 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 Foundation Notes to the financial statements forth8 year ended 31" December 2024 Statutory information The charity is registered in England and Wales as a company limited by guarantee, number 4594413. The registered off ice is at The Treasury Office, InnerTemple, London EC4Y 7HL. 1. Accounting pollcl8S Basi8 of preparingthe financial statements The financial statements 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 accordancewith the FinancialR8POrtingstandard applicable inthe United Kingdom 8nd Republic of Ireland IFRS102)" 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. b} Income Donations, interest and investment income are accounted for when receivable. Legacies are accounted fDr when received or otheiSe if amounts are known with certainty. Expendlture Direct charitabLe expenditure comprises services supplied and activities undertaken, which are identifiable as whollyor mainly in support ofthe 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} Restrlcted Funds Donations received for 8 specific concert are reported as Restricted Funds. Choir Fund Following the transfer of responsibilityfor promoting the Temple Church Choir to the charity in 2018, funds brought forward at the start of the year and any surplus I deficit from activities undertaken during the year are reported as part of 8 segregated fund and may only be used forthe benefit of the Choir. f) Investments Investments are reported at marketvaLue in accordance with the Charities SORP. See Note 5. Fixed Assets Off ice equipment and 80ftware, including the website, 8re depreciated at a rate of 25% on cost peryear. The piano is depreciated at 5% on cost per year.
The Temple Music Foundation Notes to the flnanclal statements for the year ended 31" December 2024 (continued) 2. Expendlture General Restricted Fund Fund Choir Fund 2024 2023 Charitable activities Costs of mounting concerts Direct costs of concerts Support costs 103,743 70,338 86.803 260.884 220.920 117,029 117.029 102.334 220.772 70.338 86.803 377,913 323.254 Grants Grantto Temple Church 25,000 Governance costs Independent Examiner's remuneration 1,700 1,71)0 7,850 3. Trustees None of the Trustees received any reimbursement of expenses or remuneration for their services duringthe year. 4. Tangible Fixed Assets Equipment Cost at 1 January 2024 Disposals Cost at 31 December 2024 29,982 (6.0001 23,982 Depreciation at 1 January 2024 Disposals Charge forthe year Depreciation at 31 December 2024 123.1911 6.000 13.296} (20.487} Net bookvalue at 31 December2024 3,495 Netbook value at31 December2023 6.791
The Temple Muslc Foundation Not88 to the financial statements for the year ended 31" December 2024 (contlnued) 5. Investments 2024 2023 130 shares in Unilever plc (donated in 2008} 4.940 4.940 The shares were soLd in November 2024. The statement of financial activities shows a gain on revaluation to the point of sale of £1.208 (2023 unreaLised loss". £497). 6. Stock 2024 2023 CD and DVD Recordings (Choir Fund) 4,485 4.485 Provision for slow-movingstock (4.485} (2.252) 2,233 7. Debtors 2024 2023 Trade debtors 8,730 3,000 Prepayments 9,965 31 Accrued income 10,000 Other 41.181 8.981 59.876 22.012 8. Creditors: amountsfallingdue within one year 2024 2023 Trade creditors 41,544 13.488 Accruals lofwhich. Choir Fund £618, 2023: £7.9921 9,103 69.019 Deferred income 75,647 14.550 Other creditors 25.886 8,954 152.180 106.011 Deferred income relates to sponsorship income, ticket sales, donations and similar re18ting to eventsthatwilLtake place in thefollowingfinancialyear. AILamounts deferred are released to income in the financialyearto which the income applies.
The Temple Musl¢ Foundation Notes to the financial statements for the year ended 31Jt December 2024 (continued) 9. Movement in Funds Net Movement in funds At1.1.24 At31.12.24 Unrestricted fund5 General Fund 85,272 84.570 169,842 Restricted funds Choir Fund 33,639 2,915 36,554 Total funds 118,911 87,485 206.396 10. Related Party Transactions Duringthe year, the charity received generous donations from its President, Trustees, third party trusts controlled bythe Trustees and its Members amountingto £67.775 (2023: £29.835}. 11. Commitments At the year end, the charity had no contractual commitments to expenditure {2023: zero). 12. Going Concern The charitable company has substantial cash resources to ensure that it is able to meet its financialobligations and there are no material uncertainties and consequentLythe Trustees are satisfied thatthe charity continues to operate as 8 going concern. 13. Taxation Status The charitable company is exempt from the requirement to pay Income and Corporation Tax on its income. but accounts forvalue Added Tax on its ticket sales and the saLes of music. 14. Employee Costs Duringthe year, two members of staff were employed. neither of whom was paid in excess of £60.000. Total staff costs and employee benefits wer8 £89,382 (2023: £83,564), made up of salaries £70,990 {2023: £67,645); other benefits £4.00312023: £3.4651; social security costs £7,290 {2023: £6.817}' and pension contributions £7,09912023: £5,637). 10-