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← Armonico Consort Limited

2025-01-31-accounts

REGISTERED COMPANY NUMBER: 04851028 (England and Wales) REGISTERED CHARITY NUMBER: 1103159

TRUSTEES' REPORT AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2025

FOR

ARMONICO CONSORT LIMITED

Flint & Thompson 2 Manor Square Solihull West Midlands B91 3PX

ARMONICO CONSORT LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2025

Page
Trustees' Report 3 to 13
Independent Examiner's Report 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Cash Flow Statement 18
Notes to the Financial Statements 19 to 26
Detailed Statement of Financial Activities 27

ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANUARY 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 1 August 2023 to 31 January 2025. 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Our charity's purposes are set out in the objects contained in the company's Memorandum of Association.

The objects of the Charity are to:

Advance, improve, develop and maintain public education and appreciation of choral and orchestral music, primarily of the renaissance and baroque periods, by promoting or participating in public concerts

Encourage the musical education of young people by organising and participating in a schools educational programme

When considering the charity's activities, the Trustees are mindful of the Charity Commission's guideline on public benefit.

The charity continued to develop its activities and range of its operations during the period, whilst retaining a firm hold on costs. During the period, key new major partnerships were also developed with The Royal Albert Hall's education department, and Youth Music.

Ensuring we achieve our aims

Each year we monitor our aims and objectives by evaluating the outcomes of our services provided to see if we are benefiting those who use them or have access to them.

Significant activities COVID Debt

Having made a surplus in nine out of the ten years prior to Covid, and despite receiving significant grant support during the pandemic, Armonico Consort Ltd also had to take out loans of £264,000 to ensure we could continue the delivery of our work to the communities which we exist to serve. The charity made a conscious decision to fully utilise the emergency grants we received at this time for the purposes for which they were gifted to ensure that we remained present and relevant to the communities we work in. The loans consist of one government COVID bounce-back loan, and three major long term interest free loans from Patrons. The charity has returned to a surplus in the last two financial periods reducing the debt to £209,000.

One of these interest free loans of £60,000 has now been gifted to be spread over four years to maximise the gift aid claim (£15,000).

In December 2024, the Trustees started a scheme with the president to accelerate the debt repayment with donations from key supporters specifically to repay this COVID debt. We expect to reduce the debt to £100,000 by 31 January 2026 and to repay all COVID debt by year end 2027, then building reserves as per the trustees policy by January 2028.

Achievements and performance

Charitable activities

Contrary to trends across the world of the arts, the Trustees, staff and artists of Armonico Consort are proud that for twenty successive years the charity has grown both in breadth and quality of its provision and has continued to extend its work with well over 500,000 children having benefitted directly and indirectly from its education programme to date and well over 1,500,000 audience members. This puts the charity on a very strong footing to thrive long into the future.

3

ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANUARY 2025

Key points from the past year:

4

ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANUARY 2025

The most important thing about the Royal Albert Hall concerts and all of our education outreach work is incorporating choirs created in all of our key strategic target areas in the UK, which consist of the highest level of deprivation, but is also where we see the creates success of our mission. These strategic areas include North Warwickshire, North Solihull (Chelmsley Wood and Castle Bromwich), Worcestershire, Coventry (Wyken & Hillfields), East Cambridge, Somerset, Dorset, South Wales and East London. These areas also represent the widest demographic diversity in keeping with the charity's equal opportunities policy.

5

ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANUARY 2025

AC ACADEMY

The most significant project run during the period was the ARTS COUNCIL and BAND TRUST supported 'SUPERSIZE POLYPHONY 2'. It is a project of such significance to Armonico Consort and its future, that we enclose the whole of the evaluation in this report. It will form the backbone of our strategic goals in all years to come, including SUPERSIZE POLYPHONY 3 in September 2026 for our 25th Birthday.

6

ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANUARY 2025

Evaluation Report - Supersize Polyphony 2 Nathan Cole - Director of Operations and Outreach

Armonico Consort recently concluded a remarkable concert series featuring 400 children from four different regions of the country. Supersize Polyphony 2, the highly anticipated sequel, showcased an extraordinary program of newly discovered 16th Century choral music alongside existing masterpieces, including Tallis's "Spem in Alium". The highlight of the performance was a new commission by Hollywood film composer David Buckley, titled "Lamentations".

Schools joined with Armonico's professional Consort and special guest choirs at each concert. The repertoire was performed comprising 20 to 60 vocal parts in 360-degree surround sound, with the subtle movement of singers around the venue as directed by conductor Christopher Monks.

Interspersed throughout the programme were sung verses of "Ave Generosa" by Hildegard of Bingen, an 11th-century Abbess. This arrangement facilitated a seamless transition from one piece to the next. Each composition was sung a Capella, creating an intimate and reverent acoustic experience for the performers and audience.

The AC Academy Schools were prepared by Armonico leaders in advance, with a mentoring session delivered in each school. What initially seemed abstract and unfamiliar to teachers and children was very effectively realised on the day. Each part contributed an essential line to the work and allowed the children to experience a sound world they had not encountered before.

Concerts took place at Malvern Theatres (24 January), St Mary's Church, Warwick (25 January), The Lighthouse, Poole (30 January) and Wells Cathedral (7 February). In addition to the AC Academy School choirs, we enhanced the choir with the addition of very special and talented singers from selected from various institutions.

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ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANAURY 2025

Malvern Theatres was the setting for the premiere concert and world premiere of "Lamentations".

Tudor Grange Academy Perdiswell, Great Malvern Primary and St Barnabas CE Primary formed the AC Academy Schools' choir, in addition to special guests King's School Worcester Chamber Choir.

The opportunity for younger singers to sit alongside King's School and work with them during the rehearsal clearly inspired them to sing to a standard beyond their expectation.

During the rehearsal, Christopher provided detailed explanations regarding the background, purpose, and performance practices of each piece. This significantly enhanced the learning experience and provided context to an unfamiliar auditory landscape. Additionally, we positioned the children in the centre of the surround sound setup during rehearsals. We quickly recognised that this concert series was not solely about the performance but also about the immersive "experience" it provided.

Evaluation feedback from schools revealed compelling evidence that Armonico Consort is delivering unique experiences unparalleled by any other organisation:

"Singing music which is so unfamiliar and challenging vocally was a significant life experience for the children and hugely impactful".

(Tudor Grange Primary Academy Perdiswell)

"It sounded like magic!"

"I want to do it again because it was so fun"

"My mum and dad are sooooo proud of me and I am proud of me too!"

(Pupils participating at Malvern Theatres)

"The opportunity to rehearse and perform with professional musicians is not something we can provide for our children. Performing with professionals offers invaluable like experience. It was particularly beneficial for children to see and hear male singers as role models. This helps address any stigma children might encounter by the end of KS2. The importance of having role models is so significant."

Concerts continued at St Mary's Warwick, where on this occasion the Consort and Academy School choirs were joined by the resident Boys and Girls Choristers.

More powerful feedback was gathered from this concert, with strong evidence of how this genre of music reached children of our generation. Etone College brought children from Key Stage 3 and 4:

"We have a few students in the choir that are on the ASD spectrum, and it can be difficult to get them to engage in new styles of music. A couple of our students are very into heavy metal and have decided that they want to be professional musicians when they are older. I've told them that the best musicians can perform in lots of different styles, so they trusted me and engaged with this project.

On reading the lyrics in the programme I overheard one say enthusiastically to the other "Read the words! This is like a 500year-old Black Sabbath song!" Which was never a way I thought I'd heard Thomas Tallis described! Without this project, they'd never have had the opportunity to hear or participate in this style of music." (Teacher at Etone College).

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ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANAURY 2025

The third concert at The Lighthouse, Poole was particularly special. The inclusion of the Bournemouth Symphony Chorus, Youth Chorus, Wells Cathedral School Chamber Choir, and Longfleet CE Primary was impressive in size, vocal range and sound. The adult choir added powerful force, especially in the new piece "Lamentations". Christopher placed the young performers centrally to highlight the surround sound effect, which was most impactful here and at Wells Cathedral, amplifying the louder parts significantly.

The Wells Cathedral School Chamber Choir exemplified outstanding youth choral singing. Under the direction of conductor Chris Finch, they produced a refined sound that seamlessly integrated with the professional Consort. This exemplary performance served as an inspiration to the junior choirs, who observed in admiration their rendition of a work by Palestrina.

The final concert at Wells Cathedral was a triumph. The Consort and Christopher had now become entirely comfortable with the intricate creation, which was assembled with precision and a dose of spontaneity!

Wells Cathedral School Chamber Choir were back on familiar ground, they were joined by the Cathedral Choristers, Wells Cathedral Oratorio Society, Kingfisher Primary, All Saints Church Primary, Preston CE Primary and professional Consort. The value of having singers from across the spectrum was very clear. This was a project stretching musical, educational and personal development capabilities in all generations. The impact on the gifted and talented children of the Chamber Choir was summarised by conductor Chris Finch:

"For our former choristers this experience is immensely rewarding. Returning to sing with professional singers is inspirational. For those for whom this experience is new, it is the perfect training for professional work as the future. All of them are better prepared for choral scholarships at university and for making their mark in the musical world. They were also really pleased to be involved in a project with primary school age pupils…

…Many of our older pupils were blown away by the younger singers' passion and engagement and now want to pursue other projects working to inspire younger children - whilst knowing that everyone can be brought together with the highest quality music." (Chris Finch, Wells Cathedral School Chamber Choir).

Throughout the series, the audience took part in a section of the Okegham "Deo Gratias". This brought moments of humour but made the accessibility point of the music even clearer. Audiences were also guided by a detailed programme, which gave English translation for the Latin text.

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ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANAURY 2025

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&
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We extend our sincere gratitude to all our funding partners for their support in this remarkable project. We wish to acknowledge composer David Buckley for his exceptional piece "Lamentations", which has inspired numerous children with its cinematic quality, compelling conclusion, and memorable themes. The accompanying lyrics (by Will Towers) are also profoundly moving, urging us to 'stand against the storm' amidst feelings of loneliness induced by 'fear and envy'.

In total, 362 children accessed this project and performed alongside professionals in 4 first-class venues:

Great Malvern primary 31, St Barnabas C of E 29, King's School Worcester 14, Windy Arbor 19, Etone College 20, AC Warwick 13, St Mary's Choristers 16, Longfleet C of E Primary 33, Wells Cathedral School Chamber Choir 20, Bournemouth Symphony Youth Chorus 23, Kingfisher Primary 20, All Saints Church 18, Preston C of E Primary 38, Wells Cathedral School Chamber choir 22, Wells Cathedral choristers 28.

To conclude, I enclose additional feedback from participants:

Benefits:

Comments from children:

-That was amazing! There were so many different parts to concentrate on.

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ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANAURY 2025

Educational value:

Fundraising activities

Armonico Consort now has more than 400 different sources of income, which the trustees feel is a great strength. We were especially grateful to the Band Trust, Finzi Trust, King Henry VIII Endowed Trust, The Adrian Swire Trust, Coventry General Charities, Solihull Fairer Futures Fund, Arts Council England and Warwick District Council for helping us develop our work post COVID. One notable area of increased giving is philanthropic support from individuals for artistic projects, in line with the USA model. The President's Circle and Artistic Ambassadors have been great supporters in this area and has made a significant impact already on developing our relationships with other funders especially.

We have adjusted the strategic approach of our fundraising department to be more relevant to a post covid world. It has enabled us to engage in negotiations with partners on far longer terms because of the clearer longer-term picture we hold of our outreach. This has moved the charity's approach away from the pursuit of multiple smaller donations from trust funders, and towards a more focussed emphasis on strategic projects and the development of the Consort's administrative and other systems. This should make the organisation ready for greater levels of strategic funding in the future. In the period, there was a small drop in income from smaller trust funders, but this was compensated for by a greater level of confidence from larger funders in our readiness to deliver.

We have started a fundraising partnership with James May (TVs GRAND TOUR) who started out as a musician and shares the values of the charity. We raised £8,000 in the first partnership with him, and plan a major fundraising project in 2025 to raise over £40,000.

The impact of the organisational review undertaken in the previous financial year continues to have a very positive impact on the quality and effectiveness of the charity's delivery, whilst also managing to keep the running costs of the charity down to 22% of income. The number of regular volunteers supporting the charity's work has increased to more than 50, enabling the staff to concentrate on the more strategic management of the charity. Armonico Consort continues to outsource production management as that is still seen as the most cost-efficient way of running operas.

Financial review

Financial position

The Statement of Financial Activities for the year is set out on page 15 of the financial statements and as explained at the opening of this report. Over the period we made a surplus of £21,123 (2023 £24,838).

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ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANAURY 2025

Strict financial measures reflecting both of the above circumstances are now in place and we are now on target to achieve a positive balance sheet by July 31 2027.

Investment policy and objectives

Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees wish.

Reserves policy

On the basis that the initiatives outlined in the Board's report are realised, in the opinion of the Board the charity's available assets and future funding are adequate to fulfil the objects of the charity and its plans for the foreseeable future. The aim by 2028 is to have reserves equivalent of six months core running costs.

Going concern

The accounts have been prepared on a going concern basis. This assumes that the anticipated cashflow from fundraising, educational and concert activities will be realised and financial support at the level required will continue from the charity's bankers, other lenders and creditors.

Future plans

Priorities for the coming year include:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Armonico Consort Limited is constituted as a company limited by guarantee and was incorporated on 30th July 2003. It is governed by a Memorandum and Articles of Association.

Recruitment and appointment of new trustees

Details of the Board, who are Directors for the purpose of company law and Trustees for the purpose of charity law, who have served throughout the period are set out on page 6.

The selection and appointment of new Board members is determined by the Board in office at that time. This policy is based on a complementary age profile, knowledge of the Charity's areas of activity, general experience in management and also to provide skills complementary to the other members of the Board.

Organisational structure

Armonico Consort Limited is constituted as a company limited by guarantee and was incorporated on 30th July 2003. It is governed by a Memorandum and Articles of Association.

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ARMONICO CONSORT LIMITED

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JANAURY 2025

Risk management

The Board regularly reviews the major risks to which the charity is exposed - financial, reputational and organisational - and systems have been established to mitigate those risks. The development of a strategic plan which allows for the diversification of funding and activities has proved to be the correct way forward and the Board will be continuing on this path for the foreseeable future. Internal risks have been minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

04851028 (England and Wales)

Registered Charity number

1103159

Registered office

2 New Street Warwick CV34 4RX

Trustees

C R Monks J R Sampson KC J Boyden M J C Harbour CBE E Aldridge

Independent Examiner

Flint & Thompson 2 Manor Square Solihull West Midlands B91 3PX

Trustees' report, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

........................................................................ J Boyden - Trustee

13

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ARMONICO CONSORT LIMITED

Independent examiner's report to the trustees of Armonico Consort Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the period 1 August 2023 to 31 January 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies 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 examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a 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:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view 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 the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Peter Georgiades

Flint & Thompson 2 Manor Square Solihull West Midlands B91 3PX

Date: .............................................

14

ARMONICO CONSORT LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 JANUARY 2025

Period 1/8/23 Year ended
To 31/1/25 31/7/23
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 421,196 161,425 582,621 381,060
Charitable activities 4
Concert and Workshop 3,037 562,991 566,028 216,422
Grants and fundraising 105,723 - 105,723 75,922
Merchandising income 15,519 1,389 16,908 9,925
Investment income 3 10 - 10 141
Total 545,035 725,805 1,270,840 683,460
EXPENDITURE ON
Raising funds 5 73,566 - 73,566 38,730
Charitable activities 6
Concert and Workshop 642,230 - 642,230 447,132
Support costs 529,415 - 529,415 172,760
Governance costs 4,506 - 4,506 -
Total 1,249,717 - 1,249,717 658,622
NET INCOME/(EXPENDITURE) (704,682) 725,805 21,123 24,838
Transfers between funds 18 725,805 **(725,805) ** - -
Net movement in funds 21,123 - 21,123 24,838
RECONCILIATION OF FUNDS
Total funds brought forward (239,871) - (239,871) (264,709)
TOTAL FUNDS CARRIED FORWARD **(218,748) ** - **(218,748) ** (239,871)

15

ARMONICO CONSORT LIMITED

BALANCE SHEET 31 JANUARY 2025

Unrestricted
Restricted
fund
fund
Notes
£
£
FIXED ASSETS
Tangible assets
12
5,907
-
CURRENT ASSETS
Stocks
13
13,649
-
Debtors
14
54,619
-
Prepayments and accrued income
92,400
-
Cash at bank and in hand
62,453
-
223,121
-
CREDITORS
Amounts falling due within one year
15
(306,236)
-
NET CURRENT ASSETS/(LIABILITIES)
(83,115)
-
TOTAL ASSETS LESS CURRENT
LIABILITIES
(77,208)
-
CREDITORS
Amounts falling due after more than one year
16
(141,540)
-
NET ASSETS/(LIABILITIES)
(218,748)
-
FUNDS
18
Unrestricted funds
TOTAL FUNDS		 2025
Total
funds
£
5,907
13,649
54,619
92,400
62,453
223,121
(306,236)
(83,115)
(77,208)
(141,540)
(218,748)
(218,748)
**(218,748) **		 2023
Total
funds
£
3,342
13,651
7,728
20,143
30,200
71,722
(135,224)
(63,502)
(60,160)
(179,711)
(239,871)
(239,871)
(239,871)

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. J Boyden - Trustee

16

ARMONICO CONSORT LIMITED

CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 JANAUR 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
(5,411)
(5,411)
(4,749)
(4,749)
180,000
(162,254)
17,749
7,586
30,200
37,786		 2023
£
(47,309)
(47,309)
(586)
(586)
50,000
(51,569)
(1,569)
(49,464)
79,664
30,200

17

ARMONICO CONSORT LIMITED

NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 JANAURY 2025

1.
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2025
£
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
21,123
Adjustments for:
Depreciation charges
2,184
(Increase)/decrease in stocks
2
(Increase)/decrease in debtors
(119,148)
(Decrease)/increase in creditors
90,428
Net cash used in operations
(5,411)		 2023
£
24,838
1,950
(1,791)
(8,731)
(63,575)
(47,309)

2.

ANALYSIS OF CHANGES IN NET DEBT

At 1/8/23 Cash flow At 31/1/25
£ £ £
Net cash
Cash at bank and in hand 30,200 32,253 62,453
Bank overdraft - (24,667) (24,667)
30,200 7,586 37,786
Debt
Debts falling due within 1 year (45,000) (66,079) (111,079)
Debts falling due after 1 year (172,963) 48,333 (124,630)
(217,963) (17,746) (235,709)
Total (187,763) (10,160) (197,923)

18

ARMONICO CONSORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANAURY 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

Voluntary income including donations, gifts and grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Grants are matched to the expenditure to which they relate.

Investment income is recognised on a receivable basis.

Income from charitable activities includes income received from the staging of concerts, members' subscriptions and sale of merchandise.

Income from legacies is included in income when received

Expenditure

All expenditure is accounted for on an accruals basis inclusive of any VAT, which cannot be recovered, and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office Equipment - 25% Straight line
Computer equipment - 25% Straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

General Funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated Funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

19

ARMONICO CONSORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD ENDED 31 JANAURY 2025

1. ACCOUNTING POLICIES - continued

Fund accounting

Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.

Investment income and gains are allocated to the appropriate fund

2. DONATIONS AND LEGACIES

Donations
Grants
Grants received, included in the above, are as follows:
Grants - Charitable foundations
Other grants
3.
INVESTMENT INCOME
Interest Received
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Concert and workshop
income
Concert and Workshop
Subscriptions
Concert and Workshop
Concert and workshop
income
Grants and fundraising
Subscriptions
Grants and fundraising
Concert and workshop
income
Merchadising income
Merchandising income
Merchadising income		 2025
£
421,196
161,425
582,621
2025
£
161,426
(1)
161,425
2025
£
10
2025
£
562,991
3,037
47,071
58,202
1,389
15,519
688,209		 2023
£
275,203
105,847
381,050
2023
£
105,846
1
105,847
2023
£
141
2023
£
210,408
6,014
65,777
10,145
1,396
8,529
302,269

20

ARMONICO CONSORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD ENDED 31 JANUARY 2025

5.
RAISING FUNDS
Raising donations and legacies
Other direct costs
6.
CHARITABLE ACTIVITIES COSTS
Concert and Workshop
Support costs
Governance costs
1
7.
SUPPORT COSTS
Support costs
8.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
9.
TRUSTEES' REMUNERATION AND BENEFITS		 Direct
Costs
£
642,230
529,415
-
,171,645		 2025
2023
£
£
73,566
38,730
Support
costs (see
note 7)
Totals
£
£
-
642,230
-
529,415
4,506
4,506
4,506
1,176,151
Governance
costs
£
4,506
2025
2023
£
£
2,184
1,951

There were no trustees' remuneration or other benefits for the period ended 31 January 2025 nor for the year ended 31 July 2023.

10.
STAFF COSTS
Wages and salaries
The average monthly number of employees during the year was as follows:
Admin and support
Fundraising		 2025
£
135,457
135,457
2025
10
1
11		 2023
£
40,145
40,145
2023
9
1
10

Mr Monks was paid a salary in his capacity as Artistic Director between £80,000 and £90,000, due to filing accounts with a period more than 12 months.

21

ARMONICO CONSORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD ENDED 31 JANAURY 2025

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
275,204
Charitable activities
Concert and Workshop
6,014
Frants and fundraising
75,922
Merchandising income
8,529
Investment income
141
Total
365,810
EXPENDITURE ON
Raising funds
38,730
Charitable activities
Concert and Workshop
447,132
Support Costs
172,760
Total
658,622
NET INCOME/(EXPENDITURE)
(292,812)
Transfer between funds
317,650
Net Movement in funds
24,838
RECONCILIATION OF FUNDS
Total funds brought forward
(264,709)
TOTAL FUNDS CARRIED FORWARD
(239,871)		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
275,204
Charitable activities
Concert and Workshop
6,014
Frants and fundraising
75,922
Merchandising income
8,529
Investment income
141
Total
365,810
EXPENDITURE ON
Raising funds
38,730
Charitable activities
Concert and Workshop
447,132
Support Costs
172,760
Total
658,622
NET INCOME/(EXPENDITURE)
(292,812)
Transfer between funds
317,650
Net Movement in funds
24,838
RECONCILIATION OF FUNDS
Total funds brought forward
(264,709)
TOTAL FUNDS CARRIED FORWARD
(239,871)		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
275,204
Charitable activities
Concert and Workshop
6,014
Frants and fundraising
75,922
Merchandising income
8,529
Investment income
141
Total
365,810
EXPENDITURE ON
Raising funds
38,730
Charitable activities
Concert and Workshop
447,132
Support Costs
172,760
Total
658,622
NET INCOME/(EXPENDITURE)
(292,812)
Transfer between funds
317,650
Net Movement in funds
24,838
RECONCILIATION OF FUNDS
Total funds brought forward
(264,709)
TOTAL FUNDS CARRIED FORWARD
(239,871)		 Restricted
fund
£
105,846
210,408
-
1,396
-
317,650
-
-
-
-
317,650
(317,650)		 Total
funds
£
381,050
216,422
75,922
9,925
141
683,460
38,730
447,132
172,760
658,622
24,838
-
24,838 - 24,838
(264,709)
(239,871)		 -
-		 (264,709)
(239,871)

22

ARMONICO CONSORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PEIORD ENDED 31 JANUARY 2025

12. TANGIBLE FIXED ASSETS

12.
TANGIBLE FIXED ASSETS
Office
Computer
Equipment
equipment
£
£
COST
At 1 August 2023
3,402
15,511
Additions
2,000
2,749
At 31 January 2025
5,402
18,260
DEPRECIATION
At 1 August 2023
3,239
12,332
Charge for year
79
2,105
At 31 January 2025
3,318
14,437
NET BOOK VALUE
At 31 January 2025
2,084
3,823
At 31 July 2023
163
3,179
13.
STOCKS
2025
£
Stocks
13,649
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Trade debtors
47,615
Other debtors
677
Prepayments
6,327
54,619		 Totals
£
18,913
4,749
23,662
15,571
2,184
17,755
5,907
3,342
2023
£
13,651
2023
£
2,827
885
4,016
7,728

23

ARMONICO CONSORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD ENDED 31 JANUARY 2025

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025
£
Bank loans and overdrafts (see note 17)
135,746
Trade creditors
64,045
Social security and other taxes
67,007
Other creditors
-
Accrued expenses
39,438
306,236
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
£
Bank loans (see note 17)
24,630
COVID debt (see note 17)
100,000
Other creditors
16,910
141,540		 2023
£
45,000
44,725
26,697
450
18,352
135,224
2023
£
32,963
140,000
6,748
179,711

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

17. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due within one year on demand:
Bank overdrafts
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
COVID debt - 1-5 years		 2025
£
24,667
111,079
135,746
24,630
100,000
124,630		 2023
£
-
45,000
45,000
32,963
140,000
172,963

18. MOVEMENT IN FUNDS

Unrestricted funds
Unrestricted Fund
Restricted funds
Restricted Fund
TOTAL FUNDS		 Net
movement
At 1/8/23
in funds
£
£
(239,871)
(704,682)
-
725,805
(239,871)
21,123		 Transfers
between
funds
£
728,50
(725,805)
-		 At
31/1/25
£
(218,748)
-
**(218,748) **

24

ARMONICO CONSORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD ENDED 31 JANUARY 2025

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
Unrestricted Fund
Restricted funds
Restricted Fund
TOTAL FUNDS
 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
545,035
(1,249,717)
(704,682)
725,805
-
725,805
1,270,840
(1,249,717)
21,123

Comparatives for movement in funds

Unrestricted funds
Unrestricted Fund
Restricted funds
Restricted Fund
TOTAL FUNDS		 Net
movement
At 1/8/22
in funds
£
£
(264,709)
(292,812)
-
317,650
(264,709)
24,838		 Transfers
between
funds
£
317,650
(317,650)
-		 At
31/7/23
£
(239,871)
-
(239,871)

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
Unrestricted Fund
Restricted funds
Restricted Fund
TOTAL FUNDS		 Incoming
resources
£
365,810
317,650
683,460		 Resources
Movement
expended
in funds
£
£
(658,622)
(292,812)
-
317,650
(658,622)
24,838

25

ARMONICO CONSORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD ENDED 31 JANUARY 2025

19. RELATED PARTY DISCLOSURES

Mrs C R Monks is a Trustee on the Board of Trustees and is the wife of Mr C Monks, the Artistic Director. During the year Cherry Street Productions Limited, of which Mr Monks is a director and controlling shareholder, provided services to the value of £66,873 (2023: £38,045). Mr Monks was paid a salary in his capacity as Artistic Director of £81,361 (2023: £52,194) during the year and a half.

Armonico Consort Limited is filing accounts with the period more than 12 months, this means that the comparatives will not be entirely comparable. The company is using a longer period to help secure funding.

Armonico Consort Limited was granted a dispensation for independent examination in place of an audit.

26

ARMONICO CONSORT LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 JANAURY 2025

2025
£
INCOME AND ENDOWMENTS
Donations and legacies
Donations
421,196
Grants
161,425
582,621
Investment income
Interest Received
10
Charitable activities
Concert and workshop income
611,451
Subscriptions
61,239
Merchandising income
15,519
688,209
Total incoming resources
1,270,840
EXPENDITURE
Raising donations and legacies
Other direct costs
73,566
Charitable activities
Wages
135,457
Other direct costs
1,034,004
Depreciation of tangible fixed assets
2,184
1,171,645
Support costs
Governance costs
Accountancy and legal fees
4,506
Total resources expended
1,249,717
Net income/(expenditure)
21,123		 2023
£
275,203
105,847
381,050
141
277,581
16,159
8,529
302,269
683,460
38,730
40,145
575,614
1,950
617,709
2,183
658,622
24,838

27