NOTTINGHAM SYMPHONY ORCHESTRA (A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Charity Number 1108791 Company Number 4856202
NOTTINGHAM SYMPHONY ORCHESTRA TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees, who are also Directors of the company for the purposes of the Companies Act 2006, submit their annual report and financial statements for the year ended 31 August 2023.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Nottingham Symphony Orchestra (‘the Orchestra’) is a registered charity with number 1108791. It is also registered in England and Wales as a company limited by guarantee with number 4856202. It was incorporated on 5 August 2003.
The governing document of the Orchestra is its Articles of Association, covering its membership and administrative matters relating to its constitution and operation.
The Orchestra has no shareholders. Under the Articles of Association, every member undertakes to contribute if necessary an amount not exceeding £10 in the event of the Orchestra being wound up as a contribution to its debts and liabilities and the costs of winding up.
In the event of there being surplus assets on winding up these may not be transferred to members but must be distributed to another charity with similar objects.
There is no upper limit to the number of Trustees, subject to there being a minimum of four. In each year the longest-serving Trustee stands down, but is eligible to be reelected and to serve for a further term of office.
The day-to-day management of the Orchestra is in the hands of an executive committee, which comprises the Chairman, the Honorary Secretary, the Honorary Treasurer, and a number of other members, appointed by the Trustees and approved by the membership at the subsequent AGM. There is no upper limit to the size of the executive committee, and additional people may be co-opted to it as necessary (including, if appropriate, nonmembers of the Orchestra). The Musical Director and leader of the orchestra are invited to attend all committee meetings.
The following served as company directors and charity trustees throughout the year: Adrian Benselin
Alison Devlin Ben McCullough Nicholas Gibson Sandra Adams
The following served as committee members throughout the year except as specified: Chair Tim Boswell – to 12 March 2023 Ben McCullough – from 12 March 2023 Secretary Ben McCullough - to 12 March 2023 Alice Warwick and Mike Nunn – from 12 March 2023 Treasurer Adrian Benselin Alice Warwick Amber Frost Heather Parkin James Waldron John Lock Sandra Adams Sarah McCullough Abaigh McKee - resigned on 19 September 2022 Andy Knight – resigned on 17 February 2023
Mike Nunn - appointed on 19 September 2022 Anna Bruce - appointed on 14 April 2023 Elissar Khalife - appointed on 14 April 2023 Nataly Stevens - appointed on 14 April 2023
The Orchestra has a wholly owned subsidiary, Nottingham Symphony Orchestra (OTR) Ltd (‘the production company’). The purpose of the production company is to produce concerts on behalf of the Orchestra and to take advantage of orchestra tax relief (OTR), a concession made available by HMRC for the creative industries. OTR incentivises the production of orchestral concerts – and amateur orchestras are specifically referenced in the legislation.
The following served as directors of the production company throughout the year: Adrian Benselin Ben McCullough Sandra Adams Sarah McCullough
Group accounts have not been prepared. The results and balance sheet of the production company are shown as a note to the accounts.
OBJECTIVES
The Orchestra’s objects are to promote, foster, improve and advance public education in the art and science of music, singing, and dance and the arts, and in connection therewith to operate an amateur orchestra of a charitable nature only. It achieves these objects by operating a rehearsal orchestra with a paid conductor and leader which meets weekly and usually gives four or more public concerts each year.
ACTIVITIES
The Orchestra gave four concerts during the year, as follows.
St Marys Church, Nottingham, 5 November 2022
Greig Peer Gynt suite (extracts) Khachaturian Adagio - Spartacus and Phrygia Glazunov Violin concerto Borodin Symphony no 2
Southwell Minster, 26 November 2022
'Last Night of the Proms' in support of Bingham & District Choral Society; programme included: Elgar The Music Makers Bernstein Candide overture Khachaturian Adagio - Spartacus and Phrygia Elgar Pomp & Circumstance March No 1
Southwell Minster, 1 April 2023
in support of Bingham & District Choral Society; programme included: Vaughan Williams Five Variants on Dives and Lazarus Parry - I was Glad and Blest Pair of Sirens Vaughan Williams A Sea Symphony
St Marys Church, Nottingham, 8 July 2023
Arnold Tam O'Shanter and Four Cornish Dances Bruch Scottish Fantasy MacCunn Land of the Mountain and Flood Vaughan Williams English Folk Song Suite Elgar Cockaigne overture
The July concert saw the Orchestra bid farewell to Derek Williams, Musical Director for the last 40 years. The Orchestra recognises his contribution during this time and wishes him all the very best in his continuing musical activities.
FUTURE PLANS
The Orchestra plans to give five concerts in 2023/24. One of these concerts is to be given in support of other music groups, for which the Orchestra will receive a fee for playing, as opposed to bearing the financial risks and rewards of promoting its own concerts.
The concerts will feature five separate conductors: two guest conductors, and three candidates short-listed through a robust process to appoint a new Musical Director.
FINANCIAL REVIEW
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.
The Orchestra invariably loses money on each concert that it promotes, and in normal circumstances it is the members’ subscriptions, sponsorship, and miscellaneous income, combined with concerts that the orchestra performs for other bodies, that enable it to continue on a sound financial basis. The Orchestra also takes full advantage of gift aid on members’ subscriptions, and orchestra tax relief.
Smaller than expected overall concert deficits allowed the Orchestra to generate a surplus for the year.
The Trustees ensure that the costs and operational risks of putting on concerts are kept fully in mind, and they are consulted about the budgeted costs for each concert. Sponsorship continues to be extremely difficult to attract in the present economic climate. However, the Orchestra has adequate reserves to enable it to operate and provide musical services to the area and playing experience to its members.
The Trustees have determined that a minimum level of reserves should be maintained such that the Orchestra is able to pay any irrecoverable costs in the event that a concert has to be cancelled. At 31 August 2023 the Orchestra’s general fund stood at £30,462 which is well in excess of the level set by the Trustees.
The Trustees have complied with their duty to have due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant, and will continue to keep closely under review the finances of each concert and the budget for the year.
REGISTERED OFFICE
3 Maylands Avenue Breaston Derbyshire DE72 3EE Signed on behalf of the Trustees:
Adrian Benselin 12 February 2024
Nottingham Symphony Orchestra
Statement of Financial Activities for the year ended 31 August 2023
| INCOME Member subscriptions including gift aid Friends of NSO Bank and Building Society interest Donations and other income Concert income EXPENDITURE Making Music membership & insurance Cost of non-concert rehearsals Miscellaneous expenditure Retirement of outgoing Musical Director Recruitment of new Musical Director Other professional fees Concert expenditure Prior years including release of unpaid creditors Net income / expenditure for the year Balance brought forward Balance carried forward |
2022 £ £ £ £ General activities Concerts Total Total 10,514 10,514 9,646 295 295 252 530 530 204 1,835 1,835 196 14,252 14,252 12,678 13,174 14,252 27,426 22,977 280 280 94 178 178 749 413 413 462 438 438 - 240 240 - 2,602 2,602 - 20,860 20,860 21,389 -400 -400 -636 4,151 20,460 24,611 22,058 9,023 -6,208 2,815 918 27,647 26,729 30,462 27,647 Unrestricted funds 2023 |
|---|---|
Nottingham Symphony Orchestra
Balance sheet at 31 August 2023
| Debtors - amounts falling due within one year Prepayments Cash at bank Cash at Building Society - 30 days notice account Investment in subsidiary Current assets Creditors: trade creditors falling due within one year Total assets less current liabilities Retained surplus - unrestricted funds |
2023 £ 3,093 151 4,767 23,449 1 31,461 -999 30,462 30,462 30,462 |
2022 £ 3,763 121 4,785 22,068 1 |
|---|---|---|
| 30,738 -3,091 |
||
| 27,647 | ||
| 27,647 | ||
| 27,647 |
For the year ended 31st August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The accounts were approved by the Board of Directors on 12 February 2024.
Adrian Benselin
Director
Nottingham Symphony Orchestra company number 4856202
The accompanying notes form an integral part of these accounts.
Nottingham Symphony Orchestra
Notes to the Financial Statements for the year ended 31 August 2023
1 Accounting policies
Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with:
• the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); and
- the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
Subscriptions
Subscriptions are accounted for in the year in which they are receivable.
Incoming resources from tax recoverable via gift aid are included in the Statement of Financial Activities (SoFA) at the same time as the income to which they relate.
Other incoming resources
These are included in the SoFA when:
-
the Orchestra becomes entitled to the resources;
-
the trustees are virtually certain they will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
Where incoming resources have related expenditure (for example, concerts) the incoming resources and related expenditure are reported gross in the SoFA.
2 Concerts
| Concerts | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Income | ||
| net ticket sales | 5,599 |
11,386 |
| programme sales | 328 | 474 |
| programme adverts | 125 | 275 |
| Sponsorship | 8,200 | 550 |
| Refreshments | - | -7 |
| 14,252 | 12,678 | |
| Expenditure | ||
| Commissioning fees payable to subsidiary | 20,860 | 21,389 |
Note 3 explains the basis of the commissioning fees payable to the subsidiary.
3 Activities carried out by the subsidiary company
The wholly owned trading subsidiary Nottingham Symphony Orchestra (OTR) Ltd was incorporated in the United Kingdom on 20 December 2017 (company number 11120150). Under the terms of a Production Agreement, it pays all the costs relating to eligible concerts, claims orchestra tax relief from HMRC and receives commissioning fees from the charity such that it breaks even over the year.
The summary financial performance of the subsidiary alone is:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income | ||
| Commissioning fees from | ||
| charity | 20,860 | 21,389 |
| Total income | 20,860 | 21,389 |
| Expenditure | ||
| Soloists, conductor, leader | 7,060 | 7,690 |
| Hire of concert venues | 3,125 | 7,025 |
| Hire of rehearsal hall and sectionals | 3,313 | 4,071 |
| Hire of music, instruments, extra players | 9,388 | 6,163 |
| Advertising and publicity | 1,455 | 1,641 |
| Commission | - | 500 |
| Tax return fees | 550 | 500 |
| Other costs | 554 | 556 |
| Total expenditure | 25,445 | 28,146 |
| Net loss before | ||
| taxation | 4,585 | 6,757 |
| Orchestra Tax Relief | 4,585 | 6,757 |
| Net loss after taxation | - | - |
| Loan from charity | -2,972 | -3,676 |
| Other current assets | 8,771 | 9,273 |
| Other current liabilities | -5,798 | -5,596 |
| Share capital and reserves | 1 | 1 |
| (shown as an investment in the books of the charity) |
For the year ended 31st August 2023 the subsidiary company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 4 Debtors – amounts falling due within one year | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| Amount owed by subsidiary company | 2,972 | 3,676 |
| Other debtors | 121 | 87 |
| 3,093 | 3,763 |
5 Share capital
The company is limited by guarantee. At 31 August 2023 78 members had each guaranteed the sum of £10 which will be payable to the company in the event of the company being wound up.
6 Trustees remuneration and expenses
No Trustees / Directors nor any person connected with them has received any remuneration in the year (2021/22 £0).
No Trustees / Directors claimed any reimbursement of expenses in the year (2021/22 £0).
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NOTTINGHAM SYMPHONY ORCHESTRA
I report to the charity trustees on my examination of the accounts of Nottingham Symphony Orchestra (the Company) for the year ended 31 August 2023.
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 of the company 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 the 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
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
Alison Taylor 10 Arlington Drive Nottingham NG3 5EN 12 February 2024