Digitally Signed Document Document ID: 7D93B2D293AF50
## Document Details
POLYPHON-Charity accounts (final)-LP- **Filename:** 20240610-163100-234.PDF **Client of:** Wilson Stevens Limited
## Signature Details
**Name:** Stephen Layton **Email:** stephenlayton2@gmail.com **Date & Time:** 26/06/2024 16:20:24 PM (BST) **IP Address:** 92.40.175.189 Stephen Layton agrees and approves the contents **Signing Statement:** of this document.
## Digital Certificate
The approved PDF file has been digitally certified.Please check the Digital Certificate information in your PDF viewer to verify the Digital Certificate authenticity and the PDF has not been tampered with.
|**On behalf of:**|Wilson Stevens Limited|
|---|---|
|||
|**PDF digital certificate:**|IRIS Software Group Limited|
|||
|**Digital certificate issued by:**|GlobalSign|
Please keep a copy of this document for your records.
**REGISTERED COMPANY NUMBER: 05253458 (England and Wales) REGISTERED CHARITY NUMBER: 1109303**
**Polyphony Limited (A Company Limited by Guarantee)**
**Report of the Trustees and**
**Unaudited Financial Statements**
**for the Year Ended 30th September 2023**
**Polyphony Limited**
## **Contents of the Financial Statements for the Year Ended 30th September 2023**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 3|
|**Statement of Financial Activities**|4|
|**Statement of Financial Position**|5|
|**Notes to the Financial Statements**|6 to 10|
**Polyphony Limited**
## **Reference and Administrative Details for the Year Ended 30th September 2023**
**Trustees** Mr M Bowen Ms C Counsell Mr S D Layton **Registered office** Prospect House 20 Long Street Great Ellingham Norfolk NR17 1LN **Registered company number** 05253458 (England and Wales) **Registered charity number** 1109303
-1-
## **Polyphony Limited**
## **Report of the Trustees for the Year Ended 30th September 2023**
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 year ended 30th September 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Objectives and activities**
The principal activities and objects of the charity are to advance the education of the public in the arts of choral, orchestral and other music by the promotion of concerts, recitals and recordings of high educational and artistic merit.
## **Achievement and performance**
## **Charitable activities**
The charity continued to promote suitable concerts, recitals and recordings throughout the year under review.
## **Financial review**
## **Financial position**
The charity's state of affairs is as set out on page 5. The charity showed a net increase in funds of £1,053 resulting in funds carried forward of £2,028.
## **Principal funding sources**
Aside from the income generated by the promotion of concerts, recordings and other similar activities, the principal funding sources for the charity are from donations.
## **Plans for future periods**
The charity will continue to fulfill its objectives in the same manner in the future, through the promotion of concerts and recitals.
## **Structure, governance and management**
## **Governing document**
The organisation is a charitable company limited by guarantee, incorporated on 7th October 2004 and registered as a charity. The company was established under a Memorandum of Association which sets out the objects and powers of the charitable company and is governed under its Articles of Association.
## **Recruitment and appointment of trustees**
The directors of the company are also charity trustees for the purposes of charity law. The trustees are not subject to retirement by rotation. The trustees are formally elected to the board of trustees at a full meeting of the trustees.
## **Induction and training of new trustees**
Current trustees are already familiar with the practical work of the charity. Prior to the appointment as a new trustee, the candidate is met by the individual trustees and officers of the charity to ensure that he/she is fully aware of the requirements and statutory duties of a trustee and to ensure that the person is suitable to hold such an appointment.
## **Risk management**
The trustees have discussed the major risks to which the charity is exposed and a formal risk register is being established, which will be updated at least annually. Systems and procedures have been established to mitigate the risks the charity faces. A strategic plan is being developed which will allow for the diversification of funding and activities to mitigate such risks should they occur. Internal control risks continue to be minimised by the implementation of procedures for overseeing and authorising major transactions and projects.
-2-
## **Polyphony Limited**
## **Report of the Trustees for the Year Ended 30th September 2023**
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 10th June 2024 and signed on its behalf by:
Mr S D Layton - Trustee
-3-
## **Polyphony Limited**
## **Statement of Financial Activities for the Year Ended 30th September 2023**
|**2023**
**Unrestricted**
**fund**
**Notes**
**£**
**Income and endowments from**
Donations and legacies
**3,125**
**Charitable activities**
Educational and artistic activities
**42,020**
Investment income
2
**21**
**Total**
**45,166**
**Expenditure on**
**Charitable activities**
3
Educational and artistic activities
**44,113**
**NET INCOME**
**1,053**
**Reconciliation of funds**
Total funds brought forward
**975**
**Total funds carried forward**
**2,028**|**_2022_**
**_Total_**
**_funds_**
**_£_**
_-_
_40,240_
_2_
_40,242_
_39,232_
_1,010_
_(35)_
_975_|
|---|---|
The notes form part of these financial statements
-4-
## **Polyphony Limited**
## **Statement of Financial Position 30th September 2023**
|||**2023**|**_2022_**|
|---|---|---|---|
|||**Unrestricted**|**_Total_**|
|||**fund**|**_funds_**|
||**Notes**|**£**|**_£_**|
|**Current assets**||||
|Cash at bank||**3,407**|_1,721_|
|**Creditors**||||
|Amounts falling due within one year|7|**(1,379)**|_(746)_|
|**Net current assets**||**2,028**|_975_|
|**Total assets less current liabilities**||**2,028**|_975_|
|**NET ASSETS**||**2,028**|_975_|
|**Funds**|8|||
|Unrestricted funds||**2,028**|975|
|**Total funds**||**2,028**|975|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 10th June 2024 and were signed on its behalf by:
Mr S D Layton - Trustee
The notes form part of these financial statements
-5-
**Polyphony Limited**
## **Notes to the Financial Statements for the Year Ended 30th September 2023**
## **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**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **Expenditure**
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises of those costs incurred by the charity so that it is able to deliver its activities and services for its beneficiaries. Expenditure includes the costs that are both directly related to the activities and services and additionally those costs that indirectly support these activities.
Support costs are those costs that are incurred in support of income generation and governance.
Governance costs are the costs related to the general running of the charity as an entity. They are the costs that allow the charity to operate and generate the information required for public accountability.
Costs, where possible, are allocated on a time or usage basis.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-6-
**Polyphony Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30th September 2023**
## **1. Accounting policies - continued**
## **Fund accounting**
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.
Income from investments is included in the year in which it is receivable
Income from charitable activities is derived from concerts and recitals. This is recognised when the concerts are performed. Unperformed concerts and recitals at the year end are deferred to the time when the concert is completed.
## **2. Investment income**
|**Investment income**|||
|---|---|---|
|**2023**
**£**
Bank interest receivable
**21**
**Charitable activities costs**
**Direct**
**Support**
**Costs (see**
**costs (see**
**note 4)**
**note 5)**
**£**
**£**
Educational and artistic activities
**43,260**
**853**
**Direct costs of charitable activities**
**2023**
**£**
Musicians' fees
**36,445**
Management fees
**3,633**
Venue hire
**665**
Other costs
**2,517**
**43,260**|**_2022_**
**_£_**
_2_
**Totals**
**£**
**44,113**|**_2022_**
**_£_**
_2_|
||**_2022_**
**_£_**
_33,100_
_2,991_
_838_
_1,648_||
||_38,577_||
## **3. Charitable activities costs**
## **4. Direct costs of charitable activities**
-7-
## **Polyphony Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30th September 2023**
## **5. Support costs**
|**Support costs**||||
|---|---|---|---|
|||**Governance**||
||**Finance**|**costs**|**Totals**|
||**£**|**£**|**£**|
|Educational and artistic activities|**90**|**763**|**853**|
|Support costs, included in the above, are as follows:||||
|||**2023**|**_2022_**|
|||**Educational**||
|||**and**||
|||**artistic**|**Total**|
|||**activities**|**activities**|
|||**£**|**_£_**|
|Bank charges||**90**|**_92_**|
|Sundries||**13**|**_13_**|
|Accountancy and legal fees||**750**|**_550_**|
|||**853**|**_655_**|
## **6. Trustees' remuneration and benefits**
There were no trustees' remuneration or other benefits for the year ended 30th September 2023 nor for the year ended 30th September 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30th September 2023 nor for the year ended 30th September 2022.
## **7. Creditors: amounts falling due within one year**
|Trade creditors
Other creditors|**2023**
**£**
**-**
**1,379**
**1,379**|**_2022_**
**_£_**
_130_
_616_|
|---|---|---|
|||_746_|
## **8. Movement in funds**
|**Movement in funds**||||
|---|---|---|---|
|||**Net**||
||**At**|**movement**|**At**|
||**1/10/22**|**in funds**|**30/9/23**|
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|General fund|**975**|**1,053**|**2,028**|
|**TOTAL FUNDS**|**975**|**1,053**|**2,028**|
-8-
## **Polyphony Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30th September 2023**
## **8. Movement in funds - continued**
Net movement in funds, included in the above are as follows:
||**Incoming**|**Resources**|**Movement**|
|---|---|---|---|
||**resources**|**expended**|**in funds**|
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|General fund|**45,166**|**(44,113)**|**1,053**|
|**TOTAL FUNDS**|**45,166**|**(44,113)**|**1,053**|
|**Comparatives for movement in funds**||||
|||**Net**||
||**At**|**movement**|**At**|
||**1/10/21**|**in funds**|**30/9/22**|
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|General fund|(35)|1,010|975|
|**TOTAL FUNDS**|(35)|1,010|975|
|Comparative net movement in funds, included in the above are as follows:||||
||**Incoming**|**Resources**|**Movement**|
||**resources**|**expended**|**in funds**|
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|General fund|40,242|(39,232)|1,010|
|**TOTAL FUNDS**|40,242|(39,232)|1,010|
## **9. Related party disclosures**
There were no related party transactions for the year ended 30th September 2023.
-9-
**Polyphony Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30th September 2023**
## **10. Limited by guarantee**
Polyphony Limited is a company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such an amount as may be required not exceeding £10 to the assets of the charitable company in the event of the company being wound up while he or she was a member, or within one year after he or she ceases to be a member.
-10-