Company registration number.. 05253458 Charity registration number.. 1109303 POLYPHONY LIMITED TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
Polyphony Llmltod Contents Page Reference and Adminislralive Detsils Trustees, Report Independent Examinerfs Report ststernent of Financial A¢tivities lincluding Income and Expenditure A¢¢ountl Balance Sheet Notes lo the Financial Stslemenls The following pages do not form part of the statutory accoLJnts'. Detailed Statement of Financial Actiwlies (including Income and Expenditure Account) 12
Polyphony Llmltèd Reference and Administrative Details For The Year Ended 30 September 2025 Trustees Mr S D Layton Mr M Bowen Ms C E Counsell Charity Number 1109303 Company Numbar 05253458 R•glstsred Offlce Prospect House 20 Long Street G81 Ellingham Norfolk NR171LN Independent Examiner David Halchard BA FCA Wilson Stevens Accountants Page 1
Polyphony Llmltèd Company No. 05253458 Trustees. Report For The Year Ended 30 September 2025 The tru51ees present their report and the financjal slalemen15 for the year ended 30 September 202$. ObJ•¢tlv&$ and A¢tlvltloS Aims and Objectives The principal activities and objects of the charity are lo advan 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. Achievements and Pèrfomianca Main Achievements The charity continued lo promote suitable concerts, recitals and recordings throughout the year under review. Flnanclal Rèvlaw Financial Position The charitys slate of affairs is as set out on page 5. The charity showed a net decrease in ftjnds of £6.526 resulting in funds carried forward of £5,418. Principal funding sources Aside frorn 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 futura p•rlod$ The charity will continue to fulfil its objectives in the same manner in the future, through the promotion of concerts and recitals Structure. Governance and Management Governlng Docum•nt The organisation is a ¢haritable ¢ompany limited by guarantee, in¢orKK)rated on 7th Odober 2004 and registered as a charity. The company was established under a Memorandum ofAssociation which sets out the objects and powers of the charitable company and is governed under its Articles of Assoaation. Trustee Selection Methods R¢¢ruitment and appointment of new trustees The directors of the company are also charity trustees for the purposes of charity law. The Iru51ees are not subject to retirement by rotation. The trustees are fomially elected to the board of trustees at a full meets'ng of the trustees. Indu¢tlon and tralnlng of n•w tru$teg$ Current trustees are already familiar with the practical work of the charity. Prior to the appointment as a new trustee, the candidate is mel by the individual trustees and officers of the charity to ensure that helshe is fully ..CONTINUED Page 2
Polyphony Llmltèd Trustees. Report Icontinuedl For The Year Ended 30 September 2025 Trustee Selection Methods . continued aware of the requirements and slalulory duties of a tru51ee and lo ensure that the person is suitsble lo hold such an appointment. Rl$k Managgmgnt The trustses have dis¢ussed the major risks to which the charity is gxposgd and a fomial risk register is being established, which will be updated at least annually. Systems and procedures have been estsblished to mitigate the risks the charity faces. A strategic plan is being developed which will allow for the diversification of funding and activities lo mitigate such risks should they occur. Internal control risks continue lo be minimi5ed by the implementslion of procedures for overseeing and authorising major transactions and projects. Small Company Rules This report has been prepared in accordan with the special provisions relating to companies subject to the small companies regime within Part 1 S of the Companies Act 2006. The trustees. report was approved by the board of trustees and signed on ils behalf by.. Mr S D Layton Trustee 6th July 2026 Page 3
Polyphony Llmltèd Independent Examinerfs Report to the Trustees of Polyphony Limited For The Year Ended 30 September 2025 I report lo the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2025. Responslbllltles and Bas1$ of Report As the charity trustees of the Company land also its diredors for the purposes of ¢ornpany lawl, you are responsible for the preparation of the a¢¢ounts in awrdance with the requirements of the Companies A¢i 2006 I'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 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent Examinerfs Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination 9iving 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 'lrue and fair view which is not 8 matter considered as part of an independent examination., or 4. the accounts have not been prepared in ac¢ordan¢e with the methods and prin¢iple$ of the St2tement 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 IFRS 1021. I have no concems and have come acr055 no other matters in ¢J)nneclion with the examination lo which attention should be drawn in this reFK>rt in order lo enable a proper understanding of the accounts lo be reached. David Halchard BA FCA 6th July 2026 Page 4
Polyphony Llmltèd statement of Financial Activities (including Income and Expenditure Account} For The Year Ended 30 September 2025 2025 2024 Unrestricted Unrestricted funds fund5 Notes INCOME AND ENDOWMENTS FROM.. Donations and legacies Charitable aclivities-. 224 15,520 Educational and artistic activities Investments 27,515 250 46,165 179 27,989 61,864 EXPENDITURE ON: Charitable artivities.. Educational and artistic activilies 135.1151 149,9201 NET {EXPENDITUREIIINCOME 17,1261 11,944 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward 17,1261 11,944 13,972 2,028 TOTAL FUNDS CARRIED FORWARD 12 13,972 The notes on pages 7 to 11 form part of these financial ststements. Page 5
Polyphony Llmltod Balance Sheet As At 30 September 2025 2025 2024 Unrestricted Total fund5 fund5 Notes CURRENT ASSETS Debtors Cash at bank and in hand 10 520 12,409 15,916 12,409 16,436 Crodltors: Amounts Falllng Duo Wlthln Ong Yaar 11 15.5631 12,4641 NET CURRENT ASSETS {LIABILITIESI 6,846 13,972 TOTAL ASSETS LESS CURRENT LIABILITIES 6,846 13,972 NET ASSETS 6.846 13,972 FUNDS OF THE CHARITY Unreslri¢ted Funds 6.846 13,972 TOTAL FUNDS 12 6,846 13,972 For the year ending 30 September 2025 the charitable company was enb'lled lo exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the MPanY lo obtsin an audit in accordance with section 476 of the Companies Act 2006. The Iruslees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. On behalf of the board Mr S D Layton Trustee 6th July 2026 The notes on pages 7 to 11 fom part of these financial statements. Page 6
Polyphony Llmltèd Notes to the Financial Statements For The Year Ended 30 September 2025 1. General Information Polyphony Limited is a company limited by guarantee, incorporated in England & Wales, registered number 05253458 and registered charity number 1109303. The registered office is Prospect House, 20 Long Street, Great Ellingham, Norfolk. NR17 1 LN. 2. Accounting Policies 2.1. Basis of Preparation of Financial Statements The financial stslemenls have been prepared in ac¢x>rdance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities". Slalemenl of Recommended Practice applicable lo Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the CopanieS Act 2006. The charitable company is a Public Benefit Entity as defined by FRS 102. 2.2. Fund Accounting All incoming resources are included in the statement of financial activrf(ies when the charity is enlilled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Voluntary income is received by way of grants, donations and gifts and is included in full in the slalemenl of financial activities when receivable. Grants where enlifjemenl is not conditional on the delivery of a specific performance by the charity, are recognised when the charity coMeS unconditionally entided to the grant. Donated services and facilities are included al the value lo the charity where this can be quantified. The value of ServIS provided by volunteers has not been included. Gifts donated for resale are included as incoming resources within aclivilie5 for generating fund5 when they are sold. Income from investments is included in the year in which it is re1vable Income from charitable activities is derived from concerts and recitals. Thi5 is recognised when the concerts are performed. Unperforrned concerts and recitals al the year end are deferred lo the lime when the cOnrt is completed. 2.3. Incomlng Re$ourc•$ All incoming resources are induded in the statement of financial a¢tivities when entidement 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 trie reliably measured. The following specific policies are applied 10 particular categories of income.. Income from donations or grants is recognised when there is evidence of entillemenl to the gift, receipt is probable and ils amount can be measured reliably. Legacy income is recognised when receipt is probable and enlillement Is estsblished. Income from donated goods is measured at the fair value of the goods unless thi5 is impractical lo measure reliably. in which case the value is derived from the Cost to the donor or the estimated resale value. Donated fa¢ilities and services are recognised in the a¢counts when re¢eived if the value can be ..CONTINUED Page 7
Polyphony Llmltèd Notes to the Financial Statements Icontinuedl For The Year Ended 30 September 2025 2.3. Incorning Resources - continued reliably rlleasured. 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 unreslricled funds unless there is a contractual quIreMent for il lo be spent on a particular purpose and lumed rf unspent, in which case il may be regarded as $trICted. 2.4. Rg$our¢g$ Expgndod 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 Ihose costs incurred by the charity so that it is able to deliver its activilies and services for its beneficiaries. Expenditure includes the costs that are bolh directly related lo the activities and services and additionally those costs that indirectly support these activities. Support costs are those costs that are incurred in SUPPDrt of income generation and governan. Govemance costs are the costs related to the general running of the charity as an entity. They are the cost5 that allow the charity lo operate and generate the information required for public accountsbility. Costs, where possible, are allocated on a lime or usage basis. 2.5. Taxation The charity is exempl from lax as all ils income is charitsble and applied for charitable purposes. 3. Income from Donations and Legacie5 2025 2024 Unrestricted Unrestricted funds funds Donations and gifts 224 15,520 4. Investment Income 2025 2024 Unrestricted Unrestricted funds funds Bank interest receivable 250 179 Page 8
Polyphony Llmltèd Notes to the Financial Statements Icontinuedl For The Year Ended 30 September 2025 5. Analysis of Expenditure 2025 Activities undertaken Support dlre¢tly costs (see note 61 (see note 71 Total Educational and artistic activities 33,631 1,484 35,115 2024 Activities undertaken Support directly ¢osts (see note 61 (see note 71 Total Educational and artistic activities 49,136 784 49,920 6. Dlr•¢t Co$t$ 2025 Educational and artistic activities Cost of goods sold General admini5tralion Interest payable 28,952 4,624 55 33,631 2024 Educational and artistic activities Cost of goods sold General administration Interest payable 46,426 2,707 49,136 Page 9
Polyphony Llmltèd Notes to the Financial Statements Icontinuedl For The Year Ended 30 September 2025 7. Support Costs 2025 Educational and arti$ti¢ a¢tlvltles General administration 1,484 2024 Educational and artistic activities General administration 784 8. Independent Examiner's Reffluneration 2025 2024 Independent examination of the financial statements 600 9. Average Number of Employees Average number of employees during the year was.. NIL12024'. NIL) 10. Debtors 2025 2024 Due within one year Other debtors 520 11. Creditors: Amounts Falling Due Within One Year 2025 2024 Trade creditors 301 other creditors 3,013 2,550 2,163 Accruals and deferred income 5,563 2,464 Page 10
Polyphony Llmltèd Notes to the Financial Statements Icontinuedl For The Year Ended 30 September 2025 12. Movement in Funds Asat1 October 2024 Asat30 September 2025 Income Expenditure Unrestricted funds General.. General unrestricted fund 13,972 27,989 135,1151 6,846 Total funds 13,972 27,989 135,1151 6,846 Asat1 October 2023 Asat30 September 2024 Income Expenditure Unrestricted fvnds General.. General unreslri¢ted fund 2,028 61,864 149,9201 13,972 Total fund$ 2,028 61,864 149,9201 13,972 13. Transactions with Trustees None of the trustees CeIved any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year. No trustee expenses have been incurred. 14. Related Party Dixlosures There were no related party transactions for the year ended 30th September 2025. 15. Company limited by guarantee Polyphony Limited 15 a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes lo contribute such an amount as may be required not exceeding £10 10 the assets of the ¢haritable 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. Page 11
Polyphony Llmltèd Detailed Statement of Financial Activities lincluding Income and Expenditure Account) For The Year Ended 30 September 2025 2025 2024 Total funds Total funds INCOME AND ENDOWMENTS FROM: Donations and legacies Donations and gifts 224 15.520 224 15,520 Charltablè Actlvltl•s'. Educational and artistic activities Concert promotion - income 27,515 46,165 27,515 46,165 Investments Bank interest receivable 250 179 250 179 27,989 61,864 EXPENDITURE ON: Charitablo Activities.. Educational and artistic activities Musicians. fees 123,0681 139,1341 13,7311 13,5611 12,7071 131 Venue hire other costs 15,8841 14,6241 1551 16001 18001 1841 Management fees Bank charges Independent examiner's fees Accountancy fees Sundry expenses 17501 1341 135,1151 149.9201 135,1151 149,9201 NeT IExpeNDITURE}IINCOME 17,1261 11,944 Page 12