OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Pro Corda Trust

2023-09-30-accounts

Company Registration No. 05829570 (England and Wales)

Registered Charity Number: 1116213

PRO CORDA TRUST ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

PRO CORDA TRUST

CONTENTS

Page
Legal and administrative information 1
Report of the Chief Executive Officer 2
Report of the Trustees 3-8
Independent Auditor’s Report 9-11
Consolidated Statement of Financial Activities 12
Consolidated and Trust Balance Sheet 13
Consolidated Cash Flow Statement 14
Notes to the Financial Statements 15-28
The following pages do not form part of the statutory financial statements
Detailed Income and Expenditure Account 29-30

PRO CORDA TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2023

Charity name: Pro Corda Trust Registered Charity number: 1116213 Registered Company number: 05829570 Registered Office : Leiston Abbey Theberton Leiston Suffolk IP16 4TD Telephone : 01728 831354 Email : mail@procorda.com Website: www.procorda.com Co-Founders: P Spofforth, MBE (deceased) B G Hewlins, MBE (deceased) Trustees: C Elkins (appointed 7 June 2023, resigned 3 April 2024) B Van Cong (appointed 25 May 2023, resigned 20 March 2024) G J Bowler (Chair) D C Ballance (Honorary Secretary) K A Daley J K Fenoulhet J E Shirras P Turner (resigned 1 June 2024) R M Riley (appointed 18 January 2024) Chief Executive Officer: A Quartermain Auditors: Ensors Accountants LLP Connexions 159 Princes Street Ipswich IP1 1QJ Bankers: Royal Bank of Scotland Drummond House (AB) Branch Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN Solicitors: Marshalls 102 High Street Godalming Surrey GU21 1NL

1

PRO CORDA TRUST REPORT OF THE CHIEF EXECUTIVE OFFICER FOR THE YEAR ENDED 30 SEPTEMBER 2023

This year saw a transition period for the Trust as plans were finalised for a new schools facing model as of September 2023, and coinciding with upgrades commencing at the Leiston Abbey site.

The year saw all the usual residential courses at Leiston Abbey, together with the launch of the new venue for the Trust’s Pro Corda North activities in Lancashire. The final summer chamber music course season at Leiston Abbey for now ran in August. These courses will be based at regions across the country as of 2023-24 – and for the foreseeable future. As well as allowing for development works, this new model also allows for further and enhanced access to Pro Corda’s core programme from those from families within the lowest income brackets. To this end, a new Access Fund was launched during the year, to work with the bursaries and scholarships grant funds received to increase the number of fully funded places on offer.

The new model launched in September also sees a big new development for Pro Corda’s Outreach programme. From September, the Create Together courses serving young people with additional needs traditionally held at Leiston Abbey will take place as In-School Residencies. Already within September, this shift saw a five-fold increase in access for these cutting edge courses.

The Trust continued to work with EDF during the year – as it will do moving forward – to provide the best possible mitigation for the Sizewell C development now commencing close to Pro Corda’s base at Leiston Abbey.

As ever, Pro Corda Trust remains so grateful to its grant funders and many other supporters who believe in its mission as the national Chamber Music School – and to allow this unique curriculum to be offered to all of society.

Significant recent development

The Trust recently undertook valuation of its property asset in the context of commencement of the Sizewell C development. The proximity of the Leiston Abbey site to the Sizewell construction and worker campus has caused a significant write-down of the property valuation which is fully reflected in Note 11 to these accounts. The Trust is consulting with its advisors with a view to determining what action it can take to mitigate the situation. The write-down has had no impact on working capital or cash.

==> picture [425 x 132] intentionally omitted <==

2

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Trustees are pleased to present their annual Trustees’ Report together with the consolidated financial statements of the Trust and its subsidiary (together the “Group”) for the year ended 30 September 2023 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Statement of Recommended Practice (“SORP”) applicable to charities preparing their accounts in accordance with FRS 102 “the Financial Reporting Standard applicable in the UK and Republic of Ireland.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and administration

Pro Corda Trust is a charitable company limited by guarantee, incorporated on 26 May 2006 and registered as a charity on 26 September 2006. The Charity was established under a Memorandum of Association which established the objectives and powers of the charitable company and is governed by its Articles of Association. On 29 September 2006 the assets and liabilities of the original charity (Charity Number 313772) were transferred into Pro Corda Trust. In the event of the winding up of the Trust, each member’s liability is limited to £10.

The Trustees, who are also the directors for the purposes of company law, have all served in office throughout the year and to the date of this report, except where indicated on the Legal and Administrative page, which is included as part of this report.

Investment powers, policy and performance

The Trustees’ investment powers are governed by the constitution. Pro Corda Trust currently maintains its liquid resources in banks with stable reputations.

Method adopted for the recruitment and appointment of new Trustees

When a vacancy arises, existing Trustees, the Chief Executive Officer, Course Directors, and other interested parties are invited to put forward the names of suitable candidates. The Trustees will also approach suitable recruitment agencies if felt appropriate.

Candidates are invited to submit a CV and to indicate how they might assist in the furtherance of the principal objectives of the Trust. They are subsequently invited to a Trustees’ meeting. Following the meeting, those candidates still interested are discussed by the existing Trustees and a choice is made if there is more than one candidate for a particular vacancy.

Policies and procedures adopted for the induction and training of new Trustees

The Group has only limited resources and does not offer a formal induction programme and training for new Trustees who are generally expected to already have the skills necessary to perform their duties. Comprehensive information on Pro Corda’s background, current activities, operational guidelines and development plan are provided for new Trustees upon their appointment.

The Group is prepared to consider sponsoring any Trustee who wishes to undertake external training geared to improving his or her contribution in the governance of the Group.

Organisational structure

The Trustees aim to have amongst their number a diversity of skills and professions to enable them to fulfil their obligations. Trustees add value by assuming responsibilities commensurate with their experience. They delegate the day-to-day running of the Trust and Pro Corda Ventures Limited to the Chief Executive Officer, Andrew Quartermain, who provides detailed and timely feedback on progress against their expectations.

The key management personnel of the Group comprise the Trustees and the Chief Executive Officer who is appointed by the Trustees to manage the day-to-day activities of the Group.

The pay of senior staff is reviewed annually by the Trustees.

3

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

Relationship between the Trust and its subsidiary

Pro Corda Ventures Limited exists to provide a financial contribution to the Trust in the form of trading income from lettings, including wedding receptions and outside courses.

During the year it made an operating profit of £1,412 (2022: loss of £9,480). Please see note 4 to these accounts for details.

Grant making policy

This year, the Trust awarded £40,616 (2022: £94,979) of scholarships and bursaries. The Trustees’ policy is to make these awards on the basis of musical ability, financial need and subject to the restrictions imposed by the original donor of the funds.

Course
Prep
Primary
Junior
Intermediate / Prep
Senior
Combined
Pro Corda North
Pro Corda West
Cello / Viola
Violin Plus
YSE
Core Course Student Development		 Total Funding
2023
2022
£
£
1,194
-
1,672
4,783
3,832
5,787
7,317
5,742
3,582
970
1,666
2,160
6,753
3,856
593
11,397
-
608
2,419
1,987
795
957
10,793
56,732
40,616
94,979		 Number of Students
2023
2022
7
-
8
9
6
12
17
12
8
6
3
5
14
9
5
17
1
3
6
5
4
4
69
85
148
167

OBJECTIVES, ACTIVITIES AND PERFORMANCE

Pro Corda Trust was founded in 1969 and exists to provide for and conduct the education of young persons and others in the whole art, philosophy and theory of music, particularly chamber music.

To fulfil the purpose set out above, for which the Trust was established, its long-term strategy is to provide a continuous and progressive programme of education through the medium of chamber music. The more detailed aims and objectives of the Trust are therefore to provide:

All of the above are provided either at the Trust’s administrative base at Leiston Abbey, Suffolk, online, or increasingly at locations across the country. All courses employ leading international artists and musicians at the forefront of their fields.

The Trust’s work employs a holistic approach and is based on the core principles of ensemble training the person and his/her social interaction, as well as the musician. Its central mission is to unleash the wider social benefits of chamber music in terms of participation, access and learning. The Trust also has a passionate belief in equality of access and opportunity in the arts. Its aim is to assist all young people to access, experience, and participate in the highest quality professional performances and music-making opportunities.

In setting aims and objectives of the Trust and planning its activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging. Please see the Report of the Chief Executive Officer for details of activities and performance during the year.

4

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

Board policy and Fundraising

The policy of the Trustees is to raise finance to make the continued running of the courses viable through:

The Trustees will maintain their focus on the financial viability and growth of the Charity through careful and regular review of its cashflow and cost base, taking appropriate action where necessary.

The Trustees monitor closely all the activities of the Trust and its subsidiary.

Activities and Achievements

In the year, Pro Corda had 760 students (2022: 973) attending courses, analysed as follows:

2023 2022
At Leiston Abbey, Suffolk:
Adult Piano (October) 10 7
Pro Corda Viola (October) - 1
Pro Corda Piano Plus (October) 6 9
Pro Corda Cello Plus Course (October) 10 14
Young carers (Autumn) - 3
Piano Sanctuary (November) 5 4
Combined Course (January) 13 26
Young Carers (January) 3 3
Piano Sanctuary (January) 7 4
Pro Corda Violin (February) 12 19
Clarendon School 17 -
Piano Sanctuary (March) 3 5
Primary 1 (April) 17 27
Alde Valley Pro Corda Academy Pilot (March- - 50
July)
Young carers (April) 3 3
Piano Sanctuary (April) 6 5
Saxmundham Free School (April) 35 35
Sunnydown School (May) - 19
Castle East School (May) 70 70
Garston School (May) - 22
Junior 1 (May) 19 29
Shrubberies 21 -
Parkwood 40 -
Piano Sanctuary (May) 4 5
YSE Preparatory (May) - 4
Preparatory (May) 23 43
Adult Piano / Piano Sanctuary (June) 4 5
Kingswode School (June) - 22
Brentwood School (June) 38 60
St Albans School (June) - 25
St Nicholas School (June) 18 27
Sunnydown School (June) - 12
Music Makers (June) - 12
Piano Sanctuary (July) 7 6
CSCIC Youth 16 -
Centre Academy 10 -

5

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

Woodside Academy
Primary 2 (July)
Young Carers (July)
Junior 2 (July / August)
Intermediate 2 (August)
Senior 2 (August)
Pro Corda Plus Violin (August)
Adult Piano / Piano Sanctuary (September)
PCC Chamber Residency
Activities Unlimited
At Sedburgh School, North Yorkshire:
Pro Corda North (August)
At Wells Cathedral School, Somerset:
Pro Corda West (August)
In London:
Y.S.E
Total		 20
16
3
21
44
25
24
7
13
47
29
-
94
760		 -
41
3
38
28
33
36
7
-
77
24
30
80
973

In addition to the above courses, Pro Corda had attendees at the following activities:

Chamber Music Festival
Total		 473
473		 475
475

FINANCIAL REVIEW AND PLANS FOR THE FUTURE

Financial Activities and Results

Unrestricted reserves stood at £268,205 (2022: £2,205,701) following a deficit in the year of £1,937,496 (2022: deficit of £9,352). Restricted reserves stood at £108,935 (2022: £86,010) following a surplus in the year of £22,925 (2022: surplus of £39,407). Plans for the future are discussed in more detail in the Report of the Chief Executive Officer.

Reserves

Notes 18 to 21 to the financial statements show the assets and liabilities attributed to the various funds by type and also define the various funds in the Group and summarise the year’s movement on each fund. The Group’s unrestricted funds as at 30 September 2023 amounted to £268,205 (2022: £2,205,701). The Group has tangible fixed assets, predominantly the site at Leiston Abbey, underlying its unrestricted funds valued at £550,000 (2022: £2,440,382) following the impairment loss recognised in the year. The reduced use of the Abbey for musical courses combined with the closeness of the Sizewell C project led the trustees to seek a professional accounting valuation of the Abbey and associated barn. The trustees have impaired the Abbey and associated barn which was previously valued at its deemed costs, down to the valuation provided by the professional valuer. Given the nature of the Abbey there are significant assumptions and judgements in the calculation of this valuation, which the trustees have placed reliance upon the professional expert. It is the Trustees’ continuing objective to increase the level of unrestricted reserves over time to ensure that the Group is secure financially in the long term.

Going concern

The trustees have considered the financial position, including the net current liabilities of £214,034 (2022: £148,671), the negative free reserves of £322,969 (2022: £234,681), the Sizewell C monies received post year end, and have considered both the Group and the Charity to be a going concern. Thus, the Trustees have continued to adopt the going concern basis of accounting in preparing the financial statements.

Further details are disclosed in accounting policy b).

6

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

Risk management

The Trustees examine the major risks the Group faces each financial year when preparing and updating the strategic plan. The Group has adequate systems and procedures in place to control these risks to mitigate any impact that they may have on the Group in the future. Attention is focussed on financial risks to ensure that the Group has sufficient funds to conduct its activities. Attention is also on nonfinancial risks such as those related to staff, the service provision and the site.

Fundraising

The Group follows the Fundraising Regulator’s Code of Fundraising Practice. All fundraising is undertaken by the Group’s staff. We have not received any complaints regarding our fundraising activities and we always take steps to ensure we treat all supporters fairly and transparently, especially if we believe they may be in a vulnerable position.

Statement of Trustees’ responsibilities

The Trustees (who are also the directors for the purposes of company law) are responsible for preparing the Trustees’ annual report and financial statements in accordance with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Charities SORP.

Company law requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of both the Trust and the Group and of the incoming resources and application of resources, including the income and expenditure, of the Trust for that period. In preparing the financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of both the Trust and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of both the Trust and the Group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the Trustees are aware at the time of approving our Trustees’ annual report:

7

PRO CORDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Trustees’ Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Signed by order of the Trustees

K Daley

Approved by the Trustees on 25 July 2024

8

PRO CORDA TRUST INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRO CORDA TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2023

Opinion

We have audited the financial statements of Pro Corda Trust (the ‘Charitable Company’) and its subsidiary (the ‘Group’) for the year ended 30 September 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Trust Balance Sheets, the Consolidated Cash Flow Statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of both the Charitable Company and Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibility and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

9

PRO CORDA TRUST INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRO CORDA TRUST (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of both the Group and Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing both the Group and Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We have obtained sufficient knowledge of the culture, systems, controls, which have been confirmed via walkthrough testing and operations of the charity, to ensure that our audit testing was suitably tailored to the charity.

The engagement partner ensured the audit team collectively had the required experience, knowledge and competence to undertake the assignment as planned and to identify any material misstatements including those due to irregularities.

10

PRO CORDA TRUST INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRO CORDA TRUST (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

From the work performed, including discussions with management and our knowledge and expertise in the charity sector, we have obtained an understanding of the legal and regulatory framework the Charity operates in.

The tailored testing is based on the knowledge we obtained from our audit planning and risk assessments. The testing included specific tests of detail based on the Charity’s systems, proofs in total and supportive analytical procedures. The testing provided us reasonable assurance that the financial statement are free from material misstatements. This included identification of areas of higher risk, or where there are higher levels of uncertainty regarding estimates or judgements.

It is however primarily the responsibility of the trustees to ensure that the charity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the Members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Members as a body, for our audit work, for this report, or for the opinions we have formed.

Malcolm McGready (Senior Statutory Auditor) For and on behalf of Ensors Accountants LLP

Ensors Accountants LLP Chartered Accountants & Statutory Auditor Connexions 159 Princes Street Ipswich Suffolk IP1 1QJ

Dated: 26 July 2024

11

PRO CORDA TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Notes Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
2023 2023 2023 2022
£ £ £ £
Income:
Donations and legacies 44,626 71,843 116,469 308,010
Income from charitable activities:
Course fees 3 410,425 - 410,425 487,086
Income from other trading activities:
Trading income 4 26,902 - 26,902 13,014
Lettings and related income 6,500 - 6,500 3,250
Concert tickets and other income 7,176 - 7,176 11,376
Investment income 5 5 - 5 -
────── ────── ────── ──────
Total income 495,634 71,843 567,477 822,736
Expenditure:
Costs of raising funds:
Trading expenses 4 25,490 - 25,490 22,494
Fundraising costs 21,332 - 21,332 19,333
Expenditure on charitable activities: 6
Bursaries and scholarships granted 3 - 40,616 40,616 94,979
Music and pastoral staff 161,595 8,302 169,897 203,609
Food, cooking and cleaning 72,409 - 72,409 87,862
Administration costs 7 1,182,081 - 1,182,081 241,109
Establishment costs 79,247 - 79,247 89,580
Other course costs 20,464 - 20,464 33,715
────── ────── ────── ──────
Total expenditure 1,562,618 48,918 1,611,536 792,681
────── ────── ────── ──────
Net movement in funds before transfers (1,066,984) 22,925 (1,044,059) 30,055
Transfer between funds 19 - - - -
Reversal of revaluation reserve 20 (870,512) - (870,512) -
────── ────── ────── ──────
Net expenditure and net movement in (1,937,496) 22,925 (1,914,571) 30,055
funds for the year
Total Funds brought forward at 1 October 2,205,701 86,010 2,291,711 2,261,656
────── ────── ────── ───────
Total Funds carried forward at 30
September		 268,205 108,935 377,140 2,291,711
═════ ═════ ═════ ══════

All income and expenditure derive from continuing activities.

All gains and losses recognised in the year are included in the Consolidated Statement of Financial Activities.

The notes on pages 15 - 28 form part of these financial statements.

12

PRO CORDA TRUST CONSOLIDATED AND TRUST BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2023

Group Group Trust Trust
2023 2022 2023 2022
As restated
Notes £ £ £ £
Fixed assets
Tangible assets 11 591,174 2,440,382 589,816 2,437,588
Investments 12 - - 100 100
─────── ─────── ────── ───────
591,174 2,440,382 589,916 2,437,688
Current assets
Stocks 1,599 1,886 1,330 1,330
Debtors 13 7,229 35,772 7,225 35,769
Cash 4,952 9,908 466 2,927
─────── ─────── ────── ───────
13,780 47,566 9,021 40,026
Creditors: Due within one year 14 (227,814) (196,237) (228,748) (187,572)
─────── ─────── ────── ───────
Net current (liabilities) / assets (214,034) (148,671) (219,727) (147,546)
─────── ─────── ────── ───────
Total assets less current liabilities 377,140 2,291,711 370,189 2,290,142
═══════ ═══════ ══════ ═══════
Funds
General 97,627 74,702 97,627 74,702
Barn Fund 11,308 11,308 11,308 11,308
─────── ─────── ────── ──────
Restricted funds 19 108,935 86,010 108,935 86,010
General 149,285 1,217,681 145,315 1,217,681
Revaluation reserve - 870,512 - 870,512
Designated 115,939 115,939 115,939 115,939
Non-charitable trading funds 2,981 1,569 - -
─────── ──────── ────── ───────
Unrestricted funds 20 268,205 2,205,701 261,254 2,240,132
─────── ──────── ────── ───────
Total funds 377,140 2,291,711 370,189 2,290,142
═══════ ═══════ ══════ ═══════

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.

Approved by the Board for issue on 25 July 2024

K Daley Trustee

Company Registration No. 05829570

The notes on pages 15 - 28 form part of these financial statements.

13

PRO CORDA TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £ £
Cash generated from operating activities 22 (58,439) 8,934
─────── ───────
Cash flows from investing activities
Interest income 5 -
Purchase of tangible fixed assets - (4,720)
─────── ───────
Cash used in investing activities 5 (4,720)
─────── ───────
Increase in cash and cash equivalents (58,434) 4,214
Cash and cash equivalents at the beginning of the year (19,075) (23,289)
─────── ───────
Total cash and cash equivalents at the end of the year (77,509) (19,075)
═══════ ═══════
Disclosed as:
Cash and Bank 4,952 9,908
Bank Overdraft (82,461) (28,983)
─────── ───────
Total cash and cash equivalents at the end of the year (77,509) (19,075)
═══════
 ═══════

The notes on pages 15 - 28 form part of these financial statements.

14

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. Principal accounting policies

Charitable company information

Pro Corda Trust is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Leiston Abbey, Theberton, Leiston, Suffolk, IP16 4TD.

a) Basis of preparation

The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Charities SORP (FRS 102).

Pro Corda Trust is a public benefit entity.

The financial statements are prepared in sterling, which is the functional currency of the Trust and of the Group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

b) Going concern

During the year the Trust adopted a change in working practice with a reduction in the courses held at Leiston Abbey, instead embracing the running of courses offsite. The Trust has obtained a revised valuation of the Abbey and associated barn and given the reduced use it has been impaired, with an impairment loss of £968,588 recognised in expenditure and £870,512 which has reversed the previous revaluation. This has resulted in £1,839,100 of the £1,914,571 net deficit generated in the year.

Since the year end the Trust received monies regarding the Sizewell C project, this combined with the change in operating model, moving to offsite courses and the reduction of overheads, is expected to result in a sizeable surplus in the year ending 30 September 2024.

Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

c) Group accounts

These financial statements consolidate the results of Pro Corda Trust and its wholly-owned subsidiary, Pro Corda Ventures Limited, on a line by line basis. A separate statement of financial activities for the Trust itself is not presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

d) Course fees and similar income

Course fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Course fees receivable include contributions received from restricted funds for scholarships, bursaries and other costs and are stated net of VAT.

15

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. Principal accounting policies (continued)

e) Donations and fund accounting Donations received for the general purposes of the Trust are included as unrestricted funds. The Trustees may, at their discretion, designate funds to be used for a particular purpose. Such designation of unrestricted funds may also be reversed at the discretion of the Trustees. Donations for activities restricted by the wishes of the donor are taken to ‘restricted funds’ where their wishes are legally binding on the Trustees.

Income from donations (including donated goods or services) or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

For legacies, entitlement is recognised from the earlier of the date of receipt or when sufficient notification is received by the Trust to enable it to quantify its entitlement with reasonable certainty. Income is not recognised for legacies which remain subject to a life interest.

f) Resources expended

Resources expended are accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. These estimates are based on staff time. The irrecoverable element of VAT is included with the item of expense to which it relates.

g) Operating leases

Rentals payable are charged on a time basis over the lease term.

h) Pension schemes

The Trust offers a defined contribution pension scheme for its employees. The contributions are charged to expenses as they fall due for payment. There are currently 9 employees (2022: 10) who are members of this scheme. Pension scheme costs and associated liabilities are split between restricted and unrestricted funds based on the proportion of employee time spent on restricted and unrestricted activities.

i) Tangible fixed assets

Capitalisation and replacement

The land, together with the original buildings (which are all Grade II listed properties), were acquired by the Trust in 1986. The Trust is responsible for keeping the original buildings in fit and useful condition, and these costs are written off as incurred. Building improvements and extensions costing more than £5,000 are capitalised and carried in the balance sheet at cost. On transition to FRS 102 the Group adopted the provision to treat the property at deemed cost and dispense with valuations going forwards.

Depreciation

Land is not depreciated, depreciation of other assets is provided at rates calculated to write off the excess of cost over estimated residual amount evenly over the estimated useful economic lives of each class of asset, subject to annual review.

These rates are currently as follows:

Property improvements: 50 years (straight line)
Musical instruments: 10 years (straight line)
Furniture and equipment: 5-10 years (reducing balance)
Computers: 3 years (straight line)

The residual value of certain musical instruments is considered such that any depreciation charge would be immaterial. Accordingly, none is charged.

16

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. Principal accounting policies (continued)

i) Tangible fixed assets (continued)

The Trustees consider the residual value of listed buildings is materially consistent with the carrying value of the asset. Accordingly no depreciation has been charged on listed buildings.

j) Impairment of fixed assets

At each reporting period end date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimate of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the SoFA, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the SoFA, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

k) Stock

Stock is carried at the lower of cost and net realisable value.

l) Grants and bursaries payable

Grants and bursaries from restricted funds are included as expenditure in the period for which the award is given.

m) Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. Judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

17

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Impairment of Leiston Abbey

The reduced use of the Abbey for musical courses combined with the closeness of the Sizewell C project led the trustees to seek a professional accounting valuation of the Abbey and its associated barn. The trustees have impaired the Abbey and the barn which was previously valued at its deemed costs, down to the valuation provided by the professional valuer. Given the nature of the Abbey and the barn there are significant assumptions and judgements in the calculation of this valuation, which the trustees have placed reliance upon the professional expert.

3. Course fees

The course fee income comprised:

Gross fees
Less: bursaries, scholarships, grants and allowances		 2023
£
410,425
(40,616)
369,809		 2022
£
487,086
(94,979)
392,107

4. Income from subsidiary’s trading activities

The Trust owns the whole of the ordinary share capital, consisting of 100 ordinary shares of £1 each, of Pro Corda Ventures Limited, a company incorporated in the UK, which undertakes activities that fall outside the scope of the Trust’s objectives (Company No. 02868983).

The registered office of Pro Corda Ventures Limited is Leiston Abbey, Theberton, Leiston, Suffolk, IP16 4TD. Pro Corda Ventures Limited’s trading results for the year as extracted from the financial statements are summarised below, together with the Trust’s own results for the year to distinguish them from the group results in the Consolidated Statement of Financial Activities.

Turnover and fee income
Cost of sales: subsidiary
Gross profit: subsidiary
Administration: subsidiary
Other income
Operating profit / (loss)
Bank interest receivable
Gross incoming resources
Cost of charitable activities
Cost of generating funds
Retained surplus / (deficit)		 Subsidiary
2023
2022
£
£
26,902
13,014
(3,715)
(1,773)
23,187
11,241
(21,775)
(20,721)
1,412
(9,480)
1,412
(9,480)		 Trust
2023
2022
£
£
410,425
487,086
130,150
322,636
540,575
809,722
(1,564,714)
(750,854)
(21,332)
(19,333)
(1,045,471)
39,535		 Trust
2023
2022
£
£
410,425
487,086
130,150
322,636
540,575
809,722
(1,564,714)
(750,854)
(21,332)
(19,333)
(1,045,471)
39,535
809,722
(750,854)
(19,333)
39,535

Details of the subsidiary’s balance sheet is given in note 12.

18

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. Investment income

Interest on cash deposits 2023
2022
£
£
5
-

6. Analysis of expenditure on charitable activities

Bursaries and scholarships granted
Music and pastoral staff
Food, cooking and cleaning
Governance & support costs7
Establishment costs
Other course costs		 Music
Courses
£
40,616
169,897
72,409
204,821
79,247
20,464
587,454		 Barn
Costs
Depreciation,
impairment
and loss on
disposal
£
£
-
-
-
-
-
-
-
977,260
-
-
-
-
-
977,260		 Total
£
40,616
169,897
72,409
1,182,081
79,247
20,464
1,564,714

7. Analysis of governance and support costs

General
support
Governance
Function
£
£
Staff costs
86,524
-
Travel and subsistence
27,174
-
Office costs
19,991
-
Audit costs
-
9,870
Other legal and professional costs
20,074
-
Advertising
2,460
-
Insurance
21,461
-
Depreciation and loss on disposal
8,672
-
Impairment loss
968,588
-
Other costs
17,267
-
1,172,211
9,870
8. Expenditure for the year is stated after charging:
2023
£
Fees payable to the group’s auditor for:
The audit of the consolidated and subsidiary company
financial statements
9,870
Accountancy services
16,248		 Total
£
86,524
27,174
19,991
9,870
20,074
2,460
21,461
8,672
968,588
17,267
1,182,081
2022
£
7,140
14,681

The cost of inventories recognised as an expense during the period was £24,162 (2022: £34,966).

19

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. Analysis of staff costs and trustee remuneration and expenses

Wages and salaries
Employers National Insurance
Employers pension contributions		 2023
£
214,600
17,889
4,127
236,616		 2022
£
224,468
20,314
4,806
249,588

The average number of employees in the year, on a head count basis was 9 (2022: 11).

One employee earned between £60,001 and £70,000 in the year (2022: nil).

The key management personnel of the parent charity, the Trust, comprise the Trustees and the Chief Executive Officer. The total employee benefits of the key management personnel of the Trust were £62,703 (2022: £55,938).

The key management personnel of the Group comprise those of the Trust and those of its wholly owned subsidiary Pro Corda Ventures Limited. The key management personnel of Pro Corda Ventures Limited are the directors and the Chief Executive Officer, whose employee benefits total £nil (2022: £2,237). The total employee benefits of key management personnel for the Group was therefore £62,703 (2022: £55,938).

10. Related party transactions

The Trust has taken advantage of the exemption from disclosing transactions entered into between itself and Pro Corda Ventures Limited, due to Pro Corda Ventures Limited being a wholly owned subsidiary.

Neither the Trustees, nor any persons connected with them, received any remuneration or other benefits from the Trust or any connected organisation other than the reimbursement of expenses.

Reimbursement of travel expenses to Trustees totalled £nil (2022: £nil). No Trustee received any subsidy for their offspring to attend.

An immediate family member of D Ballance (Trustee) was hired by the charity to perform teaching and pastoral duties on three core courses. He was remunerated a total of £4,633 (2022: £6,785), of which £2,317 (2022: £1,202) was outstanding at the year end. Another family member of D Ballance was remunerated a total of £Nil (2022: £690) as a junior helper.

A donation was received in the year from P Turner (Trustee) totalling £Nil (2022: £50,000).

A donation was received in the year from A Quartermain CEO (Key management) totalling £Nil (2022: £50,000).

During the year, an immediate family member of J Shirras (Trustee) was hired by the charity to perform pastoral duties on a core course. He was paid a total of £Nil (2022: £690), none of which was outstanding at the year.

20

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. Tangible fixed assets

Subsidiary
Freehold Musical Furniture & furniture & Group
buildings instruments equipment Trust total equipment total
£ £ £ £ £ £
Cost or Valuation
1 October 2022 2,484,454 65,737 16,877 2,567,068 69,651 2,636,719
Additions - - - - - -
Disposals - - - - (28,219) (28,219)
─────── ─────── ─────── ─────── ─────── ───────
30 September 2023 2,484,454 65,737 16,877 2,567,068 41,432 2,608,500
══════ ══════ ══════ ══════ ══════ ══════
Depreciation
1 October 2022 87,664 29,644 12,172 129,480 66,857 196,337
Charge for the year 7,690 42 940 8,672 359 9,031
Impairment loss 1,839,100 - - 1,839,100 - 1,839,100
On disposals - - - - (27,142) (27,142)
─────── ─────── ─────── ─────── ─────── ───────
30 September 2023 1,934,454 29,686 13,112 1,977,252 40,074 2,017,326
══════ ══════ ══════ ══════ ══════ ══════
Net book values
30 September 2023 550,000 36,051 3,765 589,816 1,358 591,174
══════ ══════ ══════ ══════ ══════ ══════
30 September 2022 2,396,790 36,093 4,705 2,437,588 2,794 2,440,382
══════ ══════ ══════ ══════ ══════ ══════

Within freehold buildings there is property with a deemed cost of £2,100,000 which has a historical cost of £1,229,488, which has been impaired in the year to its professional valuation, which was performed by Savills on 20 February 2024, of £550,000.

12. Investments

Group Trust
2023 2022 2023 2022
£ £ £ £
Fixed asset investments
Investment in subsidiary - - 100 100

21

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

12. Investments (continued)

The assets and liabilities of the subsidiary were:
Tangible fixed assets
Current assets
Creditors: amounts falling due within one year
Represented by:
Share capital
Profit and loss account		 2023
£
1,358
28,265
29,623
(22,672)
6,951
100
6,851
6,951		 2022
£
2,794
22,458
25,252
(19,713)
5,539
100
5,439
5,539

Details of the subsidiary’s profit and loss account are given in note 4.

13. Debtors

Trade debtors
Prepayments
Corporation Tax Recoverable		 Group
2023
2022
£
£
6,275
34,874
951
895
3
3
7,229
35,772		 Trust
2023
2022
£
£
6,275
34,874
950
895
-
-
7,225
35,769

14. Creditors: Due within one year

Bank overdrafts
Trade creditors
Advance course fees15
Taxation and social security
Amounts owed to subsidiary
Other creditors and accruals		 Group
2023
2022
£
£
82,461
28,983
48,647
47,469
62,856
74,340
3,064
4,409
-
-
30,786
41,036
227,814
196,237		 Trust
2023
2022
As
restated
£
£
82,461
28,983
44,708
45,794
62,856
74,340
3,064
4,409
23,506
10,947
12,153
23,099
228,748
187,572

Bank overdrafts are secured on the Trust’s freehold property.

22

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

15. Deferred income

Advance course fees Balance at
1 Oct 2022
£
74,340		 Released to
income
£
74,340		 Deposits
received
Balance at 30
Sept 2023
£
£
62,856
62,856

16. Operating lease commitments

At the reporting end date, the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Due within one year
Due between 1 and 5 years
Due after 5 years
Total		 Group
2023
2022
£
£
4,227
4,683
7,723
11,950
-
-
11,950
16,633		 Trust
2023
2022
£
£
4,227
4,683
7,723
11,950
-
-
11,950
16,633		 Trust
2023
2022
£
£
4,227
4,683
7,723
11,950
-
-
11,950
16,633
16,633

The cost of operating leases recognised as an expense during the period was £9,484 (2022 £5,825).

17. Financial instruments

Group
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at
amortised cost
6,275
34,874
Equity instruments measured at
cost less impairment
-
-
Carryingamountof financial liabilities
Measured at amortised cost
79,433
88,505		 Trust
2023
2022
£
£
6,275
34,874
100
100
56,861
83,810

Measured at amortised cost

23

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

18. Analysis of group funds at 30 September 2023

Fixed
assets
£
Restricted funds:
General
-
Barn LEADER Project
-
-
Unrestricted funds:
General fund
589,816
Revaluation fund
-
Designated fund (Abbey House Fund)
-
Non-charitable trading funds
1,358
Group
591,174
Analysis of group funds at 30 September 2022 as restated
Fixed
assets
£
Restricted funds:
General
-
Barn LEADER Project
-
-
Unrestricted funds:
General fund
1,567,076
Revaluation fund
870,512
Designated fund (Abbey House Fund)
-
Non-charitable trading funds
2,794
Group
2,440,382		 Net current
assets /
(liabilities)
£
97,627
11,308
108,935
(440,531)
-
115,939
1,623
(214,034)
Net current
assets /
(liabilities)
£
74,702
11,308
86,010
(349,395)
-
115,939
(1,225)
(148,671)		 Fund
balances
£
97,627
11,308
108,935
149,285
-
115,939
2,981
377,140
Fund
balances
£
74,702
11,308
86,010
1,217,681
870,512
115,939
1,569
2,291,711

The Restricted General Funds represents funds available to the Trustees at their discretion for the provision of bursaries and similar financial support.

The LEADER Project represents funds made available specifically for the design and installation of a heating system for the Barn.

The Freehold purchase, including legal costs, of Leiston Abbey by Pro Corda Trust from the Diocese of Bury St Edmunds, was entirely funded through a pre-arranged pledge. The transaction was completed in September 2020.

The Abbey House Fund is a designated fund created to provide for the restoration and improvement of the Abbey House which is used for accommodation and teaching by the Group.

24

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

19. Restricted funds: movement in the year

Bursary
Piano
SEN
Chamber
Competition
Barn LEADER
Project
NYMO
Bursary
Piano
Chamber
Competition
Barn LEADER
Project
NYMO		 Balance at
1 Oct 2022
£
55,096
2,349
-
12,602
11,308
4,655
86,010
Balance at
1 Oct 2021
£
15,300
2,349
12,991
11,308
4,655
46,603		 Income
£
58,343
-
3,500
10,000
-
-
71,843
Income
£
134,775
-
10,000
-
-
144,775		 Expended
£
40,616
-
3,500
4,802
-
-
48,918
Expended
£
94,979
-
10,389
-
-
105,368		 Transfers
£
-
-
-
-
-
-
-
Transfers
£
-
-
-
-
-
-		 Balance at 30
Sept 2023
£
72,823
2,349
-
17,800
11,308
4,655
108,935
Balance at 30
Sept 2022
£
55,096
2,349
12,602
11,308
4,655
86,010

25

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

20. Unrestricted funds: movement in the year

General reserve
Revaluation reserve
Designated fund
(Abbey House Fund)
Trust
Non-charitable trading
funds
General reserve
Revaluation reserve
Designated fund
(Abbey House
Fund)
Trust
Non-charitable trading
funds		 Balance at 1
Oct 2022
£
1,217,681
870,512
115,939
2,204,132
1,569
2,205,701
Balance at 1
Oct 2021
£
1,213,583
870,512
115,939
2,200,034
15,019
2,215,053		 Income
£
468,732
-
-
468,732
26,902
495,634
Income
£
668,917
-
-
668,917
13,014
681,931		 Expended
£
1,537,128
-
-
1,537,128
25,490
1,562,618
Expended
£
664,819
-
-
664,819
26,464
691,283		 Revaluation
reversal
£
-
870,512
-
870,512
-
870,512
Transfer
£
-
-
-
-
-
-		 Balance at 30
Sept 2023
£
149,285
-
115,939
265,224
2,981
268,205
Balance at 30
Sept 2022
£
1,217,681
870,512
115,939
2,204,132
1,569
2,205,701

26

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

21. Restricted fund expenditure

21. Restricted fund expenditure
Bursary
SEN
Chamber competition
Group and Trust		 Bursaries
granted
Music and
pastoral
staff
SEN
Total
£
£
£
£
40,616
-
-
40,616
-
-
3,500
3,500
-
4,802
-
4,802
40,616
4,802
3,500
48,918

22. Reconciliation of group net incoming resources to net cash (outflow) / inflow from group operations

Net income
Disposal of Fixed assets
Depreciation charge
Impairment loss
Interest received
Decrease in stocks
Decrease in debtors
Decrease in creditors
Net cash generated by operating
activities		 £
1,077
9,031
968,588
(5)
287
28,543
(21,901)		 2023
£
(1,044,059)
985,620		 £
709
9,643
-
-
829
26,294
(58,596)		 2022
£
30,055
(21,121)
(58,439) 8,934

23. Prior period adjustment

The prior year treatment of the distribution under gift aid from the subsidiary to the Trust of £3,970 was originally shown as a payment against the inter-group loan account. This has now been corrected as a prior year adjustment to show this as a distribution in the subsidiary’s accounts and as income in the Trust’s accounts. This eliminates in the Group accounts.

As As
previously restated
Impact on the Trust for the year ended 30 stated Adjustment at
September 2022 30/09/2022
£ £ £
Current assets
Creditors due within one year (191,542) 3,970 (187,572)
Reserves
Unrestricted funds 2,200,162 3,970 2,240,132

27

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

24. Consolidated statement of financial activities (including income and expenditure account) for the year ended 30 September 2022

Unrestricted Restricted Total
Funds Funds Funds
2022 2022 2022
£ £ £
Income:
Donations and legacies 219,967 88,043 308,010
Income from charitable activities:
Course fees 403,354 56,732 487,086
Income from other trading activities:
Trading income 13,014 - 13,014
Lettings and related income 3,250 - 3,250
Concert tickets and other income 11,376 - 11,376
Investment income - - -
────── ────── ──────
Total income 677,961 144,775 822,736
Expenditure:
Costs of raising funds:
Trading expenses 22,494 - 22,494
Fundraising costs 19,333 - 19,333
Expenditure on charitable activities:
Bursaries and scholarships granted - 94,979 94,979
Music and pastoral staff 193,220 10,389 203,609
Food, cooking and cleaning 87,862 - 87,862
Administration costs 241,109 - 241,109
Establishment costs 89,580 - 89,580
Other course costs 33,715 - 33,715
────── ────── ──────
Total expenditure 687,313 105,368 792,681
────── ────── ──────
Net movement in funds before transfers (9,352) 39,407 30,055
Transfer between funds - - -
────── ────── ──────
Net income and net movement in funds for the
year		 (9,352) 39,407 30,055
Total Funds brought forward at 1 October 2,215,053 46,603 2,261,656
────── ────── ──────
Total Funds carried forward at 30 September 2,205,701 86,010 2,291,711
══════ ═════ ══════

28

PRO CORDA TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT (This page does not form part of the statutory financial statements) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Donations and legacies
Donations received
Friends subscriptions
Income from charitable activities
Course fees
Lettings and related income
English Heritage contributions
Other lettings
Concert tickets and other income
Concert tickets
Refreshments, cream teas & lunches
Merchandise sales
Miscellaneous Income
Investment income
Deposit account interest
Total income
Less: Expenditure per schedule attached
Net (deficit) / surplus for the year
Net (deficit) / surplus for year transferred to		 2023
£
£
115,494
975
───────
116,469
410,425
6,500
-
───────
6,500
5,898
932
30
316
───────
7,176
5
───────
540,575
(1,586,046)
───────
(1,045,471)
───────
total funds
(1,045,471)
═══════		 2022
£
£
307,020
990
───────
308,010
487,086
3,250
-
───────
3,250
7,372
3,188
506
310
───────

11,376
───────
809,722
(770,187)
───────
39,535
───────
39,535
═══════

29

PRO CORDA TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT (This page does not form part of the statutory financial statements) FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2023 2022
£ £ £ £
Fundraising costs 21,332 19,333
Bursaries and scholarships granted 40,616 94,979
Music and pastoral staff and other costs 169,897 203,609
Food, cooking and cleaning
Provisions 24,162 34,022
Domestic staff 48,247 53,840
─────── ───────
72,409 87,862
Governance and support costs
Administrative staff 86,524 104,946
Travel & subsistence 27,174 27,565
Postage, printing & stationery 1,904 1,841
Telephone, fax & internet 3,794 12,093
Website maintenance & computer costs 14,293 15,408
Legal & professional fees 3,826 4,669
Bookkeeping 16,248 14,681
Equipment hire & maintenance 9,484 9,660
Bank charges & interest 6,801 3,448
Insurance 21,461 19,226
Advertising 2,460 9,408
Audit and Accountancy 9,870 7,140
Miscellaneous 110 9,209
Bad debt write off 872 (8,045)
Depreciation and loss on disposal 8,672 9,860
Impairment loss 968,588 -
─────── ───────
1,182,081 241,109
Establishment costs
Grounds & maintenance staff 11,623 5,987
Rates 7,978 8,106
Light & heat 36,976 40,401
Repairs & renewals 22,670 35,086
─────── ───────
79,247 89,580
Other course costs
External accommodation 16,656 27,483
Concert expenses 400 392
Sheet music purchase 33 107
Miscellaneous 3,354 3,864
Merchandise Purchases 21 1,869
─────── ───────
20,464 33,715
─────── ───────
To income & expenditure account 1,586,046 770,187
═══════ ═══════

30