REGISTERED COMPANY NUMBER: 05908862 (England and Wales) REGISTERED CHARITY NUMBER: 1119621
Report of the Trustees and Financial Statements for the Year Ended 31st August 2022
for
ESO (2006) Limited
Richards Sandy Partnership Ltd Chartered Certified Accountants Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
ESO (2006) Limited
Contents of the Financial Statements for the Year Ended 31st August 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Cash Flow Statement | 7 | ||
| Notes to the Cash Flow Statement | 8 | ||
| Notes to the Financial Statements | 9 | to | 17 |
ESO (2006) Limited
Report of the Trustees for the Year Ended 31st August 2022
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 31st August 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principle aim of the company is to advance, improve, develop and maintain public education in and appreciation of, the arts and science of music, in particular the art of classical music by any means as the directors see fit.
The tagline of the company has recently changed to "The International Orchestra of Elgar Country". This line embodies the orchestra's current trajectory - enjoying international renown for its highly acclaimed recordings and world-wide reputation while staying true to its West Midlands/Share roots. The company engages musicians and hires venues in order to promote concerts at its own risk. It also seeks funding from a variety of sources ranging from Trust and Foundations to individual donations in order to provide a secure funding base for its concert and recording activities and to fund the administration of the orchestra.
The orchestra is also engaged to perform at concerts promoted by other organisations and to record classical repertoire. The company has an active education programme. Examples of these activities include the development of a beginners' orchestra (for music students studying grades 1 - 3) and an intermediate orchestra (for students studying grades 4 - 7). The company also takes music into the community through its Homes and Hospices programme whereby musicians perform for the elderly and infirm who find it difficult to leave the home to attend concerts.
Public benefit
The trustees have complied with their duty to have a regard to public benefit guidance published by the Charities Commission, the trustees consider that the charity meets the public benefit requirements of the Charities Act 2011 by carrying out its normal activities.
ACHIEVEMENT AND PERFORMANCE
The most recent fiscal year for the orchestra saw the orchestra continuing to grapple with the many challenges posed by the Covid-19 epidemic. Throughout the year, the orchestra focused on developing new content for our ESO Digital platform, recording and premiering a series of new virtual concerts. Our programming during this period was informed by our commitment to diversifying the repertoire, developing our internal talents and building a distinctive brand for the orchestra. As in recent years, we focused extensively on music of the "Lost Generation" composers from Central Europe whose music was suppressed by the Nazis, including Weinberg, Schulhoff, Ullmann, Krenek and Gál. Our commitment to new music was manifest in premiers of new works by Philip Sawyers, Robert Saxton, Emily Doolittle and Steve Elcock, and we dedicated two complete webcasts to Composer Portraits of Adrian Williams and Steven R. Gerber. Our performaces of Bartók's opera Bluebeard's Castle and Mahler's Ninth Symphony were both included in Classic FM's listings of the Best Classical Streams of 2021. Our return to live music making was marked in July with a major concert at the Three Choirs Festival, including the fourth work in our 21st Century Symphony Project, the Eighth Symphony of Steve Elcock.
Supporting our Musicians and Neighbours
We also carried on our efforts to bring music to people living with dementia in care homes and dementia meeting centres. Our musicians recorded regular videos for care home residents, seeking to bring contact and comfort in difficult times.
Throughout Covid, one of our first concerns has been to support our musicians professionally and personally. We were one of the first orchestras in the UK to return to work in early July 2020, beginning a series of studio projects leading to streamed concerts and commercial recordings. Our ethos has been to offer digital programming which is both appealing and unique, and with this in mind, we've already filmed world premieres of over 20 new compositions and arrangements. Our performances are distributed via our new online platform, ESO Digital, which also serves as a membership organisation where listeners can donate a minimum of £5/month to support the orchestra. ESO Digital is already proving to be a vital new tool in building a sense of community for the orchestra and bringing in a much-needed new revenue stream.
Education
Young musicians have been particularly hard hit during the Covid pandemic, and have lost not only countless performing opportunities and hours of in-person tuition, but also important opportunities for social contact with other musical young people. Our ESO Youth team have worked year-round to provide in-person activities for young people whenever safe and appropriate, and to supplement those offerings with online tuition when needed. Throughout this year, we are working towards an anticipated return to live performances at the 2021 Elgar Festival in October.
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ESO (2006) Limited
Report of the Trustees for the Year Ended 31st August 2022
Community
ESO again performed a large number of concerts in Care Homes and Hospices, bringing the comfort of live music to people who benefit enormously from the kind of stimulation and interaction that they so rarely get.
The ESO continue to serve as Orchestra in Residence of the City of Worcester, with a funding agreement now in place through 2023.
Recordings released - "Visions of Childhood - New Arrangements of Music by Strauss, Mahler and Wagner", "Fiddles, Forrests and Fowl Fables - New Storytelling Works for Orchestra and Narrator.
FINANCIAL REVIEW
Financial position
Total receipts on unrestricted funds were £447,625 (2021 - £175,470) and are detailed in the financial statements. Unrestricted outgoings of £361,159 (2021 - £168,494) resulted in net unrestricted incoming resources of £86,466 (2021 - £6,976).
Total receipts on restricted funds were £300,634 (2021 - £232,425) and restricted outgoing were £314,379 (2021 - £284,455) resulting in net outgoing resources of £13,745 (2021 - net outgoing resources of £52,030).
The principal funding source is through grants and sponsorship.
Reserves policy
Unrestricted reserves at 31 August 2022 amounted to £130,288 (2021 - £43,822) and restricted reserves amounted to £11,642 (2021 - £25,387).
The trustees have reviewed the charity's needs for reserves in accordance with the guidance issued by the Charity Commission and have taken into account the desirability of holding sufficient funds to meet unexpected disruption of the income flow.
The trustees aim to hold unrestricted reserves to approximately three month's expenditure, with the level of unrestricted funds held at the year end being approximately four month's expenditure. The trustees are working to increase reserves moving forward.
ESO is funded by a combination of ticket sales, course fees, friends' donations and sponsorship by private trusts, together with grants from organisations such as Arts Council. All sources of income have improved during the year due to significant efforts of the trustees.
FUTURE PLANS
We will be looking to rebuild our live music offering in the coming fiscal year. This is bound to be a challenging undertaking, and one which carries significant risk in terms of earned income. We will be actively pursuing additional funding from the Cultural Recovery Fund, private funders and previous supporters to help offset this. We see a particularly important role for the orchestra in supporting the recovery of venues and partners in our region, and this will be a main focus of our next Arts Council application. We look forward to building on the success of the Elgar Festival, where we play an important role as both orchestra-in-residence and education provider. Our ESO Youth Courses have seen unprecedented demand since the start of the Covid pandemic, and we will be doing all we can to help our participants make up for lost tuition and social time.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charitable company is controlled by its governing document, its Memorandum and Articles of Association, and constitutes a limited company registered in England and Wales, limited by guarantee, as defined by Companies Act 2006.
Recruitment and appointment of new trustees
Appointments are made by election as the Annual General Meeting following requests from members.
Organisational structure
The charity is run by its board of trustees, who delegate the day-today running of the charity to it's chief executive, Seb Lovell-Huckle who was appointed during the year.
Induction and training of new trustees
New trustees receive an induction from the chair of trustees.
Key management remuneration
Key management remuneration is determined by the board of trustees.
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ESO (2006) Limited
Report of the Trustees for the Year Ended 31st August 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Trustee indemnity provisions
The Articles of Association state that the charity shall indemnify the trustees against any liability incurred by them in their capacity as trustees, to the extent permitted by Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05908862 (England and Wales)
Registered Charity number 1119621
Registered office
16-20 Deansway Worcester Worcestershire WR1 2ES
Trustees
Mr R J Adey Dr C A Barnett Mr D Blake Dr J T Godfrey OBE Mr G E Green Ms M G Mueller Mr J A Yelland OBE FCA (resigned 1.1.22) Mr G Sheffield Director (appointed 11.5.22) Mr J Summers Director (appointed 24.3.22) Mr B Turner Director (appointed 20.6.22)
Independent Examiner
Nicholas Sandy ICAEW Richards Sandy Partnership Ltd Chartered Certified Accountants Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
6th April 2023
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Dr J T Godfrey - Trustee
Page 3
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v)3 Page 4
ESO (2006) Limited
Statement of Financial Activities for the Year Ended 31st August 2022
| 2022 Unrestricted Restricted Total funds funds funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 156,249 232,626 388,875 Charitable activities Concerts 194,146 25,443 219,589 Education 26,282 37,064 63,346 Other Activities 1,395 - 1,395 Other trading activities 4 4,200 5,501 9,701 Tax credits 65,353 - 65,353 Total 447,625 300,634 748,259 EXPENDITURE ON Charitable activities 6 Concerts 302,897 222,117 525,014 Education 8,961 41,396 50,357 Support Costs 49,301 50,866 100,167 Other Activities - - - Total 361,159 314,379 675,538 NET INCOME/(EXPENDITURE) 86,466 (13,745) 72,721 RECONCILIATION OF FUNDS Total funds brought forward 43,822 25,387 69,209 TOTAL FUNDS CARRIED FORWARD 130,288 11,642 141,930 |
2021 Total funds £ 361,048 25,000 15,799 771 3,498 1,779 407,895 368,880 25,783 57,731 555 452,949 (45,054) 114,263 69,209 |
|---|---|
The notes form part of these financial statements
Page 5
ESO (2006) Limited
Balance Sheet 31st August 2022
| Unrestricted Restricted funds funds Notes £ £ FIXED ASSETS Tangible assets 14 3,125 - CURRENT ASSETS Debtors 15 78,349 - Cash at bank 61,628 11,642 139,977 11,642 CREDITORS Amounts falling due within one year 16 (12,814) - NET CURRENT ASSETS 127,163 11,642 TOTAL ASSETS LESS CURRENT LIABILITIES 130,288 11,642 NET ASSETS 130,288 11,642 FUNDS 17 Unrestricted funds Restricted funds TOTAL FUNDS |
2022 Total funds £ 3,125 78,349 73,270 151,619 (12,814) 138,805 141,930 141,930 130,288 11,642 141,930 |
2021 Total funds £ 3,290 51,060 65,819 116,879 (50,960) 65,919 69,209 69,209 43,822 25,387 69,209 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2022 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 ............................................. and were signed on its behalf by: 6th April 2023
............................................. Dr J T Godfrey - Trustee
The notes form part of these financial statements
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ESO (2006) Limited
Cash Flow Statement for the Year Ended 31st August 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Tax paid Net cash provided by/(used in) operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 72,804 (65,353) 7,451 7,451 65,819 73,270 |
2021 £ (2,373) - (2,373) (2,373) 68,192 65,819 |
|---|---|---|
The notes form part of these financial statements
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ESO (2006) Limited
Notes to the Cash Flow Statement for the Year Ended 31st August 2022
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Decrease in debtors (Decrease)/increase in creditors Net cash provided by/(used in) operations |
2022 £ 72,721 165 38,064 (38,146) 72,804 |
2021 £ (45,054) 173 3,299 39,209 |
| (2,373) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.9.21 Cash flow At £ £ Net cash Cash at bank 65,819 7,451 65,819 7,451 Total 65,819 7,451 |
31.8.22 £ 73,270 |
|---|---|
| 73,270 | |
| 73,270 |
The notes form part of these financial statements
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ESO (2006) Limited
Notes to the Financial Statements for the Year Ended 31st August 2022
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.
The financial statements are presented in sterling, which is the Charity's functional currency. All financial information presented in sterling has been rounded to the nearest pound, except when otherwise indicated.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from grants and donations is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income from grants is only deferred when the charity has to fulfil conditions not yet met before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from the provision of sponsorship, courses, performances and other services are recognised on delivery of those services.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Music library - 5% on reducing balance
TAXATION
The charity is exempt from corporation tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
DONATED SERVICES
Donated facilities and services when received, provided the value of the gift can be measured reliably, on the basis of the value that the charity would pay in the open market for an alternative item that would provide a benefit to the charity equivalent to the donated service. Where the value of the gift cannot be measured reliably, no provision is included within the accounts.
FINANCIAL INSTRUMENTS
The charity has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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ESO (2006) Limited
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
1. ACCOUNTING POLICIES - continued
FINANCIAL INSTRUMENTS
Basic Financial Assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic Financial Liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction.
2.
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key sources of estimation uncertainty
The valuation of donated services (both within income and expenditure) is based on estimations of what the charity would pay in the open market for an alternative item that would provide a benefit to the charity equivalent to the donated service. Donations were in the form of room hire, marketing and other concert costs and were provided by various donors.However, these valuations are subject to a number of assumptions that cannot be directly verified and may vary to the actual prices that the charity would pay for acquiring equivalent services on the open market.
During the year ESO (2006) Limited received donated services & facilities valued at £63,843 (2021 £91,027).
3. DONATIONS AND LEGACIES
| Donations and grants received Donated services & facilities ESO Friends |
2022 £ 318,622 63,843 6,410 388,875 |
2022 £ 318,622 63,843 6,410 388,875 |
2021 £ 266,197 91,027 3,824 361,048 |
|
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| Arts Council - Orchestra for Elgar Country | 116,598 | 44,762 | ||
| Arts Council - Covid | - | 68,706 | ||
| DCMS Culture Continuity | 74,400 | - | ||
| Ellerman Foundation | 40,000 | 40,000 | ||
| Stephen Geber Trust | 20,856 | 5,276 | ||
| Irving Trust | - | 20,149 | ||
| Other grants and donations received (less than £20,000) | 87,021 | 182,155 | ||
| 338,875 | 361,048 | |||
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ESO (2006) Limited
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
4. OTHER TRADING ACTIVITIES
| 2022 £ Sponsorship income 9,701 5. INCOME FROM CHARITABLE ACTIVITIES 2022 Activity £ Projects Concerts 219,589 Engagements Concerts - Course fees Education 59,279 Projects Education 750 Other income Education 3,317 Other income Other Activities 1,395 284,330 6. CHARITABLE ACTIVITIES COSTS Direct Support Costs (see costs (see note 7) note 8) £ £ Concerts 525,014 - Education 50,357 - Support Costs 3,029 97,138 578,400 97,138 7. DIRECT COSTS OF CHARITABLE ACTIVITIES 2022 £ Staff costs 3,029 Musician's & courses fees 306,482 Soloists & conductor's fees 75,854 Hire of halls and music 41,175 Transport - Marketing & publicity 67,966 Other concert costs 48,108 Recording costs - Event management and production fees 35,786 578,400 8. SUPPORT COSTS Governance Management costs £ £ Support Costs 90,675 6,463 |
2021 £ 3,498 2021 £ 24,459 541 15,799 - - 771 |
|---|---|
| 41,570 | |
| Totals £ 525,014 50,357 100,167 |
|
| 675,538 | |
| 2021 £ - 59,105 25,787 18,409 181 82,408 11,819 197,509 - |
|
| 395,218 | |
| Totals £ 97,138 |
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ESO (2006) Limited
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
8. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| Subcontractors - CEO Subcontractors - grant manager Bookkeeper Insurance Subscriptions and licences Other support costs Bank charges PR manager Recruitment consultant Depreciation of tangible and heritage assets Independent examiner's fees |
2022 2021 Support Total Costs activities £ £ 40,216 42,000 11,650 5,014 4,333 2,496 615 977 2,133 2,618 1,825 833 688 92 9,850 - 19,200 - 165 173 6,463 3,528 97,138 57,731 |
2022 2021 Support Total Costs activities £ £ 40,216 42,000 11,650 5,014 4,333 2,496 615 977 2,133 2,618 1,825 833 688 92 9,850 - 19,200 - 165 173 6,463 3,528 97,138 57,731 |
|---|---|---|
| 57,731 |
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 £ Depreciation - owned assets 165 INDEPENDENT EXAMINER'S FEES Fees payable to the charity's Independent examiner is as follows: |
2022 £ Depreciation - owned assets 165 INDEPENDENT EXAMINER'S FEES Fees payable to the charity's Independent examiner is as follows: |
2022 £ Depreciation - owned assets 165 INDEPENDENT EXAMINER'S FEES Fees payable to the charity's Independent examiner is as follows: |
2021 £ 173 |
2021 £ 173 |
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| Independent examination | 1,950 | 1,841 | ||
| Assurance work regarding grant funding returns | 3,864 | 768 | ||
| Theatre tax credit submissions | 600 | 870 | ||
| Companies House filings | 49 | 49 | ||
| 6,463 | 3,528 | |||
10. INDEPENDENT EXAMINER'S FEES
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st August 2022 nor for the year ended 31st August 2021.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31st August 2022 nor for the year ended 31st August 2021.
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ESO (2006) Limited
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
12. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Staff No employees received emoluments in excess of £60,000. During the year payments were made to key management totalling £3,029 (2021 - £nil). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 144,422 Charitable activities Concerts 25,000 Education - Other Activities 771 Other trading activities 3,498 Tax credits 1,779 Total 175,470 EXPENDITURE ON Charitable activities Concerts 157,927 Education 3,325 Support Costs 6,687 Other Activities 555 Total 168,494 NET INCOME/(EXPENDITURE) 6,976 Transfers between funds (4,695) Net movement in funds 2,281 RECONCILIATION OF FUNDS Total funds brought forward 41,540 TOTAL FUNDS CARRIED FORWARD 43,821 |
2022 £ 3,029 3,029 2022 1 Restricted funds £ 216,626 - 15,799 - - - 232,425 210,953 22,458 51,044 - 284,455 (52,030) 4,695 (47,335) 72,723 25,388 |
2021 £ - - 2021 - Total funds £ 361,048 25,000 15,799 771 3,498 1,779 407,895 368,880 25,783 57,731 555 452,949 (45,054) - (45,054) 114,263 69,209 |
|---|---|---|
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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ESO (2006) Limited
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
14. TANGIBLE FIXED ASSETS
| 14. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Music | Computer | ||||
| library | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1st September 2021 and | |||||
| 31st August 2022 | 6,711 | 3,638 | 10,349 | ||
| DEPRECIATION | |||||
| At 1st September 2021 | 3,421 | 3,638 | 7,059 | ||
| Charge for year | 165 | - | 165 | ||
| At 31st August 2022 | 3,586 | 3,638 | 7,224 | ||
| NET BOOK VALUE | |||||
| At 31st August 2022 | 3,125 | - | 3,125 | ||
| At 31st August 2021 | 3,290 | - | 3,290 | ||
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Trade debtors | 1,450 | 39,996 | |||
| Theatre tax credits | 10,264 | 10,264 | |||
| Theatre tax credits | 65,353 | - | |||
| Prepayments | 1,282 | 800 | |||
| 78,349 | 51,060 | ||||
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Trade creditors | 10,000 | 45,506 | |||
| Social security and other taxes | 726 | - | |||
| Accrued expenses | 2,088 | 1,593 | |||
| Deferred income | - | 3,861 | |||
| 12,814 | 50,960 | ||||
| Deferred income in the prior period relates to concerts that were | performed | after the year end. | |||
| 17. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.9.21 | in funds | 31.8.22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 43,822 | 86,466 | 130,288 | ||
| Restricted funds | |||||
| Arts Council - An Orchestra for Elgar | |||||
| Country | 5,575 | (5,575) | - | ||
| CEO Fund | 8,500 | (8,500) | - | ||
| Recording Project Fund | 3,962 | (3,962) | - | ||
| Care Home Fund | 7,350 | 4,292 | 11,642 | ||
| 25,387 | (13,745) | 11,642 | |||
| TOTAL FUNDS | 69,209 | 72,721 | 141,930 |
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ESO (2006) Limited
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
17. 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 | 447,625 | (361,159) | 86,466 |
| Restricted funds | |||
| Arts Council - An Orchestra for Elgar | |||
| Country | 148,475 | (154,050) | (5,575) |
| ESO Youth | 41,499 | (41,499) | - |
| CEO Fund | 40,000 | (48,500) | (8,500) |
| Recording Project Fund | 20,856 | (24,818) | (3,962) |
| Care Home Fund | 18,810 | (14,518) | 4,292 |
| DCMS Culture Continuity | 30,994 | (30,994) | - |
| 300,634 | (314,379) | (13,745) | |
| TOTAL FUNDS | 748,259 | (675,538) | 72,721 |
Comparatives for movement in funds
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.9.20 | in funds | funds | 31.8.21 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 41,540 | 6,977 | (4,695) | 43,822 |
| Restricted funds | ||||
| Arts Council - An Orchestra for Elgar | ||||
| Country | 36,384 | (39,697) | 8,888 | 5,575 |
| ACE COVID Fund | 10,192 | (10,192) | - | - |
| CEO Fund | - | 8,500 | - | 8,500 |
| Recording Project Fund | 23,097 | (21,577) | 2,442 | 3,962 |
| Care Home Fund | 3,050 | 4,300 | - | 7,350 |
| Culture Recovery Fund | - | 6,635 | (6,635) | - |
| 72,723 | (52,031) | 4,695 | 25,387 | |
| TOTAL FUNDS | 114,263 | (45,054) | - | 69,209 |
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ESO (2006) Limited
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Arts Council - An Orchestra for Elgar Country ACE COVID Fund ESO Youth CEO Fund Recording Project Fund Care Home Fund Culture Recovery Fund TOTAL FUNDS |
Incoming resources £ 175,470 50,337 - 18,299 40,000 18,038 7,600 98,151 232,425 407,895 |
Resources Movement expended in funds £ £ (168,493) 6,977 (90,034) (39,697) (10,192) (10,192) (18,299) - (31,500) 8,500 (39,615) (21,577) (3,300) 4,300 (91,516) 6,635 (284,456) (52,031) (452,949) (45,054) |
|---|---|---|
Arts Council - An Orchestra for Elgar Country
The Arts Council, Orchestra for Elgar Country Project granted funds towards the costs of managing the production and performance of the English Symphony Orchestra and was utilised in the year. This fund was also supported by smaller grants from institutions of £3,000 or less.This fund was fully utilised in the year.
ESO Youth
The ESO Youth fund aims to provide an education in orchestral music for young individuals. This fund was supported in the year by the Maria Bjornson Memorial Fund granting the charity £2,000.
CEO Fund
A grant of £40,000 (2021 - £40,000) was received from Ellerman as a contribution towards the CEO post and charitable projects.This fund has been fully utilised in the year.
Recording Project Fund
The Stephen Gerber Trust granted £20,856 (2021 - £23,097) towards recording projects. The funds have also been utilised in full in the year.
Care Home Fund
The Care Home Fund aims to support concerts in care settings. The support has funded by The Eveson Charitable Trust £7,000, Rathbone £10,000 as well as other donors of £500 or less. This fund has a balance of £11,642 (2021 - £7,350) at the year end.
DCMS Culture Continuity
The charity received grants of £74,400 from the DCMS Culture Continuity Fund in the year to support charitable activities and boost reserves during the COVID pandemic. £43,406 of this grant was unrestricted as a contribution towards general reserves, with the balance being fully spent on charitable activities in the year.
ACE COVID Fund
In the prior year the charity was successful in obtaining grant funding from The Arts Council in relation to the Culture Recovery Fund.This fund intends to help cultural organisations transition back to a viable and sustainable operating model. The charity received grants totalling £98,151.
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ESO (2006) Limited
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
18. RELATED PARTY DISCLOSURES
M G Mueller, a trustee of ESO (2006) Limited is also a director of Music Company International Limited, who provided support in kind in the form of press releases to the value of £2,000 (2021 - 2,000).
G E Green, a trustee of ESO (2006) Limited provided sponsorship to the value of £8,500 (2021 - £3,585).
J T Godfrey, a trustee of ESO (2006) Limited provided donations to the value of £1,098 (2021 - £nil).
J A Yelland, a former trustee of ESO (2006) Limited provided sponsorship to the value of £36 in the prior accounting year.
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