**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. Page 1 **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. Page 2 **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 Exwnlnerfs Rewt to theTnAtee8 Ot ES0121￿) Limrt•d h)deF•nd•nt ?xamln¢ts rwjrt t¢ the tn￿leaS of ES012￿) Lim[￿d Ilh• c￿paNy￿ I rpport b th￿{ty tr￿￿*S on ftYYex￿in81￿1n ol fv acoxmts CoMp￿Y forth8 year end8d 31stAugust 2022. R￿F￿nsIbIl￿18s and basls of rnport As the charity$ truste8$ of the knpany laThd akn rts i*reclL4s forthe 0f￿MpanY Lgwl are f¢y thg w8parn￿On of th8 actCAJnts in acujrdarta %%ith th8 r8qUW8mBnts dih8 CompBnibs 2rth (Yhe 2Cth Att). Having salisl*d ffryseff that the X0)un￿ d the Cornwy are Th)t requY8d to audited Part 16 of the 20C6 Art 8nd 8re digibl• for Indopand&nt exwnSnalKsn. l in r86F¢d of my gxarninabon Lrf your charitls accojnts as cath￿1 rAJt under SectYJn 145 01 Ihe CharIt￿S Act 2011 2011 kri. In Carr￿ry rAJt my exa￿￿n￿l￿ I have folkA¥od th8 Dir8Ctions given by thg Chanty ComnNssw uThJw Sectk)n 145151 Ibl ol tre 2011 A£L Ind•p•ndent examlnerfs statement Sln¢8 your tharity's grass incorng eXLwA￿ ￿50,C￿l) OX￿1￿ Th•Jst t• a rtwnt*r cl a 1sl&J I c*n confi Ihat l arn qualrf*d to undortaktr th& èxomin8tw)n 1 am 8 WL81wed rmfflber rf ICAEW IB ￿ of thg Ibtgd tr￿es. I have ¢(m￿eby rny eX8ftwti￿. I ￿nfiM1 that rK> mallers ha¥e trj my ailfrntic￿ In cOnrndic￿ wlth the examlna￿on gfving me c•u6e lo Accounting r￿r￿S w8r6 not kept in respecl ofthg c4¥n￿ny 85 required by $96 XQ6 fv£t: LV Iha 8cc(Junts ¢J) Th)t acc£¥d wlth th¢xe recuds". Ihe accounts do rK)t cornply ￿1th the accoJntsThJ requir8ments of seri￿ 396 of Ihe 20C6 Act 0th8r thgn any rèquirtmèni that tha att￿nts giw a trua a)d vi8w whith 16 Tr)t a matter c¥)n¥hl¢red 89 Part d an d8p8nd8nt exarnin#tion,' or the ￿￿ounts hav8 not been w8pstsd in ttc4)rdonce wlh tre rn6￿$ and FI¥￿￿83 af ￿ &8t•m8nt of RecomMe￿Ied for xrnunong and roportiNJ by charil*s lap[A*a￿6 to charities pwarfng thdr accowts in att0rd8￿8 with the Fineroal R•wtiThJ 4¥4tsbla in tha UK and RepJblK of IreL4rKI IFRS 10211. I hav8 be drawn in ¢ d ha￿ C￿￿j gC¥LW Th) cth8r m8ttws in c(mrncton wth the e¥arrllnaikx to attenkn Sh￿kj Nlcl*)183 S8ndy ICAEW Richards Sandy P8thethlp Ltd Charte￿d Certffjed AcLowtsn Fkjustr 25 Barbou￿ Road wor{￿ster VVorcestersh*• WRI 1RU >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 Page 6 ## **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 Page 7 **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 Page 8 **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. Page 9 continued... **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| |||||| Page 10 continued... **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**| Page 11 continued... **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. Page 12 continued... **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** Page 13 continued... **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**| Page 14 continued... **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| Page 15 continued... **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. Page 16 continued... **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. Page 17