**REGISTERED COMPANY NUMBER: 05908862 (England and Wales) REGISTERED CHARITY NUMBER: 1119621** **Report of the Trustees and Financial Statements for the Year Ended 31st August 2023** **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 2023** |||**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|18| |**Detailed Statement of Financial Activities**|19|to|20| **ESO (2006) Limited** ## **Report of the Trustees for the Year Ended 31st August 2023** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **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** ## **Charitable activities** During the year the charity participated in the Elgar Festival 2023, with The Gala Concert performed by the English Symphony Orchestra and the Elgar Festival Chorus considered to be one of the highlights of the festival. The Gala Concert featured Elgar’s epic 1st Symphony in a thrilling performance by the English Symphony Orchestra and conductor Kenneth Woods, alongside "The Music Makers" with contralto soloist Jess Dandy and the Elgar Festival Chorus, and Michael Berkeley’s "Secret Garden". Other performances undertaken by the charity in the year included Discovering Bach, The Journey Home, Journeys Of Creation And Renewal, Handel's 'Messiah', Visions Of Italy Mixtape: Transatlantic Resonance , American Rhapsody, American And Canadian Sounds, Journey To America, The Epic Of Gilgamesh, Nordic Journey - Grieg Piano Concerto With Noriko Ogawa, Spring Song And Strings and Voyage To America - Mayflower On The Sea Of Time. The charity arranged for Corinne Frost and Stephen Warner (aka "DownsideUp") and the ESO Wind Ensemble to perform a selection of music for various Dementia Meeting Centres. The charity also organised ESO Youth autumn spring and summer orchestra courses for beginner, intermediate and advanced levels. Orchestral discipline is matched by improvisation and sheer fun with the primary aim of helping children develop musicianship, confidence and sociability. The varied activities on each course include full and sectional orchestral rehearsals as well as singing, group improvisation, solo masterclasses and games and every course concludes with an informal concert. The charity also runs a digital library of past concerts that members have access to in exchange for a monthly donation to the charity. Membership includes other benefits, including exclusive content, discounted tickets and regular newsletters. The charity also sells CDs of its productions, available on its online store. ## **FINANCIAL REVIEW** ## **Financial position** Total income from the year was £671,345 (2022 - £748,259). Last year the charity received exceptional levels of support relating to Covid-19 recovery and whist performance income and grant income have all fallen compared to last year, the current year saw a significant increase in non-Covid-19 grant income compared to pre-Covid-19 financial years. Total expenditure for the year was £622,836 (2022 - £675,538). The level in expenditure has decrease approximately in line with the fall in income. Page 1 **ESO (2006) Limited** ## **Report of the Trustees for the Year Ended 31st August 2023** ## **FINANCIAL REVIEW** ## **Principal funding sources** The charity is funded by a mixture of income generated from concerts, ESO Youth, sale of CDs and other charitable activities undertaken and grants and donations received from Arts Council England, various charitable trusts and members of the public. ## **Reserves policy** Unrestricted reserves at the year end were £186,910 (2022 - £130,288). Excluding funds held as tangible fixed assets of £2,969 (2022 - £3,125), free reserves were £183,941 (2022 - £127,163). Restricted reserves at the year end were £3,529 (2022 - £11,642). 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 less than 3 months' expenditure (2022 - approximately 3 months' expenditure). The trustees are working to increase reserves moving forward. ## **FUTURE PLANS** The charity's next major performances is Beyond The Horizon, to be performed in Bristol and Malvern. The charity also plans to participate in the 2024 Elgar Festival. ## **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 officer Seb Lovell-Huckle who was appointed last year. The charity also engages The Music Agency to assist with the general administration of the charity. ## **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. ## **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 Page 2 **ESO (2006) Limited** **Report of the Trustees for the Year Ended 31st August 2023** ## **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 G Sheffield Mr J Summers Mr B Turner ## **Independent Examiner** Melissa Jean Godwin ACCA Richards Sandy Partnership Ltd Chartered Certified Accountants Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU ## **Chief Executive Officer** Mr S W Lovell-Huckle ## **Administrative support** The Music Agency Crynallt Llancarfan Vale of Glamorgan CF62 3AD This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. ## 02/02/2024 Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ ~~JOO~~ Dr J T Godfrey - Trustee ~~LGA~~ Page 3 Independent E¥arninrf• Reportto the Tn*t8￿ ot &80 {2CQ61 Limttgd Indop•ndènt•xamkn•rfs r•port to th•truSt￿$ of &SO {2006) Ufflitod fft Cofflpany? I wort to the tharity trust￿ ￿ rny examinatth oftr* ofthe Cthwany forts yeaf eTrJ&Y 318t August 2ry23. R￿Ponsibl11￿¢S and ba$1$ of r•port As kne chantys trustees of ts Company is thèctss ftyr 0fetN￿panY lawl you are responsible for pffeparat￿ ofthe accounts in %Mlh ts T￿r￿ts oftr* Ad 2C￿ (Ihe 2CthAcfl. Having s*"sfiwJ that ble act￿nts of the Ccmwy are rot requwj to te undor P8rt 16 of 2006 Act nd arè tIKJ1b￿ frjr ￿(je￿￿ent examinatw)n, l ￿p￿t in resFect of my exarnana￿ of your th8ntys o¢wunts as carried ¢ul und8r SeL*on 145 01 th8 Charrt￿ Act 2011 1.fv 2011 Adl. In caryiro c*rt my ex*nination I ha￿ fdkJw•d tr D1￿CtIOnS given by tre Charrty commiss￿ (sThJ8r Se(ts)n 145(51 Ibl Oftt￿ 2011 fv4 Ind•￿ndant•Xaml￿grf1 •tatern•nt Sinc£ ywr chanty'5 gross Intsm• èxte&Yed your exaniner must be a member of a bTr*. I can rLJnfimi that l arn qualifvJ 10 und¢rtako thè èx*ninalbJn trtausè l am a mamlw of th& AssLx4￿. n of Charter&J Cets'fi8d Acuuntsnts, whith Is of the li5te(I l)ryJw. I have rny ex8minatscffi. I ionfiryn that rn mat*B ha¥e m to my att¢ntr)n Thi o)MaCtbn ￿th th8 aminatKJn gmng m8 caus• to beliM'. "ng r8c))unts lo b• Mèllssa Joan Gcthw'n ACCA Pthard¥ Sandy ParM•rshp Ltd Chartered Cwtsfied Aethntants Thomebe Houso 25 Bart￿rrO Road brcester ￿rC￿￿r9hlT8 1 1RU Date.. ..ai...ol,.204 ... **ESO (2006) Limited** ## **Statement of Financial Activities for the Year Ended 31st August 2023** |**2023**
Unrestricted
Restricted
**Total**
funds
funds
**funds**
Notes
£
£
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
**142,865**
**201,090**
**343,955**
**Charitable activities**
6
Concerts
**106,146**
**1,083**
**107,229**
Education
**79,899**
**15,005**
**94,904**
Other Activities
**387**
**-**
**387**
Other trading activities
4
**3,302**
**-**
**3,302**
Investment income
5
**252**
**-**
**252**
Tax credits
**121,316**
**-**
**121,316**
**Total**
**454,167**
**217,178**
**671,345**
**EXPENDITURE ON**
**Charitable activities**
7
Concerts
**340,134**
**158,072**
**498,206**
Education
**3,132**
**16,045**
**19,177**
Support Costs
**54,279**
**51,174**
**105,453**
**Total**
**397,545**
**225,291**
**622,836**
**NET INCOME/(EXPENDITURE)**
**56,622**
**(8,113)**
**48,509**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**130,288**
**11,642**
**141,930**
**TOTAL FUNDS CARRIED FORWARD**
**186,910**
**3,529**
**190,439**|2022
Total
funds
£
388,875
220,339
62,596
1,395
9,701
-
65,353| |---|---| ||748,259| ||525,014
50,357
100,167| ||675,538| ||72,721
69,209| ||141,930| The notes form part of these financial statements Page 5 ## **ESO (2006) Limited** ## **Balance Sheet 31st August 2023** |||||**2023**|2022| |---|---|---|---|---|---| |||Unrestricted|Restricted|**Total**|Total| |||funds|funds|**funds**|funds| ||Notes|£|£|**£**|£| |**FIXED ASSETS**|||||| |Tangible assets|15|**2,969**|**-**|**2,969**|3,125| |**CURRENT ASSETS**|||||| |Debtors|16|**153,680**|**8,995**|**162,675**|78,349| |Cash at bank||**40,536**|**3,529**|**44,065**|73,270| |||**194,216**|**12,524**|**206,740**|151,619| |**CREDITORS**|||||| |Amounts falling due within one year|17|**(10,275)**|**(8,995)**|**(19,270)**|(12,814)| |**NET CURRENT ASSETS**||**183,941**|**3,529**|**187,470**|138,805| |**TOTAL ASSETS LESS CURRENT LIABILITIES**|**TOTAL ASSETS LESS CURRENT LIABILITIES**|**186,910**|**3,529**|**190,439**|141,930| |**NET ASSETS**||**186,910**|**3,529**|**190,439**|141,930| |**FUNDS**|18||||| |Unrestricted funds||||**186,910**|130,288| |Restricted funds||||**3,529**|11,642| |**TOTAL FUNDS**||||**190,439**|141,930| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 02/02/2024 ............................................. JOO AGA 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 2023** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash (used in)/provided by operating activities
**Cash flows from investing activities**
Interest received
Net cash provided by investing 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**|**2023**
**£**
**(29,457)**
**(29,457)**
**252**
**252**
**(29,205)**
**73,270**
**44,065**|2022
£
7,451| |---|---|---| |||7,451| |||-| |||-| |||| |||7,451
65,819| |||73,270| 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 2023** ## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |||**2023**|2022| |---|---|---|---| |||**£**|£| |**Net income for the reporting period (as per the Statement of Financial**|||| |**Activities)**||**48,509**|72,721| |**Adjustments for:**|||| |Depreciation charges||**156**|165| |Interest received||**(252)**|-| |Increase in debtors||**(84,326)**|(27,289)| |Increase/(decrease) in creditors||**6,456**|(38,146)| |**Net cash (used in)/provided by operations**||**(29,457)**|7,451| |**ANALYSIS OF CHANGES IN NET FUNDS**|||| ||At 1.9.22|Cash flow|**At 31.8.23**| ||£|£|**£**| |**Net cash**|||| |Cash at bank|**73,270**|**(29,205)**|**44,065**| ||**73,270**|**(29,205)**|**44,065**| |**Total**|**73,270**|**(29,205)**|**44,065**| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** The notes form part of these financial statements Page 8 **ESO (2006) Limited** ## **Notes to the Financial Statements for the Year Ended 31st August 2023** ## **1. ACCOUNTING POLICIES** ## **BASIS OF PREPARING THE FINANCIAL STATEMENTS** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. 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. Income from the sale of CDs is recognised when the customer takes ownership of the CD. ## **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 Computer equipment - 20% on cost ## **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. ## **PENSION COSTS** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **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. Page 9 continued... **ESO (2006) Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31st August 2023** ## **1. ACCOUNTING POLICIES - continued** ## **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. ## 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. ## **CONCESSIONARY LOANS** Concessionary loans received from third parties on which no interest is to be charged are measured at historical cost. ## **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 £57,462 (2022 - £63,843). ## **3.** ## **DONATIONS AND LEGACIES** |**DONATIONS AND LEGACIES**||| |---|---|---| ||**2023**|2022| ||**£**|£| |Donations|**47,013**|5,935| |Grants|**233,833**|312,687| |Donated services & facilities|**57,462**|63,843| |ESO Friends|**5,647**|6,410| ||**343,955**|388,875| Page 10 continued... **ESO (2006) Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31st August 2023** ## **3. DONATIONS AND LEGACIES - continued** Grants received, included in the above, are as follows: ||||||**2023**|2022| |---|---|---|---|---|---|---| ||||||**£**|£| ||Arts Council England||||**97,954**|116,598| ||DCMS Culture Continuity||||**-**|74,400| ||John Ellerman Foundation||||**-**|40,000| ||Worcester City Council||||**8,000**|8,000| ||Grants from charitable trusts less than £20,000 each||||**127,879**|73,689| ||||||**233,833**|312,687| |**4.**|**OTHER TRADING ACTIVITIES**|||||| ||||||**2023**|2022| ||||||**£**|£| ||Sponsorship income||||**3,302**|9,701| |**5.**|**INVESTMENT INCOME**|||||| ||||||**2023**|2022| ||||||**£**|£| ||Bank interest||||**195**|-| ||HMRC interest||||**57**|-| ||||||**252**|-| |**6.**|**INCOME FROM CHARITABLE**|**ACTIVITIES**||||| ||||||**2023**|2022| |||Activity|||**£**|£| ||Performance income|Concerts|||**107,229**|220,339| ||Course fees|Education|||**82,888**|59,279| ||Shop sales|Education|||**12,016**|3,317| ||Other income|Other Activities|||**387**|1,395| ||||||**202,520**|284,330| |**7.**|**CHARITABLE ACTIVITIES COSTS**|||||| ||||Direct||Support|| ||||Costs (see||costs (see|| ||||note 8)||note 9)|Totals| ||||£||£|£| ||Concerts||**498,206**||**-**|**498,206**| ||Education||**19,177**||**-**|**19,177**| ||Support Costs|||**-**|**105,453**|**105,453**| ||||**517,383**||**105,453**|**622,836**| Page 11 continued... **ESO (2006) Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31st August 2023** |**8.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
**2023**
**£**
Musician's & courses fees
**276,924**
Soloists & conductor's fees
**78,803**
Hire of halls, music and instruments
**35,759**
Marketing & publicity
**66,621**
Other production costs
**31,193**
Event management fees
**28,083**
**517,383**
**9.**
**SUPPORT COSTS**
Governance
Management
costs
£
£
Support Costs
**98,853**
**6,600**
Support costs, included in the above, are as follows:
**2023**
Support
Costs
**£**
Wages
**42,000**
Pensions
**983**
Subcontractors - general administration
**28,200**
Subcontractors - grant manager
**13,460**
Bookkeeper
**2,403**
Insurance
**1,314**
Subscriptions and licences
**1,294**
Other support costs
**1,752**
Bank charges
**591**
PR manager
**6,700**
Recruitment consultant
**-**
Depreciation on tangible fixed assets
**156**
Independent examiner's fees
**6,600**
**105,453**
**10.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
**2023**
**£**
Depreciation - owned assets
**156**|2022
£
306,482
75,854
41,175
67,966
48,108
35,786| |---|---| ||575,371| ||Totals
£
**105,453**| ||2022
Total
activities
£
**3,029**
**-**
**40,216**
**11,650**
**4,982**
**615**
**2,133**
**1,825**
**688**
**9,850**
**19,200**
**165**
**5,814**| ||**100,167**| ||2022
£
165| Page 12 continued... **ESO (2006) Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31st August 2023** ## **11. INDEPENDENT EXAMINER'S FEES** Fees payable to the charity's independent examiner is as follows: ||**2023**|2022| |---|---|---| ||**£**|£| |Independent examination|**2,760**|1,950| |Assurance work regarding grant funding returns|**3,840**|3,864| |Theatre tax credit submissions|**-**|600| |Bookkeeping and payroll services|**2,342**|2,868| |Companies House filings|**61**|49| |||| ||**9,003**|9,331| |||| ## **12. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31st August 2023 nor for the year ended 31st August 2022. ## **TRUSTEES' EXPENSES** There were no trustees' expenses paid for the year ended 31st August 2023 nor for the year ended 31st August 2022. ## **13. STAFF COSTS** |Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Chief Executive Officer|**2023**
**£**
**42,000**
**983**
**42,983**
**2023**
**1**|2022
£
3,029
-| |---|---|---| |||3,029| |||2022
1| No employees received emoluments in excess of £60,000. Total remuneration paid to key management for the year was £42,983 (2022 - £3,029). Page 13 continued... **ESO (2006) Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31st August 2023** ## **14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |||Unrestricted|Restricted|Total| |---|---|---|---|---| |||funds|funds|funds| |||£|£|£| ||**INCOME AND ENDOWMENTS FROM**|||| ||Donations and legacies|156,249|232,626|388,875| ||**Charitable activities**|||| ||Concerts|194,146|26,193|220,339| ||Education|26,282|36,314|62,596| ||Other Activities|1,395|-|1,395| ||Other trading activities|4,200|5,501|9,701| ||Tax credits|65,353|-|65,353| ||**Total**|447,625|300,634|748,259| ||**EXPENDITURE ON**|||| ||**Charitable activities**|||| ||Concerts|302,897|222,117|525,014| ||Education|8,961|41,396|50,357| ||Support Costs|49,301|50,866|100,167| ||**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| |**15.**|**TANGIBLE FIXED ASSETS**|||| |||Music|Computer|| |||library|equipment|Totals| |||£|£|£| ||**COST**|||| ||At 1st September 2022 and|||| ||31st August 2023|**6,711**|**3,638**|**10,349**| ||**DEPRECIATION**|||| ||At 1st September 2022|**3,586**|**3,638**|**7,224**| ||Charge for year|**156**|**-**|**156**| ||At 31st August 2023|**3,742**|**3,638**|**7,380**| ||**NET BOOK VALUE**|||| ||At 31st August 2023|**2,969**|**-**|**2,969**| ||At 31st August 2022|3,125|-|3,125| Page 14 continued... **ESO (2006) Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31st August 2023** ## **16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade debtors
Theatre tax credits
Accrued income
Prepayments
**17.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors
Concessionary loans
Accrued expenses|**2023**
**£**
**1,549**
**132,280**
**26,651**
**2,195**
**162,675**
**2023**
**£**
**-**
**1,867**
**209**
**13,000**
**4,194**
**19,270**||2022
£
1,450
75,617
-
1,282| |---|---|---|---| ||||78,349| ||||2022
£
10,000
726
-
-
2,088| ||||12,814| ## **Concessionary loans** Concessionary loans relates to an interest free loan provided by one of the trustees which is repayable on demand. ## **18. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**Restricted funds**
Care Home Fund
Recording Project Fund
**TOTAL FUNDS**|At 1.9.22
£
**130,288**
**11,642**
**-**
**11,642**
**141,930**|Net
movement
in funds
£
**56,622**
**(11,642)**
**3,529**
**(8,113)**
**48,509**|At
31.8.23
£
**186,910**
**-**
**3,529**| |---|---|---|---| ||||**3,529**| ||||**190,439**| Page 15 continued... **ESO (2006) Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31st August 2023** ## **18. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Arts Council England - Musical Life in Elgar
Country
Arts Council England - Mayflower on the
Sea of Time
Care Home Fund
CEO Fund
The Epic Of Gilgamesh
ESO Youth
Recording Project Fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Arts Council England - Musical Life in Elgar
Country
Care Home Fund
CEO Fund
Recording Project Fund
**TOTAL FUNDS**|Incoming
resources
£
**454,167**
**97,955**
**39,250**
**9,399**
**40,000**
**3,000**
**16,045**
**11,529**
**217,178**
**671,345**
At 1.9.21
£
43,822
5,575
7,350
8,500
3,962
25,387
69,209|Resources
Movement
expended
in funds
£
£
**(397,545)**
**56,622**
**(97,955)**
**-**
**(39,250)**
**-**
**(21,041)**
**(11,642)**
**(40,000)**
**-**
**(3,000)**
**-**
**(16,045)**
**-**
**(8,000)**
**3,529**
**(225,291)**
**(8,113)**
**(622,836)**
**48,509**
Net
movement
At
in funds
31.8.22
£
£
86,466
130,288
(5,575)
-
4,292
11,642
(8,500)
-
(3,962)
-
(13,745)
11,642
72,721
141,930| |---|---|---| Page 16 continued... **ESO (2006) Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31st August 2023** ## **18. MOVEMENT IN FUNDS - continued** Comparative 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 England - Musical Life in Elgar|||| |Country|148,475|(154,050)|(5,575)| |Care Home Fund|18,810|(14,518)|4,292| |CEO Fund|40,000|(48,500)|(8,500)| |DCMS Culture Continuity|30,994|(30,994)|-| |ESO Youth|41,499|(41,499)|-| |Recording Project Fund|20,856|(24,818)|(3,962)| ||300,634|(314,379)|(13,745)| |**TOTAL FUNDS**|748,259|(675,538)|72,721| ## **Arts Council England - Musical in Elgar Country** Relates to funding received from Arts Council England, supported by other grant providers, to fund performances undertaken by the English Symphony Orchestra. ## **Arts Council England - Mayflower on the Sea of Time** Relates to funding received from both an external Arts Council England funded project and a private individual to organise a concert which includes a performance of Philip Sawyers' 'Mayflower on the Sea of Time'. ## **Care Home Fund** Relates to funding received from The Eveson Charitable Trust, Rathbone and various individual donors and other charitable trusts to organise a series of concerts performed at residential care homes. ## **CEO Fund** Relates to funding received from John Ellerman Foundation to help finance the employment of a chief executive officer. ## **DCMS Culture Continuity** Relates to funding received from the DCMS Culture Continuity Fund in the year to support charitable activities and boost reserves during the COVID pandemic. ## **The Epic Of Gilgamesh** Relates to a donation received from an individual to organise a concert inspired by the Epic Of Gilgamesh. ## **ESO Youth Fund** Relates to funding received from various individual donors and charitable trusts to provide an education in orchestral music for young individuals. ## **Recording Project Fund** Relates to funding received from The Stephen R Gerber Trust to fund a recording project. Page 17 continued... **ESO (2006) Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31st August 2023** ## **19. RELATED PARTY DISCLOSURES** G E Green, a trustee of the charity, gave the charity donations and sponsorship totalling £4,000 (2022 - £8,500). J T Godfrey, a trustee of the charity, gave the charity donations totalling £nil (2022 - £1,098). At the year end the charity owed J T Godfrey £13,000 (2022 - £nil) in regards to an interest free concessionary loan which is repayable on demand. Music Company International Limited, a company controlled by M G Mueller who is a trustee of the charity, provided support in kind totalling £nil (2022 - £2,000). Page 18 **ESO (2006) Limited** ## **Detailed Statement of Financial Activities for the Year Ended 31st August 2023** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Grants
Donated services & facilities
ESO Friends
**Other trading activities**
Sponsorship income
**Investment income**
Bank interest
HMRC interest
**Charitable activities**
Course fees
Performance income
Shop sales
Other income
**Tax credits**
Tax credits current year
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Musician's & courses fees
Soloists & conductor's fees
Hire of halls, music and instruments
Marketing & publicity
Other production costs
Event management fees
**Support costs**
**Management**
Wages
Pensions
Subcontractors - general administration
Subcontractors - grant manager
Bookkeeper
Insurance
Subscriptions and licences
Other support costs
Bank charges
Carried forward|2023
£
**47,013**
**233,833**
**57,462**
**5,647**
**343,955**
**3,302**
**195**
**57**
**252**
**82,888**
**107,229**
**12,016**
**387**
**202,520**
**121,316**
**671,345**
**276,924**
**78,803**
**35,759**
**66,621**
**31,193**
**28,083**
**517,383**
**42,000**
**983**
**28,200**
**13,460**
**2,403**
**1,314**
**1,294**
**1,752**
**591**
**91,997**|2022
£
5,935
312,687
63,843
6,410| |---|---|---| |||388,875
9,701
-
-| |||-
59,279
220,339
3,317
1,395| |||284,330
65,353| |||748,259
306,482
75,854
41,175
67,966
48,108
35,786| |||575,371
3,029
-
40,216
11,650
4,982
615
2,133
1,825
688
65,138| This page does not form part of the statutory financial statements Page 19 **ESO (2006) Limited** ## **Detailed Statement of Financial Activities for the Year Ended 31st August 2023** |**Detailed Statement of Financial Activities**
**for the Year Ended 31st August 2023**||| |---|---|---| |**Management**
Brought forward
PR manager
Recruitment consultant
Depreciation
**Governance costs**
Independent examiner's fees
Total resources expended
**Net income**|2023
£
**91,997**
**6,700**
**-**
**156**
**98,853**
**6,600**
**622,836**
**48,509**|2022
£
65,138
9,850
19,200
165| |||94,353
5,814| |||675,538| |||72,721| This page does not form part of the statutory financial statements Page 20