ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 LIBERA (COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NUMBER 1127722 COMPANY REGISTRATION NUMBER 06774391 Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham West Sussex P018 8NF LIBERA (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page 3 Legal & Administrative Inforniation. Page 4 Report of the Directors. Page 5 Independent Examiner's Report on the Accounts. Page 6 Statement of Financial Actlvlties. Page 7 Balance Sheet. Pages 8 to 13 Notes to the Financial Ststements. LIBERA LEGAL AND ADMINISTRATIVE INFORMATION CHARITY NUMBER 1127722 COMPANY REGISTRATION NUMBER 6774391 START OF FINANCIAL YEAR 01 January 2022 END OF FINANCIAL YEAR 31 December 2022 DIRECTORS AT 31 DECEMBER 2022 Barbara Geraghty Eleanor Caron Lewis Andrew Winter Anna Jansen The exlsting trustees appoint any new trustees following the provisions lald out In the Charity's governlng instrument. GOVERNING INSTRUMENT Memorandum and Artlcles of Assoclatlon dated 16th December 2008 OBJECTS a) The charlty's objects I'The Objects") are for the publlc beneflt and are n accordance with the Christian principles contained Sn the Statement of Falth to the articles. b) To advance, improve, develop and maintaln publlc education In and appreciation of the art and science of boys, choral music by any charitable means the trustees think fit including, but not limited to, educating boys in choral music. REGISTERED ADDRESS Unit 2 The Broadridge Business Centre Delling Lane Bosham P018 8NF BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ INDEPENDENT EXAMINER Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham West Sussex LIBERA (A COMPANY LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31ST DECEMBER 2022 REPORT OF THE DIRECTORS During 2022 the Directors of knbera Met on l occasion. The following Offi￿rS were re-elected. Mr A Winter - Chair Mrs E Lewis - Honorary Secretary Mr A Winter - Honorary Treas(Jrer In lieu of international touring 33 boys attended two 'Bootcamp' ￿sidential courses which included musical training, recording, recreational activities and team building, supported by ￿gUlar staff and ￿bera alurnni. These courses also allowed our newest singers to experience being away with the group for the first time Vocal training was provided by paid staff and volunteers. Engagement of a number of volunteer li￿nSed chaperones, along with enhanced DBS clearance and certified training of others in the stsff team, ensured compliance with the charity's child safeguarding policy. During the year recording of a new album was started, for release in 2023. Tracks include unfinished works by Libera's founder the late Robert Prizeman, new compositions by Libera alumni and covers of songs by other artists. Creating an album provides boys with an insight into the techniques of record production and is part of the unique musical education that the charity provides. In addition to his unfinished works Robert Prizeman bequeathed all hls Intellectual property to the charlty,. In additlon to its financial value, this rep￿sents a significant artistic legacy. Llbera Is a member of a number of UK and overseas royalty collectfjon socletles. STATEMENT OF DIREcfoR'S RESPONSIBILITIES The Charities Act and the Companies Act require the Board of Dlrectors to prepare financlal statements for each flnanclal year which give a true and fair view ol the state of affairs of the cha￿ty as at the end of the flnancSal year and of the surplus or deficlt of the chadty. In preparin9 those financlal statements the Board is required to l. select suStable accountSng pollcles and then apply them conslstently: 11. make judgements and estlmates that are reasonable and prudent; 111. prepare flnancial statements on a goSng concem basls unless It Is Inappmpriate to presume that the company wlll continue in business,. Iv. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed an¢J explained in the financial statements. The direttors are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which a￿ sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. The directors are also ￿sponSible for the contents of the Report of the Directors. and the ￿SpOnsIbl11ty of the independent examiner in relation to the Report of the Director5 is limited to examining the report and ensuring that. on the face of the report. there are no inctsnsistencies with the figures disclosed in the financial statements. These accounts have been prepared in accordance with the provision5 applicable to companie5 subject to the small companie5 regime. l approve the attached staternent of financial activities and balan￿ sheet for the period ended 31st December 2022, and confirm that I have made available all information necessary for its preparation. Approved by the Dirertors on 14 August 2023 Signed on their behalf by Director Print Name.. LIBERA (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022. RESPONSIBILITIES AND BASIS OF REPORT As the charity's trustees of the Company (who are also the directors of the company for the purposes of company lawl, you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (-the 2006 Act-)- Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under sertion 145 of the Charities Act 2011 {"the 2011 Act"). In carrying Out my examination. I have followed the Direttions given by the Charity Commission {under section 145(5)(bl of the 2011 Att. INDEPENDENT EXAMINER'S STATEMENT L have completed my examinatlon. I confimi that no materlal matters have come to my attentlon whlch gives me cause to belleve that.. accountlng records were not kept In accordance wlth sectlon 386 of the Companles Act 2006; or the accounts do not accord with such records; or the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the Charities SORP (FRS1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. K Gornes MAAT FCIE Independent Exarniners Ltd 8osham West Sussex P018 8NF Signed 15.8.23 LIBERA (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022 {Incorporating Income & Expenditure Account) Unrestrirted Restrirted Funds Funds TOTAL 2022 TOTAL 2021 Note INCOME Income from: Donations and Legacies 17.735 8.935 26,670 114,963 Charitable Activities 3b 33.494 33,494 19,636 Investment Income 3c 82 82 Other Income 3d 240.556 240,556 9,724 TOTAL INCOME 291,867 8.935 300.802 144,323 EXPENDZTURE Expendlture on: Charltable Actlvlties 229,751 8,935 238,686 69,492 Actlvlties for Generating Funds 4b 7,338 7,338 2,719 TOTAL EXPENDITURE 237,089 8,935 246,024 72,211 NET INCOME/ EXPENDITURE 54,778 54,778 72,112 Transfers between Funds Funds Brought Forward 83,025 83,025 10,913 TOTAL FUNDS CARRIED FORWARD 137,803 137,803 83,025 Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing. The notes on pages 8 to 13 form part of these financial statements. LIBERA (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31ST DECEMBER 2022 Unrestricted Restrirted 31-Dec-22 31-Dec-21 Funds Funds Totsl Total Note Fixed Assets Tangible Assets 5,249 5,249 5,249 5,249 Current Assets Debtors & Prepayments Cash at Bank and in Hand 39,241 103,377 39,241 103,377 92,055 Total Current Assets 142,618 142.618 92,055 Credltors: amounts falling due wlthin one year 2,814 2,814 780 NET CURRENT ASSETS 139.804 139,804 91,275 TOTAL ASSETS less current 145.053 145.053 91,275 Credltors: amounts falllng due more than one year 7.250 7,250 8,250 NET ASSETS 137,803 137,803 83,025 Funds of the Charlty General Funds Designated Funds Restricted Funds 137,803 137,803 83,025 Total Funds 137,803 137,803 83,025 Directors, Re$ponsibiliti•s: For the financial year ending 31 December 22 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476,. and The directors acknowledge their responsibilities for tomplying with the requirements tsf the Act with respect to accounting records and the preparation of accounts. These financial 5t3tements have been prepared in accordance with the special provision5 relating to companie5 Subject to the Small companies regirne within Part 15 of the Companie5 Act 2006. The financial 5t3tements were ap Approved by the Directors on roved by the trustees. and authorised for issue and signed on their behalf by.. Signed on their behalf by Director . Print Name.. LIBERA (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 I. ACCOUNTING POLICIES Basis of Preparation The financial statements have been prepared on a historical cost basis of acco(Jnting in accordance with Charities Art 2011, Statement of Recommended Prartice "Accounting and Reporting by Charities" ISORP 20151, applicable accounting standards and Companies Art 2006. The accounts a￿ prepared on an ongoing concern basis. The charity meets the public benefit entity definition IFRS102}. Reststement was not required in making the transition to FR5102. The date of transition was 1st january 2015. Advanta9e has been taken of Section 396IS) of The Companies Act 2006 to allow the format of the fi'nancial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP. The company has taken advantage of the exemption In Financial Reportln9 Standard No I from the requirement to produce a cash flow statement. Changes In Accounting Pollcles and Previous Accounts There has been no change to the accounting pollcles slnce last year and no changes In the prevSous accounts. In¢omlng Re￿urCeS Recognition of Incoming Resources These are included In the Statement of FSnanclal ActlvStles (SOFA) when: the chadty becomes entstled to the resources: the Directors are virtually certain they will ￿ceIve the resources: and the monetary value can be measured with SLbfficient reliability. Incomlng Resources bvith Related Expenditu Where incoming resources have related expenditure las with fundraising or contract Income) the Incoming resource and related expenditure are ￿pOrte{l gross in the SOFA. Grants anLI Donations Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Tax Reclaims on Donations and Gifts Incoming resources from tax reclaims are included in the SOFA in the same financial period as the gift to which they late. Contractual Income and Performance Related Grants This is only included in the SOFA once the related goods or services has been delivered. Gilts in Kind Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually reali5ed. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when ￿Ceived. Donated Servi￿5 and Facilitie5 These are only included in incorntng resource5 (with an equrvalent amount in resource5 expended) where the benefit to the charity is reasonably quantifiable. measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. LIBERA (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022 I. ACCOUNTING POLICIES (Continued) Incoming Resources (continued) Volunteer Help The value of any voluntary help received is not included in the accounts but is described in the Report of the Directors. Expenditure and Liabilities Liability Recognition Liabilities are recognised as soon as the￿ is a legal or constnjctive obligation committing the charity to pay out resources. Governance Costs Governance Costs Include costs of the preparation and examination of statutory accounts, the costs of the Dlrectors, meetings and cost of any legal advice to directors on governance or constitutional matters. Grants wlth Performance Conditlons Where the charity gives a grant with conditions for its payment being a specific level of servlce or output to be provlded, such grants are only recognlsed In the SOFA once the recipient of the grant has provlded the specified service or output. Assets Flxed Assets Flxed Assets are capitalised If they can be used for MO￿ than one year and cost at least É1,500. They are valued at cost or, Sf glfted, at the value to the cha￿ty on recelpt. Depreciation Is calculated at a rate to write off the cost of tangible Tixed assets over thelr estlmated useful lives. The rates applied are as follows: General Equipment 25% CommunScation Equipment 25% There has been no change to the accounting pollces (Vanabon rnles and methods of accountlng) slnce last year. 2. TANGIBLE FIXED ASSETS Unrestricted Equipment Total C05t Additions Disposals 01-Jan-22 6,999 6,999 Cost at 31-Dec-22 6,999 6,999 Depreciation Disposals Charge 01-Jan-22 1,750 1,750 Depreciation at 31-Dec-22 1,750 1,750 Net Book Value 31-Dec-22 5,249 5,249 Net Book Value 31-Dec-21 There are no commitments under non-cancelling operating leases and capital commitments (2021.. None) LIBERA (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022 3. INCOME Unre5trirted Restricted Funds Funds TOTAL 2022 TOTAL 2021 a) Donations and Legacies Bootcamp Grant Gift Aid Tax Recovered Gifts and Donations Parental Contributions to Bootcamp 2.000 2,000 7,000 20,578 83,299 4,086 114,963 17.735 17,735 6,935 26.670 6,935 8.935 17.735 b) Income from other Charltable Actlvltles Concert Income Provlding Muslc In church Recordlng Income 28.644 4.850 28,644 4,850 10,575 9,062 33,494 33,494 19,636 c) Investment Income Interest Received 82 82 82 82 d) Other Income Sale of Merchandise Royalties Sale of Equipment Sales Comrnission Gifts in Kind Donated Services 15,169 176,253 5,225 229 42,680 1,000 15,169 176,253 5,225 229 42,680 1,000 4,479 3,807 438 1,000 240.556 240,556 9,724 io LIBERA (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022 4. EXPENSES Unrestricted Restrirted Funds Funds TOTAL 2022 TOTAL 2021 a) Expenditure on Charitable Activities Accommodation Admin Support Bank Charges Boys, Expenditure Computer Software UK Concert Costs Music in Church Postage, Printing, Stationery Recording Expenses Sundry expenses Equipment Website/internet costs Internet Accounts Residential Trainlng Courses Vocal Training Donated Servlces and Facllitles Glfts In klnd wrStten off Depreclation Loan Repaid Independent Examlner Fee Insurance Costs Legal & Professional fees 17.704 3,450 117 1,961 691 55,326 3,952 2,170 18,850 1,354 1,092 536 765 45,959 27,745 1,000 39.781 1.750 1,000 1,050 2,613 886 17,704 3,450 117 1,961 691 55,326 3,952 2,170 18,850 1,354 1,092 536 765 54,894 27,745 1,000 39,781 1,750 1,000 1,050 2,613 886 3,016 500 102 16,667 12,040 221 1,644 8,935 30,102 1,000 1,560 1,768 871 229,751 8,935 238,686 69,492 Unrestricted Restricted Funds Funds TOTAL 2022 TOTAL 2021 b) Cost of Generating Funds Advertising & Publicity/Social Media Fees Cost of Merchandising 226 216 6,897 226 216 6,897 230 216 2,273 5. RESTRICTED FUNDS Balance 01-Jan-22 Balance 31-Dec-22 Income 8,935 8,935 Expenditure 8,935 8,935 Transfers Bootcamp Fund The restricted funds are wholly represented by the Charity's cash reserves. LIBERA (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022 6. CASH AT BANK AND IN HAND Unrestrirted Restrirted Fund Fund Totrl Total 31-Dec-22 31-Dec-21 Current Account 103.377 103,377 92,055 103.377 103.377 92,055 7. DEBTORS AND PREPAYMENTS Unrestricted Restricted Fund Fund Total Total 31-Dec-22 31-Dec-21 Prepayments 39,241 39,241 39.241 39.241 8. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR Unrestrlcted Restricted Fund Fund Total Total 31-Dec-22 31-Dec-21 Accounts Payable Credit Card Independent Exam 1,764 1,050 1,764 1,050 780 2,814 2,814 780 9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR Unrestricted Restricted Fund Fund Total Total 31-Dec-22 31-Dec-21 Long Term Creditor5 7,250 7,250 8,250 10. STAFF COSTS AND NUMBERS The Charity employed no members of staff during this or the previous financial period. (2021 - None} 12 LIBERA (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022 11. DIREcfoRS AND OTHER RELATED PARTIES During this period one direttor was paid for providing admin support to the charity, and family members of two directors were paid for providing musical and technical services. 12. RECONCILATION OF MOVEMENT ON CAPITAL AND RESERVES The Company is Limited by Guarantee 06774391 and it is a charity registered with the Charity Commission 1127722. It does not have a Share capitsl and has no income subject to Corporation Tax. 2022 2021 Profit / Deficit for the financial year Other Recognised Gains 54,778 72,112 Balance Brought Forward Closlng Funds 83,025 137,803 10,913 83,025 13. RISK ASSESSMENT The Directors actively review the major rlsks which the charity faces on a regular basis and belleve that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. 14. RESERVES POLICY The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial 5ySterns carried out on an annual basis will provide sufficient resources in the event of adverse condition5. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. 15. PUBLIC BENEFIT The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or 'airns' that are for the public benefit. Details of how the charity has achieved this are provided in the Directors. report. The Directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. 13