## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST DECEMBER 2024**
## **LIBERA**
**(A COMPANY LIMITED BY GUARANTEE) REGISTERED COMPANY No: 06774391 CHARITY REGISTRATION No: 1127722**
The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
1
LIBERA
|CONTENTS||YEAR END 31 DECEMBER 2024|
|---|---|---|
|Pages 3 to 6|Trustees Annual Report||
|Page 7|Independent Examiners Report||
|Page 8|Statement of Financial Activities||
|Page 9|Balance Sheet||
|Page 10 to 17|Notes to the Financial Statements||
|Page 18|Statement of Cashflows||
2
LIBERA
TRUSTEES ANNUAL REPORT
YEAR END 31 DECEMBER 2024
|**Legal and Administrative Information**||
|---|---|
|REGISTERED CHARITY NAME|LIBERA|
|CHARITY NUMBER|1127722|
|COMPANY REGISTRATION NUMBER|06774391|
|REGISTERED OFFICE|Unit 2, Broadbridge Business Centre|
|ADDRESS|Delling Lane|
||Bosham|
||West Sussex|
||PO18 8NF|
|TRUSTEES THAT SERVED DURING THE YEAR|Andrew Winter - Chair and Treasurer|
|(ALSO DIRECTORS UNDER COMPANY LAW)|Eleanor Caron Lewis - Secretary|
||Barbara Geraghty|
||Anna Jansen|
|INDEPENDENT EXAMINER|Independent Examiners Ltd|
||Unit 2, Broadbridge Business Centre|
||Delling Lane|
||Bosham|
||West Sussex|
||PO18 8NF|
|BANKERS|CAF Bank Ltd|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||Kent|
||ME19 4JQ|
|GOVERNING DOCUMENT|Memorandum and Articles of Association dated 16 December 2008|
|OBJECTS|a) The charity's objects ("The Objects") are for the public benefit and|
||are in accordance with the Christian principles contained in the|
||Statement of Faith to the articles.|
||b) To advance, improve, develop and maintain public 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.|
3
LIBERA
TRUSTEES ANNUAL REPORT
YEAR END 31 DECEMBER 2024
## **Summary of Charity Purpose**
Libera is a UK charity based in South London with a mission to provide a unique musical education to boys and to keep alive, and actively encourage, the tradition of boys’ choral singing.
## **Objectives and Activities**
The governing document defines the objectives of the charity as follows:
The charity's objects ("The Objects") are for the public benefit and are in accordance with the Christian principles contained in the Statement of Faith to the articles.
To advance, improve, develop and maintain public 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.
We seek to fulfil these aims and objectives in the following main ways:
The charity arranges the recruitment, and manages the training and performances, of boys who come from a wide variety of backgrounds. Performances include leading acts of worship, giving concerts in the UK and overseas, production of music albums and videos, and making TV and radio appearances. During 2024 Libera celebrated its 25th anniversary since the release of the eponymous CD “Libera” in 1999. Since then, a further 13 studio albums have been released plus various singles, EPs and compilations. Celebratory activities included a four date UK Cathedral tour, recording a new album “Dream”, along with six music videos, and a concert tour to Japan, performing 3 sell out concerts in Tokyo and Osaka. The UK tour plus album and video costs were underwritten and funded by Libera, and the Japan tour was fully funded by a local promoter.
“Dream” includes new compositions and arrangements by five Libera alumni and a composition by the parents of two of the boys. 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.
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. 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.
## **Policy on grant making**
The charity does not make grants and does not have a grant making policy.
## **Policy on social investment including program related investment**
The charity does not have a policy on social investment.
## **Contribution made by volunteers**
Vocal training was delivered by paid and volunteer vocal coaches. Engagement of several volunteer licensed chaperones, along with enhanced DBS clearance and certified training of others in the staff team, ensured compliance with child performing legislation and the charity's own safeguarding policy. A number of volunteers provided front of house support at the UK concerts.
Additionally seven volunteers accompanied the group as chaperones when touring in the UK and Japan.
## **Achievements and Performance**
Libera provides life opportunities for boys, many of whom go on to careers in the performing arts, some as performers and others in many other roles such as composers, arrangers, musical directors, music teachers, record producers, TV producers.
Libera regularly receives feedback from supporters in the UK and internationally who have found its music to be inspirational and even live-changing.
4
LIBERA
TRUSTEES ANNUAL REPORT
YEAR END 31 DECEMBER 2024
## **Achievements against objectives set**
In addition to its day-to-day activities of delivering a unique musical education to boys and leading acts of worship in South London and elsewhere in the UK, the charity achieved its major 2024 objectives:
- perform a UK cathedral concert programme
- take appropriately trained boys on an international concert tour to Japan
- record and release a new studio album
- record and release an appropriate number of music videos to accompany the new studio album
## **Performance of fundraising activities against objectives set**
Libera’s main source of funding is from royalty payments, and as such does not undertake active fundraising. The charity does accept unsolicited donations, via JustGiving and PayPal for instance, buttons for which are available on its website at libera.org.uk.
## **Financial Review**
## **Review of the charity’s financial position at the end of the period**
During the year Libera received a legacy of £381,000. This enabled greater expenditure on video recordings and a UK Concert tour than had originally been budgeted. At year end cash at bank was £394,000, an increase of £312,000. Libera has no long-term creditors and a single debtor which is making regular payments to clear down its debt.
## **Statement explaining the policy for holding reserves stating why they are held**
Libera does not have a formal reserves policy. 2024 is the first year in which Libera has had a material surplus. Trustees have not yet decided how much, if any, should be held as reserves.
## **Amount of Reserves held**
The reserves held at 31 December 2024 as represented by unrestricted net current assets were: £ 416,812
## **The charity’s principal sources of funds (including any fundraising)**
Libera’s main source of funding is royalty payments, and as such does not undertake active fundraising. The charity does accept unsolicited donations via JustGiving and PayPal – buttons for which are available on its website at libera.org.uk.
## **Investment policy**
Libera does not hold any investments.
## **Principal risks facing the charity**
A key physical risk would be harm coming to a child in the charity’s care, during day-to-day activities, at a performance or whilst on tour. This is mitigated by a robust safeguarding policy, supported by regular risk assessments. Directors’ and Officers’, Third Party Liability and Travel Insurance policies are in place.
The key financial risk would be a significant reduction of royalty income. This is mitigated by the fact that royalty income is spread across several organisations, the largest proportion (approx. 50% over the past 3 year) coming from the Performing Rights Society (PRS) and Mechanical Copyright Protection Society (MCPS), which are both considered to carry a very low failure risk. The remaining income is distributed over 18 further collection societies, publishers and record companies, with only one accounting for more than 10% of the total.
## **Structure, Governance and Management**
## **Consitution and type of governing document**
Charitable company governed by a Memorandum and Articles of Association.
## **Trustee selection methods**
Existing trustees appoint new ones.
5
LIBERA
TRUSTEES ANNUAL REPORT
YEAR END 31 DECEMBER 2024
## **Policies and procedures adopted for the induction and training of trustees**
Libera does not have standard policies and procedures. In the 15 years since incorporation only 1 new trustee has been appointed so it has not been considered necessary to create standard policies and procedures but does adhere to Charity Commission guidance
## **Charity Organisational Structure**
Trustees have appointed a Musical Director to oversee and manage the day-to-day activities of the group. The MD engages such vocal coaches and other support staff as required, on a freelance or voluntary basis. This includes technical staff (sound and lighting) and instrumentalists for concerts, organists for leading worship.
## **Relationship with any related parties**
Libera operates from within the parish of St Philip, Norbury, providing music as part of the church choir. It complies with relevant PCC policies such as Safeguarding. The Libera MD works closely with the incumbent to plan and deliver suitable music in church. Any other related party transactions with connected persons are disclosed in note 14 to these financial statements.
## **RESPONSIBILITIES OF THE TRUSTEES**
The trustees (who are also the directors of Libera for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant examination information (information needed by the charitable company’s independent examiners in connection with preparing their report) of which the charitable company’s independent examiners are unaware, and
- the trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant examination information and to establish that the charitable company’s independent examiners are aware of that information.
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
4th March Approved by the board on…................................................ 2025 and signed on their behalf by:
…........................................................Trustee and Director Print Name: A J Winter
6
LIBERA
INDEPENDENT EXAMINERS REPORT
YEAR END 31 DECEMBER 2024
I report to the trustees on my examination of the accounts of Libera for the year ended 31 December 2024.
## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER**
As the charity’s Trustees of Libera (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
Having satisfied myself that the accounts of Libera are not required to be audited 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 section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **INDEPENDENT EXAMINER’S STATEMENT**
Since Libera's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a fellow member of the Association of Charity Independent Examiners, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of Rivertree Trust as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Independent Examiners Ltd Unit 2, Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
Date: 20 March 2025
7
LIBERA
STATEMENT OF FINANCIAL ACTIVITIES
YEAR END 31 DECEMBER 2024
**----- Start of picture text -----**
Unrestricted Designated Restricted TOTAL TOTAL
Notes Funds Funds Funds 2024 2023
£ £ £ £ £
Income and Endowments from:
Donations, Grants and Legacies 2a 392,419 - 18,101 410,520 32,669
Charitable Activities 2b 60,659 - - 60,659 92,549
Other Trading Activities 2c 18,877 - - 18,877 14,530
Investments 2d 2,110 - - 2,110 299
Other 2e 141,856 - - 141,856 117,010
Total 615,921 - 18,101 634,022 257,057
Expenditure on:
Charitable Activities 3a 276,262 - 18,101 294,363 290,776
Trading Activities 3b 12,867 - - 12,867 12,907
Total 289,129 - 18,101 307,230 303,683
Net income/(expenditure) 326,792 - - 326,792 (46,626)
Transfers between funds 10,11 - - - - -
Other recognised gains/losses
- - - - -
Gains/(losses) on revaluation of fixed assets
- - - - -
Gains/(losses) on investment assets
Net movement in funds 326,792 - - 326,792 (46,626)
Reconciliation of funds:
Total funds brought forward 91,177 - - 91,177 137,803
Introduction of Stock held 592 - - 592 -
Total funds carried forward 418,561 - - 418,561 91,177
**----- End of picture text -----**
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 10 to 19 form part of these financial statements.
8
LIBERA
BALANCE SHEET
YEAR END 31 DECEMBER 2024
**----- Start of picture text -----**
Company registration no: 067743 9 1
Unrestricted Designated Restricted 31-Dec-24 31-Dec-23
Funds Funds Funds Total Total
Note £ £ £ £ £
Fixed Assets
Tangible assets 6 1,749 - - 1,749 3,499
Current Assets
Cash at bank and in hand 7 394,012 - - 394,012 82,198
Debtors 8 24,882 - - 24,882 9,187
Stocks 9 592 - - 592 -
Total Current Assets 419,486 - - 419,486 91,385
Creditors: amounts falling due within one year 10 2,674 - - 2,674 3,707
Net Current Assets 416,812 - - 416,812 87,678
TOTAL ASSETS less current liabilities 418,561 - - 418,561 91,177
NET ASSETS 418,561 - - 418,561 91,177
Funds of the Charity
General Funds 418,561 - - 418,561 91,177
Designated Funds 11 - - - - -
Restricted Funds 12 - - - - -
Total Funds 418,561 - - 418,561 91,177
**----- End of picture text -----**
## **Directors' Responsibilities:**
The directors are satisfied that for the year ended on 31st December 2024 the charitable company was entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that no member or members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears on page 7.
The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Charities Act 2011.
The directors acknowledge their responsibility for ensuring that the company keeps proper accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and if its profit and loss for the 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 accounts, so far as applicable to the company.
> Approved by the Directors on the 4th March 2025 Signed on their behalf by Director: Print Name: A J Winter
9
LIBERA
NOTES TO THE FINANCIAL STATEMENTS
YEAR END 31 DECEMBER 2024
## **Basis of preparation:**
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Charities Act 2011.
Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial 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.
Libera meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward.
## **Changes to accounting estimates**
No changes to accounting estimates have occurred in the reporting period.
## **Material prior period errors**
No material prior year errors have been identified in the reporting period.
## **1. ACCOUNTING POLICIES**
The particular accounting policies adopted are set out below.
## **Income**
## Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
- the charity becomes entitled to the income;
- it is more likely than not that the trustees will receive the resources; and
- the monetary value can be measured with sufficient reliability.
## Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
## Grants and Donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).
## Revenue and Capital Grants
Revenue and Capital grants are recognised as income when notification is received. The income is matched with the relevant expenditure for which the grant has been received. Capital grants are credited to restricted funds. Depreciation of fixed assets purchased with the capital grants is then charged to these funds.
## Tax reclaims on Donations and Gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
## Contractual Income and Performance Related Grants
~~This is only included in the SoFA once the charity~~ has provided the related goods or services or met the performance related conditions.
## Gifts in Kind
Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.
## Legacies
Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.
10
LIBERA
YEAR END 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
## Government Grants
The charity has not received government grants in the reporting period.
## Donated goods
It is deemed impractical to assess the value of donated goods held for distribution to beneficiaries at the time of receipt, therefore the value of donated goods is recognised as a component of donations when it is distributed, with an equivalent amount recognised as charitable expenditure.
## Donated Services and Facilities
Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably.
## Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.
## Deferred Income
Deferred income arises on income received but which may be allocated to a number of future periods in accordance with the terms of the grant or donation. The element of the income that is for a future period is deferred so as to match it to the periods covered by the terms of the income. No deferred income has been included in this reporting period.
## Income from interest, royalties and dividends
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
## Insurance claims
Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP) and are included as an item of other income in the SoFA.
## **Expenditure and liabilities**
Where possible, expenditure is allocated specifically to the relevant activities for which it is incurred. Where costs cannot be directly attributed they have been allocated to activities on a basis consistent with the use of the resources. Overhead costs in the statement of financial activities are apportioned on the basis of staff time spent on each activity.
## Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## Governance Costs
Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
## Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
## Grants Payable without Performance Conditions
Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised.
## Employee benefits
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
## Redundancy cost
The charity made no redundancy payments during the reporting period.
## Legal status of the charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
## Stocks and work in progress
Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net realisable value.
11
LIBERA
YEAR END 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
## Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
## Fixed Assets
Tangible fixed assets for use by the charity:
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a straight line basis over their estimated useful lives. The rates applied per annum are as follows:
|Furniture and Equipment
25%
Computer Equipment
25%
**2. INCOME AND ENDOWMENTS FROM:**
Note
**a) Donations, Grants and Legacies**
Gift Aid Tax Recovered
Gifts and Donations
Parents Contribution to Boot Camp/Tour
Bootcamp Grant
Donated Services
Legacy Income
**b) Charitable Activities**
Concert Income
Providing Music in church
Recording Income
International Tour
**c) Other Trading Activities**
Sale of Merchandise
Sale of Equipment
Sales Commission
**d) Investments**
Dividends & Interest
**e) Other**
Royalties|Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2024
2023
£
£
£
£
£
90
-
-
90
156
9,618
-
-
9,618
12,160
-
-
16,101
16,101
19,353
-
-
2,000
2,000
-
1,000
-
-
1,000
1,000
381,711
-
-
381,711
-
**392,419**
**-**
**18,101**
**410,520**
**32,669**
34,552
-
-
34,552
12,579
5,484
-
-
5,484
5,000
4,383
-
-
4,383
4,764
16,240
-
-
16,240
70,206
**60,659**
**-**
**-**
**60,659**
**92,549**
14,877
-
-
14,877
10,241
4,000
-
-
4,000
4,000
-
-
-
-
289
**18,877**
**-**
**-**
**18,877**
**14,530**
2,110
-
-
2,110
299
**2,110**
**-**
**-**
**2,110**
**299**
141,856
-
-
141,856
117,010
**141,856**
**-**
**-**
**141,856**
**117,010**|
|---|---|
12
LIBERA
NOTES TO THE FINANCIAL STATEMENTS
YEAR END 31 DECEMBER 2024
**----- Start of picture text -----**
3. EXPENDITURE ON:
Note Unrestricted Designated Restricted TOTAL TOTAL
Funds Funds Funds 2024 2023
£ £ £ £ £
a) Charitable Activities
Furthering charity aims
Accommodation 18,799 - - 18,799 17,858
Admin Support 3,000 - - 3,000 3,000
Bank Charges 252 - - 252 192
Boys' Expenditure 2,688 - - 2,688 2,044
Charity Donation 500 - - 500 -
Computer Software 963 - - 963 626
Depreciation 1,750 - - 1,750 1,750
Donated Services and Facilities 1,000 - - 1,000 1,000
Equipment 3,205 - - 3,205 5,615
Insurance Costs 3,998 - - 3,998 5,070
International Tour costs 12,984 - - 12,984 127,362
Internet Accounts 1,124 - - 1,124 849
Music in Church 17,020 - - 17,020 10,490
Postage, Printing, Stationery 1,335 - - 1,335 1,872
Recording Expenses 84,018 - - 84,018 56,344
- - - -
Residential Training Courses
Staff Training 85 - - 85 230
Sundry expenses 1,206 - - 1,206 349
UK Concert Costs 73,813 - - 73,813 39,110
UK Tour and Residential Costs 29,743 - 18,101 47,844 -
Vocal Training 16,050 - - 16,050 14,447
Website/internet costs 558 - - 558 715
Charity governance
Independent Examination Fees 1,290 - - 1,290 1,200
Legal & Professional fees 881 - - 881 653
276,262 - 18,101 294,363 290,776
b) Raising Funds
Advertising & Publicity/Social Media 3,555 - - 3,555 3,848
Fees 204 - - 204 216
Cost of Merchandising 9,108 - - 9,108 8,843
12,867 - - 12,867 12,907
**----- End of picture text -----**
13
LIBERA
NOTES TO THE FINANCIAL STATEMENTS
YEAR END 31 DECEMBER 2024
## **4. SUPPORT AND GOVERNANCE COSTS**
**----- Start of picture text -----**
|||||
|---|---|---|---|
|Support|Governance|Total|
|£|£|£|
|Office & administration|3,000|-|3,000|
|Independent examiners fees|-|1,290|1,290|
|Legal & Professional Fees|-|881|881|
|3,000|2,171|5,171|
**----- End of picture text -----**
## **5. DETAILS OF CERTAIN TYPES OF EXPENDITURE**
**----- Start of picture text -----**
||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Independent examiner’s fees|1,290|1,200|
|Assurance services other than audit or independent examination|-|-|
|Tax advisory fees|-|-|
|Other|fees|(for|example:|financial|advice,|consultancy,|accountancy|services)|paid|to|the|independent|-|-|
|examiner|
**----- End of picture text -----**
## **6. TANGIBLE FIXED ASSETS**
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Land and|Furniture and|Total|
|Buildings|Equipment|
|£|£|£|
|Cost|01-Jan-24|-|6,999|6,999|
|Additions|-|-|-|
|-|-|-|
|Disposals|
|Cost at|31-Dec-24|-|6,999|6,999|
|Depreciation|01-Jan-24|-|3,500|3,500|
|Charge|-|1,750|1,750|
|-|-|-|
|On Disposals|
|Depreciation at|31-Dec-24|-|5,250|5,250|
|Net Book Value|31-Dec-24|-|1,749|1,749|
|Net Book Value|31-Dec-23|-|3,499|3,499|
**----- End of picture text -----**
The charity does not have any annual commitments under non-cancelling operating leases or capital commitments for the next financial year.
## **7. CASH AT BANK AND IN HAND**
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Unrestricted|Designated|Restricted|Total|Total|
|Fund|Fund|Fund|31-Dec-24|31-Dec-23|
|£|£|£|£|£|
|NatWest Current|26,708|-|-|26,708|11,203|
|PayPal|7,172|-|-|7,172|2,990|
|NatWest First Reserve|50,698|-|-|50,698|25,240|
|CAF Gold|201,546|-|-|201,546|-|
|CAF Current|102,847|-|-|102,847|42,765|
|Shawbrook 60 Day|5,041|-|-|5,041|-|
|394,012|-|-|394,012|82,198|
**----- End of picture text -----**
## **8. DEBTORS AND PREPAYMENTS**
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Unrestricted|Unrestricted|Restricted|Total|Total|
|Fund|Fund|Fund|31-Dec-24|31-Dec-23|
|£|£|£|£|£|
|Tax Recoverable|90|-|-|90|-|
|Trade Debtors|24,792|-|-|24,792|9,187|
|24,882|-|-|24,882|9,187|
**----- End of picture text -----**
14
LIBERA
YEAR END 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
## **9. STOCK**
|Opening
Introduced in the year
Expensed in period
Closing
Total this year||For
For
distribution
resale
£
£
-
-
-
592
-
-
-
592
-
592
Stocks surplus from
primary purpose sales|
|---|---|---|
The stock values have been calculated at cost value.
Libera uses a fulfilment company which stores and distributes CDs on their behalf.
## **10. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Credit Card
Independent Examiners Fees|Unrestricted
Designated
Restricted
**Total**
**Total**
Fund
Fund
Fund
**31-Dec-24**
**31-Dec-23**
£
£
£
**£**
**£**
1,384
-
-
1,384
2,507
1,290
-
-
1,290
1,200
**2,674**
**-**
**-**
**2,674**
**3,707**|
|---|---|
## **11. DESIGNATED FUNDS**
The charity did not hold any designated funds during this or the previous financial year.
## **12. RESTRICTED FUNDS - CURRENT YEAR**
|Summer Tour Fund|Balance
Income
Purchase of
Expenditure Transfers In Transfer Out
Balance
01-Jan-24
Fixed Assets
31-Dec-24
£
£
£
£
£
£
£
-
18,101
-
18,101
-
-
-|
|---|---|
||**-**
**18,101**
**-**
**18,101**
**-**
**-**
**-**|
|**12a) RESTRICTED FUNDS - PREVIOUS YEAR**
Balance
Income
Purchase of
Expenditure Transfers In Transfers ou
Balance
01-Jan-23
Fixed Assets
31-Dec-23
£
£
£
£
£
£
£
International Tour Fund
-
21,603
-
21,603
-
-
-||
||**-**
**21,603**
**-**
**21,603**
**-**
**-**
**-**|
Restricted funding is reserved for the administration of the following projects and activities:
- International Tour Fund
- • Summer Tour
The restricted funds have been spent in accordance with the purpose they were given. The closing balance of restricted funds at 31st December 2024 and 31st December 2023 is wholly represented by:
|Cash at bank and in hand
Debtors and prepayments|31-Dec-24
31-Dec-23
£
£
-
-
-
-
-
-|
|---|---|
15
LIBERA
YEAR END 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
## **13. ANALYSIS OF STAFF COSTS AND THE COST OF KEY PERSONNEL**
The Charity employed no members of staff during this or the previous financial period.
## **14. TRUSTEES AND OTHER RELATED PARTIES**
During this period director B Geraghty was paid £3,000 for providing admin support to the charity, and M Jansen (a family member of director A Jansen) was paid £3,008 for providing technical services. They are regarded as self-employed, issue invoices for work carried out and they are responsible for their own reporting of tax and national insurance to HMRC.
The charity uses the professional services of Intersend Limited to manage its stock fulfillment. A family member of director A Winter is a director of Intersend Limited. The amount paid for services rendered in 2024 was £3,491.
The charity relies on the provisions contained within the Memorandum and Articles of Association when making payments to Trustees or connected persons.
No trustees were remunerated for their role as a trustee.
No trustees were paid expenses for carrying out their trustee duties.
Two Trustees were reimbursed for charitable expenditure incurred personally which totalled £1,507.04. No other payments were made to trustees or related parties.
## **15. MOVEMENT IN FUNDS - CURRENT YEAR**
The Company is Limited by Guarantee (06774391) and is a Charity registered with the Charity Commission (1127722) and does not have a Share capital and has no income subject to Corporation Tax.
|Current year movement in funds
**Unrestricted Funds**
General Funds
**Restricted Funds**
Restricted Funds
**TOTAL FUNDS**|At
Net movement Transfers btw
Stock
At
01-Jan-24
in funds
funds
Introduced
31-Dec-24
£
£
£
£
£
91,177
326,792
-
592
418,561
-
-
-
-
-
91,177
326,792
-
592
418,561|
|---|---|
Net movement in funds, included in the above are as follows:
|**Unrestricted Funds**
General Funds
**Restricted Funds**
Restricted Funds
**TOTAL FUNDS**|Income
Expenditure
Movement in
funds
£
£
£
615,921
(289,129)
326,792
18,101
(18,101)
-
634,022
(307,230)
326,792|
|---|---|
16
LIBERA
NOTES TO THE FINANCIAL STATEMENTS
YEAR END 31 DECEMBER 2024
## **16.a) MOVEMENT IN FUNDS - PRIOR YEAR**
|Comparatives for movement
in funds
**Unrestricted Funds**
General Funds
**Restricted Funds**
Restricted Funds|At
Net movement Transfers btw
01-Jan-23
in funds
funds
£
£
£
137,803
(46,626)
-
-
-
-|At
31-Dec-23
£
91,177
-|
|---|---|---|
|**TOTAL FUNDS**|137,803
(46,626)
-|91,177|
|Net movement in funds, included in the above are as follows:
Income
Expenditure
Movement in
funds
£
£
£
**Unrestricted Funds**
General Funds
235,454
(282,080)
(46,626)
**Restricted Funds**
Restricted Funds
21,603
(21,603)
-|||
|**TOTAL FUNDS**|257,057
(303,683)
(46,626)||
## **16. RISK ASSESSMENT**
The Trustees 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 systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. Further detail is provided in the Annual report.
## **17. RESERVES POLICY**
The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. Further detail is provided in the Annual report.
## **18. PUBLIC BENEFIT**
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Annual report.
## **19. CONTINGENT ASSETS**
The Trustees have been notified that they may be entitled to a further legacy distribution from an estate, however the amount to be paid to the charity has not yet been confirmed. In view of the uncertainty over the amount that may be received, the Trustees have concluded that the conditions for recognition of the distribution have not yet been met, and accordingly this distribution is not reflected in these financial statements. A provisional estimate by the Trustees of the potential value of the distribution is £32,000.
17
LIBERA
STATEMENT OF CASHFLOWS
YEAR END 31 DECEMBER 2024
**----- Start of picture text -----**
2024 2023
£ £
Cash used in operating activities (a) 309,704 (21,478)
Cash used from investing activities
Interest income 2,110 299
- -
Purchase of tangible fixed assets
Cash provided by (used in)
investing activities 2,110 299
Cash flows from financing activities
- -
Introduction/(Repayment) of long term borrowing
- -
Cash used in financing activities
Increase/(decrease) in cash and
cash equivalents in the year 311,814 (21,179)
Cash and cash equivalents at the
start of the year 82,198 103,377
TOTAL cash and cash equivalents
at the end of the year (b) 394,012 82,198
(a) Reconciliation of net movement in funds to net cash flow from operating activities
2024 2023
£ £
Net movement in funds 326,792 (46,626)
Add back depreciation charge 1,750 1,750
Deduct interest income shown
in investing activities (2,110) (299)
Decrease/(increase) in debtors - 15,695 30,054
Increase/(decrease) in creditors (1,033) (6,357)
- -
Decrease/(increase) in donated goods stock
Net cash used in operating activities 309,704 (21,478)
(b) Analysis of cash and cash equivalents
2024 2023
£ £
Cash at bank and in hand 394,012 82,198
Fixed Term Bond - -
Total cash and cash equivalents 394,012 82,198
(c) Analysis of net debt
At start Cash flows Acquisition/ New Fair value Foreign At end
of year disposal of finance movements exchange of year
subsidiaries leases movements
£ £ £ £ £ £ £
Cash 82,198 311,814 - - - - 394,012
- - - - - - -
Cash Equivalents
- - - - - - -
Overdraft repayable on demand
- - - - - - -
Loans falling due < 1 yr
- - - - - - -
Loans falling due > 1 yr
- - - - - - -
Finance lease obligations
TOTAL 82,198 311,814 - - - - 394,012
**----- End of picture text -----**
18