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COMPANY REGISTRATION NUMBER: 06895875 CHARITY REGISTRATION NUMBER: 1129768
London Contemporary Orchestra Limited Company Limited by Guarantee Unaudited Financial Statements 31st August 2021
BROOKS & CO. Chartered Accountants : 9 Cheam Road Ewell Epsom Surrey KT17 1SP
London Contemporary Orchestra Limited
Company Limited by Guarantee
Financial Statements
Year ended 31st August 2021
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|Page|
|Trustees!|annual report|(incorporating|the|director's|report)|1|
|Independent|examiner's|report|to|the|trustees|4|
|Statement of|financial|activities|(including|income|and|expenditure|
|account)|5|
|Statement of financial|position|6|
|Statement|of cash|flows|7|
|Notes|to the|financial|statements|8|
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report)
Year ended 31st August 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31st August 2021.
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Reference and administrative details
Registered charity name London Contemporary Orchestra Limited
Charity registration number 1129768
Company registration number 06895875
Principal office and registered Suite 116
office 43 Bedford Street
Covent Garden
London
United Kingdom
WC2E 9HA
The trustees
Mr N Mumby
Mr M Sanii
Company secretary Mr M Sanii
Independent examiner Sundry A Sundaran ACA FCCA ‘
9 Cheam Road
Ewell
Epsom
Surrey
KT17 1SP
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Structure, governance and management
The London Contemporary Orchestra ("the Orchestra") was incorporated as a company limited by guarantee on 5 May 2009 (no. 06895875).
It is governed by its Memorandum and Articles or Association and is also a registered charity (no. 1129768).
Artistic direction and management are undertaken by two Artistic Directors, while the administration is carried out by a part-time administrator, overseen by the Company Secretary.
Trustees were sought at incorporation and since with a view to covering several professions including finance.
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (contined)
Year ended 31st August 2021
Objectives and activities
The Orchestra has two key charitable objectives:
® the performance and promotion of contemporary music to an even wider audience in diverse venues and genres;
¢ the education and employment of young composers and young musicians at the start of their careers through workshops and performance opportunities on a professional basis.
The Orchestra utilises a flexible pool of some of the most talented young players in the UK to achieve these objectives. Performances range from music for solo instruments through large-scale symphonic works. Commitment to young talent is also reflected in the management and the trusteeship of the Orchestra.
Achievements and performance
The Orchestra undertook over 50 projects in this year, nearly double that of the previous year. It was a difficult year with high levels of uncertainty due to COVID and the impossibility of undertaking live shows due to venues being shut.
In this context, the Orchestra, managed to preserve a high level of activity for it's players and associated artists by significantly increasing it's quantity of recording work and was able to double the amount of work (and fees) given to players from the 2019-20 year. Given the financial uncertainty of the COVID period this was a matter of great pride for us.
On the live side, we were able to deliver three live-streamed concerts, one from the Southbank, one from the Barbican and a third with Voces8 Ensemble.
Financial review
Despite the extreme difficulties of COVID, the Orchestra performed well during this period with revenues of £956,420, an increase of +35% from the previous year and an increase from our pre-COVID revenues.
In particular, payments to players and artistic partners increased to over £750,000, more than doubling from the previous year which provided a life-line to many musicians and other artists during the difficult period of COVID.
Nonetheless, the profitability of the Orchestra suffered due to the lower margins of the recording business vs. live shows. Live show revenues fell 97% from the pre-COVID period and despite the doubling of revenues from recording work, the orchestra incurred an exceptional loss of £56,226 for the year.
Fortunately, live-shows have returned in 2021-22 period and so this one-off loss has already been recuperated and the orchestra remains a going concern in a healthy financial state.
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (coutined)
Year ended 31st August 2021
Plans for future periods
Our immediate plan is to recommence live-work which has been done highly successfully with a very full 2021-22 year of live-shows.
In addition, we have been working with Chico Chakravorty from Doing Diversity Differently to continue our drive towards organisational diversity. This has been a highly successful process with many projects now fielding ensembles of diversity representative of London demography which has been our organisational target.
The trustees' annual report was approved on 30th August 2022 and signed on behalf of the board of trustees by:
Mr N Mumby Director
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of London Contemporary Orchestra
Limited
Year ended 31st August 2021
I report to the trustees on my examination of the financial statements of London Contemporary Orchestra Limited (‘the charity’) for the year ended 31st August 2021.
Responsibilities and basis of report
The trustees are also the directors of the company for the purposes of company law are responsible for the preparation of the financial statements and in accordance with the requirement of Companies Act 2006. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of of the Institute of Chartered Accountants in England and Wales ICAEW).
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Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act; and
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to state whether particular matters have come to my attention
Independent examiner's statement
Since the charity’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 member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006, and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Sy Sundry A Sundaran ACA FCCA Independent Examiner
Brooks & Co 9 Cheam Road Ewell Epsom Surrey KTI7 ISP
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31st August 2021
| 2021 | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|
| Unrestricted funds |
Restricted funds |
Totalfunds | Total funds | |||
| Note | £ | £ | £ | £ | ||
| Income and endowments | ||||||
| Donations and legacies | 5 | 83,500 | - | 83,500 | 56,600 | |
| Charitable activities | 6 | 872,835 | - | 872,835 | 712,850 | |
| Other income | 7 | 85 | - | 85 | 21,247 | |
| Totalincome | 956,420 | - | 956,420 | 790,697 | ||
| Expenditure | ||||||
| Expenditure on raising funds: | ||||||
| Costs ofraisingdonations and legacies |
8 | (13,029) | = | (13,029) | (12,645) | |
| Expenditureon charitable activities | 9,10 | 1,025,676 | _ | - | 1,025,675 | 738,572 |
| Total expenditure | 1,012,647 | - | 1,012,646 | 725,927 | ||
| Net (expenditure)/income and netmovement | movement | |||||
| in funds | (56,226) | - | (56,226) | 64,770 | ||
| Reconciliation offunds | ||||||
| Total funds broughtforward | 101,930 | 26,199 | 128,129 | 63,359 | ||
| Totalfundscarriedforward | 45,704 | 26,199 | 71,902 | 128,129 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 14 form part of these financial statements.
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Statement of Financial Position
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|31st August 2021|
|ede ene|
|2021|2020|
|Note|£|£|
|Current|assets|
|Debtors|15|47,893|105,432|
|Cash|at bank and|in hand|124,819|71,152|
|172,712|176,584|
|Creditors:|amounts|falling due within|one year|16|100,809|48,455|
|Net current|assets|71,903|128,129|
|Total|assets|less current liabilities|71,903|128,129|
|Net assets|71,903|128,129|
|Funds|of the|charity|
|Restricted|funds|26,199|67,752|
|Unrestricted|funds|45,704|60,377|
|Total|charity funds|18|71,902|128,129|
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For the year ending 31st August 2018 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
" The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
" The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
These financial statements were approved by the board of trustees and authorised for issue on 30th August 2022, and are signed on behalf of the board by:
Mr N Mumby Director
The notes on pages 8 to 14 form part of these financial statements.
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31st August 2021
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|2021|2020|
|£|£|
|Cash|flows|froin|operating|activities|
|Net (expenditure)/income|(56,226)|64,770|
|Adjusiinentsfor:|
|Interest|payable|and|similar charges|352|468|
|Accrued|expenses/(income)|17,174|(76,502)|
|Changes|in:|
|Trade|and|other|debtors|49,948|54,858|
|Trade|and|other creditors|42,771|(95,313)|
|Cash generated|from|operations|54,019|(51,719)|
|Interest paid|(352)|(468)|
|Net cash|from/(used|in)|operating|activities|53,667|(52,187)|
|Net increase/(decrease)|in|cash|and cash|equivalents|53,667|(52,187)|
|Cash|and|cash|equivalents|at beginning of year|71,152|123,339|
|Cash|and|cash|equivalents|at end|of year|124,819|71,152|
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The notes on pages 8 to 14 form part of these financial statements,
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Notes to the Financia] Statements
Year ended 31st August 2021
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Suite 116, 43 Bedford Street, Covent Garden, London, United Kingdom, WC2E 9HA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported, These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Foreign currencies
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Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
Fund accounting
The unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.
Incoming resources
Income from grants, patrons and members is accounted for on a receivable basis. Income from charitable activities is shown gross with the associated costs included in direct charitable costs, net of value added tax.
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st August 2021
3. Accounting policies (continned)
Resources expended
Costs and expenses have been allocated between costs of generating voluntary income, charitable activities and governance costs according to the nature of the cost incurred. All expenditure is accounted for under the accruals concept. Support costs are allocated by apportionment.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions ofthe instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument,
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure, All other such investments are subsequently measured at cost less impairment.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (sce hedge accounting policy),
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued
Year ended 31st August 2021
a
4. Limited by guarantee
The liability of the company is limited by guarantee, Every member of the company undertakes to contribute to the assets of the company, in the event of the same being wound up while he or she is a member, for payment of the debts and liabilities of the company contracted before he or she ceases to bea member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding £1.
5. Donations and legacies
| Unrestricted Funds |
Restricted Funds |
2021 | 2020 | |||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| Grants&awards | 83,500 | - | 83,500 | 56,600 | ||
| 6. | Charitable activities | |||||
| Unrestricted funds2021 |
Restricted funds2021 |
TotalFunds 2021 |
2020 | TotalFunds 2020 |
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| £ | £ | £ | £ | £ | ||
| Performancefees | 872,835 | - | 873,835 | 699,850 | 699,850 | |
| 7. | Other income | |||||
| Unrestricted | TotalFunds | Unrestricted | Total Funds | |||
| Funds £ |
2021 £ |
Funds £ |
2020 £ |
|||
| Otherincomereceivable | 85 | 85 | 21,247 | 21,247 | ||
| This relates to orchestral tax relief. | ||||||
| 8. | Costs ofraising donationsand legacies | |||||
| Unrestricted | Restricted | Total Funds | TotalFunds | |||
| Funds | Funds | 2021 | 2020 | |||
| £ | £ | £ | £ | |||
| Fundraising& publicity | 6,481 | - | 6,481 | 2,690 | ||
| Governmentfurlough received |
(19,510) | - | (19,510) | (15,335) | ||
| (13,029) | - | (13,029) | (12,645) |
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued
Year ended 31st August 2021 aes
| 9. | Expenditure on charitable | activitiesby fund type | activitiesby fund type | |||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | TotalFunds | Total Funds | |||
| Funds | Yunds | 2021 | 2020 | |||
| £ | £ | £ | £ | |||
| Charitable activities | ||||||
| expenses Commission on royalties Supportcosts |
885,890 10,790 128,995 |
- - - |
$85,890 10,790 128,995 |
604,016 32,521 102,033 |
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| 1,025,675 | - | 1,025,675 | 738,570 | |||
| 10. | Expenditure on charitable | activitiesby activity type | ||||
| Unrestricted | Restricted | TotalFunds | TotalFunds | |||
| Funds | Funds | 2021 | 2020 | |||
| £ | £ | £ | £ | |||
| Charitable activities | ||||||
| expenses Commissiononroyalties Supportcosts |
885,890 10,790 128,995 |
- _ - |
885,890 10,790 128,995 |
604,016 32,521 102,033 |
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| 1,025,675 | - | 1,025,675 | 738,570 | |||
| 11. | Analysis ofsupport costs | |||||
| Performance | Employmen | |||||
| e& | t& | |||||
| promotion | educationof | Governance | ||||
| ofmusic | young | costs | Total2021 | Total2020 | ||
| £ | £ | £ | £ | £ | ||
| Governancecosts | 30,133 | 17,313 | 15,080 | 62,526 | 45,181 | |
| Finance costs | 352 | 352 | 845 | |||
| Human resources | 33,059 | 16,529 | 16,529 | 66,117 | 56,008 | |
| 63,192 | 33,842 | 31,961 | 128,995 | 102,034 |
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12. Independent examination fees
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independentexaminer for: | ||
| Independentexamination ofthe financial statements Other financial services |
1,750 3,750 |
1,750 1,850 |
| 5,500 | 3,600 |
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Notes to the Financial Statements (cominnea
Year ended 31st August 2021
13. Staff costs
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The total|staff costs|and|employee|benefits|for the reporting period|are|analysed|as|follows:|
|2021|2020|
|£|£|
|Wages|and|salaries|45,316|39,321|
|Social|security|costs|933|729|
|Employer contributions|to|pension|plans|358|622|
|46,607|40,672|
|The|average|head|count|of employees|during|the|year|was|3|(2020:|3).|The|average|number|of full-time|
|equivalent employees|during|the year|is|analysed|as|follows:|
|2021|2020|
|No.|No.|
|Number of staff -|admin|2|2|
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No employee received employee benefits of more than £60,000 during the year (2020: Nil).
14. Trustee remuneration and expenses
During the year, commissions and consultancy fees amounting to £52,922 net (2020:£38,140) were paid to Strix Nebulosa Limited, a company where F Mostyn-Williams is a director and shareholder. Mr F Mostyn-Williams is a director of the London Contemporary Orchestra Limited.
15. Debtors
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|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Trade|debtors|99|20,324|
|Prepayments|and|accrued|income|26,405|33,996|
|Other debtors|21,389|$1,112|
|47,893|105,432|
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16. Creditors: amounts falling due within one year
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|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Trade|creditors|.|4,051|7,317|
|Accruals|and|deferred|income|46,947|37,364|
|Social|security and|other taxes|54,558|1,748|
|Other creditors|(4,747)|2,026|
|100,809|48,455|
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London Contemporary Orchestra Limited
Company Limited by Guarantee
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,
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Notes to the Financial Statements (continued)
Year ended 31st August 2021
17. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £358 (2020: £622).
18. Analysis of charitable funds
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|---|---|---|---|---|---|---|---|
|Unrestricted|funds|
|At|At|
|Ist|September|31st August 2|
|2020|Income|Expenditure|021|
|£|£|£|£|
|Unrestricted|fund|101,930|956,420|(1,012,647)|45,704|
|At|At|
|lst September|31st August 20|
|2019|Income|Expenditure|20|
|£|£|£|£|
|Unrestricted|fund|37,160|721,097|(697,880)|60,377|
|Restricted|funds|
|At|At|
|1st September|31st August 2|
|2020|Income|Expenditure|021|
|£|£|£|£|
|Restricted Fund|26,199|-|-|26,199|
|At|At|
|Ist September|31st August 20|
|2019|Income|Expenditure|20|
|£|£|£|£|
|Restricted Fund|26,199|69,600|(28,047)|67,752|
|19.|Analysis|of net|assets|between|funds|
|Unrestricted|Restricted|Total|Total Funds|
|Funds|Funds|Funds|2021|2020|
|£|£|£|£|
|Current|assets|151,323|21,389|172,712|176,584|
|Creditors|less than|||year|(100,809)|-|(100,809)|(48,455)|
|Net assets/(liabilities)|50,514|21,389|71,903|128,129|
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London Contemporary Orchestra Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31st August 2021
20. Analysis of changes in net debt
| At | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Atl | Sep 2020 | Cashflows | 31 Aug2021 | ||||||
| £ | £ | £ | |||||||
| Cash | at | bank | and | in | hand | 71,152 | 53,667 | 124,819 |
21. Related parties
Related parties as per disclosure in note 14 above.
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