COMPANY REGISTRATION NUMBER: 06895875 CHARITY REGISTRATION NUMBER: 1129768 London Contemporary Orchestra Limited Company Limited by Guarantee Financial Statements 31st August 2024 BROOKS & CO. Chart¢red Accountants & Statutory Auditor 9 Cheam Road Ewell Epsom Surrey KT17 ISP
London Contemporary Orchestra Limited Company Limited by Guarantee Financial Statements Year ended 31st August 2024 Page Trustees, annual report (incorporating the directorfs report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) ststement of financial position 10 Statement of cash flows 11 Notes to the financial statements 12
London Contemporary Orchestra Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31st August 2024 The trustees. who are also the directors for the purposes of company law. present their report and ihe financial statements of the charity for the year ended 3 1st August 2024. Reference and administrative details Registered ¢hArity name London Contemporary Orchestra Limited Charity registration number 1129768 Company registrntion Dumber 06895875 Prineipal office 9nd registered office Suite 116 43 Bedford Street Covent Garden London United Kingdom WC2E 9HA The trustees Mr N Mumby Mr M Sanii Company seeretsry Mr M Sanii Auditor Brooks & Co. Chartered Accountants & Statutory Auditor 9 Cheam Road Ewell Epsom Surrey KT17 ISP Structurey governance and maDag¢ment The London Contemporary 0hestra ("the Orchestra") w&3 incorporated as a company limited by guaranlee on 5 May 2009 (no. 06895875). It is governed by its Memorandum and Arti¢les of Association and is also a registered charity (no. 1129768). Artistic direction and tnanagement are undertaken by two Artistic Directors, while the administration is carried out by a part-timc adtninistrator, overseen by the Company Secretary. Trustees wer¢ sought at incorporation and sin¢¢ with a viw lo Vering several professions including finance.
London Contemporary Orchestra Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) fconiinued) Year ended 31st August 2024 Objectives And gctivities The Orchestra has two key charltable 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 objectiv¢s. Perforniances 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 36 projects in this year. with major highlights on both the live and the recordin8 side. Live We were invited to perforni a Prom at the Royal Albert Hall dedicated to"21st Century Soundtracks" with swres from composers including Hildur Gu6nadottir, Anna Meredith, Son Lux and Colin Stetson. This further emphasized the industy leading position we have established in recording soundtracks for film and television. We rinancially supported the presentation of Galya Bisengalicva's recent album at Milton Court, performing it live with her as well &5 Lucinda Cha. Finally, we perfomied livc with the Smile, the new band fornied by ex-members of Radiohead, having record¢d their album with them earlier in the year. Recording On thc recordings side. there were major highlights, including the scores for 'D¢adpool & Wolverine, (Rob Simonsen), 'Tenninator Zero, (Michelle Birsky and Kevin Henthorn). 'Sing Sing, and 'Widow Clicquot, (Bryce Dessner), 'One Life, and 'Con¢lav¢' (Volk¢r Bertelmann)- the video game 'Call of Duty: Modem Warfare Ill, (Walter Mair). and the release of album collaborations with established and emerging artists such as The Smile ('Wall Of Eyes, and'cutouts,). Cassie Kinoshi ('gratitude'), Daniel Casimir {'Balance'), Taylor Swift {'The Tortured Poets Department,) and Moor Mother {'The Great Bailouv). Financial review Revenucs decreased 6rfJ/o to £1.401.144 (2023- £1,491,823), but strong revenues generated in Ix)th live and recording activitics lost £38.863 (2023: profit of £27.611) were recordcd for Ihc year. An amount of £1.252,635 (2023= £1,283.732) was spenton direct charitable activities. and payments lo players and artistic partncrs was over £750,000 for the fr*Urth year running. The orchestra remains a going concern in a healthy financial state. Plans for future periods We plan to continue to continue developing new music and presenting that music to wide audiences through both largewscale and esoteric media. We are continuing significant investment in our player pool and beginning to undertaken welfare initiativcs to ensure the well-being of players on an ongoing basis in what can be a stressful industry.
London Contemporary Orchestra Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conilnued) Year ended 31st August 2024 Trustees, responsibilities statement The trustees. who are also directors for the purposes of MpanY law, are resnsIble for preparing the trustees, report and ihe financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢c¢pted Accounting Practice). Company law r¢quires the charity trustees to prepare financial statements for each year which give a true and fair view of the slate of affairs of thc charitable company and the incoming resources and application of resources, including the income and expenditur4 for that period. In preparing these financial statements. th¢ trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Charities SORP. make judgments and accourkting estimates that are reasonable and piudenL prepare the financial statements on the going concern basis unless it is inappropriate to piesume that the charity will continue in business. The trustees are responsible for keeping adequate ac¢ounting records that are suffieient to show and explain the charity's transactions and disclose with reasonable a¢curacy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking r<asonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that: so far as they are aware. there is no relevant audit information of which the charity's auditor is unaware. and they have taken all steps that they ought to have taken as a trnstee to make themselves aware of any relevant audit infomjation and to establish that thc charity's auditor is aware of that infomiation. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. The trustees, annual report was approved on 18th D¢¢ember 2024 8nd signed on behalf of the board of trustees by: Mr N Mumby Director Doc ID.. c5430157f74fca48c2f7a53235435555dc028024
London Contemporary Orchestra Limited Company Limited by Guarantee Independent Auditor's Report to the Members of London Contemporary Orcbestra Limited Year ended 31st August 2024 Opinion We have audited the financial statements of London Contemporary Orchestra Limited (the 'charity') for the year ended 3 1st August 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the ¢harity's affairs as at 3 1st August 2024 aJ)d of its incoming resources and application of resources. including its income and expenditure. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Aepted Acwunting Practice- have been pr¢par¢d in accordance with the requirements of the Companies Act 2006. BASIS for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards arc fijrther described in the auditor's resy)nsibilities for the audit of the financial statements s¢¢tion of ow report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statanents in the UK. including the FRC'S Ethical Standard, and we have fulfilled ourother ethical responsibilities in ac¢ordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CoDelusions relating to going ¢oncern In auditing the financial statements, we have concluded that the trustees, use of the going ¢on¢¢rn basis of accounting in the preparation of the fmancial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may ¢ast significant doubt on thc charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the r¢l¢vant section5 of this reporL
London Contemporary Orchestra Limited Company Limited by Guarantee Independent Auditor's Report to the Members of London Contemporary Orchestra Limited (etPniiftAed) Year ended 31st August 2024 Other information Th¢ other information comprises the inforniation included in the annual report, other than the financial statements and our auditor's report ther¢on. The trustees &e responsible for the othcr inforniation. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in ow reporL we do not ¢xpress any forni of assurance conclusion thercon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so. consider whether thc other information is malerially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent malerial misstatetnents, we are required to detemiine whether there is a material misstatement in the financial stat¢m¢nts or a material misstatement of the other information. If, based on the work we have performed, w¢ conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undert¥l(en in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the trustees, report has be prepared in accordance with applicable legal requirements. Matters which we #re required to report by exception In the light of the knowledg¢ and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect ofthe following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion.. adequat¢ a¢¢ounting records have not been kepL or rernS adequate for our audit have not been r¢¢¢ived from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns" or certain disclosures of trust¢es' r¢mun¢ration specified by law are not made. or we have not received all the information and explanations we require for our audit- or the trustees were not entitled to take advantage of the small companies, excmptions from the requirement to prepe a strategic report.
London Contemporary Orchestra Limited Company Limited by Guarantee Independent Auditor's Report to the Members of London Contemporary Orchestra Limited (conilftued) Year ended 31st August 2024 Responsibilities of trustees As explained tnore fully in the trustees, responsibiliti¢s stst¢ment, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a tru¢ and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from tnaterial misstatement. whether due to fraud or error. In preparing the finarkcial statements. the trustees are responsible for assessing th¢ charity's ability to continue as a going concem, disclosing, &8 applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cwe operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives to obtain reasonable assurance about whether the financial statements as a whole are free from tnatcrial misstatement, whether due to fraud or error, and to issue an auditor's rcport that includes our opinion. Reasonable assurance is a high level of 8ssuran¢¢, but is not a guarantee that an audit ndUCted in accordance with ISAS (UK) will always detect a mat¢rial misstatement when it exists. Misstatements Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infiu¢nce the economic decisions of users taken on the b&sis of these finan¢ial statements. Irregularities. including fraud, 8r¢ instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including frdud. The extent to which our procedures are ¢apabl¢ of detecting irregularities, including fraud is detailed b¢low- We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates. We detennine that the following laws and regulations were most Significant. UK Financial Reporting Standard for small and medium sized companies, the Companies Act 2006 and UK tax laws. We obtained an understanding of how the company is complying with those legal and regulations frameworks by making inquiries of management. We Corroborated those inquiries through our review of board minutes and legal and professional wsts. We evaluated the design and implctnentation of controls over the finarkcial reporting systems and the effectiveness of the control environment as part of our risk assessment. We assessed the susceptibility of the company's financial statem¢nts to material misstatem¢nL including how fraud might occur. Audit procedures performed by the engagement team in¢lud¢d: -Identifying and assessing the design and effectiveness of controls management has in plac¢ to prevent and delect -obtaining an understanding of how those charged with governance con5id¢r¢d and addressed the potential for override of controls or influence over the financial reporting process- -challenging assumptions and judgement made by managem¢nt in it's significant accounting estimates. -Identifying and testing unusual journal entries made by the management,. and -Asses5ing the extent of cotnpliance with the relevant laws and regulations. The engagement partner asscssed whether the management team collectively had the appropriate competence and capabilities to identify and rccognise non-compliance with the relevant laws and regulations through an assessment of the engagement team's, Understanding of. and practica] experience with, audit engagements of a similar nature and complexity. Ihrough appmpriate training and participation- and . Knowledge of the industry in which the company operate. Team communication in respect of potential non-compliance with the laws and regulations and fraud including the PKStenlial for fraud in revenue recognition through transfer of infomjation from the order system to the accounting system.
London Contemporary Orchestra Limited Company LAmited by Guarantee Independent Auditor's Report to the Members of London Contemporary Orchestra Limited (conilnuedj Year ended 31st August 2024 As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess th¢ risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtsin audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mi5Stat¢ment resulting from fraud is higher than for one resulting from error, as fraud mt4y involve collusion, forgery, intentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal wntrol relevant to the audit in order to design audit procedures that are appropriate in the Circumstances. but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting poli¢i¢s used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty cxists related to events or conditions that may t significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the r¢lated disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our c(Jnclusions are based on the audit eviden¢¢ obtained up lo the dat¢ of our auditor's report. However, future events or conditions may cause the charity to cease to continue &8 a going wncem. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, and whcther the financial statements represent the underlying Iransactions and events in a manner that a¢hieves fair presentation.
London Contemporary Orchestra Limited Company Limited by Guarantee Independent Auditor's Report to the Members of London Contemporary Orchestra Limited {conlin4ed) Year ended 31st August 2024 We comtnunicate with those Charged with governance regarding, among other matters, the planned scope and timing of the audit and signifi¢ant audit findings, including any significant deficiencies in inlwnal control that we identify during our audit. Use of our report This report is made solely to the charity's m¢mbers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we rnight state to the charity's members those matters we are required to state to them in an auditor's report and for no other PUTtx)se. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a dy, for our audit work. for this report, or for the opinions we h&ve formed. Sundry A Sundaran ACA FCCA (Senior Statutory Auditor) For and on behalf of Brooks & Co. Chartered A¢untants & Statutory Auditor 9 Cheam Road Ewell Epsom Surrey KT17 ISP 18th December 2024
London Contemporary Orchestra Limited Company Limited by Guarantee Statement of Financial Activities (including income aDd expenditure account) Year ended 31st August 2024 2024 Unrestricted funds 2023 Totsl funds Total funds Note Income and endowments Charitable activities Other income 1,313,731 87.413 1,313,731 87,413 1.384,218 107,605 Total income 1,401,144 1,401,144 1,491,823 Expenditure Expenditure on charitable activities Total expenditure 1.440,007 1,440,007 1,464,212 1,440,007 1,440,007 1,464,212 Net (exptnditure}/income and net movement in funds (38,863) (38,863) 27,611 ReconeiliAtion of funds Total funds brought forward Total funds carried forward 177,771 177,771 150.160 138,908 138,908 177.771 The statement of financial activilies in¢ludes all gains and losses recognised in ihe year. All income and expenditure derive from continuing activities. The notes on pages 12 to 17 form part of these fiDanci41 statements.
London Contemporary Orchestra Limited Company Limited by Guarantee Statement of Financial Position 31st August 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 13 168,315 81,896 209.743 170.324 250211 380.067 Creditors: Amounts falling due within one year Net ¢urrent assets 14 IIIJ03 202,296 I38,908 177,771 Total assets less current liAbilities 138,908 177.771 Net assets 138,908 177.771 Funds of the cbarity Unrestricted funds 138,908 177.771 Total eharity funds 16 138,908 177,771 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small ¢ompanies' regime. These financial statements were approved by the board of trustees and authorised for i5su¢ on 18th December 2024, and are signed on behalf of the board by.. Mr N Mumby Dir¢¢tor The note5 on p4g¢5 12 to 17 form part of thtse fJNancial staternent io Doc ID: c5430157f74fca48c2f7a53235435555dc028024
London Contemporary Orchestra Limited Company Limited by Guarantee Statement of Cash Flows Year ended 31st August 2024 2024 2023 Cash flows frnm operatlll2 aetivities Net (¢xpenditure)/income (38,863) 27,611 Adjustmenlsfor.. Interest payable and simtlar chotges Accrued expens¢s 680 18,707 1,150 19,792 Changes in.. Trdde and other debtors Trade and other ¢r¢ditors 33,708 {101,980) (106.386) 122,191 Cash gen¢rat¢d from operations (87,748) 64.358 Interest paid Net ¢ash (used inyfrom operating activities (680) (88,428) (1,150) 63,208 Net (deereAse}lincrease in eash And Cash equivalents Cash and CAsh equivalents at beginning of year C*sh and cash equivalents At end of year (88,428} 170,324 63,208 107,116 81,896 170,324 The note5 on page5 12 to 17 forrn part of these finaneial statement& li
London Contemporary Orchestra Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31st August 2024 General inform#tion The charity is a public b¢n¢fit entity and a priv&te company limited by guardntee. regist¢r¢d in England and Wales and a regislered charity in England and Wales. The address of the registered office is Suite 116, 43 Bedford Street. Covent Garden. London. Unit¢d Kingdom, WC2E 9HA. StAtement of compliance These financial statements have been prepared in complian¢e with FRS 102, 'The Financial Reporting Standard applicable in ihe UK and the Republi¢ of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Aecounting policies Basis of preparation The financial statements have been prepar¢d 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 concem. There are no material uncertainties affe¢tinE the ¢urr¢nt year's accounts. Judgements and key sourees of estimation uncertainty The preparation of the financial statements requires management to make judgefflents, estimates and assumptions that affect the atnounts reportcd. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future ¢v¢nts that are believed to be reasonable under th¢ circumstances. Foreign currencies Foreign ¢urr¢n¢y transactions are initially recorded in the functional currency, by applying the 5POt exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in forcign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the stalcment of financial activities. Fund accounting The unrestricted funds are available for us¢ at the discretion of the trustees in fjJrtherance of the general objectives of the charity and have not been designated for other purposes. Restricted funds are fjjnds which are to be uscd in accordance with specific restrictions imposed by donors or which have been raised by Ihe charity for particular purposes. The cost of raising and administering such fimds are ¢harged against the specific lund. Incoming re50urce5 Income from grants, patrons and members is accounted for on a receivable basis. Inwm¢ from charitable activities is shown gross with the associated costs included in direct charitable cost5. net of value added tax. 12
London Contemporary Orchestra Limited Company Limited by Guarantee Notes to the Financial Statements (cohrffitsed) Year ended 31st August 2024 Accounting policies {conli114ed) Resources expended Costs and expenses have been allocated between Costs of generating voluntary income, charitable activities and gov¢rnance costs according to the nature of the cost incurred. All expenditure is accounted for under the accruals concept. Support costs are allocated by apportionment. Fin#nei*l instruments A financial asset or a fin8n¢ial li&bility is re¢ognised only when the entity bewmes a party to the ¢ontractual provisions of the instrument. Basic financial instrumcnts 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 diOunted at a market rate of interest for a similar debi instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expect¢d to be paid or received and not discounted. Where investments in shares or preference shares are publi¢ly 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 m¢asur¢d at cost less impaimient. Other flnancial instruments are subsequently measured at fair valu4 with any changes recognised in pmfit or loss, with the exception of hedging instrurtients in a designated hcdging relationship (see hedge accounting policy). Financial 3Ssets 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 impairmenL an itnpairment loss is recognised undcr the appropriate heading in thc statement of financial activities in which thc initial gain was recognised. Any reversals of impaimient ar¢ r¢¢ognised immediately, to the extent that the reversal does not result in & carrying amounl of the financial asset that exceeds what the carrying atnount would have been had the impairn)ent not previously been recogniscd. Defined eontribution plans Contributions to defed contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recogniscd as an asset to the extent that the prepayment will lead to a reduction in future payfflcnts or a cash rcfund. 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. 13
London Contemporary Orchestra Limited Company Limited by Guarantee Notes to the Financial Statements (¢oii¢lAuerf) Year ended 31st August 2024 Limited by guarantee The liability ofth¢ Company is limited by guarantee. Every member of the company undertakes lo wntribute to the assets of the company. in the event of the sam¢ 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 be a metnber, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount may be required not exceeding £1. Charitable activities Unrestricted Restricted Total Funds Funds 2024 Funds 2024 2024 Total Funds 2023 Performance fees 1,313,731 1,313,731 1.384,218 Other ineome Unrestricted Total Funds Funds 2024 Unrestricted Total Funds Funds 2023 Other income receivable 87,413 87,413 107,605 107,605 This relates lo orchestral tsx relief. Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Total Funds 2023 Charitable activities expenses Commission on roya]ties Support ¢osls 1,252,634 5,724 181,649 1,252,634 5,724 181,649 1.283,732 5,497 174,983 1,440,007 1,440,007 1,464,212 14
London Contemporary Orchestra Limited Comp2ny Limited by Guarantee Notes to tbe Financial Statements fco4rylinued) Year ended 31st August 2024 Expenditure on ¢h)Iritsble 8ctÉvities by activity type Unrestricted Funds Restricted TotAI Funds Funds 2024 Total Funds 2023 Charitable activiti expenses Commission on royalties Support costs 1,252,634 5,724 181,649 1,252,634 5,724 181,649 1.283,732 5,497 174,983 1,440,007 1,440,007 1,464,212 Analysis of support Costs Performance & promotion of music Employment & education of young Governanee eosts Tot%1 2024 Total 2023 Governance costs Finance costs Human resources 53,805 29,612 24,633 773 18,206 108,050 773 72,826 102,883 1.327 70,773 36,413 18,206 90,218 47,818 43,613 181,649 174,983 10. Independent examination fees 2024 2023 Fees payable to the independent examiner for: Independent examination of th¢ financial statements Othcr financial services 1,750 7,250 1.750 7.250 9,000 9,000 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 71,285 125 1,415 69,340 185 1.246 72,825 70,771 The average head count of nplOye during the year was 3 (2023: 3). The av¢rage number of fvll-time equivalent employees during the year is analysed as follows.. 2024 2023 Number of staff - admin 15
London Contemporary Orchestra Limited Company Limited by Guarantee Notes to the Financial Statements (conlinM¢d) Year ended 31st August 2024 11. Staff Costs fconlinued) No employee received employee benefits of more than £60.000 durinE the year {2023'. Nil). 12. Trustee remuneratlOD expenses None for the year ended 3 1st August 2024 (2023-Nil). 13. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 80,390 439 87,486 93,979 8.159 107.605 168JlS 209.743 14. Creditors: amounts falling due within one year 2024 2023 Trade Creditors Accruals and d¢f¢rred income Social sccurity and other t&xes Other creditors 22,175 80,494 8,088 546 127,897 69,507 4,614 278 111,303 202.296 15. Pensions and other post retirement benefits Defjned eontribution plans The amount re¢ognised in income or expenditure as an expense in relation to defined contribution plans was £1,415 (2023: £1.246). 16. Analysis of charitable funds Unrestricted funds At 1st September 2023 At 315t August 2024 Income Expenditure Unr¢stricted nd 177.771 1.401,144 {1.440.007) 138,908 At 1st September 2022 At 3151 August 2023 Income Expenditure Unrestricted fund 150,160 ,491,823 (1,464,212) 177,771 16
London Contemporary Orchestra Limited CompaDy Limited by Guarantee Notes to the Financial Statements (¢onlinuedJ Year ended 31st August 2024 17. Analysis of net assets between funds Unrestricted Funds Restricted Funds T•t&l Total Funds Funds 2024 2023 cUent assets Creditt)rs less than l year Net assets/(liabilities) 250,211 (111,303) 138,908 250,211 (111,303) 138,908 380.067 (202,296) 177.771 18. Analysis of changes in net debt At 31 Aug 2024 At I S¢p 2023 Cash flows Cash at bank and in hand 170.324 {88,428) 81096 19. Related parties Related parties as per disclosure in note 13 above. 17