Registered number: 07134930 Charity number: 1134465
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UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 31/12/2021
Prepared By: Spencer-Davis & Co 4-6 Peterborough Road Harrow HA1 2BQ
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/12/2021
TRUSTEES
Mr V Keaveny Mrs M Kendall Mr L Goves Miss L Sheldon
EXECUTIVE DIRECTOR
Mr J Weeks
REGISTERED OFFICE
The Hermitage Sunderland Bridge Durham DH6 5HD
COMPANY NUMBER
07134930
CHARITY NUMBER 1134465
INDEPENDENT EXAMINER
Spencer-Davis & Co 4-6 Peterborough Road Harrow HA1 2BQ
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ACCOUNTS
FOR THE YEAR ENDED 31/12/2021
CONTENTS
| Page | |
|---|---|
| Report of the Trustees | 3 |
| Independent Examiner's Statement | 4 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Accounts | 10 to 12 |
| Detailed Statement of Financial Activities | 13 |
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TRUSTEES' REPORT
FOR THE YEAR ENDED 31/12/2021
The trustees present their report and accounts for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's memorandum and articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)”.
Objectives and activities
The charity's objects are to advance the education of the public by encouraging the understanding, appreciation and development of music by such charitable means as the Board determines from time to time. The policies adopted in furtherance of these objects include but are not limited to:
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the provision of concerts and concert opportunities for professional musicians and composers;
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the provision of workshops for young and amateur musicians and composers;
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undertaking research and development projects which further the principal objects.
Public benefit
Our activities are undertaken to further our charitable purposes for the public benefit having due regard to the guidance on public benefit published by the Charity Commission. We have continued to ensure that young musicians and composers can benefit from the provision of concert opportunities and workshops whilst also advancing the education of the public in line with our charitable objects. There has been no change in these policies during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The charity undertook 13 projects in 2021, including 9 public performances (of which 5 were in UK and 4 in Europe); 5 education projects and 3 recording projects. The projects were as follows:
| Guildhall School | 3 x Education projects and 1 x public performance (online) |
|---|---|
| City University | 1 x public performance (online) |
| Durham University | 1 x Education workshop and 1 x public performance (online) |
| Voix Nouvelles, Royaumont | 1 x Education workshop and 2 x public performances |
| Wigmore Hall | 1 x public performance |
| Kölner Philharmonie | 1 x public performance |
| Philharmonie de Paris | 1 x public performance |
| Listenpony, London | 1 x public performance |
Financial review
Our main source of funds this year has been workshop and performance fees from which we received £68,732 (2020: £17,761) for the year. We also received a total of £13,701 (2020: £15,796) from grants and donations, most of which were restricted funding. The majority of our income is applied to the provision of concerts and workshops with the main costs incurred being musicians’ fees and expenses, composer commissions, venue hire and promoter costs.
At the end of the period the charity held reserves of £40,463 (2020: £45,314), of which £9,346 (2020: £12,269) were restricted funds.
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TRUSTEES' REPORT
FOR THE YEAR ENDED 31/12/2021
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Risk management
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The risks associated with an overly small board, highlighted in previous years' Trustees’ Reports continues to be monitored by the Board. The Board continues to seek to identify and appoint one/two further directors.
Plans for the future
The charity will continue to act in pursuit of its objects.
Following the resumption of live performances and workshops, the charity is looking to consolidate the high profile, uniqueness and adventurousness of its engagements both in the UK and abroad. These plans are underpinned by the charity’s strategic relationships with Snape Maltings, hcmf//, Guildhall School, Durham University and other key promoters. At the same time the charity seeks to increase its recording activity through 2022-3 and to establish a more ongoing structure for the commissioning of new works from composers.
.
Going concern considerations
The trustees have considered the going concern status of the charity. The trustees are content that the charity’s resources represented by its reserves are sufficient to ensure that the charity can continue in operational existence for the foreseeable future. The project-specific nature of a significant part of the charity’s expenditure protects the charity from unforeseen material liabilities when such projects cannot be undertaken due to the restrictions arising from the Covid-19 pandemic. The trustees are satisfied that the charity can continue to adopt the going concern basis of accounting.
Structure, governance and management
The charity is a company limited by guarantee governed by its Memorandum and Articles of Association. The charity is overseen by the Board to whom James Weeks (Artistic and Executive Director), one of the founders of the ensemble, makes regular financial and programming reports. The day-to-day running of the charity is managed by the Artistic Director, assisted as necessary by freelance contractors approved and appointed by the Board.
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TRUSTEES' REPORT
FOR THE YEAR ENDED 31/12/2021
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
Mr V Keaveny Mr L Goves Mrs M Kendall Miss L Sheldon
Trustees are identified and recruited by the existing trustees on the basis of periodic reviews of the skills of the serving trustees.
None of the trustees has any beneficial interest in the company.
The trustees' report was approved by the Board of Trustees.
……………………………….. Vincent Keaveny Trustee Director 25 August 2022
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INDEPENDENT EXAMINER'S STATEMENT
FOR THE YEAR ENDED 31/12/2021
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EXAUDI
I report on the accounts of the company for the year ended 31/12/2021 .
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. 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.
Having satisfied myself that the charity is not subject to an 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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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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state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINERS STATEMENT
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
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INDEPENDENT EXAMINER'S STATEMENT
FOR THE YEAR ENDED 31/12/2021
INDEPENDENT EXAMINERS STATEMENT
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
...................................................
Date: 25 August 2022
Jane E Spencer-Davis BA FCCA CTA Spencer-Davis & Co
4-6
Peterborough Road Harrow HA1 2BQ 020 8423 7992
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Statement of Financial Activities for the year ended 31/12/2021
| Statement of Financial Activities for the year ended 31/12/2021 |
||||
|---|---|---|---|---|
| Income Income from generated funds Donations and legacies Income from charitable activities Total Income and endowments Expenses Costs of generating funds Expenditure on Raised funds Expenditure on Charitable activities Total Expenses Net gains on investments Net Income Gains/(losses) on revaluation of fixed assets Net movement in funds: Net income for the year Total funds brought forward Net funds carried forward |
Unrestric ted funds £ 1,771 68,732 70,503 - 72,431 72,431 (1,928) (1,928) 33,045 31,117 |
Restricte d funds £ 11,930 - |
2021 Total £ 13,701 68,732 |
2020 Total £ 15,796 18,026 |
| 11,930 | 82,433 | 33,822 | ||
| - 14,853 |
- 87,284 |
- 24,964 |
||
| 14,853 | 87,284 | 24,964 | ||
| (2,923) | (4,851) | 8,858 | ||
| (2,923) 12,269 |
8,858 45,314 |
8,858 36,456 |
||
| 9,346 | 40,463 | 45,314 |
This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
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BALANCE SHEET AT 31/12/2021
| BALANCE SHEET AT 31/12/2021 | ||||
|---|---|---|---|---|
| Notes CURRENT ASSETS Stock Debtors (amounts falling due within one year) 4 Cash at bank and in hand CREDITORS: Amounts falling due within one year 5 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CAPITAL AND RESERVES Unrestricted funds General fund 7 Restricted funds 8 |
750 - 40,443 41,193 730 |
2021 £ 40,463 40,463 31,117 9,346 40,463 |
750 - 45,294 40,266 730 |
2020 £ 45,314 |
| 45,314 | ||||
| 33,045 12,269 |
||||
| 45,314 |
For the year ending 31/12/2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of trustees on 25 August 2022 and
signed on their behalf by
.............................
Mr V Keaveny Trustee
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NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/12/2021
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
1b. Incoming Resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
1c. Resources Expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
1d. Allocation And Apportionment Of Costs
All costs relate to the single activity of the charitable company and are recognised accordingly.
1e. Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Designated funds are funds set aside by the trustees out of unrestricted general funds for the specific future purposes or projects.
1f. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Co sts, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
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1g. Foreign Currency
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated.
1h. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
2. EMPLOYEES
| Average number of employees 3. STOCK Stock comprises: Stock 4. DEBTORS Amounts falling due within one year: Trade debtors Other debtors |
2021 No. - 2021 £ 750 750 2021 £ - - - |
2020 No. - 2020 £ 750 |
|---|---|---|
| 750 | ||
| 2020 £ - - |
||
| - |
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5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
| 2021 £ 730 730 |
2020 £ 730 |
|---|---|
| 730 |
6. LIMITED BY GUARANTEE
The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceeding £1, to the company should it be wound up. At 31/12/2021 there were 4 members.
7. UNRESTRICTED FUNDS
General fund
| Brought Incoming OutgoingTransfers Carried forward resource resource forward £ s £ s £ £ £ 33,045 70,503 72,431 - 31,117 33,045 70,503 72,431 - 31,117 |
Brought Incoming OutgoingTransfers Carried forward resource resource forward £ s £ s £ £ £ 33,045 70,503 72,431 - 31,117 33,045 70,503 72,431 - 31,117 |
Brought Incoming OutgoingTransfers Carried forward resource resource forward £ s £ s £ £ £ 33,045 70,503 72,431 - 31,117 33,045 70,503 72,431 - 31,117 |
Brought Incoming OutgoingTransfers Carried forward resource resource forward £ s £ s £ £ £ 33,045 70,503 72,431 - 31,117 33,045 70,503 72,431 - 31,117 |
|---|---|---|---|
| 33,045 | 70,503 | 72,431 | - |
8. RESTRICTED FUNDS
Restricted funds
| Brought Incoming OutgoingTransfers Carried forward resources resources forward £ £ £ £ £ 12,269 11,930 14,853 - 9,346 12,269 11,930 14,853 - 9,346 |
Brought Incoming OutgoingTransfers Carried forward resources resources forward £ £ £ £ £ 12,269 11,930 14,853 - 9,346 12,269 11,930 14,853 - 9,346 |
Brought Incoming OutgoingTransfers Carried forward resources resources forward £ £ £ £ £ 12,269 11,930 14,853 - 9,346 12,269 11,930 14,853 - 9,346 |
Brought Incoming OutgoingTransfers Carried forward resources resources forward £ £ £ £ £ 12,269 11,930 14,853 - 9,346 12,269 11,930 14,853 - 9,346 |
|---|---|---|---|
| 12,269 | 11,930 | 14,853 | - |
Restricted funds Szlavnics
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| Incoming resources Incoming Resources for the year ended 31/12/2021 Incoming resources from generated funds Charitable Activity Performance fees CD sales |
68,732 - |
2021 £ 13,701 68,732 68,732 82,433 |
17,761 265 |
2020 £ 15,796 18,026 18,026 33,822 |
|---|---|---|---|---|
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| Expenses for the year ended 31/12/2021 Expenses Costs of generating funds Costs Of Generating Voluntary Income Other fundraising costs Fundraising Trading Costs Support costs Charitable Activities Advertising and promotion Travelling expenses (Profit) / Loss on exchange Honorarium Singers fees Coaching Venue and equipment hire Music costs Recording and production costs Website costs Accountancy fees Professional fees Stationery & office supplies Telephone |
2021 £ - |
2020 £ - - - - - 127 1,835 (753) 6,000 16,326 - - - - - 1,080 - 349 - 24,964 24,964 |
|---|---|---|
| - | ||
| - |
||
| - | ||
| - | ||
| 358 9,650 1,006 6,000 63,632 - 2,912 - 2,329 - 480 - 917 - |
||
| 87,284 | ||
| 87,284 |
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