Registered number.. 07134930 Charity numbèr.. 1134465 Exaudi UNAUDITED ACCOUNTS FOR THE YEAR ENDED 3111212023 Prepared By: spenr-DaVis & Co Peteiborough Road Harrow HA12BQ
Exaudi FINANCIAL STATEMENTS FOR THE YEAR ENDED 3111212023 TRUSTEES r V Keaveny Mrs IA Kendall Mr L Goves Mi83 L Sheldon Mr G Dawes lappointed 15171241 EXECUTIVE DIRECTOR Mr J Weeks REGISTERED OFFICE School House East Howle DL17 8RX COMPANY NUMBER 07134930 HARITYNUMBER 1134465 INDEPENDENT EXAMINER Spencer~Davis & Co 44 Peterborough Road Harrow HAI 2BQ page 1
ExaudÈ ACCOUNTS FOR THEYEAR ENDED 3111212023 CONTENTS Page Report ol the Trustees Independent Examinerts Statement Statement of Financial Activities Balan Sheet Notes to the Accounts 10t0 12 Detailed Statement of Financial Activities page 2
Exaudl TRUSTEES. REPORT FOR THE YEARENDED 3q11212023 The trustees present their report and accounts for the year ended 31 December 2D23. The accounts have been prepared in accordance with Ihe 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 lo charities preparing their accounts in accordance INith the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2015)" Objectlves and actlvltles 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 delemiines from time to time. The policies adopted in furtheran of these objects include but are not limited to.. the provision of concerts and concert opportunities for professional musicians and composers., 2. the provision ofworkshops for young and amateur musicians and composers., underiaking 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 guidan on public benefit published by the Charity Commission. We have continued to ensure that young musicians and composers can benefit from the prc)vision of COnrt opportunities and workshops whilsl also advancing the education of the public in line with our charitable objects. There has been no change in these policie5 during the year. The trustees have paid due regard to guidan issued by the Charity Commission in deciding what activities the charity should undertake. Achlevements and perfonnance The charity undertook 12 projects in 2023, including 12 public perfomiances (of which 8 were in UK and 4 in Europe)., 3 education projects and 2 recordin9 projects. The projects were as follows= Guildhall School 2 x Education projects and 1 x public performance Durham University 1 x Education workshop and 1 x public perfoman Wien Modem (Vienna) 2 x public performances Huddersfield Contemporary Music FestÈval 1 x public performance Aldeburgh Festival 1 x public performance Kings Place, London 1 x public performance Pushkin House, London 1 x public performance Auditorio de Tenerife 2 x public perfomiances Imperial College, London 1 x public performance Recording of Catherine Lamb 1 x recording Recording of Ansgar Beste 1 x recording Financial revÉew Our main source of funds this year has been workshop and performance fees from which we received £91,829 (2022-. £68,732) for the year. We also received a total of £29,781 (2022.. £13,701} from grants and donations, most of which were restrided funding. The majority Df 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. P8ge 3
Exaudl TRUSTEES. REPORT FOR THE YEAR ENDED 3111212023 At the end of the period the charity held reserves of £39,050 {2022-. £40,463), of which £12,708 (2022.. £9,346} were restricted funds. Rpseryes olic It is the policy of the charity that unrestricted funds which have not been designated for a specrfic use should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that reserves at this 5evel will ensure that, in the event of a significant drop in funding, they will be able to continLAe the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reseryes has been maintained throughout the year. Risk management The trustees have assessed the major risks to which Ihe charity is exposed, and are satisfied that systems are in pla to mitigate exposure lo 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 oneltwo further directors. Plans for the future The oharity will conlinue to act in pursuit of its objects. The charity continues to plan 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, hcmfll, Guildhall School, Durham Universrty and other key promoters. Going concern considerations The trustees have considered the going concern status of the charity. The trustees are content that the charity's resour$ represented by rts reserves are sufficient lo ensure that the charity can continue in operational existence for the foreseeable future. The trustees are satisfied that the charity can Gontinue lo adopt the going concern basis of accounting. Structurey 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. page 4
Ex8udi TRUSTEES. REPORT FOR THE YEAR ENDED 3111212023 The trustees, who are also the directors forthe 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 truslees 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 Ke veny Trustee Director 9 September 2024 page 5
ExaudÈ INDEPENDENT EK4PAINER'S STATEMENT FOR THE YEAR ENDED 3111212023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EXAUDI I report Dn th8 accounts ofth8 company forthe year ended 3111212023 RESPECTWE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The trust6e8 Iwho are also the director5 of the company for the putP05es of cotnpany lawl Hre responsiblè ftsr the preparation of the accounts. The trustees ¢onsider that an audit is not required lorthis year under section 144121 ol the Ch8rilies Act2011 (the 2011 Act) and that an independeTrt examination is needed. Having $ats"sfied myself thatthe charity is nDt subj8Ct to an audit under company18w and is eligib18 for independent examinatitsn, it is my Sponsibl11tY to-. examine the accounts under Section 145 of the 2011 Act. followthe procedures laid down In the general Directions given by the Charity Commission under se¢ti(>n 1451Sllbl of the 2011 Act.. and State whether particular rnattefs have ¢ome to my attention. BASIS OF INDEPENDENT EXAMINERS STATEMENT My examination was carried out in accordance with general Direclions given by the Charity Comrnission. An examination includtss a review ol the accounting records kept by the charity and a Comparison of the accounts presented with those records. It 81so includes con8ideration of any unusual items or disc105ures in the accounts, afid seeking explanations from you as ttustees concerning aY such matters. The piocedures undertaken do not provide all the Èvidence that would b& required in an audit. and consequently no opinion is given as to whetherthe accounts piesent a.true and fair view" and the report Is litnited to those m8tters set out in the statement below. page 6
Exaudl INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 3111212023 INDEPENDENT EXAMINERS STATEMENT In connection with my examination, no matter ha$ come to my attention.. 111 which gives me reasonable cause to believe that in any material respect the requlrements.. - to kèep accounting records in accordan with section 386 01 the Companies Act 2006., and - to prepare accounts which accc>rd with the accounting records, comply with the accounting requirements of section 396 Dfthe Companies Act 2006 and with the methods and principles of the Staternent Df Recommended Pra¢ti(*.' Accounting and Reportin9 by Charities have not been met.. or 121 to which, rny Dpinion, attention should be drawn in order to enable a proper understanding ol the accounts to be Teachad Date.. 9 Septemb8r 2024 Jan8 E Spence[-DaV FCCA CTA Spencer-Davis & Co 4-6 Peterborough Road Harrow HA12BQ 020 8423 7992 page 7
Exaudl statem&nt of Flnanclal Actlvltleg forthe year ended 3111212023 2023 2022 UnrÈstrlc Rtrstrtcte fed funds d funtls Toial Total Incomtr Income from generated fund8 Donation8 and legacies Income froffl charitable activities 1,101 28,880 29,781 92,024 28,680 121,805 22,280 80,173 82,433 Total Income and endowments 93,126 Expenses Costs ol generatin9 funds Expenditure on Raised ftjnds Expenditure on Charitsble adivities Total Expènses Net galns on Investment8 Net Income 94,823 26,907 121,530 83.688 26,907 121,530 87,284 11,498 1,773 278 11,6881 Gainsll5055e51 on revaluatlon of flxed assets Net movement In lunds.. Net income lorthe year Total funds broughtfotward Netfunds tarritrd fo¥ward 11,4981 1,773 10,935 12,708 275 11,6881 28,775 40.463 39,050 38.775 26,342 This statement of financi818ctivities includ85 all gains and losses recogni58d in the yeai. All income and expenditure derive fvom continuing activities Page 8
Ex8udi BALANCE SHEET AT 3111212023 2023 2022 Notes CURRENT A55ETS Stock 750 750 Debtor5 (amounts falling due within one yearl Gash at bank and in hand 39,030 39,780 730 38,755 39,505 730 ¢REDITORS- Amounts falling due vAthln one year NET CURRENT ASSETS TOTALASSETS LESS CURRENT UABIUTIES 39,050 39,050 38,775 38,775 CAPITALAND RESERVES Unrestricted funds General fund Restrlcted funds 26,342 12,708 39,050 27,840 10,935 38.775 For the year ending 3111212023 the company was entitled to exernption under section 477 of the Comp8ni88 Act 2006 181ating to small Bompanies. The members have not required the company tr> obtain an audit in accordance with section 476 of the Companies Act 2006. The directors 8cknDwledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of actountS. These accounts have been prepared in accordance with the prDvlsions appllcable to Companies subject to the Small ¢ornpanies regim8. proved by the board of trustees on SSeptember2D24 and ned on Mr V Keav Trustee page g
Exaudl NOTES TO THE ACCOUNYS FOR THEYEAR ENDED3q11212023 I. ACCOUNTING POLICIES la. Basis Of Accountlng The accounts have been prepared under the hlstorlcal Cost ¢onventic)n. The ac¢ounts have been prepared in ac¢ordan¢e with FRS102 The Financial Reporting Stsndard applicable in the UK and R&public of Iieland and the Companies Aot 2006 ancl the requirements of the Statement of Recommended Practi, Accounting and R8POrting by Charitie8. 1 b. Incoming Resources All incoming iesource5 ale Included on the Statement of Financial Activlties when the charity is lègally entitled to Ihe incom8 and the amount can be quantified wlth reasonable accuracy. Ic. Resources Expended Expenditure 18 a¢¢ounted for on an 8ccruals basis and has bèen classified under headings that aggregate all cost related to the category. Where costs cannot be dlreotly attnbuted to particular headings they have been allocated to activities on a ba81S consistent with the use of re80urces. 1d. Allocatlon And Apportionrnent Of Cost5 All costs relate to the single a¢tivlty of the ¢haritable Company and are re¢ogni8ed accDrdingly. le. Fund A¢¢ountlng Unrestri¢ted funds Can be used in accordance with the charitable obiectives at thtr discretion ol the trustees. Restricted funds Gan only be used for particular restricted purposes within the objects of the charity. Restrictions arlse when specified by the donor or when funds are raised for parti¢ular restricted purposes. Designated funds are funds set aside by the trustees out ol UnstrICted general funds for the specific future purpose$ or projttcts. 1f. Stocks stod(s are stated at the lower of cost and 88tirnated selling price le58 Costs to cornplete and sell (net alSale value). Costs, which cotnprise direct production GDsts, are basèd on the method most appropriate to the lype of inventory dass. but usually on s fir8t-in-first-out basis. Overheads ale charged to profit or loss as inCurd. Net realisable value is b&5ed on the estimated 8811ing price les5 any estirnated completion or selling costs. Whèn 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 writp4own of Stocks to net reali5ablE value and all losses of stocks are rÈcDgnised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of 8ny write-down of Stocks is recogni88d as a 18duction in the arnount of stocks COgniSed as an expense In the period in whioh the reversal occurs. page10
Exaudl lg. Foreign Currèney Tiansaction8 in currenci8s, other th8n the functional currency ofthe comp8ny, are iecofd8d atthe rate olthe exchange on th d8t8 the transaction occuir8d. Mon8tary items denorninatsd in other currencies ar8 tr8nslated at the rate prevailing at the end of the reporting poriod. All differen$ a laken to the profrt and loss account. Non-mon8tary items th3t are measured at the historic cost in 8 foreign Currency are not retranslated. Ih. Turnover Turnover represents the invoicEd VBlue of goods and services supplied by the company, net ofvalue added tax and tr8de discounts. 2. EMPLOYEES 2023 2022 No. No. Average number of employees 3. STOCK 2023 2022 sto¢k comprises.. Stock 750 750 750 750 4. DEBTORS 2023 2022 AThounts falling due wvchin one yeai". Trade debtors Other debtors page11
Exaudl S. CREDITORS: AMOUNTS PALLING DUE IMTHIN ONE YEAR 2023 2022 Othercreditors 730 730 730 730 6. LIMITEDBYGUARANTEE The company is limited by guarantee and does not have a Sha capital. Each member gives a guarantee to contrlbute a sum not exceeding £1, to the company should it be wound up. At 3111212023 the were 4 members. 7. UNRESTRICTED FUNDS Brought Incoming Outgoingfransfeis CattSed loThMrd resource rèsourcè forwar(I General fund 27,840 93,125 94,623 27,840 93,125 94,623 26,342 26,342 8. RESTRICTED FUNDS Brought Inctsmlng OutgtslnyTransfers Carrled forward rèsources resources forward Re5trlcted funds 10.935 28,680 10,935 28,880 26,907 26,>7 12,708 12,708 Restrtcted funds pagè 12
Exaudl In¢oming Resources for the year 8nded 3q11212023 2023 2022 Incomlng re8ourc88 Incomlng rèsources from generated funds CharltableActtvlty PerforrnanGe fees CD sales 91,829 195 59,317 8se 92,024 60,173 92,024 121,805 60.173 82,433 pag&13
Exaudl Expense8 for th8 yoar &nded 3111212023 2023 2022 Expenses Costs of geneyatlng funds Costs 01 Generatlny Voluntary Income Otherfundraising costs Fundrals¥ng Trading Costs Support costs Charltable Actlvltle$ Advertising and promotion Travelling expenses (Profit) l Loss on exchange Honorarium 2,803 9,667 729 8,059 6,000 84.371 6,000 53,310 Singers fees Coa¢hing Venue and equiprnènt hire Music costs 6,110 9,177 197 4,459 3,312 3,945 Recording and produotion costs Website c051s Ac¢ountan¢y fee8 Insurance 730 730 226 221 stationery & offi¢e supplies Telephone 2.249 2,914 121,530 83,688 121 530 83 688 page 14