Registered number.. 07134930 Charity number.. 1134465 Exaudl UNAUDITED ACCOUNTS FOR THE YEAR ENDED 3111212024 Prepared By: Spencer-Daws & Co Péterborough Road Harrow HA12BQ Exaudi FINANCIAL STATEMENTS FOR THE YEAR ENDED 3111212024 TRUSTEES Mr V Keaveny Mr G Davies {appointed 15171241 Mr L Gove$ Miss L Sheldon Mr8 M Kendall ARTISTIC DIRECTOR MrJ Weeks EXECUTIVE DIRECTOR Mr S Jeffes REGISTERED OFFICE School Hou8e East Howle Ferryhill DL17 8RX COMPANY NUMBER 07134930 CHARITY NUMBER 1134465 INDEPENDENT EXAMINER Spencer-Davis & Co Peterborough Road Harrow HA12BQ page 1 Exaudl ACCOUNTS FOR THE YEAR ENDED 3111212024 CONTENTS Page Report of Ihe Trustees Independent Examiner's Stat¢menl Statsment of Financial Activities Balan¢& Sheet Notes to the Accounts 10eo12 Detailed Statem8nt of Financial A¢tivÈties 13 page 2 Exaudl TRUSTEES. REPORT FOR THE YEAR ENDED 3111212024 The trustees present their report and accounts for the year ended 31 December 2024. The accounts have been prepared in accordan￿ 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 Ad 2006 and 'Accounting and Reporting by Charities: Statement of Recornmended 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 detennines from time to time. The policies adopted in furtherance of these objects include but are not limrted to: the provision of concerts and concert opportunities for professional musicians and composers; 2. the provision of workshops for young and amateur musicians and composers. undertakn'ng 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 Gharitable 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. Achlevements and performance The charity undertook 8 projects in 2024, including 10 public perfonnances (of which 7 were in UK and 3 in Europe). 3 education projects and 1 recording projects. The projects were as follows: Oxford University 1 x Public performance Durham University 1 x Education workshop and 1 x public performance County Durham 2 x Public performan King's Place 1 x Public perfomiance Cork International Choral Festival 1 x Public performance Guildhall School 2 x Education projects and 1 x public performance Berliner Festpiele 2 x Public performan Britten-Pears Arts 1 x Workshop with open session Financial review Our main source of funds this year has been workshop and performance fees from which we received £55,415 (2023: £91,829) for the year, We also received a total of £10,001 (2023: £29,781) 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 £39,396 (2023: £39,050), of which £12,955 {2023.' £12,708) were restricted funds. page 3 Exaudl TRUSTEES. REPORT FOR THE YEAR ENDED 3111212024 Reserves olic It is the policy of the chartty 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 Gu￿ent activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Rlsk management The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in pla￿ to mitigate exposure to the major risks. The risks associated with an overly small board, highlighted in previous years, Trustees, Reports continues to be rnonitored by the Board. The Board continues to seek to identify and appoint oneltwo further directors. Plans for the future The charity will continue 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 University and other key promoters. The day to day running of the charity will now be undertaken by and Executive Committee, This is to consist of an Executive Director. a Finance Officer, a Project Manager and a Development Officer. Golng concern conslderatlons 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 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. Th8 charity is overseen by the Board to whom James Weeks (Artistic Director) and Stephen Jeffes (Executive Director) make regular financial and programming reports. The day-to-day running of the charity is managed by the Artistic Director and Executive Director and Committee, assisted as necessary by freelance contractors approved and appointed by the Board. TRUSTEES. REPORT page 4 Exaudl 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 Mr G Davies Trustees are identified and recruited by the existing trustees on the basis of periodic reviews of the skills of the seNing 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 2219125 page 5 Exaudl INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 3111212024 INDEPENDENT EXAMINER'S REPORTTOTHETRUSTEES OF EXAUDI I report on the accounts ofthe company for the year ended 3111212024 RESPECTIVE RESPONSIBILrriES OF TRUSTEES AND EXAMINER The trustees (who are a150 the directors of the company for the purposes of company law) are responsibl6 for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 14412) of the Chari*'es Act 2011 (th8 2011 Act) and that an independent examination is needed. Having $allsfied myself that the charity Is not subject to an audit under company law and is eli9ible for independent examinatlon, it is my re8pon$ibility to: examine the accounts under section 145 of the 2011 Act; follow the procedures laid down In the general Directions given by the Charity Commission under sectlon 145{5){b) ofthe 2011 Act,. and - stste whelher particular matters have Come to my attenb'on. BASIS OF INDEPENDENT EXAMINERS STATEMENT My exgmination was carried out in a¢¢ordance with general Directions given by the Charity Commi881on. An examinatlon includes a ￿VIeW of the accounting records kept by th8 Gharity and a comparison of the accounts presented with those records. It also include8 consld6ratlon of any unusual items or disclosure5 in the accounts, and Seeking explanations from you as trustees concerning any such malters. The procedures undertaken do nol provide all the evklence that would b8 required in an audit, and ¢onsequentty no opinion 18 given as to whether the accounts present a'lrue and fair vieNV' and the report18 limited to those matters set out in the statement below. page 6 Exaudl INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 3111212024 INDEPENDENT EXAMINERS STATEMENT In connection with my examination. no matter has come to my attention: {1 > which gives me rea50nab16 cause to believe that in any material respect the requirements." - to keep accounting records in accordance with section 386 of Ihe Companie8 Act 2006., and to prepare ac¢ounts which accord with the accounting records. comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and Prin￿pEeS of th8 Statement of Recommended Practi¢e: Accounting and Reporting by Charities have not been mot. or (21 to which, in my opinion, attentlon should be drawn in order to enable a proper understanding ofthe accounts to bé Teached Date.. 8 September 2025 Jane E Spencer-Davk8 BA FCCA CTA Spencer-Davis & Co 44 Peterborough Road Harrow HA12BQ 020 8423 7992 page 7 Exaudl Statement of Flnanclal Actlvities for the year ended 3111212024 2024 2023 Unreslrlc Restrfcte tsd fvnds d funds Totsl Totsl Income Income from generat8d fvnds Donations and legacies Income from charitsble activTtie3 Total Income and endowments 1.201 56 694 8,800 10,001 29,781 56,694 92,024 66,695 121,805 57,895 8,800 Expenses Costs ofgenerating fvnd5 Expenditure on Raised funds Expenditure on ChaTltable activitles Total Expenses Net galns on Investments Net Income 57,796 8,553 8,553 66,349 121,530 66.349 121,530 99 247 346 275 Galn81(1058e8) on r8valuallon of flxgd as$•ts Net movement In funds: Nèt Incom• for the year Total fvnds brought ft)rward Net fundg carrled forward 99 247 346 275 12,708 39,050 38,775 12,955 39,396 39,050 26,441 This statement of financial activities includes all gains and losses recognised in the year. All income and expenditur derive from ¢ontlnuing activities Exaudl BALANCE SHEET AT 3111212024 2024 2023 Notes CURRENT ASSETS Stock 750 750 Debtor8 (amounts falling due within one year) Cash at bank and In hand 39,376 40,126 730 39,030 39,780 730 CREDITORS: Amounls falling due wlthln one yèar NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILMES 39.396 39,396 39,050 39,050 CAPITAL AND RESERVES Unrestrlcted fund$ Gengral fund Rostrlcted funds 26,441 12,955 39,396 26,342 12,708 39.050 For the year ending 3111212024 the company was entilled to exemption under 8ection 477 of the Companlès Act 2006 relating to small companl•5. The members hav6 nol required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge thoir responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. Th&8e accounts have bèen prepared in accordance with the provisions applicable to companies subject to the small companles reglm8. Approved by tho board of tru8t¢es on 22 Sgptwthr 2ty25 and gned on thelr MrVKea Tru8tee pagè g Exaudl NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3111212024 1. ACCOUNTING POLICIES la. Basls Of Accountlng The a¢¢ounts have been prepared under the historical cost convention. The accounts have been prepared in accordance w¢th FRS102 - The Financial Reporting Standard applicable In the UK and Republic of Ireland and the Companie8 Act 20￿ and the requirements ofthe Statement of ReGommended Practice, Accounting and Reporting by Charities. 1b. Incomlng Resources All incoming r6s0ur¢es are included on the Statsment of Financial Actlvities wh8n the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. 1¢. Resourc05 Expended Expenditure is a￿OUnted for on an accruals basis and has been classified under headings th8t 8ggregat8 all cost related to the cat8gory. Where costs cannot be directly attributed to particular headings they have been allocgled to activities on a basis onsistent with the use of resources. 1d. Allocatlon And Apportlonment ot Costs All ￿sts relate to the single activity of the charitable company and are recognised accordingly. 10. Fund Accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. R68tricted funds can only be used for particular restricted purposes within the objects of the charity. Restrlction8 arise when specifled by the donor or when funds are raised for parkncular restricted purp0988. De8ignatsd fund8 are funds set aside by the trustees out of unrestricted general funds for the speclfic 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 reali88ble value). Costs, whlch comprise direct production GOSt5, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basi$. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling cost5. When stocks are sold. the Carrying amount of those stockg is recognised as an exp6n86 in the period in which the related revenuo is recognised. The amount of any write-down of stocks to net realisable value and all losses of sto¢k8 are recognised as an expense in the period in which the write-down or loss o¢¢urs. The amount of any reversal of any write4own of stocks is recognised as a reduction in the amount of stocks re¢ognised as an expense in the period in which the reversal occurs. page 10 Exaudl lg. Forelgn Currency Transactions in CUr￿nCle5, other than the functional currency of the Company. ar6 recorded at the rate ofthe exchange on the date the transa¢tion occurred. Monetary items denominated in other curr6nci88 are translated at th6 rat8 prevailing at the end of the reporting period. All differences are tsken to the profft and loss account. Non-monetary item$ that are measured at the historic cost in a foreign Gurrency are not retranslated. 1h. Turnover Tumover represents the invoiced value of goods and servicts supplied by the ￿Mpany, net of value added tax and trade disGounls. 2. EMPLOYEES 2024 2023 No. Average number of employees 3. STOCK 2024 2023 Stock ¢ompris68'. Stock 750 750 750 750 4. DEBTORS 2024 2023 Amounts falllng due within one year. Trade d8btor8 Other deblors page 11 Exaudi 5. CREDITORS: AMOUNTS FALLING DUE MTHIN ONE YEAR 2024 2023 other creditors 730 730 730 730 6. LIMITED BY GUARANTEE The company 18 limited by guarantee and doe8 not have a Share capital. Each member giv65 a guarantee to contribute a sum not exceeding £1, to the ¢ompany should it be wound up. At 3111212024 there were 5 members. 7. UNRESTRICTED FUNDS Brought Incomlng OutgolngTransfers Carrlad forward rgsourc6 rasource fonvard General fund 26,342 57,895 57,796 26.342 57,895 57,796 26.441 26,441 8. RESTRICTED FUNDS Brought Incomlng OutgolngTransfèr8 Carrled forward resources resourc•8 fonvard Restricted fjjnds 12,708 12,708 8.800 8.800 8,553 8.553 12,955 12,955 Restrlcted funds page 12 Exaudl Incomlng Resources forthe year ended 3111212024 2024 2023 Incomlng resour Incomlng resou￿0¥ from generatèd funds Charltable Actfvity Performan¢& fee5 CD sales 55,415 1,279 91.829 195 56.694 92,024 56,694 66.695 121,805 page 13 Exaudl Expgnses for the year ènded 3111212024 2024 2Q23 Expenses Costs of generatlng funds Costs Of Generallng Voluntary Income Other fundraising costs Fundralslng Tradlng Costs Support GOSts Charltabl8 Actlvltlo8 Advertising and promotion Travelling 8xpen8es (Profil) I L088 on exchange Honorarium 1,698 6,028 2,803 9,667 6,000 46,625 6,000 84,371 Singers fees Coaching Venue and 8quipment hire Music costs Recordin9 and production costs Webslte cost Accountancy fees Insurance Statlonery & office supplie5 Telephone 998 6.110 9,177 197 296 480 730 231 226 3,993 2,249 66,349 121,530 121 page 14