DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
Registered number: 08370390 Charity number: 1154940
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 - 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 22 |
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | Mr N Burkey, Chair |
|---|---|
| Mrs J Hindle (resigned 4 October 2023) | |
| Mr B Mazower | |
| Mr S Webster | |
| Mr A Bommelaer (appointed 10 October 2022) | |
| Company registered number 08370390 Charity registered number 1154940 Registered office Hillside Bourton On The Hill Moreton-In-Marsh GL56 9AH Independent Examiner Kathryn Hebden ACA Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers The Co-Operative Bank Plc Skelmersdale WN8 6WT |
Page 1
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2022 to 31 March 2023. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition - October 2019, effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
OBJECTIVES AND ACTIVITIES
The Charity's objects are specifically restricted to the following: to advance the education of the public in the art and science of music, and in particular of historically aware musical performance, by the presentation of concerts, recitals and lectures, publication of materials and other activities. In particular the repertoire promoted by the ensemble will focus on the music of Antonio Vivaldi and his Italian contemporaries, which had such a profound effect on the genres of concerto and opera.
The trustees have paid due regard to the general guidance issued by the Charity Commission relating to public benefit reporting in deciding which activities the charity should undertake.
REVIEW OF ACTIVITIES
La Serenissima gave a private performance ‘The Sacred Lagoon’ with contralto Hilary Summers for guests of Martin Randall Travel’s ‘Music in Great Suffolk Churches’ festival (July 2022). The group suffered the sudden cancellation of a concert planned for July in St Martin in the Fields because of conflicting external activity on Trafalgar Square which made the event unviable; we were able to make Artist Relief payments to those affected and also ran a photo shoot with Lia Vittone in place of the rehearsal (with support from Patrons), to update publicity photographs for the first time in 7 years.
In Autumn 2022, La Serenissima presented ‘An Englishman Abroad’ (focused on the life and music of Nicola Matteis The Younger, an Anglo-Italian who travelled from London to Vienna) in concerts at St Martin in the Fields, St James’ Church Chipping Campden and for Norwich Chamber Concerts with the support of Continuo Foundation and John Osborn CBE. The group recorded this programme 23-26 October 2022 at Cedars Hall Wells; this was particularly made possible by album ‘sponsor’ John Osborn CBE. During this time, the group secured a new sync-licence agreement with Beats who used part of La Serenissima’s 2015 album ‘The Four Seasons’ to promote their brand: this created valuable income and exposure for La Serenissima’s music. In December, La Serenissima gave three concerts at the Royal Overseas League for Kirker Holidays before making a recording of chamber works by a range of Italian baroque composers between 11-14 December 2022 in Cedars Hall, Wells.
In 2023, La Serenissima performed ‘Vivaldi x2²’ for St Martin in the Fields, Bath Bach Fest (February 2023) and a scaled-down format of the programme for Chipping Campden Music (March 2023); they presented ‘Crossing Borders’ to a full house at Painswick Music Society on Coronation Day, May 2023 with soloists flautist Katy Bircher and recorder player Tabea Debus. They also gave private recitals for guests of Kirker Holidays at Broughton Castle and for LS donors at the Residence of His Excellency The Ambassador of Italy (May 2023). The group recorded ‘Vivaldi x2²’ between 13-17 February 2023 in Cedars Hall, Wells. In May 2023, ‘An Englishman Abroad’ was released on Signum, entering the UK Classical Chart at No. 6 and gaining 5 star reviews in The Times ‘Perfection, at once courtly and refined’ & BBC Music Magazine. As an official Coronation project, a copy of the album was sent to His Majesty King Charles III.
Page 2
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
La Serenissima applied to become one of Arts Council England’s National Portfolio Organisations 2023-2026 with the pro bono support of Hilary & Grant McGowan and consultant Caroline Taylor. The charity’s application proposed three clear areas for development: growing their home in Gloucestershire, increasing and diversifying fundraising and building new business models to support long term sustainability and creative growth. Unfortunately, La Serenissima was not selected for the 2023-2026 Portfolio. The charity remains grateful for the considerable support and generosity of its many individual donors and Board of Trustees.
Behind the scenes
La Serenissima’s administration team continued to work remotely, supported by a bookkeeper working on a voluntary basis. The focus of the work has been on multi-strand fundraising to support work for the ensemble, delivering projects which are already in the diary, raising the ensembles digital profiles across all platforms, and securing future performances. Artistic Director Adrian Chandler produced all performing editions for the repertoire played during the period and has carried out extensive research on Brescianello, Matteis The Younger and a host of other neglected baroque composers. Significantly, La Serenissima continued to work with digital marketing consultant Sarah Bronnert of Da Capo Digital which has created new capacity for the organisation to better promote its work and to reach new audiences. During December 2022 a second successful mailshot campaign was run to generate support for the ongoing Serene Recovery Fund (launched in 2020 in response to the pandemic) and stimulate CD and concert sales, thanks to generous sponsorship from Grant McGowan and his company The Paper Studio. La Serenissima continued its membership of the Association of British Orchestras and is a founder member of Opera UK.
FINANCIAL REVIEW
Income in the year was £289,755 (2022: £324,675), of which grants and donations contributed £112,656 (2022: £139,860) and income from concerts, CD sales and grants for performances etc. amounted to £158,022 (2022: £180,104).
Expenditure on charitable activities, including support and governance costs was £294,038 (2022: £334,629).
During the year the Charity made a deficit of £4,283 (2022: £9,954) which has been added to the reserves creating an unrestricted fund balance of £100,336 (2022: £101,706) and a restricted fund balance of £4,541 (2022: £7,454).
GOING CONCERN
After making appropriate enquiries to satisfy themselves of the stability and financial health of the Charity the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Page 3
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
PLANS FOR FUTURE PERIODS
Since the financial year end La Serenissima’s performing commitments have continued but concert promoter confidence remains low, resulting in lower fees paid for engagements; therefore an increased number of events are planned on a shared-risk basis, for example a tour in the North West of England (performances in Liverpool and Cartmel). The group has also supplied musicians for Longborough Festival Opera’s production of Monteverdi’s L’Orfeo (July 2023) which has attracted good reviews: ‘exquisitely played by period group La Serenissima’ The Guardian. La Serenissima will maintain its presence in London with concerts at St Martin in the Fields in October 2023 and the Wigmore Hall in December 2023. La Serenissima’s recording presence plays a vital role in growing the group’s reach and maintaining audience engagement. Planned album releases on Signum are currently: Brescianello Unlocked (October 2023), Tartini 250 (March 2024) & ‘Vivaldi x2²’ (August 2024). La Serenissima is working on touring plans for its 30th Anniversary Season (2024-2025).
The trustees are satisfied that the Charity’s activities are in line with the charity's objectives and have provided considerable public benefit; also that the year’s programme served La Serenissima’s mission statement and achieved the outcomes that were both predicted and desired. La Serenissima continues to enjoy the patronage of His Excellency The Ambassador of Italy to the UK.
STRUCTURE, GOVERNANCE, AND MANAGEMENT
The Charity is a company limited by guarantee, incorporated on 22 January 2013 and its company number is 08370390. The charity registration number is 1154940. The liability of members is limited by their guarantee. In the event of the Company being wound up during the period of their membership (or within a year following), members undertake to contribute such amounts as may be required up to a maximum of £1.
The Trustees, who are also the directors for the purpose of company law, and who served during the year were:
Mr N Burkey Mrs J Hindle Mr B Mazower Mr S Webster Mr A Bommelaer (appointed 10 October 2022)
The trustees may appoint additional trustees as and when the need arises.
None of the trustees has any beneficial interest in the company.
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.
Page 4
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy 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 reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr N Burkey
Trustee Date: 20 November 2023
Page 5
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LA SERENISSIMA LIMITED ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2023.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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 Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Page 6
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 21 November 2023
KATHRYN HEBDEN ACA PETERS ELWORTHY & MOORE Chartered Accountants Cambridge
Page 7
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Note INCOME FROM: Donations and legacies 2 Charitable activities 3 Other income 4 TOTAL INCOME EXPENDITURE ON: Charitable activities 6 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) Transfers between funds 12 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD 12 |
Unrestricted funds 2023 £ 89,635 146,289 19,077 255,001 220,452 220,452 34,549 (35,919) (1,370) 101,706 (1,370) 100,336 |
Restricted funds 2023 £ 23,021 11,733 - 34,754 73,586 73,586 (38,832) 35,919 (2,913) 7,454 (2,913) 4,541 |
Total funds 2023 £ 112,656 158,022 19,077 289,755 294,038 294,038 (4,283) - (4,283) 109,160 (4,283) 104,877 |
Total funds 2022 £ 139,860 180,104 4,711 |
|---|---|---|---|---|
| 324,675 334,629 |
||||
| 334,629 (9,954) - |
||||
| (9,954) 119,114 (9,954) |
||||
| 109,160 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 22 form part of these financial statements.
Page 8
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 08370390
BALANCE SHEET AS AT 31 MARCH 2023
| Note CURRENT ASSETS Stocks 9 Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 NET CURRENT ASSETS TOTAL NET ASSETS CHARITY FUNDS Restricted funds 12 Unrestricted funds 12 TOTAL FUNDS |
2,587 97,284 26,862 126,733 (21,856) |
2023 £ 104,877 104,877 4,541 100,336 104,877 |
1,171 79,803 43,451 124,425 (15,265) |
2022 £ 109,160 |
|---|---|---|---|---|
| 109,160 | ||||
| 7,454 101,706 |
||||
| 109,160 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr N Burkey
Trustee
Date: 20 November 2023
The notes on pages 10 to 22 form part of these financial statements.
Page 9
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
La Serenissima Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
There were no significant estimates, judgements, or other key sources of estimation uncertainty made by management in preparing these financial statements.
1.2 GOING CONCERN
No material uncertainties exist over the Charity's ability to continue in operational existence for the foreseeable future. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements.
1.3 INCOME
All income including that from concerts, CD sales and donations is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The amounts shown are exclusive of VAT. Grants are recognised by the charity when there has been notification of the amount and settlement date. In the event that a grant is subject to conditions that require a level of performance before the charity is entitled to those funds, the grant is treated as a restricted fund and accounted for accordingly. Donations are recognised in the financial statements when received.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 10
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES (CONTINUED)
1.4 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.5 STOCKS
Stocks of CDs are valued at the lower of cost (purchase price) and sale price less costs of selling, after making due allowance for obsolete and slow-moving stocks.
1.6 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.9 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.10 PENSIONS
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
Page 11
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES (CONTINUED)
1.11 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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 costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2023 £ Government grants - Other grants 100 Donations 89,535 89,635 TOTAL 2022 130,208 |
Restricted funds 2023 £ - - 23,021 23,021 9,652 |
Total funds 2023 £ - 100 112,556 112,656 139,860 |
Total funds 2022 £ 25,752 3,700 110,408 |
|---|---|---|---|
| 139,860 | |||
In 2023, income from donations (unrestricted) includes £29,602 of in-kind services relating to consultancy, video production, fundraising mailing, and services provided free of charge by the Operations Manager (2022: £27,000).
In 2022, the Charity was awarded a grant from Arts Council England from the Culture Recovery Fund of £25,752, of which the full amount had been received by the yearend.
Page 12
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
3. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds 2023 £ Concert Income 54,139 Grants received - CD Sales 2,266 CD Sales (AVIE) 89,884 146,289 TOTAL 2022 172,604 4. OTHER INCOMING RESOURCES Orchestra Tax Relief TOTAL 2022 5. ANALYSIS OF GRANTS Artist Relief Fund payouts TOTAL 2022 |
Restricted funds 2023 £ 6,558 5,000 175 - 11,733 7,500 Unrestricted funds 2023 £ 19,077 4,711 Grants to Individuals 2023 £ 5,034 4,220 |
Total funds 2023 £ 60,697 5,000 2,441 89,884 158,022 180,104 Total funds 2023 £ 19,077 4,711 Total funds 2023 £ 5,034 4,220 |
Total funds 2022 £ 106,406 7,500 5,619 60,579 |
|---|---|---|---|
| 180,104 | |||
| Total funds 2022 £ 4,711 Total funds 2022 £ 4,220 |
|||
Page 13
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Charitable Activities TOTAL 2022 |
Activities undertaken directly 2023 £ 198,209 237,241 |
Grant funding of activities 2023 £ 5,034 4,220 |
Support costs 2023 £ 90,795 93,168 |
Total funds 2023 £ 294,038 334,629 |
Total funds 2022 £ 334,629 |
|---|---|---|---|---|---|
In 2023 £73,586 (2022: £103,352) of expenditure on charitable activities was met from restricted funds, with the balance being met from unrestricted funds.
ANALYSIS OF DIRECT COSTS
| Staff costs Concert expenses and Artists' fees CD costs Recording costs Venue and instrument hire AVIE commission |
Total funds 2023 £ 42,552 89,377 294 35,329 9,085 21,572 198,209 |
Total funds 2022 £ - 156,226 1,504 45,221 19,751 14,539 |
|---|---|---|
| 237,241 |
Page 14
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF SUPPORT COSTS
| Staff costs Printing, postage, and stationery Management services Insurance Marketing Travel Subscriptions Accountancy fees Consultancy Research Office and storage costs Sundry costs INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Other accountancy services |
Total funds 2023 £ 25,702 541 29,602 1,085 2,925 2,943 1,383 6,066 14,688 - 5,400 460 90,795 2023 £ 2,600 3,466 |
Total funds 2022 £ - 439 71,826 930 1,648 6,176 560 3,785 2,200 150 5,400 54 |
|---|---|---|
| 93,168 | ||
| 2022 £ 2,420 1,365 |
7. INDEPENDENT EXAMINER'S REMUNERATION
Page 15
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
8. STAFF COSTS
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 66,000 1,203 1,051 68,254 |
2022 £ - - - |
|---|---|---|
| - |
The average number of persons employed by the Charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 3 | - |
No employee received remuneration amounting to more than £60,000 in either year.
The Trustees have delegated the day-to-day responsibility of running the charity to the Artistic Director and General Manager, who are considered to be the key management personnel of the charity. Total key management personnel remuneration, including employer's pension and national insurance contributions, amounted to £63,135 (2022: £Nil).
All Trustees give their time and expertise freely, without any form of remuneration or benefit in kind (2022: £Nil).
9. STOCKS
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| CDs | 2,587 | 1,171 |
Page 16
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
10. DEBTORS
| DUE WITHIN ONE YEAR Trade debtors (AVIE Records) Other debtors Prepayments and accrued income Gift aid recoverable |
2023 £ 68,197 15,006 6,750 7,331 97,284 |
2022 £ 64,820 9,307 540 5,136 |
|---|---|---|
| 79,803 |
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other taxation and social security Accruals |
2023 £ 1,256 20,600 21,856 |
2022 £ - 15,265 |
|---|---|---|
| 15,265 |
Page 17
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Serene Recovery Fund GENERAL FUNDS General Funds TOTAL UNRESTRICTED FUNDS RESTRICTED FUNDS CD Vivaldi's Women Artists' Relief Fund CD Forza Azzurri CD An Englishman Abroad (AEA) CD Vivaldi x2² Photoshoot June 2022 Chipping Campden concert 2022 Chipping Campden concert 2023 TOTAL OF FUNDS |
Balance at 1 April 2022 £ - 101,706 101,706 - 7,454 - - - - - - 7,454 109,160 |
Income £ 36,477 218,524 255,001 - 2,121 - 14,500 10,100 800 2,150 5,083 34,754 289,755 |
Expenditure £ (67,795) (152,657) (220,452) (93) (5,034) (1,950) (24,141) (29,631) (854) (5,511) (6,372) (73,586) (294,038) |
Transfers in/out £ 31,318 (67,237) (35,919) 93 - 1,950 9,641 19,531 54 3,361 1,289 35,919 - |
Balance at 31 March 2023 £ - |
|---|---|---|---|---|---|
| 100,336 | |||||
| 100,336 | |||||
| - 4,541 - - - - - - |
|||||
| 4,541 | |||||
| 104,877 |
Page 18
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 12. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 April 2021 £ UNRESTRICTED FUNDS DESIGNATED FUNDS Serene Recovery Fund 14,200 GENERAL FUNDS General Funds 72,724 TOTAL UNRESTRICTED FUNDS 86,924 RESTRICTED FUNDS CD Vivaldi's Women 25,000 Artists' Relief Fund 7,190 CD Brescianello - CD Forza Azzurri - 32,190 TOTAL OF FUNDS 119,114 |
Income £ 51,500 256,023 307,523 - 4,484 5,168 7,500 17,152 324,675 |
Expenditure £ (122,271) (109,006) (231,277) (41,255) (4,220) (26,325) (31,552) (103,352) (334,629) |
Transfers in/out £ 56,571 (118,035) (61,464) 16,255 - 21,157 24,052 61,464 - |
Balance at 31 March 2022 £ - |
|---|---|---|---|---|
| 101,706 | ||||
| 101,706 | ||||
| - 7,454 - - |
||||
| 7,454 | ||||
| 109,160 |
Page 19
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. STATEMENT OF FUNDS (CONTINUED)
Restricted Funds
CD Vivaldi's Women - This represents donations received towards the production of the Vivaldi's Women CD. The recording was made in October 2021 and the CD was released in August 2022.
Artists Relief Fund - This represents donations received to contribute towards a financial relief fund for performing artists.
CD Brescianello - This represents donations received towards the production of the Brescianello CD. The album was recorded in February 2022 and is due to be released in October 2023.
CD Forza Azzurri - This represents donations received towards the production of the Forza Azzurri CD. The recording was made in June 2021 and the CD was released in November 2022.
CD An Englishman Abroad - This represents donations towards production of the An Englishman Abroad CD. The repertoire was recorded in October 2022 and the CD released in May 2023.
CD Vivaldi x2² - This represents donations towards production of the Vivaldi x2 squared CD. The repertoire was recorded in February 2023 and the CD will be released in August 2024.
Photoshoot - This represents donations towards the cost of producing new group and individual publicity photographs for the ensemble. The photoshoot took place on 30 June 2022.
Chipping Campden concert - These funds represent sponsorship of concerts which took place in Chipping Campden in September 2022 and March 2023.
Designated Funds
Serene Recovery Fund - This fund represents amounts set aside by the Trustees to support La Serenissima's activities during 2022/2023 and beyond in the post-pandemic era.
Transfers
Transfers of funds have been made to restricted funds from unrestricted funds where costs have exceeded restricted income for that particular fund.
Page 20
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2023 £ Current assets 117,192 Creditors due within one year (16,856) TOTAL 100,336 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds 2022 £ Current assets 112,671 Creditors due within one year (10,965) TOTAL 101,706 |
Restricted funds 2023 £ 9,541 (5,000) 4,541 Restricted funds 2022 £ 11,754 (4,300) 7,454 |
Total funds 2023 £ 126,733 (21,856) 104,877 Total funds 2022 £ 124,425 (15,265) 109,160 |
|---|---|---|
| Current assets Creditors due within one year TOTAL |
14. PENSION COMMITMENTS
The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge representing employer contributions payable by the company to the fund amounted to £1,051 (2022: £Nil). Contributions of £Nil (2022: £Nil) were payable to the fund at the balance sheet date.
15. TRUSTEES' PERSONAL GUARANTEES
The Charity is limited by guarantee, incorporated in England and Wales. Each trustee is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
Page 21
DocuSign Envelope ID: 0CE5D0DE-0EFD-4C8D-BEF9-B2231E063D68
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
16. RELATED PARTY TRANSACTIONS, AND TRUSTEES' EXPENSES
During the year, donations amounting to £3,010 were made by 2 Trustees to the Charity (2022: £Nil). No benefits were received as a result of these donations and no restrictions were placed on the use of those funds.
The Charity has not entered into any other related party transactions during the year (2022: £Nil), nor are there any outstanding balances owing between related parties and the Charity at 31 March 2023 (2022: £Nil).
During the year, there were no reimbursements to Trustees for expenses paid on the Charity's behalf (2022: £Nil).
Page 22