Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
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 2024
Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
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 - 6 |
| Independent Examiner's Report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 - 25 |
Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
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 2024
| Trustees | Mr N Burkey, Chair |
|---|---|
| Mrs J Hindle (resigned 4 October 2023) | |
| Mr B Mazower | |
| Mr S Webster | |
| Mr A Bommelaer | |
| Company registered number 08370390 Charity registered number 1154940 Registered office Hillside Bourton On The Hill Moreton-In-Marsh GL56 9AH Independent Examiner Michael Hewett FCA DChA Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers The Co-Operative Bank Plc Skelmersdale WN8 6WT |
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2023 to 31 March 2024. 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
The group gave a private performance of works by Brescianello, Chelleri, Schreivogel, Vivaldi for guests of Kirker Holidays on 4 May 2023, in the The Great Hall at Broughton Castle, Oxfordshire. On 6 May, La Serenissima performed Crossing Borders , featuring Tabea Debus (recorder) and Katy Bircher (flute) for Painswick Music Society. The programme brought together music by Brescianello, Sieber, Telemann and Vivaldi. On 16 May, La Serenissima performed music from Crossing Borders for Patrons and guests of the group’s Honorary Patron, His Excellency The Ambassador of Italy, ahead of a dinner to raise money for the 30[th] Anniversary Season. La Serenissima also released a new album An Englishman Abroad in May 2023, presenting the music of Anglo-Italian Nicola Matteis the Younger alongside related works by Caldara, Purcell, Telemann and Vivaldi. This two-CD album marked the Coronation of His Majesty King Charles III and carried the official UK emblem marking the occasion and entered the UK Classical Chart at No. 6 – 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.
In June 2023, La Serenissima supplied the instrumentalists, under the leadership of founder and violinist Adrian Chandler, for a Longborough Festival Opera production of Monteverdi’s L’Orfeo which attracted excellent reviews: ‘exquisitely played by period group La Serenissima’ (The Guardian) . Adrian Chandler gave a blistering performance of Vivaldi’s Four Seasons , against a competing backdrop of noise from the stage of Trafalgar Square, on a very hot 29 June at St Martin in the Fields. The audience support was tangible at this event and the evening concluded with thunderous applause from the very full church.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
La Serenissima took The Four Seasons on a brief tour to the North West of England (20-23 September 2023), taking in Cartmel & Liverpool. This was a shared venture between the group and the Priory Church in Cartmel and The Tung Auditorium in Liverpool; sharing financial risk enabled La Serenissima to reconnect with a lively fanbase in the North West and revisit Cartmel and Liverpool after a considerable interlude. Cartmel Priory was virtually full and included a number of local school children who enjoyed speaking to members of the band in the interval and afterwards. The Liverpool concert was filmed in its entirety by technicians in house at The Tung Auditorium, creating valuable marketing assets for UK and foreign promoters to see the group’s live musicmaking in action. We learned from our collaborative marketing that many of the audience had travelled greater distances to attend our concert than the venue usually saw. A return visit to Liverpool has been planned for Autumn 2024, helping us to develop this audience.
The group rehearsed and performed Crossing Borders over the 17-19 October (concert at St Martin in the Fields) ahead of recording the project at Cedars Hall, Wells between the 22-25 October 2023. During the same month, Brescianello Unlocked (the follow-up album to Behind Closed Doors ) was released on Signum. This album attracted widespread praise and a double 5-star review in BBC Music Magazine: “brilliantly skilful, immediate and engaging”.
La Serenissima rounded off the calendar year on 11 December 2023 at Wigmore Hall with a concert built around themes of Christmas, culminating in Vivaldi’s Four Seasons . This performance was justly hailed by a fabulous review by Ivan Hewitt in The Telegraph: “No classical pieces are more overplayed, recomposed and generally abused than these four concertos. And yet, when played with fire and imagination, they are revealed as the masterpieces they truly are. … Chandler and his group achieved that magnificently.”
On 9 February 2024 the group returned to St Martin in the Fields to play works from Vivaldi’s Opus 8 including La Tempesta Di Mare . The rehearsals for this concert helped to prepare the band to record the first part of the Opus 8 between 11-14 February at Cedars Hall, Wells.
In March 2024, La Serenissima released Diavolo, an album of Tartini’s most fiendish works for violin. This recording gained significant coverage in publications such as The Strad and Gramophone which was impressive for a project of this scale. Paul Riley gave the album a double 5-star review in BBC Music Magazine: “ the account of the ‘Devill’s Trill’ is perhaps the most compelling currently available ” ending the year on a high note.
During the year, La Serenissima applied successfully for a grant from Continuo Foundation in support of October’s recording project Crossing Borders .
The charity remains grateful for the honorary patronage of His Excellency The Ambassador of Italy and 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 organisation continued to fundraise from a pool of donors and small trusts to support work for the ensemble, delivering projects and new research, as well as raising the ensemble’s digital profile, and securing future performances. La Serenissima continued to work with digital marketing consultant Sarah Bronnert of Da Capo Digital – a vital part of our post-pandemic strategy for building and maintaining audiences both online and in person. Under the direction of the Board of Trustees, La Serenissima has sought to better understand and predict growing revenue from royalties of The Four Seasons album (2015).
During December 2023 a third successful mailshot campaign was run to generate support for La Serenissima 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.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
Income in the year was £331,681 (2023: £289,755), of which grants and donations contributed £110,736 (2023: £112,656) and income from concerts, CD sales and grants for performances etc. amounted to £204,088 (2023: £158,022).
Expenditure on charitable activities, including support and governance costs was £262,912 (2023: £294,038).
During the year the Charity made a surplus of £68,769 (2023: deficit of £4,283) which has been added to the reserves creating an unrestricted fund balance of £141,860 (2023: £100,336) and a restricted fund balance of £31,786 (2023: £4,541).
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.
PLANS FOR FUTURE PERIODS
Since the financial year end La Serenissima’s performing commitments have continued although the number of concert engagements remains below pre-pandemic levels. This is due to ongoing promoter caution, influenced by the UK’s cost of living crisis and high interest rates which are squeezing middle class consumers (where our core classical music audience may be found), resulting in lower fees paid for engagements and fewer concerts. La Serenissima continues to plan a limited number of concerts on a shared-risk basis (with partner The Tung Auditorium, Liverpool and St Martin in the Fields), as well as discounting some concert fees to enable access to smaller promoters (such as Campden Music Society and Oxford Chamber Music Society) in order to maintain live concert activities. Performances in Liverpool and Chipping Campden planned for Autumn 2024 will be enabled by the support of a grant from Continuo Foundation. La Serenissima will give its first residency at London’s Wigmore Hall, ‘The A-Z of Italian Baroque’ in celebration of the group’s 30[th] Anniversary Season between November 2024 and June 2025.
Planned album releases on Signum are currently: Vivaldi 8 (February 2025), Crossing Borders (June 2025), Vivaldi 8 (Vol 2) (November 2025). Projects to be released in 2026 onwards include Giro d’Italia & Il Franco (awaiting release dates).
The Trustees are satisfied that the group’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.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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
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.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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: 13 December 2024
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024
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 2024.
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:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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: 17 December 2024
MICHAEL HEWETT FCA DCHA PETERS ELWORTHY & MOORE Chartered Accountants Cambridge
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| 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 13 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2024 £ 93,502 196,869 16,857 307,228 254,182 254,182 53,046 3,579 56,625 100,336 56,625 156,961 |
Restricted funds 2024 £ 17,234 7,219 - 24,453 8,730 8,730 15,723 (3,579) 12,144 4,541 12,144 16,685 |
Total funds 2024 £ 110,736 204,088 16,857 331,681 262,912 262,912 68,769 - 68,769 104,877 68,769 173,646 |
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 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 25 form part of these financial statements.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 08370390
BALANCE SHEET AS AT 31 MARCH 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Tangible assets | 9 | 10,108 | - | |||
| 10,108 | - | |||||
| CURRENT ASSETS | ||||||
| Stocks | 10 | 1,757 | 2,587 | |||
| Debtors | 11 | 151,025 | 97,284 | |||
| Cash at bank and in hand | 19,408 | 26,862 | ||||
| 172,190 | 126,733 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 12 | (8,652) | (21,856) | |||
| NET CURRENT ASSETS | 163,538 | 104,877 | ||||
| TOTAL NET ASSETS | 173,646 | 104,877 | ||||
| CHARITY FUNDS | ||||||
| Restricted funds | 13 | 16,685 | 4,541 | |||
| Unrestricted funds | 13 | 156,961 | 100,336 | |||
| TOTAL FUNDS | 173,646 | 104,877 |
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: 13 December 2024
The notes on pages 11 to 25 form part of these financial statements.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Instruments - 10% straight-line with 50% residual balance
1.6 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.
1.7 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. Costs incurred in the recording and production of CDs are prepaid until the CD is released for sale.
1.8 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.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.9 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.
1.10 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.
1.11 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.
1.12 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.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2024 £ Other grants - Donations 93,502 93,502 TOTAL 2023 89,635 |
Restricted funds 2024 £ - 17,234 17,234 23,021 |
Total funds 2024 £ - 110,736 110,736 112,656 |
Total funds 2023 £ 100 112,556 |
|---|---|---|---|
| 112,656 | |||
In 2024, unrestricted income from donations includes £23,000 of in-kind services relating to consultancy, administration, and IT (2023: £29,602).
3. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds 2024 £ Concert Income 87,640 Grants received 426 CD Sales 2,821 CD Sales (AVIE) 105,982 196,869 TOTAL 2023 146,289 |
Restricted funds 2024 £ - 7,219 - - 7,219 11,733 |
Total funds 2024 £ 87,640 7,645 2,821 105,982 204,088 158,022 |
Total funds 2023 £ 60,697 5,000 2,441 89,884 |
|---|---|---|---|
| 158,022 | |||
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. OTHER INCOMING RESOURCES
| Orchestra Tax Relief TOTAL 2023 |
Unrestricted funds 2024 £ 16,857 19,077 |
Total funds 2024 £ 16,857 19,077 |
Total funds 2023 £ 19,077 |
|---|---|---|---|
5. ANALYSIS OF GRANTS
| Artist Relief Fund payouts TOTAL 2023 |
Grants to Individuals 2024 £ 3,175 5,034 |
Total funds 2024 £ 3,175 5,034 |
Total funds 2023 £ 5,034 |
|---|---|---|---|
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Charitable Activities TOTAL 2023 |
Activities undertaken directly 2024 £ 154,999 198,209 |
Grant funding of activities 2024 £ 3,175 5,034 |
Support costs 2024 £ 104,738 90,795 |
Total funds 2024 £ 262,912 294,038 |
Total funds 2023 £ 294,038 |
|---|---|---|---|---|---|
In 2024 £48,008 (2023: £73,586) 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 2024 £ 44,898 72,220 1,973 4,849 5,623 25,436 154,999 |
Total funds 2023 £ 42,552 89,377 294 35,329 9,085 21,572 |
|---|---|---|
| 198,209 |
Costs incurred in the recording and production of CDs are included in prepayments until the CD is released for sale.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF SUPPORT COSTS
| Staff costs Depreciation Printing, postage, and stationery Management services Insurance Marketing Travel Subscriptions Accountancy fees Consultancy Research Office and storage costs Sundry costs |
Total funds 2024 £ 38,359 42 1,296 22,981 1,138 1,050 6,409 1,010 5,812 20,554 425 5,559 103 104,738 |
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 |
7. INDEPENDENT EXAMINER'S REMUNERATION
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 2,800 | 2,600 |
| Other accountancy services | 3,012 | 3,466 |
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. STAFF COSTS
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 78,032 3,258 1,967 83,257 |
2023 £ 66,000 1,203 1,051 |
|---|---|---|
| 68,254 |
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 2 | 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 £83,257 (2023: £63,135).
All Trustees give their time and expertise freely, without any form of remuneration or benefit in kind (2023: £Nil).
Page 18
Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 9. TANGIBLE FIXED ASSETS COST Additions At 31 March 2024 DEPRECIATION Charge for the year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Instruments £ 10,150 |
|---|---|
| 10,150 | |
| 42 | |
| 42 | |
| 10,108 | |
| - |
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. STOCKS
| CDs DEBTORS DUE WITHIN ONE YEAR Trade debtors (AVIE Records) Other debtors Prepayments and accrued income Gift aid recoverable |
2024 £ 1,757 2024 £ 79,743 18,480 50,582 2,220 151,025 |
2023 £ 2,587 |
|---|---|---|
| 2023 £ 68,197 15,006 6,750 7,331 |
||
| 97,284 |
11. DEBTORS
At the year end, prepayments included £44,996 (2023 - £6,100) relating to the recording and production costs of CDs which were released after the year end.
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other taxation and social security Accruals |
2024 £ 609 8,043 8,652 |
2023 £ 1,256 20,600 |
|---|---|---|
| 21,856 |
Page 20
Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Serene Recovery Fund GENERAL FUNDS General Funds TOTAL UNRESTRICTED FUNDS RESTRICTED FUNDS Artists' Relief Fund CD Brescianello CD An Englishman Abroad (AEA) CD Vivaldi x2 squared Vivaldi Op 8 Vol I Instrument Purchase and Maintenance Fund Wells Crossing Borders TOTAL OF FUNDS |
Balance at 1 April 2023 £ - 100,336 100,336 4,541 - - - - - - 4,541 104,877 |
Income £ 13,250 293,978 307,228 - 1,134 5,000 1,000 4,719 3,000 9,600 24,453 331,681 |
Expenditure £ (34,749) (219,433) (254,182) (3,175) (823) (4,732) - - - - (8,730) (262,912) |
Transfers in/out £ 21,499 (17,920) 3,579 - (311) (268) - - (3,000) - (3,579) - |
Balance at 31 March 2024 £ - |
|---|---|---|---|---|---|
| 156,961 | |||||
| 156,961 | |||||
| 1,366 - - 1,000 4,719 - 9,600 |
|||||
| 16,685 | |||||
| 173,646 |
Page 21
Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 13. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 April 2022 £ UNRESTRICTED FUNDS DESIGNATED FUNDS Serene Recovery Fund - GENERAL FUNDS General Funds 101,706 TOTAL UNRESTRICTED FUNDS 101,706 RESTRICTED FUNDS CD Vivaldi's Women - Artists' Relief Fund 7,454 CD Forza Azzurri - CD An Englishman Abroad (AEA) - CD Vivaldi x2 squared - Vivaldi Op 8 Vol I - Chipping Campden concert 2022 - Chipping Campden concert 2023 - 7,454 TOTAL OF FUNDS 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 |
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. 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 towards production of the CD Brescianello Unlocked. The album was recorded in February 2022 and 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 CD An Englishman Abroad. The repertoire was recorded in October 2022 and the album released in May 2023.
CD Vivaldi x2² - This represents donations towards the CD Vivaldi x2 squared. The repertoire was recorded in February 2023 and released in August 2024.
Vivaldi Op 8 Vol 1 - This represents grants and donations towards the production of the Vivaldi 8 album, which includes the iconic Four Seasons. The recording was made in February 2024 and will be released on the Signum label in due course.
Instrument Purchase and Maintenance Fund - This includes donations towards the cost of purchasing an Italian harpsichord from Alan Gotto in February 2024
CD Crossing Borders - This represents donations towards the production of the Crossing Borders album. The recording was made in October 2023 and will be released on the Signum label in January 2025.
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.
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD
| Unrestricted funds 2024 £ Tangible fixed assets 10,108 Current assets 152,005 Creditors due within one year (5,152) TOTAL 156,961 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD Unrestricted funds 2023 £ Current assets 117,192 Creditors due within one year (16,856) TOTAL 100,336 |
Restricted funds 2024 £ - 20,185 (3,500) 16,685 Restricted funds 2023 £ 9,541 (5,000) 4,541 |
Total funds 2024 £ 10,108 172,190 (8,652) 173,646 Total funds 2023 £ 126,733 (21,856) 104,877 |
|---|---|---|
| Current assets Creditors due within one year TOTAL |
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Docusign Envelope ID: B7337A38-F273-468F-9751-CE0C977E870F
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
15. 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 £1,967 (2023: £1,051). Contributions of £Nil (2023: £Nil) were payable to the fund at the balance sheet date.
16. 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.
17. RELATED PARTY TRANSACTIONS, AND TRUSTEES' EXPENSES
During the year, donations amounting to £7,212 were made by 5 Trustees to the Charity (2023: £3,010). 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 (2023: £Nil), nor are there any outstanding balances owing between related parties and the Charity at 31 March 2024 (2023: £Nil).
During the year, there were no reimbursements to Trustees for expenses paid on the Charity's behalf (2023: £Nil).
Page 25