TI4E LIGHT MUSIC SOCIETY FINANCIAL STA TEMENTS FOR TI-IE YEAR ENDED 31 ST DECEMBEK 2024 CONTEM'S AND CFIARITY ThFORMATION CONTENTS,, PAGE.. Trustees Report Iiidependent Bxaniiners Report Statement of F4inancial Activities Balance Sheet Notes to the Financial Statements TRUSTEES Hilary Ashton Jan Mentha (Chair to November 2024) Tracey Johnson (Treasurer) 14oward Rogerson David CJr¢enhalgh Catherine Tacliley James Coolce Christopher Browne Paul Witkiewicz (Chair frorn Novembei. 2024) Andrew P]nY CHMUTY OFI"IICES: Victoria I-lall 37 Knowsley Street Bolton BLI 2AS CIIARI'fY RE,GISTRATION NUMBER: 1158472 INDFPENDENI. EXAMINLR: Ian W Shipley FCCA For alld on beha. of: Prentis & Co LLP Chartercd Accountants & lttdependellt Ex¢llllillers 115c Milton Road Cambridge CB4 IXE BAN.IILRS: Co-operalive Bk PIC l B&lloon Street Manchester M60 4EP Skipton Building Society 99 F%ishergate Preston United Trust Bank l Ropemalcer Street City of London EC2Y 9AW
TI4E LIGHf MUS'IC SOCIETY PAGE I FINANCIAL STATh.MENfS foR THE YE,AR ENDE,D 3 1ST DECEMBER 2024 TRUSTEES REPOIIT The Trnstees present Iheir at]nual report and financial Statements of the charity for the year ended 31 st December 2024. The fmancial statements have been prepared in acCOrdE¢e with the accounting polici¢s set out in note I to the accounts and co]nply wÉth the charitls trust deed, the Charilies Act 201 l at]d Accounting and Reporting by by Charities,. Statement of Recommended Practioc applicable to Charities preparing their accounts in accordallce in accordaiice with the Financial Reporting Standard applicable ill the UK and Republic of Ireland (FRS 102) second edition (effective 1st January 2019). STRUCTURE AND GOVERANCE AND MANAGEMENT Ob THE CHARITY The charity is a Charilable Incorporatgd Organisation govorned by its constitulion. Trustees are usually elerted at the AGM although may be appointed at other times as required. Tlie Trustees manage the day to day responsibilities of the charity. Trustees also meei to malce policy decisions and superyise the development of the charity. The Trustees endeavour lo maintain their knowledge of charity regulations by readillg m<lterial as it becomes available. In the event of the appointment of n¢w trustees, 8Ult&ble epS are taken to ensure that they are aware of their obligation5. OBJECTIVES AND ACTIVITIES The charity was set up to promote, devolop and JJaintiin public education and appieciation of light music throughout the world, in particular but not exclusively by: SupporLing the colleclion, Inaintenance and adminiEtratioii of Ihe library of light-orGhestral music. Publishmg infOrntIon pert&ining to light music. Encouraging the broadcasting, composition attd perfornLance of I11t music. The Trustees have referred to the guidance contained ill the Charity ComLnission general guidanie on public benefit and conlinue to do so when reviewillg our futur¢ objcctives. IIEVtr.w OF 'I"FtE, YEAR Mcmbership Mernbers are at the heart of our Society, and we have been mal(itig significant eiforts to develop our musical con]mllllity. using direcl marlceting alld social Media engagement. 2024 saw a inodesl incrca8e in mombership from 354 ID January to 366 in December 2024. Thc increase was due to rniisic groups joining, with eiisembles wanting to use our vast library of orchestral and dance bd music. We continue to engage with peoplg aci'oss the world witb inernbers in Eiwope, North America and beyond. We now Ive 25 overseas metnbers. We ar¢ ConsttlY lool(ing at ways to increase mcinbership. During 2024 we rnade direGL colllact with 71 UK orchostras alld are now actively worlcing to cTeF4te events with pIner organisations including several t&]ks. We havc recently commeiiced direct marketing in North America. Social edia engag¢m¢nt is increasing, particularly on 14acebook with 2 p08ls issued a week. The Society has s¢en an illCTease in facebook Collowers from 633 to 756 over Ihe 12-month period. Since starting to record social tnedÉa stats in November 2023, oiir Faceboolc followers liave inci'eased from 433 to 756. Likewise, OUT regllliLr newsletter cDnlinues to be at] iinportant communical'ion rnechatLiStn alld subscribers currentSy sit dt 543 subscribers. The cliallenge will always be thougli, to conv¢rt this good worlc into new Lnembers and w¢ are extremely graleful to the Ida Carroll'frust for a granl of £3,000, received iti JuarY 2025, to fund the cost of u PR Consultant to advise on our marlieting strategy.
THE LIG MUSIC SOCIETY PAGB 2 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2024 TRUSTEESREPORT.. ............,...,ICONTfNUED Library One of tbe Society's key assets is its vast library of owhestral and dance band music now numbering over 35,000 sets of music and occupying 3 rooms at the Victoria Hall in Bolton. The library continues to be used by orchestras arross the UK and beyond and our expert and much valued volunteers ensurc that orders and infonnation requests are processed efficiently. Library usage is steadyy but we are keen to see more of this vast resowce used. We hav¢ increased the m8rkcttng activity to better reflect what we have, how it C8 be used and by whom with our social media and newsletters PToviding ideas and recommendations for repertoir¢, tIlle8 and composer choices. We have seen an increase in music donation requests from 3rd parties and OUT Lil)rarylAcademic Subgroup consider arefidly the bell¢fit of such requests. Our dedirated and enthusiastic team of volunteers continue to EllIarly attend each week and have mad¢ huge strides to improve the quality of infomiation in our catalogue. The entire collection is now catalogue¢ alld ow voluntee are working to rationalise the music, identifying duplicates, increasing the atnoullt of instrumentation information and helping create new velonS of our catalogue. In 2024 we issued 3 new versions of the catalogue. A great achievement onsidering we are only at the library I day a week. Acadernic use of our library is something wc are trying to develop. The challenge is to make Acadernia aware of o library and what we have to offtr. L[tll with Huddersfield University and the RNCM in Manchester have been started. Discussions have taken place with the National Archive in London to see i£we can establish any benefits from their expertise and link into their funding opportunities. Work in tbi8 orea is ongoing. We have had sevoral visitors to the libTary since moving to Bolton, including Catherine Bott fron] the BBC &s part of the production of a BBC Radio progr4Jnrne celebrating the lifo of Ernest Tomlinson. These continue to be a valuable way to raise the profile of th¢ Society. Otber eventsldevelopments Visit from Dr Kate Romgro, soloisL broadcaster and producer Membership of Bolton CVS Gommen¢¢d First overseas volunteer from Montana, USA Clint Correll from USA visited to volunteer for a week in July Tim Parkin in Cambodia volunteered to produce scores October Playday to celebrate the lives of Ernest Ton)linson, Trevor Duncan and An¥ela Morley Visit from Head of Bury Music Service FINANCIAL REVIEW The overall deficit of £4,038 (2023,. £41,042) comprised a deficit on operating activities of £18,021 (2023: £53,751), less a gain on inveslnlents of £13.983(2023: £12,709 gain). Total incon]e received from all sources was £28,308 (2023: £52,501). Income in 2023 includcd a legacy of £20,000 and donations of £1,559 towards the cost of moving premises. Other SQUTces of income ren]ained reasonably consistent. Total expenditure was £46,239 (2023: £105,802). 2023 included the costs of moving pr¢mises and fitting out the new premises at Victoria Hall, totalling £48,736. It also incurred a full yeavs cost relating to the old premis¢s at Magna House. In 2024 we only incurred costs on Magna House for 3 months, and the ongoing costs at Victoria Hall are onsiderably lower. Thanks to investment gain5 of £13,983 (2023: £12,709) OUT reserves were only reduced by £4,038 in 2024, ending the year at £206,244 (2023,. £210,282).
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THE LIGHT MUSIC SOCIETY PAGE 4 FINANCIAL STATEME,NTS FOR THE, YEAR ENDED 31 ST DECEMBER 2024 INDE4PENDENf EXAMINER'S REPORT TO TIIB ThiUSTEES OF TFIE LIGHT MUSIC SOCIETY I report on the fjnancial statements of The Light Music Society fDr the year ended 3 1st December 2024 which aTe set out on pages 5 to 9. RLSPONSIBILITIBS AND BASIS OF REPORT As Charity I'TU5tees of the Society you are responsible for the preparation of the accounls in accordAnc¢ wxth the requirements of the Charilies Act 2011 ('the Act?. I report ill respect of my exainination of the Society's accounts caled out under s.145 of the 20I l Act and in C41rrying out my examination I have followed all applicable directions gtvell by the Charity Con]mission under s. l45(5)(b) of the 2011 Act. INDEPENDENT EXAMINF4R'S STATEMEFrr I have completed my examination. I confirm that no material inatters have come to my attention in connection with the eX]natIo1] giving Ine cause to believe that in any tllaterial respect.. accountiiig recurds were not kept in respect of the Society as required by section 13 0 of the Act. or the accounl's do not accord with ihose records,. or the accounts do iiot comply with the applicable requirements concerning the form and colllent of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent exarnination. I have no concerns and have come dcross no malters in coi]nectioii witli the examination to which at¢¢ntlOll Should be drawn in this report ITh order to enable a proper und¢rstanding of the iiccounls to be reached. IAN W S141PLEY fccA FOR AND ON BEHALF OF.. PRLNTIS & CO LLP CFIAKI'ERE,D ACCOUNTAKI-S & INDEPENDENT EXAMtNERS 115c Milton Rodd C¢unbridge CB4 IXE
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'I'l11." l.l(il I'r MUSIC SUCII,-'I-Y PACJ13 6 I."INAN(.'IAI, s'rAI"i.:Ml:Nl% l.'0111'111:. Yl.:All I:.Nl)l.;1) 31 S'I, I)F.LI:;MHI.;R 2024 11A1,ANCI.' SIII.:I.-'I' sat 31st rx'c¢mbor 2023 3181 l)L'£¢inbcr 2Q24 Nijli's FrylXI,:I) ASSI'I'S 1111,472 174.519 (.'IJIIRI.:NI' ASSI..:I'S l)cbi¢)rs.' inoiiiitg falling duc Ivlihin otye >r&r Cash iii buiik. And 111 hatsd -I'()-I-AL. LIIRRI.'N I. ASSCI'S 625 29,702 1.01 I 40.150 I.IABII,I'I'II.-S CrL.ditorK amounts fnlling due Iviiliin on¢ y¢ar 5,39¥ Noi C¢intAt Ass¢ts' 11)'I'AI. Nl,:'r A%sri 24.772 35,763 210282 I'I11.- I.-UNI)S OF"fHL SOCIITY Unrcsiric¢¢d ill¢ funds 'ro'i'AI. i."UNDS 206,244 210,282 210,282 Thc fiiianciul siaiem¢nts w¢r¢ approvod by ih¢'l'rust¢¢s on nd slgn¢d on their behalf. rJ 'I'IIACLY JOIINSON -rKUS'I'E.:I.: 'lThe iWiLs oil pag¢s 7 lo 9 forni p4rl ofih¢sL. finunciul siulcm¢Thts.
THLI LIGIIT MUSIC SOCIE'rY PAGE 7 FINANCIAL S'I'ATEMBNTS FOR THF. YEAR ENDED 31 ST DFLBfvIBER 2024 NOTBS TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES (a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slatements have been prepared in accordance with Accounting and Reporting by Charities.. St'al'ement of Recommended Practice applicable to chariti¢s preparing theii accounts in accordance with the Financial R¢poiting Standard applicable in tho UIC and Republic of Ireland {FRS 102) second edition (effective I gt January 2019) - (Charities SORP (FRS 102)) and the Financial Reporting StsTrdard applicable in the UK and Republic of Ireland (FRS 102) and tbe Charities Act 2011. 'll]e charity has also taken advantage of exemptions available for Srndller cntities under section l A of FRS 102 and the Charities SORP (FRS 102) updated Bullet l effective January 2019, In particular have taken advantage of the exemption to prepare a Statement of Cash Flows. The financial statements have been prep&r¢d under the historical cost convention with items re¢ognised at cost or trallsactioll value unless otherwise ststed in the relevant notes to Ihese financial staten]ents. The charity's financial sldtements are prepared under ihe goiiig concerii basis. This is appropriate and the trustees 'e of the view that there are no factois that affect going concern in the following 12 months. (b) FUND ACCOUNIING The charity tllaintaills a general unrestricted fund which is expendable at the discrdion of the TTUSt¢es irt fuilh¢rance of the objects of the charily. (c) INCOML All income is recognised in the Sl'atement of Trinallcial Activities when thc condilions for receipi have been met and there is r¢&8onable assurance of receipt. Where a claim for repayment of incomc tax h¢lS ur will be mdde such income is grossed up 'lor the tax recoverable, The followLng policies are applied to income. - INVF:STMENF INCOM InvestftLent income is accountcd for when rg¥eivable, 'fh¢ tax rc¢ov¢rable relatlllg to investment income is a¢¢ounted for in thc san]e period as the rclai'ed income. -.DONATIONS InC0C is a¢coiint¢d for wben receivable. Any tax recoverable relating to the donations is accounted for when reccived. - MEMBERSHIP INCOME Membership income is accounted for and covcrs the period of memb¢rship commencing therefi'om. (d) CHARITABLLI ExpfNDITURE Direcl cliariiablc cxpenditure includ¢s all expenditure directly related to the objects of the charity and is accounted for wlien the Trustees have accepted a legal or moral obligation to mect the expenditure. Suppoil and governance ro8ls are included within charitable expLndilur¢. (¢) fNVESTMENTS rixcd asset investments arc included in the accounts at marlcet value. Realised ¢iiid unjralised gains and losscs on those investments are disclosed s¢paratcly in die Statement of Financial Activities.
TFLE LIGHT MUSIC SOCIETY PAGE 8 FANCIAL STATEMENTS FOR T14E YEARENDED 31ST DECEMBER 2024 NOI'ES TO TIIB FINANCIAL STATEMENrs CHARITABLE ACTIVITtES DIRECT COSTS Library arAd membership admiThi5tration Rent Other preD]ises costs Playday Magazine and newsletter production Printing Postage Professlonal fees Volunt¢¢r travel expenses 2024 2023 15,714 11,250 3,739 275 8,504 1,099 1,272 396 167 14.412 18,125 54,785 210 8,635 1,459 1,401 1,236 283 42,416 100,546 SUPPORT COSTS Computer and telephone Stationery Miscellaneous Investment management fees LIO 224 696 1,765 2,795 696 573 1,262 1,801 4,332 GOVERNANCE COSTS Independent ExnIllers Fee TO'fAL CFIARITABLE COSTS 1,118 46,329 924 105,802 TRUSTEE TRANSACTJONS The lollowing payments wcre nLade to the TTUStees for the reimbursement of expenses paid on behalf of the charity, or fDr services provided but not related to the office or worl< done in the role ofTrllstee.' 2024 2023 H Asliton £288 £558 - voluntccr ¢xpcns¢s, postag¢ and travel D Greenhalgh £140 £727 - volunteer expenses, traveE, miscellaneous and sLationeiy J Mentha £0 £477 - insurance and misccllaneous Any services the trustees and related parties receive from the charity are on the game basis as other members of the charity and members of the public.
THE LIGHT MUSIC SOCIETY PAGE 9 FINANCIAL STATEMENfs FOR THE YEAR ENDED 3 1ST DECEMBER 2024 NOTES TO THE FINANCIAL sTATEMT8 tNVESTMENTS 2024 2023 Market valu¢ at 1st January 2024 Additions Disposals Realised Gains/(losses) UnTealised Gains 169,248 176,688 100,554 221,551 (107,853) {241,700) 1,781 (1.447) 12,202 14,156 175,932 169,248 Markot value at 315t December 2024 Capital AOUnt TOTAL INVESTMENTS AT 3 1ST DECEMBER 2024 Historical cost at 31st December 2024 5,540 181,472 156,723 5,271 174,5J9 161,322 DEB TORS - DUE WITHIN ONE YEAR 2024 2023 Prepayments 625 I,oii CREDITORS . DUE WITHIN ONE YEAR 2024 2023 AG¢nlS and deferred income 5,555 5,398 STATEMENF OF FUNDS . 2024 bl]%vd I st January 2024 clfwd Gains on 3 1st December Income Expenditure Investh)ents 2024 Ggneral uDrestricted Desiguated- Prop¢ty fund Total ndS 54,639 155,643 210,282 28,308 (46,329) 13.983 50,601 155,643 206,244 28,308 (46,329) 13,983 Property knd - inve5ttnent to provide income to fund future rental costs. STATEMENT OF FUNDS - 2023 b/fwd 1st January 2023 clfivd Gains on 3 1st December Jncome Expenditure Investments 2023 Restricted fullds General unrestricted DesigDated- Project fund - Property fund 1,750 49,574 20,000 180,000 1,559 50,492 (3,309) (58,136) (20,000) (24,357) 52,051 (105,802) 12,709 54,639 155,043 210,282 Total funds 251,324 12,709 Project development fund- £20,000 expended on rnove costs. operty fi]nd - £24,357 expended on move costs and balance of £155,643 invested to provide income to fimd future rental costs. Restrirted fund - grants given foT Dloving premises wholty expended in the year. RELATED PARTY TRANSACTIONS During the year £50 was paid to Cambridge Concert Orchestra for conccrt expenses. Jan Mentha who is one of the Trustees of the charity is also a trustee of Cambridge Conc¢rt Orchestra.