The Charity Registration Number is :- 1163384
Maidstone Orchestral Society
Report and Consolidated Accounts
31 August 2021
## **Maidstone Orchestral Society**
## **Report and consolidated accounts for the year ended 31 August 2021**
## **Contents**
||**Page**||
|---|---|---|
|**Charity information**||1|
|**Trustees' Annual Report**||1|
|**Statement of trustees' responsibilities**||6|
|**Independent Accountant's Report**||7|
|**_Funds Statements:-_**|||
|Statement of Financial Activities||9|
|Statement of Financial Activities - Prior Year statement||10|
|Statement of total recognised gains and losses||10|
|Movements in funds||11|
|Revenue Funds||11|
|Income and Expenditure account||12|
|**Balance sheet**||13|
|**Notes to the accounts**||14|
## **Maidstone Orchestral Society Trustees' Annual Report for the year ended 31 August 2021**
The Trustees present their Report and Consolidated Accounts for the year ended 31 August 2021.
**Reference and administrative details** _**The charity name.**_ The legal name of the charity is Maidstone Orchestral Society _**The charity's areas operation and UK charitable registration.**_ The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1163384 _**Legal structure of the charity**_ The charity is constituted as a Charitable Incorporated Organisation (CIO) in England & Wales. The governing document of the charity is the constitution of the CIO as approved by the Charity Commission in England & Wales (CCEW) . There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law. The trustees are all individuals
**The principal operating address, telephone number, email and web addresses of the charity are:-** 4 St Georges Road Sevenoaks, Kent TN13 3ND Email Address: secretary@mso.org.uk. Web address www.mso.org.uk
1
## **Maidstone Orchestral Society**
## **Trustees' Annual Report for the year ended 31 August 2021**
## **The Trustees in office on the date the report was approved were:-**
Mr P Colman Chair Mr L Parker General Secretary Mrs H Finch Treasurer Ms N Whitaker Membership secretary Mrs A Migden Player representative Mr D Montague Player representative Mr P Hart Subscriber representative Mr R Ashby Chair of Friends of Maidstone Orchestral Society
## **The following persons served as Trustees during the year ended 31 August 2021 :-**
The trustees who served as a trustee in the reporting period, and, if applicable, their dates of appointment or resignation during the year were:-.
_**Name Appointed Resigned/Retired**_ Mr P Colman Mr L Parker Mrs H Finch Ms N Whitaker Mrs A Migden Mr D Montague Mr P Hart Mr J Horne 29th September 2021 Mr R Ashby
All the trustees are also members of the charity.
## **Objects and activities of the charity**
## _**The purposes of the charity as set out in its governing document.**_
To advance and promote public education in and appreciation of music by the presentation of public concerts and recitals and by such other ways as the society through its committee shall determine from time to time.
## _**The main activities undertaken in relation to those purposes during the year.**_
The Society normally presents a series of five public concerts annually, performed by the Maidstone Symphony Orchestra (MSO) at the Mote Hall in Maidstone. Unfortunately, due to the government rules restricting public performances by amateur groups as a result of Covid-19, no concerts were held during the 2020/21 season.
2
## **Maidstone Orchestral Society**
## **Trustees' Annual Report for the year ended 31 August 2021**
## _**The main activities undertaken during the year to further the charity's purpose for the public benefit.**_
Before the beginning of the Covid pandemic the Society had planned a normal programme of five concerts for the 2020-21 season. However because of government constraints on the operations of amateur orchestras, together with the Society’s duty of care to its players and audience members, it proved impossible to hold our planned schedule of rehearsals and public concerts during the 2020-21 accounting year. However detailed plans were made during the year for resuming the Society's normal activities from September 2021, subject to any continuing Covid constraints at the time. Under normal circumstances the orchestra works with a highly experienced professional conductor and world class soloists, enabling the residents of Maidstone and surrounding areas to experience affordable, high quality live classical music. To encourage young people to attend, audience members under 18 are admitted free, while students receive a heavily-reduced concessionary ticket. Pre-concert talks are given to promote understanding and appreciation of the works played. The Society seeks donations and sponsorship to keep ticket prices as accessible as possible, and reductions are given to those booking season tickets. Weekly rehearsals, publicity, ticket sales, secretarial services and accounting are all organised by unpaid volunteers. Playing members pay an annual subscription to help cover the costs of venue hire and other basic running costs. The Trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.
## _**The contribution of volunteers during the year.**_
The administration and day-to day running of the the orchestra is entirely done by volunteers from among the players, covering roles such as Orchestral Secretary, Treasurer and her deputy, music librarian, advance ticket sales and distribution of publicity for concerts. In addition, more than a dozen non-playing members of the Society have essential front-of house roles at every concert, including selling tickets and programmes and running fund-raising raffles.
## **The main achievements and performance of the charity during the year.**
For the reasons explained further above, Covid constraints prevented the Society from carrying out its planned rehearsals and concerts during the accounting year. However, regular contact was maintained with its playing members, including occasional collective play-thoughs of major works using Zoom. Contact was also maintained with our subscribers by periodic updates. In addition, detailed plans were made for resuming normal rehearsals and concerts in a Covid-safe manner rom September 2021 onwards, and our activities have so far been able to resume as planned.
3
## **Maidstone Orchestral Society**
## **Trustees' Annual Report for the year ended 31 August 2021**
## _**The difference the charity's performance during the year has made to the beneficiaries of the charity and the degree to which the achievements and performance during the year have benefitted wider society.**_
The charity, working through Maidstone Symphony Orchestra, has enabled people of a wide range of ages and backgrounds in and around Maidstone to experience high quality live classical performances at accessible prices without having to travel to London. The charity also provides the opportunity for talented amateur musicians to broaden their experience and skills by playing exciting and demanding works under the direction and guidance of a highly experience professional conductor. The orchestra welcomes young players of an appropriate standard, offering them challenging playing experience and repertoire to help support their musical and technical development.
## **Structure, governance and management of the charity**
## _**The methods used to recruit and appoint new charity trustees.**_
New trustees are appointed from players within the orchestra, from the Friends of Maidstone Orchestral Society, or from subscribers (season ticket holders). The Charity would seek volunteers should a vacancy arise. The appointment would be made by the trustees, after consultation, at a committee meeting. Under the CIO constitution, the trustee so appointed would be subject to election at the next AGM.
## _**The charity's organisational structure.**_
The Charity’s Committee, led by its Chair and comprising the Trustees, the Musical Director and a few others, supervises the work of the Charity and takes decisions as required on forward planning, financial management and current operations. It is supported by a trading subsidiary established in 2017, Maidstone Symphony Orchestra Ltd, whose current Directors are the Charity’s Treasurer and a former Vice-Chairman. Further details of the purpose and operation of this subsidiary undertaking are given below.
## _**How the subsidiary undertaking is constituted and managed.**_
In January 2017 Maidstone Symphony Orchestra Ltd, a trading subsidiary of this CIO was formed. It is wholly controlled by Maidstone Orchestral Society and it's trustees/members. It commenced trading on 1st September 2017 and was set up to record and pay for the costs of rehearsing the concerts by MSO, primarily as a vehicle for claiming Orchestra Tax Relief (OTR), in accordance with approved HMRC scheme. Funding for this subsidiary is in the form of loans to this CIO and will be repaid once OTR is received.
## _**The trustees' bankers and advisors**_
Bankers
National Westminister Bank, 67 High Street, Sevenoaks TN13 1LA
4
## **Maidstone Orchestral Society**
## **Trustees' Annual Report for the year ended 31 August 2021**
## **Financial review**
## _**The charity's financial position at the end of the year ended 31 August 2021**_
The financial position of the charity at 31 August 2021 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
|**Total Funds**
**Net (expenditure)/income**
Unrestricted Revenue Funds available for the
general purposes of the charity|**2021**
**£**
(6,969)
16,849
16,849|**2020**
**£**
3,270
23,818
23,818|
|---|---|---|
## _**Financial review of the position at the reporting date, 31 August 2021 .**_
Due to Covid-19, no concerts were performed during the 2020/21 season. The only income received were several donations from season ticket holders offset by a small amount of refunds for concerts cancelled in the 2019/20 season. Costs incurred included a retainer to the Music Director as well as administration costs such as insurance, and sunk costs of publicity for the 2020/21 season incurred before the first lockdown in March 2020. The net loss for the year of £6,969 was covered by Revenue Funds held in reserve.
## _**Policies on reserves.**_
The society will at all times ensure that there are enough reserves to support the financial requirements for the coming year. Should funds fall below that required, the society would be financially assisted by the Friends of Maidstone Orchestral Society, which is a seperate charity set up to support the activities of the main charity.
## _**Availability and adequacy of assets of each of the funds**_
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
## **Details of The Independent Examiner**
Martin Small (FCCA) - Independent Examiner
Member of The Association of Chartered Certified Accountants
TTP Consultants Ltd 16 Rue de Cayrel Millau 12100 Aveyron, France
5
## **Maidstone Orchestral Society**
## **Trustees' Annual Report for the year ended 31 August 2021**
## **Statement of Trustees's Responsibilities**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. For accounting periods beginning on or after 1 January 2016 all charities must use the Charities SORP (FRS 102) together with Update Bulletin 1.
In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :-
- to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. 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.
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
This report was approved by the board of trustees on 2 December 2021.
PETER COLMAN Trustee
6
## **Maidstone Orchestral Society**
## **Report of the Independent Examiner to the Trustees of the charity on the accounts for the year ended 31 August 2021**
I report to the Trustees on my examination of the financial statements of the charity on pages 9 to 22 for the year ended 31 August 2021 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), published by the Charity Commission in England & Wales (CCEW) , and under the historical cost convention and the accounting policies set out on page 14.
## **Respective responsibilities of the Trustees and the Independent Examiner and the basis of the report**
As described on page 6, you, the charity's Trustees, are responsible for the preparation of the financial statements in accordance with the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.
The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the financial statements are not required to be audited under any legal provision, or otherwise, and are eligible for independent examination, it is my responsibility to:-
a) examine the financial statements of the charity under Section 145 of the Act;
b) follow the applicable procedures in the Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Basis of Independent Examiner's Statement and scope of work undertaken**
I report in respect of my examination of the charity's financial statements carried out under s145 of the Act. In carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act setting out the duties of an independent examiner in relation to the conducting of an independent examination. An independent examination includes a review of the accounting records kept by the charity and of the accounting systems employed by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements comply with the SORP.
The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries and does not cover all the matters that an auditor would consider in arriving at an opinion. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide
Consequently, I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
7
## **Maidstone Orchestral Society**
I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters.
## **Independent Examiner's Statement, Report and Opinion**
Subject to the limitations upon the scope of my work as detailed above, I have completed my examination: and can confirm that:-
This is a report in respect of an examination carried out under 145 of the Act and in accordance with Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;
and that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:-
accounting records were not kept in respect of the charity as required by with Section 130 of The Charities Act 2011;
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set 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 examination;
have not been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP).
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 financial statements to be reached.
## **Signed:-**
Martin Small (FCCA) - Independent Examiner - Independent Examiner
The Association of Chartered Certified Accountants
TTP Consultants Ltd 16 Rue de Cayrel Millau 12100 Aveyron, France
This report was signed on 23 February 2022
8
## **Maidstone Orchestral Society - Consolidated Statement of Financial Activities for the year ended 31 August 2021**
## _**Consolidated Statement of Financial Activities for the year ended 31 August 2021**_
|**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
**Income & Endowments from:**
Donations & Legacies
A1
167
Charitable activities
A2
(72)
**Total income**
**A**
**95**
**Expenditure on:**
Charitable activities
B2
7,064
Tax relief on loss on ordinary activities
B3
-
**Total expenditure**
**B**
**7,064**
**Net (expenditure)/income for the year**
**(6,969)**
**Net income after transfers**
**A-B-C**
**(6,969)**
**(6,969)**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
23,818
**Total funds carried forward**
**16,849**
**Net movement in funds**
**SORP**
**Ref**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
-
**-**
-
-
**-**
**-**
**-**
**-**
-
**-**|**Current year**
**Total Funds**
**2021**
**£**
**167**
**(72)**
**95**
**7,064**
**-**
**7,064**
**(6,969)**
**(6,969)**
**(6,969)**
**23,818**
**16,849**|**Prior Year**
**Total Funds**
**2020**
**£**
14,012
35,810
**49,822**
51,507
(4,955)
**46,552**
**3,270**
**3,270**
**3,270**
20,548
**23,818**|
|---|---|---|---|
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
A Statement of Total Recognised Gains and Losses is included as a primary statement in these accounts.
All the prior year transactions were unrestricted items, and no further analysis is required
All activities derive from continuing operations
**The notes attached on pages 14 to 22 form an integral part of these accounts.**
9
## **Maidstone Orchestral Society - Consolidated Statement of Financial Activities for the year ended 31 August 2021**
|**Income from:**
Donations & Legacies
A1
Charitable activities
A2
**Total income**
**A**
**Expenditure on:**
Charitable activities
B2
Tax relief on loss on ordinary activities
B3
**Total expenditure**
**B**
**Net income for the year**
**Net income after transfers**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
**Total funds carried forward**
**Net movement in funds**
**SORP**
**Ref**|**Prior Year**
**Unrestricted**
**Funds**
**2020**
**£**
14,012
35,810
49,822
51,507
(4,955)
**46,552**
3,270
3,270
**3,270**
20,548
**23,818**
|**Prior Year**
**Restricted**
**Funds**
**2020**
**£**
-
-
-
-
-
**-**
-
-
**-**
-
**-**|**Prior Year**
**Total Funds**
**2020**
**£**
**14,012**
**35,810**
49,822
**51,507**
**(4,955)**
**46,552**
**3,270**
3,270
**3,270**
**20,548**
**23,818**|
|---|---|---|---|
**All activities derive from continuing operations**
## **Statement of Total Recognised Gains and Losses for the year ended 31 August 2021**
|**Deficit for the year :-**
**_Income from operations before tax in the Statement of Financial Activites_**
**Net Movement in funds before taxation**
Orchestral Tax Relief (OTR) arising in the year
**Funds generated in the year as shown on Statement of Financial Activities**
Net excess of income over expenditure from operations before tax|**2021**
**£**
(6,969)
**(6,969)**
**(6,969)**
-
**(6,969)**|**2020**
**£**
(1,685)
**(1,685)**
**(1,685)**
4,955
**3,270**|
|---|---|---|
||||
**The notes attached on pages 14 to 22 form an integral part of these accounts.**
10
## **Maidstone Orchestral Society - Consolidated Statement of Financial Activities for the year ended 31 August 2021**
**Maidstone Orchestral Society - Resources applied in the year ended 31 August 2021 towards fixed assets for Charity use:-**
|Funds generated in the year as detailed in the SOFA
**Net resources available to fund charitable activities**|**2021**
**£**
(6,969)
**(6,969)**|**2020**
**£**
3,270
**3,270**|
|---|---|---|
**The notes attached on pages 14 to 22 form an integral part of these accounts.**
## **Movements in revenue and capital funds for the year ended 31 August 2021**
## **Revenue accumulated funds**
|Accumulated funds brought forward
**Closing revenue funds**
**Summary of funds**
Revenue accumulated funds
Recognised gains and losses before transfers|**Unrestricted**
**Funds**
**2021**
**£**
23,818
(6,969)
**16,849**
**16,849**
**Unrestricted**
**and Designated**
**Funds**
**2021**
**£**
16,849|**Restricted**
**Funds**
**2021**
**£**
-
-
**-**
**-**
**Restricted**
**Funds**
**2021**
**£**
-|**Total**
**Funds**
**2021**
**£**
23,818
(6,969)
**16,849**
**16,849**
**Total**
**Funds**
**2021**
**£**
**16,849**|**Last year**
**Total Funds**
**2020**
**£**
**20,548**
3,270
**23,818**
**23,818**
**Last Year**
**Total Funds**
**2020**
**£**
23,818|
|---|---|---|---|---|
**The notes attached on pages 14 to 22 form an integral part of these accounts.**
11
## **Maidstone Orchestral Society - Consolidated Statement of Financial Activities for the year ended 31 August 2021**
## **Maidstone Orchestral Society**
## **Consolidated Income and Expenditure Account for the year ended 31 August 2021 as required by the Companies Act 2006**
|**_Income_**
Income from operations
**Gross income in the year before exceptional items**
**Gross income in the year including exceptional items**
**_Expenditure_**
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Realised losses on disposals of social investments which are programme related
**Total expenditure in the year**
OTR on loss on ordinary activities
**Retained surplus for the financial year**
**Net income before tax in the financial year**
Investment income
**Net income after tax in the financial year**|**2021**
**£**
95
**95**
**95**
**6,918**
**146**
-
**7,064**
(6,969)
-
**(6,969)**
**(6,969)**|**2020**
**£**
49,822
**49,822**
**49,822**
**51,361**
**146**
-
**51,507**
(1,685)
(4,955)
**3,270**
**3,270**|
|---|---|---|
All activities derive from continuing operations
In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.
## **The notes attached on pages 14 to 22 form an integral part of these accounts.**
12
## **Maidstone Orchestral Society - Consolidated Balance Sheet as at 31 August 2021**
|||**SORP**|||||
|---|---|---|---|---|---|---|
||Note|**Ref**||**2021**||**2020**|
|||||**£**||**£**|
|**Fixed assets**||A|||||
|Tangible assets|10|A2||438||584|
|**Current assets**||B|||||
|Debtors|12|B2|2,610||7,003||
|Cash at bank and in hand||B4|16,426||18,536||
|**Total current assets**|||19,036||25,539||
|**Creditors: amounts falling due within**|||||||
|**one year**|13|C1|(2,625)||(2,305)||
|**Net current assets**||||16,411||23,234|
|**The total net assets of the charity**||||16,849||23,818|
|**The total net assets of the charity are**|**funded**|**by the**|**funds of the**|**charity, as follows:-**|||
|**Restricted funds**|||||||
|**Unrestricted Funds**|||||||
|Unrestricted Revenue Funds|18|D3||16,849||23,818|
|**Designated Funds**|||||||
|**Total charity funds**||||16,849||23,818|
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 8.
The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
## **PETER COLMAN**
Trustee Approved by the board of trustees on 2 December 2021
**The notes attached on pages 14 to 22 form an integral part of these accounts.**
13
## **Maidstone Orchestral Society**
## **Notes to the Accounts for the year ended 31 August 2021**
## **1 Accounting policies**
## _**Policies relating to the production of the accounts.**_
## **Basis of preparation and accounting convention**
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
Income and deferred income is only recognised when it is certain that the funds will be received, and in almost all cases that funding has already been received. All identified expenditure not paid by the end of the financial year that relates to that year has been accrued.
## **Risks and future assumptions**
The charity is a public benefit entity.
All amounts accounted for have either been received by the charity or have been fully committed to and no estimates or assumptions have been necessary in the preparation of these accounts.
## **Accounting for deferred income and income received in advance**
Income from season ticket holders already received that relates to the concert series in the year commencing 1st September 2021 is accounted for as a liability and shown on the balance sheet as deferred income.
Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.
## **Membership subscriptions**
The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, such as players subscriptions, is accounted for on the same basis as a donation.
The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits, such as season ticket sales, is recognised as income from charitable activities.
## **Volunteers**
In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity. However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note 7.
## _**Tangible fixed assets**_
Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.
Depreciation will be provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.
Plant and machinery
20 % straight line
14
## **Maidstone Orchestral Society**
## **Notes to the Accounts for the year ended 31 August 2021**
## **Debtors**
Debtors are measured at their recoverable amounts at the balance sheet date.
## **Creditors and provisions**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources.
## **Accounting for subsidiaries**
The results of the holding company (Maidstone Orchestral Society) and the subsidiary (Maidstone Symphony Orchestra Ltd) are consolidated such that results as a whole can be seen at each defined row (income/expenditure, assets & liabilities). Transactions between the two entities are eliminated on consolidation.
## **Fund Accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the cha There are no designated or restricted funds.
## **2 Liability to taxation**
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities. The subsidiary company, Maidstone Symphony Orchestra Ltd, is eligible to claim Orchestra Tax Relief on behalf of the group.
## **3 Winding up or dissolution of the charity**
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
## **4 Significance of financial instruments to the charity's position**
There are no significant implications relating to such matters for the charity.
## **5 Net (deficit)/surplus before tax in the financial year**
|Depreciation of owned fixed assets
**6 Taxation**
Orchestra Tax Relief (OTR)
The net (deficit)/surplus before tax in the financial year is stated after charging:-|**2021**
**£**
146|**2020**
**£**
146|
|---|---|---|
||**2021**
**£**
-|**2020**
**£**
(4,955)|
## **7 The contribution of volunteers**
All of the trustees including the Chair, Vice-Chair, General Secretary and Treasurer, as well as other individuals who assist with the running of the Charity provide their services voluntarily. They will only be reimbursed for out of pocket expenses. In addition, the orchestra’s operations are supported by a substantial number of both playing and non-playing volunteers who contribute to the internal management of the orchestra and to essential front-of-house functions at its concerts.
No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.
## **8 Remuneration and payments to Trustees and persons connected with them**
No trustees or persons connected with them received any remuneration from the charity, or any related entity.
15
## **Maidstone Orchestral Society**
## **Notes to the Accounts for the year ended 31 August 2021**
## **9 Deferred income - Unrestricted and Designated funds**
|Season tickets
**Total**
**These deferrals are included in creditors**|**Opening**
**Deferrals**
**£**
-
-|**Released**
**from prior**
**years**
**£**
-
-|**Received**
**less released**
**in year**
**£**
650
650
**2021**
**£**
650|**Deferred**
**at year end**
**£**
650
650
**2020**
**£**
-|
|---|---|---|---|---|
The deferrals included in creditors relate to season tickets paid for by subscribers in advance of 31st August for the subsequent season of concerts commencing the following October.
## **10 Tangible Fixed Assets**
|**Cost**
B/fwd
**C/fwd**
**Depreciation**
B/fwd
Charge for the year
**C/fwd**
**Net Book Value**
C/Fwd
B/Fwd|**Plant and**
**Machinery**
**£**
730
**730**
146
146
**292**
438
**584**|
|---|---|
16
## **Maidstone Orchestral Society**
## **Notes to the Accounts for the year ended 31 August 2021**
## **11 Subsidiary companies**
The name of the subsidiary undertaking is Maidstone Symphony Orchestra, registered in England & Wales with company number 10573477.
The aggregate amount of the holding company's investment in its subsidiary is £1, which represents 100% of the issued ordinary share capital of the subsidiary. The subsidiary is controlled by the holding company by virtue of the power to appoint directors to the board of the subsidiary.
The subsidiary's activities relate to those of the holding company in that the subsidiary is a trading enterprise set up to provide concerts commissioned by the holding company. The holding company pays the subsidiary a commissioning fee which is equal to the cost of the providing the concerts, less the Orchestra Tax Relief (OTR) to be claimed from HMRC by the subsidiary.
## **A summary of the unaudited financial statements of the subsidiary is :-**
|**_Assets and Funds_**
Aggregate amount of assets
Aggregate amounts of liabilities
Aggregate amount of funds
**_Profit and Loss_**
Turnover net of VAT
Expenses net of VAT
**_Net profit for the year before tax_**
Orchestra Tax Relief Payments made to holding company
**_Net profit for the year after Orchestra Tax Relief_**|**2021**
**£**
7,995
(7,994)
1
(6,013)
6,013
**-**
-
**-**|**2020**
**£**
14,934
(14,933)
1
(43,718)
48,673
**4,955**
(4,955)
**-**|
|---|---|---|
The net profit of the subsidiary is stated after including intergroup company costs of £6,013.
## **Funds retained within charitable subsidiaries**
|**12 Debtors**
Prepayments and accrued income
Other debtors
**13 Creditors: amounts falling due within one year**
Accruals
Deferred Income - Unrestricted & designated funds
Other creditors
The funds retained within the trading subsidiary and
included within the restricted funds in the notes to these
accounts are:-|**2021**
**£**
1
**2021**
**£**
2,610
-
**2,610**
**2021**
**£**
1,875
650
100
**2,625**|**2020**
**£**
1
**2020**
**£**
2,049
4,954
**7,003**
**2020**
**£**
1,875
-
430
**2,305**|
|---|---|---|
17
## **Maidstone Orchestral Society**
## **Notes to the Accounts for the year ended 31 August 2021**
**14 Loans to trustees included in debtors**
None
## **15 Guarantees made by the charity on behalf of trustees**
None
## **16 Income and Expenditure account summary**
|**Income and Expenditure account summary**
**At 1 September 2020**
(Loss)/surplus after tax for the year
**At 31 August 2021**|**2021**
**£**
23,818
(6,969)
**16,849**|**2020**
**£**
20,548
3,270
**23,818**|
|---|---|---|
## **17 Particulars of how particular funds are represented by assets and liabilities**
|**At 31 August 2021**
Current Assets
Current Liabilities
**At 1 September 2020**
Current Assets
Current Liabilities|**Unrestricted**
**funds**
**£**
19,036
(2,625)
**16,411**
**Unrestricted**
**funds**
**£**
25,539
(2,305)
**23,234**|**Designated**
**funds**
**£**
-
**-**
**Designated**
**funds**
**£**
-
-
**-**|**Restricted**
**funds**
**£**
-
-
**-**
**Restricted**
**funds**
**£**
-
-
**-**|**Total**
**Funds**
**£**
**19,036**
**(2,625)**
**16,411**
**Total**
**Funds**
**£**
**25,539**
**(2,305)**
**23,234**|
|---|---|---|---|---|
## **18 Change in total funds over the year as shown in Note 17 , analysed by individual funds**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
**Total unrestricted and designated funds**
**Total charity funds**|**£**
23,818
**23,818**
**23,818**
**Funds**
**brought**
**forward from**
**2020**|**See Note 19**
**£**
(6,969)
**(6,969)**
**(6,969)**
**Movement in**
**funds in 2021**|**See Note 0**
**£**
**-**
**-**
**-**
**Transfers**
**between**
**funds in 2021**|**£**
**16,849**
**16,849**
**16,849**
**Funds**
**carried**
**forward to**
**2022**|
|---|---|---|---|---|
18
## **Maidstone Orchestral Society**
## **Notes to the Accounts for the year ended 31 August 2021**
## **19 Analysis of movements in funds over the year as shown in Note 18**
||||**Other**|||
|---|---|---|---|---|---|
||**Income**|**Expenditure**|**Gains &**||**Movement**|
||||**Losses**||**in funds**|
||**2021**|**2021**|**2021**||**2021**|
||**£**|**£**|**£**||**£**|
|**_Unrestricted and designated funds:-_**||||||
|Unrestricted Revenue Funds|**95**|**(7,064)**||**-**|**(6,969)**|
- **20 The purposes for which the funds as detailed in note 18 are held by the charity are:-**
_**Unrestricted and designated funds:-**_
Unrestricted Revenue Funds
Unrestricted Revaluation Reserve
These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use.
This fund represents the unrestricted surplus arising on the revaluation of the charity's assets.
19
## **Maidstone Orchestral Society**
**Detailed analysis of income and expenditure for the year ended 31 August 2021 as required by the FRS 102 SORP as amended**
_**This analysis is classified by conventional nominal descriptions and not by activity.**_
|**21**
**Donations and Legacies**
**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
**Donations and gifts from individuals**
167
**167**
-
**Funding from FoMOS**
-
**-**
**Total Donations and Legacies**
**A1**
**167**
**22 Income from charitable activities - Trading Activities**
**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
**Primary purpose and ancillary trading**
(72)
-
-
-
-
**(72)**
**23**
**Current year**
**Unrestricted**
**Funds**
**£**
**2021**
Total income from charitable trading
(72)
**Total from charitable activities**
**A2**
**(72)**
**Total Income from charitable activities**
**Total donations and gifts from individuals**
Small donations individually less than £1000
Individual concert ticket sales
**Total Primary purpose and ancillary trading**
Raffle, refreshments and misc fund raising
Season ticket sales
Advertising income
Programme sales
**Total Funding from FoMOS**
FoMOS
**Membership subscriptions as donations**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
**-**
-
-
**-**
**-**
**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
-
-
-
-
**-**
**Current year**
**Restricted**
**Funds**
**£**
**2021**
-
**-**|**Current year**
**Total Funds**
**2021**
**£**
**167**
**167**
-
**-**
**-**
**167**
**Current year**
**Total Funds**
**2021**
**£**
**(72)**
**-**
**-**
**-**
**-**
**(72)**
**Current year**
**Total Funds**
**£**
**2021**
**(72)**
**(72)**|**Prior Year**
**Total Funds**
**2020**
**£**
1,491
**1,491**
7,521
5,000
**5,000**
**14,012**
**Prior Year**
**Total Funds**
**2020**
**£**
25,613
7,765
1,311
670
451
**35,810**
**Prior Year**
**Total Funds**
**£**
**2020**
35,810
**35,810**|
|---|---|---|---|
20
## **Maidstone Orchestral Society**
**Detailed analysis of income and expenditure for the year ended 31 August 2021 as required by the FRS 102 SORP as amended**
## **24 Expenditure on charitable activities - Direct spending**
|||**Current year**|**Current year**|**Current year**|**Prior Year**|
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**|
|||**Funds**|**Funds**|||
|||**2021**|**2021**|**2021**|**2020**|
|||**£**|**£**|**£**|**£**|
|Music Director||6,000|-|**6,000**|19,152|
|Soloists including expenses||-|-|**-**|7,313|
|Leader||-|-|**-**|1,875|
|Concert manager||-|-|**-**|750|
|Extra players||-|-|**-**|6,602|
|Instrument hire||-|-|**-**|2,976|
|Music hire||-|-|**-**|2,372|
|**Total direct spending**|**B2a**|**6,000**|**-**|**6,000**|**41,040**|
||Music hire
Instrument hire
Music Director
Concert manager
Extra players
Leader
Soloists including expenses|**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
6,000
-
-
-
-
-
-|**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
-
-
-
-
-
-|**Current year**
**Total Funds**
**2021**
**£**
**6,000**
**-**
**-**
**-**
**-**
**-**
**-**|**Prior Year**
**Total Funds**
**2020**
**£**
19,152
7,313
1,875
750
6,602
2,976
2,372|
|---|---|---|---|---|---|
|**Total direct spending**
**B2a**
**6,000**
**-**
**6,000**
**25 Expenditure on charitable activities - Charitable trading**
**Current year**
**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**2021**
**2021**
**2021**
**£**
**£**
**£**
-
-
**-**
**Total charitable trading costs**
**B2b**
**-**
**-**
**-**
**26**
**Current year**
**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**_Premises Expenses_**
-
-
**-**
-
-
**-**
**_Administrative overheads_**
183
-
**183**
-
-
**-**
225
-
**225**
497
-
**497**
-
-
**-**
13
-
**13**
**_Financial costs_**
146
-
**146**
**Support costs before reallocation**
**1,064**
**-**
**1,064**
**Total support costs**
**1,064**
**-**
**1,064**
The basis of allocation of costs between activities is described under accounting policies
Depreciation
Postage, phone and stationery
Liabilty and contents insurance
Programme printing and notes
Sundry expenses
Committee meeting expenses
Publicity and printing
Ticket source costs
**Support costs for charitable activities**
Concert hall hire
Rehearsal room hire|**Total direct spending**
**B2a**
**6,000**||**-**|**6,000**|**41,040**|
||||||**Prior Year**
**Total Funds**
**2020**
**£**
188
**188**
**Prior Year**
**Total Funds**
**2020**
**£**
1,470
6,150
100
686
1,117
497
100
13
146
**10,279**
**10,279**|
21
## **Maidstone Orchestral Society**
**Detailed analysis of income and expenditure for the year ended 31 August 2021 as required by the FRS 102 SORP as amended**
## **27 Total Charitable expenditure**
|**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
Total direct spending
**B2a**
6,000
Total charitable trading costs
**B2b**
-
Total support costs
**B2d**
1,064
**Total charitable expenditure**
**B2**
**7,064**
**Summary of impairment (losses) and reversals**
**Included in row B2 in the SOFA:-**
**_Fixed assets_**
**28 Taxation**
**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
Orchestra Tax Relief (OTR)
-
**Total taxation relief**
**B3c**
**-**
**29 Total of other expenditure**
**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
Total taxation relief
-
**Total other expenditure**
**B3**
**-**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
-
-
**-**
**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
**-**
**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
**-**|**Current year**
**Total Funds**
**2021**
**£**
**6,000**
**-**
**1,064**
**7,064**
**2021**
**£**
**Current year**
**Total Funds**
**2021**
**£**
-
**-**
**Current year**
**Total Funds**
**2021**
**£**
**-**
**-**|**Prior Year**
**Total Funds**
**2020**
**£**
41,040
188
10,279
**51,507**
**2020**
**£**
**Prior Year**
**Total Funds**
**2020**
**£**
(4,955)
**(4,955)**
**Prior Year**
**Total Funds**
**2020**
**£**
**(4,955)**
**(4,955)**|
|---|---|---|---|
22