Basement Orchestra
(a charitable incorporated organisation)
Report and Financial Statements
Year Ending 31 August 2025
CIO Number 1168189
Legal and Administrative Information
| Trustees | Polly Gannaway Guy Jones |
Polly Gannaway Guy Jones |
|---|---|---|
| Claire Iona Samson | ||
| Alix Harper | ||
| Philip Rashleigh | ||
| CIO number | 1168189 | |
| Principal address Flat 43 Eagle Works East |
||
| 58 Quaker Street | ||
| London | ||
| E1 6SX | ||
| Bankers | National Westminster Bank plc | |
| 135 Bishopsgate | ||
| London | ||
| EC2M 3UR |
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Contents
Page Trustees’ report 3 Statement of Financial Activities 6 Balance Sheet 7 Statement of Cash Flows 8 Notes to the accounts 9
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Trustees’ report for the year ending 31 August 2025
The trustees are pleased to present their annual report together with the financial statements of the CIO for the year ending 31 August 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011, the CIO’s Constitution, and 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).
Our artistic values, purposes and activities
The purposes of the CIO are :
To promote, improve, develop and maintain public appreciation of the art and science of music and the performing arts by the preparation for and presentation of concerts, and through other ways as the organisation through its trustees shall determine from time to time.
Basement Orchestra aims to advance the education of the public in all aspects of musical performance. We seek to bring western classical music to unexpected places using creative programming, non-traditional performance venues with a relaxed atmosphere (such as multi-purpose performance venues and outdoor music festivals) and an informative approach to performances, where for example the music, the composer and its background are introduced live from the concert platform. Lesser-known works and composers are promoted over classical repertoire ‘hits’.
Basement Orchestra also aspires to promote the finest classical music to new audiences, through a combination of carefully chosen programming, affordable ticket prices, using venues with a diverse audience base and applying an informal approach to musical performance. Collaborations with performance artists and promoters specialising in different genres, for example music festivals, jazz and musical theatre vocalists and drag artists provide an opportunity for both the Orchestra and its partners to reach each others’ core audience members who otherwise may not normally experience such artforms. Although the Orchestra’s concerts and events are designed to make classical music more approachable to accommodate audiences who may not be so familiar with the genre, the quality of the performance and the promotion of western classical music is always at the core of Basement Orchestra’s ethos.
The Orchestra’s final main objective is to further the social and cultural welfare of the community throughout London and the South-East. This has been achieved through collaborations with inclusive venues, local musicians, composers, arrangers and performance artists as well as performing across London and the South East.
Achievements and Performance
In 24/25, Basement Orchestra’s activities centred around three public concerts. The first of these was a Halloween-themed concert in October 2024 featuring classical works such as Dvorak Noon Witch and Saint-Saens Dance Macabre . This was followed by Basement Orchestra’s annual Christmas show in December, featuring Tchaikovsky Nutcracker Suite and Leroy Anderson’s Sleigh Ride as well as a commissioned arrangement of excerpts from The Muppet Christmas Carol and singalong carols. Both shows performed at Big Penny Social in Walthamstow included pop and jazz numbers, and for the Christmas show, the Orchestra performed an additional relaxed family friendly matinee marketed to local families ahead of the extended evening performance, as part of Big Penny Social’s community-driven programme.
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Trustees’ report for the year ending 31 August 2025 (contd.)
In April 2025, Basement Orchestra played a Disney Singalong show, which included a number of classical works by Debussy, Faure and Smetana. In August 2025, the Orchestra gathered for a non-ticketed Play Day focusing on the rehearsal and play-through of Berlioz’s Symphonie Fantastique .
During this period, subscription fees for each project remained affordable, employing the model of a minimum fee of £20 or £35 depending on the project, with the option to pay a higher rate up to £50 based on income level, which many players opted to take up. It is important to Basement Orchestra that the subscriptions stay affordable for our members. Our subscription fees remain amongst the lowest in London’s amateur orchestra scene and are waived for players who can’t afford to pay.
Financial Review
Income for the 12 months ending 31 August 2025 is £12,567 (2024: £7,442), with expenditure being £11,025 (2024: £7,173). The CIO is therefore reporting a surplus for the period of £1,542 (2024: surplus of £269).
Reserves at 31 August 2025 are £7,634 (2024: £6,092), all of which are unrestricted.
Reserves policy
Basement Orchestra CIO’s reserves policy is designed to set out the amount of reserves Basement Orchestra should prudently have on average during the period. The specific risks the trustees have identified are as follows:
-
Amounts needed to cover unforeseen emergencies such as the cancellation of one or more concerts or events, which would lead to loss of revenue which would have been built into the budget for the period.
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The need to fund short-term deficits in the CIO’s cash budget from time to time.
Having given the matter full consideration, the trustees consider a prudent level of reserves to be not less than £4,000, which roughly equates to the cancellation cost of a typical large event should we ever need to forfeit the entire hire fee. The level of reserves in place as at 31 August 2025 comfortably exceeds this figure.
Plans for future periods
Future performances have been scheduled to continue Basement Orchestra’s residency with Big Penny Social in Walthamstow. We also plan to explore potentially performing at other musical festivals in the UK, as well as continuing our creative partnership with our soloists and our trusted team of composers and arrangers.
Trustees
The trustees serving during the year and since the year end were as follows:
Chair: Polly Gannaway Deputy Chair: Guy Jones Secretary: Philip Rashleigh Treasurer: Alix Harper Trustee: Claire Iona Samson
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Trustees’ report for the year ending 31 August 2025 (contd.)
Structure, Governance and Management
Basement Orchestra is a charitable incorporated organisation (CIO) governed by its constitution dated 18 June 2016. It is registered as a CIO with the Charity Commission.
The CIO is administered by the board of trustees. The board typically meets at least once a month. The trustees’ decisions regarding the CIO’s operations are final.
Related parties and co-operation with other organisations
Any connection between a trustee of the CIO with a production company, performer or musician receiving payment for services from Basement Orchestra must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.
Trustees’ responsibilities in relation to the financial statements
The CIO’s trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with the Charities Act 2011 and Charities SORP and in a way which gives a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources, including the income and expenditure, of the CIO for that period. In preparing the 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 in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the CIO. They are also responsible for safeguarding its assets and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
By order of the board of Trustees Polly Gannaway (Chair)
29 June 2025
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Statement of Financial Activities (including an income and expenditure account) For period ending 31 August 2025
| Note | Total Funds 2025 (£) |
Total Funds 2024 (£) |
||
|---|---|---|---|---|
| Income | 2 | |||
| Income from charitable activities: Performance-related income/Donations |
12,567 | 7,442 | ||
| Total income | 12,567 | 7,442 | ||
| Expenditure | 3 | |||
| Expenditure on charitable activities: Performance-related expenditure |
(11,025) | (7,173) | ||
| Total expenditure | (11,025) | (7,173) | ||
| Net income/(expenditure) and net movement in funds for the year |
1,542 | 269 | ||
| Reconciliation of funds Total funds brought forward |
6,092 | 5,822 | ||
| Total funds carried forward | 7,634 | 6,092 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Balance Sheet as at 31 August 2025
| Note | 2025 (£) |
2024 (£) |
|||
|---|---|---|---|---|---|
| Fixed assets | |||||
| Tangible assets - technical equipment | 4 | - | - | ||
| Total Fixed Assets | - | - | |||
| Current Assets | |||||
| Stock - Merchandise | 5 | - | 288 | ||
| Debtors | 6 | 546 | 899 | ||
| Cash at bank and in hand | 8,636 | 4,905 | |||
| Total Current Assets | 9,182 | 6,092 | |||
| Liabilities | |||||
| Creditors falling due within one year | 7 | (1,548) | - | ||
| Net Current Assets | 7,634 | 6,092 | |||
| Net Assets | 7,634 | 6,092 | |||
| The funds of the CIO: | |||||
| Unrestricted income funds | 7,634 | 6,092 | |||
| Total funds | 7,634 | 6,092 |
The notes on pages 9 to 12 form part of these accounts.
POLLY GANNAWAY Chair of trustees on behalf of the trustees
Approved by the trustees on 29 June 2025
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Statement of Cash Flows as at 31 August 2025
| Note | 2025 (£) |
2024 (£) |
||
|---|---|---|---|---|
| Cash used in operating activities | A | 3,731 | 374 | |
| Purchase of tangible fixed assets | - | - | ||
| Increase (decrease) in cash and cash equivalents in the year |
3,731 | 374 | ||
| Cash and cash equivalents at the beginning of the year |
4,905 | 4,530 | ||
| Total cash and cash equivalents at the end of the year |
8,636 | 4,905 |
A Reconciliation of net movement in funds to net cash flow used in operating activities
| **A Reconciliation of net movement in funds to net cash flow used in operating ** | activities | ||
|---|---|---|---|
| 2025 (£) |
2024 (£) |
||
| Net movements in funds Depreciation charge Decrease/(increase) in stock Decrease/(increase) in debtors Increase/(decrease) in creditors |
1,542 - 288 353 1,548 |
269 - - 105 - |
|
| Net cash from (used in) operating activities | 3,731 | 374 |
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Notes on the accounts
For period ending 31 August 2025
1. Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the preparation of the financial statements are as follows:
a) Basis of preparation
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basement Orchestra 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 note(s).
b) Preparation of the accounts on a going concern basis
The financial statements have been prepared on the basis that the CIO is and will remain a going concern for the foreseeable future.
c) Income
Income is recognised when the CIO has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income consists primarily of concert ticket sales and player subscriptions. Revenue from ticket sales and player subscriptions is recognised at the time of the related performance.
Income received in advance of a performance or provision of other specified service is deferred until the criteria for income recognition are met.
No amounts are included in the financial statements for services donated by volunteers.
d) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the CIO. The CIO does not currently have any designated or restricted funds.
e) Expenditure
Expenditure is accounted for on an accruals basis and recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under headings that aggregate all costs related to the category.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
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Notes on the accounts
For period ending 31 August 2025 (contd.)
f) Tangible fixed assets
Individual fixed assets costing £50 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
| Asset Category Annual Rate |
Asset Category Annual Rate |
|
|---|---|---|
| Technical Equipment 20% |
||
| Small Instruments 10% |
g) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
h) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discounts due.
2. Income
| 2. Income | |||
|---|---|---|---|
| 2025 (£) | 2024 (£) | ||
| Income from charitable activities Performance fees Ticket sales Player subscriptions Donations |
7,790 - 4,777 - |
5,285 - 1,957 200 |
|
| Total Income | 12,567 | 7,442 |
3. Expenditure
| 2025 (£) | 2024 (£) | ||
|---|---|---|---|
| Expenditure on charitable activities Performance costs Musician/Artist/Composer Fees Administrative expenditure |
6,268 4,365 392 |
4,356 2,359 458 |
|
| Total Expenditure | 11,025 | 7,173 |
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Notes on the accounts
For period ending 31 August 2025 (contd.)
4. Tangible Fixed Assets - technical equipment
| 4. Tangible Fixed Assets - technical equipment | |||
|---|---|---|---|
| 2025 (£) | 2024 (£) | ||
| Cost | |||
| As at 1 September 2024 Additions |
441 - |
441 - |
|
| As at 31 August 2025 | 441 | 441 | |
| Depreciation | |||
| As at 1 September 2024 Charge for the year |
441 - |
430 11 |
|
| As at 31 August 2025 | 441 | 441 | |
| Net book value As at 1 September 2024 |
- | - | |
| As at 31 August 2025 | - | - |
5. Stock
| 5. Stock | |||
|---|---|---|---|
| 2025 (£) | 2024 (£) | ||
| Stocks of merchandise - T-shirts, tote bags etc | - | 288 | |
| - | 288 |
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Notes on the accounts
For period ending 31 August 2025 (contd.)
6. Debtors
| 6. Debtors | |||
|---|---|---|---|
| 2025 (£) | 2024 (£) | ||
| Trade debtors Prepayments/Accrued income Sundry debtors |
- 546 - |
- 899 - |
|
| 546 | 899 | ||
| 7. Creditors: Amounts falling due within oneyear | |||
| 2025 (£) | 2024 (£) | ||
| Trade creditors Accruals/Deferred income |
- 1,548 |
- - |
|
| 1,548 | - |
8. Corporation Taxation
The CIO is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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