Trustees’ Annual Report and accounts
Spinnaker Chorus – Charity no: 1177387
Period from 30 June 2021 to 30 June 2022
Spinnaker Chorus is a barbershop Chorus open to women aged from 16 years in the Portsmouth and surrounding area. The Trustees oversee the day to day running of the club for members. The Chorus does not employ any staff. Spinnaker Chorus is a member of the Ladies Association of British Barbershop Singers (LABBS) which also has charitable status (no: 1151161).
During this reporting period the Chorus continue to face significant challenges and constraints on our activities and ability to fulfil our charitable objects due to the global pandemic which included periods of government restrictions that prevented us from carrying out our normal activities.
Our structure
We are a member’s organisation led by a Management Committee of volunteers from the Chorus. Our four Trustees are drawn from the Management Committee and include our Chair, Vice-Chair and Treasurer. We hold ten Trustee meetings a year and an annual AGM which was held on zoom 23 February 2022.
Our finances
Our primary source of income is from our members’ monthly subscriptions. We also raise money through singing events and receive small donations. Our financial year runs from 1 July to 30 June and our annual accounts to 30 June 2022 are enclosed. Our accounts have been independently verified by Stuart Hoare, Chartered Accountants.
Our activities
Summary of the main events and activities supporting our charitable objects as set out in our governing document:
- 1 The development of skills in singing techniques at individual and group level through coaching, workshops, rehearsals and performance for the benefit and well-being of women of all ages and backgrounds in the Portsmouth area.
The Chorus meets weekly for rehearsals. Each rehearsal is led by our Musical Director who is a Barbershop judge and educator. Coaching in barbershop singing techniques is given by him to the Chorus as a whole, and to voice part sections by our Section leaders who are trained in barbershop techniques and giving feedback.
For some of this period we were unable to meet for face-to-face rehearsals due to COVID 19 government restrictions. We continued however to rehearse each week however on zoom or face to face with masks when possible. Our MD carried out educational sessions during some rehearsals to enhance the technical knowledge of our members.
We continued to introduce a new song to learn every eight weeks throughout the year. Each member is required to audition each new song by singing against another voice part,
recording it, and sending it to their section leader for evaluation and feedback. Section leaders take time to give specific feedback on technique and areas for development.
Our Musical Director works with our members to identify those with potential for leadership roles and he encourages members to join the physical and vocal warm-up team and to act as Guest Directors at rehearsal to try out directing and to receive feedback on their skills.
In April 2022 we spent a weekend together at a retreat working with an International professional barbershop coach who, together with our MD, taught us singing techniques and helped us to improve our performance and vocal sound as a group.
Chorus members are encouraged to develop their singing abilities by forming into smaller groups including octets and quartets. These activities allow members to develop their singing abilities but also to gain self-confidence. Whilst opportunities to sing in local Music Festivals and participate in competitions were limited during this period due to the pandemic, our groups continued to sing together and worked with professional coaches when they could.
- 2 The advancement of education in acapella singing in barbershop style through workshops, and musical collaborations for the benefit of the Portsmouth community and across Hampshire and Sussex.
In October 2021 we were invited by our national Association LABBS (The Ladies Association of Barbershop Singers) to host a regional get together of local barbershop groups in the absence of a national convention that was cancelled due to COVID restrictions. We hosted the event for over 150 singers drawn from your own Chorus and three other local barbershop choruses. Our MD organised a musical programme that allowed us to sing together and to learn from each other. We were joined by the LABBS National gold medal winning Chorus (Amersham Acappella) who provided a masterclass in barbershop excellence and who taught us how to include sign language to one of our songs for the benefit of the deaf and hard of hearing.
During this period, we were also invited to Bosmere Junior School where we ran workshops for four groups of primary school children and their teachers in the art of harmony singing. These workshops were led by our MD and supported by around 40 members of our Chorus.
We actively encourage people to come and see what we do, emphasising that singing is for everyone regardless of background or experience and offering support (Angel Fund) to those in financial difficulty. We have an inclusive culture and value diversity in our membership and our audiences. During this period, we appointed our first Diversity & Inclusion Officer to ensure that we reach out to as many groups as possible as potential members and potential audiences for our craft.
- 3 The promotion of the craft and artistry of unaccompanied harmony singing through performances and concerts to the public to encourage high standards and bring music to new audiences.
Spinnaker Chorus normally performs regularly to audiences large and small as part of our public benefit programme. We seek to educate, entertain, and improve individual and collective well-being through the joy of listening to and participating in singing events.
In this period our ability to perform to audiences was curtailed at times by government restrictions. We did however perform outdoors to the public on the steps of Portsmouth Guildhall and at the Winchester Christmas market and the Port Solent Christmas fayre.
In May 2022 we moved to a new rehearsal venue and organised a show for family and friends in celebration of a return to face to face singing and as a thank you to them for their support during a difficult period.
JC 1 April 2023
Splnnaker Chorus Charlty No. 1177387 Trustee's Report and Unaudlted Account5 30June 2022
Spinnaker Chorus Trustee5 Annual Report The trustee presents their report wlth the unaudited financial statements of the charity for the year ended 30 June 2022. REFERENCE AND ADMINISTRATIVE DETAILS Charlty No. 1177387 Trustee The following trustee served during the year: Nuala Hobden SHCA Limited 87 London Road Cowplain Waterlooville P08 8XB The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements Comply with the Charities Art 2011, the appllcable Charitie5 IAccounts and Reports) Regulations. and the provisions of the TDJst deed. The Trustee Is also responslble for safeguarding the a55ets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularttie5. Signed Nuala Hobden Trustee 20 February 2023 Page I
Spinnaker Chorus Independent Examiners Report Independent Examinerfs Report to the trustee of Splnnaker Chorns I report to the trustees on my examination of the financial ststements of Spinnaker Chorus for the year ended 30 June 2022 which comprise the Statement of Financial ActiVFties, the Balance Sheet and the relate notes. Responsibilities and basls of report As the charity's trustee you are responsible for the preparation of the financial statements in accordance with the requirement5 of the Charities Art 20111'the Act'l. The trustee considers that an audit is not requlred for this year under the Charities Art 2011, 5.14412) Ithe 2011 Act) and that an independent examinatlon is needed. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Art and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under settion 14515llbl of the Act. Independent examlner's ststemeTrt I have completed my examination. l can tonfirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect.. • the accounting records were not kept in respect ¢rf the charity as required by section 130 of the Art- or the financial statements do not accord with those re¢ord5; or the financial statements do not comply with the app5icable requirements concerning the form and content of the financial statements set out in the Charities (Accounts and Reporlsl Regulations 2008 other than any requlrement that the financial Statements give a 'true and fair, view which is not a matter considered as part of an Independent examination. I have no concerns and havE come across no other matters in connection wf(h the examination to which attentiorTr should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Stuart Hoare ICAEW SHCA Limited 87 London Road Cowplain W8tedooville P08 8XB 20 February 2023 Page 2
Splnnaker Choru5 ststemènt of Flnancial Actlviiles for the year ended 30 June 2022 Unrestrirted funds Total funds Total funds 2022 2022 2021 Notes Income and endowments from: Donations and legacies Charitable artivities Other 21,334 9,409 4,499 21,334 9,409 4,499 17,802 3,242 4,500 Totsl 35.242 35,242 25,544 Expendlture on: Raising funds Charitable artivwties Other 3,531 11,108 14,163 3,531 11,108 14,163 3,094 7,395 6.528 Total 28.802 28,802 17,017 Net gains on investments Net Income 6,440 6.440 8,527 Transfers between funds Net Incorne before other 8alns/{1055es1 6,440 6,440 8.527 Other gain5 and losse5 Net movement in funds 6,440 6,440 8,527 Reconciliatlon of funds: Total funds brought forward 20,426 20.426 11,899 Totsl funds carrled forward 26,866 26.866 20,426 Page 3
Spinnaker Chorus Balance Sheet at 30 June 2022 Charity No. 1177387 2022 2021 Current assets Cash at bank and in hand 26.866 26,866 26,866 20.426 20,426 20,426 Net current assets Total assets less current Ilablllties 26,866 20,426 Net a55ets excludln8 pension asset or liabilrty 26.866 20,426 Total net assets 26.866 20,426 The funds of the charity Restrirted funds Unrestrlrted funds General fund5 io io 26,866 20,426 26,866 20,426 Reserves io Totsl funds 26.866 20,426 Approved by the trustees on 20 February 2023 And signed on their behalf by.. Nuala Hobden Trustee 20 February 2023 Page 4
Spinnaker Chorus Notes to the Accounts forthe year ended 30 June Z022 l Accounting policies Basls of preparatlon The financial statements have been prepared In accordance with Statement of Recommended Practice- Accountin8 and RÈportin8 by Charities preparing their actounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Charities Att 2011. Change In basls of accountlng or to pre¥lous aaunt5 There has beers no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund atcountlng Unrestricted funds These are available for use at the dis¢retlon of the trustees in furtherance of the general oblects of the charlty- These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activitie5 ISOFAI when the charity becomes entitled to, and virtually certain to receive. the income and the amount of the income can be measured with SLsfficient reliability. Income with related Where income has related expenditure the income and related expenditure Is expenditure reported gr05s in the SOF Donations and legacies Voluntary income recelved by way of grants. donations and &fts is included in the the SOFA when receivable and only when the Charity ha5 unconditional entitlement to the income. Tax reclaims on Income from tax &1m5 is included in the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated seiceS These are only included in income (with an equlvalent amount In expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received 15 not included in the accounts. Investment income This is included in the accounts when receivable. Gains/llossesl on This inclL*de5 any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains111055esl on investment assets This includes any gain or loss on the sale of investments. Page 5
Spinnaker Chorus Notes to the Acwunts Expendlturè Recognition of expenditure Expendtture is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expendfcure to which it relates. Expenditure on These comprise the costs ass(Kiated with attracting voluntary income, fundraising raisin8 funds trading costs and Investment management costs. Expenditure on These comprise thè costs incurred by the Charity in the delivery of its aetivities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expendlture Is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs a550ciated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the Strategic management of the Charity, together with a share of other admlnlstratlon cost5. These are support costs not allocated to a particular activity. Grants payable Governance cost5 Other expenditure Taxation The charity is exempt from tax on its charltable artivities. Freehold Investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are tsken to the Statement of Financial Aclivltles as they arise. Stocks Stock is included at the lower of cost or net reallsable value. Donated Items of stock are recognlsed at fair value which is the amount the charity would have been willing to pay for the items on the open market. Trade and other 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. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposlts with banks and other short-term highly liquid investments wlth original maturities of three months or less and bank overdrafts. In the statement of finantial position, bank overdrafts are shown wlthin borrowings or current liabilities. In the Statement of Cash Flows, cash and Cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and ot1 creditors Short term creditors are measured at the transartion prlce. Other creditors and provisions are recognised where the charlty 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 provlsions are normalty recogni5ed at their settlement amount after allowin8 for any trade discounts due. Page 6
Splnnaker Chorus Notes to the Accounts Research and development Expenditure on research and developmentls written off in the year In which it is incurred. Foreign currenties Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reportin8 period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. Leased assets Where the charity enters into a lease which entai15 taking substantially all the risks and rewards of ownership of an zsset, the lease is treated as a finance lease. Leases which do not transfer substantialty all the rlsks and reward5 Qf ownershlp to charity are classified as operating leases, Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The correspondin8 liabilty to the les50r is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a tonstant rate of interest on the remaining balance of the liability- Fin?nce expenses are recognised immediately, unless they are dlrectly attributable to qualrfying assets, in which case they are capitalised in accordance with the chartty's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognigÈd as an expense on a straight-line basis over the lease term. In the event that le3se incentives are received to enter into operating leases. such incentives are recognised a5 a liability. The aggregate benefit of incentlves is recognised as a reduction of rental expense on a straight-line ba515. Pension cost5 The charity operates a defined contribution plan for its employees. A defined contribution plan 15 a pension plan under which the charity pays fixed contributions into a separate entity. on the tontributions have been paid the charity has no further payments obligations, The contributions are recognised as expenses when they fall due. Amount5 not pald are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity In Independently adminlstered funds. Receipt of donated goods, facilitles and services All donated goods. facilitie5 and services received are recognlsed within incoming resources and expenditure at an estimate of the value to the charlty. Page 7
Splnnaker Chorus Notes to the Accounts 2 Statement of Financial Acti¥itles- prlor year Unrestrlcted funds Total funds 2021 2021 Income and endowment5 from: Donations and legacies Charitable activlties Other 17,802 3,242 4,5C¥J 17,802 3,242 4,5(KJ Total 25,544 25,544 Expendlture on: Raising fund5 Charitable activities 3,094 7,395 6,528 3,094 7,395 6,528 Other Total 17,017 17,017 Net Income 8.527 8.527 Net Income before other gainslllossesl Other gains and1055es: Net movement in fund5 8.527 .527 8,527 8,527 Recontiliatlon of funds: Total funds brought forward Totsl funds carrled forward 11.899 11,899 20,426 20,426 3 Income from donations and legades Unrestricted Totsl Total 2022 2021 Subscriptions Donations 15,034 4,300 2,000 21,334 15,034 4.300 17,752 so legacies 21,334 17,802 4 IDcome from charitsble artlvftles Unrestrleted Total Total 2021 2022 Conventions and events 7.188 2,221 9,409 7.188 2,221 9,409 200 FLtndraising 3.042 3.242 Page 8
Splnnaker Chorus Notes to the Acc¢)unts 5 Other Income UnrestriLted Totsl 2022 Total 2021 HMRC gift aid tax recovery Other income 2.986 1.013 500 2,986 1,013 5(K¢ 4,375 125 Grants 4,499 4.499 4,500 6 Expendltuie on raisinE funds Unre5trirted Total Total 2022 2021 Costs of generating voluntory income Subscriptions Fundmi5ing troding costs 3,015 3.015 2,414 516 516 3,531 3,531 3,094 7 Expenditure on charitsble artivltie5 Unrestrlcted Total Total 2021 2022 Expenditure on charitoble activities Conventions and events 11,108 11,108 7.395 Governance costs 11,108 11,108 7,395 8 Other expendlture Unrestrlcted Total Total 2022 2021 Dirertors expenses Wardrobe & other costs 2,740 3.713 870 2,740 3.713 870 2.080 1,314 Coaching Donations 1,000 3,588 2,252 14,163 1.000 3,588 2.252 14,163 Premises costs 699 General administrative costs 2.435 6.528 9 staff costs No employee recelve(l emoluments in excess of £60,000. Page 9
Spinnaker Chorus Notes to the Accounts 10 Movement In funds Incoming resources lincludlng other At l July gainsllosses 2021 Resources At 30 June expended 2022 Restrlrted funds: Unrestrlcted funds: General funds 20,426 35,242 128.8021 26,866 Total funds 11 Analysis ol net assets between fvnds 20,426 35,242 128,8021 26.866 Unre#rlrted funds Total Net current assets 26,866 26,866 26,866 26,866 12 Reeontillatlon ol net debt At l July 2021 At 30 June Cash flows 2022 Cash and cash equivalents 20.426 20,426 26,866 26.866 Net debt 20,426 26,866 Page 10
Splnnaker Chorus Statement of Cash flows for the year ended 30 June 2022 202Z 1021 Cash flows from operatln8 activitles Net income per Statemènt of Finandal Artl¥ltbes 8,527 Adjustments for: Olvldends, Interest and rents from investments 14.499} 14,5001 Net cash provided by operoting actlvltles 1.941 4,027 Cash flows from investing actfvltles Dividends, interest and rents from inve5tment5 4,499 Net cash from Investlng activlties 4,499 4,500 Net cash from financlnz actlvltles Net increase in cash and eash equivalents 6.440 8,527 Cash and &75h equivalents at the beginning of the year 20.426 11,899 Cash and cash equivalents at the end of the year 26,866 20,426 Componènts of cash and cash equivalents Cash and bank balances 26.866 20,426 26,866 20,426 Page 11
Spinnaker Chorus Detalled Statement of Financial Activities forthe year ended 30 June 2022 Unrestrlrted fund5 Total funds 2022 2022 Totsl funds 2021 lftcome and endowments from: Donations and legacies Subscriptions Donations legacies 15,034 4.300 2,000 21,334 15,034 4,300 2,0¢ 21.334 17.752 50 17,802 Charitable activities Conventions and events Fundraising 7.188 2,221 9.409 7,188 2.221 200 3,042 3,242 Other HMRC gift aid tax recovery Other income 2,986 1,013 500 4.499 2,986 1,013 5th) 4,375 125 Grants 4.499 Totsl income and endowments 35,242 35.242 25.544 Expendlture on: Costs of generatlng donatlons and legacies Subscriptions 3,015 3,015 3,015 3,015 2,414 2,414 Costs of other trading artivitie5 516 516 516 516 Totol of expenditure on raising funds 3,531 3,531 Charitable artlvltles Conventions and events 11,108 11,108 11,108 11,108 7,395 7.395 Total of expendlture on charitsble actlvlties 11,108 11,108 7,395 Other expendityre Directors expenses Wardrobe & other costs Coaching Donations 2,740 3,713 870 I,OCrt) 8,323 2,740 3.713 870 2,080 1,314 8,323 3,394 Premises cost5 Rent 3,588 3.588 699 Page 12
Splnnaker Chorus Detsiled Statement of Flnancial Artivities 3,588 3.588 699 General administrative costs. including depreciation and amort15ation Software, IT support and related Costs 324 324 551 Sundry expenses 1,928 2,252 14,163 1,928 2,252 14.163 1,884 2,435 6,528 Total of expendlture of other costs Total expendlture Net gains on investments 28,802 28,802 17,017 6,440 6.440 8,527 Net income Net income before other galnslllosses) Other Gains 8.527 6,440 6.440 Net movemènt in funds 6,440 6.440 8,527 ReconcS1iation of funds: Total funds brought forward 20.426 20.426 11,899 Total fvnds carrled forward 26,866 26,866 20.426 Page 13
Splnnaker Chorus Charlty No. 1177387 Trustee's Report and Unaudlted Account5 30June 2022
Spinnaker Chorus Trustee5 Annual Report The trustee presents their report wlth the unaudited financial statements of the charity for the year ended 30 June 2022. REFERENCE AND ADMINISTRATIVE DETAILS Charlty No. 1177387 Trustee The following trustee served during the year: Nuala Hobden SHCA Limited 87 London Road Cowplain Waterlooville P08 8XB The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements Comply with the Charities Art 2011, the appllcable Charitie5 IAccounts and Reports) Regulations. and the provisions of the TDJst deed. The Trustee Is also responslble for safeguarding the a55ets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularttie5. Signed Nuala Hobden Trustee 20 February 2023 Page I
Spinnaker Chorus Independent Examiners Report Independent Examinerfs Report to the trustee of Splnnaker Chorns I report to the trustees on my examination of the financial ststements of Spinnaker Chorus for the year ended 30 June 2022 which comprise the Statement of Financial ActiVFties, the Balance Sheet and the relate notes. Responsibilities and basls of report As the charity's trustee you are responsible for the preparation of the financial statements in accordance with the requirement5 of the Charities Art 20111'the Act'l. The trustee considers that an audit is not requlred for this year under the Charities Art 2011, 5.14412) Ithe 2011 Act) and that an independent examinatlon is needed. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Art and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under settion 14515llbl of the Act. Independent examlner's ststemeTrt I have completed my examination. l can tonfirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect.. • the accounting records were not kept in respect ¢rf the charity as required by section 130 of the Art- or the financial statements do not accord with those re¢ord5; or the financial statements do not comply with the app5icable requirements concerning the form and content of the financial statements set out in the Charities (Accounts and Reporlsl Regulations 2008 other than any requlrement that the financial Statements give a 'true and fair, view which is not a matter considered as part of an Independent examination. I have no concerns and havE come across no other matters in connection wf(h the examination to which attentiorTr should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Stuart Hoare ICAEW SHCA Limited 87 London Road Cowplain W8tedooville P08 8XB 20 February 2023 Page 2
Splnnaker Choru5 ststemènt of Flnancial Actlviiles for the year ended 30 June 2022 Unrestrirted funds Total funds Total funds 2022 2022 2021 Notes Income and endowments from: Donations and legacies Charitable artivities Other 21,334 9,409 4,499 21,334 9,409 4,499 17,802 3,242 4,500 Totsl 35.242 35,242 25,544 Expendlture on: Raising funds Charitable artivwties Other 3,531 11,108 14,163 3,531 11,108 14,163 3,094 7,395 6.528 Total 28.802 28,802 17,017 Net gains on investments Net Income 6,440 6.440 8,527 Transfers between funds Net Incorne before other 8alns/{1055es1 6,440 6,440 8.527 Other gain5 and losse5 Net movement in funds 6,440 6,440 8,527 Reconciliatlon of funds: Total funds brought forward 20,426 20.426 11,899 Totsl funds carrled forward 26,866 26.866 20,426 Page 3
Spinnaker Chorus Balance Sheet at 30 June 2022 Charity No. 1177387 2022 2021 Current assets Cash at bank and in hand 26.866 26,866 26,866 20.426 20,426 20,426 Net current assets Total assets less current Ilablllties 26,866 20,426 Net a55ets excludln8 pension asset or liabilrty 26.866 20,426 Total net assets 26.866 20,426 The funds of the charity Restrirted funds Unrestrlrted funds General fund5 io io 26,866 20,426 26,866 20,426 Reserves io Totsl funds 26.866 20,426 Approved by the trustees on 20 February 2023 And signed on their behalf by.. Nuala Hobden Trustee 20 February 2023 Page 4
Spinnaker Chorus Notes to the Accounts forthe year ended 30 June Z022 l Accounting policies Basls of preparatlon The financial statements have been prepared In accordance with Statement of Recommended Practice- Accountin8 and RÈportin8 by Charities preparing their actounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Charities Att 2011. Change In basls of accountlng or to pre¥lous aaunt5 There has beers no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund atcountlng Unrestricted funds These are available for use at the dis¢retlon of the trustees in furtherance of the general oblects of the charlty- These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activitie5 ISOFAI when the charity becomes entitled to, and virtually certain to receive. the income and the amount of the income can be measured with SLsfficient reliability. Income with related Where income has related expenditure the income and related expenditure Is expenditure reported gr05s in the SOF Donations and legacies Voluntary income recelved by way of grants. donations and &fts is included in the the SOFA when receivable and only when the Charity ha5 unconditional entitlement to the income. Tax reclaims on Income from tax &1m5 is included in the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated seiceS These are only included in income (with an equlvalent amount In expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received 15 not included in the accounts. Investment income This is included in the accounts when receivable. Gains/llossesl on This inclL*de5 any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains111055esl on investment assets This includes any gain or loss on the sale of investments. Page 5
Spinnaker Chorus Notes to the Acwunts Expendlturè Recognition of expenditure Expendtture is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expendfcure to which it relates. Expenditure on These comprise the costs ass(Kiated with attracting voluntary income, fundraising raisin8 funds trading costs and Investment management costs. Expenditure on These comprise thè costs incurred by the Charity in the delivery of its aetivities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expendlture Is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs a550ciated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the Strategic management of the Charity, together with a share of other admlnlstratlon cost5. These are support costs not allocated to a particular activity. Grants payable Governance cost5 Other expenditure Taxation The charity is exempt from tax on its charltable artivities. Freehold Investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are tsken to the Statement of Financial Aclivltles as they arise. Stocks Stock is included at the lower of cost or net reallsable value. Donated Items of stock are recognlsed at fair value which is the amount the charity would have been willing to pay for the items on the open market. Trade and other 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. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposlts with banks and other short-term highly liquid investments wlth original maturities of three months or less and bank overdrafts. In the statement of finantial position, bank overdrafts are shown wlthin borrowings or current liabilities. In the Statement of Cash Flows, cash and Cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and ot1 creditors Short term creditors are measured at the transartion prlce. Other creditors and provisions are recognised where the charlty 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 provlsions are normalty recogni5ed at their settlement amount after allowin8 for any trade discounts due. Page 6
Splnnaker Chorus Notes to the Accounts Research and development Expenditure on research and developmentls written off in the year In which it is incurred. Foreign currenties Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reportin8 period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. Leased assets Where the charity enters into a lease which entai15 taking substantially all the risks and rewards of ownership of an zsset, the lease is treated as a finance lease. Leases which do not transfer substantialty all the rlsks and reward5 Qf ownershlp to charity are classified as operating leases, Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The correspondin8 liabilty to the les50r is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a tonstant rate of interest on the remaining balance of the liability- Fin?nce expenses are recognised immediately, unless they are dlrectly attributable to qualrfying assets, in which case they are capitalised in accordance with the chartty's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognigÈd as an expense on a straight-line basis over the lease term. In the event that le3se incentives are received to enter into operating leases. such incentives are recognised a5 a liability. The aggregate benefit of incentlves is recognised as a reduction of rental expense on a straight-line ba515. Pension cost5 The charity operates a defined contribution plan for its employees. A defined contribution plan 15 a pension plan under which the charity pays fixed contributions into a separate entity. on the tontributions have been paid the charity has no further payments obligations, The contributions are recognised as expenses when they fall due. Amount5 not pald are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity In Independently adminlstered funds. Receipt of donated goods, facilitles and services All donated goods. facilitie5 and services received are recognlsed within incoming resources and expenditure at an estimate of the value to the charlty. Page 7
Splnnaker Chorus Notes to the Accounts 2 Statement of Financial Acti¥itles- prlor year Unrestrlcted funds Total funds 2021 2021 Income and endowment5 from: Donations and legacies Charitable activlties Other 17,802 3,242 4,5C¥J 17,802 3,242 4,5(KJ Total 25,544 25,544 Expendlture on: Raising fund5 Charitable activities 3,094 7,395 6,528 3,094 7,395 6,528 Other Total 17,017 17,017 Net Income 8.527 8.527 Net Income before other gainslllossesl Other gains and1055es: Net movement in fund5 8.527 .527 8,527 8,527 Recontiliatlon of funds: Total funds brought forward Totsl funds carrled forward 11.899 11,899 20,426 20,426 3 Income from donations and legades Unrestricted Totsl Total 2022 2021 Subscriptions Donations 15,034 4,300 2,000 21,334 15,034 4.300 17,752 so legacies 21,334 17,802 4 IDcome from charitsble artlvftles Unrestrleted Total Total 2021 2022 Conventions and events 7.188 2,221 9,409 7.188 2,221 9,409 200 FLtndraising 3.042 3.242 Page 8
Splnnaker Chorus Notes to the Acc¢)unts 5 Other Income UnrestriLted Totsl 2022 Total 2021 HMRC gift aid tax recovery Other income 2.986 1.013 500 2,986 1,013 5(K¢ 4,375 125 Grants 4,499 4.499 4,500 6 Expendltuie on raisinE funds Unre5trirted Total Total 2022 2021 Costs of generating voluntory income Subscriptions Fundmi5ing troding costs 3,015 3.015 2,414 516 516 3,531 3,531 3,094 7 Expenditure on charitsble artivltie5 Unrestrlcted Total Total 2021 2022 Expenditure on charitoble activities Conventions and events 11,108 11,108 7.395 Governance costs 11,108 11,108 7,395 8 Other expendlture Unrestrlcted Total Total 2022 2021 Dirertors expenses Wardrobe & other costs 2,740 3.713 870 2,740 3.713 870 2.080 1,314 Coaching Donations 1,000 3,588 2,252 14,163 1.000 3,588 2.252 14,163 Premises costs 699 General administrative costs 2.435 6.528 9 staff costs No employee recelve(l emoluments in excess of £60,000. Page 9
Spinnaker Chorus Notes to the Accounts 10 Movement In funds Incoming resources lincludlng other At l July gainsllosses 2021 Resources At 30 June expended 2022 Restrlrted funds: Unrestrlcted funds: General funds 20,426 35,242 128.8021 26,866 Total funds 11 Analysis ol net assets between fvnds 20,426 35,242 128,8021 26.866 Unre#rlrted funds Total Net current assets 26,866 26,866 26,866 26,866 12 Reeontillatlon ol net debt At l July 2021 At 30 June Cash flows 2022 Cash and cash equivalents 20.426 20,426 26,866 26.866 Net debt 20,426 26,866 Page 10
Splnnaker Chorus Statement of Cash flows for the year ended 30 June 2022 202Z 1021 Cash flows from operatln8 activitles Net income per Statemènt of Finandal Artl¥ltbes 8,527 Adjustments for: Olvldends, Interest and rents from investments 14.499} 14,5001 Net cash provided by operoting actlvltles 1.941 4,027 Cash flows from investing actfvltles Dividends, interest and rents from inve5tment5 4,499 Net cash from Investlng activlties 4,499 4,500 Net cash from financlnz actlvltles Net increase in cash and eash equivalents 6.440 8,527 Cash and &75h equivalents at the beginning of the year 20.426 11,899 Cash and cash equivalents at the end of the year 26,866 20,426 Componènts of cash and cash equivalents Cash and bank balances 26.866 20,426 26,866 20,426 Page 11
Spinnaker Chorus Detalled Statement of Financial Activities forthe year ended 30 June 2022 Unrestrlrted fund5 Total funds 2022 2022 Totsl funds 2021 lftcome and endowments from: Donations and legacies Subscriptions Donations legacies 15,034 4.300 2,000 21,334 15,034 4,300 2,0¢ 21.334 17.752 50 17,802 Charitable activities Conventions and events Fundraising 7.188 2,221 9.409 7,188 2.221 200 3,042 3,242 Other HMRC gift aid tax recovery Other income 2,986 1,013 500 4.499 2,986 1,013 5th) 4,375 125 Grants 4.499 Totsl income and endowments 35,242 35.242 25.544 Expendlture on: Costs of generatlng donatlons and legacies Subscriptions 3,015 3,015 3,015 3,015 2,414 2,414 Costs of other trading artivitie5 516 516 516 516 Totol of expenditure on raising funds 3,531 3,531 Charitable artlvltles Conventions and events 11,108 11,108 11,108 11,108 7,395 7.395 Total of expendlture on charitsble actlvlties 11,108 11,108 7,395 Other expendityre Directors expenses Wardrobe & other costs Coaching Donations 2,740 3,713 870 I,OCrt) 8,323 2,740 3.713 870 2,080 1,314 8,323 3,394 Premises cost5 Rent 3,588 3.588 699 Page 12
Splnnaker Chorus Detsiled Statement of Flnancial Artivities 3,588 3.588 699 General administrative costs. including depreciation and amort15ation Software, IT support and related Costs 324 324 551 Sundry expenses 1,928 2,252 14,163 1,928 2,252 14.163 1,884 2,435 6,528 Total of expendlture of other costs Total expendlture Net gains on investments 28,802 28,802 17,017 6,440 6.440 8,527 Net income Net income before other galnslllosses) Other Gains 8.527 6,440 6.440 Net movemènt in funds 6,440 6.440 8,527 ReconcS1iation of funds: Total funds brought forward 20.426 20.426 11,899 Total fvnds carrled forward 26,866 26,866 20.426 Page 13