Registered number: 11147725 Charity number: 1182321
SIGLO DE ORO
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
(A company limited by guarantee)
SIGLO DE ORO
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 15 |
SIGLO DE ORO
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2022
Trustees
Gina Campbell, Trustee Jonathan Carvell, Chair Mathilda Davidson, Trustee Beverley Vong, Trustee (appointed 21 September 2021) Melissa Scott, Trustee (resigned 28 June 2021)
Company registered number
11147725
Charity registered number
1182321
Registered office
12 Well Road London NW3 1LH
Independent Examiners
Julian Flitter FCA Goodman Jones LLP 29/30 Fitzroy Square London W1T6LQ
Page 1
(A company limited by guarantee)
SIGLO DE ORO
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2022
The Trustees present their annual report together with the financial statements of the Company for the 1 February 2021 to 31 January 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The main purpose of the charity is to advance art and culture through the medium of choral music. Our main activities are running choral workshops, performing concerts and making recordings. The charity aims to benefit the wider public through these activities by providing access to high-quality music as a form of culture and education.
The charity’s short term aims include pursuing further performances for Siglo de Oro across the UK and internationally and continuing our fundraising to sustain and improve the organisation’s financial position. Our longer term aims include commissioning new music and expanding our education work.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Page 2
(A company limited by guarantee)
SIGLO DE ORO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
Achievements and performance
a. Main achievements of the Company
This year has brought a return to live performances for Siglo de Oro, for the first time since the beginning of the COVID-19 pandemic. Despite ongoing restrictions, the charity has been able to make music of the highest quality available to national and international audiences through live concerts. In addition, the charity has been involved in work that makes music accessible to audiences at home.
This year, Siglo de Oro gave four performances, at festivals in the UK (Little Missenden Festival in Buckinghamshire and at the National Centre for Early Music in York), Germany (Tage Alter Musik Regensburg), and at London’s Wigmore Hall. The performances were met with critical acclaim and a number of re-invitations.
Alongside these performances, Siglo de Oro put on two workshops for amateur singers. These were well attended and well received events, and attendees requested that more of these occasions be organised in 2022-3.
In the summer of 2021, Siglo de Oro was involved in a project for the charity Multitude of Voyces, recording music by women composers. The group recorded eight pieces of music, previously unrecorded, which are now available in audio and video formats to the public, for free, on SoundCloud and YouTube.
In January of 2022, the group recorded its next album, featuring sacred music from across Europe which has been neglected for over 400 years. This will be made available to at-home audiences in the autumn of 2022.
All of these activities were undertaken with the aim advancing art and culture through choral music and educating the wider public. The continued success of the group in that endeavour is partly indicated by the concert invitations the group received from prestigious venues and festivals for 2022, which will include another concert at Wigmore Hall, as well as performances at St John’s Smith Square in London and at MA Festival in Belgium.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Charity is working on building its reserves to fund future charitable activities in line with the governing documents. At the balance sheet date, unrestricted reserves of £19,558 were held.
c. Financial review
Total income received in the year rose to £53,397 (2021; £49,562) however an increase of 80% in charitable expenditure from £29,646 in 2021 to £53,336 in the year under review, lead to an almost break even surplus of £61.At the year end unrestricted funds stood at £19,558.
Page 3
(A company limited by guarantee)
SIGLO DE ORO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
d. Principal risks and uncertainties
The Charity ended the year with £19,558 (2021: £18,697) in the bank. This is a strong position and the Charity has started to build up its reserves.
Our main ongoing risk is being unsuccessful in our project-by-project fundraising. Increasing our Friends and Patrons Scheme will help us mitigate this risk, as well as approaching a wider range of grant-giving bodies.
Structure, governance and management
a. Constitution
Siglo de Oro is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. The day-to-day running of the charity is the responsibility of the Artistic Director, who reports monthly to a Board comprising four members with a mix of legal, business and arts management experience. The Artistic Director seeks the Board’s approval on major decisions.
b. Methods of appointment or election of Trustees
The charity is a company limited by guarantee and governed by a Memorandum and Articles of Association. The day-to-day running of the charity is the responsibility of the Artistic Director, who reports monthly to a Board comprising four members with a mix of legal, business and arts management experience. The Artistic Director seeks the Board’s approval on major decisions. New trustees are inducted through a Q and A session with the Artistic Director and observing a board meeting before taking part in one, and for training they are directed to the Charity Commission’s guidance for Charity Trustees.
As of October 2021 the Artistic Director is now paid a monthly retainer for administrative duties, and charges the charity a fee for individual concerts, workshops and recordings that takes into account the preparation time involved.
Plans for future periods
We have plans to give concerts for festivals and promoters in the UK, Belgium and the USA during the 2022-3 season, to release one recording, and to run a spring and a summer workshop for amateur singers. The Trustees recognise that Siglo de Oro needs to continue to build its financial reserves as a charity to increase its resilience. They prioritise reviewing the charity’s finances at every trustee meeting to make sure the organisation continues on a stable financial footing and that costs, cashflow and fundraising are well managed.
Page 4
SIGLO DE ORO
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Jonathan Carvell Chair of Trustees
Date: 30-09-22
Page 5
SIGLO DE ORO
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2022
Independent examiner's report to the Trustees of Siglo de Oro ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 January 2022.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed:
Dated: 30-09-22
Julian Flitter FCA Goodman Jones LLP 29/30 Fitzroy Square London W1T6LQ
Page 6
SIGLO DE ORO
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2022
| Note Income from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net income/(expenditure) Transfers between funds 9 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 22,662 26,551 49,213 5,696 5,696 43,517 (43,456) 61 19,497 61 19,558 |
Restricted funds 2022 £ 4,184 - 4,184 47,640 47,640 (43,456) 43,456 - - - - |
Total funds 2022 £ 26,846 26,551 53,397 53,336 53,336 61 - 61 19,497 61 19,558 |
Total funds 2021 £ 48,455 1,107 49,562 29,646 29,646 19,916 - 19,916 (419) 19,916 19,497 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 15 form part of these financial statements.
Page 7
SIGLO DE ORO (A company limited by guarantee) REGISTERED NUMBER: 11147725
BALANCE SHEET AS AT 31 JANUARY 2022
| Note Current assets Stocks 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 9 Unrestricted funds 9 Total funds |
1,200 19,558 20,758 (1,200) |
2022 £ 19,558 19,558 19,558 19,558 - 19,558 19,558 |
2,000 18,697 20,697 (1,200) |
2021 £ 19,497 |
|---|---|---|---|---|
| 19,497 | ||||
| 19,497 | ||||
| 19,497 | ||||
| - 19,497 |
||||
| 19,497 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Jonathan Carvell
Chair of Trustees Date: 30-09-22
The notes on pages 9 to 15 form part of these financial statements.
Page 8
SIGLO DE ORO (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Siglo de Oro 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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
1.2 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have considered the impacts that the Covid-19 pandemic may have for the Charity and it is deemed that the Charity can meet its commitments and liabilities and can continue for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
1.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.5 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Page 9
SIGLO DE ORO
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
1. Accounting policies (continued)
1.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2. Income from donations and legacies
| Donations Total 2021 |
Unrestricted funds 2022 £ 22,662 43,888 |
Restricted funds 2022 £ 4,184 4,567 |
Total funds 2022 £ 26,846 48,455 |
Total funds 2021 £ 48,455 |
|---|---|---|---|---|
Page 10
(A company limited by guarantee)
SIGLO DE ORO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
3. Income from charitable activities
| Advancement of choral music Total 2021 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2022 £ Advancement of choral music 5,696 Total 2021 7,453 Analysis of expenditure by activities Activities undertaken directly 2022 £ Advancement of choral music 50,763 Total 2021 27,030 |
Unrestricted funds 2022 £ 26,551 1,107 Restricted funds 2022 £ 47,640 22,193 Support costs 2022 £ 2,573 2,616 |
Total funds 2022 £ 26,551 1,107 Total 2022 £ 53,336 29,646 Total funds 2022 £ 53,336 29,646 |
Total funds 2021 £ 1,107 |
|---|---|---|---|
| Total 2021 £ 29,646 |
|||
| Summary by fund type Advancement of choral music Total 2021 Analysis of expenditure by activities Advancement of choral music Total 2021 |
|||
| Total funds 2021 £ 29,646 |
|||
4. Analysis of expenditure on charitable activities Summary by fund type
5. Analysis of expenditure by activities
Page 11
(A company limited by guarantee)
SIGLO DE ORO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
5. Analysis of expenditure by activities (continued)
Analysis of direct costs
| CD Purchases Concerts Musicians Recording Instrument Hire Total 2021 |
Choral Music 2022 £ 800 2,538 40,171 6,669 585 50,763 27,030 |
Total funds 2022 £ 800 2,538 40,171 6,669 585 50,763 27,030 |
Total funds 2021 £ 625 4,122 18,060 3,508 715 27,030 |
|---|---|---|---|
Page 12
SIGLO DE ORO
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Independent examination Professional subscriptions Total 2021 |
Choral music 2022 £ 2,400 173 2,573 2,616 |
Total funds 2022 £ 2,400 173 2,573 2,616 |
Total funds 2021 £ 2,400 216 2,616 |
|---|---|---|---|
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 January 2022, no Trustee expenses have been incurred (2021 - £NIL) .
7. Stocks
| Finished goods and goods for resale 8. Creditors: Amounts falling due within one year Accruals and deferred income |
2022 £ 1,200 2022 £ 1,200 |
2021 £ 2,000 |
|---|---|---|
| 2021 £ 1,200 |
Page 13
(A company limited by guarantee)
SIGLO DE ORO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
9. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Restricted Funds - all funds Total of funds |
Balance at 1 February 2021 £ 19,497 - 19,497 |
Income £ 49,213 4,184 53,397 |
Expenditure £ (5,696) (47,640) (53,336) |
Transfers in/out £ (43,456) 43,456 - |
Balance at 31 January 2022 £ 19,558 |
|---|---|---|---|---|---|
| - | |||||
| 19,558 |
Restricted income is made up of donations received for the production of CDs during the year.
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Restricted Funds - all funds Total of funds |
Balance at 1 February 2020 £ (419) - (419) |
Income £ 44,995 4,567 4,567 |
Expenditure £ (7,453) (22,193) (29,646) |
Transfers in/out £ (17,626) 17,626 - |
Balance at 31 January 2021 £ 19,497 |
|---|---|---|---|---|---|
| - | |||||
| 19,497 |
Page 14
SIGLO DE ORO (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
10. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Current assets 20,758 Creditors due within one year (1,200) Total 19,558 Analysis of net assets between funds - prior year Unrestricted funds 2021 £ Current assets 20,697 Creditors due within one year (1,200) Total 19,497 |
Total funds 2022 £ 20,758 (1,200) 19,558 Total funds 2021 £ 20,697 (1,200) 19,497 |
|---|---|
11. Related party transactions
During the period, 5 Trustees (2021: 3 Trustees) made donations totalling £790 (2021: £1,300). These donations are included within restricted income.
No other transactions with Trustees were made during the period.
During the period, Key Management and their family made donations totalling £1,730 (2021: £120). These donations are included within unrestricted income.
No other transactions with Key Management were made during the period.
Page 15