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2023-01-31-accounts

Registered Number 11147725 Charity Number 1182321

SIGLO DE ORO (a charitable company limited by guarantee)

UNAUDITED

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 JANUARY 2023

SIGLO DE ORO

(A charitable company limited by guarantee)

CONTENTS P A G E
________________
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2
Independent examiner's report 5
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9

SIGLO DE ORO (A charitable company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2023

Trustees

Gina Campbell, Trustee Jonathan Carvell, Chair Mathilda Davidson, Trustee Beverley Vong, Trustee

Company registered number

11147725

Charity registered number

1182321

Registered office

12 Well Road London NW3 1LH

Independent Examiner

Jonathan Hyde ACA Harmony Accounting 35b Stockwell Rd Stockwell London SW99QB 

1

SIGLO DE ORO (A charitable company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2023

The Trustees present their annual report together with the financial statements of the Company for the 1 February 2022 to 31 January 2023. 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)'.

Achievements and Performance

a. Main achievements of the Company

During this financial year, Siglo de Oro has seen an increase in its activities, as part of the latter stages of its recovery from the effects of the COVID-19 pandemic. The group’s work grew in terms of concerts, education work and commissioning new music, and the reception of these projects solidified its reputation in the UK’s vocal music scene.

Siglo de Oro gave five performances, for promoters in the UK (The London Baroque Festival, Martin Randall Travel, and the St John’s Smith Square Christmas Festival), Belgium (MA Festival in Bruges), and at London’s Wigmore Hall. The performances were met with critical acclaim and a number of reinvitations.

Alongside these performances, Siglo de Oro put on several workshops for amateur singers. These were popular and well received events, and attendees again requested that more of these occasions be organised in 2023-4.

In January of 2022, the group released its latest album, The Mysterious Motet Book of 1539. The disc reached number 9 in the specialist classical chart. It was awarded a “Stern des Monats” by the German magazine Fono Forum, and was named a Music Web International Recording of the Year.

This year, Siglo de Oro also received the first version of a new work it has commissioned from composer Ben Rowarth. The piece will not receive its first performances until 2025, but the group has already begun workshop sessions with the composer. 

2

SIGLO DE ORO (A charitable company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

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 reflected by the concert invitations the group received from prestigious venues and festivals for 2022-23, which will include another concert at Wigmore Hall, a performance at the Bath Festival, and a collaboration with Swedish orchestra OModernt.

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 £4,613 were held.

c. Financial review

Total income received in the year fell to £35,393 (2022; £53,397). This is in part due to a decrease in donations and legacies due to the prior year figure being unusually high due to the need arsing from COVID-19 restrictions. A decrease in charitable expenditure from £58,851 (restated) in 2022 to £42,824 in the year under review, lead to a deficit of £7,431. At the year end unrestricted funds stood at £4,613.

d. Principal risks and uncertainties

The Charity ended the year with £4,613 (2022: £12,043, Restated) in the bank. As per the charity’s medium term strategy, it has started to build reserves.

Our main ongoing risk is being unsuccessful in our project-by-project fundraising. The ongoing cost of living crisis is also a risk to our financial performance and future income generation plans. It threatens to continue limiting our activities and reducing our supporters’ expendable incomes for some of the next financial year. Increasing our Friends and Patrons Scheme will help us mitigate these risks, as well as approaching a wider range of grant-giving bodies, and identifying further individual donors.

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

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.

Since October 2021 the Artistic Director has been 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. The charity intends to recruit an administrative assistant to the artistic director to work on an ad-hoc basis during the 23-24 financial year. 

3

SIGLO DE ORO (A charitable company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

Plans for future periods

We have plans to give concerts for festivals and promoters in England, Scotland, Sweden and the USA during the 2023-4 season, to make one recording, and to run autumn and summer workshops 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.

Restatement of 2022 charitable expenditure

The Trustees acknowledge their responsibility for reviewing the annual accounts and regret the errors which occurred in the 2022 accounts. The Trustees are grateful to the new Independent Examiner (IE) for drawing their attention to the errors – details of which are set out in the 2023 IE’s Report and in 1.9 (notes to the accounts).

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:

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:

Signed: Dated: 30/10/2023

Jonathan Carvell Chair of Trustees 

4

SIGLO DE ORO (A charitable company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2023

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 2023.

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 of the accounting records for 2022-23. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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)].

A prior period restatement has been undertaken in respect of three material errors. The nature of these errors are:

For the current year, 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. 

5

SIGLO DE ORO (A charitable company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

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: 30/10/23

Jonathan Hyde ACA

Harmony Accounting 35b Stockwell Rd Stockwell London SW99QB 

6

SIGLO DE ORO (A charitable company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2023

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
Restricted
funds
Total
funds
(Restated)
Total funds
Total
funds
2023
2023
2023
2022
2022
£
£
£
£
£
6,639
6,458
13,098
26,846
26,846
22,295
-
22,295
26,551
26,551
28,935
6,458
35,393
53,397
53,397
36,365
6,458
42,824
58,851
53,336
36,365
6,458
42,824
58,851
53,336
(7,431)
-
(7,431)
(5,454)
61
-
-
-
-
-
(7,431)
-
(7,431)
(5,454)
_61 _
12,043
-
12,043
17,497
19,497
(7,431)
-
(7,431)
(5,454)
61
4,613
-
4,613
12,043
19,558

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. 

7

SIGLO DE ORO (A charitable company limited by guarantee)

BALANCE SHEET AS AT 31 JANUARY 2023

Note
Current assets
Stocks
7
-
Cash at bank and in hand
4,613
4,613
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		 -
4,613		 2023
£
4,613		 -
13,778		 (Restated)
2022
£
12,043		 1,200
19,558		 2022
£
19,558
4,613
-		 13,778
(1,735)		 20,758
(1,200)
4,613 12,043 19,558
4,613 12,043 19,558
4,613 12,043 19,558
-
4,613		 -
12,043		 -
19,558
4,613 12,043 19,558

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: 30/10/2023

The notes on pages 9 to 15 form part of these financial statements. 

8

SIGLO DE ORO (A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

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 current economic conditions 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. The Trustees’ confidence comes from the reliable support of several of its major donors, and from trusts and foundations which have repeatedly supported the work of Siglo de Oro. 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. 

9

SIGLO DE ORO (A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

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.

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.

1.9. Prior Period Restatement

A prior period restatement has been undertaken in respect of three material errors. The nature of these errors are: 

10

SIGLO DE ORO (A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

2. Income from donations and legacies

Donations
Total 2022		 Unrestricted
funds
Restricted
funds
Total funds
Total funds
2023
2023
2023
2022
£
£
£
£
6,639
6,458
13,098
26,846
22,662
4,184
26,846

3. Income from charitable activities

Advancement of choral music
Total 2022		 Unrestricted
funds
Total funds
Total funds
2023
2023
2022
£
£
£
22,295
22,295
_26,551 _
26,551
_26,551 _

4. Analysis of expenditure by activities

Summary by fund type

Advancement of choral music
Total 2022 (Restated)
Total 2022		 (Restated)
Unrestricted
funds
Restricted
funds
Total
funds
Total funds
Total
funds
2023
2023
2023
2022
2022
£
£
£
£
£
36,365
6,458
42,824
58,851
53,336
4,896
53,955
58,851
5,696
47,640
53,336		 
11

SIGLO DE ORO (A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

5. Analysis of expenditure by activities

Advancement of choral music
Total 2022 (Restated)
Total 2022		 (Restated)
Activities
undertaken
directly
Support
costs
Total
funds
Total funds
Total funds
2023
2023
2023
2022
2022
£
£
£
£
£
39,260
3,564
42,824
58,851
53,336
56,278
2,573
58,851
50,763
2,573
53,336

Analysis of direct costs

CD Purchases
Concerts
Musicians
Recording
Instrument Hire
Total 2022 (Restated)
Total 2022		 (Restated)
Choral Music
Total
funds
Total funds
Total funds
2023
2023
2022
2022
£
£
£
£
-
-
-
800
8,051
8,051
2,538
2,538
27,693
27,693
45,951
40,171
3,516
3,516
7,204
6,669
-
-
585
585
39,260
39,260
56,278
50,763
56,278
56,278
50,763
50,763

Analysis of support costs

Independent examination
Professional subscriptions
Administration
Total 2022		 Choral Music
Total
funds
Total funds
2023
2023
2022
£
£
£
960
960
2,400
-
-
173
2,604
2,604
-
3,564
3,564
2,573
2,573
2,573		 
12

SIGLO DE ORO (A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

6. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 January 2023, no Trustee expenses have been incurred (2022 - £NIL).

7. Stocks

Finished goods and goods for resale (Restated)
2023
2022
2022
£
£
£
-
-
1,200

8. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income		 2023
£
-
-
-		 (Restated)
2022
2022
£
£
535
-
1,200
1,200
1,735
1,200		 
13

SIGLO DE ORO (A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

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
Balance
at 31
January
2022
Income
Expenditure
Transfers
in/out
2023
£
£
£
£
12,043
28,935
(36,365)
-
4,613
-
6,458
(6,458)
-
-
12,043
35,393
(42,824)
-
4,613

Restricted income is made up of donations received for the production of CDs and commissions during the year.

Statement of funds – prior year

Unrestricted funds
General Funds
Restricted funds
Restricted Funds - All Funds
Total of funds
Unrestricted funds
General Funds
Restricted funds
Restricted Funds - All Funds
Total of funds		 Balance at 1
February
Balance at
31
January
2021
Income
Expenditure
Transfers
in/out
2022
£
£
£
£
19,497
49,213
(5,696)
(43,456)
19,558
-
4,184
(47,640)
43,456
-
19,497
53,397
(53,336)
-
19,558
(Restated)
(Restated)
(Restated)
(Restated)
(Restated)
Balance at 1
February
Balance at
31
January
2021
Income
Expenditure
Transfers
in/out
2022
£
£
£
£
17,497
49,213
(4,896)
(49,771)
12,043
-
4,184
(53,955)
49,771
-
17,497
53,397
(58,851)
-
12,043		 
14

SIGLO DE ORO (A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

10. Analysis of net assets between funds

Analysis of net assets between funds – current year

Current assets
Creditors due within one year
Total		 Unrestricted funds
Total funds
2023
2023
£
£
4,613
4,613
-
-
4,613
4,613

Analysis of net assets between funds - prior year

Current assets
Creditors due within one year
Total		 Unrestricted
funds
Total
funds
2022
2022
£
£
20,758
20,758
(1,200)
(1,200)
19,558
19,558		 (Restated)
(Restated)
Unrestricted
funds
Total
funds
2022
2022
£
£
13,778
13,778
(1,735)
(1,735)
12,043
12,043

11. Related party transactions

During the period, 5 Trustees (2022: 5 Trustees) made donations totalling £270 (2022: £790). These donations are included within unrestricted income.

No other transactions with Trustees were made during the period.

During the period, Key Management and their family made donations totalling £480 (2022: £1,730). These donations are included within unrestricted income.

No other transactions with Key Management were made during the period. 

15

SIGLO DE ORO (A eharitable company Ilmlted by guarantee)