## Charity registration number 1185785 ## NEW GENERATION COMMUNITY STEEL ORCHESTRA ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NEW GENERATION COMMUNITY STEEL ORCHESTRA ## CONTENTS ||Page| |---|---| |Trustees'report|1| |Statement of financial activities|2| |Balancesheet|| |Notes to the financial statements|4 - 6| ## **NEW GENERATION COMMUNITY STEEL ORCHESTRA** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **INCLUDING INCOME AND EXPENDITURE ACCOUNT** _FOR THE YEAR ENDED 31 DECEMBER 2024_ |||Unrestricted|Unrestricted| |---|---|---|---| |||funds|funds| |||2024|2023| ||Notes|£|£| |Income from:|||| |Donations and legacies and||21747|8,250| |charitable activities|||| |Expenditure on:||18705|7,900| |Charitable activities|||| |Net income for the year/|||| |Net movement in funds||3,042|-| |Fund balances at 1 January 2024|||| |Fund balances at 31 December 2024||3,392|| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. NEW GENERATION COMMUNITY STEEL ORCHESTRA ## **NEW GENERATION COMMUNITY STEEL ORCHESTRA** ## NOTES TO THE FINANCIAL STATEMENTS ## _FOR THE_ YEAR _ENDED 31 DECEMBER_ 2024 ## 1.1 **Accounting policies Charity information** New Generation Community Steel Orchestra is a charity with the goal of the advancement of public education in and appreciation of the art and science of music including through the presentation of public concerts and recitals. ## 1.2 **Reporting period** The charity prepares its financial statements for the year ended 31st December 2024. ## ].2 **Accounting convention** The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland' (“FRS 102") and the Charities SORP "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 is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## 1.3 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## 1.4 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity. ## 1.5 Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. -4- ## **NEW GENERATION COMMUNITY STEEL ORCHESTRA** ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## _FOR THE YEAR ENDED_ _**31 DECEMBER 2024**_ ## **2 Critical accounting estimates and judgements** In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Donations and legacies** ||Unrestricted|Unrestricted| |---|---|---| ||funds|funds| ||**2024**|**2023**| |Donations and gifts|15,261|6,200| ## **4 Charitable activities** ||**Fundraising**|**Fundraising**| |---|---|---| ||events|events| ||2024|2023| |Fundraising events|6,486|5,126| ## **5 Trustees** None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. ## 6 Employees The average monthly number of employees during the year was: |The average monthly number of employees during the|year was:|| |---|---|---| ||2024|2023| ||Number|Number| |Total|1|1| There were no employees whose annual remuneration was more than £60,000. -6-