Report and Financial Statements
For the year to 30 September 2024
A CHARITABLE INCORPORATED ORGANISATION
REGISTERED CHARITY NUMBER 1191335 REGISTERED BY THE CHARITY COMMISSION FOR ENGLAND AND WALES
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CONTENTS:
Page no.
| TRUSTEE REPORT: | |
|---|---|
| - REFERENCE AND ADMINISTRATIVE DETAILS | 3 |
| - STRUCTURE, GOVERNANCE AND MANAGEMENT | 3 |
| - OBJECTIVES AND ACTIVITIES | 4 |
| - ACHIEVEMENTS AND PERFORMANCE | 5 |
| - STATEMENT ON PUBLIC BENEFIT | 5 |
| FINANCIAL REVIEW | 6 |
| FINANCIAL STATEMENTS | 8 |
| NOTES TO THE FINANCIAL STATEMENTS | 10 |
| INDEPENDENT EXAMINER’S REVIEW | 13 |
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TRUSTEE REPORT
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Name:
Fantasia Orchestra
Charity Number:
1191335
Address of Principal Office:
115 Brondesbury Road, London NW6 6RY, United Kingdom
Trustees:
The trustees during this period were (in alphabetical order):
Tegan Eldridge, Susan Guy, Julian Hardwick, David Kerr, Charles Wolcott.
No new trustees were appointed in the year covered by this report.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a Charitable Incorporated Organisation, which was registered on 17 September 2020.
Governing Document:
The charity has a Constitution (Governing Document), dated 22 June 2020.
Trustees:
The charity's policy on the appointment of trustees is to be found in the Constitution. The founding trustees have agreed role descriptions for their activities within the organisation.
New trustees are appointed based on their relevant skills and experience for the organisation. Nominations are discussed and appointed by the board of trustees.
Management:
The orchestra’s affairs were managed throughout the period by its CEO and Artistic Director (Tom Fetherstonhaugh). The internal team consisted of the Operations Manager, the Content and Communications Manager, and a PR Consultancy, who all worked alongside the CEO and Artistic Director during the period.
Bankers:
The orchestra’s bankers are HSBC UK Bank plc, 1 Centenary Square, Birmingham B1 1HQ
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OBJECTIVES AND ACTIVITIES
Fantasia Orchestra's Charitable Objectives (as stated in the charity's Constitution):
To advance the education of the public in the art of music, particularly but not exclusively through:
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1) audience engagement with classical and/or contemporary compositions; and/or
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2) broadening the reach and accessibility of music in the UK, particularly, but not exclusively, to young people.
Main Activities Undertaken:
Concerts:
13.4.24 - Concert with Jess Gillam; St Gabriel's Church, Pimlico, London
25.4.24 - BBC Proms Press Launch; Royal College of Music, London
13.6.24 - Northern Aldborough Festival with Alim Beisembayev; St Andrew's Church, Aldborough, North Yorkshire
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22.6.24 - Proms at St Jude's with Martin James Bartlett; St Jude's Church, London
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1.7.24 - Old Masters Concert; Sotheby's, London
26.7.24 - Guiting Music Festival with Braimah Kanneh-Mason, Sheku Kanneh-Mason & Plinio Fernandes; Guiting Power, Gloucestershire
27.7.24 - Ryedale Festival with Braimah Kanneh-Mason, Sheku Kanneh-Mason & Plinio Fernandes; Malton, Yorkshire
27.7.24 - Ryedale Festival with Braimah Kanneh-Mason, Sheku Kanneh-Mason & Plinio Fernandes; York, Yorkshire
4.8.24 - Prom 20; BBC Proms with Braimah Kanneh-Mason, Sheku Kanneh-Mason & Plinio Fernandes; Royal Albert Hall, London
5.8.24 - Prom 22 (Relaxed Prom); BBC Proms with Braimah Kanneh-Mason, Sheku Kanneh-Mason & Plinio Fernandes; Royal Albert Hall, London
Educational Activities:
16.11.23 - Take Note Woodwind Workshop in partnership with DaCapo Music Foundation (Wessex Gardens Primary School, Hendon, London)
2.12.23 - Take Note Brass Concert in partnership with DaCapo Music Foundation (Wren Academy, North Finchley, London)
20.3.24 - Take Note Percussion Workshop in partnership with DaCapo Music Foundation (Wren Academy, North Finchley, London)
5.6.24 - Take Note Percussion Workshop in partnership with DaCapo Music Foundation (Wessex Gardens Primary School, Hendon, London)
27.6.24 - Proms at St Jude's Schools' Concert; St Jude's Church, London
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ACHIEVEMENTS AND PERFORMANCE
On the concert platform
Fantasia Orchestra enjoyed a busy and varied 2023-24 concert season, which culminated at the Royal Albert Hall for its televised BBC Proms debut.
Performances were given in a range of locations across the country, and the orchestra was joined in concert by a host of leading soloists including Jess Gillam, Alim Beisembayev, Martin James Bartlett, Braimah Kanneh-Mason, Sheku Kanneh-Mason, and Plinio Fernandes.
One own-promotion concert was presented (London, 13 April 2024), and the orchestra received invitations to play at festivals including Northern Aldborough Festival, Proms at St Jude's Music and Literary Festival, Guiting Music Festival, Ryedale Festival, and the BBC Proms.
The orchestra continued to reach new audiences throughout the 2023-24 season by making festival debuts, and was delighted to play to so many full houses across the country.
Broadening the reach and accessibility of music
Fantasia Orchestra's mission to broaden the reach and accessibility of music in the UK continued to thrive during the 2023-24 season. The orchestra's partnership with The DaCapo Music Foundation enjoyed a successful year, with a number of projects being delivered together.
2023-24 saw the continuation of Fantasia's and DaCapo's Take Note scheme, a series of workshops in primary schools. Four workshops went through a Research & Development process, culminating in the pilots of woodwind, brass, and two percussion sessions. The Take Note scheme will continue into the 2024-25 season and beyond.
The Proms at St Jude's Schools' Prom continues to be a highlight of Fantasia's season, and on 27 June 2024 the orchestra played for this special event once again. The concert brought together hundreds of children from state schools geographically close to the festival, and was an occasion during which the students could perform alongside Fantasia's professional musicians.
Internal activity
The trustees and the orchestra's management team decided to invest in a number of initiatives this season, including commissioning new branding, a new website, and new promotional photographs. Fantasia's internal team grew, and during the period the orchestra engaged a freelance Communications and Content Manager and a PR Consultancy (on a retainer basis).
Statement on Public Benefit
The trustees are satisfied that Fantasia Orchestra met its charitable objectives across the season, and that it was successful in discharging its aims and activities for the public benefit (according to the Charity Commission guidance on public benefit).
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FINANCIAL REVIEW
Reserves and Financial Risks Policy:
Board meetings were held regularly, approximately every quarter. The Treasurer Trustee, in conjunction with the charity's management, kept the trustees informed of the organisation's financial position, allowing financial risk to be assessed on an ongoing basis.
In this fourth year, and with limited reserves available, the Board of Trustees and the management have a policy to build reserves steadily across the first few years of Fantasia Orchestra's charitable status. The aim is to try to build reserves to the level equivalent to at least the estimated expenditure required to cover the charity's core operational costs for a 6-month period.
This year was close to break even in terms of the financial results of charitable activities and donations/sponsorship. We incurred some capital spend this year in terms of website development and our marketing and social media presence, to build on our higher profile and set in place some foundations for the future.
Trustee commentary on finances:
The period to which these accounts relate is a twelve month period to 30th September 2024.
Grants: a number of unrestricted grants were received in the period. Gift Aid @ 25% on eligible amounts is claimed.
There was one 'own-promotion' event with direct ticket sales in the year. The majority of event income was fees received from the provision of charitable services, including concert/performance fees (for concerts which were presented by a third-party promoter).
The Board allocated £3,000 of the surplus for the previous period as Designated Funds for 2023/24, the majority for reinvestment into Fantasia’s education projects. This has largely been utilised in the current year, leaving a small balance of £458 carried forward.
Trustees’ responsibilities:
The trustees are responsible for the preparation of these financial statements and for being satisfied that they give a true and fair view, and for such internal controls as they determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to error or fraud.
In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing as applicable matters related to going concern.
The trustees are satisfied that the statements made herein represent a true and fair view of the financial position of the Charity and that it can continue as a going concern.
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Trustee< responsibilities in relation to the finon¢iol statements The trustees are responsible for preparing thi5 onnuol report ond financial stotements in accordance with applicable low and United Kingdom Accounting Stondords (United Kingdom Generally Accepted Accounting Proctice). The law applicable to charities in England ond Wales requires the trv5tees to prepare financial statements for each financial year which 9ive o tnje and fair view of the stote of affairs of the charity ond of the incoming resources ond oppli¢at?on of resources of the charity for that period. In preporing these Financiol StotementS. the trustees ore required to: Select suitable accounting policies and then apply them conslstently. Observe the methods ond principles of thè Chorities SORP. Moke judgements and estimotes thot ore reosonable and prudent. State whether applicoble accounting standards have been followed, subject to any material departures that must be disclosed and exploined in the financial statement5. Prepare the Finonciol Statements on the going concem bosis unless it is inappropriate to presume that the charity will continue in operation. The trustees ore responsible for keeping proper accounting records which disclose with reasonoble occuracy ot ony time the finonciol position of the chority and to enoble them to oscertain to ensure thot the Financial Statements comply with the regvlotions under the Chorities Act 2011, the applicable Chcritie5 {Account5 and Reports) Regulations, and the provision5 of the Trust deed. They are also responsible for safeguording the assets of the charity and hence for taking reosonable steps for the prevention and detection of froud ond other irregulorities. Approved by the trustees on 18 November 2024 ond signed on their behalf by: Dovid A Kerr Treosurer Trustee
FINANCIAL STATEMENTS
Statement of Financial Activities
For the period to 30 September 2024
| 2024 2023 Unrestricted Restricted Total Income £ £ £ £ Donations incl. gift aid 41,373 6,900 48,273 28,500 Charitable activities 84,448 0 84,448 48,107 Other 469 0 469 145 Total income 126,290 6,900 133,190 76,752 Expenditure Charitable activities 95,218 6,900 102,118 59,528 Other 30,614 0 30,614 9,200 Total expenditure 125,832 6,900 132,732 68,728 Net income/(expenditure) 458 0 458 8,024 |
2024 2023 Unrestricted Restricted Total Income £ £ £ £ Donations incl. gift aid 41,373 6,900 48,273 28,500 Charitable activities 84,448 0 84,448 48,107 Other 469 0 469 145 Total income 126,290 6,900 133,190 76,752 Expenditure Charitable activities 95,218 6,900 102,118 59,528 Other 30,614 0 30,614 9,200 Total expenditure 125,832 6,900 132,732 68,728 Net income/(expenditure) 458 0 458 8,024 |
2024 2023 Unrestricted Restricted Total Income £ £ £ £ Donations incl. gift aid 41,373 6,900 48,273 28,500 Charitable activities 84,448 0 84,448 48,107 Other 469 0 469 145 Total income 126,290 6,900 133,190 76,752 Expenditure Charitable activities 95,218 6,900 102,118 59,528 Other 30,614 0 30,614 9,200 Total expenditure 125,832 6,900 132,732 68,728 Net income/(expenditure) 458 0 458 8,024 |
|---|---|---|
| 95,218 6,900 102,118 59,528 30,614 0 30,614 9,200 125,832 6,900 132,732 68,728 |
||
| 458 0 458 8,024 |
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Statement of Financial Position
30 September 2024
| 30 September 2024 | ||
|---|---|---|
| 2024 2023 |
||
| £ £ |
||
| Assets | ||
| Cash at bank | 21,098 39,492 |
|
| Debtors & prepayments | 4,634 0 |
|
| Total assets | 25,732 39,492 |
|
| Liabilities – Less than one year | ||
| Creditors and accruals | 2,202 16,420 |
|
| Net current assets | 23,530 23,072 |
|
| Charity funds | ||
| Restricted reserves | 0 0 |
|
| Unrestricted reserves | 458 8,024 |
|
| Brought forward from previous year | 23,072 15,048 |
|
| Total funds carried forward | 23,530 23,072 |
|
| Comprising: | ||
| Reserve fund for education purposes | 458 | |
| General funds carried forward | 23,072 | |
| Total | 23,530 | |
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NOTES TO THE FINANCIAL STATEMENTS
Statutory Information
Fantasia Orchestra is a charity registered in England and Wales. The charity’s details can be found within the Trustee Report.
Currency
The presentation currency is £ sterling.
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Material uncertainties
There are no material uncertainties about the ability of the charity to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably .
Charitable activities income includes performance fees, and Charitable activities expenditure includes performance fees, management costs, venue hire costs, and other related costs.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Other expenditure includes administration costs, memberships/insurance and travel costs, and professional fees.
Taxation
The charity is exempt from tax on its charitable activities.
Net income/expenditure
Net income/(expenditure) is stated after charging:
2024 Independent examiner's report £420
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Trustee remuneration & benefits
No trustees received any financial benefit from the charity during this period (2023 - £nil).
During the year, one Trustee was reimbursed for expenditure incurred in the performance of their duties as a trustee.
Debtors and prepayments
| Debtors and prepayments | ||
|---|---|---|
| 2024 | 2023 | |
| Debtors | £2,825 | £0 |
| Prepayments | £1,809 | £0 |
| Creditors and accruals | ||
| 2024 | 2023 | |
| Creditors | £900 | £0 |
| Accruals & deferred income | £1,302 | £16,420 |
Related party transactions
There were no related party transactions for the year ended 30 September 2024.
Movement in funds
| Movement in funds | |||
|---|---|---|---|
| Unrestricted funds | 1/10/23 | Movement in funds | 30/09/24 |
| General fund | £20,072 | £3,000 | £23,072 |
| Reserve fund | £3,000 | (£2,542) | £458 |
| £23,072 | £458 | £23,530 | |
| Restricted funds | £0 | £0 | £0 |
| Total Funds | £23,072 | £458 | £23,530 |
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Net movements in funds, included in the above are as follows:
| Unrestricted funds | Income | Resources expended | Movement in funds |
|---|---|---|---|
| General fund £126,290 |
£123,290 | £3,000 | |
| Reserve fund £0 |
£2,542 | (£2,542) | |
| £126,290 | £125,832 | £458 | |
| Restricted funds | |||
| Restricted £6,900 |
£6,900 | £0 | |
| Total funds £133,190 |
£132,732 | £458 | |
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INDEPENDENT EXAMINEWS REPORT TO THE TRUSTEES OF FANTASIA ORCHESTRA (tho "CIO-) We r8POrt on the occovnts of the charlty for the pgriod ended 30th Septembgr 2024 as set out obov•. Resp•rtiv• rnsponslbllltl•J of trust••s and •xamin•r The charitys trustees ore responsible for the preporation of the occounts. The choritys trustees consider that on audit is not required for thls yoor vnder sectlon 144121 of the Charities Act 2011 {the 2011 Act) and that an lTrJependent examinatlon Is needed. It Is my responslbility to: examine the accounts under sgctlon 145 of the 2011 Act. follow the procedures lold down In tha general Dlrectlons glven by the Chorlty Commission vnder section 145{5)(b) of the Act,. ond stata whothor partlculor matters have come to my ottention. Bas1$ of Ind•p•nd•nt •xamlTh•rfs r•port Th• ¢xamlnotlon was corrlod out In oc¢ordance wlth gonerul Dlrections glvon by the Charity Commisslon. An oxomination includes a revlew of the occounting records kept by the charlty and a comparlson of the accounts presented wlth those records. It also includes consideration of ony unusual items or disclosures in the oc¢ounts and seeklng explonatlon5 from you as trvstees concernln9 any such matter5. The procedures undertaken do not provide all the evidence that would be requlred In an audit, and consoquently no oplnlon Is given as to whether tho accounts present a 'truo ond fair v19. The report Is limited to those matter5 set out in the stot•ment b•low. Ind•pend•nt •xamln•ffs stat•m•nt In connection wlth the examination, no matter has coma to our attontlon: l) whlch give5 me reasonable couse to believe thot, in any materfol respect, the requirements to: keep occountlng records In oe¢ordonc¢ wlth sectlon 130 of the 2011 Act, ond prepore accovnts which accord wlth the occounting records, and comply wlth the accounting requlrements of tha 2011 Act have not been met,. or 21 to which, in our oplnlon, ottgntion should be dmwn In ordèr to enable a proper understanding of the accounts to be r¢ach•d. Shoun Muller Cornfield Accovntants. Chartered Accountonts Dated 22 November 2024 Cornftald Accountants Llmlted, 5 Cornfield Terrace, Eastbovm•, Eo5t Sussex BN214NN 13