DocuSign Envelope ID: 46FEEC58-5FEB-4F86-BD91-81C198B08587
## Synfonia
## **(a Charitable Incorporated Organisation)**
## **TRUSTEES’ REPORT**
**AND**
## **UNAUDITED FINANCIAL STATEMENTS**
**FOR THE PERIOD ENDED 31 AUGUST 2023**
**Registered Charity Number 1198071**
DocuSign Envelope ID: 46FEEC58-5FEB-4F86-BD91-81C198B08587
The Trustees present their annual report together with the financial statements for the period ended 31 August 2023.
## **Objectives and activities**
## **Objectives**
The objectives of the Charity are:
- To advance public education in, and appreciation of, the arts in such ways as the charity trustees think fit, including through the presentation of high-quality concerts and workshops, in particular but not exclusively for those in full-time education
- To advance in life and help young musicians by providing support and training which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals
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)'.
## **Activities**
The main activities undertaken by the Charity in order to achieve its objectives are participatory events in schools, featuring full orchestral events and events with other combinations of musicians, as well as workshops with individual musicians and smaller ensembles. In support of these events the Charity provides online resources for interested parties to use free of charge. These are focussed on Western classical music and currently include a composer timeline, a comprehensive world map of composers, and a light-hearted guide to the instruments of the orchestra.
## **Financial review**
## **Results**
The financial statements for the period show a deficit in receipts over payments of £1,331.
## **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. 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.
## **Reserves policy**
The Charity is not yet in a position to maintain a defined level of reserves. In order to give the Charity a level of protection from financial risk it is the aim of the Trustees to build reserves equivalent to the cost of four months’ activity.
## **Structure, governance and management**
## **Constitution**
Synfonia is a Charitable Incorporated Organisation (CIO) registered by the Charity Commission for England and Wales under charity number 1198071.
## **Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the CIO.
DocuSign Envelope ID: 46FEEC58-5FEB-4F86-BD91-81C198B08587
## **Statement of Trustees’ responsibilities**
The Trustees 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).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
Approved by order of the members of the board of Trustees on 10 May 2024 and signed on their behalf by:
**Dr Chaz Keiderling** (Trustee)
DocuSign Envelope ID: 46FEEC58-5FEB-4F86-BD91-81C198B08587
## **SYNFONIA**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Statement of financial activities**|2|
|**Balance sheet**|3|
|**Notes to the financial statements**|4 - 13|
DocuSign Envelope ID: 46FEEC58-5FEB-4F86-BD91-81C198B08587
## **SYNFONIA**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023**
|**Trustees**|Danielle Frate|
|---|---|
||Dr Chaz Keiderling|
||Peter Athanassiadis|
|**Charity registered**
**number**
1198071
**Principal office**
38 Belle Vue Road
London
E17 4DG
**Accountants**
Griffin Stone Moscrop & Co
Chartered Accountants
21-27 Lamb's Conduit Street
London
WC1N 3GS
**Bankers**
Virgin Money
154-158 Kensington High Street
London
W8 7RL
**Executive Director**
Andrea Robins||
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DocuSign Envelope ID: 46FEEC58-5FEB-4F86-BD91-81C198B08587
## **SYNFONIA**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023**
|**Note**
**Income from:**
Donations and legacies
3
Other income
4
**Total income**
**Expenditure on:**
Charitable activities
5
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**5,604**
**212**
**5,816**
**7,751**
**7,751**
**(1,935)**
**604**
**(1,935)**
**(1,331)**|**Total**
**funds**
**2023**
**£**
**5,604**
**212**
**5,816**
**7,751**
**7,751**
**(1,935)**
**604**
**(1,935)**
**(1,331)**|_Total_
_funds_
_2022_
_£_
_18,391_
_4_|
|---|---|---|---|
||||_18,395_|
||||_17,791_|
||||_17,791_|
||||_604_|
||||_-_
_604_|
||||_604_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 4 to 13 form part of these financial statements.
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## **SYNFONIA**
## **BALANCE SHEET AS AT 31 AUGUST 2023**
|**Note**
**Fixed assets**
**Current assets**
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
**Net current liabilities / assets**
**Total net assets**
**Charity funds**
Restricted funds
12
Unrestricted funds
12
**Total funds**|**200**
**189**
**389**
**(1,720)**|**2023**
**£**
**-**
**(1,331)**
**(1,331)**
**-**
**(1,331)**
**(1,331)**|_3,173_
_125_
_3,298_
_(2,694)_|_2022_
_£_|
|---|---|---|---|---|
|||||_-_
_604_|
||||||
|||||_604_|
|||||_-_
_604_|
||||||
|||||_604_|
The financial statements were approved and authorised for issue by the Trustees on 10 May 2024 and signed on their behalf by:
................................................
## **Dr Chaz Keiderling**
Trustee
The notes on pages 4 to 13 form part of these financial statements.
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**SYNFONIA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **1. General information**
Synfonia is a registered CIO in England and Wales, with registered number 1198071. The address of the registered office is 38 Belle Vue Road, London, E17 4DG.
## **2. Accounting policies**
## **2.1 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 Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Synfonia 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.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Other income is recognised in the period in which it is receivable.
## **2.3 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 Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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**SYNFONIA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.5 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.
## **2.6 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 Charity 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.
## **2.7 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.8 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 Charity 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 Charity 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.
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## **SYNFONIA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **3. Income from donations and legacies**
|Donations
**Total 2023**
Donations
_Total 2022_
**4.**
**Other incoming resources**
Other income
**Total 2023**
Other income
_Total 2022_|**Restricted**
**funds**
**2023**
**£**
-
-
_Restricted_
_funds_
_2022_
_£_
_750_
_750_
|**Unrestricted**
**funds**
**2023**
**£**
5,604
5,604
_Unrestricted_
_funds_
_2022_
_£_
_17,641_
_17,641_
**Unrestricted**
**funds**
**2023**
**£**
212
212
_Unrestricted_
_funds_
_2022_
_£_
_4_
_4_|**Total**
**funds**
**2023**
**£**
**5,604**|
|---|---|---|---|
||||**5,604**|
||||_Total_
_funds_
_2022_
_£_
_18,391_|
||||_18,391_|
||||**Total**
**funds**
**2023**
**£**
**212**|
||||**212**|
||||_Total_
_funds_
_2022_
_£_
_4_|
||||_4_|
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DocuSign Envelope ID: 46FEEC58-5FEB-4F86-BD91-81C198B08587
**SYNFONIA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **5. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2023**
**£**
Charitable activities
7,751
**Total 2023**
7,751|**Total**
**2023**
**£**
**7,751**|
|---|---|
||**7,751**|
|Charitable activities
_Total 2022_|_Restricted_
_funds_
_2022_
_£_
_750_
_750_|_Unrestricted_
_funds_
_2022_
_£_
_17,041_
_17,041_|_Total_
_2022_
_£_
_17,791_|
|---|---|---|---|
||||_17,791_|
## **6. Analysis of expenditure by activities**
|Charitable activities
**Total 2023**
Charitable activities
_Total 2022_|**Direct costs**
**2023**
**£**
25
25
_Activities_
_undertaken_
_directly_
_2022_
_£_
_5,187_
_5,187_|**Support**
**costs**
**2023**
**£**
7,726
7,726
_Support_
_costs_
_2022_
_£_
_12,604_
_12,604_|**Total**
**funds**
**2023**
**£**
**7,751**|
|---|---|---|---|
||||**7,751**|
||||_Total_
_funds_
_2022_
_£_
_17,791_|
||||_17,791_|
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DocuSign Envelope ID: 46FEEC58-5FEB-4F86-BD91-81C198B08587
**SYNFONIA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **6. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Raising funds
Musician fees
Photography
Consultant fees|**Total**
**funds**
**2023**
**£**
**25**
**-**
**-**
**-**
**25**|_Total_
_funds_
_2022_
_£_
_76_
_500_
_300_
_4,311_|
|---|---|---|
|||_5,187_|
## **Analysis of support costs**
|Staff costs
Bank charges
Insurance
Other costs
Website costs
Subscriptions
Travel and subsistence
Trustee meetings
Accountancy fees|**Total**
**funds**
**2023**
**£**
**5,158**
**10**
**96**
**-**
**437**
**856**
**89**
**-**
**1,080**
**7,726**|_Total_
_funds_
_2022_
_£_
_10,158_
_18_
_29_
_62_
_336_
_525_
_-_
_36_
_1,440_|
|---|---|---|
|||_12,604_|
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**SYNFONIA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **7. Staff costs**
|Wages and salaries
Social security costs|**2023**
**£**
**5,000**
**158**
**5,158**|_2022_
_£_
_10,000_
_158_|
|---|---|---|
||||
|||_10,158_|
The average number of persons employed by the Charity during the year was as follows:
||**2023**|_2022_|
|---|---|---|
||**No.**|_No._|
|Staff|**1**|_1_|
No employee received remuneration amounting to more than £60,000.
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DocuSign Envelope ID: 46FEEC58-5FEB-4F86-BD91-81C198B08587
## **SYNFONIA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ .
During the year, no Trustee expenses have been incurred _(2022 - £NIL)_ .
## **9. Debtors**
|**Due within one year**
Gift Aid|**2023**
**£**
**200**
**200**|_2022_
_£_
_3,173_|
|---|---|---|
||||
|||_3,173_|
## **10. Creditors: Amounts falling due within one year**
|Other taxation and social security
Other creditors
Accruals and deferred income|**2023**
**£**
**-**
**880**
**840**
**1,720**|_2022_
_£_
_1,111_
_143_
_1,440_|
|---|---|---|
||||
|||_2,694_|
## **11. Financial instruments**
||**2023**|_2022_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**189**|_125_|
Financial assets measured at fair value through income and expenditure comprises cash at bank and in hand.
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**SYNFONIA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **12. Statement of funds**
|**Statement of funds - current year**
**Unrestricted funds**
General Funds
**Statement of funds - prior year**
**Unrestricted funds**
General Funds
**Restricted funds**
Hirvi/Riverley Project
**Total of funds**
**13.**
**Summary of funds**
**Summary of funds - current year**
General funds|**Balance at 1**
**September**
**2022**
**£**
**604**
**Balance at 1**
**September**
**2022**
**£**
**604**|**Income**
**£**
**5,816**
_Income_
_£_
_17,645_
_750_
_18,395_
**Income**
**£**
**5,816**|**Expenditure**
**£**
**(7,751)**
_Expenditure_
_£_
_(17,041)_
_(750)_
_(17,791)_
**Expenditure**
**£**
**(7,751)**|**Balance at**
**31 August**
**2023**
**£**
**(1,331)**
_Balance at_
_31 August_
_2022_
_£_
_604_
_-_
_604_
**Balance at**
**31 August**
**2023**
**£**
**(1,331)**|
|---|---|---|---|---|
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**SYNFONIA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **13. Summary of funds (continued)**
## **Summary of funds - prior year**
|General funds
Restricted funds
**Analysis of net assets between funds**
**Analysis of net assets between funds - current year**
Current assets
Creditors due within one year
**Total**
**Analysis of net assets between funds - prior year**
Current assets
Creditors due within one year
**Total**|_Income_
_£_
_Expenditure_
_£_
_17,645_
_(17,041)_
_750_
_(750)_
_18,395_
_(17,791)_
**Unrestricted**
**funds**
**2023**
**£**
389
(1,720)
(1,331)
_Unrestricted_
_funds_
_2022_
_£_
_3,298_
_(2,694)_
_604_|_Balance at_
_31 August_
_2022_
_£_
_604_
_-_
_604_
**Total**
**funds**
**2023**
**£**
**389**
**(1,720)**
**(1,331)**
_Total_
_funds_
_2022_
_£_
_3,298_
_(2,694)_
_604_|
|---|---|---|
## **14. Analysis of net assets between funds**
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**SYNFONIA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **15. Pension commitments**
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £158 (2022 - £158). Amounts totalling £nil (2022 - £143) were payable to the fund at the balance sheet date and are included in creditors.
## **16. Related party transactions**
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 August 2023.
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