Synfonia
(a Charitable Incorporated Organisation)
TRUSTEES’ REPORT
AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
Registered Charity Number 1198071
The Trustees present their annual report together with the financial statements for the period ended 31 August 2024.
Objectives and activities
Objectives
The objectives of the Charity are:
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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
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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 and chamber events, 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.
Achievements
2023/2024 saw an increase in activity, building on the plans made in the previous year. Partnerships with schools were strengthened, particularly with Highams Park School where workshops were held introducing the instruments of the brass section as well as a session for the year 7 students to discuss what they would find most useful and inspiring to be included in future workshops. These discussions have been used to inform the planning of future projects, which for 2024/2025 include brass quintet projects with Highams Park School and two primary schools, workshops for projects collaborating with English and History departments, and the start of a project linking composition and literacy skills which will continue into 2025/2026.
Mark Balaam, Assistant Principal at Highams Park School, said “It was truly a fantastic experience having Synfonia work with our Year 7 students. Watching these talented professionals play was impressive in itself, but what made it even more remarkable was seeing how they worked seamlessly as a team. Their collaboration was a powerful demonstration of teamwork and unity, setting a wonderful example for our students. It was a great opportunity for the students to work with professionals, see brass instruments live and enjoy making music.”
The website resources are increasingly popular, in particular the composer timeline which several schools have linked to directly from their school materials.
Financial review
Results
The financial statements for the period show a surplus of receipts over payments of £1,435.
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 i t 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. Each Trustee is appointed to the Board for a three-year term and can stand for re-election at the end of their term.
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:
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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 judgements 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 Charity will continue in business.
Approved by order of the members of the board of Trustees on 1 May 2025 and signed on their behalf by:
Dr Chaz Keiderling (Trustee)
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 - 12 |
SYNFONIA
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024
| 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 |
Page 1
SYNFONIA
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024
| 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 2024 £ 4,379 63 4,442 3,007 3,007 1,435 (1,331) 1,435 104 |
Total funds 2024 £ 4,379 63 4,442 3,007 3,007 1,435 (1,331) 1,435 104 |
Total funds 2023 £ 5,604 212 5,816 7,751 7,751 (1,935) 604 (1,935) (1,331) |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 4 to 12 form part of these financial statements.
Page 2
SYNFONIA
BALANCE SHEET AS AT 31 AUGUST 2024
| Note Fixed assets Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets / liabilites Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
150 794 944 (840) |
2024 £ - 104 104 - 104 104 |
200 189 389 (1,720) |
2023 £ - (1,331) (1,331) - (1,331) (1,331) |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees on 01 May 2025 and signed on their behalf by:
................................................
Dr Chaz Keiderling
Trustee
The notes on pages 4 to 12 form part of these financial statements.
Page 3
SYNFONIA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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 2024
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 2024
3. Income from donations and legacies
| Donations Total 2024 Donations Total 2023 4. Other incoming resources Other income Total 2024 Other income Total 2023 |
Unrestricted funds 2024 £ 4,379 4,379 Unrestricted funds 2023 £ 5,604 5,604 Unrestricted funds 2024 £ 63 63 Unrestricted funds 2023 £ 212 212 |
Total funds 2024 £ 4,379 |
|---|---|---|
| 4,379 | ||
| Total funds 2023 £ 5,604 |
||
| 5,604 | ||
| Total funds 2024 £ 63 |
||
| 63 | ||
| Total funds 2023 £ 212 |
||
| 212 |
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SYNFONIA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ Charitable activities 3,007 Total 2024 3,007 Unrestricted funds 2023 £ Charitable activities 7,751 Total 2023 7,751 |
Total 2024 £ 3,007 |
|---|---|
| 3,007 | |
| Total 2023 £ 7,751 |
|
| 7,751 |
6. Analysis of expenditure by activities
| Charitable activities Total 2024 |
Direct costs 2024 £ 650 650 |
Support costs 2024 £ 2,357 2,357 |
Total funds 2024 £ 3,007 |
|---|---|---|---|
| 3,007 |
| Charitable activities Total 2023 |
Activities undertaken directly 2023 £ 25 25 |
Support costs 2023 £ 7,726 7,726 |
Total funds 2023 £ 7,751 |
|---|---|---|---|
| 7,751 |
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SYNFONIA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Raising funds Musician fees Consultant fees |
Total funds 2024 £ - 400 250 650 |
Total funds 2023 £ 25 - - |
|---|---|---|
| 25 |
Analysis of support costs
| Staff costs Bank charges Insurance Website costs Subscriptions Travel and subsistence Accountancy fees 7. Staff costs Wages and salaries Social security costs |
Total funds 2024 £ - 11 96 492 918 - 840 2,357 2024 £ - - - |
Total funds 2023 £ 5,158 10 96 437 856 89 1,080 |
|---|---|---|
| 7,726 | ||
| 2023 £ 5,000 158 |
||
| 5,158 |
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SYNFONIA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
7. Staff costs (continued)
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Staff | - | 1 |
No employee received remuneration amounting to more than £60,000.
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year, no Trustee expenses have been incurred (2023 - £NIL) .
9. Debtors
| Due within one year Gift Aid |
2024 £ 150 150 |
2023 £ 200 |
|---|---|---|
| 200 |
10. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2024 £ - 840 840 |
2023 £ 880 840 |
|---|---|---|
| 1,720 |
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SYNFONIA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
11. Financial instruments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 794 | 189 |
Financial assets measured at fair value through income and expenditure comprises cash at bank and in hand.
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Statement of funds - prior year Unrestricted funds General Funds |
Balance at 1 September 2023 £ (1,331) Balance at 1 September 2022 £ 604 |
Income £ 4,442 Income £ 5,816 |
Expenditure £ (3,007) Expenditure £ (7,751) |
Balance at 31 August 2024 £ 104 |
|---|---|---|---|---|
| Balance at 31 August 2023 £ (1,331) |
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SYNFONIA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Current assets 944 Creditors due within one year (840) Total 104 |
Total funds 2024 £ 944 (840) 104 |
|---|---|
Analysis of net assets between funds - prior period
| Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 389 (1,720) (1,331) |
Total funds 2023 £ 389 (1,720) (1,331) |
|---|---|---|
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SYNFONIA
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
14. 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 £NIL (2023 - £158). No amounts were payable to the fund at the balance sheet date (2023 - the same).
15. 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 2024.
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