Companies House Registration Number: CE029481 Charity Registration Number: 1199365
Report of the Trustees and
Unaudited Financial Statements for the Period Ended 20 December 2023
for
United Strings of Europe CIO
(A Charitable Incorporated Organisation)
Green Accountancy Limited Chartered Certified Accountants Windrush House Windrush Park Road Witney Oxfordshire OX29 7DX
United Strings of Europe CIO
Contents
| Charity information | 1 |
|---|---|
| Report of the trustees | 2-8 |
| Independent examiner's report | 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12-17 |
United Strings of Europe CIO
Reference and administrative details
Registered Charitable Incorporated Organisation number in England and Wales
CE029481
Registered Charity number
1199365
Registered office
6 Newland Gardens London W13 9TR
Trustees
Emma Aylwin Maureen Ali Thomas Raymond Le Feuvre Pocock
Independent Examiner
Barry Coles FCCA Green Accountancy Limited Chartered Certified Accountants Windrush House Windrush Park Road Witney Oxfordshire OX29 7DX
Page 1
United Strings of Europe CIO
TRUSTEES' REPORT FOR THE YEAR ENDED 20 DECEMBER 2023
The Trustees of the United Strings of Europe CIO present their first annual report together with the financial statements of the Charity from 20 June 2022 to 20 December 2023.
The financial statements comply with the Charities Act 2011, the Constitution of the CIO (United Strings of Europe), and 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).
Structure, governance and management
Founding of the CIO
The organisation converted its structure from that of a Community Interest Company (CIC) to that of a Charitable Incorporated Organisation (CIO) as permitted under sections 228 to 244 of the Charities Act 2011. Following a successful application to the Charity Commission, the conversion took place 20 June 2022.
Nature of the governing document
United Strings of Europe is a CIO governed by its Constitution dated 25 May 2022. It is registered as a charity with the Charity Commission. Applications for membership must be approved by the trustees. At the time of 20 Dec 2023, there are three trustees, none of whom have any financial liability in the event of the charity winding up.
Recruitment and appointment of trustees
New trustees are appointed by selection by the current Trustees of the charity by a simple majority vote. New trustees are selected on the basis that they will add expertise or knowledge to the board.
Organisational structure
The board of trustees is responsible for overseeing the operation of United Strings of Europe and ensuring that it is being run according to the principles of the constitution. The Artistic Director has been appointed by the trustees to manage the day-to-day operations and has delegated authority to take decisions on operational matters including finance, employment, sustainability, artistic direction, and programming.
Although it has not always been possible over the course of its first year of existence, the board of trustees has set out to meet quarterly, with the Artistic Director reporting to the board and attending portions of those meetings.
The trustees who served during the year and up to the date of signature of the financial statements were:
Page 2
Thomas Pocock (chair) Emma Aylwin Maureen Ali
None of the trustees has any beneficial interest in the charity.
The charity's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The charity's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the charity's contractual and other legal obligations.
Public benefit
All of the charitable activities are undertaken for the benefit of the public. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
The Trustees' report was approved by the Board of Trustees.
Page 3
Objectives and activities
Objectives
As per the charity’s founding document, its objectives are specifically restricted to the following: the advancement of the art and the appreciation of music making and other associated arts for the public benefit, in particular by bringing music and arts to audiences by arranging public performances, audience participation, producing recordings, workshops, masterclasses, talks and otherwise.
The day-to-day activities of the charity are managed by musician and producer Julian Azkoul (Artistic Director) alongside performers, composers, the organisation’s concert agent, fundraisers and other professionals, as well as donor organisations and volunteers. The Artistic Director works in partnership with other actors from the arts world, such as the artistic directors and programmers of venues and festivals at which musicians engaged by the United Strings of Europe appear, and with media partners such as radio stations and the record label BIS Records (now a subsidiary of Apple Inc.). The organisation’s work is guided by the strategic direction set by the trustees.
Strategies for achieving objectives
United Strings of Europe CIO is based in London and while its principle artistic activity is in the UK, it also organises and takes part in performances overseas. Its digital output has a worldwide audience: this includes both commercial and non-commercial recordings, radio broadcasts, music videos, social media 'behind the scenes' insights, articles such as blog posts, and education and outreach work including international masterclasses, student and community workshops.
Activities undertaken to achieve objectives
In general, the Charity identifies three main areas of activity, through which it delivers its strategy. The strategies employed by the charity to further its objectives and aims of making world-class music and art more widely available are:
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The commissioning of new musical works and new arrangements of existing works. The strategy employed by the charity is to commission music from young and under-represented groups of composers by raising funds from other trusts and charities that also support these goals.
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The making and distribution of sound recordings in partnership with record labels, radio broadcasters and music creators. This in some cases also includes the creation of videographic material to promote works of music.
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The production of live concerts in a variety of settings from the world’s leading concert halls to educational settings and community spaces. This also includes venues that may have never hosted musical events.
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Achievements and performance
Main achievements of the Charity
In the year under consideration, the United Strings of Europe produced major performances:
- Renewal - original works and new arrangements around the themes of resilience and change Through the Night - a large-scale string orchestra programme that was performed, recorded and released as an album
Finding Home - a collaboration with Maya Youssef (qanun)
Apollo Resurrected - combining strings and juggler-acrobats
Sanctuary and Solidarity - a collaboration with SANSARA choir and oud player Basel Saleh
INFINITY - residency at the Coronet Theatre for the UK premiere of a show with music by Philip Glass and text by Arturo Béjar
Vienna, the Inexorable Decline - string chamber music from the turn of the 20th Century
Inheriting the Earth - new arrangements of works by women composers with soprano Ruby Hughes Our Living Future - a collaboration with the BBC Singers
-
The charity commissioned composers Joanna Marsh, Houtaf Khoury and Matthew Whiteside to write new works for performance, and new arrangements of songs from Rhian Samuel, Simon Parkin and Errollyn Wallen who was recently appointed Master of the King’s Music.
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In addition, the ensemble gave the world premiere of works by Robin Holloway, Shruthi Rajasekar, JP Jofre, David Ford, Xenia Pestova Bennett and Kim André Arnesen. They gave the UK premiere of Morten Lauridsen’s Ave Verum Corpus.
-
The ensemble collaborated for the first time with the ORA Singers, BBC Singers, acrobats from Gandini Juggling, SANSARA Choir, the Lodestar Trio and Ensemble Renard.
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The ensemble collaborated with the following solo artists for the first: Xenia Pestova Bennett (piano), Parker Ramsay (harp), Emily Thorner (soprano), Tara Hugo (soprano), Guy Johnston (cello), Adam Walker (flute), JP Jofre (bandoneon), Julian Bliss (clarinet), Morgan Szymanski (guitar), Richard Gower (piano), Maya Youssef (qanun), Basel Saleh (oud), Tom Herring (conductor), Suzi Digby (conductor), Sofie Jeannin (conductor), and Tom Primrose (conductor).
-
Side-by-side project with string players from the Purcell School in Sept 2022.
-
The ensemble released two new albums on BIS Records to critical acclaim ( Tchaikovsky and Through the Night ). Tchaikovsky included new arrangements by Julian Azkoul, and Through the Night included a world premiere recording of Daniel Kidane’s Be Still as well as a new arrangement of Richard Strauss’s Metamorphosen by Eric Mouret and bespoke arrangements of 17th-century madrigals by Simon Parkin and Michi Wiancko. The ensemble recorded a further two albums (one live and one in the studio) for release in 2024.
Page 5
- The ensemble held residences for the first time at the Southrepps Festival (August ‘22), the Hatfield House Chamber Music Festival (September ‘22), the Coronet Theatre (June 23’), The Night With Festival (dec ‘23), and performed at the Barbican Centre, the Wigmore Hall, the Coronet Theatre, St Martin-in-theFields Church and King’s Place in London, Northern Ballet in Leeds, and the Victoria Hall, Musiques en été and the St Germain Church in Geneva, all for the first time.
Milestones
Over the course of the first financial year, the United Strings of Europe:
-
Surpassed 1 million streams on Apple Music
-
Gave 26 performances in four different countries (England, Scotland, Switzerland and France)
-
Gave 15 world premieres
-
Commissioned 10 new arrangements
-
Held 4 residencies
-
Commissioned 3 new works
-
Released 2 albums
-
Recorded 2 albums
-
Made 2 live radio broadcasts
Page 6
Financial review
Financial review
During the year the charity was in receipt of income totaling £175,481, of which £28,100 were grants received. Expenditure incurred totaled £158,732 relating to charitable activities and raising funds. Reserves remaining at the end of the financial period were £7,753.
Going concern
The trustees are satisfied that the charity has adequate resources to continue in operational existence for the foreseeable future.
Reserves policy
It is the goal of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months of overheads. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to major risks. The trustees are satisfied that the necessary fundraising and funding to maintain the required cash flow and cash flow forecast for the charity to be at the very least a going concern is in place and being monitored on a regular basis.
Statement of Trustees' responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make Judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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.
Page 7
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
18/10/2024
Approved by the trustees of the charity on …………………………… and signed on its behalf by:
Emma Aylwin
Trustee
Page 8
Independent Examiner's Report to the Trustees of United Strings of Europe CIO
I report to the charity trustees on my examination of the accounts of the charity for the period ended 20 December 2023.
Responsibilities and basis of report
As the charity's trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
Having satisfied myself that the accounts of the charity are not required to be audited and are eligible for independent examination, I report in respect of my examination of your charity's accounts as 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. 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 charity as required by the 2011 Act; or
-
2 the accounts do not accord with those records; or
-
3 the accounts do not comply with the accounting requirements of the 2011 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)).
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.
Barry Coles FCCA Green Accountancy Limited Chartered Certified Accountants Windrush House Windrush Park Road Witney Oxfordshire OX29 7DX
18/10/2024
Date: .............................................
Page 9
United Strings of Europe CIO
Statement of Financial Activities for the period ended 20 December 2023
| Unrestricted funds Note £ Incoming resources Income and endowments from: Donations and legacies 3.1 5,920 Charitable activities - income 3.2 141,461 Total Income 147,381 Resources expended Expenditure on: Raising funds 4.1 150 Charitable activities - expenditure 4.2 131,160 Other 322 Total expenditure 131,632 Net income/(expenditure) 15,749 Net movement in funds 15,749 Reconciliation of funds: Total funds brought forward (8,996) Total funds carried forward 6,753 |
Restricted funds £ 28,100 - 28,100 - 27,100 - 27,100 1,000 1,000 - 1,000 |
Total 2023 £ 34,020 141,461 175,481 150 158,260 322 158,732 16,749 16,749 (8,996) 7,753 |
Total 2022 £ 10,200 5,767 15,967 214 30,232 37 30,483 (14,516) (14,516) 5,520 (8,996) |
|---|---|---|---|
Continuing operations
All income and expenditure has arisen from continuing activities.
Page 10
United Strings of Europe CIO
Charity Number 1199365
Balance Sheet as at 20 December 2023
CIO Number CE029481
| Unrestricted funds Note £ Current assets Debtors 6 9,487 Cash at bank and in hand 7 14,385 Total current assets 23,872 Creditors: amounts falling due within one year 8 6,079 Net current assets/(liabilities) 17,793 Total assets less current liabilities 17,793 Creditors: amounts falling due after one year 9 11,040 Total net assets 6,753 Funds of the Charity Unrestricted funds 10 6,753 Restricted income funds 10 Total funds 6,753 |
Restricted funds £ - 1,000 1,000 - 1,000 1,000 - 1,000 1,000 1,000 |
Total 2023 £ 9,487 15,385 24,872 6,079 18,793 18,793 11,040 7,753 6,753 1,000 7,753 |
Total 2022 £ - 2,792 2,792 720 2,072 2,072 11,068 (8,996) (8,896) - (8,896) |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on
18/10/2024
…......................................and were signed on its behalf by:
.............................................
Emma Aylwin Trustee
Page 11
United Strings of Europe CIO
Notes to the Financial Statements for the period ended 20 December 2023
1 Basis of preparing the financial statements
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts 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'
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and with the Charities Act 2011.
The charity is a Charitable Incorporated Organisation and constitutes a public benefit entity as defined by FRS 102.
Due to conversion from a Community Interest Company (CIC) to Charitable Incorporated Organisation (CIO) the prior year comparatives appear uncomparable on the basis of the extended reporting period and change in legal entity.
2 Accounting Policies
Income
Income is included in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources;
-
it is more likely than not that the trustees will receive the resources;
-
the monetary value can be measured with sufficient reliability.
Income from interest, royalties and dividends
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
Grants and donations
Grants and donations are included in the SoFA when the general income recognition criteria are met.
Expenditure
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.
Page 12
United Strings of Europe CIO
Notes to the Financial Statements for the period ended 20 December 2023
Governance and support costs
Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Taxation
The charity registered as a charity on 20 June 2022 and since that date has been exempt from corporation tax on its charitable trading activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Cash at bank and in hand
Cash at bank and cash 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.
Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
The charity has creditors which are measured at settlement amounts less any trade discounts
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United Strings of Europe CIO
Notes to the Financial Statements for the period ended 20 December 2023
3.1 Income from donations and legacies
| Unrestricted funds £ Funding from Trusts and Foundations - Individual donations 5,920 Total donations and legacies 5,920 Unrestricted funds Grants included in the above amounts: £ Cockayne - London Community Foundation - Marchus Trust - Help Musicians - PRS Foundation - The Leche Trust - Total grants included in donations and legacies - 3.2 Income from charitable activities Unrestricted funds £ CD Royalties 2,502 CD Sales 170 Concert income 138,630 Other income 159 Total income from charitable activities 141,461 4.1 Raising funds Unrestricted funds £ Fundraising costs 150 Total expenditure on raising funds 150 |
Restricted funds £ 28,100 - 28,100 Restricted funds £ 8,000 9,000 4,700 4,900 1,500 28,100 Restricted funds £ - - - - - Restricted funds £ - - |
Total 2023 £ 28,100 5,920 34,020 Total 2023 £ 8,000 9,000 4,700 4,900 1,500 28,100 Total 2023 £ 2,502 170 138,630 159 141,461 Total 2023 £ 150 150 |
Total 2022 £ 4,700 5,500 10,200 Total 2022 £ - 4,700 - - - 4,700 Total 2022 £ - - 5,425 342 5,767 Total 2022 £ 214 214 |
|---|---|---|---|
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United Strings of Europe CIO
Notes to the Financial Statements for the period ended 20 December 2023
4.2 Charitable activities - expenditure
Promoting musical and cultural cooperation
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Total|
|funds|funds|2023|2022|
|£|£|£|£|
|Musician fees|81,274|27,100|108,374|24,948|
|Production costs|12,996|-|12,996|775|
|-|-|
|Commissions payable|11,481|11,481|
|-|
|Equipment and venue hire|3,804|3,804|1,760|
|Advertising & Marketing|4,290|-|4,290|344|
|Print, postage and stationery|144|-|144|-|
|IT and software costs|875|-|875|-|
|Entertainment|540|-|540|-|
|Travel and subsistence|12,493|-|12,493|1,546|
|Professional fees|55|-|55|-|
|Accountancy and bookkeeping fees|2,452|-|2,452|859|
|Independent examination|756|-|756|-|
|Total expenditure on charitable activities|131,160|27,100|158,260|30,232|
|Support costs|
|All support costs are allocated to the single charitable activity of the charity and are included above.|
|4.3|Governance costs included above|Unrestricted|Restricted|Total|Total|
|funds|funds|2023|2022|
|£|£|£|£|
|Accountancy and bookkeeping fees|2,452|-|2,452|859|
|Independent examination|756|-|756|-|
|Professional fees|55|-|55|-|
|Total governance costs|3,263|-|3,263|859|
----- End of picture text -----
4.4 Trustee remuneration
None of the trustees were remunerated during the year or the previous year.
Page 15
United Strings of Europe CIO
Notes to the Financial Statements for the period ended 20 December 2023
| 4.5 Staff costs Unrestricted funds £ Salaries - Employers NI - Total staff costs - There are no staff working for the charity in this period. 4.6 Staff numbers Average headcount in the year: Charitable activities 4.7 Related party transactions There are no related party transactions that require disclosue. 5 Debtors Unrestricted funds £ Prepayments 2,901 Accrued income 6,586 Total debtors 9,487 6 Cash at bank and in hand Unrestricted funds £ Bank current account 14,339 Bank deposit account 46 Total cash at bank and in hand 14,385 7 Creditors: amounts falling due within one year Unrestricted funds £ Accruals 6,079 Total creditors due within one year 6,079 |
Restricted funds £ - - Restricted funds £ - - - Restricted funds £ 1,000 - 1,000 Restricted funds £ - - |
Total 2023 £ - - 2023 - Total 2023 £ 2,901 6,586 9,487 Total 2023 £ 15,339 46 15,385 Total 2023 £ 6,079 6,079 |
Total 2022 £ 37 37 2022 - Total 2022 £ - - - Total 2022 £ - 2,792 2,792 Total 2022 £ 720 720 |
|---|---|---|---|
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United Strings of Europe CIO
Notes to the Financial Statements for the period ended 20 December 2023
| 8 Creditors: amounts falling due after more than one year Unrestricted funds £ Bank loans due after more than one year 11,040 Total creditors due within one year 11,040 9 Loans: analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling due within one year on demand Amounts falling between one and two years: Amounts falling due between two and five years: 10 Charity funds - current year |
Restricted funds £ - - |
Total 2023 £ 11,040 11,040 2023 £ - - - 11,040 |
Total 2022 £ 11,068 11,068 2022 £ - - - 11,068 |
|---|---|---|---|
| At 20 June 2022 Net movement in funds £ £ Unrestricted funds (8,996) 15,749 Restricted funds - 1,000 Total funds (8,996) 16,749 At 20 June 2022 Incoming resources £ £ Restricted funds Restricted for specific projects - 28,100 Total Restricted funds - 28,100 The restricted fund are grants received in the year and unspent at the end of |
Transfers between funds £ - - - Resources expended £ 27,100 27,100 the year. |
At 20 December 2023 £ 6,753 1,000 7,753 At 20 December 2023 £ 1,000 1,000 |
|---|---|---|
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