OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-07-31-accounts

THE BACH CHOIR

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

UK REGISTERED CHARITY No 258287

THE BACH CHOIR

I N D E X

Year ended 31 July 2021

Page
General information 2
Trustees’ Report 3
Statement of Trustees’ Responsibilities 7
Honorary Independent Auditors’ Report 8
Income and expenditure account 11
Statement of financial activities 12
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16
Additional detail for members 29

1

THE BACH CHOIR

G E N E R A L I N F O R M A T I O N

Year ended 31 July 2021

Patron His Royal Highness The Prince of Wales His Royal Highness The Prince of Wales
President John Rutter, CBE
Vice-Presidents Dame Janet Baker, CH, DBE
James Bowman, CBE
Sam Gordon Clark, CBE
Dame Felicity Lott, DBE
Board of Trustees
Chair Katharine Richman
Vice Chair Jane Crowther
 (stepped down 08/09/2020)
Stephen Hargreaves
 (from 06/10/2020)
Music Director David Hill, MBE
Honorary Treasurer Peter Floyd
External Trustees Richard Blackford
Alan Chalmers
 (deceased 19/06/2021)
Elected Members Julien Allen (from 01/02/2021)
Alexander Churchill
 (stepped down 01/02/2021)
Jim Clifford, OBE
Harriet Creamer
Jenny Clarke (from 01/02/2021)
Lilly German (from 01/02/2021)
Stephen Hargreaves
Jill Pringle (from 01/02/2021)
Jane Scott
Juliet Telford (stepped down 01/02/2021)
Rachael Williams (stepped down 01/02/2021)
Naomi Wordsworth
Co-opted Members Alexander Churchill (co-opted 02/02/2021)
‘Desola Haastrup (co-opted 01/02/2021)
General Manager Nick Cutts (left 30/09/2020)
P O Box 61756, London SW1H 0UZ
Tel: 020 7127 4677 Email: genman@thebachchoir.org.uk
Honorary Auditors Dixon Wilson Audit Services LLP, 22 Chancery Lane, London WC2A 1LS
Bankers C Hoare & Co, 37 Fleet Street, London EC4P 4DQ
Charitable status The Bach Choir is an unincorporated charity, governed by its rules, registered in England
& Wales as charity number 258287.

2

THE BACH CHOIR

T R U S T E E S ’ R E P O R T

Year ended 31 July 2021

Objectives and Activities

As one of the world’s leading choruses, The Bach Choir’s aim is to inspire people of all ages and backgrounds with the magnificence, beauty and emotional power of choral music, through the excellence of its performances, recordings and through community engagement and inclusion.

Reference and Administrative Information

Reference and administrative information is set out on the previous page and forms part of this report. The financial statements comply with current statutory requirements and have been prepared in accordance with FRS 102.

Structure, Governance and Management

The Bach Choir is governed by rules agreed by its Singing and Associate Members, the latter group comprising certain former Singing Members of the Choir. Overall direction is in the hands of the Board of Trustees. The Chair, Musical Director and Treasurer are appointed annually by the elected members of the Board of Trustees, who are, in turn, elected by the Singing Members and those Associate Members who have recently been Singing Members of the Choir.

The Choir’s musical direction is the responsibility of the Musical Director, while its administration is the responsibility of the Working Group. Both report to the Board of Trustees, which meets about eight times a year. Board members are made aware of their responsibilities, as trustees of the Choir, upon election.

The Bach Choir is an independent organisation and, whilst it values its connections with other arts organisations and grant-making organisations, there are no related charities.

Review of Season

Due to the COVID-19 pandemic, The Bach Choir was not able to promote any concerts during the 2020-21 season, instead concentrating its activity on commissioning new music. Eight new works were commissioned, seven of which were short a cappella pieces, with the last being a work for baritone soloist, chorus and strings, Vision of a Garden, by Richard Blackford, based on text taken from the diaries completed by NHS staff during a Choir member’s long stay in hospital with COVID-19. This work is being premiered at the Choir’s first concert for 20 months, in October 2021. Six of the short works were recorded in socially distanced sessions over a weekend in July 2021, with the seventh, by Gabriel Jackson, recorded live by a small group of singers in May 2021 and the output mixed with individual recordings created at home. The result will be presented as a short film at the October 2021 concert.

The value of our investments at 31 July 2021 has recovered by around 16.5% on this time last year, in line with the UK and Global market as a whole. Our balance sheet remains healthy, with the total significantly higher than in July 2020, due to the Income and Expenditure account surplus of £62,593 (2020 £18,788). This improvement was achieved despite a reduction in income that was offset by a reduction in our operating costs and the recovery of our investments.

Thanks are due to singing members and the Choir’s many supporters for their generosity, particularly in continuing to pay their subscriptions, and make additional donations, during this period of reduced activity.

Support was secured for the Choir’s student bursary scheme in the sum of £1,000 (2020 £6,000), and for the Choir’s outreach programme in the sum of £5,000 (2020 £15,700), both sums being significantly lower than in previous years due to the difficult funding situation presented by the COVID-19 pandemic.

3

T R U S T E E S ’ R E P O R T

THE BACH CHOIR

Year ended 31 July 2021

Live performance

The Choir did not give any live performances during the 2020-21 season due to the COVID-19 pandemic, which resulted in the closure of concert halls, and restrictions being placed on meeting others and on choral singing.

The Choir adapted to the restrictions imposed, with weekly rehearsals moving online. The Choir is very grateful to David Hill, Musical Director, for his patience and energy in engaging singers in these online sessions.

Recording and broadcasting

Two recordings were made during the 2020-21 season. Gabriel Jackson’s The Promise, set to words by singing member Laura-Jane Foley, was created by 100 singing members sending in individual audio files recorded at home to a professionally prepared guide track, with the results of this mixed with the output from a live recording session in which small groups of singers were recorded and filmed against a green screen. A film, based around the themes of the environment and climate change, was subsequently created by We Dream Films, in which the faces of singers are projected onto a forest setting.

The second recording project, Bach Inspired, devised and produced by Mark Austin, involved the audio recording of six new works by a diverse group of composers, each responding to a chorale from Bach’s St Matthew Passion, alongside the chorales that inspired them. This took place in St John’s Smith Square in July 2021 and the result will be released in the lead up to the Choir’s performance of the St Matthew Passion – following an enforced break of two years – in April 2022.

The power of recording and broadcasting as a promotional tool cannot be underestimated. Not only does it help keep The Bach Choir brand in public view but – in the case of broadcasting particularly – it helps further our charitable objective of reaching new audiences who might not otherwise experience the richness of choral music.

Community Engagement

The Bach Choir is committed to spreading the joy of choral music to diverse audiences and particularly to those who might not otherwise have exposure to it.

In 2020-21 we were unable to offer any in-person workshops with children in primary schools, or with those in dementia care homes, due to the COVID-19 pandemic. However, with the invaluable help of our Outreach Administrator, Aliss Pollock, we ran a very successful virtual choir project based around the song ‘Love’ from Will Todd’s Lights, Stories, Noise, Dreams, Love and Noodles, in which children were invited to send in their individual recordings, undertaken with the assistance of a professionally created guide track. The resulting film was expertly mixed and edited by Chris Hill and Lucy Johnson, to whom The Bach Choir is very grateful.

The Choir presented a number of online choral workshops, expertly delivered by David Hill, during the 2020-21 season, which were attended by singers from the UK and all over the world, making us many new friends, a number of whom gave generous donations to the Choir. The total donations received from choral workshop participants in the 2020-21 season was £15,890 (2020 £4,053).

We are extremely grateful to the individuals, organisations, trusts and foundations who have supported our work with generous grants and donations.

4

T R U S T E E S ’ R E P O R T

THE BACH CHOIR

Year ended 31 July 2021

Staffing

The Board’s plans for a staffing restructure, which had been formulated over some months, and which aimed to reduce the Choir’s structural deficit, were brought forward by the COVID-19 pandemic and the General Manager was given notice of redundancy, which took effect on 30 September 2020. Our Development Administrator, MaryBeth Owen, continues to work full-time, and over the 2020-21 season has been offering invaluable help to our marketing trustees. Aliss Pollock, our Outreach Administrator, left us to take up roles in Music Therapy on 31 August 2021, and Joseph Hookway has been appointed in her place, as Community Engagement Administrator, initially working 40 hours per month. A Digital Marketing Manager has been recruited, and Joe Garvey takes up his role on 18 October 2021, working three days per week. General administration is being covered by volunteers, assisted by the Development Administrator.

The financial picture

Subscription income is lower than last season standing at £65,477 (2020 £78,654), a £60 reduction having been applied to singing members’ subscriptions in view of the reduced activity during the COVID-19 pandemic. The subscription rates for Associate Members and Friends were unchanged and we are extremely grateful to all for their continued support.

It remains our belief that no-one should be prevented from singing with the Choir on financial grounds alone, and we are continuously seeking to expand our student membership bursary scheme.

Finally, we place on record our special gratitude to Dixon Wilson Audit Services LLP for auditing these accounts without fee and for making their immense experience and knowledge available to us.

Reserves

Our investments and cash reserves are looking considerably healthier than this time last year when we felt the full financial impact of the COVID-19 pandemic. We recognise, however, the higher risks involved in promoting our own concerts in an uncertain future and we need to invest more in marketing and improving the Choir’s image to attract a wider and more diverse audience. Whilst our funds have increased this season, despite the reduction in income, we continue to manage expenditure carefully as opportunities for sponsorship funding become increasingly difficult to identify.

Funds on 31 July 2021 were £611,067 (2020: £548,474) of which £548,310 (2020: £494,096) represents expendable funds and £25,149 (2020: £23,009) is restricted. The balance of £37,608 (2020: £31,369) is endowed. Expendable funds consist of unrestricted reserves of £61,168 (2020: £29,618) and designated funds of £487,142 (2020: £464,478). With expendable funds, the Donations fund is designated to be used to support loss-making ownpromoted concerts and recordings, the Touring fund to be used to support future tours, and the Friends’ fund to support other choir initiatives.

Historically, the Choir’s budgeted costs have generally exceeded anticipated revenues, and it relies on charitable donations and sponsorship to bridge this gap. Reserves are required to cover the Choir’s liabilities in the event that such donations and sponsorship are insufficient to cover this gap, and to enable it to plan its future activities, normally up to two years ahead. Reserves are also required by way of contingency to cover the financial impact of unexpected events outside the Choir’s control that might seriously impact the Choir’s revenues, for example the short notice cancellation of concerts as experienced during the COVID-19 pandemic. The Trustees consider the ideal level of reserves, as of 31 July 2021, to be a minimum of £500,000.

In addition to unrestricted reserves at the year-end of £61,168, the Trustees are also able to use designated funds of £487,142 to meet future expenditure and on this basis the financial position at the year-end is considered to be adequate.

5

THE BACH CHOIR

T R U S T E E S ’ R E P O R T

Year ended 31 July 2021

Plans for the future

Our planned programme for 2021-22 is based on the ending of social distancing restrictions both for performers and audiences. This is in line with the plans adopted by the orchestras that we work with. There are a few casualties of the COVID-19 pandemic, including a planned tour to Dresden, where we were due to perform in the Frauenkirche in December 2021, and the Royal British Legion Christmas Celebrations, at which the Choir has performed for around 25 years, but the Choir otherwise has a full programme of concerts and recordings ahead. These include five Choir-promoted concerts, two in the Royal Festival Hall, two in the Cadogan Hall and one in Holy Trinity Church, Sloane Square; and two recordings: Richard Blackford’s Vision of a Garden and a new orchestration of the Verdi Requiem, generously produced without charge for the Choir by Richard Blackford. The full costs of the former have been covered by a very generous anonymous donor.

Promoted concerts and recordings are complemented by seven engagements to perform for others including Raymond Gubbay Ltd, and the Royal Philharmonic Orchestra.

At the same time, we are continuing to offer termly on-line choral workshops in order to maintain engagement with those who are unable to travel to our concerts and in-person Come and Sing days.

Public Benefit

The trustees have reviewed the public benefit nature of the organisation and consider that it fulfils the requirements of the Charities Act 20II. In particular, the Choir:

Katharine Richman Chair

On behalf of the Board of Trustees of The Bach Choir

6

THE BACH CHOIR

S T A T E M E N T O F T R U S T E E S ’ R E S P O N S I B I L I T I E S

Year ended 31 July 2021

Trustees’ responsibilities in relation to the financial statements

The trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales 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:

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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.

7

THE BACH CHOIR

H O N O R A R Y I N D E P E N D E N T A U D I T O R S ’ R E P O R T

Year ended 31 July 2021

Opinion

We have audited the financial statements of The Bach Choir (the ‘charity’) for the year ended 31 July 2021 which comprise the income and expenditure account, statement of financial activities, balance sheet, statement of cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

8

H O N O R A R Y I N D E P E N D E N T A U D I T O R S ’ R E P O R T

THE BACH CHOIR

Year ended 31 July 2021

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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 and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity by considering, amongst other things, the sector and jurisdictions in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to UK tax legislation and UK Charity Law as well as UK financial reporting standards applicable for UK charities.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

9

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………… Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS 22 December 2021 Date:…………………………..

Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

10

THE BACH CHOIR

I N C O M E A N D E X P E N D I T U R E A C C O U N T

Year ended 31 July 2021

Note
Deficit on concerts
4
Choral fees, recordings and broadcasts
5
Commissions
Overseas tours
6
Surplus on musical activities
before central costs
Subscriptions
7
Surplus on Friends
8
Miscellaneous income
9
Investment income
10
Regular income
General expenditure
11
Regular income less general expenditure
Sponsorship, donations, grants and legacies
12
Surplus on operations
Loss on revaluation of heritage assets
15
Net gain/(loss) on investments
13
Net surplus
General fund
Friends’ fund
Donations fund
Touring fund
Outreach fund
Student bursary fund
Rothschild legacy fund
Poynter stock legacy fund
Total surplus for the year		 £
-
(12,221)
(7,500)
-
65,477
7,086
60
8,492
81,115
(110,838)
47,867
7,086
15,578
-
(6,271)
(7,906)
-
6,239		 2021
£
(19,721)
(29,723)
(49,444)
61,421
11,977
(6,928)
57,544
62,593
62,593		 £
(30,791)
60,345
-
(21,018)
78,654
15,106
3,032
15,764
112,556
(152,982)
(28,755)
15,106
54,271
10,112
65
(8,152)
(15,847)
(8,012)		 2020
£
8,536
(40,426)
(31,890)
142,653
110,763
(1,537)
(90,438)
18,788
18,788

11

THE BACH CHOIR

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 31 July 2021

Student
Poynter
General
Friends
Donation
Touring
Outreach
bursary
stock
fund
fund
fund
fund
Fund
fund
Recording
Legacy
Note (unrestricted)
(designated)
(designated)
(designated)
(restricted)
(restricted)
(restricted)
(endowment)
£
£
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
Subscriptions
7
65,477
-
-
-
-
-
-
-
Friends donations
8
-
3,080
-
-
-
-
-
-
Grants
12
4,312
-
-
-
7,934
1,000
-
-
Donations and legacies
12
-
-
48,175
-
-
-
-
-
Donations in kind
22
10,000
-
-
-
-
-
-
-
Investments
10
8,492
-
-
-
-
-
-
-
Charitable activities
Concert income
4
-
-
-
-
-
-
-
-
Choral fees, recordings and broadcasts
5
20,376
-
-
-
-
-
-
-
Overseas tours
6
-
-
-
-
-
-
-
-
Other income
Friends subscriptions
8
-
5,340
-
-
-
-
-
-
Miscellaneous income
9
60
-
-
-
-
-
-
-
Total income and endowments
108,717
8,420
48,175
-
7,934
1,000
-
-		 Total
2021
£
65,477
3,080
13,246
48,175
10,000
8,492
-
20,376
-
5,340
60
174,246		 Total
2020
£
78,654
13,524
32,135
110,518
10,000
15,764
79,837
64,687
307,830
5,405
3,032
721,386

12

THE BACH CHOIR

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S ( c o n t i n u e d )

Year ended 31 July 2021

Student
Poynter
General
Friends
Donation
Touring
Outreach
bursary
stock
fund
fund
fund
fund
fund
fund
Recording
Legacy
Note (unrestricted)
(designated)
(designated)
(designated)
(restricted)
(restricted)
(restricted)
(endowment)
Expenditure on:
£
£
£
£
£
£
£
£
Raising funds
Advertising and publicity
11
(32,869)
-
-
-
-
-
-
-
Friends’ costs
8
-
(1,334)
-
-
-
-
-
-
Charitable activities
Concerts
4
-
-
-
-
-
-
-
-
Choral fees, recordings and broadcasts
5,8
-
-
(32,597)
-
-
-
-
-
Overseas tours
6
-
-
-
-
-
-
-
-
Outreach
11
-
-
-
-
(14,205)
-
-
-
Music commissions
(7,500)
-
-
-
-
-
-
-
Other musical costs
11
(31,160)
-
-
-
-
(8,906)
-
-
Pro-bono audit fees
22
(10,000)
-
-
-
-
-
-
-
Other expenditure
Other direct costs
11
(23,698)
-
-
-
-
-
-
-
Total expenditure
(105,227)
(1,334)
(32,597)
-
(14,205)
(8,906)
-
-
Net gains/(losses) on investments & heritage assets
Realised
13
24,653
-
-
-
-
-
-
-
Unrealised
13
26,652
-
-
-
-
-
-
6,239
Loss on revaluation of heritage assets
15
(6,928)
-
-
-
-
-
-
-
Net movement on investments & heritage assets
44,377
-
-
-
-
-
-
6,239
Net income/(expenditure)
47,867
7,086
15,578
-
(6,271)
(7,906)
-
6,239
Transfers between funds
(16,317)
-
-
-
8,411
7,906
-
-
Balances brought forward at 1 August 2020
29,618
121,546
332,820
10,112
9,549
-
13,460
31,369
Balances carried forward at 31 July 2021
61,168
128,632
348,398
10,112
11,689
-
13,460
37,608		 Total
2021
£
(32,869)
(1,334)
-
(32,597)
-
(14,205)
(7,500)
(40,066)
(10,000)
(23,698)
(162,269)
24,653
32,891
(6,928)
50,616
62,593
-
548,474
611,067		 Total
2020
£
(38,596)
(3,823)
(110,628)
(4,342)
(328,848)
(18,392)
-
(53,201)
(10,000)
(42,793)
(610,623)
-
(90,438)
(1,537)
(91,975)
18,788
-
529,686
548,474

The above movements fully reflect the total recognised gains and losses incurred within each fund. All of the activities of The Bach Choir are continuing.

There is no material difference between the net movement in the General Fund for the year, as stated above, and its historical cost equivalent. The notes on pages 16 to 28 form part of these financial statements.

13

THE BACH CHOIR

B A L A N C E S H E E T

As at 31 July 2021

Note 2021 2020
£ £ £ £
Fixed assets
Tangible assets 14 983 1,785
Heritage assets 15 17,053 23,907
Investments 16 406,862 349,317
424,898 375,009
Current assets
Stocks 17 750 798
Debtors 18 26,904 53,540
Cash at bank and in hand 19 165,428 123,395
193,082 177,733
Creditors: amounts falling due
within one year 20 (6,913) (4,268)
Net current assets 186,169 173,465
Net assets 611,067 548,474
Accumulated funds
Unrestricted funds
General fund 61,168 29,618
Total unrestricted funds 61,168 29,618
Designated funds
Friends’ fund 8 128,632 121,546
Donations fund 12 348,398 332,820
Touring fund 10,112 10,112
Total designated funds 487,142 464,478
548,310 494,096
Restricted funds
Vocalise! 11,689 9,549
Student bursary fund - -
Recording fund 13,460 13,460
Total restricted funds 25,149 23,009
Endowment funds
Poynter Stock legacy fund 37,608 31,369
611,067 548,474
The notes on pages 16 to 28 form part of these financial statements.
The financial statements were approved on behalf of the Board of Trustees by:
KATHARINE RICHMAN PETER FLOYD
Chair Treasurer
22 December 2021 22 December2021

14

THE BACH CHOIR

S T A T E M E N T O F C A S H F L O W S

Year ended 31 July 2021

Note
Net cash used in operating activities
24
Cash flows from investing activities
Purchase of property, plant and equipment
14
Proceeds from the sale of investments
16
Purchase of investments
16
Purchase of heritage assets
15
Sale of heritage assets
15
Net cash provided by investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the period		 2021
£
42,107
-
342,602
(342,602)
(504)
430
(74)
42,033
123,395
165,428		 2020
£
(50,887)
(1,401)
-
-
(3,325)
3,528
(1,198)
(52,085)
175,480
123,395

15

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 July 2021

1. Accounting policies

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and are in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective from 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The Bach Choir is an unincorporated charity, governed by its rules, registered in England and Wales as charity number 258287.

The financial statements are presented in sterling and rounded to the nearest £.

Tangible fixed assets

Fixed assets are stated at their purchase price, together with any incidental expenses of acquisition. Provision for depreciation is made so as to write off the cost of tangible fixed assets on a straight line basis over the expected useful economic life of the assets concerned. The principal annual rates used for this purpose are:

Musical instruments - 20% Office and computer equipment - 25%

Heritage assets

Heritage assets are valued each year and are included in the accounts at the trustees’ assessment of their market value, based on income yields.

Investments

Investments are stated at market value in the balance sheet with realised and unrealised gains and losses being accounted for in the statement of financial activities. Market value is determined as the quoted price in an active market.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Deferred income

In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

16

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 July 2021

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.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Income and expenditure

Income is credited and expenditure is charged to the revenue account on an accruals basis, with the exception of donation and legacy income. Donation and grant income is recognised when the charity becomes entitled and there are no conditions attached to it. Legacy income is accounted for on a receivable basis, where the amount can be reliably ascertained. No attempt is made to put a monetary value on volunteer activities.

Donations in kind

Donations in kind represent the cost of donated services received during the year valued at the price which the charity would pay in the open market.

Allocation of expenses

Costs of generating funds comprise the costs associated with attracting voluntary income.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Funds

Unrestricted funds are held to cover the charity against the continued financing of activities. Some of the unrestricted funds are “designated funds”, set aside by the trustees to be used for particular purposes.

Restricted funds represent sums given to the charity subject to restrictions as to how the funds can be used.

Endowment funds represent sums given to the charity subject to the restriction that they are held as capital.

17

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( P R I O R Y E A R F I G U R E S )

Year ended 31 July 2021

2.
Statement of financial activities for year ended 31 July 2020
Student
Rothschild
Recording
Poynter Stock
General
Friends
Donations
Touring
Outreach
bursary
legacy
legacy
Note
(unrestricted) (designated)
(designated)
(designated)
(restricted)
(restricted)
(restricted)
(restricted)
(endowment)
2020
2020
2020
2020
2020
2020
2020
2020
2020
£
£
£
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
Subscriptions
7
78,654
-
-
-
-
-
-
-
-
Friends donations
8
-
13,524
-
-
-
-
-
-
-
Grants
12
7,678
-
-
-
18,457
6,000
-
-
-
Donations and legacies
12
-
-
73,637
36,881
-
-
-
-
-
Donations in kind
22
10,000
-
-
-
-
-
-
-
-
Investments
10
15,764
-
-
-
-
-
-
-
-
Charitable activities
Concert income
4
79,837
-
-
-
-
-
-
-
-
Choral fees, recordings and broadcasts
5
64,687
-
-
-
-
-
-
-
Overseas tours
6
-
-
21,598
286,232
-
-
-
-
-
Other income
Friends subscriptions
8
-
5,405
-
-
-
-
-
-
-
Miscellaneous income
9
3,032
-
-
-
-
-
-
-
-
Total income and endowments
259,652
18,929
95,235
323,113
18,457
6,000
-
-
-		 Total
2020
78,654
13,524
32,135
110,518
10,000
15,764
79,837
64,687
307,830
5,405
3,032
721,386

18

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( P R I O R Y E A R F I G U R E S )

Year ended 31 July 2021

2.
Statement of financial activities for year ended 31 July 2020 (continued)
Vocalise!
Student
Rothschild
Recording
Poynter Stock
General
Friends
Donations
Touring
Fund
bursary
legacy
legacy
Note
(unrestricted) (designated)
(designated)
(designated)
(restricted)
(restricted)
(restricted)
(restricted)
(endowment)
2020
2020
2020
2020
2020
2020
2020
2020
2020
Expenditure on:
£
£
£
£
£
£
£
£
£
Raising funds
Advertising and publicity
11
(38,596)
-
-
-
-
-
-
-
-
Friends’ costs
8
-
(3,823)
-
-
-
-
-
-
-
Charitable activities
Concerts
4
(69,664)
-
(40,964)
-
-
-
-
-
-
Choral fees, recordings and broadcasts
5
(4,342)
-
-
-
-
-
-
-
-
Overseas tours
6
-
-
-
(313,001)
-
-
(15,847)
-
-
Outreach
11
-
-
-
-
(18,392)
-
-
-
-
Music commissions
-
-
-
-
-
-
-
-
-
Other musical costs
11
(39,049)
-
-
-
-
(14,152)
-
-
-
Pro-bono audit fees
22
(10,000)
-
-
-
-
-
-
-
-
Other expenditure
Other direct costs
11
(42,793)
-
-
-
-
-
-
-
-
Total expenditure
(204,444)
(3,823)
(40,964)
(313,001)
(18,392)
(14,152)
(15,847)
-
-
Net (loss)/gains on investments &
heritage assets
Realised
13
-
-
-
-
-
-
-
-
-
Unrealised
13
(82,426)
-
-
-
-
-
-
-
(8,012)
Loss on revaluation of heritage assets
15
(1,537)
-
-
-
-
-
-
-
-
Net movement on investments &
heritage assets
(83,963)
-
-
-
-
-
-
-
(8,012)
Net income/(expenditure)
(28,755)
15,106
54,271
10,112
65
(8,152)
(15,847)
-
(8,012)
Transfers between funds
6,119
-
-
(21,000)
9,484
5,397
-
-
-
Balances brought forward at 1 August 2019
52,254
106,440
278,549
21,000
-
2,755
15,847
13460
39,381
Balances carried forward at 31 July 2020
29,618
121,546
332,820
10,112
9,549
-
-
13,460
31,369		 Total
2020
£
(38,596)
(3,823)
(110,628)
(4,342)
(328,848)
(18,392)
-
(53,201)
(10,000)
(42,793)
(610,623)
-
(90,438)
(1,537)
(91,975)
18,788
-
529,686
548,474

19

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 July 2021

3. Analysis of net assets between funds

Unrestricted
Designated
Restricted Endowment
£
£
£
£
Fund balances at 31 July 2021
are represented by:
Stocks
750
-
-
-
Debtors
26,904
-
-
-
Cash at bank and in hand
-
140,279
25,149
-
Creditors
(6,913)
-
-
-
20,741
140,279
25,149
-
Tangible assets
983
-
-
-
Heritage assets
17,053
-
-
-
Investments
22,391
346,863
-
37,608
61,168
487,142
25,149
37,608		 Total
2021
£
750
26,904
165,428
(6,913)
186,169
983
17,053
406,862
611,067		 Total
2020
£
798
53,540
123,395
(4,268)
173,465
1,785
23,907
349,317
548,474

It is impractical to separate the assets and liabilities between each unrestricted/designated fund.

4. Concert account before sponsorship and donations: concerts promoted by The Bach Choir 2020 - 2021

Concert income
Concert expenditure
Operating (deficit)/surplus		 2021
£
-
-
-		 2020
£
79,837
(110,628)
(30,791)

These figures do not include any broadcasting fees, sponsorship income and donations relating to these concerts. Those items are included in notes 5 and 12.

5.
Choral fees, recordings and broadcasts
Fees received on concerts promoted by others
(the figures are shown net of direct expenses)
Other recordings, broadcasts and royalties
Total £20,376 less expenses £32,597 (2020 - £64,687 less £4,342)		 2021
£
-
(12,221)
(12,221)		 2020
£
24,178
36,167
60,345

The result on recordings is shown before sponsorship income and donations related to own-promoted recordings. These items are included in note 12.

20

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 July 2021

6.
Overseas tours
2021 No Tour (2020 – Tour to USA)
Income (including members’ retained pledges of £62,280)
Expenditure
Deficit/(surplus)*		 2021
£
-
-
-		 2020
£
307,830
(328,848)
(21,018)

Of the Choir members’ retained pledges in 2020, the donors generously allowed £8,090 (Gift Aid £2,022) to be retained in the Choir’s funds for future tours, leaving a balance on the Touring fund of £10,112.

In 2020, a further £21,597 was generously allowed to remain in the Donations’ fund,
The balance of donations pledged (£6,770) was returned to donors at their request.
Touring Fund
2021 Balance brought forward (2020 operating deficit on USA Tour)
L de Rothschild Legacy from restricted fund
Mrs J E Golding Trust including tax credit
Gift Aid on members’ retained pledges for the US Tour
Gift Aid on members’ surplus pledges donated for future tours
Gift Aid on members’ surplus pledges donated for general use
Members’ donations to Donations’ fund incl Gift Aid
Gift Aid on members’ donations to Donations’ fund for general use
Balance on Touring fund carried forward		 attracting Gift Aid of £5,152.
2021
2020
£
£
10,112
(21,018)
-
15,847
-
27,273
-
7,585
-
2,022
-
5,152
10,112
36,861
-
(21,597)
-
(5,152)
10,112
10,112
2021
2020
£
£
49,016
59,835
12,366
14,667
4,095
4,152
65,477
78,654
7.
Subscriptions
Singing members
Tax rebates thereon
Associate members		 2021
£
49,016
12,366
4,095
65,477

21

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 July 2021

8.
The Bach Choir Friends
Income:
Subscriptions
Donations
Expenditure:
Administration
Hospitality
Net surplus
Other expenditure for the Choir
Net Surplus after gifts
Funds transferred to support the Howells recording
Surplus brought forward
Surplus carried forward		 2021
£
5,340
3,080
8,420
684
-
684
7,736
(650)
7,086
-
121,546
128,632		 2020
£
5,405
13,524
18,929
-
1,603
1,603
17,326
(2,220)
15,106
-
106,440
121,564

The cumulative expenditure that has been met by The Bach Choir Friends excluding administration and hospitality costs is £60,869 (2020 - £60,219). Other expenditure for the Choir related to the purchase of CDs gifted to the Friends’ membership (2020 purchase of folders).

9.
Miscellaneous income
Merchandising
Library
Sundry income		 2021
£
(39)
84
15
60		 2020
£
308
2,322
402
3,032
10. Investment income
Bank interest
Other investment income		 2021
£
149
8,343
8,492		 2020
£
474
15,290
15,764

22

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 July 2021

11. General expenditure
Musical costs other than direct costs of concerts, recordings and tours
Advertising, publicity and fundraising
Vocalise!
Other direct costs
Total general expenditure
The following fees for musical services were paid to Board members:
(a)
Music director
Other Board members
Entities with connected relatives*		 2021
£
40,066
32,869
14,205
23,698
110,838
36,883
4,000
20,298		 2020
£
53,201
38,596
18,392
42,793
152,982
42,767
-
-

Of these fees, £33,195 (2020 - £34,080) is included in musical costs above, £3,688 (2020 - £3,787) is shown in Vocalise! costs above, £nil (2020 - £nil) is included in reaching the total shown in note 4 (concert expenditure), £20,298 (2020 - £2,400) is included in reaching the total shown in note 5 (choral fees, recordings and broadcasts). £nil (2020 - £2,500) is included in reaching the total shown in note 6 (overseas tours), £4,000 (2020 - £nil) is included in Commissions. No other remuneration was paid to Board members.

*£20,298 (2020 - £nil) was paid to Treehouse Music Productions Ltd, for The Promise recording and film production, of which one of the Directors, Christopher Hill, is the son of David Hill, Music Director.

23

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 July 2021

12.
Sponsorship, donations, grants and legacies
Other grants
For student bursaries
Job retention scheme grants
Total grants
Outreach donations £10,000 and under
General donations
Over £10,000
£10,000 and under
Total general donations
Tax rebates on donations
Legacies
Legacies 1876 Society
Total general donations after tax rebates
Choir members’ donations towards USA Tour net of refunds
Total sponsorship, donations, grants and legacies
Less: Income accounted for under Note 6 (USA Tour)
Total donations, grants and legacies in year other than Singers’ donations for USA Tour
Expenditure allocated to the donations fund
Net deficit on loss-making promoted concerts
Grants/personal donations towards recording costs
Allocated to Outreach fund
Transferred to General fund
Allocated to Student bursaries fund
Net transfer to Touring fund
Net movement in fund during the year
Donations fund brought forward
Donations fund carried forward*		 2021
£
1,000
7,246
8,246
5,000
-
37,644
37,644
7,531
-
3,000
61,421
-
61,421
-
61,421
-
(32,597)
(7,934)
(4,312)
(1,000)
-
15,578
332,820
348,398		 2020
£
6,000
10,435
16,435
15,700
15,000
53,527
68,527
36,991
5,000
-
142,653
62,280
204,933
(69,865)
135,068
(40,964)
-
(18,457)
(7,678)
(6,000)
(7,698)
54,271
278,549
332,820

Included in general donations above is £4,728 (2020 - £6,473) of donations by trustees of the Choir. Included in Singers’ donations to the USA Tour donations above is £nil (2020 – £17,064) of donations by trustees of the Choir.

*Includes in 2020 £12,273 tax credit on a donation from JE Golding Trust (US tour), £7,585 gift aid on members’ pledges (US Tour), £5,152 gift aid on members’ surplus pledges (US Tour) donated and retained in the designated fund and £2,022 gift aid on members’ surplus pledges (US Tour) donated and retained in the designated touring fund.

13. Net gain/(loss) on investments
Realised
Unrealised		 2021
£
24,653
32,891
57,544		 2020
£
-
(90,438)
(90,438)

24

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 July 2021

14. Tangible fixed assets
Office and
Musical
computer
instruments
equipment
£
£
Cost
At 1 August 2020
11,847
4,651
Additions
-
-
Assets written off
-
(29)
At 31 July 2021
11,847
4,622
Depreciation
At 1 August 2020
11,847
2,866
Charge for the year
-
802
Assets written off
-
(29)
At 31 July 2021
11,847
3,639
Net book value
At 31 July 2021
-
983
At 31 July 2020
-
1,785		 14. Tangible fixed assets
Office and
Musical
computer
instruments
equipment
£
£
Cost
At 1 August 2020
11,847
4,651
Additions
-
-
Assets written off
-
(29)
At 31 July 2021
11,847
4,622
Depreciation
At 1 August 2020
11,847
2,866
Charge for the year
-
802
Assets written off
-
(29)
At 31 July 2021
11,847
3,639
Net book value
At 31 July 2021
-
983
At 31 July 2020
-
1,785		 14. Tangible fixed assets
Office and
Musical
computer
instruments
equipment
£
£
Cost
At 1 August 2020
11,847
4,651
Additions
-
-
Assets written off
-
(29)
At 31 July 2021
11,847
4,622
Depreciation
At 1 August 2020
11,847
2,866
Charge for the year
-
802
Assets written off
-
(29)
At 31 July 2021
11,847
3,639
Net book value
At 31 July 2021
-
983
At 31 July 2020
-
1,785		 Total
£
16,498
-
(29)
16,469
14,713
802
(29)
15,486
983
1,785
15.
Heritage assets
Sheet Music
Market value at 1 August 2020
Additions
Disposals
Adjustment to market value
Market value at 31 July 2021		 Total
£
23,907
504
(430)
(6,928)
17,053

During the year the Trustees performed an assessment of the market value of sheet music held by the charity. This has been included in the accounts at the deemed market value as at the balance sheet date, based on the income the charity receives during the latest 5-year period for hiring out these assets.

During the course of its activities, the Choir acquires new music which is added to its collection. Records are kept by the Choir librarians and the music is stored in locked metal cabinets, with access permitted only by the librarians. From time to time, music is hired out to other choirs, with an undertaking that it is to be returned clean. The hirer is expected to cover the replacement cost of any unreturned music.

The table below shows historic information concerning acquisitions and disposals of sheet music.

2021 2020 2019 2018 2017 2016
£ £ £ £ £ £
Purchases and additions 504 3,325 7,153 3,603 5,741 2,366
Disposals at cost 430 3,528 5,074 3,063 4,165 2,366
Proceeds from disposal to members (430) (3,528) (5,074) (3,063) (4,165) (2,671)
Revaluation to market value (6,928) (1,537) (2,568) (908) - 428

During the pandemic year of 2020/21 no music was hired out and this has had a nigh negative impact on the calculation of market value.

25

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 July 2021

16. Investments
Analysis of listed investments
Market value at 1 August 2020
Disposals at carrying value
Additions at cost
Net gain on revaluation
Market value at 31 July 2021		 Poynter
Stock
Main
legacy
fund
fund
£
£
317,948
31,369
(317,948)
-
342,602
-
26,652
6,239
369,254
37,608		 Total
£
349,317
(317,948)
342,602
32,891
406,862

The market values are those at the close of business on 31 July 2021. Disposals and Additions reflect the new investment policy approved by the Board in June 2020 moving the portfolio of investments from UK equity market tracker funds to two global multi-asset funds specifically constructed for charities.

A realised gain on disposal of £24,653 was reinvested and is included in additions at cost. Commission charges of £3,426 incurred on the disposal of investments were absorbed from General Funds.

17. Stocks
CDs and souvenirs		 2021
£
750		 2020
£
798
18. Debtors
Prepayments and accrued income
VAT recoverable
Other debtors		 2021
£
2,717
4,118
20,069
26,904		 2020
£
-
345
53,195
53,540
19. Cash at bank and in hand
Cash at bank
Credit card account
Interest-bearing deposit accounts		 2021
£
8,808
(698)
157,318
165,428		 2020
£
60,663
(486)
63,218
123,395
20. Creditors: amounts due within one year
Trade creditors
Other creditors
Accruals
Deferred income (note 21)		 2021
£
92
-
5,485
1,336
6,913		 2020
£
1,189
268
2,811
-
4,268

26

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 July 2021

21. Deferred income

£1,336 (2020 - £ nil) of income received in the year has been deferred. This represents advance concert ticket sales for October 2021.

22. Donations in kind
Pro-bono audit fees		 2021
£
10,000		 2021
£
10,000		 2020
£
10,000
23.
Analysis of charitable funds
Balance
Brought
Forward
Income Expenditure
Transfers
£
£
£
£
Unrestricted fund
29,618
108,717
(105,227)
(16,317)
Designated funds
464,478
56,595
(33,931)
-
Restricted funds
23,009
8,934
(23,111)
16,317
Endowment fund
31,369
-
-
-
Total
548,474
174,246
(162,269)
-
Analysis of charitable funds – previous year		 Gains
and
losses
£
44,377
-
-
6,239
50,616		 Carried
forward
£
61,168
487,142
25,149
37,608
611,067
Balance
Brought
Forward
£
Unrestricted fund
52,254
Designated funds
405,989
Restricted funds
32,062
Endowment fund
39,381
Total
529,686		 Gains
and
Income Expenditure
Transfers
losses
£
£
£
£
259,652
(204,444)
6,119
(83,963)
437,277
(357,788)
(21,000)
-
24,457
(48,391)
14,881
-
-
-
-
(8,012)
721,386
(610,623)
-
(91,975)		 Carried
forward
£
29,618
464,478
23,009
31,369
548,474

The Poynter Stock legacy fund (endowment) represents stocks donated to the choir. The Trustees have the power to spend the unrestricted income generated by this fund.

Restricted funds include the Outreach fund, the Student bursary fund and the Recording fund. The Outreach fund is only available to be spent on the Choir’s Outreach programme. The Student bursary fund is used to offer student singers a discounted membership fee.

Designated funds include amounts provided by The Bach Choir Friends for supporting particular projects, amounts donated to help cover the losses incurred on the Choir’s own-promoted activities and amounts to be used to cover touring costs.

At the year end, transfers of £16,317 (2020 - £14,881) were made from unrestricted funds to cover the deficit on restricted funds and to cover indirect costs apportioned to the Outreach fund.

27

THE BACH CHOIR

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 July 2021

24. Reconciliation of net movements in funds to net cash flows from operations

Net incoming resources for the period
Add unrealised (gains)/loss on investments
Add disposal of investments
Less purchase of investments
Add loss on revaluation of heritage assets
Add depreciation of tangible fixed assets
Decrease in stock
Decrease in debtors
Increase/(decrease) in creditors within one year
Net cash used in operating activities		 2021
£
62,593
(32,891)
317,948
(342,602)
6,928
802
48
26,636
2,645
42,107		 2020
£
18,788
90,438
-
1,537
795
12
12,698
(175,155)
(50,887)

28

THE BACH CHOIR

A D D I T I O N A L D E T A I L F O R M E M B E R S

Year ended 31 July 2021

Investments detail

Main fund
HSBC FTSE 100 Index Fund income units
HSBC All Share Index Fund income units
L&G UK index 1 inc
L&G UK 100 Index R Inc
Black Rock iShares FTSE 250 ETF inc
Black Rock iShares FTSE 100 ETF inc
COIF
Sarasin
Poynter Stock Legacy Fund
HSBC FTSE All share Index Fund income units
Total		 Cost
2021
2020
£
£
-
49,999
-
67,561
-
67,159
-
49,999
-
39,434
-
49,920
170,602
-
172,000
-
342,602
324,072
24,143
24,143
366,745
348,215		 Market
2021
£
-
-
-
-
-
-
188,545
180,709
369,254
37,608
406,862		 value
2020
£
45,155
78,708
62,735
45,063
42,309
43,978
-
-
317,948
31,369
349,317

29

THE BACH CHOIR

A D D I T I O N A L D E T A I L F O R M E M B E R S ( c o n t i n u e d )

Year ended 31 July 2021

Concerts detail
Cadogan
C & S
Brahms
Carols
Rossini
SMP
Gerontius
Messiah
(20 Nov 20)
(20 Dec 20) (3 Mar 21) (28 Mar 21)
(25 Jun 21) (10 Apr 21)
£
£
£
£
£
£
Income
Gross ticket sales
-
-
-
-
-
-
less VAT
-
-
-
-
-
-
Net ticket sales
-
-
-
-
-
-
Programme sales
-
-
-
-
-
-
Programme advertisements
-
-
-
-
-
-
Total income
-
-
-
-
-
-
Expenditure
Orchestra
-
-
-
-
-
-
Soloists
-
-
-
-
-
-
Halls
-
-
-
-
-
-
Music
-
-
-
-
-
-
Ticket commission
-
-
-
-
-
-
Programmes
-
-
-
-
-
-
Marketing/advertising
-
-
-
-
-
-
Sundry
-
-
-
-
-
-
Total expenditure
-
-
-
-
-
-
Operating surplus/
(deficit)
-
-
-
-
-
-
Occupancy
By people
0%
0%
0%
0%
0%
0%
By value
0%
0%
0%
0%
0%
0%		 Total
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0%
0%

These figures do not include any broadcasting fees, sponsorship income and donations relating to these concerts. Those items are included in notes 5 and 12.

30

THE BACH CHOIR

A D D I T I O N A L D E T A I L F O R M E M B E R S ( c o n t i n u e d )

Year ended 31 July 2021

General Expenditure detail
Musical costs other than direct costs of concerts, recordings and tours
Fees
Rehearsal halls
Recruitment
Advertising, publicity and fundraising
Fees and salaries
Fundraising expenses
Advertising and general publicity (including PR)
Website costs
Other direct costs
Wages, salaries and honoraria
Outreach
Office, communication, travel and sundry
Depreciation of office equipment
Total general expenditure		 2021
£
38,185
1,881
-
40,066
18,599
4,231
9,101
938
32,869
12,325
14,205
10,571
802
37,903
110,838		 2020
£
40,964
11,677
560
53,201
23,534
4,530
9,784
748
38,596
32,482
18,392
9,517
794
61,135
152,982

For further details see note 11.

31