2022-07-31-accounts

THE BACH CHOIR

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2022

UK REGISTERED CHARITY No 258287

THE BACH CHOIR

I N D E X

Year ended 31 July 2022

	Page
General information	2
Trustees’ Report	3
Statement of Trustees’ Responsibilities	8
Honorary Independent Auditors’ Report	9
Income and expenditure account	12
Statement of financial activities	13
Balance sheet	15
Statement of cash flows	16
Notes to the financial statements	17
Additional detail for members	30

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 2022

Patron	The former 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	Stephen Hargreaves
Music Director	David Hill, MBE
Honorary Treasurer	Peter Floyd
External Trustees	Richard Blackford
Elected Members	Julien Allen
	Alexander Churchill	(from 17/01/2022)
	Jim Clifford, OBE
	Harriet Creamer	(stepped down 17/01/2022)
	Jenny Clarke
	Lily German
	‘Desola Haastrup	(from 17/01/2022)
	Stephen Hargreaves
	Jill Pringle
	Leona Roberts	(from 17/01/2022)
	Jane Scott	(stepped down 17/01/2022)
	Ellen West	(from 12/09/2022)
	Naomi Wordsworth
Co-opted Members	Harriet Creamer	(co-opted 08/02/2022)
	Ross Johnston	(co-opted 15/03/2022)
Administrator	Mary-Beth Owen
	Registered Address:
	The Bach Choir
	P O Box 61756, London SW1H 0UZ
	Tel: [phone] Email: [e-mail]
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

T R U S T E E S ’ R E P O R T

THE BACH CHOIR

Year ended 31 July 2022

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 five 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

The Bach Choir returned to full rehearsals in September 2021 after the very limited opportunities for rehearsal in 2020-21 due to the COVID-19 pandemic, and a full programme of concerts and other engagements.

The value of our investments at 31 July 2022 has decreased by around 4% on this time last year, positively comparable with the UK and Global market as a whole. Our balance sheet remains healthy, with the total higher than in July 2021, due to the Income and Expenditure account surplus of £15,741 (2021 £62,593).

Support was secured for the Choir’s student bursary scheme in the sum of £3,000 (2021 £1,000), and for the Choir’s Community Engagement programme in the sum of £6,565 (2021 £5,000), both sums in 2021 and 2022 being significantly lower than in previous years due, in part, to the difficult funding situation following the COVID19 pandemic.

3

T R U S T E E S ’ R E P O R T

THE BACH CHOIR

Year ended 31 July 2022

Live performance

Following a season with no live performances, activity was resumed in 2021-22, with five promoted concerts and a number of engagements. The season began with a concert in the Royal Festival Hall which featured the world premiere of Vision of a Garden, by Richard Blackford, commissioned by The Bach Choir, as well as the world premiere of another Choir commission – a short film created around The Promise of Dawn – by Gabriel Jackson. Audience numbers were buoyant, and this was a heartening return to live performance after 20 months, with the concert generating a surplus of just over £9,000. The Choir also returned to the Cadogan Hall for a Christmas concert, and to the Royal Festival Hall again for the St Matthew Passion, both of which were well attended and financially successful. It had not been possible to secure a date in the Spring of 2022 in the Royal Festival Hall, and in its place the Choir gave a concert of music for choir and organ in Holy Trinity, Sloane Square. Engagements for other promoters during the season included the Royal British Legion Festival of Remembrance, performances in the Autumn and at Christmas with our President John Rutter, a concert in the British Library in conjunction with a Beethoven exhibition there, a fashion show promoted by designer Richard Quinn, concerts of film music and music for the Platinum Jubilee for Raymond Gubbay Ltd, and Bach Choir Voices performances in Oakham, Cambridge and at the CBI dinner in London.

Recording and broadcasting

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.

The 2021-22 season saw the release of two projects undertaken in the previous season. The first was The Promise of Dawn in October 2021, and this was followed in March 2022 by Bach Inspired, a disc of music commissioned from six composers in response to chorales from the St Matthew Passion. A launch event for the latter took place at St John’s, Smith Square, attended by the composers and by music critic Richard Morrison.

Commissioned by The Bach Choir in 2021 based on the COVID-19 diaries of singing member Peter Johnstone, the Choir recorded Richard Blackford’s Vision of a Garden shortly after giving the world premiere performance at our 2021-22 opening season concert in London. The Choir is very grateful for the generosity of a donor who wishes to remain anonymous and who fully funded this recording released by Lyrita in 2022.

In February 2022, the Choir recorded the Verdi Requiem in a new reduced orchestration for organ, two pianos and percussion by composer Richard Blackford, and this will be released during the 2022-23 season. The Bach Choir is very grateful to Chris Lemar and other donors from the Choir membership, whose financial contributions meant that this project was fully funded. In June 2022 the Choir was engaged to record music by Japanese composer Joe Hisaishi for release on the Deutsche Grammophon label.

4

T R U S T E E S ’ R E P O R T

THE BACH CHOIR

Year ended 31 July 2022

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.

A performance in the Cadogan Hall in June 2022 concluded the Choir’s Vocalise! programme for the year, during which workshops had been delivered to three schools.

The Choir presented several online choral workshops, continuing the programme begun during the pandemic, and donations totalling £1,902 (2021 £15,890) were received from participants from around the world.

Two ‘in person’ Come and Sing days were promoted by the Choir, the first being aligned with the release of Bach Inspired and covering music from the St Matthew Passion, and the second – at Holy Trinity, Clapham – on Handel’s Messiah. Attendance at both was lower than expected, with COVID-19 still having an effect on participant numbers.

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

Staffing

Three staff were employed by The Bach Choir during the 2021-22 season. Mary-Beth Owen, Development Administrator, continued to work full-time. In September she was joined by Community Engagement Administrator Joseph Hookway, working 40 hours per month and, in October, by Digital Marketing Manager Joe Garvey, working three days per week. General administration continues to be covered by volunteers, assisted by the Development Administrator, whose role was redefined as Administrator prior to the start of the 2022-23 season to reflect the wider range of tasks she now undertakes.

The financial picture

Subscriptions were returned to their pre-pandemic level during 2021-22 and subscription income is consequently higher than last season standing at £79,703 (2021 £65,477). 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 for auditing these accounts without fee and for making their immense experience and knowledge available to us.

5

THE BACH CHOIR

T R U S T E E S ’ R E P O R T

Year ended 31 July 2022

Reserves

Our investments and cash reserves continue to recover from the full financial impact of the COVID-19 pandemic and edging closer towards the levels seen in 2018 (£623,250). We continue, however, to review the higher risks involved in promoting our own concerts in what remains an uncertain future and our increasing commitment to marketing and publicity aims to attract a wider and more diverse audience. Whilst our funds have increased this season, our expenditure also increased significantly compared to 2021, having returned to a full schedule of rehearsals and own-promoted concerts including Vocalise!. Looking ahead, we will continue to manage expenditure carefully and increase our efforts in seeking opportunities for sponsorship funding.

Funds on 31 July 2022 were £626,808 (2021: £611,067) of which £562,692 (2021: £548,310) represents expendable funds and £25,961 (2021: £25,149) is restricted. The balance of £38,155 (2021: £37,608) is endowed. Expendable funds consist of unrestricted reserves of £51,101 (2021: £61,168) and designated funds of £511,591 (2021: £487,142). 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 2022, to be a minimum of £500,000.

In addition to unrestricted reserves at the year-end of £51,101, the Trustees are also able to use designated funds of £511,591 to meet future general expenditure and on this basis the financial position at the year-end is considered to be adequate.

Plans for the future

The Choir has a full programme of concerts and other events in the 2022-23 season. These include five Choirpromoted concerts, three in the Royal Festival Hall, one in the Cadogan Hall and one in Holy Trinity Church, Sloane Square. The Choir is also promoting a Fundraising Gala, in the Merchant Taylors’ Hall in November 2022, and a Come and Sing day in May 2023.

Promoted concerts and recordings are complemented by seven engagements to perform for others including Raymond Gubbay Ltd, and the Royal Philharmonic Orchestra. Two engagements were postponed due to the death of HM Queen Elizabeth.

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.

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THE BACH CHOIR

T R U S T E E S ’ R E P O R T

Year ended 31 July 2022

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:

educates and inspires its audiences at concerts and through recordings;

promotes access for all by performing in a range of geographical locations, ensuring where possible that tickets are available at a range of prices with discounts for students and the unwaged. Free tickets for under-16s are offered at the Choir's own promoted concerts;

is active in developing the art of choral music, both by commissioning new works and undertaking the first public performance or recording of new works;

seeks to maintain the public performance of large-scale choral works by promoting its own concerts;

seeks improvement in standards of public performance of choral works through the impact of its Musical Director; and

seeks to bring music to new audiences and singers, through its active work on Diversity and Inclusion, its Community Engagement activities in schools and dementia care homes, its Come and Sing days, both in person and online, its open rehearsals, and by touring in the UK and overseas when possible.

Katharine Richman

Chair

On behalf of the Board of Trustees of The Bach Choir

9 January 2023

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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 2022

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities Statement of Recommended Practice (SORP);

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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.

8

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 2022

Opinion

We have audited the financial statements of The Bach Choir (the ‘charity’) for the year ended 31 July 2022 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:

• give a true and fair view of the state of the charity’s affairs as at 31 July 2022 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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.

9

THE BACH CHOIR

H O N O R A R Y ( c o n t i n u e d )

A U D I T O R S ’

R E P O R T

I N D E P E N D E N T

Year ended 31 July 2022

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:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, 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.

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A U D I T O R S ’

R E P O R T

THE BACH CHOIR

H O N O R A R Y I N D E P E N D E N T ( c o n t i n u e d )

Year ended 31 July 2022

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 12 January 2023 Date:…………………………..

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

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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 2022

Note Surplus on concerts 4 Choral fees, recordings and broadcasts 5 Commissions Surplus/(deficit) 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 (loss)/gain on investments 13 Net surplus General fund Friends’ fund Donations fund Touring fund Community Engagement fund Student bursary fund Rothschild legacy fund Poynter stock legacy fund Total surplus for the year	£ 1,331 11,744 - 79,703 2,391 2,517 11,390 96,001 (177,650) 15,352 2,391 22,058 - (26,679) (7,928) 10,000 547	2022 £ 13,075 (81,649) (68,574) 102,420 33,846 (2,561) (15,544) 15,741 15,741	£ - (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

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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 2022

Community Student Poynter General Friends Donation Touring Engagement 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 79,703 - - - - - - - Friends donations 8 - 2,413 - - - - - - Grants 12 - - - - 288 3,000 - - Donations and legacies 12 - - 87,567 - 6,565 - 5,000 - Donations in kind 22 10,000 - - - - - - - Investments 10 11,390 - - - - - - - Charitable activities Concert income 4 161,346 - - - 133 - - - Choral fees, recordings and broadcasts 5 57,312 - - - - - 5,000 Other income Friends subscriptions 8 - 5,203 - - - - - - Miscellaneous income 9 2,517 - - - - - - - Total income and endowments 322,268 7,616 87,567 - 6,986 3,000 10,000 -	Total 2022 £ 79,703 2,413 3,288 99,132 10,000 11,390 161,479 62,312 5,203 2,517 437,437	Total 2021 £ 65,477 3,080 13,246 48,175 10,000 8,492 - 20,376 5,340 60
		174,246

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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 2022

Community Student Poynter General Friends Donation Touring Engagement bursary stock fund fund fund fund fund fund Recording Legacy Note (unrestricted) (designated) (designated) (designated) (restricted) (restricted) (restricted) (endowment) Expenditure on: £ £ £ £ £ £ £ £ Raising funds Advertising, publicity, website, fundraising and hospitality 11 (38,699) - - - - - - - Friends’ costs 8 - (5,225) - - - - - - Charitable activities Concerts 4 (141,798) - (7,865) - (10,485) - - - Choral fees, recordings and broadcasts 5 7,076 - (57,644) - - Community Engagement 11 - - - - (23,180) - - - Music commissions - - - - - - - - Other musical costs 11 (47,046) - - - - (10,928) - - Pro-bono audit fees 22 (10,000) - - - - - - - Other expenditure Other direct costs 11 (57,797) - - - - - - - Total expenditure (288,264) (5,225) (65,509) - (33,665) (10,928) - - Net gains/(losses) on investments & heritage assets Realised 13 - - - - - - - - Unrealised 13 (16,091) - - - - - - 547 Loss on revaluation of heritage assets 15 (2,561) - - - - - - - Net movement on investments & heritage assets (18,652) - - - - - - 547 Net income/(expenditure) 15,352 2,391 22,058 - (26,679) (7,928) 10,000 547 Transfers between funds (25,419) - - - 17,491 7,928 - - Balances brought forward at 1 August 2021 61,168 128,632 348,398 10,112 11,689 - 13,460 37,608 Balances carried forward at 31 July 2022 51,101 131,023 370,456 10,112 2,501 - 23,460 38,155	Total 2022 £ (38,699) (5,225) (160,148) (50,568) (23,180) - (57,974) (10,000) (57,797) (403,591) - (15,544) (2,561) (18,105) 15,741 - 611,067 626,808	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

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.

14

THE BACH CHOIR BALANCE SHEET A%at31 J2022 2022 2021 TWble asse 14 15 16 3249 14ffj30 391J18 17.053 4(K862 424,898 17 18 19 750 2&9L)I 165.428 55319 169.360 Cash at and 2￿183 191tW2 credItor￿ •m¢xwts hlllry tkn wlthln one y N•t current M4ts 17.m) (6913) 217.411 18&169 Net •SSets 62 611,067 Unvertrlrt￿ funth Gefier￿ fth 51.101 01.168 Total unr$¢rkr￿ fvnth si.ioi 61,168 Friends, lund Dwdons fvnd Towin8fvnd Tod de5iptrd knth 131m3 37Q456 IQ112 124632 34a398 IQ112 12 SllJ91 487,142 5W92 54&310 Commun￿1 ErywTn¢ Stud￿1 ￿1r$ary fvnd R￿rdn& lund Total restri¢ta 11.689 U460 11460 25,961 2x149 Stock lepcyfund A155 37.OL 611,067 KATHARINE IUCHM*N FETER FLO 9 IOIS

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 2022

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	2022 £ 8,134 (3,864) - - (4,971) 4,633 (4,202) 3,932 165,428 169,360	2021 £ 42,107 - 342,602 (342,602) (504) 430 (74) 42,033 123,395 165,428

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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 2022

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. Payments received relating to the following accounting year such as concert tickets are also deferred.

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

Year ended 31 July 2022

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.

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 2022

2. Statement of financial activities for year ended 31 July 2021 Community Student Recording Poynter Stock General Friends Donations Touring Engagement bursary legacy Note (unrestricted) (designated) (designated) (designated) (restricted) (restricted) (restricted) (endowment) 2021 2021 2021 2021 2021 2021 2021 2021 £ £ £ £ £ £ £ £ 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

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 ( P R I O R Y E A R F I G U R E S )

Year ended 31 July 2022

2. Statement of financial activities for year ended 31 July 2021 (continued) Community Student Recording Poynter Stock General Friends Donations Touring Engagement bursary legacy Note (unrestricted) (designated) (designated) (designated) (restricted) (restricted) (restricted) (endowment) 2021 2021 2021 2021 2021 2021 2021 2021 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 - - (32,597) - - - - - Overseas tours 6 - - - - - - - - Community Engagement 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 (loss)/gains 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 & 44,377 - - - - - 6,239 heritage assets- 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

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

Year ended 31 July 2022

3. Analysis of net assets between funds Unrestricted Designated Restricted Endowment £ £ £ £ Fund balances at 31 July 2022 are represented by: Stocks 504 - - - Debtors 40,290 15,029 - - Cash at bank and in hand - 143,399 25,961 - Creditors (7,772) - - - 33,022 158,428 25,961 - Tangible assets 3,249 - - - Heritage assets 14,830 - - - Investments - 353,163 - 38,155 51,101 511,591 25,961 38,155	Total 2022 £ 504 55,319 169,360 (7,772) 217,411 3,249 14,830 391,318 626,808	Total 2021 £ 750 26,904 165,428 (6,913) 186,169 983 17,053 406,862 611,067

It is impractical to separate the assets and liabilities between each unrestricted/designated fund except for 2022 where £15,029 of debtors is shown in designated funds as a balancing figure.

4. Concert account before sponsorship and donations: concerts promoted by The Bach Choir 2021 - 2022

Concert income Concert expenditure Operating surplus	2022 £ 161,479 (160,148) 1,331	2021 £ - - -

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 £ 62,312 less expenses £50,568 (2021 - £20,376 less £32,597)	2022 £ 16,190 (4,446) 11,744	2021 £ - (12,221) (12,221)

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

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 2022

6. Touring Fund 2022 Balance brought forward (2021 Balance Brought Forward from 2020) Balance on Touring fund Carried Forward	2022 £ 10,112 10,112	2021 £ 10,112
		10,112
7. Subscriptions Singing members Tax rebates thereon Associate members	2022 £ 61,155 14,528 4,020 79,703	2021 £ 49,016 12,366 4,095
		65,477

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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 2022

8. The Bach Choir Friends Income: Subscriptions Donations Expenditure: Administration Hospitality Net surplus Other expenditure for the Choir Net Surplus after gifts Surplus brought forward Surplus carried forward	2022 £ 5,203 2,413 7,616 158 1,467 1,625 5,991 (3,600) 2,391 128,632 131,023	2021 £ 5,340 3,080 8,420 684 - 684 7,736 (650) 7,086 121,546 128,632

The cumulative expenditure that has been met by The Bach Choir Friends excluding administration and hospitality costs is £64,469 (2021 - £60,869). Other expenditure for the Choir related to the cost of repairs undertaken to the Grand Piano (2021 - The purchase of CDs gifted to The Friends' Membership).

9. Miscellaneous income Merchandising Library Sundry income	2022 £ 172 2,345 - 2,517	2021 £ (39) 84 15 60
10. Investment income Bank interest Other investment income	2022 £ 126 11,264 11,390	2021 £ 149 8,343 8,492

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 2022

11. General expenditure Musical costs other than direct costs of concerts, recordings and tours Advertising, publicity and website Fundraising expenditure (2021 included Development Administrator Salary) 1876 Society hospitality Community Engagement Other direct costs including Administrator Salary (2022) Total general expenditure The following fees for musical services were paid to Board members: (a) Music director Other Board members Entities with connected relatives*	2022 £ 57,974 28,482 7,772 2,445 23,180 57,797 177,650 43,800 - 800	2021 £ 40,066 10,039 22,830 - 14,205 23,698
		110,838
		36,883 4,000 20,298

Of these fees, £37,620 (2021 - £33,195) is included in musical costs above, £4,180 (2021 - £3,688) is shown in Community Engagement costs above, £750 (2021 - £nil) is included in reaching the total shown in note 4 (concert expenditure), £1,250 (2021 - £20,298) is included in reaching the total shown in note 5 (choral fees, recordings and broadcasts). £nil (2021 - £nil) is included in reaching the total shown in note 6 (overseas tours), £nil (2021 - £4,000) is included in Commissions. No other remuneration was paid to Board members.

*£400 soloist fee was paid to Ali Ponsford-Hill for the Into Spring Concert and £400 soloist fee was paid to Katy Hill for the Faure concert - daughter and daughter in law respectively of David Hill, Musical Director.

• (b) The average number of persons employed by the Choir in the year was 3 (2021 – 2). No employee was paid at the rate of £60,000 or more per year in this year or the prior year.

• (c) Other direct costs include out of pocket expenses reimbursed to trustees in respect of travel costs £15 (2021 - £nil). £78 (2021 - £nil) travel costs reimbursed to the Musical Director are included in reaching the total shown in note 5 (choral fees, recordings and broadcasts).

• (d) Included in Community Engagement and other direct costs are wages and salaries amounting to £45,177 (2021 - £39,679), employers’ national insurance contributions amounting to £3,277 (2021 - £2,412) and contributions to defined contribution pension funds for employees of £837 (2021 - £614), less £3,277 (2021 - £2,412) claimed from Employer’s National Insurance Allowance and less £288 (2021 - £7,246) claimed from the Government’s Job Retention Scheme in respect of 1 member of staff furloughed from April 2021 – August 2021.

• (e) 1876 Society: Expenses accumulated since 2018 £3,722 (net of donations £2,198). Total value of legacies received since 2018 £3,000.

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 2022

12. Sponsorship, donations, grants and legacies Other grants For student bursaries Job retention scheme grants Total grants Community Engagement 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 Total sponsorship, donations, grants and legacies Expenditure allocated to the donations fund Net deficit on loss-making promoted concerts Grants/personal donations towards recording costs Allocated to Community Engagement fund Transferred to General fund Allocated to Student bursary fund Net transfer to Recording fund Net movement in fund during the year Donations fund brought forward Donations fund carried forward	2022 £ 3,000 288 3,288 6,565 15,000 62,152 77,152 15,415 - - 92,567 102,420 (7,865) (57,644) (6,853) - (3,000) (5,000) 22,058 348,398 370,456	2021 £ 1,000 7,246 8,246 5,000 - 37,644 37,644 7,531 - 3,000 61,421 61,421 - (32,597) (7,934) (4,312) (1,000) - 15,578 332,820 348,398

Included in general donations above is £7,019 (2021 - £4,728) of donations by trustees of the Choir.

13. Net gain/(loss) on investments Realised Unrealised	2022 £ - (15,544) (15,544)	2021 £ 24,653 32,891 57,544

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 2022

14. Tangible fixed assets Office and Musical computer instruments equipment £ £ Cost At 1 August 2021 11,847 4,622 Additions - 3,864 Assets written off - (1,473) At 31 July 2022 11,847 7,013 Depreciation At 1 August 2021 11,847 3,639 Charge for the year - 1,598 Assets written off - (1,473) At 31 July 2022 11,847 3,764 Net book value At 31 July 2022 - 3,249 At 31 July 2021 - 983	14. Tangible fixed assets Office and Musical computer instruments equipment £ £ Cost At 1 August 2021 11,847 4,622 Additions - 3,864 Assets written off - (1,473) At 31 July 2022 11,847 7,013 Depreciation At 1 August 2021 11,847 3,639 Charge for the year - 1,598 Assets written off - (1,473) At 31 July 2022 11,847 3,764 Net book value At 31 July 2022 - 3,249 At 31 July 2021 - 983	14. Tangible fixed assets Office and Musical computer instruments equipment £ £ Cost At 1 August 2021 11,847 4,622 Additions - 3,864 Assets written off - (1,473) At 31 July 2022 11,847 7,013 Depreciation At 1 August 2021 11,847 3,639 Charge for the year - 1,598 Assets written off - (1,473) At 31 July 2022 11,847 3,764 Net book value At 31 July 2022 - 3,249 At 31 July 2021 - 983		Total £ 16,469 3,864 (1,473) 18,860 15,486 1,598 (1,473) 15,611 3,249 983
15. Heritage assets Sheet Music Market value at 1 August 2021 Additions Disposals Adjustment to market value Market value at 31 July 2022				Total £ 17,053 4,971 (4,633) (2,561) 14,830

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.

	2022	2021	2020	2019	2018	2017
	£	£	£	£	£	£
Purchases and additions	4,971	504	3,325	7,153	3,603	5,741
Disposals at cost	4,633	430	3,528	5,074	3,063	4,165
Proceeds from disposal to members	(4,633)	(430)	(3,528)	(5,074)	(3,063)	(4,165)
Revaluation to market value	(2,561)	(6,928)	(1,537)	(2,568)	(908)	-

2021/22 has seen a gradual recovery in music hire activity following the pandemic year of 2020/21 when no music was hired out.

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 2022

16. Investments Analysis of listed investments Market value at 1 August 2021 Disposals at carrying value Additions at cost Net gain on revaluation Market value at 31 July 2022 The market values are those at the close of business on 31 July 2022.	Poynter Stock Main legacy fund fund £ £ 369,254 37,608 - - - - (16,091) 547 353,163 38,155	Total £ 406,862 - - (15,544) 391,318

17. Stocks CDs and souvenirs	2022 £ 504	2021 £ 750
18. Debtors Prepayments and accrued income VAT recoverable Other debtors	2022 £ 8,540 1,780 44,999 55,319	2021 £ 2,717 4,118 20,069 26,904
19. Cash at bank and in hand Cash at bank Credit card account Interest-bearing deposit accounts	2022 £ 34,462 (2,462) 137,360 169,360	2021 £ 8,808 (698) 157,318 165,428
20. Creditors: amounts due within one year Trade creditors Accruals Deferred income (note 21)	2022 £ 1,704 6,000 68 7,772	2021 £ 92 5,485 1,336 6,913

At 31 July 2022, commitments totalling £18,085 (2021 - £4,419) were made for the hire of events which will occur after 31 July 2022. These amounts are not included as expenses or liabilities in these accounts. These commitments will be funded from unrestricted reserves.

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 2022

21. Deferred income

£68 (2021 - £1,336) of income received in the year has been deferred. This represents advance concert ticket sales for November 2022.

22. Donations in kind	2022	2021
	£	£
Pro-bono audit fees	10,000	10,000

23. Analysis of charitable funds

Balance Brought Forward £ Unrestricted fund 61,168 Designated funds 487,142 Restricted funds 25,149 Endowment fund 37,608 Total 611,067	Gains and Income Expenditure Transfers losses £ £ £ £ 322,268 (288,264) (25,419) (18,652) 95,183 (70,734) - - 19,986 (44,593) 25,419 - - - - 547 437,437 (403,591) - (18,105)	Carried forward £ 51,101 511,591 25,961 38,155
		626,808

Analysis of charitable funds – previous year

Balance Brought Forward £ Unrestricted fund 29,618 Designated funds 464,478 Restricted funds 23,009 Endowment fund 31,369 Total 548,474	Income Expenditure Transfers £ £ £ 108,717 (105,227) (16,317) 56,595 (33,931) - 8,934 (23,111) 16,317 - - - 174,246 (162,269) -	Gains and losses £ 44,377 - - 6,239 50,616	Carried forward £ 61,168 487,142 25,149 37,608
			611,067

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 Community Engagement fund, the Student bursary fund and the Recording fund. The Community Engagement fund is only available to be spent on the Choir’s Community Engagement programme (including Vocalise!). 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 £25,419 (2021 - £16,317) were made from unrestricted funds to cover the deficit on restricted funds and to cover indirect costs apportioned to the Community Engagement fund.

28

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 2022

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

Net incoming resources for the period Add unrealised loss/(gains) 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 (Increase)/decrease in debtors Increase in creditors within one year Net cash used in operating activities	2022 £ 15,741 15,544 - - 2,561 1,598 246 (28,415) 859 8,134	2021 £ 62,593 (32,891) 317,948 (342,602) 6,928 802 48 26,636 2,645 42,107

29