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ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
ROYAL ORCHESTRAL SOCIETY
CHARITY REGISTRATION No: 261421
DocuSign Envelope ID: 6B92BCD4-89CD-4FB8-987E-0C50E8C15D5A
ROYAL ORCHESTRAL SOCIETY
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Page 4 | Independent Examiner’s Report to the Trustees |
| Page 5 to 6 | Trustees’ Report |
| Page 7 | Statement of Financial Activities |
| Page 8 | Balance Sheet |
| Pages 9 to 14 | Notes to the Financial Statements |
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ROYAL ORCHESTRAL SOCIETY
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 261421 START OF FINANCIAL YEAR 1[st] September 2022 END OF FINANCIAL YEAR 31[st] August 2023 TRUSTEES AT 31[ST] AUGUST 2023 Francis Norton (Chairman) Rosemary Cook (Hon.Secretary) Anthony Melhuish (Hon.Treasurer) Dame Geraldine Andrews Paul Blaker Joseph Smouha Brian Coffey Simon Upcott (resigned 26[th] November 2023) Derek Holland Richard Slater Steven Freeman (appointed 26[th] April 2023)
The trustees remained as such up to and including the date of approving these accounts, and were responsible for that approval.
Janet Farrell who was a Trustee at the end of last year retired during the year.
The existing trustees may appoint any new trustees following the provisions laid out in the organisation’s governing instrument
FOUNDED 1872 FOUNDER HRH Prince Alfred, Duke of Edinburgh
Constitution adopted 16[th] July 1970 and amended 1975 and amended a second time in 1996 and again in 2013. .
To educate the public in the arts and sciences, and in particular the art and science of music, by the presentation of concerts and other activities.
CORRESPONDENCE ADDRESS 20 Ridgeway Road, Isleworth, Middlesex, TW7 5LA BANKERS National Westminster Bank Plc, 208 Piccadilly, London, W1A 2DG INDEPENDENT EXAMINER JMA Ball, FCA 4a The Friary Old Windsor, Berkshire SL4 2NS
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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees of Royal Orchestral Society on the accounts for the year ended 31[st] August 2023 set out on pages 7 to 14
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31[st] August 2023.
Responsibilities and basis of report
As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 on the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect :
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the accounting records were not kept in accordance with section 130 of the Charities Act ; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and contents of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to the reached.
JMA Ball, FCA 4a The Friary Old Windsor, Berkshire SL4 2NS 05-May-2024 | 11:09:10 BST Dated:
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ROYAL ORCHESTRAL SOCIETY
TRUSTEES REPORT
FOR THE YEAR ENDED 31[ST] AUGUST 2023
Activities and Achievements – Annual Review
This year marked our 150[th] Anniversary and we performed four concerts. The Autumn concert was held on 13[th] November 2022 conducted by Ronald Corp in St John’s Smith Square, the second on 29[th] January 2023 in the Dukes Hall conducted by Adrian Brown, the Spring concert was held on 19[th] March 2023 in the Cadogan Hall conducted by Orlando Jopling and the Summer concert on 25[th] June 2023 in St John’s Smith Square conducted by Tim Redmond.
As expected the higher costs of putting on this attractive concert season has led to a substantial deficit.
The Society remains heavily dependent on the generosity of its sponsors. In the current year we thank in particular two Anonymous donors. Our past and present benefactors continue to be listed and thanked in our concert programmes.
Notwithstanding this year’s result, our Investment policy continues to be that the majority of investment funds should be held in secure institutions whose purpose is to provide specialist investment services for charities and, as in previous years, we have used the Fixed Interest Funds and Deposit Accounts of COIF Charity Funds.
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ROYAL ORCHESTRAL SOCIETY
TRUSTEES REPORT (continued)
FOR THE YEAR ENDED 31[ST] AUGUST 2023
The Charities Act 1993 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 trust and of the deficit of the trust for that period. In preparing those financial statements the trustees are required to:
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Select suitable accounting policies and apply them consistently
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Make judgements and estimates that are reasonable and prudent
Prepare financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in existence.
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the trust. They are responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees by Francis Norton
05-May-2024 | 8:53:53 BST Dated
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ROYAL ORCHESTRAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31[ST] AUGUST 2023
| Notes | 2023 | 2022 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| INCOMING RESOURCES | |||||
| Incoming Resources from | |||||
| Generated Funds | |||||
| Voluntary Income | 3a | 11,199 | 294 | ||
| Incoming Resources from | |||||
| Charitable Activities | 3b | 18,051 | 11,258 | ||
| TOTAL INCOMING RESOURCES | 29,250 | 11,552 | |||
| RESOURCES EXPENDED | |||||
| Costs of Generating Funds | |||||
| Charitable Activities | 4a | 49,902 | 28,063 | ||
| Costs of Generating Voluntary | |||||
| Income | 4b | 5,742 | 58 | ||
| Other Resources Expended | 4c | 251 | 193 | ||
| TOTAL RESOURCES EXPENDED | 55,895 | 28,314 | |||
| NET INCOMING/(OUTGOING) RESOURCES | -26,645 | -16762 | |||
| Total Funds Brought Forward | 205,200 | 236,688 | 2 | ||
| Gains on Fixed Asset Investments | 5,392 | -14,726 | |||
| TOTAL FUNDS CARRIED FORWARD |
183,947 | 205,200 |
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 9 to 14 form part of these financial statements.
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ROYAL ORCHESTRAL SOCIETY
BALANCE SHEET
AS AT 31[ST] AUGUST 2023
| Notes Fixed Assets Tangible Assets 2 Investments 5 Current Assets Debtors 6 Cash at bank Total Current Assets Creditors: amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS less current liabilities NET ASSETS Funds of the Charity General Funds Total Funds |
2023 2022 £ £ 0 0 172,461 177,109 1,247 7,121 10,534 21,465 |
|---|---|
| 11,781 28,586 |
|
| 295 495 11,486 28,091 |
|
| 183.947 205,200 |
|
| 183.947 205,200 |
|
| 183,947 205,200 |
|
| 183,947 205,200 |
Approved by the Trustees on and 05-May-2024 | 8:53:53 BST
Signed on their behalf by Francis Norton, Trustee
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ROYAL ORCHESTRAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2023
1. ACCOUNTING POLICIES Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
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The charity becomes entitled to the resources
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The Trustees are virtually certain they will receive the resources and
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The monetary value can be measured with sufficient reliability
Incoming Resources with related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Tax reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA when received
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services have been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
Investment Income
This is included in the accounts when receivable
Investment gains and losses.
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Expenditure and liabilities
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources
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DocuSign Envelope ID: 6B92BCD4-89CD-4FB8-987E-0C50E8C15D5A
ROYAL ORCHESTRAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31[ST] AUGUST 2023
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice on governance or constitutional matters.
Grants with performance conditions
Where a charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants payable without performance conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remains in control of the charity.
Assets
Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year, and cost at least £2500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation is calculated at a rate to write off the costs of tangible fixed assets on a straight line basis over their estimated useful lives. The rates applied per annum are as follows:
Equipment 20%
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end.
2. TANGIBLE FIXED ASSETS
| 2. TANGIBLE FIXED ASSETS | |
|---|---|
| MUSICAL INSTRUMENTS Cost at 1st September 2022 Cost at 31st August 2023 Accumulated depreciation at 1st September 2022 Accumulated depreciation at 31st August 2023 Net Book value at 31stAugust 2023 Net Book value at 31stAugust 2022 |
£ 2,500 |
| 2,500 | |
| 2500 | |
| 2,500 | |
| 0 0 |
Musical Instruments at cost at 1[st] September 2023 consist of a double bass at £2,500.
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ROYAL ORCHESTRAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31[ST] AUGUST 2023
3. INCOMING RESOURCES
| 3. INCOMING RESOURCES | |
|---|---|
| a) Voluntary Income Donations Gift Aid b) Incoming Resources from Charitable Activities Members/Associates Ticket & Programme sales |
2023 2022 £ £ 10.420 0 779 294 |
| 11,199 294 |
|
| 8,714 4,734 9,337 6,524 |
|
| 18,051 11,258 |
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ROYAL ORCHESTRAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31[ST] AUGUST 2022
| 4. RESOURCES EXPENDED a) Charitable Activities Hall Hire Music and Equipment Hire Choir Printing Rehearsal Room Hire Soloist/Conductor Players/Students b) Costs of Generating Voluntary Income Publicity c) Other Resources Expended Bank Charges Depreciation Insurance Sundries Postage |
2023 2022 £ £ 15,137 8,100 5,896 1,597 1,800 600 668 318 4,480 2,855 9,580 6,725 12,341 7,868 |
|---|---|
| 49,902 28,063 |
|
| 5,742 58 |
|
| 5,742 58 |
|
| 0 0 0 0 239 193 0 0 12 0 |
|
| 251 193 |
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DocuSign Envelope ID: 6B92BCD4-89CD-4FB8-987E-0C50E8C15D5A
ROYAL ORCHESTRAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31[ST] AUGUST 2023
5. INVESTMENTS
| 5. INVESTMENTS | ||||||
|---|---|---|---|---|---|---|
| Market | Market | |||||
| Value | Deposits | Withdrawals | Dividends | Revaluation | Value | |
| 01/09/2022 | 31/08/2023 | 31/08/2023 | ||||
| Investment Funds | 177,109 | 0 | 10,040 |
4,705 |
687 |
172,461 |
| TOTAL | 177,109 | 0 | 10,040 | 4,705 | 687 | 172,461 |
| Gains on Fixed Asset Investment taken as dividends of | £4,705 | plus a revaluation gain of | £687 | |||
| 6. DEBTORS AND PREPAYMENTS | 31-Aug-2023 | 31-Aug-2022 | ||||
| Prepayments | 1,247 | 7,121 |
||||
| 1,247 | 7,121 | |||||
| 7. CREDITORS: AMOUNTS FALLING | DUE WITHIN ONE YEAR | 31-Aug-2023 | 31-Aug-2022 | |||
| Amounts received in advance and accruals | 295 | 495 |
||||
| 295 | 495 |
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ROYAL ORCHESTRAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31[ST] AUGUST 2023
8. STAFF COSTS AND NUMBERS
There are no full time employees of the society (2021/2022: None).
9. TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES
| AJ Melhuish FE Norton |
31-Aug-2023 31-Aug-2022 £ £ 0 0 705 396 |
|---|---|
| 705 396 |
The above amounts are for the reimbursement of expenses incurred on behalf of the society. No other payments were made to trustees or any persons connected with them during this financial year. No material transaction took place between the organisation and a trustee or any person connected with them.
10. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
11. RESERVES POLICY
The trustees consider that, with the cessation of a major sponsor and the expected cost of revitalising the orchestra in this and future seasons, maintaining reserves at this level continues to be justifiable.
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