NSO Treasurer’s Report
Year Ending 31 Aug 2022
Norfolk Symphony Orchestra resumed its orchestral activities in the 2021-22 season and produced four concerts. We planned the season in the expectation that revenues from membership subs, Friends’ subs and ticket sales were likely to be down compared with pre-pandemic levels.
Most members have returned, and we have welcomed several new members. Membership subscription income is slightly lower than before the pandemic but above expectations.
Most of the Friends of the orchestra have continued to support NSO too. Friends donated generously to help the orchestra return to its normal activities, and the increased donation income more than offset a slight reduction in subscription income.
Ticket sales were lower than in previous seasons and, except for the January concert, below expectations, possibly reflecting a general reluctance amongst audiences to return to normal activities following the pandemic. For future seasons, we will need to plan based on conservative estimates of audience sizes, at least until we see signs of recovery towards normal levels.
NSO has benefited from being able to claim a higher amount of Gift Aid than usual, partly as a direct result of higher levels of donations, and partly by being able to claim on Friends’ subscriptions – with just 4 concerts and lower levels of ticket sales, the average ‘benefit’ to Friends was within the limits permitting Gift Aid to be claimed.
NSO has also benefited from a higher rate of Orchestra Tax Relief recoverable by the production company for the May and June concerts. This is a Government measure to assist post-pandemic recovery, and the higher rate will continue into the next season before reverting to the usual rate in two annual steps.
With a surplus of £2963 for the season, reserves remain healthy. Orchestra net assets at the end of the season were £16,399, including £11,836 cash held in our bank accounts.
Looking ahead to the 2022-23 season, we hope that audience numbers will recover towards normal levels. However, we also note that the cost of living is increasing rapidly and that this may have an impact both in terms of people being willing to pay to attend concerts and in terms of the costs of producing concerts. We have therefore sought to allow for these factors in budgeting for our next season.
Conrad Meehan Treasurer Norfolk Symphony Orchestra
26 September 2022
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
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Charity No
Norfolk Symphony Orchestra 263422
(if any)
Annual accounts for the period
Period end
Period start date 01/09/2021 To date 31/08/2022
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Section A Statement of financial activities
| Recommended categories by activity Guidance Notes Incoming resources (Note 3) Income and endowments from: Donations and legacies S01 Charitable activities S02 Other trading activities S03 Investments S04 Separate material item of income S05 Other S06 S07 Resources expended (Note 6) Expenditure on: Raising funds S08 Charitable activities S09 Separate material item of expense S10 Other S11 S12 S13 Net gains/(losses) on investments S14 S15 Extraordinary items S16 S17 S18 Other gains/(losses) S19 S20 Reconciliation of funds: S21 S22 Total Net movement in funds Total funds brought forward Total funds carried forward Total Net income/(expenditure) before investment gains/(losses) Net income/(expenditure) Transfers between funds Other recognised gains/(losses): Gains and losses on revaluation of fixed assets for the charity’s own use |
Unrestricted funds Restricted income funds Endowment funds Total funds Prior year funds £ £ £ £ £ F01 F02 F03 F04 F05 10,221 - - 10,221 1,137 15,009 - - 15,009 - 39 - - 39 41 38 - - 38 42 - - - - - - - - - - |
|---|---|
| 25,307 - - 25,307 1,220 |
|
| 195 - - 195 63 22,150 - - 22,150 1,631 - - - - - - - - - - |
|
| 22,345 - - 22,345 1,694 |
|
| 2,962 - - 2,962 474 - |
|
| - - - - - |
|
| 2,962 - - 2,962 474 - |
|
| - - - - - - - - - - - - - - - - - - - - |
|
| 2,962 - - 2,962 474 - |
|
| 13,436 - - 13,436 13,910 |
|
| 16,398 - - 16,398 13,436 |
CC17a (Excel), Sheet SOFA
Page 1 of 46
26/09/2022
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section B Balance sheet
| Fixed assets Intangible assets (Note 15) Tangible assets (Note 14) Heritage assets (Note 16) Investments (Note 17) Total fixed assets Current assets Stocks (Note 18) Debtors (Note 19) Investments (Note 17.4) Cash at bank and in hand (Note 24) Total current assets Creditors: amounts falling due within one year (Note 20) Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after one year (Note 20) Provisions for liabilities Total net assets or liabilities Funds of the Charity Endowment funds (Note 27) Restricted income funds (Note 27) Unrestricted funds Revaluation reserve Total funds Signed by one or two trustees on behalf of all the trustees |
Guidance Notes B01 B02 B03 B04 B05 B06 B07 B08 B09 B10 B11 B12 B13 B14 B15 B16 B17 B18 B19 B20 B21 |
Unrestricted funds £ F01 - 71 - - |
Restricted income funds £ F02 - - - - |
Endowment funds Total this year £ £ F03 F04 - - - 71 - - - - |
Total last year £ F05 |
|---|---|---|---|---|---|
| - 374 - - |
|||||
| 71 | - | - 71 |
374 | ||
| - 2,622 3,860 11,836 |
- - - - |
- - - 2,622 - 3,860 - 11,836 |
|||
| - 604 12,479 |
|||||
| 18,318 | - | - 18,318 |
13,083 | ||
| 21 | |||||
| 1,990 | - | - 1,990 | |||
| 16,328 | - | - 16,328 |
13,062 | ||
| 16,399 | - | - 16,399 |
13,436 | ||
| - - |
|||||
| - - |
- - |
- - - - |
|||
| 16,399 | - | - 16,399 |
13,436 | ||
| 16,399 | - | - - - 16,399 - |
|||
| - - 13,436 |
|||||
| 16,399 | - | - 16,399 |
13,436 | ||
| Signature | CONRAD MEEHAN Print Name |
Date of approval dd/mm/yyyy 26/09/2022 |
CC17a (Excel), Sheet B Sheet
Page 2 of 46
26/09/2022
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22 Section C Notes to the accounts
Note 1 Basis of preparation
This section should be completed by all charities .
1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with:
the Statement of Recommended Practice: Accounting and Reporting by Charities • and with preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 the Financial Reporting Standard applicable in the United Kingdom and Republic of • and with Ireland (FRS 102)
- and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.*
- -Tick as appropriate
1.2 Going concern
If there are material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern, please provide the following details or state "Not applicable", if appropriate:
An explanation as to those factors that support the conclusion that the charity is a going concern;
Disclosure of any uncertainties that make the going concern assumption doubtful;
Where accounts are not prepared on a going concern basis, please disclose this fact together with the basis on which the trustees prepared the accounts and the reason why the charity is not regarded as a going concern.
Not applicable Not applicable Not applicable
1.3 Change of accounting policy
The accounts present a true and fair view and the accounting policies adopted are those outlined in note 2.2.
Yes * -Tick as appropriate No
Please disclose:
CC17a (Excel), Sheet N 1
Page 3 of 46
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
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(i) the nature of the change in accounting policy; None
(ii) the reasons why applying the new accounting policy
provides more reliable and more relevant information; N/A
and
(iii) the amount of the adjustment for each line affected N/A
in the current period, each prior period presented and
the aggregate amount of the adjustment relating to
periods before those presented, 3.44 FRS 102 SORP.
1.4 Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP).
Yes
-Tick as appropriate
No
Please disclose:
(i) the nature of any changes; No changes
(ii) the effect of the change on income and expense or
Not applicable
assets and liabilities for the current period; and
(iii) where practicable, the effect of the change in one or Not applicable
more future periods.
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1.5 Material prior year errors
No material prior year error have been identified in the reporting period (3.47 FRS 102 SORP).
Yes * -Tick as appropriate No
CC17a (Excel), Sheet N 1
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Please disclose:
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(i) the nature of the prior period error; No errors
(ii) for each prior period presented in the accounts, the
amount of the correction for each account line item
affected; and
Not applicable
(iii) the amount of the correction at the beginning of the
earliest prior period presented in the accounts.
Not applicable
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CC17a (Excel), Sheet N 1
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts
Note 2 Accounting policies
Please complete this note when first reporting under FRS2102. Section 35 of FRS102, requires 3 reconciliations to be presented, if all are applicable.
2.1 RECONCILIATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNTING PRACTICE
Please provide a description of the nature of each change N/A in accounting policy
Reconcilation of funds per previous GAAP to funds determined under FRS 102
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|---|---|
|Start of|End of|
|period|period|
|£|£|
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Fund balances as previously stated Adjustments:
Fund balance as restated
Reconcilation of net income/(net expenditure) per previous GAAP to net income/(net expenditure) under FRS 102
End of £ Net income/(expenditure) as previously stated Adjustments:
Previous period net income/(expenditure) as restated
CC17a (Excel), Sheet N 2
Page 6 of 46
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 2 Accounting policies 2.2 INCOME
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This standard list of accounting policies has been applied by the charity except for those ticked "No" or "N/a". Where a
different or additional policy has been adopted then this is detailed in the box below.
Recognition of income These are included in the Statement of Financial Activities (SoFA) when:
the charity becomes entitled to the resources;
· it is more likely than not that the trustees will receive the resources; and Yes No N/a
the monetary value can be measured with sufficient reliability.
Yes No N/a
There has been no offsetting of assets and liabilities, or income and expenses, unless required or
Offsetting permitted by the FRS 102 SORP or FRS 102.
Yes No N/a
Grants and donations are only included in the SoFA when the general income
Grants and donations recognition criteria are met (5.10 to 5.12 FRS102 SORP).
Yes No N/a
In the case of performance related grants, income must only be recognised to the extent
that the charity has provided the specified goods or services as entitlement to the grant
only occurs when the performance related conditions are met (5.16 FRS 102 SORP).
Legacies Legacies are included in the SOFA when receipt is probable, that is, when there has Yes No N/a
been grant of probate, the executors have established that there are sufficient assets in
the estate and any conditions attached to the legacy are either within the control of the
charity or have been met.
Yes No N/a
Government grants The charity has received government grants in the reporting period
Gift Aid receivable is included in income when there is a valid declaration from the donor.
Tax reclaims on Any Gift Aid amount recovered on a donation is considered to be part of that gift and is Yes No N/a
donations and gifts treated as an addition to the same fund as the initial donation unless the donor or the
terms of the appeal have specified otherwise.
Yes No N/a
Contractual income and This is only included in the SoFA once the charity has provided the related goods or
performance related services or met the performance related conditions.
grants
Yes No N/a
Donated goods are measured at fair value (the amount for which the asset could be
Donated goods
exchanged) unless impractical to do so.
The cost of any stock of goods donated for distribution to beneficiaries is deemed to be
Yes No N/a
the fair value of those gifts at the time of their receipt and they are recognised on receipt.
In the reporting period in which the stocks are distributed, they are recognised as an
expense at the carrying amount of the stocks at distribution.
Donated goods for resale are measured at fair value on initial recognition, which is the
expected proceeds from sale less the expected costs of sale, and recognised in 'Income
Yes No N/a
from other trading activities' with the corresponding stock recognised in the balance
sheet. On its sale the value of stock is charged against 'Income from other trading
activities' and the proceeds from sale are also recognised as 'Income from other trading
activities'.
Yes No N/a
Goods donated for on-going use by the charity are recognised as tangible fixed assets
and included in the SoFA as incoming resources when receivable.
Yes No N/a
Gifts in kind for use by the charity are included in the SoFA as income from donations
when receivable.
Yes No N/a
Donated services and Donated services and facilities are included in the SOFA when received at the value of
facilities the gift to the charity provided the value of the gift can be measured reliably.
Donated services and facilities that are consumed immediately are recognised as Yes No N/a
income with an equivalent amount recognised as an expense under the appropriate
heading in the SOFA.
Yes No N/a
Support costs The charity has incurred expenditure on support costs.
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CC17a (Excel), Sheet N 2.2
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
| 2.4 ASSETS Intangible fixed assets Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Grants with performance conditions Where the 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 Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised. The charity has intangible fixed assets, that is, non-monetary assets that do not have physical substance but are identifiable and are controlled by the charity through custody or legal rights. The amortisation rates and methods used are disclosed in note 9.5 They are valued at cost. This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. Income from interest, royalties and dividends This is included in the accounts when receipt is probable and the amount receivable can be measured reliably. Income from membership subscriptions Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies. Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities. 2.3 EXPENDITURE AND LIABILITIES Liability recognition Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Investment gains and losses The charity accounts for basic financial instruments on initial recognition as per paragraph 11.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP. Tangible fixed assets for use by charity The depreciation rates and methods used are disclosed in note 9.2. Governance and support costs Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Settlement of insurance claims Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP) and are included as an item of other income in the SoFA. They are valued at cost. Volunteer help These are capitalised if they can be used for more than one year, and cost at least The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report. Redundancy cost The charity made no redundancy payments during the reporting period. Deferred income No material item of deferred income has been included in the accounts. Creditors The charity has creditors which are measured at settlement amounts less any trade discounts Provisions for liabilities A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date Basic financial instruments |
Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a |
|
|---|---|---|
CC17a (Excel), Sheet N 2.2
Page 8 of 46
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
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Heritage assets The charity has heritage assets, that is, non-monetary assets with historic, artistic, Yes No N/a
scientific, technological, geophysical or environmental qualities that are held and
maintained principally for their contribution to knowledge and culture. The depreciation
rates and methods used as disclosed in note 9.6.1.4.
Yes No N/a
They are valued at cost.
Investments Fixed asset investments in quoted shares, traded bonds and similar investments are
valued at initially at cost and subsequently at fair value (their market value) at the year Yes No N/a
end. The same treatment is applied to unlisted investments unless fair value cannot be
measured reliably in which case it is measured at cost less impairment.
Yes No N/a
Investments held for resale or pending their sale and cash and cash equivalents with a
maturity date of less than 1 year are treated as current asset investments
Yes No N/a
Stocks and work in Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net
progress realisable value.
Yes No N/a
Goods or services provided as part of a charitable activity are measured at net realisable value
based on the service potential provided by items of stock.
Yes No N/a
Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract.
Debtors (including trade debtors and loans receivable) are measured on initial recognition at Yes No N/a
Debtors settlement amount after any trade discounts or amount advanced by the charity. Subsequently,
they are measured at the cash or other consideration expected to be received.
The charity has has investments which it holds for resale or pending their sale and cash and cash Yes No N/a
Current asset equivalents with a maturity date less than one year. These include cash on deposit and cash
investments equivalents with a maturity date of less than one year held for investment purposes rather than to
meet short term cash commitments as they fall due.
Yes No N/a
They are valued at fair value except where they qualify as basic financial instruments.
POLICIES ADOPTED Tangible fixed assets are capititalised if they can be used for more than one year, regardless of
ADDITIONAL TO OR cost.
DIFFERENT FROM
THOSE ABOVE
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CC17a (Excel), Sheet N 2.2
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 3 Analysis of income
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Restricted
Unrestricted income Endowment
funds funds funds Total funds Prior year
Analysis £ £
Donations Donations and gifts 2,563 2,563 119
and legacies: Gift Aid 1,738 1,738 18
Legacies - - 1,000
General grants provided by government/other
charities - - -
Membership subscriptions and sponsorships
which are in substance donations
4,620 4,620
Donated goods, facilities and services 1,300 1,300
Other - - -
Total 10,221 - - 10,221 1,137
Charitable Friends membership subscriptions
activities: 1,848 - - 1,848 -
Ticket sales 12,420 - - 12,420 -
Programme sales 741 - - 741 -
Other - - - -
Total 15,009 - - 15,009 -
Other trading Concert programme adverts
activities: - - - - -
- - - - -
- - - - -
Other 39 - - 39 41
Total 39 - - 39 41
Income from Interest income 38 - - 38 42
investments: Dividend income - - - - -
Rental and leasing income - - - - -
Other - - - - -
Total 38 - - 38 42
Separate - - - - -
material item - - - - -
of income: - - - - -
- - - - -
Total - - - - -
Other: Conversion of endowment funds into income
- - - - -
Gain on disposal of a tangible fixed asset held
for charity's own use - - - - -
Gain on disposal of a programme related
investment - - - - -
Royalties from the exploitation of intellectual
property rights - - - - -
Other - - - - -
Total - - - - -
TOTAL INCOME 25,307 - - 25,307 1,220
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CC17a (Excel), Sheet N 3
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Other information:
All income in the prior year was unrestricted except for: (please provide description and amounts) Where any endowment fund is converted into income in the reporting period, please give the reason for the conversion.
N/A N/A N/A
Within the income items above the following items are material: (please disclose the nature, amount and any prior year amounts)
CC17a (Excel), Sheet N 3
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 4 Analysis of receipts of government grants
| Government grant 1 Government grant 2 Government grant 3 Other Please provide details of any unfulfilled conditions and other contingencies attaching to grants that have been recognised in income. Please give details of other forms of government assistance from which the charity has directly benefited. |
Total Description |
This year Last year £ £ - - - - - - - - |
|---|---|---|
| - - | ||
CC17a (Excel), Sheet N4
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 5 Donated goods, facilities and services
| Use of property Other Seconded staff |
For donated storage facilities, these are valued on the basis of the amount paid to the supplier of storage by the donor on receipt of an invoice and in accordance with the storage rental agreement. For donated concert transport, this is valued on the basis of an estimate of the cost of commercial van hire. |
This year Last year £ £ - - - - 1,300 - |
|---|---|---|
| 1,300 - |
||
| Please provide details of the accounting policy for the recognition and valuation of donated goods, facilities and services. |
||
| Please provide details of any unfulfilled conditions and other contingencies attaching to resources from donated goods and services not recognised in income. Please give details of other forms of other donated goods and services not recognised in the accounts, eg contribution of unpaid volunteers. |
CC17a (Excel), Sheet N5
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 6 Analysis of expenditure
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Restricted
Unrestricted income Endowment
funds funds funds Total funds Prior year
Analysis £ £
Expenditure on Incurred seeking donations - - - - -
raising funds: Incurred seeking legacies
- - - - -
Incurred seeking grants
- - - - -
Operating membership schemes and
social lotteries
195 - - 195 63
Staging fundraising events
- - - - -
Fudraising agents
- - - - -
Operating charity shops
- - - - -
Operating a trading company
undertaking non-charitable trading
activity - - - - -
Advertising, marketing, direct mail and
publicity - - - - -
Start up costs incurred in generating
new source of future income
- - - - -
Database development costs - - - - -
Other trading activities - - - - -
Investment management costs: - - - - -
Portfolio management costs - - - - -
Cost of obtaining investment advice
- - - - -
Investment administration costs
- - - - -
Intellectual property licencing costs
- - - - -
Rent collection, property repairs and
maintenance charges - - - - -
- - - - -
Total expenditure on raising funds 195 - - 195 63
Expenditure on Concert production (via NSO OTR Ltd) 18,560 - - 18,560 -
charitable Direct concert costs
549 - - 549 -
activities
Direct concert advertising/marketing
- - - - -
Direct concert rehearsals costs
- - - - -
Direct music hire and PRS fees
102 - - 102 -
Other costs, inc admin, insurance and
asset depreciation 2,938 - - 2,938 1,631
- - - - -
Total expenditure on charitable
activities 22,149 - - 22,149 1,631
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CC17a (Excel), Sheet N 6
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
| TOTAL EXPENDITURE Total other expenditure Other Total Separate material item of expense |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 22,344 - - 22,344 1,694 |
|---|---|
Other information:
Analysis of expenditure on charitable activities
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Grant
Activity or funding Support Total this Total
Activities undertaken directly
programme of Costs year prior year
activities
£ £ £ £ £
Activity 1
Activity 2
Other
Total
Prior year expenditure on charitable activities
can be analysed as follows:
Within the expenditure items above the
following items are material: (please disclose
the nature, amount and any prior year
amounts)
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CC17a (Excel), Sheet N 6
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 7 Extraordinary items
| Extraordinary item 1 Extraordinary item 2 Extraordinary item 3 Extraordinary item 4 Please explain the nature of each extraordinary item occurring in the period. Total extrordinary items Description |
This year Last year £ £ - - - - - - - - - - |
|---|---|
| - - |
CC17a (Excel), Sheet N7
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 8 Funds received as agent
8.1 Please complete this note if the charity has agreed to administer the funds of another entity as its agent. Note: If a charity is acting as an agent, it should not recognise the income in the Statement of Financial Activities or the Balance Sheet.
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Amount received Amount paid out Balance held at period end
Description/name of party Related
party (Yes This year Last year This year Last year This year Last year
or No) £ £ £ £ £ £
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Total - - - - - -
8.2 Where a consortia or similar arrangement exists whereby 2 or more charities co-operate to achieve economies in the
purchase of goods or services, please discose details of any balances outstanding between any participating members.
Description/name of party
Balance held at period end
This year Last year
£ £
- -
- -
- -
- -
- -
Total - -
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CC17a (Excel), Sheet N8
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 9 Support Costs
Please complete this note if the charity has analysed its expenses using activity categories and has support costs.
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Basis of
Raising funds Activity 1 Activity 2 Activity 3 Grand total allocation
Support cost (Describe
(examples) £ £ £ £ £ method)
- - - -
Governance
- - - -
- - - -
- - - -
Other - - - -
- - - -
Total
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Please provide details of the accounting policy adopted for the apportionment of costs between activities and any estimation techniques used to calculate their apportionment.
CC17a (Excel), Sheet N9
Page 18 of 46
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NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 10 Details of certain items of expenditure
10.1 Fees for examination of the accounts
Please provide details of the amount paid for any statutory external scrutiny of accounts and other services provided by your independent examiner. If nothing was paid please enter '0' in the appropriate box(es).
| Other fees (for example: financial advice, consultancy, accountancy services) paid to the independent examiner Independent examiner’s fees Assurance services other than audit or independent examination Tax advisory fees |
This year Last year £ £ 0 0 0 0 0 0 0 0 |
|---|---|
CC17a (Excel), Sheet N10
Page 19 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 11 Paid employees
Please complete this note if the charity has any employees.
11.1 Staff Costs
| 11.1 Staff Costs | ||||
|---|---|---|---|---|
| This year | Last year | |||
| £ | £ | |||
| Salaries and wages | - | - | ||
| Social security costs | - | - | ||
| Pension costs (defined contribution scheme) | - | - | ||
| Other employee benefits | - | - | ||
| Total staff costs | - | - |
Please provide details of expenditure on staff working for the charity whose contracts are with and are paid by a related party
Please give details of the number of employees whose total employee benefits (excluding employer pension costs) fell within each band of £10,000 from £60,000 upwards. If there are no such transactions, please enter 'true' in the box provided.
No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000
| Band | Number of employees |
|---|---|
| £60,000 to £69,999 | |
| £70,000 to £79,999 | |
| £80,000 to £89,999 | |
| £90,000 to £99,999 | |
| £100,000 to £109,999 | |
Please provide the total amount paid to key management personnel (includes trustees and senior management) for their services to the charity
11.2 Average head count in the year The parts of the charity in which the employees work
| Fundraising Charitable Activities Governance Other Total |
This year Last year Number Number - - - - - - - - |
|---|---|
| - - |
CC17a (Excel), Sheet N11
Page 20 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA
Annual Accounts, year ending 31/8/22
11.3 Ex-gratia payments to employees and others (excluding trustees)
Please complete if an ex-gratia payment is made.
Please explain the nature of the payment
Please state the legal authority or reason for making the payment
Please state the amount of the payment (or value of any waiver of a right to an asset)
11.4 Redundancy payments
Please complete if any redundancy or termination payment is made in the period.
Total amount of payment
The nature of the payment (cash, asset etc.)
The extent of redundancy funding at the balance sheet date
Please state the accounting policy for any redundancy or termination payments
CC17a (Excel), Sheet N11
Page 21 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 12 Defined contribution pension scheme or defined benefit scheme accounted for as a defined contribution scheme.
12.1 Please complete this note if a defined contribution pension scheme is operated.
Amount of contributions recognised in the SOFA as an expense
Please explain the basis for allocating the liability and expense of defined contribution pension scheme between activities and between restricted and unrestricted funds.
12.2 Please complete this section where the charity participates in a defined benefit pension plan but is unable to ascertain its share of the underlying assets and liabilities.
Please confirm that altough the scheme is accounted for as a defined contribution plan, it is a defined benefit plan.
Please provide such information as is available about the plan's surplus or deficit and the implications, if any, for the reporting charity
12.3 Please complete this section where the charity participates in a multi-employer defined benefit pension plan that is accounted for as a defined contribution plan.
Describe the extent to which the charity can be liable to the plan for other entities' obligations under the terms and conditions of the multi-employer plan
CC17a (Excel), Sheet N12
Page 22 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 13 Grantmaking
Please complete this note if the charity made any grants or donations which in aggregate form a material part of the charitable activities undertaken.
13.1 Analysis of grants paid (included in cost of charitable activities)
----- Start of picture text -----
Grants to Grants to
Analysis institutions individuals Support costs Total
Activity or project 1 £ £
Activity or project 2 - -
Activity or project 3 - -
Activity or project 4 - [ - ]
Total - - - -
----- End of picture text -----
Please enter “Nil” if the charity does not identify and/or allocate support costs.
13.2 Grants made to institutions
| Yes No TOTAL GRANTS PAID Purpose Names of institution My charity has made grants to particular institutions that are material in the context of its grantmaking. Details of the institution supported, purpose of the grant and total paid to each institution is available on the charity's web site. Other unanalysed grants Total grants to institutions in reporting period |
Please provide details of charity's URL. Provide details below Total amount of grants paid £ - - - - - - - - - - |
|---|---|
| - | |
| - - |
CC17a (Excel), Sheet N13
Page 23 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 14 Tangible fixed assets
Please complete this note if the charity has any tangible fixed assets
14.1 Cost or valuation
----- Start of picture text -----
Freehold land Other land & Plant, Fixtures, Total
& buildings buildings machinery and fittings and
motor vehicles equipment
£ £ £ £ £
At the beginning of - - - 5,545 5,545
the year
Additions - - - -
Revaluations - - - - -
Disposals - - - - -
Transfers * - - - - -
At end of the year - - - 5,545 5,545
14.2 Depreciation and impairments
Basis SL Straight Line
("SL") or
Reducing
Balance
("RB")
Rate 8 years
At beginning of the - - - 5,171 5,171
year
Disposals - - - - -
Depreciation - - - 303 303
Impairment - - - - -
Transfers - - - - -
At end of the year - - - 5,474 5,474
14.3 Net book value
Net book value at the - - - 374 374
beginning of the year
Net book value at the - - - 71 71
end of the year
----- End of picture text -----*
14.4 Impairment
Please provide a description of the events and circumstances that led to the recognition or reversal of an impairment loss.
14.5 Revaluation
If an accounting policy of revaluation is adopted, please provide:
the effective date of the revaluation
CC17a (Excel), Sheet N14
Page 24 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
the name of independent valuer, if applicable
the methods applied and significant assumptions the carrying amount that would have been recognised had the assets been carried under the cost model.
14.6 Other disclosures
(i) Please state the amount of borrowing costs, if any, capitalised in the construction of tangible fixed assets and the capitalisation rate used. (ii) Please provide the amount of contractual commitments for the acquisition of tangible fixed assets.
(iii) Details of the existence and carrying amounts of property, plant and equipment to which the charity has restricted title or that are pledged as security for liabilities.
-
The "transfers" row is for movements between fixed asset categories.
-
** Please indicate the method of depreciation by deleting the method not applicable (SL = straight
CC17a (Excel), Sheet N14
Page 25 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts
Note 15 Intangible assets
Please complete this note if the charity has any intangible assets
15.1 Cost or valuation
| Research & development £ |
Research & development £ |
Patents and trademarks £ |
Patents and trademarks £ |
Other £ |
Other £ |
Total £ |
Total £ |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| At beginning of | the | - | - | - | - | ||||||
| Additions | - | - | - | - | |||||||
| Disposals | - | - | - | - | |||||||
| Revaluations | - | - | - | - | |||||||
| Transfers * | - | - | - | - | |||||||
| At end of the year | - | - | - | - | |||||||
| 15.2 Amortisation and | impairments | ||||||||||
| **Basis | SL or RB | SL | or RB | SL or RB | SL or RB | Straight Line ("SL") or Reducing Balance ("RB") |
|||||
| ** Rate | |||||||||||
| At beginning of | the | - | - | - | - | ||||||
| Disposals | - | - | - | - | |||||||
| Amortisation | - | - | - | - | |||||||
| Impairment | - | - | - | - | |||||||
| Transfers* | - | - | - | - | |||||||
| At end of year | - | - | - | - | |||||||
| 15.3 Net book | value | ||||||||||
| Nat book value at the | - | - | - | - | |||||||
| beginning of the year | |||||||||||
| Net book value at the | - | - | - | - | |||||||
| end of the year |
15.4 Accounting policy
Please disclose the accounting policy for intangible fixed assets including: Reasons for choosing amortisation rates Policies for the recognition of any capital development
CC17a (Excel), Sheet N15
Page 26 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
15.5 Impairment
Please provide a description of the events and circumstances that led to the recognition or reversal of an impairment loss.
15.6 Revaluation
If an accounting policy of revaluation is adopted, please provide:
the effective date of the revaluation
the name of independent valuer, if applicable
the methods applied
the carrying amount that would have been recognised had the assets been carried under the cost model.
15.7 Other disclosures
(i) If your intangible asset was acquired by way of grant, provide value on initial recognition and carrying amount of the asset.
(ii) Details of the carrying amounts of any intangible assets to which the charity has restricted title or that are pledged as security for liabilities.
(iii) Please provide the amount of contractual commitments for the acquisition of intangible assets.
(iv) State the amount of research and development expenditure recognised as expenditure in the year.
(vi) Please detail the headings in the SOFA in which a charge for amortisation of intangible assets is included. (vii) For any material intangible assets, please provide a description, its carrying amount and any remaining amortisation period.
* The "transfers" row is for movements between fixed asset categories.
** Please indicate the method of depreciation by deleting the method not applicable (SL = straight line; RB = reducing balance). Also please indicate the rate of depreciation: for straight line, what is the anticipated life of the asset (in years); for reducing balance, what is the percentage annual
CC17a (Excel), Sheet N15
Page 27 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 16 Heritage assets
Please complete this note if the charity has heritage assets
16.1 General disclosures for all charities holding heritage assets
(i) Explain the nature and scale of heritage assets held. (ii) Explain the policy for the acquisition, preservation, management and disposal of heritage assets.
16.2 Cost or valuation
| Heritage £ |
asset | Heritage asset £ |
Heritage asset £ |
Heritage asset £ |
Total £ |
|||
|---|---|---|---|---|---|---|---|---|
| At beginning of the year | - | - | - | - | - | |||
| Additions | - | - | - | - | - | |||
| Disposals | - | - | - | - | - | |||
| Revaluations | - | - | - | - | - | |||
| Transfers * | - | - | - | - | - | |||
| At end of the year | - | - | - | - | - | |||
| 16.3 Depreciation and impairments | ||||||||
| **Basis | Straight Line ("SL") or Reducing Balance |
|||||||
| ** Rate | ||||||||
| At beginning of the year | - | - | - | - | - | |||
| Disposals | - | - | - | - | - | |||
| Depreciation | - | - | - | - | - | |||
| Impairment | - | - | - | - | - | |||
| Transfers* | - | - | - | - | - | |||
| At end of year | - | - | - | - | - | |||
| 16.4 Net book value | ||||||||
| Nat book value at the beginning of the | - | - | - | - | - | |||
| year | ||||||||
| Net book value at the end of the year | - | - | - | - | - |
16.5 Impairment
Please provide a description of the events and circumstances that led to the recognition or reversal of an impairment loss.
16.6 Revaluation
If an accounting policy of revaluation is adopted, please provide:
the effective date of the revaluation
the name of independent valuer, if applicable qualifications of independent valuer the methods applied and significant assumptions any significant limitations on the valuation
CC17a (Excel), Sheet N16
Page 28 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
16.7 Analysis of heritage assets by class or group distinguishing those at cost and those at valuation
| Carrying amount at the beginning of the period Additions Disposals Depreciation/impairment Revaluation Carrying amount at the end of period |
At valuation Group A At cost Group B Total £ £ £ - - - - - - - - - - - - - - - |
|---|---|
| - - - |
16.8 Heritage assets (where heritage assets are not recoignised on the balance sheet)
(i) Explain the reason why heritage assets have not been recognised on the balance sheet. (ii) Describe the significance and nature of heritage assets. (iii) Disclose information that is helpful in assessing the value of heritage assets. (iv) Explain the reason why it is not practicable to obtain a valuation of heritage assets.
16.9 Five year summary of heritage assets transactions
| 2020 2019 2018 2017 2016 £ £ £ £ £ |
|
|---|---|
| Purchases Group A Group B Group C Other Donations Group A Group B Group C Other Total additions Charge for impairment Group A Group B Group C Other Total charge for impairment Disposals Group A - carrying amount Group B - carrying amount Group C Other Total disposals |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
CC17a (Excel), Sheet N16
Page 29 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 17 Investment assets
Please complete this note if the charity has any investment assets.
17.1 Fixed assets investments (please provide for each class of investment)
| Carrying (fair) value at beginning of Add: additions to investments during period Less: disposals at carrying value Less: impairments Add: Reversal of impairments Add/(deduct): transfer in/(out) in the period Add/(deduct):* net gain/(loss) on revaluation Carrying (fair) value at end of year |
Cash & cash equivalents Listed investments Investment properties Social investments Other Total - - - - - - - - - 3,860 - 3,860 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
|---|---|
| - - - 3,860 - 3,860 |
Please specify additions resulting from* N/A acquisitions through business combinations, if**
Please note that Fair Value in this context is the amount for which an asset could be exchanged between knowlegable and willing parties in an arm's length transaction. For traded securities, the fair value is the value of the security quoted on the London Stock Exchange Daily Official List or equivalent. For other assets where there is no market price on a traded market, it is the trustees' or valuers' best estimate of fair value.
17.2 Please provide a breakdown of investments shown above agreeing with the balance sheet row B04 differentiating between those held at fair value and those held at cost less impairment
| Analysis of investments Cash or cash equivalents Investment properties Listed investments Social investments Grand total (Fair value at year end+Cost less impairment) Other investments Total |
Cost less impairment - - Fair value at year end £ - £ - - - - - - - |
|---|---|
| - - |
|
| - |
17.3 If your charity holds investment properties, please complete the following note:
(i) Explain the methods and significant assumptions in determining the fair value of investment property held by the charity
(ii) Name or independent valuer, if applicable, and relevant qualifications
(iii) Provide details of any restrictions on the ability to realise investment property or on the remittance of income or disposal proceeds
(iv) Explain any contractual obligations for the purchase, construction or development of investment property or for repairs, maintenance or enhancements
CC17a (Excel), Sheet N17
Page 30 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
17.4 Please provide a breakdown of current asset investments, if applicable, agreeing with the balance sheet
| Analysis of current asset investments Cash or cash equivalents Listed investments Investment properties Social investments Other investments Please provide details and amount of any guarantee made to or on behalf of a third party Name of the entity or entities benefitting from those guarantees Please explain how the guarantee furthers the charity's aims 17.6 Concessionary loans Amount of concessionary loans made (Multiple loans made may be disclosed in aggregate provided that such aggregation does not obsure significant information ). Total Terms and conditions eg interest rate, security provided Value of any concessionary loans which have been committed but not taken up at the reporting date Amounts payable within 1 year 17.5 Guarantees Amounts receivable after more than 1 year Amounts payable after more than 1 year Amounts receivable within 1 year Amount of concessionary loans received(Multiple loans received may be disclosed in aggregate provided that such aggregation does not obsure significant information). |
This year £ Last year £ 3,860 - 3,860 - This year £ Last year £ - - - - - - - Total - £ - This year - - - N/A N/A N/A Last year £ Description Loan to NSO OTR Ltd for concert production (net amount owing to NSO from NSO OTR Ltd at year end) N/A - - - Total Interest free loan to production company (NSO OTR Ltd) to provide working capital to produce NSO concerts in order to be able to claim HMRC Orchestra Tax Relief. NSO OTR Ltd has been set up by the NSO charity in accordance with Making Music guidance, with the company Directors also being trustees of the NSO charity. A Deed of Trust binds the company Directors (who are also the only Shareholders) to hold the shares for and on behalf of the NSO charity. Description - |
|---|---|
17.7 Additional information
Please provide information about the significance of investments to the charity's financial position or performance eg. terms and conditions of loans or the use of hedging to manage financial risk.
For all investments measured at fair value, the basis for determining the value, including any assumptions applied when using a valuation technique.
Where a charity has provided financial assets as a form of security, the carrying amount of the financial asset pledged as security and the terms and conditions relating to its pledge.
Loan made to non-profit NSO OTR Ltd production company to provide working capital for the production of NSO concerts. Thus allowing claiming of Orchestra Tax Relief from HMRC by NSO OTR Ltd to partially offset the costs of producing NSO concerts. Loan would otherwise be spent directly by the charity on the production of concerts, so there is no financial risk.
N/A
N/A
CC17a (Excel), Sheet N17
Page 31 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 18 Stocks
Please complete this note if the charity holds any stock items
18.1 Please state the carrying amount of stock and work in progress analysed between activities.
| activities. | |
|---|---|
| Charitable activities: Opening Added in period Expensed in period Impaired Closing Other trading activities: Opening Added in period Expensed in period Impaired Closing Other: Opening Added in period Expensed in period Impaired Closing Total this year Total previous year |
For distribution For resale For distribution For resale £ £ £ £ £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Work in progress Stock Donated goods |
| - - - - - | |
| - - - - - |
18.2 Please specify the carrying amount of any stocks pledged as security for liabilities
CC17a (Excel), Sheet N18
Page 32 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 19 Debtors and prepayments
Please complete this note if the charity has any debtors or prepayments.
19.1 Analysis of debtors Trade debtors Prepayments and accrued income Other debtors
Total
----- Start of picture text -----
This year Last year
£ £
2,226 103
396 501
- -
2,622 604
----- End of picture text -----
Please complete 19.2 where a material debtor is recoverable more than a year after the reporting date.
19.2 Analysis of debtors recoverable in more than 1 year (included in debtors above)
| Prepayments and accrued income Other debtors Total Trade debtors |
This year Last year £ £ - - - - - - - - |
|---|---|
| - - |
CC17a (Excel), Sheet N19
Page 33 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 20 Creditors and accruals
Please complete this note if the charity has any creditors or accruals.
20.1 Analysis of creditors
| Accruals for grants payable Bank loans and overdrafts Trade creditors Payments received on account for contracts or performance-related grants Accruals and deferred income Taxation and social security Other creditors Total |
This year Last year This year Last year £ £ £ £ - - - - - - - - 131 - - - - - - - 1,859 21 - - - - - - - - - - Amounts falling due within one year Amounts falling due after more than one year |
|---|---|
| 1,990 21 - - |
20.2 Deferred income
Please complete this note if the charity has deferred income.
Please explain the reasons why income is deferred.
Deferred income relates to advance payment of subscriptions and associated donations from members and Friends for the next membership year (membership year is the same as the annual accounting period). All defered income at the start of the financial year relates to subs received in advance for the year, so is all released to income in this period.
| Movement in deferred income account Balance at the start of the reporting period Amounts added in current period Amounts released to income from previous periods Balance at the end of the reporting period |
This year Last year £ £ 22 - 1,859 22 - 22 - |
|---|---|
| 1,859 22 |
CC17a (Excel), Sheet N20
Page 34 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 21 Provisions for liabilities and charges
Please complete this note if you have included in charity expenditure any provisions. A provision is made when the charity has a liability of uncertain timing or amount.
21.1 Please provide:
-
a brief description of any obligations on the balance
-
sheet and the expected amount and timing of resulting payments; - an indication of the uncertainties about the amount or timing of those outflows; and - the amount of any expected reimbursement, stating the amount of any asset that has been recognised for that expected reimbursement.
21.2 Movements in recognised provisions and funding commitment during the period
| Balance at the start of the reporting period Amounts added in current period Amounts charged against the provision in the current period Unused amounts reversed during the period Balance at the end of the reporting period |
This year Last year £ £ - - - - - - - - |
|---|---|
| - - |
21.3 For any funding commitment that is not recognised as a liability or provision, provide details of commitment made, the time frame of that commitment, any performance-related conditions and details of how the commitment will be funded (with contracts for capital expenditure separately identified).
21.4 Where unrestricted funds have been designated to a fund commitment, please disclose the nature of any amounts designated and the likely timing of that expenditure.
CC17a (Excel), Sheet N21
Page 35 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 22 Other disclosures for debtors, creditors and other basic financial instruments
22.1 Please provide information about the significance of financial instruments (eg. debtors, creditors, investments etc) to the charity's financial position or performance, for example, the terms and conditions of loans or the use of hedging to manage financial risk. 22.2 If the charity has provided financial assets as a form of security, the carrying amount of the financial assets pledged as security and the terms and conitions related to its pledge should be given here.
Not applicable Not applicable
CC17a (Excel), Sheet N22
Page 36 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 23 Contingent liabilities and contingent assets
23.1 Contingent liabilities
Where the charity has contingent liabililities, please complete the following section unless the possibility of their existence is remote.
Description of item including its legal nature. Please Estimate of financial effect describe any security provided in connection to the liability.
23.2 Contingent assets
Where the charity has contingent assets, please complete the following section when their existence is probable
Description of item Estimate of financial effect
23.4 Other disclosures for contingent assets and/or liabilities
Please provide the following information where practicable:
Explain any uncertainties relating to the amount or timing of settlement; and the possibilty of any reimbursement
Where it is not practical to make one or more of these disclosures, please state this fact
CC17a (Excel), Sheet N23
Page 37 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 24 Cash at bank and in hand
| Note 24 Cash at bank and in hand | |
|---|---|
| Other Cash at bank and on hand Total Short term cash investments (less than 3 months maturity date) Short term deposits |
This year Last year £ £ - - - - 11,836 12,479 - - |
| 11,836 12,479 |
CC17a (Excel), Sheet N24
Page 38 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 25 Fair value of assets and liabilities
25.1 Please provide details of the charity's exposure to credit risk (the risk of incurring a loss due to a debtor not paying what is owed) , liquidity risk (the risk of not being able to meet short term financial demands) and market risk (the risk that the value of an investment will fall due to changes in the market) arising from financial instruments to which the charity is exposed at the end of the reporting period and explain how the charity manages those risks.
25.2 Please give details of the amount of change in the fair value of basic financial instruments (debtors, creditors, investments (see section 11, FRS 102 SORP)) measured at fair value through the SoFA that is attributable to changes in credit risk.
Debtors (credit risk): Gift Aid not yet claimed from HMRC (low risk) Outstanding subs from 7 members (we expect to recover these) Loan to NSO OTR Ltd production company (low risk, this is managed through NSO committee members being directors of NSO OTR Ltd as per Making Music guidance; the bulk of the loan in respect of this season has been repaid by being offset against the production fees paid to the company by the charity, the remainder will be repaid through Orchestra Tax Relief not yet claimed from HMRC) Liquidity risk: NSO retains sufficient cash reserves to cover short-term liquidity risk, and the concessionary loan to NSO OTR Ltd is managed through NSO committee members being directors of NSO OTR Ltd per Making Music guidance. Market risk: NSO holds no financial instrumets exposed to market risk.
Nil
CC17a (Excel), Sheet N25
Page 39 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 26 Events after the end of the reporting period
Please complete this note events (not requiring adjustment to the accounts) have occurred after the end of the reporting period but before the accounts are authorised which relate to conditions that arose after the end of the reporting period.
Please provide details of the nature of the event
Provide an estimate of the financial effect of the event or a statement that such an estimate cannot be made
----- Start of picture text -----
N/A
N/A
----- End of picture text -----
CC17a (Excel), Sheet N26
Page 40 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 27 Charity funds
27.1 Details of material funds held and movements during the CURRENT reporting period
Please give details of the movements of material individual funds in the reporting period together with a balancing figure for 'Other funds'. The 'Total funds' figure below should reconcile to 'Total funds' in the blanace sheet.
* Key: PE - permanent endowment funds; EE - expendible endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds
----- Start of picture text -----
Fund Fund
balances balances
Type PE, EE Purpose and Restrictions brought Gains and carried
R or UR
forward Income Expenditure Transfers losses forward
Fund names £ £ £ £ £ £
NSO reserves U General NSO reserves account 13,436 25,307 - 22,344 - - 16,399
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Other funds N/a N/a - - - - - -
Total Funds 13,436 25,307 - 22,344 - - 16,399
----- End of picture text -----*
CC17a (Excel), Sheet N27.1
Page 41 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 27 Charity funds (cont)
27.2 Details of material funds held and movements during the PREVIOUS reporting period
Please give details of the movements of material individual funds in the reporting period together with a balancing figure for 'Other funds'. The 'Total funds' figure below should reconcile to 'Total funds' in the blanace sheet.
* Key: PE - permanent endowment funds; EE - expendible endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds
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Fund Fund
balances balances
Type PE, EE Purpose and Restrictions brought Gains and carried
R or UR
forward Income Expenditure Transfers losses forward
Fund names £ £ £ £ £ £
NSO reserves U General NSO reserves account 13,910 1,220 - 1,694 - - 13,436
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Other funds N/a N/a - - - - - -
Total Funds 13,910 1,220 - 1,694 - - 13,436
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CC17a (Excel), Sheet N27.2
Page 42 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 27 Charity funds (cont)
27.3 Transfers between funds
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Reason for transfer and where endowment is converted to income, Amount
legal power for its conversion
Between unrestricted and
restricted funds
Between endowment and
restricted funds
Between endowment and
unrestricted funds
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27.4 Designated funds
Planned use Purpose of the designation Amount
CC17a (Excel), Sheet N27.3
Page 43 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 28 Transactions with trustees and related parties
If the charity has any transactions with related parties (other than the trustee expenses explained in guidance notes) details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box or "False" if there are transactions to report.
28.1 Trustee remuneration and benefits
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity (True or False)
TRUE
In the period the charity has paid trustees remuneration and benefits. Please give the amount of, and legal authority for, any remuneration or other benefits paid to a trustee by the charity or any institution or company connected with it.
| Name of trustee Legal authority (eg order, governing document) |
Last year Remuneration Pension contribution Redundancy (including loss of office)/ex ti Other TOTAL £ £ £ £ This year Amounts paid or benefit value |
|---|---|
Please give details of why remuneration or other employment benefits were paid.
Where an ex gratia payment has been made to a trustee, provide an explanation of the nature of the payment.
28.2 Trustees' expenses
If the charity has paid trustees expenses for fulfilling their duties, details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box below. If there are transactions to report, please enter "False".
No trustee expenses have been incurred (True or False)
| No trustee expenses have been incurred (True or False) Type of expenses reimbursed Subsistence Travel TOTAL Accommodation Other (please specify): |
£ This year |
Last year TRUE £ |
|---|---|---|
Please provide the number of trustees reimbursed for expenses or who had expenses paid by the charity
CC17a (Excel), Sheet N28
Page 44 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
28.3 Transaction(s) with related parties
Please give details of any transaction undertaken by (or on behalf of) the charity in which a related party has a material interest, including where funds have been held as agent for related parties. If there are no such transactions, please enter 'true' in the box provided.
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There have been no related party transactions in the reporting period (True or False) TRUE
Amounts
written off
Name of the trustee Relationship Description of the Balance at Provision for bad debts
Amount during
or related party to charity transaction(s) period end at period end
reporting
period
£ £ £ £
----- End of picture text -----
In relation to the transactions above, please provide the terms and conditions, including any security and the nature of any payment (consideration) to be provided in settlement.
For any related party, please provide details of any guarantees given or received.
CC17a (Excel), Sheet N28
Page 45 of 46
11/09/2021
NORFOLK SYMPHONY ORCHESTRA Annual Accounts, year ending 31/8/22
Section C Notes to the accounts (cont)
Note 29 Additional Disclosures
The following are significant matters which are not covered in other notes and need to be included to provide a proper understanding of the accounts. If there is insufficient room here, please add a separate sheet.
CC17a (Excel), Sheet N29
Page 46 of 46
11/09/2021
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of NORFOLK SYMPHONY ORCHESTRA On accounts for the year ended 31 AUGUST 2022 Charity no (rf any) 263422 Set out on pages 1- 46 attathed I report to the trustees on my examination of the awounts of the above charity {Ihe Trusy) for the year ended 3110812022. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 (Yhe Act.). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charity Commission under sethon 145(5)(b) of the Act. Independent examinerfs ststement app1w. Delete [ l rfnot applicable. I have completed my examination. I confim that no matenal matters have come to my attention in connection with the examination (etheFth ythh gives me cause to believe that in. any material respect: the accounting records were not kept in accordance with section 130 of the Chartiies Act; or the accounts did not accord with the accounting re¢ords,' or the accourrts did not comply with the applicable requirements conceming the form and content of accounts set out in the Charilies (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fairf view which is not a matter considered as part of an independent examination. I have no cOnmS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ' Please delete the words in the brackets rf they do not apply. Signed: Date: 1112ozZ Name: Relevant professional qualification(s) or body lif any): J I IER Oct 2018
Address: l17T }J14A¢Lo É D(Zobrf /ALDiTrJc Section B Disclosure Only complete ifthe examiner needs to highlight material matters of concem (see CC32, Independent examinats'on of Gharity accounts: directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER Oct 2018