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2023-10-31-accounts

Registered number: 1226660 Charity number: 270204

AMSCORDI LIMITED

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

AMSCORDI LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10 - 11
Statement of cash flows 12
Notes to the financial statements 13 - 36
The following pages do not form part of the statutory financial statements:
Charity Detailed income and expenditure account and summaries

(A company limited by guarantee)

AMSCORDI LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2023

Trustees David W Whelton OBE, Chair
Jonathan N C Gaisman KC, Secretary
Robert S Boas, Trustee
David Cairns, Trustee
John Gilhooly OBE, Trustee
Maria Lucas-Tooth, Trustee
Frank Mampaey, Trustee
Alexandra J Maund, Trustee
Gilbert J R McCabe, Trustee
Helena A T Newman, Trustee (appointed 15 November 2022)
Simon D J T Rowe, Trustee
Sir Martin G Smith, Trustee
John P P Tunstall-Behrens, Trustee
Company registered
number
1226660
Charity registered
number
270204
Registered office
32 Grafton Square
London
SW4 0DB
Company secretary
J N C Gaisman KC
Accountants
GMBC LLP
Chartered Tax Advisers and Accountants
Marine House
151 Western Road
Haywards Heath
West Sussex
RH16 3LH
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

Page 1

AMSCORDI LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023

The Trustees present their annual report together with the financial statements of the Company (also operating as IMS Prussia Cove) for the year 1 November 2022 to 31 October 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The key aims for the Charity are to continue to provide music teaching of the highest standard for young musicians from all over the world; to provide an opportunity for established musicians to continue the process of learning, expanding their repertoire and working with younger musicians; to bring music of a high quality to an area of Britain which is in need and to work with other organisations to promote excellence.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

The Charity runs two major seminars per annum and arranges various concerts and outreach projects for the public and for the Friends of IMS Prussia Cove.

c. Volunteers

The Charity has estimated that it normally receives 5000 hours of voluntary support at its concerts and seminars (valued at £50,000). The Charity has not included this figure as part of the Statement of Financial Activities because of the difficulty in accurate measurement and the potential for distortion of the results that could occur from its inclusion.

Page 2

AMSCORDI LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Achievements and performance

a. Review of activities

Amscordi Limited would particularly like to thank all its patrons, staff and volunteers for their continued support over the year. Following on from the 50[th] anniversary celebrations in 2022, the Trustees and Management were pleased to focus on core activities again this year. The spring Masterclasses ran at maximum capacity again, for the first time since the pandemic, with a full programme of classes and public concerts. The Open Chamber Music seminar in the autumn also ran at maximum capacity with a series of nine concerts in Cornwall. Following this the Annual Autumn Tour visited different venues across the south of England. In addition, we ran our annual outreach programme, this year expanded to build on projects started during the 50th anniversary year.

We are pleased to summarise the reporting and financial aspects of the year as follows:

Artistic Team meetings are held regularly through the year, and particularly at the end of seminars to review the activities and report to the Board. The General Manager holds meetings with members of the Board prior to the main Board meetings to address the budgets and current financial situations. Donors and funders are updated and reported to by the Development and Outreach Manager. All funding and artistic updates are reported to the Board of Trustees. At the end of the financial year a review was compiled based on these reports for Trustees and sponsors. Where funds had been made available specifically for bursaries, outreach or other projects, reports have been sent to the donor concerned. At each board meeting, fundraising activities are reviewed and future fundraising plans are discussed.

The Trustees are responsible for ensuring that fundraising and expenditure are kept within budgeted targets. The Board of Trustees meets three times a year.

A full report of all activities can be found on the IMS Prussia Cove website: www.i-m-s.org.uk.

Page 3

(A company limited by guarantee)

AMSCORDI LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Financial review

a. Financial overview

The statement of financial activities for 2023 shows a net increase in funds of £36,328. This increase is mainly the result of a general combination of donations, legacies and increased receipts from activities and events.

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

c. Investment policy

The Charity may invest some or all of its reserves in excess of six months’ anticipated expenditure in approved charitable investments. In doing so, it pays due regard to the Charity Commission’s guidance document “Charities and investment matters: a guide for trustees (CC14)”.

The Board of Trustees has overall responsibility for investments, but it may delegate one or more Trustees experienced in investment matters to research and/or propose investments. If no Trustee has sufficient investment experience, the Board will seek external advice. The Board is of the opinion that investments offer the potential for higher returns than bank deposits, but that risk of capital loss must remain limited, for example by ensuring that investments be diversified. The Board prefers not to directly invest in a single asset, such as single shares or bonds, but to invest in one or more well-run collective investment schemes or funds. Finally, the Board agrees that investments must be transparent and easy to manage, without distracting from IMS Prussia Cove’s charitable goals. The Board receives regular reports on the performance of its investments and regularly considers whether that performance is consistent with the objectives laid out. The Board considers investment performance after all associated costs, and it considers whether those costs are good value for money.

d. Principal funding

The Charity charges students who attend the Masterclass seminars a fee. Musicians attending Open Chamber Music are asked to make a contribution towards Board and Lodging. The Friends of IMS Prussia Cove raise money for the Charity through concerts and through annual subscriptions. The Charity also raises other monies through fundraising events, from donations and grants made by individuals and charitable trusts and foundations and sponsorship from businesses. Lastly, the Charity receives legacies, which is becoming an increasingly important source of funding.

Page 4

AMSCORDI LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

e. Reserves held by the Charity

Any surplus of income over expenses in a given year adds to the Charity’s reserves, and those reserves diminish in years when expenses exceed income. Reserves consist of unrestricted, restricted and endowment funds.

• It is the Charity’s policy to maintain a level of unrestricted reserves sufficient to cover six months anticipated expenditure. The Charity applies unrestricted funds at its discretion to generally further any of its purposes. This is the case with most of our funding. From time to time, however, the Charity may choose to set aside some unrestricted funds for a particular project or commitment, and these are then called designated funds. A bequest received from Margery Hall, for example, has been designated by the Charity to provide bursaries for students at the Masterclass Seminars over a specific number of years.

• Restricted funds, on the other hand, are funds for which donors have established a specific purpose.

• Endowment Fund: An expendable endowment (named The IMS Endowment Fund) has been set up primarily to serve the Charity’s long term purpose. Further details about the aim and use of the fund are in Note 18. The Investment Committee, in any given year, proposes whether and if so how much of the Charity’s income to add to the endowment, sets the investment policy for the funds in the endowment, and recommends whether and if so how much income to draw from the endowment, subject to the Trustees’ approval.

Structure, governance and management

a. Constitution

Amscordi Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association dated 9 September 1975. The registered charity number 270204. The Charity operates under the name IMS Prussia Cove.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees with such additional assistance as the Board sees fit to invite. There is no fixed time for a Trustee to serve on the Board and new Trustees are appointed as and when the Board feels it necessary to do so. The Board of Trustees is responsible for fundraising initiatives and the aim is to include Trustees who can bring specific areas of knowledge to the Charity, eg Law, Accounting and Fundraising. Recruitment is done by Trustees suggesting new members from time to time and this being followed up by the Chairman.

Page 5

AMSCORDI LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

Day to day management of the Charity is delegated by the Trustees to the General Manager. The General Manager is responsible to the Artistic Director for the appointment of professors to the Masterclass seminar, the invitation to musicians to attend the Open Chamber Music seminar and the general running of the seminars. The General Manager is also responsible to the Board of Trustees for fundraising initiatives and control of expenditure. The General Manager and the Chairman of the Board attend Artistic Planning meetings and Board meetings to ensure artistic decisions are kept within financial parameters.

The Board and the General Manager are supported in fundraising, outreach and related activities by the Development and Outreach Manager. The organisation also takes on part-time administrative assistants or paid interns at different points in the year, bringing support to the General Manager in the London office and during the seminars. This programme provides an opportunity of work experience to young people wishing to have a career in Arts Management.

The Charity controls the overall running of the seminars in Cornwall. It is supported by the Friends of IMS Prussia Cove, who are responsible for the running of the concerts in Cornwall during the seminars and maintaining links with organisations in the area, eg schools, other music establishments. The Chairman of the Friends of IMS Prussia Cove is a member of the Board of Trustees and liaises with the General Manager on a day-to-day basis.

d. Policies adopted for the induction and training of Trustees

It is important for any Trustee to visit the seminars in Cornwall and all Trustees are invited to do so. New Trustees are made aware of the rules governing the Charity, ie notes from the Charities Commission, the purpose of the Charity, up-to-date Report and Accounts and current fundraising activities.

e. Financial risk management

The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The seminars take place on a privately owned estate (Note 24 Related party transactions) rented by the Charity for two months of the year. The Chairman of the Board and the General Manager meet with the owner of the estate to discuss future plans, insurance matters, liability, licensing and to carry out a risk assessment concerning the period of time the seminars are running. The Chairman of the Friends of IMS Prussia Cove liaises with the General Manager concerning the running of the concerts in Cornwall and any liabilities arising. The General Manager brings any concerns to the attention of the Board of Trustees and is responsible to them for carrying out remedial action. The Trustees are made aware of any risks and liabilities concerning events taking place outside Cornwall when deciding on these events.

Members' liability

The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.

Page 6

AMSCORDI LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Jun 25, 2024

Approved by order of the members of the board of Trustees on and signed on their behalf by:

David Whelton

David W Whelton OBE

(Secretary)

Page 7

AMSCORDI LIMITED

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2023

Independent examiner's report to the Trustees of Amscordi Limited ('the Company')

I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 October 2023.

Responsibilities and basis of report

As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.

Signed: Dated: Amanda Candy ACCA

GMBC LLP

Chartered Tax Advisers and Accountants Marine House 151 Western Road Haywards Heath West Sussex RH16 3LH

Page 8

AMSCORDI LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2023

Note
Income and
endowments from:
Donations and
legacies:
3
Donations
Legacies
Charitable activities
4
Fundraising events
5
Investments
6
Total income and
endowments
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income before
net losses on
investments
Net losses on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Endowment
funds
2023
£
-
-
-
-
-
-
-
22,282
22,282
(22,282)
-
(22,282)
1,169,657
(22,282)
1,147,375		 Restricted
funds
2023
£
197,575
-
-
-
-
197,575
-
197,174
197,174
401
-
401
314,431
401
314,832		 Unrestricted
funds
2023
£
165,487
54,333
149,022
36,745
33,541
439,128
515
317,159
317,674
121,454
(63,245)
58,209
219,784
58,209
277,993		 Total
funds
2023
£
363,062
54,333
149,022
36,745
33,541
636,703
515
536,615
537,130
99,573
(63,245)
36,328
1,703,872
36,328
1,740,200		 Total
funds
2022
£
363,270
638,074
100,129
40,367
10,832
1,152,672
356
432,363
432,719
719,953
(13,095)
706,858
997,014
706,858
1,703,872

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 36 form part of these financial statements.

Page 9

AMSCORDI LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 1226660

BALANCE SHEET AS AT 31 OCTOBER 2023

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
18
Restricted funds
18
Unrestricted funds
18
Total funds		 58,820
988,486
1,047,306
(108,613)		 2023
£
131,197
670,310
801,507
938,693
1,740,200
1,740,200
1,147,375
314,832
277,993
1,740,200		 62,628
1,104,709
1,167,337
(195,966)		 2022
£
148,946
583,555
732,501
971,371
1,703,872
1,703,872
1,169,657
314,431
219,784
1,703,872

Page 10

AMSCORDI LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 1226660

BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2023

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Jun 25, 2024

The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by:

David Whelton

Jonathan Gaisman KC

David W Whelton OBE

(Chair of Trustees)

Jonathan N C Gaisman KC

(Secretary)

The notes on pages 13 to 36 form part of these financial statements.

Page 11

AMSCORDI LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2023

Cash flows from operating activities
Net cash used in operating activities
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 13 to 36 form part of these financial statements		 2023
£
33,776
(150,000)
(150,000)
(116,224)
1,104,709
988,485		 2022
£
751,118
(150,000)
(150,000)
601,118
503,591
1,104,709

Page 12

(A company limited by guarantee)

AMSCORDI LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

1. General information

Amscordi Limited is a private company, limited by guarantee, domiciled in England and Wales, registration number 1226660. The registered charity number is 270204. The registered office of the charitable company is 32 Grafton Square, London SW4 0DB.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Amscordi Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 13

(A company limited by guarantee)

AMSCORDI LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

2. Accounting policies (continued)

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with which the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Bed linen - 20% straight line
Musical instruments - 10% straight line
Furniture and equipment - 10% straight line
Music library - 15% straight line

2.6 Investments

Investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.7 Debtors

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

2.8 Cash at bank and in hand

Cash at bank and 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.

Page 14

(A company limited by guarantee)

AMSCORDI LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.10 Financial instruments

The Company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Endowment funds comprise permanent endowments and expendable endowments. A gift of endowment, where there is no power to convert the capital into income, is known as a permanent endowment fund. Expendable endowments are distinguishable from income funds in that there is no actual requirement to spend or apply the capital unless, or until, the Trustees decide to spend it. If the Trustees exercise the power to spend or apply the capital of the expendable endowment, the relevant funds become unrestricted funds or restricted income funds depending on the terms agreed by the Trustees or, if a gift, whether the terms of the gift permit expenditure for any of the Charity's purposes, or only for specific purposes. The aim and use of each endowment fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 15

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

3. Income from donations and legacies

Donations
Trusts and Foundations
Individuals
Gift aid
Similar incoming resources
Friends of IMS Cornwall concerts
Subtotal detailed disclosure
Legacies
Subtotal
Total 2023
Total 2022		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
173,752
39,538
23,823
100,090
-
3,858
-
22,000
197,575
165,486
-
54,334
-
54,334
197,575
219,820
61,552
939,792		 Total
funds
2023
£
213,290
123,913
3,858
22,000
363,061
54,334
54,334
417,395
1,001,344		 Total
funds
2022
£
155,158
178,122
10,991
19,000
363,271
638,073
638,073
1,001,344

Page 16

(A company limited by guarantee)

AMSCORDI LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

4. Income from charitable activities

Unrestricted
funds
2023
£
Seminars
88,025
Autumn tour income
2,885
Bar income
12,348
Listeners, visitors, raffles, postcards and stamps
2,461
Sandor Vegh Memorial Concert
3,500
50th anniversary Wigmore Hall
39,639
Miscellaneous income
164
Outreach programme income
-
Total 2023
149,022		 Total
funds
2023
£
88,025
2,885
12,348
2,461
3,500
39,639
164
-
149,022		 Total
funds
2022
£
77,999
2,742
12,157
704
2,000
-
2,127
2,400
100,129

Seminars:

Donations (Note 3) in the current year include sums received from third parties which are used to pay the fees and, in some instances, travel for students attending the Charity's Masterclasses (ie bursaries). Whilst donations are reflected gross on the Statement of Financial Activities, Seminars income has to be shown net to avoid a double counting of the figures.

In order to illustrate how seminar fees would be disclosed but for these bursaries, the figures are analysed in more detail as follows:

Total income before bursaries
Less bursaries
Net Seminar income as shown in the Statement of Financial Activities		 2023
£
132,800
(44,775)
88,025		 2022
£
120,284
(42,285)
77,999

Page 17

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

5. Income from other charitable activities

Income from fundraising events

Unrestricted
funds
2023
£
Fundraising event
13,750
Sponsorship
12,750
Sundry income
110
Romi Behrens portrait sales
10,135
Total 2023
36,745
Investment income
Unrestricted
funds
2023
£
Investment income
18,814
Bank interest received
14,727
Total 2023
33,541		 Total
funds
2023
£
13,750
12,750
110
10,135
36,745
Total
funds
2023
£
18,814
14,727
33,541		 Total
funds
2022
£
13,800
10,500
264
15,803
40,367
Total
funds
2022
£
9,491
1,341
10,832

6. Investment income

Page 18

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

7. Expenditure on raising funds

Fundraising expenses

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Fundraising event expenses 515 515 356

8. Analysis of expenditure on charitable activities

Summary by fund type

Music education
Total 2022		 Endowment
funds
2023
£
22,282
34,391		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
197,174
317,159
67,652
330,320		 Total
2023
£
536,615
432,363		 Total
2022
£
432,363

Page 19

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

9. Analysis of expenditure by activities

Music education
Total 2022		 Direct
costs
2023
£
385,916
305,018		 Support
costs
2023
£
150,700
127,345		 Total
funds
2023
£
536,616
432,363		 Total
funds
2022
£
432,363

Analysis of direct costs

Masterclass musicians' fees and expenses
OCM musicians' expenses
Scheduler
Seminar accommodation
Food, drink, cleaning and kitchen expenses
Artistic Director
Autumn Tour expenses
Outreach Programme expenses
Sandor Vegh Memorial Concert expenses
Piano transport, care and hire
Music library
Travel and transport
Archive project
Filming and recording costs
50th anniversary Wigmore Hall
Podcast expenses
Other
Total 2023		 Total
funds
for music
education
2023
£
46,424
1,140
1,000
81,400
61,361
7,500
14,361
11,260
3,438
48,904
503
26,282
664
-
77,760
3,918
1
385,916		 Total
funds
for music
education
2022
£
48,620
1,578
960
76,414
54,222
7,500
11,159
19,134
1,370
40,337
362
27,122
11,432
750
-
4,058
-
305,018

Page 20

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Office assistants
Postage and stationery
Printing
Telephone
Sundry expenses
Advertising
Insurance
Bookkeeping and payroll services
Office rent
Subscriptions and books
Accountancy
Bank charges
Credit card charges
Trustees expenses reimbursed
IT software and consumables
Photography
Total 2023		 Total
funds
for music
education
2023
£
80,642
17,749
4,811
1,058
10,348
1,637
556
664
2,120
1,568
20,376
658
3,858
759
194
204
2,823
675
150,700		 Total
funds
for music
education
2022
£
66,068
17,890
2,962
1,168
8,233
1,266
1,025
1,300
2,180
672
17,574
583
3,024
933
20
186
1,661
600
127,345

Page 21

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

10. Independent examiner's remuneration

2023 2022
£ £
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts 2,580 2,820
Fees payable to the Company's independent examiner in respect of:
Other services 1,278 204

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension scheme		 2023
£
75,449
2,713
2,481
80,643		 2022
£
62,384
1,827
1,857
66,068

The average number of persons employed by the Company during the year was as follows:

2023 2022
No. No.
Administration 2 2

No employee received remuneration amounting to more than £60,000 in either year.

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 October 2023, expenses totalling £ 204 were reimbursed or paid directly to 1 Trustee (2022 - £186 ). The costs reimbursed related to travel expenses.

Page 22

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

13. Tangible fixed assets

Cost or valuation
At 1 November 2022
At 31 October 2023
Depreciation
At 1 November 2022
Charge for the year
At 31 October 2023
Net book value
At 31 October 2023
At 31 October 2022		 Bed linen
£
3,313
3,313
3,313
-
3,313
-
-		 Musical
instruments
£
294,638
294,638
145,838
17,700
163,538
131,100
148,800		 Furniture
and
equipment
£
14,936
14,936
14,791
49
14,840
96
146		 Music
library
£
3,830
3,830
3,830
-
3,830
-
-		 Total
£
316,717
316,717
167,772
17,749
185,521
131,196
148,946

Page 23

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
14.
Fixed asset investments
Cost or valuation
At 1 November 2022
Additions
Revaluations
At 31 October 2023
Net book value
At 31 October 2023
At 31 October 2022
15.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments
Tax recoverable
16.
Creditors: Amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income		 2023
£
58,270
550
-
-
58,820
2023
£
63,913
477
44,223
108,613		 Listed
investments
£
583,555
150,000
(63,245)
670,310
670,310
583,555
2022
£
34,333
-
17,304
10,991
62,628
2022
£
84,793
368
110,805
195,966

Page 24

(A company limited by guarantee)

AMSCORDI LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

17. Financial instruments

Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost		 2023
£
1,780,860
2023
£
(70,797)		 2022
£
1,722,597
2022
£
(91,557)

Financial assets measured at amortised cost comprise fixed asset investments, cash at bank and in hand, trade debtors and other debtors.

Financial liabilities measured at amortised cost comprise trade creditors and accruals.

Page 25

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

18. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Piano fund
OCM board and
lodging
General funds
General fund
Total
Unrestricted
funds
Endowment
funds
The IMS
Endowment
Fund
Instrument fund
Restricted
funds
Jennie Gwynn
bequest for
bursaries		 Balance at 1
November
2022
£
20,000
6,250
26,250
193,534
219,784
1,020,857
148,800
1,169,657
Balance at 1
November
2022
£
290,758		 Income
£
-
12,500
12,500
426,628
439,128
-
-
-
Income
£
-		 Expenditure
£
-
(11,400)
(11,400)
(306,274)
(317,674)
(4,582)
(17,700)
(22,282)
Expenditure
£
(8,700)		 Transfers
in/out
£
5,000
-
5,000
(5,000)
-
-
-
-
Transfers
in/out
£
-		 Gains/
(Losses)
£
-
-
-
(63,245)
(63,245)
-
-
-
Gains/
(Losses)
£
-		 Balance at
31 October
2023
£
25,000
7,350
32,350
245,643
277,993
1,016,275
131,100
1,147,375
Balance at
31 October
2023
£
282,058

Page 26

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

18. Statement of funds (continued)

Statement of funds - current year (continued)

Promoting Polish
musicians
Jenifer Ann
Murray bequest
for bursaries
Outreach
programme
Masterclass core
funding
Dutch musicians
support
Masterclasses
and bursaries
funding
50th anniversary
Wigmore Hall
Concert costs
OCM costs
OCM board and
lodging
Total of funds		 Balance at 1
November
2022
£
8,600
2,215
12,858
-
-
-
-
-
-
-
314,431
1,703,872		 Income
£
-
-
15,000
29,260
3,300
64,875
55,140
10,000
15,000
5,000
197,575
636,703		 Expenditure
£
-
(400)
(8,799)
(29,260)
-
(64,875)
(55,140)
(10,000)
(15,000)
(5,000)
(197,174)
(537,130)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
(63,245)		 Balance at
31 October
2023
£
8,600
1,815
19,059
-
3,300
-
-
-
-
-
314,832
1,740,200

Page 27

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Margery Hall
bequest
Piano fund
OCM board and
lodging
General funds
General fund
Endowment
funds
The IMS
Endowment
Fund
Instrument fund
Restricted
funds
Jennie Gwynn
bequest for
bursaries
Promoting Polish
musicians		 Balance at
1 November
2021
£
1,000
15,000
-
16,000
200,983
400,000
59,500
459,500
Balance at
1 November
2021
£
295,458
9,600		 Income
£
-
-
13,800
13,800
1,077,320
-
-
-
Income
£
-
-		 Expenditure
£
(1,000)
-
(7,550)
(8,550)
(322,126)
(16,691)
(17,700)
(34,391)
Expenditure
£
(4,700)
(1,000)		 Transfers
in/out
£
-
5,000
-
5,000
(749,548)
637,548
107,000
744,548
Transfers
in/out
£
-
-		 Gains/
(Losses)
£
-
-
-
-
(13,095)
-
-
-
Gains/
(Losses)
£
-
-		 Balance at
31 October
2022
£
-
20,000
6,250
26,250
193,534
1,020,857
148,800
1,169,657
Balance at
31 October
2022
£
290,758
8,600

Page 28

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

18. Statement of funds (continued)

Statement of funds - prior year (continued)

Jenifer Ann
Murray bequest
for bursaries
Outreach
programme
Masterclass core
funding
Dutch musicians
support
Masterclasses
and bursaries
funding
Total of funds		 Balance at
1 November
2021
£
2,615
12,858
-
-
-
320,531
997,014		 Income
£
-
15,000
25,252
3,300
18,000
61,552
1,152,672		 Expenditure
£
(400)
(15,000)
(25,252)
(3,300)
(18,000)
(67,652)
(432,719)		 Transfers
in/out
£
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
(13,095)		 Balance at
31 October
2022
£
2,215
12,858
-
-
-
314,431
1,703,872

Page 29

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

The aim and use of designated funds

The piano fund was set up by the Trustees in a prior year and relates to a provision against the cost of future piano refurbishment. The Trustees agreed that an amount of £5,000 would be transferred to the fund each year.

The OCM board and lodging fund was set up in a prior year. The Trustees decided to designate funds raised at particular events in 2022 and 2023 to Open Chamber Music to reduce the amount each participant was asked to contribute towards board and lodging.

General funds

The transfer from the general fund in the current year of £5,000 relates to the piano designated fund.

Page 30

(A company limited by guarantee)

AMSCORDI LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

The aim and use of endowment funds

The Charity's long-term purposes include, without limitation, projects related to the preservation of the charity’s archives and other heritage activities, and other long-term projects such as organisational investments and the provision of bursaries. The fund is made up from general funds and includes the Ashley Cooper, Poole, Joyce Rathbone, Jenefer Ann Murray and Antony and Marjorie Hewish bequests, as well as funds raised through the Cornish Art Auctions held in prior years. These funds had been previously allocated to designated reserves before being transferred to the IMS Endowment Fund.

In the current year it was agreed that the IMS Endowment Fund would fund the costs relating to the Archives and Podcast expenses and some Masterclass bursaries. Specific bursuries from the Endowment Fund totalled £1,650 during 2023.

The Trustees agreed the following expenditure during the current and prior year against the IMS Endowment Fund:

Masterclasses
Archivist's salary
Website Development
Podcast expenses
Archive project
Bursaries
Total		 2023
£
-
-
-
3,918
664
-
4,582		 2022
£
-
-
-
4,058
11,432
1,200
16,690

The Instrument fund: This fund was set up by the Trustees in a prior year. It comprises of a new violin which was donated to the Charity in 2019 by Luthiers Mark Jennings and Peter Greiner. The violin was valued at £35,000 at the date of the gift. A second violin, also valued at £35,000, was donated to the Charity by Luthiers Mark Jennings and Peter Greiner in 2021. A cello and viola, valued at £65,000 and £42,000 respectively, were donated to the Charity by the same donors in 2022. The cost of the instruments are accounted for within fixed assets. The expenditure against the fund relates to depreciation incurred during the year.

Page 31

(A company limited by guarantee)

AMSCORDI LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

The aim and use of restricted funds

The Jennie Gwynn bequest for bursaries fund was set up in the prior year with funds received from the Jennie Gwynn bequest. The fund is to be used specifically to provide bursaries to support only the participation of deprived students of the violoncello wheresoever located in the world to attend the Maestro Seminars of IMS Prussia Cove in the spring of each year.

The Promoting Polish Musicians restricted fund was set up in a previous year with a donation from the Alfred Orda Foundation. The donor has agreed a change to the terms of the fund which must now be used to support Polish musicians, or those studying or living in Poland, to attend the seminars.

The Jenifer Ann Murray bequest for bursaries restricted fund was set up in a previous year with the Jenifer Ann Murray bequest received and will be used for bursaries incurred.

Art Mentor Foundation Lucerne awarded a grant to support Masterclass core costs and further Outreach work for a period of 3 years: 2020/21 to 2022/23 inclusive. The following restricted funds were set up in respect of this grant funding:

The Dutch musicians support fund was set up by the Trustees in the current year with a donation from Donald Brenninkmeijer of £10,000 allocated across 3 years: 2021 £3,400, 2022 £3,300, 2023 3,300. The fund is to support Dutch musicians’ participation in seminars or tours.

Masterclasses and bursaries fund is made up of grants received specifically to support bursary funding for the Masterclasses.

50th Anniversary Wigmore Hall fund is made up of individual and Trusts who specifically supported the commission of a new work and the celebration event held at the Wigmore Hall in November 2022.

Concerts costs fund is made up of a donation from a trust specifically to support the running of the concerts during Open Chamber Music.

OCM costs fund is made up of a combination of grants supporting Open Chamber Music running costs.

OCM board and lodging fund is made up of one donation specifically to support the board and lodging costs, and to help reduce the amount each participant is asked to contribute towards this.

Page 32

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

19. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at 1
November
2022
£
26,250
193,534
1,169,657
314,431
1,703,872		 Income
£
12,500
426,628
-
197,575
636,703
Income
£
13,800
1,077,320
-
61,552
1,152,672		 Expenditure
£
(11,400)
(306,274)
(22,282)
(197,174)
(537,130)
Expenditure
£
(8,550)
(322,126)
(34,391)
(67,652)
(432,719)		 Transfers
in/out
£
5,000
(5,000)
-
-
-
Transfers
in/out
£
5,000
(749,548)
744,548
-
-		 Gains/
(Losses)
£
-
(63,245)
-
-
(63,245)
Gains/
(Losses)
£
-
(13,095)
-
-
(13,095)		 Balance at
31 October
2023
£
32,350
245,643
1,147,375
314,832
1,740,200
Balance at
31 October
2022
£
26,250
193,534
1,169,657
314,431
1,703,872
Summary of funds - prior year
Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at
1 November
2021
£
16,000
200,983
459,500
320,531
997,014

Page 33

(A company limited by guarantee)

AMSCORDI LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2023
£
131,100
-
1,016,275
-
1,147,375		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
97
-
670,310
314,832
(283,801)
-
(108,613)
314,832
277,993		 Total
funds
2023
£
131,197
670,310
1,047,306
(108,613)
1,740,200

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2022
£
148,800
-
1,020,857
-
1,169,657		 Restricted
funds
2022
£
-
-
314,431
-
314,431		 Unrestricted
funds
2022
£
146
583,555
(167,951)
(195,966)
219,784		 Total
funds
2022
£
148,946
583,555
1,167,337
(195,966)
1,703,872

Page 34

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gains)/losses on investments
Dividends from investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Income value of donated instruments
Net cash provided by/(used in) operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
At 1
November
2022
£
Cash at bank and in hand
1,104,709		 2023
£
36,328
17,749
-
-
3,808
(89,692)
-
(31,807)
2023
£
988,485
988,485
Cash flows
£
(116,223)		 2022
£
706,858
17,890
13,095
(676)
(15,727)
136,678
(107,000)
751,118
2022
£
1,104,709
1,104,709
At 31
October
2023
£
988,486

Page 35

AMSCORDI LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

24. Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,481 (2022 - £1,857). Contributions totalling £477 (2022 - £368) were payable to the fund at the balance sheet date and are included in creditors.

25. Donated assets and services

The Company has estimated that it receives 5,000 hours of voluntary support at its concerts and seminars, valued at £50,000.

In addition to this the Company has continued to use a piano loaned to it by one of the Trustees, Mr J N C Gaisman KC.

The voluntary support and loan of the piano have not been accounted for within the Statement of Financial Activities because of the difficulty in accurate measurement and the potential for distortion of the results that could occur from their inclusion.

26. Related party transactions

One of the Trustees is the landlord for Porth-en-Alls Prussia Cove in Cornwall. The estate provides event accommodation to IMS Prussia Cove (the trading name of Amscordi Limited). The total expenses invoiced in the current year between Amscordi Limited and Porth-en-Alls amounted to £82,004 and related to acommodation, cleaning, heating and other property expenses. The amount not yet paid at the year end and owed by the Company to Porth-en-Alls is £41,580. This is included within trade creditors.

The registered office of the Company is the home of one of the Trustees, Mr J N C Gaisman KC. There is no charge to the Company from the Trustee in relation to this.

Page 36

AMSCORDI LIMITED

(A company limited by guarantee)

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023

Income
Trusts and Foundations
T&F 50th anniversary Wigmore Hall
Individuals
Individuals 50th anniversary Wigmore Hall
Gift aid
Legacies
Friends of IMS Cornwall concerts
Seminars
Autumn tour income
Bar income
Listeners, visitors, raffles, postcards and stamps
Sandor Vegh Memorial Concert
50th anniversary Wigmore Hall tickets
Miscellaneous income
Outreach programme income
Fundraising event
Fundraising Romi Behrens portraits
Sponsorship - Concert/Event/Business
Investment income
Bank interest received
Total income
Losses on investments
Unrealised losses on investments
Total income after net (losses)/gains on
investments		 2023
£
178,674
34,618
103,390
20,523
3,858
54,333
22,000
88,025
2,885
12,348
2,461
3,500
39,639
273
-
13,750
10,135
12,750
18,814
14,727
(63,245)		 2023
£
636,703
(63,245)
573,458		 2022
£
155,158
-
178,122
-
10,991
638,074
19,000
77,999
2,742
12,157
704
2,000
-
2,390
2,400
13,800
15,803
10,500
9,491
1,342
(13,095)		 2022
£
1,152,673
(13,095)
1,139,578

Page 37 THIS SCHEDULE IS NOT FOR PUBLICATION

AMSCORDI LIMITED

(A company limited by guarantee)

INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Less:
Direct costs
Masterclass musicians' fees and expenses
OCM musicians' expenses
Scheduler
Seminar accommodation
Food, drink, cleaning and kitchen expenses
Artistic Director
Autumn Tour expenses
Outreach Programme expenses
Sandor Vegh Memorial Concert expenses
Piano transport, care and hire
Music library
Travel and transport
Archive project
50th anniversary Wigmore Hall
Filming and recording costs
Podcast expenses
Total direct costs		 2023
2023
£
£
46,424
1,140
1,000
81,400
61,361
7,500
14,361
11,260
3,438
48,904
503
26,282
664
77,760
-
3,918
385,915		 2022
2022
£
£
48,620
1,578
960
76,414
54,222
7,500
11,159
19,134
1,370
40,337
362
27,122
11,432
-
750
4,058
305,018

Page 38 THIS SCHEDULE IS NOT FOR PUBLICATION

AMSCORDI LIMITED

(A company limited by guarantee)

INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Support costs
Staff costs
Employer's NI
Pension costs
Depreciation
Postage and stationery
Printing
Telephone
Sundry expenses
Advertising
Insurance
Bookkeeping and payroll services
Office rent
Subscriptions and books
Accountancy
Bank charges
Credit card charges
Trustees expenses reimbursed
IT software and consumables
Photography
Office assistants
Total support costs		 2023
2023
£
£
75,449
2,713
2,481
17,749
1,058
10,348
1,637
555
664
2,120
1,568
20,376
658
3,858
759
194
204
2,823
675
4,811
150,700		 2022
2022
£
£
62,384
1,827
1,857
17,890
1,168
8,233
1,266
1,024
1,300
2,180
672
17,574
583
3,024
933
20
186
1,661
600
2,962
127,344

Page 39 THIS SCHEDULE IS NOT FOR PUBLICATION

AMSCORDI LIMITED

(A company limited by guarantee)

INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Fundraising expenses
Fundraising event expenses
Total expenditure
Net income for the reporting period
Net movement in funds
Surplus brought forward at 1 November 2022
Surplus carried forward at 31 October 2023		 2023
£
515		 2023
£
515
537,130
36,328
36,328
1,703,873
1,740,201		 2022
£
357		 2022
£
357
432,719
706,859
706,859
997,014
1,703,873

Signature: David Whelton (Jun 25, 2024 19:40 GMT+1) Email: wheltons@btinternet.com

Signature: Jonathan Gaisman KC Jonathan Gaisman KC (Jun 26, 2024 11:34 GMT+1) Email: jgaisman@7kbw.co.uk

Page 40 THIS SCHEDULE IS NOT FOR PUBLICATION

2024-06-26

Amscordi 2023 Final Accounts

Final Audit Report

Created: 2024-06-20 By: Graham Hole (graham@gmbc.uk) Status: Signed Transaction ID: CBJCHBCAABAACVtWmNgNSK29GXK1aFFXSP2Ksld70zI0

"Amscordi 2023 Final Accounts" History

Document created by Graham Hole (graham@gmbc.uk)

2024-06-20 - 6:27:28 PM GMT

Document emailed to David Whelton (wheltons@btinternet.com) for signature 2024-06-20 - 6:30:12 PM GMT

Email viewed by David Whelton (wheltons@btinternet.com) 2024-06-25 - 6:39:26 PM GMT

Document e-signed by David Whelton (wheltons@btinternet.com) Signature Date: 2024-06-25 - 6:40:34 PM GMT - Time Source: server

Document emailed to Jonathan Gaisman KC (jgaisman@7kbw.co.uk) for signature 2024-06-25 - 6:40:36 PM GMT

Email viewed by Jonathan Gaisman KC (jgaisman@7kbw.co.uk) 2024-06-26 - 10:33:30 AM GMT

Document e-signed by Jonathan Gaisman KC (jgaisman@7kbw.co.uk) Signature Date: 2024-06-26 - 10:34:02 AM GMT - Time Source: server

Agreement completed.

2024-06-26 - 10:34:02 AM GMT