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2024-10-31-accounts

Company no. 01226660 Charity no. 270204

Amscordi Limited Report and Unaudited Financial Statements 31 October 2024

Amscordi Limited

Reference and administrative details

For the year ended 31 October 2024

Company number 01226660
Charity number 270204
Registered office and 32 Grafton Square
operational address London
SW4 0DB
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
John Boas
David Cairns CBE
Jonathan Gaisman KC
John Gilhooly OBE
Maria Lucas-Tooth
Frank Mampaey
Alexandra Maund
Gilbert McCabe
Helena Newman
Simon Rowe
Sir Martin Smith
John Tunstall-Behrens
David Whelton OBE
Company secretary Jonathan Gaisman KC
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Maling
Kent
ME19 4JQ
Independent Godfrey Wilson Limited
examiners Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Amscordi Limited

Report of the trustees

For the year ended 31 October 2024

The trustees present their report along with the financial statements of the charity for the year ended 31 October 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

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)'.

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.

Volunteers

The charity has estimated that it normally receives 5,000 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, in line with the SORP.

Achievements and performance

Review of activities

Amscordi Limited would particularly like to thank all its patrons, staff and volunteers for their continued support over the year. The main focus of the organisation are the two annual seminars: this year the spring Masterclass seminar received an increased number of applications and there was an extremely high standard of participating musicians, and Open Chamber Music in September ran with great success, bringing musicians of all generations together. There were 16 public concerts held in Cornwall, and the annual Autumn Tour visited different venues across the south of England. The outreach programme enables us to inspire and engage young people and local communities in Cornwall. Alongside these core activities, we maintained our instrument loan scheme, where four young string players have the opportunity to borrow one of the stringed instruments made for and donated to IMS Prussia Cove. This loan scheme offers support at a crucial point in a young musician’s career or studies. A full report of all activities can be found on the IMS Prussia Cove website: www.i-m-s.org.uk.

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

2

Amscordi Limited

Report of the trustees

For the year ended 31 October 2024

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.

Financial review

Financial overview

Total income for the year ended 31 October 2024 was £482k (2023: £580k), of which £107k (2023: £139k) was restricted and £376k (2023: £441k) was unrestricted.

The total income declined from £580,013 in 2023, mainly because the 2023 income included two substantial legacy/memorial donations.

Donations and legacies (£288,504) did, however, remain our largest source of income. IMS Prussia Cove attracts no public funds, other than through the recovery of Gift Aid, but private Trusts and foundations (£162,695) were, again, our main sources of donations during the financial year. Our strong network of passionate and committed individual supporters (£67,788) again made a significant contribution to our success as well. And so did the Friends of IMS (£28,130 in ticket sales and donations, plus £9,820 in membership subscriptions). The Friends of IMS are a group of supportive and generous individuals mainly based in Cornwall, to whom we are grateful.

We try to keep the seminars affordable for the young people who attend, most of whom already incur significant travel costs to reach us in Cornwall. However, we do ask that they make a substantial contribution, of £97,414 in the current financial year (“Income from charitable activities”).

The contribution of investment income has increased in recent years (from £33,541 in 2023 to £58,306 in 2024), mainly because interest rates have risen. We are cautious about this source of income, however, since inflation and interest rates have been on a downward path in the past year, a trend that may well continue. We are also grateful to our sponsors, which have made it possible for us to lay on several events during the year (“Other trading activities” of £9,500 in 2024).

Total expenditure was £493k (2023: £537k), of which £128k (2023: £197k) was restricted and £365k (2023: £340k) was unrestricted. After gains on investments of £13k (2023: loss of £63k), there was an overall surplus of £2k (2023: deficit of £20k).

Of the total £1,757k reserves carried forwards, £293k were restricted, £1,170k were in designated funds, and the remaining £294k was included in general funds.

3

Amscordi Limited

Report of the trustees

For the year ended 31 October 2024

Total expenditure fell from £537,130 in 2023 to £493,192 in 2024. That decline was mainly due to the costs for IMS’s 50th anniversary activities in 2023 falling away in 2024, while other costs increased only moderately, in line with inflation.

The bulk of IMS’s costs (£415,309) continued to be directly attributable to the music seminars. Such direct costs are mainly composed of supplies including food and utilities (£83,548), the price of accommodation for seminar attendees (£67,977) and piano care (£56,696).

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.

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 “Investing charity money: a guide for trustees (CC14)”, as well as more recent updates. 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.

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.

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 restricted and unrestricted funds, which are further broken down into designated and general funds.

4

Amscordi Limited

Report of the trustees

For the year ended 31 October 2024

It is the charity’s policy to maintain a level of general reserves sufficient to cover six months' anticipated expenditure, approximately £250-300k, in line with the level held at 31 October 2024 of £294k (2023: £261k). The charity applies general 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. Restricted funds, on the other hand, are funds for which donors have established a specific purpose.

An expendable endowment (named The IMS Endowment Fund) has been set up within designated funds primarily to serve the charity’s long term purpose. Further details about the aim and use of the fund are in note 17 to the accounts. 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

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.

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, e.g. Law, Accounting and Fundraising. Recruitment is done by trustees suggesting new members from time to time and this being followed up by the Chairman.

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. During the year the organisation created a part-time new post, Assistant Administrator, to support the work of the General Manager, particularly with communications, marketing, and audience development, alongside general administrative tasks. This role was filled in the latter part of the financial year, and prior to this parttime freelance administrative assistants were engaged at different points in the year when needed. A freelance book-keeper is engaged monthly to help with keeping accounts. In this year the Development and Outreach Manager was on maternity leave, and so the organisation engaged cover for this role, as well as some consultation fundraising to support the organisation during this period.

5

Amscordi Limited

Report of the trustees

For the year ended 31 October 2024

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, e.g. 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.

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, i.e. notes from the Charity Commission, the purpose of the charity, up-to-date Report and Accounts and current fundraising activities.

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 (see note 19 to the accounts on 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.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

6

Amscordi Limited

Report of the trustees

For the year ended 31 October 2024

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 30 June 2025 and signed on their behalf by

David Whelton

David Whelton OBE - Chairman

7

Independent examiner's report

To the trustees of

Amscordi Limited

I report to the trustees on my examination of the accounts of Amscordi Limited (the charitable company) for the year ended 31 October 2024, which are set out on pages 9 to 30.

Responsibilities and basis of report

As the trustees of the charitable company (and also 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 charitable 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 charitable company's accounts as 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 charitable 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 Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

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

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.

Dougal Howard

Date: 30 June 2025 Dougal Howard ACA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

8

Amscordi Limited

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 October 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
7
Net gains / (losses) on investments
Net income / (expenditure)
Transfers between funds
Net movement in funds
8
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income / (expenditure)
before net gains / (losses) on
investments)		 Restricted Unrestricted
£
£
106,890
181,614
-
108,607
-
27,061
-
58,306
106,890
375,588
-
31,486
128,498
333,208
128,498
364,694
(21,608)
10,894
-
12,505
(21,608)
23,399
-
-
(21,608)
23,399
314,832
1,440,368
293,224
1,463,767		 2024
Total
£
288,504
108,607
27,061
58,306
482,478
31,486
461,706
493,192
(10,714)
12,505
1,791
-
1,791
1,755,200
1,756,991		 Restated
2023
Total
£
395,129
101,626
49,717
33,541
580,013
20,695
516,435
537,130
42,883
(63,245)
(20,362)
-
(20,362)
1,775,562
1,755,200

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 17 to the accounts.

Prior period income and expenditure have been reclassified and restated to reflect the requirements of the Charities SORP (FRS 102) and to be comparable with the current year. Details of the restatements are shown in note 20 to the accounts.

9

Amscordi Limited

Balance sheet

As at 31 October 2024

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
14
Net current assets
Net assets
16
Funds
17
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
69,624
1,102,367
1,171,991
(61,215)		 2024
£
113,400
532,815
646,215
1,110,776
1,756,991
293,224
1,169,780
293,987
1,756,991		 Restated
2023
£
131,197
670,310
801,507
58,820
988,486
1,047,306
(93,613)
953,693
1,755,200
314,832
1,179,725
260,643
1,755,200

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

10

Amscordi Limited

Balance sheet

As at 31 October 2024

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 30 June 2025 and signed on their behalf by

David Whelton

David Whelton OBE - Chairman

11

Amscordi Limited

Statement of cash flows

For the year ended 31 October 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
(Gains) / losses on investments
Dividends, interest and rents from investments
(Increase) / decrease in debtors
Decrease in creditors
Net cash (used in) / provided by operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of investments
Purchase of investments
Net cash provided by / (used in) investing activities
Increase / (decrease) 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		 2024
£
1,791
17,797
(12,505)
(58,306)
(10,804)
(32,398)
(94,425)
58,306
150,000
-
208,306
113,881
988,486
1,102,367		 Restated
2023
£
(20,362)
17,749
63,245
(33,541)
3,808
(30,663)
236
33,541
-
(150,000)
(116,459)
(116,223)
1,104,709
988,486

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

12

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

1. Accounting policies

a) General information and basis of preparation

Amscordi Limited is a charitable company limited by guarantee registered in England and Wales. The registered office address is 32 Grafton Square, London, SW4 0DB.

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), 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 note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

13

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

1. Accounting policies (continued)

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities in proportion to direct costs, as follows:

2024 2023
Raising funds 6.4% 3.9%
Charitable activities 93.6% 96.1%

14

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

1. Accounting policies (continued)

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Bed linen 20% straight line Musical instruments 10% straight line Furniture and equipment 10% straight line Music library 15% straight line

Items of equipment are capitalised where the purchase price exceeds £2,500.

j) Investments

Listed investments traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.

k) Debtors

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

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors

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

n) Financial instruments

The charitable 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 recognised at amortised cost using the effective interest method.

o) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

15

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

1. Accounting policies (continued)

p) Accounting estimates and key judgements

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note 1i above.

2. Prior period comparatives: statement of financial activities (restated)

Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Gains / (losses) on investments
Net income / (expenditure) before
gains / (losses) on investments
Net income / (expenditure) and net
movement in funds		 Restricted
£
£
139,135
255,994
-
101,626
-
49,717
-
33,541
139,135
440,878
-
20,695
197,174
319,261
197,174
339,956
(58,039)
100,922
-
(63,245)
(58,039)
37,677
Unrestricted		 2023
Total
£
395,129
101,626
49,717
33,541
580,013
20,695
516,435
537,130
42,883
(63,245)
(20,362)

16

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

3. Income from donations and legacies

Individuals
Gift aid
Trusts and foundations
Friends of IMS
Membership subs
Legacies
Total income from donations and legacies
Prior period comparative:
Individuals
Gift aid
Trusts and foundations
Friends of IMS
Membership subs
Legacies
Total income from donations and legacies
Income from charitable activities
Seminars
Outreach
50th Anniversary
Touring & Events
Total income from charitable activities		 Restricted
£
£
1,195
66,593
-
19,900
105,695
57,000
-
28,130
-
9,820
-
171
106,890
181,614
Restricted
£
£
-
127,439
-
3,858
139,135
35,829
-
25,500
-
9,035
-
54,333
139,135
255,994
2024
Total
£
97,414
2,340
-
8,853
108,607
Unrestricted
Unrestricted		 2024
Total
£
67,788
19,900
162,695
28,130
9,820
171
288,504
Restated
2023
Total
£
127,439
3,858
174,964
25,500
9,035
54,333
395,129
Restated
2023
Total
£
88,741
-
10,000
2,885
101,626

4. Income from charitable activities

All income from charitable activities was unrestricted in the current and prior year.

17

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

5. Income from other trading activities

Income from other trading activities
Sponsorship
Bar
Sundry
Fundraising
Total income from other trading activities		 2024
Total
£
9,500
11,371
2,231
3,959
27,061		 Restated
2023
Total
£
12,750
12,347
12,010
12,610
49,717

All income from other trading activities was unrestricted in the current and prior year.

6. Income from investments

Bank interest
Investment income		 2024
2023
Total
Total
£
£
45,353
14,727
12,953
18,814
58,306
33,541

All income from investments was unrestricted in the current and prior year.

18

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

7. Total expenditure

Total expenditure
Staff costs (note 9)
Masterclass musicians
OCM musicians
Autumn Tour
Outreach Programme
Accommodation
Supplies
Travel
Scheduler
Memorial concert
Piano care
Fundraising event expenses
Advertising
Depreciation
Rent
Printing
Admin expenses
Accountancy
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising
funds
£
26,436
-
-
-
-
-
-
-
-
-
-
1,630
256
-
-
-
-
-
28,322
3,164
31,486		 Charitable
activities
£
50,532
49,819
2,779
20,195
21,198
67,977
83,548
30,817
1,000
5,137
56,696
-
-
17,797
-
6,261
1,553
-
415,309
46,397
461,706		 Support and
governance
costs
£
18,891
-
-
-
-
-
-
-
-
-
-
-
-
-
11,854
2,352
10,741
5,723
49,561
(49,561)
-		 2024 Total
£
95,859
49,819
2,779
20,195
21,198
67,977
83,548
30,817
1,000
5,137
56,696
1,630
256
17,797
11,854
8,613
12,294
5,723
493,192
-
493,192

Total governance costs were £3,120 (2023: £2,820).

19

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

For the year ended 31 October 2024
7.
Total expenditure (continued)
Prior period comparative
(restated)
Staff costs (note 9)
Masterclass musicians
OCM musicians
Autumn Tour
Outreach Programme
Accommodation
Supplies
Travel
Scheduler
Memorial concert
50th anniversary
Piano care
Fundraising event expenses
Advertising
Depreciation
Rent
Printing
Admin expenses
Accountancy
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising
funds
£
16,654
-
-
-
-
-
-
-
-
-
-
-
515
664
-
-
-
-
-
17,833
2,862
20,695		 Charitable
activities
£
51,886
46,424
1,140
14,361
11,870
61,581
81,180
26,282
1,000
3,438
77,760
48,904
-
-
17,749
-
-
1,441
-
445,016
71,419
516,435		 Support and
governance
costs
£
19,603
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20,376
10,348
18,217
5,737
74,281
(74,281)
-		 2023 Total
£
88,143
46,424
1,140
14,361
11,870
61,581
81,180
26,282
1,000
3,438
77,760
48,904
515
664
17,749
20,376
10,348
19,658
5,737
537,130
-
537,130

20

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

8. Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2024 2023
£ £
Depreciation 17,797 17,749
Trustees' remuneration Nil Nil
Trustees' reimbursed expenses 303 204
Independent examiner's remuneration (excluding VAT):
Independent examination 2,600 2,150
Other services - 1,278

During the year 1 trustee (2023: 1) was reimbursed for travel expenses.

Similarly to other charities of our size, our independent examiners also assist with the preparation of the financial statements.

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Freelancers		 2024
£
77,694
2,626
2,639
12,900
95,859		 2023
£
75,449
2,713
2,481
7,500
88,143

Included in freelancers are fees paid to the Artistic Director, and maternity cover for the Outreach and Development Manager.

No employee earned more than £60,000 during the current or prior year.

The key management personnel of the charitable company comprise the Trustees and General Manager. The total employee benefits of the key management personnel were £52,750 (2023: £52,500).

Average head count 2024
No.
2.5		 2023
No.
2.0

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

21

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

11. Tangible fixed assets

Bed linen
£
£
£
Cost
At 1 November 2023
3,313
294,638
14,937
Additions in year
-
-
-
At 31 October 2024
3,313
294,638
14,937
Depreciation
At 1 November 2023
3,313
163,538
14,840
Charge for the year
-
17,700
97
At 31 October 2024
3,313
181,238
14,937
Net book value
At 31 October 2024
-
113,400
-
At 31 October 2023
-
131,100
97
Investments
Market value at 1 November 2023
Additions
Disposals
Net gains / (losses)
Market value at 31 October 2024
Musical
instruments
Furniture and
equipment		 Music
library
£
3,830
-
3,830
3,830
-
3,830
-
-
2024
£
670,310
-
(150,000)
12,505
532,815		 Total
£
316,718
-
316,718
185,521
17,797
203,318
113,400
131,197
2023
£
583,555
150,000
-
(63,245)
670,310

12. Investments

Investments are comprised of listed investments.

22

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

13. Debtors

Trade debtors
Accrued income
Prepayments
Other debtors		 2024
2023
£
£
45,724
58,270
19,900
-
4,000
-
-
550
69,624
58,820

14. Creditors: amounts falling due within 1 year

Trade creditors
Accruals
Deferred income
Sundry creditors
Other taxation and social security		 Restated
2024
2023
£
£
32,059
59,878
3,120
9,222
22,000
20,000
4,036
4,036
-
477
61,215
93,613

15. Deferred income

At 1 November
Deferred during the year
Released during the year
At 31 October		 2024
£
20,000
22,000
(20,000)
22,000		 Restated
2023
£
32,350
20,000
(32,350)
20,000

Deferred income relates to income received for bursaries for the subsequent period. Entitlement to recognise the income is met in the period when the related activity takes place.

23

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

16. Analysis of net assets between funds

Analysis of net assets between funds
Restricted
funds
£
Tangible fixed assets
-
Investments
Current assets
293,224
Current liabilities
-
293,224
Prior period comparative (restated)
Restricted
funds
£
Tangible fixed assets
-
Investments
-
Current assets
314,832
Current liabilities
-
Net assets at 31 October 2023
314,832
Net assets at 31 October 2024		 £
113,400
532,815
523,565
-
1,169,780
£
131,197
670,310
378,218
-
1,179,725
Designated
funds
Designated
funds		 £
-
-
355,202
(61,215)
293,987
£
-
-
354,256
(93,613)
260,643
General
funds
General
funds		 Total
funds
£
113,400
532,815
1,171,991
(61,215)
1,756,991
Total
funds
£
131,197
670,310
1,047,306
(93,613)
1,755,200

24

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

17. Movements in funds

Movements in funds
Restricted funds
Jennie Gwynn bursaries
Promoting Polish musicians
Jennifer Murray bursaries
Dutch musician support
Masterclass core costs
Masterclass bursaries
OCM board and lodging
OCM bursaries
Outreach programme
Autumn tour
Total restricted funds
Unrestricted funds
Designated funds:
The IMS Endowment Fund
Instrument fund
Piano fund
Tessa Gaisman bursaries
OCM board and lodging
Total designated funds
General funds
Total unrestricted funds
Total funds
The Foyle Foundation - grant
for salaries		 At 1
November
2023
£
282,058
8,600
1,815
3,300
-
-
-
-
19,059
-
-
314,832
1,016,275
131,100
25,000
-
7,350
1,179,725
260,643
1,440,368
1,755,200		 Income
£
-
-
-
-
27,500
32,890
5,000
4,000
12,500
15,000
10,000
106,890
-
-
-
-
-
-
375,588
375,588
482,478		 £
(11,050)
(500)
(400)
(3,300)
(27,500)
(32,890)
(5,000)
(4,000)
(18,858)
(15,000)
(10,000)
(128,498)
(1,250)
(17,700)
-
(1,000)
(7,350)
(27,300)
(337,394)
(364,694)
(493,192)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,000
12,355
-
17,355
(4,850)
12,505
12,505
Transfers /
gains /
(losses)		 At 31
October
2024
£
271,008
8,100
1,415
-
-
-
-
-
12,701
-
-
293,224
1,015,025
113,400
30,000
11,355
-
1,169,780
293,987
1,463,767
1,756,991

25

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

17. Movements in funds (continued) Purposes of restricted funds Jennie Gwynn bursaries The

The Jennie Gwynn bequest for bursaries was set up in a 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 Masterclass core costs fund is made up of grants received specifically to support the core costs of running the Masterclasses.

The Outreach Programme fund is made up of outreach programme income as well as donations received from Trusts and Foundations to specifically support the outreach work of the organisation.

26

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

17. Movements in funds (continued) Purposes of restricted funds (continued)

The Autumn Tour Fund is made up of a grant to support the running of the Autumn Tour, specifically with regard to the concert held in Champs Hill.

Purposes of designated funds

The IMS Endowment Fund

The endowment fund is intended to serve the charity's long-term purposes, providing stability and security for the future of the organisation. The fund may be used, without limitation, for the provision of bursaries for masterclass students, for projects related to the preservation of the charity’s archives and other heritage activities, for outreach and education projects, for organisational investment and development, and to support general running costs where necessary. It was established 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 Cornish Art Auctions held in prior years.

Piano fund

Transfers between funds

Transfers into designated funds relate to the Tessa Gaisman bursaries received in 2022 and 2024, as noted above, and a £5k top up for the piano refurbishment fund.

27

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

17. Movements in funds (continued)
Prior period comparative
(restated)
At 1
November
2022
£
Restricted funds
Jennie Gwynn bursaries
290,758
Promoting Polish musicians
8,600
Jennifer Murray bursaries
2,215
Dutch musician support
3,300
Masterclass core costs
-
Masterclass bursaries
-
OCM board and lodging
-
Outreach programme
12,858
50th anniversary
55,140
Cornish concerts
-
Total restricted funds
372,871
Unrestricted funds
Designated funds:
IMS endowment fund
1,020,857
Instrument fund
148,800
Piano fund
20,000
OCM board and lodging
6,250
Total designated funds
1,195,907
General funds
206,784
Total unrestricted funds
1,402,691
Total funds
1,775,562		 Income
£
-
-
-
-
29,260
64,875
20,000
15,000
-
10,000
139,135
-
-
-
12,500
12,500
428,378
440,878
580,013		 £
(8,700)
-
(400)
-
(29,260)
(64,875)
(20,000)
(8,799)
(55,140)
(10,000)
(197,174)
(4,582)
(17,700)
-
(11,400)
(33,682)
(306,274)
(339,956)
(537,130)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
5,000
-
5,000
(68,245)
(63,245)
(63,245)
Transfers
between
funds		 At 31
October
2023
£
282,058
8,600
1,815
3,300
-
-
-
19,059
-
-
314,832
1,016,275
131,100
25,000
7,350
1,179,725
260,643
1,440,368
1,755,200

28

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

18. Financial instruments at fair value

Financial instruments at fair value
2024 2023
£ £
Financial assets measured at fair value 532,815 670,310

Financial assets measured at fair value comprise fixed asset investments.

19. Related party transactions

John Tunstall-Behrens, a trustee of Amscordi Limited, 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 £90,402 (2023: £82,004) and related to accommodation, cleaning, heating and other property expenses. There were no amounts outstanding at the year end (2023: £41,580).

Simon Rowe, a trustee of Amscordi Limited, is the landlord for Lavethan House in Cornwall. This house is used for accommodation for some outreach projects arranged by IMS Prussia Cove (the trading name of Amscordi Limited) during the year. The total expenses invoiced in the current year between Amscordi Limited and Lavethan House amounted to £2,611 (2023: £nil) for accommodation costs. There were no amounts oustanding at the year end (2023: £nil).

David Whelton, trustee of Amscordi Limited, is also a trustee of Mayfield Valley Arts Trust. The Trust donated £15,000 (2023: £15,000) to the charity during the year.

The registered office of the company is the home of one of the trustees and Company Secretary, Mr J N C Gaisman KC. There is no charge to the company from the trustee in relation to this.

20. Prior period restatements

Opening funds

The 2022/23 opening funds position has been restated to release grant and donations income that was previously deferred.

The endowment fund has also been restated to be included within unrestricted designated funds, as this is an internal designation rather than a restriction applied by the donors.

As originally stated
Release deferred income from 2021/22
Reclassification of funds
As restated at 1 November 2022		 Endowment
£
1,169,657
-
(1,169,657)
-		 Restricted Unrestricted
Total funds
£
£
£
314,431
219,784
1,703,872
58,440
13,250
71,690
-
1,169,657
-
372,871
1,402,691
1,775,562		 Restricted Unrestricted
Total funds
£
£
£
314,431
219,784
1,703,872
58,440
13,250
71,690
-
1,169,657
-
372,871
1,402,691
1,775,562
1,775,562

29

Amscordi Limited

Notes to the financial statements

For the year ended 31 October 2024

20. Prior period restatements (continued) Income

The 2023 income figures have been restated to release grant income which was previously deferred, and to reclassify some income streams between income categories.

As originally stated
Reverse deferred income from 2021/22
Release deferred income from 2022/23
As restated		 Endowment
£
-
-
-
-		 Restricted Unrestricted
Total funds
£
£
£
197,575
439,128
636,703
(58,440)
(13,250)
(71,690)
-
15,000
15,000
139,135
440,878
580,013		 Restricted Unrestricted
Total funds
£
£
£
197,575
439,128
636,703
(58,440)
(13,250)
(71,690)
-
15,000
15,000
139,135
440,878
580,013
580,013

Expenditure

2022/23 expenditure has been restated to reclassify endowment expenditure into unrestricted (designated) funds.

As originally stated
Reclassify endowment expenditure
As restated
Closing funds
Restated opening funds
Income, as restated
Expenditure, as restated
Gains / (losses)
As restated at 31 October 2023		 Endowment
£
(22,282)
22,282
-
Endowment
£
-
-
-
-
-		 Restricted Unrestricted
Total funds
£
£
£
(197,174)
(317,674)
(537,130)
-
(22,282)
-
(197,174)
(339,956)
(537,130)
Restricted Unrestricted
Total funds
£
£
£
372,871
1,402,691
1,775,562
139,135
440,878
580,013
(197,174)
(339,956)
(537,130)
-
(63,245)
(63,245)
314,832
1,440,368
1,755,200		 Restricted Unrestricted
Total funds
£
£
£
(197,174)
(317,674)
(537,130)
-
(22,282)
-
(197,174)
(339,956)
(537,130)
Restricted Unrestricted
Total funds
£
£
£
372,871
1,402,691
1,775,562
139,135
440,878
580,013
(197,174)
(339,956)
(537,130)
-
(63,245)
(63,245)
314,832
1,440,368
1,755,200
1,755,200

Deferred income

The 2021/22 and 2022/23 creditor balances have been restated to release some grant and donations income which was previously deferred (see note 15).

As originally stated
Release deferred income from 2021/22
Release deferred income from 2022/23
As restated		 2023
£
35,000
-
(15,000)
20,000		 2022
£
104,040
(71,690)
-
32,350

30