THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 ## FINANCIAL STATEMENTS ## THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 Page 1 THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 ## **CONTENTS** |**Orchestra information**|**3**| |---|---| |**Orchestra Committee Report**|**4**| |**Orchestra Committee’s responsibilities**|**5**| |**Independent Examiners Report**|**6**| |**Balance Sheet**|**7**| |**Income & Expenditure Account**|**8**| |**Notes to the accounts**|**9-10**| Page 2 THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 ## ORCHESTRA INFORMATION Music Director/Conductor Vacancy Leader Margaret Holter Chairman: Andrew Medhurst Honorary Secretary: Nick Gazey Honorary Treasurer: Monique Blackford Orchestra Committee Members:- See Committee’s report Registered office 35 St Leonard’s Road, Bengeo, Hertford, Herts, SG14 3JW Charity Registration Number 270513 Bankers National Westminster Bank Plc 104 Fore Street Hertford Herts SG14 1YY ## **Orchestra Committee Members:** The following people served on the Orchestra Committee during the year. Chairman: Andrew Medhurst Chris Woodrow Honorary Secretary: Nick Gazey Katie Neilson Honorary Treasurer: Monique Blackford Jill Valentine Andrew Pummell Margaret Holter (Leader) Jane Eldred (Librarian) Diana Salthouse (Orchestra Manager) Page 3 THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 ORCHESTRA COMMITTEE'S REPORT Prlnclpl• AdMIIM: inuo•8• 8land•rd8 ol IN• Ixal am•l•Jr mLffjlckns by wo10$8￿¥ Io and Page 4 THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 ## **STATEMENT OF THE ORCHESTRA COMMITTEE’S RESPONSIBILITIES** Charity law requires the Orchestra Committee to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Orchestra and of the surplus or deficit for that period. In preparing those statements, the Orchestra Committee is required to: - select suitable accounting policies and then apply them consistently. - make judgments and estimates that are reasonable and prudent; and - prepare financial statements on a going concern basis unless it is inappropriate to presume that the Orchestra will continue in its business. - state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. The Orchestra Committee is also responsible for maintaining proper accounting records as required by Part 8 of the Charities Act 2011, which disclose with reasonable accuracy at any time the financial position of the Orchestra and which are sufficient to show and explain the Orchestra’s transactions and enable them to ensure that the financial statements are in accordance with the accounting and reporting framework provided by the Charities Act 2011. It is also responsible for safeguarding the assets of the Orchestra, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5 THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 INDEPENDENT EXAIAINEfS REPORT TO THE TRU8TEE8 OF THE HERTFORD SYMPHONY ORCHESTIIA let p•Jes 7 to 10. that an a￿j11 Is NJI reqwed fof ￿•1 s•clkm 144(21 ol Ihe Chathi 2011 2011 Ad) tt18 my fesptythlity lo. • Kc¢xrt• wxlef i¢¢ll¢yi 145 2011 AL*.. w¥Jer 145(siibi of tr* 2011 A(I,' My examlnatson was cwr*d ¢xrt In accordance vllh general Dlrectlons gWI by me Charlty CMfftssM)n An ex&ThnabM mdthjes a reMeé¥ of accowWrKJ fecwth kèpt ty IM thanty arKI a aTrJ C￿￿ntty rK• gwi as lo Ihe accourts I•￿ lo keep aCc￿l¥j fectyd8 *lth iectsm 130 01 th8 2011 N£1. aTrJ •ccwrtr¥J f¢ty*eiiwnts ol11* 2011 NA •cwls lo be rea¢**d. Nam.. Mil i KJ GWf>iC Rele￿nt boty Acc A fy4ilt846_ Qa , , s&3 Gr)A Page 6 THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 BALANCE SHEET .07. 31.07.22 Plxed Assets lao* [Iianij, ias@ 8 stthd Loss Ii¢Dreiiab)n N•t Flx•d As8•ts 457 69 319 Current a￿ets [wblO￿ amuunls lalng duè 411hin WJ E*blu5 wnwnts due aftw on& ￿&r R0trèshrn8nts stc¢k Peltv Cash Rc&•rt Kiln CKnat 3374 7313 456 39 Ic 24107 24107 Trèèsur>r's furrèni Tot￿ ¢urr•nt M••t• 97 LE88 I r*dilc1￿ ￿(￿jnts Wlng due wlhin Cr?dilN5 ￿rAInI5 Wln9 due v• Pr*-Paym*nts StQL* fc rolrbsthènts 718 2233 297 140 3Q 51Jf2 2373 To(￿ N•t Atsets 61821 REPRESENTED BY.. Fv*¥rd FT•m prw41•￿vw Accum￿ated Fund Carrled Fon¥ard 61621 ro¥•d 8 Oat• -hairman Trustfré 201 Trea 18 0£ 202+ Pogè 7 THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 Inccffne and Expen(fit￿e Accourt 21122-2023 2021-2022 INCthME Ttkol saes HSO Subscriptions FOHO Subsuiplions Glfi Rdreshments TOTAL INCOME 14) 13￿8 11452 497 2092 816 28765 9,878 10,644 8C6 2.4￿) 23.778 LESS DIRECT COSTS Reh￿r$I C¢)sls C￿cart Venue Flro Professlon7J Exp8nsos Slaglng Posters Cr￿(¢rt Programm•$ Flrst Ald 15) 10157 29JO 12￿19 Eoo 10,206 2,9 12,505 764 306 920 16) 497 27380 GROSS SURPLUSIDEFicrr 1379 Donatlons R•¢olv•d ID 1ll7 3,134 INDIRECT COSTS Dwre¢latlon Brothures Adverttslnq Perf￿rnIng Fljghls scdlanoLWS Cosls Insurance Purchases fcrf Refreshmenls 69 215 75 275 1CQ8 143 556 2341 69 21 473 952 137 CLIiRwf IFAR SURPLUWDEFicrr 765 Page 8 THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 ## **NOTES TO THE ACCOUNTS** ## **Note 1 Accounting Policies** ## **a) Basis of Accounting:** The Charities (Accounts and Reports) Regulations 2008 require the methods and principles of The Statement of Recommended Practice - Accounting and Reporting by Charities (SORP), issued in March 2005 to be followed when accounts are prepared under the Charities Act 2011 SORP sets out the recommended practice for the purpose of preparing the Trustees' Annual Report and for preparing the accounts on the accruals basis. ## **b) Income:** Income represents ticket and programme sales, advertising sponsorship, subscriptions, grants, donations, Gift aid on donations and refreshment sales. ## **c) Cashflow statement:** The Orchestra Committee has taken advantage of the exemptions in Financial Reporting Standard No. 1 from producing a cashflow statement on the grounds that it is a small charity. ## **d) Depreciation:** Depreciation is provided on all fixed assets at the following rates to write off the assets over their useful economic lives: Plant & Equipment 20% on written down value ## **e) Taxation** The Orchestra is not able to claim rebates on Value Added Tax. ## **Note 2 Income** The income and surplus/deficit are attributable to the principal activities of the Orchestra. The Orchestra maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the principal activities of the Orchestra. Restricted funds have been provided to the Orchestra for a specific purpose and it is the policy of the Orchestra Committee to carefully monitor the application of those funds in accordance with the restrictions placed upon them. ## **Note 3 Reserve** The Orchestra has a policy of maintaining adequate reserves to accommodate a reasonable degree of unforeseen financial circumstances and to provide a sound financial basis for undertaking innovative activities, either independently or in conjunction with other societies. Such non-routine activities would normally carry a higher financial risk than the usual pattern of concerts in Hertford. Page 9 THE HERTFORD SYMPHONY ORCHESTRA YEAR ENDED 31 JULY 2023 NOTES TO THE ACCOUNTS 21r22-2023 2021-2022 Note 4 Ticket Sales &)vember Clyislmas March May Ju￿lJity 3.033 2.483 3.167 1.727 2,091 1,080 2.193 2.054 13.908 9.878 Note 5 Rehewsal Costs Fkll Hro Hr• r¢1 ¢ommissio Condudor Gu8sI CondLKlor Load•r 2,360 979 3,720 2.510 1.094 3.120 864 Note 6 Prof8sslonal Expenses Conductor Loader Sololst & Exp•nsés Parc￿S1on Prof•ssknnals 33fy) 1220 3,200 1,360 199 3.536 3693 31 12509 Note 7 Incorn8 From Donatlons Unrestrlcted Funds Raffl Donallons Donallons for sou￿$ rf t￿ Forèst CD East Horts Lottory CoTh1uctlrKJ WLYkslKIp Easy F￿draI$ll 273 187 2,022 302 2￿ 209 30 918 Restrlcted Funds 809 686 686 Tota Income From Donatlons 1727 Page 10