Henley Symphony Orchestra
Annual Report and Accounts
2024 / 2025
Henley Symphony Orchestra
Trustees’ Annual Report for the financial year 1 Sept 2024 – 31 August 2025
Full name of the charity: Henley Symphony Orchestra
Other names the charity is HSO known by:
Number of the charity: 271849
Charity commission contact: Dr Alice Carter, HSO Treasurer, 53 Parkside Road, Reading, Berks, RG30 2BT
Charity's governing The constitution of the Henley Symphony Orchestra dated 9 January document: 1996, amended 1 October 1997, 17 Nov 2020 and 23 Jan 2025
How the charity is Unincorporated association constituted:
How trustees are appointed: All trustees stand down at the AGM each year and new trustees are elected. All former trustees are eligible for re-election.
Trustees of the charity: For the financial year 2024 / 2025 the following members of the orchestra were committee members and trustees:
Judy Whittaker Chairman Maureen Idowu Secretary Alice Carter Treasurer Lissie Cawood Lindy Farrell Sandy Godfrey (from January 2025) Julia Goodman Kate Lorimer (to January 2025) Katie Mole (to January 2025) David Sadler Clive Sieling Alison Wagland Frances Yeowart
Bank: Barclays Bank, Henley-on-Thames.
Objects of the charity
The objectives of the society, as stated in the constitution, are 1) to educate the public in the art and science of music in all its aspects by the presentation of concerts and other activities and 2) such other charitable purposes as the committee may from time to time decide.
Powers of the trustees
The powers of the trustees (the Committee) are defined as follows:
- a) raising funds, selling tickets for concerts and inviting contributions, provided that in raising funds the Committee shall not undertake any substantial permanent trading activities and shall conform to any relevant requirements of the law
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b) buying, taking on lease or in exchange any property necessary for the achievement of the objectives, and maintaining it and equipping it for use
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c) borrowing money and charging all or part of the property of the Society with repayment of the money so borrowed, subject to any consents required by law
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d) hiring and paying professional musicians and employing such staff (who are not members of the Society) as are necessary for the proper pursuit of the objectives
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e) co-operating with other charities, voluntary bodies and statutory authorities operating in furtherance of the objectives or of similar charitable purposes, and exchanging information and advice with them
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f) establishing or supporting any charitable trusts, associations or institutions formed for all or any of the objectives
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g) appointing and constituting such advisory committees as the Committee shall think fit h) cooperating with and supporting Henley Symphony Orchestra Productions Limited (company number 11957773) (the “Production Company”) in furtherance of all or any of the objectives and in particular but without limiting the generality of the foregoing to enter into agreements with the Production Company for it to produce a concert or series of concerts and to pay the production costs in return for a commission fee payable by the Society
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i) provide loans or other financial assistance to the Production Company (whether interest-free or otherwise and whether by instalments or otherwise) if and when required to enable the Production Company to pay production and other expenses under such agreements
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j) doing all such other lawful things as are necessary for the achievement of the objectives.
Main activities undertaken
The orchestra aims to bring live music to the local community and to provide musical education to its members. The orchestra rehearses weekly at Henley College with a professional Musical Director and leader. Concert venues include Christ Church in Henley-on-Thames and the Hexagon in Reading. At least four concerts are given annually. The orchestra gives concerts, by invitation, in Henley’s twin towns of Leichlingen (Germany), Falaise (France) and Bled (Slovenia).
Summary of the main achievements of the charity during the year
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In HSO’s 55[th] season, the years 2024 –25, the orchestra gave:
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Five public concerts in the UK, and
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One Open Evening for HSO Friends.
The orchestra played the following works:
Saturday 16[th] November 2024 at 5pm St Mary’s Church, Henley
Blumine from Symphony 1 Mahler Rhapsody Coates Huw Wiggin Saxophone Adagietto' from Symphony 5 Mahler Concerto for Oboe (transcribed for Sax) and strings Marcello Symphony no.8 Dvorak Margarita Mikhailova Conductor
Saturday 14[th] December at 6.30 pm
Christchurch, Henley
Hansel and Gretel Humperdinck Sleeping Beauty: Rose Adagio Tchaikovsky Tsar Sultan Suite op 57 Rimsky-Korsakov Ma Mère l’Oye (Mother Goose) Ravel Sleigh Ride Leroy Anderson Carols
Alexander Walker Conductor
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Sunday 16[th] March, 2025 at 7.00 pm Hexagon, Reading Fantasy Overture Romeo and Juliet Tchaikovsky Piano Concerto in A minor Grieg Leon McCawley Piano Scheherezade Rimsky-Korsakov David Burton Violin
Hexagon, Reading
Alexander Walker Conductor
Saturday 28[th] June, 2025 at 7.30 pm St Mary’s Church, Henley Helios Overture Nielsen Symphony No 7 op. 105 Sibelius Violin Concerto in B minor op 61 Elgar Alda Dizdari Violin
Alexander Walker Conductor
By the beginning of the 2024-25 season, the orchestra had appointed Alexander Walker as HSO Principal Conductor and Music Director , but prior commitments meant that he could not join HSO until the December concert. So, for the November concert, HSO asked one of the other applicants for the position, Margarita Mikhailova, to choose, rehearse and conduct the concert.
The orchestra continues to be able to attract soloists of a high calibre. In November 2024 HSO welcomed back Saxophonist Huw Wiggin to play Coates’ Rhapsody and Marcello’s Concerto for Oboe (transcribed for Sax) in St Mary’s Church in Henley. In March, 2024, Leon McCawley joined the orchestra in the Hexagon in Reading to play Grieg’s Piano Concerto in A minor. In June 2024, Alda Dizdari delighted an audience in St Mary’s Church in Henley with her performance of Elgar’s Violin Concerto in B minor op 61.
With the changes in conductor, the orchestra has continued to develop and to expand its repertoire and tackle more demanding works. The standard of the playing of the orchestra continues at a high level. The orchestra has travelled several times to Henley’s twin towns in France, Germany and Slovenia, and is planning a visit to Falaise in May 2026.
After being elected Chairman of Henley Symphony Orchestra in November, 2003 , Judy Whittaker will be standing down from this role after almost 23 years at the AGM on Thursday 22[nd] January, 2026. Henley Symphony Orchestra has experienced a number of changes over recent years, especially the restrictions and cancellations caused by COVID, followed by Ian Brown’s departure in June 2022 after 27 years of his musical direction. It is therefore very gratifying that this change in Chairmanship can take place when the HSO Principal Conductor and Music Director, Alexander Walker, is well established and has already conducted 5 successful concerts, when the management of the Society is in the hands of competent and experienced Trustees, and the financial position of the orchestra at the end of its 55[th] season, on 31[st] August, 2025, shows an overall surplus of £19,909.
Financial Review
Reserves policy:
To maintain reserves equivalent to one year’s running costs.
Further financial details: The accounts of the society for the financial year 2024 / 2025 are appended to this report.
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Treasurer’s Report
This is the first financial year where the orchestra’s financial year, concert season and membership year align, all starting on 1st September. The previous financial year ran from 1 May 2023 to 31 August 2024, a period of 16 months, and this should be borne in mind when comparing income and expenditure with the current financial year, as the previous ‘year’ is 4 months longer and includes an extra concert.
2024-25 was a very good year financially for the orchestra, with an overall surplus of £19,909. This is due to a number of one-off factors but also better ticket and advertising sales, particularly relating to the Hexagon concert and buoyant sales of advertising in concert programmes, which has replaced the previous Business Friends scheme. Orchestra Tax Relief is hugely significant in this result.
The significant one off factors were a much higher than usual gift aid claim, due to a thorough review of donations and collection of new gift aid declarations and some generous individual donations. Last year we also had to include a depreciation cost in the accounts as we had a historic and inaccurate figure for the orchestra fixed assets which needed to be addressed, and we had significant recruitment costs. We should not therefore expect to make such a large surplus every year, but it is very welcome especially with an overseas tour coming up and costs rising every year with inflation.
The bulk of the charity’s expenditure is the HSO Productions Ltd (HSOP) Commissioning Fee. HSOP is a company set up by the orchestra with two committee members as directors to take advantage of the Orchestra Tax Relief (OTR) scheme. This allows the orchestra to claim a tax credit on eligible expenditure – anything involved in rehearsing / preparing for a concert but not the concert itself. The tax credit was temporarily increased from 25% to 50% during the pandemic and this has been hugely beneficial for the orchestra. Lobbying from organisations including Making Music has succeeded in increasing the permanent rate to 45% from April 2025 which will have a significant and lasting impact on the orchestra’s finances. The total cost paid by HSOP for putting on our 2024-25 concert season was £43,772.47, but orchestra tax relief means the orchestra only paid HSOP a commissioning fee of £31,920.35, and the remaining £11,852.12 was paid by HMRC in the form of tax relief. (These figures are still estimated at this point, because Making Music who prepare the HSOP accounts and submit the OTR claim have not yet completed this work.)
A breakdown of income and expenditure, including OTR, for each of the 2024-25 season concerts and the corresponding figures for the previous year’s concert follows the accounts. These do not form part of the charity’s formal accounts, but are included to provide additional detail on the charity’s activities.
As ever, the orchestra is grateful to its many supporters and Friends who attend our concerts as well as providing financial support.
Signed on behalf of the trustees:
Judy Whittaker, Chairman
Maureen Idowu, Secretary
Date: 17 January 2026
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Statement of Financial Activities - Henley Symphony Orchestra
For the 12 months ended 31/8/25 (16 months ended 31/8/24)
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12 months to See 16 months to See
Statement of Financial Activities 31/8/25 Note 31/8/24 Note
Incoming Resources
Member Subscriptions 8,730.00 10,895.00
Coffee Sales 223.69 145.94
Friends Subscription 1,066.66 1,053.35
Friends Donations 3,830.00 4,300.00
Donations - Other 5,797.17 3,391.76
Donations - Former Friends 0.00 570.00
Ticket Sales 23,831.90 22,659.70
Programme Sales 753.70 854.50
Refreshment Sales/Donations 777.30 1,174.00
Advertising Sales 1,420.00 840.00
Other Sales 300.00 1 355.00 1
Interest Income 750.07 846.14
Gift Aid 6,808.64 2 1,161.91
Total Incoming Resources 54,289.13 48,247.30
Resources expended
HSOP Commissioning Fee 31,920.35 3 38,647.55 3
Depreciation Expense 0.00 4 1,772.00 4
General Expenses 92.07 5 96.02 5
Advertising & Marketing 2,036.66 6 3,181.38 6
Card Payment Fees 300.15 292.00
Subscriptions 30.00 20.00
Total Resources expended 34,379.23 44,008.95
Net movement in funds 19,909.90 4,238.35
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Notes to the accounts
The charity amended its financial year in 2024, so that the financial year would align with the orchestra's concert season and membership year which starts on 1st September. The comparison period for these accounts is therefore 16 months long as this was the transitional year 2023-24. This difference in length should be borne in mind when comparing with the previous year's figures.
1. Other sales
Media sales on behalf of performing artists and payment for audience transport to concerts outside Henley.
2. Gift Aid
A review of all gift aid declarations and donations was carried out in 2025, and additional declarations were obtained from eligble donors. As a result a larger claim was possible covering the previous 4 tax years. The 2025 figure includes interest paid by HMRC.
3. HSOP Commissioning Fee
This includes the costs of producing the year's concerts including rehearsal costs, less the orchestral tax relief claimed. Costs of production 2024-25: £43,772.47, broken down as commissioning fee £31,920.35, OTR £11,852.12. (2023-24 figures: £53,324.15, broken down as commissioning fee £38,647.55, OTR £14,676.60.) The 2025 commissioning fee includes a charge from Making Music which has not been finalised at the date that these accounts are presented. The total charge is not expected to be materially different, and will be reflected in the HSO loan to HSOP.
4. Depreciation
The orchestra's fixed assets had not been revalued for a number of years. This depreciation expense represents the difference in value between the historic figure and the estimated value of the assets at 31st August 2024. The value of the fixed assets at 31 August 2025 is not believed to be materially different to the value at 31 August 2024.
5. General expenditure / restricted fund
The small surplus collected from members relating to the orchestra party in 2022 is held as a restricted fund for the benefit of HSO members. £12.14 of the General Expenditure in the current financial year was spent from this restricted fund, leaving a balance of £133.18 in the restricted fund at 31 August 2025.
6. Marketing Costs
Marketing costs including concert advertising and website are paid by the parent charity HSO rather than the production company, so that they can be zero-rated for VAT, as this VAT relief is not available to the production company. Open Evening costs are also included here.
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Balance Sheet - Henley Symphony Orchestra As at 31 August 2025
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See See
Account 31 Aug 2025 Note 31 Aug 2024 Note
Current Assets
Cash at bank and in hand
Barclays Business Deposit 31,703.19 15,465.70
COIF Charities Deposit Fund 11,690.11 11,177.53
HSO Barclays Business Current 4,864.65 1 3,161.95 1
Petty Cash 126.51 142.00
Total Cash at bank and in hand 48,384.46 29,947.18
HSO Loan to HSOP 12,322.46 11,050.50
Total Current Assets 60,706.92 40,997.68
Creditors: amounts falling due within one year
Accounts Payable 10.00 0.00
Income in Advance 1,015.99 2 1,226.65 2
Total Creditors: amounts falling due within one year 1,025.99 1,226.65
Net Current Assets (Liabilities) 59,680.93 39,771.03
Fixed Assets
Tangible Assets 1,390.00 3 1,390.00 3
Total Fixed Assets 1,390.00 1,390.00
Total Assets less Current Liabilities 61,070.93 41,161.03
Net Assets 61,070.93 41,161.03
Capital and Reserves
Brought forward at start of year 41,161.03 36,922.68
Current Year Earnings 19,909.90 4,238.35
Total Capital and Reserves 61,070.93 41,161.03
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1. Restricted Fund
Current account balance at 31 August 2025 includes £133.18 held as a restricted fund for the benefit of HSO members (figure at 31 August 2024 was £145.32).
2. Income in Advance
The 2025 figure represents the remaining £476 from a grant from Henley Town Council towards subsidised concert tickets, carried over to the 2025-26 season, and £539.99 of Friends Subscriptions received in the present year relating to the following year.The 2024 figure represents the original £800 grant from Henley Town Council, and £426.65 of Friends Subscriptions received in that year relating to the following year.
3. Fixed Assets
The orchestra owns various fixed assets, including a set of timpani, sound screens, sheet music and a rostrum. The value of the fixed assets at 31 August 2025 is not believed to be materially different to the value at 31 August 2024.
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St Mary's Henley. Mikhailova, Wiggin. Coates, Mahler, Dvorak
November Concert - 16 November 2024
| Costs Paid by Production Company | Costs Paid by Production Company | Previous Year | Total costs of production (including rehearsals) | Total costs of production (including rehearsals) | Total costs of production (including rehearsals) | |
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| Music Director/Leader fee | £1,194.00 | £1,228.00 | 2024 | 2023 | ||
| Music Hire/purchase | £554.10 | £583.65 | £9,630.67 | £8,835.03 | ||
| Musician fees | £1,987.95 | £1,291.30 | ||||
| Soloist | £847.10 | Plus costs paid by HSO | ||||
| Others | £1,140.85 | £498.81 | £396.37 | |||
| Rehearsal costs | £4,805.56 | £4,409.30 | ||||
| Venue | £826.00 | TOTAL COSTS £10,129.48 |
£9,231.40 | |||
| Pro Fees | £3,872.00 | |||||
| Other | £107.56 | Concert Income | ||||
| Concert Venue | £510.00 | £505.00 | Ticket sales | £5,396.90 | £5,795.00 | |
| Venue hire | £325.00 | Bar sales/donations | £261.40 | £398.50 | ||
| Lighting | £120.00 | Programme sales | £234.00 | £222.00 | ||
| Other | £65.00 | Other sales | £0.00 | £220.00 | ||
| Marketing | £349.10 | £333.80 | TOTAL INCOME | £5,892.30 | £6,635.50 | |
| Banner Printing/Display | £90.62 | |||||
| Flyer Printing | £41.51 | Number of tickets sold | 300 | 313 | ||
| Poster Printing | £24.45 | |||||
| Programmes | £97.00 | Concert Costs Excl Rehearsal | Costs | |||
| Ticket Printing | £24.45 | £5,323.92 | £4,822.10 | |||
| Bar | £71.07 | |||||
| PRS | £199.96 | £226.01 | Net Surplus (Loss) excl rehearsal costs | |||
| Other | £30.00 | £257.97 | £568.38 | £1,813.40 | ||
| £9,630.67 | £8,835.03 | |||||
| Costs paid by HSO Marketing Design Work Press Advertising Social Media Card payment fees |
£428.89 £69.92 |
£155.00 £238.00 £35.89 |
£326.24 £70.13 |
OTR (subject to confirmation by Making Music) Commissioning Fee £6,686.59 £6,160.00 OTR £2,944.08 £2,675.03 Net Surplus/Loss excl rehearsal costs including OTR |
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| £498.81 | £396.37 | £3,512.46 | £4,488.43 | |||
| Christmas Concerts - 14th December 2024 Costs Paid by Production Company Music Director/Leader fee £1,244.00 Music Hire/purchase £229.35 Musician fees £1,826.03 Soloist Others Rehearsal costs £2,185.09 Venue Pro Fees Other Concert Venue £783.70 Venue costs Lighting Other Marketing £305.47 Banner Printing/Display Flyer Printing Poster Printing Ticket Printing Bar PRS £127.45 Other £22.99 |
£0.00 £1,826.03 £366.00 £1,750.00 £69.09 £625.00 £158.70 £36.55 £82.30 £20.40 £41.64 £124.58 |
Christ Church, Henley. Walker. Previous Year Total costs of production (including rehearsals) £1,228.00 2024 2023 £620.73 £6,724.08 £6,423.19 £1,484.40 Plus costs paid by HSO £434.45 £411.27 £2,058.00 TOTAL COSTS £7,158.53 £6,834.46 Concert Income £694.50 Ticket sales £3,440.00 £3,151.00 Bar sales/donations £279.90 £303.50 Programme sales £0.00 £0.00 Other sales £0.00 £0.00 £317.56 TOTAL INCOME £3,719.90 £3,454.50 No of tickets sold (main) 205 186 No of tickets sold (ch) 161 139 Concert costs excl rehearsals £4,973.44 £4,776.46 £0.00 £20.00 Net Surplus (Loss) excl rehearsals |
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| £6,724.08 | £6,423.19 | -£1,253.54 | -£1,321.96 | |||
| Costs paid by HSO Marketing Design Work / Posters Press Advertising Carol Sheets etc Card payment fees |
£375.66 £58.79 |
£77.50 £238.00 £60.16 |
£367.50 £43.77 |
OTR (subject to confirmation by Making Music) Commissioning Fee £5,020.27 £4,665.40 OTR £1,703.82 £1,757.79 Net Surplus/Loss excl rehearsals including OTR |
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| £434.45 | £411.27 | £450.27 | £435.83 |
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Walker, McCawley. Tchaikovsky, Grieg, Rimsky-Korsakov.
Hexagon Concert - 16th March 2025
| Costs Paid by Production Company | Costs Paid by Production Company | Previous Year | Total costs of production (including rehearsals) | Total costs of production (including rehearsals) | Total costs of production (including rehearsals) | |
|---|---|---|---|---|---|---|
| Music Director/Leader fee | £1,244.00 | £1,290.50 | 2025 | 2024 | ||
| Music Hire/purchase | £262.73 | £182.16 | £15,464.28 | £13,731.41 | ||
| Musician fees | £3,449.85 | £2,564.60 | ||||
| Soloist | £2,000.00 | Plus costs paid by HSO | ||||
| Others | £1,449.85 | £576.50 | £396.28 | |||
| Rehearsal costs | £4,672.18 | £4,355.35 | ||||
| Venue | £826.00 | TOTAL COSTS | £16,040.78 | £14,127.69 | ||
| Pro Fees | £3,770.00 | |||||
| Other | £76.18 | Concert Income | ||||
| Concert Venue | £4,980.00 | £4,737.60 | Ticket sales | £10,943.30 | £5,565.20 | |
| Venue costs | Programme sales | £323.70 | £219.00 | |||
| Other sales | £300.00 | £135.00 | ||||
| TOTAL INCOME | £11,567.00 | £5,919.20 | ||||
| Marketing | £525.52 | £479.60 | ||||
| Banner Printing/Display | £0.00 | |||||
| Flyer Printing | £55.77 | No of tickets sold | 563 | 333 | ||
| Programmes | £181.00 | |||||
| Ticket Commission | £167.90 | Concert costs excl rehearsals | ||||
| Bar | £120.85 | £11,368.60 | £9,772.34 | |||
| PRS | £0.00 | £0.00 | ||||
| Other | £330.00 | £121.60 | Net Surplus (Loss) excl rehearsals | |||
| £15,464.28 | £13,731.41 | £198.40 | -£3,853.14 | |||
| Costs paid by HSO Marketing Design Work & Posters Press Advertising Social Media Card payment fees |
£485.86 £90.64 |
£199.94 £238.00 £47.92 |
£350.60 £45.68 |
OTR (subject to confirmation by Making Music) Commissioning Fee £11,272.16 £9,911.47 OTR £4,192.12 £3,819.94 Net Surplus/Loss excl rehearsals including OTR |
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| £576.50 | £396.28 | £4,390.52 | -£33.20 | |||
| Summer Concert - 29 June 2025 Costs Paid by Production Company Music Director/Leader fee £1,244.00 Music Hire/purchase £885.21 Musician fees £1,300.00 Soloist Others Rehearsal costs £5,394.02 Venue Pro Fees Other Concert Venue £690.00 Venue costs Lighting Other Marketing £420.58 Banner Printing/Display Flyer Printing Poster Printing Ticket Printing Bar Programmes PRS £161.23 Other £0.00 Overheads for the year £1,858.40 |
£990.00 £310.00 £1,010.00 £4,368.00 £16.02 £530.00 £120.00 £40.00 £41.62 £45.57 £36.00 £23.04 £119.35 £105.00 |
Walker, Dizdari. Nielsen, Elgar, Sibelius Previous Year Total costs of production (including rehearsals) £1,241.00 2025 2024 £216.55 £11,953.44 £14,900.87 £1,995.15 Plus costs paid by HSO £432.50 £574.14 £6,618.41 TOTAL COSTS £12,385.94 £15,475.01 Concert Income £465.00 Ticket sales £4,051.70 £4,170.50 Bar sales/donations £236.00 £262.00 Programme sales £196.00 £209.50 Other sales £0.00 £0.00 £591.49 TOTAL INCOME £4,483.70 £4,642.00 No of tickets sold 214 230 Concert costs excl rehearsals and overheads £5,133.52 £5,282.72 £173.90 £25.49 £3,573.88 Net Surplus (Loss) excl rehearsals |
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| £11,953.44 | £14,900.87 | -£649.82 | -£640.72 | |||
| Costs paid by HSO Marketing Design Work/Posters Press Advertising Social Media Card payment fees |
£372.10 £60.40 |
£100.18 £238.00 £33.92 |
£486.16 £87.98 |
OTR (subject to confirmation by Making Music) Comm Fee excl overheads £7,082.94 £7,746.16 Comm Fee incl overheads £8,941.34 £11,320.04 OTR £3,012.10 £3,580.83 Net Surplus/Loss excl rehearsals including OTR |
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| £432.50 | £574.14 | £2,362.28 | £2,940.11 | |||
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CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Seclion A Indèpendent Examinerfs Report Report to the trustees Henley Symrthony Ofchcstra On accounts for the yeJr ended 31 August 2025 Charlty no (rf any) 271849 Set out on pagas I report to the trustccs on my oxamination of the a¢ttJurtls of ihe aiK)Ve charity {Ihe Trust"> the yoar ended 3110812025 Ruponsibilities and b4sis of report As the charit$ Irusiees. you are resFM)nsible ft)r the preparation of the accounts in a(%¢ydance with the requirements of the Charltses Act 2011 (Ihe Acr}. I r6pM M) respéct of my examinaliLXI of tlie Trusl's accounts wlied out undor sethon 145 of thè. XJ11 Acl aThJ in cJfrying oul my examinabon. I have followed all applratAe C)irecbons giv ty Chanty CcnmissirJn under sedion 145{5Xb} of the A Independent I havc compleled my examination. I confim thal no material matters have examinerfs statement oyne to my aitenljon in cJ)nnectson with the cxamtnab'on Kthch givcs mc cause believe that in. any material rcspocc the accounting records wcro nol kopt in aNdance with seclion 130 of the Charities Act.. or the accounts not accord th the accounting rocord%' or the accounts did not comply vmh tho applicablo roquiremonts conceming the form and contenl of accounts sel out in Ihe Charities (Accwnts and Reports) Regulations 2(K18 oiFr ihan any requirement Ihal Ihe 9ive a llrue and lair, view which not a matter nSIde as part of an indeperent examination. I have Tr) CC£m$ and havc comc across no 0r mattors in connection vAth the oxaminal>on to which attefttion shouil t* drawn in this report in (yder lo en8bbe a proper urvJep•landing of the accounts to be reached. Slgned: Datt: LVL&IJ Rèlevant profésslonal qualifi¢ats¢n(s) ¢r body (rf anyl: C11pALI - /&-rrft Address: Lufii IriL£ - 4-., J Iirf•¥ JL6 J>C IER Oct 2018