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2020-08-31-accounts

Registered number: 01271179 Charity number: 272866

The London Symphony Chorus

(A company limited by guarantee)

Unaudited

Trustees' report and financial statements for the year ended 31 August 2020

The London Symphony Chorus (A company limited by guarantee)

Contents

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 11
Independent examiner's report 12
Statement of financial activities 13
Balance sheet 14
Notes to the financial statements 15 - 23

The London Symphony Chorus

(A company limited by guarantee)

Reference and administrative details of the Company, its Trustees and advisers for the year ended 31 August 2020

Trustees

Owen Hanmer, Chair Alice Jones (appointed 8 July 2020) Anne Loveluck (appointed 24 February 2020) Carol Capper (resigned 30 June 2020) Elizabeth Webb Ella Jackson (resigned 24 February 2020) Gillian Lawson (appointed 3 October 2019) Joanna Gill (resigned 3 October 2019) Nathan Homan Richard Street Robert Ward Simon Backhouse

Company registered number

01271179

Charity registered number

272866

Registered office

c/o LSO Office Level 6 Frobisher Crescent, Barbican Centre Silk Street, Barbican London EC2Y 8DS

Accountants

Kreston Reeves LLP Chartered Accountants Third Floor 24 Chiswell Street London EC1Y 4YX

Bankers

Barclays Bank PLC 100 Fenchurch Street London EC3M 5JD

Page 1

The London Symphony Chorus (A company limited by guarantee)

Trustees' report for the year ended 31 August 2020

Council Members

At the date of this report

O Hanmer Chairman A Jones from 08 July 2020 A Loveluck from 24 February 2020 E Webb G Lawson from 03 October 2019 N Homan R Street Vice Chairman R Ward S Backhouse

Other Trustees who served during the year ending 31 August 2020

C Capper until 30 June 2020 E Jackson until 24 February 2020 J Gill until 03 October 2019

Officers of the Chorus

P Allatt Treasurer J Buchan Librarian A Fuller Auditions Secretary R Garbolinski Concert Manager G Broderick Council Secretary from 02 October 2019 B Liao Council Secretary until 02 October 2019

Music Team

S Halsey Chorus Director N Llewelyn Jones Associate Chorus Director L Hollins Associate Chorus Director D Lawrence Associate Chorus Director B Frost Chorus Accompanist A Morrison / R Outram Vocal Coaches N Meyn / R Rice

Company Secretary

K Harrison

Page 2

The London Symphony Chorus (A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2020

The Trustees present their annual report together with the financial statements of the Company for the year 1 September 2019 to 31 August 2020. 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).

The London Symphony Chorus is a company limited by guarantee and is exempt from the requirement to use the word 'Limited' as part of its name. The company is a registered charity, Charity No. 272866, and is therefore exempt from Corporation Taxation.

It is also an entirely self-sufficent organisation covering its costs through concert and recording fees and fundraising.

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.

Structure, governance and management

The Chorus is managed by a Council of its members. Members are elected to the Council at the Annual General Meeting to hold office for the period of two years. In the event of a Council member (voice representative) resigning, the appropriate Chorus section elects a replacement to hold office until the following Annual General Meeting. Members of the Council retire by rotation. Council members are the company directors of the Chorus, and are also the trustees. They are volunteers. The Trustees’ Statement of Responsibilities is noted below.

The members of the Council each have an interest in the Chorus in their capacity as guarantors, which is limited to an amount not exceeding £1.

The members of the Chorus are all those who have been admitted following audition or re-audition by the Chorus Director.

The Chorus Director is appointed by the Council and receives fees in his professional capacity by virtue of an arrangement between the Chorus and the London Symphony Orchestra. No other Council or Chorus member is remunerated by the Chorus, but reasonable expenses incurred by Council members in fulfilling their obligations to the Chorus are reimbursed.

The Council has also appointed other Officers listed on Page 2 who fulfill the roles specified in relation to them.

Page 3

The London Symphony Chorus (A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2020

Structure, governance and management (continued)

Aims and objectives

In the Articles of Association of the London Symphony Chorus "the objects for which the Society is established are the study and practice of choral music in order to foster public knowledge and appreciation of such music by means of public performance."

We have re-stated our aims as:

  1. Excellence - We aim to be critically recognized as the best symphonic chorus in the UK. We strive for

artistic excellence, renowned equally for our mastery of standard repertoire as well as the ability and confidence with which we tackle new or unusual challenges. We wish to be the chorus of choice for talented singers.

  1. Partnership - Central to our identity is a commitment to the special and long-standing relationship with

the London Symphony Orchestra. We aim to remain at the heart of their artistic vision as a highly flexible and responsive choral partner.

  1. Membership - We are committed to our identity as a self-financed members’ organisation. Our

members are at the heart of the LSC, its direction, governance and administration. We are focused on developing our own talent and constantly challenging ourselves, whilst enjoying the many social benefits membership brings.

  1. London - We are committed to the musical life of London, our home. We aim to use our activities to

nurture the artistic life of the capital through engagement with our audiences and the wider community. We seek to develop links with emerging soloists, choral conductors and accompanists, as well as commissioning new works to expand the choral repertoire

  1. Reputation - We continue to develop our reputation with other leading international orchestras and

conductors, in the UK or when we tour abroad.

We are committed to being an inclusive and diverse group of singers regardless of race, gender, sexual orientation, gender identity or expression, lifestyle, age, educational background, national origin, religion or physical ability. Membership is open to anyone with a good choral singing voice with no fees to join or participate.

An audit in 2018 has shown we easily meet the Charity Commission guidelines for diversity and equality in our governance and, benchmarking ourselves against Arts Council Funded Organisations, we compare favourably in the diversity of our members from Black and Ethnic Minority groups. We have established a Diversity and Inclusion Advisory Group, are carrying out further analysis of our membership to understand better our diversity profile, and will continue to maintain our diversity through our open membership recruitment and participation in outreach programmes such as LSO Sing.

We aimed to achieve our aims through:

Page 4

The London Symphony Chorus (A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2020

Achievements and performance

The LSC is one of the UK’s leading choirs and is renowned both at home and internationally for its concerts, recordings, awards, promotion of new music and outreach work.

The year 2019-20 was the London Symphony Chorus’ 54th season. It was also the 8th season with Simon Halsey as Chorus Director and Choral Director of the London Symphony Orchestra, and of the partnership between the chorus and the orchestra, LSO Sing.

We planned to perform with the London Symphony Orchestra in 20 concerts as part of a season with the theme ‘On the edge of a volcano’, and to undertake tours in celebration of Beethoven’s 250th Anniversary.

The development of the Covid-19 Pandemic changed all this very suddenly in March when live concerts and tours were cancelled. As a result we have worked as a team to:

Concerts

The chorus took part in 14 concerts and 6 projects (compared with 17 concerts and 13 projects in 2018-19) with the following orchestras, conductors and venues.

2019

Kazushi Ono. London Symphony Orchestra. Barbican London

Michael Tilson Thomas. London Symphony Orchestra. Barbican London

David Lawrence. Lucy Hollins. London Symphony Orchestra. Barbican London

François Xavier Roth. London Symphony Orchestra. Barbican London

2020

Sir Simon Rattle. London Symphony Orchestra. Barbican London

Page 5

The London Symphony Chorus

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2020

Achievements and performance (continued)

13 February Beethoven: Christ on the Mount of Olives *

Sir Simon Rattle. London Symphony Orchestra. Barbican London

Sir Simon Rattle. London Symphony Orchestra. Barbican London

Sir Simon Rattle. London Symphony Orchestra. Elbphilharmonie Hamburg

Sir Simon Rattle. London Symphony Orchestra. Elbphilharmonie Hamburg

Sir Simon Rattle. London Symphony Orchestra. Festspielhaus Baden-Baden

Sir Simon Rattle. London Symphony Orchestra. Festspielhaus Baden-Baden

Sir Simon Rattle. London Symphony Orchestra. Philharmonie Luxembourg

7 concerts were cancelled: Macmillan St John Passion with Gianandrea Noseda and the LSO; Mahler Symphony No 2 with Jaap van Zweden and the NY Philharmonic; Grainger Shallow Brown and other short pieces with Sir Simon Rattle and the LSO; Tippett Child of our time with Alan Gilbert and the LSO; Beethoven Symphony No 9 with Sir Simon Rattle and Chineke!; Mahler Symphony No 2 with Sir Simon Rattle and the LSO; Janácek Glagolitic Mass with Edward Gardner and the LPO.

Reviews of these concerts by music critics included the following opinions:

"I've never heard the London Symphony Chorus on better form; there's no finer chorus director in the UK than Simon Halsey, but have they ever dared to be so authentically raw like this before, shucking British reserve in favour of Janácek's al fresco fervour, and wasn't the language well coached?" Arts Desk – Janacek Glagolitic Mass – Barbican (21 October)

"With the first choral entry of the Finale there was a shock of authentic passion. Schiller’s texts were brilliantly animated by the LSO Chorus, who sang from memory, with visible conviction." The Times - Beethoven Symphony No 9 – Barbican (16 January) 4*

"However, it was the splendid London Symphony Chorus that under Sir Simon’s direction brought such extraordinary immediacy."

Evening Standard – Beethoven Symphony No 9 – Barbican (16 February) 5*

"The LSO Chorus was on stirring form, at times truly feuertrunken. Since they and the conductor needed no score, there was a direct engagement with Rattle’s detailed directions. The outcome was an electric immediacy. Simon Halsey had prepared them perfectly for not only did every one of them know the notes, but they also knew the words – so well articulated with pinging consonants – and what they meant. “Alle Menschen werden Brüder”? Maybe – if all the world’s movers and shakers heard this heaven-storming performance, they would have leapt to the feet like everyone else."

Bachtrack – Beethoven Symphony No 9 – Barbican (16 February) 5*

"Rattle’s birthday bash with the London Symphony Orchestra, launching a European tour in this Beethoven year, may not have clinched the work’s new fortunes, but it certainly filled the Barbican with fervent and penetrating sounds.

Many of them came from the London Symphony Chorus, superbly trained by Simon Halsey and given some of

Page 6

The London Symphony Chorus

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2020

Achievements and performance (continued)

the meatiest music in the string of recitatives, arias and choruses inspired by Christ’s anguished pre-Crucifixion thoughts in the Garden of Gethsemane."

The Times – Beethoven Christ on the Mount of Olives – Barbican (19 January) 5*

LSO Live recordings

10 December Bartok: The Miraculous Mandarin

François Xavier Roth. London Symphony Orchestra. Barbican London

19 January Beethoven: Christ on the Mount of Olives

Sir Simon Rattle. London Symphony Orchestra. Barbican London

Live streams

Sir Simon Rattle. London Symphony Orchestra. Barbican London

Commissioning and performing new works

Howard Goodall Never to Forget

This was commissioned by the LSC and recorded as a video online with LSO players. It commemorates 122 of the first UK health and care workers to die from Covid-19. When completed in 2021 it will include more names.

The chorus is the lead co-commissioner of a new work for chorus and orchestra by Julian Anderson, to be performed with the LSO in 2021.

Involving adults, young people and children in the community

The chorus partnered the London Symphony Orchestra for an eighth year in its innovative outreach project, LSO Sing. As part of this, Singing Days provide opportunities for people of all ages to study, learn and perform popular choral works alongside members of the London Symphony Chorus.

Due to Covid-19 only two singing days could be held in 2019-20. This attracted a diverse group of singers of varying ability and experience from different backgrounds, with a total number of tickets sold of 410, but a lower attendance of 269 because of Covid-19. A total of 73 chorus members booked to attend these workshops to help those singing.

The Chorus also provided opportunities for the LSO Community, Youth and Discovery Choirs to perform with the LSC by taking part in an enjoyable joint Christmas concert.

Encouraging young singers and conductors

Each Singing Day provided opportunities for 2 students from the Guildhall School of Music and Drama to prepare and sing solo roles in these pieces. This was a significant decrease compared with 2018-19 (9) as two further singing days were cancelled due to Covid-19.

Students were also invited to sing with the chorus in concerts during the season.

Young conductors from UK universities and conservatoires, and from overseas, have attended Singing Days and rehearsals in order to observe the chorus and music team at work, and have been given an opportunity to conduct.

Page 7

The London Symphony Chorus

(A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2020

Achievements and performance (continued)

Choral training and vocal development

The Chorus is committed to excellence and is continuing to undertake a rigorous programme of vocal and choral development.

In addition to the guidance and expertise of Simon Halsey, all chorus members had the opportunity to engage in 3 face to face vocal coaching sessions by Anita Morrison, Rebecca Outram, Norbert Meyn and Robert Rice to help them reach their potential as choral singers. They also undergo regular re-audition to facilitate and monitor their progress.

In 2019-20 (cf 2018-19) A total of 156 (224) individual slots and 5 whole chorus sessions were provided, a lower number than the previous year as face to face coaching ceased in March because of Covid-19. Vocal coaching has taken place for new members online since then.

Coaching has been well received by members, and individual development has been demonstrated and welcomed at re-audition. The further development and expansion of the programme has increased the number of slots for each eligible individual up to 3 per year, and has allowed coaching to be developed for whole sections.

Re-auditions were postponed for one year because of Covid-19 and will be held again in 2021.

We are very grateful to the members of our vocal coaching team for their hard and effective work with chorus members.

Recruitment of new members

In 2019-20 we auditioned 29 new applicants. This compares with 46 in 2018-19 and was clearly a significant decrease because of Covid-19. 17 (58.6%) were successful, a similar percentage to the previous year. The higher numbers in the previous year no doubt reflected the recruitment drive associated with the appointment of Sir Simon Rattle as Music Director of the LSO.

The 9 new sopranos and 5 new altos further increased these relatively large sections and the total membership increased despite the pandemic. The total membership of the chorus and of the sections at the end of November 2019 was (Nov 2018 figures in brackets): total 233 (224); sopranos 77 (67); altos 58 (52); tenors 45 (44); and basses 53 (51).

Many new members also joined because of the personal recommendation of other members and friends of the chorus, our website and social media, and an awareness of the reputation of Simon Halsey, Sir Simon Rattle, and the chorus.

There were 25 (37) leavers in year, fewer than in the previous year: 5 sopranos, 10 altos, 5 tenors and 5 basses.

We are very grateful to our Auditions Secretary for organizing this enormous task so efficiently, and to the website and social media teams for their help in marketing the chorus so effectively.

Music Team

None of the successful outcomes described above would have been possible without our excellent music team. In 2019-20 Simon Halsey led the great majority of rehearsals. He was ably assisted by Nia Llewelyn Jones, Lucy Hollins and David Lawrence (associate chorus directors), Benjamin Frost (chorus accompanist), and by our language coaches. We are very grateful to them all.

Management and administration

Thanks is also due to our voice reps and officers who make up Council, and volunteer a considerable amount of their time for operational, administrative and strategic work. We are also very grateful to Sumita Menon – LSO

Page 8

The London Symphony Chorus (A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2020

Achievements and performance (continued)

Choral Projects Manager, who arranges our rehearsal and concert schedule and supports the chorus in so many important ways.

LSC Friends

LSC Friends was launched in 2011 to support the Chorus in achieving its mission of supporting new commissions, choral projects or other initiatives, while also promoting LSC's social networks and reaching out to connect with past members.

Thanks to contributions from individual members, the LSC Friends’ table has offered post-concert hospitality in the Barbican Centre to welcome past and new members, and to celebrate leavers. In conjunction with LSC’s social committee we also marked the 2019 Prom concert with an impromptu party on the steps at the back of the Royal Albert Hall. Other activities included an invitation to LSC Friends to attend an open rehearsal in collaboration with LSO Friends, opportunities for Friends to attend general rehearsals where appropriate, and regular get-togethers with Friends on LSO Singing Days.

LSC Friends have helped support the Chorus Zoom rehearsals by paying for the licence costs and aim to support a future new commission.

Financial review

The agreement with the London Symphony Orchestra (LSO) for underwriting of performance costs when working with the Orchestra continues. The Chorus is grateful for this arrangement, which helps to keep our annual performance costs under control whilst allowing the Orchestra to program ambitious and unusual repertoire. In January and February 2020, the Chorus accompanied the Orchestra on a splendid tour of Paris, Hamburg, Baden Baden and Luxemburg performing both Beethoven Symphony no 9 and his Oratorio, Christ on the Mount of Olives. These proved to be the last performances of the season as other planned concerts were cancelled due to the Covid pandemic.

The Chorus is grateful to the LSC Endowment fund which provides regular funding to the Chorus to help cover our annual administrative overheads. Without this funding we would need to consider making an overhead charge to the LSO and other orchestras we work with. In addition during this unusual and difficult season the Endowment fund generously covered the full costs of making a YouTube recording during the first lockdown of Howard Goodall’s Never to Forget.

The LSC Friends continue to support the Chorus and during this unusual season generously covered the costs of Zoom licencing to enable the Chorus meet and rehearse online.

Several concerts and the planned re-audition sessions were cancelled in the second half of the season. The Council felt it had a moral responsibility to support its Music Team, all freelance workers, who faced a sudden and dramatic loss of income. Compensation was paid for cancelled sessions, at a cost to the Chorus of approximately £9,300.

We continue to review our business plan, which covers longer term strategic spend. Some £5325 was spent on individual vocal coaching session for members of the Chorus, and £540.80 on purchase of additional scores for Stravinsky Symphony of Psalms and Beethoven 9. The time offered gratis by various Trustees and Officers is estimated to be at least £30,000.

The hire of music from the Chorus Library to other organisations continues and makes a welcome contribution to the Chorus income. The Covid restrictions imposed on choral singing have meant there have been no hires of scores since March 2020 with a subsequent loss of income. We are grateful to the Chorus Librarians who support this activity and the considerable amounts of time they provide gratis.

LSO/Live royalties were slightly down this year at £2,107.97 (from £2,538.47 in 2018/19). Our income from PPL was a healthy £2,008.27. Such royalties provide useful additional income which helps offset our annual expenditure.

Page 9

The London Symphony Chorus (A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2020

A further source of income is work with orchestras other than the LSO. Sadly planned concerts with the New York Philharmonic, the London Philharmonic Orchestra and the Chineke! Orchestra were cancelled due to Covid restrictions.

The Chorus made further claims to HMRC for Gift Aid refunds, based on past LSC Friends subscriptions and donations, which were allocated to the LSC Friends funds. Further reclaims will be made in the coming financial year with the aim of getting our claims up to date.

A number of current and past members of the Chorus have made donations directly to the Chorus funds, for which we are grateful.

The accounts this year contain a correction to an anomaly from a past financial year. This was broadly cost neutral.

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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves Policy

The Chorus seeks to maintain sufficient reserves to support its core charitable activities and to provide for contingencies which may arise. Sizeable reserves are held by the London Symphony Chorus Endowment Fund.

In addition, the Endowment Fund holds and manages the Chorus Legacy Fund. Both funds have seen good performance with regard to income over the financial year, despite the impact of the Covid virus on the UK economy. The LSC Endowment fund accounts provide details of their current value.

The Endowment fund expects to continue to be able to provide funds from its income stream to the Chorus on an annual basis, which will be used to help with Chorus operational and administrative costs. In addition, from time to time, the Endowment fund helps with costs of specific activities such as Tours and Commissions.

The Legacy fund continues to fund the more strategic activities of the Business plan. During these unusual times when the Chorus cannot earn income from performances, the existence of the Endowment and Legacy funds will provide financial support for ongoing Chorus musical activity, e.g. covering costs of rehearsals, both online and live (when permitted), and costs of self-promotion concerts.

Future Plans

Over the coming year and despite lack of income because of the impact of the Covid restrictions, the Chorus expects to continue working at a reduced level, tailoring its activities to conform to the restrictions in place. Funding for such events will largely come from its own funds.

There will be a review and update of the Business Plan. In the coming year we expect expenditure on the Julian Anderson Commission, enhancements to our web presence and the ongoing review of how best to hold Chorus data to allow better support for some of our processes and procedures.

The LSC Friends continue to provide help to the Chorus and are considering support for new commissions.

Page 10

The London Symphony Chorus (A company limited by guarantee)

Trustees' report (continued) for the year ended 31 August 2020

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.

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

Owen Hanmer Chair

Page 11

The London Symphony Chorus

(A company limited by guarantee)

Independent examiner's report

for the year ended 31 August 2020

Independent examiner's report to the Trustees of The London Symphony Chorus ('the Company')

I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 August 2020.

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

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: 28th March 2021 Peter Hudson BA FCA

Kreston Reeves LLP

Chartered Accountants Third Floor 24 Chiswell Street London EC1Y 4YX

Page 12

The London Symphony Chorus

(A company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) for the year ended 31 August 2020

Note
Income from:
Donations and legacies
2
Charitable activities
3
Investments
4
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2020
£
16,126
-
-
-
16,126
-
16,022
16,022
104
(8,307)
104
(8,203)		 Unrestricted
funds
2020
£
1,949
59,754
130
15,100
76,933
560
100,334
100,894
(23,961)
89,750
(23,961)
65,789		 Total
funds
2020
£
18,075
59,754
130
15,100
93,059
560
116,356
116,916
(23,857)
81,443
(23,857)
57,586		 Total
funds
2019
£
21,200
107,230
156
56,436
185,022
(263)
166,968
166,705
18,317
63,126
18,317
81,443

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

The notes on pages 15 to 23 form part of these financial statements.

Page 13

The London Symphony Chorus (A company limited by guarantee) Registered number: 01271179

Balance sheet as at 31 August 2020

Note
Fixed assets
Tangible assets
8
Current assets
Stocks
9
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
12
Unrestricted funds
12
Total funds		 £
764
14,915
64,887
80,566
(27,885)		 2020
£
4,905
4,905
52,681
57,586
57,586
57,586
(8,203)
65,789
57,586		 £
1,324
21,786
82,415
105,525
(34,871)		 2019
£
10,789
10,789
70,654
81,443
81,443
81,443
(8,307)
89,750
81,443

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.

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

Owen Hanmer

Chair

The notes on pages 15 to 23 form part of these financial statements.

Page 14

The London Symphony Chorus (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2020

1. Accounting policies

1.1 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.

The London Symphony Chorus 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.

1.2 Going concern

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future.

1.3 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.

1.4 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

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

1.5 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 whom the funds are deposited.

Page 15

The London Symphony Chorus (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2020

1. Accounting policies (continued)

1.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more 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 basis:

Music Library - 33% on cost
Chorus Website - 20% on cost
Computer Software - 25% on cost

1.7 Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.8 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.

1.9 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.

1.10 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.

1.11 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.

Page 16

The London Symphony Chorus (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2020

1. Accounting policies (continued)

1.12 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.

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 costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. This includes amounts relating to sponsorship of the commission from Howard Goodall ‘Never to Forget’ by the LSC Endowment fund and Zoom licence costs paid by the LSC Friends.

2. Income from donations and legacies

Donations
Donations		 Restricted
funds
2020
Unrestricted
funds
2020
£
£
16,126
1,949
Restricted
funds
2019
Unrestricted
funds
2019
£
£
4,600
16,600		 Total
funds
2020
£
18,075
Total
funds
2019
£
21,200

3. Income from charitable activities

Unrestricted
funds
2020
£
Performances
59,754
Unrestricted
funds
2019
£
Performances
107,230		 Total
funds
2020
£
59,754
Total
funds
2019
£
107,230

Page 17

The London Symphony Chorus (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2020

4. Investment income

Unrestricted
funds
2020
£
Deposit Account Interest
130
Unrestricted
funds
2019
£
Deposit Account Interest
156		 Total
funds
2020
£
130
Total
funds
2019
£
156

5. Analysis of expenditure on charitable activities

Summary by fund type

Performances
Other
Performances
Costs of Tours
Other		 Restricted
funds
2020
£
16,022
-
16,022
Restricted
funds
2019
£
-
-
8,100
8,100		 Unrestricted
funds
2020
£
95,009
5,325
100,334
Unrestricted
funds
2019
£
84,324
30,010
44,534
158,868		 Total
funds
2020
£
111,031
5,325
116,356
Total
funds
2019
£
84,324
30,010
52,634
166,968

Page 18

The London Symphony Chorus (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2020

6. Independent examiner's remuneration

2020 2019
£ £
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts 1,600 1,550
Fees payable to the Company's independent examiner in respect of:
All other services not included above 850 800

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).

During the year ended 31 August 2020, 2 Trustees received reimbursement of expenses totalling £351 (2019 - £618).

8. Tangible fixed assets

Cost or valuation
At 1 September 2019
Additions
At 31 August 2020
Depreciation
At 1 September 2019
Charge for the year
At 31 August 2020
Net book value
At 31 August 2020
At 31 August 2019		 Chorus
Website
£
23,910
-
23,910
20,323
3,587
23,910
-
3,587		 Music
Library
£
42,449
1,187
43,636
35,247
3,484
38,731
4,905
7,202		 Computer
Software
£
1,522
-
1,522
1,522
-
1,522
-
-		 Total
£
67,881
1,187
69,068
57,092
7,071
64,163
4,905
10,789

Page 19

The London Symphony Chorus (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2020

9. Stocks

Stock of music folders
Car park tokens		 2020
£
510
254
764		 2019
£
653
671
1,324

10. Debtors

Due within one year
Trade debtors
Other taxation debtor
Prepayments and accrued income		 2020
£
8,003
2,097
4,815
14,915		 2019
£
782
-
21,004
21,786

11. Creditors: Amounts falling due within one year

Trade creditors
Friends Scheme
Other taxation and social security
Music Deposits
Accruals and deferred income
Movement on the balance of Friends Scheme is as follows:
Balannce at 1 September 2019
Fundraising activities
Gift aid tax refund
Amounts spent		 2020
£
1,329
9,606
-
12,175
4,775
27,885		 2019
£
493
7,759
5,116
12,785
8,718
34,871
2020
£
7,759
1,748
417
(318)
9,606

Page 20

The London Symphony Chorus (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2020

12. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
Restricted Funds - all funds
Total of funds		 Balance at 1
September
2019
£
89,750
(8,307)
81,443		 Income
£
76,933
16,126
93,059		 Expenditure
£
(100,894)
(16,022)
(116,916)		 Balance at
31 August
2020
£
65,789
(8,203)
57,586

The restricted fund includes funds for sponsorship for vocal improvement, LSC friends grant to purchase music and a donation from LSC Endowment Fund to cover the costs of the Howard Goodall YouTube recording.

Statement of funds - prior year

Unrestricted funds
Designated Funds - all funds
Restricted funds
Restricted Funds - all funds
Total of funds		 Balance at
1 September
2018
£
67,933
(4,807)
63,126		 Income
£
180,422
4,600
185,022		 Expenditure
£
(158,605)
(8,100)
(166,705)		 Balance at
31 August
2019
£
89,750
(8,307)
81,443

Page 21

The London Symphony Chorus

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2020

13. Summary of funds

Summary of funds - current year

General funds
Restricted funds
Summary of funds - prior year
Designated funds
Restricted funds		 Balance at 1
September
2019
£
89,750
(8,307)
81,443
Balance at
1 September
2018
£
67,933
(4,807)
63,126		 Income
£
76,933
16,126
93,059
Income
£
180,422
4,600
185,022		 Expenditure
£
(100,894)
(16,022)
(116,916)
Expenditure
£
(158,605)
(8,100)
(166,705)		 Balance at
31 August
2020
£
65,789
(8,203)
57,586
Balance at
31 August
2019
£
89,750
(8,307)
81,443

14. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2020
£
-
(8,203)
-
(8,203)		 Unrestricted
funds
2020
£
4,905
88,769
(27,885)
65,789		 Total
funds
2020
£
4,905
80,566
(27,885)
57,586

Page 22

The London Symphony Chorus (A company limited by guarantee)

Notes to the financial statements for the year ended 31 August 2020

14. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2019
£
-
(8,307)
-
(8,307)		 Unrestricted
funds
2019
£
10,789
113,832
(34,871)
89,750		 Total
funds
2019
£
10,789
105,525
(34,871)
81,443

15. Related party transactions

During the year ended 31 August 2020 grants totalling £15,688 (2019: £15,000) were received from The London Symphony Chorus Endowment Fund.

16. Covid-19

At the time of signing the accounts the Trustees are aware of the potential economic and social effects of the Covid-19 virus outbreak. The full impact of the pandemic on the UK economy is yet to be seen, but the Charity will continue to seek to mitigate this risk by following the UK Government’s guidelines and adapting/developing its own internal strategy.

Page 23