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2023-06-30-accounts

Charity registration number 278446

NORWICH CHAMBER MUSIC

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

NORWICH CHAMBER MUSIC

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 16

NORWICH CHAMBER MUSIC

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Helen Colyer
Clara Crockatt
Julia Donat
Yaroslav Khimyak
Christine Delvin
Stephen Orton
Josephine Curry (Appointed 1 April 2023)
Jill Halliday (Appointed 25 September 2022)
Juliet Rickard (Appointed 25 September 2022)
Timothy Gent (Appointed 25 September 2022)
John Harris-Hall (Appointed 25 September 2022)
Artistic Director: Misha Donat
Charity number 278446
Principal address The Old Maltsters
Station Road
Pulham St Mary
DISS
Norfolk
IP21 4QT
Independent examiner Argents Accountants Limited
15 Palace Street
NORWICH
Norfolk
United Kingdom
NR3 1RT
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
WEST MALLING
Kent
United Kingdom
ME19 4JQ
HSBC
155 Mile Cross Lane
NORWICH
Norfolk
United Kingdom
NR6 6RL

NORWICH CHAMBER MUSIC

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2023

The trustees present their annual report and financial statements for the year ended 30 June 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Constitution, the Charities Act 2011 and "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).

Objectives and activities

The charity was set up to educate the public musical knowledge and appreciation by the promotion of professional music recitals and concerts and other related activities. These concerts are open to all members of the public.

The charity promotes educational projects with professional musicians for school children and young adults in Norfolk and Norwich.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Public benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's objectives and aims and planning future activities. In particular, the trustees consider how planned activities are consistent with and will further the stated aims and objectives.

Achievements and performance

We successfully staged 13 concerts during the season ended June 2023, including one through the legacy of Joe Stirling. However, although the numbers of members purchasing season tickets remained stable, overall membership was slightly down on the previous season. We feel that membership and concert attendance are still affected by the coronavirus pandemic but are aware the situation is not sustainable in the long term. We are constantly seeking ways of reaching out to a wider audience and are actively taking marketing advice to help us do so.

This year, under the leadership of our new committee member responsible for the Charity’s education programme, Juliet Rickard, we funded a workshop led by Alexander Rudd, attended by students from schools across Norfolk. It taught the students how to approach writing a song and the final composition was performed with the Norfolk County Youth Orchestra in the presence of the participants. We are also continuing with our liaison with the Norwich outreach programme (Guildhall Young Artists Norwich) of the Guildhall School of Music and Drama, supporting five of their pupils with bursaries.

Financial review

The attached financial statements show the current state of the finances.

The Trustees are of the opinion that the state of the charity’s affairs is satisfactory. There are no plans for any material changes in the nature of the charity’s activities.

Reserves policy

The Management Committee have established a policy whereby the unrestricted and undesignated funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the charity should cover up to two years expenditure on artists fees, which are frequently committed this far in advance of any concert. In addition, the Committee seeks to cover nine months of all other expenses. In total, the current reserve requirement is approximately £107,000, at which level, the Management Committee would feel able to continue the current activities of the charity without financial risk in the event of a significant drop in funding. At present, the free reserves, which amount to £115,285, just over the amount required, providing a buffer against potentially lossmaking activities as we emerge from the coronavirus pandemic.

NORWICH CHAMBER MUSIC

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Plans for future periods

In September 2022 Christine Delvin was elected the new Chair of the Charity after the resignation of Peter Lawson. The Management Committee are pleased to confirm that Misha Donat has agreed to continue in the role of Artistic Director for one more year and has developed an exciting series of concerts for the upcoming season. Richard Wigmore has been appointed artistic director for the following season and comes to us with a wealth of experience. Originally a professional singer who trained at the Guildhall School of Music and Drama, he is now best known as an eminent musicologist, writing regularly for Gramophone and BBC Music Magazine. He is also frequently to be heard as a CD reviewer on BBC Radio Three. We feel certain Richard will help us maintain the high standards of programming to which our audience are accustomed.

Structure, governance and management

The charity is unincorporated. Its governing document, the constitution, was adopted on 7 September 2013 and further amended by a resolution passed at a special General Meeting held 26 January 2020.

The trustees who served during the year and up to the date of signature of the financial statements were: Helen Colyer Clara Crockatt Julia Donat Yaroslav Khimyak Christine Delvin Stephen Orton Karen Stokes (Resigned 1 April 2023) Michael Fowler (Resigned 25 September 2022) Josephine Curry (Appointed 1 April 2023) Jill Halliday (Appointed 25 September 2022) Juliet Rickard (Appointed 25 September 2022) Timothy Gent (Appointed 25 September 2022) John Harris-Hall (Appointed 25 September 2022)

The Trustees, are the Management Committee and they are nominated by and from the charity's fully paid members.

All trustees are elected annually at the annual general meeting and hold office from one Annual General Meeting to the next. The constitution states that the term of office of all members is for one year but members will be eligible for re-election. The Chair of the charity is elected annually by the committee at the first meeting following the Annual General Meeting.

New trustees are briefed on their legal obligations under charity law, the contents of the constitution and protocol, the decision-making processes and recent financial performance of the charity.

The Management Committee consists of a Chair who chairs the AGM and has overall responsibility for the charity; a Concert Administrator who liaises with the Artistic Director, artists and their agents; ~~a S~~ ecretary, who organises meetings and liaises with the Charities Commission; a Membership Secretary who deals with membership subscriptions, renewals of season tickets and is the GDPR nominee; a Treasurer who is responsible for the day to day financial management; and other members as above. A paid Artistic Director has been appointed by the Management Committee to develop the programme of concerts and engage the musicians.

Risk management

The Management Committee have conducted a review of the major risks to which the charity is exposed, and systems have been established to mitigate those risks in the form of good practice. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.

Data protection

The charity is fully compliant with the provisions of the General Data Protection Regulation.

NORWICH CHAMBER MUSIC

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Related parties

The charity contracts with Misha Donat, the brother of one of the Trustees, as Artistic Director.

The trustees' report was approved by the Board of Trustees.

Christine Delvin Trustee

21 October 2023

NORWICH CHAMBER MUSIC

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF NORWICH CHAMBER MUSIC

I report to the trustees on my examination of the financial statements of Norwich Chamber Music (the charity) for the year ended 30 June 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 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 financial statements to be reached.

Mark Johnstone FCA

Argents Accountants Limited 15 Palace Street NORWICH Norfolk NR3 1RT United Kingdom

Dated: 21 November 2023

NORWICH CHAMBER MUSIC

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and
legacies
5
8,635
368
Charitable activities
income
Concerts
3
56,552
1,985
Investments
4
3,146
-
Total income
68,333
2,353
Expenditure on:
Charitable activities
expenditure
Concerts
6
76,826
5,927
Education
6
-
10,616
Total charitable
expenditure
76,826
16,543
Net gains/(losses) on
investments
11
1,258
-
Net outgoing resources
before transfers
(7,235)
(14,190)
Gross transfers
between funds
(10,416)
10,416
Net movement in funds
(17,651)
(3,774)
Fund balances at 1 July
2022
132,936
16,436
Fund balances at 30 June
2023
115,285
12,662		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
9,003
11,489
775
58,537
60,407
1,274
3,146
2,036
-
70,686
73,932
2,049
82,753
89,755
4,913
10,616
-
5,580
93,369
89,755
10,493
1,258
(5,650)
-
(21,425)
(21,473)
(8,444)
-
(4,130)
4,130
(21,425)
(25,603)
(4,314)
149,372
158,539
20,750
127,947
132,936
16,436		 Total
2022
£
12,264
61,681
2,036
75,981
94,668
5,580
100,248
(5,650)
(29,917)
-
(29,917)
179,289
149,372

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

All income and expenditure derive from continuing activities.

NORWICH CHAMBER MUSIC

BALANCE SHEET

AS AT 30 JUNE 2023

Notes
Fixed assets
Investments
12
Current assets
Debtors
13
Investments
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds		 2023
£
4,210
60,000
27,171
91,381
(19,042)		 £
55,608
72,339
127,947
12,662
115,285
127,947		 2022
£
8,467
60,000
51,560
120,027
(25,005)		 £
54,350
95,022
149,372
16,436
132,936
149,372

The financial statements were approved by the Trustees on 21 October 2023

Christine Delvin Trustee

NORWICH CHAMBER MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

Norwich Chamber Music is a unincorporated charity.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt, unless in relation to subscriptions received in advance which are deferred to year to which they relate. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

NORWICH CHAMBER MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.5 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 are allocated on the portion of the asset’s use.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

NORWICH CHAMBER MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities income

Concerts Concerts
2023 2022
£ £
Season tickets 28,680 31,765
Other tickets 26,469 26,811
Programme sales 2,751 2,227
Bar sales - 761
Other income 637 117
58,537 61,681
Analysis by fund
Unrestricted funds 56,552 60,407
Restricted funds 1,985 1,274
58,537 61,681

NORWICH CHAMBER MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

4 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Interest receivable 3,146 2,036

5 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
3,840
368
Membership
subscriptions
4,080
-
Gift aid
715
-
8,635
368		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
4,208
5,958
775
4,080
4,875
-
715
656
-
9,003
11,489
775		 Total
2022
£
6,733
4,875
656
12,264

NORWICH CHAMBER MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

6 Charitable activities expenditure

Concerts
Education
2023
2023
£
£
Artists' fees and expenses
39,050
-
Concert hall hire
16,698
-
Piano hire and tuning costs
7,100
-
Artistic director
2,992
-
Ticket commission and card
charges
2,450
-
Programme costs
4,065
-
Workshops
-
2,616
Bar stock, consumables and
wages
-
-
Other costs
2,234
-
Bursaries and prizes
-
8,000
School concert project costs
-
-
74,589
10,616
Share of support costs (see
note 7)
4,625
-
Share of governance costs
(see note 7)
3,539
-
82,753
10,616
Analysis by fund
Unrestricted funds
76,826
-
Restricted funds
5,927
10,616
82,753
10,616		 Total
Concerts
Education
2023
2022
2022
£
£
£
39,050
48,259
-
16,698
19,591
-
7,100
7,030
-
2,992
3,098
-
2,450
2,684
-
4,065
3,169
-
2,616
-
-
-
763
-
2,234
1,964
-
8,000
-
500
-
-
5,080
85,205
86,558
5,580
4,625
6,583
-
3,539
1,527
-
93,369
94,668
5,580
76,826
89,755
-
16,543
4,913
5,580
93,369
94,668
5,580		 Total
2022
£
48,259
19,591
7,030
3,098
2,684
3,169
-
763
1,964
500
5,080
92,138
6,583
1,527
100,248
89,755
10,493
100,248

NORWICH CHAMBER MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

7 Support costs

Support
costs
Governance
costs
£
£
Marketing and
advertising
2,921
-
Website costs
858
-
Subscriptions
263
-
Insurance
365
-
Bank charges
218
-
Accountancy
-
1,110
AGM costs
-
-
Administration expenses
-
886
Training
-
1,543
4,625
3,539
Analysed between
Charitable activities
4,625
3,539		 2023
Support
costs
Governance
costs
£
£
£
2,921
4,676
-
858
925
-
263
253
-
365
365
-
218
364
-
1,110
-
1,110
-
-
23
886
-
394
1,543
-
-
8,164
6,583
1,527
8,164
6,583
1,527		 2022
£
4,676
925
253
365
364
1,110
23
394
-
8,110
8,110

Governance costs includes payments to the auditors of £1,110 (2022- £1,110) for the Independent Examination fee.

8 Trustees

The brother of trustee Julia Donat, Misha Donat, is Artistic Director of the charity and received a fee for his services to the charity during the year.

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Employed for raising funds - 1

There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

NORWICH CHAMBER MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

11 Net gains/(losses) on investments

Unrestricted Total Unrestricted Total
funds funds
2023 2023 2022 2022
£ £ £ £
Revaluation of investments 1,258 1,258 (5,650) (5,650)

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 July 2022 54,350
Valuation changes 1,258
At 30 June 2023 55,608
Carrying amount
At 30 June 2023 55,608
At 30 June 2022 54,350
13
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
14
Current asset investments
Unlisted investments		 2023
£
1,580
2,630
4,210
2023
£
60,000		 2022
£
5,769
2,698
8,467
2022
£
60,000

NORWICH CHAMBER MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

15
Creditors: amounts falling due within one year
Notes
Deferred income
16
Accruals and deferred income
16
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 July 2022
Released from previous periods
Resources deferred in the year
Deferred income at 30 June 2023		 2023
£
16,815
2,227
19,042
2023
£
16,815
2023
£
16,815
22,910
(22,910)
16,815
16,815		 2022
£
22,910
2,095
25,005
2022
£
22,910
2022
£
22,910
7,579
(7,579)
22,910
22,910

Deferred income is income in advance in respect of season tickets and membership income and associated donations for the 2023/24 season.

17 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 30
June 2023 are
represented by:
Investments
55,608
-
Current assets/(liabilities)
59,677
12,662
115,285
12,662		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
55,608
54,350
-
72,339
78,586
16,436
127,947
132,936
16,436		 Total
2022
£
54,350
95,022
149,372

NORWICH CHAMBER MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at Incoming Resources Transfers Balance at
1 July 2021 resources expended 1 July 2022 resources expended 30 June 2023
£ £ £ £ £ £ £ £ £
Stirling Legacy Fund 20,000 1,349 (4,913) - 16,436 2,153 (5,927) - 12,662
NCM Next Generation Fund 750 700 (5,580) 4,130 - 200 (10,616) 10,416 -
20,750 2,049 (10,493) 4,130 16,436 2,353 (16,543) 10,416 12,662

Restricted funds comprise of the following:

Stirling Legacy Fund: To fund an additional concert, offering free admission to current members of the charity, members of the Stirling family and to students.

NCM Next generation fund : To fund high quality workshops for primary school children and provide funds to various organisations helping Norfolk young people with instrumental learning and performances.

NORWICH CHAMBER MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

19 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).