Twickenham Choral Society Annual Report and Financial Statements for the year ended 31 July 2023 TCS Twickenham Choral Society (Registered Charity number 284847. and operating as Ywickenham Choral"} exists for "the promotion for public education in the c7rt and science of Chorol ond Orchestral Music by the presentation of public concerts and recitals". It is governed by the Rule5 of the Society. The Tru5tee5 have complied wvth the duty in Section 4 of the Charities Act 2CKI6 to have due regard to public benefit guidance published bythe Charty Commission. The Trustees believe that the organisation meets the public benefrt requirements of the Charity Commission because the charitable objectives {as noted above) clearly demonstrate the public benefit in the public education in the art and science of Choral and Orchestral music; the organisation provides the opportunity for participants to develop their musical skills and vocal technique in perfomiing a wide range of choral repertoire: the organisation presents public concerts to a high standard in the local area; and financial assistance is provided to those in hardship by offering reduced rates of both membership and concert tickets. Membership During the year11 August 2022 to 31 July 2023} the following served on the committee: Chairman Helen Coulson Concert Manager: Paul Hehir Treasurer. Tim Lidbetter Publicity Sarah Herrick Secretary. Gill Zettle Front of House= Deborah Meyer Sponsorship Margaret Crisell Membership Barbara Orr Librarian= Rosemary Fulljames Social Secretary.. Annette Duffy Ito 31 Decl * Trustees. Katrina Lidbetter (from I" Janl Conductor: Christopher Herrick Rebecca Taylor Other than the Conductor. who is a member of the committee ex officio, neither the trustees nor any other committee members receive any remuneration for their duties, but mav be reimbursed for necessary expenses. The committee met four times duringthe year. There were a total of 100 members duringthe year (previous year 961 of whom 86 claimed Gift Aid from HMRC Iprevious year 881. Independent Examiners: Simon Bartlett and Alison Williams (see below). Bankers Assistant Conductor: I. CAF Bank {Charities' Aid Foundation). Kings Hill, West Mallin& Kent; 2. Scottish Widow5 It is our policy to invest surplus funds into our higher-earning CAF Gold account and the Scottish Widows deposit account.
Flnancial Review of the Year The Financial Statements are presented in accordance with the Charities, Statement of Recommended Practice. Summa The Choir marked its Centenary in the Calendar year 2022 with a number of special events, the final two of which took place during the early part of the period covered by this review. Two further concerts took place in the latter part of the period. Accounting polides Statement of compliance The financial statements have been prepared in accordance wrth the Accounting and Reporting by Charitie5- 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 IFRS 102)_leffective l January 2015)- (Charities SORP IFRS 10211 and the Charities Act 2011. Basis of preparation Twickenham Choral Society meets the definition of a public benefrt entity under FRS 102. These financial statements have been prepared on a going concern basis under the historical cost convention. Assets and liabilitie5 are initially recognised at historical cost ortransaction value unless otherwise stated in the relevant accounting policy notes. Exemption from preparing a cashflow statement As permitted by FRS 102, the choir has opted to exercise the exemption for smaller charities from preparing a cashflow statement. Taxation and Gift Ald The Choir is a registered charity and therefore exempt from taxation. The choirfs charitable aims include presenting public concerts. which are therefore considered to be in support of the choirfs charitable aims, and so members, subscriptions and other donations are eligible f£)r Gift Aid. Until 2014 the choir used Richmond Adult College's faciltties as a rehearsal venue and in consequence was registered as an evening class of that college, with the Conductor paid as a member of the teaching staff. It was agreed with HMRC that part of the subscription was deemed to be paid in respect of musical tuition and therefore not eligible for Gift Aid. The remainder of the income from membership subscriptions was considered to be of the nature of a gift, made in order to further the choirfs charitable aims lin particular. supporting the presentation of public concerts) and recognised by HMRCon the same basis as a donation. Although the choir is no longer registered as an evening class. the nature of the rehearsals has not changed and so the tuition/donation split has been maintained. Expendlture All expenditure is recognised on an accruals basis once there is a legal or constructive obligation to that expenditure. its probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Expenditure outstanding attheyearend is measured atthetransaction price and included within Creditors.
Expenditure on Charitable artivities Charitable expenditure comprises those costs incurred by the choir in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Flxed Assets Tangible fixed assets are held in the balance sheet at historic cost. From 2022 these are depreciated in the accounts at IO% of the purchase value per annum. Investment assets are held at fair value at the balance sheet date. The choir holds no intangible assets. Stock The choir holds stocks of music scores and folders. These are held in the accounts at cost. CreditorslDebtors Debtors are measured at their recoverable amount at the balance sheet date, that is, the transaction value less any impairmant required. The debtors represent sponsorship for the July concert that have been invoiced but have not yet paid. Conversely. a number of sponsors have already paid for advertisements in the programme for the concert planned for December 2023, and they are recorded as creditors. A few members have already paid for their music for the autumn 2023 term, and they are also recorded as creditors. Artlvities Public Benefrt In planning the choir's activtties, the Trustees have considered Charity Commission guidance on public benefit, includin8 the relationship between public benefit and fee charging. We rely primarily on the income from ticket sales and membership subscriptions to cover our operating cost5. In setting the levels of subscription5 and ticket prices, the Trustee5 give careful consideration to the acce55ibility of the choir and its concerts for those on low incomes. We encourage singers to join us whatever their means. We offer reduced or free subscriptions for younger members and registered disabled. For concerts. we offer a range of ticket prices to suit different incomes. Concerts Four concerts were staged during the accounting year 22. September 2022 - St Martin in the Fields.. Mozart Requiem and Then Sing We Air. TCS Centenary commission from lain Farrington. Promoted by the Brandenburg Festival as the opening of their first season post-lockdown- TCS made a contribution to the funding for this concert th 10 December 2022- Holy Trinity. Twickenham Green- Bach B Minor Mass th 25 March 2023 St Marys, Twickenham including works by Parry and Elgar, and the first public performance of "Wild Musid, commissioned from Roxanna Panufnik 8th July 2023- Landmark Centre. Teddington- Rachmaninov Vesper5 The financing of these large-scale concerts. includingthose in September and December 2022, was made possible by some generous donations and support from the Centenary Fund.
Rehearsals The sale of refreshments at rehearsals resumed in September 2022. having been suspended during 2021122 following resumption of rehearsals in September 2021. Cash Handlin A card reader has been obtained to reduce the volume of cash and cheques handled. Flnance Income and Ex enditure- Unrestricted Fund For the Unrestricted Funds. total income for the year1£62,404, including a transfer of reserves from the Centenary Fund} and expenditure1£50.778, including a transfer of a recent bequest to a new Restricted Fund) resulted in a net surplus of £1.618. This compares with a surplus of £91 (income (£64,022 and expenditure £63,931 respectively) in the pvIOuS year la deficit of £9,931 net of the bequest). Comparisons with previous years are difFicult because of the extra spending on Centenary artivities in 2021122, and because 2019/20 and 2020121 were untypical because of COVID restrictions. Membership numbers have recovered from a low of 90 in 2020121. but are not yet back to pre- COVID levels1107 in 20191201. This affects not only subscription income but also ticket sales, as the members of the choir are its principal sales force. Centena Fund In September 2011, TCS started a Centenary Fund. a restrirted fund for the purposes of funding a special programme of events to celebrate the choir's Centenary in 2021122. IBecause of the effect of COVID restrictions. the first Centenary event was postponed by a year, so they all took place in the calendar year 20221. This included the commissioning of two new works, and the promotion of concerts on a larger scale than usual. At the beginning of the Accounting Year 2021122, excluding funds already committed or paid for the two commissioned works. the balance of the Centenary Fund stood at £20.497. This included several grants, donations and sponsorship for specific purposes, such as sponsoring the hire of Cadogan Hall. Further income accrued to the Fund in the form of grants. donations. sponsoring of soloists, fees, and the sale of copies of "Wild Music" from stock. As well a5 the funding for specific purposes referred to above, part of the Centenary Fund was used, as intended, to support the concerts in the Centenary programme. to reduce the deficit on the Unreserved Funds. At the beginning of the accounting year 2022123, the Centenary Fund stood at £10.717, not counting Centenary brochures remaining in stock. After further expenditure on Centenary events in the latter half of 2022, sale of further brochures, and donations, the Centenary Fund ended the Centenary season in December 2022 with a surplus of £3,026. sales of Panufnik scores to new and returning members in advance of the March 2023 concert, added a further £50. A Legacy Fund, to support new commissions, was launched at the Gala Concert in May 2022, and collertion made at that concert raised an initial £799 to start that fund. The surplus from the Centenary fund was added to this Legacy Fund and this, plus bank interest, brings the value of the Legacy Fund at 3117123 to £3,931
Reserves In line with the guidance issued bythe Charity Commission, the choirfs policy is to hold adequate funds in reserves to be able to cover the majority of a typical yearfs gross expenditure should the need arise. Larger reserves may be appropriate to cover special projects. it is expected that expenditure in 23/24 will be greaterthan a typical recent year because of two large-scale concerts planned for 2024. The years of 2019120 and 2020121 recorded very low expenditure because of COVID restrictions, and there was additional expenditure in 2021/22 and 2022123 covered bythe Centenary Fund, so we need to look back to the years 2017/18 and 18119 to find a "typical. year. when average annual expenditure was in the region of £40.000 - taking into account inflation since 2019, that is equivalent to about £45,000 now. The Unrestricted funds currently stand at £45.277 Going concern The Treasurer and other Trustees monitor the choirfs financial position on a regular basis and consider whether any material uncertainties may have arisen which may call into question the status of the choir as a going concern. The Trustees have assessed that there are currently no material uncertainties about the Chariws abilityto continue as a going concern. Independent Exèminerf Report to members oftheTwitkÈnham thoral Society. We are Biving our report on the accounts of the Twickenham Choral Soaety for the year ended 31 July 2023 which are set out on the following page5. Respective responsibilitie5 of irustees and examlner The Trustees of the Twickenham Choral Soaety are responsible for the preparation of the accounts- they consider that the audit reouirement of section 144121 of the Charttie5 Act 2011 (the 2011 Act) doe5 not apply. and that an Independent Examination is needed. It is our responsibility as Independent Examiners to: examine the accounts under Section 145 of the 2011 Act to follow the procedures laid down in the general Directions gNen bythe Charity Commissioners under sectlon 14515llbl of the 2011 Act. Basis of independent examlnerf report Our examination was carried out in accordance with the general directions gtven by the Charity Commissioners. An examination includes 3 feview of the accounting records and a comparison of the accounts with those records. It a150 induu * bsiderii?g arry ttnysuaF items or thsclosLtre5 .'n and seeking eKplanations 4Fom the Trustpes concefnin8 any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion 15 given as to whether the a¢¢ounts present a.true and fair vievf and the report is limited to those matters set out in the Statement below. Independent examiner statemènt In connection with our examination, no matter has come to our attentlon= 111 which Elves us reasonable cause to believe that in any wnaterial respert the requirements have not been met.. To keep accounting records in accordance with sÈrtion 130 of the 2011 Act.. and To prepare accounts which accord wf(h the accounting record5 and to compty with the requirements of the 2011 Act. or 121 to which. in our opinion. attention should be drawn in ordèr to enable a proper understsnding of the accounts to be reache(l. Slmon Bartlett ACA 21 Jubilee Avenue. Whitton, TW2 6JA Dated.'1Tr /23 Alison Williams ACA 20 Dawson Road, Kingston upon Thames, Kri 3AT Dated.. In/23
Twickenham Choral Society - Accounts 2022-23
Statement of Financial Activities for the year ending 31 July 2023
| Note Incoming Resources Subscriptions 2 Donations/Grants Sutton bequest 3 Tax recovery on subscriptions and other donations 4 Gala Concert/Legacy Fund 12 Centenary Brochures 12 Centenary Fund Support for Centenary events Concerts 11 Salisbury Tour Income 10 Investment income Social events 5 Other incoming resources 6 Total incoming resources Transfer to Restricted Fund 3 Resources Expended Rehearsals St Martins concert (Gala concert 2022) 12 Centenary Brochure 12 Centenary events 12 Salisbury Tour costs Concerts 11 Social Events 5 Sundry expenditure 6 Total resources expended Net incoming/(outgoing) resources Balance brought forward as at 1st August 2022 Balance carried forward as at 31st July 2023 |
2022-23 Unrestricte d Funds £ 20,509 523 4,060 23,354 12,617 249 969 123 62,404 -10,007 11,383 12,201 23,866 424 2,903 50,778 1,618 43,659 45,277 |
2022-23 Sutton Bequest (restricted) 127 127 10,007 10,134 10,134 |
2022-23 Centenary/ Legacy Fund (restricted) £ 290 48 59 94 17 393 50 950 987 5,769 42 6,798 -5,848 9,780 3,932 |
2022-23 Total Funds £ 20,509 813 4,107 59 94 23,354 12,617 393 1,362 173 63,480 11,383 987 5,769 12,201 23,866 466 2,903 57,576 5,904 53,438 59,342 |
2021-22 Unrestricted Funds £ 17,374 412 10,007 3,524 11,550 21,021 29 104 64,022 11,240 50,447 275 1,969 63,931 91 43,567 43,659 |
2021-22 Centenary Fund (restricted) £ 3,261 235 7,952 1,148 16 90 170 12,872 8,963 2,958 11,550 118 23,589 -10,717 20,497 9,780 |
2021-22 Total Funds £ 17,374 3,673 10,007 3,760 7,952 1,148 11,550 21,021 44 90 274 76,894 11,240 8,963 2,958 11,550 50,447 275 2,087 87,520 -10,626 64,065 53,438 |
|---|---|---|---|---|---|---|---|
| Balance Sheet as at 31st July 2023 Fixed Assets Equipment 7 Current Assets Cash at bank and on deposit Legacy Fund Cash in hand Stock Prepayments 8 Debtors 9 Total Liabilities: amounts falling due within two years Salamanca Tour deposits 8 Other Creditors 10 Net Assets Total funds checksum |
2022-23 Unrestricte d Funds £ 920 42,863 357 3,024 845 48,010 1,500 1,233 45,277 45,277 |
2022-23 Sutton Bequest (restricted) £ 10,134 10,134 10,134 10,134 |
2022-23 Centenary/ Legacy Fund (restricted) £ 3,932 3,932 3,932 3,932 |
2022-23 Total Funds £ 920 52,997 3,932 357 3,024 845 62,075 1,500 1,233 59,342 59,342 |
2021-22 Unrestricted Funds £ 867 32,642 223 33,732 80 33,652 43,659 |
2021-22 Centenary Fund (restricted) £ 8,981 799 9,780 9,780 9,780 |
2021-22 Total Funds £ 867 41,623 799 223 43,512 80 43,432 53,438 |
|---|---|---|---|---|---|---|---|
Notes to the Financial Statements
1. Accounting Policies
The financial statements have been prepared on an accruals basis in accordance with applicable accounting standards and the Charities Statement of Recommended Practice (SORP). The Unrestricted funds are not subject to any restrictions regarding their use.
The Centenary Fund was a restricted fund for the purposes of funding a special programme of events to celebrate the choir's 100th Anniversary in 2021-2022. This includes the commissioning of two new works, and the promotion of concerts on a larger scale than usual. A detailed breakdown of income and expenditure of the Centenary Fund is attached as an annex to this report. At the end of the Centenary Year (December 2022) there was a surplus. This remnant has been renamed a "Legacy Fund", and (together with the proceeds of a collection made at the 2022 gala Concert to launch the project) is to be used to support commissions to young composers.
2. Subscriptions
Subscription income was up 18% compared with the previous year's figure, due to an increase in the subscription rate, a small increase in the number of members - 100 - up from 96 in 2020/21, but still lower than the peak of 107 in 2019/20), and more people joining early in the year (and therefore paying for all three terms). Two people were eligible for half rate and one for zero rate subscription.
3. Bequest
In 2021/22 a bequest of £10,000 was received from the estate of the late Trevor Sutton. This, together with the interest it has earned, has now been designated as a restricted fund, to be used to provide financial support for the Verdi concert in 2024.
4. Tax Recovery
The tax recovery relates to Gift Aid claims in respect of the current year. It has been allocated between the Unrestricted and Legacy funds on the basis of the funds on which the Gift Aid was claimed.
5. Social Events
This figure covers surpluses accrued over several years made on the refreshments at rehearsals, and a surplus on the 2023 summer party, which was better attended than had been budgeted for. Some of this surplus will be used to fund refreshments at the 2023 AGM
6. Sundry income/ expenditure
These include a net surplus made on music hire, and expenditure on the Making Music subscription, general publicity (not specific to a concert), annual insurance, setting up the new website and bank and card reader charges, and depreciation of equipment (see note 7).
7. Equipment/ Stock
The "equipment" figure relates to the staging, lighting equipment and the librarian's trolley. A new podium was purchased in 2023. From 2022, a figure is included in the accounts for depreciation of all equipment. This is set at 10% of the original purchase price.
8. Prepayments
This figure relates to deposits paid to venues for forthcoming concerts. The deposits paid by members and forwarded to the travel agent in respect of the planned tour to Spain in 2024 are recorded separately.
9. Debtors
These relate to sponsored adverts in the July 2023 programme, invoiced but not yet paid at the accounting date.
10. Creditors
These relate to advertisers who have paid in advance for a series of advertisments in the programmes for the three concerts in the calendar year 2023, including that which is planned for December 2023, and for a few early payments for scores for the autumn term
| 11. Concerts INCOME Tickets Transfer from Centenary Fund Other income (refreshments, advertising, sponsorship, donations, Centenary funding) Total EXPENDITURE Fees Venue and staging (inc VAT) Instrument and music hire Publicity, programme printing, PRS & other costs Total SURPLUS /(DEFICIT) |
Dec-22 B Minor Holy Trinity £ 4,299 4,500 3,106 11,906 8,608 2,433 490 1,744 13,275 -1,369 |
Mar-23 Parry/Panufnik St Mary £ 3,126 2,001 5,126 2,830 2,524 792 6,146 -1,020 |
Jul-23 Rachmaninov TOTAL Landmark £ £ 4,433 11,858 4,500 1,889 6,996 6,322 23,354 2,180 13,618 900 5,857 490 1,365 3,901 4,445 23,866 1,877 -512 |
|---|---|---|---|
| Prior year comparison Dec-21 Handel/ CPE Bach ` Landmark INCOME £ Tickets 4,609 Transfer from Centenary Fund Other income (advertising, sponsorship, donations) 25 Total 4,634 EXPENDITURE Fees 8,156 Venue and staging (inc VAT) 840 Instrument and music hire 480 Publicity, programme printing, PRS & other costs 760 Total 10,236 SURPLUS /(DEFICIT) -5,602 |
Mar-22 Jul-22 Elijah Mozart/Farrington Cadogan Hall All Saints Kingston £ £ £ 8,521 3,536 16,666 2,250 1,900 4,150 7,840 3,890 11,755 18,611 9,326 32,571 14,232 9,544 31,932 10,156 500 11,496 150 100 730 3,667 1,862 6,289 28,205 12,006 50,447 -9,594 -2,680 -17,876 |
||
| 12. | Centenary Fund / Legacy Fund | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| INCOME | EXPENDITURE | NET | ||||||||
| to July | 2021 | 2021-22 | 2022-23 | to July 2021 | 2021-22 | 2022-23 | ||||
| Commissions | ||||||||||
| Panufnik | 6,000 | |||||||||
| Farrington | 5,000 | |||||||||
| sale of Panufnik scores | 870 | 170 | 50 | Purchase of Panufnik Scores | 964 | |||||
| Printing Farrington scores | 87 | |||||||||
| TOTAL donations and |
grants | 870 | 170 | 50 | Support | 11,964 87 for concerts from Centenary fund |
-10,961 | |||
| donations (not otherwise listed) | 31,591 | 881 | 290 | Cadogan Hall | 2,250 | |||||
| Gift Aid | 235 | 48 | publicity etc | 150 | ||||||
| HHTaylor | 1,000 | Donation (from 2020) | 7,250 | |||||||
| other inc social events | 405 | 393 | Mozart/Farrington | 1,900 | ||||||
| PRS for Farrington concert | 204 | |||||||||
| St Martins | 987 | |||||||||
| 1,065 | Bach Advance payments in support of December 2022 concert |
4,500 1,065 |
||||||||
| Total donations/grants | 31,591 | 3,586 | 731 | Total Support | 11,550 | 6,756 | 17,602 | |||
| Gala Concert | ||||||||||
| tickets | 2,833 | Venue | 150 | |||||||
| Member Support inc Gift aid | 3,750 | Progarmme design | 746 | |||||||
| Adverts and donations | 570 | Progarmme printing | 405 | |||||||
| collection to launch Legacy Fund | 799 | staging | 1,886 | |||||||
| Catering (inc cake) | 3,141 | |||||||||
| professional fees | 450 | |||||||||
| Drinks | 1,998 | |||||||||
| Flowers | 186 | |||||||||
| TOTAL | 7,952 | 8,962 | -1,009 | |||||||
| Booklet | ||||||||||
| Sales | 1,148 | 94 | design | 1,665 | ||||||
| Printing | 1,286 | |||||||||
| postage | 7 | |||||||||
| TOTAL | 1,148 | 94 | 2,958 | -1,716 | ||||||
| Other Centenary funding and expenditure | ||||||||||
| Interest (Centenary and Legacy Funds) | 16 | 75 | bank charges | 32 | 59 | |||||
| social events | 42 | -42 | ||||||||
| TOTALS | 32,461 | 12,873 | 949 | 11,964 | 23,589 | 6,798 | 3,932 |
Twickenham Choral Society Annual Report and Financial Statements for the year ended 31 July 2023 TCS Twickenham Choral Society (Registered Charity number 284847. and operating as Ywickenham Choral"} exists for "the promotion for public education in the c7rt and science of Chorol ond Orchestral Music by the presentation of public concerts and recitals". It is governed by the Rule5 of the Society. The Tru5tee5 have complied wvth the duty in Section 4 of the Charities Act 2CKI6 to have due regard to public benefit guidance published bythe Charty Commission. The Trustees believe that the organisation meets the public benefrt requirements of the Charity Commission because the charitable objectives {as noted above) clearly demonstrate the public benefit in the public education in the art and science of Choral and Orchestral music; the organisation provides the opportunity for participants to develop their musical skills and vocal technique in perfomiing a wide range of choral repertoire: the organisation presents public concerts to a high standard in the local area; and financial assistance is provided to those in hardship by offering reduced rates of both membership and concert tickets. Membership During the year11 August 2022 to 31 July 2023} the following served on the committee: Chairman Helen Coulson Concert Manager: Paul Hehir Treasurer. Tim Lidbetter Publicity Sarah Herrick Secretary. Gill Zettle Front of House= Deborah Meyer Sponsorship Margaret Crisell Membership Barbara Orr Librarian= Rosemary Fulljames Social Secretary.. Annette Duffy Ito 31 Decl * Trustees. Katrina Lidbetter (from I" Janl Conductor: Christopher Herrick Rebecca Taylor Other than the Conductor. who is a member of the committee ex officio, neither the trustees nor any other committee members receive any remuneration for their duties, but mav be reimbursed for necessary expenses. The committee met four times duringthe year. There were a total of 100 members duringthe year (previous year 961 of whom 86 claimed Gift Aid from HMRC Iprevious year 881. Independent Examiners: Simon Bartlett and Alison Williams (see below). Bankers Assistant Conductor: I. CAF Bank {Charities' Aid Foundation). Kings Hill, West Mallin& Kent; 2. Scottish Widow5 It is our policy to invest surplus funds into our higher-earning CAF Gold account and the Scottish Widows deposit account.
Flnancial Review of the Year The Financial Statements are presented in accordance with the Charities, Statement of Recommended Practice. Summa The Choir marked its Centenary in the Calendar year 2022 with a number of special events, the final two of which took place during the early part of the period covered by this review. Two further concerts took place in the latter part of the period. Accounting polides Statement of compliance The financial statements have been prepared in accordance wrth the Accounting and Reporting by Charitie5- 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 IFRS 102)_leffective l January 2015)- (Charities SORP IFRS 10211 and the Charities Act 2011. Basis of preparation Twickenham Choral Society meets the definition of a public benefrt entity under FRS 102. These financial statements have been prepared on a going concern basis under the historical cost convention. Assets and liabilitie5 are initially recognised at historical cost ortransaction value unless otherwise stated in the relevant accounting policy notes. Exemption from preparing a cashflow statement As permitted by FRS 102, the choir has opted to exercise the exemption for smaller charities from preparing a cashflow statement. Taxation and Gift Ald The Choir is a registered charity and therefore exempt from taxation. The choirfs charitable aims include presenting public concerts. which are therefore considered to be in support of the choirfs charitable aims, and so members, subscriptions and other donations are eligible f£)r Gift Aid. Until 2014 the choir used Richmond Adult College's faciltties as a rehearsal venue and in consequence was registered as an evening class of that college, with the Conductor paid as a member of the teaching staff. It was agreed with HMRC that part of the subscription was deemed to be paid in respect of musical tuition and therefore not eligible for Gift Aid. The remainder of the income from membership subscriptions was considered to be of the nature of a gift, made in order to further the choirfs charitable aims lin particular. supporting the presentation of public concerts) and recognised by HMRCon the same basis as a donation. Although the choir is no longer registered as an evening class. the nature of the rehearsals has not changed and so the tuition/donation split has been maintained. Expendlture All expenditure is recognised on an accruals basis once there is a legal or constructive obligation to that expenditure. its probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Expenditure outstanding attheyearend is measured atthetransaction price and included within Creditors.
Expenditure on Charitable artivities Charitable expenditure comprises those costs incurred by the choir in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Flxed Assets Tangible fixed assets are held in the balance sheet at historic cost. From 2022 these are depreciated in the accounts at IO% of the purchase value per annum. Investment assets are held at fair value at the balance sheet date. The choir holds no intangible assets. Stock The choir holds stocks of music scores and folders. These are held in the accounts at cost. CreditorslDebtors Debtors are measured at their recoverable amount at the balance sheet date, that is, the transaction value less any impairmant required. The debtors represent sponsorship for the July concert that have been invoiced but have not yet paid. Conversely. a number of sponsors have already paid for advertisements in the programme for the concert planned for December 2023, and they are recorded as creditors. A few members have already paid for their music for the autumn 2023 term, and they are also recorded as creditors. Artlvities Public Benefrt In planning the choir's activtties, the Trustees have considered Charity Commission guidance on public benefit, includin8 the relationship between public benefit and fee charging. We rely primarily on the income from ticket sales and membership subscriptions to cover our operating cost5. In setting the levels of subscription5 and ticket prices, the Trustee5 give careful consideration to the acce55ibility of the choir and its concerts for those on low incomes. We encourage singers to join us whatever their means. We offer reduced or free subscriptions for younger members and registered disabled. For concerts. we offer a range of ticket prices to suit different incomes. Concerts Four concerts were staged during the accounting year 22. September 2022 - St Martin in the Fields.. Mozart Requiem and Then Sing We Air. TCS Centenary commission from lain Farrington. Promoted by the Brandenburg Festival as the opening of their first season post-lockdown- TCS made a contribution to the funding for this concert th 10 December 2022- Holy Trinity. Twickenham Green- Bach B Minor Mass th 25 March 2023 St Marys, Twickenham including works by Parry and Elgar, and the first public performance of "Wild Musid, commissioned from Roxanna Panufnik 8th July 2023- Landmark Centre. Teddington- Rachmaninov Vesper5 The financing of these large-scale concerts. includingthose in September and December 2022, was made possible by some generous donations and support from the Centenary Fund.
Rehearsals The sale of refreshments at rehearsals resumed in September 2022. having been suspended during 2021122 following resumption of rehearsals in September 2021. Cash Handlin A card reader has been obtained to reduce the volume of cash and cheques handled. Flnance Income and Ex enditure- Unrestricted Fund For the Unrestricted Funds. total income for the year1£62,404, including a transfer of reserves from the Centenary Fund} and expenditure1£50.778, including a transfer of a recent bequest to a new Restricted Fund) resulted in a net surplus of £1.618. This compares with a surplus of £91 (income (£64,022 and expenditure £63,931 respectively) in the pvIOuS year la deficit of £9,931 net of the bequest). Comparisons with previous years are difFicult because of the extra spending on Centenary artivities in 2021122, and because 2019/20 and 2020121 were untypical because of COVID restrictions. Membership numbers have recovered from a low of 90 in 2020121. but are not yet back to pre- COVID levels1107 in 20191201. This affects not only subscription income but also ticket sales, as the members of the choir are its principal sales force. Centena Fund In September 2011, TCS started a Centenary Fund. a restrirted fund for the purposes of funding a special programme of events to celebrate the choir's Centenary in 2021122. IBecause of the effect of COVID restrictions. the first Centenary event was postponed by a year, so they all took place in the calendar year 20221. This included the commissioning of two new works, and the promotion of concerts on a larger scale than usual. At the beginning of the Accounting Year 2021122, excluding funds already committed or paid for the two commissioned works. the balance of the Centenary Fund stood at £20.497. This included several grants, donations and sponsorship for specific purposes, such as sponsoring the hire of Cadogan Hall. Further income accrued to the Fund in the form of grants. donations. sponsoring of soloists, fees, and the sale of copies of "Wild Music" from stock. As well a5 the funding for specific purposes referred to above, part of the Centenary Fund was used, as intended, to support the concerts in the Centenary programme. to reduce the deficit on the Unreserved Funds. At the beginning of the accounting year 2022123, the Centenary Fund stood at £10.717, not counting Centenary brochures remaining in stock. After further expenditure on Centenary events in the latter half of 2022, sale of further brochures, and donations, the Centenary Fund ended the Centenary season in December 2022 with a surplus of £3,026. sales of Panufnik scores to new and returning members in advance of the March 2023 concert, added a further £50. A Legacy Fund, to support new commissions, was launched at the Gala Concert in May 2022, and collertion made at that concert raised an initial £799 to start that fund. The surplus from the Centenary fund was added to this Legacy Fund and this, plus bank interest, brings the value of the Legacy Fund at 3117123 to £3,931
Reserves In line with the guidance issued bythe Charity Commission, the choirfs policy is to hold adequate funds in reserves to be able to cover the majority of a typical yearfs gross expenditure should the need arise. Larger reserves may be appropriate to cover special projects. it is expected that expenditure in 23/24 will be greaterthan a typical recent year because of two large-scale concerts planned for 2024. The years of 2019120 and 2020121 recorded very low expenditure because of COVID restrictions, and there was additional expenditure in 2021/22 and 2022123 covered bythe Centenary Fund, so we need to look back to the years 2017/18 and 18119 to find a "typical. year. when average annual expenditure was in the region of £40.000 - taking into account inflation since 2019, that is equivalent to about £45,000 now. The Unrestricted funds currently stand at £45.277 Going concern The Treasurer and other Trustees monitor the choirfs financial position on a regular basis and consider whether any material uncertainties may have arisen which may call into question the status of the choir as a going concern. The Trustees have assessed that there are currently no material uncertainties about the Chariws abilityto continue as a going concern. Independent Exèminerf Report to members oftheTwitkÈnham thoral Society. We are Biving our report on the accounts of the Twickenham Choral Soaety for the year ended 31 July 2023 which are set out on the following page5. Respective responsibilitie5 of irustees and examlner The Trustees of the Twickenham Choral Soaety are responsible for the preparation of the accounts- they consider that the audit reouirement of section 144121 of the Charttie5 Act 2011 (the 2011 Act) doe5 not apply. and that an Independent Examination is needed. It is our responsibility as Independent Examiners to: examine the accounts under Section 145 of the 2011 Act to follow the procedures laid down in the general Directions gNen bythe Charity Commissioners under sectlon 14515llbl of the 2011 Act. Basis of independent examlnerf report Our examination was carried out in accordance with the general directions gtven by the Charity Commissioners. An examination includes 3 feview of the accounting records and a comparison of the accounts with those records. It a150 induu * bsiderii?g arry ttnysuaF items or thsclosLtre5 .'n and seeking eKplanations 4Fom the Trustpes concefnin8 any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion 15 given as to whether the a¢¢ounts present a.true and fair vievf and the report is limited to those matters set out in the Statement below. Independent examiner statemènt In connection with our examination, no matter has come to our attentlon= 111 which Elves us reasonable cause to believe that in any wnaterial respert the requirements have not been met.. To keep accounting records in accordance with sÈrtion 130 of the 2011 Act.. and To prepare accounts which accord wf(h the accounting record5 and to compty with the requirements of the 2011 Act. or 121 to which. in our opinion. attention should be drawn in ordèr to enable a proper understsnding of the accounts to be reache(l. Slmon Bartlett ACA 21 Jubilee Avenue. Whitton, TW2 6JA Dated.'1Tr /23 Alison Williams ACA 20 Dawson Road, Kingston upon Thames, Kri 3AT Dated.. In/23