ChArl¢y i'egistt'ation llllmbei: 297852 THE LONDON CHAMBER ORCHESTRA TRUST Trustee's aiinual report And finAiicfial statemeiits rior the yeai. ended 30 June 2023
The Loiidon Cliamber Oi'cllestra Trust Contents Referenc¢ and adlliinigtrative dethils Report of the Tiustees Independent Exai)iii?er'$ Repoi't Stateilleiit of Fittaneial Activities Balanee Sheet Notes lo tiie Fillallcial Stateinei)ts 7-12
The Loiidon Cliamber OrehestrA Trust Referenee arnd adniinlsti'Ative details I£#1 Status Tlie London Cliaiiib¢i' Oi'cliestra Trust ILCOTI was estsblishcd undei. a Thvst Deed ill 1987 and is 2 l'egislei'ed ch81.ity ui)dei' iiuinber 297852. Tl)e accounts coiiiply witl) tl)e Ttust rjeed, tlie Statanent of Recoinniended Practi¢e"Accounting aiTrd Repoi'ting by Cliai'ities" ai)d tlie Cl)arities Act 2011. Trustees Micliael Tiininis - Cliaii. (appointed 5 Noveiiiber 20241 Gioigi Khai'azislivili (appointed l Noveinber 2024) Elsbeth R8ff¢i'ty (appoiiited l Noveillbei. 2024) Mai'tin Cliilds (appointed 22 FebTuary 2023) Einily HUSbla (appointed 15 Novembei. 2023 and i'esign¢d 16 FebiarY 20241 Dr Leah Collett Broad lappointed15 Novcinbei. 2023 aiid r¢signed 16 FebiTriai'y 2024) Dr Jessica Walkei. lappoitited 15 Novembei. 2023 and i'¢%igned 16 FebIAlY 2024) PaiiletL¢ Bayley (appointed 15 Novembei. 2023 and resigiied 16 Feb117.Y 2024) Petei. J41nison {Irsigttcd 16 FeblY 2n241 Tlie Reverand J N W8tes OBE (I'esigned 16 February 2024) Reg%stered Office l Green Way Swaffli?ni Noyfolk PE37 7FD ManAgem¢nt of the London Chambei, OrchestrA Tl)¢ ts'ust directly ¢inploys iio staff oi. officers. Oversight nianagemejii of the activities of tlie Loiidon eIlDber Orcl)esti'a (LCO) was Inanttged by London Chaillb Society Ltd (LCSL), l Gi'een Way, Swoffliaiii PE37 7FD. The day-to-day activities of tl)e Loiidon Chainber Oi'chestra we¥e, Inaii8ged by London Cliainber Society Ltd {LCSL). Banl(ei Barclays Bank PLC 43 Higl) Sts'eel Sutton Sw'iEy SMII IDR Ind¢pertdtnt examlner Gavin Minn5 Cleiisl)aw Miiins Ltd 24 Market Place Swaffliain Norfolk PE37 7QH
The Loiidon Chamber Ovchestra Trust REPORT OF THE TRUSTEES The Tiusteos present tlieir iEport togctliei. with tlie financsal Stratenieiits for tlie year ended 10 June 2023. OBJEI CTIV£S AND AcfIvITIFS Objeetive LCOT'S niain objective is to pi'oijiole c112niber niUSkC and music educfjtion titrough the LorAdoii Cliambei. Olcliestra {LCO). A8 Iloted above. Inanagcinei)t of the d&y-today actiVLties of LCO is undeLtakell by LCSL. Resouites spent by LCOT in furthmnce of the eore woi'k and pfOr1nallC¢ of LCO 2]noted to £120,715 of tlie total outgoillg i'esources in tlie yeai. (2022-£386,500). Publlc bettefit The trustees have taken a¢couiit of Charity Coinmissioll guidance public benefit. By suppoi'ting tl)e activities of LCO, tlie Trusi delivers public benefit tllrougli tl)e presentation of Lx>i)don conc¢rts by LCO. AetiVLtles and Misslon LCO'S aini is to prcgent orclie%LI'al music itt & way tliat enables audience to discover soiiietbiiig fresl) ai)d vital in the iJiusic, wliethei. tliey are a fii'st-liiiie list¢n¢r oi ali exp¢i'ienced aficionado. Key to tlJis is ai'tislie excellence, but Iliat is matched by a desire lo niake th¢ audience feel includcd in il)e perfoxmai)ce. LCU also recognises the import2tt1 yole musl¢ can play In eduuxlivii. LCO fvSusii Jiuictioji bi"iDgs ttsgctllcryoutig people fi'om YeLy varied baclcgrounds aiid aiills to pkoirtote confiden¢c, iiurturc s¢lf-e%teeiii and encourage participallts to develop i'espect foi. tlianselves aiid einpatliy for otliers witliiii theii. wider coinlnunities. This is acllleved tIOug1] ci'tative and pai'ticipatory Inusic iiiaking. AREFLECIION ON ACHIEVCI MKNT AND PERFORMANCE On 19 Mairh 2024 tlie Cliief Executive Officer of Tiie LoDdot] Cli&mber Society Ltd- Mi's Jocelyn LigliLfoot i¢ssgned. Froni tliat day fOrW.d all activities and rtianagenient of the company wag sllspeiided. ri UNDIUISING AND SUPPORT LCOT raised £134,669 duripg die 2022123 season. Tlie LCOT wEslies to ackiiowledge tlie supporl of tl)e following Trusts aijd Foui)datiotss over tli¢ seasot).. tlie Jol]n Lyon clrIty, the Pi'okopenya Family Fouiidation attd the Julia and Hans Rausing Ti'ust. We niiist also give tiiai)ks to oui. loy&l"faniily" of individual siipporlers, n)aiiy of whoni have pi'ovided invaliiabl¢ financi81 aiid othei. support ttr LOC ovei. many yeai's. FINANCIAL REVIEW Dui'ing tlie yeai. LCOT bas SUPPDrted the work of LCO, includiiig its eominunity and educatioii pi'ojeci LCO Music Juiiction, as well a5 tlicii. onlijie Collcert s¢i'ies fi'on) Cè)dogan Hall and St. JOI Siiiitl) Squai'e.
The Londort Chambei. Oi'ehestrA Tj'iist Repoi't Df tlie Ti'ustees eont. Tlie compat)y is entitled to claiill gift aid froin H M Revenue & Cuslon)s for dollations received froi Endividuals. 'ri)e last claiiii inade was for donations received up until 26 Jutke 2019 Reserves policy LCOT has histoi'ically raised funds for specific causes and not eonllnitted itself to gi'ants prior t(k raisiiig sufficient incoine. Accordingly, Llic Ti'ustees, policy lias been to i'elast] sufficieiit reseNes to inect cojnmitted grants and oijgoiiig adinii)ist¥ation ¢xpciwes, Given tlie shoi't iiEne fi'alne for liolding nds, tlle Tnislees liave kept tliese funds on bat deposits and luve not invcst¢d tlicse funds in red incoe securities of Equity investtneiits. STRUCTURE, GOVERNANCE AND MANAGEMEI NT LCOT is an unincoipoi'oted oharity niiinber 297852 cl'eated by and opeFatÉng uiider tlie tei'ms of a Tvust Deed daled l Oelobei. 1987. LCOT Ilas no employees, and tiie LCO'S day to day activities are llhdertakcii by Lolldon Chamber Society Ltd, wliicli operates as 'Londoii Cliainbei. Oi'cliestl'8. Tliese octiyities iiiclude fvttdrais'ii)g and commei.cial activities iii coimectioii witli tlit deliveiy of concei't pei'fonnances and tlie delivery of LCO'S LCO Music Juiietioii outreach pYogiYniiMe. RESPONSIBILITIES OF THE TRUSTEES Tlie Trustees air Jesponsible for prepai'ing tlie Aniiual Report and FinÈNcial Statellientg ill aecoi'danee with applicable law and Uiiited Kingdoin Accounting Standards (Unit¢d Kiiigdoiii gend'ally aLcepted LtcLouoting pi'aotice). Cliarity law requires the Trustc¢s to pi'epai'e financial stateiments for each finaiicial ycar wliich sliow a liue ld fail view of tl)e State of affairs of tli¢ cljai'ity as al tlic end of tEie fjnancial yeaT and its fill&i)aial aeiivities for that y¢dr. In pi"epaiing tIIub¥ fliian¥l blaL¥IiirIilb, Ili¥ Tiu¥Lx¥ i¥qLiiif411v". Malce judgeinenls and estllnates that al'e responsible and pi'udent Select suitable accounting policie5 and tlien apply tlieni ¢onsistently Obsei've tlic iiiethods alld PTihciples iii tlic Cliarities SORP Stale wli¢tl)ci' applicable UK Accouiiting Standards liavc bc¢n followed, subject to aiiy inaterial depa1.r¢S di%Llosed aiid explained ij) tlie finaiicial stateinents Pi'epai'e t]ie finaDcial stateiiienls ort the going concei'n basis unless it is irAappi'opi'iate to preswiie tliat tlie ¢hai'ity will continuc in operational ttxisten¢e Tlie TNstees air irspon5ible foi. keq)ing propel. accouiiting I'ecoi'ds whtcli disclose witl) i'easoi)able accuyacy at any tiJn¢ tbe flliancial position of tlie cl)arity and to enable tlieiil to ensui'e tliat tl)e financial stateinents comply witli tlie clial'tIeS Acts 2011. TJLey are also i'e5ponsible foi. saf¢girdIng llie asscts of tl)e c'1ry and lience foi. taking irasollable steps for the pievenuon ènd del¢clioi) of fraiid and othei. ill'elIar1ties. By oi'dei. of the TrusTr Marlin Cliilds (On belialf of tile Board of Trustees) Date
The London ChAmboi' Oi'ehesth'll TA'USt Independent Ei xaminei s Repoi't to the TE'ustees of tl)e Lojidoll Chambei. Orchests'a Trust i'epoi't on the aecounts of Th¢ London a)aiiibeL Orcliestya Trust for the yeai. aEded 30 June 2023, wlii¢h are s¢t ollt on pagcs 5-12. This i'eport is inade solely to tlie trustees, as a body, in accordallee witl) I'egulations nwde wider Section 154 of ie Cliai'ities ACL 2011. My exanitnation l)as beeJ undertaken so tli8t l inight state to tlie ttustees tliose Inallei's I ain itquired to state to diein in an ind¢pendet)t examiller's iiport attd foL no Othei. purpose. To tlie fvllest extent peimiited by law, I do noi acc¢pt or assuine responsibility to Anyone otlTrer tliaii the ttvstees as a body foi. Iny indepetideiit txaiiiination, foi. tliis report, oi foi" tlie opinions I l)av¢ forii)ed. Responsibllities and basis of i'eport As the cliarity's tiv8tees yoii are i'¢sponsible foi the preparation of tlie account¥ in accordance with tl)e ieqiiit-cincnts of tlic Cliariti¢s Act 2011 {'tiie Act,). l i'epoit Én my respect of iiiy exainination of the clthrity's aceoiints Carri out ui)deL SWtioii 145 of tl)e Act and in can'ying out niy exatnillation I have followed all tlie applicable Directio1)8 given by le Cliaiity Cominission undei. section 145(5)(b) of the Aet. Indci)endenÉ exam5neTr"s stitement Siiice the cliarity's 'oSS iiicoille exceeded £250,000 youi. cxaniinei. Inust be a nlember of a body listed in Se¢tion 145 of 'thc Act. I coiifll'lli that l ain qualified to wideltske tlie exaii)ination because I ani ft nieillbet of tlie Institute of Charteitd Accounts ill England at]d Wal¢s, wliich is one of the listed bodies. I have compLeted illy exainination. I confirin that iio Inatoi'ial matters l)ave coiiie to Iny attention in tlie coimection with ihe exaininaiion giving ine cause to be]eve tliat in any iiiaterial I'espe¢t.' accouiitinE recoi'ds weie not kq)t in respect of Ilie charity as required by sectioii 130 of die Ac(s'. or the 2¢COUllls do i)ot accord witli those records.. or tlie a¢counts do i)ot Comply witli tl)e applicable reqiiii'ements concei'niiTrg the forin and content of 4c¢ount5 set out in tlie Charities (Accounts aiid Repoi'tsl R¢gulalions 2008 otliei. tliai) any Yequii'ell)ent that tlie acGounts give a 'knie alld fail. view, whicli is not a inattei consideied as part of die independeiit exaiiiin&tioll. On 19 March 2024, tl)e Chief Executive Officei. of Tlie London Cliambei. Society Ltd resigned, All activities and inanagenient tsf tlie eoinpatty wei'e suspendcd fi'om tlieii on. Gavin Minn8 FCA- Charleiyd Accountant Date
The Lolldon Ch&mbei' Oi'ehestra Trust St&tem¢tst of FIMaii¢l81 Activities Year Ended 30 June 2023 2023 2022 Uni'e5tvitted Funds Restricted fuiid5 Total fullds Total fvnil$ Note Incole Doiiations 43,176 14 91,493 134,669 14 305,102 Investineiits Total Incoin¢ 43,190 134 683 305 102 I xpenditut'e.. Cl)aritable acliVitiG8 17.119 103,596 120,715 1,987 49.039 386,500 2,622 Otlier costs Exceptional itenis Total Expertditui'e 1,987 68,145 103 596 171,741 389 122 Net ineom&l{expenditure) Trai)sfei's between funds (24,955) 112,103) (37,058) (84,020) Nee movement In Funds 124.955) (12,103) {37.058) (84,020) Reconciligtlon of Fllttds Fuiids bi'ouglit foiward 48,624 60,727 k44 747 Funds carried forivards 718 23,669 60.727 Tliere w&s no income . expetjditure in eitha. of the above years otlieL tliall tliose shown IL) tl)e stateinent above.
The Lojidon Chambei. Oi'chestr Balanee Sheet a5 at 30 June 2023 2023 2022 Note Cui'i'ent Assets Debioi's Cash at baiik 49,039 28,547 63,967 Credltors: Amount5 fallinE due withill onc yeai. Creditoi Accrual8 Net Cllrient Assets 23 669 60 727 Repi'esented by- Restri¢ted fLinds Um'estt'ict¢d fidS 12,103 23,669 48,624 Total Charlty funds 23 669 60 727 Approved by the board of tsvst¢¢s and sigiied on its beltslf by Mai'till Childs (Chair) Dat
The Loiidon Chamber Orchesti'a Ti'ust Notes to the Flnai)cig1 Statements Cov the Year Ended 30 Julie 2023 l.Accounting polleies ) Basls of prep&ration The fittanci&l stateinents have been prepaied undei. the liistori¢al cost cot)vention and in accordan¢e widj die sccond edition of tlie Cliai'ities Stalem¢nt of Recoimnended Praetise issued in Octob¢r 2019, tlie Fiijaiicial Repoi'tiiig Standird applicable in die UK and tlie Republic of Ireland (FRS 102) and tl)e Cliariti¢s Act 201 l. Tlie ClJaTity lias applied Update Bulletift l and does not include & ¢a81i flow stateinent on the grounds tl)at it is applying FRS 102 Section IA, The constittites a public benefEt ¢ntity as defined by FRS 102. b) lrtcome VoIuntary inconie includillg donations, gsfts aiid legacies gi'attts Iliat provide col't fvnding oi. al'e of a gena'&l ntitui'e al'e r¢cognÉsed wlicl'e tlid'e is erttitlement, cei'laiiity of i'eceipt and the amount can be nie2sui.ed with 9ufficieRt I'eliglbility. Su¢li income is only defeA'i'cd wlien.. Tlie donoi. sp¢¢ifies tliat th¢ giant oi. doiiation n)ust oidy be used in futyiE ac¢ounting pei'iods.. oi. T]Le dotlQL lias itiiposed conditions wliieh must be iiiet before tlie ¢liaYity lias unconditional elltitleillent. Inves¢inent ineome is recognised oi) a I'eceivable basis. Incoille fiDin clioritabl¢ activities includes illcoine I'eceived under Contact oi. whei'e entitletnent to gi'ant fiiiding is subjeGt tts specific pei.foYinance conditions is re¢ogi)ised as eed la i'¢lated goods oi. swvic¢8 aiE provided). Gi'ant illcome included in tliss calegory pix)vidtt ndIllg to suppoi'tperfoiinance activities and is reeognis¢d wlitie dicre is entidenient, certainty of receipt ld the aiiioiuit cali be measured witb suffL¢Lent i'eli&bility. 1¢0]¢ is defefl'ed wlien.. Admission fees oi. perfonnance i'¢lated grants al'e i'eceived in advAn¢e of tlie perf0MnceS or ¢v¢nt to wliicl) th¢y relate, e) Volunteers A]Jd donated sei'viees facllltles Tlie value of #ervices provid¢d by volunte¢Ès wlio assist at conceLts is not iiicoi'poi'ated inro these fiDancial stateinellts. d) EypendÉÉui-e Liabilitics ai'o i'ecognised as expendituir as sooii as Iliei'e is a legal OL ColltructIve obligatLOIi COllllI)itting die cliarity to tliat ¢xpendityi'e, it is pi'obable tlial settleinent will be i'equii'ed, Bnd the &mount of tlie obligation can be Eneasured I'eliably, All expenditure is accounted foi. acci'uals bllsis. AIS expenses including support costs and governan¢¢ costs ate allocatrd oi. apportioned to tlie 8pplic&ble expendituit headings, Wl)a'e dona¢ ot)s Bre received foi. a particular pivject tiiey di'e allocated to a L'estrieted fund and expenditui'e iiicuiyed is applicd against die fund.
The London Cliambei. Oi'chesti'a Trust Notes to the fiinanclal Statements for the yeai. trtded 30 Jurte 2023 eoiit. 2. Donations Receivcd 2023 2022 UNRESTRicfED DONATIONS Beiiefacloi-.8 Oilier doi)ations 43,176 23,728 RES'IRICI'LD DONATIONS Pi'omotlon of London Chamber Orchestra llldsvidual donatigns 91,493 281,374 Total Donations 134,669 305 102
The London Chamber Orchesti'a Ti'ust Notes to the fÉn8ncial Statements for the ye4r ended 30 June 2023 cont. 3. Investment Income 2023 2022 Bank Intcr¢st i'eceivable 14 4. Cliaritable Aetfivitles 2023 2022 Coiiti'ibutions to tlie cost of Loi)don Chainber Orchestra 120,715 386,500 120 715 386500 5. Otliei. Costs 2023 2022 Independent exailliiier's fees 1,938 2,52(J Legal fees Sundi'ic3 49 J02 1,987 No reinuneration oi. expei)ses were paid to t£ustees 6. Debtors 2023 2022 London Cliainbei. Society Limited- Tliis eompAny ceased tt'ading In August 2023 44,882 ri'ecoverable taxation from gift aid 4,157 All debtors are due wsiliij one yeai.
The tA)iidoii Chamber OrchestA'a Trust Notes to the Flnanclal StAtements lot. the yeai. ¢llded 30 June 2023 ¢ont. 7a . Reeoncili8tioD of Moveinent in Restricted fuii(ts Balance at l July 2022 Balanee at Ti'ansfei's 30.June 2023 Incoinin% Resoui'ees Outgoing Resoui-ces Pron)otion of London Chainbei. Orchestra Big Give Jollli Lyon S¢liool Arts Coui)cil Jolth Wate8 Debashis Bliattacliaiya Arts Council Ai'ts Council Poi'ticus Arts couClI John Lyon Cliai'ity 763 12,103 91,493 (103,5961 io
The London ChAmber Orchestra Ti'ust Note5 to tli¢ FinAnclal Statements foy the yV ertded 30 June 2023 cont. 7b. Ileconeilithtion of Moyement in Reitricted funds- pi'ioi. ye41. Bal#ne¢ at Jnc(bming l July 2021 Resoui'ces Outgoing Bal&ttce at 30 June 2022 Ti'ansfers Pioinotioii of London Chainbtt Orcliestix Big Give JOI1 Lyon School 108,833 (97,493) {708) 1721 11,340 708 72 Ai'ls Coiiiicil JOI Wates Debasliis Bhattacharya Arts Couiieil Art5 Council Porticus Aits Council Jolm Lyon Chai'ity 58,954 210 {58,954) 1210) (2,220) 125,2661 (10,5491 (9,993) (112,202) 48,833) 2,220 25266 10.549 9.993 132,202 41,200 8,396 763 117,229 281,374 (386,500) 12,101 li
The Londoii Chamber Oi'eliestt'a Trust Notes to the Flnanelal Statements for the year ended 30 June 2023 eomt. 8a. ReconeAliAtion of Trlovement Uiij'estricted funds B8lunce at l July 2022 Bglance 8t Exceptlonal 30 June Items 2023 Incomlng Ruouices OuQolng R¢soui'ces UltStriCtea Fiii)ds 48,624 43,190 (19,1061 (49,039) 23,669 8b. Reeoneiliation of Movemcnt Sn Unresti'icted fuiids- pi*or year B4lan¢e at l July 2021 B8lRnce at 30 June 2022 Incoming Resoui'ces Ovtgoing Rcsources Transfei's Uiii'¢sttict¢d Fui)d$ 27,518 23,728 12,622) 48,624 9&. Analysls of net assets between fuDds Uiireslrlcted Restrlcted funds runds Total Funds CuLfft'ent ass¢ts Curveni liabilitits 2S,547 28,547 'rotal net assets 23,669 23,669 9b, Analy$is of net A$$ets between funds- prior yeay Unrestrlcted fuiids Restrlcted funds Total Funds Curi'cnt a8%cts Cw'i'ent liabilities 51,864 3,240 12,103 3,240 Total net assets 10. Related Parties Tlie ttust l?as not entered itito any traiisactions with related pai'Eies eiihej. during tlie Current or pi'evious year. 12