## **Company Registration No. 02162383 (England and Wales) Charity No. 298389**
## **THE ROYAL CHORAL SOCIETY**
**TRUSTEES’ REPORT AND FINANCIAL STATEMENTS**
**31 AUGUST 2021**
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
|**CONTENTS**|**Page**|
|---|---|
|Reference and administrative information|2|
|Trustees’ report|3 – 7|
|Independent examiner’s report|8|
|Financial Statements for the year ended 31 August 2021|9 – 16|
|Statement of financial activities|9|
|Balance sheet|10|
|Statement of cash flows|11|
|Accounting policies|12 – 14|
|Notes to the accounts|14 – 16|
1
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
|**Office**|507 Queens Quay||
|---|---|---|
||58 Upper Thames Street||
||London||
||EC4V 3EH||
|**Secretary**|Mrs A Cattermole||
|**Charity Registration No.**|298389||
|**Company Registration No.**|02162383||
|**Trustees**|Mr P Dart|(Chairman)|
||Mr R J Reeves|(General Manager)|
||Ms K Bevington||
||Mrs A Cattermole||
||Mr N Digance||
||Ms S Mansfield||
||Mrs K Porter||
||Mr S Strudley||
|**Director of Music**|Dr R Cooke||
|**Investment advisers**|Schroder Unit Trusts Limited||
||PO Box 1102||
||Chelmsford||
||Essex||
||CM99 2XX||
|**Independent Examiner**|Gilbert Holbourn FCA, FCCA, DChA||
||1 Upper Bridge Street||
||Wye||
||Kent||
||TN25 5AF||
|**Bankers**|Cooperative Bank||
||PO Box 250||
||Delft House||
||Southway||
||Skelmersdale||
||WN8 6NY||
|**Solicitors**|Harbottle & Lewis||
||Hanover House||
||14 Hanover Square||
||London||
||W1S 1HP||
2
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 August 2021**
The Trustees, who are also directors under company law, present their annual report and the financial statements of the Society for the year ended 31 August 2021.
The Trustees have adopted the provisions of 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 United Kingdom and Republic of Ireland (FRS 102).
## **Objectives and activities**
The principal activity of the Society is to provide musical education to members of the choir and the wider public through the preparation for and participation in musical concerts. The objects for which the Society is registered are to promote, maintain, improve and advance education for the benefit of the public particularly by the encouragement of the Arts, including the arts of drama, ballet, music, singing, literature, sculpture and painting.
It is the Society’s policy to pursue the highest possible musical standards, achieving a high quality of performance through rehearsal, music direction and membership commitment, supporting continued professional relationships with orchestras, promoters, concert venues and other third parties, thereby furthering the Society’s objectives. No material changes in policy have occurred since the last report. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s revised general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning the future activities. The Trustees consider the current activities as detailed in this report deliver public benefit.
## **Achievements and performance**
This report covers September 2020 to August 2021.
To say that the year from September 2020 to August 2021 was unprecedented in the choir’s 149-year history, except for wartime, is an understatement.
The pandemic caused by the COVID-19 virus meant that rehearsals were impossible at times, restricted at others, and only two performances were held during the reporting period.
In September 2020, Government restrictions had been lifted enough such it was felt that in the right venue and with appropriate risk assessments and procedures, the choir could recommence rehearsals under strict conditions. Risk procedures were developed to meet both regulations and guidelines. A new venue was secured which had carried out its own risk assessment and would allow a maximum of 60 singers. The choir was split into two parts and, from 7[th] October, after a 7- month break from in-person rehearsals, Choir A and Choir B alternated attendance at rehearsals. Members were required to complete an online form confirming they were not experiencing symptoms and allocated socially distanced seats, masks were required except when singing, all singing was sitting down, and no mingling was allowed inside the venue. Despite the restrictive nature of the conditions, there was universal delight at singing together. This continued for a few weeks until November 2020 when a further partial lockdown was announced, and in-person rehearsals ceased. The choir went back to holding rehearsals online.
The Royal Albert Hall had announced its intention to stage the Royal Choral Society (“RCS”) Christmas Concert and a series of Royal Albert Hall (“RAH”) Carol Concerts in December and the mood was positive. Due to social distancing requirements and the RAH’s own risk assessment, only 48 people would be allowed to sing in the RCS concert on the 9[th] December 2020 and of these, to ensure a good sound balance, 16 would be professionals with 32 from the choir membership, selected by the Music Director. Restrictions were lifted enough in early December for limited in-person rehearsals and the concert went ahead with a reduced audience, featuring a new version of Silent Night arranged by Richard Cooke, the RCS Music Director, which was received to some acclaim. It was one of the few Christmas concerts to be performed in a public venue in 2020. Unfortunately, due to the second lockdown, which was announced in mid-December, the RAH Carol Concerts were cancelled to the disappointment of all concerned.
After Christmas the choir returned to online rehearsing. The Good Friday performance of Messiah was cancelled but discussions between the choir and Royal Albert Hall secured a tentative date of Sunday 30[th] May for a performance with 120 members accompanied by organ. Rehearsals were carried out online, but by May 2021, restrictions were being lifted gradually, and in the week before the performance, in-person rehearsals were again possible, and the performance went ahead in very unusual circumstances. All singers were socially distanced, dressing rooms were strictly regulated, and the audience was limited to 800. Whilst the choir would prefer never to have to perform under these circumstances again, the concert was a great success enjoyed by singers and audience alike. The choir is indebted to Richard Pearce, our accompanist who, literally, worked through the night to prepare the RAH organ; Richard Cooke, Music Director; the Royal Albert Hall; all who sang; and to those members of the choir who worked tirelessly to ensure that the choir remained safe and well throughout the rehearsal and concert.
3
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 August 2021 (continued)**
The year ended with a few socially distanced rehearsals, working on repertoire for a planned concert in October 2021.
The choir membership is drawn largely from people who either work or have worked in the centre of London and inevitably there is a considerable turnover of members as people move or change their work or lifestyles. The “nationality make-up” of the choir is extremely wide, with many members from non-British nations. No open rehearsals or auditions for new members were held during this reporting period due to COVID restrictions, but there remain around 190 members at the end of the season.
The Trustees would like to place on record their appreciation for the enthusiasm, encouragement and sheer professionalism shown by the Director of Music, Richard Cooke. In addition, we are most grateful to and fortunate in our principal accompanist, Richard Pearce who assists Richard Cooke so ably. The very considerable involvement and activities by members and friends in many ways, including the work of the music library, membership, concert management, accounting, and other administrative matters is also noted and appreciated. In this second year of COVID, the choir would also like to put on record its indebtedness to those who worked to ensure the safety of the choir through the application of risk assessments and procedures.
## **Financial review and future plans**
The Society’s income continued to be hit hard by the Covid-19 pandemic during this financial year. Although we were able to stage our annual Messiah production in May (albeit in a restricted form), due to Government restrictions on venue capacities, the concert did not generate a surplus.
We were fortunate to be able to sing in the Royal Choral Society Christmas concert at the Royal Albert Hall in December, which aside from Messiah, was the only other concert engagement to occur during the year.
The net deficit for the year was over £20,000 (excluding donations received through the 150[th] anniversary appeal) which was met by reserves brought forward. This compares to a deficit in the previous year of nearly £18,000, which was also impacted by Covid-19.
The Financial Statements on pages 9 to 16 set out the results for the past year in detail.
Fund raising towards our 150[th] anniversary appeal accelerated during the year, with the fund increasing from an opening balance of £3,808 at 1 September 2020, to £18,362 at 31 August 2021.
Financial planning continues to be a key area of focus for the Board and Management committee, especially looking forward to our upcoming 150[th] anniversary season. Whilst our financial reserves continued to deplete during the year, the level of reserves carried forward at 1 September 2021 is sufficient such that the Trustees do not have any material concerns about the charities ability to continue as a going concern.
4
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 August 2021 (continued)**
## **Structure, governance and management**
The charity number, principal addresses and details of professional advisers are set out in the administrative information at the front of the report and accounts.
The Society is a company limited by guarantee, registered in England and Wales, and is governed by the Memorandum and Articles of Association.
The Memorandum and Articles of Association of the company form the governing document, dated 2 July 1987, and the board has recently undertaken a review with a plan to update the documents to better reflect the activities of the choir in the 21[st] century.
All investments held by the Society have been acquired in accordance with the powers available to the Trustees as set out in the governing document.
The Society is controlled by a Board of Directors (Trustees) which delegates day to day operations to the Management Committee. The Board reserves to itself powers of appointment of the Music Director and the General Manager and their remuneration where appropriate. It also retains responsibility for financial control and reporting and the Trustees’ report and financial statements. The Board meets regularly during the year with attendance on some occasions by the Music Director and members of the Executive Committee. The Board retains control of all statutory matters including the Charity Commission and Registrar of Companies and oversees risk management.
The Board, at the present time, comprises eight directors (Trustees), of whom six are active members of the choir and two are external board members.
The administration of the choir is currently by two sub-groups: the first sub-group is the Management Committee which comprises the General Manager, the Finance Director, the Music Director, the Marketing and Communications officer, the Company Secretary, and the concert manager. The second group was formed to oversea the plans for the choir’s 150[th] Anniversary Season from 2022 to 2023 and comprises the Chairman, General Manager, Finance Director, Company Secretary, Marketing and Communications officer and a recently appointed fund-raising professional (who acts in a volunteer capacity). The choir administration also benefits from the activities of the voice representatives, a membership secretary and other choir members who undertake many activities including librarian, new members, ticketing and other administrative and organisational tasks that are associated with running a large and successful choir.
5
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 August 2021 (continued)**
## **Trustees**
The Trustees acting during the year to 31 August 2021 were:
Mr P Dart (Chairman) Mr R J Reeves (General manager) Ms K Bevington Mrs A Cattermole Mr N Digance Ms S Mansfield Mrs K Porter Mr S Strudley
## **Recruitment of new Trustees**
Board members are typically nominated by other choir members or volunteers. The Board then considers each person to determine their suitability to join. The recruitment of external directors has traditionally been through existing contacts with Board members or through professional advisers.
## **Trustees’ responsibilities**
The Trustees (who are also directors of the Royal Choral Society for the purposes of company law) are responsible for preparing the Annual 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 period which give a true and fair view of the state of affairs of the charitable company and of the resources and application of resources, including the income and expenditure, of the charitable company for that period.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities’ SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions and to disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees’ Report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
The Trustees met six times in the year (all by means of video conference) and reviewed the management accounts for the relevant period together with budgets, concert costings and other financial information. The Trustees judge that the charity is a going concern and for this reason the going concern basis of the preparation for the financial statements is considered valid.
6
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 August 2021 (continued)**
## **Risk management and uncertainties**
Under normal circumstances the charity is reasonably uncomplicated and the exposure to risk is limited. The Board has considered possible risks and is confident that there are adequate procedures and safeguards in place to mitigate any risks that might have any significant adverse financial, management or reputational consequences but reviews and updates annually its risk management procedures and assessment which are consolidated in a Risk Register.
Throughout this reporting period, given the unprecedented circumstances caused by COVID-19, the charity carried out thorough and far-reaching risk management exercises to ensure that when rehearsals recommenced in the autumn of 2020, the choir was safe. In developing the choir’s COVID procedures, Government regulations were always adhered to, even as they changed throughout the reporting year, requiring procedures to be updated and amended. Procedures were informed by the excellent work done by the organisation Making Music and always met the risk assessments of the venues used, in particular the rehearsal spaces and Royal Albert Hall.
This report was approved by the Board on 21 October 2021 and signed by
Mrs A Cattermole, Company Secretary
7
ROYAL CHORAL SOCIETY
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES AND MEMBERS
FOR THE YEAR ENDED 31 August 2021
I report to the Trustees on my examination of the accounls of The Royal Choral Society for the year ended 31 August 2021.
Respective Responsibilities of Trustees and examiner
As the charity Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 2011 ('the Act,).
I report in respect of my exarnination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying
out my exarnination I have followed all the applicable Directions given by the Charity Comrnission under section 145(5)(b) of
the Act.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An exarnination
includes a review of the accounting records kept by Ihe charity and a comparison of the accounts presented with those
records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from
you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be
required in an audit and consequently no opinion is given as to whether the accounts presenl a 'true and fair view, and the
report is limited to those matters set out in the statement below.
Independent examlner's statement
I have completed my examination. I confirm that no material matters have come lo my attention in connection with the
examination giving me cause to believe that in any material respect:
(1) accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
(2) the accounts do not accord with Ihose records; or
(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in
the Charilies (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair
view, which is not a matter considered as parl of an independent examination.
I have no concems 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.
Gilbert Holbourn FCA, FCCA, DChA
1 Upper Bridge Street
Wye
Kent
TN25 SAF
December 2021
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 August 2021**
|**Note**
**Income and endowments from:**
Voluntary income
2
Activities for generating funds
3
Investment income
**Total income and endowments**
**Expenditure on:**
Costs of generating voluntary
income
4
Charitable activities
5
**Total expenditure**
**Net (expenditure) / income**
Unrealised (loss) on investments
6
**Net movement in funds for the**
**year**
Balance brought forward at 1
September
**General funds carried forward at**
**31 August**
**9**|**2021**
**£**
**Unrestricted**
**Funds**
**2021**
**£**
**Restricted**
**Funds**
**2021**
**£**
**Total**
**Funds**
48,261
14,554
**62,815**
27,064
-
**27,064**
238
-
**238**
**75,563**
**14,554**
**90,117**
(26,679)
-
**(26,679)**
(69,067)
-
**(69,067)**
**(95,746)**
**-**
**(95,746)**
**(20,183)**
**14,554**
**(5,629)**
(178)
-
**(178)**
**(20,361)**
**14,554**
**(5,807)**
138,610
3,808
**142,418**
**118,249**
**18,362**
**136,611**|**2020**
**£**
**Unrestricted**
**Funds**
**2020**
**£**
**Restricted**
**Funds**
**2020**
**£**
**Total**
**Funds**
53,723
1,768
**55,491**
42,053
-
**42,053**
964
-
**964**|
|---|---|---|
|||**96,740**
**1,768**
**98,508**|
|||(26,499)
-
**(26,499)**
(87,858)
-
**(87,858)**|
|||**(114,357)**
**-**
**(114,357)**|
||||
|||**(17,617)**
**1,768**
**(15,849)**|
|||(14)
-
**(14)**|
|||**(17,631)**
**1,768**
**(15,863)**|
|||156,241
2,040
**158,281**|
|||**138,610**
**3,808**
**142,418**|
There were no recognised gains or losses other than the net movement in funds for the above two financial years.
All activities of the Society are continuing.
The notes on pages 12 to 16 form part of these financial statements.
9
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **BALANCE SHEET AS AT 31 August 2021**
||**Notes**|**2021**|**2020**|
|---|---|---|---|
|||**£**|**£**|
|**Fixed assets**||||
|Investments|6|8,695|8,873|
|Office equipment|7|-|-|
|||**8,695**|**8,873**|
|**Current assets**||||
|Debtors and prepayments||6,219|12,925|
|Cash at bank and on deposit||131,402|128,176|
|||**137,621**|**141,101**|
|**Liabilities: amounts falling due within one year**||||
|Creditors|8|(9,705)|(7,556)|
|**Net current assets**||**127,916**|**133,545**|
|**Net assets**||**136,611**|**142,418**|
|**Represented by:**||||
|General fund – unrestricted|9|118,249|138,610|
|150thanniversary fund – restricted|9|18,362|3,808|
|**Total funds**||**136,611**|**142,418**|
For the financial year ended 31 August 2021 the company was entitled to exemption from audit under section 477 Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The notes on pages 12 to 16 form part of these financial statements. The financial statements on pages 9 to 16 were approved by the Board on 21 October 2021.
S D Strudley Company Registration No 02162383
10
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **STATEMENT OF CASH FLOWS**
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|**_Cash flows from operating activities:_**|||
||_________|_________|
|**Net cash provided by / (used in) operating activities**|**2,988**|**(15,017)**|
||───────|───────|
|**_Cash flows from investing activities:_**|||
|Interest from investments|238|964|
||________|________|
|**Net cash provided by investing activities**|**238**|**964**|
||───────|───────|
|**Change in cash and cash equivalents in the operating period**|**3,226**|**(14,053)**|
|Cash and cash equivalents at the beginning of the period|128,176|142,229|
||───────|───────|
|**Cash and cash equivalents at the end of the reporting period**|**131,402**|**128,176**|
||═══════|═══════|
|**Reconciliation of net movement in funds to net cash flow from Operating activities**|||
|**Net movement in funds for the reporting period**|**(5,807)**|**(15,863)**|
|_Adjustments for:_|||
|Depreciation charges|-|1|
|Losses on investments|178|14|
|Dividends and interest from investments|(238)|(964)|
|Decrease in debtors|6,706|4,894|
|Increase / (decrease) in creditors|2,149|(3,099)|
||───────|───────|
|**Net cash provided by / (used in) operating activities**|**2,988**|**(15,017)**|
||───────|───────|
|**Analysis of cash and cash equivalents**|||
|Cash at bank / in hand|131,402|128,176|
||───────|───────|
|**Total cash and cash equivalents**|**131,402**|**128,176**|
||═══════|═══════|
11
(A company limited by guarantee)
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021**
## **ROYAL CHORAL SOCIETY**
## **1.1 Accounting policies**
A summary of the principal accounting policies adopted, judgements and key sources of estimation or uncertainty in the preparation of the accounts are laid out below:
## **1.2 Basis of preparation**
These financial statements have been prepared for the year ended 31 August 2021 and have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
## **1.3**
## **Critical accounting estimates and areas of judgement**
Preparation of the accounts requires the Trustees and management to make significant judgements and estimates.
There are no items in these accounts that require such judgements or estimates.
## **1.4 Assessment of going concern**
The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast doubt in the ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
## **1.5**
## **Income**
All income is included in the statement of financial activities when the charity is entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
- Donations are recognised as income when receivable, except insofar as they are incapable of financial measurement.
- Investment income is accounted for in the period in which the charity is entitled to receipt.
12
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021**
## **1.6 Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its charitable activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
All costs are allocated between the expenditure categories in the statement of financial activities based on the use of the resource.
Governance costs are included within support costs and consist of independent examination in order to meet the constitutional and statutory requirements of the charity.
## **1.7 Related party transactions**
Related party transactions are fully disclosed in the report or notes to the accounts.
## **1.8 Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life. Office equipment – 20% straight line. Fixed assets under £750 in value are not capitalised but treated as revenue expenditure in the year of purchase.
## **1.9 Debtors**
Debtors are stated at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
## **1.10 Investments**
The fixed asset investment is invested in UK unit trusts. Listed investments are a form of basic financial instrument initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. Any gain/ loss on revaluation and disposal are recorded in the statement of financial activities.
## **1.11 Cash and bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of the accounts. Deposits for more than three months but less than one year are disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
## **1.12 Creditors and provisions**
Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
13
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021**
**3**
**4**
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **1.13 Accumulated funds**
Unrestricted funds are donations and other income receivable for the object of the charity without further specific conditions and are available as general funds.
Restricted funds are subject to specific conditions by donors as to how they may be used. Expenditure which meets this criteria is charged to the relevant fund.
## **1.14**
## **Taxation**
The Royal Choral Society is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to charities.
## **2**
|**Voluntary income**
Donations – unrestricted
Donations – restricted: 150thanniversary appeal
Subscriptions
Gift Aid
Notional rent received|**2021**
**_£_**
9,245
14,554
19,185
4,831
15,000
**62,815**|**2020**
**_£_**
13,020
1,768
20,476
5,227
15,000|
|---|---|---|
|||**55,491**|
During the year ended 31 August 2021, seven Trustees (2020: five) made donations to choir funds totalling £11,480 (2020: £2,818) including donations made through the friends programme and other appeals
|**Activities for generating funds**
Concert, programmes and advertising income
Music library
Recording royalties
**Costs of generating voluntary income**
Independent examiner
Office and sundry expenses
Property costs
Credit card charges
Website costs
Insurance
Notional office rent
Depreciation|**2021**
**£**
25,813
751
500
**27,064**
**2021**
**£**
2,000
593
3,956
837
3,398
895
15,000
-
**26,679**|**2020**
**£**
37,006
4,679
368|
|---|---|---|
|||**42,053**|
|||**2020**
**£**
2,000
2,133
4,152
910
1,408
895
15,000
1
**26,499**|
14
**6**
**7**
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021**
**5**
|**Charitable Activities**|**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Cost of concerts and invitations|24,647|23,599|
|Choir costs|44,420|64,259|
||**69,067**|**87,858**|
The Trustees did not receive any remuneration for their services as Trustees in either year.
It is the policy of the Society to reimburse Trustees for legitimate expenses, including postage, stationery and other administrative items. During the year under review, no expenses were reimbursed (2020: £179 to 2 Trustees).
|**Investments**
Market value at 1 September
Unrealised (loss)
**Market value at 31 August**
Historical cost of investments at 31 August|**2021**
**£**
8,873
(178)
**8,695**
10,924|**2020**
**£**
8,887
(14)|
|---|---|---|
|||**8,873**|
|||10,924|
The investments are listed on a recognised exchange and consist of 9,217 units in the Schroder Growth Trust for Charities.
|**Office equipment**
**Cost**
As at 1 September
Disposals
As at 31 August
**Depreciation**
As at 1 September
Disposals
As at 31 August
**Net book value**
As at 1 September
As at 31 August|**2021**
**£**
4,838
(1,063)
3,775
4,838
(1,063)
3,775
-
**-**|**2020**
**£**
4,838
-
-|
|---|---|---|
|||4,838|
|||4,838
-
-|
|||4,838|
|||-|
|||**-**|
15
## **ROYAL CHORAL SOCIETY**
(A company limited by guarantee)
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021**
|**8**
**Creditors: Amounts falling due within one year**
Accruals and deferred income
**9**
**Reconciliation of movements on reserves**
**General fund – unrestricted**
**Balance brought forward at 1 September**
Net incoming outgoing resources
Unrealised (loss) on investments
**Balance carried forward at 31 August**
**150th anniversary appeal – restricted**
**Balance brought forward at 1 September**
Net incoming resources
**Balance carried forward at 31 August**|**2021**
**£**
9,705
**9,705 **
**2021 **
**£**
**138,610**
(20,183)
(178)
**118,249**
**2021 **
**£**
**3,808**
14,554
**18,362 **|**2020**
**£**
7,556|
|---|---|---|
|||**7,556**|
|||**2020**
**£**
**156,241**
(17,617)
(14)|
|||**138,610**|
|||**2020**
**£**
**2,040**
1,768|
|||**3,808**|
16