Company Registration No. 02162383 (England and Wales) Charity No. 298389 THE ROYAL CHORAL SOCIETY TRUSTEES. REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2024
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) CONTENTS Page Reference and administrative information Trustees, report Independent examiner's report Financial Statements for the year ended 31 August 2024 8-15 statement of finanaal 8ctiviti8S Balance sheet ststemenl ol cash flows 10 Accounting policies Notes to the accounts 13- 15
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) REFERENCE AND ADMINISTRATIVE INFORMATION Office 507 Queens Quay 58 Upper Thames Street London EC4V 3EH Secretsry rs A Catterrnole Charity Registration No. 298389 Company Registration No. 02162383 Trustees MrPDart MrRJ Reeves Mrs A Cattermole Mr S Slrudley Mr K J Skinner Mr A McGowan Ms C R Young MBE Ms H Chung-yun Li MrJACoe Ichairtnanl (General Manageil (Company Secretaryl Director of Music Dr R Cooke Independent Examiner Gilbert Hdboum FCA, FCCA, DChA 1 Upper Bridge Street Wye Kent TN25 SAF Bankers Cooperative Bank PO Box 250 Delft House Southway Skelmersdale WN8 6NY
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 August 2024 The Trustee5, who are also directors und8r company18w, pr8sent their 8nnu81 r8POrt and th8 financid st8tern8nts of the Society forth8 year 8nd8d 31 August 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recc>mmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdorn and Republic of Ireland IFRS 1021. Objèctivès and activitiès 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 ¢on¢erts. The objects for which the Society is registered. according to the Memorandum and Articles ol Association updated in 2023, are the promotion, maintenance. improvement and advancement ol educationforthe benefit olthe public, particularly bythe encouragement olthe art ol choral music in all its aspects by teaching musical works and the presentation of public choral ConrtS. It is the Society's pc)licy to pursue the highest possible musical standards, achieving a high quality of performance through rehears81, 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 the18St report. The Trustees onfirm that they refeed to the guidance oontsined in the Charity Cormrnission's revised general guidance on public benefit when reviewing th8 Charity's airns and objectives and in planning th8 future activitl85. Th8 Tru5t8es con51d8r the curr8nt activities as detailed In thi5 report deliv&r public b8nefit. Aehi•vèm•nts and rfOrnianctr This report covers September 2023 to August 2024. The concert year commenced on October 29th with a performance of Hadyn's Nelson Mass at a new venue, Chelmsford Cathedral, accompanied by the London Mozart Players. Completing the programme were Handel's Coronahon Anthems including the perennial favtsurite, Zèdok the Priest. The choir battled biblical storms and rail cancellations to sing this much-loved work to a near sell out and much appreciative audience. Christmas is always a favourite time of year for the choir, and it was with much pleasure thal the Royal Philhamionic Orchestra and trumpeters of the Welsh Guards joined the full choir for Christmas wilh the Royal Choral Society on December 11, at the Royal Albert Hall. The usual rnix of festive music covering many centuries, genre and Cornposers included a Contemporary Ple by Matthew Martin which $howSed our outstanding organist, Richard Pearce, and 3 rendition of the jolly Cowboy Carol arranged eSP1811Y for the choir in 1952 by our erstwhilg oonductor Sir Malcolm Sargent. Great enjoyment was had by ohoir and audiencg alike. Now a regular comrnitrT18nt, th8 choir p8rform8d with th8 Royal Philharmonic Orchestra and th8 National Youth Choir, conducted by Richard Cooke, in 16 gloriously uplifting concerts for the Carols at the Royal Albert Hall $8r185 of concert5. Upward5 of 85,000 p80p18 attended these hugely popular concèrts and much fun and enjoyment was had by audience and Choir alike, with formal concert atts adorned with tinsel and fairy lights and other Christmas themed fancy dress in the 2nd half. March 111h saw the Choir perfom at another new venue and wth a new orchestra. The choir sang Mozart's Requiem in D Minorat the Anvil, Basingstoke with the Academy ol St Martin in the Fields. Matched with the Mozart Clarinet Concerto in D Majtrr, played magnificendy by the Academy's own James Burke, the choir also sang Haydn's Insanae et Vanae Curae. It was a very successful concert, and the choir look forward to retuming to the Anvil in due course. On March 291h the choir was back at the Royal Albert Hall for its 148th Good Friday performance of Handel's Messiah, to an almost full house. accompanied by the Royal Philharmonic Orchestra. Richard Cooke conducted and a talented group ol soloists made up the list of performers. The choir mad8 its debut at the Queen Elizabeth H311 on the South B8nk on 8 glorious spring day on May 10th P8rforming with the London Mozart Players, the choir sang the familiar and be8Utiful Requiem by Gabriel Fauré, paired with a work new to the choir, Ralph Vaughan William's An Oxforrl El8gy. This latt8r fe8tur85 th8 PO8rMs of M8tth8w Arnold, which on this occasion w8re masterfully spoken by soloist Edward Piice, Interwoven with choral and orchestial interludes. It Is always a joy to be Introduced to new work5 and thi5 was no exTrpb"on. The sutMtll8r conc8rt is b8corning a tradition with th8 choir, performing to an audi&nce of mainly farnily and friends, at St Giles Crippl8gat8 Church In the Barbian. Conducted by Richard Cook8 and Masterful accompanied on two organs, to the delight
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 August 2024 Icontinuedl Achievements and perforniance Icontinued) of the choir, by their accompanist Richard Pearce, the concert was called A Summer Soiree and featured Mozart's Coror>atton Mass and other works by Mussorgsky, Britten, Stanford and Bach, along with a rendition of Mozart's beautiful Laurlate Dominun7 sung by Rebecca Ryland-Jones. All in all, a fun time was had by one and all and the occasion brought another glorious year of music making to an end. The choir was thrilled in May to receive confimation from Buckingham Palace that HM King Charfes111 will take on the Patronage of the Royal Choral Society following the death of our former Patron HM Queen Elizabeth 11. The choir is very grateful for the continuing support f the monarch, an unbroken thread in our history ever since Queen Victoria gave permission lor the choir lo be known as the Royal Choral Society. The chlir membership is drawn largely from people who eiiher live, work or have worked in Greater London and the Home Counties although there is a significant minority who live as far afield as Winchester, Salisbury, Lincolnshire, Carnbridgeshire and Norwich. There is a considerable tumover of Members as people move or change their work or lifestyles. but the membership of the choir is diverse, with rnany members from non-British nations. The ¢hoir Membership has increased by over 10 /0 during the year, now nurnbering around 220 mernbers at the end of the season. The Trustees would again like to pl8¢9 on record their appreciation for the enthusiasrn, 8noouragement and sheer profession8lism shown by th8 Dir8Ctor of Music, Richard Cook8. In addition, w8 are most grateful to 8nd fortunate in our principal accompanist, Richard P8arce who assists Rich8rd Cooke so ably. The v8ry considerable inVoement and activities by tnembers and friends, including the work of th8 VOIC8 r8ps, niusic library, m8rnbership, concert rnanag8ment, ticketing, accounting, and oth8r administrative matters is also noted and appreciated. Financial rèvi*w and futurè plans A relatively lull program ol well attended concerts including own-promotions as well as invitations from other promotors including the Royal bert Hall at Christmas allowed the Society to generate a surplus from ongoing activities of £24,37212023 £80,574) In addition, a most generous donation by The Forbes Charitable Foundation of the lease to the commercial unit at Studio 9, 90 Lots Road London SW10 OQD valued at £274,000 was received, taking the total surplus for the year to £298,372. The Society launched an Appeal lor its 150" Anniversary in September 2021. The purpose of this Appeal was to underpin some rnajorevents during the Anniversary, including an Anniversary Concert in the Royal Albert Hall on May 7th 2023. In addition the Appeal would secure the long-terrn financial viability of the Society. At the end of the 202212023 fin8nci81 ye8r131 st August 20231 the value of the Fund stood at £105,902, which wes deemed to be a very positive aohieverngnt. In 8ccord8nce with a decision of the Trustees on 12 October 2023 the Anniv8rsary Appeal fund was wound up and amalgamat8d with th8 LJnr8strict8d fund5 at th8 start of the 202314 year und8r r8vi8w. The Financial Statements on p8g85 9 to 16 set out th8 results for th8 Past year in detail. Although financial planning continues to be a key area ol focus lor the Board and Management committee, the level of reserves carried forward at 1 September 2024 is sufficiènt sueh that the Trustees do not have any rmaterial eoneems about the charity's ability tr) continue as a going eoneern.
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 August 2024 Icontinuedl structure, governance, and management The charity number, principal addresses and details of professional advisers are set out in the adrninistrative inforTnation 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 Souety is controlled by a Board tsf Direct(>rs ITrusteesl 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 regulady during the year with attendance on some occasions by the Music Director and members ol the Management Committee. The Board tainS control of all statutory matters including the Charity Commission and Companies House and oversees risk managernent. The Board, at the present tirne, comprises nine directors ITrusteesl, of whorn seven are active members of the choir and Iwo are 8Xternal board members. The adrninistr8tion of the choir is ourr8ntly managed by the aforementioned M8nagement Committee which comprisgs the Gener81 Manager, Financ8 Director, Music Dir8Ctor, Conc8rt Manager, Marketing and Cornrnunications officer, Company Secr8t8ry, M8mb8rship Secretary and one other. The choiradministration also benefit5 from the activitie5 of the voice representatives, and oth8rchoir members who undertake many activities including librarian, audition5 of pot8ntial n8w rn8tnbers, ticketing and oth8r adrninistrative and organisab.onal tasks that ar8 associated with running a large and successful ehoir. Trusto•s The following have held office since 1 September 2023.. MrPDart Mr R J Reeves Mrs A Cattermole Ms K Bevington Mr N Digan Mrs K Porter Mr S Strudley Mr K J Skinner Mr A McGowan Ms C R YoLJng MBE Ms H Chung-YLJn Li MrJACoe (Chairman) (General manager) (Company Secretary) (Resigned 12 October 20231 (Resigned 25 January 20241 (Resigned 25 January 20241 IAppointed 11 April 20241 IAppointed 11 April 20241 IAppointed 22 April 20241 Rècruitmant of nèw Trustèas Board members are typically volunteers from the choir who apply for the appointment. The Board holds intetviews and considers each petson's skills and experience to determine their suiiabilily to become Trustees. The recruitment of external directors has traditionally been through existing contacts th Board members or through professional advisers.
ROYAL CHORAL SOCIETY IA company limited by guarantee) TRUSTEES, REPORT FOR TrIE YEAR ENOED 31 August 2024 Icontinuedl Trust•os' r•sponslbllltbo$ The Trustees (who are also directors ol the Royal Choral Society lor the prse$ of company18wI ar8 r8spon5ibl8 for pr8P8ring th8 Annual Report and the financial slat8m8nls in ac(x)rdanc8 Wlth applicable law and United Kingdom Acc(xJnting Standards (United Kingdom Generally Accepted Accounting Practi1. Company law requires the Trustees to prepare financial statements for each financial period which give 8 tru8 and fair view, but not an audit, of th8 Stat8 of aftairs of Ihe charitable cotnpany and of the iesources and applicab.on of SourCes, including the inck)me and expenditure, of the charitable company for that period. In preparing these financial 5t8t8rn8nts, th8 Tru5t88s are reqUId lo.. select surtabie accountrng policles and then apply them ¢onsis¢enUy', observ8 th8 methods and principle5 in the Charits'es. SORP". make judgements and estimates that ar8 reasonable and prudent., Slate whether applicable accounting stsndards have been followed, Sublt to 8ny mat9rial departures disclosed and explained in the financial statements". preparè the financial statements on the gThng ¢on¢ern ba8i8 unless It is in8ppfLyfi8te to prèsume that the charity wll continu8 in business. The Tru5tee5 are responsible for keeping proper accounting fecords that are sufficient to show and explain the charitabl8 company's transactions and to disclose with reasonable accuracy at anytim8 the financi81 posiD"on ofthe charitable company and enable them to ensur8 that the financial slatem8nt5 comply with th8 Cornpanie5 Act 2006. They are also responsible for 58f8guarding thg assots of thè charitable company and hence for taking reasonable sitsps for the prevention and d8leetion of fraud 8nd other irregularities. The Trustees, Report has been prepared in accordance with the special provisions ol Part 15 of th8 Companies Act 2006 relating to small CompanS. The Trustees m8t four times during the year. three limes in-person and onc8 via video conference. and rewewed the managem9nt accounts for the relevant P8ri0d togetherwilh budgets, concert costings and other financial information. The Trustees judge that the charity isa going concem and for thSs reason the going concem basis of the PTeparalion for the financial slalements is consideied valld. R15k management and uncertalntl85 Under normal circumstances the charity is re850nably uncornplicated anij the exposu to risk is lirniled. Th8 Board considers possible risks on an ongoing basis and remains confident that there are adequate procedures and safeguards In place to mi119ate any risks that might have ny signifi¢ant 8dverse financial, management or reputational consequenc8s. The 8oard annually rewews and updates ib risk rnanag9rn9nt pedU$ and assessment Ithich are consolidated in a Risk Register. This report was approved by the Board on l MAX L• . and Signed by Mrs A Cattèm)ole, Company Sectsry
ROYAL CHORAL SOCIETY IA company limited by guaranteel INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES AND MEM8ERS FOR THE YEAR ENDED 31 August 2024 I report to the Trustees on my examinal)n of the accounts of The Roy81 Choral Society lor the year ended 31 August 2024. Respectlv• Responsibilities of Trustees and examlner The Trustees (who are also the directors ol the company for the purposes of company lawl are respc>nsible for the preparation ol the accounts. The Trustees con51der that an audit is not required lor this year under section 144121 of the Charities Act 2011 Ithe 2011 Acti and that an independent 6xaminatlOll 15 needed. l am qualified lo undertake the exatnination by being a qual'fied member ol The Inslilule of Chartered Accountants in EngLgnd and Wales. Having satisfied tnyself that the Ch8rily is not subject lo audit under company law and is eligible for Independent examination, Il is tny responsibility lo. examine the accounts under seclion 145 of the 2011 Act.. tts follow the procedures lamy down in the general Directions given by Ihe Charity Commission under section 1451Sllbl ol the 2011 Act,. and to slate vlhether pa'Cular matters have ¢ome to my attontion. 8asis of Ind•p•ndent examiner's report My examinatson wa5 carried out in accordance with the general Dir8Ctions given by the Charity Ccnmission. An examination Includes a review of the accounting records kept by the Charity an¢J a comparison of the accounts p?esentetJ with those records. 11 also includes consideration of any unusual iiems or disclosures in Ihe accounts, and seeking explanalKSrts from you as trustees concerriing any such matters. The procedures undertaken do not provide all the evidence ihat would be reqLJired in an audil and consequentty no opinion is given as to whether Ihe accounts preseril a Irue and fair vie¥¢ and the report is limited lo those matters set out in the statement below. Independ*nt exarniner's statement In connection with my examinAtion, no matter has come lo my attention.. 111 which gives me reasonable caus6 to believe Ihat in any material respect the requirements". to keep accounting records in accordance wth section 386 of the Companies Act 2006.. and to ppare accounts which attord with the acctsunting records, comply with the accounting quIrernents ol seeiion 396 01 the Companies Act 2006 8nd with the rnethods and prinCipS ofAccounling and Reporting by Charities.. Statemenl ol Recommended Practice ISORPI applicable to chanties prepann9 their accounts in accordance with the Financial Reptsrting Standard applir3ble to Ihe United Kingdom and Republic of Ireland IFRS 1021 have not been m8t.' or 121 to which, in my opinion, 8ttenlion 5houl¢J be drawn in order to enable a prOr und8rst8fKling of the financial stalernents to be reached. 1/6. Akni Gilbe Holboum FCA, FCCA, DChA 1 Upper Bridge Sire81 Wye Kenl TN25 SAF Date".
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 August 2024 2024 2024 2024 Total Funds 2023 2023 2023 Totsl Funds Unrostricted Funds Restrict Funds Unrestricted Fund5 Restricted Funds Note Income and endowments from: Voluntary incotne Activities for generating funds Inve$tm8nl incom& 326,474 326.474 49,324 8,535 57,859 231,783 10,505 231.783 10,505 161,930 3,252 105.590 267,520 3,252 Total Incomo and endowments $68,T62 114125 328,631 Expenditure on.. Costs of generating voluntary incotne 141.7511 130.1771 130.1771 Charitable aclivit18S 1228,6391 1228,6391 1144,5181 173,3621 1217,8801 Total expenditure 270.390 270.390 174.695 73,362 248.05 Net Income I 18XP8nditur81 Re8lised1055 on le of investments Transféroffunds between reserves 10 1105.9021 Net movèmènt In funds for the year 105 902 Balance brought forward al 1 Sept8mb8r 174,180 105,902 280,082 135,087 65,139 200,226 Funds Garried forward at 31 August 10 578,454 578,454 174,180 105,9)2 260,082 There were no recognised gains or losses other than the net movement in funds for the above two financial years. l activit185 of the Soci8ty ar8 continuing. The note5 on pages 11 to 15 form part of these financial statements.
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) BALANCE SHEET AS AT 31 August 2024 2024 2023 Notes Fixad assèts Long leasehold Property Investments 274,000 274.000 Current assets Debtors and prepayments Cash at bank and on deposit 18,771 305,797 17,165 271,408 324,568 288,573 L5abllltSes: amounts fallSng due wlthln one year Crgditors 120,1141 18,4911 Net curnt assets 304,454 280,082 Net assets 578,454 280,082 Reprgsented by= General fund - unrestricted 150th anniversary fund- restricted 10 10 578,454 174,180 105,902 Total funds 578,454 280,082 For the financial year ended 31 August 2024 tt)e company was entiued 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 forthe year in question in accordance with Sec0 476. The directors acknowledge their responsibilities lor complying with the requirements of the Act with respect to acc(>unts"ng 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 cotnp8ni85' r8girM8. Th8 notes on pag8s 11 to 15 form part of th8S8 financial stat8tn8nts. The financial st8tetnents on pages 8 to 15 w8r8 approved by the Board on 1 May 202S Il J s K J Skinner Company Registration No 02162383
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 August 2024 2024 2023 Cash flows from operating activities- Nat cash provid•d by I lus•d inl op•rating activitiès 297,884 83,837 Cash flows from investing activities.. Interest from investrnents 10.505 3,252 6,122 Proceeds from sale of investments Acquisition of long leasehold property 1274,0001 Net cash provided by investing activities 1263,4951 9,374 Changè In cash and cash èqulval&nts In thè opèratlng pèrlod 34,389 93,211 Cash and cash equivalents at the beginning of the period 271,408 178,197 Cash and cash •quival8nts at th• •nd of th8 raporting pèriod 305.797 271,408 Rèconciliation of n•t mov•m•nl in funds to nèt cash flow from Op•rating activiti•s Net movement in funds for the reporting period Adjustments for.. Realised losses on investments 298.372 79,856 718 Dividends and interest fitsm investments Ilncreasel I decrease in debtors and prepayments Increase I (deC8$e) in creditors and accruals 110,5051 11,6061 11,623 13,2521 6,381 134 Net cash provided by I lused inl operating activities 297,884 83,837 Analysis of sh and cash aquival•nts Cash at bank and in hand 305.797 271.408 Total cash and cash equivalent5 305.797 271,40B 10
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 Accountlng pollcles A summary of the principal accounting pdicies adopted, judgements and key sources ol estirnation or uncertainty in the preparation of the aooounts are laid out below.. Basis of preparation These financial statements have been prepared forthe year ended 31 August 2024 and have been prepared underthe historical cost convention with items recognised al cost or transaction value unless otherwise stated in the revant 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 tre Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 Icharities SORP FRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity constitute5 a public ben8fit 8ntity as d8fined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. Critical accounting estimates and areas of judgement Preparation of the accounts r8quires the Trust88s and manag8m8nt to tnak8 5ignificantjudg8m8nts and 8Stimat8S. The items in the fin8ncial statements where these judgements and estimate5 have been made include.. Value of the long leasehold property as assessed by Chartered Surveyors Assessment of going concern The Trustees have assessed whether the Ljse of the going concem 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 ¢harity have cc)ncluded that there are no material UnrtaIntieS related to events or conditions that may cast doubt in the ability of the chatiiy to continue as a going concein. The Trustees a of the opinion Ihat the charitywll have sufficient resources to meet its liabilities as they fall due. Income All income is induded in the staternent of financial activities when the charity is entiled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular¢ategories of income.. Donations are recognised as income when receivable. exoept insofar as they are incapable of financial measurement. Investment incorne is aCCOUllted for in the period In which the charity is èntiued to receipt. 11
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 (continued) Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Charitable expenditure cornprises those costs incurred by the charity in the delivery of its charIlab activities. It includes th cost5 that can be allocat8d directly to such activiti8s and those costs of an indirect natur8 nec8ssary to support th8Tn. All costs are allocated between the expenditure categories in the ststement of financial activities based on the use of the resource. Govemance costs are included wthin supportcosts and consistolthe independent exarnination in orderto tneetthe constitutional and statutory requirements of the eharity. Related party transactions Related party transactions a lully disclosed in the rerKJrt or notes to the accounts. Tangible fixed assets and depreciation Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of the tangible fixed assets over their expected useful lives as follows". Long leasehold property- equal instalments over 86 years Dabtors Debtors are stated 8t their settlement 8rnount, less any provision for non-recover8bility. Prepayments are valued at the arnount prepaid. They have been discounted to the present value of the future cash reipt where such discounting is material. 1.10 Cash at bank and In hand Cash at bank and in hand represents such accounts and instruments that ar8 availab18 on dernand 01 hav8 a tnaturity of less than three months from the date of the accounts. Deposits for more than three months but less than one year are disdosed as short term deposits. Cash plad on deposit for more than one year is disdosed as a fixed asset investment. Creditors and provi$ions Creditors and provisions are recognised when there is an obligation at the balance sheet dale 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 Settment can be eslimaled reliably. Creditors and provisions are remgnised at the amount the charity 8nticipates it will p8y to setue the debt. They have been discounted to the present value of the future cash payment where such discounting is tllaterial. 12
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 (continued) 1.12 Aeeumulat•d funds Unrestricted funds are donations and other income re1vable for the objects of the charity without further specific conditions and are available 85 general funds. Restricted funds are subject to specific conditions by donors as lo how they may be used. Expenditure which meets these criteria is charged to the relevant fund. Taxation The Royal Choral Society is a registered charity and therefore is not liable to income tax or corporation tax on income derived from ts charitable activiti8S, as it falls Wlthin the v8rious 8xemptK>ns available lo ¢h8rities. Voluntsry in¢omg Note 2024 2023 Donations Long leasehold property Subscriptions. Gift Aid Notional rent received 6,789 274.000 29,760 5,925 10.000 326,474 10,826 26,530 5,503 15.000 57,859 During the year ended 31 August 2024, one Trustee12023'. 0) made donats'ons lo choir funds totalling £1.22912023.' £8191 including donations made through the friends, prograrnrne and other appeals. ActlvltSes for generatlng funds 2024 2023 Concert, programm8s and advertising incorn8 Music library Recording royalties 220,790 10,729 264 231,783 261,405 5,874 241 267,520 Investment Sncome 2024 2023 Bank interest 3,616 6,889 10,505 3,111 141 Investment income 3,252 Cost of generating voluntary income 2024 2023 Independent examiner Office and sundry expenses Property costs Credit card charges Website costs Insurance Notional office rent 2,600 5,047 20,717 2,167 239 981 10,000 41.751 2,400 4,613 4,826 2,106 302 930 15.000 30,177 13
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 (continued) Charltable actlvltSes 2024 2023 Cost of concerts and invitaiions Choir costs 151,529 77,110 228,639 148,696 69.184 217,880 Th8 Truste85 did not receive any rernun8ration for their servic88 as Truste8S In 8ither year. It is the policy of th8 Soc18ty to reimburs8 Tiustees for18gib"tnat8 8XP8nse5, including postag8, StatlOn8ry and oth8r administrative items. During the year under review £95 travel expenses were reimbursed to two trustees12023.' one trustee- £381. Long Leasehold property Totsl Cost At 1 Septèmber 2023 Additions At 31 August 2024 274,000 274.000 Depreciation Charge for the year At 1 September 2023 and 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 274.000 In May 2024, the property was gifted to Royal Choral Society for £274,000. The propety was valued by Aston James Chartered Surveyors on 27th March 2023 in accordance with the RICS Valuation Standards. The lease lem is for 125 years expiring in 2110. Investments 2024 2023 Market value at 1 September Change in fair value from 1 September to disposal Proceeds from sale of investments Market value at 31 August 6,840 17181 16,1221 HistOllC81 cost ol investments at 31 ALJgust 14
ROYAL CHORAL SOCIETY IA wmpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2024 (continued) Debtors and prepayments 2024 2023 Prepayments and accrued income 18,771 17,165 Cr•ditors= Amounts falling duè within on• yèar 2024 2023 Accruals and deferred income 20,114 20.114 8.491 8,491 10 Reconciliation of movements on reserves General fund. unrestrlcted 2024 2023 Balance broughl forward at 1 September Net incoming I loutgoingl resources Transfer from restricted funds 174,180 298,372 105,902 578.454 135,087 39,093 Balance carried forward at 31 August 174,180 1 Solh annlversary appeal - restrScted 2024 2023 Balance brought forward at 1 September Net incoming I loutgoingl resources Transfer io unrestricted funds Balance carried fOard at 31 August 105,902 65,139 40.763 1105,9021 105,902 Total funds 2024 2023 Balance brought forward at 1 September Net incoming I loutgoingl resources Balance ¢arried forward at 31 August 280,082 298,372 578,454 200,226 79,856 280,082 15