Charity registration number 501551 The Lei￿ster Philharmonic Choir Report and Accounts 31 July 2020 Nick Westbury Chartered Certified Accountants The Leicester Philhamionic Choir Report and accounts Contents Page Charity information Trustees, report statement of financial activtties Balan￿ sheet Cash flow statement Notes to the accounts The Leicester Philharnionic Choir Charity Infomiation Trustees Mrs S Godber {Membership Secrelary) Miss J Heaton IGeneral Secretsry) Rev. A Leighton Mrs H Marston Ico-chairl Mrs B Giainger IC(FChair) Mrs M O'Neill Mrs K Peake Iconcert Manager} Mrs R Thorpe (Treasu￿r) Independent examiner and accountants Nick Westbury & Co. Limited The Old Engine Shed Whettons Yard Chapel Street Bloxham Banbury Oxfordshire Bankers HSBC 15 High Street Market Harbofough Leicestershire Charity office 413 Park Road Loughborough LE112HQ Chaiity ￿lstratIOn number 501551 The Lelcester Philhamionic Choir Trustees, Report The trustees p￿sent their report and accounts for the year ended 31 Juty 2020. The accounts have been prepared in accordance wth the accounting policies set out in nole 110 the accounts and comply with the chartty's trust deed. the Charities Acl 2011 and Accounting and Reporting by Charities." Statement of Recommended prath"￿ appl￿ble to charities preparing their accoLsnts in accordance with the Financial Reporting Standard appli¢abk in the UK and Republic of Ireland published on 16 Juty 2014. OBJECTIVES AND AcT￿￿lEs FOR THE PUBLIC BENEFIT The charity is govemed by rts conslitution last revised in January 2020. its object being to promote, improve, develop and maintain public educats'on in and appreciation of chord and orchestral music in all its aspects by the presentation of public choral andlor orchestral concerts and by such ways as the charity may determine from time lo time. The tnjstees consider that they have complied wrth Section 17151 of The Charities Act 2011 to have due regard lo the public beftefft guidan￿ published by the Charity Commission. ACHIEVEMENTS AND PERFORMANCE In the past season the LPC has conbnued to deliver high qualty choral music to Leicestershire citizens to the test of its abilty. In November 2019 the choir perfomied at De Montfort Hall with the Vrva Chamber Orchestra and various soloists in 'A Quest for Pe2¢e'. which included Kad Jenkins. The Amied Man, amongst other works. Also in November al De Montfort Hall the Choir sang under Hilary Davan Wetton in Raymond Gubbals 'Last Night of the Autumn Proms,, a regular feature of recent years. Irs December 2019 the choir put on its annual Christmas Carol Concert at the Church of Sl James the Greater, wh¢ch on this occasion featured 'Mr Fezzwig's Christmas Party and other works ty Jonathan Ralhbone. In early 2020 the choir was in full swing rehearsing for the performance of Messrah due lo lake place in De Montfort Hall on 21st March when rt became clear that it would not be possible for the concert to go ahead in the light of the growing coronavinjs pandemic. The COn￿rt was originally rescheduled for February 2021, but as this date now also seems unachievable the committee a currently in discussions with De Montfort Hall as to the next steps with regard to this perfomiance of Messiah. The final concert planned for the 2019f20 season was a perfomiance of the Monteverdi Vesper3 at the Church of Sl James the Greater in June 2020. wh￿h was cancelled due to the lockdown. FINANCIAL REVIEW The total income for the year was £30,660 {2019. £38,808) and the total expendrture was £58,911 {2019'. £47,906). The Leicester Philharnionic Choir Trustees, Report Investmentpolicy andperfomiance It Is the duty of the trustees. not only wsely and safely to invest the funds of the charity, but also to review the investment policy from time to time to ensure that the investments serve the best interests of the chanty. Risk management The trustees have assessed the rtsks to wh￿h the ¢harity is exposed, in particular those related to the operations and finances of the chartty. and are satssfied that systems are in place to mrtigale the exposure to the major risks. Reserves policy The trustees con*"nue to review the reserves on a regular basis in the current difficult financial climate. At the year end reserves are £98.78612019'. £127.0371 which is split into unrestricted funds of £42.672,' restricted funds of £162., and permanent endowment funds of £55,952. The reserves policy is to have sufficient reserves for the charity to conb.nue wrth its proposed diary of events. This year the charsty was unable to meet the I￿SIS of indwidual performances from the cOn￿rt receipts raised. but the charity still has sufficient reserves to enable Ferfomiances to contsnue for the foreseeable future. The trustees are contrnualty looking to minimise costs and this, together with tight management of the investments, will ensure that the charity remains in the strongest possible financial position. PLANS FOR FUTURE PERIODS All concerts and perfomiances planned for the 2020121 season have can￿lled due to the pandemic. The committee is keeping rtself well infomed about the current situats.on as il unfolds, and it meets regulady to plan the way forward. The members are kept in touch with developments and news via regular ernails and r￿¥s1etter$. as well as Zoom meetings. The LPC contsnued to hold virtual ￿hearsalS on Monday evenings Ma Z￿M during recent months, and intends to do so for the foieseeable future. A number of members sang a virtual Messiah together on the date of the Can￿lled concert in March. and a virtual recording of 'How can I keep from singing?, can be seen on the choi¢s websrte www.the hil.D .uk. Tentative first steps have been taken wth regard to resuming some form of rehearsal together in a physical space whilst confoming lo the govemment guidelines on hygiene and social distanang, and this is an ongoing process. STRUCTURE, GOVERNANCE AND MANAGEME Trustees The trustees who have served during the year are as detailed on page 1. Trustees serve for a perit)J of up to Ihree years on first being elected to the committee. Thereafter they may offer themsefves for ￿election for a further period of up to three years, then annually at each AGM. Trustees recruitment The LPC is actively looking io recwtl and appoint suttable new trustees. Potential trustees would attend committee meeb.ngs aThJ suitable training is offered where required. The Leicester Philhamionic Choir Trustees. Report Trustees, responsibilftles In ￿latIon to the accounts The charity trustees are responsible for preparing a trustees. annual rewrt and accounts in accordance with applicable law and United Kingdom Accounting Stsndards {United Ktngdom Generally A￿pIed Accounbng PraCts.￿l. The law applicable to charities in England and Wales requires the charity trustees to prepare accounts for each year which gwe a true and fair view of the stste of affairs of the charity and of the income and expenditure, of the chanty for that period. In prepanng the accounts. the trustees are required to.. select suitsble accounting Folicies and then apply them consistently. observe the methods and principles in the applic2ble Charities SORP.. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standanls have been followed, subject to any material departures that must be d￿ClOSed and explained in the accounls., prepare the accounts on the going Concern basis unless it is inappropriate to presume that the charity will conb.nue in business. The trustees are responsible for keeping proper accounting records that dI￿105e with reasonable accuracy at any time the financial position of the charity and to enable them to ensure Ihal the accounts comply wth Ihe Chanties Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and laking reasonable steps for the prevention and dete¢tK)n of fraud and other irregularities. The trustees are reswnsible for the maintenance and integnty of the charity and financial information included on the chari￿s web5tte in accordance with legislation in the United Kingdom governing the preparation and dissemination of acxounts. This report was approved by the trustees on 11 January 2021 and signed on their behalf. Mrs H Marslon - thpchair The Leicester Philhamionlc Cholr Independent examÉnefs report to the trustees This ￿pOrt on the accounts of the Le1￿ter Philhamontc Choir for the period ended 31 July 2020, set out on pages 6 to 14, Is in respect of an examinats.on carried out in a[￿rdan￿ with section 145 of the Charits"es Act 2011. Respective responsibilities of the tntstees and the independent examiner The trustees a￿ reswinsible for the preparats.on of the accounts. On the basis that the trustees consider that the audrt ￿uirement of section 144121 of the Charities Act 2011 does not apply, it is rny responsibilrty to state, on the basis of procedures specified in the General Directors given by the Chartty Commissioners under s145151{b) of the Act, whether particular matters have come lo my attention. Basis of the independent examinerfs report My examinat'on was carried out in accordance with the General Directions given by the Charity Commissioners. The examination included a review of the accounting records maintained by the treasurer and a comparison of the accounts wrth those records. It also included the considerabon of any unusual items or disclosures in the accounts. and the seeking of explanations from you as the trustees conceming such matters. The pro￿ureS undertaken do not provide all the evidence that would be required in an audrt, and consequenuy I do not express an audit opinion on the view given by the accounts. Independent eXarnine￿S statement In connectson with my examinab"on, no matter has come to my attention" 1. which gives me reasortable cause lo believe that in any material respect the requirements.. lo keep accounb.ng records in accordance wth section 130 of Ihe Charities Act 2011., and lo prepare accounts which accord with the accounting records have not been met.. or 2. to which, in my opinton, attention should be drawn to enable a proper understanding of the accounts to be ￿aChed. N Westbury BSclHonsl FCCA The Old Engine Shed Whettons Yard Chapel Street Bloxham Banbury Oxon OX15 4NB 11 January 2021 The Leicester Philhamionic ChoFr Statement of Financial Activities for the year ended 31 July 2020 Pemian¢nt 14 months 2019 Notes funds funds fvnd5 2020 Income and endowm¢Dts Donations {including recoverable tax) 115 115 679 Income from chantable activtlies 2 27.594 27,594 34,315 Investment income 2,951 2.951 3,814 Total income 30.660 30,660 38,808 Expenditure Expendrture on charitable activibes 4 58,911 58,911 47,906 Total expendiiurè 58.911 58,911 47,906 Net {expenditureifincome and net movement in funds for the year 28,2511 (28,251 9,098 Re¢onciliation of funds Total funds brought fotward 70,923 55.952 162 127,037 136,135 Total funds carried foThYard 42.672 55,952 162 98,786 127,037 The statement of financial activitses includes all gains and 105ses recognised in the year. Al income and expenditure derive from continuing &tivibes The Lelcester Philhamionic Choir Balance Sheet as at 31 July 2020 Notes 2020 2019 Fixed assets Tangible assets Investments 88,422 112,877 112,877 Current assets Stock Debtors Cash al barsk and in hand 1.383 1.383 11.871 13.254 14,641 16,024 L¥abilities Creditors falling due within one year 12,8901 (1,864} Net current assets 10.364 14.160 Net assets 98,786 127,037 Th• funds of the ¢hafity Restricted funds Endowment funds Unrestncted income funds 162 55,952 42,672 162 55,952 70,923 Total charity funds 98.786 127,037 Approved by the trustees, and authorised for issue on 11 January 2021 and signed on their behalf Mrs H Marston - Co£hair The Leicester Philhamionic Choir Cash Flow Statement for the year ended 31 July 2020 14 months 2019 2020 Cash used in operatlng actlvltles 12 130,176} (11,165} Cash flows from investing activities Interest receNed Proceeds from sale of investrnents Cash generated from investing activities 2,406 25,000 27,406 2.706 2.706 4459 in cash and cash equivalents in the year (2,770} {8,4591 Cash and cash equivalents at 1 August 14,641 23,100 Total cash and cash equivalents at the end of the year 11.871 14,641 The Leicester Philharnionic Choir Notes to the AcGounts for the year ended 31 July 2020 1 Accounting policies Basis of preparati¢)n The accounts have been prepared in accordance with Accountsng and ReF)OrtÉng by Charities.. Statement of Recommended pract￿ applicable to charibes preparing their accounts in accordance with the Financial Reports"ng Standafd applicable in the UK and Republic of Ireland IFRS 1021 leffectsve 1 January 20151- (Charrties SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)- The Leicester Philharmonic Choir meets the definrtion of a public benefit entity under FRS 102. Assets and liabilities are initially tecognised at historical cost or transacb.on value unless otherwise stated in the relevant accounting policy note(s). Funds structure The charity has a single pemanent endchvment Restricted ftEnds are funds which are to be used in accordance wth specific restrictions imposed by the donor or Iwst deed. There is a single restrECted fund, the 125th anniversary concert fund, restricted to funding the 125th anr¢iversary concert Unrestn'cted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestrtcted hjnds include designated fvnds where the trustees, at their discretion, have created a fund for a specific purpose_ Incomo rKognition All income is recognised or1￿ the charity has entidement to the in￿me, it is probable that the income will be received and the amount of income ￿1Vable can be measured reliably. Donations, are recognised when the Trust has been notsfied in wrEknng of both the amount and settlement dale. In the event that a donation is subject to condtb.ons that require a level of performance before the chanty is entitled to the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fvffilment of those conditions is wholly within the control of the charity and it is probable that those condrtions wtll be ftjlfilled in the reporting period Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is nom)alty UFon notificab.on of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normalty ukK)n notificatK)n by our investment advisor of the dividend yield of the investment porttolio. Expenditure recognition Liabilib'es are recognised as expenditure as swn as there is a legal or constructNe ObE￿ation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligab.on can be measured reliabty. All expenditure is accounted for on an accruals basts. All expenses a￿ allocated or apwrboned to the applicable expenditure headings. Irrecoverable VA T Irrecoverable VAT is charged against the eX￿ndItUre heading for which it was incurred The Leicester Philhamjonic Choir Notes to the Accounts for the year ended 31 July 2020 T8nglble flxed assets Tangible fixed assets for use by the charity are stated * ￿$t less depreciab"on. Items below £100 are not capitalised. DepreCiat￿Tr has been provided at the follo￿n9 rates in order to write off the assets over their estimated useful lives. Fixtures, fittings and equipment Music scores 33 33% straighl line 10% straight line Stocks Stock is valued at the lower of cost and net realisable value. Investments Investments are included at market value at the year end. Gains and losses on disposal and fevaluation of inveslments are charged or credtted to the statement of financial activities. 14 months 2019 2 Income from charitable activities 2020 Rehearsal receipts Concert receipts Patrons, subscriptions External music l(Rn receipts Other income 14,463 11,781 1.015 334 16,292 16,450 995 541 37 27,594 34,315 14 months 2019 3 Investment Income 2020 Interest Gainslllossesl on investments 2.406 545 2,7C 1,108 3,814 2.951 14 months 2019 4 Expendlture on charitable activities 2020 Concert expenses Rehearsal expenses Accounts preparation an(J independent examination Making Music membership and insurance 42,840 14.067 1,391 613 58.911 29,801 16,745 1,360 47,906 10 The Leicester Philhamionic Choir Notes to the Accounts for the year ended 31 Juty 2020 5 Tangible fixed assets Fixtures, fittings and equipment Music scores Total Cost At 1 AugLlSt 2019 At 31 July 2020 12,488 12,488 1,292 1,292 13,780 13,780 Depreciation At 1 August 2019 At 31 July 2020 12,488 12,488 1.292 1,292 13,780 13,780 Net book value At 31 July 2020 Al 31 July 2019 6 Investments Other investments Valuation At 1 August 2019 Gain on revaluation Disposals in the year 112,877 545 (25,000} At 31 July 2020 88,422 Other investments 2020 2019 28,404.21 units in COIF Charities Fixed Interest Income Fund and £48.000 on deposit in a NS&I Income Bond 88.422 112.877 7 Debtors 2020 2019 Prepayments and accrued income 8 Creditor5: amounts falling due within one year 2020 2019 Trade creditors Accruals 800 2,090 2,890 1,360 1,864 The Leicester Philhamionlc Choir Notes to the Accounts for the year ended 31 July 2020 9 Restricted funds - 125th Anniversary concert 2020 Nel income in the year At 31 July 2020 162 10 Analysis of net assets between funds Tol&l Tangib5e fixed assets Investments Nel current assets 32,470 10,202 55.952 88,422 10,364 162 42,672 55.952 162 98,786 12 Reconciliation of net movement in funds to net ¢ash flow from operating aclivities 14 months 2019 2020 Net movement in funds Interest included in investment income Lossesllgains) included in investment income Decreasellincrease} in str£k Decreasellincreasel in debtOTS Increasel{decreasel in creditors (28,251 } {2,4061 1545} 19,0981 12,7061 11,1081 3,306 11,5591 11,165 1.026 30,176 13 Related parties During the year, a trustee made a short-temi. interest free loan to the chatty of £2,000. The purpose of the loan w35 to ensure that the bank acu>unt remained in credit. The loan vras fully repaid by the end of the year. EX￿pt for the transaction above and the payment of membership fees no trustee or other person related to the charty had any personal interest in any contract or transaction entered into by the charity during the year {2019 £Nill No trustees r￿1Ved any remunerats.on during Ihe year.12019'. £Nil). A total of £319 was paid to trustees for the reimbursement of expenses in the year.12019'. £901). 12 OJW)•nOr omvrDO eJru￿rnIX> (O o ¢OOtry*N fo osto OP)¢O0¢D￿j CC Ci ￿(L oD2£ >(tv