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Charity registration number 501551
The Leicester Philharmonic Choir
Report and Accounts
31 July 2023
Nick@ Westbury; — Chartered Certified Accountants
The Leicester Philharmonic Choir Report and accounts Contents
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Statement of financial activities | 6 |
| Balance sheet | ri |
| Cash flow statement | 8 |
| Notestotheaccounts | 9 |
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The Leicester Philharmonic Choir Charity Information
Trustees
Ms S J Alleyne Mr J Aucott Miss S M Bevin Mrs S Godber (Vice Chair) Rev. A R Leighton (resigned 9 January 2023) Mr C S Love (resigned 21 November 2022) Mrs H Marston (Chair) Mrs M C O'Neill Mrs K Peake (Concert Manager) Mrs R C Thorpe (Treasurer)
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 Harborough Leicestershire
Charity office 5 Mucklegate Lane Seagrave Loughborough LE12 7LD
Charity registration number 501551
1
:
,
The Leicester Philharmonic Choir
Trustees’ Report
The trustees present their report and accounts for the year ended 31 July 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and 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 UK and Republic of Ireland published on 16 July 2014.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The charity is governed by its constitution last revised in November 2021, its object being to promote, improve, develop and maintain public education in and appreciation of choral and orchestral music in all its aspects by the presentation of public choral and/or orchestral concerts and by such ways as the charity may determine from time to time.
The trustees consider that they have complied with Section 17(5) of The Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
ACHIEVEMENTS AND PERFORMANCE
The 2022/23 season began with a concert in October 2022 in De Montfort Hall celebrating the 150th anniversary of the birth of Ralph Vaughan Williams. In this the choir was joined by Peterborough Choral Society, Leicester Youth Chorus, the Bardi Symphony Orchestra, and soloists Nina Bennet and Andrew Davies in a performance of Vaughan Williams’ ‘A Sea Symphony’, among other works.
The choir returned to De Montfort Hall in November to take part in ‘Last Night of the Autumn Proms’, and in December 2022 the choir continued its tradition of a concert of Carols and Christmas readings at St James the Greater in Leicester. On 25th March 2023 the choir returned to St James the Greater for a performance of Handel's Messiah with four soloists and the orchestra of Musica Donum Dei. In May 2023 the choir and members of the public took part in a ‘Come and Sing’ event run by Will Todd, and the final performance of the season was ‘Time for Summer — a programme of light music featuring ‘Footsteps’ by Will Todd among other pieces.
FINANCIAL REVIEW
The total income for the year was £36,455 (2022: £20,447) and the total expenditure was £45,422 (2022: £31,227).
Investment policy and performance
It is the duty of the trustees, not only wisely 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 charity.
Risk management
The trustees have assessed the risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate the exposure to the major risks.
2
The Leicester Philharmonic Choir
Trustees’ Report
Reserves policy
The trustees continue to review the reserves on a regular basis in the current difficult financial climate. At the year end reserves are £73,500 (2022: £82,467) which is split into unrestricted funds of £17,386; restricted funds of £162; and permanent endowment funds of £55,952. The reserves policy is to have sufficient reserves for the charity to continue with its proposed diary of events. The charity still has sufficient reserves to enable performances to continue for the foreseeable future.
The trustees are continually 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
Plans for the 2023/24 season are for a performance of Mozart's Requiem and Richard Blackford’s Pieta at Leicester Grammar School on 21st October 2023, and a return to St James the Greater in December 2023 for the traditional Carol Concert. Plans are also being compiled for concerts in March 2024 and in the summer of 2024 but these are still in a state of being finalised at present.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Trustees
The trustees who have served during the year are as detailed on page 1.
Trustees serve for a period of up to three years on first being elected to the committee. Thereafter they may offer themselves for re-election for a further period of up to three years, then annually at each AGM.
Trustees recruitment
The LPC is actively looking to recruit and appoint suitable new trustees. Potential trustees would attend committee meetings and suitable training is offered where required.
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The Leicester Philharmonic Choir
Trustees’ Report
Trustees’ responsibilities in relation to the accounts
The charity trustees are responsible for preparing a trustees’ annual report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare accounts for each year which give a true and fair view of the state of affairs of the charity and of the income and expenditure, of the charity for that period. In preparing the accounts, the trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the applicable Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the accounts;
prepare the accounts 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 disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of accounts.
This report was approved by the trustees on 16 October 2023 and signed on their behalf.
Mrs H Marston - Chair
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The Leicester Philharmonic Choir
Independent examiner's report to the trustees
This report on the accounts of the Leicester Philharmonic Choir for the period ended 31 July 2023, set out on pages 6 to 14, is in respect of an examination carried out in accordance with section 145 of the Charities Act 2011.
Respective responsibilities of the trustees and the independent examiner
The trustees are responsible for the preparation of the accounts.
On the basis that the trustees consider that the audit requirement of section 144(2) of the Charities Act 2011 does not apply, it is my responsibility to state, on the basis of procedures specified in the General Directors given by the Charity Commissioners under s145(5)(b) of the Act, whether particular matters have come to my attention.
Basis of the independent examiner’s report
My examination 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 with those records. It also included the consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect the requirements: * to keep accounting records in accordance with section 130 of the Charities Act 2011; and * to prepare accounts which accord with the accounting records have not been met; or
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to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.
N Westbury BSc(Hons) FCCA
The Old Engine Shed Whettons Yard Chapel Street Bloxham Banbury Oxon OX15 4NB
16 October 2023
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The Leicester Philharmonic Choir Statement of Financial Activities for the year ended 31 July 2023
| Permanent | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | endowment | Restricted | |||||
| Notes | funds | funds | funds | 2023 | 2022 | ||
| £ | £ | £ | £ | £ | |||
| Income and endowments | |||||||
| Donations (including recoverable tax) | 242 | - | - | 242 | 404 | ||
| Income from charitable activities | 2 | 35,473 | - | - | 35,473 | 23,752 | |
| Investment income | 3 | 740 | - | - | 740 | (3,709) | |
| Total income | 36,455 | - | - | 36,455 | 20,447 | ||
| Expenditure | |||||||
| Expenditure on charitable activities | 4 | 45,422 | - | - | 45,422 | $1,227 | |
| Total expenditure | 45,422 | - | - | 45,422 | 7 | 31227 | |
| Net (expenditure)/income and net | |||||||
| movement in funds forthe year | (8,967) | - | - | (8,967) | (10,780) | ||
| Reconciliation offunds | |||||||
| Total funds brought forward | 26,353 | 55,952 | 162 | 82,467 | 93,247 | ||
| Totalfundscarriedforward | 17,386 | 55,952 | 162 | 73,500 | 82,467 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities
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The Leicester Philharmonic Choir Balance Sheet as at 31 July 2023
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Notes|2023|2022|
|£|£|
|Fixed|assets|
|Investments|6|53,682|54,213|
|Current|assets|
|Stock|1,383|1,383|
|Cash|at|bank|and|in|hand|19,295|27,671|
|20,678|29,054|
|Liabilities|
|Creditors|falling|due|within|one|
|year|7|(860)|(800)|
|Net|current|assets|19,818|28,254|
|Net|assets|73,500|82,467|
|The|funds|of the|charity|
|Restricted|funds|8|162|162|
|Endowment|funds|9|55,952|55,952|
|Unrestricted|income|funds|17,386|26,353|
|Total|charity funds|73,500|82,467|
----- End of picture text -----
Approved by the trustees, and authorised for issue on 16 October 2023 and signed on their behalf
Mrs H Marston - Chair
L
The Leicester Philharmonic Choir Cash Flow Statement for the year ended 31 July 2023
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Note|2023|2022|
|£|£|
|Cash|used|in|operating|activities|11|(9,647)|(6,991)|
|Cash|flows|from|investing|activities|
|Interest|received|1,271|1,145|
|Proceeds|from|sale|of investments|28,000|
|Cash|generated|from|investing|activities|1,271|29,145|
|Decrease|in|cash|and|cash|equivalents|in|the|year|(8,376)|22,154|
|Cash|and|cash|equivalents|at|1|August|27,671|5,517|
|Total|cash|and|cash|equivalents|at|the|end|of the|year|19,295|27,671|
----- End of picture text -----
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1 Accounting policies
The Leicester Philharmonic Choir Notes to the Accounts for the year ended 31 July 2023
Basis ofpreparation
The accounts 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Leicester Philharmonic Choir meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Funds structure
The charity has a single permanent endowment.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. There is a single restricted fund, the 125th anniversary concert fund, restricted to funding the 125th anniversary concert.
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled 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 normally upon notification 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 normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses are allocated or apportioned to the applicable expenditure headings.
Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred
9
The Leicester Philharmonic Choir Notes to the Accounts for the year ended 31 July 2023
Tangible fixed assets
Tangible fixed assets for use by the charity are stated at cost less depreciation. Items below £100 are not capitalised.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Fixtures, fittings and equipment Music scores
33.33% straight 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 revaluation of investments are charged or credited to the statement of financial activities.
| 2 | Income from charitable activities | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Rehearsal receipts | 15,119 | 12,701 | |
| Concert receipts | 17,213 | 9,642 | |
| Patrons' subscriptions | 700 | 1,185 | |
| External music loan receipts | 145 | 224 | |
| Other income | 2,296 | - | |
| 35,473 | 23,752 | ||
| 3 | Investment income | 2023 | 2022 |
| £ | £ | ||
| Interest | 1,271 | 1,145 | |
| (Losses)/Gains on investments | (531) | (4,854) | |
| 740 | (3,709) | ||
| 4 | Expenditure on charitable activities | 2023 | 2022 |
| £ | £ | ||
| Concertexpenses | 28,603 | 14,766 | |
| Rehearsal expenses | 15,538 | 15,339 | |
| Accounts preparation and independent examination | 860 | 800 | |
| Making Music membership and insurance | 421 | 322 | |
| Donations | - | - | |
| 45,422 | 31,227 |
10
The Leicester Philharmonic Choir Notes to the Accounts for the year ended 31 July 2023
- 5 Tangible fixed assets
| 5 | Tangible fixed assets | ||||
|---|---|---|---|---|---|
| Fixtures, | |||||
| Music | fittings and | ||||
| scores | equipment | Total | |||
| £ | £ | Ee | |||
| Cost | |||||
| At 1 August 2022 | 12,488 | 1,292 | 13,780 | ||
| At 31 July 2023 | 12,488 | 1,292 | 13,780 | ||
| Depreciation | |||||
| At 1 August2022 | 12,488 | 1,292 | 13,780 | ||
| At 31 July 2023 | 12,488 | 1,292 | 13,780 | ||
| Net book value | |||||
| At 31 July 2023 | - | - | - | ||
| 6 | Investments | ||||
| Other | |||||
| investments | |||||
| £ | |||||
| Valuation | |||||
| At 1 August2022 |
54,213 | ||||
| Loss on revaluation | (531) | ||||
| Disposals in the year | - | ||||
| At 31 July 2023 | 53,682 | ||||
| Other investments | 2023 | 2022 | |||
| £ | £ | ||||
| 28,404.21 units in COIF Charities Fixed Interest Income | Fund | ||||
| and £20,000 on deposit in | a NS&l Income Bond | 53,682 | 54,213 | ||
| 7 | Creditors: amounts falling due within oneyear | 2023 | 2022 | ||
| £ | £ | ||||
| Accruals | 860 | 800 | |||
| 860 | 800 |
11
The Leicester, Philharmonic Choir Notes to the Accounts for the year ended 31 July 2023
| 8 | Restricted funds - 125th Anniversary concert | 2023 |
|---|---|---|
| £ | ||
| At 1 August2022 | 162 | |
| At 31 July 2023 | 162 | |
| 9 | Endowment funds | 2023 |
| £ | ||
| At 1 August2022 | 55,952 | |
| At31July2023 | 55,952 |
10 Analysis of net assets between funds
| Permanent | |||||
|---|---|---|---|---|---|
| Unrestricted | endowment | Restricted | Total | ||
| Investments | (2,270) | 55,952 | - | 53,682 | |
| Net current assets | 19,656 | - | 162 | 19,818 | |
| 17,386 | 55,952 | 162 | 73,500 | ||
| Reconciliation of netmovement | in funds to net | cash flowfrom | operating activities | ||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Net movement in funds | (8,967) | (10,780) | |||
| Interest included in investment income | (1,271) | (1,145) | |||
| Losses/(gains) included in investment | income | 531 | 4,854 | ||
| Decrease/(increase) in stock | = | = | |||
| Decrease/(increase) in debtors | - | - | |||
| (Decrease)/increase in creditors | 60 | 80 | |||
| (9,647) | (6,991) |
11 Reconciliation of net movement in funds to net cash flow from operating activities
12 Related parties
Except for the payment of membership fees no trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2022 - £Nil).
No trustees received any remuneration during the year. (2022: £Nil). A total of £nil was paid to trustees for the reimbursement of expenses in the year. (2022: £nil).
12
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The Leicester Philharmonic Choir Appendix/to the accounts for the year ended 31 July 2023
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Rehearsal|income|and|expenditure|2023|2022|
|£|£|
|Income|
|Choir|subscriptions|14,254|11,841|
|Music|hire|865|860|
|15,119|12,701|
|Expenditure|
|Printing|and|office|expenses|552|-|
|Room|Hire|3,328|2,789|
|Director|of|music,|accompanist|and|deputies|9,506|8,110|
|Purchase|and|hire|of|music|1,218|1,955|
|Miscellaneous|734|583|
|Recruitment|and|general|advertising|200|1,902|
|15,538|15,339|
|Net|income/(expenditure)|for the|year|(419)|(2,638)|
----- End of picture text -----
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