REGISTERED COMPANY NUMBER: 02215790 (England and Wales)
REGISTERED CHARITY NUMBER: 800541
NEW LONDON ORCHESTRA LIMITED
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Gibbons Mannington & Phipps LLP
Chartered Accountants
Landgate Chambers
24 Landgate
Rye
East Sussex
TN31 7LJ
NEW LONDON ORCHESTRA LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
|
Page |
Page |
Page |
Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
|
4 |
|
Statement of Financial Activities |
|
5 |
|
Balance Sheet |
|
6 |
|
Notes to the Financial Statements |
7 |
to |
12 |
Detailed Statement of Financial Activities |
|
13 |
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NEW LONDON ORCHESTRA LIMITED (REGISTERED NUMBER: 02215790)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31August2020.The trustees
haveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Mission Statement
ThemissionoftheNewLondonOrchestraistobethemostadventurousandinnovative chamber
orchestrainLondon,broadeningtheaudienceformusicandtheartsbyplacingeducationattheheart of
allitsactivities.ThroughAdventuresinMusic®,theOrchestrawillcontinuetodevelop creative
partnerships, promote excellence, and display artistic integrity.
Objectives of the charity
TheobjectivesofthecharityaretoadvanceeducationforthebenefitofthepublicinMusicandthe Arts
bypresenting,promoting,organising,providing,managingandproducingconcertsandother events.
These have been the principal activities of the company since incorporation.
Public benefit
TheTrusteesconfirmthattheyhavehaddueregardtotheguidancepublishedbythe Charity
Commission on public benefit.
ACHIEVEMENT AND PERFORMANCE
Management team & office
Ian MacGregor continues to act as General Manager this year on a part-time basis.
AteamofexternalserviceproviderssupportedIan.Theywere:AndrewBentley(Payroll Supervisor),
ColinAlexander(OrchestraFixer),LeeStephenson(MusicLibrary),TimEllerby(IT).Theoffice provided
administrationservicestotheorchestra'sArtisticDirector,RonaldCorp,inhiscapacityasa composer
and conductor.
Inordertokeeptheon-goingoverheadcoststoaminimum,theorchestracontinuedtobe managed
from the home of the General Manager.
Concerts and recordings
Choral Performances
Theorchestra'sperformanceswithourassociatedchoralsocietiesthisyearwereadverselyaffected by
thecoronaviruspandemic,withtwoperformancesinMarchbeingcancelled.Duetothelatenoticeof the
cancellationoftheHighgateChoralSocietyconcert,wewereveryfortunatethatthechoirpaid the
invoice.HowevertheLondonChoralSocietyconcerthasstillnotbeenre-scheduled.Wedidgive one
concert in November 2019 before the lockdown which was BACH Christmas Oratorio.
Recordings
InJanuary2020werecordedaworldpremiereofJOHNTAVENER'sPalintroposatSt. Jude-on-the-hill
withthesensationalyoungJapanesepianistARUHI.ThealbumwasreleasedinOctober2020to critical
acclaimalongwithAllThingsInTimeandSpacebyMICHAELSTEWARTforanewrecordlabelA Flock
Ascending.
Astheorchestrawasunabletoperformduetocoronavirusrestrictions,werecordedaseriesof videos
providinganinvaluablefreeresourceforschools.Thesevideosintroducethestudentstothe instruments
oftheorchestra.EachvideoispresentedbyanNLOplayerandRonaldCorp,andatonly3.5 minutes
long is perfect for use in the classroom. The videos have been much appreciated by teachers.
Page 1
NEW LONDON ORCHESTRA LIMITED (REGISTERED NUMBER: 02215790)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
Developing Our New Artistic Vision
ThemainpartofourArtisticVisionweareseekingtodevelopistopromotecontemporaryclassical music
toayoungaudienceandthemusicoflessknowncomposers.Wearecurrentlyworkingonaproject for
2023celebratingfourtwentieth-centurywomencomposers.TheseriesisacollaborationwithDr Leah
Broad,ahighlyrespectedjuniorresearchfellowatOxford,whoiswritingabiographyofthefourto be
publishedbyFaberin2023.Weareplanningtogivefiveconcertsfeaturingthemusicofthese composers
with contextualised works of their contemporaries, with short linking narration from Leah.
FINANCIAL REVIEW
Thecharitycontinueskeeptheadministrationcoststotheminimumandsowehavebeenable to
manage the orchestra without any support from Arts Council England.
ThegenerousgrantfromtheGarfieldWestonFoundationoverthreeyearswhichwereceivedlast year
continuestogivetheorchestrathefinancialsecurityinthenearfuturewhichhasenabledustoplan our
future despite the uncertainties from the coronavirus pandemic.
Thecharity'sintentionistoincreasethelevelofreservessothatthebasicadministrationfunctions can
carry on without any financial risk. Any surplus reserves will be used to increase the number of concerts.
Wecontinuetohavethesupportofsomegenerousindividuals,whichenablesustocontinuetomeet our
liabilitiesuntilsuchtimeasalternativelong-termfundingsourcesarefound.Withthissupportin mind
alongwiththegrantfromtheGarfieldWestonFoundation,weconsidertheuseofthegoing concern
assumption to be appropriate.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimited company,
limited by guarantee, as defined by the Companies Act 2006.
Organisational management
TheBoardofTrusteesarelegallyresponsiblefortheoverallmanagementandcontrolofthe charitable
company.Decision-makingislargelydonebytheManagementofthecompany,withimportant decisions
ofapolicyorfinancialnaturebeingmadebytheBoardofTrustees.TheBoardofTrusteesmeets a
minimum of 3 times every year.
The Board of Trustees is chaired by Jonathan White.
ExpansionoftheBoard,especiallyfromthecorporatesector,isongoing.Possiblecandidatesare selected
onrecommendationsfromtheexistingBoardmembers,andameetingisheldwiththeChairman and
Artistic Director to confirm the suitability for the Board.
The members of the Management and Advisory Council during the year were as follows:
Management
Ronald Corp - Artistic Director & Chief Executive
Ian MacGregor - General Manager
Advisors
Andrew Bentley - Consultants Concerts Manager
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02215790 (England and Wales)
Registered Charity number
800541
Page 2
NEW LONDON ORCHESTRA LIMITED (REGISTERED NUMBER: 02215790)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
Registered office
Landgate Chambers
Rye
East Sussex
TN31 7LJ
Trustees
D I Blagbrough Education Director
Prof I D L Bogle University Professor
J P R White Legal Adviser
Company Secretary
Rev R G Corp
Independent Examiner
K M Luck FCA
Gibbons Mannington & Phipps LLP
Chartered Accountants
Landgate Chambers
24 Landgate
Rye
East Sussex
TN31 7LJ
ThisreporthasbeenpreparedinaccordancewiththespecialprovisionsofPart15oftheCompanies Act
2006 relating to small companies.
Approvedbyorderoftheboardoftrusteeson.............................................andsignedonits behalf
by:
.......................................................
J P R White - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
NEW LONDON ORCHESTRA LIMITED (REGISTERED NUMBER: 02215790)
Independentexaminer'sreporttothetrusteesofNewLondonOrchestraLimited ('the
Company')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 August 2020.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16 of
the2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutundersection145oftheCharitiesAct2011('the2011Act').In carrying
outmyexaminationIhavefollowedtheDirectionsgivenbytheCharityCommissionundersection 145(5)
(b) of the 2011 Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentionin connection
with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
K M Luck FCA
Gibbons Mannington & Phipps LLP
Chartered Accountants
Landgate Chambers
24 Landgate
Rye
East Sussex
TN31 7LJ
Date: .............................................
Page 4
NEW LONDON ORCHESTRA LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020
Unrestricted
Restricted
fund
funds
Notes
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
1,276
22,000
Charitable activities
4
Orchestra and concert performances
22,215
-
Other trading activities
3
2,465
-
Total
25,956
22,000
EXPENDITURE ON
Charitable activities
5
Orchestra and concert performances
32,286
10,000
NET INCOME/(EXPENDITURE)
(6,330)
12,000
Transfers between funds
14
12,000
(12,000)
Net movement in funds
5,670
-
RECONCILIATION OF FUNDS
Total funds brought forward
13,946
-
TOTAL FUNDS CARRIED FORWARD
19,616
- |
2020
Total
funds
£
23,276
22,215
2,465
47,956
42,286
5,670
-
5,670
13,946
19,616 |
2019
Total
funds
£
42,732
37,718
3,696 |
|
|
84,146
81,558 |
|
|
2,588
- |
|
|
2,588
11,358 |
|
|
13,946 |
The notes form part of these financial statements
Page 5
NEW LONDON ORCHESTRA LIMITED (REGISTERED NUMBER: 02215790)
BALANCE SHEET
31 AUGUST 2020
Unrestricted
Restricted
fund
funds
Notes
£
£
CURRENT ASSETS
Debtors
12
6,334
-
Cash at bank
21,062
54,000
27,396
54,000
CREDITORS
Amounts falling due within one year
13
(7,780)
(54,000)
NET CURRENT ASSETS
19,616
-
TOTAL ASSETS LESS CURRENT
LIABILITIES
19,616
-
NET ASSETS
19,616
-
FUNDS
14
Unrestricted funds
TOTAL FUNDS |
2020
Total
funds
£
6,334
75,062
81,396
(61,780)
19,616
19,616
19,616
19,616
19,616 |
2019
Total
funds
£
4,469
50,953
55,422
(41,476)
13,946
13,946
13,946
13,946
13,946 |
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 31 August 2020.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
J P R White - Trustee
The notes form part of these financial statements
Page 6
NEW LONDON ORCHESTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts
inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statements have been prepared under the historical cost convention.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Computer equipment- 20% on cost
Taxation
Thecharityisexemptfromcorporationtaxonitscharitableactivities.OrchestraTaxRelief was
introducedwitheffectfrom1April2016andthecharityistosubmitaclaimfortheyearwhich is
provided in these accounts and included in Other Debtors.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Debtors
Tradeandotherdebtorsarerecognisedatthesettlementamountdueafteranytrade discount
offered.Prepaymentsarevaluedattheamountprepaidaftertakingaccountofanytrade discounts
due.
Creditors and provisions
Creditorsandprovisionsarerecognisedwherethecharityhasapresentobligationresultingfrom a
pasteventthatwillprobablyresultinthetransferoffundstoathirdpartyandtheamountdue to
settletheobligationcanbemeasuredorestimatedreliably.Creditorsandprovisionsare normally
recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
Thetrustonlyhasfinancialassetsandfinancialliabilitiesofakindthatqualifyasbasic financial
instruments.Basicfinancialinstrumentsareinitiallyrecognisedattransactionvalue and
subsequently measured at their settlement value.
continued...
Page 7
NEW LONDON ORCHESTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
2. DONATIONS AND LEGACIES
Unrestricted
funds
£
General donations and gifts including
gift aid
1,276
Garfield Weston Foundation
-
Charities Aid Foundation
-
1,276
3.
OTHER TRADING ACTIVITIES
Unrestricted
funds
£
Orchestra Tax Relief
2,465
4.
INCOME FROM CHARITABLE ACTIVITIES
Orchestra and concert performances
5.
CHARITABLE ACTIVITIES COSTS
Orchestra and concert
performances
6.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Musician fees
Music and instrument hire
Orchestral management fees
Retainers
Storage
Production |
2020
Restricted
Total
funds
funds
£
£
-
1,276
12,000
12,000
10,000
10,000
22,000
23,276
2020
Restricted
Total
funds
funds
£
£
-
2,465
2020
Orchestra
and
concert
performances
£
22,215
Direct
Support
Costs (see
costs (see
note 6)
note 7)
£
£
31,295
10,991
2020
£
17,298
807
1,500
10,000
690
1,000
31,295 |
|
2019
Total
funds
£
2,732
-
40,000
42,732
2019
Total
funds
£
3,696
2019
Total
activities
£
37,718
Totals
£
42,286
2019
£
26,080
2,940
1,700
40,000
670
-
71,390 |
|
|
|
|
continued...
Page 8
NEW LONDON ORCHESTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
7. SUPPORT COSTS
SUPPORT COSTS |
|
|
|
|
|
Governance |
|
|
Management |
costs |
Totals |
|
£ |
£ |
£ |
Orchestra and concert performances |
6,891 |
4,100 |
10,991 |
Support costs have been allocated entirely to orchestra and concert activities.
Support costs, included in the above, are as follows:
2020
Orchestra
and
concert
performances
£
Insurance
600
Other office costs
351
Professional fees
5,940
Accountancy and legal fees
4,100
10,991 |
2019
Total
activities
£
560
414
4,894
4,300
10,168 |
|
|
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
2020 |
2019 |
|
£ |
£ |
Independent examination |
1,200 |
1,200 |
Accountancy |
2,900 |
3,100 |
9. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2020nor for
the year ended 31 August 2019.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31August2020norfortheyear ended
31 August 2019.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2,732
40,000
Charitable activities
Orchestra and concert performances
37,718
-
Other trading activities
3,696
-
Total
44,146
40,000 |
Total
funds
£
42,732
37,718
3,696 |
|
84,146 |
EXPENDITURE ON
continued...
Page 9
NEW LONDON ORCHESTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
10. |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
|
|
|
Unrestricted |
Restricted |
Total |
|
|
fund |
funds |
funds |
|
|
£ |
£ |
£ |
|
Charitable activities |
|
|
|
|
Orchestra and concert performances |
41,558 |
40,000 |
81,558 |
|
NET INCOME |
2,588 |
- |
2,588 |
|
RECONCILIATION OF FUNDS |
|
|
|
|
Total funds brought forward |
11,358 |
- |
11,358 |
|
TOTAL FUNDS CARRIED FORWARD |
13,946 |
- |
13,946 |
11. |
TANGIBLE FIXED ASSETS |
|
|
|
|
|
|
|
Computer |
|
|
|
|
equipment |
|
|
|
|
£ |
|
COST |
|
|
|
|
At 1 September 2019 and |
|
|
|
|
31 August 2020 |
|
|
4,914 |
|
DEPRECIATION |
|
|
|
|
At 1 September 2019 and |
|
|
|
|
31 August 2020 |
|
|
4,914 |
|
NET BOOK VALUE |
|
|
|
|
At 31 August 2020 |
|
|
- |
|
At 31 August 2019 |
|
|
- |
12. |
DEBTORS: AMOUNTS FALLING DUE WITHIN |
ONE YEAR |
|
|
|
|
|
2020 |
2019 |
|
|
|
£ |
£ |
|
Trade debtors |
|
173 |
173 |
|
Other debtors |
|
6,161 |
3,696 |
|
Prepayments |
|
- |
600 |
|
|
|
6,334 |
4,469 |
continued...
Page 10
NEW LONDON ORCHESTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT
Accruals and deferred income
MOVEMENT IN FUNDS
Net
movement
At 1/9/19
in funds
£
£
Unrestricted funds
General fund
13,946
(6,330)
Restricted funds
Garfield Weston
-
12,000
TOTAL FUNDS
13,946
5,670
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
25,956
Restricted funds
Charities Aid Foundation
10,000
Garfield Weston
12,000
22,000
TOTAL FUNDS
47,956
Comparatives for movement in funds
At 1/9/18
£
Unrestricted funds
General fund
11,358
TOTAL FUNDS
11,358 |
2020
2019
£
£
3,236
7
344
1,269
58,200
40,200
61,780
41,476
Transfers
between
At
funds
31/8/20
£
£
12,000
19,616
(12,000)
-
-
19,616
Resources
Movement
expended
in funds
£
£
(32,286)
(6,330)
(10,000)
-
-
12,000
(10,000)
12,000
(42,286)
5,670
Net
movement
At
in funds
31/8/19
£
£
2,588
13,946
2,588
13,946 |
|
|
14. MOVEMENT IN FUNDS
continued...
Page 11
NEW LONDON ORCHESTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Charities Aid Foundation
TOTAL FUNDS |
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
44,146
(41,558)
2,588
40,000
(40,000)
-
84,146
(81,558)
2,588 |
|
|
The Restricted funds are for income received for a particular restricted purpose.
DuringtheyeartheCharitiesAidFoundationgranted£40,000forthepurposeofretaining the
servicesofMrRCorp.Thesumof£10,000waschargedduringtheyearandtherefore£30,000 is
carried forward on the Restricted fund at the year end.
AttheendofAugust2019theGarfieldWestonFoundationgranted£36,000tobespread over
threeyearstowardsthefutureplansofthecharity.Duringtheyearto31August2020 £12,000
hasbeenreleasedtowardsthecorecostsfortheyearand£24,000hasbeencarriedforward as
deferred income at the year end.
Transfers between funds
Thesumof£12,000hasbeenreleasedfromtherestrictedfundinrespectoftheGarfield Weston
grant towards the core costs of the charity during the year ended 31 August 2020.
15. RELATED PARTY DISCLOSURES
TheArtisticDirectorandChiefExecutiveMrRCorpwaspaid£10,000asaretainerduringthe year.
There was no amount outstanding at the year end.
The Hon. I MacGregor was paid £5,940 for consultancy fees during the year.
16. COMPANY LIMITED BY GUARANTEE
NewLondonOrchestraisacharitablecompanylimitedbyguaranteeandaccordinglydoes not
have a share capital.
Everymemberofthecharitablecompanyundertakestocontributesuchamountasmay be
requirednotexceeding£1totheassetsofthecompanyintheeventofitsbeingwoundup while
he or she is a member, or within one year after he or she crease to be a member.
Page 12
NEW LONDON ORCHESTRA LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020
INCOME AND ENDOWMENTS
Donations and legacies
General donations and gifts including gift
aid
Garfield Weston Foundation
Charities Aid Foundation
Other trading activities
Orchestra Tax Relief
Charitable activities
Orchestra and concert performances
Total incoming resources
EXPENDITURE
Charitable activities
Musician fees
Music and instrument hire
Orchestral management fees
Retainers
Storage
Production
Support costs
Management
Insurance
Other office costs
Professional fees
Governance costs
Accountancy and legal fees
Total resources expended
Net income |
2020
£
1,276
12,000
10,000
23,276
2,465
22,215
47,956
17,298
807
1,500
10,000
690
1,000
31,295
600
351
5,940
6,891
4,100
42,286
5,670 |
2019
£
2,732
-
40,000 |
|
|
42,732
3,696
37,718 |
|
|
84,146
26,080
2,940
1,700
40,000
670
- |
|
|
71,390
560
414
4,894 |
|
|
5,868
4,300 |
|
|
81,558 |
|
|
2,588 |
This page does not form part of the statutory financial statements
Page 13