2025-08-31-accounts - New London Orchestra Limited

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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 2025

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 2025`

----- Start of picture text -----
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
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NEW LONDON ORCHESTRA LIMITED (REGISTERED NUMBER: 02215790)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025`

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31August2025.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.

Page 1

NEW LONDON ORCHESTRA LIMITED (REGISTERED NUMBER: 02215790)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025`

`ACHIEVEMENTS AND PERFORMANCE`

`Management team & office`

Followingtheuntimelydeathofourfounderandmusicaldirector,RonaldCorp,on7thMay2025,the NLO
isproudtocontinuethemissionRonstartedin1988tobethemostinnovativechamberorchestra in
London and to build on his remarkable legacy on the concert platform and in the recording studio.

Ian MacGregor continues to act as General Manager this year on a part-time basis.

AteamofexternalserviceproviderssupportedIan.Theywere:AndrewBentley(Payroll Supervisor),
ColinAlexander(OrchestraFixer),andLeeStephenson(MusicLibrary).Theoffice provided
administrationservicestotheorchestra'sArtisticDirector,RonaldCorp,inhiscapacityasa composer
and conductor until his death in May.

Inordertokeeptheon-goingoverheadcoststoaminimum,theorchestracontinuedtobe managed
from the home of the General Manager.

`Concerts and recordings`

`Choral Performances`

Theorchestracontinueditslong-standingrelationshipswithtwoofLondon'smajorchoralsocietieswith 5
concerts throughout the year.

InNovember2024theHighgateChoralSocietyperformedFAURÉRequiem,HOLSTASomerset Rhapsody
andtheworldpremièreofRONCORP'sPhoenixfromtheAshes,withbaritoneRoderickWilliams and
SopranoLucyCroweinCadoganHall.ThiswasthefinalconcertthatRonwasabletoconductwith the
orchestra.TheseasoncontinuedwithMONTEVERDIVespersinMarch2025conductedby Jeremy
JackmanandaconcertofworksbyHANDELandBACHincludingBACHMagnificatinJuly2025 conducted
by Jennifer Sterling.

TheLondonChorusperformedELGARTheMusicMakers,FAURÉCantiquedeJeanRacineandRAND Piano
ConcertoNo.3conductedbyAdrianBrowninMarch2025.Thiswasfollowedbyaconcertcelebrating the
80thAnniversaryofVEDayincludingaperformanceofBLISSMorningHeroeswithPetrocTrelawnyas the
orator.

Inaddition,aquartetfromtheorchestraplayedTheSomme-ALamentfromhisworkDawnOn The
Somme at Ron Corp's funeral.

`Developing Our New Artistic Vision`

ThemainpartofourArtisticVisionweareseekingtodevelopistopromotecontemporaryclassical music
toayoungaudienceandthemusicoflessknowncomposers.Wearepleasedtocontinuepromoting less
knowncomposersnextyearwithaworldpremièreofapianoconcertobytheAustralian Composer
Andrew Shultz.

`FINANCIAL REVIEW`

`Financial position`

As at the balance sheet date the charity held reserves totalling £58,525 all of which were unrestricted.

Thecharitycontinueskeeptheadministrationcoststotheminimumandsowehavebeenable to
manage the orchestra without any support from Arts Council England.

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
alongwiththepreviousgrantfromtheGarfieldWestonFoundation,weconsidertheuseofthe going
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.

Page 2

NEW LONDON ORCHESTRA LIMITED (REGISTERED NUMBER: 02215790)

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025`

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`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`

Ian MacGregor - General Manager

`Advisors`

Andrew Bentley - Consultants Concerts Manager

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Registered Company number`

02215790 (England and Wales)

`Registered Charity number`

`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

`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.

Approved by order of the board of trustees on 28 May 2026 and signed on its 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 2025.

`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
outmyexaminationIhavefollowedtheDirectionsgivenbytheCharityCommissionunder Section
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

28 May 2026

Page 4

NEW LONDON ORCHESTRA LIMITED

`STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025`

`Unrestricted` `fund` `Notes` `£` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `3` `695` `Charitable activities` `6` `Orchestra and concert performances` `49,563` `Other trading activities` `4` `12,032` `Investment income` `5` `67` `Total` `62,357` `EXPENDITURE ON` `Charitable activities` `7` `Orchestra and concert performances` `58,650` `NET INCOME` `3,707` `RECONCILIATION OF FUNDS` `Total funds brought forward` `54,818` `TOTAL FUNDS CARRIED FORWARD` `58,525`	`Restricted` `funds` `£` `-` `-` `-` `-` `-` `-` `-` `-` `-`	`2025` `Total` `funds` `£` `695` `49,563` `12,032` `67` `62,357` `58,650` `3,707` `54,818` `58,525`	`2024` `Total` `funds` `£` `30,726` `57,164` `19,070` `49`
			`107,009`
			`95,619`
			`11,390` `43,428`
			`54,818`

The notes form part of these financial statements

Page 5

NEW LONDON ORCHESTRA LIMITED (REGISTERED NUMBER: 02215790)

`BALANCE SHEET`

`31 AUGUST 2025`

`Unrestricted` `Restricted` `fund` `funds` `Notes` `£` `£` `CURRENT ASSETS` `Debtors` `14` `28,372` `-` `Cash at bank` `35,153` `-` `63,525` `-` `CREDITORS` `Amounts falling due within one year` `15` `(5,000)` `-` `NET CURRENT ASSETS` `58,525` `-` `TOTAL ASSETS LESS CURRENT` `LIABILITIES` `58,525` `-` `NET ASSETS` `58,525` `-` `FUNDS` `16` `Unrestricted funds` `TOTAL FUNDS`	`2025` `Total` `funds` `£` `28,372` `35,153` `63,525` `(5,000)` `58,525` `58,525` `58,525` `58,525` `58,525`	`2024` `Total` `funds` `£` `23,901` `66,138` `90,039` `(35,221)` `54,818` `54,818` `54,818` `54,818` `54,818`

ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 31 August 2025.

Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 August 2025 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
28 May 2026 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 2025

`1. STATUTORY INFORMATION`

NewLondonOrchestraLimitedisacharitableprivatecompany,limitedbyguarantee,registered in
EnglandandWales.Thecompany'sregistrationnumber,charityregistrationnumber and
registered office can be found in the Report of the Trustees.

`2. 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.

continued...

Page 7

NEW LONDON ORCHESTRA LIMITED

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025`

`2. ACCOUNTING POLICIES - continued`

`DEBTORS`

`Financial instruments`

Thetrustonlyhasfinancialassetsandfinancialliabilitiesofakindthatqualifyasbasic financial
instruments.Basicfinancialinstrumentsareinitiallyrecognisedattransactionvalue and
subsequently measured at their settlement value.

`3. DONATIONS AND LEGACIES`

`Unrestricted` `funds` `£` `General donations and gifts including` `gift aid` `695` `Charities Aid Foundation` `-` `695` `4.` `OTHER TRADING ACTIVITIES` `Unrestricted` `funds` `£` `Orchestra Tax Relief` `12,032` `5.` `INVESTMENT INCOME` `Unrestricted` `funds` `£` `Tax refund interest` `67` `6.` `INCOME FROM CHARITABLE ACTIVITIES` `Orchestra and concert performances`	`2025` `Restricted` `Total` `funds` `funds` `£` `£` `-` `695` `-` `-` `-` `695` `2025` `Restricted` `Total` `funds` `funds` `£` `£` `-` `12,032` `2025` `Restricted` `Total` `funds` `funds` `£` `£` `-` `67` `2025` `Orchestra` `and` `concert` `performances` `£` `49,563`	`2024` `Total` `funds` `£` `726` `30,000` `30,726` `2024` `Total` `funds` `£` `19,070` `2024` `Total` `funds` `£` `49` `2024` `Total` `activities` `£` *`57,164`*

continued...

Page 8

NEW LONDON ORCHESTRA LIMITED

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025`

`7. CHARITABLE ACTIVITIES COSTS`

`7.`	`CHARITABLE ACTIVITIES COSTS`
		`Direct`	`Support`
		`Costs (see`	`costs (see`
		`note 8)`	`note 9)`	`Totals`
		`£`	`£`	`£`
	`Orchestra and concert`
	`performances`	`47,456`	`11,194`	`58,650`
`8.`	`DIRECT COSTS OF CHARITABLE ACTIVITIES`
			`2025`	`2024`
			`£`	`£`
	`Musician fees`		`38,379`	`44,329`
	`Music and instrument hire`		`4,980`	`4,131`
	`Orchestral management fees`		`2,200`	`3,699`
	`Retainers`		`-`	`30,000`
	`Storage`		`1,897`	`1,222`
			`47,456`	`83,381`
`9.`	`SUPPORT COSTS`
			`Governance`
		`Management`	`costs`	`Totals`
		`£`	`£`	`£`
	`Orchestra and concert performances`	`6,334`	`4,860`	`11,194`
	`Support costs have been allocated entirely to orchestra`	`and concert activities.`
	`Support costs, included in the above, are as follows:`

`Support costs, included in the above, are as follows:`
	`2025`	`2024`
	`Orchestra`
	`and`
	`concert`	`Total`
	`performances`	`activities`
	`£`	`£`
`Insurance`	`660`	*`678`*
`Other office costs`	`428`	*`310`*
`Professional fees`	`5,246`	*`6,540`*
`Accountancy and legal fees`	`4,860`	*`4,710`*
	`11,194`	*`12,238`*
`NET INCOME/(EXPENDITURE)`
`Net income/(expenditure) is stated after charging/(crediting):`
	`2025`	`2024`
	`£`	`£`
`Independent examination`	`2,020`	`1,955`
`Accountancy`	`2,685`	`2,605`
`Under / (over) provision in accountancy in prior years`	`155`	`150`

`10. NET INCOME/(EXPENDITURE)`

continued...

Page 9

NEW LONDON ORCHESTRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2025

`11. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2025nor for
the year ended 31 August 2024.

`TRUSTEES' EXPENSES`

Therewerenotrustees'expensespaidfortheyearended31August2025norfortheyear ended
31 August 2024.

`12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`

`Unrestricted` `fund` `£` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `726` `Charitable activities` `Orchestra and concert performances` `57,164` `Other trading activities` `19,070` `Investment income` `49` `Total` `77,009` `EXPENDITURE ON` `Charitable activities` `Orchestra and concert performances` `65,619` `NET INCOME` `11,390` `RECONCILIATION OF FUNDS` `Total funds brought forward` `43,428` `TOTAL FUNDS CARRIED FORWARD` `54,818` `13.` `TANGIBLE FIXED ASSETS` `COST` `At 1 September 2024 and` `31 August 2025` `DEPRECIATION` `At 1 September 2024 and` `31 August 2025` `NET BOOK VALUE` `At 31 August 2025` `At 31 August 2024`	`Restricted` `Total` `funds` `funds` `£` `£` `30,000` `30,726` `-` `57,164` `-` `19,070` `-` `49` `30,000` `107,009` `30,000` `95,619` `-` `11,390` `-` `43,428` `-` `54,818` `Computer` `equipment` `£` `4,914` `4,914` `-` `-`	`Total` `funds` `£` `30,726` `57,164` `19,070` `49`
		`107,009`
		`95,619`
		`11,390` `43,428`
		`54,818`

continued...

Page 10

NEW LONDON ORCHESTRA LIMITED

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025`

`14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

Other debtors
VAT
Prepayments
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accruals and deferred income
16.
MOVEMENT IN FUNDS
At 1/9/24
£
Unrestricted funds
General fund
54,818
TOTAL FUNDS
54,818
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
62,357
TOTAL FUNDS
62,357 2025
2024
£
£
27,712
22,511
-
730
660
660
28,372
23,901
2025
2024
£
£
200
661
4,800
34,560
5,000
35,221
Net
movement
At
in funds
31/8/25
£
£
3,707
58,525
3,707
58,525
Resources
Movement
expended
in funds
£
£
(58,650)
3,707
(58,650)
3,707

`Comparatives for movement in funds`

		`Net`
		`movement`	`At`
	`At 1/9/23`	`in funds`	`31/8/24`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`43,428`	`11,390`	`54,818`
`TOTAL FUNDS`	`43,428`	`11,390`	`54,818`

continued...

Page 11

NEW LONDON ORCHESTRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2025

`16. 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` `£` `77,009` `30,000` `107,009`	`Resources` `expended` `£` `(65,619)` `(30,000)` `(95,619)`	`Movement` `in funds` `£` `11,390` `-` `11,390`

TherestrictedfundrelatestoincomereceivedtocoverthecostoftheArtisticDirectorand Chief
Executive retainer fee.

`17. RELATED PARTY DISCLOSURES`

The Hon. I MacGregor was paid £5,246 (2024: £6,540) for consultancy fees during the year.

During the accounting period the charity received Trustee donations totalling £200.

`18. COMPANY LIMITED BY GUARANTEE`

NewLondonOrchestraisacharitablecompanylimitedbyguaranteeandaccordinglydoesnot 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