Registratlon number Nl 621437 Se8tina Muslc Flnanclal Accounts and Trustees, Report for the Year Ended 31 Oecember 2023 illNiilli 'ACXIVG9C' 1710212024 COMPANIES HOUSE A13
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Pre ared B Fergus McAteer & Co Chartered Accountants 31133 Clarendon Street Derry BT48 7ER Tel No. (0281 7126 3377
Sestlna Muslc Company limited by guarantee Contents Page Legal and administrative infonnats'on Trustees, Report Independent examinerfs report Statement of Financial Activities for the year ended 31 December 2023 Balance Sheet as at 31 December 2023 Notes to the Accounts 10-15
Sestina Muslc Company limited by guarantee Legal and Admlnistrative Information Status . The organisation is a charitable company limited by guarantee, incorporated on 14 November 2013 and is recognised as a Charity with the Northern Ireland Charity Commission and HMRC. The governing document is a Memorandum and Articles of Association. Dlrectors . David Black William Irwin Thompson Irene Kingston James Kelley Karenanne Coughlan-Pierse Maurice Kelly Company Secretary . Irene Kingston Accountants . Fergus McAteer & Co Chartered Accountants 31133 Clarendon Street Derry, BT48 7ER Main Bankers . HSBC 12-14 The Diamond Oerry BT48 6HW, Reglstered Office . 94 University Street Belfast BT7 1HE Nl Charity Commission Reference Number NIC100067 Revenue & Customs Charity Number NI 00342 Company Number . Nl 621437 Page 1
Sestlna Music Trustees. Annual Report for the Year Ended 31 December 2023 The Directors are pleased to present their annual report together with the financial statements of the Charity for the year ended 31 December 2023 which are also prepared to meet the requirements for a Directors, report and accounts for Companies Act purposes. The financial statements comply with the the Charities Act (Nl) 2022, Companies Act 2006, the Memorandurn and Articles of Association, 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 (FRS102) (effective 1 January 2019.) The company is governed by a Memorandurn and Articles of Association dated 14 November 2013. The company number is Nl 621437 and the registered office is 94 University Road, Belfasl, 8T7 1HE. The company is a registered Northern Ireland Charity - reference NIC 100067. Dlrectors The directors of the charitable cofflpany (the Charity) are the trustees for the purpose of Charity Law. The trustees during the year and at 31 December 2023 were as follows.. David Black (Chair) William Irwin Thompson Irene Kingston James Kelley Karenanne Coughlan-Pierse Maurice Kelly (appointed 1710712023) Trustees. Report The affairs of Sestina Music during 2023 have seen a number of challenges and have sadly been touched by tragedy The year opened with the appointment of Erin Smith as administrator who replaced Clara Burnell. Erin Ileft us in August 2023 so to give us time to consider the future, former Chairman James Kelley took over the accounts management, and we appointed as temporary administrator, the renowned l11st and administrator of the Cork International Festival, Norah O'Leary, which has proved a happy choice. No sooner had the Charity commenced the season 2023-2024 than rt was announced that our President and principal sponsor Mr. Mark Allport of Exitex Ltd had sadly died. Mark's death has affected us all: he was a member of the team, putting out chairs, stapling programmes and driving vans without complaint or acknowledgement of his contribution to our efforts. He will be greatly missed. The Arts Council of Northern Ireland has continued to support Sestina Music with the extraordinary granting of our applications, a testament to the success and achievements of the Charity. The work with school children has been actively supported by the Foyle Foundation and the Board continues to meet regularly to set the direction of Sestina Music and provide necessary support to our Musical Director and Temporary Administrator. We fa 2024 with many challenges and opportunities, and are confident that Sestina Music will continue to thrive. Finally, reference must be made here to the most generous financial and personal support Sestina Music has received from Oonagh and Mark Allport and Exitex Ltd since 2011,. it is beyond doubt that without their backing, Sestina Music would not have been created, let alone excelled in its purposes.. Page 2
Sestina Music Trustees, Annual Report for the Year Ended 310e¢ember 2023 Our purposes and activities The purposes of the Charity are to promote the performance and study of music, in particular early music and contemporary repertoire in, though not exclusively in, Ireland and in doing so. to actively seek and develop the skills of young artists while supporting and encouraging the development of interest In music, particularly early European and contemporary music. In shaping our objectives for the year and planning our activities, the directors have considered the Charity Commission's guidance on public benefit requirement (PBR1 }. We endeavour to encourage a wide range of young people and children to take advantage of our expertise and promote all within our community to take part in our activities and to attend our performances. We have put these strategies into action through various performances and courses as outlined in the Chairman's Report and in our programme for the coming season, This programme of activities focuses very much on bringing classical music to the community and in fostering the development of those who will be among the foremost artists of the future. Achievements and performance The working of our Next Generation Programme, the audition process and promotion of an annual cohort of young people through our rehearsals and performances continues to be particularly satisfying., lectures and auditions by Mark Chambers in Cork, University College Dublin and the Royal Irish Academy of Music led to 24 singers becoming involved in Sestina Music's programmes and the educational webinars have been well received. Our season began with another collaboration with the Irish Baroque Orchestra in performance of Bach's St. Matthew Passion in Kilkenny, Galway and Dublin to great acclaim and the Easter programme "Music of Celebration" in Belfast, Kilkenny and Dublin was an outstanding success, especially the childrens, programme for 30 young people led by Anne Mccambridge. Five of our singers joined the Waterford International Organ Festival in "Songs of Sundrie Natures" during the summer. The autumn recital series included "Music For Christian IV" in Amagh, Portaferry and Bellaghy which were artistically very successful although we strive to increase audience numbers. The collaboration with East Cork Early Music Festival in October "In Praise of Bacchus" was most satisfactory in every way as were the four Carol Concerts in the Ulsler Museum in December. Flnancial revlew Funding of £86,932 was secured during the year and £29,857 of sponsorship for events was received from Exitex Ltd. Box office, performance fees and donations of £55,211 were received resulting in total income of £172,000. Artist and production costs were £135,284 and administration overheads were £39,678. This resulted in a deficit for the year of £2,962 which was funded from opening reserves of £22,616. At the year end the Charity had reseNes of £19,658. The Directors were pleased with the results for the year. At the year end unrestricted reserves K¢re £24.237 and restricted reserves were £4,579 as grants are due at the year end. These resepies together with Arts Council funding put the Charity on a sound financial footing for the next twelve months. Page 3
Sestlna Muslc Trustees. Annual Report for the Year Ended 31 December 2023 Reserves pollcy The officers have reviewed the reserves of the organisation. This review encompassed the nature of the income and expenditure streams, the need to match variable income with fi'xed commitments and the balance and nature of the reserves themselves. Resenrfes are needed to bridge the gap betrrfeen the spending and receiving of income and to cover unplanned emergency costs. Due to the nature of the activities of the Charity no material unplanned costs are expected. The only major costs are artist fees, production costs, venue hire and publicity for events but the directors would not undertake a major event unless reserves were already in place or funding was secured to cover the costs of the event. The Directors in consultation with Arts Council Nl consider that a satisfactory level of reserves is three months unrestricted administration costs which would currently be in the region of £10.000. At the year end the Charity has £24,237 of free reseNes. Rlsk management The officers have examined the major strategic, business and operational risks which the Charity faces and confirm that systems are in place to ensure necessary steps can be taken to lessen these risks, and that a substantial review of the Charity's risk management procedures in view of the expansion of the work of the Charity was completed and adopted by the Board in Summer 2021. Volunteern The Charity continues to be very involved in the community, relying on substantial voluntary help to assist its excellent professional staff. As part of our new "Next Generation" audition and involvement pro9ramme, we continue to encourage the successful youngsters to be involved in front-of-house and concert management operations of our performances. Plans for future period8 Plans are well-developed for the Easter Programme "In Praise of St. Cecilia" in a scaled down operation and we have been approached for collaborative self-funding performances with the Lir Festival, Opera Collective and Newry Chamber Music. Page 4
Sestina Muslc Trustees, Annual Report for the Y•ar Ended 31 December 2023 Statement of Trustees. Responsibilities The Charity Trustees (who are also the directors of the Sestina Music for the purposes of company law) are responsible for preparing a Trustees, Annual Report and financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom.Generally ACpted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the profit or loss of the company for th8t year. In preparing these the Trustees are required to.. select suitable accounting policies and apply them consistently., - obsep4e the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial ststements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the organisation will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the organisation. They are also responsible for safeguarding the assets of the organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006. This report was approved by the Board on 6 February 2024 and signed on its behalf by James Kelley Director Page 5
Sestina Music Company Ilmited by guarantee Independent Examiner's Report to the Charity Trustees of Sestina Muslc Year ended 31 December 2023 We report solely to the Charity Trustees on our examination of the accounts for the year ended 31 Dember 2023. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seslina Music and its Trustees as a body for our work OT for this report. As a practising member fimi of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. Respective responslbilities of charity trustees and examiner As the Charity Trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 and the Charities Act (Northern Ireland) 2008. Having satisfied ourselves that the charity is not subject to an audit under company law, and is eligible for independent examination, it is our responsibility to.. -examine the accounts under section 65 of the Charities Act. -follow the procedures laid down in general directions given by the Charity Commission for Northern Ireland under section 65(9){b) of the Charities Act. -siale whether particular matters have come to our attents'on. Basis of independent examinerfs report We have examined your Charity accounts as required under section 65 of the Charits'es Act and our examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under section 65191(b) of the Charities Act. The examination Included a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Chanty Trustees concerning any such matters. Our role is to st8te whether any material matters have come to our attention giving us concem to believe: 1. that accounting records were not kepl as required by with section 386 of the Companies Act 2006 and ' section 63 of the Charities Act,. 2. that the accounts do not accord with those accounting records., 3. that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006, the Charities Act and with methods and principles of the Charities Statement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Of Ireland. 4. that there is further information needed for a proper urKlerstanding of the accounts to be reached. Independent examinerfs statement We have compleled our examination and have no concerns in respect of the matters (1) to {4) above and, in connection with following the directions of the Charity Commission for Northern Ireland. we have found no matters that require drawing to your attention. Fergu McAteer & Co Chartered Accountants 31133 Clarendon Street Derry 8T48 7ER 0 6 FEB 2024 6 February 2024 Page 6
Sestina Music Company limited by guarantee Statement of Financial Actlvltles for the Year Ended 31 December 2023 Unrestricted Restricted Funds Funds Totals 2023 Totals 2022 Notes Incomin Resources Donations, legacies and similar incorning reSoUrS Income from activities of furtherance of charitable objects Income from activities for generating funds Other incoming resourses Total Incoming resources 2.418 2,418 3,701 29,857 86,932 116,789 97,243 52,747 46 85,068 52,747 46 172,000 58.522 10 159.476 86,932 Resources Ex ond•d Charitable expenditure: Costs of activities for charitable objectives Management and administration Total resournes expended 66.245 12,174 78,419 69,039 27,500 96,539 135,284 39,674 174,958 150,105 31,455 181,560 Net Incoming resources before transfers 6,649 {9,607) (2,958) 22,084 Re-allocation of funds Net incomingl(outgoing> resources after transfern 6.649 (9,607) (2,958) 22,084 Gains and losses on revaluation of fixed asssets for the charity's own use Gains and losses on revaluation and disposal of investment assets Net movement in funds 6.649 (9,607) (2,958) (22.084) Total funds brought forward at 1 January 2023 17.588 5,028 22.616 44,700 Total funds carried forward at 31 December 2023 24,237 (4,579) 19,658 22,616 The statement of financial activities includes all gains and losses recognised in the year. Page 7
Sestlna Muslc Company Ilmlted by guarantee Balance Sheet as at 31 December 2023 Unrestricted Restricted Funds Funds Totals 2023 Totals 2022 Notes Fixed Assets Tangible Assets Total fixed assets 1,241 1,241 1,745 1,745 2,986 2,986 3,318 3,318 Current A Cash at bank and in hand Total current as8et8 28,801 28,801 (6,324) (6,324) 22,477 22,477 23,408 23,408 Credltors: amounts falllng due within one year 5.805 5,805 4,110 Net current assets 22,996 (6.324) 16,672 19,298 Total assets less curront1Sabilities 24,237 (4,579) 19,658 22,616 Credltors: amounts falling du• after one year Net assets 24,237 (4,579) 19,858 22,616 Flnanced b Funds 11 24,237 (4.579) 19,658 22,616 For the year ended 31 December 2023 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors responsibllities.. The members have not required the Charity to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies, regime and in accordance with FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. Page 8
Sestlna Muslc Company limited by guarante• These financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024, and are signed on behalf of the Board by" James Kelley Director Company Registration Number Nl 621437 Page 9
Sestlna Muslc Company limited by guarantee Notes to the financial statements Year ended 31 December 2023 General Information The Charity is a charitable private company limited by guarantee. registered in Northern Ireland. The address of the registered office is 94 University Street, Belfast. BT7 1 HE. Accounting policies Basis of preparation The financial statemenls 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 1021 (effective 1 January 2015) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Iland (FRS 102) and the Companies Act 2006. Sestina Music meets the definition of a public benefit entty under FRS 102. Assets and liabilities are inilially recognised at historical cost or transaction value unless othenNise stated in the relevant accounting policy note(s>. Turnover Turnover represents the total value of grants, donations and sponsorships reiVed during the year and box office receipts generated from performances funded by the charity. Grants are recognised in the Profit and Loss account when the conditions for their receipt have been complied with and there is reasonable assurance that the grant will be received. Tanglble ass•ts Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic life of that asset as follows.. Fittings fixtures and equipment 100/0 reducing balance Page 10
Sestina Music Company limited by guarantee Notes to the financial statements (continued) Year ended 31 December 2023 Financial instruments A financial asset or a financial liability is recognised only when the Charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are Subsequently measured at amortised cost. Where investments in non-convertible preferen shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otheDNise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profrt or loss. All other such investments are subsequently measured at cost less impairment. other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity inslruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Funds Unrestricted Revenue Funds - comprise those revenue funds which the management committee are free to use in accordance with the company obj'ectives. Restricted Revenue Funds - comprise those revenue funds which have been given for particular purposes and projects. Unrestricted Capital Funds - comprise those net assets which the trust is able to apply freely in pursuit of its own charitable objectives and related purposes. Restricied Capital Funds - comprise those net assets which at the end of the accouniing period have specific grant and other conditions restricting either their use or their disposability for defined periods. Page 11
Sestina Muslc Company Ilmlted by guarantee Notes to the financial statements (continued Year ended 31 December 2023 4. Incoming Resources Unrestricted Restrlct Fund8 Funds Total 2023 Total 2022 Donatlons le acies and similar Incomin resources Oonations (inc recording donations) 2.418 2,418 3,701 Totsl 2,418 2,418 3,701 Income from activities of furtherance of charitable ob ects Arts Council Northern Ireland Arts Council Of Ireland Exitex Ltd 49,400 37,532 49,400 37,532 29,857 40,767 16,476 40,000 29.857 Total 29.857 88,932 116,789 97,243 Income from activities for eneratin funds Box Office Sales Performance fees 14,561 38,186 14,561 38,186 10,269 48,253 Total 52.747 52,747 58,522 Other Incomin resources Bank interest received 46 46 46 10 10 Total incoming resources 85,068 86,932 172,000 159,476 Page 12
Sestina Music Company limited by guarantee Notes to the linancial statements (continued Year ended 31 December 2023 Resources expended un-restri Restricted Funds Funds Total 2023 Total 2022 Costs of activities for charitable Artist fees Production costs Venue hire Publicity Artist transport 59,650 838 400 3.510 1.847 54,300 2,723 3,282 3,125 5,609 113,950 3,561 3,682 6,635 7,456 116,411 9,493 5,295 11,984 6,922 Total 66,245 69,039 135,284 150,105 Mana ement and admlnls Wages & administration Staff training Rent Insurance & Affiliations Printing, postage and stationery Advertising Internet Computer costs Travel costs Accountancy fees Bank charges Loss on exchange General expenses Depreciation on equipment 5,162 23,998 29,160 23,166 43 2,340 1,076 66 352 1,620 526 552 20 247 959 95 1,477 230 1.025 123 138 540 1,067 2,180 1,593 560 20 445 1,884 282 1,717 360 1,025 136 332 198 925 187 240 130 1,324 668 1,692 161 52 146 369 13 194 Total 12,174 27,500 39,674 31,455 Total rn8ources expended 78,419 96,539 174,958 181,560 Page 13
Sestina Muslc Company limited by guarantee Notes to the flnancial statements (contlnued) Year ended 31 December 2023 Staff costs The average number of persons employed by the Charity during the year, including the directors and administrative assistant was 1 (2022.. 2). The key management personnel of the Charity comprises of the Trustees and the Manager. The total benefits of the key management personnel was £29,160 (31 December 2022 - £23,166). No wages are paid to the directors of the Charity. Tangible assets Fixtures. fittings and equipment Total C08t At l January 2023 and 31 December 2023 5,245 5,245 Depreciation At 1 January 2023 Charge for the year 1,927 332 1,927 332 At 31 December 2023 2,259 2,259 Carrying amount At 31 December 2023 2,988 2,986 At 31 December 2022 3,318 3,318 Creditors: amounts falling due within one year 2023 2022 Trade creditors Other creditors 4,365 1,440 2.670 1,440 5,805 4.110 Limit by guarantee Sestina Music is a registered charity limited by guarantee and has no share capital. Northern Ireland Charity Commission Number: NIC 100067 Page 14
Sestina Music Company Ilmited by guarantee Notes to the financial statements (continued) Year ended 31 December 2023 10. Contingent assets and liabilities Sestina Music has received grant assistance from government, public and other bodies. The payment of these grants is made subject to certain conditions being fulfilled. The directors consider Ihese condits'ons will be satisfactorily fulfilled and the likelihood of having to repay any grant Is remote. 11. Analys1$ of charitsble funds Analysis ol movements In unrestrlcted funds Balance at IncomingResourc•s Funds at 1 January 2023 Resources Expended Tran8fera110ecember 2023 General Fund 17,588 85,068 (78,419) 24,237 17,588 85,068 (78,419) 24.237 Name of unrestrlcted fund Descrlptlon of the Fund General Funds Funds which Ihe Charity is able to apply freely in pursuit of its own charitable objectives and related purposes. Analysis of movements in restricted funds Balance at IncomingResource8 Funds at 1 January 2023 Resources Expended TransfergJ1 Docember 2023 Restricted Fund 5,028 86,932 (96,539) (4,579) 5,028 86,932 (96.539) (4.579) Name of restrlcted fund Restricted Fund Descrlptlon of the Fund Funds which the Charity applies for particular purposes and projects in pursuit of its charitable objectives. Analy818 of net assets between funds General R•stricied Fund Fund 1,241 1,745 28,801 (6,324) (5,805) Totsl 2,986 22,477 (5,805) Fixed Assets Cash at bank and in hand Creditors Total 24,237 (4.579) 19,658 Page 15