Company Registration Number . Nl 621437 Sestina Music Financial Statements and Trustees. Report for the year ended 31 December 2024
Sestina Music Company limited by guarantee Contents Page Legal and administrative infomats'on Trustees, Report Independent examinerfs report Statement of Financial Activits'es for the year ended 31 December 2024 Balan Sheet as at 31 Dernber 2024 Notes to the Accounts 10-15
Sestina Music Company limited by guardntee Legal and Admlnlstratfve Infomiatlon Status . The organisation is a charitable company limited by guarantee, incorporated on 14 November 2013 and is recognised as a Charity with the Northem Ireland Chanty Commission and HMRC. The goveming document is a Memorandum and Articles of ASlatiOn. Directors . David Black Irene Kingston James Kelley Karenanne Coughlan-Pierse Maunce Kelly Company Secretary . Irene Kingston Accountsnts . Doherty & Co Accountants Ltd The Amp 11 Ebrington Square Waterside Dery BT47 6FA Main Bankers . HSBC 25-29 Royal Avenue Belfast BT1 1FBV Registsred Office . The Acom Centre Culmore Road Derry BT48 8JB Nl Charity Commission Reference Numbar NIC100067 Revenue & Customs Charity Number NI 00342 Company Number . Nl 621437 Page 1
Se8tina Music Trustees. Annual Report for the Year Ended 31 December 2024 The Directors are pleased to present their annual report together with the financial ststements of the Charity for the year ended 31 Dember 2024 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 Chariknes Act (Nl) 2022, Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Chanties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repo.ng Standard applicable in the UK and Republic Of Ireland IFRS102) (effective 1 January 2019.) The company is govemed by a Memorandum and ArtleS of Association dated 14 November 2013 The company number is Nl 621437 and the registered offe is The Acom Centre, Culmore Road, Derry BT48 8JB. The company is a registered Northem Ireland Charity- reference NIC 100C67. Dlrectors The directors of the charitable company (the Chartyl are the trustees for the purpose of Charty Law. The trustees during the year and at 31 December 2024 were as follows.. David Black {Chair) Irene Kingston James Kelley Karenanne Coughlan-Pierse Maurice Kelly William 1pIn Thompson (Resigned 11 January 2024} Trustees. Report Sestina Music has continued to be challenged during 2024. The year opened with the business of the Charity in the care of temporary administrator. the renovffled cellist and administrator of the Cork Intemational Festival, Norah O'Leary, who stood do in October 2024. Our Director of Music. Mr. Mark Chambers has also notified us of his intention to stand down from his post at the end of the season 2024-2025. The impact of this decision for the group cannot be over*mphasised. Mark is a wonderful musician and has been an inspiring role-model for the young members of the group. His tenure of the post for 14 years has produced excellent performances of superb music throughout Ireland and latterly in England. Most significantly, he has furthered the careers of many young MUslan$, the majority from these shores The many young Sestinas include already established classical soloists, a BBC Radio Three producer and numerous people now teaching and performing in the Arts This was the primary Charitable Objective of Sestina Music- the nurturing of outstsnding young perfomers and Mark has been exemplary in doing this. The Directors thank him most sincerely and acknowledge that he wll be greatty missed. The Arts Councils of Northern Ireland and the Republic of Ireland have continued to support Sestina Music with the extraordinary granting of our applications. a testament to the success and achievements of the Charity. The Next Generation work wilh young people has been acbvely supported by the Continuo Foundation and the Board continues to meet regularly to set the direction of Sestina Music and provide necessary support to our staff. Page 2
Sestina MUSIC Trustees. Annual Report for the Year Ended 31 December 2024 Our purposes and activities The purposes of the Charity are to promote the perft)miance and study of music, in particular early music and contemp)rary repertoire in, though not exclusively in, Ireland and in doing so, to acb'vely seek and develop the skills of young artists while supporting and encouraging the development of interest in music, particularly earty EuroFean 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 IPBR11. 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 perfonanS 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. Achlevements and perfomiance Following the successful "Carols at the Museum" recitals during December 2023, Sestina's "In Praise of St. Cecilia" Easter programme was very well received with above expected levels of sales at the recrtal in Fisherwick Presbyterian Church Belfast and a sell-out in Thomastown Concert Hall in Kilkenny. Excellent feedback was received from both online and survey searCh and it was particularly pleasing that all the players and 75 % of the singers were from Ireland. A further feature of this programme was the "Sing with Sestina" workshops in both venues with the full ensemble and members of the public enthusiastiC211y taking part. 18 Chiklren attended the "Kids Sing" element of the recitsls. Our Next Generation Programme, the audition Pro$$ and promotion of an annual cohort of young people through our rehearsals and perfomiances. led to 8 emerging young professional singers progressing to Stage 2 of the scheme. which was most satisfying. Mark Chambers has continued to work with Cork, University College Dublin and the Royal Irish Academy of Music to encourage young singers to be involved in Sestina Music's programmes. The September 2024 "Lux in Umbra" perft)miances in FIShe1¢k Presbyterian Church. Belfast were well received and attended. Regrettably due to funding contstraints we were unable to proceed with our Carols Concert in December 2024. The Next Generation webinars and workshops continued throughout December with sucess. Financial review During the year the Charity reiVed grants of £60,301, donations of £5.279. box officE receipts of £8.683 and bank interest of £172, resulting in totsl income of £74.435. Artist and production costs were £40,619 and administration overheads were £22,777 This resulted in a surplus for the year of £11,039 which when added to opening reserves of £19.658. left reserves of £30.697 at the year end. The Directors were pleased with the results for the year. At the year end unrestricted reserves were £38,247 and restricted reseNes were £-7,550 as tranches and three of grants will be released during the remainder of season 2024-25 (ends July 31st) following mid-season reports. Page 3
Sestina Music Trustees. Annual Report for the Year Ended 31 December 2024 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 fixed commitments and the balance and nature of the reserves themselves. Reserves are needed to bndge the gap behveen 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 onty 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 consultatson with Arts Council Nl consider that a satisfactory level of reseNes is three months unrestricted administration costs vthich would currently be in the region of £10,000. At the year end the Charity has £38,247 of free reserves. Risk 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 nsks. In particular, the officers are paying especial care to the future needs of the Chanty as It faces major changes in Season 2025-26. Volunteers The Charity continues to be very involved in the communty. relying on substantial voluntary help to assist its excellent professional staff. As part of our new "Next Generation" audition and involvement programme, v continue to encourage the successful youngsters to be involved in front-of-house and concert management operations of our perfomances. Plans for future perlods Plans a well-developed for the Easter Programme "Concert Spirituel" in collaborative self-funding perfonnances in Belfast, Kilkenny and Wexford. As before, this project inclLJdes the Stage 2 Mentoring Course of the Next Generation Programme, "Sing with Sestina" workshops and a Harmony Hub innovative event. The Board are currently considenng the future of Sestina Music and will be assessing the Charity's future over the coming months. Page 4
Sestina Music Trustees, Annual Report for the Year Ended 31 December 2024 Stat8m•nt 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 accordance with applicable law and United Kingdom Accounting Standards (United Kingdom.Generally Accepted Accountsng 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 rnpany and of the profit or loss of the company for that year. In preparing these the Trustees are required to.. select suitsble accounting policies and apply them consistently; - observe 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 ststements on the going concern basis unless rt 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 tsking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in %cordance with the special provisions for small companies under part 15 of the Companies Act 2006. This report was approved by the Board on 28 February 2025 and signed on its behalf by James Kelley Director Page 5
Sestina Music Company limited by guarantee Independent Examinerfs Report to the Charity Trustees of Sestina Music Year ended 31 December 2024 We repM)rt solely to the Charity Trustees on our examination of the accounts for the year ended 31 December 2024. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than Sestina Music and its Trustees as a body for our work or for this report. As a practising member firm of the Chartered Association of Certified Accountants we are subject to its ethical and other professional requirements which are detailed at vAwrf.accaglobal.com. Respective responslbilitles of charity trustees and examlner As the Charity Trustees land also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordan 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.. xamine the accounts under section 65 of the Chanties Act. -follow the procedures laid down in general directions given by the Charity Commission for Northem Ireland under Section 6519)Ibl of the Charities Act. -state whether particular matters have come to our attention. Basis of independent examinerfs report We have examined your Charity accounts as required under Section 65 of the Charities Act and our examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under Section 65{91(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 explanabons from you as Charity Trustees concerning any such matters Our role is to state whether any matenal matters have come to our attention gNing us concem to believe.. l. that accounting records were not kept as required by with Section 386 of the Companies Act 2006 and Section 63 of the Charities Act., 2. that the accounts do nol 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 Chanties Statement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reportsng Standard applicable in the UK and Republic of Ireland. 4. that there is further infomatson needed for a proper understanding of the accounts to be reached. Indopondent examinerfs statement We have completed our examinats.on and have no concerns in respect of the matters (1) to (41 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 attenbon. Dohe & Co Accountants Ltd The Amp 11 Ebrlngton Square Derry BT47 6FA 28 February 2025 Page 6
Sestina Music Company limited by guarantee Statement of Financial Activities for the Year Ended 31 December 2024 Unrestricted Restricted Funds Funds Totals 2024 Totals 2023 Notes Incomin Resources Donations. legacies and similar incoming resources Income from activities of furtherance of charitable objects Income from acts'vities for generating funds Other incoming resourses Total Incoming resources 5.279 5,279 2,418 60,301 60,301 116,789 8.683 172 14,134 8,683 172 52,747 46 172,000 60,301 Resources Ex ended Charitable expenditure. Costs of activities for Gharitable objectives Management and administratson Total resourses expended 40,618 22.654 63,272 40.618 22.778 63,396 135,284 39,674 174,958 124 124 Net incoming resources before transfers 14,010 (2,971) 11.039 2,958 Re-allocation of funds Net incominglloutgoing) resources after transfers 14,010 (2,971) 11,039 2,958 Gains and losses on revaluats.on of fixed asssets for the charity's own use Gains and losses on revaluation and disposal of investment assets Net movement in funds 14.010 (2,971) 11,039 (2,958) Total funds brought forward at 1 January 2024 24,237 {4,579) 19,658 22,616 Totsl funds carried forward at 31 December 2024 38.247 (7,550) 30.697 19,658 The ststement of financial activities includes all gains and losses recognised in the year. Page 7
Sestina Mu8iC Company limited by guarantee Balance Sheet as at 31 December 2024 Unrestricted Restricted Funds Funds Totals 2024 Totals 2023 Notes Fixed Assets Tangible Assets Totsl fixed assets 1.116 1,116 1,571 2.687 2.687 2,986 2,986 Current Assets Cash at bank and in hand Total current assets 38.844 38,844 (9,121) (9,121) 29.723 29,723 22,477 22,477 Credltors: amounts falling due within one year 1.713 1,713 5,805 Net current assets 37.131 (9,121) 28,010 16,672 Total assets less current liabillties 38,247 (7.550) 30,697 19,658 Creditors: amounts falling due after one year Net assets 38,247 (7,550) 30.697 19,658 Flnan¢ed b Funds 11 38.247 (7,550) 30,697 19,658 For the year ended 31 December 2024 the Chanty was entitled to exemption from audit under section 477 of the Companies Act 2006 relatsng to small companies Directors responsibilities.. The members have not required the Charity to obtain an audit of its financ1 statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying wrth the requirements of the Act with respect to accounting records and the preparation of financial ststements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Page 8
Sestina Music Company limited by guarantee These financial statements were approved by the Board of Directors and authorised for issue on 28 February 2025, and are signed on behalf of the Board by., James Kelley Director Company Reglstration Number Nl 621437 Page 9
Sestina Music Company limited by guarantee Notes to the financial statements Year ended 31 December 2024 General Information The Charity is a charitable private cornpany limited by guarantee, registered in Northern Ireland. The address of the registered office is 94 Universty Street. Belfast, BT7 1 HE. Accountlng policies Basis of preparation The financial statements 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 20151 (Charrties SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Sestina Music meets the definits.on of a publ benefft 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). Turnover Tumover represents the total value of grants, donations and sponsorships received during the year and box office receipts generated from performances funded by the charity. Grants are recognised in the Profit and Loss account vthen the conditions for their receipt have been complied with and there is reasonable assurance that the grant wll be received. Tangible assets Tangible assets are iniknally recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impaimient losses. Depreclatbon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful enoMiC life of that asset as follows.. Fittings fixtures and equipment 10% reducing balance Page 10
Sestina Music Company limited by guarantee Notes to the financial statements {continued Year ended 31 December 2024 Financial instruments A financial asset or a financial liability is recognised only ¥then the Charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initsally recognised at the transaction price, unless the arrangement constitutes a financing transaclion, 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 amorts.sed cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably. the investment Is subsequently measured at fair value Yth changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impaiment 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 impaimient loss is recognised in profit or loss immediately For all equty instruments regardless of significan, and other financial assets that are individually significant, these are assessed individually for Impaiment. Other financial assets or erther assessed indivUallY or grouped on the basis of similar credit nsk characteristics. Any reversals of impairment are recognised in profit or loss immediately. to the extent that the reversal d$ 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 accordan with the company objectives Restricted Revenue Funds - compnse 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. Restricted Capital Funds - compnse those net assets which at the end of the accounting period have specific grant and other conditions restricting erther their use or their disposability for defined periods. Page 11
Sestina Music Company limited by guarantee Notes to the financial statements (continued) Year ended 31 December 2024 4. Incoming Resources Unrestricted Restricted Funds Funds Total 2024 Total 2023 Donations le acies and similar incomin resources Donations (inc recording donations) 5.279 5,279 2,418 Total 5,279 5.279 2,418 Income from activities of furtherance of charitsble Arts Council Northem Ireland Arts Council Of Ireland Exitex Ltd Continuo Foundation 49.400 5,901 49,400 5,901 49,400 37.532 29,857 5.000 5,000 Total 60,301 60,301 116,789 Income from activities for eneratin funds Box Office Sales Performance fees 8,683 8,683 14,561 38,186 Total 8.683 8.683 52,747 Other incomin resources Bank interest received 172 172 172 172 46 46 Total Incoming resources 14,134 60,301 74,435 172.000 Page 12
Sestina Muslc Company limited by guarantee Notes to the financial statements (continuedl Year ended 31 December 2024 Resources expended UnrfestrKted Restricted Funds Funds Total 2024 Total 2023 Costs of activities for charitable ob'ectives Artist fees Production costs Venue hire Publicity Artist transport 34.381 2,144 1,827 223 2,043 34,381 2,144 1,827 223 2,043 113,950 3.561 3,682 6,635 7,456 Total 40,618 40,618 135,284 Mana ement and administration costs 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 Depreciatson on equipment 18,229 18,229 29,160 360 750 63 360 750 63 2,160 1,593 &fjo 20 445 1,884 282 1,717 360 1,025 136 332 119 1,481 76 1,320 182 218 117 175 119 1,481 76 1,320 182 (218) 117 299 124 Total 124 22.654 22.778 39,674 Total resources expended 124 63.272 63,396 174,958 Page 13
Sestina Music Company limited by guarantee Notes to the financial statements {continued Year ended 31 December 2024 Staff costs The average number of persons employed by the Charty during the year, including the directors and administrative assistant was 1 (2023.. 1). The key management Fersonnel of the Charity compnses of the Trustees and the Manager. The total benefits of the key management personnel was £18.229 (31 Dernber 2023- £29.1601. No wages are paid to the directors of the Charity. Tanglble a88ets Fixiures, fittings and equipment Total Cost At 1 January 2024 and 31 December 2024 5,245 5,245 Depreciation At 1 January 2024 Charge for the year 2,261 297 2,261 297 At 31 December 2024 2,558 2,558 Carrying amount At 31 December 2024 2,687 2,687 At 31 December 2023 2,984 Creditors: amounts falling due withln one year 2024 2023 Trade creditors Other creditors 4,365 1,440 1,713 1,713 5,805 Limited by guarantee Sestina Music is a registered charity limited by guarantee and has no share caprtal. Northern Ireland Charity Commission Number.. NIC 100067 Page 14
Sestina Music Company Itmited by guarantee Notes to the financial statements Icontinued Year ended 31 December 2024 10. Contlngent assets and Ilabllltles 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 these conditions will be satssfactorily futfilled and the likeliho)d of having to repay any grant is remote. 11. Analysls of charitable funds Analysis of movements in unrestricted funds Balance at IncomingResources Funds at 1 January 2024 Resources Expended Transfer1 December 2024 General Fund 24,237 14,134 (124) 38.247 24,237 14,134 (124) 38,247 Name of unrestricted fund De8CriPtion of the Fund General Funds Funds which the Charty is able to apply freety in pursuit of its own chantable objectrves and related purposes Analysis of movements in restricted funds Balance at IncomingResources Funds at 1 January 2024 Resources Expended Transfera11 December 2024 Restricted Fund 14.579) 60.301 (63,272) (7,550) (4,579) 60,301 {63,272) (7,550) Name of restrlcted fund Restricted Fund Descrlption of the Fund Funds which the CharÈty applies for particular purposes and projects in pursuit of Its charitable objectives. Analysis of net assets between funds General Restricted Fund Fund 1,116 1,571 42,904 (13,181) (5.773) 4,060 Total 2,687 29,723 {1,713) Fixed Assets Cash at bank and in hand Creditors Total 38,247 (7,550) 30,697 Page 15