Charity no: NIC107810
Codetta Choirs
Financial Statements and Trustees’ Report For the Year ended 31 December 2022
Codetta Choirs
| Contents | |
|---|---|
| Pages | |
| Company Information | 3 |
| Trustees' Report | 4 |
| Statement of Income and Expenditure | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 - 8 |
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Codetta Choirs
Company information
Status:
The organisation is a charitable company and is recognised as a charity by the Northern Ireland Charity Commission and HM Revenue & Customs. The governing document is a Memorandum and Articles of Association.
Trustees;
Donal Doherty (Chair) Mairead Nic Bhloscaidh (Secretary) Colm Rainey (Treasurer) Fiona Crosbie Brendan Doherty Grainne McAnaney Julia McIvor Rebecca Rogan Grainne Stevenson
Registered office;
24 Crawford Square Apartment 15 Conars Court Derry BT48 7HT
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Codetta Choirs
Trustees’ report
For the year ended 31 December 2022
The directors present their report and the unaudited financial statements of Codetta Choirs (“the Company”) for the year ended 31 December 2022.
Principal activity
The principal activity is that of choral rehearsals, performance and participation at civic and charity events.
Financial review
The charity has relied principally on performance fees and has generated a net surplus of £549 for the year.
Trustees
The trustees who served during the year are as shown on page 3.
Trustees’ responsibilities statement
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 charity company for that year. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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make judgements that are reasonable and prudent;
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observe the methods and principles in the Charities SORP;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the organisation will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company 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 provisions of Part 15 of the Companies Act 2006 relating to small companies and in accordance with SORP 2019 (FRS102)
This report was approved by the board of directors on 3 July 2023 and signed on behalf of the board by:
D Doherty Trustee
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Codetta Choirs
Statement of Income and Expenditure for the year ended 31 December 2022
| 2022 | |
|---|---|
| £ | |
| Incoming Resources: | |
| Box Office | 2,755 |
| Member & Participation Fees | 1,105 |
| Performance | 16,135 |
| Public Funding | 2,835 |
| Donations | 22 |
| _____ | |
| 22,852 | |
| _____ | |
| Resources Expended: | |
| Artists’ Fees | 14,904 |
| Administration | 687 |
| Publicity & Marketing | 5,000 |
| Production costs | 1,330 |
| Sundry | 382 |
| ______ | |
| 22,303 | |
| ______ |
NET INCOME
549
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Codetta Choirs
Statement of financial position as at 31 December 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Current assets | ||||
| Cash | 20,000 | 19,452 | ||
| - | 0 | |||
| ____ | _____ | |||
| 20,000 | 19,452 | |||
| Creditors: amounts | ||||
| falling due within one | (0) | (0) | ||
| year | ||||
| Net current assets | 20,000 | 19,452 | ||
| ____ | ____ | |||
| Net assets | 20,000 | 19,452 | ||
| ____ | ____ | |||
| Funds | ||||
| Restricted | 835 | - | ||
| Unrestricted | 19,165 | 19,452 | ||
| ____ | ___ | |||
| 20,000 | 19,452 | |||
| ____ | ___ |
These financial statements were approved by the board of trustees and authorised for issue on 3 July 2023, and signed on behalf of the board by:
C Rainey Trustee
Registered Number NIC107810
The notes on pages 7 - 8 form part of these financial statements and should be read in conjunction therewith.
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Codetta Choirs
Notes to the financial statements Year ended 31 December 2022
1 General information
The principal activity of the company during the year was that of weekly choral rehearsals, performance and participation at civic and charity events.
2 Principal accounting policies
2.1 Basis of preparation
The financial statements are prepared on the going concern basis under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity. The company is a registered charity.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
2.2 Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Income is received by way of performance fees, grants and donations and is included in full in the statement of financial activities when receivable.
Expenditure is recognised when a liability is incurred.
Costs of generating funds comprises the costs associated with attracting income.
2.3 Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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Codetta Choirs
Notes to the financial statements Year ended 31 July 2022 (continued)
3 Funds
Restricted Funds are funds received which are earmarked by the Funder for specific purposes. Such purposes are within the overall aims of the organisation. Unrestricted Funds are funds which are expendable at the discretion of the company in furtherance of the aims of the charity.
| 4 Employee information | 2022 | 2021 |
|---|---|---|
| Number | Number | |
| Average monthly number of persons employed by the company | 0 | 0 |
| (including trustees) during the year | ___ | ___ |
5 Taxation
As a charity Codetta Choirs is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of chargeable Gains Act 1992 to the extent that they are applied to its chargeable objects. Accordingly, no tax charges have arisen in the charity.
6 Post Balance Sheet Events
Codetta choirs accepted an invitation to participate in a visit to Mexico in April 2023 to perform at events in Tequila and Guadalajara. Repayment of expenses in respect of this visit amounting to £37,021.01 remains outstanding at this date. The Trustees are confident of repayment of these expenses. (2021: None)
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