New London Orchestra Limited - Charities report - 19.3.2

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 2019

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

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present

their report with the financial statements of the charity for the year ended 31 August 2019. The trustees

have adopted the provisions of 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 102) (effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

Mission Statement

The mission of the New London Orchestra is to be the most adventurous and innovative chamber

orchestra in London, broadening the audience for music and the arts by placing education at the heart of

all its activities. Through Adventures in Music®, the Orchestra will continue to develop creative

partnerships, promote excellence, and display artistic integrity.

Objectives of the charity

The objectives of the charity are to advance education for the benefit of the public in Music and the Arts

by presenting, promoting, organising, providing, managing and producing concerts and other events.

These have been the principal activities of the company since incorporation.

Public benefit

The Trustees confirm that they have had due regard to the guidance published by the Charity

Commission on public benefit.

ACHIEVEMENT AND PERFORMANCE

Management team & office

Ian MacGregor has taken the role of General Manager this year on a part-time basis.

A team of external service providers supported Ian. They were: Andrew Bentley (Payroll Supervisor),

Colin Alexander (Orchestra Fixer), Lee Stephenson (Music Library), Tim Ellerby (IT). The office provided

administration services to the orchestra's Artistic Director, Ronald Corp, in his capacity as a composer

and conductor.

In order to keep the on-going overhead costs to a minimum, the orchestra continued to be managed

from the home of the General Manager.

Concerts and recordings

Choral Performances

The orchestra continued its long-standing relationships with two of London's major choral societies with 4

concerts throughout the year. The Highgate Choral Society began the year with a performance of

BEETHOVEN Missa Solemnis and BOYLE Soldiers at Peace. In the spring we performed JANÁCEK Glagolitic

Mass, POULENC Gloria and Always Moving On which was composed by our previous General Manager for

this concert.

In March we performed BACH St. Matthew Passion with the London Chorus at Southwark Cathedral. Our

final concert with the Highgate Choral Society featured VIVALDI Gloria and ZELENKA Litaniae de Verabili

Sacramento, as well as other pieces by VIVALDI, TELEMANN and PERGOLESI.

Developing Our New Artistic Vision

The main part of our Artistic Vision we are seeking to develop is to promote contemporary classical music

to a young audience. This builds on the success of the pilot for a series of concerts in East London in April

2014 for which we received our first ever grant from Arts Council England. We made a number of

unsuccessful funding applications through the year to be part of a concert series at the Arcola Theatre in

the Summer, however this proposition will be developed further next year with the security of a generous

grant from the Garfield Weston Foundation (see below).

FINANCIAL REVIEW

The charity continues to keep the administration costs to the minimum and so we have been able to

manage the orchestra without any support from Arts Council England.

We were delighted that our application to the Garfield Weston Foundation for a grant over three years

was successful. This gives the orchestra the financial security in the near future which will enable us to

plan our future.

The charity's intention is to increase the level of reserves so that the basic administration functions can

carry on without any financial risk. Any surplus reserves will be used to increase the number of concerts.

We continue to have the support of some generous individuals, which enables us to continue to meet our

liabilities until such time as alternative long-term funding sources are found. With this support in mind

along with the grant from the Garfield Weston Foundation, we consider the use of the going concern

assumption to be appropriate.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company,

limited by guarantee, as defined by the Companies Act 2006.

Organisational management

The Board of Trustees are legally responsible for the overall management and control of the charitable

company. Decision-making is largely done by the Management of the company, with important decisions

of a policy or financial nature being made by the Board of Trustees. The Board of Trustees meets a

minimum of 3 times every year.

The Board of Trustees is chaired by Jonathan White.

Expansion of the Board, especially from the corporate sector, is ongoing. Possible candidates are selected

on recommendations from the existing Board members, and a meeting is held with the Chairman 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 MacGegor - General Manager

Advisors

Andrew Bentley - Consultants Concerts Manager

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02215790 (England and Wales)

Registered Charity number

800541

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

This report has been prepared in accordance with the special provisions of Part 15 of Companies Act 2006

relating to small companies.

Approved by order of the board of trustees on 29 March 2020 and signed on its behalf by:

J P R White - Trustee

Independent examiner's report to the trustees of New London Orchestra Limited ('the

Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended

31 August 2019.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors 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 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of

the 2006 Act and are eligible for independent examination, I report in respect of my examination of your

charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying

out my examination I have followed the Directions given by the Charity Commission under section 145(5)

(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in 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)).

I have no concerns and have come across no other matters in connection with the examination to which

attention should be drawn in this report in order to enable a proper understanding of the accounts to be

reached.

K M Luck FCA

Gibbons Mannington & Phipps LLP

Chartered Accountants

Landgate Chambers

24 Landgate

Rye

East Sussex

TN31 7LJ

30 March 2020

2019

2018

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

2,732

40,000

42,732

43,215

Charitable activities

4

Orchestra and concert performances

37,718

-

37,718

32,636

Other trading activities

3

3,696

-

3,696

3,351

Total

44,146

40,000

84,146

79,202

EXPENDITURE ON

Charitable activities

5

Orchestra and concert performances

41,558

40,000

81,558

76,409

NET INCOME

2,588

-

2,588

2,793

RECONCILIATION OF FUNDS

Total funds brought forward

11,358

-

11,358

8,565

TOTAL FUNDS CARRIED FORWARD

13,946

-

13,946

11,358

2019

2018

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

CURRENT ASSETS

Debtors

12

4,469

-

4,469

9,149

Cash at bank

14,953

36,000

50,953

18,088

19,422

36,000

55,422

27,237

CREDITORS

Amounts falling due within one year

13

(5,476

)

(36,000

)

(41,476

)

(15,879

)

NET CURRENT ASSETS

13,946

-

13,946

11,358

TOTAL ASSETS LESS CURRENT LIABILITIES

13,946

-

13,946

11,358

NET ASSETS

13,946

-

13,946

11,358

FUNDS

14

Unrestricted funds

13,946

11,358

TOTAL FUNDS

13,946

11,358

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 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.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees on 29 March 2020 and were signed on its behalf by:

J P R White - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102,

have been prepared in accordance with the Charities SORP (FRS 102) '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 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting

Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial

statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to

the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation

committing the charity to that expenditure, it is probable that a transfer of economic benefits will

be required in settlement and the amount of the obligation can be measured reliably. Expenditure

is accounted for on an accruals basis and has been classified under headings that aggregate all

cost related to the category. Where costs cannot be directly attributed to particular headings they

have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its

estimated useful life.

Computer equipment

-

20% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities. Orchestra Tax Relief was

introduced with effect from 1 April 2016 and the charity is to submit a claim for the year which is

provided in these accounts and included in Other Debtors.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the

trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the

charity. Restrictions arise when specified by the donor or when funds are raised for particular

restricted purposes.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount

offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts

due.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a

past event that will probably result in the transfer of funds to a third party and the amount due to

settle the obligation can be measured or estimated reliably. Creditors and provisions are normally

recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and

subsequently measured at their settlement value.

2.	DONATIONS AND LEGACIES

2019

2018

Unrestricted

Restricted

Total

funds

funds

Total funds

funds

£

£

£

£

General donations and gifts including gift aid

2,732

-

2,732

3,215

Charities Aid Foundation

-

40,000

40,000

40,000

2,732

40,000

42,732

43,215

3.	OTHER TRADING ACTIVITIES

2019

2018

Unrestricted

Restricted

Total

funds

funds

Total funds

funds

£

£

£

£

Orchestra Tax Relief

3,696

-

3,696

3,351

4.	INCOME FROM CHARITABLE ACTIVITIES

2019

2018

Orchestra

and

concert

Total

performances

activities

£

£

Orchestra and concert performances

37,718

32,636

5.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 6)

note 7)

Totals

£

£

£

Orchestra and concert performances

71,390

10,168

81,558

6.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2019

2018

£

£

Musician fees

26,080

21,894

Music and instrument hire

2,940

2,094

Orchestral management fees

1,700

1,540

Retainers

40,000

40,000

Storage

670

641

71,390

66,169

7.	SUPPORT COSTS

Governance

Management

costs

Totals

£

£

£

Orchestra and concert performances

5,868

4,300

10,168

Support costs have been allocated entirely to orchestra and concert activities.

Support costs, included in the above, are as follows:

2019

2018

Orchestra

and

concert

Total

performances

activities

£

£

Insurance

560

560

Other office costs

414

872

Other professional fees

4,894

4,508

Accountancy and legal fees

4,300

4,200

Accountancy underprovision in earlier years

-

100

10,168

10,240

8.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2019

2018

£

£

Independent examination

1,200

1,200

Accountancy

3,100

3,000

Underprovision in accountancy in prior years

-

100

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2019 nor for

the year ended 31 August 2018.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2019 nor for the year ended

31 August 2018.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3,215

40,000

43,215

Charitable activities

Orchestra and concert performances

32,636

-

32,636

Other trading activities

3,351

-

3,351

Total

39,202

40,000

79,202

EXPENDITURE ON

Charitable activities

Orchestra and concert performances

36,409

40,000

76,409

NET INCOME

2,793

-

2,793

RECONCILIATION OF FUNDS

Total funds brought forward

8,565

-

8,565

TOTAL FUNDS CARRIED FORWARD

11,358

-

11,358

11.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 September 2018 and 31 August 2019

4,914

DEPRECIATION

At 1 September 2018 and 31 August 2019

4,914

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

-

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

173

209

Other debtors

3,696

8,940

Prepayments

600

-

4,469

9,149

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

7

10,005

VAT

1,269

1,674

Accruals and deferred income

40,200

4,200

41,476

15,879

14.	MOVEMENT IN FUNDS

Net

movement

At

At 1/9/18

in funds

31/8/19

£

£

£

Unrestricted funds

General fund

11,358

2,588

13,946

TOTAL FUNDS

11,358

2,588

13,946

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

44,146

(41,558

)

2,588

Restricted funds

Charities Aid Foundation

40,000

(40,000

)

-

TOTAL FUNDS

84,146

(81,558

)

2,588

Comparatives for movement in funds

Net

movement

At

At 1/9/17

in funds

31/8/18

£

£

£

Unrestricted funds

General fund

8,565

2,793

11,358

TOTAL FUNDS

8,565

2,793

11,358

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

39,202

(36,409

)

2,793

Restricted funds

Charities Aid Foundation

40,000

(40,000

)

-

TOTAL FUNDS

79,202

(76,409

)

2,793

The Restricted funds are for income received for a particular restricted purpose.

During the year the Charities Aid Foundation granted £40,000 for the purpose of retaining the

services of Mr R Corp. This expenditure was fully charged during the year and therefore there is no

balance on the Restricted fund at the year end.

At the end of August 2019 the Garfield Weston Foundation granted £36,000 to be spread over

three years towards the future plans of the charity. The whole amount has been carried forward as

deferred income at the year end.

15.	RELATED PARTY DISCLOSURES

The Artistic Director and Chief Executive Mr R Corp was paid £40,000 as a retainer during the year.

There was no amount outstanding at the year end.

The Hon. I MacGregor was paid £4,894 for consultancy fees during the year.

16.	COMPANY LIMITED BY GUARANTEE

New London Orchestra is a charitable company limited by guarantee and accordingly does not

have a share capital.

Every member of the charitable company undertakes to contribute such amount as may be

required not exceeding £1 to the assets of the company in the event of its being wound up while

he or she is a member, or within one year after he or she crease to be a member.