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Registered number: 1226660
Charity number: 270204
AMSCORDI LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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AMSCORDI LIMITED
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the company, its Trustees and advisers
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Independent examiner's report
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Statement of financial activities
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Notes to the financial statements
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AMSCORDI LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 OCTOBER 2019
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Jonathan N C Gaisman QC, Secretary
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John P P Tunstall-Behrens (appointed 12 February 2019)
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Company registered number
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Charity registered number
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32 Grafton Square
London
SW4 0DB
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Brian Cook Associates
Chartered Tax Advisers and Accountants
Marine House
151 Western Road
Haywards Heath
West Sussex
RH16 3LH
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CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
E19 4JQ
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AMSCORDI LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2019
The Trustees present their annual report together with the financial statements of the company for the year 1 November 2018 to 31 October 2019. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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 2015) as amended by Update Bulletin 1 (effective January 2015).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The key aims for the Charity are to continue to provide music teaching of the highest standard for young musicians from all over the world; to provide an opportunity for established musicians to continue the process of learning, expanding their repertoire and working with younger musicians; to bring music of a high quality to an area of Britain which is in need and to work with other organisations to promote excellence.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The Charity runs two major seminars per annum and arranges various concerts and outreach projects for the public and for the Friends of IMS Prussia Cove.
c. Volunteers
The Charity has estimated that it received 5,000 hours of voluntary support at its concerts and seminars (valued at £50,000) during the year. It has not included this figure as part of the Statement of Financial Activities because of the difficulty in accurate measurement and the potential for distortion of the results that could occur from its inclusion.
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AMSCORDI LIMITED
(A company limited by guarantee)
Achievements and performance
a. Review of activities
Amscordi Limited would again like to thank all its patrons, staff and volunteers for their continued support over the year.
The Charity has continued to run a superb programme of seminars, concerts, tours and outreach projects during the year. Approximately 120 musicians attended the Masterclass Seminar during a three week period and approximately 120 attended the three week Open Chamber Music seminar.
We are pleased to summarise the reporting and financial aspects of the year as follows:
At the end of each seminar there is an Artistic Team meeting to review the seminar and a report is written for the Trustees. At the end of the financial year a review is compiled based on these reports for Trustees and sponsors. Where funds have been made available specifically for bursaries, outreach or other projects, reports are sent to the donor concerned.
At each board meeting, fundraising activities are reviewed and future fundraising plans are discussed. The Trustees are responsible for ensuring that fundraising and expenditure are kept within budgeted targets. The Board of Trustees meets three times a year.
The Trustees report a surplus of income versus expenditure in 2019 of £33,319 (2018 surplus £10,782) before profit (2018 - loss) on investments.
A full report of all activities can be found on the IMS Prussia Cove website: www.i-m-s.org.uk.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Principal funding
The Charity charges students who attend the Masterclass seminars a fee. Historically the participants at the Open Chamber Music seminar made a contribution towards board and lodging, but this is currently being covered by a grant donation. (When the grant period is finished, the board and lodging fee will be re-introduced to participants.) The Friends of IMS Prussia Cove raise money for the Charity through concerts and through annual subscriptions. The Charity also raises other monies through fundraising events, from donations and grants made by individuals and charitable trusts and foundations and sponsorship from businesses. Lastly, the Charity receives legacies, which is becoming an increasingly important source of funding.
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AMSCORDI LIMITED
(A company limited by guarantee)
Financial review (continued)
c. Reserves held by the Charity
Any surplus of income over expenses in a given year adds to the Charity’s reserves, and those reserves diminish in years when expenses exceed income. Reserves consist of unrestricted, restricted and endowment funds.
• It is the Charity’s policy to maintain a level of unrestricted reserves sufficient to cover six months anticipated expenditure. The Charity applies unrestricted funds at its discretion to generally further any of its purposes. This is the case with most of our funding. From time to time, however, the Charity may choose to set aside some unrestricted funds for a particular project or commitment, and these are then called designated funds. A bequest received from Margery Hall, for example, has been designated by the Charity to provide bursaries for students at the Masterclass Seminars.
• Restricted funds, on the other hand, are funds for which donors have established a specific purpose.
• Endowment Fund: During the year, the Trustees agreed to transfer certain funds to an expendable endowment fund, primarily to serve the Charity’s long term purposes. Further details about the aim and use of the fund are in Note 18. An Endowment Committee oversees the running of the expendable endowment. The Committee, in any given year, proposes whether and if so how much of the Charity’s income to add to the endowment, sets the investment policy for the funds in the endowment, and recommends whether and if so how much income to draw from the endowment, subject to the Trustees’ approval.
Structure, governance and management
a. Constitution
Amscordi Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association dated 9 September 1975. The registered charity number 270204.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees with such additional assistance as the Board sees fit to invite. There is no fixed time for a Trustee to serve on the Board and new Trustees are appointed as and when the Board feels it necessary to do so. The Board of Trustees is responsible for fundraising initiatives and the aim is to include Trustees who can bring specific areas of knowledge to the Charity, eg Law, Accounting and Fundraising. Recruitment is done by Trustees suggesting new members from time to time and this being followed up by the Chairman.
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AMSCORDI LIMITED
(A company limited by guarantee)
Structure, governance and management (continued)
c. Organisational structure and decision-making policies
Day to day management of the Charity is delegated by the Trustees to the General Manager, Rosie Yeatman. The General Manager is responsible to the Artistic Director for the appointment of professors to the Masterclass seminar, the invitation to musicians to attend the Open Chamber Music seminar and the general running of the seminars. The General Manager is also responsible to the Board of Trustees for fundraising initiatives and control of expenditure. The General Manager and the Chairman of the Board attend Artistic Planning meetings and Board meetings to ensure artistic decisions are kept within financial parameters.
The Board and the General Manager are supported in fundraising, outreach and related activities by the Development and Outreach Manager, Hannah Morrow. The organisation also run a paid Internship Programme through part of the year, bringing support to the General Manager in the London office and during the seminars. This programme provides an opportunity of work experience to young people wishing to have a career in Arts Management.
The Charity controls the overall running of the seminars in Cornwall. It is supported by the Friends of IMS Prussia Cove, who are responsible for the running of the concerts in Cornwall during the seminars and maintaining links with organisations in the area, eg schools, other music establishments. The Chairman of the Friends of IMS Prussia Cove is a member of the Board of Trustees and liaises with the General Manager on a day-to-day basis.
d. Policies adopted for the induction and training of Trustees
It is important for any Trustee to visit the seminars in Cornwall and all Trustees are invited to do so. New Trustees are made aware of the rules governing the Charity, ie notes from the Charities Commission, the purpose of the Charity, up-to-date Report and Accounts and current fundraising activities.
e. Financial risk management
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
The seminars take place on a privately owned estate rented by the Charity for two months of the year. The Chairman of the Board and the General Manager meet with the owner of the estate to discuss future plans, insurance matters, liability, licensing and to carry out a risk assessment concerning the period of time the seminars are running. The Chairman of the Friends of IMS Prussia Cove liaises with the General Manager concerning the running of the concerts in Cornwall and any liabilities arising. The General Manager brings any concerns to the attention of the Board of Trustees and is responsible to them for carrying out remedial action. The Trustees are made aware of any risks and liabilities concerning events taking place outside Cornwall when deciding on these events.
Members' liability
The Members of the company guarantee to contribute an amount not exceeding £1 to the assets of the company in the event of winding up.
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AMSCORDI LIMITED
(A company limited by guarantee)
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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.
Approved by order of the members of the board of Trustees on 24 June 2020 and signed on their behalf by:
Jonathan N C Gaisman QC
Secretary
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AMSCORDI LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2019
Independent examiner's report to the Trustees of Amscordi Limited ('the company')
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I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 October 2019.
Responsibilities and basis of report
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As the Trustees of the company (and 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 the company's accounts 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
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Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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)].
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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.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 26 June 2020
Brian T Cook FCA
Brian Cook Associates
Chartered Tax Advisers and Accountants
Marine House
151 Western Road
Haywards Heath
West Sussex
RH16 3LH
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AMSCORDI LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 OCTOBER 2019
Income and endowments from:
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Total income and endowments
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Net gains/(losses) on investments
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the year.
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The notes on pages 11 to 32 form part of these financial statements.
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AMSCORDI LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 1226660
BALANCE SHEET
AS AT 31 OCTOBER 2019
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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AMSCORDI LIMITED
(A company limited by guarantee)
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2019
The financial statements were approved and authorised for issue by the Trustees on 24 June 2020 and signed on their behalf by:
Jonathan N C Gaisman QC
Secretary
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The notes on pages 11 to 32 form part of these financial statements.
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AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
The registered office of the charitable company is 32 Grafton Square, London SW4 0DB. The company number is 1226660 and the registered charity number is 270204.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Amscordi Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the company, can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 included under expense categories that aggregate all costs for allocation to activities.
Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
2.Accounting policies (continued)
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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Tangible fixed assets and depreciation
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Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
2.Accounting policies (continued)
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
The company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Endowment funds comprise permanent endowments and expendable endowments. A gift of endowment, where there is no power to convert the capital into income, is known as a permanent endowment fund. Expendable endowments are distinguishable from income funds in that there is no actual requirement to spend or apply the capital unless, or until, the Trustees decide to spend it. If the Trustees exercise the power to spend or apply the capital of the expendable endowment, the relevant funds become unrestricted funds or restricted income funds depending on the terms agreed by the Trustees or, if a gift, whether the terms of the gift permit expenditure for any of the Charity's purposes, or only for specific purposes. The aim and use of each endowment fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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Income from donations and legacies
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Subtotal detailed disclosure
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Friends of IMS Cornwall concerts
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Instrument donation:
During the year the Charity was given a violin which was formally valued at £35,000. The violin is to be kept by the Charity, but loaned to young musicians in need of an instrument.
Friends of IMS Cornwall concerts:
The Friends of IMS Cornwall concerts donation is received after each seminar, following the concert series which the Friends of IMS arrange on behalf of the Charity. The Friends of IMS membership income is shown in Individuals donations.
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AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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Subtotal detailed disclosure
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Friends of IMS Cornwall concerts
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AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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Income from charitable activities
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Listeners, visitors, raffles, postcards and stamps
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Sandor Vegh Memorial Concert
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Outreach programme income
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Donations (Note 3) include sums received from third parties which are used to pay the fees for students attending the Charity's Masterclasses (ie bursaries). Whilst donations are reflected gross on the Statement of Financial Activities, Seminar income has to be shown net to avoid a double counting of the figures.
In order to illustrate how seminar fees would be disclosed but for these bursaries, the figures are analysed in more detail as follows:
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Total income before bursaries
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Net Seminar income as shown in the Statement of Financial Activities
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In some instances bursaries are awarded by the Charity itself out of its general and other funds. The note above takes account of this but there is no effect on the Statement of Financial Activities as the raising of a credit note for the bursary directly offsets the original invoice raised by the Charity.
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AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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Income from other trading activities
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Income from fundraising events
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AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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Expenditure on raising funds
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Fundraising event expenses
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Analysis of expenditure on charitable activities
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Direct charitable expenditure
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|
|
|
|
|
Direct charitable expenditure
|
|
|
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
Analysis of expenditure by activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Masterclass musicians' fees and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food, drink, cleaning and kitchen expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outreach Programme expenses
|
|
|
|
|
|
Sandor Vegh Memorial Concert expenses
|
|
|
|
|
|
Piano transport, care and hire
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
9.Analysis of expenditure by activities (continued)
|
|
Analysis of support costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookkeeping and payroll services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trustees expenses reimbursed
|
|
|
|
|
|
IT software and consumables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent examiner's remuneration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees payable to the company's independent examiner for the independent examination of the company's annual accounts
|
|
|
|
|
Fees payable to the company's independent examiner in respect of:
|
|
|
|
|
All other services not included above
|
|
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
|
The average number of persons employed by the company during the year was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
No employee received remuneration amounting to more than £60,000 in either year.
|
|
|
Trustees' remuneration and expenses
|
|
|
During the year, no Trustees received any remuneration or other benefits (2018 - £NIL).
|
|
|
During the year ended 31 October 2019, expenses totalling £269 were reimbursed or paid directly to 1 Trustee (2018 - £105 to 2 Trustees). The expenses incurred related to travelling.
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension fund loan payable
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
|
|
|
|
Financial assets measured at fair value through income and expenditure
|
|
|
|
|
Financial assets that are debt instruments measured at amortised cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities measured at amortised cost
|
|
|
|
|
|
|
|
Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.
Financial liabilities measured at amortised cost comprise trade creditors and accruals.
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
Statement of funds - current year
|
|
|
|
|
Balance at 1 November 2018
£
|
|
|
|
|
Balance at 31 October 2019
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Poole Bequests Bursary Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expendable Endowment for Special Projects
|
|
|
|
|
|
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
Statement of funds (continued)
|
|
|
|
Statement of funds - current year (continued)
|
|
|
|
|
Balance at 1 November 2018
£
|
|
|
|
|
Balance at 31 October 2019
£
|
|
|
|
|
|
|
|
|
|
|
|
Promoting Polish musicians
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OCM Seminar board and lodgings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
Statement of funds (continued)
|
|
|
|
Statement of funds - prior year
|
|
|
|
|
Balance at
1 November 2017
£
|
|
|
|
|
Balance at
31 October 2018
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Poole Bequests Bursary Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
Statement of funds (continued)
|
|
|
|
Statement of funds - prior year (continued)
|
|
|
|
|
Balance at
1 November 2017
£
|
|
|
|
|
Balance at
31 October 2018
£
|
|
|
|
|
|
|
|
|
|
|
|
Promoting Polish musicians
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OCM Seminar board and lodgings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
|
The aim and use of designated funds
|
The Poole Bequests Bursary and Joyce Rathbone Bequest were allocated to designated reserves in a prior year and the income generated from these funds is for the provision of bursaries for students at the Masterclass seminar. During the current year a bursary of £400 was paid from the Poole Bequests income and a bursary of £250 from the Joyce Rathbone Bequest income. The income generated from these funds is shown within Investment income and the amounts paid out shown within Bursaries (Note 4).
The Margery Hall Bequest was allocated to a designated reserve in a previous year to provide an annual bursary of £1,000 over a period of ten years.
The piano fund was set up by the trustees in the current financial year and relates to a provision against the cost of future piano refurbishment.
|
|
The aim and use of endowment funds
|
Expendable Endowment for Special Projects: During the year, the Trustees agreed to transfer certain funds to an expendable endowment fund in order to serve the charity’s long-term purposes. These include, without limitation, several special projects related to IMS Prussia Cove's 50th anniversary in 2022, such as the preservation of the charity's archives, a heritage project to capture the memories of its most senior team members, a musical commission and other heritage activities. It will also fund other long-term projects such as organisational investments (e.g. new IT infrastructure and a new website) and the provision of bursaries.
|
|
The aim and use of restricted funds
|
The Promoting Polish Musicians restricted fund which was set up in a previous year with a donation from the Alfred Orda Foundation. The donor has agreed a change to the terms of the fund which must now be used to support Polish musicians, or those studying or living in Poland, to attend the seminars.
The bursaries restricted fund which was set up in a previous year by the Jenefer Ann Murray bequest received and will be used for bursaries incurred.
Art Mentor Foundation Lucerne set up a grant agreement with Amscordi (IMS Prussia Cove) which covers a period of 3 years from 2017/2018 to 2019/2020. The following restricted funds have been set up in respect of this grant funding:
• Outreach Programme set up for the purpose of covering costs incurred in respect of this project
• The Open Chamber Music Seminar board and lodgings grant set up for the purpose of covering costs previously charged to seminar participants
• Open Chamber Music costs fund was set up for the purpose of covering general costs incurred in respect of Open Chamber Music events
The General Manager costs fund was set up during the year with a donation from the Foyle Foundation. The expenditure during the year relates to part of the salary costs of the General Manager.
The transfer from the general fund of £23,350 includes an amount of £25,000 transferred to the special projects expendable fund and transfers of £1,000 from the Margery Hall bequest designated fund and £650 from restricted funds. The amounts totalling £650 cover bursaries awarded as described in Note 4.
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
Summary of funds - current year
|
|
|
|
|
Balance at 1 November 2018
£
|
|
|
|
|
Balance at 31 October 2019
£
|
|
|
|
Summary of funds - prior year
|
|
|
|
|
Balance at
1 November 2017
£
|
|
|
|
|
Balance at
31 October 2018
£
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
Analysis of net assets between funds
|
|
|
|
Analysis of net assets between funds - current year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The current assets include £124,564 in relation to Poole Bequests and the Joyce Rathbone Bequest
Bursary Funds. These represent donations received which will generate income to fund bursaries for
attendees at the Charity's Masterclasses.
|
|
|
|
Analysis of net assets between funds - prior year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors due within one year
|
|
|
|
|
|
|
|
|
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,395 (2018 - £708). Contributions totalling £315 (2018 - £182) were payable to the fund at the balance sheet date and are included in creditors.
|
|
Trustees' benefits: advances, credits and guarantees
|
The registered office of the Company is the home of two of the Trustees, Mr J N C Gaisman and Mrs T
Gaisman MBE. There is no charge to the company from the Trustees in relation to this.
|
|
Donated assets and services
|
The Company was gifted a violin during the current year for the musicians of IMS Prussia Cove. The gift was valued at £35,000 and has been accounted for within the Statement of Financial Activities.
The Company has estimated that it receives 5,000 hours of voluntary support at its concerts and
seminars, valued at £50,000.
In addition to this the Company has continued to use a piano loaned to it by two of the Trustees, Mr J N C Gaisman and Mrs T Gaisman MBE.
The voluntary support and loan of the piano have not been accounted for within the Statement of Financial Activities because of the difficulty in accurate measurement and the potential for distortion of the results that could occur from their inclusion.
|
|
Related party transactions
|
|
|
One of the Trustees is the landlord for Porth-en-Alls Prussia Cove in Cornwall. The estate provides event accommodation to IMS Prussia Cove (the trading name of Amscordi Limited). The total expenditure in the current year between Amscordi Limited and Porth-en-Alls amounted to £68,573 and related to acommodation, cleaning, heating and other property expenses. The balance owed to Porth-en-Alls at the year end and included in trade creditors amounted to £918.
|
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Friends of IMS Cornwall concerts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Listeners, visitors, raffles, postcards and stamps
|
|
|
|
|
Sandor Vegh Memorial Concert
|
|
|
|
|
|
|
|
|
|
|
Outreach programme income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains/(Losses) on investments
|
|
|
|
|
Net gains/(losses) on investments
|
|
|
|
|
|
|
|
|
|
|
Total income after net gains/(losses) on investments
|
|
|
|
|
Page 33
THIS SCHEDULE IS NOT FOR PUBLICATION
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
INCOME AND EXPENDITURE ACCOUNT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
|
|
|
|
|
|
|
|
|
Masterclass musicians' fees and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food, drink, cleaning and kitchen expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outreach Programme expenses
|
|
|
|
|
Sandor Vegh Memorial Concert expenses
|
|
|
|
|
Piano transport, care and hire
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 34
THIS SCHEDULE IS NOT FOR PUBLICATION
|
|
AMSCORDI LIMITED
(A company limited by guarantee)
INCOME AND EXPENDITURE ACCOUNT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookkeeping and payroll services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trustees expenses reimbursed
|
|
|
|
|
IT software and consumables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fundraising event expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 35
THIS SCHEDULE IS NOT FOR PUBLICATION
|
|
|
