New London Orchestra Limited - Charities report - 22.2

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 2022

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

13

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 2022. 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 2019).

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 continues to act as 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), and Lee Stephenson (Music Library). 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

We were very pleased to resume our performances this year following a complete absence of concerts during the pandemic. 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 resumed its performances with the VERDI Requiem. This was followed by the BRUCKNER Mass in E Minor, which was originally scheduled for last year but had to be cancelled due to the pandemic. The summer concert was the HAYDN Creation. The London Chorus performed the BACH B Minor Mass in March, which again had to be cancelled the previous year.

In addition we were delighted to be invited to take part in the newly created High Barnet Chamber Music Festival, with a programme of contemporary classical music, including music by SCHOENBERG, ALISA DIXON, and BRITTEN.

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 and the music of less known composers. We continued to fundraise for our project for 2023 celebrating four twentieth-century women composers, having received some grants last financial year.

FINANCIAL REVIEW

The charity continues keep the administration costs to the minimum and so we have been able to manage the orchestra without any support from Arts Council England.

The generous grant from the Garfield Weston Foundation over three years continued to give the orchestra the financial security which has enabled us to plan our future despite the uncertainties from the coronavirus pandemic.

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, and the re commencement of charitable activities post pandemic, 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 MacGregor - 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 the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 18 May 2023 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 2022.

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

24 May 2023

2022

2021

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

4,644

52,000

56,644

82,875

Charitable activities

5

Orchestra and concert performances

27,880

-

27,880

-

Other trading activities

3

5,291

-

5,291

-

Investment income

4

400

-

400

-

Total

38,215

52,000

90,215

82,875

EXPENDITURE ON

Charitable activities

6

Orchestra and concert performances

35,244

40,000

75,244

77,261

NET INCOME

2,971

12,000

14,971

5,614

Transfers between funds

15

12,000

(12,000

)

-

-

Net movement in funds

14,971

-

14,971

5,614

RECONCILIATION OF FUNDS

Total funds brought forward

25,230

-

25,230

19,616

TOTAL FUNDS CARRIED FORWARD

40,201

-

40,201

25,230

2022

2021

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

CURRENT ASSETS

Debtors

13

5,289

-

5,289

4,316

Cash at bank

39,993

-

39,993

37,114

45,282

-

45,282

41,430

CREDITORS

Amounts falling due within one year

14

(5,081

)

-

(5,081

)

(16,200

)

NET CURRENT ASSETS

40,201

-

40,201

25,230

TOTAL ASSETS LESS CURRENT LIABILITIES

40,201

-

40,201

25,230

NET ASSETS

40,201

-

40,201

25,230

FUNDS

15

Unrestricted funds

40,201

25,230

TOTAL FUNDS

40,201

25,230

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 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 and authorised for issue on 18 May 2023 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 2019)', 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

2022

2021

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

General donations and gifts including gift aid

844

-

844

875

Garfield Weston Foundation

-

12,000

12,000

12,000

Charities Aid Foundation

-

40,000

40,000

70,000

High Barnet Chamber Music Festival

3,800

-

3,800

-

4,644

52,000

56,644

82,875

3.	OTHER TRADING ACTIVITIES

2022

2021

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Orchestra Tax Relief

5,291

-

5,291

-

4.	INVESTMENT INCOME

2022

2021

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Bank compensation

400

-

400

-

5.	INCOME FROM CHARITABLE ACTIVITIES

2022

2021

Orchestra

and

concert

Total

performances

activities

£

£

Orchestra and concert performances

27,880

-

6.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 7)

note 8)

Totals

£

£

£

Orchestra and concert performances

68,035

7,209

75,244

7.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2022

2021

£

£

Musician fees

24,007

-

Music and instrument hire

804

-

Orchestral management fees

2,482

-

Retainers

40,000

70,000

Storage

742

708

68,035

70,708

8.	SUPPORT COSTS

Governance

Management

costs

Totals

£

£

£

Orchestra and concert performances

4,259

2,950

7,209

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

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

2022

2021

Orchestra

and

concert

Total

performances

activities

£

£

Insurance

663

600

Other office costs

491

83

Professional fees

3,105

1,920

Accountancy and legal fees

2,950

3,950

7,209

6,553

9.	NET INCOME/(EXPENDITURE)

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

2022

2021

£

£

Independent examination

1,250

1,200

Accountancy

2,000

2,750

Overprovision in accountancy in prior years

(300

)

-

10.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.

11.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

875

82,000

82,875

EXPENDITURE ON

Charitable activities

Orchestra and concert performances

7,261

70,000

77,261

NET INCOME/(EXPENDITURE)

(6,386

)

12,000

5,614

Transfers between funds

12,000

(12,000

)

-

Net movement in funds

5,614

-

5,614

RECONCILIATION OF FUNDS

Total funds brought forward

19,616

-

19,616

TOTAL FUNDS CARRIED FORWARD

25,230

-

25,230

12.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 September 2021 and 31 August 2022

4,914

DEPRECIATION

At 1 September 2021 and 31 August 2022

4,914

NET BOOK VALUE

At 31 August 2022

-

At 31 August 2021

-

13.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

173

Other debtors

5,289

3,696

VAT

-

447

5,289

4,316

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

VAT

1,181

-

Accruals and deferred income

3,900

16,200

5,081

16,200

15.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1/9/21

in funds

funds

31/8/22

£

£

£

£

Unrestricted funds

General fund

25,230

2,971

12,000

40,201

Restricted funds

Garfield Weston

-

12,000

(12,000

)

-

TOTAL FUNDS

25,230

14,971

-

40,201

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

38,215

(35,244

)

2,971

Restricted funds

Charities Aid Foundation

40,000

(40,000

)

-

Garfield Weston

12,000

-

12,000

52,000

(40,000

)

12,000

TOTAL FUNDS

90,215

(75,244

)

14,971

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1/9/20

in funds

funds

31/8/21

£

£

£

£

Unrestricted funds

General fund

19,616

(6,386

)

12,000

25,230

Restricted funds

Garfield Weston

-

12,000

(12,000

)

-

TOTAL FUNDS

19,616

5,614

-

25,230

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

875

(7,261

)

(6,386

)

Restricted funds

Charities Aid Foundation

70,000

(70,000

)

-

Garfield Weston

12,000

-

12,000

82,000

(70,000

)

12,000

TOTAL FUNDS

82,875

(77,261

)

5,614

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

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. During the year to 31 August 2020 £12,000 had been released towards the core costs for the year, a further £12,000 had been released in the year to 31 August 2021, and the final installment of £12,000 has been released this year. The funds are now entirely released.

Transfers between funds

The sum of £12,000 has been released from the restricted fund in respect of the Garfield Weston grant towards the core costs of the charity during the year ended 31 August 2022.

16.	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 £3,105 for consultancy fees during the year.

17.	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.