The City of London Phonograph and Gramophone Society Limited - Accounts

The City of London Phonograph and Gramophone Society Limited - Accounts

THE CITY OF LONDON PHONOGRAPH AND GRAMOPHONE SOCIETY LIMITED - Company Information

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Registered number
03124250
The City of London Phonograph and Gramophone Society Limited
Company Limited by Guarantee
Directors' and Trustees Report and Unaudited Financial Statements
For the year ended
31 July 2017
Charity number 1057538
The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Directors' and Trustees Report and Unaudited Financial Statements
Year ended 31 July 2017
Contents
Page
Reference and administrative details of the charity, its Trustees and advisers 1
Directors' and Trustees Report 2
Independent Examiner's report 5
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9
The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Reference and administrative details of the charity, its trustees and advisers
Charity name
The City of London Phonograph and Gramophone Society Limited
Directors
Mr. J.C.H. Proudfoot
Mr. P.J. Bennett
Mr. M.R. Srodzinsky
Mr. T. Wood-Woolley
Mr. A.V. Smith
Mr. B.E. Oakley
Mr. R.J. Girling
Mr. K.R. Harrison
Mr. R.S. Scott
Mr. C.S. Johnson (appointed 9 October 2016)
Mr. P. Baker (appointed 9 October 2016 , resigned 27 April 2017)
Secretary
Mr. M.R. Srodzinsky
Independent examiner
R. Tennant, F.C.A.
Mellowbrook House
1a, Stratford Lane
Hilton
Bridgnorth
WV15 5PF
Bankers
Lloyds Bank plc
Registered office
36, Goldthorne Crescent
Penn
Wolverhampton
West Midlands
WV4 5TX
Registered number
03124250
Charity number
1057538
The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Directors' and Trustees Report
Year ended 31 July 2017
The Directors for the purposes of the Companies Act (who are also the Trustees of the Charity ) have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 July 2017.
The Directors confirm that the annual report and financial statements of the company meet the requirements for a directors' report and accounts for Companies Act purposes and comply with the Charities Act 2011, the Companies Act 2006 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wit the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)(effective 1 January 2015).
Directors
The following persons served as directors during the year:
Mr. J.C.H. Proudfoot
Mr. P.J. Bennett
Mr. M.R. Srodzinsky
Mr. T. Wood-Woolley
Mr. A.V. Smith
Mr. B.E. Oakley
Mr. R.J. Girling
Mr. K.R. Harrison
Mr. R.S. Scott
Mr. C.S. Johnson (appointed 9 October 2016)
Mr. P. Baker (appointed 9 October 2016 , resigned 27 April 2017)
Structure, Governance and Management
The Company is limited by guarantee and is a Registered Charity, number 1057538. The Company is bound by its Memorandum and Articles of Association which are lodged at both Companies House and the Charity Commisioners.
The policy and general management of the Charity is directed by the Boad of Directors whose number shall not be less than 4 nor more than 12. The directors are appointed by the Members of the Society at the Annual General Meeting from their number and during the term of office, each director must be a member of the Society. At the Annual General Meeting, two members of the Board of Directors for the time being shall retire from office when the number of directors exceeds five and three when the number of directors exceeds nine. The members of the Board of Directors to retire shall be the members who have been longest in office since their election or appointment. A retiring Member of the Board of Directors shall be eligible for re-election.
The Charity maintains links and works with any and all parties who have an interest in the furtherance of its charitable objects.
The Directors carry out a risk assessment upon the activities undertaken in order to safeguard the assets of the Charity. The Directors intend to review the risk assessment each year in order to maintain the effectiveness of the measures implemented as a result of their assessment.
Objectives and Activities
The principal activity of the Company during the year was that of a learned society.
The objectives of the Charity are to advance the education of the public in the art, science and history of the reproduction of sound. In order to achieve these objectives, the directors are committed to increasing the membership of the society each year, prepare periodic journals, attend trade fairs and provide other events to publicise and promote the Company's charitable objectives.
The directors believe that by promoting the stated objectives, the long term strategy of the Charity will be achieved.
The directors and trustees wish to express their gratitude to the volunteers who continue to offer their unpaid services for the benefit of the society.
Achievements and Performance
The directors consider that the activities of the Charity have achieved its stated aims during the year.
The Annual General Meeting weekend and the promotion of phonofairs have been major events for the Charity during the year. Meetings of members were organised on a regular basis in order that the interaction of the members will continue to enhance the objectives of the Charity and the directors intend that these will continue. The society bookshop continued to offer a valuable service to both members and the wider public in the promotion of the society.
Financial Review and Policies
The directors are mindful of the resources available to the Charity and intend to review activities in the current year in order to have sufficient funding levels available to continue to promote the Charitable objectives.
The principal source of funding continues to be the membership subscriptions to the society. It is this funding which enables the society magazine to be published and other activities to be brought to fruition.
Every member of the society has undertaken to contribute such amount as may be required (not exceeding £10) to the Charity's assets should it be wound up while he or she is a member or within one year after ceasing to be a member. If the Charity is wound up or dissolved, its surplus assets will be given or transferred to a charity with objects similar to those of the Charity.
The directors review available funds regularly in order to ensure that the Charity has sufficient resources to maintain its operations for a period of one year whilst new sources of funding are obtained.
After making appropriate enquiries, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existance for the forseeable future. For this reason, they continue to adopt the going concern basis for preparing financial statements.
Directors' Responsibilities in relation to the Financial Statements
The Charity Trustees (who are also the directors of the City of London Phonograph and Gramophone Society Limited for the purposes of company law) are responsible for preparing the Directors' and Trustees Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Standards).
Company law requires Directors to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the income resources and application of resources, including income and expenditure, of the Charity for that period. In preparing financial statements, the Directors are required to:

- select suitable accounting policies and then apply them consistently;
- observe the methods and principals in the Charities SORP;
- make judgement and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume
that the Charity will continue in operation.

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the directors on 11 April 2018 and signed on their behalf by:
M.R. Srodzinsky
Director and Charity Secretary
The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Independent Examiner's Report

Independent Examimer's Report to the Trustees of
The City of London Phonograph and Gramophone Society Limited
_________________________________________________________
I report on the financial statements of the company for the year ended 31 July 2017 which are set out on page 7 to 13.
This report is made soley to the company's Trustees (who are also directors for the purposes of Company Law), as a body, in accordance with section 145 of the Charities Act 2011 (the Act) and regulations made under section 154 of that Act. 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 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.
Respective Responsibilities of Trustees and Examiner
The Trustees are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.
Having satisfed myself that the company is not subject to audit under charity or company law and is eligible for independent examination, it is my responsibility to:
- examine the financial statements under section 145 of the Act ;

- follow the procedures laid down in general directions given by the Charity Commission under
section 145(5)(b) of the Act ; and

- state whether particular matters have come to my attention.
Basis of Independent Examiner's Report
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of accounting records kept by the company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all of the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention :
1. which gives me reasonable cause to believe that in any material respect the requirements:

- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- to prepare financial statements which accord with the accounting records and comply with
the accounting requirements of section 396 of the Companies Act 2006 and with the
methods and principles of the Statement of Recommended Practice: Accounting and
Reporting by Charities have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of
the financial statements to be reached.
R. Tennant Esq. F.C.A.
Independent Examiner
Mellowbrook House
1a, Stratford Lane
Hilton
Bridgnorth
WV15 5PF
Date : 13 April 2018
The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Statement of Financial Activities
(incorporating the Income and Expenditure Account)
for the year ended 31 July 2017
Total Funds Total Funds
2017 2016
Note £ £
Donations and legacies 2 5,136 461
Income from charitable activities 3 9,702 9,423
Other income 4 12,072 12,328
Total Income 26,910 22,212
Expenditure on :
Expenditure on charitable activities 5 19,233 19,477
Expenditure on governance costs 6 560 560
19,793 20,037
Net Income for the year 7,117 2,175
Reconciliation of Funds :
Total funds brought forward 52,312 50,137
Total Funds carried forward 59,429 52,312
The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Balance Sheet
as at 31 July 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 9 4,155 4,155
Current assets
Stocks 6,379 8,466
Cash at bank and in hand 50,239 41,226
56,618 49,692
Creditors: amounts falling due within one year 10 (1,344) (1,535)
Net current assets 55,274 48,157
Net assets 59,429 52,312
Charity Funds
Unrestricted funds 11 59,429 52,312
Total Funds 59,429 52,312
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2017 and of its results for the year then ended in accordance with the requirements of sections 394 and 395 of the Companies Act 2006 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements so far as applicable to the company.
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)(effective 1 January 2015).
The financial statements were approved by the board on 11 April 2018 and signed on their behalf by:
A.V. Smith
Director
The City of London Phonograph and Gramophone Society Limited
(A company limited by guarantee)
Notes to the Financial Statements
for the year ended 31 July 2017
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the 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 (FRS102)(effective 1 January 2015) - (Charities SORP (FRS102)), and the Companies Act 2006.
Company status
The company is a company limited by guarantee. In the event that the company is wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
Basic financial instruments
The charity 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.
Fund accounting
All income is classed as income from unrestricted sources unless there is a specific condition attached to the income as to its use by the charity when it is reflected as restricted funds within the financial statements.
Income
All income resources are included in the statement of financial activities when the company is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Subscriptions are accounted for on a received basis and all other sources on a receivable basis.

Income tax recoverable in relation to donations received under gift aid is recognised at the time that the claim is accepted by HM Revenue and Customs.
Expenditure
All expenditure is accounted for at the time that it arises and has been included under the expense categories that aggregate all costs for allocation to activities.

Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Tangible fixed assets
Individual fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Certain assets will be re-valued periodically in order to reflect their true market value.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment - over 3 years
Other assets - no provision as value exceeds cost
Stocks
Stocks are measured at the lower of cost and estimated net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined using the first in first out method.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event and such obligation can be measured or estimated reliably. Short term creditors are measured at transaction price (which is usually the invoice price).
Foreign currency translation
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. Exchange differences are taken ino account in arriving at the net income for the period.
2 Donations and legacies 2017 2016
£ £
Donations and legacies received 5,136 419
Donations - Nipper - 42
Voluntary income 5,136 461
All amounts received were unrestricted funds.
3 Income from Charitable activities Unrestricted Total funds Total funds
funds 2017 2016
£ £ £
Book shop income 3,556 3,556 2,768
Phonofairs 1,076 1,076 1,089
Advertising revenue 508 508 35
Sundry income 4,562 4,562 5,531
9,702 9,702 9,423
4 Other income Unrestricted Total funds Total funds
funds 2017 2016
£ £ £
Subscriptions 11,352 11,352 11,588
Gift aid 720 720 740
12,072 12,072 12,328
All amounts received were unrestricted funds.
5 Expenditure on charitable activities Unrestricted Total funds Total funds
funds 2017 2016
Summary by fund type £ £ £
Costs of generating income 19,233 19,233 19,477
All expenditure was met from unrestricted funds.
6 Governance costs 2017 2016
£ £
Accountancy fees 560 560
The expenditure related to the Independent Examiner's remuneration
All expenditure was met from unrestricted funds.
7 Direct costs 2017 2016
£ £
For the Record printing 7,225 7,400
Books, cylinders and other purchases 3,101 2,500
Phonofair costs 630 631
Room hire and meeting expenses 1,571 1,602
Travel costs 74 190
Telephone - 25
Postage, stationery and advertising 5,615 5,432
Subscriptions 181 181
Web site costs 656 1,487
Repairs and maintenance 139 -
Sundry expenses 41 29
19,233 19,477
8 Employees 2017 2016
Number Number
Average number of persons employed by the company - -
No salaries or wages have been paid to employees during the year. All directors and volunteers provided their services free of charge.
9 Tangible fixed assets
Other assets Computer equipment Total
£ £ £
Cost
At 1 August 2016 4,155 500 4,655
At 31 July 2017 4,155 500 4,655
Depreciation
At 1 August 2016 - 500 500
At 31 July 2017 - 500 500
Net book value
At 31 July 2017 4,155 - 4,155
At 31 July 2016 4,155 - 4,155
In previous years, the directors identified assets which had been acquired and which had no cost value recorded within the society's Balance Sheet. In order that the existence is not lost to the society, the directors re-valued those assets and included them within the financial statements under the heading "other assets"
The assets concerned and the directors valuations are:
a "Bust of Edison" value £ 2,000
an "Expert Minor Gramophone value £ 1,500
10 Creditors: amounts falling due within one year 2017 2016
£ £
Other creditors 1,344 1,535
11 Statement of Funds 2017 2016
£ £
Unrestricted funds
Balance at 1st August 2016 52,312 50,137
Incoming resources 26,910 22,212
Resources expended (19,793) (20,037)
Balance at 31 July 2017 59,429 52,312
12 Analysis of assets between funds 2017 2016
£ £
Unrestricted funds
Tangible fixed assets 4,155 4,155
Current assets 56,618 49,692
Creditors due within one year (1,344) (1,535)
59,429 52,312
13 Related party transactions
There were no related party transactions for the year ended 31 July 2017 or 31 July 2016.
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