Management Accounts for the year to 30 April 2013
Overview
Members of the choir have asked me to provide greater ‘transparency’ of the choir’s finances
for this AGM. | have therefore produced some useful ‘management accounts’ for the choir
as well as the official financial statements. A summary table of those management accounts
is provided below, and the full overview/individual concert information is attached.
Money in the bank
The choir had £64,000 invested in banks at the end of the year. The choir has a healthy
cash flow and bank balance situation and can therefore confidently plan ahead.
The bottom line — surpluses or deficits?
The deficit this year was £21,367 (as compared to a surplus of £27,960 for the previous year
which was due to the £24.7k surplus on the Royal Albert Hall concert). The receipt of a
generous £15,000 legacy this year from a former member of the choir, Enid Weston, means
that the deficit published in the official accounts is £6,367 for this year This legacy is
however being set aside for specific projects at this time and therefore these management
accounts refer to this year’s deficit as £21,367.
Income/Expenditure | Previous | This year
Category
year £
Annual income from Choir
e 18¢
Incr./
£ | (decr).£ |
22,870
i <
members, Patrons and
Supporters
Incr./ | Main Reason
(decr).%
3.2% | More choir members this year
(subscription rate did not increase).
Would like to increase no. of
Patrons
Investment Income
1,124
1,246
122
One-off dividend from choir’s
2,500
0|
(2,500)
(100%) | Dividend has been received at 5
Fundraising and Events
3,604
4,432
828
23% | Strasbourg surplus + tour DVD +
Net income of the choir
29,385
28,548
(837)
Costs of running the choir
(2.8%) | Dividend is the major difference
17,132
19,224
2,092
12.2% | Write off of CD stock (£1,376) plus
inflation generally
Amount available to support
12,253
9,324
2,929
10.8% | Higher average cash balance -rate
always 1.75 gross
investment in hired out staging
year intervals so far.
tour CD
concerts and other ventures
(23.9%) | Reducing choir surplus — we
need to respond to cost inflation
when setting subs rate annually.
Concert surplus/(deficit)
15,707
(30,691) | (46,398)
(295%) | Concerts will always be the main
Surplus/(deficit) for year
27,960
(21,367) | (49,327)
driver of choir surplus/deficit
(176%) | Driven by concert results
Gillian Palmer
— Acting Hon. Treasurer
19 June 2013
Financial Overview of Concerts
During the year the choir had a membership of around 140 and produced three concerts.
The choir’s direct income (fundraising, together with subscriptions from members and
patrons), funds the full cost of running the choir and makes a contribution towards covering
the net cost of concerts, as concerts generally make a small loss. The Mahler 8 concert,
held in the Royal Albert Hall in the previous year, was a major exception, as it made a very
welcome and hard-won surplus of £24.8k. This enabled the choir to subsidise an ambitious
and unusual concert programme for 2012/13 — the Rachmaninov programme and Britten’s
War Requiem, which had greater financial shortfalls, due to the constant challenge of selling
sufficient tickets to cover the cost of the full orchestra needed for these magnificent works, in
a major venue. Individual concert results for the last two years were as follows:
This Year (£)
Income
Expenditure
Surplus/(Deficit)
Rachmaninov (Cathedral)
7,672
21,632
(13,960)
Britten’s War Requiem (Cathedral)
10,782
25,128
(14,346)
Elgar at G Live
26,904
29,589
(2,685)
Surplus/(Deficit)
Previous Year (£)
Income
Expenditure
Mabhler 8 (Royal Albert Hall)
81,059
56,300
24,759
Brahms Requiem
7,868
14,593
(6,725)
Night at the Opera
16,018
18,355
(2,337)
Conclusions
The choir’'s underlying finances are currently healthy, but need constant attention and
balancing. We need to plan for the future in a way which recognises the dynamics of finance
— balancing costs with income.
*
We deeply appreciate the efforts of our fundraisers — both those who constantly and
faithfully serve us week by week, and those who creatively respond to opportunities
such as the tour CD and DVD and the current garden party.
Everyone, please
continue to ‘bring on’ the ideas and let’s put them into action.
»
We need to keep our subscription rate competitive, so as to respond to the reality of
cost inflation. Increasing the number of patrons will also help considerably.
*
Royal Albert Hall concerts represent both high risk and potentially high return.
We
know we have the ‘launch pad’ funding to undertake the 2014 concert. Success
however, will depend upon the whole choir putting their own promotion ideas and
sponsorship contacts into practice. Let’s all ‘own’ this challenge and go for it
together.
Gillian Palmer
— Acting Hon. Treasurer
19 June 2013
MANAGEMENT ACCOUNTS FOR 2012/13
Unrestricted
Annual Income from Choir members, Patrons and Supporters
Designated
£
Guildford Borough Grant for the Arts
£
2,640
Donations (gifts, legacies)
10
Patrons' subscriptions
15,000
2,208
Choir Members' Subscriptions
14,343
Gift Aid refunds from HMRC
3,669
22,870
Investment income on Choir's savings account
1,246
Choir Members' Fundraising and Events which raise valuable funds for the choir
Fundraising:
Income/result
Costs
Net
1,210
650
560
100 Club
Drinks and cakes at rehearsals
399
399
Books and plants sold at rehearsals
267
267
EasyFundRaising online
247
Christmas party and raffle
477
247
53
424
DVD from Strasbourg tour
131
131
CD from Strasbourg tour
385
385
Christmas puddings
175
175
Others (prev year adj, loose change fund, AGM etc)
28
28
1,321
1,321
Events:
Come and Sing 2013
Strasbourg 2012
494
494
5,135
703
Net Income of the Choir
4,432
28,548
15,000
Stand-in
Costs of Running the choir
Permanent
helpers
Total
Conductor
8,610
180
8,790
Piano Accompaniment
3,753
440
4,193
Rehearsals venue
2,365
Special guest tuition Sept 12
216
Mileage, postage, stationery, telephone, presentation gifts
310
Internet/domain names/etc
499
Insurance/making music subscription/Guildford Arts Sub.
495
Choir publicity - Adverts, postage, posters, stationery
680
Retrospective invoice rec'd for publicity in prev. year
300
Write off of CD stock, pending selling what we can
1,376
19,224
Amount available to support our Concerts and Other Ventures
Concerts:
9,324
Britten's
Rachmaninov
War Requiem
Elgar
May 12
Nov 12
Mar 13
Concert income*
7,672
10,782
26,904
45,358
Concert expenditure*
21,632
25,128
29,589
76,348
Financial Loss of concerts
-13,960
-14,346
-2,685
-30,991
J Baker grant received towards concert in previous year
Net loss on Concerts
Financial Loss for the Year excluding £15k 'designated purpose' legacy
300
-30,691
-21,367
(loss to be offset against £25k profit of previous year, from Mahler 8 concert)
*Concert inc and expenditure shown net of direct costs (progr and tkt printing, commission and discounts)
15,000
Britten's War Requiem November 2012 concert (Guildford Cathedral)
Category Description
ACTUAL £
BUDGET £
VARIANCE
COMMENT
Concert Income
Grants
0
Programme sales
724
0
Adverts income programmes
323
357
Cost of Programmes
-593
-525
TOTAL Programmes
Sponsors
Ticket sales
Cost of Tickets
432
22
1,000
150|
|Grant for TV screens + £150 grant for soloists
8,044
-97
-232
Discounts on sales of tickets
-415
TOTAL Concert Income
454
1,150
9,921
Commission on ticket sales
TOTAL Ticket Sales
0
600
-600
9,177
7,444
1,733|
10,782
8,876
1,906
1,000
1,000
0
4
30
-26
252
150
102
4
30
-26
14,950
14,950
0
150
150
0
400
-400|
463
71
|Ticket sales higher than expected
Concert Exp:
Conductor
Flowers
Instruments (Harmonium)
Misc
Orchestra
Organist
Choral Support
Royalties
534
Scores
744
300
444|
Soloists
1,342
1,350
-8
Staging
1,043
910
133|
Video Screens
2,500
2,500
0
Talks
120
120
0
Venue
1,435
1,350
85
TOTAL Concert Exp
24,078
23,703
375
TOTAL Publicity
1,049
850
199
TOTAL EXPENSES
25,128
24,553
8575
OVERALL TOTAL
-14,346
-15,677
1,331|
Notes:
Income is shown net of programme and ticket costs in order to show net contribution.
|[Tiffin boys - no charge?
|Score costs higher than anticipated
[Larger build required
|Lower loss than anticipated
Rachmaninov May 2012 concert (Guildford Cathedral)
ACTUAL £
BUDGET £
VARIANCE
COMMENT
Concert Income:
0
Grants
Programme sales
437
0
600
Adverts in programmes
178
357
Cost of Programmes
-334
-525
281
TOTAL Programmes
0
Sponsors
Tickets
7,877
Ticket costs
432
-151
450
-450(
|No sponsors
9,237
-77
Discounts given
-254
Commission on ticket sales
-156
-600
TOTAL Ticket sales
7,391
8,637
-1,246|
TOTAL Concert Income
7,672
9,519
-1,847
1,000
1,000
0
33
30
1,444
1,409
2
|Fewer tickets sold, so fewer programmes sold
Concert Expenditure:
Conductor
Flowers
Instruments (Celeste/piano)
3
12,499
13,400
-901|
Pianist
750
750
0
Orchestra
Royalties
430
532
-102
Scores
878
500
378|
Soloists
949
900
49
Staging
1,173
825
348|
Talks
100
100
0
1.385
1,350
35
20,640
20,796
-155
992
850
142
TOTAL EXPENSES
21,632
21,646
-14|
OVERALL TOTAL LOSS
-13,960
-12,127
-1,833|
Venue
TOTAL Concert Exp
TOTAL Publicity
|Fewer players than anticipated
|Score costs underestimated
|Interstage staging £336, over and above normal costs
|Overall costs similar to budget
Higher loss than expected.
Notes:
Income is shown net of programme and ticket costs in order to show net contribution.
|This is down to fewer ticket sales than expected
March 2013 Elgar Concert (Glive)
ACTUAL £
BUDGET £
VARIANCE
COMMENT
Concert Income:
1,500
Grants
Programme sales
1,025
1,500
0
1,314
Adverts income programmes
613
480
Cost of Programmes
-849
-844
TOTAL Programmes
790
950
-160|
[Fewer programmes sold than budgeted
Sponsors
238
0
238|
|Very welcome sponsorship
Tickets
Discounts
24,894
24,177
-517
-1,775
Different ways of accounting for discounts?
TOTAL Ticket sales
24,377
22,402
1,975|
|Sold 'full house' of available seats (-3)
TOTAL Concert Income
26,904
24,851
2,053
1,000
1,000
0
10
30
20
Hospitality
14
15
1
Misc
23
15
-8
Orchestra
10,001
10,152
151|
|One orchestral player was ill so cost was less
Royalties
1,171
1,393
222|
|Glive calc for PRS unclear (4.8%). Less than expected
Scores
460
350
-110|
|Higher scores costs than budgeted
Soloists
7,710
7,880
170|
|[Substituted soloist at greater cost
-300
-300|
[Grant funded soloist cancelled due to illness
3,401
2,688
-713|
|10% box office charge, 3.5% credit card comm + VAT
335
0
-335|
|G Live charged separately for addnl staging
Concert Expenditure:
Conductor
Flowers
Grant from JB Trust for soloist
Ticket Sales Commission
Staging
4,200
4,298
98
28,324
27,520
-804
TOTAL Publicity
1,264
1,200
-64
TOTAL EXPENSES
29,589
28,720
-868
OVERALL TOTAL LOSS
-2,685
-3,869
1,185|
Venue
TOTAL Concert Exp
|Overall loss less than budgeted
BALANCE SHEET AS AT 30th APRIL 2013
Note
2013
2012
Unrestricted
Unrestricted
Funds
Funds
£
£
Current Assets
35,670
89,885
1,243
20,790
64,004
128,253
86,017
(41,587)
(5,719)
Net Current Assets
86,666
80,298
Total assets less current liabilities
86,666
80,298
86,666
80,298
86,666
65,298
0
15,000
86,666
80,298
2,698
Stock
Debtors & Prepayments
(o)}
Cash at bank and in hand
Total Current Assets
Creditors: Amounts falling due
within one year
Net assets
Unrestricted income funds
Designated funds (Enid Weston
legacy)
Total Funds
Basis of preparation
ion on an accruals basis
These accounts have been prepared under the historic cost convent
e for Charities 2005
and are based on the Statement of Recommended Accounting Practic
up
insofar as it applies to the accounts of unincorporated charities with to £250,000 annual
income, and the Charities Act 2011
Gillian Palmer
Acting Hon. Treasurer
19 June 2013