Company registration number 00036882 (England and Wales)
INCORPORATED SOCIETY OF MUSICIANS
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
INCORPORATED SOCIETY OF MUSICIANS
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
INCORPORATED SOCIETY OF MUSICIANS
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
107,129
5,542
Tangible assets
5
3,093,265
3,103,287
Investments
6
1,273,263
1,293,754
4,473,657
4,402,583
Current assets
Debtors
7
99,855
143,797
Cash at bank and in hand
409,556
463,036
509,411
606,833
Creditors: amounts falling due within one year
8
(430,809)
(422,753)
Net current assets
78,602
184,080
Total assets less current liabilities
4,552,259
4,586,663
Provisions for liabilities
9
(49,412)
(69,763)
Net assets
4,502,847
4,516,900
Reserves
Income and expenditure account
4,502,847
4,516,900
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 February 2024 and are signed on its behalf by:
P Black
Deborah Annetts
(President)
(Chief Executive)
Company Registration No. 00036882
INCORPORATED SOCIETY OF MUSICIANS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Incorporated Society of Musicians is a private company limited by guarantee incorporated in England and Wales. The registered office is 4-5 Inverness Mews, London, W2 3JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of listed investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The Directors have assessed whether the use of the going concern assumption is appropriate at the time of preparing the financial statements and have determined that the business has adequate resources to continue in operational existence for the foreseeable future. The company will alleviate any future external risks by reducing expenditure or by utilising its reserves.true
1.3
Income and expenditure
Income represents amounts receivable for goods and services net of VAT.
Subscriptions from members are all due for the year from the date of renewal. Subscriptions received are accounted for on the accruals basis and deferred income is recognised where the period covered by the subscription exceeds the year end. Accrued income is recognised where subscriptions are due, and expected to be received from members. If subscriptions are not received within 3 months of a member’s renewal date, then their membership lapses and access to services is withdrawn.
Other income is recognised once we have entitlement to the funds, it is probable that income will be received and the amount can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Software
20% straight line
Website
20% straight line
INCORPORATED SOCIETY OF MUSICIANS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land
Not provided
Freehold buildings
2% straight line on buildings
Fixtures, fittings & equipment
20% straight line
Assets costing less than £3,000 are written off in the year of purchase.
1.6
Fixed asset investments
Fixed assets investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in income and expenditure. Transaction costs are expensed to income and expenditure as incurred.
1.7
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at settlement value. Any losses from impairment are recognised in income and expenditure.
1.8
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Pensions
The company operates a defined contribution scheme for the benefit of certain employees. Contributions payable are charged to the income and expenditure account in the year they are payable.
1.10
Leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.11
Various local groups of the Incorporated Society of Musicians exist. The Council does not consider these local groups to be controlled by the Incorporated Society of Musicians and has therefore excluded their income, expenditure, assets and liabilities from these financial statements. Grants by the Incorporated Society of Musicians to the local groups are included in expenditure.
1.12
The Incorporated Society of Musicians is a company limited by guarantee. In the event of a winding up, members have agreed to contribute an amount limited to £1.
INCORPORATED SOCIETY OF MUSICIANS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
20
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
49,022
54,537
Adjustments in respect of prior periods
(13)
Total current tax
49,009
54,537
Deferred tax
Origination and reversal of timing differences
(20,351)
605
Total tax charge
28,658
55,142
4
Intangible fixed assets
Software
Website
Total
£
£
£
Cost
At 1 September 2022
96,484
96,484
Additions
107,129
107,129
At 31 August 2023
96,484
107,129
203,613
Amortisation and impairment
At 1 September 2022
90,942
90,942
Amortisation charged for the year
5,542
5,542
At 31 August 2023
96,484
96,484
Carrying amount
At 31 August 2023
107,129
107,129
At 31 August 2022
5,542
5,542
INCORPORATED SOCIETY OF MUSICIANS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
3,265,783
124,748
3,390,531
Additions
21,519
21,519
At 31 August 2023
3,265,783
146,267
3,412,050
Depreciation and impairment
At 1 September 2022
185,862
101,382
287,244
Depreciation charged in the year
20,780
10,761
31,541
At 31 August 2023
206,642
112,143
318,785
Carrying amount
At 31 August 2023
3,059,141
34,124
3,093,265
At 31 August 2022
3,079,921
23,366
3,103,287
INCORPORATED SOCIETY OF MUSICIANS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
6
Fixed asset investments
2023
2022
£
£
Investments
1,273,263
1,293,754
Fixed asset investments revalued
The value of listed investments is determined by reference to market value.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 September 2022
1,293,754
Additions
454,375
Valuation changes
(53,048)
Disposals
(421,818)
At 31 August 2023
1,273,263
Carrying amount
At 31 August 2023
1,273,263
At 31 August 2022
1,293,754
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
3,243
2,762
Other debtors
96,612
141,035
99,855
143,797
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
37,268
50,599
Corporation tax
49,022
55,500
Other taxation and social security
23,799
26,246
Other creditors
320,720
290,408
430,809
422,753
INCORPORATED SOCIETY OF MUSICIANS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluation of listed investments
49,412
69,763
2023
Movements in the year:
£
Liability at 1 September 2022
69,763
Credit to profit or loss
(20,351)
Liability at 31 August 2023
49,412
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Amy Healey FCA CTA DChA
Statutory Auditor:
Lindeyer Francis Ferguson Limited
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
14,228
24,435
12
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of intangible assets
-
10,028
2023-08-312022-09-01false26 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedVick BainPauline BlackNicky SpenceDeborah KeyserJohn AtkinsonStuart BeattieNicholas ChisholmChris CollinsKirsty DevaneyMahaliah EdwardsPaul EdlinJune FiletiIvor FlintKatie HalsallMiranda HarmerDani HowardAndrew KeepingRhiannon MathiasEugene MonteithVijay PrakashDorine SorberJeremy WilliamsMichael Hue- WilliamsD Annettsfalse2024-02-19000368822022-09-012023-08-31000368822023-08-31000368822022-08-3100036882core:ComputerSoftware2023-08-3100036882core:PatentsTrademarksLicencesConcessionsSimilar2023-08-3100036882core:ComputerSoftware2022-08-3100036882core:PatentsTrademarksLicencesConcessionsSimilar2022-08-3100036882core:LandBuildings2023-08-3100036882core:OtherPropertyPlantEquipment2023-08-3100036882core:LandBuildings2022-08-3100036882core:OtherPropertyPlantEquipment2022-08-3100036882core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3100036882core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3100036882core:CurrentFinancialInstruments2023-08-3100036882core:CurrentFinancialInstruments2022-08-3100036882core:RetainedEarningsAccumulatedLosses2023-08-3100036882core:RetainedEarningsAccumulatedLosses2022-08-3100036882bus:Director22022-09-012023-08-3100036882core:IntangibleAssetsOtherThanGoodwill2022-09-012023-08-3100036882core:ComputerSoftware2022-09-012023-08-3100036882core:PatentsTrademarksLicencesConcessionsSimilar2022-09-012023-08-3100036882core:LandBuildingscore:OwnedOrFreeholdAssets2022-09-012023-08-3100036882core:LandBuildingscore:LongLeaseholdAssets2022-09-012023-08-3100036882core:FurnitureFittings2022-09-012023-08-31000368822021-09-012022-08-3100036882core:UKTax2022-09-012023-08-3100036882core:UKTax2021-09-012022-08-3100036882core:ComputerSoftware2022-08-3100036882core:PatentsTrademarksLicencesConcessionsSimilar2022-08-31000368822022-08-3100036882core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2022-09-012023-08-3100036882core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2022-09-012023-08-3100036882core:ExternallyAcquiredIntangibleAssets2022-09-012023-08-3100036882core:LandBuildings2022-08-3100036882core:OtherPropertyPlantEquipment2022-08-3100036882core:LandBuildings2022-09-012023-08-3100036882core:OtherPropertyPlantEquipment2022-09-012023-08-3100036882core:WithinOneYear2023-08-3100036882core:WithinOneYear2022-08-3100036882bus:CompanyLimitedByGuarantee2022-09-012023-08-3100036882bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-3100036882bus:FRS1022022-09-012023-08-3100036882bus:Audited2022-09-012023-08-3100036882bus:Director12022-09-012023-08-3100036882bus:Director32022-09-012023-08-3100036882bus:Director42022-09-012023-08-3100036882bus:Director52022-09-012023-08-3100036882bus:Director62022-09-012023-08-3100036882bus:Director72022-09-012023-08-3100036882bus:Director82022-09-012023-08-3100036882bus:Director92022-09-012023-08-3100036882bus:Director102022-09-012023-08-3100036882bus:Director112022-09-012023-08-3100036882bus:Director122022-09-012023-08-3100036882bus:Director132022-09-012023-08-3100036882bus:Director142022-09-012023-08-3100036882bus:Director152022-09-012023-08-3100036882bus:Director162022-09-012023-08-3100036882bus:Director172022-09-012023-08-3100036882bus:Director182022-09-012023-08-3100036882bus:Director192022-09-012023-08-3100036882bus:Director202022-09-012023-08-3100036882bus:Director212022-09-012023-08-3100036882bus:Director222022-09-012023-08-3100036882bus:Director232022-09-012023-08-3100036882bus:CompanySecretary12022-09-012023-08-3100036882bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP