Aberdeen based orchestras of fiddles and accordions that practice, perform and preserve traditional Scottish music.

Annual Report and Financial Statements for the Year ended 28 February 2010

Finances, investment and reserves policy


The attached financial statements show the current state of the finances of the Society. As a result of a previous change in the accounting year end the prior period comparative figures are for 11 months as opposed to 12 months for the year just ended.

Summary of income and expenditure info symbol

Summary of major changes in income less expenditure: £
Net surplus for 11 months to 28 February 2009 2,215
Lower surplus from concerts and competitions (primarily HMT Fiddlers' Spectacular in prior period) (2,338)
New donation expenditure to The Archie Foundation following constitution change (1,000)
Lower donations income (prior period included a number of one-off donations) (1,153)
Lower deficit on Designated Funds for Trips and tours
(Shetland trip this year compared to Stavanger trip in previous period)
Other changes to income and expenditure (net improvement) +210
Net deficit for 12 months to 28 February 2010 (1,144)

Concert income and expenditure for the period has decreased mainly as a consequence of the prior period including the Society's share of the four Fiddlers' Spectacular shows at HMT Aberdeen in April 2008. There was no equivalent event during the current financial year, but this is partially offset by income and costs from the Scottish Music Evening in April 2009 and other concert activity. 

Donations income has decreased primarily as the previous period included various one-off donations, as well as including the estimated value of donations of musical instruments and other goods or services received. Non-commercial concert donations were broadly similar to the prior period even though the current accounting period was one month longer.

There was no Grant Income in the current year as the Society made no applications for funding, the Grant income for the prior period included funding from Aberdeen City Council for the orchestra trip to Stavanger in June 2008. 

Subscription income has increased slightly due to an increase in the number of members.

Fundraising income has increased slightly. A raffle was undertaken at the Scottish Music Evening concert and CD sales have been higher this year – partly in response to multi-buy discounts offered at the Music Hall Rally and internet orders in November and December 2009. The amount raised via Easyfundraising has been lower this period reflecting members' shopping activity.

Fundraising expenditure had decreased overall, primarily this relates to a lower level of reduction in the value of the stock of CDs and Tapes as it ages compared to reductions charged in the previous period.

Interest income is lower as a result of the significant fall in interest rates, including reduced rates available for fixed term savings, this has been partially offset by the longer accounting period and increased cash balances throughout the year. 

Rehearsal premises costs are higher as there is one extra month of rehearsals due to the change in the accounting year end in the prior period.

Income and expenditure from Tours and trips has varied due to the different trips, the related travel arrangements and the number of members participating in those trips within each accounting period. The year ending 28 February 2010 includes the October 2009 trip to Shetland for 20 members and 1 guest travelling by ferry, whilst the prior period includes the June 2008 trip to Stavanger for 15 members and 2 guests travelling by air.

Following the change to the objectives in the constitution at the last AGM there is now expenditure for the £1,000 donation to The Archie Foundation.

Admin and other costs are slightly lower, primarily due to the inclusion in the prior period of the cost of public notices advertising the change in rehearsal premises and the value of CDs donated by Mike & Ali Vass for issue to the juniors.

Instrument & trophies depreciation is similar to the prior period – although there is an additional month's depreciation charge in the current year the charge is calculated on a lower opening book value of the assets.

Balance sheet items 

The committee agreed to reinvest some of the existing fixed rate bonds that matured earlier in the year in new fixed rate bonds. However, the rates on offer at maturity of the later bonds had an insufficient increment over short term notice account rates to justify reinvesting given the reduced flexibility of fixed rate and term bonds. 

As a result the balance invested in fixed rate bonds with maturity dates of less than one year included in current asset investments has fallen to £4,000 at 28 February 2010, compared with £8,000 at 28 February 2009. There has been an associated increase in the balances of Cash at bank and in hand.

Prepayments and other debtors as well as accruals are higher this year as a result of production and marketing costs for the Scottish Music Evening concert to be held on 25 April 2010.

At 28 February 2009 there was a deferred income balance within creditors in relation to deposits received from orchestra members for the planned Shetland trip in October 2009. There is no equivalent balance in relation to trips for the current year, although there is deferred income in relation to advance ticket sales for the Scottish Music Evening concert.

The Society is grateful for the donations it received towards its costs from the various nursing home and church concerts that it has played at during the period as well as those that have contributed to its other fundraising activities.

Contributions from volunteers

The members of the orchestra volunteer their time through weekly rehearsals, attending concerts and assisting with fundraising efforts.


The Society invests funds, including endowed funds, in deposit accounts with recognised UK financial institutions which may be of a fixed term nature. The aim of such investments is to achieve the best available investment income returns, balanced against minimising risk to capital, whilst meeting the cashflow requirements of the Society.


The Society holds endowed, restricted and unrestricted funds (the attached financial statements detail these funds). Unrestricted funds are held:

  • to provide funds which can be designated to specific projects such as concerts and competitions in the UK or abroad. Such events may arise at relatively short notice;
  • to cover ongoing costs in relation to the running of the Society including rent of rehearsal premises, performing at concerts or competitions, and administration costs.

The amount and timing of certain sources of income is variable in nature. Expenditure, particularly relating to concerts, may be committed in advance of knowing total income from an event. The committee therefore considers it prudent to hold unrestricted reserves in the form of net current assets excluding stocks of £7,200. 

This is considered sufficient to cover:

  • two years’ costs of rehearsal premises and administration costs - approximately £2,350 per annum;
  • potential deficits on concerts that the Society organises itself – equivalent to the production and marketing costs, excluding any ticket or other income, estimated as £1,000;
  • replacement instruments or administrative fixed assets, estimated at £500;
  • funds which can be designated for a single specific concert or competition event in the UK, based on prior events estimated at £1,000.

The net current assets excluding stocks of the unrestricted general purposes fund reported in the attached financial statements total £14,202 and therefore are considered to be above the level of reserves required for the ongoing needs of the Society. The committee continues to consider additional activities related to the Society’s objectives to which the excess reserves may be applied including:

  • other concert events in which the Society may participate, so funds may be specifically designated;
  • organising further taster sessions and increasing advertising to attract new members; and
  • arranging for external experts to provide Scottish music skills workshops to the orchestras.

The level of reserves are reviewed by the committee regularly throughout the year. The minimum level of reserves for the ongoing needs of the Society is reviewed by the committee on an annual basis.

The Society’s bankers are:

CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME19 4JQ
Bank of Scotland
54 John Street
AB25 1LL
Standard Life Bank
Cash Savings Department
PO Box 23966

The Independent Examiner is Louise Smith, [address withheld from web version].

Changes to the committee since the year end 

At the AGM on 24 May 2010 the following committee members resigned in accordance with the terms of the Constitution & Rules: Graeme Henderson, Karen Gill, Ross Fowler, Graham Reid, Gordon Pirie, Sheila Reid, Neil MacNeil, Kim Beveridge, David Jones, Laura McCracken and Brian Priestley.

The following committee members were appointed at the AGM on 24 May 2010: Graeme Henderson, Karen Gill, Moira Mapley, Ross Fowler, Graham Reid, Gordon Pirie, Sheila Reid, Nicholas Cowling, Kim Beveridge, Christine Marshall, Neil MacNeil and Laura McCracken.

Basis of Preparation

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005), The Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.

For and on behalf of the committee


K Gill, Secretary
22 November 2010

Statement of committee members’ responsibilities as trustees

Law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

  • select suitable accounting policies and then apply them consistently;
  • make judgements and estimates that are reasonable and prudent;
  • prepare the financial statements on a going concern basis unless it is inappropriate to presume the charity will continue in operation.

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with The Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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