GCU Documents & Policies

GCU FINANCIAL STRATEGY 2019

Overall strategy: To maintain GCU as a going concern and to ensure a stable financial position into the future. 

This implies that: 

• GCU should break even on total income and expenditure for each financial year.

• The reserves should be protected and increased so that there is sufficient balance to cover loss-making concerts and contingencies when the current major sponsorship ceases. The aim should be to maintain reserves of a minimum of £50,000. 

• Non-concert income should cover all choir expenses except those included in the concert budget. Non-concert income includes but is not limited to membership subscriptions, general sponsorship and donations and Gift Aid relief thereon. Non-concert expenditure includes but is not limited to Music Director and accompanist rehearsal fees, rehearsal hall hire, general administration expenses and non-concert-related publicity costs. 

• The concert budget for each year should aim to break even, at a realistic level of ticket sales, after taking into account concert-related sponsorship and Gift Aid relief, and proceeds from paid singing events, Summer Sings and workshops. 

• Any exceptional events which require financial support from choir funds must be budgeted appropriately in advance and be consistent with the overall financial strategy. 

• The annual Gift Aid Return should be made before the end of GCU’s financial year, so that accurate figures can be included in the accounts. 

• When it is foreseeable that non-concert expenditure will exceed non-concert income in a particular year, the concert programme for that year should be planned or, as the case may be, adjusted so as to achieve break even on total income and expenditure. 
  

GCU FINANCIAL STRATEGY CONTINUED

Concert strategy, planning and budgeting

• Budgets for the whole concert programme for each forward year, and for each concert and activity within that programme, should be considered and agreed by the Management Committee before any firm bookings are made of venues or performers. Once concert budgets have been agreed, any variance of more than 10% on the total budget or on any significant budget line should be approved by the Treasurer and the person responsible for compiling the budget before further expenditure is committed.

• It is part of GCU’s charitable purposes and ethos to provide opportunities for young up-and-coming soloists for appropriate works and venues. We should consider for each concert whether all or any of the parts could be performed by young (and of course less expensive) artists from e.g. the Josephine Baker Trust.

• Concert financial outturns should be prepared within 3 months of the date of the performance, or as soon as possible thereafter.

ARTICLES OF ASSOCIATION 2022