Charlty r8glstratlon numb•r 1003041 Company regi¥tration number 02553922 (England and Wales) WILTON'S MUSIC HALL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
WILTON'S MUSIC HALL LEGAL AND ADMINISTRATIVE INFORMATION Trustees Dr John Gayner Melanie Gurney James Heaton Kathleen Herron Andrew Makin George Marsh {Chairl Williarn Taylor Mark Tiemey Anne V8llely Charlty number 1003041 Company nurnr 02553922 Executtve Dlrnctor Holly Kendrick Règlsterad offi¢• Wilton's Music Hall Graces Alley London E18JB Auditor MHA 2 London Wall Place Barbican London EC2Y SAU Bankers Coutts & Co 440 Strand London WC2R OQS Accountant Two Matts LLP 151 Wardour Street London WIF8WE Charity wèbsltè www.willons.org.uk
WILTON'S MUSIC HALL CONTENTS Page Chairman's Reptsrt Trusteès, report Slatèmenl of trustees. SponSibl1111es 10 Independent 8u(Jilorfs report Statement of finanaal activities 15 Consolidated balance sheet 16 Charity balance sheet Consolidated statement of cash flows 18 Notes lo the financial Slalemenls 19-33
WILTON'S MUSIC HALL CHAIRMAN'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The year under review was another that was very Constrained by the effects of thtr p8ndernic and its aftermath as well as the events in Ukraine. The was no sense of certainty and planning ahead was alayS under the shadow of potential new setbacas and changes in regulations. Towards the snd ollhe period in question thè sconom $iluation erbated further problems for both customers and Wilton's with the steep rise in ènérgy and inflation Crea'n9 serious problems. Audiences arrived at Wilton's later, ate and drank less and 18ft the theatre promptly. Nevertheless. Wilton's pres8nled 8 very exating and varied artistic programme and so lived up to our objectives. Among thè produ¢lion5 which we have hosted were Rools,The Ballad of Maria Marten, Phantoms, Slar-crossed and Only an Octave Apart as well as our own pr¢duclion of The Child In The Snow al Chrislmas. These produ¢tion$ not only fulfilléd our objectives bLrt gained considerable artistic a¢daiffl As well a$ offerin9 Outstanding prcmjuctions on the stage wè m$1 Qui legal obligations regarding the building, thus retaining SOLT 8nd the UK Theatres See11 Safely 8redttaI'0n. Durfng the year we were able lo bring back our programmès lo $upport those wishing to lèam and woth in the profession by restarting Greative Residencès. We also restsrted our Heritage Tours of the building. All the above was achieved against the very diffievk conditions faang the theatrè worfd and none of the above would have been possible wilhoul the conlinued support of our lunders and patrons. Their continued belief in what we are doing is absolutely critical lo us. Thank you all 80 much. I would also like to Say how all of us on the Board are in awe ol the effort, drive, dedication and determinatson of our staff Working with so much uncertainty and in Such diffirgJlt economic conditions has demanded so muol of our team. We wish to racord our gratitude to our CEO Holly K&ndrick for her leadership of the tearn Without the ener9y and lie10f Holly and the team I do not dare think where we would ba. Finally. I would like to pay tribute to 811 my fellow Board members and thank them for their expertt'se, bme and knowledge Sn helplng Wif(on's through thls testing year. Ge ars Chairman Date..
WILTON'S MUSIC HALL TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The trustees present their annu81 report and financial statements for the year ended 30 Sèptember 2022. The financial statements have been prepared in accordance with the accounting pdia8s sel out in note 1 to the finanaal statements and comply with the charity's goveming document, the Companiès A¢1 2(K)6 and 'Awounling and Reporting by Charilie5'. Statement of Recommended Practice applicablè to charities preparing their accounts in accordance with the Finanaal Reports'ng Standard applieable ift the UK and Republic ol Ireland IFRS 1021. (effective 1 January 20191. Objectives and activltles a. Principal activity and objectives The principal actiwty of Wilton's Music Hall is that of the advancement ol public education in the art of music, drama and the other performing arts whilst contsnuing to create funds for the on-going restoration and upkoep ol our wodd- Class building. Wilton's Vision.. That W51ton's makes an important cultural contribution to the lrfe of London. and the nation, for generations to come. Iton's Mission". To sustain the East End building and its unique spirit with a programme of extraordinary theatre and music. made for all of London and everyone with a curious imagination. Wilton's objeclives are.. The advancement of public education in the art of music, drama and the other perfomiing arts including opera, music, drama, ballet and all arts forms and partieularty by the promotion and encouragement of inlemalional opera courses., The preservation forthe benefit of the people of Gater London and of the Nation, the historical, architectural and constructional heritage that may exist in and around Greater London in buildings {including any building defined in Section 336 of th8 Town & Country Planning Act 1990} of particular beauty or historical or architectural or constructional interest 8nd induding the premises known as Wilton's Grand Music Hall," The promotion. maintenance. improvement and advanment of education induding in history and development of the Victorian Music Hall and by encouragement of the arts. induding the arts of drama, music. singing. lileralure, sculpture, painting, and dance., and To advance suth charitable purposes as the Charity may decide, and for the purposes of such object5, charitable purposes shall be defined in Section 97111 of the Charities Act 1993. The strategies employèd to achieve these objectives are lo.. Programtne and produce a year-long wide-ranging cultural offer, which appeals lo a diverse audierte base., Piovide an engagernent programme, which indudes research and developrnenl opportunities for emerging and midcareer companies and artists as well as heritage and engagement activities for local residents and the wider London community. Have a robusl finanaal model which enables us lo delwer work for our cultural, community and commer¢ial sectors.
WILTON'S MUSIC HALL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 b. Main a¢tivilies undertaken lo further the charity's purposes for the public benefit The Trustees have referred to the Charity Commission's guidance on public benefit when reviewing Wilton's aims and objectives and in planning Wilton's future aclivilies. We consider that Wilton's carries out its charitable activities for the benefit of the general public through its wde-ranging activities noted above and induding the followin9. In October 2021, at thè start of this finanrial year, Wilton's was open to the public at full capacity and ¢onlinued lo be a cèntfe ft)r exceptional perfomiing arts. In October we presented 1927's ¢rilically acclaimed Roots (nominated for Sound Design and Video Design Offie whilst at Wlton'sl, followed by a strong November including The Faction and Camille O'sullivan, leading into our own production of Thè Child in the Snow for Christmas., it is testament to the production team at Wilton's that whi151 many Ihealres in London closed due to Covid over Christmas, Wilton's only Canlled one performanco and the production broke-even. Spring 2022's highlights included Thè Ballad of Maria Marten I"Flintoff s l¢rrifi¢ script is enacted, wonderfully, by an all-female ensemble.. an unabashedly purposeful and ielevanl piece of enlertainrnent" * The Times)," Mark Bfu¢e Company'5 new dance piece Phantoms C'an evocative and brilliantly scuzzy sho, The Guardianl and the felurning Iriurnph of Sasha Regan's all male Gilbert and Sullivan. In June we presented Starcrossed, a pièce of new wribng frorn America that we had first discussed pre-pandemic, which received 6 * and 16 reviews. Summer perfomed well, eonsidering the difficulties created by extreme heat and transport strikes, and we were thrilled that in September we presented national treasure, Harry Hill, intemationally renowned Tiger Lillies and Only an Octave Apart from St Anne's Warehouse, starring Justin Viwan Bond and Anthony Roth Costanzo, which received 10 **** review$ 8nd sold out the final week ol the run. In summer wè were finally able lo reintroduce our engagement Programme, starting with 3 Creative Residency for a mid-career company championing a Ukrainian play, which went on to be programmèd 81 the Finb¢)rtsugh Theatre in August 2022 and in September restarting our heritage tours. Achievements and perfomiane• Perfomiance in the year We are committed to self-evalu81ion. measuring the organisalion both internally and externally. In response lo the ¢hallenge5 posed by the pandemic, we continuously re-work8d our Business Plan lo rnaximise our creative impact while pre5eNing our financial security. This year our perfomance against key objectives have has been as follows.. Production - quality ol productions ceiVed and producAng our firsl in-house produciion since the pandemic hit- we havè had a strong year artistically and achieved targets in a difficult financial dimale.. Building and Operations - meeting legal and regulatory obligations and ¢omplian¢e check5 and retaining SOLT & UK Theatre's'see it Safely, mark. certifying that we 8re complying with the latest Government and industry COVID-19 guidelines for our on-going 8rt151ic programme., Communication and Development- ieviewing our Marketing plans in the light of Covid-19 and the need lo ¢onlinue lo improve our digital offer as well as reacting to differing trends in publi¢ demands. coupled with an on-going successful fundraising campaign to help us conts'nue lo weather the finanaal implications of the pandemic. Artistic Engagement- we finally rran89ed to restart our engagement programmes, post-pandemi¢, offering Crèative Residencies for mid-career artists, programming heritage tours and planning for the future for more work with emerging and mid-career artists. Finance and Legal from a finance perspective, 2021-22 was the hard8$1 year of the pandemic so far due lo audience uncertainty, working from home continuing. extreme weather events, transport strikes and the impending Cost of living ¢risi5. Despite this backdrop. we retained our desired level of unrestricted reserves through ca11 budgeting and responding in an agile way to unforeseen challenges. We ¢onlinueil lo maintain sliong Human Resources, Health and Safety and Cowd-19 poliuès throughout the year.
WILTON'S MUSIC HALL TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 b. Review of activities 2021 2022 Wilton's reopened to full capa¢ily in July 2021 and so al the start of the finanaal year, whist the seating capacity was back to normal, like most Ihealres we expected our ticket sales lo be lower than pre-pandemic. This èxpectation was driven by audien¢es' continued cautious response to the easing of lockdown restrictions, cancelalions caused by Covid Gases. and changes in working and socialising patterns as a result of worknng from home. Later on in the year. the impact of these pattems on ticket sales was exa¢erbed by the ¢ost-of-liwng cri51s, strikes, and severe wealher,. all of which conspired to depress tiet sales. Nonetheless. Wilton's is vory proud that we still rnade a significant cultural contribufr'on.. Play8d to 41,627 audience rnernbers and 277 performances,. Supported 43 different productions and companies including., 1927, The Fa¢tion, Camille O'sullivan. Easter Angles, Hackney Colliery Band. Northem Broadsides. Opera dell8 Luna, James Seabright Productions, Tiger Lillies, Kindred Productions". Commissioned a new Christmas show, The Child in the Snow, created so we could soaally distance il necessary with only two 8ctots and one understudy lo help give us some Covid-19 resilience. The production sold ovèr 5,000 lickels. received good reviews and whilst many theatres were forced to close duè to the pandemic we only cancelled one perfomance. Reinslaled our engagement programme, wothng with emerging and Mid-caer artists and beginning to offer heritage tours again to the public. Promoted a range of ticket prices with 540k of ovr li¢kels being £25 and under,. Remained the preeminent arts venue in the East End, prowding wtsild-dass public activ¢ties as well as sustaining the fabric of the building. his is inspired programming for Pride month, bul a play, produ¢tion and performances this fine would be a must- see at any time ofthe year. Gel thee lo VMllon'51" I*VVhalsOnStage on Starcrossed June 20221 Our worfd premiere ol Piers Torday's The Child in the Snow may have done le$5 well financially than previous Christmas shows but considèring we were in the middle of a new wave of the pandemic and theatres were closing all around us, we were delightèd that the show broke-even and that we only had to cancel one performance. The produ¢tion was directed by Justin Audibert, Artistic Director of Chichester Festival Theatre. and designed by former ASSOale Designer of the Royal Shakespeare Company, Tom Piper MBE. The 8¢1ing ¢omp8ny mprised of Debbie Chazen and Safiyya Ingar. "Perfectly timedjump scares, and bone chilling moments. this play 1$ 8 definite musl see forany lovers of ghost stories and sup6rnatural horror... ' { Fairypowered on The Child in the Snow December 20211 Other sland-oul success stories, either critically andlor financially. over the year included." 1927's inlemationally acclaimed Roots, produeed in collaboration wlh Edinburgh Inlemational Festival, HOME Manchester, Spoleto Festival USA 8nd Theatre de la Ville Paris'an unmissable show... ' ( Spy in the Stalls on Roots October 20211., followed by the financial and critical success of Sasha Regan's all-male HMS Pinafore designed for Willon'$ 'lhe greatest gift theatre can give... 'What utter complete bliss. ( Daily Exp$5 & Sunday Mirror)., as well as the fir51 v15111o Willon's from celebrated Northern Broadsides with their transgender As You Like Flamboyant, fun Shakespeare for the 21st century. "Northern Broadsides rock an upbeat. gender-bending extravaganza that speaks boldly to modern themes of identity and acceptan. {'A Everything Thealrel,. a critical hit of 2022 was Starcrossed whose review5 speak for themselves * Reviewsgate., Lost in Theatreland.. Plays lo See,. VVhal'sOnSlage,' ** *** Gay London Life., London Theatre,. 112 Theatrè and Other Things London.. Theatre Weekly., Spy in the Stalls., Sardines Magazine, Boyz Magazine.. North West End., London Box Office,. UK TheatWeb', The Remews Hub.. Everything Theatre,. Broadway Wodd", The Times., Attitude," The Guardian.. Gay Times. All That Dazzles. Harry Hill. played to sold-oul houses whilst Only an Octave Apart reiVed the most wonderful reviews. 10 and 5 . and sold-oul the final week. The show was seen by.. Jarvis Cocker, Jasper Conran, Tom Daley, David Dimbleby, David Fumish, Kale Moss, The Pet Shop Boys, Zandra Rhodes, Andrew Scott. Jake Spears and Tilda Swinton to name a few. 'A solid-gold, five-slar stnash-hil- the musl-see event of the Autumn! (*** To Do List Only an Octave Apart).
WILTON'S MUSIC HALL TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORTI {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Only An Octsve Apart. Slarcrossed and Attenborough & His Animals wer& all Picks of the Year on Londonlheatre1.com', Only An Octave Apart, was in the Top 20 Best oflhe Year Li51 for Alun Hood Iwhal's On Slagel as well as Cultural Highlights of 2022 for Biilish Vogue and Pick of the Year List from Musical Theatre Review. Offie nominations for 2022 shows included." HMS Pinafore for Best Opera Ensemble Performance,. Starcrossed for Best Performance Ensemble", Palien¢e fof Best Oper8 Performance,. The Tiger Lillies.. The Last Days of Mankind for Best Cabaret. We finally reinstated our engagement programme. which was inewtably hit hard by the pandemic. We programmed show5 specjfically aimed at attracting a younger audièncè induding". Ha¢kney Colliery Band's relaxed performance for young children.. Morgan and West's Unbelievable Science.. Attenborough and his Anirnals fresh from a sell-out run at Edinburgh. We reignited our Research and Development Creative Residencies with a residency for a Ukrainian play. Take the Rubbish Out, Sasha by Natal'ya Vorozhbit. The play went on to be staged at the Finborough Theatre starling Alan Cox and Amanda Ryan. We also programmed three public heritage lours for th& ffirsl lime since earfy 2020. Wilton's receives no regular public subsidy and has prided tself on being self-5UStaining. This financial yearwas more drfficull, as we predicted and planned for, but we were pleased with our fiscal position over the three financial years affècted by the pandemic and in this year were extremely grateful for generous grants from a range ol trusts and ftsundation5 as well a5 individual donors. Commercial activities have been hit hard by the pandemic and il was onty in February 2022 that we could begin lo start booking small room hires again. The vn¢ertainly and difficulties people faced in surnrner 2021 in booking weddings also had a significant impact on $umtnei wedding bookings for 2022. However, 2023 weddings sales have begun to bounce back and we arè fèeling confident about our cornmercial offer for the fvlure. his thèatrè is a n8tional treasure. Il's a magical and unique space, one which invites theat makers and audience members alike lo think and experience differently" (Cale Blanchett, Vogue December 20201. Cate Blanchett filmed with Imllon's in Aijgusl 2020.
WILTON'S MUSIC HALL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Financial review The Group results forthe yearlo 30 September 2022 are shown on page 15. The net movement in funds was a deficit of £95,09212021.' £110,488 surplus). After a difficult year, hampered by the pandemic. thè Trustees are pleased to report that due to hires, recovering Box Office and the generosity of donors the unrèstricted funds defiatwas £15,574 {2021'. £175.120 surplus). The small deficit is driven pritnaiily by a cornbinalion of increased charitable and Iiading activities las Wilton's was open all yearl and fewer donations as pandemic-related support tapered off. The deficit on rèstrietèd funds is, £79.518 12021.. £64.632 deficitl. Voluntary income generated trom appeals and donations, sponsorship. Wilton's Patrons and Friends for the year was £155.973 {2021'. £546,215), all ol which was unrestricted nds12021'. £428,240 unrestricted). There was one main production in the year, Wilton's wodd premiere of The Child in the Snow by Piers Torday. Due lo the pandemi¢ the focus f(>r this year was cie81ing a show that could be finanaally viable within the ever- changing Covid landaPe. As a receiving house Wilton's benefits from ticket share and associated arrangernents and we were ple85ed with the results of the Box Office, which whilst lower than pr&pandemic levels but did achieve forecast targets. Restoration and project relaled expenditure was £10,080 12021.. £42.7781. Amortisation of the Wilton's Heritage building included herein was £69,43812021.' £69.4381. Commercial activitiès opèratè through Willon'$ trading subsidiary Mahogany B8r @ Wilton's mited Icorrpany Number 082843491. This company achieved a surplus of£217,56412021'. £148,610). In a typical year, a combination of productions and events, weddings and high-profile theatre bookings generate significant commercial income in Wilton's trading subsidiary. In 2021-22, all of these drivers were hampered by continued pandemic-related new pattems of working from home, strikes, the cosl-of-living crisis and extreme weather. Mahogany Bar @ Wilton's Ltd was still, however, able to make distributions of £217,55012021'. £148.6001 lo Wilton's, the parent Charity. As at 30 September2022, the Group held lunds of£4,465.640 {2021.. £4,560,733) ofwhi¢h £3,205,436 were reslri¢ted funds as shown in note 22. Going Concern After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concem basis in preparing the finanual $lalemenls. Further details gardIng the adoption of the going concem basis can be lovnd in the Accounting Policies. Despite the on-going repercussions caused by the pandemic. pnjdentffinanaal management in the previouslwo years has ensured Wlton's has maintained an appropriate level of rèsèrves and is able lo absorb this year's planned Small deficit. Despite bèing able lo rèopen at full capa¢ity for the entirety of this fin8ncial year many Ihealres found that audien¢e5 did not relum lo pre-pandemic levels. which wa5 then further hampered by the cost-of-living crisis and extreme weather events. The Trustees are therefore keeping the financial position of Wilton's under dose and frequent review. Throughout this finanaal year and into thè nèxtlhè pritsrity will remain lo sustain ourfinantyal position lo ensure Wilton's Musi¢ Hall as a place foi everyone with a curious imagination. Ras•r4ès Poliey The Trustèes Continually rewew the f4nan¢i81 perforn8n and outlook. and with man8gemenl, (x)nsider the risks surrounding the core operating and trading actiwlies. The Trustee5 are confident that moving forward they will continue lo offer attractive core charitable activities. as well as maintain profitable Irading activities to meet monthly working capital requirements and liabilities as they fall due. The reserves policy is to maintain a level of unrestricted funds to enable Wilton's to rospond to any unforésèèn changes in income and prtsvide a reserve for mainlenan¢È ol the property. The Trustee5 have assessed the risks affecting the incorne and expenditure of the Charity and they have agreed that a minimum level of free reserves of approximately six months of operating costs, should be maintained. The lèvèl of reserves reflects unreslri¢ted fund balances at year-end less designated funds.
WILTON'S MUSIC HALL TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Plans for future periods a. Future developments We are thrilled that in 2022 we are able lo commission and present The Wind in the Willow's Wilton's by Piers Torday. Piers Torday triumphed with his previous adaptations ol Classi¢ novels ftsr Willon's." A Box of Delights, Christmas Caiol and A Child in the Snow, this year learning up with Director Elizabeth Freestone and Designer Tom Piper, with original song5 by Piers Torday and Chris Warner. lighting by Zoe Spurr. movement by Ernrna Brunton and puppets by Sarnuel Wyer. The show received 12 four *reviews and 1 five . "Ilthere's a more joyous, more life-affirming, and more loveable family show than The Wind in the Wilton's happening anywhere in Londtsn this Christmas I don't know where it is." {Plays lo See 5 star ) 'The world-tamous Wilton's Music Hall and the children's classic The Wind in the Willows make perfèct bedfellows.. ILondonThealre14 $tsr ). The autumn 2022 season is possibly the strongest we have ever seen 81 Wllon's. Shows include the UK debut of Only an O¢lave Apart 51arring Justin Viwen Bond and Anthony Roth C051anzo. carving a new path betsveen opera and politically subversive cabaret Ilhis show straddled two financial years}. We also have the worfd premiere of David Farrfs new play A Dead Body in Taos, part mystery, part sci-fi epic in an intimate study of loss and beaVeMent, directed by Wilton's associated Rachel Bagshaw. Spring 2023 sees Told by an Idiot retum with the critical hit Charlie and Stan, followed by Anders Lustgarten's The City and the Town whieh will pèrfom across Sweden and the UK with both Swedish and UK actors. We also have Sasha Re9an'$ 811 male Mikado joining us in June. We relain SOLT & UK Theatrè's 'See (( Safely, mark, certifying that we are complying with any industry COVID-19 guideline5. We WFII continue lo build our engagement programme which will include.. Ernerging Artist Production Slots- one night to one- week slots for emerging artists in the Hall,. Plays without Décor -ernerging directors given a tree week in our Studio, rnentored by Wilton's staff., Research and Development Creative Residenaes- small to mid-scale companies chosen lo work tor free in our Studio, creating pieces Ihey couldn't otherwise afford to do., public Heritage Tours. Structur¥. yoveman¢ and management a. Constitution WIon'S is registered as a charity wrf(h the Charity Commission in England and Wales (Registration number.. 10030411 and as a Company Limited by Guarantee with Cornpanies House {Registralion number.. 25539221 and is govemed by its Memorandum and Articles ofAssoaation which were adopted on 31 October 199LI and updated on 9 July 2012 andon 18 July2016. Boaid sub-committees include a Finance Committee, a Oevelopmenl CouncAI, a Human Resources and Health and Safety Cornmittee and a Nominalions Committee. The Executive Director is appointed by the Trustees to manage the day-lo-day operations of Wlton's. The Executive Director is responsible for implementing the policy and strategy adopted by and within the annual budget approved by the Trustees and as necessary to advise the Trustees in relation to such policy, strategy and budget The Board meet four time5 during the year. The Trustees receive reports from the respective Committee Chairs and Executive. Wilton's provid third party indemnity insurance for thè benèfit of the dire¢tr)rshrustees for the whole of the financial year.
WILTON'S MUSIC HALL TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Trustees The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements w6re'. Dr John Gayner Melanie Gumey James Healon Kathleen Herron Andrew Makin George Marsh (Chair) Iliam Taylor Mark Tiemey Anne Vallely b. Method of appointment or election of Trustees As sel out in the Articles ol Association new trustees are appointed by the existing trustees by way ol a Tru$lees' resoluts'on. There must be at least three trustèes and a maKimum of twelve. c. Policies adopted for the induction and training of Trustees New Iruslees are provided with infomiation on their role and responsibilitlès as 8 Iruslee. together wth a copy of the Articles of Association and the lalèsl audited Report and Financial Statements and Management Accounts. They meet with the existing trusté&s to gain insight into the operations of the Charity before being formally invited to join the Board of Trusteès. Trustèès ale kept up to date as appropriate with developments wiihin the Charity and the secior and furthèr training will be organiseil when appropriate. d. Pay polw foi strnior stsff As shown in Note 1110 the accounts, the Charity considers its key management personnel to bè the Trusteès, the Executive Director, the General Manager, the Head of Operations and Commercial Servicès and the Produ¢tion Manager. All Trustees give their time freely and no Trustee received remuneration in the year trxcepl as noted in Note 10 to the accounts. No Trustee was reimbursed èxpenses in the year {2021.. £Nill. The remuneration of the Executive Director is agreed by the Trustees, with the Exeeulive Dire¢tor deciding the rernuneration of the staff posts referred to above.
WILTON'S MUSIC HALL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2022 e. Risk Managernerit The Trustees are confident that the rnalor financial 8nd non-financial risks faced by the org8nisation ara bèino sultably managed with systems and procedure5 being put In place to address and mitigato th65e risks on an Onoing basls, induding the ongoing risk posed by Covid-19 and the cost-of-llving Crisis. The Executive Director annually updates the Risk Rl$le1 and rt is revd by Ihe Board.&.. The Tw$lees Consider that the prinapal risks faced by Ihe Chariiy are.. Thg possibility ol not 8chievino targeted commèroial a¢tiity and not rnainlalning and building our audience levels. As part of mitigating these rfsks, we have in post a Head of Operatlons 8nd Cornrnercial Servicès who Is ¢Jadic8led to Ihe trading business of the organlsation. In addition. we have a heightened digit81 marketing strategy to piomote a high quallty cultural programme which we continue to nurture in spite of Cowd-19.4.. A reduction In subsidy from Trusts and Foundations due to donor fatigutr and increase in requests because of tho on-going rarnifications of the Covid-19 crisis. We have been pleased with the response to Wilton's lundraising achievements in this financial yaar and will continue in the futu lo create speeificproiectfunding applications and will build on the nèw funding contacts made during the pandemic to assist us in mltlgating this nsk. The objective olthe Group is to manage pri, liquidity and cash flow risks (including those identified above) lo ensure that Il c8n meet its liabilities as they fall due. 11 does this through regular preparation and review of cash flows 8nd rnanagemenl accounts and through oversight by thè FIftan Commrttee which portS lo the Board. taking external professional ad( Whe required f. Related party latIOnShipS Therè were no relale(J party traFF88Ctions other than 85 di8closed in Note 23 to the accounts. Trustees are obliged to disdose any related partses or conflicts ol interest and May not take part in any vote at meetings which involves decisions being made In respect ol agreement5 Qr otherwise with these parties. The Chsrity's wholly cwned subsidiary, Mahogany Bar@ Wilton's Ltd was estsbli5hed lo operate a bar, catèring and provision of comtnercial room hire. In addition, the Directors of that company have commenced production serVIS and commeraal supply of these indimdual production Irades lo the Charity. Mahogany Bar @ Wilton's Ltd has 8 licence from the Charity lo operate those facilities and gifts all ils profit5 to the Charity See Note 27 to the accounts. Audltor The auditors, MHA have indicated their willingne58 to continue in offi. Tho Designated Truslees will propose a motion re-appointing the auditors al 8 meeting of the Trustees. The trustees, rèport was approved by the Board of Trustees Geor Mars Ichairl Chair of trustse$ Dale..
WILTON'S MUSIC HALL STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022 The trustees, who are also the directors of Wilton's Music Hall for the purpose of ¢ompany law. are responsible for preparing the Trustees. Report and the finanryal slalemenls in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the trustees to prepare financial statements for each financial year which give a truè and fair ew of Ihe state of affairs of the Charity and of the incoming resources and application of resour¢es. including the income and expenditure, of the charitable company foi th81 year. In preparing these financial statements. the trustees are required to.. select suitable accounting pL)lle$ and then appty them consislenuy., observe the methods and principles in the Charities SORP., make judgements and estimates that aré reasonable and prudent., and prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will conts'nue in operation. state whether applicable UK Accounting Stsndards {FRS 1021 have been lollowed. subject lo any material departures disd05ed and explained in the financial statements., The trustoes are ie5ponsible for keeping adequate accounting records that disclose with reasonable accuracy at any litne the financial positi'on of the charity and enable them to ensure that the financial slalements comply with the Companies Act 200S. They are also responsible for safeguarding the assets of the charily and hence for taking re8son8ble steps for the prevenkn'on and detection of fraud and other irrègularities. In so far as the Trustees are aware.. there is no relevant audit infomialion of which the Foundation's auditor is unaware,. and the Trustees have taken all steps that they ought lo have taken to make thèmselves aware of any relevant audit information and to establish that the auditor is aware of that infomialion. 10-
WILTON'S MUSIC HALL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WILTON'S MUSIC HALL Oplnlon We have audited the financial statements of Wilton's Music Hall Ithe'parènt charitable tpanY') and its subsidiarie5 (the 'group'l for the year ended 30 September 2022 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, th6 Ctsnsolidaled Stslemenl of Cash Flow5 and notes lo the financial statements, in¢l(Jding a surNrHary of significant accounting poliaes. The financial ieporting framewotk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Finanual Rèporting Standard 102 The FinancAal Reporting Standard applicable in the UK and Ropubli¢ of Ireland (United Kingdorn Generally ACpted Accounting Practice). In our opinion the financial staternents-. give a tnje and fair view of the slate of the group's and parent charitable company's affairs as at 30 Sèptèmbèr 2022, and of the group's incoming resources and application of resources. including its income and expenditure, for the year then ended., have been properfy prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance w((h the requirements oflhe Companies Act 20. Basls for oplnlon We conducted our audit in accordance wlth Inlemalion81 St8ndards on Auditing IUKI {ISAs IUKII and applrable law. Our responsibilities under those standards are further described in the Audilorfs Responsibilities for the audit of the finanaal statèmènts section of our report. We are independonl of Ihts group and parent charitable company in accordance with the ethical requirements that are rèlevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olhei ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is suffiaent and appropriate to provide a basis for OLtrr opinion. Concluslons r•lating to going ¢oncern In auditing the financial statements, we have concluded that the TrustÈe$' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Trustees, assessment of the entity's ability to continue to adopt the going ¢on¢em basis of auntIng included critical reviews of budgets and forecasts provided. B8sed on the work we have perfomied, we have not identified any material uncèrtainties lating lo events or cx)nditions that, individually or collectively, may cast significant doubt on the ¢harilable company's ability lo continue as a going concern for a period ol at least twelve months from when the financial statements are authorised for issue. Our responsibilitiès and the SponSIbl1111eS of the Trustees with respect to going concern are described in the relevant sections of this report.
WILTON'S MUSIC HALL INDEPENDENT AUDITOR'S REPORT (CONTINUEDI TO THE TRUSTEES OF WILTON'S MUSIC HALL Other Infom?atlon The Trustees are responsiblè ft)r the other information. The other information comprisès the infortnalion included in the annual report. other than the fin8ncial statements and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other inforrnation and, expt to the extent otherwise explially stated in our report, we do not express any fom) of assuranee conclusion Ihereon. In connection with our audit of the finanaal slalements. our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowlèdgè obtainèd in the audit or otherwise appears to be materially misstated. If we identify such rnalerial incon5151enae5 or apparent material rni5St8lement5, we are required to determine whethèr there is a material misslalemenl in the financial statements or a material misstatement of thè othèr information. If, based on the work we have performed. we condude that therè is a material misslalemenl of this other information, we are required lo report that fact. We have nothing lo report in this w8rd. Oplnlons on othor matters prèseribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information gsven in the Trustees, Report (incorporating the Directors, Report) for the finanal year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees. Report (incorporating the Directors, Report) has been prepared in aA)rdance with applicable legal requirements. Matters on whlch we ara rnqLtlr•d to rèport by exception In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not idenliffed rnalerial misstatements in the Directors. Report. We have nothing lo report in respect of the following matters in relation to which the Companies A¢t 2(X)6 requi$ u$ lo rtsport lo you if, in our opinion.. adequate accounling records have not been kept by the parent ¢h8ritsble company, or returns adequate for our audit have not been received from branches not visited by us.. or the parent charitable company's finanaal ststemenls are not in agreernent with the accounting records and returns", or certain disclosures of Directors, remuneration specified by law are not made,. or we have not leived all the information and explanations we require for our audit., or the Trustees were not enlilled lo prepare the financial statements in accordance with Ihe small companies regime and take advantage of the small companies. exemptions in preparing the Tru51ees' Report ar¢d trom the requirernent to prepare a Strategic Report. 12
WILTON'S MUSIC HALL INDEPENDENT AUDITOR'S REPORT (CONTINUED} TO THE TRUSTEES OF WILTON'S MUSIC HALL Responsibilities of trustees As explained more fully in the Trustees, respon5ibililies statement included in the Trustees, Report, the Trustees Iwho are also the Directors of the ¢haritsble cornpany for the purposes of company lawl are responsible for the preparation of thè finan¢ial slalemenls and for being satisfied that they give a true and fair view, and for such intèin31 control 8S the Trustees determine is neSSary to enable the prepar3btsn of financial slalernents that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are iesponsible for assessing the group's and parent charitable company's ability lo ¢onlinue as a going COnrn, disclosing, as applicable, matters related to going eoncern and using the going ¢on¢ern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations. or have no realisb'c alternative bul lo do so. Auditorfs responsibilities for the audit of the financial ststsments Our objectives are to obtain reasonable assurance about whethér the financial slalernents as a whole are free from material rnisstatement, whether due to fraud or error, and lo issue an audilorfs report that indudes our opinion. Reasonable assurance is a high level of assuran¢e. bul is not a guaianlee that an audit conducted in accordance with ISAS IUKI will ahmays delect 8 material misslalement when it exists. Misstatements can arise from fraud or error and a ¢onsidered material if. indiwdually or in the aggregate, they could reasonably be expected to influence the economic decisions of u5er5 taken on the basis of these financial statements. Irregularities, induding fraud, are instances of non-compliance with laws and wulalions. We design prOdureS in line with our responsibilities, outlined above, to delè¢t material mi$stalements in respect of irregularities, induding fraud. The specific procedures for this engagèmènt and the extent lo which these are capable of detecting iriegularities, including fraud is detailed bèlow.. Obtaining an understanding of the legal 8nd regulatory trameworks that the entity operates in, knusing on those law$ and regulation5 that had a direct effect on the financial slalements., Enquiry of management lo identify any instances of known or suspected instances of fraud,. Enquiry of managèmènt around any a¢tual and potential litigation and claims., Reviewing the design and implemenlalion of Control syslerns in place and testing operational ettects'veness., Perftsiming audit work over the risk of management override, including tests'ng of joumal entries and other adjuslmenls for appropriateness., Evaluating the business rationale of significant transactions outside the nom)al course of business,. Reviewing accounting estimates for bias,. Reviewng minutes of meetings of those charged with govèm3nee', Reviewing financAal statement disdosures alongside supptsrtin9 do¢umenlalion lo assess compliance with applicable laws and wulations. Becavse of the inherent limitation5 of an audit, there is a risk that we will not detect all irregularitiès, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and Iiansadions reflected in the financial statements, as we will be lèss likèly lo become aware of instances of non-compliance. The risk is also greater regarding irrÈgularilies owuriing due lo fraud r8lher than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepre5entalion. A further descripii'on of our responsibilities for the audit of the finan¢ial slalemenls 15 located on the Financ4al Reporting Council's website at". https".IlwwM.fr¢.org.uklOur-WorklAudiVAudil-and-assurancelStandards-and- guidancelStandards-and-guidan¢e-for-8udilorslAudilors-re5ponsibililies-for-audiVOescription-of-auditors- sponsibililies-for-audil.aspx. This description fomis part ol our auditor's report. 13-
WILTON'S MUSIC HALL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WILTON'S MUSIC HALL Use ofthis report This report is made solely to the charitable cornpany'5 rnembers, as a body, in accordance with Chapter 3 of Part 16 ol the Companies Act 2006. Our audit work has been undertaken so that we might state lo the ¢haritable ¢ompanY5 members those matters we are required to stale lo them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility lo anyone other Ihan the charitable company and the charitable company's members as a body. for our audrt work, for this report, or for the opinions we have formed. Stuart McKay Bsc FCA DChA Isènlor Ststutory Auditor) For and on behalf of MHA Slalutory Auditor London, United Kingdom Date.. 27.06.2023 MHA a eligible to act as auditors in terms ol section 1212 of the Companies A¢1 2006. MHA is the trading narne of Maclntyre Hudson LLP. a limited liability partnership in England and Wales {registered number OC3123131. 14-
WILTON'S MUSIC HALL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEpfEMBER 2022 As Reststed Unrestricted Restricted funds funds 2022 2022 Total Unrestricted Restrictsd funds funds 2021 2021 Total 2022 2021 Notes come from: Oonatitsns and legacAes Charitablè aetivitiès Other trading activi11gS Investments 155,973 859,774 808,102 116 155,973 859,774 608,102 116 428,240 171,850 313,456 15 117,975 546.215 171,850 313,456 15 Total income 1,623,965 1,623,965 913.561 117.975 1,031,536 endi Raising funds 315.882 315,882 59,573 59,573 Charitable activities 1.271,101 79,518 1,350,619 661,399 182,607 844,0 Other 12 52,556 52.556 17.469 17.469 Total expendlturè 1,639,539 79,518 f,719,057 738.441 182.607 921.048 Net loutgoingifincoming resources before transfers 115.5741 179,S181 195,0921 175,120 164.6321 110,488 Gross transfe15 between funds 246,968 1246.9661 54,739 154,739} Net incomell•xpondlturnl for th& yearl Net movement in funds 231,392 (326,4841 195,0921 229,859 {119,3711 110,488 Fund balan5 al 1 October 2021 1.028,812 3,531.920 4,560.732 798.953 3,651.291 4,450,244 Fund balance5 at 30 September 2022 1,260,204 3.205,436 4.465,640 1,028,812 3,531,920 4,560,732 Thè statemènt of finanaal 8¢tivilies include5 all gains and losses recognised in the year. Following a review of the cost allocation methodology the charity has restated the 2021 amtsunts for cost of raising funds and cost of charitable activities. This adjuslmenl has not 8ffe¢ted the overall surplus pSented. All income and exDenditure derive from ¢onlinuinq aotiwlies. The siatement olfinanaal activil'es also complies with the rèquirèmenlsfor an incomè and èxpenditure account vndér thè Companies Act 2006. 15
WILTON'S MUSIC HALL CONSOLIOATED BALANCE SHEET AS A T30 SEPTEAI8ER 2022 2Q21 2021 Noto8 Fixed aJets 13 14 eiiLigc as$e15 208,870 3.329.101 233.8 3.398.539 evtTenl 4s3ets Stccks DebtoT¥ Cash ai bankand in hatyj 3.537.971 3.632.235 15 16 6.375 22S.124 1.127.893 It.132 180.se8 1.145,827 Creditors.. •mDunts tsllin9 withln oneyear 1.359.392 1.318.125 17 1431.723) 1389,8281 ei cuen1 assets 927.669 928.497 Total 4s¥•ts kss ¢uThent Ilabilitiea 4.465,640 4.S60.732 In¢•rne t¢tn¢ RestriCtÈd funds 20 3,205,436 3.531.920 Designoied f& General UnTestricied tund5 21 3.SOC 805,312 1.043.091 1.2SO.204 1.028.812 4,465.640 4.560.732 Under Ihe Cornpanitt Acl 20C6. s454. on a volunugry tsas. the TIu51ee$ean arnend fw1anc stsiements Iflhe 5ubsequenVy prove to be defethive Tho eompanls SeI5 have been prepa0 in accordance With Ihe prOOn5 appktsblo lo c¢mpans iothe sm8llimpan*5 regyne. 7he faal stalernents were appro bythe Trustees on Icbwl Andrew Man trrusleel Char Chair
WILTON'S MUSIC HALL CHARITY BALANCE SHEET AS A T 30 SEPTEMBER 2022 Z022 2031 No Fix•d asjots T3ryJLb asse15 Heriia9e assels Sharts In group undertaking 208.870 3.329.101 233.698 3.39fj.539 14 27 3.538.071 3,832.335 CuThent $$ets Deblord C3sh al bank and in harKI 16 313.028 4.2&) 109,214 681.273 757.288 ).487 Crpditor¥: Imounts Falling rfue wlthln one year 11 1231.7011 1231.5561 currenl assets 525.587 558.¥J1 Totsl assets l$$ ¢urYent liabllltles 4..65$ 4.191.266 Incomo fvnds Rtrsiricled lunds Utvestroed funds 3.205.436 658, 3.SJI.920 659.345 4.063.658 4,191.265 Underthe CoThpanies Acl 20(. $454. ¢bi a w0tary ba*s. the Tru$tee5 ¢4n affl¢nd thefinantsal stalemenis If the ubsequenlty prove lo be defertivs. The mpan5 fatla1 statements have been prepar In aruKd8rtt with the p{ow5n$ ap•ble 10 wrnp Subject lo the companies regirne. The finandal staierr¢nt5 were apWed by the Trusiees LMI. 21/t61.ZoZ Andrew Uakin (frusteel
WILTON'S MUSIC HALL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022 2022 2021 Notes Cash flows from operating activities Cash labsotbed byllgenerated from opèrations 28 (17,9341 124.323 Investlng a¢VItieS Net ¢a$h u$•d In Inv8stlng actlvltl&s Net cash used in financing activities Nèt Idèerèas•lllncr8asè In cash and eash equivalents {17,9341 124.323 Cash and cash equivalents at beginning of year 1,145,827 1.021,504 Cash and ¢a$h ¢quival•nts at ènd of year 1,127.893 1,145,827 18-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policies Charity information Wilton's Music Hall 15 a private cornpany limited by guarantee incorporated in England and Wales. The registered office is Wllton's Music Hall, Graces Alley, London, E18JB. 1.1 Accounting convention The financial slalerllenls have been prepared in accordance with the charily's goveming document. the Companies Act 2006, FRS 102'The Finanaal Reporting Standard applicable in the UK and Republicof Ireland. I'FRS 102") and the Charities SORP Accounting and Reporb'ng by Charf(ies.' Slalerllenl of Recommended Practice applicable to charitiès preparing their 8¢¢0unls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}" (effective 1 January 20191. The charity is a Public Benefit Enlily as defined by FRS 102. The finanaal statements are prepared in Pound Steding which is thèfun¢tional currency of Ihe ¢h8rity, IAonelary amounts in these finanaal statements a rounded lo the nearest £. The financial statements have been prepared under the historical cost convents'on. The principal accounting policies adopted are set out below. Basss of Consolidation The finanual statements eonsolidate the 3¢¢ounls of Vlfillon's Music Hall and all of ils subsidiary undertakings {'SLJbsidiaries'l. The income and expenditure a¢¢ovnl for the year dealt with in the accounts ol the cornpany was a deficit of £58,23112021.. £110,488). 1.2 Going concern Al the lime of approving the financial sialemenls. the trustees have a reasonable expectation that the charity ha5 adequ8le resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltablè funds General funds are unrestricted fvnds which are available for use 81 the discretion of the Tru51ee5 in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for parti¢ular purposes. The aim and use of each designated fund is sel out in tho notes lo the finan¢ial slalerllenls. Reslri¢ted funds are fund5 which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such lunds are charged against the specific fund. The aim and usè of èach rèstrictèd fund is sel out in the notes lo the financial statements. 1A Ineomè All income is cOgnised once the company has enlillemenl to the in¢ome, it is probable that the income will be received, and the amount of income receivable can be measured reliably. 19
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policies 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, it is probable Ihat a transfer of econom benefits will bè raquired in sèttlement and the 8mounl of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. 81 Co$1 ol raising ftJnd5 comprise of c0515 of direct fundraising and the costs of comrnercial trading induding the b8r and theatre hire and their associated support costs. bl Expenditure on charitable activities indudes the cost of perfom)ances, educational and heritage active5 and other activities undertaken to further the purposè of thè charity and their assoeialèd support costs. cl Other expenditure represents those items that do not fall into eilhtsr of the above categorie5. Supptsrt costs are those fijndions that assist the work of the Group but do not directly undertake charitable activities. These include office and maintenance costs, finan, administralitsn and governan costs which support Wilton's Music Hall's artistic, educational, heritage programs and activits'es and commercial OperatOn5. Governance costs are those costs assouated with the constitutional and statutory requirèmènts of tha ¢hafity. Governance costs are those incurred in conne¢tion with adrninislration of the company and compliance with conststutional and slalulory fequiremenls. Heritage Assets In 2012. the assets and liabilities of Wellclose Square Building PreseNation Trust Ltd We tranSferd to thè charity. Within the assets was the property known as Wilton's Music Hall, which has been included at rts net book value. Significant capital improvements have been undertaken in past financial years and initially thesè works were being capitalised within fixed assets as property improvements. The Tru5tÈes revigwed the position and considered that it would be more reflective of the actual propety assèt hèld lo add ¢aptsl works lo the cost of the heritage building. On this basis, a transfer was mad6 bètweèn fixèd assets and hèritage assets 8$ 8130 September 2015. The property improvements are being depreciated over the expected useful economic life of these works over the next 50 years. The Trustees consider it is not possible lo value the original building transferred due to it being a unique building which was in a poor stale of repair on transfer. In addition, it is not considered a good use of charity money to attempt to obtain a valuation of such in its original transfèr stste. Wilton's Music Hall has a ¢olle¢tion of archive material con51sling of approxirllalety 200 boxes of paper records, photographs. and a5$0rted rnultimedia including CD. DVD and audio cassette tapes, and electronic records. The material ranges from the rnid-1960s through to the present. The majority of the material has been creatèd by organisations or bodies associated with the campaign to save and restore Wilton's. and with its USÈ as a venue by organisalions that have been resident at Wilton's. There are also itèms. or$mall ¢olle¢tions olfflalerial, which have been donated lo the archive because of their relevance lo Wilton's which date fiom 1871 to the present day. Wilton's also has a collection of frttings and artefacts thought to be from 18th to èarly 19th Cèntury. Thèse were found at Wilton's prior lo the resloralion work being carried out in the 1980s 8nd more recently in 2012. These in¢lude a vaiiely of objects suth 85 pottery and moulded plaster decorations. The archive and collections are added to through intemal transfer of records and through donations from the public. The collections have been stored in se¢ure archive boxes and are listed. An Ar¢hivts & Inlerpretalion Manager establishes poliues. pro¢edure$ and guidelines for all 8spe¢ts of the arthive and collections, including preservation. organisalion and rnanagernenl and access. In doing so Wilton's aim is to make the archive accessible lo the organisation and lo the public. A la¢k of comparable market values for the collection makes obtaining a meaningful valuat+on extremely difficult therefore, no value has been included wsthin these financial statements for the collecl'on. -20-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policies 1.6 Tan9iblè fixèd assèts Tangible fixed a55els are initially measured al cost and subsequently rneasured at cost or valua*'on, net of depreoation and any impairrnenl losses. All assets costing more than £2.000 lor £500 in the Case of items that combine lo make a larger piece of equipment. or assèts such as ¢ompuler equipment) 01 more #re capilali5ed al cost. A remèw for iTnp8imenl of a fixed asset 15 carried out if events or changes in circumstances indicate that Ihe carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of red assets and their recoverable amounts are recognised as impairments. Impairment lossès are re¢ognised in Ihe Consolidated Statement of Financial Activib'es incorporating Income and Expenditu Account. Tangible fixed asset$ are Carried al cost, nel of depreciation and any provision for impairmen(. DepCIall0n is provided al rates calculated lo write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. Musical instruments FixtLtres and fittings Computers 12.5°A straight linè 10Qh slr8ighl line 20¢h43% sliaighl line The gain or loss arising on the disposal of an asset is determined as the drfféioncè bèlween the sale pred5 and the carrying value of the asset, and is reco9nised in the slaltrmenl of financial a¢tivilies. 1.7 Impairnient of fixed assets Al each reporting end dale, the charity reviews the carrying amounts of its tangible assets to detemine whether there ts any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount ot the asset is estimated in ordèr to d8terminè tha extant of the impaimenl loss Irf any). 1.8 Stocks Stocks are valued al the lower of cost and net realisable value after maknng due allowance for obsolete and slow-moving stocks. Cost indudes all direct costs and an appropriate proportion of fixed and variable overheads. Net realisable value is the estimated selling pri less all eslimaled costs of cornplelion and costs lo be incurred in marketing. lling and distribution. 1.9 Cash and eash Èquivalènts Cash and cash equivalents in¢lude cash in hand, deposits held al call with banks, other short-lemi liquid inveslrnents with original malurilie5 of three months or less, and bank overdrafts. Bank ovefdrafts are shown wrf(hin borrowings in current liabilities. 1.10 Flnanclal Instrum•nts The charity has elected to apply thè provisirjns of Section 11 'Basi¢ Finanoal Inslrumenls, and Section 12'0ther Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balan sheet when the charity becomes paty lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off tho recognised amounts and thère is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneous. 21
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policies Baslc financial assets Basic financial assets. which incltjde debtors and cash and bank balances. are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effèctivè intèrest method Ljnless the arr8ngernenl conslitules a nanang transaction, where thè Iransa¢tion is rneasured al the present value of the future receipts discounted at a market rale of inte$t. Finanryal assets dassified as re¢eivable within one year are not amortised. Basie financial liabilities Basic financial liabilities. induding creditors and bank loans are initially recognised at transaction price unless the arrangement constilules a financing transaction, where the debt instrument is mèasured althe present value of the future payments discounted at a markèt rate of inteiesl. Fin8llCI81 liabilities classified as payable within one year are not amortised. Debt instruments are subsèqugntly Carried al amortised cost, using the effe'Ve interest rate method. Trade ¢iedilors are obligations lo pay fof goods or se1mS that hav8 been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as CunI liabilitie5 if payment Is due within one year or les5. If not. they are presented as non-current liabilitiès. Trade ¢iedilors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Dètseognition of financial liabilities Finanaal liabilities are dèrè¢ognised when the charity's contractual obligations expire or are distharged or cancèlled. 1.11 Retlrement benèfits Payments to defined contribution rel1ment benefit schemes are charged as an expense as they fall due. Crftical aecountlng èstimat¢$ •nd judgements Eslimales and judgements are c4)ntsnually evaluated and a based on historic31 experienlx and other factors, including expectations of future events that are believed lo be reasonable under the ciroJmstances. Wnilst there are estimates and judgements made in respect of the recognition of multi-year grant and donalion income in any given one year and in respect of the results of productions that straddle year end, the Iruslees consider that none of these or other perceived risks would lead lo a materi81 mi55t8lemenl of the financial stslements. 22-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Donations and legacies Unrestricted Unrestricted funds funds Restricled funds Toial 2022 2021 2021 2021 Appeals and donations Grants Subs¢riplions 140.448 417,538 62,150 55,825 479.688 55,825 10.702 15,525 10.702 155,973 428.240 117,975 546,215 Charitsbl• aetiviti•s Unr•striet•d Unr•$tri¢t•d funds funds 2022 2021 Productions, Events and Educats'onal Actiwties 859,774 171,850 Other tradlng actlvltl•s Unrèstrlet•d Unrestrietèd funds fvnds 2022 2021 Bar and Merchandise Sales Theatre Hire 344,350 263.752 47,756 265,700 Total other trading activities 608,102 313.456 Investment income Unrestricted Unrestricted funds funds 2022 2021 Interest re1vable 116 15 -23-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2022 Ral$lng fvnd$ Unrestricted Unrestricted funds funds 2022 2021 Fundraisin and ublia Productions, events and educational a¢tsvilies 147.725 19.5Q5 Tradin costs Purchases Other commercial trading costs 127,092 41,Cb5 18,692 21.376 Trading costs 315,882 59,573 -24-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Charltsble activltSès Charltsble Charltable A¢tivities Activities 2022 2021 staff costs Depreciation and impairment Diie¢t costs Produ¢tion expenses Freelance staff Rates and water Light and heat Insurance Subscriptions Repair5 and renewals Household and cleaning Computer costs Adv8rtssing Accountancy Licences Legal fees P051 and slalionery Spektrix commission Sundry expenses Telephone Capital projects expenses CGS VAT expense 462,166 94.264 392.071 6.428 37.272 6,939 53,140 33,874 2,950 26,820 72,552 9,737 17,499 42,620 8,381 850 713 32,502 647 2.545 10,080 20,(kf9 368,974 84.144 97,481 8,289 19,961 4,283 13,887 30,543 2,950 39,531 34,369 11,145 71,072 43,600 2,670 875 4.142 349 2,283 42,778 6,944 1.334,119 830,336 Share of governance Costs (see note 91 16.5CXJ 13,670 1,350.619 844,CM)6 Analysls by furtd Unieslricted funds Restricted lunds 1,271,101 79,518 661,399 182,607 1,350,619 844,0 -25-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Supportcosts 2022 2022 Support Gov•rnan¢e costs ¢o¥ts 2021 Support costs 2021 Governan costs Premises and office costs Marketing Accountan. finance and advisory Amortisation of heritage assets Depreciation of fixed assets Legal and professional Other 188,287 17.499 42,620 69,438 24,828 850 647 111.632 11,072 43,600 69,438 14,7 875 17.818 Audit fees 16,500 13,670 344,167 16,500 269,141 13,670 Analysed betV4een Fundraisin9 Charitable actilieS 17.499 326,668 28.186 223.486 16,500 13,670 344,167 16,500 251,672 13,670 Support costs are those that assist the work of the tharily bul do not directly represent charitable activities. Support costs are apptsrboned basod on direct costs incurred. G0Veman costs includes payrnenls lo the auditors of £16,500 {2021- £13,670) for audit fees. 10 Trustses None of Ihe Iruslees {or any persons connected with them) received any remuneration or benefit5 from the charity during the year. -26-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 11 Staff Costs The charity trustees were not p8id any remuneration, norwere they reimbursed expenses during the year{2021'. The Charity considers key management personnel to be the Trustees. the Executive Director, Head of Commercial Services and Operations. General Manager and the Production Manager lan extemal consultanl whose fees are induded in note 9 above). The key management personnel oflhe Group comprise those of the Charity and the key managemènt personnel oflhe wholly owned Subsidiary company, Mahogany Bar Iton's Ltd. The key managèment personnel of the subsidiary comprises the Head of Commercial Services and Operations. The Group's lolal remuneration of key management personnel. including pension trIbutio115. for the year was £163,35412021'. £167,597). The average monthly number of employees during the year was.. 2022 Number 2021 Number 43 20 Employmènt costs 2022 2021 Wages 8nd salaries Social security costs Other pension costs 420.627 27,401 14,138 331,426 25,011 12,537 462.166 368.974 The number of employees whose annual remuneration was more than £60,OCM) IS 8$ ft)Ilows'. 2022 Number 2021 Number £60.QOO to £70.(YJO 12 Other Unrestricted Unrestricted funds funds 2022 2021 Finanang wsls 52,556 17,469 52,556 17,469 -27-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 13 Tanglble fixed assets Muslcal Flxturès and Instruments fittlngs Computer¥ rotal Cost At 1 October 2021 17,210 289,505 9,821 316,536 At 30 September 2022 17,210 289.505 9,821 316,536 Depreciation and Impalmi•nt At 1 October 2021 Depreciation charged in the year 17,210 55,809 24,826 9.821 82,840 24,826 AI 30 September 2022 17,210 80,635 9,821 107,666 Carrying amount At 30 September 2022 208,870 208.870 AI 30 September 2021 233,696 233,696 14 Herltage assets Al 1 O¢tober 2021 Deprlation brought forward Depreciats'on charge for the year 4,239.023 1840,4841 169,438} At 30 S•pt•mbèr 2022 3.329,101 15 Stocks Chari Grou 2022 2021 2022 2021 Raw maleri81s and consumables 6376 11.732 -28-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 16 Dabtors Grou 2022 2021 2022 2021 Amounts falllng duè within one year: Trade debtors Corporation tax recoverable Amounts owed by fellow group undertakings Other debttsrs Prepayments and accrued inc4)me 1,647 2,672 1,647 32.498 88,137 263.703 36,050 11.628 50,582 32,030 23,930 145.780 45,199 34,284 38,145 313.028 109,214 225,124 160,566 Charl Grou 17 Creditors: amounts falllng du• vathln one year 2022 2021 2022 2021 Other taxation and soci81 security Dèferred in<x)tne Trade Creditors Other Creditors Accruals 40,664 109,501 17,110 11,950 52,476 27,073 134,588 26.663 8,218 35,014 40.516 251.578 24,682 42.607 72,340 26,861 251.867 33.677 29,926 47,297 231,701 231,556 431,723 389,628 18 Deferred income Deftrired income is included in the financial statements as follows.. Chari Grou 2022 2021 2022 2021 Deferred income is included within.. Current liabilities 109,501 134,588 251,578 251.867 109,501 134,588 251,578 251.867 29-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 18 Deferred Incomè Chari Grou 2022 2021 2022 2021 Deferred income at l Oetobèr 2021 Released from previous periods.. Trading a¢tivilie5 Charitable 8clivilies Deferred in current perirxl". Trading activities Charitable activities 134,588 14,885 251.867 180,772 1117,2791 {134,5881 1165,887) 114,8851 {134,5881 114,885) 142.078 109,500 117.279 134,588 109,501 134,588 Deferred income al 30 September 2022 109,501 134.588 251,578 251,867 Deferred incomè from ¢haritable activities comprises advance tickat sales and is regniSed as income in the period the performance to which they relate takes placè. Deferred income from trading acts'vities comprises wadding deposits and is recognised as incomè in thè porK)d in which the wedding ceremony tak¢s place. 19 Retirement benafit seh•m¢$ Defined contribution s¢hemes The charity operates a defined contribution pension heme for all qualifying employees. Tha asset$ of the scheme are held separately from those of the charity in an independently administered fund. The Charge lo profil or loss in respect of defined contribution schemes was £14,13812021- £12.5371.
Ill"
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 21 D¢$lgnated funds The income funds of the charity include the following designated funds which have been sel aside out of unreslricled funds by the trustees for spe(xfi¢ purposes.. Movèmènt in fLrnds Incomlt)g rosourc68 Balance 1 October 2020 Balance at 1 October 2021 Resour¢es 8alaoce at exponded 30 S0Ptembor 2022 Building Fund Future Fund Shared Success Fund 20,0 200,000 3,500 20.0(XI 200,000 3.500 {2,88n 17,113 200,0(X) 13,5001 223,500 223.500 16,3871 217,113 Building fund- The purpose of this fund is lo support the upkeep of the btjilding as we enter into a period of maintenance following the substantial capital investment the building received. Future lund- Th& purpclse of this fund is to help sustain the East End building with a Pfograrnrne of extraordinary theatrè and music. for everyone with a curious imagination. Sharèd Success fund- A designated fund to recognise the contribution made by those who wot* at Wilton's and who rnade the surplus position possible through their hard work. irnagination, and dedication. 22 Analysls of n•t a$$ets betsyeen funds Unrestricted Restricted funds funds 2022 2022 Totsl Unrestricted funds 2021 Restricted funds 2021 Total 2022 2021 Fund balances al 30 September 2022 are represented by.. Tangible assets Heritagè assets Current assetsllliabilitiesl 208,870 3,329,101 208.870 3,329.101 233,6 233,696 3,398,539 3,398,539 1,260,204 1332,5351 927,669 1,028.812 {1CX).3151 928,497 1,260.204 3,205.436 4,465,640 1,028,812 3,531,920 4.560.732 23 R•lat•d party transactions The were no disclosable related party Iransa¢tion$ during the year12021 none). 32-
WILTON'S MUSIC HALL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 24 Members liab511ty Each member ofthe charitable company undertakes to wnlribute lo the assets ofthe company in the event of it being wound up while slhe is a mernber. or within one year after slhe ceases to be a member, such amtsunl as may be required, not exceeding £1 forlhe debts and liabilities contracted before slhè cèasas to be a mèmbor. 2S Controlling party Illon's Music H311 is the partrnl MpanY in the Group but there is no ultimate controlling party. 26 Corporation tsx The Charity is exernpl from lax on income and gains falling Wlthin sèction 505 of the tsxe5 Act 1988 or Section 252 of the Taxation and Chargeable Gains Act 1992 to the exlenl that these ale applied lo its charitable objects. 27 FSx8d ass•t Invèstment Charity shares in group undertakings As at 1 October 2021 and 30 September 2022 £100 Mahogany Bar @ Wilton's Ltd. company number 08284349, undertakes anallary and othertrading actiwlies for the Group. Thè parent charity owns 100% of the ordinary share capital of this subsidiary. Its prin¢ip31 purpose is to providè a¢tivilies and support for Wilton's Music Hall's charitable activities, through the opeialion of a bar and piovision of theatre and room hire. In addition, the Directors agreed lo provide production services for cornmerci81 supply of these trades to Wlton's Music Hall. The company donates all its profits lo ils parent ch8rity. 28 Cash generated from operations 2022 2021 {Oeficitllsurplus for the year 195.0921 110.488 Adjustments for.. Corporation tax receivable.. theatrè tax rèlief Depreciation and irnpairmenl of tangible fixed assets Fixed asset additions {32,4981 94.264 84,144 {216.0931 Movements in wothng capital.. Decreasellin¢reasel in stocks Ilncrease}Idecrease in debtors Increaselldecrease} in creditors (Decrease) in deferred income 5,357 132,060} 42.384 12891 (2,977) 43,166 105,595 C•$h (absorbed byllgenerated from operatlons 117.9341 124.323 -33-