## Trustees’ Report and Financial Statements 

31  JU LY  2023 

THE  WIGMORE  HAL L  T RUST  (L IMIT E D  BY  G UA RA N T EE) C O MPA NY  NUM B E R:  2 75 4 525 

REGISTERE D  CHARIT Y  NUMB E R:  1 024 83 8 



## Contents 

|Legal and administrative details|2 - 3|
|---|---|
|Chairman’s statement|4 - 5|
|Trustees’ report|6 - 13|
|Independent auditor’s report|14 - 17|
|Statement of financial activities|18|
|Balance sheet|19|
|Cash flow statement|20|
|Notes to the financial statements|21 - 32|



2 



## Legal and Administrative Details 

## TRUSTEES 

The Trustees, who are the statutory directors of the company for the purposes of company law, that served during the year, and since the year end were as follows: 

Aubrey Adams - _Chairman_ 

Lady Julia Boyd Judith Davies Mark Hawtin Alan Leibowitz Dame Felicity Lott Stuart Mason 

## TENURE 

The freehold for the Wigmore Hall is owned by the Howard de Walden Estate. In December 2005 the charity purchased a 250 year lease on the property for £3.2 million (£3.1 million for the lease and £0.1 million for legal costs). 

## OTH E R  INFORM AT IO N 

Registered Address Company Reg no Wigmore Hall 2754525 36 Wigmore Street, London W1U 2BP 

Charity Reg no 

Country of registration 1024838 England & Wales 

Bankers 

Country of incorporation United Kingdom 

Lloyds TSB Plc 25 Gresham Street, London EC2V 7HN 

Company Secretary Peter Jervis 

The Royal Bank of Scotland Plc 49 Charing Cross, London SW1A 2DX 

Auditor 

RSM UK Audit LLP Portland, 25 High Street West Sussex RH10 1BG 

Investment Managers Partners Capital LLP 5 Young Street, London W8 5EH 

## Solicitors 

Harbottle & Lewis 

7 Savoy Court, London WC2R 0EX 

3 



## Chairman’s Statement 

‘The concert wasn’t just superbly played, it was also superbly programmed’ 

– _The Times_ 

September 2022 saw the beginning of the new concert Season, which was a difficult month for the nation. Concert attendance had not yet fully recovered from Covid times, and the death of Queen Elizabeth II also impacted audiences during the 9-day mourning period. However, as the Season progressed, things began to improve, with last-minute bookings and a huge increase (of 28%) in our overall audience base. The financial targets for the 2022/23 Season were largely realised with £3,612,667 in concert-related income, an increase of £736,569 from the previous Season. Fundraising income was £4,233,177 (excluding public funding), an extraordinary result for a charity of our size. 

As I write in early 2024, further audience increases are much in evidence, and the Hall is now back to prepandemic capacity for most artistic strands. We have ensured that each and every concert lost to Covid has been rescheduled which, of course, increases expenditure, and these additional costs are reflected in this report. Our focus is to give work to artists and share great music-making with the widest possible audience in the Hall itself, online, and on radio. 

The Hall's strategy around legacy giving has been enhanced through the Wigmore Hall Society and a new Director's Fund which was quietly prepared over the 2022/23 Season, with its formal launch in Autumn 2023. Progress will be noted in next year's annual report. As usual, it is only thanks to the exceptional generosity of trusts, foundations, and individuals, that we have been able to continue much of our activity. The Hall is now 97% self-sufficient, with only 3% of its income coming from the public purse, and 57% from donations. We have been greatly encouraged by the audience and donor 

response to the Hall's programme, and are convinced that there is still a real hunger for live classical music. We now attract a much broader cross-section of society and there has been a significant increase in new audience members – an astonishing 15,762 £5 tickets were sold to young people as part of the Under 35s scheme. 

The Wigmore Hall Trust very often engages with local communities, through our Learning, Outreach, and Participation work. In the coronation year, the Trust was honoured that His Majesty The King chose to visit one of our external concerts just round the corner from the Hall itself at the beautiful church of St James, Spanish Place on 6 June 2023, exactly one month after the ceremonies at Westminster Abbey. The programme included Handel's _Dettingen Te Deum_ and _Coronation Anthems_ , and there was a large audience and an opportunity for His Majesty to greet the artistic and local communities. This series continued with a magnificent dramatised performance of Bach's St Matthew Passion later in the summer. As our local and wider community work is of such importance to public funders and donors, it was very encouraging to have this endorsement from His Majesty at the beginning of his reign. 

Wigmore Hall’s Associate Artists, appointed in 2021, are now flourishing as part of our regular programme, and their performances in 22/23 explored a diverse range music from Nigeria, Ghana, Morocco, South Africa and India. These concerts span traditions and eras, from the ancient to the modern day, often defying categorisation and further enhancing the vibrancy of the Hall’s artistic programme. 

4 



## Chairman’s Statement - _Continued_ 

‘Founded in 1901…its programme is anything but fossilized…’ – _The i_ 

‘Classical music doesn’t get much more life-enhancing than this’ – _The Observer_ 

The Hall has also been at the forefront of advocating for better access to music in schools. In a February 2023 interview with The Sunday Times, John Gilhooly gave a rallying cry for the importance of music education, saying, “Everyone is innately musical. I see the difference music makes when we go into schools: children light up. We see that confidence, that ability to express themselves grow. Creating that kind of well-rounded citizen equipped to thrive and make the world a better place — that’s right there for the taking.” 

The Hall’s year end for the Season shows a planned loss of £277,436 before the transfer of £300,000 from our Catalyst Endowment Fund. Up until now this fund was called upon infrequently; however, this season’s draw down was agreed and the fund will be vital in the coming years, as we continue to honour and reschedule contracted events lost during the pandemic. The Catalyst Endowment Fund was established in 2012 and £2 million must be drawn down by 2037 under the terms of the contract with Arts Council England. The £300,000 drawdown this year brings us up to date with the agreed schedule. Wigmore Hall's balance sheet is in very good shape, but it should be noted that the significant majority of these funds (£10.4 million out of £13.3 million) is in restricted funds (including the value of our long-term lease). 

As always, I am very grateful to the Trustees for their continued support, counsel, and encouragement during the past year, and to John Gilhooly for building and devising another pioneering, eclectic artistic programme. The Wigmore Hall staff continues to support the Trust's ambitious strategic vision, and the Trustees are very grateful to all of the Hall's employees for everything they do, often going above and beyond to maintain the Hall's very high standards. Many of the staff continue to work on a hybrid basis, and what they deliver every season is remarkable. 

Most importantly, I would like to reiterate the Trust's grateful thanks to the many donors who make Wigmore Hall's work possible. None of this would be achievable without their support, and it is only with such help that we can look to the future with prudent optimism, despite the unprecedented challenges of recent years. The Director's Fund is a significant boost to these efforts, and I look forward to writing about all of this in more detail in next year's report. 

Aubrey Adams Chairman 

5 



## Trustees’ Report for the Year Ended 31 July 2023 

The Trustees are pleased to present their annual Trustees’ report together with the financial statements of the Charity for the year ended 31 July 2023 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. 

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued October 2019). 

## STRUCTURE ,  G OV E RNANC E  AND  M ANAG EM EN T 

## Governing Document 

The Wigmore Hall Trust is a private company limited by guarantee. It was incorporated on 9 October 1992 and is governed by its Memorandum and Articles of Association. The company was registered as a charity on 11 August 1993. 

## Recruitment and Appointment of Trustees 

New Trustees are appointed by the Members on the recommendation of existing Trustees. 

## Trustee Induction and Training 

New Trustees are given an induction session during their first year of tenure and ongoing training is provided to Trustees as required. 

## Risk Management 

The Trustees conduct comprehensive reviews of the Charity’s activities, setting out the major opportunities available to the Charity and the risks to which it is exposed.  A great deal of effort is put into the preparation of board papers.  The Trustees monitor progress against the strategic objectives. As part of this process, the Trustees have implemented a risk management strategy that comprises: 

- An annual review of the risks faced by the charity, 

- The establishment of systems and procedures to mitigate those risks identified in the plan, and 

- The implementation of procedures designed to minimise any potential impact on the Charity, should any of those risks materialise. 

## Organisation Structure 

A Board of Trustees is responsible for the policies, planning, direction and organisation of the charity. By definition, all Trustees are directors of the charitable company. Each Trustee is also a member of the charity. 

The day-to-day operations of the charity are run by The Director, assisted by The Deputy Director, the Director of Development, the Director of Technology, the Learning Director and the General Manager, Office of The Director. The three senior positions are appointed by the Trustees. The Artistic Director and Chief Executive of the charity is John Gilhooly CBE. 

6 



## Trustees’ Report for the Year Ended 31 July 2023 - _Continued_ 

The charity’s activities take place almost exclusively at Wigmore Hall. Learning events take place across London. The charity has taken out Trustee Indemnity Insurance. 

## Related parties and co-operation with other organisations 

None of our Trustees receive remuneration or other benefit from their work with the charity. Any connection between a Trustee or senior manager of the charity with any other charity / company / performer must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. 

## Pay policy for senior staff 

The directors consider the Board of Trustees, and the directorate to be the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in note 5 to the accounts. 

The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the Trustees benchmark against pay levels in other arts organisations, venues and orchestras of a similar size or prestige run on a voluntary basis. Inflationary rises are not always guaranteed and this is applied across the organisation. 

## PURP OS ES  A ND  ACT IV IT IES 

## Purposes 

The key objectives of the Trust are to maintain and administer Wigmore Hall, to promote appreciation and knowledge of chamber music, song and other art forms, for the benefit of the public and to raise funds from individuals, trusts and foundations. 

## Policies 

To further its key objectives the Trust undertakes the promotion of concerts of classical music and jazz, delivers an education programme to support its artistic programme, arranges music-related and other events, and makes Wigmore Hall available to leading music promoters. 

## Public Benefit Statement 

The Trustees confirm that, in exercising their powers and fulfilling their responsibilities in pursuit of the areas described on pages 6 and 7, they have paid due regard to the guidance on public benefit published by the Charity Commission. 

## STRATEGIC  REP O RT 

- Achievements and performance for the year 

## • Maintaining and administering Wigmore Hall 

Wigmore Hall’s 2022/23 season included 589 concerts, more than 100 broadcasts (resulting in over 2 million views online, and reaching millions more in collaboration with BBC Radio 3), and 449 Learning events. The Hall continued to rebuild following the challenges of the pandemic, and after a slow start in autumn 2022 attendance levels for many strands of the programme returned to or exceeded pre-pandemic levels, as the season progressed. 

Our investment in younger audiences continued, as we provided over 15,000 subsidised tickets for Under 35s throughout the season and over 4,500 free tickets for those under 26 through our partnership with the CAVATINA Chamber Music Trust. 

7 



## Trustees’ Report for the Year Ended 31 July 2023 Strategic Report - _Continued_ 

In addition, our live streamed concerts continued to have a great international impact. A particular highlight was the live stream of Yunchan Lim’s debut recital at the Hall, which to date has received over 900,000 views. This performance is the Hall’s most viewed broadcast so far, and demonstrates the exceptional reach of our online concerts. Our broadcast content remains free for audiences worldwide. 

A further highlight of the season was a landmark Wigmore Hall concert presented at St James’s Roman Catholic Church, Spanish Place, featuring the French Baroque ensemble Le Concert Spirituel. This special concert was the first in a new series at St James’s and was inaugurated by the attendance of His Majesty The King 

## Promoting appreciation and knowledge of chamber music, song and other art forms 

In 2022/23, Wigmore Hall presented an exceptional programme of performances from internationally celebrated musicians and emerging talent across a multitude of genres and styles. 

Major international stars returning to the Hall included Associate Artist Nitin Sawhney, cellists Steven Isserlis, Sheku KannehMason, Alisa Weilerstein; singers Ian Bostridge, Dame Sarah Connolly, Alice Coote, Diana Damrau, Iestyn Davies, Christian Gerhaher, Karita Mattila, Christoph Prégardien, Roderick Williams; pianist Leif Ove Andsnes, Richard Goode, Stephen Hough, Sir András Schiff, Igor Levit, Yuja Wang; violinists Joshua Bell, Hilary Hahn, Leonidas Kavakos, Midori, Christian Tetzlaff; ensembles Freiburg Baroque Orchestra, Les Arts Florissants, Quatuor Ebène, the Hagen Quartet and Wigmore Hall Associate Artists the Takács Quartet. Key debut recitals included Yunchan Lim, Emily D’Angelo, Severin von Eckardstein, Francesco Corti, Shenyang, Francesca Dego, Michael Spyres and Will Liverman. 

We continued our celebrated partnership with the African Concert Series with a three-concert focus day in May 2023, which explored Nigerian, Ghanaian and Moroccan piano music, as well as South African chamber music. A total of six concerts across two days are planned for the 23/24 season. 

Composers-in-focus for 2022/23 included Cassandra Miller (b. 1976), Lera Auerbach (b. 1973), Gerald Barry (b. 1952) and the Black English composer Samuel Coleridge-Taylor (1875–1912). The piano music of Ferruccio Busoni (1866–1924), Maurice Ravel (1875–1937) and Claude Debussy (1862–1918) were subjects of major series featuring pianists Kirill Gerstein, Boris Giltburg and Jean-Efflam Bavouzet. 

The Hall’s Associate Artists brought a vibrant array of performances to the Hall in 22/23. Concerts included violist Lawrence Power; soprano Gweneth Ann Rand; jazz saxophonist Trish Clowes; vocal and movement artist Elaine Mitchener; and jazz bassist Christian McBride. Associate Artists Amjad Ali Khan, Amaan Ali Bangash and Ayaan Ali Bangash performed in a major four-concert festival at the Hall in January 2023, culminating in a collaboration with the Refugee Orchestra Project. 

In 2022/23, Wigmore Hall Learning led 449 events, enabling 18,254 engagements with the programme. Working in partnership with a range of community, health, social care and education organisations, we engaged people who are socially isolated, marginalised and who face barriers to taking part in arts activity, through creative music making with families, schools, autistic young people, people who have experienced homelessness and domestic violence, and people living with dementia. 

## Fundraising 

Annual giving towards this season was strong for both Artistic and Learning projects. Collectively, our major donors, Season Patrons, Season Benefactors, concert sponsors, members of our Circles, Trusts and Foundations, corporate and individual members and donors to the Annual Fund contributed £3.05 million against a target of £2.94million. 

The Trust has a professional fundraising department led by the Director of Development. The team is responsible for fundraising from individuals, events, trust and foundations and businesses and works within the guidelines set out by the Fundraising Regulator and Code of Fundraising Practice. 

The Trust does not engage any external partners or fundraising agencies to carry out fundraising on its behalf. Nor do we engage in fundraising activities that would place vulnerable people at risk. There were no fundraising complaints received during the year. 

The Trust has voluntarily subscribed to the Fundraising Regulator. 

8 



## Trustees’ Report for the Year Ended 31 July 2023, Strategic Report - _Continued_ 

## Principle risks and uncertainties 

From the risk management strategy the Trustees have identified the following as the principal risks and uncertainties: 

- Damage to artistic reputation 

- Local and international competition 

- Unexpected loss of key management personnel 

- Damage to building(s) 

- Loss of donor income 

- Income forecasts not fulfilled 

- Outside influences – e.g. global pandemic 

- E-commerce platform breach 

- CRM system/credit card data breach 

- Critical IT systems failure or data loss 

## Risks are managed and mitigated by the following strategies: 

## Damage to reputation: _Avoid / Mitigate_ 

- Retain management of PR through in-house and external agencies 

- Continue to ensure journalists and critics are kept informed about our activities 

- Use social media channels wisely 

## Local and international competition: _Avoid / Mitigate_ 

- Forward planning and securing of exclusive artistic contracts 

- Keep ticket prices affordable 

## Unexpected loss of a member of senior management team: _Mitigate_ 

- Artistic programme is planned over four years in advance 

- Role(s) can be absorbed by other senior staff until interim replacements are found 

- Good record keeping and documentation 

## Damage to building: _Avoid / Mitigate_ 

- Staff are fully trained in health and safety and building operating rules and regulations 

- Maintenance records are kept up to date and recommendations to improve/repair are acted upon 

- Fully insured for building damage and loss of income 

## Loss of donor income and/or donor fatigue: _Avoid_ 

- Continue to broaden repertoire 

- Continue to engage with donors at all levels 

9 



Trustees’ Report for the Year Ended 31 July 2023, Strategic Report - _Continued_ 

## Income forecasts not fulfilled: _Avoid / Mitigate_ 

- Conservative budgeting, particularly for ticket sales 

- Increased investment in marketing 

- Careful monitoring of sales 

## Outside influences, e.g. global pandemic: _Mitigate_ 

- Follow government advice 

- Stream concerts online and concentrate fundraising around said concerts 

- Observe social distancing where appropriate 

## E-Commerce platform breach: _Mitigate / Transfer_ 

- Keep technology stack patched 

- House web, CRM and services servers offsite in secure datacentre 

- Use secure checkout for credit card entry, so no credit card data is excluded from web traffic 

- Implement strong passwords for customer accounts 

## CRM system / credit card data breach: _Mitigate_ 

- Always up-to-date Firewall and endpoint security (anti-virus, email policy and USB port protection) in place 

- Protect cardholder data when received on paper 

- Manage passwords in encrypted databases 

- Regular admin password change 

- Install compliant PDQ machines that work on our wi-fi network 

- Use 2-factor authentication for remote access 

## Critical IT Systems failure or data loss: _Transfer / Mitigate_ 

- Where appropriate, host/migrate critical workloads to Cloud / secure datacentre 

- Develop and implement Incident Response plan 

- Formalise infrastructure management and reporting 

10 



Trustees’ Report for the Year Ended 31 July 2023, Strategic Report - _Continued_ 

## FINA NCIA L REV IE W 

The results for the year are set out on page 18 

## Key Performance Indicators 

During 2022/23 we achieved: 

- 172,299 attendances to our concert and learning programmes (2021/22 134,228). 

- 589 events took place (2021/22 552 events). 

- 89 concerts were live-streamed to an audience of over 1,435,000 across YouTube, Facebook and Wigmore-Hall.org.uk (2021/22, 104 concerts over 970,000 viewers). 

- Fundraising for Unrestricted funds totalled £1,091,352 (2021/22 £1,174,517). 

- We continued to promote wellbeing by having further mental health awareness training by representatives of MIND, an Employee Assistance Programme (EAP) was extended for another year and we offer training to all staff as Dementia Friends. 

- Net assets increased by £32,698 (2021/22 increased £1,057,412). 

## Principal Funding Sources 

The principal funding sources are income generated from the promotion of concerts and the hire of Wigmore Hall, the Arts Council of England, income generated from fundraising (individuals, trusts and foundations) and income generated from membership schemes. 

## Investment Policy 

Surplus cash is invested in short-term deposit accounts and money markets. In February 2014 the Trust appointed Partners Capital to manage investment of the Catalyst Endowment Fund plus other funds as agreed by the Investment Committee. The Investment Committee comprises of Trustees and meets regularly with the investment managers to monitor progress. An investment policy has been set with a performance target of inflation plus 3%. The return for 2022/23 was 1.0%. 

## Reserves Policy 

The Trust’s policy is that it is committed to building free reserves to a level which will provide appropriate protection against the normal financial risks of business and which will also provide the necessary stable financial foundation for Wigmore Hall’s future developments. The Trust is working towards free reserves of £2.9 million which is approximately six months income. Once this target has been met the Trust will review its reserves policy. As at 31 July 2023 the Trust’s free reserves stood at £2,594,523, total reserves stood at £13,263,981. 

## Plans for Future Periods 

Wigmore Hall has ambitious plans for the future and remains committed to fulfilling its charitable objectives. In the 23/24 season, we will start to present a series of 16 new works, commissioned by Wigmore Hall, from composers we have not commissioned previously. The new pieces will be performed by leading artists and ensembles over the next four seasons. The new season features residencies from Louise Alder, 12 Ensemble, Jeremy Denk and Veronica Eberle amongst others. There are return visits for international stars such as Mitsuko Uchida, Brad Mehldau, Magdalena Kožená, Christian Gerhaher and Maria João Pires. Further acclaimed artists taking part in the season include Ensemble Modern, Roberta Invernizzi, Jeremy Denk, Sheku Kanneh-Mason, Asmik Grigorian, Vox Luminis, Alina Ibragimova, Steven Isserlis, Ning Feng, Tenebrae, 

11 



TH E  W I G MO RE  HA LL  T R U ST  (LI M I T ED BY G UA RA N T EE) 

## Trustees’ Report for the Year Ended 31 July 2023, Strategic Report - _Continued_ 

Vijay Iyer, Ema Nikolovska, Paul Lewis, Mariam Batsashvili, Angela Hewitt, Igor Levit, the Pavel Haas Quartet, Masabane Cecilia Rangwanasha and many others. 

Our pioneering Learning works continues and after a run of pilot concerts we will launch a new series of low stimulus concerts for neurodivergent audiences. In 23/24 we also begin a project in the borough of Barking and Dagenham working with those impacted by the criminal justice system. 

We remain very grateful to the wide array of donors, funders, sponsors, supporters, trusts and foundations which make the Hall’s work possible through their ongoing generosity and encouragement. 

## Going Concern 

Management have prepared an income and expenditure budget to 31 March 2025. Based on their review of these reports, the trustees expect the Trust will have adequate reserves and resources to continue its activities for the 12 months from the signing of this report and can meet its obligations as they fall due. Further details related to the adoption of the going concern basis can be found in the accounting policies on page 21. 

## Statement of Trustees’ Responsibilities 

The Trustees (who are also directors of The Wigmore Hall Trust for the purposes of company law) are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## Auditors 

RSM UK Audit LLP have expressed their willingness to continue in office and a resolution to reappoint them will be proposed at the annual general meeting. 

12 



Trustees’ Report for the Year Ended 31 July 2023, Strategic Report - _Continued_ 

## Statement of disclosure to Auditor 

So far as each person who was a Director at the date of approving this report is aware, there is no relevant audit information of which the charitable company’s auditor is unaware. Additionally, each Director has taken all the necessary steps that they ought to have taken as a director in order to make themselves aware of all relevant audit information and to establish that the charitable company’s auditor is aware of that information. 

Approved by the Board of Trustees on 7 March 2024 

and signed on its behalf by 

Aubrey Adams Chairman 

13 



TH E  W I G MO RE  HA LL  T R U ST  (LI M I T ED BY G UA RA N T EE) 

## Independent Auditor’s Report To The Members Of The Wigmore Hall Trust (Limited By Guarantee) 

## Opinion 

We have audited the financial statements of The Wigmore Hall Trust (the ‘charitable company’) for the year ended 31 July 2023 which comprise the Statement of Financial Activities, incorporating the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 31 July 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## Conclusions relating to going concern 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

14 



Independent Auditor’s Report To The Members Of The Wigmore Hall Trust (Limited By Guarantee) - _Continued_ 

## Other information 

The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

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 knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## Opinions on other matters prescribed by the Companies Act 2006 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Trustees’ Report, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Directors’ Report and the Strategic Report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements. 

## Matters on which we are required to report by exception 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Report. 

- We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## Responsibilities of trustees 

As explained more fully in the Statement of Trustees’ responsibilities set out on page 12, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

15 



## Independent Auditor’s Report To The Members Of The Wigmore Hall Trust (Limited By Guarantee) - _Continued_ 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## Auditor’s responsibilities for the audit of the financial statements 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

## The extent to which the audit was considered capable of detecting irregularities, including fraud 

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: 

- obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the charitable company operates in and how the charitable company is complying with the legal and regulatory frameworks; 

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; 

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. 

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the charitable company’s governing document, and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, and remaining alert to any new or unusual transactions which may not be in accordance with the governing documents. 

16 



## Independent Auditor’s Report To The Members Of The Wigmore Hall Trust (Limited By Guarantee) - _Continued_ 

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation the GDPR and health and safety.  We performed audit procedures to inquire of management whether the group is in compliance with these law and  regulations, inspected professional fee and legal expenditure transactions to identify possible non-compliance and internal handbooks, manuals and other documents updated to reflect legal advice or changes in legislation. 

The audit engagement team identified the risk of management override of controls and the completeness and presentation of income generated from donations, grants, legacies and sponsorship income as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates, performing specific audit procedures on legacies reflected within the legacy system but not the accounting records, reviewing the reconciliation between the donor system and accounting records, considering after-date receipts and minutes of meetings of those charged with governance to identify any instances of unrecognised income. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## Use of our report 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

## OST UL PwrLif 

## ZOË LONGSTAFF-TYRRELL 

## (Senior Statutory Auditor) 

For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Portland, 25 High Street Crawley, West Sussex RH10 1BG 

## 14/03/24 

17 



## Statement of Financial Activities (Incorporating Income and Expenditure Account) For The Year Ended 31 July 2023 

|Unrestricted<br>General<br>Funds 2023<br>Unrestricted<br>Designated<br>Funds 2023<br>Restricted<br>Funds<br>2023<br>Note<br>£<br>£<br>£<br>Income from:<br>Charitable activities<br>3,603,473<br>-<br>9,194<br>Grants receivable from:<br>Government & other<br>public bodies<br>2 (a)<br>305,876<br>-<br>-<br>Other grants, donations<br>2 (b)<br>1,091,352<br>264,600<br>921,024<br>Investments<br>18,778<br>-<br>-<br>Other trading activities<br>1,956,201<br>-<br>-<br>Other<br>237,585<br>-<br>-<br>TOTAL I N C O M E<br>7,213,265<br>264,600<br>930,218<br>Expenditure on:<br>Charitable<br>activities<br>3<br>7,421,127<br>-<br>523,947<br>Raising funds<br>3<br>488,114<br>-<br>-<br>TOTAL EXPENDITURE<br>7,909,241<br>-<br>523,947<br>Net (expenditure)/income and net<br>movement in funds before gains<br>on investments and transfers<br>(695,976)<br>264,600<br>406,271<br>(Gain/(loss) on investments<br>57,803<br>-<br>-<br>Net income for the year<br>4<br>(638,173)<br>264,600<br>406,271<br>Transfers between funds<br>660,747<br>(360,747)<br>(300,000)<br>Net income/(loss) after<br>transfers between funds<br>22,574<br>(96,147)<br>106,271<br>TOTAL FU N DS  BROUG H T<br>FO RWARD<br>2,572,349<br>360,747<br>10,298,187<br>TOTAL FU N DS<br>CARRI ED FO R WAR D<br>2,594,923<br>264,600<br>10,404,058|Total<br>2023<br>£<br>3,612,667<br>305,876<br>2,276,976<br>18,778<br>1,956,201<br>237,585<br>8,408,083<br>7,945,074<br>488,114<br>8,433,188<br>(25,105)<br>57,803<br>32,698<br>-<br>32,698<br>13,231,283<br>13,263,981|Total<br>2022<br>£<br>2,876,098<br>305,878<br>3,915,642<br>1,517<br>1,414,469<br>196,354|
|---|---|---|
|||8,709,958|
|||7,165,785<br>454,656|
|||7,620,441<br>1,089,517|
|||(32,105)<br>1,057,412<br>-|
|||1,057,412<br>12,173,871|
|||13,231,283|



18 



## Balance Sheet as at 31 July 2023 

|||2023|2022|
|---|---|---|---|
||Notes|£|£|
|F I X ED AS S ETS:||||
|Tangible assets|6|5,450,779|5,075,020|
|Investments|7|6,002,538|4,194,735|
|||11,453,317|9,269,755|
|C U RREN T  AS S E TS:||||
|Debtors|8|923,249|1,433,828|
|Short term deposits||2,276,419|3,419,587|
|Cash at bank and in hand||170,366|697,635|
|||3,370,034|5,551,050|
|C REDI TO RS:Amounts falling due within one year|9|(1,559,370)|(1,589,522)|
|N ET  C U RREN T AS SE TS||1,810,664|3,961,528|
|TOTAL AS S ETS LES S CUR R E NT LI ABI LI TIES||13,263,981|13,231,283|
|N ET  AS S ETS||13,263,981|13,231,283|
|FU N DS||||
|General fund – unrestricted||2,594,923|2,572,349|
|Designated fund – unrestricted||264,600|360,747|
|Restricted funds|10|10,404,458|10,298,187|
|||13,263,981|13,231,283|



Approved by the Board of Trustees and authorised for issue on 7 March 2024 and signed on its behalf by 

Aubrey Adams Chairman 

The notes on pages 21 to 32 form part of these financial statements. 

19 



## Statement Of Cash Flows as at 31 July 2023 

|Statement Of Cash Flows<br>as at 31 July 2023|||||
|---|---|---|---|---|
|Cash flows from operating activities<br>Net cash generated by operating activities<br>Cash flows used in investing  activities<br>Interest received<br>Purchase of property, plant & equipment<br>Purchase of investments|2023<br>£<br>931,375<br>18,778<br>(870,590)<br>(1,750,000)|||2022<br>£<br>1,399,889<br>1,517<br>(696,434)<br>(250,000)|
|Net (used in)/generated by investing activities|(2,601,812)|||(994,917)|
|Cash flows from financing activities<br>Repayment of borrowings<br>(Decrease) in cash|-<br>(<br>(1,670,437)|||1,024,247)<br>(569,275)|
||||||
|REC O N C I LI ATI ON OF NE T CASH  I NFLOW TO<br>MOV EMEN T  I N NE T FUND S|||||
|Change in cash and cash equivalents in the reporting period<br>Cash and cash equivalents at the beginning of the reporting period<br>Cash and cash equivalents at the end of the reporting period|(1,670,437)<br>4,117,222<br> <br>2,446,785|||(569,275)<br>4,686,497<br>4,117,222|
||||||
|REC O N C I LI ATI ON OF CASH  AND  CASH  EQ UIVA L ENTS|||||
|Short term deposits<br>Cash at bank and in hand<br>Cash and cash equivalents||2,276,419<br>170,366<br>2,446,785||3,419,587<br>697,635<br>4,117,222|
||||||
|REC O N C I LI ATI ON OF NE T I NCOME  TO NET CASH<br>F LOW  F RO M OPE RATI NG  ACTI VI TI ES|||2023<br>£|2022<br>£|
|Net income for the reporting period<br>(as per statement of financial activities)<br>Adjustment for:<br>Depreciation charge<br>Investment income<br>(Increase)/decrease in debtors<br>(Decrease) in creditors<br>Net cash used in operating activities|||(25,105)<br>494,831<br>(18,778)<br>510,579<br>(30,152)<br>931,375|1,089,517<br>339,128<br>(1,517)<br>(686,950)<br>(659,711)<br>1,399,889|



20 



## Notes to the Financial Statements for the Year Ended 31 July 2023 

## 1.  ACCO UNTING  P O L I C I ES 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: 

## Basis of preparation 

Wigmore Hall Trust is a registered charity limited by guarantee and a private company incorporated in England and Wales. The Trust’s principal activities are disclosed in the Trustee’s Report. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

The Wigmore Hall Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 

## Going Concern 

The Trustees are not aware of any material uncertainties related to events or conditions that may cast significant doubt about the ability of the Charity to continue as a going concern and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Management have prepared an income and expenditure budget to 31 July 2025 and consider there to be adequate headroom in the potential cash requirements for the year to 31 July 2024 and to 12 months post the date of signing these financial statements. As at January 2024, the trust has fixed asset investments of £4.0m and cash held of £3.9m. 

Based on their review of these reports, the trustees expect the Trust will have adequate reserves and resources to continue its activities for the 12 months from the signing of this report and can meet its obligations as they fall due. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

## I NCOME 

Income is recognised when the Trust has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. 

## Concert Income 

Income represents the total amount, excluding Value Added Tax, receivable by the Charity in the ordinary course of business in respect of the provision of concert facilities. All concert income arises from business within the United Kingdom. Concert income from ticket sales paid in advance is recognised on the date the concert is held and held on the balance sheet as deferred income if this is after the balance sheet date. 

21 



Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

## Grants (including government grants) and donations 

Grants and donations of a revenue nature are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Performance conditions attached to the grant must be met for Arts Council England grants. Amounts received are deferred until the recognition criteria are satisfied. 

## Friends Scheme and Rubinstein Circle 

Income arising from members of the Friends of Wigmore Hall and members of the Rubinstein Circle is recognised as income when received. 

## Mailing list income 

Mailing list subscriptions are renewed throughout the year and income is recognised over the period to which the subscription relates. 

## Investment income 

Investment income is recognised on an accruals basis. 

## Legacy income 

Legacies are recognised where there is entitlement, it is probable that the income will be received and that the amount can be measured reliably. 

## Sponsorship income and other income 

Sponsorship income and other income are included in the Statement of Financial Activities when the charity is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. 

## E XPENDITURE 

All expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably, inclusive of any VAT which cannot be recovered. Certain expenditure is directly allocated to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of head count in the various categories. 

## Charitable activities 

Fees paid to artists, concert related costs, costs of running the building and other support costs. 

## Costs of raising funds 

Fundraising salaries and administration costs for the fundraising department. 

## Governance costs 

Costs associated with the meeting, constitutional and statutory requirements of the charity. These are apportioned to charitable activities. 

22 



Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

## Leases 

Rentals paid under operating leases are included in the Statement of Financial Activities on a straight-line basis over the lease term. 

## Tangible fixed assets 

Tangible fixed assets are stated at cost less a provision for depreciation. Items over £1,000 are capitalised. 

Depreciation is calculated to write off the cost, less estimated residual value, of tangible assets over their estimated useful lives to the charity. The annual depreciation rates are: 


**----- Start of picture text -----**<br>
Computers (including website) 25%<br>Fixtures and equipment 25%<br>Musical instruments 5-10%<br>Leasehold improvements 4-10%<br>**----- End of picture text -----**<br>


## Lease 

The lease of the Wigmore Hall, acquired in December 2005, is held at cost and is subject to an impairment review each year by the trustees. 

## Fund accounting 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds comprise monies where a restriction has been placed on their use by a donor (for a purpose that falls within but is narrower than the general charitable objectives). Restricted funds are distributed in accordance with the terms of the applicable restriction. Designated funds have been allocated by Trustees from general funds towards certain future projects. 

## Cash and cash equivalents 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## Pensions 

The company operates a Group Pension Scheme administered by Scottish Widows. All employees are autoenrolled to the scheme after a qualifying period. Contributions are charged to unrestricted funds in the Statement of Financial Activities. Unpaid balances at the year-end are included in Creditors. 

## Investments 

Listed investments are stated at closing bid-market value at the balance sheet date. Any gains or losses on investments are taken to the Statement of Financial Activities. Gains or losses on investment assets acquired with the endowment fund are taken to unrestricted general fund. 

23 



Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

## Financial instruments 

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

## Critical accounting estimates and judgements 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

## Accrued legacy income 

In recognising accrued income for legacies Trustees must make a judgement as to whether the income can be measured reliably, and it is more likely than not that the economic benefits associated with the transaction will flow to the Trust. Accrued income includes accrued legacies of £635,000 (2022: £1,033,000) as at 31 July 2023. 

24 



Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

## 2 . INCO M E 

a) Grants receivable from government and other public bodies 

|2023<br>2023<br>Unrestricted<br>Restricted<br>£<br>£<br>Arts Council England<br>305,876<br>-<br>305,876<br>-|2023<br>Total<br>£<br>305,876<br>305,876|2022<br>Total<br>£<br>305,878|
|---|---|---|
|||305,878|



Government grants consist of the Arts Council England who award their grant in their financial year to 31 March. The years included in the 12 months to 31 July 2024 are set out below: 

|||Year to|31|March|
|---|---|---|---|---|
|||2024||2023|
|||£||£|
|Arts|Council|England<br>344,206||344,206|



b) Other grants, donations and similar Income 

|2023<br>2023<br>Unrestricted<br>Designated<br>£<br>£<br>Grants and donations<br>(inc trusts & foundations)<br>136,838<br>-<br>Concert sponsorship 2022/23<br>-<br>264,600<br>Membership Schemes<br>954,514<br>-<br>1,091,352<br>264,600|2023<br>2023<br>Restricted<br>Total<br>£<br>£<br>921,024<br>1,057,862<br>-<br>264,600<br>-<br>954,514<br>921,024<br>2,276,976|2022<br>Total<br>£<br>2,539,969<br>360,747<br>1,014,926|
|---|---|---|
|||3,915,642|



25 



Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

## 3. TOTA L  EXPEN DI TU R E 


**----- Start of picture text -----**<br>
Basis of  Concerts Education Fundraising Lease/ Administration 2023 2022<br>allocation Building Total Total<br>£ £ £ £ £ £ £<br>Charitable<br>Activities<br>Artist fees and<br>related concert  Direct 3,620,306 160,912 - - - 3,781,218 3,474,153<br>costs<br>Staff costs Direct 1,005,740 280,396 - - 708,858 1,994,994 1,668,321<br>Property costs Direct 602,982 - - - - 602,982 543,306<br>- - -<br>Support costs Usage 965,760 115,232 1,080,992 1,157,833<br>Depreciation Direct 239,327 - - 230,762 - 470,089 322,172<br>Governance Costs<br>Depreciation Direct - - - - 24,742 24,742 16,956<br>Staff costs Direct - - - - 51,356 51,356 49,566<br>Administration Usage - - - - 53,340 53,340 51,266<br>Property costs Direct - - - - 15,034 15,034 13,702<br>Cost of Raising<br>Funds<br>Administration  Usage - - 171,555 - - 171,555 151,079<br>Staff costs Direct -  - 186,886 - - 186,886 172,087<br>Total expenditure 6,434,115 556,540 358,441 230,762 853,330 8,433,188 7,620,441<br>**----- End of picture text -----**<br>


## 4. NET (EXPEN DI TU R E ) / I N C O ME 

||2023|2022|
|---|---|---|
|This is stated after charging:|£|£|
|Depreciation<br>Operating lease rentals – land and buildings<br>Auditor’s  remuneration – audit|494,831<br>130,545<br>30,000|339,128<br>128,100<br>25,000|



26 



Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

## 5. EM PLOYEES A N D TR U STE ES 

The average number of employees was: 

|2023<br>2023<br>2023<br>No.<br>No.<br>No.<br>Fund raising<br>Mgt & Admin<br>Support<br>Full time<br>5<br>7<br>27<br>Part time<br>-<br>1<br>66<br>5<br>8<br>93|2023<br>No.<br>Total<br>39<br>67<br>106|2022<br>No.<br>Total<br>34<br>56|
|---|---|---|
|||90|



The number of employees whose emoluments amounted to over £60,000 per annum were as follows: 


**----- Start of picture text -----**<br>
2023 2022<br>No. No.<br>£60,000 - £70,000 2 3<br>£ 70,0 01  -  £ 80,000 1 -<br>£ 80,0 01  -  £ 9 0,000 1 1<br>£ 9 0,0 01  -  £ 1 00,000 1 1<br>£ 130,0 01  -  £ 1 4 0,000 - 1<br>£ 1 4 0,0 01  -  £ 150,000 1 -<br>**----- End of picture text -----**<br>


The charity paid pension contributions of £67,339 2022: £57,807) in respect of the above employees. 

|Company pension contributions<br>in respect of the higher paid staff<br>noted above|No.|No.|
|---|---|---|
||6|6|



The key management personnel of the Trust comprise the Trustees, the Director, the Deputy Director, the Director of Development. The Trustees received no remuneration and no expenses have been reimbursed to them during the year (2022: £nil). The total employee benefits of the remaining key management personnel, including employer national insurance contributions, were £397,210 (2022: £437,992). 

|Total Staff and Related Costs<br>Cost of activities in furtherance of the charity’s objects:<br>Ushers and commissionaires (included in Artists’ fees and related costs)<br>Restricted staff costs<br>Unrestricted staff costs<br>Support costs<br>Costs of Management and Administration|2023<br>£<br>244,918<br>145,942<br>1,838,876<br>171,982<br>51,436<br>2,453,154|2022<br>£<br>245,142<br>78,065<br>1,593,256<br>172,087<br>49,566|
|---|---|---|
|||2,138,116|



27 



Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

|Represented by:<br>Wages and salaries<br>Social security costs<br>Pension costs<br>Other staff related costs|2023<br>£<br>1,980,539<br>174,605<br>215,360<br>82,650<br>2,453,154|2022<br>£<br>1,744,349<br>162,192<br>172,266<br>59,309|
|---|---|---|
|||2,138,116|



## 6. FIXED  AS S ETS 

|Cost<br>At 01/08/22<br>Additions<br>At 31/07/23<br>Depreciation<br>At 01/08/22<br>Charge for year<br>At 31/07/23<br>Net Book Value<br>At 31/07/23<br>At 31/07/22|Long<br>Leasehold<br>Musical<br>Furniture &<br>Computers<br>Total<br>Lease<br>Improvement<br>Instruments<br>Equipment<br>£<br>£<br>£<br>£<br>£<br>£<br>3,216,539<br>4,660,418<br>302,505<br>1,021,176<br>1,224,363<br>10,425,001<br>-<br>464,945<br>-<br>121,397<br>284,248<br>870,590|
|---|---|
||3,216,539<br>5,125,363<br>302,505<br>1,142,573<br>1,508,611<br>11,295,591|
||-<br>3,439,871<br>151,156<br>782,931<br>976,023<br>5,349,981<br>-<br>230,762<br>12,466<br>107,670<br>143,933<br>494,831|
||-<br>3,670,633<br>163,622<br>890,601<br>1,119,956<br>5,844,812|
||3,216,539<br>1,454,730<br>138,883<br>251,972<br>388,655<br>5,450,779|
||3,216,539<br>1,220,547<br>151,349<br>238,245<br>248,340<br>5,075,020|



Computers include software which is defined under FRS102 as an Intangible Asset. The Net Book Value of Computer Software held at 31 July 2023 is £313,835 (2022 £194,800). 

28 



Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

## 7. INV ESTM EN TS 

|Market value at start of year<br>Purchase of investments<br>Unrealised (losses)/gains in the year<br>Market value at 31 July<br>Analysis of investments by class;<br>Credit<br>Absolute return<br>Global equities<br>Inflation linked bonds<br>Core property<br>Multi-asset class<br>Cash held for investment<br>Private equity|2023<br>£<br>4,194,735<br>1,750,000<br>57,803<br>6,002,538<br>484,181<br>204,971<br>218,813<br>338,766<br>328,567<br>3,881,251<br>275,516<br>270,473<br>6,002,538|2022<br>£<br>3,976,840<br>250,000<br>(32,105)|
|---|---|---|
|||4,194,735<br>318,714<br>160,518<br>118,240<br>130,589<br>378,061<br>2,606,818<br>246,356<br>235,439|
|||4,194,735|



In February 2014 the company appointed Partners Capital to manage investment of the Catalyst Endowment Fund plus other funds as agreed by the Investment Committee. The Investment Committee comprises of Trustees and meets regularly with the investment managers to monitor progress. An investment policy has been set with a performance target of inflation plus 3%. 

## 8. D EBTO RS 

|Amounts falling due within one year<br>Trade debtors<br>Other debtors<br>VAT<br>Prepayments<br>Accrued income|2023<br>£<br>84,465<br>63,469<br>9,433<br>32,671<br>733,211<br>923,249|2022<br>£<br>202,468<br>98,389<br>14,509<br>60,754<br>1,057,708|
|---|---|---|
|||1,433,828|



## 9. CRED ITO RS 

|Amounts falling due within one year<br>Trade creditors<br>Advance ticket sales<br>Social security and other taxation<br>Accruals<br>Deferred income|2023<br>£<br>187,034<br>1,168,314<br>51,789<br>101,254<br>50,979<br>1,559,370|2022<br>£<br>369,329<br>1,051,319<br>45,071<br>72,826<br>50,977|
|---|---|---|
|||1,589,522|



29 



## Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

Deferred income relates to the grant received from Arts Council England which is paid in quarterly tranches. 

|Deferred income relates to the grant received from Arts Council England which is paid in quarterly tranches.||
|---|---|
|Deferred income opening balance<br>Received<br>Released<br><br>Closing balance|£<br>50,977<br>344,208<br>(344,206)|
||50,979|



## 1 0. A NA LYS IS  O F MOVE ME N T BE TW E E N  FUN D S 

|Balance at 1 August<br>2021<br>£<br>Lease Fund<br>3,216,539<br>Wigmore Hall Capital Appeal<br>72,533<br>Wigmore Hall Competitions<br>578,787<br>Music For Life<br>93,558<br>Catalyst Endowment Fund<br>4,273,959<br>Cavatina Fund<br>169,682<br>Elton Fund<br>250,000<br>Total Restricted Funds<br>8,655,058<br>Designated Fund<br>Concert Sponsorship<br>971,746<br>Unrestricted Fund<br>2,547,067<br>Total Funds<br>12,173,871<br>Balance at 1 August<br>2022<br>£<br>Lease Fund<br>3,216,539<br>Wigmore Hall Capital Appeal<br>72,533<br>Wigmore Hall Competitions<br>492,150<br>Music For Life<br>278,157<br>Catalyst Endowment Fund<br>5,869,710<br>Director’s Fund<br>-<br>Cavatina Fund<br>119,098<br>Elton Fund<br>250,000<br>Total Restricted Funds<br>10,298,187<br>Designated Fund<br>Concert Sponsorship<br>360,747<br>Unrestricted Fund<br>2,572,349<br>Total Funds<br>13,231,283|Income<br>Expenditure<br>£<br>£<br>-<br>-<br>-<br>-<br>63,715<br>(150,352)<br>362,449<br>(177,850)<br>1,970,751<br>(25,000)<br>312<br>(50,896)<br>-<br>-<br>2,397,227<br>(404,098)<br>360,747<br>-<br>5,919,879<br>(7,216,343)<br>8,677,853<br>(7,620,441)<br>Income<br>Expenditure<br>£<br>£<br>-<br>-<br>-<br>-<br>59,732<br>(113,808)<br>108,165<br>(178,401)<br>369,817<br>-<br>250,251<br>(75,117)<br>142,253<br>(156,621)<br>-<br>-<br>930,218<br>(523,947)<br>264,600<br>-<br>7,271,068<br>(7,909,241)<br>8,465,886<br>(8,433,188)|Balance at 31 July<br>Transfers<br>2022<br>£<br>£<br>-<br>3,216,539<br>-<br>72,533<br>-<br>492,150<br>-<br>278,157<br>(350,000)<br>5,869,710<br>-<br>119,098<br>-<br>250,000<br>(350,000)<br>10,298,187<br>(971,746)<br>360,747<br>1,321,746<br>2,572,349<br>-<br>13,231,283<br>Balance at 31 July<br>Transfers<br>2023<br>£<br>£<br>-<br>3,216,539<br>-<br>72,533<br>-<br>438,074<br>-<br>207,921<br>(5,039,527)<br>1,200,000<br>4,739,527<br>4,914,661<br>-<br>104,730<br>-<br>250,000<br>(300,000)<br>10,404,458<br>(360,747)<br>264,600<br>660,747<br>2,594,923<br>-<br>13,263,981|Balance at 31 July<br>Transfers<br>2022<br>£<br>£<br>-<br>3,216,539<br>-<br>72,533<br>-<br>492,150<br>-<br>278,157<br>(350,000)<br>5,869,710<br>-<br>119,098<br>-<br>250,000<br>(350,000)<br>10,298,187<br>(971,746)<br>360,747<br>1,321,746<br>2,572,349<br>-<br>13,231,283<br>Balance at 31 July<br>Transfers<br>2023<br>£<br>£<br>-<br>3,216,539<br>-<br>72,533<br>-<br>438,074<br>-<br>207,921<br>(5,039,527)<br>1,200,000<br>4,739,527<br>4,914,661<br>-<br>104,730<br>-<br>250,000<br>(300,000)<br>10,404,458<br>(360,747)<br>264,600<br>660,747<br>2,594,923<br>-<br>13,263,981|
|---|---|---|---|
||||2022|
||||£|
||||3,216,539|
||||72,533|
||||492,150|
||||278,157|
||||5,869,710|
||||119,098|
||||250,000|
||||10,298,187|
||||360,747|
||||2,572,349|
||||13,231,283|



## Transfers 

The transfers in the year were as follows: 

A transfer of £300,000 from the Catalyst Endowment fund to general funds to drawn down the fund in line with its objectives over the period of 25 years. A transfer from the Catalyst Endowment fund to the Directors' funds of £4,739,527 to reflect prior year appeals for the artistic programme missallocated to the Catalyst Endowment Fund 

A transfer from the Concert designated fund to general funds for amounts designated in prior years in respect of donations and sponsorship to support the concert programming in 2022/23. 

30 



## Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

## RESTRICTED  FU N DS 

## The Trust recognises that the following funds are only held for specific purposes: 

Lease Fund – This fund is to repay the loan taken out to purchase the leasehold at Wigmore Hall. 

Wigmore Hall Capital Appeal – This fund is for support received towards securing the Trust’s tenure at Wigmore Hall and major refurbishment works. 

Wigmore Hall Competitions – These funds are to support the Wigmore Hall/Kohn Foundation International Song Competition and the Wigmore Hall International String Quartet Competition. 

Music For Life – This is a creative music workshop programme for people with dementia. 

Catalyst Endowment Fund – A fund created by matched funding from Arts Council England and donors to be drawn down over twenty five years to support the artistic programme. 

Director’s Fund - This is to create a fund that will utilise capital and interest over the long term to support the artistic programme. 

Cavatina Fund – This fund is to support the CAVATINA Chamber Music Trust’s nationwide activities with young people and musical education, which are now administered under Wigmore Hall’s auspices. 

Elton Fund – An endowment fund from the Elton Family to support concerts with a central and eastern European connection and the Hall’s work with dementia sufferers. 

## DES IGNATED  FU N DS 

Concert Sponsorship – This fund includes amounts received to support the concert programme in future years. 

## 11.  A NA LYS IS  OF  N E T  AS SE TS  BE TW E EN  FUN D S  AT  31  JULY  2023 

|Tangible assets<br>Investments<br>Short term deposits<br>Cash at bank and in hand<br>Other net current assets|Unrestricted<br>Restricted<br>Designated<br>General Fund<br>Fund<br>Fund<br>Total<br>£<br>£<br>£<br>£<br>2,234,240<br>3,216,539<br>-<br>5,450,779<br>1,002,538<br>5,000,000<br>-<br>6,002,538<br>2,276,419<br>-<br>-<br>2,276,419<br>(94,234)<br>-<br>264,600<br>170,366<br>(2,824,040)<br>2,187,919<br>-<br>(636,121)|
|---|---|
||2,594,923<br>10,404,458<br>264,600<br>13,263,981|



## A NA LYS IS  O F  N E T  AS SE TS  BE TW E E N  FUN D S  AT  31  JULY  202 2 

|Tangible assets<br>Investments<br>Short term deposits<br>Cash at bank and in hand<br>Other net current assets|Unrestricted<br>Restricted<br>Designated<br>Funds<br>Fund<br>Fund<br>Total<br>£<br>£<br>£<br>£<br>1,858,481<br>3,216,539<br>-<br>5,075,020<br>1,194,735<br>3,000,000<br>-<br>4,194,735<br>4,223<br>-<br>-<br>4,223<br>3,752,252<br>-<br>360,747<br>4,682,276<br>(4,237,342)<br>4,081,648<br>-<br>(155,694)|
|---|---|
||2,572,349<br>10,298,187<br>360,747<br>13,231,283|



31 



Notes to the Financial Statementsfor the Year Ended 31 July 2023 - _Continued_ 

## 12 .  CO M M ITM E N TS  U N DE R  O PE RATI N G  LEAS ES 

As at 31 July 2023 the company had total minimum lease payments under non-cancellable operating leases as set out below: 

|Land and buildings|2023|2022|
|---|---|---|
||£|£|
|Less than one year|95,042|111,050|
|Two to five years|60,000|140,042|
|More than five years|3,411,250|3,426,250|



The lease for the Wigmore Hall at 36 Wigmore Street, London W1 expires in December 2255. 

## 13.  L IA BIL ITY  O F  ME MBE R S 

The company does not have a share capital and is limited by guarantee. In the event of the company being wound up the maximum amount which each member is liable to contribute is £1. There were seven members at 31 July 2023 (2022 – seven members). 

## 1 4.  CO NTRO L LI N G  PA RTY 

The Wigmore Hall is run by the Trustees, who are appointed by the Members. 

No individual Member / Trustee has overall control. 

## 15.  REL ATED  PA RTI ES 

A close family member of a Trustee was employed by the Trust throughout the year and paid £30,570 (2022: £24,500). No amounts were outstanding at the year end (2022: nil). Donations without conditions of £120,810 were received in the year from Trustees of the charity (2022: £227,512). 

32