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2024-07-31-accounts

Trustees’ Report and Financial Statements

31 JU LY 2024

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

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

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

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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 retired 6 June 2024 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

Wigmore Hall 36 Wigmore Street, London W1U 2BP

Country of registration

Company Reg no

2754525

Charity Reg no 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

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Chairman’s Statement

‘An exceptional evening, every single second of it’. – Tim Ashley, The Guardian, 11 January 2024

‘Wigmore Hall, the UK’s most important chamber-music venue, announced the creation of the Director’s Fund, like an American endowment. It has already raised £8.5 million towards the initial goal of £10 million and John Gilhooly, Wigmore Hall’s artistic and executive director, has set his sights on £20 million or more by the 2030s. This looks like a declaration of independence from state support’. – Richard Fairman, Financial Times, 19 August 2024

September 2023 saw a renewed focus on live performance and a magnificent return of large audiences in the post-Covid era. The road to recovery was well and truly established over the past Season; in fact, ticket sales are now at the highest level in the Hall’s 123-year history. A few headline statistics underline all of this. Net assets increased by £2.6 million and free reserves were just over £2.7 million at the end of the Season. Total reserves were at £15.9 million at the end of the year (and over £17.5 million at the time of writing this statement). Membership increased by 12% on the previous Season and our Director’s Fund increased by over £2.7 million. Despite all of this the Trust cannot be complacent. We still need to bring in £3.5 million in fundraising each and every Season to underpin our ambitious international programme of 550 concerts a year, as well as hundreds more outreach events.

Last-minute bookings continue to be a new post-Covid trend, and intense social media and digital marketing is key to attracting and sustaining this new constituency. The Trust’s mission is to continue to give work to the highest quality artists and leading ensembles, and to share this glorious repertoire with the widest possible audience in the Hall, online, and on radio.

Legacy giving continues to grow, and the Director’s Fund continues to attract pledges for the future. A public appeal following the private phase of fundraising for the Director’s Fund which stands at £9 million at the time of writing, will be launched in Autumn 2025. The Hall will cut its ties with public funders in Spring 2026, becoming 100% self-sufficient. This is a hugely exciting development for the Trust. In the face of an uncertain public funding environment for classical music, the Director’s Fund has been set up to invest in future generations of artists at every stage of their careers, innovative independent programming and an uncompromising quality of experience.

We continue to be greatly encouraged by the audience and donor response to John Gilhooly’s unique artistic programme. We now visibly attract a much broader cross-section of society, and there is, once again, a significant increase in young audience members. An astonishing 14,202 £5 tickets were sold as part of the U35 scheme, and new sponsorship has been sourced to build this audience over the next five years.

The total surplus for the year is £2,596,170, however the total unrestricted general fund surplus is only £119,937. As most of the restricted fund is going towards the Director’s Fund appeal, the smaller unrestricted

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Chairman’s Statement - Continued

surplus figure highlights the continued need for annual fundraising of over £3.5 million (already mentioned above), and the necessity to keep ticket sales at their current high level. This is a complex balancing act only made possible by the vital generosity of our many donors and funders.

Our website now processes around 85% of our priority booking orders and 76% of our sales overall. The technology that drives the publication of concerts online also underpins our day-to-day work and continues to be developed, enabling a relatively small number of staff to deliver this vast amount of information. For our 2024-2025 Season we contracted 2,500 artists and planned the logistics of over 600 concerts using one unified system, which, through tight integration and automation, also fuels the inhouse production of our printed brochure, free programmes and song sheets, with consistent and accurate publication of often complex repertoire in many languages throughout. The system now holds 6,100 composer records and 66,000 pieces of repertoire, with over 1,000 more added each season.

The Hall’s year end accounts for the Season show a transfer of £140,000 from our Catalyst Endowment Fund. Up until now, this fund was called upon infrequently; however, this season’s drawdown 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 £140,000 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 (£12.9 million out of £15.9 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; not only for building and devising another outstanding, pioneering, and eclectic artistic programme, but also for managing the finances of the Hall so adeptly. The Wigmore Hall staff continues to support the Trust's ambitious strategy, 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.

Most importantly, I would like to reiterate the Trust's grateful thanks to the many donors and audiences 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 even more about this Fund next year, once the public appeal is in full swing.

Aubrey Adams Chairman

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Trustees’ Report for the Year Ended 31 July 2024

The Trustees are pleased to present their annual Trustees’ report together with the financial statements of the Charity for the year ended 31 July 2024 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:

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.

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.

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Trustees’ Report for the Year Ended 31 July 2024 - Continued

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 prestige arts organisations, venues and orchestras of a similar size 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

Wigmore Hall’s 2023/24 season included 551 concerts and 467 Learning events. We continued to broadcast regularly around the world through our video livestreams (which remain free to access), with a further significant presence on BBC Radio 3. Our investment in younger audiences continued, as we provided over 14,000 subsidised tickets for Under 35s throughout the season and over 3,754 free tickets for those under 26 through our partnership with the CAVATINA Chamber Music Trust. We continued our successful collaboration with African Concert Series in 23/24, presenting two full days of concerts during the season. These concerts featured artists such as Tunde Jegede, William Chapman Nyaho, Richard Olatunde Baker, Leon Bosch, Abdelkader Saadoun, Rebeca Omordia and the Ubuntu Ensemble.

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Trustees’ Report for the Year Ended 31 July 2024 Strategic Report - Continued

The 23/24 season also included 28 world and UK premières, as well as special focuses on Australian composer Brett Dean and British composers Laurence Osborn and Joseph Phibbs. Our celebrations of International Women’s Day included a concert from Associate Artist Trish Clowes, an event from Leah Broad around her book ‘Quartet: How four Women Changed the Musical World’, and a performance from Antonio Oyarzabal and Natasha Loges celebrating the works of musical women at the turn of the 20th century.

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

In 2023/24, Wigmore Hall presented an exceptional programme of performances from internationally celebrated musicians and emerging talent across a wide variety of genres and styles.

This season included the premières of the first four works in a new series of 16 ‘Voices of Today’ commissions, from composers not previously commissioned by the Hall. The series began with Canadian pianist Stewart Goodyear’s new work ‘Mending Walls’, which responded to a poem by Robert Frost. New works by Hilda Paredes, Francesco Antonioni and Jocelyn Campbell were also performed, and the remaining twelve commissions will be presented in subsequent seasons.

The season featured residencies from the 12 Ensemble, Jeremy Denk and Veronica Eberle amongst others. There were return visits for international stars such as violinists Joshua Bell, Renaud Capuçon, Hilary Hahn and Janine Jansen; pianists Richard Goode, Igor Levit, Elisabeth Leonskaja and Sir András Schiff; vocalists Ian Bostridge, Dame Sarah Connolly, Lise Davidsen, Iestyn Davies, Matthias Goerne and Magdalena Kožená; ensembles the BBC Singers, Les Arts Florissant, Pavel Haas Quartet and Quatuor Ebène; and Associate Artists Kaleidoscope Chamber Collective, Nitin Sawhney and the Takács Quartet.

Our pioneering learning and participation work continued with highlights including a new multi-sensory concert alongside relaxed and low stimulus concerts as part of our series for neurodivergent audiences, and a programme with young people in Barking and Dagenham who are impacted by the criminal justice system. In response to the cost-of-living crisis and the urgent need for further music provision for children, we expanded our £1 ticket scheme for families who face financial barriers.

In 2023/24, Wigmore Hall Learning led 467 events, enabling 19,221 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 £2.5 million.

The Trust has a professional fundraising department led by the Director of Development. The team is responsible for fundraising from individuals, events, trusts 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.

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Trustees’ Report for the Year Ended 31 July 2024, Strategic Report - Continued

Principal risks and uncertainties

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

Risks are managed and mitigated by the following strategies:

Damage to reputation: Avoid / Mitigate

Local and international competition: Avoid / Mitigate

Unexpected loss of a member of senior management team: Mitigate

Damage to building: Avoid / Mitigate

Loss of donor income and/or donor fatigue: Avoid

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Trustees’ Report for the Year Ended 31 July 2024, Strategic Report - Continued

Income forecasts not fulfilled: Avoid / Mitigate

Outside influences, e.g. global pandemic: Mitigate

E-Commerce platform breach: Mitigate / Transfer

CRM system / credit card data breach: Mitigate

Critical IT Systems failure or data loss: Transfer / Mitigate

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Trustees’ Report for the Year Ended 31 July 2024, Strategic Report - Continued

FINA NCIA L REV IE W

The results for the year are set out on page 18

Key Performance Indicators

During 2023/24 we achieved:

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 2023/24 was 8.8%.

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 £3.7 million which is approximately six months income. Once this target has been met the Trust will review its reserves policy. As at 31 July 2024 the Trust’s free reserves stood at £2,714,863, total reserves stood at £15,860,151.

Plans for Future Periods

Wigmore Hall has ambitious plans for the future and remains committed to fulfilling its charitable objectives.

Plans for the 24/25 season include world and UK premières by composers including Master of the King’s Music Judith Weir, Peter Eötvös, Helen Grime, Mark-Anthony Turnage and Caroline Shaw. There is a major centenary celebration of Gabriel Fauré featuring violinist Joshua Bell, cellist Steven Isserlis, soprano Véronique Gens, jazz pianist Brad Mehldau and Le Concert Spirituel. Yunchan Lim returns to Wigmore Hall as do Martha Argerich, Leif Ove Andsnes, Richard Goode, Benjamin Grosvenor, Elisabeth Leonskaja, Víkingur Ólafsson and Sir András Schiff. There are also residencies from violinist Vilde Frang, cellist Gary Hoffman,

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Trustees’ Report for the Year Ended 31 July 2024, Strategic Report - Continued

guitarist Sean Shibe, tenor Nicky Spence and oboist Olivier Stankiewicz. Cutting edge new music will be performed by Ensemble Klang, Birmingham Contemporary Music Group, Ensemble intercontemporain, Ensemble Modern, JACK Quartet and Manchester Collective.

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 2026. 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:

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.

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Trustees’ Report for the Year Ended 31 July 2024, 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 13 March 2025

and signed on its behalf by

Aubrey Adams Chairman

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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 2024 which comprise the Statement of Financial Activities, 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:

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.

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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:

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:

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.

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.

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

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:

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 Charities (Protection and Social Investment) Act 2016, 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.

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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 PwrUf 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

18/03/25

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Statement of Financial Activities (Incorporating Income and Expenditure Account) For The Year Ended 31 July 2024

Unrestricted
General
Funds 2024
Unrestricted
Designated
Funds 2024
Note
£
£
Income from:
Charitable activities
4,252,722
-
Grants receivable from:
Government & other
public bodies
2 (a)
305,875
-
Other grants, donations
2 (b)
1,223,679
281,419
Investments
36,430
-
Other trading activities
1,299,846
-
Other
263,624
-
TOTAL I N C O M E
7,382,176
281,419
Expenditure on:
Charitable activities
3
8,086,489
-
Raising funds
3
269,583
-
TOTAL EXPENDITURE
8,356,072
-
Net (expenditure)/income and net
movement in funds before gains
on investments and transfers
(973,896)
281,419
Gain on investments
616,703
-
Net income for the year
4
(357,193)
281,419
Transfers between funds
10
477,133
(264,600)
Net income after
transfers between funds
119,940
16,819
TOTAL FU N DS BROUG H T
FO RWARD
2,594,923
264,600
TOTAL FU N DS
CARRI ED FO R WAR D
2,714,863
281,419		 Restricted
Funds
2024
£
20,760
-
3,225,351
-
-
-
3,246,111
486,667
87,500
574,167
2,671,944
-
2,671,944
(212,533)
2,459,411
10,404,458
12,863,869		 Total
2024
£
4,273,482
305,875
4,730,449
36,430
1,299,846
263,624
10,909,706
8,573,156
357,083
8,930,239
1,979,467
616,703
2,596,170
-
2,596,170
13,263,981
15,860,151		 Total
2023
£
3,612,667
305,876
2,276,976
18,778
1,956,201
237,585
8,408,083
7,945,074
488,114
8,433,188
(25,105)
57,803
32,698
-
32,698
13,231,283
13,263,981

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

18

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

Balance Sheet as at 31 July 2024

2024 2023
Notes £ £
F I X ED AS S ETS:
Tangible assets 6 5,446,653 5,450,779
Investments 7 7,619,241 6,002,538
13,065,894 11,453,317
C U RREN T AS S E TS:
Debtors 8 2,233,483 923,249
Short term deposits 2,268,890 2,276,419
Cash at bank and in hand 58,705 170,366
4,561,078 3,370,034
C REDI TO RS:Amounts falling due within one year 9 (1,766,821) (1,559,370)
N ET C U RREN T AS SE TS 2,794,257 1,810,664
TOTAL AS S ETS LES S CUR R E NT LI ABI LI TIES 15,860,151 13,263,981
N ET AS S ETS 15,860,151 13,263,981
FU N DS
General fund – unrestricted 2,714,863 2,594,923
Designated fund – unrestricted 281,419 264,600
Restricted funds 10 12,863,869 10,404,458
15,860,151 13,263,981

Approved by the Board of Trustees and authorised for issue on 13 March 2025 and signed on its behalf by

Aubrey Adams

Chairman

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

19

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

Statement Of Cash Flows

as at 31 July 2024

Statement Of Cash Flows
as at 31 July 2024
Cash flows from operating activities
Net cash generated by operating activities
Cash flows used in investing activities
Interest received
Purchase of property, plant & equipment
Purchase of investments		 2024
£
1,319,842
36,430
(475,462)
(1,000,000)		 2023
£
931,375
18,778
(870,590)
(1,750,000)
Net (used in)/generated by investing activities (1,439,032)
(2,601,812)
(Decrease) in cash (119,190) (1,670,437)
REC O N C I LI ATI ON OF NE T CASH I NFLOW TO
MOV EMEN T I N NE T FUND S
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 (119,190)
2,446,785
2,327,595		 (1,670,437)
4,117,222
2,446,785
REC O N C I LI ATI ON OF CASH AND CASH EQ UIVA L ENTS
Short term deposits
Cash at bank and in hand
Cash and cash equivalents		 2,268,890
58,705
2,327,595		 2,276,419
170,366
2,446,785
REC O N C I LI ATI ON OF NE T I NCOME TO NET CASH
F LOW F RO M OPE RATI NG ACTI VI TI ES		 2024
£		 2023
£
Net income for the reporting period
(as per statement of financial activities)
Adjustment for:
Depreciation charge
Investment income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 1,979,467
479,588
(36,430)
(1,310,234)
207,451
1,319,842		 (25,105)
494,831
(18,778)
510,579
(30,152)
931,375

20

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

Notes to the Financial Statements for the Year Ended 31 July 2024

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 2025 and to 12 months post the date of signing these financial statements. As at January 2025, the trust has fixed asset investments of £9.5m and cash held of £2.9m.

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

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - 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.

Leases

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

22

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - Continued

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

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.

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.

23

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - Continued

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 consider whether receipt is probable: there has been a grant of probate, there are sufficient assets in the estate and any conditions attached to the legacy within the control of the charity have been met. Accrued income includes accrued legacies of £1,960,000 (2023: £635,000) as at 31 July 2024.

24

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - Continued

2 . INCO M E

a) Grants receivable from government and other public bodies

2024
2024
Unrestricted
Restricted
£
£
Arts Council England
305,875
-
305,875
-		 2024
Total
£
305,875
305,875		 2023
Total
£
305,876
305,876

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 2025 are set out below:

Year to 31 March
2025 2024
£ £
Arts Council England
344,206		 344,206

b) Other grants, donations and similar Income

2024
2024
Unrestricted
Designated
£
£
Grants and donations
(inc trusts & foundations)
155,944
-
Concert sponsorship 2023/24
-
281,419
Membership Schemes
1,067,735
-
1,223,679
281,419		 2024
Restricted
£
3,225,351
-
-
3,225,351		 2024
Total
£
3,381,295
281,419
1,067,735
4,730,449		 2023
Total
£
1,057,862
264,600
954,514
2,276,976

25

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - Continued

3. TOTA L EXPEN DI TU R E

----- Start of picture text -----
Basis of Concerts Education Fundraising Lease/ Administration 2024 2023
allocation Building Total Total
£ £ £ £ £ £ £
Charitable
Activities
Artist fees and
related concert Direct 3,745,954 202,084 - - - 3,948,038 3,781,218
costs
Staff costs Direct 1,034,836 329,363 - - 735,149 2,099,348 1,994,994
Property costs Direct 783,955 - - - - 783,955 602,982
- - -
Support costs Usage 1,016,707 120,463 1,137,170 1,080,992
Depreciation Direct 224,339 - - 231,270 - 455,609 470,089
Governance Costs
Depreciation Direct - - - - 23,979 23,979 24,742
Staff costs Direct - - - - 53,427 53,427 51,356
Administration Usage - - - - 52,090 52,090 53,340
Property costs Direct - - - - 19,540 19,540 15,034
Cost of Raising
Funds
Administration Usage - - 102,912 - - 102,912 171,555
Staff costs Direct - - 254,171 - - 254,171 186,886
Total expenditure 6,805,791 651,910 357,083 231,270 884,185 8,930,239 8,433,188
----- End of picture text -----

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

2024 2023
This is stated after charging: £ £
Depreciation
Operating lease rentals – land and buildings
Auditor’s remuneration – audit		 479,588
137,271
32,500		 494,831
130,545
30,000

26

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - Continued

5. EM PLOYEES A N D TR U STE ES

The average number of employees was:

2024
2024
2024
No.
No.
No.
Fund raising
Mgt & Admin
Support
Full time
6
8
29
Part time
-
1
68
6
9
97		 2024
2023
No.
No.
Total
Total
43
39
69
67
112
106		 2024
2023
No.
No.
Total
Total
43
39
69
67
112
106
106

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

----- Start of picture text -----
2024 2023
No. No.
£6 0,0 01 - £ 70,000 2 2
£ 70,0 01 - £ 80,000 - 1
£ 80,0 01 - £ 9 0,000 2 1
£ 9 0,0 01 - £ 1 00,000 1 1
£ 1 4 0,0 01 - £ 150,000 1 1
----- End of picture text -----

The charity paid pension contributions of £69,457 (2023: £58,883) in respect of the above employees.

Company pension contributions
in respect of the higher paid staff
noted above		 No.
No.
6
5

The key management personnel of the Trust comprise the Trustees, the Director, the Deputy Director, the Director of Development. One Trustee was reimbursed travel expenses of £761 and a fee of £2,500 for their participation in the Wigmore Hall French Song Exchange.(2023: £nil). The total employee benefits of the remaining key management personnel, including employer national insurance contributions, were £412,607 (2023: £397,210).

Total Staff and Related Costs
Cost of activities in furtherance of the charity’s objects:
Ushers and commissionaires (included in Artists’ fees and related costs)
Restricted staff costs
Unrestricted staff costs
Support costs
Costs of Management and Administration		 2024
£
295,206
207,000
1,979,849
166,671
53,426
2,702,152		 2023
£
244,918
145,942
1,838,876
171,982
51,436
2,453,154

27

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - Continued

Represented by:
Wages and salaries
Social security costs
Pension costs
Other staff related costs		 2024
£
2,204,186
188,858
236,468
72,640
2,702,152		 2023
£
1,980,539
174,605
215,360
82,650
2,453,154

6. FIXED AS S ETS

Cost
At 01/08/23
Additions
At 31/07/24
Depreciation
At 01/08/23
Charge for year
At 31/07/24
Net Book Value
At 31/07/24
At 31/07/23		 Long
Leasehold
Musical
Furniture &
Computers
Total
Lease
Improvement
Instruments
Equipment
£
£
£
£
£
£
3,216,539
5,125,363
302,505
1,142,573
1,508,611
11,295,591
-
253,412
-
144,150
77,900
475,462
3,216,539
5,378,775
302,505
1,286,723
1,586,511
11,771,053
-
3,670,633
163,622
890,601
1,119,956
5,844,812
-
231,270
11,997
8,506
227,815
479,588
-
3,901,903
175,619
899,107
1,347,771
6,324,400
3,216,539
1,476,872
126,886
387,616
238,740
5,446,653
3,216,539
1,454,730
138,883
251,972
388,655
5,450,779

Computers include software which is defined under FRS102 as an Intangible Asset. The Net Book Value of Computer Software held at 31 July 2024 is £209,005 (2023: £313,835).

28

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - Continued

7. INV ESTM EN TS

Market value at start of year
Purchase of investments
Unrealised gains in the year
Market value at 31 July
Analysis of investments by class
Credit
Absolute return
Global equities
Inflation linked bonds
Core property
Multi-asset class
Cash held for investment
Private equity		 2024
£
6,002,538
1,000,000
616,703
7,619,241
726,112
-
1,245,476
-
326,534
4,921,100
58,780
341,239
7,619,241		 2023
£
4,194,735
1,750,000
57,803
6,002,538
484,181
204,971
218,813
338,766
328,567
3,881,251
275,516
270,473
6,002,538

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
Trade debtors
Other debtors
VAT
Prepayments
Accrued income		 2024
£
36,210
54,179
-
42,373
2,100,721
2,233,483		 2023
£
84,465
63,469
9,433
32,671
733,211
923,249

9. CRED ITO RS

Amounts falling due within one year
Trade creditors
Advance ticket sales
Social security and other taxation
Accruals
Deferred income		 2024
£
199,831
1,185,160
160,470
160,526
60,834
1,766,821		 2023
£
187,034
1,168,314
51,789
101,254
50,979
1,559,370

Included in other taxation and social security are amounts totalling £21,136 (2023: £nil) in respect of outstanding pension contributions.

29

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - Continued

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

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

Deferred income opening balance
Received
Released
Closing balance		 £
50,979
354,062
(344,207)
60,834

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

Balance at 1 August
2023
£
Lease Fund
3,216,539
Wigmore Hall Capital Appeal
72,533
Wigmore Hall Competitions
438,074
Music For Life
207,921
Catalyst Endowment Fund
1,200,000
Director’s Fund
4,914,661
Cavatina Fund
104,730
Elton Fund
250,000
Total Restricted Funds
10,404,458
Designated Funds
Concert Sponsorship
264,600
Total Designated Funds
264,600
Unrestricted Fund
2,594,923
Total Funds
13,263,981
Balance at 1 August
2022
£
Lease Fund
3,216,539
Wigmore Hall Capital Appeal
72,533
Wigmore Hall Competitions
492,150
Music For Life
278,157
Catalyst Endowment Fund
5,869,710
Director’s Fund
-
Cavatina Fund
119,098
Elton Fund
250,000
Total Restricted Funds
10,298,187
Designated Funds
Concert Sponsorship
360,747
Total Designated Funds
360,747
Unrestricted Fund
2,572,349
Total Funds
13,231,283		 Income
£
-
-
88,328
202,463
-
2,916,763
38,557
-
3,246,111
281,419
281,419
7,998,879
11,526,409
Income
£
-
-
59,732
108,165
369,817
250,251
142,253
-
930,218
264,600
264,600
7,271,068
8,465,886		 Expenditure
£
-
-
(84,459)
(188,302)
-
(173,943)
(127,463)
-
(574,167)
-
-
(8,356,072)
(8,930,239)
Expenditure
£
-
-
(113,808)
(178,401)
-
(75,117)
(156,621)
-
(523,947)
-
-
(7,909,241)
(8,433,188)		 Balance at 31 July
Transfers
2024
£
£
-
3,216,539
(72,533)
-
-
441,943
-
222,082
(140,000)
1,060,000
-
7,657,481
-
15,824
-
250,000
(212,533)
12,863,869		 Balance at 31 July
Transfers
2024
£
£
-
3,216,539
(72,533)
-
-
441,943
-
222,082
(140,000)
1,060,000
-
7,657,481
-
15,824
-
250,000
(212,533)
12,863,869
2024
£
3,216,539
-
441,943
222,082
1,060,000
7,657,481
15,824
250,000
12,863,869
(264,600) 281,419
(264,600) 281,419
477,133 2,714,863
- 15,860,151
Balance at 31 July
Transfers
2023
£
£
-
3,216,539
-
72,533
-
438,074
-
207,921
(5,039,527)
1,200,000
4,739,527
4,914,661
-
104,730
-
250,000
(300,000)
10,404,458
2023
£
3,216,539
72,533
438,074
207,921
1,200,000
4,914,661
104,730
250,000
10,404,458
(360,747)
264,600
(360,747) 264,600
660,747 2,954,923
- 13,263,981

Transfers

The transfers in the year were as follows:

A transfer of £140,000 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 Concert designated fund to general funds for amounts designated in prior years in respect of donations and sponsorship to support the concert programming in 2023/24.

A transfer of £72,530 from the Wigmore Hall Capital Appeal to support refurbishment works completed in the year from general funds where the assets held are for the general purposes of the charity.

30

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - 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 2024

Tangible assets
Investments
Short term deposits
Cash at bank and in hand
Other net current assets		 Unrestricted
Restricted
Designated
General Fund
Fund
Fund
Total
£
£
£
£
2,230,114
3,216,539
-
5,446,653
369,241
7,250,000
-
7,619,241
2,268,890
-
-
2,268,890
(222,714)
-
281,419
58,705
(1,930,668)
2,397,330
-
466,662
2,714,863
12,863,869
281,419
15,860,151

A NA LYS IS O F N E T AS SE TS BE TW E E N FUN D S AT 31 JULY 2023

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

31

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

Notes to the Financial Statements for the Year Ended 31 July 2024 - Continued

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

As at 31 July 2024 the company had total minimum lease payments under non-cancellable operating leases as set out below:

Land and buildings 2024 2023
£ £
Less than one year 109,167 95,042
Two to five years 60,000 60,000
More than five years 3,396,250 3,411,250

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 six members at 31 July 2024 (2023 – 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 £32,100 (2023: £30,570). No amounts were outstanding at the year end (2023: £nil). Donations without conditions of £245,824 were received in the year from Trustees of the charity (2023: £120,810). One Trustee was reimbursed travel expenses of £761 and a fee of £2,500 for their participation in the Wigmore Hall French Song Exchange (2023: £nil).

32