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← The Wigmore Hall Trust

2025-07-31-accounts

Trustees’ Report and Financial Statements

31 JU LY 2025

‘The Wigmore Hall may be classical music’s last bastion of defence against those who think that music is moribund’

‘this celebrated hall is miles ahead of its competitors.’ iNews, 24 November 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

Contents

Legal and administrative details 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 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

Company Reg no

2754525

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

Jonathan Carvell

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

Auditor

RSM UK Audit LLP Portland, 25 High Street Crawley 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

‘It is not an exaggeration to say Wigmore Hall looks in finer fettle today than at any time in its history.’ Financial Times, January 2026

‘One of the world’s great music venues.’ The Spectator, 6 September 2025

The 2024/25 season was a pivotal year for The Wigmore Hall Trust, finally achieving a long-held ambition to become independent of public funding, a huge achievement for all associated with the Hall. Ticket sales continue at a record high, as, at the time of writing, we reach our 125th anniversary year.

Total reserves for the year end were £18,250,050, another milestone for a charity of this size. Our free reserves now stand at £2,738,543, and the Director’s Fund totals £10,096,095. Small wonder that so much of the national press this year points to Wigmore Hall as an artistic beacon on a firm financial footing. However, we must not be complacent. The costs of around 600 concerts a year, mainly at the Trust’s own risk, alongside a community and outreach programme of over 400 events, mean that we need to raise £5 million a year in ticket sales and at least £3 million in annual fundraising, each year going forward. Despite the current health of the organisation, it would only take one international downward trend or a local or national crisis to reverse this hard-won position – the culmination of twenty years hard work and strategy. We need individuals and Trusts to keep the support up to underpin a season of over 2,600 artists and what is now, without question, the largest and most influential series of its kind globally. It is a benchmark which represents a vibrant, welcoming and diverse international hub for chamber music and we lose that at our peril. An enhanced fundraising department is being assembled to support all that we do.

The new Director’s Fund is used mainly where public funding previously filled a 3% gap, and to support new ambitious artistic projects, as needed each season. We continue to share a glorious, expansive and eclectic repertoire with the widest possible audiences in the Hall, online and on radio.

Legacy giving continues to grow each year, and we are grateful to all those who have remembered us in their wills. We continue to invest in a future generation of artists through innovative and independent programming, and an uncompromising quality of experience. John Gilhooly’s artistic vision for Wigmore Hall has made it one of the world’s great concert halls. Through his programming we continue to attract diverse audiences, reaching a greater cross section of society every year, including tens of thousands of under 35s in recent years, as part of our £5 ticket scheme, over 200,000 since 2015.

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 his artistic programme, but also for his skills in managing the finances of the Hall so adeptly. The 125th anniversary programme is a landmark event for all associated with this very special place. The Wigmore Hall staff continue 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.

4

Chairman’s Statement - Continued

At the end of this season, we will bid a fond farewell to two longstanding members of staff, Peter Jervis and Marie-Hélène Osterweil, who, between them, have given 50 years of service at a senior level. They leave the finance and fundraising functions here in good stead, and we thank them for all their hard work. We also look forward to the publication of a new history of Wigmore Hall by one of our Trustees, Julia Boyd. An award-winning historian, Julia has put thousands of hours of voluntary work into creating There is Sweet Music Here: The World of Wigmore Hall . Publication is scheduled for May 2026, and we greatly appreciate everything Julia has done for the Hall with this new edition.

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 unstinting 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. Please keep visiting Wigmore Hall and joining us digitally as we embark on confident new journeys and artistic ventures ahead. We cannot keep this unparalleled programme in place without you all. Together we have all become custodians of this global centre of excellence and innovation.

Aubrey Adams Chairman

5

Trustees’ Report for the Year Ended 31 July 2025

The Trustees are pleased to present their annual Trustees’ report together with the financial statements of the Charity for the year ended 31 July 2025 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 Head of Finance, the Head of Personnel, the Chief Technology Officer and the General Manager, Office of The Director. 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.

6

Trustees’ Report for the Year Ended 31 July 2025 - 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

Achievements and performance for the year

Maintaining and administering Wigmore Hall

Wigmore Hall’s 2024/25 season included 608 concerts and 452 Learning sessions. We continued to broadcast regularly around the world through our free-to-access livestreams (58 concerts were livestreamed to an audience of over 300,000). Our partnership with BBC Radio 3 continued, including the regular series of Monday lunchtime concerts, broadcast live, alongside many evening concert broadcasts and features on programmes such as the New Music Show.

Investing in young audiences remains a priority for the Hall, and we provided over 13,000 subsidised tickets for Under 35s throughout the season. The number of first-time ticket buyers in the 24/25 season increased by 5%, highlighting the continued growth of our audience.

We continued our successful collaboration with African Concert Series in 24/25, presenting two full days (six concerts) of performances during the season. These concerts featured artists such Girma Yifrashewa focusing on the piano music of Ethiopia, Aisha Syed-Castro and Rebeca Omordia exploring violin music of the African diaspora, and Gerald Eze demonstrating his mastery of the Ojà, the flute of the Igbo people of Nigeria.

7

Trustees’ Report for the Year Ended 31 July 2025 Strategic Report - Continued

The 24/25 season also included a wealth of new music, with Caroline Shaw celebrated throughout the season as our Composer in Residence. Other contemporary music highlights included a new song cycle by Mikhail Johnson, commissioned by Wigmore Hall for Elaine Mitchener, and a special performance from the London Contemporary Music Festival, featuring a new piece by legendary French composer Éliane Radigue and Carol Robinson, as well as a rare visit by Luigi Russolo’s noise intoners, the first time these instruments had been heard in the UK for over 110 years. Composers including Dame Judith Weir, Peter Eötvös, Helen Grime and Mark-Anthony Turnage all had works premièred at the Hall during the season. Leading new music ensembles from around the world featured in our programme, including Ensemble Klang, Birmingham Contemporary Music Group, Ensemble intercontemporain, Ensemble Modern, JACK Quartet and Manchester Collective.

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

In 2024/25, Wigmore Hall presented an exceptional programme of performances from internationally celebrated musicians and emerging talent, across a wide variety of genres and styles.

The season included premières of three more new works in our series of 16 ‘Voices of Today’ commissions, from composers not previously commissioned by the Hall. These concerts showcased new works by Alexander Campkin (performed by Fretwork and Tenebrae), Shruthi Rajasekar (performed by The Hermes Experiment and Abel Selaocoe), Katherine Balch (performed by Ensemble intercontemporain).

The 24/25 season featured residencies from Vilde Frang, the Smetana Trio, Gary Hoffman, Sean Shibe and Olivier Stankiewicz among others, and there was a major centenary celebration of Gabriel Fauré. We presented five concerts of Fauré’s chamber music with an all-star lineup including violinist Joshua Bell, cellist Steven Isserlis and pianist Jeremy Denk across five concerts. Soprano Véronique Gens performed Fauré songs, jazz pianist Brad Mehldau brought his ‘Après Fauré’ project, and Le Concert Spirituel performed the Fauré Requiem in a Wigmore Hall concert at St James’s, Spanish Place. Celebrated pianists who joined us in 24/25 included Yunchan Lim, Leif Ove Andsnes, Richard Goode, Benjamin Grosvenor, Elisabeth Leonskaja, Víkingur Ólafsson and Sir András Schiff.

In 2024/25, Wigmore Hall Learning led 452 sessions, at the Hall itself and in the wider community, enabling 14,439 participant interactions with the programme. We worked with people from diverse backgrounds and marginalised communities – sharing music and creativity with people who may have never otherwise had the opportunity. The impact of this work was profound on both the artists and the wide range of participants who were involved.

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 £2.8 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.

8

Trustees’ Report for the Year Ended 31 July 2025, 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 artistic reputation: Avoid / Mitigate

Local and international competition: Avoid / Mitigate

Unexpected loss of a member of senior management team: Mitigate

Damage to building(s): Avoid / Mitigate

Loss of donor income and/or donor fatigue: Avoid

Income forecasts not fulfilled: Avoid / Mitigate

9

Trustees’ Report for the Year Ended 31 July 2025, Strategic Report - Continued

Outside influences, e.g. global pandemic: Mitigate

e-Commerce platform breach: Mitigate / Transfer

Internal network breach with permissions escalation: Mitigate

Mobile device loss/theft/breach: Mitigate

Cloud infrastructure data breach: Avoid

Critical IT Systems failure or data loss: Transfer / Mitigate

10

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)

Trustees’ Report for the Year Ended 31 July 2025, Strategic Report - Continued

FINA NCIA L REV IE W

The results for the year are set out on page 18.

Key Performance Indicators

During 2024/25 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 2024/25 was 8.2%.

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 £4.0 million which is approximately six months income. Once this target has been met the Trust will review its reserves policy. As at 31 July 2025 the Trust’s free reserves stood at £2,738,543, total reserves stood at £18,250,050.

Plans for Future Periods

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

The 25/26 season will include nearly 600 concerts and events. Highlights include performances from Martha Argerich, Lise Davidsen, Hilary Hahn, Sir Stephen Hough, the Kanneh-Masons, Leonidas Kavakos, Magdalena Kožená, Igor Levit, Yunchan Lim, Midori, Jakub Józef Orliński, Sir András Schiff, Mitsuko Uchida, Sonya Yoncheva and Master of The King’s Music, Errollyn Wallen.

11

Trustees’ Report for the Year Ended 31 July 2025, Strategic Report - Continued

Pulitzer and Grammy-winning American folk artist Rhiannon Giddens is in residency across 25/26, and there is contemporary music from Sally Beamish, Sir George Benjamin, Thomas Larcher and Donghoon Shin, as well as anniversary commissions from several emerging composers. There will be a major celebration of Rebecca Clarke, virtuoso violist and one of the most important British composers of her generation, and a two-week 125th anniversary festival to include the launch of new Wigmore Hall biography by Sunday Times bestselling historian Julia Boyd.

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 2027. 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.

12

Trustees’ Report for the Year Ended 31 July 2025, Strategic Report - Continued

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.

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 25 February 2026

and signed on its behalf by

Aubrey Adams Chairman

13

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 2025 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.

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:

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.

15

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.

16

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) - Continued

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to the GDPR. 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 cut-off and presentation of income generated from donations, grants, legacies and sponsorship income and completeness of legacies 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.

RSM UK Audit LLP

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

04/03/26

17

Statement of Financial Activities

(Incorporating Income and Expenditure Account) For The Year Ended 31 July 2025

Unrestricted
General
Funds 2025
Unrestricted
Designated
Funds 2025
Note
£
£
Income from:
Charitable activities
4,641,316
-
Grants receivable from:
Government & other
public bodies
2 (a)
291,355
-
Other grants, donations
2 (b)
1,473,412
543,859
Investments
44,216
-
Other trading activities
1,294,377
-
Other
251,287
-
TOTAL I N C O M E
7,995,963
543,859
Expenditure on:
Charitable activities
3
8,752,455
-
Raising funds
3
469,624
-
TOTAL EXPENDITURE
9,222,079
-
Net (expenditure)/income and net
movement in funds before gains
on investments and transfers
(1,226,116)
543,859
Gain on investments
7
888,377
-
Net income for the year
4
(337,739)
543,859
Transfers between funds
10
361,419
(281,419)
Net income after
transfers between funds
23,680
262,440
TOTAL FU N DS BROUG H T
FO RWARD
2,714,863
281,419
TOTAL FU N DS
CARRI ED FO R WAR D
2,738,543
543,859		 Restricted
Funds
2025
£
35,563
-
2,880,779
-
-
-
2,916,342
637,619
94,944
732,563
2,183,779
-
2,183,779
(80,000)
2,103,779
12,863,869
14,967,648		 Total
2025
£
4,676,879
291,355
4,898,050
44,216
1,294,377
251,287
11,456,164
9,390,074
564,568
9,954,642
1,501,522
888,377
2,389,899
-
2,389,899
15,860,151
18,250,050		 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

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

18

Balance Sheet as at 31 July 2025

2025 2024
Notes £ £
F I X ED AS S ETS:
Tangible assets 6 5,110,824 5,446,653
Investments 7 11,757,618 7,619,241
16,868,442 13,065,894
C U RREN T AS S E TS:
Debtors 8 847,540 2,233,483
Short term deposits 2,335,144 2,268,890
Cash at bank and in hand (611) 58,705
3,182,073 4,561,078
C REDI TO RS:Amounts falling due within one year 9 (1,800,465) (1,766,821)
N ET C U RREN T AS SE TS 1,381,608 2,794,257
TOTAL AS S ETS LES S CUR R E NT LI ABI LI TIES 18,250,050 15,860,151
N ET AS S ETS 18,250,050 15,860,151
FU N DS
General fund – unrestricted 2,738,543 2,714,863
Designated fund – unrestricted 543,859 281,419
Restricted funds 10 14,967,648 12,863,869
18,250,050 15,860,151

Approved by the Board of Trustees and authorised for issue on 25 February 2026 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 2025

Statement Of Cash Flows
as at 31 July 2025
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		 2025
£
3,495,302
44,216
(282,580)
(3,250,000)		 2024
£
1,319,842
36,430
(475,462)
(1,000,000)
Net (used in)/generated by investing activities (3,488,364)
(1,439,032)
Increase/(Decrease) in cash 6,938 (119,190)
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		 6,938
2,327,595
2,334,533		 (119,190)
2,446,785
2,327,595
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		 2,335,144
(611)
2,334,533		 2,268,890
58,705
2,327,595
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		 2025
£		 2024
£
Net income for the reporting period
(as per statement of financial activities)
Adjustment for:
Depreciation charge
Investment income
Decrease/(increase) in debtors
Increase in creditors
Net cash used in operating activities		 1,501,522
618,409
(44,216)
1,385,943
33,644
3,495,302		 1,979,467
479,588
(36,430)
(1,310,234)
207,451
1,319,842

20

Notes to the Financial Statements for the Year Ended 31 July 2025

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 March 2027 and consider there to be adequate headroom in the potential cash requirements for the year to 31 July 2026 and to 12 months post the date of signing these financial statements. As at January 2026, the trust has fixed asset investments of £13.7m and cash held of £3.7m.

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 Statements for the Year Ended 31 July 2025 - 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

Notes to the Financial Statements for the Year Ended 31 July 2025 - 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:

==> picture [312 x 61] intentionally omitted <==

----- 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

Notes to the Financial Statements for the Year Ended 31 July 2025 - 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 £513,000 (2024: £1,960,000) as at 31 July 2025.

24

Notes to the Financial Statements for the Year Ended 31 July 2025 - Continued

2 . INCO M E

a) Grants receivable from government and other public bodies

2025
2025
Unrestricted
Restricted
£
£
Arts Council England
291,355
-
291,355
-		 2025
2024
Total
Unrestricted
£
£
291,355
305,875
291,355
305,875		 2025
2024
Total
Unrestricted
£
£
291,355
305,875
291,355
305,875
305,875

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 March 2026 are set out below:

Year to 31 March
2026 2025
£ £
Arts Council England
87,438		 344,206

b) Other grants, donations and similar Income

2025
2025
Unrestricted
Designated
£
£
Grants and donations
(inc legacies, trusts & foundations)
134,866
-
Concert sponsorship 2024/25
-
543,859
Membership Schemes
1,338,546
-
1,473,412
543,859		 2025
Restricted
£
2,880,779
-
-
2,880,779		 2025
Total
£
3,015,645
543,859
1,338,546
4,898,050		 2024
Total
£
3,381,295
281,419
1,067,735
4,730,449

25

Notes to the Financial Statements for the Year Ended 31 July 2025 - Continued

3. TOTA L EXPEN DI TU R E

==> picture [495 x 379] intentionally omitted <==

----- Start of picture text -----
Basis of Concerts Education Fundraising Lease/ Administration 2025 2024
allocation Building Total Total
£ £ £ £ £ £ £
Charitable
Activities
Artist fees and
related concert Direct 4,393,241 175,898 - - - 4,569,139 3,948,038
costs
Staff costs Direct 1,121,904 352,275 - - 802,449 2,276,628 2,099,348
Property costs Direct 758,750 - - - - 758,750 783,955
- - -
Support costs Usage 1,039,955 137,012 1,176,967 1,137,170
Depreciation Direct 264,616 - - 322,873 - 587,489 455,609
Governance Costs
Depreciation Direct - - - - 30,920 30,920 23,979
Staff costs Direct - - - - 55,923 55,923 53,427
Administration Usage - - - - 51,315 51,315 52,090
Property costs Direct - - - - 19,148 19,148 19,540
Cost of Raising
Funds
Administration Usage - - 148,143 - - 148,143 102,912
Staff costs Direct - - 280,220 - - 280,220 254,171
Total expenditure 7,578,466 665,185 428,363 322,873 959,755 9,954,642 8,930,239
----- End of picture text -----

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

2025 2024
This is stated after charging: £ £
Depreciation
Operating lease rentals – land and buildings
Auditor’s remuneration – audit		 618,409
171,749
35,000		 479,588
137,271
32,500
Auditor’s remuneration – non-audit 3,750 250

26

Notes to the Financial Statements for the Year Ended 31 July 2025 - Continued

5. EM PLOYEES A N D TR U STE ES

The average number of employees was:

2025
2025
2025
No.
No.
No.
Fund raising
Mgt & Admin
Support
Full time
6
8
27
Part time
-
3
74
6
11
101		 2025
2024
No.
No.
Total
Total
41
43
77
69
118
112		 2025
2024
No.
No.
Total
Total
41
43
77
69
118
112
112

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

==> picture [479 x 116] intentionally omitted <==

----- Start of picture text -----
2025 2024
No. No.
£6 0,0 01 - £ 70,000 2 2
£ 80,0 01 - £ 9 0,000 - 2
£ 9 0,0 01 - £ 1 0 0,000 2 1
£ 1 0 0,0 01 - £ 110,000 1 -
£ 1 4 0,0 01 - £ 150,000 - 1
£ 150,0 01 - £ 1 60,000 1 -
----- End of picture text -----

The charity paid pension contributions of £62,554 (2024: £69,457) in respect of the above employees.

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

The key management personnel of the Trust comprised the Trustees, the Director, the Deputy Director, the Director of Development. One Trustee was reimbursed travel expenses of £753 and no fee for their participation in the Wigmore Hall French Song Exchange (2024: £3,261). The total employee benefits of the remaining key management personnel, including employer national insurance contributions, were £349,454 (2024: £412,607).

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		 2025
£
369,881
247,199
2,099,374
185,276
55,922
2,957,652		 2024
£
295,206
207,000
1,979,849
166,671
53,426
2,702,152

27

Notes to the Financial Statements for the Year Ended 31 July 2025 - Continued

5. EM PLOYEES A N D TR U STE ES - Co nt i nu ed

Represented by:
Wages and salaries
Social security costs
Pension costs
Other staff related costs		 2025
£
2,414,478
220,297
245,927
76,950
2,957,652		 2024
£
2,204,186
188,858
236,468
72,640
2,702,152

6. FIXED AS S ETS

Cost
At 01/08/24
Additions
At 31/07/25
Depreciation
At 01/08/24
Charge for year
At 31/07/25
Net Book Value
At 31/07/25
At 31/07/24		 Long
Leasehold
Musical
Furniture &
Computers
Total
Lease
Improvement
Instruments
Equipment
£
£
£
£
£
£
3,216,539
5,378,775
302,505
1,286,723
1,586,511
11,771,053
-
41,082
144,225
75,545
21,728
282,580
3,216,539
5,419,857
446,730
1,362,268
1,608,239
12,053,633
-
3,901,903
175,619
899,107
1,347,771
6,324,400
-
322,873
16,804
116,791
161,941
618,409
-
4,224,776
192,423
1,015,898
1,509,712
6,942,809
3,216,539
1,195,081
254,307
346,370
98,527
5,110,824
3,216,539
1,476,872
126,886
387,616
238,740
5,446,653

Computers include software which is defined under FRS102 as an Intangible Asset. The Net Book Value of Computer Software held at 31 July 2025 is £92,366 (2024: £209,005).

28

Notes to the Financial Statements for the Year Ended 31 July 2025 - 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
Global equities
Cash investments
Core property
Multi-asset class
Cash held for investment
Private equity		 2025
£
7,619,241
3,250,000
888,377
11,757,618
1,076,231
2,519,762
221,118
-
7,296,392
60,557
583,558
11,757,618		 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

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		 2025
£
82,376
50,769
28,072
118,281
568,042
847,540		 2024
£
36,210
54,179
-
42,373
2,100,721
2,233,483

9. CRED ITO RS

Amounts falling due within one year
Trade creditors
Advance ticket sales
Other taxation and social security
Accruals
Deferred income		 2025
£
209,721
1,365,297
59,281
166,166
-
1,800,465		 2024
£
199,831
1,185,160
160,470
160,526
60,834
1,766,821

Included in other taxation and social security are amounts totalling £0 (2024: £21,136) in respect of outstanding pension contributions. Deferred income of £nil (2024: £60,834) represents Arts Council funding and BBC contributions to future concerts.

29

Notes to the Financial Statements for the Year Ended 31 July 2025 - Continued

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

Balance at 1 August
2024
£
Lease Fund
3,216,539
Wigmore Hall Competitions
441,943
Music For Life
222,082
Catalyst Endowment Fund
1,060,000
Director’s Fund
7,657,481
Cavatina Fund
15,824
Elton Fund
250,000
Total Restricted Funds
12,863,869
Designated Funds
Concert Sponsorship
281,419
Total Designated Funds
281,419
Unrestricted Fund
2,714,863
Total Funds
15,860,151
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		 Income
£
-
61,102
217,673
-
2,568,557
69,010
-
2,916,342
543,859
543,859
8,884,340
12,344,541
Income
£
-
-
88,328
202,463
-
2,916,763
38,557
-
3,246,111
281,419
281,419
7,998,879
11,526,409		 Expenditure
£
-
(281,594)
(242,243)
-
(129,943)
(78,783)
-
(732,563)
-
-
(9,222,079)
(9,954,642)
Expenditure
£
-
-
(84,459)
(188,302)
-
(173,943)
(127,463)
-
(574,167)
-
-
(8,356,072)
(8,930,239)		 Balance at 31 July
Transfers
2025
£
£
-
3,216,539
-
221,451
-
197,512
(80,000)
980,000
-
10,096,095
-
6,051
-
250,000		 Balance at 31 July
Transfers
2025
£
£
-
3,216,539
-
221,451
-
197,512
(80,000)
980,000
-
10,096,095
-
6,051
-
250,000
2025
£
3,216,539
221,451
197,512
980,000
10,096,095
6,051
250,000
(80,000) 14,967,648
(281,419) 543,859
(281,419) 543,859
361,419 2,738,543
- 18,250,050
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
2024
£
3,216,539
-
441,943
222,082
1,060,000
7,657,481
15,824
250,000
(212,533) 12,863,869
(264,600)
281,419
(264,600) 281,419
477,133 2,714,863
- 15,860,151

Transfers

The transfers in the year were as follows:

A transfer of £80,000 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 2024/25.

30

Notes to the Financial Statements for the Year Ended 31 July 2025 - 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 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.

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.

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.

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 2025

Tangible assets
Investments
Short term deposits
Cash at bank and in hand
Other net current assets		 Unrestricted
Restricted
Designated
General Fund
Fund
Fund
Total
£
£
£
£
1,894,285
3,216,539
-
5,110,824
1,257,618
10,500,000
-
11,757,618
2,335,144
-
-
2,335,144
(544,470)
-
543,859
(611)
(2,204,034)
1,251,109
-
(952,925)
2,738,543
14,967,648
543,859
18,250,050

A NA LYS IS O F N E T AS SE TS BE TW E E N 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
Funds
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

31

Notes to the Financial Statements for the Year Ended 31 July 2025 - Continued

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

As at 31 July 2025 the company had total minimum lease payments under non-cancellable operating leases as set out below:

Land and buildings 2025 2024
£ £
Less than one year 15,000 109,167
Two to five years 60,000 60,000
More than five years 3,381,250 3,396,250

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 2025 (2024 – six 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 until November 2024 and paid £11,288 (2024: £32,100). Three close family members of another Trustee were engaged as Artists during the year. Between them they performed at four concerts and were paid a total of £15,000. No amounts were outstanding at the year end (2024: £nil). Donations without conditions of £69,524 were received in the year from Trustees of the charity (2024: £245,824). One Trustee was reimbursed travel expenses of £753 and no fee for their participation in the Wigmore Hall French Song Exchange (2024: £3,261).

32