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2023-08-31-accounts

DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2023

Charity Registration Number 1063387 Company Limited by Guarantee Number 3361716

DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT AND FINANCIAL STATEMENTS

31 AUGUST 2023

______________

CONTENTS

Page
Legal and administrative information 1
Report of the Trustees 2-9
Report of the Independent Examiner 11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15-27

DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees
Alistair Buchanan CBE (Chair, appointed as Trustee 20 June 2023)
David Challen CBE
Mark Pemberton OBE (appointed 20 June 2023)
Raphael Vermeir CBE
Also serving in the year to 31 August 2023
George Koukis CBE (Chair, resigned 21 February 2024)
President Sir Vernon Ellis
Artistic Director Ian Page
Chief Executive Deborah Coates
Company Secretary Megan Chidlow
Name of Charity The Mozartists
Registered/Principal Office Boundary House
Boston Road
London
W7 2QE
Company Number 3361716
Charity Registration Number 1063387
Independent Examiner Oliver Warne FCA
Cottons Group
Chartered Accountants
Studio 4
224 Shoreditch High Street
London
E1 6PJ
Bankers HSBC Bank PLC
21 Kings Mall
King Street
Hammersmith
London
W6 0QF

Page 1

DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT OF THE TRUSTEES

The directors of the charitable company (“the charity”) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as its Trustees. The Trustees present their report together with the financial statements for the year ended 31 August 2023. The financial statements comply with the Charities Act 2011, the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Mozartists is a registered charity constituted as a company limited by guarantee, established in 1997 and governed by its Memorandum and Articles of Association. The charity has no share capital and in the event of liquidation or being wound up the liability of its Trustees is limited to £1.

The charity changed its name to The Mozartists from Classical Opera on 2 October 2020.

Having served as Chairman since 2009, George Koukis resigned as a Trustee in February 2024. George has made a transformational impact through his generous support, leadership and mentorship, and his fellow Trustees and staff are enormously grateful for his exceptional contribution to the company.

The Trustees meet regularly throughout the year with the Chief Executive, the Artistic Director and the members of the Senior Management Team. The Board of Trustees are committed to refreshing the Board when appropriate with new trustees who have the skills and networks needed to help the charity achieve its goals. The charity keeps a written policy outlining the requirement of trustees.

The day-to-day management of the charity is delegated to the Chief Executive, who is supported by a competent and experienced team which includes a Finance and Resources Manager, a Concerts Administrator, and an Outreach and Engagement Coordinator.

The remuneration of the Chief Executive is approved by the Trustees. All Trustees give their time freely and no Trustee received remuneration during the year.

The charity owns a dormant subsidiary company limited by guarantee ‘Classical Opera’, which was acquired on 7 February 2017. The subsidiary was previously named ‘The Mozartists’ until 2 October 2020, when the names of the parent and subsidiary were effectively swapped. This subsidiary is dormant and is expected to remain so.

Details of any transactions with related parties during the reporting period are included in the notes to the financial statements.

OBJECTIVES AND ACTIVITIES

The charity’s principal objective is to advance the education of the public in the art of music with particular reference to opera and historically-informed performance.

The charity specialises in the music of Mozart and his contemporaries and presents both operas and concert programmes in most of London’s leading concert venues – including Wigmore Hall, Southbank Centre and Cadogan Hall – as well as touring whenever possible.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT OF THE TRUSTEES (continued)

OBJECTIVES AND ACTIVITIES (continued)

In 2015 the charity launched MOZART 250, an epic 27-year chronological project exploring Mozart’s life, work and influences in sequence 250 years on, starting with Mozart’s childhood visit to London and projected to end with his final Requiem in 2041. In addition, the charity regularly produces studio recordings of Mozart operas (as part of its projected Complete Mozart Opera Recording Cycle) and recital programmes – featuring soloists and the charity’s period-instrument orchestra – many of which have been nominated for prestigious awards.

The charity is acclaimed for its work in identifying and nurturing talented young artists – it has worked closely with many of the country’s finest opera singers since the beginning of their careers and plays an important role in developing young talent through its Associate Artist Scheme and projects for young artists. The charity also delivers a valuable, expanding outreach programme to school children.

PUBLIC BENEFIT

The Trustees have referred to the Charity Commissioner’s general guidance on public benefit when reviewing their objectives and planning future activities, always with the aim of providing the utmost benefit to the public. In particular, the Trustees consider how such activities will contribute to the following key objectives:

Examples of steps taken include:

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT OF THE TRUSTEES (continued)

PUBLIC BENEFIT (continued)

OVERVIEW OF THE 2022/23 SEASON – ACHIEVEMENTS AND PERFORMANCE

Overview

While funding remained impacted in comparison to pre-pandemic levels, we were able to increase our programme of live performances – including a tour to Germany where we gave two performances as part of the prestigious Schleswig-Holstein Musik Festival. We also continued with our valuable outreach programme in schools, adding a new workshop strand.

Performances and recordings

In September 2022 we opened our season at Wigmore Hall with ‘Mozart’s Czech Mates’ – rescheduled after the original concert was cancelled due to the pandemic. Our soloist was Associate Artist Chiara Skerath. This programme, predominantly featuring works written by Bohemian composers, featured three arias performed by our soloist, as well as extended scene from Benda’s Medea . In November 2022 we returned to the larger Cadogan Hall, continuing our groundbreaking 27-year chronological MOZART 250 project, with ‘Mozart in 1772’, with soloists Louise Alder (a former Associate Artist and now eminent international soprano soloist) and harpsichordist Steven Devine performing Mozart’s Keyboard Concerto in D major. This concert allowed us to showcase what we do supremely well – presenting masterful performances of the works of Mozart and his contemporaries with world-class artists. Our first concert of 2023, also part of MOZART 250, was ‘1773 – A Retrospective’ at Wigmore Hall, comprised a programme of works composed or premiered 250 years ago in that year, and soprano Alexandra Lowe, another of our current Associate Artists, made her eagerly anticipated company début performing arias by Schweitzer, Mysliveček and Haydn, as well as Mozart’s “Exsultate, jubilate”. Our final London concert of the 22/23 season was ‘Blackest Night’ in June at Wigmore Hall. We were joined by legendary mezzo-soprano Ann Hallenberg, who navigated a marathon of Handel arias in this programme flawlessly, with a breathtaking performance of “Scherza Infida” from Ariodante . In July we travelled to Germany to perform at the renowned Schleswig-Holstein Musik Festival, with concerts in Kiel and Wesselburen. Soprano Alexandra Lowe and tenor Benjamin Hulett were our vocal soloists, and Steven Devine also performed J. C. Bach’s Harpsichord Concerto in D major. The concert was presented by Austrian celebrity actor Harald Krassnitzer, who also told stories of Mozart’s life and travels throughout. The concert was recorded for broadcast on NDR Radio in Hamburg, and their affiliated TV channel also did a feature on the concerts.

The third volume in our ‘Sturm und Drang’ series was recorded in January 2023 at St John’s Smith Square, with soprano soloist and Associate Artist Emily Pogorelc, for release in October 2024, and in July, we filmed a String Quartet recital thanks to generous funding from the Continuo Foundation, which featured principal players from our orchestra in a programme of Mozart and Haydn. The quartet also presented a live performance of this programme at the Austrian Cultural Forum, with free entry.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT OF THE TRUSTEES (continued)

OVERVIEW OF THE 2022/23 SEASON – ACHIEVEMENTS AND PERFORMANCE (continued)

We worked further on our MOZART 250 website and archive project, making progress in finalising the platform so that we can upload the first year of content to test the site with focus groups.

Outreach

With support from one of our key outreach partners, John Lyon’s Charity, and in collaboration with Ealing Music Service, we worked with approximately 1000 school children in Ealing across primary, secondary and special needs settings. The projects included our intensive MOZART 250 Discovery programme, through which primary school children learn about Mozart and the eighteenth century and compose and perform their own musical works, a series of ‘Introduction to Opera’ workshops in Secondary schools with singers who have worked with the company, as well as SEN and further primary school workshops with our singers, players, animateurs and composers. We also received funding to take our quartet to a local secondary school, offering children a closeup opportunity to experience world-class playing with leading artists in their field, to hear about the music and instruments, ask questions, and perform with the artists in their own ensemble. The feedback was overwhelmingly positive, and we have since received confirmation of funding to replicate our Ealing outreach work in Harrow, which will effectively double our reach next season.

Private Recitals

We planned three members’ events in order to give young artists the chance to prepare and perform repertoire to a supportive audience, as well as enabling members and supporters to meet the artists and have the chance to share a drink with them. The first of these events was cancelled due to various artists contracting Covid; it was too risky to proceed, as we were envisaging some vulnerable audience members and did not want to expose them to the virus. We did, however, hold a young singers showcase recital in March, and a further recital in July which featured a combination of young and more established singers, as well as an introduction to the eighteenth-century trumpet by one of our orchestral principals.

PLANS FOR 2023/24

Planned performances in 2023/4 include an exploration of arias written for the celebrated eighteenth-century castrato Rauzzini, performed by New Associate Artist Rebecka Wallroth, followed by a performance of works by Mozart, Haydn and J. C. Bach to open the Stamford concert season in Lincolnshire. Our new recording, ‘Sturm und Drang’ volume 3 will be released in October, and we plan to present our first large-scale designated young artist opera project at Cadogan Hall in November as part of our MOZART 250 series with roles for five outstanding emerging young artists. In January 2024 we will continue our series of retrospective concerts with ‘1774 – a Retrospective’ at Wigmore Hall, and we will follow this up with ‘Mozart in 1774’ in May with Associate Artist Samantha Clarke as the soprano soloist, joined by Jane Gower performing Mozart’s bassoon concerto. We make our Vienna début in August as part of Martin Randall Travel’s ‘Mozart in the Danube’ festival, and we hope to create a new recording with mezzo-soprano Ann Hallenberg, with a view to capturing her artistry for generations to come and create a lasting legacy of her venerated performances.

We will continue to roll out our outreach workshops across our local borough of Ealing, and we will also work with Harrow Music Service to replicate this work in Harrow.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT OF THE TRUSTEES (continued)

FINANCIAL REVIEW

During the 2022/23 season the charity reported a surplus of £33,518 (2022: £34,114) and had total reserves at 31 August 2023 of £429,002 (2022: £395,482). Reserves comprised free available reserves of £243,329 (2022: £223,101), designated funds of £115,891 (2022: £95,999)* and restricted funds of £69,782 (2022: £76,384).

*Designated funds are required to ensure the continuity of MOZART 250, our 27-year chronological survey of Mozart’s life work and influences, central to the company’s programming and also to a web resource which is in creation. As Mozart developed as a composer, he not only became more prolific, but also wrote for larger orchestral and vocal forces, with the result that performing his later works on the 250[th] anniversary of their composition is far more expensive than performing his earlier works 250 years on. Only through setting aside funds in order to continue this work will we be able to ensure the completion of the project.

Total income for the year was £533,267 compared to £474,722 in the previous year. this is due to increased donations and grant income in this financial year. Orchestra Tax Relief remains at a higher level than earlier years, due to the full impact of the increase in the rate recoverable to 50%.

Expenditure in the year was £499,749 (2022: £440,608). The charity was able to run its planned performances and perform at a festival in Germany, as well as expanding its educational projects in the year.

The cash balance of £356,411 (2022: £299,521) shows an increase of £56,891 in the reporting period, reflecting the impact on activities in the year.

RESERVES POLICY

The Trustees intend to apply all funds that they raise to the principal aims and activities of the charity. Reserves are calculated by the Trustees at a level sufficient to mitigate the risks facing the charity. The Trustees judge that the charity should aim to hold sufficient funds to cover overhead costs for 3-4 months, along with the budgeted expenditure for imminent live performance and recording costs.

The income of the charity comes from a variety of sources; however it is never guaranteed and more than 50% needs to be raised from voluntary sources each year to cover planned activity. In most cases, the charity has to plan activity way before the necessary funding is secured – often up to three years in advance. additionally, with some event costs, including venue hires, commitment is required well in advance of the event and payments are non-refundable. Holding reserves sufficient to meet costs of imminent performances is necessary to enable us to to cover any temporary shortfall in incoming resources and allow the charity to cope and respond in case of unforeseen adverse circumstances, buying the charity sufficient time to implement specific remedial plans. (In the past, such circumstances have included terrorist attacks and alerts which have directly affected our performances, the swathe of cancellations caused by the pandemic and artist illness.

At 31 August 2023 the minimum level of free reserves required under the reserves policy was calculated at £245,000. The charity held £243,329 of general reserves at the year-end date, close to the amount needed under the reserves policy. This amount is deemed acceptable to the Trustees given the economic risks currently faced. The charity additionally held £69,782 (2022: £76,384) of restricted funds, which are to be used in relation to specific planned performance and educational projects.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT OF THE TRUSTEES (continued)

RESERVES POLICY (continued)

The Trustees have amended designated funds to those shown below. The reduction in designated funds reflects the increased general funds reserve level, which is judged necessary to protect for the longer-term stability of the charity. Designated funds at 31 August 2023 were £115,891 (2022: £95,999) and comprised:

The Trustees invest any surplus funds in highly liquid bank deposit accounts to maximise the income but with no risk to capital. Liquid funds required vary from month to month dependent upon the performance schedule .

RISK POLICY

The Trustees have identified the following principal risks facing the charity:

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT OF THE TRUSTEES (continued)

RISK POLICY (continued)

The pandemic resulted in a swathe of performances cancellations as well as significantly impacting some of our longstanding major donors. We showed our agility by responding to the challenges faced by reducing overheads – we moved offices, reduced headcounts and working hours, reduced our IT spend by switching to more costeffective solutions, and found savings in other areas. Our ability to scale down and work flexibly means that the charity was able to work through the prolonged pandemic period and while we continue to be leaner than before, we would be able to respond again in a similar way if faced with a significant emergency.

As there is always a risk that performances might be cancelled through pandemic, terrorist activity, royal demise or other reasons beyond our control, the management team build stringent policies into company contracts so that the impact of such cases is minimised. Event cancellation insurance is also taken out for certain events, but is not viable for all performances.

The management team is working closely with the main industry bodies to keep abreast of the implications caused by Brexit implications. Increased paperwork is required where EU artists enter the UK, as well as if we wish to tour, but we are building in the time and financial resources to cover this, and we have also set aside a designated touring fund, which will help with these, and other touring-related costs.

Theatre and Orchestra Tax Relief is received the year after the corresponding performances have taken place, therefore if it were to be discontinued, while having a negative effect on revenue, the management team would have sufficient time to revise plans for the following year in order to decrease expenditure accordingly.

The eventuality of losing support from major donors would naturally impact the income available to the charity unless this income was replaced from other sources, but the risk is mitigated by stringent financial management which is closely monitored by the Board of Trustees. Reserves are maintained, and commitments forecast in such a way that events could be cancelled if necessary, and restructuring put in place.

Key controls used by the charity include formal agendas and minutes for all Trustee meetings, comprehensive planning, budgeting and accounting and clear authorisation and approval levels of all expenditure. Controls over operation of the charity’s bank account and periodic reviews of the adequacy of insurance are considered to be adequately managed.

Through the risk management processes established, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT OF THE TRUSTEES (continued)

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

Company law requires the Trustees (who are also directors of The Mozartists for the purposes of company Law) to prepare financial statements that give a true and fair view of the state of affairs of the charity at the end of the financial period and of its financial position at the end of that period. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

REPORT OF THE TRUSTEES (continued)

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS (continued)

In so far as the Trustees are aware:

By order of the Trustees: Approved by the Members on 12 March 2024 and signed on their behalf by:

…………………………………………………

Megan Chidlow

Company Secretary

Registered office

Boundary House Boston Road London W7 2QE

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF THE MOZARTISTS

I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 August 2023.

Responsibilities and basis of report

As the charity’s Trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should have been drawn in this report in order to enable a proper understanding of the accounts to be reached.

Oliver Warne FCA

Cottons Group Chartered Accountants Studio 4 224 Shoreditch High Street London E1 6PJ

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
2023 2023 2023 2022
Unrestricted Restricted
Funds Funds Total Total
Notes £ £ £ £
Income from:
Donations and grants 2 131,526 222,028 353,554 318,128
Charitable activities 3 90,188 - 90,188 74,802
Orchestra Tax Relief 84,901 - 84,901 80,841
Bank interest 4,624 - 4,624 951
Total income 311,239 222,028 533,267 474,722
Expenditure on:
Raising funds 4 37,212 - 37,212 45,611
Charitable activities 4 234,762 227,774 462,536 394,997
Total expenditure 5,6 271,974 227,774 499,748 440,608
Net (expenditure)/income being net 39,265 (5,746) 33,519 34,114
movement in funds
Transfers in/(out) between funds 855 (855) - -
Net movement in funds 40,120 (6,601) 33,519 34,114
Reconciliation of funds
Total funds brought forward 319,100 76,384 395,484 361,370
Total funds carried forward 14,15 359,220 69,783 429,003 395,484
----- End of picture text -----

There are no recognised gains and losses other than those in the statement of financial activities. Therefore no statement of total recognised gains and losses has been prepared. All the above amounts relate to continuing activities.

The accompanying notes on pages 15 to 26 form an integral part of these financial statements

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

Company no: 3361716 Charity no: 1063387

THE MOZARTISTS BALANCE SHEET AS AT 31 AUGUST 2023

Notes
Fixed assets
Tangible assets
9		 2023
2022
£
£
5,890
5,999
Current assets
Stock
10
Debtors
11
Cash at bank and in hand		 5,890
5,999
4,654
4,721
103,003
122,136
356,412
299,521
Creditors
12		 464,069
426,378
(40,956)
(36,893)
Net current assets 423,113
389,485
Total net assets 429,003
395,484
Funds
Designated funds
14
General funds		 115,890
95,999
243,330
223,101
Total unrestricted funds
Restricted funds
13		 359,220
319,100
69,783
76,384
Total funds
15		 429,003
395,484

For the year ending 31 August 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilties for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of accounts. The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

The accounts were approved by the Board of Trustees on 12 March 2024 and signed on their behalf by:

Alistair Buchanan CBE Chair

The accompanying notes on pages 15 to 26 form an integral part of these financial statements

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
2023 2022
£ £
Cash flows from operating activities:
Net (expenditure)/income for the financial year 33,519 34,114
Adjustments to cash flows for:
Depreciation charges 2,274 2,642
Investment income (4,624) (951)
(Increase)/decrease in debtors 19,133 6,970
Decrease/(Increase) in stocks 67 138
(Decrease)/increase in creditors 4,063 (13,408)
Net cash (used in)/generated from operating activities 54,432 29,505
Cash flows from investing activities
Interest from investments 4,624 951
Purchase of tangible fixed assets (2,165) -
Net cash (used in)/provided by investing activities 2,459 951
Net (decrease)/increase in cash and cash equivalents 56,891 30,456
Cash and cash equivalents at the beginning of the year 299,521 269,065
Cash equivalents at the end of the year 356,412 299,521
Cash and cash equivalents at the end of the year comprise:
Cash at bank and in hand 356,412 299,521
----- End of picture text -----

The accompanying notes on pages 15 to 26 form an integral part of these financial statements

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice for charities (SORP 2015) (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. In addition these financial statements have been prepared under the historical cost convention.

The Mozartists 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 notes. The functional and presentational currency is pounds sterling and rounding is to the nearest pound.

b) Income

Income is recognised where there is entitlement, where the receipt of income is probable and the amount can be measured with sufficient reliability.

Grants and donations are recognised once entitlement and value have been confirmed in writing.

Charitable activities represent income received from live and recorded musical performances, including concerts and recordings. The income is recognised on the completion of the performance or, in the case of royalties, when receivable.

Investment income is included in the accounts when receivable, this is received in the form of interest income from standard bank accounts.

The value of services provided by volunteers is immaterial and has not been included in these financial statements.

c) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is stated inclusive of irrecoverable VAT.

Expenditure comprises direct costs and support costs. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity, and support costs which are not attributable to a single activity, are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds are costs incurred in seeking voluntary income, and those incurred in trading activities that raise funds, and associated salary and support costs.

Expenditure on charitable activities includes the costs of performances and educational activities undertaken to further the purposes of the charity, and associated salary and support costs.

Governance costs include costs which are directly attributable to the day to day running of the charity and procedures necessary for compliance with statutory requirements.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES (CONTINUED)

c) Expenditure (continued)

Support costs represent indirect charitable expenditure in the form of premises costs, communication and information systems support and finance support which are necessary in order to carry out the primary purposes of the charity. Support costs are allocated using an apportionment in proportion to staff time.

d) Taxation

No liability to UK corporation tax arose on ordinary activities for the year ended 31 August 2023 as the company enjoys tax-exempt charitable status.

e) Pensions

The charity operates a defined contribution pension scheme for employees. These assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the statement of financial activities as they become due.

f) 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. Although these estimates are based on the Trustees’ best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements.

g) Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. All assets costing £500 or more and with an expected useful economic life exceeding one year are capitalised. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset, less any estimated residual value, evenly over its expected useful life. The expected useful lives of assets are:

10 years 4 years

h) Stocks

Stocks are valued at the lower of cost and net realisable value.

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amount receivable at the balance sheet date.

j) Cash at bank and in hand

Cash at bank and in hand includes cash and short term deposit accounts with 35 days notice or less.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES (CONTINUED)

k) Creditors

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

l) Financial instruments

The charity 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.

Trade and other debtors are recognised at the settlement value before any trade discounts due. 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. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts.

m) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for specific purposes.

Designated funds are unrestricted funds which have been set up by the Trustees to hold funds for specific purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are those which have been given for particular purpose and projects within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

n) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. INCOME FROM DONATIONS AND GRANTS

Current year
Individual and corporate donations
Trusts and foundations
Local public authorities
Prior year
Individual and corporate donations
Trusts and foundations
Government grants - Cultural Recovery Fund		 Unrestricted
Restricted
2023
funds
funds
Total
£
£
£
123,026
97,628
220,654
8,500
103,500
112,000
-
20,900
20,900
131,526
222,028
353,554
Unrestricted
Restricted
2022
funds
funds
Total
£
£
£
117,241
79,033
196,274
23,500
52,600
76,100
45,754
-
45,754
186,495
131,633
318,128

The Mozartists are grateful for all support, and acknowledge the following grants from Trusts and Foundations:

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. INCOME FROM CHARITABLE ACTIVITIES

Current year
Ticket sales and fee income
CD and streaming income
3. INCOME FROM CHARITABLE ACTIVITIES (continued)
Prior year
Ticket sales and fee income
CD and streaming income
4. EXPENDITURE BY ACTIVITY TYPE		 Unrestricted
Restricted
2023
funds
funds
Total
£
£
£
83,545
-
83,545
6,643
-
6,643
90,188
-
90,188
Unrestricted
Restricted
2022
funds
funds
Total
£
£
£
64,448
-
64,448
10,354
-
10,354
74,802
-
74,802
Current year
Unrestricted funds:
Raising funds
Charitable activties:
Performance and recording costs
Education costs
Total unrestricted expenditure
Restricted funds:
Charitable activities:
Performance and recording costs
Education costs
Total restricted expenditure
Total expenditure		 Staff costs
Non staff
Support
2023
costs
costs
Total
£
£
£
£
18,444
13,702
5,066
37,212
85,268
96,605
40,874
222,747
8,913
-
3,102
12,015
94,181
96,605
43,976
234,762
112,625
110,307
49,042
271,974
-
150,547
-
150,547
30,989
46,238
-
77,227
30,989
196,785
-
227,774
143,614
307,092
49,042
499,748

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

4. EXPENDITURE BY ACTIVITY TYPE (continued)

Prior year
Unrestricted funds:
Raising funds
Charitable activties:
Performance and recording costs
Education costs
Total unrestricted expenditure
Restricted funds:
Charitable activities:
Performance and recording costs
Education costs
Total restricted expenditure
Total expenditure
5. SUPPORT COSTS
Staff costs and related expenditure
Property and related costs
Office expenses
Legal and professional
Marketing and PR
IT costs
Governance costs		 Staff costs
Non staff
Support
2022
costs
costs
Total
£
£
£
£
29,388
9,001
7,222
45,611
102,437
89,296
52,379
244,112
15,506
-
3,553
19,059
117,943
89,296
55,932
263,171
147,331
98,297
63,154
308,782
1,899
92,034
-
93,933
8,972
28,921
-
37,893
10,871
120,955
-
131,826
158,202
219,252
63,154
440,608
2023
2022
£
£
6,204
6,291
18,860
18,800
5,277
7,027
2,259
2,628
6,256
17,127
7,686
8,628
2,500
2,653
49,042
63,154

Support costs (including governance) and staff costs are apportioned on the basis of staff time among the charitable activities and the cost of raising funds shown in note 4. Direct costs are allocated directly to activities where ever possible.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

6. STAFF COSTS

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |Wages and salaries|132,406|145,251| |Employer's National Insurance|8,218|9,764| |Employer's pension contributions|2,990|3,188| |143,614|158,203|

----- End of picture text -----

One employee received emoluments of more than £60,000 and less than £69,999 during 2023 (2022: none).

----- Start of picture text -----
|||| |---|---|---| |Average number of employees during the year|4.2|4.5| |Average number of full time equivalent employees during the year|3.1|3.5|

----- End of picture text -----

Key management personnel of the charity during the year comprised: the Chief Executive Officer and Finance and Resources Manager. The total remuneration of key management personnel (including employer’s National Insurance and pension contributions) received by the charity’s key management personnel in the year was £92,346 (2022: £98,781).

7. TRUSTEE EXPENSES

No Trustees received any remuneration or expenses from the charity in relation to the performance of their duties as trustees in either 2023 or 2022.

8. NET MOVEMENT IN FUNDS FOR THE YEAR

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |The net movement in funds for the year is stated after charging:|£|£| |Depreciation of owned fixed assets|2,274|2,642| |Operating lease payments - office rental|15,200|13,200| |Independent Examiner's remuneration|2,000|2,000| |Independent Examiner's fees for other services|400|400|

----- End of picture text -----

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9: TANGIBLE FIXED ASSETS

2023
2022
Office, IT and musical equipment £
£
Cost
Brought forward
Additions
Carried forward
Depreciation
Brought forward
Charge for the year
Carried forward
Net book value
As at 31 August 2023
As at 31 August 2022
10: STOCK
Stock of CDs held for resale
11: DEBTORS
Trade debtors
Prepayments
Accrued income
Theatre and orchestra tax relief
Gift aid receivable
Other debtors		 32,477
32,477
2,165
-
34,642
32,477
26,478
23,836
2,274
2,642
28,752
26,478
5,890
5,999
5,999
8,641
2023
2022
£
£
4,654
4,721
2023
2022
£
£
68
2,201
15,165
9,517
3,409
5,912
75,000
96,947
2,271
5,212
7,090
2,347
103,003
122,136

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12: CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals
Other taxation and social security
Deferred income
Other creditors		 2023
2022
£
£
6,518
10,632
24,981
19,143
2,996
1,468
5,050
1,920
1,411
3,730
40,956
36,893

13: RESTRICTED FUNDS

Current year
Performance and artist funds
Educational projects funds
Prior year
Performance and artist funds
Educational projects funds		 Balance at
Balance at
1 September
31 August
2022
Income
Expenditure
Transfers
2023
£
£
£
£
£
76,064
140,128
(150,547)
-
65,645
320
81,900
(77,227)
(855)
4,138
76,384
222,028
(227,774)
(855)
69,783
Balance at
Balance at
1 September
31 August
2021
Income
Expenditure
Transfers
2022
£
£
£
£
£
73,364
96,633
(93,933)
-
76,064
3,213
35,000
(37,893)
-
320
76,577
131,633
(131,826)
-
76,384

Purpose of restricted funds

Performance and artist funds Funding towards performances scheduled for future years. Educational projects funds Education project delivered in schools.

The transfers of funds in 2023 represents a contribution towards the charity's unrestricted overhead costs used by the Education projects.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14: GENERAL AND DESIGNATED FUNDS

Current year
General funds:
Unrestricted funds
Designated funds:
Fixed assets fund
MOZART 250 project fund
Recording fund
Touring fund		 Balance at
Balance at
1 September
31 August
2022
Income
Expenditure
Transfers
2023
£
£
£
£
£
223,101
311,239
(269,700)
(21,310)
243,330
5,999
-
(2,274)
2,165
5,890
40,000
-
-
20,000
60,000
20,000
10,000
30,000
30,000
-
-
(10,000)
20,000
95,999
-
(2,274)
22,165
115,890
319,100
311,239
(271,974)
855
359,220

Designated funds are required to ensure the continuity of the charity and particularly of the MOZART 250 project. The project is our 27-year chronological survey of Mozart’s life work and influences, central to the company’s programming and also to a web resource which is in creation. Only through setting aside funds in order to continue this work will we be able to ensure the completion of the project.

Prior year
General funds:
Unrestricted funds
Designated funds:
Fixed assets fund
MOZART 250 project fund
Recording fund
Touring fund		 Balance at
Balance at
1 September
31 August
2021
Income
Expenditure
Transfers
2022
£
£
£
£
£
216,152
343,089
(306,140)
(30,000)
223,101
8,641
-
(2,642)
-
5,999
30,000
-
-
10,000
40,000
-
20,000
20,000
30,000
-
-
-
30,000
68,641
-
(2,642)
30,000
95,999
284,793
343,089
(308,782)
-
319,100

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15: ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current year
Tangible fixed assets
Current assets
Creditors due within one year
Prior year
Tangible fixed assets
Current assets
Creditors due within one year		 Restricted
Total
Funds
Designated
funds
General
funds
Funds
2023
2023
2023
2023
£
£
£
£
-
-
5,890
5,890
69,783
115,890
278,396
464,069
-
-
(40,956)
(40,956)
69,783
115,890
243,330
429,003
Restricted
Total
Funds
Designated
funds
General
funds
Funds
2022
2022
2022
2022
£
£
£
£
-
-
5,999
5,999
76,384
95,999
253,995
426,378
-
-
(36,893)
(36,893)
76,384
95,999
223,101
395,484
Unrestricted
Unrestricted

16. PENSION COMMITMENTS

The charity operates a separate defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension costs charge represents contributions payable by the charity to the funds and amounted to £2,990 (2022: £3,188). Contributions totalling £639 (2022: £378) were payable to the fund at the balance sheet date and are included in creditors.

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DocuSign Envelope ID: 54B2CAD1-DA0C-4259-80E7-C64F5D06C623

THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

17. OTHER FINANCIAL COMMITMENTS

At the year end the charity had annual commitments under non-cancellable
operating leases as set out below:
Operating leases within one year		 2023
2022
£
£
2,700
2,200
2,700
2,200
Land and buildings

18. MEMBERS' LIABILITIES

The charitable company is limited by guarantee. Every member of the company undertakes to contribute to the assets of the company, in the event of the same being wound up while he or she is a member, or within one year after he or she ceases to be a member, for payment of the debts and liabilities of the company contracted before he ceases to be a member, and of the costs, charges and expenses of winding up such amount as may be required not exceeding £1. At the balance sheet date there were 5 members.

19. RELATED PARTY TRANSACTIONS

The total amount of donations received without conditions from Trustees and related parties during the reporting period was £45,697 (2022: £27,919).

There were no outstanding balances with related parties at the year end date (2022: £Nil).

In view of the charity’s legal status the charity Trustees consider that there is no ultimate controlling party to be disclosed under the provisions of Financial Reporting Standard No. 8.

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