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← The Mozartists

2024-08-31-accounts

THE MOZARTISTS

REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2024

Charity Registration Number 1063387 Company Limited by Guarantee Number 3361716

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THE MOZARTISTS

REPORT AND FINANCIAL STATEMENTS

31 AUGUST 2024

______________

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 15-26

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THE MOZARTISTS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees
Alistair Buchanan CBE (Chair)
David Challen CBE
Lucy Davison (appointed 6 July 2024)
Mark Pemberton OBE
Raphael Vermeir CBE
Peter Williams OBE (appointed 3 September 2024)
Also serving in the year to 31 August 2024:
George Koukis CBE (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 Ross Stokes FCA
The Accounting Collective LLP
Studio 8
229 Shoreditch High street
London
E1 6PJ
Bankers HSBC Bank PLC
21 Kings Mall
King Street
Hammersmith
London
W6 0QF

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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 2024. 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.

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 Manager, a part time Development Manager 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.

During the year we were very saddened by the death of our former Chair George Koukis CBE, who made an enormous contribution to the charity over many years.

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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THE MOZARTISTS

REPORT OF THE TRUSTEES

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, working in depth in Ealing and Harrow.

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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THE MOZARTISTS

REPORT OF THE TRUSTEES

OVERVIEW OF THE 2023/24 SEASON – ACHIEVEMENTS AND PERFORMANCES

Overview

While funding is still much lower than the pre-pandemic levels, we were able to maintain a rewarding programme of live performances – including a concert at the historic Stamford Arts Centre, where we gave a programme of works by Haydn, Mozart and J. C. Bach, as well as a performance in the Hofburg Palace, Vienna. We continued our ground-breaking MOZART 250 series, and created a new recording of Gluck arias with Ann Hallenberg. We also continued our valuable outreach programme in schools, working extensively in Ealing and Harrow. We were granted funding to replicate our Ealing work in Harrow, effectively doubling our outreach in schools.

Performances and recordings

In September 2023 we opened our season at Wigmore Hall with a programme of arias written for the castrato Rauzzini, performed by new Associate Artist Rebecka Wallroth. This programme included the modern-day premiere of a scene from Paisiello’s Sismano nel Mogol . In October, we launched the 2023/24 classical music season at the historic ballroom in Stamford, Lincolnshire, with Steven Devine as soloist in harpsichord concertos by J. C. Bach and Mozart. In November we presented a revelatory overview of operas composed or premiered in 1773, as a project devised to nurture five exciting young artists – Associate Artists Kiandra Howarth and Sarah Dufresne, as well as Mimi Doulton (replacing the indisposed Charlotte Bowden at short notice), Guy Cutting and Jamie Woolard. The programme featured works written by Mozart, Paisiello, Beresovsky, Mysliveček, Haydn and Schweitzer, several of which had not been performed since the 18[th] century.

In January, we presented ‘1774 – A Retrospective’ at Wigmore Hall with Associate Artists Sarah Dufresne, Chiara Skerath and Alessandro Fisher in a programme of Zimmermann, Gluck, Anfossi, Salieri, Mozart and Mysliveček, including three UK premieres. This was followed in May at Wigmore Hall by a programme of works composed by Mozart in 1774, with international soloist Jane Gower performing Mozart’s Bassoon Concerto in a programme which also included his Symphonies Nos. 28 and 30, his Epistle Sonata in D major, K.144, and arias from La finta giardinera , as well as the modern-day premiere of an aria from Paisiello’s from Andromeda ; the vocal items were performed by Associate Artist Samantha Clarke, whose previous concerts with us had been cancelled during the pandemic. Our performance in Vienna in July was ‘The A-Z of Mozart Opera’ in collaboration with Martin Randall Travel. This featured sopranos Ellie Laugharne and Alexandra Lowe, mezzosoprano Annabel Kennedy, tenor Liam Bonthrone, baritone Felix Gygli and bass-baritone Darren Jeffery.

In October, we released our recording of ‘Sturm und Drang, Volume 3’ to widespread acclaim, and in July we recorded a disc of Gluck Arias with Ann Hallenberg. On digital channels, one of our string quartet films was included in the REMA online festival, and went viral on YouTube, garnering reams of positive feedback from around the world.

We also presented three intimate recitals to showcase a group of outstanding young singers embarking on their professional careers, allowing them to try out repertoire in front of a supportive and engaged audience.

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THE MOZARTISTS

REPORT OF THE TRUSTEES

Outreach

One of our key outreach partners, John Lyon’s Charity, offered us funding to replicate our Ealing work in Harrow. In both boroughs we continued delivering four main strands of workshops, and were able to work with c.3000 children in over 60 schools. 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 series (‘Mozart and the Magical Instruments’) and further primary school workshops with our singers, players, animateurs and composers. The feedback was overwhelmingly positive, and we have since received requests to present workshops in Islington and Brighton.

PLANS FOR 2024/25

Planned performances in 2024/25 include an exploration of Jommelli’s operas to mark the 250[th] anniversary of the death of this astonishing composer, who wrote approximately 80 operas. In October, we will perform Mozart’s Le nozze di Figaro in London and Siracusa, Sicily, and are planning a schools’ project to tie in with this. MOZART 250 performances will include a retrospective of 1775 as well as a performance of Mozart’s La finta giardiniera devised specifically as a young artist project, and a performance centred around two of Mozart’s violin concertos from 1775 with Rachel Podger. Recording plans will depend somewhat on funding and artist availability, but the wishlist includes a recording of the Jommelli programme and ‘Sturm und Drang, Volume 4’. We still hope to continue our Mozart opera series, but this will only be possible if we can raise significant further funding.

We will continue to deliver out our outreach workshops across Ealing and Harrow, and look at ways to expand the portfolio and create stronger ties with our public performances. We are also exploring deeper partnerships with certain key schools who are keen for us to help them embed music within their learning environments.

FINANCIAL REVIEW

During the 2023/24 season the charity reported a surplus of £42,480 (2023: £33,519) and had total reserves at 31 August 2024 of £471,483 (2023: £429,003). Reserves comprised free available reserves of £245,859 (2023: £243,330), designated funds of £117,302 (2023: £115,890)* and restricted funds of £108,322 (2023: £69,783).

*In the absence of any regular guaranteed or statutory funding, designated funds are required not only to ensure the continuity of our MOZART 250 series, which has quickly established itself as a cornerstone of our programming and artistic identity, but also to enable us to record and film this repertoire as a key component of the major new web resource which we are currently in the process of creating.

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REPORT OF THE TRUSTEES

THE MOZARTISTS

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 becomes incrementally more expensive. Only through setting significant funds aside for specific projects will we be able to ensure the completion of the project, and in order to assemble the best possible artists we need to have funding in place before committing to the dates. We are particularly keen to expand our recording work significantly through our planned complete Mozart Opera Cycle and other projected releases, but this can only happen if we fundraise in advance and then book the artists with sufficient lead-time to ensure the best possible line-up of musicians. Only once we have the committed funding can we request our ideal casts to block diary space and turn down other work.

Total income for the year was £601,953 compared to £533,267 in 2023. This is due to increased donations and grant income in this financial year, particularly grants received towards the end of the year for the upcoming 2024/25 season. 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 £567,473 (2023: £449,748). The charity was able to run all of its planned performances, as well as doubling its educational projects in the year.

The cash balance of £405,261 (2023: £356,412) shows an increase of £48,849 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 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 artist illness, terrorist attacks and alerts which have directly affected our performances, and the swathe of cancellations caused by the pandemic. Event insurance is not always a viable option).

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THE MOZARTISTS

REPORT OF THE TRUSTEES

At 31 August 2024 the minimum level of free reserves required under the reserves policy was calculated at £240,000. The charity held £245,859 of general reserves at the year-end date, slightly above 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 £108,322 (2023: £69,782) of restricted funds, which are to be used in relation to specific planned performance and educational projects.

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 2024 were £117,302 (2023: £115,891) 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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THE MOZARTISTS

REPORT OF THE TRUSTEES

As well as its obvious effect on performances, the pandemic impacted some of our longstanding major donors and we have had to learn to operate without their support. We showed our agility 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. We also expanded our fundraising focus and have managed to widen our base significantly. Our ability to scale down and work flexibly means that the charity was able to work through this period of uncertainty, 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. Increased paperwork is required where EU artists enter the UK, particularly for longer engagements, 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 to enable future tours.

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. Our understanding is that there are currently no plans to end this.

The eventuality of losing support from major donors, some of whom are advanced in age, naturally impacts the income available to the charity unless the income can be replaced from other sources, but this risk is mitigated by a targeted approach to fundraising and 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. Set against this risk, we the charity is seeing an increase in legacy gifts.

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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THE MOZARTISTS

REPORT OF THE TRUSTEES

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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THE MOZARTISTS

REPORT OF THE TRUSTEES

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

In so far as the Trustees are aware:

By order of the Trustees: Approved by the Members on 24 April 2025 and signed on their behalf by:

Megan Chidlow

…………………………………………………

Megan Chidlow

Company Secretary

Registered office

Boundary House Boston Road London W7 2QE

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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 2024.

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.

Ross Stokes FCA

The Accounting Collective LLP Studio 8 229 Shoreditch High street London E1 6PJ

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THE MOZARTISTS

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

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----- Start of picture text -----
2024 2024 2024 2023
Unrestricted Restricted
Funds Funds Total Total
Notes £ £ £ £
Income from:
Donations and grants 2 132,210 304,367 436,577 353,554
Charitable activities 3 75,852 - 75,852 90,188
Orchestra Tax Relief 87,107 - 87,107 84,901
Bank interest 10,417 - 10,417 4,624
Total income 305,586 304,367 609,953 533,267
Expenditure on:
Raising funds 4 65,161 - 65,161 37,212
Charitable activities 4 236,998 265,314 502,312 462,536
Total expenditure 5,6 302,159 265,314 567,473 499,748
Net (expenditure)/income being 3,427 39,053 42,480 33,519
net movement in funds
Transfers in/(out) between funds 514 (514) - -
Net movement in funds 3,941 38,539 42,480 33,519
Reconciliation of funds
Total funds brought forward 359,220 69,783 429,003 395,484
Total funds carried forward 14,15 363,161 108,322 471,483 429,003
----- 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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THE MOZARTISTS BALANCE SHEET AS AT 31 AUGUST 2024

Company no: 3361716 Charity no: 1063387

Notes
Fixed assets
Tangible assets
9		 2024
2023
£
£
7,302
5,890
Current assets
Stock
10
Debtors
11
Cash at bank and in hand		 7,302
5,890
3,490
4,654
131,863
103,003
405,261
356,412
Creditors
12		 540,614
464,069
(76,433)
(40,956)
Net current assets 464,181
423,113
Total net assets 471,483
429,003
Funds
Designated funds
14
General funds		 117,302
115,890
245,859
243,330
Total unrestricted funds
Restricted funds
13		 363,161
359,220
108,322
69,783
Total funds
15		 471,483
429,003

For the year ending 31 August 2024 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 responsibilities 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 24 April 2025 and signed on their behalf by:

Alistair Buchanan CBE

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

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THE MOZARTISTS CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024

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----- Start of picture text -----
2024 2023
£ £
Cash flows from operating activities:
Net income for the financial year 42,480 33,519
Adjustments to cash flows for:
Depreciation charges 2,481 2,274
Investment income (10,417) (4,624)
(Increase)/decrease in debtors (28,860) 19,133
Decrease in stocks 1,164 67
Increase in creditors 35,477 4,063
Net cash generated from operating activities 42,325 54,432
Cash flows from investing activities
Interest from investments 10,417 4,624
Purchase of tangible fixed assets (3,893) (2,165)
Net cash provided by investing activities 6,524 2,459
Net increase in cash and cash equivalents 48,849 56,891
Cash and cash equivalents at the beginning of the year 356,412 299,521
Cash equivalents at the end of the year 405,261 356,412
Cash and cash equivalents at the end of the year comprise:
Cash at bank and in hand 405,261 356,412
----- End of picture text -----

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

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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES

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 2024 as the company enjoys taxexempt 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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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES

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.

o) Going Concern and COVID-19

The trustees consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern.

Following the World Health Organisation’s declaration of COVID-19 as an international pandemic in March 2020 and the subsequent restrictions imposed by the UK and the subsequent restrictions imposed by the UK government, The Mozartists has been affected in a number of ways, it has received emergency funding from the Arts Council and has made use of the Government Furlough Scheme.

The trustees believe that the forecasted results and adequate level of cash flow of the charity together with the measures taken to date will enable the charity to continue as a going concern and, as a result, do not include any adjustments that would result if the charity was not able to continue as a going concern.

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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. INCOME FROM DONATIONS AND GRANTS

Current year
Individual and corporate donations
Trusts and foundations
Prior year
Individual and corporate donations
Trusts and foundations
Local public authorities		 Unrestricted
Restricted
2024
funds
funds
Total
£
£
£
123,160
120,140
243,300
9,050
184,227
193,277
132,210
304,367
436,577
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

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

We would also like thank all funders who prefer to remain anonymous.

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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

3. INCOME FROM CHARITABLE ACTIVITIES

Current year
Ticket sales and fee income
CD and streaming income
Prior year
Ticket sales and fee income
CD and streaming income
4. EXPENDITURE BY ACTIVITY TYPE		 Unrestricted
Restricted
2024
funds
funds
Total
£
£
£
69,937
-
69,937
5,915
-
5,915
75,852
-
75,852
Unrestricted
Restricted
2023
funds
funds
Total
£
£
£
83,545
-
83,545
6,643
-
6,643
90,188
-
90,188
Current year
Unrestricted funds:
Raising funds
Charitable activities:
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
2024
costs
costs
Total
£
£
£
£
39,752
13,771
11,638
65,161
102,225
75,067
51,231
228,523
6,631
-
1,844
8,475
108,856
75,067
53,075
236,998
148,608
88,838
64,713
302,159
-
181,976
-
181,976
32,961
50,377
-
83,338
32,961
232,353
-
265,314
181,569
321,191
64,713
567,473

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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

4. EXPENDITURE BY ACTIVITY TYPE

Prior year
Unrestricted funds:
Raising funds
Charitable activities:
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
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
2024
2023
£
£
10,058
6,204
20,134
18,860
6,553
5,277
4,691
2,259
7,099
6,256
9,973
7,686
6,205
2,500
64,713
49,042

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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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6. STAFF COSTS

==> picture [441 x 94] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Wages and salaries|166,222|132,406| |Employer's National Insurance|11,417|8,218| |Employer's pension contributions|3,929|2,990| |181,568|143,614|

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

One employee received emoluments of more than £60,000 and less than £69,999 during 2023 (2023: one).

==> picture [447 x 23] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |Average number of employees during the year|4.8|4.2| |Average number of full time equivalent employees during the year|3.5|3.1|

----- 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 £107,525 (2023: £92,346).

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 2024 or 2023.

8. NET MOVEMENT IN FUNDS FOR THE YEAR

==> picture [439 x 81] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |The net movement in funds for the year is stated after charging:|£|£| |Depreciation of owned fixed assets|2,481|2,274| |Operating lease payments - office rental|15,300|15,200| |Independent Examiner's remuneration|2,000|2,000| |Independent Examiner's fees for other services|-|400|

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

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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

9: TANGIBLE FIXED ASSETS

==> picture [447 x 24] intentionally omitted <==

----- Start of picture text -----
2024 2023
Office, IT and musical equipment £ £
----- End of picture text -----

Cost
Brought forward
Additions
Carried forward
Depreciation
Brought forward
Charge for the year
Carried forward
Net book value
As at 31 August 2024
As at 31 August 2023
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		 34,642
32,477
3,893
2,165
38,535
34,642
28,752
26,478
2,481
2,274
31,233
28,752
7,302
5,890
5,890
5,999
2024
2023
£
£
3,490
4,654
2024
2023
£
£
16,686
68
29,589
15,165
3,110
3,409
78,000
75,000
1,410
2,271
3,068
7,090
131,863
103,003

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

THE MOZARTISTS

12: CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals
Other taxation and social security
Deferred income
Other creditors
13: RESTRICTED FUNDS
Current year
Performance and artist funds
Educational projects funds
Prior year
Performance and artist funds
Educational projects funds		 2024
2023
£
£
20,284
6,518
28,894
24,981
4,170
2,996
16,088
5,050
6,997
1,411
76,433
40,956
Balance at
Balance at
1 September
31 August
2023
Income
Expenditure
Transfers
2024
£
£
£
£
£
65,645
199,367
(181,976)
-
83,036
4,138
105,000
(83,338)
(514)
25,286
69,783
304,367
(265,314)
(514)
108,322
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

Purpose of restricted funds

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

Transfers of funds in 2024 and 2023 represent a contribution towards the charity's unrestricted overhead costs used by the Education projects.

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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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
2023
Income
Expenditure
Transfers
2024
£
£
£
£
£
243,330
305,586
(299,678)
(3,379)
245,859
5,890
-
(2,481)
3,893
7,302
60,000
-
-
-
60,000
30,000
-
-
-
30,000
20,000
-
-
-
20,000
115,890
-
(2,481)
3,893
117,302
359,220
305,586
(302,159)
514
363,161

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
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

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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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
2024
2024
2024
2024
£
£
£
£
-
7,302
-
7,302
108,322
110,000
322,292
540,614
-
-
(76,433)
(76,433)
108,322
117,302
245,859
471,483
Restricted
Total
Funds
Designated
funds
General
funds
Funds
2023
2023
2023
2023
£
£
£
£
-
5,890
-
5,890
69,783
110,000
284,286
464,069
-
-
(40,956)
(40,956)
69,783
115,890
243,330
429,003
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 £3,929 (2023: £2,990). Contributions totalling £1,821 (2023: £639) were payable to the fund at the balance sheet date and are included in creditors.

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THE MOZARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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		 2024
2023
£
£
11,250
2,700
11,250
2,700
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 £31,716 (2023: £45,697).

There were no outstanding balances with related parties at the year end date (2023: £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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B4 - Accounts board approved year to 31 August 2024 B4 - Accounts boa...1 August 2024.pdf 04d319c2d91f3e8ae3594097a534878016a62682 DD / MM / YYYY ° Signed

07 / 05 / 2025 Sent for signature to Megan Chidlow (megan@mozartists.com), 16:49:34 UTC+2 Alistair Buchanan (alistair.buchanan.gb@gmail.com) and Ross Stokes (ross@theaccountingcollective.co.uk) from hello@theaccountingcollective.co.uk IP: 2a02:c7c:da30:4200:9020:e1cc:bec7:1ac8

07 / 05 / 2025 Viewed by Ross Stokes (ross@theaccountingcollective.co.uk) 16:49:56 UTC+2 IP: 81.159.131.22 07 / 05 / 2025 Viewed by Megan Chidlow (megan@mozartists.com) 16:50:04 UTC+2 IP: 172.166.185.27 07 / 05 / 2025 Signed by Ross Stokes (ross@theaccountingcollective.co.uk) 16:50:08 UTC+2 IP: 81.159.131.22 08 / 05 / 2025 Viewed by Alistair Buchanan (alistair.buchanan.gb@gmail.com) 16:47:29 UTC+2 IP: 78.32.129.55

B4 - Accounts board approved year to 31 August 2024 B4 - Accounts boa...1 August 2024.pdf 04d319c2d91f3e8ae3594097a534878016a62682 DD / MM / YYYY a Signed

08 / 05 / 2025 Signed by Alistair Buchanan (alistair.buchanan.gb@gmail.com) 16:48:14 UTC+2 IP: 78.32.129.55 12 / 05 / 2025 Signed by Megan Chidlow (megan@mozartists.com) 16:31:02 UTC+2 IP: 82.10.177.169 12 / 05 / 2025 The document has been completed. 16:31:02 UTC+2