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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 03518157 (England and Wales) REGISTERED CHARITY NUMBER: 1073251

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

LEEDS INTERNATIONAL PIANOFORTE COMPETITION (A COMPANY LIMITED BY GUARANTEE)

UHY Calvert Smith LLP Statutory Auditor Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW

LEEDS INTERNATIONAL PIANOFORTE COMPETITION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Report of the Trustees 1 to 9
Report of the Independent Auditors 10 to 13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 29

LEEDS INTERNATIONAL PIANOFORTE COMPETITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The board of Trustees of the Leeds International Piano Competition ('the Company') is pleased to present its Annual Report together with Financial Statements for the year ended 31 December 2022, which are prepared to meet the requirements for a directors' report under the Companies Act 2006.

The financial statements have been prepared in accordance with the accounting policies set out from page 18 and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Leeds International Piano Competition

The Leeds International Piano Competition is one of the world's greatest music events and is admired and respected by pianists and audiences around the globe. We are proud to discover, launch and champion the world's finest young pianists and to nurture young talent across all areas of our work. We are passionate about the power of the piano to enrich people's lives and our mission encompasses a lifelong pathway of learning and engagement for all.

The founders were three friends - Dame Fanny Waterman, Marion Thorpe and Roslyn Lyons - who attracted young musicians to Leeds with the opportunities offered by an outstanding prize package, the challenge of demanding repertoire, a stellar jury, and the very warmest welcome from the people of Yorkshire. Since the first edition in 1963, 'The Leeds' has attracted the finest young pianists and prize-winners including the Competition's Patron Murray Perahia KBE, Radu Lupu, Mitsuko Uchida, András Schiff, Lars Vogt, Anna Tsybuleva, Federico Colli, Eric Lu and Alim Beisembayev.

We have the ambition to lead our sector as the world's most innovative and impactful music competition, developing pillars of artistic activity which focus on the Competition, our City and Children and young people.

The Leeds is led by CEO Fiona Sinclair and Artistic Director, Adam Gatehouse. They are honoured to have the support of Imogen Cooper, Chair of the Jury, Murray Perahia as Patron and Lang Lang as Global Ambassador.

OBJECTIVES AND ACTIVITIES

The objects of the charity are:

Public Benefit

The Trustees are aware of the Charity Commission's guidance on 'Public Benefit' and this is embedded in our programmes, fundraising and everything we do as an organisation. Our mission informs our charitable activities, and states:

The Trustees are satisfied that the activities described within this annual report meet our charitable purpose and obligations.

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENT AND PERFORMANCE

2022 was the first year of a new triennial cycle which builds towards the 21st Edition Competition in 2024. This is traditionally a 'quiet year' where evaluation and planning takes place, and fundraising and recruitment for the next Competition commences.

A new Business Plan was approved by the Trustees for 2022-2024 and the main components of the plan include an increased focus on education and digital. Strategic priorities address our impact, reach and relevance, with pledges to address diversity in our competitor pipeline and an aim to be carbon neutral for competition operations in 2024. Building organisational capacity and financial resilience remain key strategic priorities.

The support of our stakeholders is absolutely central to achieving our mission and having the impact and innovation we aim for. Thanks to the exceptional generosity of our partners, trusts, foundations, and individual donors, we are able to look to the future with an ambitious vision and the Trustees are immensely grateful for their tremendous support and encouragement.

Artistic programme

This year has established 2 pilot programmes as permanent ones (the Leeds International Piano Series and the Leeds Piano Trail) and has laid the foundations for 3 years of artistic programmes across three pillars of activity - Competition, City and Children & Young People.

Leeds International Piano Competition

In 2021, Kazakhstan-born pianist, Alim Beisembayev, secured the First Prize and a transformative package of career support, and Kaito Kobayashi and Ariel Lanyi were respectively awarded the Marion Thorpe Silver and Lady Roslyn Lyons Bronze medals. During 2022, these prize-winners benefitted from bespoke mentoring and support from our team and partners to enable them to develop their Competition success and a key moment was their Wigmore Hall début in November. Alim Beisembayev signed a contract with Warner Classics releasing his first studio recording in December 2022 and notable concerts included a Proms début in the Hall for Cornwall, a Steinway tour of Korea and a medici live-streamed concert from the prestigious Fondation Louis Vuitton. 2021 Gold Medallist, Eric Lu's highlights, included his second studio recording with Warner Classics, and invitations to play with Riccardo Muti and the Chicago SO and Helsinki Philharmonic. These are examples of the effectiveness of the prize package and network of support that makes The Leeds a world leader in our sector.

Leeds Piano Trail

The Leeds Piano Trail was nominated for a prestigious Royal Philharmonic Society Award in 2022 and subsequently won the Series & Events category in March 2023. 2022 saw the Trail become permanent, with 8 pianos being installed in city centre venues in September and monthly performances given by different community groups with the support of Leeds City Council, Leeds BID and host venues including Leeds' main shopping centres. The people of Leeds, pianists, artists, audience and participants bring the Trail to life every day, and this was captured through the filming of Channel 4's 'The Piano' - partly filmed in Leeds Train Station and featuring our Global Ambassador, Lang Lang as a judge.

Leeds International Piano Series

Following a trial season, we launched our second series in October 2022 in partnership with Leeds International Concert Season at The Venue, Leeds Conservatoire. Three recitals in Jan-March 2022 and a new season commencing in October 2022, presented six solo piano recitals by outstanding international pianists. This series has increased audiences, particularly young people and those new to the Competition, and was streamed by medici.tv in April 2023 for the first time to a global audience. This series ensures world-class piano performance remains consistent in the city, enabling us to maintain and grow our core live and online audiences between competitions.

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Schools Programme

Whilst no schools activity took place during this year, a significant step was the recruitment of a new Head of Creative Learning and Engagement to drive our ambitions forward for this programme. The Leeds Music Education Hub committed resources to the creation of a new Key Stage 1 and 2 programme, and this was launched in March 2023 in Leeds with further partnerships in Bradford and other authorities. The programmes take a 360-degree approach which encompasses live performance, teacher training, curriculum resources and digital projects. We will distribute online versions of these projects internationally, including through our partnership with Lang Lang's Keys of Inspiration Schools, part of the Lang Lang International Music Foundation's programme in the US, China and UK.

Digital Strategy

With the recruitment of a new Head of Digital & Engagement, we have set out a new vision for digital and technology which is a core element of the Business Plan. We are developing our use of digital technology in order to fulfil our mission as a charity that has a local, national and global presence, with a view to increasing our visibility, reach and impact. This incorporates our streaming, learning programmes and social networks, but also acknowledges the ambition to develop new vehicles for engagement which have the potential to establish The Leeds as a leader for music education.

FINANCIAL REVIEW

During 2022 we met our overall budget expectation, whilst reducing costs and minimising financial risk. The principal funding sources are income generated from corporate partnerships, fundraising (individuals, trusts and foundations) and income generated from membership schemes.

The results for the year are set out in the financial statements.

In preparing the financial statements in accordance with the Charities SORP, as explained in our accounting policies on page 18 we are required to recognise income where the conditions of entitlement, probability and measurement are satisfied. This means that for a number of our donations and grants, where not dependent on meeting specific service conditions, we are required to recognise income that has been pledged ahead of when it will be actually received by the charity; and in the case of some multi-year grants, significantly ahead.

As this can obscure the actual income received and fund position of the charity, we have set out the impact that this accounting policy has on the financial statements in the table below:

2022 2021
Total income recognised per financial statements
Difference between amounts recognised and actually
received (accrued donations movement)
Total income actually receivable in period
Total funds carried forward per financial statements
Fund balance increased by amounts recognised in
advance (accrued donations at the year end)
Total closing fund balance excluding donations
recognised in advance		 £
1,320,163
(675,000)
645,163
1,533,592
(945,000)
588,592		 £
615,953
430,000
1,045,953
511,474
(270,000)
241,474

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Reserves Policy

Our total unrestricted funds at the end of the year were £1,496,579, up from £468,251 in the prior year. This total though includes amounts pledged to be received in future years, but which have been recognised in full in accordance with the Charities SORP. The movement in funds also reflects the cycle of building resources to meet the significant costs incurred by the charity in competition years.

In setting our reserves policy, we feel it is sensible to plan for known events, to maintain liquidity and to protect ourselves from financial risk.

At year end 2022 we held cash at bank of £595,369. After taking out restricted funds (£37,013) we held free cash reserves of £558,356. This is in line with our target as we build towards the cost of hosting our triennial competition in 2024.

As part of the financial reporting process we continually monitor cashflow projections and reserves in relation to income and expenditure

We also have a minimum reserves policy in place to ensure we always have sufficient reserves to cover four months core costs and salaries. The Trustees are satisfied that this should allow the charity to operate effectively. The Trustees will review this policy annually when they set the budget in December.

Investment Powers and Investment Policy

Under the Memorandum and Articles of Association, the Company has the power to deposit or invest funds in any manner (but to invest only after obtaining advice from an authorised person within the meaning of the Financial Services and Markets Act 2000 and having regard to the suitability of the investments and the need for diversification).

The Company does not hold any investment funds other than cash deposits. Cash balances are held within interest earning deposit accounts. All cash balances are on immediate notice to ensure operating requirements can be met.

Risk Management

During the course of the year the Company has continued to identify and assess major and emerging risks through our risk policy and procedures. A risk management report forms part of the governance framework documentation and has been reviewed as part of our annual schedule of reporting and reviews.

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

FUTURE DEVELOPMENTS

A Business Plan review was undertaken in January 2022 and a new Business Plan 2022-24 was adopted by the Trustees in March 2022.

In 2022-24 we are placing a particular focus on extending our learning and engagement programmes and developing our use of digital technology in all our activities. We believe this is essential to fulfil our mission and increase our visibility, reach, impact, efficiency and sustainability. This Business Plan seeks to unlock the creativity and innovation which will differentiate us from others in our field and through collaboration and partnership, deepen our artistic impact and global profile.

Our Strategic Priorities are as follows:

  1. WORLD LEADING: Lead our sector as the world's most innovative and impactful music competition

  2. RELEVANT, INCLUSIVE & SUSTAINABLE: Gain insights into our communities and keep in step with society

  3. DIGITAL CAPABILITY: Develop our use of digital technology to increase our visibility, reach and impact

  4. LONG-TERM RESILIENCE: Continue to strengthen our management capability, financial position and governance for the long-term

The next phase of our triennial cycle will build towards the 21st Edition of The Leeds International Piano Competition in September 2024. The primary activities include fundraising to secure not only the funds necessary for the delivery of our Business Plan, but an ambition to secure more sustainable long term funding and a feasibility project is being undertaken to examine our capacity for international fundraising, endowment and legacy building. The Team also starts to expand with the launch of Competition applications in July 2023 as operational capacity grows, and this includes our University of Leeds internship programme which has become central to the operations of the charity. An additional challenge, will be the relocation of the Finals to Bradford in Sept. 2024, which is due to the delayed refurbishment of Leeds Town Hall. This will be the first time the finals have not taken place in Leeds, but there is an opportunity to broaden the Competition's reach and relevance in the wider Yorkshire community, to celebrate the forthcoming 'Bradford 2025 City of Culture' which follows the competition, and to establish a legacy through local schools and public engagement programmes.

Policy Review and Development

Our policy review timetable sets out the development of existing and new areas of organisational policy. This included the following in 2022:

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Leeds International Pianoforte Competition is a company limited by guarantee and is registered as a charity under the Charities Act 2011. It is governed by its Memorandum and Articles of Association dated 26 February 1998 together with subsequent amendments. The Company has charitable status for tax purposes. There is a board of directors ('the Board'), who are charitable trustees ('the trustees') and in accordance with the Memorandum of Association the trustees are also the members of the Company.

Appointment of Trustees

Ken Beaty, Chair of the Board of Trustees, has reviewed the Board's profile and composition in order to optimise Trustees' capacity and range of skills to support the delivery of the Business Plan. This resulted in four new appointments - Jonathan Pryor, Deputy Leader, Leeds City Council, Judith Webster, CEO Association of British Orchestras, Gabrielle Solti, Vice Principal and Head of Primary at The Grammar School at Leeds, and Richard Morse, Partner at Opus Corporate Finance. Three Trustees also retired in 2022 - Kathryn McDowell CBE, Jonathan Moulds and Francesca Horsfield DL, and the Trustees note their immense thanks and gratitude for their generous years of service to the charity. Following a comprehensive Skills and Diversity Audit in November 2022, recruitment for new trustees has commenced in 2023, to further strengthen skills and experience required to deliver the Business Plan and evolve the diversity of our organisation.

Organisation

Following an organisational review in March 2022, we have been following our organisational development strategy to further develop staff skills and capacity to ensure the long-term delivery of our Strategic Priorities. This included extending the core executive team by appointing new permanent full-time roles in Finance and Administration (Jan. 2022), a Head of Creative Learning & Engagement and Head of Digital Communications.

Governance

The Board is responsible for decisions covering the significant areas of the Company's affairs, including overall strategic planning, appointment of trustees and staff, governance, approval of budgets and the development of key policies including general financial and risk management policies. A great deal of effort is put into the preparation of board papers and monthly Management Information reports, which enables the Trustees to monitor progress against the strategic objectives.

Terms of reference for the new Creative Learning and Engagement sub-committee were adopted by the trustees in February 2023 and for Development in July 2023.

Trustee Induction and Training

New trustees undergo a programme of introduction, which provides a thorough insight into the activities of the Company. At the time of appointment each trustee receives an Induction Pack which includes a copy of the Memorandum and Articles of Association, the minutes and papers from recent board meetings and the dates of future meetings, the terms of reference of the sub-committees, the most recent financial statements and budgets, our latest Business Plan and other appropriate details of forthcoming events and activities.

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

03518157 (England and Wales)

Registered Charity number

1073251

Registered office

Piano Competition Office The University of Leeds Leeds West Yorkshire LS2 9JT

Trustees

Mr E Appleyard Mr K R Beaty (Chair) Baroness J V Blake CBE Professor S E Buitendijk Mrs F A Horsfield JP (resigned 8/4/2022) Mr M A Jenkins Ms K A Mcdowell CBE (resigned 9/4/2022) Mr J Moulds CBE (resigned 8/4/2022) Cllr J D Pryor (appointed 2/2/2022) Mr C M Tait Mr R S Morse (appointed 11/11/2022) Mrs G T Solti (appointed 11/8/2022)

Global ambassador

Lang Lang

Artistic director

Mr Adam Gatehouse

Patron

Murray Perahia Hon KBE

Honourable President in memoriam

Dame Fanny Waterman

President

The Lord Mayor of Leeds

Chief Executive

Ms Fiona Sinclair

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

UHY Calvert Smith LLP Statutory Auditor Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW

Solicitors

Lupton Fawcett Yorkshire House Greek Street Leeds LS1 5SX

Bankers

Virgin Money (Yorkshire Bank) 94 Albion Street Leeds LS1 6AG

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Leeds International Pianoforte Competition for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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

In so far as the trustees are aware:

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

AUDITORS

The auditors, UHY Calvert Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

Christopher M. Tait Christopher M. Tait (Sep 18, 2023 10:13 GMT+1)

........................................................................

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LEEDS INTERNATIONAL PIANOFORTE COMPETITION

Opinion

We have audited the financial statements of Leeds International Pianoforte Competition (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LEEDS INTERNATIONAL PIANOFORTE COMPETITION

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

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

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

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LEEDS INTERNATIONAL PIANOFORTE COMPETITION

Our responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LEEDS INTERNATIONAL PIANOFORTE COMPETITION

Use of our report

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

Harry Howley ACA MAAT (Senior Statutory Auditor) for and on behalf of UHY Calvert Smith LLP Statutory Auditor Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
2022 2021
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 1,303,663 16,500 1,320,163 471,251
Charitable activities 5
LIPC charitable activities 10,369 - 10,369 144,592
Investment income 4 893 - 893 110
Total 1,314,925 16,500 1,331,425 615,953
EXPENDITURE ON
Raising funds 6 43,021 - 43,021 101,601
Charitable activities 7
LIPC charitable activities 243,576 22,710 266,286 1,147,823
Other 10 - - - 64,870
Total 286,597 22,710 309,307 1,314,294
NET INCOME/(EXPENDITURE) 1,028,328 (6,210) 1,022,118 (698,341)
RECONCILIATION OF FUNDS
Total funds brought forward 468,251 43,223 511,474 1,209,815
TOTAL FUNDS CARRIED FORWARD 1,496,579 37,013 1,533,592 511,474
----- End of picture text -----

The notes form part of these financial statements

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

BALANCE SHEET 31 DECEMBER 2022

----- Start of picture text -----
2022 2021
Notes £ £
FIXED ASSETS
Tangible assets 15 4,571 2,780
CURRENT ASSETS
Debtors: amounts falling due within one year 16 329,438 319,775
Debtors: amounts falling due after more than
one year 16 620,000 45,000
Cash at bank 595,369 173,566
1,544,807 538,341
CREDITORS
Amounts falling due within one year 17 (15,786) (29,647)
NET CURRENT ASSETS 1,529,021 508,694
TOTAL ASSETS LESS CURRENT LIABILITIES 1,533,592 511,474
NET ASSETS 1,533,592 511,474
FUNDS 20
Unrestricted funds 1,496,579 468,251
Restricted funds 37,013 43,223
TOTAL FUNDS 1,533,592 511,474
----- End of picture text -----

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

Christopher M. Tait Christopher M. Tait (Sep 18, 2023 10:13 GMT+1)

.............................................

Mr C M Tait��������������������������������������

The notes form part of these financial statements

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
2022 2021
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 425,241 (339,802)
Net cash provided by/(used in) operating activities 425,241 (339,802)
Cash flows from investing activities
Purchase of tangible fixed assets (4,331) (677)
Interest received 893 110
Net cash used in investing activities (3,438) (567)
Change in cash and cash equivalents in the
reporting period 421,803 (340,369)
Cash and cash equivalents at the beginning
of the reporting period 173,566 513,935
Cash and cash equivalents at the end of
the reporting period 595,369 173,566
----- End of picture text -----

The notes form part of these financial statements

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
2022 2021
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 1,022,118 (698,341)
Adjustments for:
Depreciation charges 2,540 1,927
Interest received (893) (110)
(Increase)/decrease in debtors (584,663) 336,626
(Decrease)/increase in creditors (13,861) 20,096
Net cash provided by/(used in) operations 425,241 (339,802)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.22 Cash flow At 31.12.22
£ £ £
Net cash
Cash at bank 173,566 421,803 595,369
173,566 421,803 595,369
Total 173,566 421,803 595,369
----- End of picture text -----

The notes form part of these financial statements

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. GENERAL INFORMATION

Leeds International Pianoforte Competition is a private company limited by guarantee, incorporated in England and Wales. The registered office address is the Piano Competition Office, The University of Leeds, Leeds, LS2 9JT.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

These accounts have been prepared on the going concern basis.

The charity is forecast to be cash generative in the next financial year, as it moves through the triennial cycle building towards the next competition in 2024, and to have sufficient cash flows to meet its liabilities for at least one year from the date of the approval of the accounts. At the time of approving the financial statements, the trustees therefore have a reasonable expectation that the charity has adequate resources available to continue to operate for the foreseeable future.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimate and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances.

Areas in which judgement has been applied include the allocation of supports costs as outlined below.

There are considered to be no assumptions or estimates made in the the preparation of these financial statements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next financial year.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, any performance conditions attached have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from charitable activities represents amounts receivable in connection with the competition or from the delivery of paid outreach or educational activities.

When donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

continued...

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Income

As outlined in the Trustees' Report, a number of resources and services have been made available to the charity in the year at no cost. Such donations in kind have not been recognised in these financial statements due to the difficulty in reasonably quantifying their value, and as considered to be of limited benefit to the users of the accounts.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Raising funds

Costs of rasing funds are those costs incurred in attracting voluntary income and funding for the charity.

Charitable activities

Cost of charitable activities include those costs incurred by the charity in the delivery of its activities and services to further its objects. This includes costs associated with the staging of the competition, and the charity's educational and outreach activities.

Allocation and apportionment of costs

Support costs include staff costs and overheads of the charity, and governance costs incurred in respect of the constitutional and statutory requirements of the charity.

Support costs are allocated to charitable activities (90%) and costs of raising funds (10%) in this and the prior year. This estimate is considered to reasonably reflect the underlying financial activities of the charity, and provide a reliable basis for allocation in the context of the charity's size and resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment - Straight line over 3 years

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity has financial assets and 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 with the exception, where applicable, of bank loans which are subsequently measured at amortised cost using the effective interest method.

3. DONATIONS AND LEGACIES

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Donations - supporting members and patron scheme|46,175|42,531| |Donations - trusts, corporate, institutional & public|1,264,381|402,581| |Gift aid|9,607|10,898| |Legacies|-|500| |Received on closure of the Friends of the LIPC|-|14,741| |1,320,163|471,251|

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

Donations recognised in the year include amounts accrued where the conditions for recognition have been satisfied but funds will be received in future period. Total accrued donations at the year end were £945,000 (2021: £270,000). Details of the movement in the year are set out below in note 16.

The Friends of the Leeds International Pianoforte Competition (charity number 500327) formally merged with the charity on 18 February 2022, with the £14,741 balance of funds transferred to the charity on its closure recognised as a donation in the prior year.

4. INVESTMENT INCOME

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Interest and cashback|893|110|

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

continued...

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
5. INCOME FROM CHARITABLE ACTIVITIES
2022 2021
Activity £ £
Marketing income LIPC charitable activities 419 56,286
Box office income LIPC charitable activities 1,000 75,094
School workshop income LIPC charitable activities 8,950 9,900
Other income LIPC charitable activities - 3,312
10,369 144,592
6. RAISING FUNDS
Raising donations and legacies
2022 2021
£ £
Marketing and advertising 17,130 66,450
Support costs 25,891 35,151
43,021 101,601
7. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 8) note 9) Totals
£ £ £
LIPC charitable activities 28,021 238,265 266,286
8. DIRECT COSTS OF CHARITABLE ACTIVITIES
2022 2021
£ £
Competition costs (4,547) 337,420
Learning and engagement 13,250 15,044
International round costs - 20,511
Streaming fees 6,060 368,754
Piano trail, ambassadors 13,258 75,256
28,021 816,985
----- End of picture text -----

continued...

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

9. SUPPORT COSTS

SUPPORT COSTS
Support
Governance
costs
costs
£
£
Raising donations and legacies
25,891
-
LIPC charitable activities
233,016
5,249		 Totals
£
25,891
238,265
258,907
5,249		 264,156
Activity
Basis of allocation
Support costs
90% to charitable activities and 10% to costs of raising funds
Governance costs
Governance costs have been allocated fully to charitable activities.

Support costs, included in the above, are as follows:

Support costs

Wages
Social security
Pensions
Rent and rates
General office costs
Travel and subsistence
Website development
Depreciation of tangible fixed assets		 Raising
donations
and
legacies
£
20,577
1,697
370
695
1,047
1,248
3
254
25,891		 LIPC
charitable
activities
£
185,193
15,271
3,331
6,254
9,430
11,225
26
2,286
233,016		 2022
Total
activities
£
205,770
16,968
3,701
6,949
10,477
12,473
29
2,540
258,907		 2021
Total
activities
£
293,981
22,345
5,038
6,620
13,502
3,025
5,082
1,927
351,520

Governance costs

Governance costs
Audit and accountancy
Legal and professional fees		 2022
LIPC
charitable
activities
£
3,750
1,499		 2021
Total
activities
£
5,000
9,469
5,249 14,469

continued...

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
||| |---|---| |10.|OTHER| |2022|2021| |£|£| |-| |Exceptional loss from cyber incident|64,870|

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

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Depreciation - owned assets|2,540|1,926| |Fees payable for the audit of the financial statements|4,750|4,350|

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

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

13. STAFF COSTS

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Wages and salaries|205,770|293,981| |Social security costs|16,968|22,345| |Other pension costs|3,701|5,038| |226,439|321,364| |The average monthly number of employees during the year was as follows:|

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

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |Employees|6|12|

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

No employees received emoluments in excess of £60,000.

continued...

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES - YEAR ENDED 31 DECEMBER 2021
Unrestricted Restricted Total
funds funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 303,256 167,995 471,251
Charitable activities
LIPC charitable activities 144,592 - 144,592
Investment income 110 - 110
Total 447,958 167,995 615,953
EXPENDITURE ON
-
Raising funds 101,601 101,601
Charitable activities
LIPC charitable activities 990,885 156,938 1,147,823
Other 64,870 - 64,870
Total 1,157,356 156,938 1,314,294
NET INCOME/(EXPENDITURE) (709,398) 11,057 (698,341)
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported 879,649 30,166 909,815
Prior year adjustment 298,000 2,000 300,000
As restated 1,177,649 32,166 1,209,815
TOTAL FUNDS CARRIED FORWARD 468,251 43,223 511,474
----- End of picture text -----

continued...

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

15.
TANGIBLE FIXED ASSETS
COST
At 1 January 2022
Additions
At 31 December 2022
DEPRECIATION
At 1 January 2022
Charge for year
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
16.
DEBTORS
Amounts falling due within one year:
Trade debtors
Other debtors
VAT
Amounts falling due after more than one year:
Other debtors
Aggregate amounts		 Equipment
£
14,375
4,331
18,706
11,595
2,540
14,135
4,571
2,780
2022
2021
£
£
1,000
9,368
325,967
296,292
2,471
14,115
329,438
319,775
620,000
45,000
949,438
364,775

Included in other debtors are total accrued donations of £945,000 (2021: £270,000); £325,000 (2021: £225,000) falling due within one year, and £620,000 (2021: £45,000) falling due after more than one year.

The movement in accrued donations in the year is set out below:

2022 2021
£ £
Brought forward 270,000 700,000
Recognised as income in the year 1,000,000 70,000
Received in the year (325,000) (500,000)
Accrued donations carried forward 945,000 270,000

continued...

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
Other creditors
Accrued expenses		 2022
£
3,173
7,014
1,199
4,400
15,786		 2021
£
10,601
5,342
439
13,265
29,647

18. LEASING AGREEMENTS

The charity leases office space from the University of Leeds. This has been provided at a discounted peppercorn rent.

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Current liabilities		 Unrestricted
funds
£
4,571
1,507,794
(15,786)
1,496,579		 Restricted
funds
£
-
37,013
-
37,013		 2022
Total
funds
£
4,571
1,544,807
(15,786)
1,533,592		 2021
Total
funds
£
2,780
538,341
(29,647)
511,474

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Piano Competition
Learning and engagement
Young piano ambassadors
TOTAL FUNDS		 At 1.1.22
£
468,251
2,041
39,117
2,065
43,223
511,474		 Net
movement
in funds
£
1,028,328
-
(5,379)
(831)
(6,210)
1,022,118		 At
31.12.22
£
1,496,579
2,041
33,738
1,234
37,013
1,533,592

continued...

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

20. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Learning and engagement
Young piano ambassadors
Leeds City Council Programme funding
TOTAL FUNDS
Comparatives for movement in funds
Prior
year
At 1.1.21
adjustment
£
£
Unrestricted funds
General fund
679,649
298,000
Designated - operational
costs
200,000
-
879,649
298,000
Restricted funds
Piano Competition
5,000
-
Learning and engagement
25,166
-
Leeds Fringe
-
2,000
Young piano ambassadors
-
-
30,166
2,000
TOTAL FUNDS
909,815
300,000		 Incoming
resources
£
1,314,925
6,500
-
10,000
16,500
1,331,425
Net
movement
in funds
£
(709,398)
-
(709,398)
(2,959)
13,951
(2,000)
2,065
11,057
(698,341)		 Resources
expended
£
(286,597)
(11,879)
(831)
(10,000)
(22,710)
(309,307)
Transfers
between
funds
£
200,000
(200,000)
-
-
-
-
-
-
-		 Movement
in funds
£
1,028,328
(5,379)
(831)
-
(6,210)
1,022,118
At
31.12.21
£
468,251
-
468,251
2,041
39,117
-
2,065
43,223
511,474

continued...

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LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

20. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Piano Competition
Learning and engagement
Leeds Fringe
Young piano ambassadors
Digital content and streaming
Leeds City Council Programme funding
TOTAL FUNDS		 Incoming
resources
£
447,958
70,500
28,995
41,000
10,000
7,500
10,000
167,995
615,953		 Resources
expended
£
(1,157,356)
(73,459)
(15,044)
(43,000)
(7,935)
(7,500)
(10,000)
(156,938)
(1,314,294)		 Movement
in funds
£
(709,398)
(2,959)
13,951
(2,000)
2,065
-
-
11,057
(698,341)

Restricted funds:

Learning and engagement - donations received in respect of the LIPC's educational and outreach projects.

Piano competition - donations made specifically for competition prizes and direct costs of the competition.

Digital content and streaming - funding provided to support the costs of streaming the competition.

Leeds Fringe and Young piano ambassadors - funding and donations received in respect of the Leeds Fringe activities and to support the involvement of the Piano ambassadors.

Leeds City Council Programme grant - restricted funding received from Leeds City Council.

21. RELATED PARTY DISCLOSURES

The charity has a formal collaboration agreement in place with the University of Leeds. Annual funding of £200,000 is paid to the charity by the University in connection with the partnership. £600,000 covering the 3 year period from 2023 to 2025 has been recognised in full as income in the year, in accordance with the recognition criteria set out in the Charities SORP.

The University has also provided office accommodation to the charity at a peppercorn rent in this and the prior year, and in the prior year provided £3,312 in partial subsidy of an internship post.

The University of Leeds is represented on the charity's trustee board by Professor S E Buiitendijk, Vice Chancellor of the University.

Remuneration of key management personnel

The total remuneration of the key management personnel of the charity, inclusive of pension and employer social security costs, was £173,200 (2021: £182,708).

continued...

-28-

LEEDS INTERNATIONAL PIANOFORTE COMPETITION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

22. LIMITED BY GUARANTEE

The company has no share capital. Members have undertaken to contribute such amounts not exceeding £1 as may be required in the event of the company being wound up while they are members of within one year after they cease to be members.

-29-