Charity regi$tratlon number 1129898 Company registration number 675S687 (Engknnd and Wales) SOLOMON'S KNOT PRODUCTIONS LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SOLOMON'S KNOT PRODUCTIONS LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees J Sdls P Sells J HanKlay C Bamfield M Snelgro The Rt Hon SirAlan Moses Charity number 1129898 Company number 6755687 Registered office Clo Browne Jacobson LLP 6 Bews Marks London EC3A 7BA Ind•p¢ndent tMiner Summers Morgan First Floor. Sheraton House Lower Roa(1 chorfeo0d HertfoTdsh*e WD3 5LH
SOLOMON'S KNOT PRODUCTIONS LIMITED CONTENTS Page Trustees. report Independent examinerfs report Stslemenl of finanaal actNities Baknce sheet Notes to the finanaal statements 7-12
SOLOMON'S KNOT PRODUCTIONS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual repDrt and finanrAal statements for the year ended 31 Dember 2023. The finanrAal statements have been prepared in accordance wth the a(xx)unting poli(yes sel out in notè 1 to the financAal statements and compty wilh the Charity'5 Memorandum an(J AFtide$ of Associalion. the Companies A¢A 20 and 'Accounling and Reporting by Charrtie5' Statement of Recomfflended Pradice appltsblè to tharilies preparing their accounts in accordance with the Finanryal Reporting Standard applicable in the UK and Republi of Iipland {FRS 1021. {as amended for accounting periods o)mmenrAng from l January 20191. Objectives and activities The Charity'5 obje¢As are- To promote, maintain, and advance pubh'c education in art. in pathlar. bul not exduswely, drama, mime, danang. and singing., To promote, maintain. and advance public educalion in. and apprecialion of the art and stience of musi¢. in Pa"cUlar. bLbt not limited to, Baroque music. by any means the Trustees See fil. including providing and assi$ting in the provision of faulitS for orchestral, operalic, and choral cOrert5., To further such charilable purpose or purposes as thè trustees in their absolute discretion sham think fft. Thioughout the period covered by the financial statements, the polKie5 adopted by Ihe Tnjstees in ftjrtherance of these objects were". To prOe opportunrfies I young and talented instrumentalists ar singers lo perform on a profe55ional stage and dewsè innovative progiammes which chalknge them as art15ts,' To reveal the riches of music in way5 that speak wnost diredly to contemporary audiences, through our programming and ihrough performances of the very highest quality and immediacy." To bring Baroque music to as wide an audience a5 P055ilJe. arKI. in particulai. to offer access to the music, either on a subsidised or free basis, to young people and to those who would nol othetwise have the means or the opportunty to have such a(tess. In fonnulating their strategy for achieving the Cha$ ob1ws, the Trustees gave due regard to the Charity Commission's guidance on putlic benefit and fee tharging. The Charty marked its 15th anniversary in the period ended 31 December 2023. The programmè was a further leap forward in bu1J1ng to pre-pandeM levels and represented some of the most ambib"ou$ pfogramming since its inception-. A Belgian debut performance of JC & JS Bach Motets in the ConcertgebcHJw Brugge on 21 January 2023 as part of Bach Academie Brugge. Six performance3 of St Matthew Passion - JS Bach's iotemic masterpiece louied acmss Europe beeen April and June 2023 in an acdaimed collaboraiion with director John La Bouch3rdIè. This wa5 the largest project undertaken to date. involving 36 artists perfom7ing in Suffolk (Britien Pears Art Snape Maltingsl. C8mbrid9e {Cambridge Earty Music}, London (Wgmore Halvst James, Spanish Pbacel, Kent Islour Music), and in Germany in Iwo ygntfi(znt Bach oiies". Leipzig (Bachfest Leipzigl and Weimar (fhuringer Bachwochen). A new recording of Ba¢h Motets was released as a double CD in June 2023 on the Sw55 record label Prospero Classic31. Two perfomances in July 2023 in Ansbath. Gemiany {Bachwoche Ansbath) of a programme enlilled 'Bach's Hom5'. which celebrated the writing of JS Bach for the Baroque hom. This wa5 broadca51 on Bayerischer Rundfunk radio anil recorde(I for a fvture CD release. A perfoimanee in September 2023 of JS Bach's St John Passion in Amstadt, Germany for Martin Randall Travel.
SOLOMON'S KNOT PRODUCTIONS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Two perfofmance5 in December 2023 celebrating the 3CK)th anntversary of JS Bath's E-Flat Magnificat al Wigmore Hall, London, and in Noth'ngharn. The London perfomiance was Ihe first in the Charity's long- temi appointment as 'Baroque Ensemb in Resk1ence' at Wigmore Hall and was broadcast in full by BBC Radio 3 '1n Concert, as well as INe-streamed online by Wgmore Hall Live, both lor a global audience. This opeended residency in London and the ptomotkon of thè Nottinyham concert by the Charty. as opposed lo an extemal promoter. pro¥ed IretS for young people and students al 8 significantty discounted price, further extending and developing audience5 for da55ical music in the UK. A new recording of George Jeffreys. music was rekased on digital starnIng services prior to an offiaal physical release planned for earfy 2024. In colkborabjn with English Heritage, music scholars at the University of York and the ChariVs speo"alist perfomiers. this double CD album of 4- and & part vocal music was ieeorded in 2022 at ]Qrby Hall. NorthamptOnshi. where Jeffreys lived and worked. Achievements and perfornHnce The Trustee5 are very please(1 with the Tesults Ihat were athieved in the year. By contit)uing to experiment wrth programrning and bringing out of obscurty some hidden Baroque gems. 35 well as perfoming well-known works, the Charity was able to produce performances that were r)Ved with warm praise by audience5 and r&ewers. These perfomiances reached wide audiences through broadcasts and streaming throughout the year. * "Jgyou¥ and uplifting in ¥pirit as wel as musiealty Su. Thè r•sults aye breathtsking.- (Choir & Organ review of Bath Motets CD) All of these aspects CA)ntinue to produce impacthjl and highquality performances that generate a grwng demand for the charis prngiamming by promoters and venues worlthvide, both through recommendations to womolers from high-profile professionals in the world of dassical music. and through the spread of the reputation of the Charity among its national and Kntemational audiences. The Truslees have paid due regard to guK1ance issued by Ihe Charity Commission in de(yding what activitie5 the Charity should undertake. Financial review The Charity's financial needs were rnel throughout th? year by donations from Patrons and Friend5, as well as fees paid by promoler5_ The Charity has never been unable to meet its financaal commitsnents. and the Trustees ensure Ihat no programming is undertaken trt funding being promised. committed. or aLlually received before liabilities are incurred. The Trustees have ensured that the Charity does not inwr liabilities beyond ils means. As of 3151 December 2023. the Charity held total funds of £211,79912022= £140,623), of which £201.976 we unreslricted12022.. £130.8951 and £9.823 were restricted12022'. £9.7281. The Trustees have rnanaged to set asth reserves to protecl the Charity against a significant drop in funding, ènabling the Charity lo coniinue Its actiwlies. The Trustees continue lo operate on Ihe basis of raising and obtainin9 funds for programmes on a wojecl-by-proiect basis. ReseNes policy It is the policy of the Charity that unrestsided fvnds which have nol been designated for a speafic use should be maintained at a level equiwalent to beeen three and six month's expenditure. The TTUStees consider that feserves at this level will ensure Ihat, in the event of a stgnthcant drop in funding, they will be able lo continue the Charity's current actiwties while consKlerabon is given to ways in whith add"81 funds may be raised. This level of reserves has been maintained throughoul the year. At the accounting date. free reserves were £201.976 12022.. £130.8951. which is comfortably in excess of the minimum SerVeS policy.
SOLOMON'S KNOT PRODUCTIONS LIMITED TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structur•. govèmanc• and management The Tnjstees. who are also DI0rS fof the purposes of UK company law, and who served during the year and up lo the dale of approval of these a(uunls. or who were appointed after the end of the year but befo the date of approval of ihese arLounts. were.. J Sells P Sells J Halliday C Bamfield E Ettedgui H LawTence M Snelgrove The Rt Hon SirAlan Moses {Resigrd 18 Odober 2023) (Resigned 2 Fèbruary 21r241 As require(I by IheArbths ofAssociatK>n of thè charrty. the appropriale number ofTrustees retired al the AGM of the charity held on 18th Ortober 2023. and those Trustees were re-appointed during Ihat meeling. None ol the Tru51ees has any beneficial intere in thè Charrty. All members are cArculated with invitstions to nominate trustees prior to the AGM. athng them of the retiring trustees and requesting nominabons for theAGM. The Board met lce in the year. The Charity is managed, under the direct Jpe7SI0n of the Board. by an Exe(xJbvè Director and by one Artistic Director, wrth the assistance of a Project Manager. The fjnancEs of the Charity are also under the direct 5upervi5i9n and control ol the Board. The Artistic Direclw may direct and tske part in live perfomances. depending on the requirements of the repertory invofved. The Trustees have a55essed the major risks lo whth the Chanty is exposed and are salisfied that systems are in place to mitigate exposure to these risks. The Trustee5' r port was approved by the Board of Truslees. ell¥ Trustee Dated..
SOLOMON'S KNOT PRODUCTIONS LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOLOMON'S KNOT PRODUCTIONS LIMITED I report to the Truslees on rny examination ol the financial $t8tèments of Sornon'$ Knot Productions Lirniled (the Charity) for the year ended 31 December 2023. Responsibilities and basss of rnport As the Trustees ol the Charity land also rts diredors for the purposes of (x)mpany lawl you are responsible for the Preparation ol the finanaal stalements in a(wdance the Tequirements of the Companie5 AGI 2006 {the 26 Acll Having satisfied myself that the finawal ststements of the Chanty are not iequired to be audited under Part 16 of the 20(K Act and are eligie for independent examinath)n. I report in rÈsped of my examination ol the Charity's financi815tatèments carrd out under section 145 of the Charilies Act 2011 (the 2011 Act). In carrying out my exarnination I have followed all Ihe applicable Directn$ given by the Chanty Commission undeF seth'on 14515llbl ofthe 2011 Ad. Indendent èxaminerfs statement Since the Charily's gross incoffle exceeded £250,( your exarniner must be a mernber of a body listed in sedion 145 of the 2011 Act. I confir¥n Ihal l am qualified to undertake the examination because l am a mèmber of ACA, which is one of the listed bodies. I have completed my Èxaminabon. I confirm Ihat no malters have come to my attention in nnectIOn wrth the examination giwng me Gause to bèliève that in any material resp". accounting re¢ords were not kept in respect of the Chanty as required by section 386 ofthè 2CXK Act., or the finanaal statemenls do not ac£ord with those reu)rds', or the financial stalemenls do not compty with the accounting requirernenls of SeCtn 396 of Ihe 2006 Act othèr than any requirement that the ac4xxJnts gwe a Irue and fair view whith is nol a maiter considered as part of an independent examination.. or the ffinanaal statements have nol been prepared in accordan with the methods and prinapS of the Statement of Recommended Practice for accounting and reporting by charib.es applic2ble lo tharities preparing their awjunis In accordance wAh the FirhanTral Rew)rting Siandard applicable in the UK and Republsc of Ireland IFRS 102}_ I have no (nceMS and have come across no other matters hl connection with the examination to whtch attenlion should be drawn in this report in order to enable a proper understanding of the finanrial statements to be reached. Nicholas Corden, ACA First FkJ(Y. Sheraton Hcmjse Lower Road Chorleywood Hertfordshire WD3 5LH Dated 23.09.202.4......
SOLOMON'S KNOT PRODUCTIONS LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted fvnd5 lunds 2023 2023 Totsl Unrtstriet•d R•strlcted funds funds 2022 2022 Total 2023 2022 Income and •ndowments from: Donations and legacies Charitable acbwb.es Investments Other income 39.693 270.433 1.834 80.612 10.250 49.943 270.433 1.834 80.612 41.737 114,049 299 17,875 42.680 84,397 114,049 299 17,875 Total income 392.572 10.250 402.822 173.960 42,660 216.620 Exp8ndtiuYe on: Charitable actmtses Other expenditure 316.218 5.273 10.155 326,373 5,273 144.088 1,281 34.032 178,118 1,281 10 Total expenditulv 321.491 10.155 331.646 145,367 34,032 179.399 Net in¢om• and movement in funds 71.081 71.176 28.593 8.628 37.221 Reconciliation of lund$- Fund balances 311 January 2023 130,W 9.728 140,623 102.302 1,100 103,402 Fund balances at 31 Decemb•r 2023 201.976 9.823 211.799 130.895 9,n8 140.623
SOLOMON'S KNOT PRODUCTIONS LIMITED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Current assets stOs Debtors Ca$h * bank and in hand 12 13 7.817 33,909 155.812 158.113 254.8 191,265 Creditors: amounts falling due within one year 14 {43.09n 150,6421 Net Current a$$ets 211,799 140,623 The funds ofthe Charity Restricted funds Unrestricted fvnds 1S 9.823 201,976 9.728 130.895 211.799 140,623 The company is enlitied lo the exemption from the audit requirement contained in seth.on 477 of the Companies Act 21K)6, for the year ended 31 December 2023. The Trustees aCkno%edge their responsibilit$ for en5ufing that the charity keeps aoxunling records whid) comply with seclion 388 of the Act and for preparing actounts whith gNÈ a Irue and fair View of the stsle of affairs of the company as al the end ol the ffinanoal year and of it5 incDrning rèsources and application ol resources, including its income and expenditure. for the finanual year in accordar*ce wilh the requirements ot sections 394 and 395 and which othefwise comply with Ihe requirèments of the Companies Act 20( reL4ting to accounis, so far as appli¢able to the company. The members have not required the company to obtsin an audit of its financial stalements for the year in question in accofdance with sedion 478. These finanaal statements have been prepared in accordance with the prow510r a1b to companies subject lo the small companies regime. ,¢ l•1+ The financjal statements We approved by the Trustees on ................. P Sells Trustee Cornpany registration number 6755687 (England and Wdles)
SOLOMON'S KNOT PRODUCTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Aceounting policies harity information Solomon's Knot Productions Limrted is a privale o)rnpany limited by guarantee incorporated in England and Wales. The registered office is Clo Browne Jacob LLP. 6 BeS Marks. London. EG3A 7BA. 1.1 Accounting convention The accounts have been prepared in accordance wilh Ihe Charitls Memorandum and Artides ofAssoaation, the Companies Act 2(X)6 and "Accounting and Reporting by char1es'. Statement of Re¢(>mmended Practice applicable lo tharities preparing their accounts in accordance wrth the Finanryal Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 1021" (as amended for accLJvntsng period5 ¢ommen¢ing frorn 1 January 20191. The Chanty is a Publi¢ Benefit Entsty as defined by FRS 102. The financial statements are prepared in sterfing, which is the lunctKJnal cUrncY of the Charity. Monetary amounts in these finanryal ststements are rounded lo the nearest £. The financial statements have been prepared under Ihe histori1 c(trst convent. The prinapal accounting poliryes adopted are set oul below. 1.2 Going concern Al the lime of approving the financial slalements. Ihe Trustees have a a$onat expedation that the Chafity ha5 adequate resouiees to continue in operational exislence for the foreseeable future. Thus the Trustees continue to adopt the going con¢em basis of accounting in preparing Ihe financial 5ts1ements. 1.3 Charitable funds Unre51ricled funds afe availabk for use at the disebon of the Trustees in furtherance of their tharitsble objeclwes. ReStrd funds are subject to specrfic con(lith)ns by or$ or 9rantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the note$ lo thè finanaal stalemenls. 1.4 In¢omlng resources Donaiions, legaaes and other ltyms of voluntary income a recognised a5 incoming resources when ¢èivable, except insofar as they are incapatAe of financial measurement. Ino)me and expenditure relating to concert promotions is recognised on an actsuals basis. 1.5 Resourc•s exnded Expenditure is recognised once Ihwe is a legal or ConstrLtlve obligation to transfer economic benefil to a third party, it is probable that a transfer ol economK benefits wil be requed in settlement. and the amount ol the obligalion Can be measured reliabty. Expenditure is das5ffied by adiwty. The costs of each actmty ao made up ol the total of direct costs and shared costs, induding 5upporl (x)sts inVoert in undertaking each adtvty. DirÈci costs attributable lo a single actlty are allocaled dIty to that ath"ty. sha costs which contribute lo more than one aciivity and support costs whith are not attributable lo a singk alty are apporlioned been Ih05e activtties on a basis consislenl wlh thè use of resources. Central staff costs are allocated on the basis of b.me spent, and depreciation charges a allocated on the portion of the assefs use. 1.6 stocks Slo( is valued at the lower ofcost and net 8"sable value" cosl indudes al cost5 of production. Net realisable value is the esb"mated selling pri less al eslimated costs of completion and cost5 to be incurred in marketing, selling and distrilxJb"on_
SOLOMON'S KNOT PRODUCTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.7 Cash and cash èquivaknts Cash and cash equivalents indud6 sh in harKI. dep05rt5 held al call with banks. other 5hort-term liquid investments with onginal maturrties of three month5 or le55. and bank overdrafts. Bank overdrafts are shown thin boriowings in current liabilities. 1.8 Financial instruments The cornpany only has finanaal assels and ffinanoal Ikabilities of a kind that qualify as basic financial instrumenls. Basic finanaal instruments are inrti4ty re¢ogni$e11 al transacb.on value 8nd subsequentty measured al amortised cost. Income from donations and legacies Unrnstrlcted Restricted funds lunds 2023 2023 Total Unrestrieted Restricted funds funds 2022 2022 2023 2022 Dor¢ations and gifts Grants Mernbefship fees 14.408 lo.() 15.285 4.250 18,658 16,CQO 15,285 20.946 17,1tKJ 3.691 34,140 7,720 8CKI 55,086 24,820 4,491 39.693 10.250 49,943 41,737 42,660 84,397 Concert perfomMn¢es Unrestricted Unrestricted funds nds 2023 2022 Perfomiance Fees 270.433 114.049 Income from investments Unrestricted Unrèstricted nds funds 2023 2022 Inte$t receniable 1,834 299
SOLOMON'S KNOT PRODUCTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other income UnstrICted Unrestrlcted funds funds 2023 2022 CD & DVD Sales Orchestra Ta¥ Relief 5,145 75,467 1,633 16,242 80,612 17.875 Charltable activilies Conc•rt perlornwncos wrf¢Mrn4n¢¢¥ 2023 2022 Direcl costs 260.891 159,720 Share of support costs (see note n Share of govemance ojsts (see note 7) 60.221 5,261 16,398 2,000 326,373 178,118 Anatysis by fund Unrestricted funds Restricted fijnds 316,218 10,155 144.086 34,032 326.373 178,118 Support costs allocated to a¢tivilies 2023 2022 Bank charge5 InsuranL Admin Consultsncy fees Govemance c051s 785 1,484 6,045 51,907 5.261 279 2,967 13,152 2,000 65.482 18.398 Analysed beh¥een: Concert performanc£s 6S,482 18,398
SOLOMON'S KNOT PRODUCTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs allOted to activities (Continued) 2023 2022 Govemance costs comprise: IndepeThJent Examination fees Legal and professional 1,310 3,951 1,000 5.261 2.000 Net movement in funds 2023 2022 The net movement in funds is sLited after tharginty{rAltting1." Fees payable for the independent examin3b.on of the charivs finanoal statements 1,310 1,000 Tmstees None of ihe Trustees (or any pewns Conneded V1h them) received any remuneration or benefits from ihe Charity during the year for their serviLES as Trustees. A lotsl of £14,32712022 - £14,440) was paKI to Tnlstees for their arlistic dire(*"on of andlor perfomiances In the Chartls concerts. Aggregated donation5 received trom the trustees or reLited parties vrithout conditnS amounted to £5,897 12022- £14,801). 10 Other Unrestricted Unrestricted funds funds 2023 2022 CD and DVD expendr(vre 5.273 1,281 5,273 1,281 11 Taxatlon The chanty is exempt from taxat on its activities because all ils income is applied for charitable purposes. 10-
SOLOMON'S KNOT PRODUCTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Stocks 2023 2022 Finished goods and gocJs for resale 7,817 13 Oebtors 2023 2022 Arnounts falling due within one year. Other debtors Prepayments and accrLted income 7,431 81,535 29.930 3,979 88. 33.909 14 Creditors: amounts falling due within one year 2023 2022 Notes Bank overdrafts Other taxation and Sla1 security Trade creditors Accruabs and deferred income 750 2.549 5.395 34,403 6,143 10,187 34,312 43.097 50.642 15 Restricted funds The reslrided fvnds of the tharrty comprise the unexpended baknces of donatKJns and grants held on trust subject lo speufic condth.ons by dortS as to they may be used. At 1 January 2023 Incorning resources Resources expended At31 December 2023 Streaming and recording 9.728 10.250 110,155) 9,823 9.728 10.250 110,155) 9,823 Previous year. At 1 January 2022 Incomlng r¢$tsur¢¢$ Resources xnd•d At31 D•c8mber 2022 Streaming and recording 1.1(K) 42.660 134,0321 9,728 11
SOLOMON'S KNOT PRODUCTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Analysis of net assets belween fvnds Unrestri¢ted fvnds 2023 Restricted funds 2023 Totsl 2023 At 31 December 2023- Current assets/lliabilrties} 201.976 9.823 211,799 201.976 9.823 211,799 Unrestricted fvnds 2022 Restricted funds 2022 Total 2022 At 31 December 2022: Current asselsl{liabiltties) 130.895 9,728 140,623 130.895 9,728 140,623 17 Employ$ The average monthly number of emoYeeS during Ihe year was.. 2023 NuMr 2022 Number Totsl There were no employees whose annual remuner*ion vras more than £60,000. Remuneration of k•y management personnel The remuneration of key management personnel was as fc41ows". 18 Relatod party tran$a¢tAons There were no disdosable related party transath¢S during the year other than those related party transactions wth trustees disclosed in Note 9 {2022 - none). 12-