Registered number: 07149999 Charity number: 1135251
## **Vivat Music Foundation Financial Statements FOR THE YEAR ENDED 31/03/2021**
## **Prepared by:**
Elizabeth Klingaman MA FCA Chartered Accountant The Old Rectory Worlington Bury St Edmunds Suffolk IP28 8RU
## **Vivat Music Foundation**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/03/2021**
## **TRUSTEES**
K T Hoffman N I Orbell H M Sykes
## **REGISTERED OFFICE**
The Old Rectory Old Bury Road Alpheton Suffolk CO10 9BT
## **COMPANY NUMBER**
07149999
## **CHARITY NUMBER**
1135251
## **ACCOUNTANTS**
Elizabeth Klingaman MA FCA Chartered Accountant The Old Rectory Worlington Bury St Edmunds Suffolk IP28 8RU
page 1
## **Vivat Music Foundation**
## **ACCOUNTS**
## **FOR THE YEAR ENDED 31/03/2021**
## **CONTENTS**
||Page|
|---|---|
|Report of the Trustees|3|
|Independent Examiner's Statement|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Notes to the Accounts|11 to 14|
|Detailed Statement of Financial Activities|15|
page 2
**Vivat Music Foundation**
## **FOR THE YEAR ENDED 31/03/2021**
## **TRUSTEES' REPORT**
## **STATEMENT OF THE TRUSTEES**
The trustees present their report and accounts for the year ended 31/03/2021.
The year was hugely affected by the worldwide Covid-19 pandemic. This resulted in the cancellation of every scheduled live performance. UK lockdowns and other restrictions, coupled with the near-impossibility of reliable international travel even when a scheduled performance outside the UK remained theoretically possible, resulted in there being no live performances during the year. The majority of Vivat Music Foundation's work was therefore put on hold. The livelihoods of all our performers and suppliers were dreadfully affected.
Despite these unique restrictions, we further extended our online, recorded and digital performances, aiming to reach the widest possible global audience. In excess of one and a half million downloads have now been made of recordings on the Vivat label, with our informative video ‘shorts' for our recorded projects receiving tens of thousands of further views through a wide variety of digital distribution channels. Our innovative “Musicians in Lockdown” video was the catalyst for our being able to raise funds to create a major new recording, “Purcell: Royal Odes”, which subsequently has become a finalist in the 2021 “Gramophone” Awards. On the negative side, despite putting forward a strong, innovative proposal for a fully-streamed eight-concert series, we were amongst several hundreds of respected organisations who were unsuccessful in their applications for the government's emergency arts funding, administered by Arts Council England.
At the year end, financial reserves were £55,275 (2020: £79,478). With the loss of live performance income, due to the Covid-19 pandemic, the charity drew on its reserves by £24,203 (2020, also affected by early Covid cancellations, saw a loss of £30,626).
Despite the pandemic, recordings on our Vivat label have continued our objective to promote new and rising talent, benefitting their early careers by setting them alongside established artists. On our new disc of Purcell “Royal Odes”, alongside renowned names who have been performing this repertoire for twenty years, were set three singers who were not even born when The King's Consort started its first, ground-breaking series of Purcell's Odes. Also released during the year was a recording of Mendelssohn Cello Sonatas performed by our principal cellist, Viola de Hoog, with the outstanding young Armenian pianist Mikael Balyan.
We are especially grateful to the benefactors who so generously made possible that large-scale pandemic Purcell recording (and, as the financial year ended, were contributing equally generously to enable a follow-up recording during 2021-22). We also pay tribute to the highly talented musicians from Vivat's orchestra and choir, The King's Consort, who have suffered such a terrible interruption to their professional lives and whose phlegmatic acceptance of each cancelled project was testament to their resilience and inner strength. We thank manager Viola Scheffel and artistic director Robert King for their work managing the charity and its administration through these troubled times. And we extend our appreciation to all our listeners for their continuing enthusiastic support for the charity's work, albeit via much-changed channels.
Looking ahead, due to the ongoing Covid-19 pandemic and the long lead times to set up future tours and projects, the immediate period will be thin. When regular, live concert performances are hopefully again possible, the true ramifications of the uncertainty and adjustment that will inevitably result from the UK's exit from the European Union, and the untidiness that has been created by there being no unified agreement on work permits and visas between the UK and the 27 EU states, will become clearer. However, thanks to its prudent financial planning and low fixed costs, the global brand of our ensemble, the ability of the charity to react rapidly to changing circumstances, and our ever-increasing digital presence, Vivat remains in a good position to weather this unprecedented coincidence of adverse global events.
page 3
**Vivat Music Foundation**
## **FOR THE YEAR ENDED 31/03/2021**
## **TRUSTEES' REPORT**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Status and governing instrument**
Vivat Music Foundation (Vivat) is a charitable company limited by guarantee, incorporated on 8 February 2010 and governed by a memorandum and articles of association.
## **Organisational structure**
## **Board of trustees**
The activities of Vivat are controlled by the Board of Trustees, which meets at regular intervals to provide strategic direction and to monitor the work of the management and the orchestra. During the year here reported there were four Board meetings. The artistic director and manager attend meetings as appropriate. Trustees receive regular updates on the orchestra's progress from the artistic director and manager. Prior to being proposed for election to join the Board, new Trustees have meetings with existing Trustees, are provided with a detailed induction pack and meet the artistic director and manager. The Trustees ensure that procedures are in place for the nomination and selection of new members of the Board of Trustees, taking especial account of the required balance of skills, knowledge and experience.
## **Fundraising**
Trustees work with the management on the development of Vivat's fundraising strategy, and play a leading role in soliciting contributions from individuals, trusts, foundations and corporate sponsors. No professional or external fundraisers were engaged or worked for or with the charity during the period reported.
## **Audit and risk**
The Board of Trustees oversee the accounting systems, accounting policies and financial reporting.
Working with the management, trustees review significant risks to the organisation, assess their likely impact (probability and magnitude), and agree on the best ways of mitigating the risk. They are also responsible for reviewing and approving the orchestra's key performance indicators. The Board of Trustees review the accountants and/or auditors and if necessary make changes which are ratified at the annual general meeting. The Board reviews financial performance at each Board meeting. The Trustees are satisfied that all major risks have been identified and that systems are in place to mitigate those risks.
## **Appraisal of the Board**
The Board reviews its own performance on an annual basis. It assesses how the Board functions as a whole, assessing individuals' contribution and possible further development of their skills, and, where appropriate, making changes.
## **Executive staff**
The Artistic Director and Manager are vested with day-to-day responsibility for the running of the charity. They report regularly to the Board.
## **Privacy and Data Protection**
The Board and executive staff continue to ensure that the General Data Protection Regulations which came into being on 25 May 2018 are fully complied with, reviewing and updating the Foundation's privacy and data protection policy, which is clearly stated on the website. The Foundation remains committed to protecting all personal information and being transparent about what it processes, how it does so, and why it does so, conducting all its operations, including fundraising, marketing, general administration and all other management in compliance with the key GDPR principles of data privacy and security.
page 4
**Vivat Music Foundation**
## **FOR THE YEAR ENDED 31/03/2021**
## **TRUSTEES' REPORT**
## **OBJECTIVES AND ACTIVITIES**
The objects of Vivat Music Foundation are “to advance the education of the public in the art and science of music and in particular of historically aware musical performance, by the presentation of concerts, recitals and lectures, publication of materials and other activities”. This is achieved through concerts, recordings both audio and video, an increasingly active digital presence, publication of performing editions, and through other relevant activity, primarily but not exclusively by its renowned performing ensemble The King’s Consort, aiming to reach the widest possible audience with performances of world class musical standards.
As outlined above, all planned live performances in the UK and mainland Europe were cancelled. During October 2020 a world-class ensemble of singers and instrumentalists was assembled to record, under strict Covid protocols, a major new disc of Purcell Royal Odes.
## **Vivat recording label, broadcast and digital activity**
Recordings released during the year included Mendelssohn Cello Sonatas, performed by TKC's principal cellist Viola de Hoog and the outstanding young Armenian pianist Mikael Balyan. Released in February 2021 was Purcell “Royal Odes”, a recording made possible thanks to generous donations from supporters: it garnered excellent reviews in the UK and abroad and was a finalist in the 2021 Gramophone Awards. Such recordings are also a vital tool in generating live performance opportunities. Throughout the year recordings have helped maintain our wider profile through broadcasts in the UK on BBC Radio 3, and abroad on stations such as Concertzender (Netherlands) and other networks: this in turn helps to stimulate growth in our digital and download activity. 1,697,000 reported downloads have now been made of recordings on the Vivat label (2020: 1,466,000), although it should be noted that even large streaming figures generate very low financial returns. Additionally, tens of thousands of viewings of the “video shorts” which accompany most of our CD releases have been recorded.
## **Audience enrichment and development**
Our continuing aim is to enrich the lives of audiences through our performances of repertoire both familiar and lesser-known, whether in concerts, recordings, broadcasts, or on-line; we also continue to aim to discover and nurture especially talented musicians towards the start of their professional careers, providing them with enviable performing and recording opportunities. A pleasing number of our annual season supporters, deprived of their live concerts, instead supported our new Purcell recording, and, as the financial year came to an end, equally generously supported its follow-up.
## **FINANCIAL REVIEW**
The net result for the year was a deficit of £24,203 (2020 a deficit of £30,626). Total income amounted to £35,790 (2020 £101,039) and expenditure to £59,993 (2020 £131,665).
## **Fundraising**
Voluntary income for the year, comprising gifts from individual donors, and grants from trusts and foundations, stood at £18,515 (2020 £3,759). Vivat was extremely grateful to receive significant gifts and donations from private funders during the course of the year, the majority specifically given to support the recording of Purcell Odes. The Trustees are grateful to all our supporters for their generosity, without which the orchestra's current work and future plans would not be possible.
## **Reserves and investment policy**
In view of fluctuations in concert and other income from year to year, the trustees consider it prudent to aim to maintain unrestricted reserves equivalent to six months' support costs together with three months' expenditure on own-promotion concerts. This amounts to approximately £30,000. Total unrestricted reserves at 31 March 2021 were £55,275 (2020 £79,478).
page 5
**Vivat Music Foundation**
## **FOR THE YEAR ENDED 31/03/2021**
## **TRUSTEES' REPORT**
## **PUBLIC BENEFIT STATEMENT**
The Trustees regularly review the charity's activities to ensure the highest benefit to the public. The Trustees confirm that they have considered the guidance contained in the Charily Commission's general guidance on public benefit in setting the charity's aims and objectives and in planning particular activities. The charity exists to educate and enrich people's lives through historically informed performance of music at the highest standards in live and digital performances, and by nurturing the audiences and artists of the future, ensuring that the charity's activities are accessible to all members of the public.
Examples of steps taken to ensure broad public accessibility include:
• Freely accessible videos on the Vivat website;
- Regular broadcasts of concerts and recordings on national radio stations both in the UK and abroad, making the music widely accessible through radio and internet;
• Programmes at own-promoted concerts which contain detailed notes on the music being performed as well as biographies of the principal performers;
- Making available editions of music prepared for TKC.
## **PLANS FOR FUTURE PERIODS**
The recovery from the Covid-19 pandemic will take much time, with not only current and mid-term programming hugely disrupted, but funding models across the UK and beyond significantly affected for years to come. Equally, the continuing uncertainty for orchestral touring caused by the UK's exit from the European Union without a unified approach to work permits and visas between the UK and the 27 EU countries will have a strongly disadvantageous effect on the frequency and volume of future work in mainland Europe. Despite these negative factors, Vivat continues to plan for when live performance will once again be possible, notably by:
- developing the orchestra's artistic excellence through concerts, recordings, broadcasts and digital content;
• developing period instrument performance for a global audience by investing in our digital content (through Vivat Records) and using the web to distribute that content, whilst also enhancing our traditional forms of communication;
- educating and nurturing the audiences and artists of the future;
- maintaining Vivat's performing ensemble The King's Consort as a world-class ensemble capable of achieving its ambitious vision.
Normally we would mention our work scheduled for the coming financial year: but the Covid pandemic and constantly changing regulations for international travel continues to generate significant uncertainty for planned live performance. Consequently, the coming season will be very thin on the concert platform. We instead aim to continue developing our online and recorded performances to maintain existing and develop new audiences, whilst looking forward to the 2022-23 season, when live performance and European touring will once again hopefully be a more secure prospect.
## **Record label - Vivat**
The catalogue of releases on Vivat Record at 31 March 2021 included twenty titles. Due to be issued during 2021-22 is a new recording of Purcell Birthday Odes for Queen Mary. As well as continuing to develop physical and digital distribution networks for these recordings, a priority over the coming years is to continue to develop a digital strategy that allows Vivat and TKC to reach audiences worldwide with its core product, through its recordings, website, video films and other digital content.
page 6
Vlvat Music Foundation
FOR THE YEAR ENDED 3110312021
TRUSTEES, REPORT
TRUSTEES RESPONSIBILITIES STATEMENT
The Trustees (who are also the Dir8ctots tsf Vivat Music Foundation for the purposes of mPanY lawl 8re rèsptsnslte lor preparing
the Truslees. Annual Report and the financial $18lements in 8ccordance with applicable law and regulations.
Company law requi the trustees to prepare financial stslements for each finanaal year. Under that law the trustees have elected lo
piepaie the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdorn
Accountin9 St8nd8id$ and 8ppli(xble lawl. Under company law the trustees rnusl not approve the financial statements unless they
are satisfied that Ihey give a true and fair view of Ihe state ol affairs of the charity and the inc£rfne and e¥pendrture ol the Charrty for
that perlod.
In preparing these finanoal statements, the trustees are required lo..
select suttable accounting policies and then apply them consistently."
observe the methods and principles in the Charities SORP..
make judgements and accounbng estimates th81 arè rè8son8ble and prudent.. and
prepare the financial statements on the going concèm basis unless rt is inappropriale to presume Ihal Ihe charity will continue In
tspeiation.
The trustees are responsible for keeping adequate 8ccountin9 reeords that a sufficient to show and explain the Charitys tran810n$
8nd di5clr)se wrth reasonable accuracy at any time the financial wsition of the charity and enable them to ensure that the financial
statements cornply with the Cornpanies Ad 20(. They are also responsible for safeguarding the assets of the charity and hence for
taking reasonable steps for the pievention and detection of fraud and other irregularities.
K T Hoffman
Trustee
page 7
Vivat Music Foundatlon
INDEPENDENT EXAMINER'S STATEMENT
FOR THE YEAR ENDED 3110312021
RESPECTIVE RESPONSIBIUTIES OF THE TRUSTEES ANO THE EXAMINER
I report on the accounts of the company for the year eThJed 31103021
The charity's Iruslees (who are also the directors of the company for the purposes of company lawl are responsible for the
preparation ofthe accounts. The charrty'strustees considerthat an audit is not required fr)r this year undèr sèdion 144121 ofthe Charitigs
Act 2011 (the 2011 Act) and that an independent 8x8min81ion is nÈ8ded.
Having satisfied rnysèff that the tharrty 1$ not subject to an audrt under etAnpany law and 1$ eligible for independent examinabon. it is
my responsibility to..
- examine the aOntS under se10n 145 ofthe 2011 Act..
- follow the procedures laid down in the general directions given by Ihe Charity Commission {under section 145lSllbl of the 2011 Act.
as amended).. and
- slate whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINERS STATEMENT
My examin81ion was carried out in accordance with gener81 directions given by the Ch8rity Commission. An examination indudes a
review of the accountsng records kept by the charrty and a comparison ol the accounts presented with those records. It also indudes
consideration of any unusual items or disclosures in the accounts, and seeking explanabons from you as trustees concerning any su
rnatt8is. The procedures undertaken do ntst providè all the evidencè that would bè requirèd in an audit, and consequently no opinion is
given as to whether the accounts present a'true and fair vie¥V' and the report is lirniled to those matters set out in the statement below.
INDEPENDENT EXAMINERS STATEMENT
In connection with my examination. no matter has come to rny attention
111 which gives me rea$on8ble c3use lo believe that in any rn8terial respect the requirernenls lo keep accounting records in accordance
with section 130 of the 2011 Act and to prepare accounts which accord wlh the accounting records and comply wth accounting
requirements of the 2011 Act have not been met.,
1311012021
Elizabelh Klingaman MA FCA
The Old Rectory
Worlington
Bury St Edmunds
Suffolk
IP28 8RU
page 8
## **Vivat Music Foundation**
## **Statement of Financial Activities for the year ended 31/03/2021**
|**Income**
Income from generated funds
Donations and legacies
Income from investments
Income from charitable activities
**Total Income and endowments**
**Expenses**
Costs of generating funds
Expenditure on Raised funds
Expenditure on Charitable activities
**Total Expenses**
**Net gains on investments**
**Net Income**
**Gains/(losses) on revaluation of fixed assets**
**Net movement in funds:**
**Net income for the year**
Total funds brought forward
**Net funds carried forward**|**Unrestricted**
**funds**
**£**
18,515
32
17,243
**35,790**
2,146
57,847
**59,993**
**(24,203)**
**(24,203)**
79,478
**55,275**|**Restricted**
**funds**
**£**
-
-
-
**-**
-
-
**-**
**-**
**-**
-
**-**|**2021**
**Total**
**£**
18,515
32
17,243
**35,790**
2,146
57,847
**59,993**
**(24,203)**
**(24,203)**
79,478
**55,275**|_2020_
_Total_
_£_
_3,759_
_161_
_97,119_|
|---|---|---|---|---|
|||||_101,039_|
|||||_658_
_131,007_|
|||||_131,665_|
|||||_(30,626)_|
|||||_(30,626)_
_110,104_|
|||||
_79,478_|
This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
page 9
Vlvat Muslc Foundatlon
BALANCE SHEET AT 3110312021
2021
2020
Note8
CURRENT ASSETS
Debtors lamounts falling due wthin one yearl
C85h at bank and in hand
1,351
76.084
77,435
22,160
80, 738
80, 738
1,260
CREDITORS.. Amounts falllng due withln one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
55,275
55,275
79,478
79,478
CAPITAL AND RESERVES
UrTrrestri¢tsd fLtnd$
General fund
Designated lunds
180,193
{124,9181
55.275
193,037
(113.559)
79.478
For the year ending 3110312021 the company was enlitlsd to exemption under section 477 of the Companies Act 2006 relating lo
small companies.
The members havè not réquired the company to obtain an audit in accordance with section 476 ofthe CoMpanS Acl 20C6.
The directors acknovAedge their responsibilities for complying with the requirements of the Ad with resped lo accounting records 8nd
the preparation of accounts.
These accounts have been prep8ied in 8¢coid8nce with the provisions applicable to companies subject to the small companies
regime.
Approved by the board of tru6tees on 1311012021 and Signed on their b•half by
11ry41.-
K T Hoffman
Trustee
page 10
**Vivat Music Foundation**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31/03/2021**
## **1. ACCOUNTING POLICIES**
## **1a. Basis of accounting**
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
## **1b. Incoming resources**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **1c. Resources expended**
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.
## **1d. Allocation and apportionment of costs**
All costs relate to the single activity of the charitable company and are recognised accordingly.
## **1e. 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.
Designated funds are funds set aside by the trustees out of unrestricted general funds for the specific future purposes or projects.
## **1f. Turnover**
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
|**2. DEBTORS**
Amounts falling due within one year:
Trade debtors
VAT
Other debtors|**2021**
**£**
490
688
173
1,351|_2020_
_£_
_-_
_-_
_-_|
|---|---|---|
|||_-_|
page 11
## **Vivat Music Foundation**
## **3. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**3. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
|Taxation and social security
Other creditors|**2021**
**£**
-
22,160
22,160|_2020_
_£_
_19_
_1,241_|
|||_1,260_|
## **4. LIMITED BY GUARANTEE**
The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceeding £1, to the company should it be wound up. At 31/03/2021 there were 3 members.
## **5. UNRESTRICTED FUNDS**
|General fund
Recording production|**Brought**
**Incoming**
**forward**
**£**
**resources**
**£**
193,037
10,272
(113,559)
25,519
79,478
35,791|**Outgoing**
**resources**
**£**
(23,116)
(36,878)
(59,994)|**Transfers**
**£**
-
-|**Carried**
**forward**
**£**
180,193
(124,918)
55,275|
|---|---|---|---|---|
||||-||
## **6. RESTRICTED FUNDS**
|**Brought**
**forward**
**£**|**Incoming**
**resources**
**£**|**Outgoing**
**resources**
**£**
|**Transfers**
**£**
**Carried**
**forward**
**£**|
|---|---|---|---|
## **7. RELATED PARTY TRANSACTIONS**
During the year, Robert King, the artistic director, received £1,000 in performance fees, £781 in reimbursed expenses and £20,000 as a general management fee.
page 12
## **Vivat Music Foundation**
## **8. CD SALES**
||**2021**|_2020_|
|---|---|---|
||**£**|_£_|
|CD sales|7,442|14,768|
|Royalties|802|239|
|Donations|17275|625|
|Total Income|25519|15,632|
|Administration costs|3,529|4,444|
|Marketing costs|3,319|6,224|
|Performance cost|20,214|291|
|Production costs|12,030|9,727|
|Total Expenses|39,092|20,686|
|Surplus / (Deficit)|(13,572)|(5,054)|
|Brought forward|(113,559)|(108,505)|
|Carried forward|(127,132)|(113,559)|
page 13
## **Vivat Music Foundation**
## **Incoming Resources**
**for the year ended 31/03/2021**
|**Incoming resources**
**Incoming resources from generated funds**
**Donations**
Donations
**Investment income**
Interest income
**Performance**
Gift aid
CD Sales
Royalties
Performance fees|18,515
32
8,999
7,442
802
-|**2021**
**£**
18,515
18,515
32
32
17,243
17,243
35,790|_3,759_
_161_
_3,263_
_14,768_
_239_
_78,849_
|_2020_
_£_
_3,759_|
|---|---|---|---|---|
|||||_3,759_|
|||||_161_|
|||||_161_|
|||||_97,119_|
|||||_97,119_|
|||||_101,039_|
page 14
## **Vivat Music Foundation**
|**Expenses**
**for the year ended 31/03/2021**
**Expenses**
**Costs of generating funds**
**Costs of generating voluntary Income**
Postage and stationery
**Charitable Activities**
**Performance**
Advertising and marketing
Travel
Instrument tuning & transport
Performers' fees
Hall hire
Printing and design
Compact disc purchases
Rehearsal and recording venue hire
Recording production
Postage and stationery
Dues and subscriptions
Public relations
Conference fees
Tour management fees
CD selling costs
Agents’ commission
Computer, telephone & internet
Insurance
_note 1_
Bank charges
_note 2_|**2021**
**£**
112
112
112
800
235
1,420
15,560
-
-
-
3,000
12,030
861
453
829
-
-
1,689
-
2,034
-
-
38,911|_2020_
_£_
_658_|
|---|---|---|
|||_658_|
|||_658_|
||||
|||_2,545_
_10,117_
_1,696_
_59,152_
_2,854_
_649_
_2,906_
_-_
_6,172_
_598_
_400_
_1,647_
_288_
_1,380_
_2,032_
_2,242_
_4,410_
_626_
_221_|
|||_99,935_|
_note 1:_ due to a change in renewal date, the insurance premium for 2020-21 was paid during 2019-20. _note 2:_ with no foreign touring due to Covid, only bank charges relating to governance were due - see below.
|**Governance Costs**
Annual filing fee
Accountancy
Bank charges
Management charges|13
880
77
20,000
20,970
59,993|_13_
_981_
_78_
_30,000_|
|---|---|---|
|||_31,072_|
|||_131,665_|
page 15