Registered number: 07149999 Charity number: 1135251
Vivat Music Foundation
Financial Statements
FOR THE YEAR ENDED 31/03/2022
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 31/03/2022
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
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Vivat Music Foundation
ACCOUNTS
FOR THE YEAR ENDED 31/03/2022
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 13 |
| Detailed Statement of Financial Activities | 14 |
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Vivat Music Foundation
FOR THE YEAR ENDED 31/03/2022
TRUSTEES' REPORT
STATEMENT OF THE TRUSTEES
The trustees present their report and accounts for the year ended 31/03/2022.
For a second year, work was hugely affected by the worldwide Covid-19 pandemic. Rapidly changing travel and health restrictions resulted in there being no live performances until the last month of the financial year. The majority of Vivat Music Foundation's work was therefore again put on hold. The livelihoods of all our performers and suppliers were once again dreadfully affected.
Despite these adverse restrictions, we further extended our online, recorded and digital performances, aiming to reach the widest possible global audience. Nearly two million downloads have now been made of recordings on the Vivat label, with our informative video ‘shorts' for our recorded projects also receiving tens of thousands of further views through a wide variety of digital distribution channels. Following the success of our first lockdown recording, “Purcell: Royal Odes”, which was a finalist in the 2021 “Gramophone” Awards, we raised funds for a follow-up recording, “Purcell: Birthday Odes for Queen Mary” which has been nominated as a finalist in the 2022 “Gramophone” Awards. Further increasing our digital reach we also replaced a planned live performance at the 2021 Halle Händel-Festspiele with a beautifully-filmed digital version.
At the year end, financial reserves were £49,656 (2021: £55,275). With the loss of live performance income, due to the Covid-19 pandemic, the charity drew on its reserves by £5,619 (2021, also badly affected by Covid cancellations, saw a loss of £24,203).
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 latest disc of “Purcell: Birthday Odes for Queen Mary”, alongside renowned names who have been performing this repertoire for twenty years, we again featured three singers who were not even born when The King's Consort started its first, ground-breaking series of Purcell's Odes.
We are especially grateful to the benefactors who so generously made possible that second, large-scale pandemic Purcell recording and who have also supported the charity’s fixed costs. We also pay tribute to the highly talented musicians from Vivat's orchestra and choir, The King's Consort, who have for two years suffered a terrible interruption to their professional lives and whose phlegmatic acceptance of the continuing cancellation of projects is 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 aftermath of the Covid-19 pandemic, which has resulted in Arts budgets across Europe being severely curtailed, and has also seen a bottleneck of cancelled and rescheduled projects affecting the planning of new tours and projects, the immediate period will be thin. Additionally, despite progress being made in certain countries following the UK's exit from the European Union – a departure which resulted in no unified agreement on work permits and visas between the UK and the 27 EU states – there still remains a considerable amount of red tape and bureaucracy, which is highly disadvantageous to UK performing ensembles touring in mainland Europe. 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.
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Vivat Music Foundation
FOR THE YEAR ENDED 31/03/2022
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 three formal 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.
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Vivat Music Foundation
FOR THE YEAR ENDED 31/03/2022
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, almost all planned live performances in the UK and mainland Europe were cancelled, due to the Covid-19 pandemic. During April 2021, following a successful fundraising campaign, a world-class ensemble of singers and instrumentalists was again assembled to record, under strict Covid protocols, a major new disc of “Purcell: Birthday Odes for Queen Mary”. In June a planned live performance for the 2021 Halle Händel-Festspiele was replaced by a beautifully-recorded video performance, which was widely streamed by the festival. Finally, in March 2022, live performances returned, with a necessarily shortened but successful chamber tour in Spain.
Vivat recording label, broadcast and digital activity
Released in September 2021 was “Purcell: Birthday Odes for Queen Mary”, a recording made possible thanks to generous donations from supporters: it garnered excellent reviews in the UK and abroad and is a finalist in the 2022 “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. 1,958,000 reported downloads have now been made of recordings on the Vivat label (2021: 1,697,000), 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, again deprived of their live concerts, instead generously supported our second recording of Purcell odes.
FINANCIAL REVIEW
The net result for the year was a deficit of £5,619 (2021 a deficit of £24,203). Total income amounted to £60,760 (2021 £35,790) and expenditure to £66,289 (2021 £59,993).
Fundraising
Voluntary income for the year, comprising gifts from individual donors, and grants from trusts and foundations, stood at £23,580 (2021 £18,515). 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 2022 were £49,656 (2021 £55,275).
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Vivat Music Foundation
FOR THE YEAR ENDED 31/03/2022
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
Recovery from the Covid-19 pandemic will take some years. Festivals, halls and presenters across the world have lost two years of audience income. Additionally they have a bottleneck of postponed projects to reschedule alongside new and previously planned work. Ever-tightening sources of funding – whether national, regional or local, private or public – continue to put strain on the already delicate ecosystem by which international touring is enabled. Pre-pandemic levels of audience attendance at concerts has not yet returned. Following the UK's exit from the European Union without a unified approach between the UK and the 27 EU countries regarding work permits and visas for UK artists touring within the EU, whilst progress has been made during the last twelve months to secure further agreements with individual countries, the extra bureaucracy involved in complying with 27 different sets of regulations and continuing technical uncertainties when crossing borders has had a disadvantageous effect on the frequency and volume of future work in mainland Europe.
Despite these adverse factors, Vivat continues to plan for coming seasons, with large-scale performances scheduled during the coming year including “Messiah” in the Canary Islands and Budapest’s National Concert Hall, and Handel’s “Alexander’s Feast” in Vienna and Madrid. We also continue our long-standing aims of:
• 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.
Record label - Vivat
The catalogue of releases on Vivat Records at 31 March 2022 included twenty-two titles. Further projects are planned for when finances make these possible. Our latest recording, of “Purcell: Birthday Odes for Queen Mary”, is a finalist in the 2022 “Gramophone” Awards. 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.
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Wivat Music FoUnlI0n FOR THE YEAR ENDED 3110312022 TRUSTEES, REPORT TRUSTEES RESPONSIBILinES STATEMENT The Truslges {who are also th8 Crfrectors of Vivat Music FoundatK)n frx th9 purposes of company 18wI ara rn8Fx)nslbl• for prnp8rfng the Trustees, Annual Report and th8 fln8noBI stst8m8nt8 In 8ecordance th appluble law and regu18tions. Company law requlre8 the Irusteos to prepar8 finandBI slat6ments for eh finar?1 year. Undèr that tho trustses havè elected lo prepare the financAal stalements in a¢cordan¢e th Unltèd KirwJdom Generalty Accepted Accnunting Practice IUThted Kirodom Accounung Standards 8nd appllcable law). Under company law tN8tees must not approve the financ181 $181ements unl889 Ihoy are satisfied that tw givé 8 trJ8 and fair viaw of the state of affairs of the tharity and the income and expenditure of the Charity for that period. In wgparing Ih8s6 financAal statèments, the tnJ8t888 are roquffed to.. . 8ef8ct sbS accounting polici88 and then apkly them conslstgnly,. - obsgNe the methods and wlnL¥pkns in the Charities SORP., - moke ludg8ments and acmuntiTrJ e81irnate8 that are reason8iAg prudènl: aThJ - prgpara the finandal statements on the going corThm ha8 unles8 it is inpppropri4ts to pr8sume that th8 charity 11 conlSnue in op8ratJon. The trustees are Te$ponsit4e fr)r keeping adequate acLounting FBcortls that are $Ufftnttrj show8nd explaii th& Charfty's transactions and disclose with reasonable accwacy at any tim8 the financlal posibon of the charity and enable them lo ensure that the financk81 statements CoMY wth the Companies Act 2006. Thèy arè also reswnsibla for safeguarding the assets of the char6ty herbC£ lor tsking r98sonabb stops forthÈ prevenlion and deteCtn of fraud an(1 other irregulare8. Ic rvvl K T Hoffinan TnJ8tee pag• 7
Vlyat Muslc Foundallon INDEPENOENT &WINER'S STATEMENT FOR THE YEAR ENDED 3110312022 RESPECTIVE RESPONSIBILrriES OF THE TRUSTEES AND THE EXAMINER I rewrt on the ac(x)unis of1he company lorthe year ended 31103r2022. The ¢h8rity% Iruees are also the dlrectors of the company for the purposes of company lawl are res[xsible for the preparatlon oflhe accounts. The charity'slwstee5 considerlhatan audit isnot required forthisyearunderseclK)n 14q2) oflhe Charities Act 2011{the 2011 Act) and that an independent examlnat6on Is needgj. Han9 satL4fled mysglf Ihal Ihg charity is nol subj1 to an wdrt undor MpanY and Is eli&¥ble t)r Indgpend9nt examlnafjon. it my responsibility to: - examlne the accounts under Sectlon 145 oflhe 2011 Act - follow thè pro¢eduffj$ lald dovm In th8 gera1 dSrtttlon8 glven ty the Charlty comnSsl (under sn 14515Xbl ofth8 2011 A as angndadl", and - state whether parucular matters have come lo my atterTrtion. BASIS OF INDEPENDENT EXAMINERS STATEMEKr My examlnaoon was carrfed out in accordance wilh general directions given by the Charity Commis&on. An examinat4on Incthjdes a revlew of the a¢counUng r6cord8 kgpt by Iho charlty and o comparlson of Ihe accounts pr&sgntad wth those rncorrl$. It 81s0 indtffles cortsiderath)n of any unusual item8 ordisclosuTes in the aLxounts. and seeking expLgn81ions frorn you a5 trustees concemirrfJ any such matters. Th6 procedums undertaken do not provide all the ewdence that w)uld tse required in an audit, and consequently m opinK+n glven as lo vknether the accounts present 8'tru& and falr and the report Is Ilmtt¢d to those matters set oul In the statsrn8nl beh)w. INDEPENDENT EXAMINERS STATEMENT In LxMne¢tK)n with my examination. no matter ha8 me to my att8nllon I1)1¢h gwe8 me r888(a)able cau80to bellevethat In Mat81 $t1h8 rgqulrementsto keep 80yntIr TrdS in orar section 130 01 the 2011 Act and to prepare xcounts vthich acrLJrf yh the accounting record8 and compty acLounlTrng uitements of thg 2011 Act hgvo ng1 bfj¢n mgt.. 26109r2022 Elizabeth Kllngaman MA FCA The Okl Rectory WoJliiuton 8ury St Edmunds SLthlk I28 8RU page 8
Vivat Music Foundation
Statement of Financial Activities for the year ended 31/03/2022
| 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 £ 23,580 5 37,175 60,760 90 66,289 66,379 (5,619) (5,619) 55,275 49,656 |
Restricted funds £ - - - - - - - - - - - |
2022 Total £ 23,580 5 37,175 60,760 90 66,289 66,379 (5,619) (5,619) 55,275 49,656 |
2021 Total £ 18,515 32 17,243 |
2021 Total £ 18,515 32 17,243 |
|
|---|---|---|---|---|---|---|
| 35,790 | ||||||
| 112 59,881 |
||||||
| 59,993 | ||||||
| (24,203) | ||||||
| (24,203) 79,478 55,275 |
||||||
| 55,275 |
This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
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Vlv4t Muslc Foundatlon BALANCE SHEET AT 3110312022 2022 2021 CURRENT ASSETS Debtors (amounts fslllng tlu6 thIn ong yearl Cash at bank and In hand 11.988 38,622 50,610 954 1,351 7&084 77.435 22,160 CREDITORS: Amounts falllng due wlthln on• NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 49,656 49, 54275 5&275 CAPITAL AND RESERVES Unre8trlcted fvnd8 General fund Oestgnated fvnds 167,$40 {117.8841 49.656 180. 193 (124,918) 55.275 Foi the year endlng 3110W2tr22 the company was entiU8d to exemption undor section 477 of the compari Ad 2006 relatin9 to small companlgs. The members have tKJt qUIred the cmpanY to obtain an audit in a¢T(lanCe 6ecYon 476 of lh6 Comp8nSe8 Act 2006. Thè dirèctors acknowledge thelr reSponbI[leS for (*)mKlying Imlh th& requlraments oftha Act resp8Ct to accounting records arKI the prep8r8Uon of accounts. These accounts have bgen prepargd in 8¢X0rdan WIUI th8 pmmsions applicable lo o)mpanies subject to the nall comp8ni88 reglme. Approwd by tho board of truste on 2810912022 and sign•d on th•lr b•half by K T Hoihnan Tru8t88 pag&10
Vivat Music Foundation
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31/03/2022
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 |
2022 £ - - 11,988 11,988 |
2021 £ 490 688 173 |
|---|---|---|
| 1,351 |
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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 |
2022 £ 74 880 954 |
2021 £ - 22,160 |
| 22,160 |
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 31/03/2022 there were 3 members.
5. UNRESTRICTED FUNDS
| General fund Recording production |
Brought Incoming forward £ resources £ 180,193 24,938 (124,918) 35,821 55,275 60,759 |
Outgoing resources £ (37,591) (28,787) (66,378) |
Transfers £ - - |
Carried forward £ 167,540 (117,884) 49,656 |
|---|---|---|---|---|
| - |
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 £5,000 in performance fees, £1,730 in reimbursed expenses and £10,000 as a general management fee. A further £10,000 management fee for this year has been approved by the board, to be paid when more adequate funds are available.
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Vivat Music Foundation
8. CD SALES
| 2022 | 2021 | |
|---|---|---|
| CD sales | 13,170 | 7,442 |
| Royalties | 272 | 802 |
| Donations | 22,379 | 17,275 |
| Total Income | 35,821 | 25,519 |
| Administration costs | 649 | 3,529 |
| Marketing costs | 3,115 | 3,319 |
| Performance cost | 17,681 | 18,000 |
| Production costs | 7,342 | 12,030 |
| Total Expenses | 28,787 | 36,878 |
| Surplus / (Deficit) | 7,034 | (11,359) |
| Brought forward | (124,918) | (113,559) |
| Carried forward | (117,884) | (124,918) |
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Vivat Music Foundation
Incoming Resources for the year ended 31/03/2022
| Incoming resources Incoming resources from generated funds Donations Donations Investment income Interest income Performance Gift aid CD Sales Royalties |
23,580 5 - 13,170 272 |
2022 £ 23,580 23,580 5 5 13,442 37,175 60,760 |
18,515 32 8,999 7,442 802 |
2021 £ 18,515 |
|---|---|---|---|---|
| 18,515 | ||||
| 32 | ||||
| 32 | ||||
| 17,243 | ||||
| 17,243 | ||||
| 35,790 |
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Vivat Music Foundation
| Expenses for the year ended 31/03/2022 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 Rehearsal and recording venue hire Recording production Postage and stationery Sundries Dues and subscriptions Public relations CD selling costs Computer, telephone & internet Insurance note 1 |
2022 £ 90 90 90 - 749 1,845 32,780 5,434 7,342 579 100 453 850 2,265 2,623 313 55,333 |
2021 £ 112 |
|---|---|---|
| 112 | ||
| 112 | ||
| 800 235 1,420 15,560 3,000 12,030 861 - 453 829 1,689 2,034 - |
||
| 38,911 |
note 1: due to a change in renewal date, the insurance premium for 2020-21 was paid during 2019-20.
| Governance Costs | ||
|---|---|---|
| Annual filing fee | 13 | 13 |
| Accountancy | 880 | 880 |
| Bank charges_note 2_ | 63 | 77 |
| Management charges | 10,000 | 20,000 |
| 10,956 | 20,970 | |
| 66,379 | 59,993 |
note 2: due to Covid, with no bank charges relating to foreign touring, only bank charges relating to governance were due.
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