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2021-03-31-accounts

Registered Company Number 8523283 (England & Wales) Registered Charity 1155738

Aurora Orchestra (A company limited by guarantee)

Trustees' Annual Report and Financial Statements

for the year ended

31st March 2021

AURORA ORCHESTRA

Contents

Page
Charity reference & administrative details 1
Report of the trustees 2 - 9
Report of the independent auditors 10 - 13
Statement of financial activities 14
Balance sheet 15
Statement of cashflows 16
Notes to the financial statements 17 - 24

AURORA ORCHESTRA

Reference and administrative details of the charity and its trustees

For the year ended 31 March 2021

Directors (and Trustees): Rebecca Barnett
Andrew Blankfield
Dame Liz Forgan DBE (Chair)
Nicholas Hardie
Michael Laven
Jennifer Lewis
Alistair Lomax
Ben Lumsden
Rachel Mortimer
Nicholas Snowman OBE
Suzanne Szczetnikowicz
Company Secretary: John Harte
Management Team: John Harte Chief Executive
Jane Mitchell Creative Director
Alana Grady Concerts Manager
Helen McKeown Development Manager
Anahita Falaki Concerts Assistant
Registered Office: The Music Base
King's Place
90 York Way
London, N1 9AG
Registered Company Number: 8523283
Registered Charity Number: 1155738
Bankers: CAF Bank Ltd
25 Kings Hill Avenue
West Malling
Kent ME19 4JQ

1

AURORA ORCHESTRA Report of the Trustees For the year ended 31 MARCH 2021

The Trustees present their report together with financial statements for the year ended 31 March 2021, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

Structure, Governance & Management

Governing Documentation

Aurora Orchestra is a charitable company limited by guarantee. It is governed by its Memorandum and Articles of Association, dated 9 May 2013.

Organisation

The Board of Directors must have a minimum of three members. It convenes for a minimum of four meetings each year in pursuit of the objectives set out below. The directors are also the Trustees for the purpose of charity law. The following directors served on the Board during the year ended March 2021:

Andrew Blankfield Dame Liz Forgan DBE Nicholas Hardie Katherine Hudson Resigned 30 September 2021 Michael Laven Alistair Lomax Rachel Mortimer Richard Sheldon QC Resigned 30 September 2021 Nicholas Snowman Suzanne Szczetnikowicz Nick Torday Resigned 30 September 2021

The following directors were appointed after March 2021

Rebecca Barnett Appointed 30 September 2021 Jennifer Lewis Appointed 30 September 2021 Ben Lumsden Appointed 30 September 2021

John Harte (Chief Executive) acts as Secretary to the Board. Principal Conductor Nicholas Collon, Creative Director Jane Mitchell and several members of the management team also attended board meetings during the period. Player interests were represented by Player Representative Jamie Campbell, with other guest attendees invited on an ad hoc basis.

Appointment and Induction of Trustees

Prospective Trustee appointments are discussed by the Board at regular intervals with a view to enhancing its ability to support the orchestra. Any new Trustee must be appointed by a resolution of the existing Trustees. A new Trustee will meet with the Chairman and Chief Executive prior to joining the Board, and is assigned a particular area of responsibility matching their own field of expertise.

2

AURORA ORCHESTRA Report of the Trustees (continued) For the Year Ended 31 MARCH 2021

Board Committees

The board supports the orchestra’s administrative team on an ongoing basis through a group of committees with particular areas of responsibility. These currently include the following:

Management

The financial year 2020/21 saw significant changes to Aurora Orchestra’s staffing model as the organisation adapted to the challenges of the pandemic. Following a restructure during the summer of 2020, Aurora Orchestra’s management team comprised the following:

Risk Management

The Trustees have conducted a review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Procedures have been put in place to minimise both external and internal risks and these procedures are periodically reviewed to ensure that they still meet the needs of the charity. The Trustees are satisfied that the Trust's assets attributable to each of its individual funds are available and adequate to fulfill its obligations in relation to those funds.

Mission statement

Despite the huge upheaval caused by the pandemic, Aurora’s core mission statement during this period remained unchanged per the orchestra’s 2018–2022 Business Plan, as follows:

Aurora creates vibrant musical adventures that share a passion for orchestral music with the broadest possible audience.

3

AURORA ORCHESTRA Report of the Trustees (continued) For the Year Ended 31 MARCH 2021

We produce vivid and intensely powerful musical experiences combining the very highest performance quality with creative presentation and an exceptional breadth of artistic horizons. We harness the extraordinary versatility of the chamber orchestra to make orchestral music speak in powerful new ways for first-time listeners and lifelong classical devotees alike.

The organisation’s work continues to be underpinned by four key values as follows:

Aim high: we will strive tirelessly and without compromise for the very highest levels of artistic and organisational excellence, with a passionate commitment to quality throughout our output. We will seek to inspire and challenge our audience, players, collaborators and staff with projects that are never less than extraordinary. We will be prepared to take risks and break convention in the pursuit of an ever better artistic product.

Music first : whilst we will be fearless in our artistic adventures, these will always be in the service of making great music speak more powerfully. We will always seek to place music and musicians at the heart of our projects, and when collaborating across art forms we will always ensure that music and the orchestra’s creative voice is central to the artistic product. We will be brave enough to walk away from projects where this musical integrity can’t be guaranteed, even where these offer substantial rewards.

Music for all : we believe passionately that orchestral music can and should be a source of enrichment for everyone. We will refuse to settle for performing only to existing classical concertgoers, instead actively seeking to grow a bigger, more diverse audience for orchestral music in the UK and beyond.

Have fun : We recognise that a key part of our appeal to audiences and artists alike is our sense of joy in music-making. Whilst we seek to foster a working culture of challenge and ambition, we also want to ensure that our artistic and management personnel always share in this sense of enjoyment. We want Aurora to be a special, distinctive and enjoyable place to work, and will strive for the best working conditions for players and staff.

In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public Benefit: Running a Charity’ (PB2). The Trustees believe that the quality, breadth and accessibility of Aurora’s work means that the orchestra’s programme offers a clear public benefit.

Artistic Summary 2020/21

2020/21 was a year of unprecedented disruption for Aurora’s artistic programme, as well as for the freelance players and salaried staff who deliver it. The Covid-19 pandemic forced the cancellation of dozens of projects including three international tours that had been years in the planning. No artistic activity was possible for the first four months of the year while stringent home working and distancing restrictions remained in place. The complete closure of Southbank Centre meant that one of the orchestra’s two core London series had to be placed on hold for the entire year. International touring was also halted for the whole period.

Despite these setbacks Aurora was able to continue to deliver an adapted programme, allowing the orchestra to maintain a connection with its core audience whilst also making much more rapid progress than previously anticipated in developing a distinctive digital offer.

4

AURORA ORCHESTRA Report of the Trustees (continued) For the Year Ended 31 MARCH 2021

1. Digital activity

The pandemic catalysed a planned expansion of Aurora’s online programme. Over the summer of 2020, licences were for the first time agreed with the BBC to allow the orchestra to share footage of past orchestral theatre projects staged at the BBC Proms, including productions built around the orchestra’s distinctive memorised performances. Content was shared freely on YouTube on a weekly basis throughout the summer under the banner of a new digital channel, Aurora Play . The archive broadcasts were enriched by a series of specially-created films hosted by Jessie Maryon Davies: ‘Join in with Jessie’ encouraged viewers of all ages to get under the skin of music being performed and to share their own creative responses online. Jessie also hosted a series of behindthe-scenes interviews with Aurora principal players discussing the music being performed and their memories of the rehearsals and performances. Aurora Play content attracted over a million views during the course of the year, a tenfold increase in engagement with the orchestra’s digital channels compared with the previous year.

During 2020/21 Aurora also devised and launched a new suite of online learning resources for use in schools. For the past eight years, Aurora’s Far, Far Away storytelling series for young children and families has been one of the most popular strands of the orchestra’s live activity. Combining live instrumental performance of the highest calibre with original storytelling and a playful, multisensory approach to concert presentation, each concert explores a particular composer or style of music, weaving together special arrangements for chamber forces with an original story from Writerin-Residence Kate Wakeling and a beautifully designed set built around the audience and musicians. Audiences are invited to step inside each story through guided listening, singing, dancing, holding props and much more, becoming immersed in a magical world of music, language, discovery and play.

For several years we have recognised that we are reaching the limit of how much further Far, Far Away can be scaled as a live offer: almost all of the 100 or so performances we stage each year are regularly sold out, and we have growing waiting lists of schools wanting to experience the special performances we host for Early Years and Key Stage 1 classes, as well as tailored versions for SEND settings. The pandemic provided the space and time to move forward with a long-held plan to develop a digital version of the programme which would allow us radically to scale the impact of this work, offering it to schools throughout the UK and internationally.

During the autumn of 2020, working in partnership with Stanton Media we created a filmed version of one Far, Far Away production, Tchaikovsky and the Marvellous Kingdom. In parallel our creative team, led by Jane Mitchell, devised and produced an extensive series of shorter films hosted by Jessie Maryon Davies designed to be used by teachers in primary and SEND settings to embed music in the classroom. A new website was designed a built to house the content. Offering flexible ways to navigate the content as well as schemes of work showing how it could be used to underpin a half term’s worth of teaching. Content was developed in close consultation with teachers (including specialist guidance from SEND professionals), and the programme is designed to align closely with both the national curriculum and new Model Music Curriculum. The learning resources were subsequently piloted in over 20 schools across England during the summer of 2021, and we continue to work towards a national launch for the 2022/23 academic year.

5

AURORA ORCHESTRA Report of the Trustees (continued) For the Year Ended 31 MARCH 2021

2. Kings Place series

Kings Place was in the vanguard of venues returning to live activity after the pandemic. As Resident Orchestra Aurora worked closely with the venue’s team to offer a vibrant adapted programme from the summer of 2020.

In September we staged two outdoor performances of Beethoven’s 7[th ] Symphony in the West Handyside Canopy at Kings Cross in partnership with Kings Place – the first symphonic-scale orchestral performances for ticketed audiences anywhere in the UK since the start of the pandemic.

“A ferocious performance that Beethoven would have loved.” (**** Richard Morrison, The Times )

“Blessed are the players and musical organisations who adapt and innovate, for they shall inhabit the post-lockdown landscape… The soul was truly fed, as it can only be in a live event; the proof was in the enterprise. Much more of this, please.” (**** David Nice, The Arts Desk)

During the autumn the orchestra presented a trio of chamber-scale concerts: these were planned to be streamed online as well as open where possible to distanced audiences, meaning that when lockdown restrictions were reimposed we were able to press ahead with performances behind closed doors. This trio of concerts – two of which were broadcast on BBC Radio 3 – allowed the orchestra to continue its journey through the complete cycle of Mozart’s Piano Concertos, with reduced arrangements of concertos nos. 23, 25 and 26 performed with Steven Osborne, Imogen Cooper and Louis Schqizgebel respectively. We also engaged three outstanding young female composers – Electra Perivolaris, Sasha Scott and Sylvia Lim – to write a new work for each of these concerts, creating opportunities for the next generation of UK-based composers at a moment of unprecedented challenge for the music sector.

Aurora’s Kings Place series continued into 2022 with a centenary performance of The Lark Ascending (also broadcast on BBC Radio 3)

“Rarely have I seen so many smiles on stage as at Kings Place on Saturday. The combination of the delight of the performers being back in their natural environment with the genial and generousspirited music they were playing brought out the best in everyone.” (**** Bernard Hughes, The Arts Desk on Aurora’s performance with Imogen Cooper, October 2020)

“A bonanza of surging energy and fresh hope.” (**** Geoff Brown, The Times on Aurora’s performance with Elena Urioste, February 2021)

3. BBC Proms and UK touring

The central artistic highlight of this disrupted year was a televised performance behind closed doors as part of a re-imagined BBC Proms season. Aurora presented a memorised performance of Beethoven’s Symphony No. 7, introduced by Nicholas Collon and Tom Service with one of the presentations which have become a feature of Aurora’s Proms appearances in recent years. The programme also included the premiere of Richard Ayres No. 52: Three Pieces about Ludwig van Beethoven , an intensely personal work inspired not only by Beethoven’s famous ‘Heiligenstadt Testament’ but by the composer’s own struggles with hearing loss.

‘Music can inspire compassion and empathy as it burrows us into the mind of another human being, and this assuredly did… An absolute tour-de-force, displaying sky-high musicianship, memory and nerves of steel.”’ (**** Jessica Duchen, The Arts Desk)

6

AURORA ORCHESTRA Report of the Trustees (continued) For the Year Ended 31 MARCH 2021

“Collon’s performance was light, lithe and immaculately played, always keeping something in reserve; this was the Seventh as a joyous celebration of energy” (**** Andrew Clements, The Guardian)

“A magnificent achievement.” (Richard Morrison, The Times)

“It was clear that every player absolutely inhabited the music, pushed into physical gesture by its unflagging brilliance…THIS is how to celebrate Beethoven’s 250th anniversary!” (* Barry Creasy, Music OMH)

Limited UK touring activity during this year included a pair of performances for reduced audiences at Saffron Hall.

Financial Review

The financial year 2019/20 was severely affected by the loss of commercial income in the final quarter as a consequence of the Covid-19 pandemic, leaving the orchestra for the first time with a negative unrestricted reserves position at year end.

The board notes that the financial impact of the pandemic on freelance musicians has been especially severe. Whilst some freelance players have been able to secure support through government income support schemes, many have found themselves ineligible for such support for a variety of reasons which are often beyond their control. In combination with the sharp curtailment of performing opportunities for freelancers during the 2019/20 year this posed a potentially existential threat to the careers of many musicians.

Aurora supported efforts by the ABO during this period to lobby government for additional support for freelance musicians, and signposted players to other possible sources of support for musicians facing financial hardship as a result of the crisis. Strategically, the board took the view that the best way for Aurora to support the pool of freelance musicians who play for the orchestra was to rebuild the orchestra’s performing calendar as quickly as possible. This approach informed our decision to restart live activity as soon as possible despite the many challenges this posed, rather than simply mothball the organisation until risks associated with performing had subsided.

Over the course of 2020/21 Aurora succeeded in stabilising and rebuilding its financial position. In July 2020 Aurora was awarded an emergency grant by Arts Council England of just over £60,000 to help offset some of the losses incurred by the impact of coronavirus; this was followed in the autumn by a further £200k through the first round of the government’s Culture Recovery Fund. Significant savings to overhead expenditure have been achieved, including through the government’s Coronavirus Job Retention Scheme, and the charity has continued to receive welcome philanthropic support from many of its existing individual and organisational supporters. Major grants in this period included £180k towards the orchestra’s new online learning resources project and wider digital programme from the Garfield Weston Foundation, emergency support from the Esmée Fairbairn Foundation, and a grant from the BPI Music Export Growth Scheme aimed at expanding the orchestra’s forward international touring programme.

Despite the financial challenges at the start of the financial year, the orchestra was able to maintain a viable cashflow position throughout. This was achieved as a result of loan finance put in place with CAF Bank prior to the pandemic – intended to help the orchestra manage seasonal cashflow fluctuations linked to the payment of Orchestra Tax Relief, this financing arrangement allowed a vital buffer against the initial shocks caused by the pandemic to the orchestra’s business model.

7

AURORA ORCHESTRA Report of the Trustees (continued) For the Year Ended 31 MARCH 2021

The orchestra finished the 2020/21 financial year in a much improved financial position, with unrestricted reserves totalling £147,847, as well as over £200,000 in restricted grant funding carried forward for expenditure in 2021/22. Whilst the orchestra continues to face great uncertainty, this represents a solid foundation from which to build over coming seasons, and allows the orchestra to plan for future activity with confidence. The board also notes that some of the early-stage planning and digital work undertaken during the pandemic is hoped to generate new income streams in future: from the international touring invitations secured during this period for 2022 and beyond to the new online learning resources which will be launched to schools nationally in coming years.

Reserves Policy

The Trustees understand the need to build up sufficient reserves to provide a degree of financial security for the orchestra's ongoing operations. Following current Arts Council England guidance the board currently sets its unrestricted reserves target at 8 weeks’ worth of pre-pandemic turnover (equivalent to just over £160,000). It is likely that during the year ahead the board will revise this target to better reflect the changing circumstances and risks facing the organisation.

Fundraising disclosures

The Trustees have considered the provisions of section 13 of the Charities (Protection and Social Investment) Act 2016, and note the following:

Following a thoroughgoing review of the orchestra’s data processing policies in light of the introduction of the EU General Data Protection Regulation 2018, an updated organisational Privacy Policy is published on the orchestra’s website.

Future plans

Despite the reduction in activity occasioned by the pandemic, plans continued for future projects. These include a revival of the orchestra’s staging of Berlioz’s Symphonie fantasique scheduled for autumn 2022, as well as a major new orchestral theatre project to be developed with international co-producers in 2023. With the support of Intermusica and the German agency Fast Forward Classical we worked to build the orchestra’s touring calendar, with a busy calendar of UK dates from the 2021/22 season onwards including international activity planned to restart from summer 2022.

Since the end of the 2020/21 financial year the orchestra also has also launched a new partnership with the Printworks London venue in Rotherhithe: formerly home to Europe’s largest printing presses, the venue now operates as one of the UK’s leading electronic music venues. Aurora staged a pair of experimental immersive concerts at Printworks in autumn 2021 for combined audience of over 2,000 people, many of whom had never previously attended an orchestral concert. Following the success of this first collaboration Aurora is planning further such events in future seasons.

8

AURORA ORCHESTRA Report of the Trustees (continued) For the Year Ended 31 MARCH 2021

Other plans for coming seasons include the continued development of our residency series at Kings Place (including collaborations with Cassie Kinoshi, Javier Perianes, Roderick Williams and the BBC Singers) and our Associate Orchestra series at Southbank Centre (including projects featuring Patricia Kopatchinskaja and Nicola Benedetti in 2021/22).

Trustees’ responsibilities for the financial statements

The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure of the Trust for the year. 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 Trust and which enable them to ensure that the financial statements comply with Part VI of the Charities Act 1993.

They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure

This report has been approved by all of the charity’s Trustees, and signed on their behalf by:

SIGNED SECURELY SIGNED SECURELY 28/01/2022 at 6:13:06 PM UTC 28/01/2022 at 6:13:06 PM UTC

…………………………………………………… ……………………………………

Dame Liz Forgan DBE, on behalf of the Board of Trustees Date

9

AURORA ORCHESTRA Independent auditor’s report to the members of Aurora Orchestra For the Year Ended 31 MARCH 2021

Opinion

We have audited the financial statements of Aurora Orchestra (the “Charity”) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, Balance Sheet and Statement of Cash Flows 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

10

AURORA ORCHESTRA Independent auditor’s report to the members of Aurora Orchestra (continued) For the Year Ended 31 MARCH 2021

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 auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report including the Strategic Report.

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

11

AURORA ORCHESTRA Independent auditor’s report to the members of Aurora Orchestra (continued) For the Year Ended 31 MARCH 2021

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees 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 they 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 Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 an auditor’s report 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.

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 also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

12

AURORA ORCHESTRA Independent auditor’s report to the members of Aurora Orchestra (continued) For the Year Ended 31 MARCH 2021

Use of our report

This report is made solely to the Charityʼs 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 Charityʼs members those matters we are required to state to them in an auditorʼs 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 Charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

SIGNED SECURELY 28/01/2022 at 6:34:25 PM UTC

……………………………………………..

Alistair I Wem BSc BFP FCA (Senior Statutory Auditor) Wem & Co Chartered Accountants (Statutory Auditor) Savoy House Savoy Circus London W3 7DA SIGNED SECURELY 28/01/2022 at 6:34:25 PM UTC Date ………………………………………………

13

AURORA ORCHESTRA

Statement of financial activities (incorporating an Income and expenditure account) For the year ended 31 March 2021

Note
Income from:
Voluntary income
2
Investments
3
Charitable activities
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
5
Total expenditure
Net income / (expenditure)
Transfers between funds
14
Total funds brought forward
14
Total funds carried forward
14		 Unrestricted
Funds
£
542,480
44
150,495
693,019
132,444
375,323
507,767
185,252
-
(37,405)
147,847		 Restricted
Funds
£
223,810
-
-
223,810
-
125,810
125,810
98,000
-
120,000
218,000		 TOTAL
2021
£
766,290
44
150,495
916,829
132,444
501,133
633,577
283,252
-
82,595
365,847		 TOTAL
2020
£
388,264
138
865,382
1,253,784
149,661
1,205,566
1,355,227
(101,443)
-
184,038
82,595

All the above results derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

The accompanying accounting policies and notes on pages 17-24 form an integral part of these financial statements.

14

AURORA ORCHESTRA

Balance Sheet at 31 March 2021

Notes
£
£
Fixed assets
11
6,714
Current assets
Stock
597
Debtors
12
135,157
Cash at bank and in hand
380,836
516,590
Creditors- amounts
13
(62,319)
falling due within one year
Net current assets
454,271
Total assets less current liabilities
460,985
Creditors: amounts falling due after one year
(95,138)
Net assets
365,847
Income funds
Restricted funds
14
218,000
Unrestricted funds
14
147,847
Total charity funds
365,847
2021		 £
£
5,240
597
257,998
43,199
301,794
(62,763)
239,031
244,271
(161,676)
82,595
120,000
(37,405)
82,595
2020		 £
£
5,240
597
257,998
43,199
301,794
(62,763)
239,031
244,271
(161,676)
82,595
120,000
(37,405)
82,595
2020
239,031
244,271
(161,676)
82,595
120,000
(37,405)
82,595

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the Charity as at 31 March 2020 and of its net incoming resources for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Charity.

The financial statements were approved and authorised for issue by the Board of Trustees

SIGNED SECURELY

on …………………………………...………………………………………… 2022 and signed on their behalf by: 28/01/2022 at 6:13:06 PM UTC SIGNED SECURELY 28/01/2022 at 6:13:06 PM UTC .................................................. Dame Liz Forgan DBE, Chair of the trustees

The accompanying accounting policies and notes on pages 17-24 form an integral part of these financial statements.

Company Registration Number: 8523283

15

AURORA ORCHESTRA

Statement of Cash Flows - for the year ended 31 March 2021

2021
£
Cash used in operating activities
403,181
Cash flows from investing activities
Interest income
44
Purchase of tangible fixed assets
(4,719)
Cash provided by (used in) investing activities
(4,675)
Cash flows from financing activities
Loans received
-
Repayment of borrowing
(60,869)
Cash provided from financing activities
(60,869)
Increase (decrease) in cash and cash equivalents in the year
337,637
Cash and cash equivalents at the beginning of the year
43,199
Total cash and cash equivalents at the end of the year
380,836
Reconciliation of net movement in funds to net cash flow from operating activities
Net income / (expenditure)
283,252
Add back depreciation charge
3,245
Add notional interest
2,962
Deduct interest income shown in investing activities
(44)
Decrease (increase) in stock
-
Decrease (increase) in debtors
122,841
Increase (decrease) in creditors
(9,075)
Net cash used in operating activities
403,181		 2020
£
(178,110)
138
(456)
(318)
150,000
(4,375)
145,625
(32,803)
76,002
43,199
(101,443)
3,122
2,744
(138)
-
29,826
(112,221)
(178,110)

16

Notes to the financial statements - for the year ended 31 March 2021

AURORA ORCHESTRA

1 Summary of significant accounting policies

1.1 General information and basis of preparation of accounts

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include items at fair value. The financial statements have been prepared in sterling, which is the functional currency of the charity. The financial statements have been prepared in accordance with “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 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

1.2 Company status

The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The nature of the charity's operations and principal activities are the promotion and production of concerts of orchestral music.

1.3 Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.4 Income recognition

All incoming resources are included in the Statement of financial activities when the Charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.

Voluntary income and donations are included in incoming resources when they are receivable, except when the donors specify that they must be used in future accounting periods, then the income is deferred. The income from fundraising ventures is shown gross, with the associated costs included in fundraising costs. Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.

Fees and ticket income in respect of concerts and education projects are accounted for on an accruals basis. Such income is deferred if received in advance of the concert or project date.

1.5 Expenditure recognition

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Expenditure is recognised when there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

17

Notes to the financial statements (continued) - for the year ended 31 March 2021

AURORA ORCHESTRA

1.6 Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include premises and office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at head office. Support costs have been apportioned between charitable activities and raising funds on a representative percentage allocation.

1.7 VAT

Almost all VAT is recoverable. Any irrecoverable VAT is included within resources expended.

1.8 Fund accounting

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair allocation of overheads and support costs.

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity.

1.9 Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

1.10 Taxation

The charity is exempt from tax on its charitable activities.

1.11 Tangible fixed assets and depreciation

All assets costing more than £250 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computers and office equipment straight line over 4 years Music library straight line over 10 years Music stands straight line over 6 years

1.12 Stocks

Stock is valued at the lower of cost and net realisable value. Cost includes all direct costs.

1.13 Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

1.14 Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

18

AURORA ORCHESTRA

Notes to the financial statements (continued) - for the year ended 31 March 2021

1.15 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that there are sufficient resources to continue for the foreseeable future. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

1.16 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their transaction settlement value.

Unrestricted
Funds
2
Voluntary income
£
Grants
475,375
Donations
Individual giving
67,105
Corporate donations
-
542,480
Grants received, included above, are as follows:
ACE - Culture Recovery Fund
200,000
Garfield Weston Foundation
-
Arts Council England
156,065
HMRC - Furlough Grant
83,310
BPI Music Export Growth Scheme
20,000
Esmée Fairbairn Foundation
-
Sir John Fisher Foundation
10,000
Parabola Foundation
-
London Borough of Islington
5,000
The D'Oyly Carte Charitable Trust
-
The Leche Trust
-
Trustees of the New Berlioz Edition
-
RVW Trust
-
Ambache Charitable Trust
-
Austin & Hope Pilkington Trust
1,000
Karlsson Jativa Charitable Foundation
-
The Leverhulme Trust
-
The Reed Foundation
-
The PRS Foundation for Music
-
475,375		 Restricted
Funds
£
223,810
-
-
223,810
-
185,410
-
-
-
18,500
-
8,000
-
3,500
3,000
2,000
2,000
1,400
-
-
-
-
-
223,810		 Total
2021
£
699,185
67,105
-
766,290
200,000
185,410
156,065
83,310
20,000
18,500
10,000
8,000
5,000
3,500
3,000
2,000
2,000
1,400
1,000
-
-
-
-
699,185		 Total
2020
£
290,966
97,298
-
388,264
-
-
91,829
4,137
-
40,000
-
75,000
-
-
-
-
-
-
-
50,000
12,000
10,000
8,000
290,966

19

AURORA ORCHESTRA Notes to the financial statements (continued) - for the year ended 31 March 2021

Total Total
2021 2020
3 Investment income £ £
Interest receivable 44 138
Income from investments was £44 (2020: £138) which was wholly attributable to unrestricted funds.
Total Total
2021 2020
4 Income from charitable activities £ £
Performance Fees 89,923 702,768
Orchestra tax relief 44,160 149,954
Film tax relief 12,345 -
Programme sales, sale of recordings, reimbursed costs 4,067 12,660
150,495 865,382

Income from charitable activities was £150,495 (2020: £865,382), of which £0 (2020: £0) was attributable to restricted funds.

5
Expenditure on:
Raising funds
Charitable activities
Total
Included in support costs ar
6
Analysis of support costs
Raising funds
Charitable activities		 2021
2021
2021
Staff Costs
Direct Costs
Support Costs
£
£
£
79,621
6,434
46,389
172,997
227,345
100,791
252,618
233,779
147,180
e governance costs of £4,000 (2020: £4,000)
2021
2021
2021
Premises
Financial
Office
costs
& legal
admin
£
£
£
2,241
20,871
23,277
4,869
45,347
50,575
7,110
66,218
73,852		 2021
Total
£
132,444
501,133
633,577
2021
Total
£
46,389
100,791
147,180		 2020
Total
£
149,661
1,205,566
1,355,227
2020
Total
£
46,093
99,637
145,730

20

AURORA ORCHESTRA

Notes to the financial statements (continued) - for the year ended 31 March 2021

7
Net income/(expenditure) for the year
This is stated after charging:
Depreciation
Auditor’s remuneration
8
Analysis of expenditure by fund
Raising funds
Charitable activities		 Unrestricted
Funds
2021
£
132,444
375,323
507,767		 Restricted
Funds
2021
£
-
125,810
125,810		 2021
£
3,245
4,000
Total
Funds
2021
£
132,444
501,133
633,577		 2020
£
3,425
4,000
Total
Funds
2020
£
149,661
1,205,566
1,355,227

In 2020, of the total expenditure £1,243,227 was from unrestricted funds, and £112,000 from restricted funds.

9
Staff costs and employee benefits
Salaries
Social security costs
Employer pension contributions in the year
Freelance fees to artists
Freelance fees to administrators
The average number of employees during the year was as follows:		 Total
2021
£
227,296
18,722
6,600
252,618
119,235
60,965
180,200
2021
6		 Total
2020
£
268,927
26,449
8,147
303,523
576,622
78,417
655,039
2020
8

One employee received remuneration amounting to more than £60,000 during the year (2020: one) The key management personnel of the Charity comprise the Senior Management team during the period - John Harte, Jane Mitchell, Megan Russell and Caroline Harris. The total amount of employee remuneration and benefits received by key management personnel for their services to the Charity was £147,173 (2020: £189,948)

10 Trustees' remuneration and benefits

None of the trustees received any remuneration or benefits for the year ended 31st March 2021, nor for the year ended 31st March 2020.

21

AURORA ORCHESTRA

Notes to the financial statements (continued) - for the year ended 31 March 2021

11 Tangible fixed assets
Computers
& equipment
£
Cost
At 1st April 2020
38,409
Additions
4,719
Disposals
-
At 31st March 2021
43,128
Depreciation
At 1st April 2020
33,169
On disposals
-
Charge for the year
3,245
At 31st March 2021
36,414
Net Book Value
At 31st March 2020
5,240
At 31st March 2021
6,714
Total
2021
12
Debtors
£
Trade debtors
18,171
Prepayments
1,676
Accrued income
104,434
Other debtors
10,876
135,157		 Total
2020
£
12,574
12,985
231,383
1,056
257,998

22

AURORA ORCHESTRA

Notes to the financial statements (continued) - for the year ended 31 March 2021

13
Creditors: amounts falling due within one year
Bank loans and overdrafts
Trade creditors
Deferred income
Accruals
Other creditors
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
Other creditors		 Total
2021
£
29,618
14,460
2,000
10,480
5,761
62,319
95,138
-
95,138		 Total
2020
£
20,987
8,673
7,080
9,801
16,222
62,763
124,639
37,037
161,676

Deferred income

Deferred income Deferred income Deferred income Deferred income
Where terms or conditions have not been met or uncertainty exists as to whether they can be met then the
relevant income is not recognised in the year but deferred and shown on the balance sheet as deferred income.
Income deferred from the previous period 7,080 86,154
Released to the statement of financial activities (7,080) (86,154)
Arising during the current year:
Grants received in advance 2,000 -
Performance fees received in advance - 7,080
2,000 7,080
**14 ** Statement of Funds 1 Apr Incoming Resources Transfers 31 Mar
2020 Resources Expended 2021
£ £ £ £ £
Restricted Funds
Performance Programme 80,000 34,900 (56,900) - 58,000
Learning & Participation 40,000 188,910 (68,910) - 160,000
120,000 223,810 (125,810) - 218,000
Unrestricted Funds
Performance Programme (37,405) 693,019 (507,767) - 147,847
(37,405) 693,019 (507,767) - 147,847
Total funds 82,595 916,829 (633,577) - 365,847

23

AURORA ORCHESTRA

Notes to the financial statements (continued) - for the year ended 31 March 2021

15 Leases

At 31 March, the company had annual commitments under non-cancellable operating leases as follows:

Expiry date:
Less than 1 year
Between 2 and 5 years
More than 5 years
Total		 2021
£
16,620
-
-
16,620
Land and
buildings		 2021
£
Other
-
-
-
-		 2020
£
16,620
-
-
16,620
Land and
buildings		 2020
£
Other
-
-
-
-

16 Related party disclosure

During the year, donations totalling £6,500 (2020: £11,076) were received from trustees. Remuneration to key management personnel is stated in note 9.

17 Analysis of net assets between funds
Tangible fixed assets
Net current assets		 Unrestricted
funds
£
6,714
141,133
147,847		 Restricted
funds
£
-
218,000
218,000		 2021
£
6,714
359,133
365,847		 2020
£
5,240
77,355
82,595

24