SEPTURA LIMITED IA company limited by guarantee) Company Number.. 08833453 Reglstered Charity Numbgr= 1158408 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 JANUARY 2022 SEPTURA LIMITED REPORT AND ACCOUNTS FOR THE YEAR ENDED 6 JANUARY 2022 Charity rèfèr•neè & administrativè d•tsils Report of the trustees Strateglc report R•port of th• 1ndt￿ndtrnI •xamin•r Statement of financial activities Balance sheet Notès to thè financial stat•m•nts SEPTURA LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY ITS TRUSTEES AND ADVISERS Dlrecto Christian Stobbs Ichaimianl Jessica Jennings George Duncan-Jones Franci5 Williams Rebecca Johns Jonathan Langridge Richard Dernarchi (Appointed 27 September 20211 Company Secretary Simon Cox Artisti¢ Di￿tor$ Sirnon Cox Matthew Knight Independent Examlner ice Sheridan, ACA Bankers Lloyds Bank plc 1 Walm Lane London NW2 SSN Reglstered Offlce 9 Moore View 91 Chalkhill Road London HA9 9UN UK SEPTURA LIMITED REPORT OF THE TRUSTEES The Directors who are also Trustees of Septura present their annual report and independently examined finanaal statements for the year ended 6 January 2022, whith have been prepared under the Companies Act 2(X)6 and the Charities Act 2011. Administrativè Dètails Septura is a registered charity Ino. 11584081 and a company Ino. 088334531 limited by guarantee. Reference information and details of Trustees are set out on page 1. Summary of Objectlve and Actlvltles Septuia continues to be totslly comtnitted lo its twin objectives of advancing the public's education and appreciation of brass ensemble music by providing high qualty musical performances. broadcasts and recordings, and advancing education in the arts generally. Septura strives to further its charitable purposes for the public benefit throughout the country, with live performances in the concert hall, broadcasts on radio, masterclasses and recordings. The Trustees confim that they have complied with the duty in section 17 of the Charrties Act 2011 to have due regard to the Charities Commi5sion'5 general guidance on public benefit. strueturè. Gov8rnancè and Manag8mènt Incorporated in 2014, the company is governed by its Mernorandum of Association and Articles ol Association. The Trustees are responsible for the overall governance ol the company. The Directors, who also act as Trustees of the charitable activities of the company are listed on page 1 of this report. In accordance wrth the Artides of Association, their liabilty is limited to a Sum not exceeding £10 each, being the amount that each tnember undert8ke5 to contribute to the assets of the company in the event of its being wound up while he or she is a directoi. New directors are appointed for five-year terms by resolution of the current directors. The Board of Trustees must have 8 minimum of three members. Septura is managed by rts Arhstic Directors, Simon Cox and Matthew Knight, who report to the Trustees. The Artistic Directors and Trustees meet on a regular basis to ensure robust governance and deal with all major issues that concern the well-being of the group. Dirèetors The directors and trustees of the Cornpany during the year and at the time of approving this report were.. Christian Stobbs (Chairman) Jessica Jennings George Duncan-Jones Fiancis Williams Rebecca Johns Jonathan Langridge Richard Demarchi IAppointed 27 September 20211 This report has been approved by the charity's Trustees, and signed on their behalf by.. Christian Stobbs Chairman Date 18 October 2022 SEPTURA LIMITED STRATEGIC REPORT Achièvèmènts and Pèrfomiancè in thè Yèar The group continued to feel the effects of the Covid-19 pandemic throughout the year, with a substantial reduction in concert activty compared to pre-pandemic levels. We returned to the Wigmore Hall In March 2021 for a live-streamed concert, whilst a perfortnance at the Internation81 Trumpet Festival of the Alg8tve also took place in October 2021, A Christmas perforrnanoe at st. George's Bristol went ahead as planned. however 8 planned visit to Sasel Haus in H8mburg was cancelled due to Covid. We were able to release some social media content which had been recorded in 2019, with a video of Londonderry Air being particularty successful. Our relationship with Ikon Arts Management has continued, with several UK dates now being secured for 2022123. Our partnership with Craig Knudsen, who is now tnanaging our USA tour5, has Started strongly, with several tours in the pipeline. Plans for the futur• In fuifilment ol Its charitable activities, Septura will continue to pursue its main priorities of recordings and live perfoimances. From October 2022, the group will see a return tts activrty along the lines of pre-pandemic levels. Two ttsurs to the USA ale at an advanced stage of planning, and will take place in OctoberlNovembei 2022 and February 2023. A retum to the Wigmore Hall will take place in Decernber. with the group performing ils highly-acclaimed veision of Tchaikovsky's Nutcracker. Other UK dates for 22123 are confirrlled at St. James's Piccadilly in London and the Royal Welsh College ol Music and Drama The Japan trip which had been planned for December has been postponed, but discussions are now underway for a postponement to November 2023. Thè group has recently secured funding from the Garfield Weston Foundation, which wll allow the appointment of 8 General Managei from the beginning of Septembei 2022. This will greatty increase the group's administrative rapacty. allowing a greater nurrber of projects to take place, such 8s a mentorship scheme for female brass players and an annual residential brass academy. Flnanclal Revlew The fin8nci81 year ended wth an overall deficit of £3,63912021." surplus of £17,275). There wa5 8 deficit in funds carried forward al ye3r end of £56.02412021.. £52.3851. Cash Reserves The charity's intention is to hold cash reserves of £12,000 in order to provide a degree of financial security for the charity's ongoing activities. At the balance sheet date, these reserves were depleted due to cancellations caused by the pandemic, and incorne being due on a perfOr[nan￿ foi which expenditure had already taken place. Whilst the ttUStee5 Still believe that the reserves should be increased in the long letm. this is not wn5idered to be urgent due to an increased likelihood of travel expenses being paid in advance for inlemational tours. Reserves Poli¢y The Trustees aim to generate posth.ve reserves in the near future, which will be fulfilled thanks to efforts of the Artistic Directors to expand the group'5 activities worfdwide. on￿ positive, iesetves will be used to further the charitable objectives. This process has been slowed due to the effects of the pandernic. but piogress should be possible during the coming years. Fund¥ matsrially in deficit Septuia's funds are currently Material￿ In deficrt £56,02412021." £52,385). This deficrt has been predominantty funded by long-teirn 108n from a benef8Ctoi and loan5 from the chaiity's Iwo art15tic director5. The ch8riW5 long-tetm debt rernain5 al £61.82312021. £61.8231. and will be repaid al the discretion of the trustees. as and when funds are available. Covld-19 As expected, autumn 2022 is the point at which the group's diary will return to normal pre-pandemic levels. Some losses have been sustained due to cancellations caused by Covid, but they have not had a serious Impact on the group's overall finances. SEPTURA LIMITED STRATEGIC REPORT Contlnued Trustèès. rèsponsibilitias for thè financial statèmènts The Trustees are required to prepare financial statements for each finanaal year which give a true and fair view of the state ol affairs of the charity and the incoming resources and application of resources, induding the net income or expenditure of the charity for the year. In preparing those financial staternents, the Trustees ale required to". Select suitsble accounting policies and then appty them wn5iStenlly'. Make judgments and estimates that are reasonable and prudent., State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements", Prepare the financial 5tatement5 on the going-concern basis unless it 15 inappropriate to presume that the charity will continue in busine8S. The Trustees are responsib￿ for keeping proper accounting records which disdose with reasonable accuracy at any time the linanaal posrtion of the charity and which enable them to ensure that the financial statements comply wrth Part W of the Charrties Act 1993. They are also responsib￿ for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregul8rities. ststement of di¥¢105ure al So fai as the TtU5tees are aware, the￿ is no relevant infoirnation of which the independent exarniner is unawaie,. and bl they have taken all the steps that they ought to have taken in order to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information. This report has been approved by the charty's Trustees, and signed on their behalf by. Christian Stobb8 Chairman Date 18 October 2022 INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF SEPTURA LIMITED I report on th8 accounts of th8 company for the year ended 6 January 2022, which are set out on pages 7 to 11. Respective responsibilities of Tru5tee5 and examingr The Trustees (who a￿ also the dire¢tors of the company for the purposes of Company lawl are responsible for Y)e preparation of the ac¢ounts. The Trustees consider that an audit Is not ￿0￿1[￿ for this year under section 144121 of the Charities Act 2011 Ithe 2011 Act) and that an independent examinatlon Is needed. The charity's gross income did not exceed £250,000. l arn qualified to undertake the exarnination by being a qualified rnember of the Institute of Chartered Accountants of England and Wale5. Having satisfied myself that the charity Is not subject to audit under company law and is eligible for independent examination. it is my ￿spOnsIbl11ty to. examine the sccounts under section 145 of the 2011 Act to follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act . to $tste whether particular matters have come to my attention Basis of indèpendent examiner's report My examination was carried out in accordance with the general Direction8 given by the Charity Commission. An examination includes a review of the aceounling records kept by the charity 8nd a comparison of the accounts presented with those records. It also Indudès consideration of any unusual items or disclosures in the accounts, and Seeking explanations from you as Trustees ¢on¢erning any such matters. The pro￿dUreS undertaken do not provide all the evidence that would be required In Sn audit an consequently no opinion is given as to whether the accounts present 3 'true and fair view. and the report is limited to those matters Set out in the next 5taternent. Independent examiner's 8tatement In connection with my Èxamination, no matter ha$ ¢ome to my attentlon.. 111 which give8 me reasonable cause to believe that in any m8terial respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 20(6', and to prepare accounts which accord with the accounting records. comply with the accounting requirernents of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice. Accounting and Reporting by Charities have not been met." or 121 to which, in my opinion, attention should be drswn in order to enable a proper understanding of the account5 to be reached. Alice Sheridan IAGAI 93 Kirkwood Road, London. SE15 3XU Date: SEPTURA LIMITED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENOEO 6 JANUARY 2022 Unr85tricted Funds 2022 Restricted Funds Total Funds Total Funds 2022 2022 2021 Notes INCOME AND EXPENDITURE Income from.. Donations. grants, and I￿aCleS Charitable activit￿8 1,347 14,028 1.347 14.028 5,771 89,327 Totsl income 15,375 15.375 95,098 Expenditure on.. Charitable activIt￿S Cost of fundraising 115,9291 13,0851 115,9291 13,0851 176,0501 11,7731 Total exponditure 119,0141 19,014 77,823 Net lexpendilureVin¢ome 3.639 3,639 17,275 Total funds brought forward 152,3851 152,3851 169,6601 Total funds carried forward 56.024 56,024 52,385 There were no recognised gains and losses during the financial year other than those dealt with in the Statement of Financial Activities. All income and expenditure relate lo continuing activities. The notss on pages 9 to 13 form an intsgral part of the88 financial statements. SEPTURA LIMITED BALANCE SHEET AT 6 JANUARY 2022 2022 2021 Notes Flxed assets Tangible assets 921 921 Curronta55ets Debtors Cash at bank and in hand 661 4.217 4.878 3,250 7,772 11,022 c￿ditOrs.. Amounts due within one year 2,5051 Net currenla8sets 4,878 8,517 Total a$$ets le$$ Current Ilabllltles 5.799 9,438 reditors.. Amounts due after ong y9ar 10 161,8231 61,8231 Net liabilities 56,024 52,385 Funds of the Chorlty Unrestri¢ted funds 12 156,0241 152,3851 Total deficit in fund5 56,024 52,385 For the ye8r ending 6 January 2022 the company wss entitled to exemption from audit under section 477of the Companies Act 2006 relating to small companies. The directors have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The direclots acknowledge their responsibilities for complying with the ￿QUireMents of the Ad wrth ￿Spect to a¢eounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to cornpanies subject to the smsll compsnies, regime. These financial statements were approved and authorised for issue by the Board on 6 October 2021 and were signed on its behalf by. Christian Stobbs Chaimian The notes on pages 8 to 11 fomi an integffjl part of these financial statements. Registered number 08833453 SEPTURA LIMITED NOTES TO THE FINANCIAL STATEMENTS A¢¢ounting Poli¢ie8 lal Accounting convention The financial statetnents have been prepared on a going concem b8515 under the historical cost convention, rnodified to Include items al tsir value. This basis has been used because the group's deficit wll be eliminated in future seasons through surplus concert income. The financial statements have been prepared in sterling, which is the fijnclional currency ol the charity. The financial statements have been prepared in accordance with "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 1 effective 1 January 2015FICharitie5 SORP IFRS 10211, the Financial Reporting St8ndaid applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Ibl Statement of financial activitie8 As the company Is a registered charity it has adapted the Companies Act formats to reflect the special nature of the Charity's activities. (el Cash flow statement The Company has taken advantage ol the exemption in FRS 102 Section 1.12 from the requirement to produce a cash flow statement. Idl Going concern After due consideration of the Yuture cash flows of the Company, the directois are confident that the Company has sufficient financial iesources to rneel its obligations as a going concern for the foieseeable future. being rnoie than 12 months from the date of approving the financial ststements. The financial statements have therefore been prepared on the going con￿rn basis. While the restrictions on activty and the accompanying economic shock In response to COVID-19 has caused a number of businesses across the UK to experience significant difficultie5, not least Septur8. Whilst much of the Companls activity had been significantty curtaI￿d. there ale no stsff and very little fixed overheads. meaning the Company has been able to survive comfortabty on existing resources. Now that restrictions around coronaviurs have been largely removed in the UK and in many other parts of the world, and touring is possible once again, the Directors are confident that the Company is well positioned to continue as a going concern for at least the next 12 months. lel Incoming resources Incoming resources comprise total income, net of VAT. from box office and hire of Septura in respect of Con￿rtS, recordings, broadcasts, engagements and tours, sponsorship lees and advertising. The income and result for the year are wholly attributable to the principal activities of the company. lfj Resources expended Performance related costs wnsist of perforrners, and producer5, fees. venue and other wsls, including marketing. which are specffic to arranging performances and recordings. Expenses 8re accounted for on an auruals basis. Igl TangSble flxed assets Tangible Assets held by the company comprises equipment used by the group during cOn￿rt performances, and edi8 equiptnent including camera and lighting and audio equipment. The company has adopted an annual rev3luation policy and holds these tangible 3ssels on ils balance sheet al replacement cost Ilo be assessed by the Trustees annualtyl. Ihl Restricted funds Restricted Funds are only used for particular ￿$trIcted purposes within the objects of the charity. Restrictions arise when specified by a donor or when funds ale iaised for particulai restricted purpose5. SEPTURA LIMITED NOTES TO THE FINANCIAL STATEMENTS contlnued A¢¢ounting Poli¢ie8 l¢ontinuedl lil Financial instruments The Group only has financial a5Sèts and financial liabilities of a kind that qualify 88 basic financi81 instrument5. Basio financial instruments are inilialty recognised at tiansactions value and subsequentty measured at amortised cost wth the exception of fixed assets which are held at repl8cement cost. Financial assets held at amortised cost comprise cash at bank and debtors excluding prepayments. Financial liabilities held at amortised cost comprise creditors exduding other taxes and social security and deferred income and income in advan￿. til Debto Trade and other debtors are recognised al the settlernenl amount due after any trade discounts offered. Prepayments are valued at the arllount prepaid net of any trade discounts due. Ikl Creditor¥ Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fund5 to a third party and the amount due to settle the obligation can be rneasured or estirnated reliabty. Credilois are norrnally recognised al Iheii settlement amount after allowing for any trade discounts due. 111 Cash Cash at bank and in hand includes cash deposits in banks only. Particulars of Employees The Company had no employees during the period12021'. nill, other than the directors. No emolurnents were paid to the directors during the period12021'. nill. 3 Income from Donations. Grants, and Legacies Unrestrlcted Funds 2022 Restrlcted Funds Total Funds 2022 2022 Total Funds 2021 Grants Donations 3,000 2,771 5,771 1,347 1,347 1,347 1,347 Incom8 from Charitable Activitie$ Unrestricted Funds 2022 Restricted Fund5 Total Funds 2022 2022 Total Funds 2021 Perfomance fees Income from iecoidings Income from education31 projects 9,203 1,725 3,100 14,028 9,203 1,725 3.100 14.028 82,442 3,845 3,040 89,327 SEPTURA LIMITED NOTES TO THE FINANCIAL STATEMENTS contlnue Expenditure on Charitablg A¢tivities Unrestricted Funds 2022 Restricted Fund5 Total Funds 2022 2022 Total Funds 2021 Perfomer fees Travel. hire, 5ub515tence and accornmodation Commission pay8ble Recording and production costs 13,790 185 1,954 13,790 185 1.954 48,894 17,031 7,649 2,476 76,050 15,929 15,929 6 Cost of Fundraising Unrestricted Funds 2022 Restricted Funds Total Funds 2022 2022 Total Funds 2021 Office overhead costs Professional fees Finance chaiges 1,517 1,455 113 3,085 1,517 1,455 113 3.085 1,538 235 1,773 7 Tanglble fixed assets Concertl Medla Other Flxed Equlpment Assets Total Cost At 7 January 2021 and 6 J8nuary 2022 857 64 921 Impalmient or revaluatlon At 7 January 2021 and 6 January 2022 Net Book Value At 6 January 2022 857 64 921 At 6 January 2021 857 64 921 Dèbtors Accrued perfom)ance fees VAT recoverable 3,250 661 661 3,250 Creditors.. Amounts Due Within One Year 2022 2021 Fees due to performers (Xher accrued expenses VAT payable 1,247 650 608 2,505 10 SEPTURA LIMITED NOTES TO THE FINANCIAL STATEMENTS contlnue 10 Creditor¥'. Amounts after one year 2022 2021 Loans 61,823 61,823 61,823 61,823 All loans are interest free. Within loans 15 £10,000 12021.. £10,000) due to a third party, rèpayable in June 2024, or once the group's net assets exceed £20.000. whichever is the soonei. Also within loans is £26.26312021'. £26,263) payable to Simon Cox, artistic director of the Charity and Company Secretary. Simon Cox Is also considered a person with significant control of the company. This loan is repayable at the dIsC￿tion of the Trustees. Also within loans is £25.560 12021.. £25.5601 payable lo Matthew Knight. artistic directoi of the Charty. Matthew Knight is also considered a person wrth significant control of the company. This loan is repayable at the discretion of the Trustees. 11 Restricted Funds Septur8 received the following grants, which weie made for the purpose of financing the Chairty's recoiding projects. 2022 2021 The Anthony Hornby Charitable Trust 3,000 3,000 12 R•lat•d Partiès Performance and adrninislration fees made lo related parties.. 2022 2021 Simon Cox Matthew Knight 3,651 1.691 5.342 11,198 11,301 22,499 Amounts owed to related parties (falling due after one yearl.. 2022 2021 Simon Cox Matthew Knight 26.263 25.560 51,823 26.263 25,560 51,823 Simon Cox is a related party due to being an Artistic Director ol the Charty and Company Secretary. Simon Cox is also considered a person with significant control of the company. Matthew Knight is a related party due to being an Artistsc Director of the Charity. Matthew Knight is also considered person wth significant control of the cotnpany. During the year, Jonathan Langridge. Director and Trustee, gave a donation to the Charity of £500. Also during the year, George Duncan-Jones, Director and Trustee, gave a donation to the Charity of £300. There were no amounts due to related parties falling due within one year12021'. nonel.