SEPTURA LIMITED IA company limited by guarant881 Company Number.. 088334S3 Registered Charity Number.. 1158408 REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 JANUARY 2023
SEPTURA LIMITED REPORT AND ACCOUNTS FOR THE YEAR ENDED 6 JANUARY 2023 Charity reference & administrative Iletails Report of the trustees Straleglc report Report of th8 independent examiner Statement of financial activities Balance sheet Note$ to the flnanclal ststements
SEPTURA LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY ITS TRUSTEES AND ADVISERS Dlre¢tors Christian Stobbs (Chairman) Jessiea Jennings George Duncan-Jones Francis Williams Rebecca Johns Jonathan Langridge Richard Demarchi company Se¢tary Simon Cox Artistic Directors Simon Cox Matthew Knight Independent Examlner All Sheridan, ACA Bankers Lloyds Bank plc 1 Walm Lane London NW2 SSN Registered Office g Moore View 91 Chalkhill Road London HA9 9UN UK
SEPTURA LIMITED REPORT OF THE TRUSTEES The Directors who are also Trustees ol Septura present their 8nnual report and indepenéenlly examined finanial statement5 for the year ended 6 January 2023, which have been prepared under the Companies Act 2006 and the Charities Act 2011. Administrative Details Septura Is a registered charity Ino. 11584081 and a company Ino. 088334531 limited by guarantee. Reference infomiation and details of Trustees are Set out on page 1. Summary of Oblectlve and Actlvltles Septuia continues to be totslly comfflilted to rts twin objectNes of sdvanung the publ,8 educ&tion and appreciation of brass ensemble music by providing high quality musical performances. broadcasts and recordings. and advanung education in the arts generalty. Septura strives to further its chaiitable purposes for the public benefit throughout the country. with live performances in the concert hall. broadcasts on radio, masterd8sses and recordings. The Trustee3 confirm that they have complied th the duty In section 17 of the Charrties Act 2011 to have due regard to the Charrties Cornmis5ion's general guidan on public benefrt. Structure, Governance and Management Incorpor8ted in 2014, the company 18 governed by its Memorandum of A8SOCl8tion and Articles of Association. The Trustees are responsible for the overall governan of the company. The Directors, who also act as Trustees of the charitsble sctivitie5 of the cotnpany ale listed on page 1 of this ieport. In accordance with the Articles of Assouation, their liability is limited to a sum not exedIng £10 each. being the amount that each member undertakes to contribute lo the assets of the company in the event of it5 being wound up while he or she is a director. New directors are appointed foi five-year terrns by resolution of the current directors. The Board of Trustees must have 8 minimum of three members. Septuia is tnanaged by its two Artistic Diiectois, Simon Cox and Matthew Knight, who report to the Tiustees. The Arh5tic Dire¢tors and Tru$lee$ meet on a gUlar basis to ensure robust governance and deal with all major issues that conrn the well-being of the gioup. Directors The directors and tiustees of the Cotnpany during the year and at the tirne of approving this report weie.. Christian Stobbs (Chairmanl Jessica Jennings George Duncan-Jone$ Francis Williams Rebecca Johns Jonathan Langridge Richard Dernaichi This port has been approved by the charrtys Trustees, and signed on their behalf by.. Chrlstlan Stobbs Chairman Date 5th July 2023
SEPTURA LIMITED STRATEGIC REPORT Achlevements and Performance In the Year The 2nd half ol the year saw a signrficanl in¢ase in activities for the first time since the Covid-19 pandemic. wth a tour to the USA and perfoitnances in Germany and at London'5 Wigrnore Hall. The audience for all of these concert5 was appreciably larger than pre-pandemic. and demonstrates that we have been able to continue to build our following throughout the drffieult recent years. Thanks lo funding from the Garfield Weston Foundation, Amy Brown was appointed as the group's Gener81 Manager in Octobei 2022. This has increased the administrative capscity of the group, and enabled the Artistic Directors to 10¢$ on artistic planning for the coming years. In particular, this has allowed us to diversfy our repertoire, with each progiatnme the group offers now including at lezst one piece by a fetnale or global- majorty ¢ompo$er. We continued to work wth Ikon Arts Managernent for our UK bookings, and Craig Knudsen in the USA. Plans for the future In fulIMent of its charitable activities. Septura wll (x)ntinue to pur8ue rts m8in priorities of recordings and live perfomiances. In February 2023 the group will return to the USA for 6 concerts, befo performances at the Royal Welsh College of Music 8nd Drama and Sl James's Piccadilty in March. In August 2023, we wll launch our first residential brass academy in Oxford. in Collaboration with the Rodolfus foundation. and in November we are due to return to Japan (the are currently 4 concerts Confied for this Proje). Looking further ahead. the group will lebrate its 10th anniversary in 2024. wrth a concert at the Wigmore Hall in November of that year. This perforrnance wll include the worfd premiere of 'Seven Hesven5' by Roxanns Panufnik, major new commission for brass septet. We 11 also aim to launch a Ihree-concert series in Manchester during 2024125, in collaboration wth Chetham's School of Music and the Royal Northern College of Music. Flnanclal Revlew The financial year ended with an overall Surplus of £656 12022.. deficit of £3,639). There was a deficit in lunds caiiied fr>rward al year end of £55,36712022.. £56.0241. Cash Reserves The charrty's intention Is to hold cash reserves of £12.000 In order to provide a degree of financial security for the ¢harity's ongoing activities. At the balance sheet date, these reserves were depleted due expenditure on the upcotning USA tour fr>r which fees have not yet been received. The Board project a position of £4.200 8t the end of June 2023. This 8hortfall from our target is due to misfortune with exd)ange rates for the cent us tours. This does not pose a threat to the ongoing operation of the group, since there ale no signfficant outlays required on projects for the foreseeable future. Reserves Policy The Trustees aim to generate positive reserves in the near futu, which will be fulled thanks to efforts of the Artistic Directors to expand the group'8 activities worldwide. Once positive, reserves will be used to further the charitsble otjjectives. This pro$$ has been slowed due to the effects of the pandemic. but progress should be possible during the cotning years. Funds materially in deficit Septuia's funds are cuiiently materially in deficit £55,36712022.. £56,0241. Thi5 deficit ha5 been piedominantty funded by a long-term loan from a benefactor and loans from the Charity's artistic directors. The charity's long-lerm debt remains at £61,82312022. £61,823), and will be repaid at the discietion of the trustees, a5 and when funds are available.
SEPTURA LIMITED STRATEGIC REPORT Continued Trustees. responslbllltles for the finan¢lal statements The Trustees are required to prepare financial statements lor each fin8nu81 year which give a true and fair view of the state of affair5 of the chaiity and the incotning resource5 znd application of resour5, including the net incorne or expenditure of the charity for the year. In preparing those financial statements. the Trustees are qUId to.. Select Suitable accounting policies and then appty thetn consistenuy., Make judgments and estimates that are reasonable and prudent., State whether applicable accounting standard5 and stzternents of iecornmended practice have been followed, subject to any material departures disclosed and explained in the financial 81atements'. Prepare the financial statements on the going<oncern basis unless rt is inappropriate to pSuMe that the charity will continue in business. The Trustees are re5POll5ible foi keeping proper accounting record5 which disdose with ieasonable accuracy at any tirne the fin8ncial p081tion of the charity and which enable thern to ensure that the finanual statements comply wrth Part M of the Charities Act 1993. They a also sponsible for SafU8rdin9 the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other ittegulaiities. Statement of disclo8ure al So far as the Trustees are awa. there is no levant information of which the independent examiner is Unawa.. and bl they have taken all the steps that they ought to have taken in order to make themselves aware of any relevant infomiation and to establish that the independent examiner Is aware of that Information. This port ha8 been approved by the ¢harills Trustees. and signed on their behalf by.. Chairman Date 5th July 2023
INDEPENDENT EXAMINERS RÈPORTTO THE MEABERS OF I report ¢)n th• acryjunts ofth8 corwyforth8 yearendgd 6 January 2023. arg set oulon pag85 7 to 11. ROS¢1 rnspon$ilxlits of Trustaes and examiner The Trustees (who are also the direrkns ofthe cLnpany forlhè purposes of fxjmparry IWJ are rewsble fortr prÈparalioTr the a¢counls. The TNst••s ¢on$id8rthat audFt not requtrtd forthKB r undèr5èction 144121 of the char0$ Aet 2011 ltha 2011 Act) and that an tndeperthnt mInatiOn 1$ ed. Th8 thariV$ gmss inf¥mÈdKI notexcÈ8d £250.1). l am qualifi&l to dertakethe examinaon ty ing a quafrfthj nber0fthtt Insirt8 ofChartèrtdfvLts)untantsof Eland waI•s. HawThJ $atK5fied mysdflhatthg djarity 1$ nol subiectto audlt under c(¥npany dbJl)E¢ independent gxamlnabon. tt 18 my responsilylitylo: • examineth8 attourts undBr$8oon 145 of the 2011 Act . to follow th8 w01$re8 laid dovm in the general l)thons &¥¥en by the Charity ¢(ThNsBion urthr 89Th 14gSXbl of Ihe 2011Art . to stat8whetherpaitirA]krmatters to%EmrEto myattention Basis of independeTrt•xarnlnee$ mport examinat1 was carried out In amila1 th th• Diie£thns W by the Charty Commtssfjon. An examlnation indude5 a revi ofthe acoJuntirvJ reoJrd5 kept bythe charty and a cc¢np8rison ofth8 accounts presented Imlh those records. rt also inclLk18s rxjnsidetab.on of any Luwsual item5 disdosures in th8 accounts, and 5e8knng explanatw)ns from you a5 TrustEes eonceming any such ma[5. The procedures ur•J8rtaken do not wowde 811 Ihg ¢vklen¢¢ that be r9]ud in aft oudttond ¢on8equenty opirtK)n is gwen a5 to the 8cwJnls preserrt a Irue and f8ir the repJt is lirnited to th08e matsr5 Set cmjtin the nektslrt kndep8ndentexaminrftatanont eonnoctionwith rny •xathation. no matl8rhas coma to ryaltsntlon: {11 which gi$ m? rea80nabl8 la10 bellevethat in any malerial reSpec4t [eqLUr&nts." . to keep 8OUnti[¥j recfjrds ac¢wdwc&vthh se¢tion 3B6 oFth& Cunpanies A¢t2LTh", and . to prepare aeeounts accord with th8 accounting records, compty ¥th the accounting rtiwir8nts of 8echon 396 of th8 ¢(panIeS Aca 2006 the arvj p[iTraps of the Staternènt of Recommded PracbC: Attfjuntir¥J and Reporting by Charthes have not1 met or trj 1th, In my cw¥orK aiienlvm shoubj iE drawn in to enabte B prew understwyjing of the atoyjnts to be ¢• Sh•widan (ACA) 93 lfjthwood Road. London. SEIS 3XU 15 2023
SEPTURA LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 6 JANUARY 2023 Unre8tri¢ted Funds 2023 Restrictsd Funds Total Funds Totsl Funds 2023 2023 2022 Note8 INCOME AND EXPENDITURE Income from.. Don81ion8. grants, 8nd kgacies charitab 8Ctivities 4.439 85.248 5,000 9,439 85,248 1,347 14,028 Totsl income 69.687 5,000 74,687 15,375 Exponditur8 on.. charitab 8clivities Cost of fundraising 170,2741 170,2741 13,7571 115.9291 13.0851 11,3261 Total expondir9 72,705 1,326 74.031 19.014 Net lexpendlturevlncome 3,018 3,874 656 3.639 Total funds brought fOr[d 156,0241 156,0241 152.3851 Totsl funds carried forward 59,042 3,674 55,368 56.024 There were no recognised gains and bsse5 during the finanoal year other than those dealt wlh in the Statement of Financial Acli¥ilEs. Ml income and expenditure relate to Gonlinuing adivitie5. Th8 notes on pages 9 to 13 form 8n integral part of these financial statements.
SEPTLIRA LIMITED BALANCE SHEET AT 6 JANUARY 2023 2023 2022 NotOS Flxed a88ets Tangible assets 921 921 CurrÈnt assets Debtors Cash at bank and in hand 19.118 795 19.913 661 4.217 4.878 Creditors.. Amounts due wlthln one year 14.378 Net Current a888ts 5,535 4,878 Totsl assets less curr8nt liabilities 8,458 5.799 Creditors.. Amounts due after one year 10 61.823 61.823 Net IlabI16tles 55.367 56,024 Funds of the Charlty Restricted funds Unrestricted funds 3.674 59,041 156,0241 Totsl deficil in funds 55.367 52.385 For the year ending 6 January 2022 the company was entitled lo exemption from audit under section 477of the Companies Act 2006 relating to sm811 companie8. The directors have not required the cornpany to obtain an audit of its accounts for the year in question in aGGordance wth section 476, The dir&ctor8 adinowledge their respon8ibilitie$ for complying the requir&ment8 of the Act with rèspect to accounting records and the preparation of accounts. These accounts hav& b8en pr8par8d In accordance with the provision8 applicable to companies 8ubject to the Small companies. regime. These finanraal statement8 were approved and authorised for Issue by the Board on 3 July 2023 and wère 8igned on its beha by.. Christian Stobb8 Chairma The notes on pages 8 to 11 fonn an integral part of these financial statements. ReglSter8d number 08833453
SEPTURA LIMITED NOTES TO THE FINANCIAL STATEMENTS Accounting Policies lal A¢¢ountlng conventlon The financial st8temenls have been prepared on a going ¢oncern basis under the historical ¢o$t convention. modffjed to Indude Items at fair value. This basis has been used because the group's defiat will be eliminated in future seasons through surplus concert income. The financial statements have been prep8red in sterfing, which is the functional currency ol the ¢harity. The finanual statements have been prepared in accordance with Accounting and Reporting by Chaiities.. Staternent of Recotnrnended Piactice applicable to chaiitie5 preparing their account5 In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021° 1 effective 1 January 20151-ICharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 1021 and the Companies Act 2006. Ibl Ststement of flnan¢lal actlvltles As the company is a registered charity it has adapted the Companies Act formats to reflect the special nature of the Charity's activities. Icl Cash flow Statement The Cotnpany has taken advantage of the exemption in FRS 102 section 1.12 from the requirement tts pioduce a cash flow statement. Idl Golng ¢on¢ern After due ¢onsideration of the futu ¢a$h flows of the Company. the directors are confident that the Company has Sufficient financial resources to tneet it5 obligation5 a5 a going concern for the foreseeable future. being tnore than 12 months from the date of approving the fin8nci81 statements. The fin8nci81 statements have therefore been prepared on the going con¢em basis. While the restrictions on actwity and the accompanying economic shock in response lo COVID-19 has caused number of businesses across the UK to experience significant difficulties, not least Septura. Whilst much of the Company's activity had been signifi'candy curtailed, there are no staff and very little fLKed overheads, meaning the Company has been able to survive ¢omfortatJty on existing resources. Now that reslri¢tions 8round coronaviurs have been largely removed in the UK and in rnany other part5 of the world, and touring is possible once again, the Director8 are ¢onfident that the Company 1$ well positioned to ¢ontinue as a going concern for at least the next 12 months. lel Incoming resources Incotning iesouices cornprise total incorne, net of VAT, frotn box office and hiie of Septuia in respect of conrts, recordings. br08dcasts. engagements and tours. sponsorship fees and advertising. The income and result for the year are wholly attributable to the printspal activrties of the company. (fl Resources expended PerfOan related costs consist of perfortners, and producers, fees, venue and other cost5, including marketing, which are specific to arranging performances and recordings. Expenses are accounted for on an accruals basis. Igl Tangible fixed assets Tangible Assets held by the company comprises equipment used by the group during concert performances. and tnedia equiptnent including carnera and lighting znd audio equiptnent. The company ha5 adopted an annual revaluation policy and holds these tangible assets on its balance sheet at replacement cost Ito be assessed by the Trustees annualtyl. Ihl Restricted funds Restricted Funds are only used for particulai restricted purposes within the object5 of the charity. Restrictions arise when specified by a donor or when funds are raised for particular restricted purposes.
SEPTURA LIMITED NOTES TO THE FINANCIAL STATEMENTS eontinued Accounting Policies lcontinuedl 111 Flnanclal Instruments The Croup only has financial assets and financial liabilities of a kind that qualfy a$ ba$1¢ financial instruments. Basic financial instruments are initially recognised at transactions value and subsequently measured at amortised cost th the exception of fixed assets which are held at replacement cost. Financial asset8 held at amortised cost comprise cash at bank and debtors excluding ppaYMentS. Financial liabilrties he al amortised Cost comprise credrtors excluding othei taxe5 and social security znd deferred incotne and income in advance. til DebtOf8 Tiade snd other debtors are recognised at the setuement arnount due after any trade discounts offered. Prepayments a valued al the amount prepaid nel of any trade discounts due. Ikl Creditors Credrtors are recognised where the charrty has a present obligation resulting from a past event that will probably iesutt in the transfer of funds to a third party and the arnount due to settle the obligation can be messured or estimated lIablY. CditorS are normally recognised at their settlement amount after allowing for any trade discounts due. 111 Cash Cash at bank and in hand indudes cash deposits In banks only. Partlculars of Employees The Company h8d no employees during the period12021.' nil), other than the directors. No emoluments were paid to the directors during the period12021'. nill. Income from Donations. Grants. and L8gacie5 Unrestrieted Funds 2023 Restrieted Funds Total Funds 2023 2023 Total Funds 2022 Grants DonatlOll5 5,000 5,000 4,439 9,439 4.439 4.439 1,347 1.347 5.000 Income from Charitable Activitl8S Unrestrlcted Funds 2023 Restrfjcted Funds Totsl Funds 2023 2023 rotsl Funds 2022 Performance fee8 Income from CordIng$ Incotne frorn educational projects Concert sponsorship 59.096 1.432 3,220 1.500 65.248 59,0 1,432 3,220 1,500 65,248 9.203 1.725 3,100 14,028
SEPTURA LIMITED NOTES TO THE FINANCIAL STATEMENTS continued Expenditu on Charitable Aetivities Unrestricted Funds 2023 Restricted Funds Total Funds 2023 2023 Totsl Fund8 2022 Perfoer fee5 Travel. hire. subsistence and a¢cornmodalion Commission payable Recording and production costs 42,319 21.826 5.808 521 70.274 42,319 21,626 5,808 521 70,274 13,790 185 1.954 15.929 Cost of Fundraising Unrestricted Funds 2023 Restricted Funds Total Fun(Is 2023 2023 Total Funds 2022 Office overhead costs Professional fees Finance charges 2.245 2,245 1,326 186 3,757 1.517 1,455 113 3.085 1,326 186 2.431 1,326 7 Tanglble flxed assets Concertl Media Other Fixed Equipment Assets Total Cost At 7 January 2022 and 6 January 2023 857 921 Impalrnient or revaluatlon At 7 January 2022 and 6 January 2023 Net Book Value At 6 January 2023 857 921 At 6 January 2022 857 921 Debtors 2023 2022 Tiade debtors Accrued performaTh fees Prepaid expenses VAT recoverable 13,720 745 3,309 1,344 19,118 861 661 Credltots.. Amounts Due Wlthln One Year 2023 2022 Tiade creditors Other accrued expenses 13,895 483 14,378 10
SEPTURA LIMITED NOTES TO THE FINANCIAL STATEMENTS continued 10 Creditors.. Amounts due after one year 2023 2022 Loans 61,823 61,823 61.823 61.823 All loans ale interest free. Within loans is £10,000 12022. £10,0001 due to a third party, PaYable in June 2024, or On the group's net assets exceed £20,000, whichever is the sooner. A150 Within loans is £26,26312022". £26,263) payable to Sitnon Cox, artistic diiectoi of the Charity and Cotnpany Secretary. Simon Cox is 3180 considered a person with signfficant control of the company. This loan 18 repayable at the discretion of the Trustees. Also within loans is £25.560 12022. £25.5601 payable to Matthew Knigm. artistic director of the Charity. Matthew Knight 15 also considered a person th signfficant wntrol of the cotnpany. This loan is repayable at the discretion of the Tru8tee8. 11 Restrlcted Funds Seplura ceiVed the followng grants. which were made for the purpose of financing the Chairty's administration and ongoing projeds". 2023 2022 The Garfield Weston Foundation 5,000 5,000 12 Related Part188 Perf0rrllan and adrninistration fee5 rnade to related pattie5.' 2023 2022 Simon Cox Matthew Knight 8,214 4,352 12,588 3.651 1,691 5.342 Amounts owed to related parties (falling due after one yearl.. 2023 2022 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 D1ctor of the Charity and Company Secretary. Simon Cox Is also considered 8 person with significant control of the company. Matthew Knight is a related party due to being an Artistic Diiedoi of the Chaity. Matthew Knight is also considered a person wth significant control of the cornpany. During the year, Chiistian Stobbs, Director and Trustee, gave a donation to the Chaity of £30. The were no amounts due to related parties falling due within one year12022.' none).