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 ex￿edIng £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 con￿rn 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 fu￿lIMent 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 Confi￿ed 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 fu￿lled 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 resour￿5, including the net incorne or expenditure of the charity for the year. In preparing those financial statements. the Trustees are ￿qUI￿d 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