SEPTURA LIMITED (A Company limited by guarantee Company Number: 08833453 Registered Charity Number. 1158408 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 JANUARY 2025 SEPTURA LIMITED REPORT AND ACCOUNTS FOR THE YEAR ENDED 6 JANUARY 2025 Charity reference & administrative detsils Report of the trustees strategic report Report of the independent examiner Statement of financial activities Balance sheet Notes to the financial slatements SEPTURA LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITh ITS TRUSTEES AND ADVISERS Directors Simon Cox {Chaimianl Jessica Jennings George Duncan-Jones Francis Williams Rebecca Johns Jonathan Langridge Rthard Demarchi Company Secretary Matthew Knight Artistic Director Matthew Knight Independent Examiner Victoria Wombwell, ACA Bankers Lloyds Bank plc 1 Walm Lane London NW2 SSN Registered Office Church Cottage Litt￿ Hampden Great Missenden HP169PS SEPTURA LIMITED REPORT OF THE TRUSTEES The Directors who are also Trustees of Septura present their annual report and independently examined financial statements for the year ended 6 January 2025, which have 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. Referen￿ information and details of Trustees are set OLrt on page 1. Summary of Objective and Activities Septura continues lo be totally committed to rts hvin obJ"ectwes of advancing the public's education and appreciation of brass ensemble music by providing high qualty musical perfomiances, broadcasts and recordings, and advancing education in the arts generalty. Septura strives to further tts charttable purposes for the public benefit throughout the country, with live perfomiances in the concert hall, broadcasts on radio, masterdasses and recordings. The Trustees confirm that they have complied with the duty in section 17 of the Charrties Act 2011 to have due regard to the Charities Commission's general guidance on public benefrt. structure. Governance and Managemenl Incorporated in 2014, the company is governed by its Memorandum of Association and Articles of Association. The Trustees are responsible for the overall governan￿ of 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 with the Articles of Association, their liability is limited to a sum not exceeding £10 each, being the amount that each member undertakes to contribute to the assets of the company in the event of its being wound up while he or she is a director. New directors are appointed for five-year terms by resolution of the current directors. The Board of TnJstees must have a minimum of three members. Septura is managed by its two Artistic Directors, Simon Cox arKI Matthew Knight, who report to the Trustees. The Artistic Directors and Trustees meet on a regular basis to ensure robust g0Veman￿ and deal with all major issues that concern the welkbeing of the group. Directors The directors and trustees of the Company during the year and at the ts.me of approving this report were.. Christian Stobbs- retired 1 September 2025 Simon Cox Ichaimianl - appoirrted 1 September 2025 Jessica Jennings George Duncan-Jones Francis Williams Rebecca Johns Jonathan Langridge Richard Demarchi This report has been approved by the charity's Trustees. and signed on their tehalf by.. Simon Cox Chairman Date 10 September 2025 SEPTURA LIMITED STRATEGIC REPORT Achievements and Perfomiance in the Year 2024 marked a year of sKJnificant change for Septura. Having both perfomed and run the group for 10 years, Artistic Directors Simon Cox and Matthew Knight both stepped back from playing. Simon Cox will join Seplura's Board of Trustees and slep back from his role as Artistic Director at the end of 2025, whilst Matthew Knight continues to run the group as Artistic and Executive Director. In the UK, Septura's 10th anniversary was (Elebrated in NOVem￿r with con￿rtS at the University in Bimiingham and the Wigmore Hall, London, featuring Seven Heavens, a new commission based on the Muslim con￿pt of seven levels of Heaven, by acclaimed composer Roxanna Panufnik. This performance was filmed to provide audiovisual content for Septura's YouTube channel and social media. July saw the group retum to Absolute Classics in Scouand, and in December there were three Christmas cOn￿rtS.. wf(h Sir John RLrtler in Guildford Cathedral, and perfomiing Tchaikovsky The Nutcracker at Lakeside Arts, Nottingham, and in Septura's debut at The Glasshouse, Newcastle. Septura toured lo Spain, perfomiing at the Ubeda Festival in June. This followed a substantial tour to Colombia in May, Septura's first wsit to the country, wrth concerts in Monteria, Sincelego and Bogota, and workshops with local students. Septura's educational work continued as Ensemble-in-ResIden￿ at the Royal Academy of Music, wrth members undertaking chamber coaching through the year, and the annual sid&by-side perf0mlan￿ taking Pla￿ in November, featuring an American programme in the week ol the US Presidential election. including a new composition by a RAM composer. Plans for the future In fulfilment of its Charitab￿ obJ-ectNes, Septura will continue to pursue its main priorities of recordings and live perfOrman￿S. The group will perform at the Lille Trombone Festival in April, the Newbury Spring festival in May (with a new commission by prolrfic brass composer Edward Gregson), Wotton GOn￿rt Series in November, and Guildford Cathedral with Sir John Rutter in December. The RAM side-by-side will be postponed to January 2026 due lo scheduling issues. Major international tours will indude a retum to the US in OCto￿r for an 8-con￿rt tour, and Septura's debut tour lo China in December, with con￿rtS in Shanghai and Shenzhen. Financial Review The financial year ended with an overall surplus of £10,08812024.. £4,677). There was a deficit in funds carried forward at year end of £40,60312024. £50.6911. Cash Reserves The charity's intention is to hold cash reserves of £12.OCKJ in order to provide a degree of ffinanci81 securrty for the charity's ongoing activities. At the balan￿ sheet date, these reserves were improved on the previous year end, but still short of target. Reserves Policy The Trustees aim to generate p05ib.ve reserves in the near future, which will be fulfilled thanks to efforts of the Artistic Directors to expand the group's activities worldwide. Once positive, resetves will be used to further the charitable objectives. This prO￿$S has been slowed due to the effects of the pandemic, but progress should be possible during the coming years. Funds materialty in deficit Septura's funds are currentty materialty in deficit £40,603 {2024." £50,691>. This deficrt has been predominantly funded by a long-term loan from a benefactor and loans from the charity's arb.stic directors. The charty's long-term debt reduced 10 £50,92312024.. £60,923), and will be repaid at the discretion of the trustees, as and when funds are available. During the year £10,000 of these long-tem) debts were repaid. SEPTURA LIMITED STRATEGIC REPORT Continued Trustees. responsibilities for the financial statements The Trustees are required to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the charity and the incoming resources and appli¢2tion of resources, including the nel income or expenditure of the charty for the year. In preparing those finanaal statements, the Trustees are required to.. Select suitable accounting poli￿eS and then appty them consistentty.. Make judgments and estimates that are reasonable and pnjdent", Slate whether applicable accounting standards and statements of rec￿mrnended practi￿ have been followed, subject to any material departures disclosed and explained in the finanaal stalemenls., Prepare the financial statements on the going-con￿rn basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records which disdose wth reasonable accuracy al any time the financial position of the charity and which enable them to ensure that the financial statements comply with Part M of the Charities Act 1993. They are also responsible for safeguarding the assets of the charty and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure al So far as the Trustees are aware, there is no relevanl infomiation of which the independent examiner is unaware,. 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 lo establish that the independent examiner is aware of that infomiation. This report has been approved by the chanty's Trustees. and signed on their behalf by." Simon Cox Chairman Date 10 September 2025 INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF SEPTURA LIMITED I report on the accounts of the company for the year ended 6 January 2025, vthich are set oul on pages 7 to 11. Respective responsibilities of Trustees and examiner The Trustees Iwho are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts. The Trustees ¢onsideT that an audtt is not required for this year under section 144121 of the Charities Act 2011 Ilhe 2011 Act) and that an independent examination is needed. The chari￿s gross income did not exceed ￿50,000. l am qualified lo undertake the examination by being a qualif*d member of the Inslttute of Chartered Accounlanls of England and Wales. Having satisfied myseK that the charty is not subject to audri under company law and is eligible for independent examination, it is my responsibility lo.. examine the accounts under section 145 of the 2011 Act lo follow the proc£dures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act . lo slate whether parb"cular matter5 have come to my attention Basis of independent examinerfs report My examination was carried out in accordance with the general Directions given by the Charty Commission. An examination includes a review of the accounting records kept by the charty and a comparison of the accounts Presented wlh those records. 11 also includes consideration of any unusual rtems or disdosures in the a¢￿unts. and seeking explanations from you as Trustees con￿mIng any such matter5. The procedures undertaken do not provide all the evidence that would be required in an audf( and consequenlty no opinion is given as lo whether the accounts present a Irue and fair vievl and the report is limited lo those matters sel out in the next 5ts1emenl. Independent examinerfs ststement In connection with my examination. no matter has come to my attention: 11) vthich gives me reasonable cause to tr￿lieVe that in any malerial respect the requirements.. to keep accounting records in accordan￿ wth section 386 of the Companies Act 2006,. and to prepare accounts which accord wlh the accounting records. compty wth the accounting requirements of Section 396 of the Companies Act 2006 and wth the methods and principles of the Ststemenl of Recommended Practice.. Accounting and Reporting by Charities have not ￿en mel", or 12} to which, in my opinion, attentson should te drawn in order to enable a proper understanding of the accounts lo be reached. Victoria Wombwell IACAI 14 Cham)oulh Road, Sl Albans, AL14SW Date: 16 September 2025 SEPTURA LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 6 JANUARY 2025 Unrastrictsd R•strict8d Funds Funds Totsl Funds Total Funds 2025 2025 2025 2024 INCOME AND EXPENDITURE Income from: Donations. grants, and lega(ies Charitable activities 10.357 55,319 5,000 15,357 55,319 9.457 97,190 Total income 65,676 5,000 70,676 106.647 Expenditur¢ on: Charitable activities Cost of fundraising {55,LWI (2,1791 (3,3471 158.4091 12,1791 197,6101 {4,3601 Total expenditure 57,241 3,347 60.588 101,970 Net income 8,435 1,653 10,088 4,677 Total funds brought forward 152.4881 1,797 150.6911 155.3681 Totsl funds carried forward 44,053 3,450 40,603 50,691 There were no recognised gains and losses during the finanaal year 0￿r than those dealt wilh in the Statement of Financial Aciivities. Al income and expenditure relate lo continuing actiwbes. The notes on pages 9 10 13 fom an integral part of these finanual ststements. SEPTURA LIMITED BALANCE SHEET AT 6 JANUARY 2025 2025 2024 Fixed assets Tangible assets 921 921 Current assets Debtors Cash at bank and in hand 17.168 7.028 24,196 5,358 4.846 10,204 Creditors.. Amounts due wilhin one year 14.797) 8931 Net current assets 9,399 9,311 Total assets less current liabilitse5 10,320 10,232 Creditors.. Amounts due after one year 10 150,923) 160,9231 Net liabilities 40,603 50,691 Funds ofthe Charity Restricted ftjnds Unrestricted funds 3.450 144,053} 1.797 152,4881 Total deficit in funds 40,603 $0,691 For the year ending 6 January 2025 the company was entitled to exemption from audit under seclion 477of the Companies Act 2006 relating lo small companies. The directors have not required the company to obtain an audil of ils accounts for the year in question in accordan￿ wth section 476, The directors a¢knO￿edge their responsibilities for complying with the requirements of the Act ￿ respect lo accounting records and the preparation of accounts. These accounts have been prepared in accordance vthh the provisions applicable to companies subject lo the small companies, regime. These financial slalemenls were approved and authorised for issue by the Board on 10 September 2025 and were SKJned on tts behalf by.. Simon Cox Chairnian The notes on pages 8 10 11 fom) an integral part of these financial stslemenls. Registered number 08833453 SEPTURA LIMITED NOTES TO THE FINANCIAL STATEMENTS Accounting Policies lal Accounting convention The financial statements have been prepared on a going concem basis under the historical cost convention, modified to Include items at fair value. This basis has been used ￿Cause the group's deficit will be eliminated in future seasons through surplus concert income. 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 Charrties.. Statement of Recommended Practice applicable to charities preparing their accounts In accordan￿ with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" 1 effective 1 January 2015HChartties SORP {FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Ib) Ststement of financial activities As the company is a registered charty it has adapted the Companies Act formats to reflect the special nature of the Charity's activities. Icl Cash flow statement The Company ha5 taken advantage of the exemption in FRS 102 Section 1.12 from the requirement to Produ￿ a cash flow statement. Id) Going concern After due consideration of the future cash flows of the Company. the directOTS are confident that the Company has sufficient financial resources to meet its obligations as a going concem for the foreseeable future, being more than 12 months from the date of approving the financial statements. The ffinancial statements have therefore been prepared on the going concern basis. le) Incoming re$our¢es Incoming resour￿$ comprise total income, net of VAT, from box Offi￿ and hire of Septura in respect of cOn￿rtS, recordings, broadcasts, engagements and tours, SFK)n50rship fees and advertising. The income and result for the year are wholly attribLrtable to the prinapal activities of the company. If) Resources expended Performance related costs consist of perfomers. and prodU￿r$, fees, venue and other costs. including marketing, which are specific to arranging performances and recordings. Expenses are accounted for on an accruals basis. Ig) Tangible fixed assets Tangible Assets held by the company comprises equipment used by the group during cOn￿rt performances, and media equipment including camera and lighting and audio equipment. The company has adopted an annual revaluation policy and holds these tangible assets on its balan￿ sheet at repl8￿ment cost Ilo be assessed by the Trustee5 annually). Ihl Restricted fund5 Restricted Funds are only used for particular restricted pU￿iSeS within the objects of the charity. Restrictions arise when specified by a donor or when funds are raised for pa￿"cular restricted purposes. lil Financial instruments The Group only has financial assets and financial liabilrties of a kind that qualfy as basic financial instruments. Basic financial instruments are initialty recognised at transactions value and subsequently measured al amortised cost with the excepb'on of fixed assets which are held at replacement cost. Financial assets held at amortised cost comprise cash al bank and debtors exduding prepayments. Financial liabilities held at amortised cosl comprise creditors exduding other taxes and so￿al 5ecurty and deferred income and income in advan￿. til Debtors Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due. SEPTURA LIMITED NOTES TO THE FINANCIAL STATEMENTS continued Accounting Policies {¢ontinuedl Ik) Creditors Creditors are recognised where the charty has a present obligation resulting from a past event that wll probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or eslimaled reliably. Credrtors are nomialty 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. Partieulars of Employees The Company had no employees during the period (2024." nill. other than the directors. No emoluments were paid to the directors during the period12024'. nill. Income from Donations. Grants. and Legacies Unrestricted Funds 2025 Restricted Funds Total Funds 2025 2025 Total Funds 2024 Grants Donations 5,C(10 5,000 10,357 15,357 5,000 4,457 9,457 10.357 10,357 5,000 Income frorn Charitable ActivitRs Unrestricted Funds 2025 Restricted Funds Total Funds 2025 2025 Total Funds 2024 Performance fees Income from recordings Income from educational projects Bank interest 55,094 225 55,094 225 89,463 1.224 6,500 55,319 55,319 97,190 Expenditure on Charitsble Aclivities Unrestricted Funds 2025 Restricted Funds Totsl Funds 2025 2025 Total Funds 2024 Perfomier fee5 Travel, hire, subsistence and accommodation Commission payable Recording and production costs New music composition commissions 36,901 3,347 40,248 64,789 16,308 15,867 8,821 1,794 1,000 55,062 8,821 1,794 1,000 58,409 3,347 97,610 SEPTURA LIMITED NOTES TO THE FINANCIAL STATEmE1￿s continued Cost of Fundraising Unrestricted Funds 2025 Restricted Funds Totsl Funds 2025 2025 Total Funds 2024 offi￿ overhead costs Professional fees Finance charges 634 1,367 178 2,179 634 1,367 178 2,179 1.755 1,583 1,022 4,360 7 Tangible fixed assets Concertl Media Other Fixed Equipment Assets Total Cost At 7 January 2024 and 6 January 2025 857 921 Impaimient or revaluation At 7 January 2024 and 6 January 2025 Net Book Value At 6 January 2025 857 921 At 6 January 2024 857 921 Debtors 2025 2024 Accrued performance fee5 VAT recoverable 17,168 3,900 1,458 5,358 17,168 Creditors: Amounts Due Within One Year 2025 2024 Accrued expenses VAT payable 14,178 619 14,797 893 893 10 SEPTURA LIMITED NOTES TO THE FINANCIAL STATEmE1￿s continued 10 Creditors: Amounts due after one year 2025 2024 Loans 50,923 50,923 60.923 60,923 All loans are interest free. Wrthin loans is £nil12024-. £10,CK)01 due to a third party, which was repayable in June 2024, or once the group's net assets exceed £20,000, whithever is the scx)ner. During the year this loan was repaid. Also within loans i% £25,813 {2024." £25,813) 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 discretion of the Trustees. so within loans is £25,110 12024.. £25,110) payable to Matthew Knighl, arb.stic director of the Charity. Matthew Knight Is a150 considered a person 5vJnificant control of the company. This loan is repayable at the discretion of the Trustees. 11 Restricted Funds Septura re￿iVed the following grants, which were made for the purpose of financing the Chairty's administration and ongoing projects.. 2025 2024 The Garfield Weston Foundation 5,000 5,000 5.000 5,000 12 Related Parties Performance and administration fees made to related parties.. 2025 2024 Simon Cox Matthew Knight 3,512 1,772 5,284 14,603 6,604 21,207 Amounts owed to related parties (falling due after one year)= 2025 2024 Simon Cox Matthew Knight 26,263 25,110 51,373 25,813 25,110 50.923 Simon Cox is a related party due to being an Artistic Director of the Charity and Company Secretary. Simon Cox is also considered a person wtth signtficant control of the company. Matthew Knight 15 a related party due to being an Artistic Director of the Charity. Matthew Knight is also considered a person with Signifi￿nt control of the ￿)mpanY. During the year, Christian Stobbs, Director and Trustee, gave a donation to the Chartty of £60 (2024." £60). There were no amounts due to related parties falling due within one year {2024-. none).