Charity registration number 1159846
THE MUSIC VENUE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE MUSIC VENUE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Jason Dormon |
|---|---|
| Christopher Prosser | |
| Simon Hilton | |
| Lohan Presencer | |
| Sarah Thirtle | |
| Jeremy Pritchard | |
| Sarah Clover | |
| Phyllis Belezos | |
| Bonita McKinney | |
| Scott Taylforth | |
| Charity number | 1159846 |
| Registered office | Studio 215 |
| Mare Street Studios | |
| 203-213 Mare Street | |
| London | |
| E8 3LY | |
| Auditor | WD Audit Limited |
| Lower Ground Floor | |
| 111 Charterhouse Street | |
| London | |
| EC1M 6AW |
THE MUSIC VENUE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent auditor's report | 5 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 16 |
THE MUSIC VENUE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their annual report and financial statements for the year ended 31 December 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities
The charity's objective is to protect, secure and improve UK Grassroots Music Venues for the benefit of venues, communities and upcoming artists.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Bouncing back from the pandemic, 2022 was a challenging year for Music Venue Alliance Members, particularly in the areas of redevelopment, noise complaints, rising energy costs and landlord disputes. Music Venue Trusts award winning Emergency Response Service offered specialist advice to 118 venues. Compared to 2021, this is a 187% increase in cases.
In Reaction to the increase, the charity appointed nine new team members, launched unique business & operational Training Programmes for GMV operators and successfully registered as a charity in Scotland.
After 8 years of delivering a huge range of services, networking, events, and opportunities completely free the charity launched a membership subscription model allowing MVA members to support the core work of the venue support team. With multiple levels and bursaries available the feedback from members was overwhelmingly positive and 335 venues made the transition to the paid membership model in 2022.
The exceptional fundraising effort of the Charity’s CEO, allowed the Live projects team to expand their partnership with The National Lottery & the Revive Live campaign, Investing over £3 million into the grassroots sector. They also embarked on a new campaign with FREE NOW which will be expanded in 2023.
The ticket income from these partnerships allowed MVT to kickstart the Pipeline Investment fund, allowing GMV’s to apply for small-scale grant applications (up to £5,000) to tackle challenges causing music venue closures. A total of £107,181 was awarded to 26 venues.
Alongside the work of the Music Venue Trust, the management team launched a sister organisation, Music Venue Properties to work towards securing the long-term future of venues across the UK. As part of the OWN OUR VENUES Campaign, over £1 million was raised from 350 investors. Contributions have come from wellknown individuals and organisations such as Ed Sheeran, Sony, Arts Council England, Amazon, Warner Music, & AEG Presents. MVP expect to hit the target of £2 Million and buy the first venue in 2023.
In what appears to be an ongoing trend, the Charity's financial performance was exceptional. For the 3rd consecutive year, the charity turnover has exceeded all expectations with the charity recording turnover of £2.35 Million which is 10% above forecast, overall, translating to an 800% increase in turnover since 2019.
The team’s incredible success has been recognised across the industry, sweeping up awards and acknowledgments at NME, Music Week, LIVE Awards, Kerrang!, Sound Music, IQ & ILMC.
- 1 -
THE MUSIC VENUE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Financial review
The trustees consider the financial position of the charity to be satisfactory.
At the balance sheet date the funds balance was in surplus totalling £803,612 (2021: £1,463,999).
During the financial year the charity received a total of restricted funds of £291,717 (2021: £467,500).
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Future developments
The charity intend to continue supporting the music venues in difficulties.
Structure, governance and management
The charity was established by a charitable trust deed on 20 February 2014.
The trustees who served during the year and up to the date of signature of the financial statements were: Jason Dormon
Christopher Prosser Simon Hilton Lohan Presencer Sarah Thirtle Bengi Unsal (Resigned 1 March 2022) Jeremy Pritchard Sarah Clover Phyllis Belezos Bonita McKinney Scott Taylforth
The constitution provides for a working party to be elected to direct the policy and general management of the charity.
The charity's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The charity's current policy concerning the payment of trade creditors is to:
-
settle the terms of payment with suppliers when agreeing the terms of each transaction;
-
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
-
pay in accordance with the charity's contractual and other legal obligations.
Trade creditors of the charity at the year end were equivalent to 1 day's purchases, based on the average daily amount invoiced by suppliers during the year.
None of the trustees has any beneficial interest in the charity. All of the trustees are members of the charity.
Auditor
In accordance with the charity's articles, a resolution proposing that WD Audit Limited be reappointed as auditor of the company will be put at a General Meeting.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
- 2 -
THE MUSIC VENUE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees' report was approved by the Board of Trustees.
Scott Taylforth
Trustee Dated: 27 September 2023
- 3 -
THE MUSIC VENUE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
- 4 -
THE MUSIC VENUE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MUSIC VENUE TRUST
Opinion
We have audited the financial statements of The Music Venue Trust (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 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:
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
-
5 -
THE MUSIC VENUE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MUSIC VENUE TRUST
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, 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 the trustees 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 cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
-
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; - inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
-
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
-
6 -
THE MUSIC VENUE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MUSIC VENUE TRUST
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.
The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to employment laws and regulations. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these laws and regulations and inspected correspondence with regulatory authorities.
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
WD Audit Limited
27 September 2023
Chartered Accountants Statutory Auditor
Lower Ground Floor 111 Charterhouse Street London EC1M 6AW
WD Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 7 -
THE MUSIC VENUE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Charitable activities 3 2,077,298 291,717 Expenditure on: Charitable activities 4 2,525,121 292,891 Grants / bursaries 107,107 104,283 Total resources expended 2,632,228 397,174 Net (expenditure)/income for the year/ Net movement in funds (554,930) (105,457) Fund balances at 1 January 2022 1,358,542 105,457 Fund balances at 31 December 2022 803,612 - |
Total Unrestricted funds 2022 2021 £ £ 2,369,015 2,267,718 2,818,012 1,134,954 211,390 40,345 3,029,402 1,175,299 (660,387) 1,092,419 1,463,999 266,123 803,612 1,358,542 |
Restricted funds 2021 £ 467,500 344,991 75,600 420,591 46,909 58,548 105,457 |
Total 2021 £ 2,735,218 |
|---|---|---|---|
| 1,479,945 | |||
| 115,945 | |||
| 1,595,890 | |||
| 1,139,328 324,671 |
|||
| 1,463,999 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 8 -
THE MUSIC VENUE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2022
| Notes Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Income funds Restricted funds Unrestricted funds |
2022 £ £ 40,960 948,152 989,112 (185,500) 803,612 - 803,612 803,612 |
2021 £ £ 683,718 834,533 1,518,251 (54,252) 1,463,999 105,457 1,358,542 1,463,999 |
2021 £ £ 683,718 834,533 1,518,251 (54,252) 1,463,999 105,457 1,358,542 1,463,999 |
|---|---|---|---|
| 105,457 1,358,542 |
|||
| 1,463,999 |
The financial statements were approved by the Trustees on 27 September 2023
Scott Taylforth Trustee
- 9 -
THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
The Music Venue Trust is an unincorporated charity. Their address is Studio 215, 203-213 Mare Street, London, E8 3LY.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The charity has considered the consequences of COVID-19 and other events and conditions, and the trustees have determined that they do not create a material uncertainty that casts significant doubt upon the charity’s ability to continue as a going concern.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 10 -
THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.5 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 11 -
THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
3 Charitable activities
| Income Analysis by fund Unrestricted funds Restricted funds |
Grants SponsorshipEarned Income 2022 2022 2022 £ £ £ 1,751,717 65,087 1,267 1,460,000 65,087 1,267 291,717 - - 1,751,717 65,087 1,267 |
Public Donations TAMVA memberships 2022 2022 £ £ 265,093 47,760 265,093 47,760 - - 265,093 47,760 |
Royalties Received 2022 £ 238,091 238,091 - 238,091 |
Total 2022 £ 2,369,015 2,077,298 291,717 2,369,015 |
Total 2021 £ 2,735,218 |
|---|---|---|---|---|---|
| 2,267,718 467,500 |
|||||
| 2,735,218 |
- 12 -
THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
3 Charitable activities
(Continued)
For the year ended 31 December 2021
| Income Analysis by fund Unrestricted funds Restricted funds |
Grants SponsorshipEarned Income £ £ £ 2,277,625 61,300 10,130 1,810,125 61,300 10,130 467,500 - - 2,277,625 61,300 10,130 |
Public Donations TAMVA memberships £ £ 385,563 600 385,563 600 - - 385,563 600 |
Total 2021 £ 2,735,218 |
|---|---|---|---|
| 2,267,718 467,500 |
|||
| 2,735,218 |
4 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure |
|
| Restricted | Restricted | |
| 2022 | 2021 | |
| £ | £ | |
| Share of governance costs (see note 5) | 2,818,012 | 1,479,945 |
| Analysis by fund | ||
| Unrestricted funds | 2,525,121 | 1,134,954 |
| Restricted funds | 292,891 | 344,991 |
| 2,818,012 | 1,479,945 |
- 13 -
THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
5 Governance costs
| Staff costs Audit fees Consultancy Rent Travel and subsistence Interest charges Event expenses Analysed between Charitable activities |
2022 £ 448,753 4,000 446,512 16,846 4,552 22 1,897,327 2,818,012 2,818,012 |
2021 £ 235,686 6,500 362,814 19,023 1,734 41 854,147 |
|---|---|---|
| 1,479,945 | ||
| 1,479,945 |
Governance costs includes payments to the auditors of £4,000 (2021: £6,500) for audit fees.
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year.
7 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Social security costs Other pension costs The number of employees whose annual remuneration was more than £60,000 is as follows: |
2022 Number 11 2022 £ 403,278 38,373 7,102 448,753 2022 Number 1 |
2021 Number 5 |
|---|---|---|
| 2021 £ 212,673 19,153 3,860 |
||
| 235,686 | ||
| 2021 Number - |
- 14 -
THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
8 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
9 Debtors
| Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income |
2022 £ 5,960 - 35,000 40,960 |
2021 £ 14,918 177,156 491,644 |
|---|---|---|
| 683,718 |
10 Creditors: amounts falling due within one year
| Other taxation and social security Trade creditors Accruals and deferred income |
2022 £ 33,752 47,879 103,869 185,500 |
2021 £ 9,214 39,238 5,800 |
|---|---|---|
| 54,252 |
11 Retirement benefit schemes
Defined contribution schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £7,102 (2021: £3,860).
12 Analysis of net assets between funds
| Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 31 December 2022 are represented by: Current assets/(liabilities) 803,612 - 803,612 - |
Total Unrestricted funds 2022 2021 £ £ 803,612 1,358,542 803,612 1,358,542 |
Restricted funds 2021 £ 105,457 105,457 |
Total 2021 £ 1,463,999 |
|---|---|---|---|
| 1,463,999 |
13 Operating lease commitments
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022 2021 £ £
- 15 -
THE MUSIC VENUE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 13 Operating lease commitments Within one year Between two and five years |
(Continued) 8,358 16,716 - 8,358 8,358 25,074 |
(Continued) 8,358 16,716 - 8,358 8,358 25,074 |
|---|---|---|
| 25,074 |
14 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
- 16 -