Company regis(rtitiort numbtr. 10136126 Charity regjslration number. 1167608 The London Musical Theatre Orchestra (A company limitrd by guardntee) Annual Report and Financial Ststements For the Year Ended 30 April 2021 HMA Accountancy Services 12 Kill&sser Court Ststion Approacb Tadworth KTrO SAN *AdVGGN9K 11101Q022 COMPANIES HOUSE A13
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The London Musieal Theatre Orchestra Contents Reference and Administrative Details Trustec5' Report Independent Examiner's Rert Statement of Financial Activities Balance Sheet Notes to the Financial Stalements 9-13
Tbe London Musical Theatre Orchestra Referenee and Administrative Details Charity name: The London MsiCal Theatre Orchestra Charity registration number: 1167608 Company registration number: 10136126 Principal business office: 85 Great Portiand Street First Floor London WIW 7LT Registered office: 85 Greal Portland Street First Floor London WIW 7LT Ttee5. Lucien Bowman Maya Prabhu Jeremy Stuart-smith Nicholas Rory Tapner Sarah Wyse Accountsnt HMA Accountancy Services 12 Killasser Court Station Approach SuTrey KT20 SAN Bankers: Coutts & Co. 440 The Strand London WC2R (QS Solicitors: Harix)ttle & Lewis 14 Hanover Square Mayfair tA)ndon Wis IHP
The London Musieal Theatre Orchestra Trustees, Report The trustees present their report and the financial statements for the year ended 30 April 2021. Objectives and Aetivities LMTO is the world's only professional orthestra dedicated solely to perforniing works of m$1¢81 theatre. Despite the challenging circumstances of the Covid-19 pandemic, duTing the year under review LMTO has achieved its objective: to advance, develop, improve and maintaiD public appreciation of the art ofthe mstCa1 theatre for the public benefit through the presentation of a diverse programme of public concerts of Ml¢al theatr¢ repertoire of artistic merit. LMTO perfonned live 11 (2020: 10) times lo a lotsl audience of10,000 (2020: 19.000). recorded m81C for I project (2020: 3) and recorded I broadc&st {2020: 1). 2 albums (2020: 2) with music recorded by Lmfo were rele&sed and the orchestra accumulated 310,000. streams (2020: so,0) across the year. Achievements aod Perforniance The Covid-19 pandemic affected all plans and perfomjances across the year in question. Particularly affected planned perforneS included a 104atc tour of A NightAt The Musicals in October 2020 and a Io-nigbt nm of A Chrisffih Carol in p8tlnetsknp with the English National Opera at the London collseuj among others. Live PeTformLwes Despite the challenging enviroDmenl we produced A Christmas Carol at the Dominion Theatre in De¢ember 2020. Due to play for 41-nights, the show was Cancelled aft¢r just I I perfornr£S when London was put into Tier 3 resiTiCtions. The show was a positive force in a dark tinK for artists and audiences. In brief: The show gainfully employed over 150 people in a year when creatives were without worL giving them income, a sense of pury)ose and hope for the fun¢ of their career. 27 of those 150 staff were young developing musicians (devs) - and d¢spite only managing I I wforn]ances, we gave 20 devs their west end debut. The show entertained l 0,000 people across I I perfonnances, giving families a life- long memory in a year when there has been precio little joy. The show received excellent notices. including &kstsr reviews in th¢ Telegraph and the Guardian. Recordings released We released 4 songs from King The knical in April 2021 with proceeds donated to Blueprint For All (fornierly the Stephen Lawrence ChaTitable Tn). Ltlcie Jones.. Live At The Adelphi, iecorded in February 2020. was leaSed in Septernber 2020 under licence to Live Here Now.
The LoDdon Musical Theatre Orchestra Trusttts, Report (eont'd) i¢ian Developpnent LKfo continues to run a development progrdmme for young professional musicians (devs) just starting out on their careers. During the year, Lirffo ran no Silzes due to Covid-19 (2020: 11). but we created 20 dev positions (2020: 45) at our public concerts (only A christhL¥ Carol this year). Comments from devs perfoTming in A Christmas Carol include: 'kne most supportive and heartwatming Musi1 exrienCe I've had" from day one I felt part of the team and gained so much confidence" and "having done a number of orchestravsolo training schemes previously, LTrifo development progrdmme has been my favourite" LMTO continued to run WOTkshops during the various lockdowns, moving the offering online and pivoting the usual mixture of practical musical skills to profcssionai skills such as managing your and accounts as a freelancer. the history of musical theatre and how to broaden and develop your M81C knowledge as a young musician. As a dir¢¢t result of LMTO'S inpuL devs continue to deputise for musicians In shows sh &8 Wicked. The Lion King, Les Misérables and The Phantom ofihe Opera in the West End. LI[0 continues to be the only organisation iti the UK which supports and develops young musicians with a passion for musical theatre in this practical manner. Fundraising LD4rro raised just over £110,000 in philanthropic funding (2020: £87.1)00), £45.000 of which was a grant &$ part of the Culture Recovery Fund which enabled Lr0 to continue to function from October 2020 to March 2020. LfrfTO observes and complies with the relevant fimdraising regulations and codes. During the year there no non-compliance of these regulatiODS and code5 and the LFrffo received no complaints relaiing to its fimdraising practice. Financial Review For the year end 30 April 2021 the charity achieved net expenditure of £6.702 {2020: net income £49.144) and the charity now IS accumulated reserves of £12,866 (2020. £19,568). Reserves Policy 2nd Going Concern The trustees consider that there e no material unrxrtainties about the cbaritable company's ability to continue &$ a going concern. Struethre 8nd GovernaD¢¢ LMTO is a registered cbaritsble company limited by guarantee and its business is governed by the Charities Act 2011 and its memorandum and Articles of A$s(latiOn. Each Trustee is also a member and DIlor of the MpanY and is not remunerated. The fi1 Board rneets at least four times a year while the day-to-day management is caTried out by the
The London Musical Theatre Orchestra Trustees, Report (cont'd) management team. The Tne¢S are reSnsIble for the approval of strategic and fmancia] plans for the company. apFx)intment of the executive management and monitoring of tOrnIace, approval of senior management r¢munerntion and governance. The management team is responsible for the development and implementation of strategic. artistic and fll]ancial plans and ail operational aspects of the company. Statement of RespoDsibilities of the Trn$t¢es The trustees (who are also directors of LKFO for the purw)ses of company law) are responsible for preparing the Trustees. Report and the Financial statemenls in accordance with applicable law and United Kingdom Accounting SLqndards (United Kingdom Generally Accepted Accounting PTa¢tice). Company Law requires the trustees to prepare finala1 sL*ements for each financial year which give a true and fair vi¢w of the stale of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In prepaTing these financial statements, the trustees are required to: Select suitable accounting policies 2nd 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 UK Accounting Standards and Statements of Recommended Practice have b¢en followrf subject lo any rnateri (kpartures disclosed and explained in the financial statements Prewe the financial statements on the going concern blS unless it is inappropriate to presume that the charity will continue in operation. The trustees are resw)nsible for keeping adequate accounting records that disclose with reasonable arxuracy at any time the financial position of the charitable company and enable them to ensure that the financial slatements comply with the Companies Act 2006. They are also responsiblc for safeguarding the assets of the charitable company and lThce for taking I80nable steps for the prevention and detection of frdud and other irregularities. The trustees are resp)nsible for the n]ntenance and integrity of the coryK)rate and financial inforniation included on the charilable company's website. Legislation in th¢ Uniied Kingdom governing the preparation and di&8em1n0n of fitwicial statements may differ from legislation in other jurisdictions. Equal Opportunities LMTO is conunitted to a of equal opportunity in all aspects of its employment practices.
The IApndon Mv5i¢al Theatre Or¢h¢stra Tntee$, Rert (eont'd) Poblie Bentrrt The trustees coDfjnD that they have compli¢d with th¢ requirements of section 4 ofthe Clwities Act 2011 to have due regard to the public benefit guidance published by the Charity Commi&sion for England W*les. This h&s been weparnl iti accor wlth the provisions applicable to companie.s entitled tt) the sDMiI MnIeS exemptiOIL 0 .1.2Iy22 and sigDed on its behr by: ApprovcdbytheBoardoD.. . .. . FRANCESCA Director
Independent Examiner's report to tbe Trnstees of The London Musical Theatre Orchestra I report on the accounts of th¢ Charity for th¢ y¢8r ¢nded 30 April 2021 which are set out on pages 7 to 13. Respettive reyponslblllties oftntyte¢g •ad erniner The trustees (who are also th¢ d1CtorS of the ¢ompany for th¢ purposes of company law) are responsible for the prepardtion of the aCnts. The trustees consider that an audit is not r¢quir¢d for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit und¢r wrnpany law and is eligible for indendent examination. it is my reSnsibIlity to: • examine the accounts under section 145 of the 201 l Act • to follow the procedures laid down in the genernl Directions given by the Charity Commission under section 145(5Xb) of the 2011 A¢L and to state whether particular matters have come to my attention. Basis of independen¢ examiner's report My examination w&8 carried out in accor with the genernl Directions given by the Charity Commission. An ¢xamination includes a Teview of the accounting records kept by the charity and a comparison of the accounts pr¢s¢nt¢d with thos¢ rcwrds. It also includes wnsiderdtion of any unusual iterns or disclosure5 in the accounW and $kng explanations from you as trJstee5 ¢onc¢rning any such rnatters. The PredureS undertaken do not Provide all the evidence that would be required in an audit and consequently no opinion is given to whether the accounts present a 'true and fair view, and the rewjrt is limit¢d to thos¢ matters set out in the statement below. Independent eLgmiDerfs statemeDt In connection with My examinatiOD, no matter has come to my attention: (l) which 8iv¢s m¢ reasonable cause to believe that in any material reSpt the requirements". to keep a¢countiD8 record% in accordance with sectiOD 386 of the Companies Act 2006. and • to prepare accounts which accord with the accounting records. comply with the accounting requirements of section 396 of the Companies Act 26 and with the methods and principles of the Ststement of Recommended PTacti¢¢: AUntIng and Reporting by Charities have not been meL or {2) to which. in my opinion. attenti¢)n should be drawn in onkr to ettable a proper undeTSt8nding of the accouots to be r¢ach¢d. Helen M Ain5WOrth Bsc FCA Charter¢d A¢counlant IDAA Accountancy services 12 Killas5er Court Ststion Approach Tadworth KT20 SAN
The London Musical Theatre Orehestra Statement of FinaDcial Activities (ineorporating ineome gnd Expenditure Account) For the year ended 30 April 2021 Total fund$ (all Unrestricted Total funds UDrestrieted) Funds 2021 2020 Nots In¢oming r¢$ourtts Income and endoivrnents from: Donations and Legacies Charitable activities Other income 110.323 25 8204 110,323 25 8204 87,624 43,824 141,419 Total incoming resources 118,552 118552 272 867 Resources expend¢41 Expenditure on: Charitable activities 125254 125.254 223,723 Total resources expended l25254 125254 223,723 Net (outgoin&) incoming resources aDd Det movement ID fund$ for tbe year (6,702) (6,702) 49,144 ReconeiliatioD of fuDds Funds brought forward 19,568 19,568 (29,576) Total fuDds carried forward 12 12.866
The IApDdon Musical Theatr¢ Or¢bestra Balanee She¢t As 8130 April 2021 Totsl f4tsds TO futtd$ 2021 2020 1¥4ote Tanglbk fixed •ss¢ts CunTnt 9$9¢ts Debtors Cash at bank and io hand io 292139 36,284 36.042 52.912 CrlItorS". ABHbunts &IIiDg dwe wlthin year (26,885) (34.130) Nrf current assets OibiMies) Ne¢ IlblISe8 Funds of tbe charity UDrestrieted funds A2 Forthe year ended 30 ApTil 2ff21. the chrity was to exallFtion frorn wdit under section 477 of the CoolpleS Act 2(M)6 rtlatiti8 to sttthll La)mp#Die Diredor5 reSPXil1It1eS. The dirEdor5 ackDowkdge their resWn5ibiliti¢s for wmptying with the Fryuirem¢nts of the Thes¢ finanrial s¢at¢umits are Pr¢d in aC<(rda1 with the spxial PTOY15iO of Part 15 of the Companies Aet r¢latinglo small wmpaDiesand c(qlty)tcthc al] reqUij by the Companie5 Art2(J)6 and are for circulation to rne4Dixrs of the cojnpw. Th¢ nLe5 at pges 9 to 13 forn p¥t of tkrtse Approved and 3uthori for issu¢ by the Boud of TnL%tees on..£?..J.ttN. U.AeÈ022 and 4r¢ FRANCESCA CANrY
Tbe London Musieal Theatre Orchestra Notes to the Financial Statements For the year ended 30 April 2021 Aetounting poli¢1 The principal accounting policies adoptrf judgements and key sources of estimation uncertainty in th¢ preparation of the finaDcial statements are as follows: Basis of preparation The fmancial statements have Ixen prq)ar¢d in accordance with Accounting and Reporting by Clwities: Statement of Recommended Practice applicable to Charities preparing their accounts in aordanCe with the Financial Rqx)rting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective I January 2019) - (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The London Musical Theatre Or¢hestra meets the definition of a public b¢nefit entity under FRS102. Assets and liabilities are InitilY recognised at historical st or transaction value unic5s otherwise stated in the relevant accounting p)licy note. Going CODcern The Tnte¢S consider that it is appropriate to treat the charity Is a going concern and the financial statements have been prepared on this bls. Ineome and endoivmeDts Income including income from concerts and donations is rccognised in the period in which it is earned. All income relates to actlVAties taking place in the UK. Government grants are recognised at the fair value of the &8set received or receivable when there is re&sonabl¢ &ssurance that the grant conditions will be met and the grants received. Where a grant does not specify perfornkqnce condition it ts recognised in income when the proceeds are received or receivablc. Resources expended All expenditure is recogniscd once there is a legal or nstrUCtive obligation to that expenditure, it is probable settlement is requird and the amount can be measured reliably. All costs are allocated to the applicable ex[ndituTe heading that aggregate similar costs to that category. Expenditure is classified under the following activity headings: Costs of generating funds ar¢ the costs associated with attracting voluntary income: Expenditure on charitable activities includes the costs of delivering the activity undertaken to further the purEK)ses of the charity and their associated support costs.
The London Musical Theatre Orchestra Notes to the FinaDcial Statements {¢ont'd) For the ye8r ended 30 April 2021 FuDd ac¢ouDting Unrestricted income funds are geDera] funds that are available for use at the tnle¢s, discretion in fiJrthcran¢e of the objectives of the charity. FiIed assets and depreeiatioo Fixed assets are recorded at cosL Depreciation is provided on tangible fixed assets at rates calculated to write off the cost of each asseL less their residual values, over it5 expected SefUl life follows: Equipment - 2/0 straight line P¢n$Aon scheme The charity operates a defined contribution pension scheme. Contributions to the s¢heme are charged to the Statement of Financial Activities in the accL)unting period to which they relate. 3 Voluntary intome UDre8trieted Unmtrieted funds fuDds 2021 2020 Donations and legacies: Appeals and donations Culture Recovery Fund Grant 65,323 45.000 87,624 110323 4 Ineome from charitable atlivities Unrestricted UDrestri¢t¢d funds fuDds 2021 2020 Concerts 25 io
The London Musical Theatre Orchestra Notes to tbe Financial Statements (cont'd) For the year ended 30 April 2021 5 Other in¢oming resources Unrestrieted Unrestricted funds funds 2021 2020 Other income Theatre Tax R¢li¢f 8204 113.915 27.504 141.419 ExpeDditure OD charitsble activitks 2021 2020 Cost of productions Musicians. production and SUp)rt personnel fees Insurance Computer software and maintenance costs Printing, postage and stationery Travel and subsistence Advertising and protnotion Acuuntancy Legal and professional fees Depreciation General expenses 38.105 53,934 76,458 1.067 151,543 645 1,930 615 457 2,454 1.219 3,566 7,251 730 500 480 576 179 2,202 125 254 223 723 7 Stalf costs and Tru$l¢es' ftmun¢rntioD 2021 2020 Salaries Social security costs Pension costs 7,068 142 349 li
The London Musical Theatre Orchestra Iyotes to the Financial Statements (cont'd) For the year ended 30 April 2021 Fees of £16,250 (2020: £nil) were paid to the Chief Executive Officer who is tbe son of Nicholas Rory Tapner, a trustee. No tnLStees have received any remuneralion from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. .Taxation The company is a regtstered clwity and &8 such its income and gains falling within Sections 471 to 489 of the CoTporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from coryM)ration tsx to the extent that they are applied to its Charitable objectives. Tangible Fixed Assets Equipment Cost As at l May 2020 Additions in year As at 30 April 2021 984 4.387 Depr¢eiAtion As at l May 2020 Charge for the year As at 30 April 2021 198 480 678 Net Book Value As at 30 April 2021 As at 30 April 2020 786 io Debtors 2021 202 Other debtors Other tax and social security 29.209 8,779 27,505 29.209 36,284 12
The London Musical Theatre Orchestra Notes to the Financial Ststements {cont'd) For the year ended 30 April 2021 11 Creditors: amounts falling due withiD one yr 2021 2020 Other tsx and social security Other creditors Accruals 317 26,048 520 5.168 28.222 730 26,885 34,120 12 FuDds BalaDce at 30 April 2020 Balance at 30 April 2021 Incoming resources Expended resources Unrestricted fvnds General 19,568 118552 125.254 12.866 13 Members, liability The London Musical Theatre Orchesty a registered clwity, is a company limiied by guarantee not having a share capital. F2ch of the members is liable to contribute an amount not exceeding £nil towards the assets of the company in the event of its winding up. 14 Related party transaclions During the year costs of £nil (2020: £7,188) were incurred for room bire at Bishops8ale Institute. There was no balance outstanding at 30 April 2021 (2020: £nil). BishOpsge Institute is considered to be a related paty &8 Francesca Canty is a Trustee of Th¢ London msIcal Theatre Orchestra and the Chief Executive of Bishopsg*e tnstitLTte. During the year Nichol&s Rory Tapner, a tn¢¢, advanced an additional loan of £5,000 (2020.. £nil) to the charity. The balance outstanding at 30 April 2021 w&$ £15.000 (2020.. £10.000). The loan is interest free and repayable on deman