**Charity Registration No. 1178276**
**Company Registration No. 08482425 (England and Wales)**
## **THE RIOT ENSEMBLE LTD**
## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 APRIL 2021**
## **THE RIOT ENSEMBLE LTD**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Peter King (chair)|
|---|---|
||John Bierbusse|
||Sally Groves MBE|
||Jeongmin Kim|
||Chirssy Kinsella|
||Andrew Kurowski|
||Judith Serota OBE|
|**Charity number**|1178276|
|**Company number**|08482425|
|**Principal address**|57 Haydn Tower|
||50 Wandworth Road|
||Nine Elms Point|
||London|
||SW8 2FP|
|**Registered office**|57 Haydn Tower|
||50 Wandworth Road|
||Nine Elms Point|
||London|
||SW8 2FP|
|**Independent examiner**|FSPG|
||21 Bedford Square|
||London|
||WC1B 3HH|
## **THE RIOT ENSEMBLE LTD**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 10|
## **THE RIOT ENSEMBLE LTD**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 APRIL 2021**_
The Trustees present their report and financial statements for the year ended 30 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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)".
## **Objectives and activities**
The charity's objects are specifically restricted to the following: to advance, improve, develop and maintain public education in, and appreciation of, the art and science of music in all its aspects by any means the trustees see fit, including through the presentation of public concerts and recitals and by encouraging the appreciation and practice of the arts through scholarships, studentships, prizes, competitions or other means.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The Riot Ensemble is made up of an Artistic Board of 20 musical performers and writers in the field of new music. These experts have been self-chosen by the Artistic Board, and are selected for their accomplishments in the field of music, their performance abilities, and the personality and energy they bring to the group. The Artistic Board is led by Aaron Holloway-Nahum (Artistic Director) who reports to the board of trustees on all operational and financial issues.
The Riot Ensemble selects works for commission and programming by listening to the work and discussing it among the Artistic Board in meetings that take place at least once every 3 months. The minutes of such meetings are made available to the trustees and, in general, details of the operations are made available to the public.
The Artistic Board uses their knowledge and expertise in the field of contemporary music to make decisions about what music is commissioned and performed. It is the role of the trustees to review decisions on a strategic level.
## **Achievements and performance**
The entire period covered by these accounts was an unusual period of operation due to the ongoing COVID pandemic. Strict lockdowns and difficulties of international travel meant that live performances were almost non-existent during this time. Still, Riot continued to commission and release solo work through the ‘Zeitgeist’ series – eventually resulting in 38 commissions from 14 countries. The project was recognised as one of the industry-leading responses to the pandemic when it was shortlisted for the 2021 RPS Awards, and it eventually drew in partners as wide as BBC Radio 3 and Tehran University, in Iran.
Riot also continued to use video documentation as a way to supplement and replace international work, ‘appearing’ at the Wien Modern Festival – and giving three world premieres – via a recording produced at Kings Place, in London. Additionally, the solo contrabass clarinet part was recorded in Holland (by soloist Gareth Davies) and added in post production.
This time was also marked by Riot’s holding of the inaugural Ernst von Siemens Music Foundation Ensembleprise. This funding ensured the ensemble’s financial stability through these difficult times, and that the core operations of planning future work could continue through a period of low output. The results of this are seen in Riot’s subsequent performances, including our debut at Wigmore Hall in February 2021, and upcoming premieres at the Britten Pears, Gaudeamus, and Klangspuren music festivals (all in 2022).
Riot’s vitality and stability were recognised with a Cultural Recovery Fund Grant at the end of the period.
- 1 -
## **THE RIOT ENSEMBLE LTD**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 APRIL 2021**_
## **Financial review**
It is the goal of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months ' overheads . The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves is to be built up, year-on-year, by 2023 , although the ongoing effects of the Covid pandemic may affect whether or not this target can be met by that date. The trustees ha ve 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.
The Coronavirus pandemic had a significant effect on Riot Ensemble’s activities throughout the financial year. However, the effect on its financial position was mitigated: although fewer performances were possible, this led to a reduction in costs. The trustees have carefully considered the likely effect of the pandemic on the future financial performance of the charity and consider that it is unlikely to have such an impact on its financial position as would lead to a risk to the ability of the charity to operate as a going concern: this is because the trustees are able to contain costs to match funding received. Accordingly, the trustees consider that the charity has sufficient resources to enable it to remain in business as a going concern for the foreseeable future.
The trustees are satisfied that the necessary fundraising and funding to maintain the required cashflow and cashflow forecast for the charity to be at the very least a going concern is in place and being monitored on a regular basis.
## **Structure, governance and management**
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Peter King (chair) John Bierbusse Sally Groves MBE Jeongmin Kim Chirssy Kinsella Andrew Kurowski Judith Serota OBE
The original chair of Riot Ensemble, Judith Serota, was recruited personally by the Artistic Director, Aaron Holloway-Nahum. After this point, the future trustees were recruited and appointed by the trustees.
None of the trustees has any beneficial interest in 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.
The Trustees' r eport was approved by the Board of Trustees.
## **Peter King (chair)**
Trustee Dated: 27 January 2022
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## **THE RIOT ENSEMBLE LTD**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RIOT ENSEMBLE LTD**
I report to the trustees on my examination of the financial statements of The Riot Ensemble LTD (the charity) for the year ended 30 April 2021.
## **Responsibilities and basis of report**
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
FSPG Chartered Accountants
21 Bedford Square London WC1B 3HH
Dated: 27 January 2022
- 3 -
## **THE RIOT ENSEMBLE LTD**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 APRIL 2021**_
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**2021**|2020|
||**Notes**|
**£**|**£**|
|**Income from:**||||
|Donations and legacies|**3**|109,585|86,293|
|Charitable activities|**4**|48,054|51,826|
|**Total income**||157,639|138,119|
|**Expenditure on:**||||
|Charitable activities|**5**|114,728|125,748|
|**Net income for the year/**||||
|**Net movement in funds**||42,911|12,371|
|Fund balances at 1 May 2020||13,232|861|
|**Fund balances at 30 April 2021**||56,143|13,232|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
## **THE RIOT ENSEMBLE LTD**
## **BALANCE SHEET**
## _**AS AT 30 APRIL 2021**_
|**2021**
**Notes**
**£**
**Current assets**
Debtors
**8**
4,399
Cash at bank and in hand
80,200
84,599
**Creditors: amounts falling due within**
**one year**
**9**
(28,456)
Net current assets
**Income funds**
Unrestricted funds|**£**
56,143
56,143
56,143|**2020**
**£**
14,674
2,756
17,430
(4,198)|**£**
13,232
13,232
13,232|
|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 April 2021.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 27 January 2022
Peter King (chair)
**Trustee**
## **Company Registration No. 08482425**
- 5 -
## **THE RIOT ENSEMBLE LTD**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 APRIL 2021**_
## **1 Accounting policies**
## **Charity information**
The Riot Ensemble LTD is a registered charity. The registered office is 49A Chester Way, London, SE11 4UR.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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 for accounting periods commencing from 1 January 2016). 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 applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 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.
## **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.
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.
## **1.5 Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
## **1.6 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.
- 6 -
## **THE RIOT ENSEMBLE LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 APRIL 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.7 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
## **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.
- 7 -
## **THE RIOT ENSEMBLE LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 APRIL 2021**_
## **3 Donations and legacies**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Donations and gifts|109,585|86,293|
|**Donations and gifts**|||
|PRS Foundation|3,842|15,069|
|Private Donations|6,600|2,224|
|Berwin Trust|2,500|-|
|Arts Council England|36,200|61,000|
|Ernst Von Siemens Music Foundation|60,443|-|
|Other|-|8,000|
||109,585|86,293|
## **4 Charitable activities**
|||**Charitable**|**Charitable**|
|---|---|---|---|
|||**Income**|**Income**|
|||**2021**|**2020**|
|||**£**|**£**|
|Charitable|activities|48,054|51,826|
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## **THE RIOT ENSEMBLE LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 APRIL 2021**_
## **5 Charitable activities**
||**Charitable**|
**Charitable**|
|---|---|---|
||**Expenditure**|
**Expenditure**|
||**2021**|
**2020**|
||**£**|
**£**|
|Musician Fees|58,028|
76,153|
|Recording costs|6,588|
1,969|
|Freelance support|10,200|
1,786|
|Artistic Director|8,000|
3,795|
|Marketing|7,647|
12,961|
|Accountancy|6,626|
1,696|
|Travel and subsistence|3,131|
11,665|
|Equipment Hire|3,684|
8,053|
|Venue Hire|9,032|
7,203|
|Legal and professional fees|-|
10|
|Sundry|1,792|
457|
||114,728|
125,748|
||114,728|
125,748|
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **7 Employees**
The average monthly number of employees during the year was:
|Total
**8**
**Debtors**
**Amounts falling due within one year:**
Other debtors|**2021**
**Number**
-
**2021**
**£**
4,399|**2020**
**Number**
-
**2020**
**£**
14,674|
|---|---|---|
- 9 -
## **THE RIOT ENSEMBLE LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 APRIL 2021**_
|**9**
**Creditors: amounts falling due within one year**
Accruals and deferred income
**10**
**Related party transactions**|**2021**
**£**
28,456|**2020**
**£**
4,198|
|---|---|---|
There were no disclosable related party transactions during the year .
- 10 -