OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-09-30-accounts

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

Registered number: 00979681 Charity number: 261645

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Chairman's Statement 2
Trustees' Report 3 - 15
Independent Auditors' Report on the Financial Statements 16 - 19
Consolidated Statement of Financial Activities 20
Consolidated Balance Sheet 21
Charity Balance Sheet 22
Consolidated Statement of Cash Flows 23
Notes to the Financial Statements 24 - 48

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

Trustees S Hasson
D Harrington
J Rice, Chair
L Tawney
D A Tosar
J Upton MBE
D Danskin
Company registered
number
00979681
Charity registered
number
261645
Registered office
The Stables Theatre
Wavendon
Milton Keynes
MK17 8LU
Company secretary
K E Roberts
Chief executive officer
M R Ferguson
Independent auditors
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers
Metro Bank PLC
Unit E, Babbage Gate
Oakgrove
Milton Keynes
MK10 9SU
Solicitors
Dentons UKMEA LLP
The Pinnacle
170 Midsummer Blvd
Milton Keynes
MK9 1FE

Page 1

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

CHAIRMAN'S STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2021

The chairman presents the statement for the period.

On 6 February 2020, The Stables celebrated its 50th anniversary with a concert by the BBC Big Band featuring some of the music of Sir John Dankworth. It was to be the start of a year of special celebratory events, but just over a month later we found ourselves at the start of one of the most challenging periods in our history. On 17th March 2020 we closed our doors in response to the Covid-19 pandemic.

As time went on it became clear that the impact on our organisation would be long-lasting and profound. The challenges faced by everyone working in the music and arts sectors have been well documented and form the background to this report by the Trustees.

Given the scale and length of the crisis, the Trustees decided to extend our report from 12 months to 18 months to enable us to tell the story of this extraordinary episode more clearly.

Our dedicated team of staff and volunteers have shown remarkable resilience adapting to ever changing Government guidelines and regulations, whilst taking every opportunity to deliver a programme of events and education activity when permitted to do so. I’d like to pay tribute to them for enabling us to achieve so much in such difficult circumstances.

The support of our stakeholders was crucial and in particular the support we received from Arts Council England, the Department for Culture Media & Sport and locally from Milton Keynes Council, Milton Keynes Community Foundation and our major Festival Partners including centre:mk, My Milton Keynes and The Parks Trust.

The contributions through public funding, trusts & foundations, sponsorship, and from individual donors enabled us to reschedule and reimagine our activities pivoting from indoor concerts to Movies on The Mound - a series of outdoor screenings of films with a strong music content to socially distanced performances and music workshops indoors at The Stables; and from filming sessions with emerging artists to 21 days of IF: Milton Keynes International Festival presented in July 2021.

There is little doubt that the impact of the Global Pandemic will be felt for years to come. It is remarkable that after everything we have been through we are able to present such a positive report on our activities and our finances and I am grateful to my fellow Trustees for the skills and experience which they bring to all aspects of our work.

J Rice, Chair of Trustees Date: 29 June 2022

Page 2

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2021

The Trustees present their report together with the audited financial statements of Wavendon Allmusic Plan for the period 1 April 2020 to 30 September 2021. The Annual Report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition - October 2019).

Since the Charity and the Group qualify as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

OBJECTIVES AND ACTIVITIES

a. POLICIES AND OBJECTIVES

The Charity was first registered 17th November 1970 with Memorandum and Articles of Association dated 14th May 1970 to operate under the name of The Stables with the objective of: “Providing a centre of musical activity for the purposes of the promotion of education in, and appreciation of, good music of all kinds amongst persons of all ages and social backgrounds .”

This is distilled into our Vision Statement:

“ To engage the widest range of people with music in all its diversity .”

Our Mission for the period covering 2018 – 2022 is:

“ To enrich more people’s lives with opportunities to access, participate in and experience live music and the arts in general .”

Our organisational values underpin our work and we strive to be:

Excellent, Adventurous, Inclusive, Inspiring, Relevant, Sustainable and Dynamic.

Page 3

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

OBJECTIVES AND ACTIVITIES (CONTINUED)

b. STRATEGIES FOR ACHIEVING OBJECTIVES

Wavendon Allmusic Plan (WAP) was founded by Sir John Dankworth and Dame Cleo Laine in 1970, with the first music performances taking place in February 1970. With the assistance of funds from the National Lottery and many other generous supporters, the Charity was able to extend and refurbish The Stables in Wavendon Milton Keynes. The 398 seat Jim Marshall auditorium opened in October 2000, followed by the development of the 80 seat Stage 2 in September 2007. In addition to an extensive concert programme of all types of music, the Charity also offers a comprehensive programme of learning and participation activity, with Stage 2 providing a platform for emerging artists. In 2010 the biennial IF: Milton Keynes International Festival was launched to a wider audience delivering a multi arts festival programme which takes place across Milton Keynes.

In the next 5 years the Charity aims to:

In order to achieve these aims the Charity will:

Page 4

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

OBJECTIVES AND ACTIVITIES (CONTINUED)

c. REVIEW OF ACTIVITIES

The challenges presented by the global pandemic and the restriction of activities from March 2020 had a significant impact on the charity, affecting our facilities, our programmes and projects, our finances and importantly the people we work with.

The impact of the national lockdowns and local restrictions meant that our wholly owned subsidiary The Stables Theatre could no longer carry out its activities at the venue and IF: Milton Keynes International Festival 2020 was cancelled after nearly two years of planning, just prior to its launch.

Around 95% of total income disappeared overnight with the national lockdown in March 2020. The challenges and uncertainty led to difficult decisions. All staff, with the exception of the Chief Executive & Artistic Director were furloughed for at least part of the period. Sadly we found it difficult to see how we could sustain our catering operation in the medium term and both chefs were made redundant. For many freelance artists, producers, technicians and crew who work in our industry it led to uncertainty and hardship. Our audiences and our volunteers reported their sadness at the loss of their social interaction and positive mental health benefits which they enjoyed with live music.

With the support of Arts Council England, The Department for Culture Media and Sport, Milton Keynes Council and many individual donors, we managed in spite of everything, to deliver activity as and when we could. Our thanks go to everyone who gave their support in the form of Emergency Relief Funding, Cultural Recovery Funding, grants and individual donations.

In addition, the support of our major partners including Milton Keynes Community Foundation, centre:mk, My Milton Keynes, The Parks Trust, The Open University, Milton Keynes Development Partnership and others meant that the impact of postponing the International Festival from 10 days in July 2020 to 21 days in July 2021 was less painful than it might have been.

The Stables Theatre is a registered charity and a wholly owned subsidiary of WAP. The Charity runs the venue - The Stables Theatre, Wavendon. An extensive programme of events typically features a wide range of music, theatre, film and comedy with a focus on engaging people with music. A comprehensive learning and participation programme provides opportunities for people of all ages and backgrounds to deepen their engagement with music and provide a platform for emerging artists to develop new audiences. In addition to work in the venue, the Charity produces events and projects that engage wider communities in our goals such as IF: Milton Keynes International Festival.

During the period from 1 April 2020 to 30th September 2021 the Charity adapted to the ever changing and evolving restrictions working outdoors, facilitating socially distanced events, as well as recording and broadcasting digital events. In summary:

The Stables Theatre

Page 5

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

OBJECTIVES AND ACTIVITIES (CONTINUED)

laying down tracks for their latest release and the Alina Orchestra pre-recording material for a digital broadcast.

IF: Milton Keynes International Festival

Learning, participation & creativity

Talent development

Page 6

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

OBJECTIVES AND ACTIVITIES (CONTINUED)

& The Inception, singer-songwriters Joe Miles, Hannah Scott and Emma McGrath, close harmony singing and guitar playing from Smith and Brewer, 1970’s West Coast-inspired folk / rock from Fred’s House and indie band Roses and Pirates. A compilation film was also screened giving a taster for audiences in advance of the scheduled screenings

Access, Inclusion & Diversity

Investment in our Facilities & Ground s

During the period where the venue was closed to the public, the paused mini-refurbishment programme was rebooted, thanks to Kick-start funding from Arts Council England. This enabled us to refresh our backstage areas including the artist dressing rooms, green room, toilets and showers as well as the front of house areas, including the foyer, stage 2 and auditorium, which benefited from new carpets throughout and additional LED low level lighting. We also renewed some of our major signage around the venue.

The need for flexible hybrid working teams led to investment in our IT and communications systems. A move to laptops and VOIP telephones has been made along with the development of our diary management and volunteer rota systems.

A volunteer gardening team worked to help restore the grounds which became unruly during lockdown. The team continue to do regular garden maintenance tasks.

Environmental Sustainability

Further to the capital investment made at The Stables to introduce LED lighting, solar panels, water harvesting and electric vehicle charging points in previous periods, the programme for IF: Milton Keynes International Festival raised awareness of climate change. Luke Jerram’s Gaia Earthwork was installed in Middleton Hall, centre:mk, complemented by the Earth Series concerts under the installation and Letters To the Earth - a series of short films made by working with the Open University to commission academics and climate change activists to film themselves reading their Letters to the Earth, providing fascinating insights into the fields of geology, astronomy, climate change and religion amongst other topics. This was echoed by inviting families visiting Gaia to write their own letters to the earth.

Page 7

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

OBJECTIVES AND ACTIVITIES (CONTINUED)

The Orchestra for the Earth is made up of young diverse musicians who share a commitment to raising awareness of climate change through music. In their concert during the International Festival staged in the Campbell Park amphitheatre, they sought to raise awareness of the deforestation wreaking havoc on the Pernambuco tree, widely used for the production of bows for classical stringed instruments. The concert used the power of music to inspire audiences to understand the need to protect the planet and support the conservation charity Trees of Music.

Investment in People

Throughout the period networks were maintained largely through online meetings which provided valuable peer support through the Music Venues Trust, the Cultural Education Partnership, The Music Hubs, MK Arts & Heritage Alliance and SEMLEP.

Board and staff / volunteer meetings and training was mainly carried out online during the period. Staff training focused on developing increased understanding of the CRM system Spektrix and volunteer sessions on how to improve our access and welcome for visitors at the venue and the Festival.

d. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT

The Trustees have complied with their duties under section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

The Trustees consider that the activities of the Charity are carried out for the public benefit and adhere to the following charitable purposes as set out by the Charity Commission in its general guidance on public benefit:

ACHIEVEMENTS AND PERFORMANCE

a. Main achievements of the Charity

The Trustees consider that most of the major goals set in advance of the period were achieved as described above, despite significant disruption to the activity levels due to ongoing restrictions in relation to the Covid-19 pandemic.

Page 8

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

b. KEY FINANCIAL PERFORMANCE INDICATORS

Unrestricted Activities

The period to 30 September 2021 had Unrestricted Income of £2,369,686 with expenditure of £1,779,497 producing a net income of £590,189 before a transfer of funds from Restricted to Unrestricted of £99,916, producing a surplus on Unrestricted activities of £690,105 (2020 Deficit - £161,055).

Restricted Activities

Restricted Income of £1,138,473 (2020: £361,709) and Expenditure of £715,710 (2020: £173,176) resulted in a Restricted surplus of £422,763 before a transfer to Unrestricted of £99,916, resulting in a surplus of £322,847 (2020: £188,573).

Balance Sheet

The Unrestricted and Restricted activities referred to above resulted in the total net assets of the Group increasing by £1,012,952 to £4,640,773 at 30 September 2021. Of this, £1,887,083 related to Unrestricted funds and £2,753,690 to Restricted funds.

There are currently five Restricted funds:

As before, the major assets are the property and tangible assets of the Group are depreciated over time in accordance with the Group’s accounting policy. Fixed asset expenditure amounted to £263,607 (2020: £155,478) in the period which included IT replacements and enhancements, further refurbishment of the front and back of house areas including bathrooms, floor coverings and dressing rooms and replacement furniture.

The surplus for the period together with sundry working capital movements including fixed asset investment through additions and depreciation adjustments, resulted in the net current assets increasing by £904,527 to £2,030,899. Cash balances increased by £879,082 over the previous year to close at £2,694,347.

Reserves Policy

The Trustees have the objective of establishing Unrestricted reserves to allow the Group sufficient capital to implement its development plans and to ensure the Group has sufficient resilience to continue its charitable activities in the event of a sustained downturn.

Within Unrestricted Reserves there are five designated funds with a combined value of £1,232,299. Their current value and purpose are:

Page 9

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Unrestricted Reserves amounted to £1,887,083 at 30 September 2021. The Trustees consider this adequate to meet The Groups Reserves Policy objectives.

Summary

In summary, the financial position of the Group has once again improved over the period. The resulting Unrestricted Reserves and cash positions continue to place The Stables in a position of strength to invest in the future while also providing a buffer against any adverse trading developments in a time of ongoing economic uncertainty. The many years of building reserves have enabled the Charity to be cautious but confident that the impact of COVID-19 can be managed until the activity and attendances recover to previous levels.

Volunteers

In common with most charities, The Stables enjoys the support of volunteers who gave some 36,635 hours (2020: 38,955) during the period, assisting the Charity to deliver its objectives alongside staff across many areas of the organisation including administration and in the delivery of events. No financial value has been placed on the contribution of volunteers in these accounts. The Trustees are extremely grateful to all those who support the charity on a voluntary basis.

c. INVESTMENT POLICY AND PERFORMANCE

The Trustees adopt a cautious, low risk approach to investment. Surplus cash balances are held in interest bearing bank deposit accounts and money market deposits with no exposure to the capital sum.

FINANCIAL REVIEW

a. GOING CONCERN

Despite an extremely challenging period since 31st March 2020, the Trustees are confident that the measures undertaken to minimise losses during the period since the beginning of the pandemic, combined with the support agreed with the Charity’s major grant giving partners provide certainty for more than 12 months.

The Trustees therefore have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

b. PRINCIPAL FUNDING

The Charity earns most of its income, but also fundraises from several sources. It receives National Portfolio Organisation funding from Arts Council England to the value of £379,223 per annum. The other major source of funding is Milton Keynes Council for specific projects such as IF: Milton Keynes International Festival.

Page 10

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. CONSTITUTION

The Charity is constituted under a Memorandum of Association dated 30th September 1976 and is a registered charity number 261645.

The principal object of the Charity and the Group is “to provide a centre of musical activity for the purposes of the promotion of education in, and appreciation of, good music of all kinds amongst persons of all ages and social backgrounds".

b. METHOD OF APPOINTMENT AND ELECTION OF TRUSTEES

The Trustees seek to obtain a widespread of experience and appropriate skills through an open recruitment process managed by a Nominations Committee supported by the Board of Trustees. Trustees are elected by the members in a general meeting and normally serve for a period of three years, following which they may serve for a further three years.

The management of the Charity and the Group is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

New Trustees are provided with an induction which features a meeting with the Chair of the Board and with the Chief Executive & Artistic Director to familiarise themselves with their responsibilities and legal obligations in connections with their role as a Trustee.

Page 11

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING

The board of Trustees is responsible for the policies, strategic planning and organisation of the Charity. No person who is not a member of the Charity is eligible to hold office as a Trustee.

Membership of the Charity is by payment of an annual subscription set by the Charity.

Each member is liable to repay debts of the Charity up to a limit of £4 in the event of the charity being wound up.

The Trustees, listed on page 1, meet quarterly, but there are sub groups, which include non-Trustees and members of the management team, that meet more frequently to assess the operational and risk management issues and offer support to the Executive Team for specific projects. These committees which report to the board of Trustees during 2020/21 comprised:

Audit & Risk Committee which reports to the Trustees regarding their financial responsibilities and assists them in fulfilling their responsibilities including:

Nominations Committee , to advise Trustees on the recruitment of Trustees and senior posts

The Stables Theatre (“Theatre”), and The Stables Events Limited (“Events”), are two wholly owned subsidiaries, and charities in their own right since 6th June 2018, the boards of which meet quarterly. The third wholly owned subsidiary, The Stables Trading Limited is dormant. The activities previously undertaken by Events have been transferred to Theatre to enable simplification of the Group structure and governance savings through the elimination of duplication throughout the Group.

The Stables Theatre employs the staff, deals with operational matters and carries out the activities on behalf of WAP of running concerts at the venue with ancillary services to our customers including bar, catering, merchandise and by delivering education projects. It also manages all venue hire. Each year it receives a grant from WAP to enable it to meet the costs of doing this work. For 2020/21 this grant amounted to £1,257,647 (2019/20 £188,800). From 1 April 2020 The Stables Theatre is also responsible for the delivery of the IF: Milton Keynes International Festival, a multi arts festival in mainly temporary spaces in and around central Milton Keynes.

e. PAY POLICY FOR SENIOR STAFF

Senior staff salaries are determined using industry benchmarking with pay reviews conducted as part of the annual budget setting process overseen by the Board of Trustees.

The Stables Theatre has a performance related pay scheme with clear policy guidelines set by Trustees. The Chairman on behalf of the Board of Trustees is responsible for approving the staff bonus payments in line with the agreed policy.

Key Management consist of the Chief Executive & Artistic Director and the Finance Director.

Page 12

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

f. RISK MANAGEMENT

The Trustees have assessed the major risks to which the Charity and the Group are exposed, in particular those related to the operations and finances of the Charity and the Group and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Group’s Risk Register is reviewed each quarter and updated immediately a change to risk is identified.

The risk management strategy comprises:

The major risks identified by the Trustees (and mitigation in place) currently include:

Mitigation: ACE has agreed National Portfolio Organisation funding until March 2023. Project budgets are adjusted and developed.

Mitigation: Designated funds are earmarked to provide confidence that reserves are available should an urgent need arise for repairs / renewals and a planned maintenance programme is under constant review.

Mitigation: Staff and volunteer recruitment, training and incentives are in place and reviewed regularly

Mitigation: Relationships with artists, agents and producers are continually developed through Executive and non-Executive circles, with considerable resources applied to marketing and audience development.

Mitigation: The global pandemic has highlighted the severe impact of risks outside of the control of the Charity Reserves are designated to cope with substantial downturn in the business and relationships with stakeholders are maintained and developed to facilitate access to support in times of crisis.

Mitigation: The Charity draws on expert advice from external consultants on technical matters and is developing a strategy for engaging new local communities to the venue.

A key element in the management of the financial risk is the setting of a reserves policy and its regular quarterly review by Trustees.

Page 13

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

PLANS FOR FUTURE PERIODS

During the coming year the Charity aims to focus on rebuilding its activities and resilience following the impact of the global pandemic:

INFORMATION ON FUNDRAISING PRACTICES

Wavendon Allmusic Plan is registered with the Fundraising Regulator. Income comes from multiple sources including ticket income, secondary sales, philanthropy, membership, sponsorships and public funding.

Current fundraising activities include:

The Charity is committed to ensuring that its fundraising is not overly intrusive or persistent and does not put members of the public under pressure.

Page 14

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also the directors of the Charity for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

AUDITORS

The auditors, Peters Elworthy & Moore, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

J Rice Chair of Trustees

29 June 2022 Date:

Page 15

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAVENDON ALL MUSIC PLAN

OPINION

We have audited the financial statements of Wavendon All Music Plan (the 'parent charitable company') and its subsidiaries (the 'Group') for the period ended 30 September 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of 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:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent charitable company'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.

Page 16

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAVENDON ALL MUSIC PLAN (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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, except to the extent otherwise explicitly stated in our report, 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.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 Group's and the parent charitable company'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 liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 17

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAVENDON ALL MUSIC PLAN (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Page 18

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAVENDON ALL MUSIC PLAN (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jayne Rowe (Senior Statutory Auditor) for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA 29 June 2022 Date:

Page 19

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 30 SEPTEMBER 2021

Note
Income from:
Donations and Grants
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net income
Transfers between funds
18
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
18 Months
ending
30 September
2021
£
1,632,322
484,262
59,202
18,374
175,526
2,369,686
59,706
1,719,791
1,779,497
590,189
99,916
690,105
1,196,978
690,105
1,887,083		 Restricted
funds
18 Months
ending
30 September
2021
£
730,288
27,185
381,000
-
-
1,138,473
-
715,710
715,710
422,763
(99,916)
322,847
2,430,843
322,847
2,753,690		 Total
funds
18 Months
ending
30 September
2021
£
2,362,610
511,447
440,202
18,374
175,526
3,508,159
59,706
2,435,501
2,495,207
1,012,952
-
1,012,952
3,627,821
1,012,952
4,640,773		 Total
funds
31 March
2020
£
528,855
2,095,144
129,716
16,075
5,894
2,775,684
326,745
2,421,421
2,748,166
27,518
-
27,518
3,600,303
27,518
3,627,821

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the period.

The notes on pages 24 to 48 form part of these financial statements.

Page 20

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN REGISTERED NUMBER: 00979681

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2021

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 30
September
2021
£
6,947
395,496
2,694,347
3,096,790
(1,065,891)		 30
September
2021
£
2,609,874
2,609,874
2,030,899
4,640,773
2,753,690
1,887,083
4,640,773		 31 March
2020
£
7,354
127,313
1,815,265
1,949,932
(823,560)		 31 March
2020
£
2,501,449
2,501,449
1,126,372
3,627,821
2,430,843
1,196,978
3,627,821

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J Rice, Chair

29 June 2022 Date:

The notes on pages 24 to 48 form part of these financial statements.

Page 21

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN REGISTERED NUMBER: 00979681

CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2021

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 30
September
2021
£
258,235
2,399,940
2,658,175
(1,339,829)		 30
September
2021
£
2,338,256
4
2,338,260
1,318,346
3,656,606
2,235,354
1,421,252
3,656,606		 31 March
2020
£
26,745
1,664,633
1,691,378
(629,920)		 31 March
2020
£
2,278,520
5
2,278,525
1,061,458
3,339,983
2,189,447
1,150,536
3,339,983

The Charity's net movement in funds for the period was £316,635 (2020 - £(47,995)).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J Rice, Chair

29 June 2022 Date:

The notes on pages 24 to 48 form part of these financial statements.

Page 22

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

Note
Cash flows from operating activities
Net cash generated by / (used in) operating activities
20
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
21		 18 Months
ending
30
September
2021
£
1,105,453
18,374
(250,248)
5,500
(226,374)
879,079
1,815,267
2,694,346		 31 March
2020
£
308,601
16,075
(155,478)
1,200
(138,203)
170,398
1,644,869
1,815,267

The notes on pages 24 to 48 form part of these financial statements

Page 23

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

1. GENERAL INFORMATION

Wavendon Allmusic Plan is a charitable company limited by guarantee and incorporated in England and Wales. Its registered office is The Stables, Stockwell Lane, Wavendon, Milton Keynes, MK17 8LU.

The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £4 per member of the Chartity.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (second edition - October 2019) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Wavendon All Music Plan meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakingss. The results of the subsidiaries are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 GOING CONCERN

The COVID-19 pandemic has had a significant impact on the Group’s charitable activities and fundraising income. To reduce the impact of the pandemic, the Group has made use of the Coronavirus Job Retention Scheme and sought funding from the Culture Recovery Fund.

The Trustees are confident that the measures undertaken to minimise losses during the period since the beginning of the pandemic, combined with the ongoing support agreed with the Charity’s major grant giving partners provide certainty for more than 12 months.

The Trustees therefore have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Page 24

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

2. ACCOUNTING POLICIES (CONTINUED)

2.3 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income from charitable activities includes educational programmes and box office income and other customer ancillary services. The income is recognised as received except where it must be deferred due to:

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 EXPENDITURE

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 allocated on the portion of the asset’s use.

Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

2.5 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 25

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

2. ACCOUNTING POLICIES (CONTINUED)

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - 1.33% on cost
Sculpture - Not depreciated
Office furniture and equipment - 10-15% on cost
Piano - 5% on cost
Theatre equipment - 10% on cost
Bar equipment - 15% on cost
Foyer equipment - 10% on cost
Computer equipment - 33% on cost

2.7 INVESTMENTS

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

2.9 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 26

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

2. ACCOUNTING POLICIES (CONTINUED)

2.11 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.12 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 OPERATING LEASES

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.14 PENSIONS

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the period.

2.15 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 27

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

3. INCOME FROM DONATIONS AND GRANTS

Unrestricted
funds
18 Months
ending
30
September
2021
£
Donations
99,622
Gift Aid
1,899
Grants
1,530,801
1,632,322
Unrestricted
funds
31 March
2020
£
Donations
46,206
Gift Aid
4,327
Grants
386,351
436,884		 Restricted
funds
18 Months
ending
30
September
2021
£
12,851
-
717,437
730,288
Restricted
funds
31 March
2020
£
14,471
-
77,500
91,971		 Total
funds
18 Months
ending
30
September
2021
£
112,473
1,899
2,248,238
2,362,610
Total
funds
31 March
2020
£
60,677
4,327
463,851
528,855

Page 28

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
18 Months
ending
30
September
2021
£
Box office
396,629
Front of house
79,103
Education
5,751
Other income
2,779
484,262
Unrestricted
funds
31 March
2020
£
Box office
1,522,326
Front of house
492,923
Education
76,761
Other income
2,619
2,094,629		 Restricted
funds
18 Months
ending
30
September
2021
£
27,185
-
-
-
27,185
Restricted
funds
31 March
2020
£
515
-
-
-
515		 Total
funds
18 Months
ending
30
September
2021
£
423,814
79,103
5,751
2,779
511,447
Total
funds
31 March
2020
£
1,522,841
492,923
76,761
2,619
2,095,144

Page 29

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

5. INCOME FROM OTHER TRADING ACTIVITIES

Income from fundraising events

Unrestricted
funds
18 Months
ending
30
September
2021
£
Subscriptions and sundry income
8,308
Fundraising
41,816
Corporate hire
9,078
59,202
Subscriptions and sundry income
Fundraising
Corporate hire		 Restricted
funds
18 Months
ending
30
September
2021
£
-
381,000
-
381,000
Unrestricted
funds
31 March
2020
£
55,802
66,310
7,604
129,716		 Total
funds
18 Months
ending
30
September
2021
£
8,308
422,816
9,078
440,202
Total
funds
31 March
2020
£
55,802
66,310
7,604
129,716

6. INVESTMENT INCOME

Unrestricted Total
funds funds
18 Months 18 Months
ending ending
30 30
September September
2021 2021
£ £
Interest receivable 18,374 18,374

Page 30

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

6. INVESTMENT INCOME (CONTINUED)

Unrestricted Total
funds funds
31 March 31 March
2020 2020
£ £
Interest receivable 16,075 16,075

7. OTHER INCOME

Profit on disposal of fixed assets
Coronavirus Job Retention Scheme		 Unrestricted
funds
18 Months
ending
30
September
2021
£
5,500
170,026
175,526		 Total
funds
18 Months
ending
30
September
2021
£
5,500
170,026
175,526

Other income includes amounts receivable under the Coronavirus Job Retention Scheme (CJRS) of £170,026 (2020 - £4,694) to cover salaries of furloughed staff.

Profit on disposal of fixed assets
Coronavirus Job Retention Scheme		 Unrestricted
funds
31 March
2020
£
1,200
4,694
5,894		 Total
funds
31 March
2020
£
1,200
4,694
5,894

Page 31

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

8. EXPENDITURE ON RAISING FUNDS

FUNDRAISING TRADING EXPENSES

Unrestricted
funds
18 Months
ending
30
September
2021
£
Raising funds
59,706
Unrestricted
funds
31 March
2020
£
Raising funds
326,745		 Total
funds
18 Months
ending
30
September
2021
£
59,706
Total
funds
31 March
2020
£
326,745

9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
18 Months
ending
30
September
2021
£
Box office
1,638,693
Educational
60,549
Membership and fundraising
20,549
1,719,791		 Restricted
funds
18 Months
ending
30
September
2021
£
715,710
-
-
715,710		 Total
funds
18 Months
ending
30
September
2021
£
2,354,403
60,549
20,549
2,435,501

Page 32

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)

Summary by fund type (continued)

Box office
Educational		 Unrestricted
funds
31 March
2020
£
2,135,830
112,455
2,248,285		 Restricted
funds
31 March
2020
£
173,136
-
173,136		 Total
funds
31 March
2020
£
2,308,966
112,455
2,421,421

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Box office
Educational
Membership and fundraising		 Activities
undertaken
directly
18 Months
ending
30
September
2021
£
1,178,740
60,549
20,549
1,259,838		 Support
costs
18 Months
ending
30
September
2021
£
1,175,663
-
-
1,175,663		 Total
funds
18 Months
ending
30
September
2021
£
2,354,403
60,549
20,549
2,435,501

Page 33

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

Box office
Educational		 Activities
undertaken
directly
31 March
2020
£
1,325,271
112,455
1,437,726		 Support
costs
31 March
2020
£
983,695
-
983,695		 Total
funds
31 March
2020
£
2,308,966
112,455
2,421,421

Page 34

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF SUPPORT COSTS

Staff costs
Depreciation
Recruitment, training & development
Marketing
Infrastructure
Premises
Governance		 Total
funds
18 Months
ending
30
September
2021
£
469,891
155,182
3,322
55,943
209,292
257,765
24,268
1,175,663		 Total
funds
31 March
2020
£
284,700
90,867
13,338
157,743
219,155
199,990
17,902
983,695
11. AUDITORS' REMUNERATION
18 Months
ending
30
September 31 March
2021 2020
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 20,520 20,160
Fees payable to the Charity's auditor in respect of:
Taxation compliance services 950 1,750

Page 35

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

12. STAFF COSTS

Wages and salaries
Social security costs
Pension costs
Contracted staff		 18 months
to 30
September
2021
£
667,873
52,371
17,196
737,440
124,849
862,289		 31 March
2020
£
563,968
43,124
13,162
620,254
169,910
790,164

The average number of persons employed by the charity during the period was 33 (2020 - 41). Average headcount expressed as a full time equivalent was 17 (2020 - 22).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity. They consist of the Chief Executive & Artistic Director and Finance Director, who are also Trustees of The Stables Theatre. The aggregate cost of Key Management Remuneration for the period was £198k (2020 - £114k) of which some are contractors. Such remuneration is permitted by the Memorandum and Articles of Association and permission granted from the Charity Commission. One employee in the Group received emoluments between £60,000 to £70,000 per annum (2020 - one employee between £60,000 to £70,000). Pension contributions in respect of this employee in the period were £3,072 (2020 - £2,049). Remuneration for Key Management Personnel is set using industry benchmarking and overseen by the Chair.

During the period ended 30 September 2021, no Trustee expenses have been incurred (2020 - £Nil).

Page 36

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

13. TANGIBLE FIXED ASSETS

GROUP

COST OR VALUATION
At 1 April 2020
Additions
Disposals
At 30 September 2021
DEPRECIATION
At 1 April 2020
Charge for the period
On disposals
At 30 September 2021		 Freehold
property
£
5,375,032
152,582
-
5,527,614
3,129,482
92,846
-
3,222,328		 Sculpture
£
32,970
-
-
32,970
-
-
-
-		 Office and
theatre
equipment
£
404,137
90,786
(13,359)
481,564
187,267
60,529
(13,359)
234,437		 Bar and
foyer
equipment
£
64,590
-
-
64,590
58,531
1,807
-
60,338		 Computer
equipment
£
-
20,239
-
20,239
-
-
-
-		 Total
£
5,876,729
263,607
(13,359)
6,126,977
3,375,280
155,182
(13,359)
3,517,103

Page 37

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

13. TANGIBLE FIXED ASSETS (CONTINUED)

GROUP (CONTINUED)

Office and Bar and Freehold theatre foyer Computer property Sculpture equipment equipment equipment Total £ £ £ £ £ £ NET BOOK VALUE At 30 September 2021 2,305,286 32,970 247,127 4,252 20,239 2,609,874 At 31 March 2020 2,245,550 32,970 216,870 6,059 - 2,501,449

The charitable company owns the freehold theatre, known as The Stables. Under the terms of a formal agreement the subsidiary, The Stables Theatre, carries out the charitable activities of Wavendon All Music Plan in the theatre.

Freehold property depreciation includes past impairment provisions of £2,682,604.

Page 38

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
13.
TANGIBLE FIXED ASSETS (CONTINUED)
COMPANY
COST OR VALUATION
At 1 April 2020
Additions
At 30 September 2021
DEPRECIATION
At 1 April 2020
Charge for the period
At 30 September 2021
NET BOOK VALUE
At 30 September 2021
At 31 March 2020		 Freehold
property
£
5,375,032
152,582
5,527,614
3,129,482
92,846
3,222,328
2,305,286
2,245,550		 Sculpture
£
32,970
-
32,970
-
-
-
32,970
32,970		 Total
£
5,408,002
152,582
5,560,584
3,129,482
92,846
3,222,328
2,338,256
2,278,520

Page 39

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

14. FIXED ASSET INVESTMENTS

CHARITY
COST OR VALUATION
At 1 April 2020
AT 30 SEPTEMBER 2021		 Investments
in
subsidiary
companies
£
4
4

PRINCIPAL SUBSIDIARIES

The following were subsidiary undertakings of the Charity:

Names Company Charity Holding
Included in		 Holding
Included in
number registration consolidation
number
The Stables Theatre 03224226 1178665 100% Yes
The Stables Trading Limited 04008990 N/a 100% Yes
The financial results of the subsidiaries for the period were:
Names Income Expenditure Surplus/ Net assets
£ £ (Deficit) for £
the period
£
The Stables Theatre 3,149,428 (2,453,110) 696,318 984,170
The Stables Trading Limited - - - 2
15. STOCKS
Group
30 Group
September 31 March
2021 2020
£ £
Bar and catering stocks 6,947 7,354

Page 40

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

16. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 Group
30
September
2021
£
2,776
72,423
320,297
395,496		 Group
31 March
2020
£
(715)
54,147
73,881
127,313		 Company
30
September
2021
£
-
1,900
256,335
258,235		 Company
31 March
2020
£
-
930
25,815
26,745

Page 41

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Amounts owed to Group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2020
Resources deferred during the period
Amounts released from previous periods		 Group
30
September
2021
£
115,557
-
35,939
75,110
839,285
1,065,891
Group
30
September
2021
£
500,790
842,926
(500,790)
842,926		 Group
31 March
2020
£
59,304
-
76,817
66,974
620,465
823,560
Group
31 March
2020
£
579,742
500,790
(579,742)
500,790		 Company
30
September
2021
£
11,311
1,332,071
5,800
-
(9,353)
1,339,829
Company
30
September
2021
£
14,175
1,320
(14,175)
1,320		 Company
31 March
2020
£
6,950
590,475
11,600
-
20,895
629,920
Company
31 March
2020
£
39,530
14,175
(39,530)
14,175

Deferred income comprises Box Office receipts for future events (£722,896), sale of gift vouchers (£73,196), grant income (£37,104) and room hires (£9,720).

Page 42

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

18. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT PERIOD

DESIGNATED FUNDS
Education Support Fund
Facilities and Grounds
Sustained Downturn Fund
50th Birthday Project
New Projects and Facilities
Fund
GENERAL FUNDS
General Funds - all funds
TOTAL UNRESTRICTED
FUNDS
RESTRICTED FUNDS
Building
Arts Council England Catalyst
Education
Small capital
IF: Milton Keynes International
Festival
TOTAL OF FUNDS		 Balance at 1
April 2020
£
26,768
132,794
372,650
150,000
550,000
1,232,212
(35,234)
1,196,978
1,740,261
164,791
22,258
262,125
241,408
2,430,843
3,627,821		 Income
£
-
87
-
-
-
87
2,369,599
2,369,686
-
-
-
141,392
997,081
1,138,473
3,508,159		 Expenditure
£
-
-
-
-
-
-
(1,779,497)
(1,779,497)
(49,434)
(246)
-
(45,805)
(620,225)
(715,710)
(2,495,207)		 Transfers
in/out
£
-
-
-
-
-
-
99,916
99,916
(99,916)
-
-
-
-
(99,916)
-		 Balance at
30
September
2021
£
26,768
132,881
372,650
150,000
550,000
1,232,299
654,784
1,887,083
1,590,911
164,545
22,258
357,712
618,264
2,753,690
4,640,773

Charity only unrestricted funds were £1,521,180.

Charity only restricted funds were £2,135,426, which are those disclosed above excluding £618,264 in relation to IF: Milton Keynes International Festival.

Page 43

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

18. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR PERIOD

DESIGNATED FUNDS
Education Support Fund
Facilities and Grounds
Sustained Downturn Fund
50th Birthday Project
New Projects and Facilities Fund
GENERAL FUNDS
General Funds
TOTAL UNRESTRICTED FUNDS
RESTRICTED FUNDS
Building
Arts Council England Catalyst
Education
Small capital
IF: Milton Keynes International Festival
TOTAL OF FUNDS		 Balance at
1 April 2019
£
26,868
125,943
372,650
150,000
550,000
1,225,461
132,572
1,358,033
1,771,940
162,998
22,258
279,992
5,082
2,242,270
3,600,303		 Income
£
470
6,851
-
-
-
7,321
2,406,654
2,413,975
11,361
1,958
-
-
348,390
361,709
2,775,684		 Expenditure
£
(570)
-
-
-
-
(570)
(2,574,460)
(2,575,030)
(43,040)
(165)
-
(17,867)
(112,064)
(173,136)
(2,748,166)		 Balance at
31 March
2020
£
26,768
132,794
372,650
150,000
550,000
1,232,212
(35,234)
1,196,978
1,740,261
164,791
22,258
262,125
241,408
2,430,843
3,627,821

Charity only unrestricted funds were £1,150,536.

Charity only restricted funds were £2,189,447, which are those disclosed above excluding £241,408 in relation to IF:Milton Keynes International Festival.

Page 44

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

18. STATEMENT OF FUNDS (CONTINUED)

DESIGNATED FUNDS

Education Support Fund

Designated to support bursaries and special education projects.

Facilities and Grounds

To ensure adequate long term maintenance and investment for The Stables facilities and grounds.

Sustained Downturn Fund

To cover 2 years loss of external funding plus 20% reduction in ticket income for period of 6 months, calculated annually.

Projects and Facilities Fund

Funding towards additional complementary facilities that will enable growth of the organisation.

50th Birthday Project

A contribution to new projects and facilities.

RESTRICTED FUNDS

Building

This represents accumulated funding received to date in respect of the construction of the building housing the Jim Marshall Auditorium and Stage 2, less costs of fundraising, impairment and depreciation to the value of the property. The charity is restricted in the use it can make of the building.

Arts Council England Catalyst

This represents restricted grant income less restricted expenditure awarded for capacity building and match fundraising.

Education

This represents the accumulated funds held on behalf of the Kenny Clare, Sylvia Kendrick, Dorothy Mowatt Foundation and the Pete Smith Memorial Fund. They are to be used to provide bursaries for students on WAP courses and workshops.

Small Capital

Grant funding received for renovation and environmental enhancements of the venue.

IF: Milton Keynes International Festival

Funds carried forward to future editions of the biennial international festival, to be delivered next in 2023.

Page 45

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
funds
30
September
2021
£
Tangible fixed assets
1,018,963
Current assets
1,934,010
Creditors due within one year
(1,065,891)
TOTAL
1,887,082		 Restricted
funds
30
September
2021
£
1,590,911
1,162,779
-
2,753,690		 Total
funds
30
September
2021
£
2,609,874
3,096,789
(1,065,891)
4,640,772

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Tangible fixed assets
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
31 March
2020
£
771,188
1,249,350
(823,560)
1,196,978		 Restricted
funds
31 March
2020
£
1,730,261
700,582
-
2,430,843		 Total
funds
31 March
2020
£
2,501,449
1,949,932
(823,560)
3,627,821

Page 46

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 20. ACTIVITIES

Net income for the period (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Dividends, interests and rents from investments
Profit on the sale of fixed assets
Decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
NET CASH PROVIDED BY OPERATING ACTIVITIES		 Group
18 Months
ending
30
September
2021
£
1,012,952
141,823
(18,374)
(5,500)
407
(268,186)
242,331
1,105,453		 Group
31 March
2020
£
27,518
90,867
(16,075)
(1,200)
3,118
272,630
(68,257)
308,601

21. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 Group
30
September
2021
£
2,694,346
2,694,346		 Group
31 March
2020
£
1,815,267
1,815,267

Page 47

DocuSign Envelope ID: 76DACDBB-66BF-4009-BF7E-F9C982AA8BD5

WAVENDON ALL MUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2021

22. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand At 1 April
2020
£
1,815,265
1,815,265		 Cash flows
£
879,081
879,081		 At 30
September
2021
£
2,694,346
2,694,346

23. CONTINGENT LIABILITIES

The charitable company has entered into an unlimited bank cross guarantee with the two subsidiary charitable companies, The Stables Theatre and The Stables Trading Limited. The year-end liability exposure is £NIL.

Arts Council England holds a fixed and floating charge over all the assets of the company.

24. OPERATING LEASE COMMITMENTS

At 30 September 2021 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
30
September
2021
£
1,095
-
1,095		 Group
31 March
2020
£
7,777
3,545
11,322

25. RELATED PARTY TRANSACTIONS

All Trustees are required to be a member of the trust with an annual cost of £5.

No transactions with related parties are disclosed for the Group entities due to the exemption available under FRS 102.

Page 48

Docusign EnvÈlope ID." 76DACDBPA6BF4(M-BF7E-FgC982AA8BD5