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2023-03-31-accounts

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

Registered number: 00979681 Charity number: 261645

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Chairman's Statement 2
Trustees' Report 3 - 12
Independent Auditors' Report on the Financial Statements 13 - 16
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18
Charity Balance Sheet 19
Consolidated Statement of Cash Flows 20
Notes to the Financial Statements 21 - 46

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees S Hasson
D Harrington
J Rice
L Tawney
D A Tosar
J Upton MBE DL
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
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

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

The chairman presents his statement for the year ended 31 March 2023.

I am pleased that we are able to present an encouraging report on our activities and our financial position during the year although, of course, many challenges are presented by the prevailing economic environment.

Our dedicated team of staff and volunteers have helped to guide The Stables through the period since the Covid 19 restrictions were lifted. They have delivered and continue to deliver a programme of high quality inspirational events and education activity. I would like to pay tribute to them for enabling us to achieve so much in such difficult circumstances.

A substantial amount of time was spent during the year on planning and preparation for IF: Milton Keynes International Festival 2023 which took place in July 2023.

The support of our stakeholders continues to be crucial and in particular I would like to acknowledge the support we have received from Arts Council England, and locally from Milton Keynes City Council.

I am also extremely grateful for the contributions we have received through trusts, foundations and sponsors, and from individual donors.

I am grateful to my fellow Trustees for the skills and experience which they bring to all aspects of our work.

J Rice Chair

Date: 13 December 2023

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the year to 31st March 2023. 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) (effective 1 January 2019).

Wavendon Allmusic Plan was incorporated on 14 May 1970 with Memorandum and Articles of Association amended by special resolutions dated 22 March 2021 as registered at Companies House. On 6 June 2018, Wavendon Allmusic Plan was registered as a charity in England and Wales and on 17 November 1970. Exemption from using the word ''Limited'' was granted by the Registrar of Companies.

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 2023 – 2026 is:

“To enrich 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, Relevant, Inspiring, Sustainable and Dynamic.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

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.

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

In the next 3 years the Charity aims to:

In order to achieve these aims the Charity will:

c. Activites undertaken to achieve objectives

The Stables Theatre is a registered charity and a wholly owned subsidiary of WAP. It runs The Stables in Wavendon, Milton Keynes. 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 year from 1 April 2022 to 31 March 2023 we worked hard to return to ‘business as usual’ with a busy programme of activities. It was a challenging period with the backdrop of inflationary pressures.

Programme and projects

307 events were presented at The Stables during the year. Some highlights included Carl Palmers ELP Legacy: 50th Anniversary Tour of Emmerson, Lake & Palmer Music , National Youth Jazz Orchestra: A Celebration of Amy Winehouse , Catrin Finch & Seckou Keita, Jeneba Kanneh Mason, The Unthanks, Brother Strut, Penguin Café, Le Vent du Nord, Martha Wainwright, Courtney Pine, Grace Petrie, Clare Teal, Lizzy Hardingham, Turin Brakes, Joanne Shaw Taylor, Madison Violet, Nicholas Meier World Group, Lady Maisery and a 3 day residency

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

by Van Morrision.

The Stables presented shows for family audiences including 11 performances of The Adventures of The Little Red Hen by Stuff and Nonsense Theatre Company, Nick Cope’s Family Concert, Sir Scallywag & The Golden Underpants by Ensemble 360 & Polly Ives, Rapunzel & The Tower of Doom by Theatre of Widdershins.

We are delighted to report that The Paradis Files chamber opera The Stables commissioned for IF: Milton Keynes International Festival opened at the South Bank Centre followed by 2 performances at The Stables and a national tour in April 2022. It was also broadcast on BBC Radio 3, and streamed online. It subsequently won the Excellence in Touring category at the UK Theatre awards. It was selected as one of the top theatre picks for 2022 by British Theatre and was shortlisted for the Best Opera Award and Award for Access at the Off West End Theatre Awards, winning the OFFIE award for Access.

Learning and Participation

Our Learning and Participation programme featured workshops in the Basic Priciples of Music, Saxophone for Beginners and for Improvers, Introduction to Music Recording and Production, Singing Lead Vocals and Microphone Technique, Ukulele, Harmonica, Beginners Guitar, Blues Guitar, DADGAD Guitar, Mandolin, Cajon, Conga Drumming, Latin Percussion, Bodhran, Live Sound Engineering, Loop Pedal and Chords Theory.

Rock Experience and Ceilidh Experience courses also provided opportunities for musicians to meet, form bands and play for audiences. Work for children and young people included school concerts, educational film events, author talks, songwriting and percussion workshops.

Several commissions were made and progressed during this period to be delivered as part of IF: Milton Keynes International Festival in 2023. This included a partnership with The Cowper and Newton museum in Olney to develop a new classical music commission to mark the 250th anniversary of the hymn Amazing Grace, written in Olney by Rev John Newton. The text for the new work - Forever? - was written by Rommi Smith, composed by Roderick Williams for performance by the Chineke! Ensemble in July 2023. A new community choir – MK Sweet Sounds was also developed and rehearsed during this period to perform with Chineke!. Education and outreach work included a mass choir participation and performance of part of the new work. There were also performances and workshops from Chineke! musicians in schools.

Artist Rebecca Louise Law was commissioned to create The Place Between - a huge installation made from dried and fresh flowers in centre:mk’s Middleton Hall working with community groups. Sound Artist Jason Singh was also commissioned to collaborate on The Place Between recording bio data from plants and turning it into a soundscape delivered via binaural headsets for audiences walking through the installation.

d. Main activities undertaken to further the Charity's purposes for the 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:

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

STRATEGIC REPORT

Achievements and performance

a. Main achievements of the Charity

The Trustees consider that progress was made towards most of the major goals set in advance of the year as described above.

b. Key performance indicators

The current period is a full 12 month period whereas the 2022 comparatives are for a 6 month period.

Unrestricted activities

The period to 31 March 2023 had Unrestricted Income of £2,361,566 (2022: £1,716,148) with expenditure of £2,360,670 (2022: £1,352,732). In addition, there was a transfer between funds of £12,500 (2022: nil) to The Limb Family Endowment Fund producing a net surplus on Unrestricted activities of £13,396 (2022: Surplus £363,416).

Restricted activities

Restricted Income of £640,226 (2022: £190,404) and Expenditure of £223,885 (2022: £93,662), plus the transfer for the commission of The Paradis Files of £25,000 resulted in a Restricted surplus of £391,341 (2022: £96,742).

Endowment activities

Gift Aid of £12,500 was received on the income and transferred into The Limb Family Endowment Fund during the year. The balance has increased to £62,500.

Balance Sheet

The Unrestricted and Restricted activities referred to above resulted in the total net assets of the Group increasing by £417,237 to £5,568,168 at 31 March 2023. Of this, £2,263,895 related to Unrestricted funds, £3,241,773 to Restricted funds and £62,500 to Endowment funds.

There are currently five Restricted funds:

  1. £22,258 to provide educational bursaries;

  2. £1,541,477 relating to the property;

  3. £139,350 ACE Catalyst to be expended in future years on capacity building and newly commissioned work;

  4. £305,906 Small capital works grant funding; and

  5. £1,232,782 IF: Milton Keynes International Festival funds to be expended on future festival events.

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 £28,625 (2022: £10,151) in the year which included CCTV upgrades, replacement hospitality room furniture, bar tills and back office equipment and computer equipment.

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 £514,552 to £3,106,618. Cash balances increased by £618,237 over the previous year to close at £3,794,657.

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 £1,590,000. Their current value and purpose are:

Unrestricted Reserves amounted to £2,263,895 in total of which £673,895 are General Funds at 31 March 2023. The Trustees consider this adequate to meet The Group's Reserves Policy objectives.

Summary

In summary, the financial position of the Group continued to stabilise over the year. 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 reserves established over many years have enabled the Charity to be cautious but confident as activity resumed after the lockdowns and restrictions due to Covid 19. The next few years will inevitably be challenging as the economy recovers and audiences are impacted by the cost of living squeeze. The current inflation rates and related price rises are impacting costs across all areas of the Charity but the Trustees are confident that this will continue to be managed well, utilising the Charity's reserves as necessary, together with seeking new income streams and opportunities to enable a resilient, innovative operation for the future.

Volunteers

In common with most charities, The Stables enjoys the support of volunteers who gave some 35,827 hours (2022: 18,608) during the period, assisting the Charity to deliver its objectives 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

The Trustees are confident that the measures undertaken enable the activities of the Charity to continue to build

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

back to the levels delivered before the onset of the Covid 19 pandemic. The key funding partner Arts Council England has awarded funding, with The Stables being retained as part of the National Portfolio until March 2026.

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, currently to the value of £386,201 per annum. The other major source of funding is Milton Keynes City Council for specific projects such as IF: Milton Keynes International Festival.

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. Methods of appointment or election of Trustees

The Trustees seek to obtain a widespread of experience and appropriate skills through an open recruitment process managed by a Search and 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. Organisational structure and decision making policies

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 £10 in the event of the charity being wound up.

The Trustees, listed on page one, meet quarterly, but there are sub-committees, which include non Trustees and members of the management team, that meet more frequently to assess 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 2022/23 comprised:

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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

Search and Nominations Committee , which advises the Trustees on the recruitment of Trustees and senior posts.

The Stables Theatre which is a wholly owned subsidiary and charity in its own right. It 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 the Venue hire and major events such as IF: Milton Keynes International Festival. Each year it receives a grant from WAP to enable it to meet the costs of doing this work. For the year to 31 March 23 this grant amounted to £414,220 (2022: £194,417).

d. 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.

e. Pay policy for key management personnel

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

Remuneration for senior executives is 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.

f. Financial 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:

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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

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

Plans for future periods

During the coming year the Charity aims to focus on the following:

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Information on Fundraising Practices

The Charity 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.

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 including the Strategic 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:

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

relevant audit information and to establish that the charitable Group's auditors are aware of that information.

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

Date: 13 December 2023

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAVENDON ALLMUSIC PLAN

OPINION

We have audited the financial statements of Wavendon Allmusic Plan (the 'parent charitable company') and its subsidiaries (the 'Group') for the year ended 31 March 2023 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.

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

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

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

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 including the Strategic 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.

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

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

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

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 required compliance with these laws and regulations as part of our audit procedures on the related financial statement items:

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:

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

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

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Kelly Bretherick (Senior Statutory Auditor) for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

13 December 2023 Date:

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DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
INCOME AND
ENDOWMENTS
FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
7
Charitable activities
8
TOTAL
EXPENDITURE
NET INCOME
Transfers between
funds
17
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
Net movement in funds
TOTAL FUNDS
CARRIED FORWARD		 Unrestricted
funds
31 March
2023
£
176,318
2,012,923
155,349
16,976
2,361,566
143,156
2,217,514
2,360,670
896
12,500
13,396
2,250,499
13,396
2,263,895		 Restricted
funds
31 March
2023
£
375,276
-
264,950
-
640,226
-
223,885
223,885
416,341
(25,000)
391,341
2,850,432
391,341
3,241,773		 Endowment
funds
31 March
2023
£
-
-
-
-
-
-
-
-
-
12,500
12,500
50,000
12,500
62,500		 Total
funds
31 March
2023
£
551,594
2,012,923
420,299
16,976
3,001,792
143,156
2,441,399
2,584,555
417,237
-
417,237
5,150,931
417,237
5,568,168		 Total
funds
6 months
ended
31 March
2022
£
763,379
1,103,558
85,431
4,184
1,956,552
76,816
1,369,578
1,446,394
510,158
-
510,158
4,640,773
510,158
5,150,931

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

The notes on pages 21 to 46 form part of these financial statements.

Page 17

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee) REGISTERED NUMBER: 00979681

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Note
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
17
Restricted funds
17
Unrestricted funds
17
TOTAL FUNDS		 8,321
341,615
3,794,657
4,144,593
(1,037,975)		 2023
£
2,461,550
2,461,550
3,106,618
5,568,168
62,500
3,241,773
2,263,895
5,568,168		 8,616
353,540
3,176,420
3,538,576
(946,510)		 2022
£
2,558,865
2,558,865
2,592,066
5,150,931
50,000
2,850,432
2,250,499
5,150,931

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 have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

J Rice Chair

Date: 13 December 2023

The notes on pages 21 to 46 form part of these financial statements.

Page 18

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee) REGISTERED NUMBER: 00979681

CHARITY BALANCE SHEET AS AT 31 MARCH 2023

Note
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
17
Unrestricted funds
17
TOTAL FUNDS		 -
3,605,833
3,605,833
(1,790,663)		 2023
£
2,228,821
4
2,228,825
1,815,170
4,043,995
2,033,991
2,010,004
4,043,995		 173,073
2,874,542
3,047,615
(1,258,465)		 2022
£
2,301,498
4
2,301,502
1,789,150
4,090,652
2,101,222
1,989,430
4,090,652

The Charity's net movement in funds for the year was £(46,657) (2022: £434,046).

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 have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

J Rice Chair

Date: 13 December 2023

The notes on pages 21 to 46 form part of these financial statements.

Page 19

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net from operating activities
19
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Purchase of tangible fixed assets
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Receipt of endowment
NET CASH PROVIDED BY FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
20		 31 March
2023
£
629,886
16,976
(28,625)
(11,649)
-
-
618,237
3,176,420
3,794,657		 6 months
ended
31 March
2022
£
438,040
4,184
(10,151)
(5,967)
50,000
50,000
482,073
2,694,347
3,176,420

The notes on pages 21 to 46 form part of these financial statements

Page 20

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. GENERAL INFORMATION

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

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

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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Wavendon Allmusic 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 undertaking. The results of the subsidiary 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.

The Charity's functional and presentational currency is GBP.

2.2 GOING CONCERN

The Trustees have assessed the appropriateness of the going concern basis by reference to forecasts, budgets and the resources available.

Based on this assessment, the Trustees 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.

There are no material uncertainties in relation to going concern.

Page 21

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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 22

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

(A Company Limited by Guarantee)

WAVENDON ALLMUSIC PLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 are 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.

Depreciation is provided 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
Computer equipment - 33% on cost

2.7 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

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.

Page 23

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES (CONTINUED)

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.

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 year.

Page 24

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES (CONTINUED)

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.

The Limb Family Endowment Fund is an expendable fund. The income from the fund can be spent on the charitable purposes of the Charity or reinvested. The terms of the endowment allow the capital to be spent in accordance with the terms of the gift agreement.

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.

Investment income, gains and losses are allocated to the appropriate fund.

3. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
31 March
2023
£
Donations
50,816
Grants
125,502
176,318		 Restricted
funds
31 March
2023
£
18,503
356,773
375,276		 Endowment
funds
31 March
2023
£
-
-
-		 Total
funds
31 March
2023
£
69,319
482,275
551,594

Page 25

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. INCOME FROM DONATIONS AND LEGACIES (CONTINUED)

Donations
Grants		 Unrestricted
funds
6 months
ended
31 March
2022
£
46,875
508,840
555,715		 Restricted
funds
6 months
ended
31 March
2022
£
5,740
151,924
157,664		 Endowment
funds
6 months
ended
31 March
2022
£
50,000
-
50,000		 Total
funds
6 months
ended
31 March
2022
£
102,615
660,764
763,379

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
31 March
2023
£
Box office
1,581,825
Front of house
382,716
Education
48,006
Other income
376
2,012,923		 Total
funds
31 March
2023
£
1,581,825
382,716
48,006
376
2,012,923

Page 26

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. INCOME FROM CHARITABLE ACTIVITIES (CONTINUED)

Box office
Front of house
Education
Other income		 Unrestricted
funds
6 months
ended
31 March
2022
£
898,087
180,016
25,162
293
1,103,558		 Total
funds
6 months
ended
31 March
2022
£
898,087
180,016
25,162
293
1,103,558

5. INCOME FROM OTHER ACTIVITIES

Income from fundraising events

Unrestricted
funds
31 March
2023
£
Fundraising events
11,011
Other fundraising income
144,338
155,349		 Restricted
funds
31 March
2023
£
-
264,950
264,950		 Total
funds
31 March
2023
£
11,011
409,288
420,299

Page 27

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. INCOME FROM OTHER ACTIVITIES (CONTINUED)

Income from fundraising events (CONTINUED)

Fundraising events
Other fundraising income
6.
INVESTMENT INCOME
Interest receivable
Interest receivable		 Unrestricted
funds
6 months
ended
31 March
2022
Restricted
funds
6 months
ended
31 March
2022
£
£
19,994
-
32,697
32,740
52,691
32,740
Unrestricted
funds
31 March
2023
£
16,976
Unrestricted
funds
6 months
ended
31 March
2022
£
4,184		 Total
funds
6 months
ended
31 March
2022
£
19,994
65,437
85,431
Total
funds
31 March
2023
£
16,976
Total
funds
6 months
ended
31 March
2022
£
4,184

Page 28

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. EXPENDITURE ON RAISING FUNDS

FUNDRAISING EXPENSES

Unrestricted Total
funds funds
31 March 31 March
2023 2023
£ £
Raising funds 143,156 143,156

FUNDRAISING EXPENSES (CONTINUED)

Unrestricted Total
funds funds
6 months 6 months
ended ended
31 March 31 March
2022 2022
£ £
Raising funds 76,816 76,816

Page 29

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
31 March
2023
£
Box Office
2,167,842
Educational
22,588
Membership and raising funds
27,084
2,217,514
Unrestricted
funds
6 months
ended
31 March
2022
£
Box Office
1,225,994
Educational
38,262
Membership and raising funds
11,660
1,275,916		 Restricted
funds
31 March
2023
£
223,885
-
-
223,885
Restricted
funds
6 months
ended
31 March
2022
£
93,662
-
-
93,662		 Total
31 March
2023
£
2,391,727
22,588
27,084
2,441,399
Total
6 months
ended
31 March
2022
£
1,319,656
38,262
11,660
1,369,578

Page 30

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Box Office
Educational
Membership and raising funds		 Activities
undertaken
directly
31 March
2023
£
1,026,695
22,568
27,084
1,076,347		 Support
costs
31 March
2023
£
1,365,032
20
-
1,365,052		 Total
funds
31 March
2023
£
2,391,727
22,588
27,084
2,441,399
Box Office
Educational
Membership and raising funds		 Activities
undertaken
directly
6 months
ended
31 March
2022
£
781,880
37,388
11,660
830,928		 Support
costs
6 months
ended
31 March
2022
£
537,776
874
-
538,650		 Total
funds
6 months
ended
31 March
2022
£
1,319,656
38,262
11,660
1,369,578

Page 31

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Staff costs
Depreciation
Recruitment, training & development
Marketing
Infrastructure
Premises
Governance
AUDITORS' REMUNERATION
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
Preparation of statutory financial statements		 Total
funds
31 March
2023
£
671,449
125,940
3,899
142,639
166,165
218,880
36,080
1,365,052
31 March
2023
£
23,750
4,250		 Total
funds
6 months
ended
31 March
2022
£
172,296
61,160
1,698
53,871
93,119
142,572
13,934
538,650
6 months
ended
31 March
2022
£
17,000
2,000

10. AUDITORS' REMUNERATION

Page 32

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. STAFF COSTS

Wages and salaries
Social security costs
Pension costs
Contracted costs		 2023
£
495,086
42,012
11,615
548,713
73,943
73,943		 6 months
ending 31
March
2022
£
248,002
20,450
6,171
274,623
73,108
73,108

The average number of persons employed by the Group during the period was 34 (2022: 34). Average headcount expressed as a full-time equivalent was 17 (2022: 15).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. 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 £136,594 (6 month period ending 31 March 2022: £67,642) of which one is a contractor. Such remuneration is permitted by the Memorandum and Articles of Association and permission granted from the Charity Commission. Remuneration for Key Management Personnel is set using industry benchmarking and overseen by the Chairman.

One employee in the Group received employee benefits between £70,000 and £80,000 per annum (2022: one employee between £70,000 and £80,000). Pension contributions in respect of the paid employee in the period was £2,194 (2022: £1,085).

During the period ended 31 March 2023, no Trustee expenses have been incurred (2022: £NIL).

Page 33

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. TANGIBLE FIXED ASSETS

GROUP

COST
At 1 April 2022
Additions
Disposals
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023		 Freehold
property
£
5,527,614
907
-
5,528,521
3,259,086
73,584
-
3,332,670		 Sculpture
£
32,970
-
-
32,970
-
-
-
-		 Office and
theatre
equipment
£
491,715
16,973
(24,678)
484,010
258,236
50,018
(44,917)
263,337		 Bar and
foyer
equipment
£
64,590
10,745
-
75,335
60,941
2,338
-
63,279		 Computer
equipment
£
20,239
-
(20,239)
-
-
-
-
-		 Total
£
6,137,128
28,625
(44,917)
6,120,836
3,578,263
125,940
(44,917)
3,659,286

Page 34

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. TANGIBLE FIXED ASSETS (CONTINUED)

GROUP (CONTINUED)

NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Freehold
property
£
2,195,851
2,268,528		 Sculpture
£
32,970
32,970		 Office and
theatre
equipment
£
220,673
233,479		 Bar and
foyer
equipment
£
12,056
3,649		 Computer
equipment
£
-
20,239		 Total
£
2,461,550
2,558,865

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 Allmusic Plan in the Venue.

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

Page 35

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
12.
TANGIBLE FIXED ASSETS (CONTINUED)
CHARITY
COST
At 1 April 2022
Additions
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for the year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Freehold
property
£
5,527,614
907
5,528,521
3,259,086
73,584
3,332,670
2,195,851
2,268,528		 Sculpture
£
32,970
-
32,970
-
-
-
32,970
32,970		 Total
£
5,560,584
907
5,561,491
3,259,086
73,584
3,332,670
2,228,821
2,301,498

Page 36

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. FIXED ASSET INVESTMENTS

CHARITY
COST
At 1 April 2022
At 31 March 2023		 Investments
in
subsidiary
companies
£
4
4

PRINCIPAL SUBSIDIARIES

The following were subsidiary undertakings of the Charity:

Names Company Charity Holding Included in 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 year were:
Names Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ £
(Deficit) for
the year
£
The Stables Theatre 3,007,171 2,543,277 463,894 1,524,177
The Stables Trading Limited - - - 2

14. STOCKS

Bar and catering stocks

Group Group
2023 2022
£ £
8,321 8,616

Page 37

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 Group
2023
£
278,108
10,573
52,934
341,615		 Group
2022
£
53,283
28,911
271,346
353,540		 Charity
2023
£
-
-
-
-		 Charity
2022
£
-
-
173,073
173,073

16. 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 2022
Resources deferred during the year
Amounts released from previous periods		 Group
2023
£
70,332
-
129,975
61,351
776,317
1,037,975
Group
2023
£
606,960
641,360
(606,960)
641,360		 Group
2022
£
62,380
-
32,815
69,821
781,494
946,510
Group
2022
£
842,926
606,960
(842,926)
606,960		 Charity
2023
£
1,627
1,769,016
2,499
-
17,521
1,790,663
Charity
2023
£
1,320
3,021
(1,320)
3,021		 Charity
2022
£
7,176
1,229,910
10,558
-
10,821
1,258,465
Charity
2022
£
1,320
1,320
(1,320)
1,320

Deferred income comprises Box Office receipts for future events (£591,927), grant income (£33,735), room hires (£14,333) and camps (£1,320).

Page 38

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. STATEMENT OF FUNDS

STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
April 2022
£
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Education and Community
Engagement Project Support
25,894
Facilities and Grounds Renewal
& Replacement
132,881
Sustained Downturn Support
372,650
Artistic Projects and New
Commissions Support
150,000
Facilities Development and
Growth Capital
550,000
1,231,425
GENERAL FUNDS
General Fund
1,019,074
TOTAL UNRESTRICTED
FUNDS
2,250,499
ENDOWMENT FUNDS
The Limb Family Endowment
Fund
50,000		 Income
£
150
-
-
-
-
150
2,361,416
2,361,566
-		 Expenditure
£
(20)
-
-
-
-
(20)
(2,360,650)
(2,360,670)
-		 Transfers
in/out
£
13,976
67,119
227,350
-
50,000
358,445
(345,945)
12,500
12,500		 Balance at
31 March
2023
£
40,000
200,000
600,000
150,000
600,000
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Education and Community
Engagement Project Support
Facilities and Grounds Renewal
& Replacement
Sustained Downturn Support
Artistic Projects and New
Commissions Support
Facilities Development and
Growth Capital
GENERAL FUNDS
General Fund
TOTAL UNRESTRICTED
FUNDS
ENDOWMENT FUNDS
The Limb Family Endowment
Fund
1,590,000
673,895
2,263,895
62,500

Page 39

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS
Building
Arts Council England Catalyst
Education
Small capital
IF: Milton Keynes International
Festival
TOTAL OF FUNDS		 1,574,433
164,455
22,258
340,076
749,210
2,850,432
5,150,931		 -
-
-
-
640,226
640,226
3,001,792		 (32,956)
(105)
-
(34,170)
(156,654)
(223,885)
(2,584,555)		 -
(25,000)
-
-
-
(25,000)
-		 1,541,477
139,350
22,258
305,906
1,232,782
3,241,773
5,568,168

Page 40

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 October
2021
£
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Education and Community
Engagement Project Support
26,768
Facilities and Grounds Renewal
& Replacement
132,881
Sustained Downturn Support
372,650
Artistic Projects and New
Commissions Support
150,000
Facilities Development and
Growth Capital
550,000
1,232,299
GENERAL FUNDS
General Fund
654,784
TOTAL UNRESTRICTED
FUNDS
1,887,083
ENDOWMENT FUNDS
The Limb Family Endowment
Fund
-		 Income
£
-
-
-
-
-
-
1,716,148
1,716,148
50,000		 Expenditure
£
(874)
-
-
-
-
(874)
(1,351,858)
(1,352,732)
-		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-		 Balance at
31 March
2022
£
25,894
132,881
372,650
150,000
550,000
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Education and Community
Engagement Project Support
Facilities and Grounds Renewal
& Replacement
Sustained Downturn Support
Artistic Projects and New
Commissions Support
Facilities Development and
Growth Capital
GENERAL FUNDS
General Fund
TOTAL UNRESTRICTED
FUNDS
ENDOWMENT FUNDS
The Limb Family Endowment
Fund
1,231,425
1,019,074
2,250,499
50,000

Page 41

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS
Building
Arts Council England Catalyst
Education
Small capital
IF: Milton Keynes International
Festival
TOTAL OF FUNDS		 1,590,911
164,545
22,258
357,712
618,264
2,753,690
4,640,773		 -
-
-
-
190,404
190,404
1,956,552		 (16,478)
(90)
-
(17,636)
(59,458)
(93,662)
(1,446,394)		 -
-
-
-
-
-
-		 1,574,433
164,455
22,258
340,076
749,210
2,850,432
5,150,931

Page 42

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. STATEMENT OF FUNDS (CONTINUED)

DESIGNATED FUNDS

Education and Community Engagement Project Support

Designated to support bursaries and special education projects.

Facilities and Grounds Renewal & Replacement

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

Sustained Downturn Support

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

Artistic Projects and New Commissions Support

A contribution to new projects and facilities.

Facilities Development and Growth Capital

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

ENDOWMENT FUND

The Limb Family Endowment Fund is an expendable endowment to support the Charity to achieve the following aims:

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 and donations (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.

Page 43

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. STATEMENT OF FUNDS (CONTINUED)

IF: Milton Keynes International Festival

Funds carried forward to future editions of the biennial International Festival.

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2023
£
Tangible fixed assets
2,461,550
Current assets
840,320
Creditors due within one year
(1,037,975)
TOTAL
2,263,895		 Restricted
funds
2023
£
-
3,241,773
-
3,241,773		 Endowment
funds
2023
£
-
62,500
-
62,500		 Total
funds
2023
£
2,461,550
4,144,593
(1,037,975)
5,568,168

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
2022
£
2,558,865
638,144
(946,510)
2,250,499		 Restricted
funds
2022
£
-
2,850,432
-
2,850,432		 Endowment
funds
2022
£
-
50,000
-
50,000		 Total
funds
2022
£
2,558,865
3,538,576
(946,510)
5,150,931

Page 44

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 19. ACTIVITIES

Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Endowment donations
NET CASH PROVIDED BY OPERATING ACTIVITIES
20.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
TOTAL CASH AND CASH EQUIVALENTS
21.
ANALYSIS OF CHANGES IN NET DEBT
At 1 April
2022
£
Cash at bank and in hand
3,176,420
3,176,420		 Group
2023
£
417,237
125,940
(16,976)
295
11,925
91,465
-
629,886
Group
2023
£
3,794,657
3,794,657
Cash flows
£
618,237
618,237		 Group
6 months
ended
2022
£
510,158
61,160
(4,184)
(1,669)
41,956
(119,381)
(50,000)
438,040
Group
2022
£
3,176,420
3,176,420
At 31 March
2023
£
3,794,657
3,794,657

Page 45

DocuSign Envelope ID: 5CEA9EB2-CF92-42C1-9EA0-AB44CF087533

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. 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.

23. OPERATING LEASE COMMITMENTS

At 31 March 2023 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
2023
£
4,220
12,592
16,812		 Group
2022
£
3,125
9,660
12,785

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

Group Group
2023 2022
£ £
Operating lease rentals 3,125 1,095

24. 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.

During the period, Absolutlee Accounting, a partnership which K Roberts (Trustee of Stables Theatre) controls, made sales of £61,620 (2022: £37,690) to the Stables Theatre, a subsidiary of the Group. At the year end the Stables Theatre owed £8,725 (2022: £4,262) to Absolutlee Accounting.

Page 46