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2024-03-31-accounts

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

Registered number: 00979681 Charity number: 261645

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and 1
Chairman's Statement 2
Trustees' Report 3 - 13
IndependentAuditor’sReport on the Financial Statements 14- 17
Consolidated Statement of Financial Activities 18
Consolidated Balance Sheet 20
Charity Balance Sheet 21
Consolidated Statement of Cash Flows 22
Notes to the Financial Statements 23- 48

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 2024

Trustees

Trustees A Aitken (Appointed 9 December 2024) D Danskin (Resigned 16 September 2024) S Hasson D Harrington Dame A Limb DBE DL (Appointed 11 December 2023) D Meadowcroft (Appointed 10 June 2024) N Powell (Appointed 9 December 2024) J Rice (Resigned 10 June 2024) Professor L Ryals OBD (Appointed 9 December 2024) L Tawney D A Tosar J Upton MBE DL (Resigned 16 September 2024) 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 Steve Robinson Mercer & Hole LLP The Pinnacle 170 Midsummer Blvd MK9 1BP 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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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Having joined the organisation in June as the new Chair of Wavendon Allmusic Plan, I would first of all like to extend my thanks to the Trustees and the executive team for extending such a warm welcome and induction into the role.

I’d also extend my than ks to my predecessor Jim Rice for a comprehensive handover and for steering the organisation through a challenging period which saw inflationary pressures on the organisation drive up costs significantly.

The long-tail of the Covid-19 pandemic has been painful for arts organisations across the country, with public funding at standstill and a long-road to recovery following the extended closure period. We are extremely grateful to our audiences for continuing to support us and I am pleased to report that we are starting to see our programme returning to pre-pandemic levels.

During this difficult year we have done some extraordinary things including the delivery of IF: Milton Keynes International Festival in July 2023 and at the end of the period simplifying our organisational structure to reduce costs.

We have also taken care to continue investing in our building, people and projects to maintain the momentum on our recovery and plan for future growth.

The support of our stakeholders has been crucial and in particular I would like to acknowledge the support we have received from Arts Council England with The Stables part of their National Portfolio, and from Milton Keynes City Council who have continued to support IF: Milton Keynes International Festival.

We are also extremely grateful for the contributions we have received through trusts, foundations, business sponsors and individual donors that has enabled us to continue to offer a substantial and exciting programme of events including a significant level of learning & participation activity.

The Trustees, staff and volunteers have shown great resilience and dedication and I join them looking forward with confidence to continue delivering world class events with an outstanding commitment to learning and participation.

David Meadowcroft

Chair

Date 9[th] December 2024

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year to 31st March 2024. 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.

At 23:49 on 31[st] March 2024, the net assets of The Stables Theatre were transferred to Wavendon Allmusic Plan (WAP). All activities previously delivered by The Stables Theatre will continue to be delivered directly by WAP, under the operating names of The Stables and IF: Milton Keynes International Festival.

OBJECTIVES AND ACTIVITIES

a. Policies and objectives

The Charity’s principal objective is:

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.

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.

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

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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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

In the next 3 years the Charity aims to:

In order to achieve these aims the Charity will:

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

c. Activities 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 2023 to 31 March 2024 we continued to build back the level of activity following the Covid pandemic. It remained a challenging period with the backdrop of inflationary pressures, although significant progress was made in restoring attendances.

Programme and Projects

345 events were presented at The Stables during the year. Some concert highlights included Francis Rossi, Fisherman’s Friends, The Tiger Lillies, Hothouse Flowers, Ron Sexsmith, Eric Bibb, Bassekou Kouyate & Ngoni Ba, Kris Drever, Emma Johnson Trio, Raghu Dixit, Shawn Colvin, Ruby Turner, Kathryn Tickell & The Darkening, Ligeti String Quartet, Albert Lee, Brother Strut, Clare Teal, O’Hooley & Tidow, YolaDa Brown, Eliza Carthy & Jon Boden, Tony Momrelle, Kanda Bongo Man and Kasai Masai, The Budapest Café Orchestra, Seth Lakeman, and The Coral.

We presented shows for schools and family audiences including 11 performances of Hansel & Gretel by Box Tale Soup, HurlyBurly: Meet A Tree – an interactive multi-sensory first opera for 0 – 2 yr olds, and The Chimpanzees of Happytown featuring musicians from Ensemble 360.

We also supported a range of emerging artists with performance opportunities in our intimate Stage 2 space.

Learning and Participation

Our Learning and Participation programme included workshop sessions to learn Harmonica, Blues Guitar, Saxophone, Ukulele, Loop Pedal, Latin Percussion, Music Recording and Production, Cajon, Singing Lead Vocals & Microphone Technique, Songwriting, Melodeon, Jazz Experience, Mandolin, Concertina, Funky Folk Rhythm Guitar, and Basic Principles of Music.

Rock Experience and Ceilidh Experience multi-week courses also provided opportunities for musicians to meet, form bands and play for audiences. Work for children and young people also included school concerts, educational film events, and a free family fun day with The Alina Orchestra’s Band in a Van and opportunities to make and take away musical instruments. The Alina Orchestra also presented a concert which features young conductors who had the opportunity to work with the Orchestra in advance.

IF: Milton Keynes International Festival

The seventh edition of IF: Milton Keynes International Festival, founded and produced by The Stables was presented in July 2023. The programme was the most ambitious to date featuring a host of large-scale iconic events from international artists, 2 weekends of family friendly outdoor work, 5 World and 2 UK premieres and new commissions which featured months of community participation and engagement. The programme explored a range of themes, encouraging audiences to take a journey through the city, through time, and with a sense of adventure.

We are grateful to all of the artists, crew, audiences, partners, staff, volunteers and supporters. The Festival was made possible through collaboration and co-commissioning partnerships with investment from Arts Council England, Milton Keynes City Council, centre:mk, MyMiltonKeynes, Milton Keynes Community Foundations, The Parks Trust, The Open

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

University, Cowper and Newton Museum, The Kingdom of The Netherlands, MHA, Midsummer Place and Xscape as well as Trusts and Foundation support from The Syder Foundation and David Solomons Trust.. Individual donors also made a significant contribution towards the Festival commissioning through the Innovation Founders scheme and supporting inclusion through the City of Angels initiative.

170 events were presented over 10 days with 83% of the programme free to attend. There were 56,000 attendances at events with a further 178,000 engaging with pop up events casually as artists used the city as a stage. 1300 diverse community participants, with groups from MK Hindu Association MK Nipponzan Myohoji Buddhist Peace Pagoda & Temple, MK College, the Sikh Society MK and the YMCA MK, were engaged in the new commissions: The Place Between by Rebecca Louise Law with soundscapes by Jason Singh and Forever? by Roderick Williams and Rommi Smith in collaboration with the Cowper & Newton Museum.

The national and international media coverage was extensive reaching an astonishing 410 million people. The Guardian selected the UK premiere of Alter by Kamchàtka as one of the ten best shows of 2023. The Festival’s Headline Partner and co-commissioner of The Place Between centre:mk was recognised nationally and internationally with awards and accolades for the project, and the Festival as a whole was awarded the European Festivals Association’s EFFE label as one of E urope’s ‘most remarkable festivals.’

The programme featured companies from France, Catalonia, The Netherlands, Belgium, The UK, and from France including Gratte Ciel who presented 2 European exclusive performances of Place des Anges to close the Festival.

Visitors came from England, Scotland and Northern Ireland with international visitors from Dubai, Germany, Hong Kong, Spain, The Netherlands and New Zealand.

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.

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 on public benefit:

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.

.

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted activities

The period to 31 March 2024 had Unrestricted Income of £2,614,739 (2023: £2,361,566) with expenditure of £2,698,640 (2023: £2,360,670). In addition, there was a transfer between funds of £850 (2023: £12,500) to The Limb Family Endowment Fund producing a net deficit on Unrestricted activities of £84,751 (2023: surplus £13,396). This activity relates to the operation of the venue in which the concert and education activity is delivered, employs the staff and supports all overhead and related venue operating costs.

Restricted activities

Restricted Income of £712,518 (2023: £640,226) and Expenditure of £1,568,689 (2023: £223,885), resulted in a Restricted deficit of £856,171 (2023: surplus £391,341). IF: Milton Keynes International Festival is delivered over a 10 day period every two years, with a planning and delivery period spread over a two year time frame. The first year has limited expenditure and approximately 50% of the total funding received from grants and partnerships. Year two, the current period being reported, is a delivery period and most of the expenditure falls in this timeframe.

Endowment activities

Bank Interest Income of £850 was transferred into The Limb Family Endowment Fund during the year. The balance has increased to £63,350

Balance Sheet

The Unrestricted and Restricted activities referred to above resulted in the total net assets of the Group decreasing by £940,072 to £4,628,096 at 31 March 2024. Of this, £2,179,144 related to Unrestricted funds, £2,385,602 to Restricted funds and £63,350 to Endowment 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 £77,714 (2023: £28,625) in the year which included computer network and equipment upgrades and replacements, main auditorium sound equipment upgrades and some LED follow spotlights.

The deficit for the year together with sundry working capital movements including fixed asset investment through additions and depreciation adjustments, resulted in the net current assets decreasing by £882,089 to £2,224,529. Cash balances decreased by £709,278 over the previous year to close at £3,085,379.

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.

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Within Unrestricted Reserves there are five designated funds with a combined value of £1,990,000. Their current value and purpose are:

Unrestricted Reserves amounted to £2,179,144 in total of which £191,056 are General Funds at 31 March 2024. The Trustees consider this adequate to meet The Group's Reserves Policy objectives.

Summary

In summary, the financial performance of the Group continued to stabilise over the year with venue activities recovering to pre-COVID levels, however the inflationary increases to expenditure are still higher than the increase being achieved on the related income. The goal of an annual operating surplus for the venue to ensure long term sustainability is still a couple of years away but the recovery is quicker than initially anticipated post COVID and the extensive closure periods in 2020 and 2021. The continued tight management of expenditure coupled with the historical 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 higher than historical interest rates and fluctuating inflation. The Trustees are confident that this will continue to be managed well, utilising the Charity's reserves as necessary, whilst exploring 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 29,154 hours (2023: 35,827) during the year, 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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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 may 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 2023/24 comprised:

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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. The activities and net assets of The Stables Theatre were taken over by WAP on 31st March 2024. Previously, and for the year to 31st March 2024, The Stables Theatre employed the staff, dealt with operational matters and carried 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 managed the venue hire and major events such as IF: Milton Keynes International Festival. Each year it received a grant from WAP to enable it to meet the costs of doing this work. For the year to 31 March 24 this grant amounted to £281,200 (2023: £414,220).

Festival Advisory Board which supports planning of IF: Milton Keynes International Festival.

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.

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The risk management strategy comprises:

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

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.

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

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

g. Plans for future periods

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

h. 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.

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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:

Auditors

The auditors, Mercer & Hole LLP, 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:

David Meadowcroft, Chair

Date: 9[th] December 2024

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S 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 2024 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 Auditor’s 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 Auditor’s Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, 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

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WAVENDON ALLMUSIC PLAN (CONTINUED)

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.

AUDITOR’S 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 Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WAVENDON ALLMUSIC PLAN (CONTINUED)

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:

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

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S 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 Auditor’s 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 Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Steve Robinson (Senior Statutory Auditor) Mercer & Hole LLP

The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1BP

Date: 20 December 2024

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WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
INCOME AND
ENDOWMENTS FROM:
Donations and grants
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
(EXPENDITURE)/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
2024
£
195,022
2,240,186
133,832
45,699
2,614,739
148,777
2,549,863
2,698,640
(83,901)
(850)
(84,751)
2,263,895
(84,751)
2,179,144		 Restricted
funds
31 March
2024
£
367,652
158,671
186,195
-
712,518
17,167
1,551,522
1,568,689
(856,171)
-
(856,171)
3,241,773
(856,171)
2,385,602		 Endowment
funds
31 March
2024
£
-
-
-
-
-
-
-
-
-
850
850
62,500
850
63,350		 Total
funds
31 March
2024
£
562,674
2,398,857
320,027
45,699
3,327,257
165,944
4,101,385
4,267,329
(940,072)
-
(940,072)
5,568,168
(940,072)
4,628,096		 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

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

The notes on pages 23 to 48 form part of these financial statements.

Page 19

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
INCOME AND
ENDOWMENTS FROM:
Donations and grants
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
(EXPENDITURE)/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.

Page 20

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Stocks
14
Debtors
15
Cash and cash equivalents
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
17		 7,986
201,019
3,085,379		 2024
£
2,403,567
2,403,567




2,224,529
4,628,096
63,350
2,385,602
2,179,144
4,628,096		 8,321
341,615
3,794,657		 2023
£
2,461,550
2,461,550




3,106,618
3,294,384
(1,069,855)		 4,144,593
(1,037,975)
5,568,168
62,500
3,241,773
2,263,895
5,568,168

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:

David Meadowcroft, Chair

Date: 9th December 2024

The notes on pages 23 to 48 form part of these financial statements.

Page 21

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

CHARITY BALANCE SHEET AS AT 31 MARCH 2024

Note
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Stocks
14
Debtors
15
Cash and cash equivalents
Creditors: amounts falling due
within one year
16
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
Restricted funds
Unrestricted funds
TOTAL FUNDS		 7,986
201,019
3,085,377		 2024
£
2,403,565
4
2,403,569




2,224,529		 -
-
3,605,833		 2023
£
2,228,821
4
2,228,825




1,815,170
3,294,382
(1,069,853)		 3,605,833
(1,790,663)
4,628,098 4,043,995
63,350
2,385,602
2,179,146
4,629,098		 -
2,033,991
2,010,004
4,043,995

The Charity's movement in Total Funds for the year was £584,103 (2023: £46,657).

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:

David Meadowcroft, Chair

Date: 9[th] December 2024

The notes on pages 23 to 48 form part of these financial statements.

Page 22

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

CASH FLOWS FROM OPERATING ACTIVITIES
Note
Net from operating activities
19
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments
Purchase of tangible fixed assets
NET CASH USED IN INVESTING 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
2024
£
(677,263)
45,699
(77,714)
(32,015)
(709,278)
3,794,657
3,085,379		 31 March
2023
£
629,886
16,976
(28,625)
(11,649)
618,237
3,176,420
3,794,657

The notes on pages 23 to 48 form part of these financial

Page 23

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 24

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 25

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 Improvements to freehold - 10-20% on cost (included within freehold property) 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 26

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 27

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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.

2.16 GROUP RESTRUCTURING

On 31 March 2024 at 23:59, the trade and assets of The Stables Theatre were hived up to Wavendon Allmusic Plan. The assets and liabilities were transferred at net book value.

3. INCOME FROM DONATIONS AND GRANTS

Donations
Grants		 Unrestricted
funds
31 March
2024
£
30,018
165,004
195,022		 Restricted
funds
31 March
2024
£
5,092
362,560
367,652		 Endowment
funds
31 March
2024
£
-
-
-		 Total funds
31 March
2024
£
35,110
527,564
562,674

Page 28

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. INCOME FROM DONATIONS AND GRANTS (CONTINUED)

Donations
Grants		 Unrestricted
funds
31 March
2023
£
50,816
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

4. INCOME FROM CHARITABLE ACTIVITIES

Box office
Front of house
Education
Other income		 Unrestricted
funds
31 March
2024
£
1,768,111
430,560
39,282
2,233
2,240,186		 Restricted
funds
31 March
2024
£
115,593
43,078
-
-
158,671		 Total funds
31 March
2024
£
1,883,704
473,638
39,282
2,233
2,398,857

Page 29

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. INCOME FROM CHARITABLE ACTIVITIES (CONTINUED)

Box office
Front of house
Education
Other income
NCOME FROM OTHER ACTIVITIES
ncome from fundraising events
Fundraising events
Other fundraising income		 Unrestricted
funds
31 March 2023
£
1,581,825
382,716
48,006
376
2,012,923
Unrestricted
funds
31 March 2024
£
8,366
125,466
133,832		 Restricted
funds
31 March
2023
£
-
-
-
-
-
Restricted
funds
31 March
2024
£
-
186,195
186,195		 Total funds
31 March
2023
£
1,581,825
382,716
48,006
376
2,012,923
Total funds
31 March
2024
£
8,366
311,661
320,027

5. INCOME FROM OTHER ACTIVITIES Income from fundraising events

Page 30

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. INCOME FROM OTHER ACTIVITIES (CONTINUED)

Income from fundraising events (CONTINUED)

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

6. INVESTMENT INCOME

Interest receivable
Interest receivable		 Unrestricted
funds
Total
funds
31 March
2024
31 March
2024
£
£
45,699
45,699
Unrestricted
funds
Total
funds
31 March
2023
31 March
2023
£
£
16,976
16,976

Page 31

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. EXPENDITURE ON RAISING FUNDS

FUNDRAISING EXPENSES

Raising funds
Raising funds		 Unrestricted
funds
31 March
2024
£
148,777
Unrestricted
funds
31 March
2023
£
143,156		 Restricted
funds
Total
funds
31 March
2024
31 March
2024
£
£
17,167
165,944
Restricted
funds
Total
funds
31 March
2023
31 March
2023
£
£
-
143,156

Page 32

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Box Office
Education
Membership and raising funds
Box Office
Education
Membership and raising funds		 Unrestricted
funds
31 March
2024
£
2,518,860
26,411
4,592
2,549,863
Unrestricted
funds
31 March
2023
£
2,167,842
22,588
27,084
2,217,514		 Restricted
funds
31 March
2024
£
1,551,522
-
-
1,551,522
Restricted
funds
31 March
2023
£
223,885
-
-
223,885		 Total
funds
31 March
2024
£
4,070,382
26,411
4,592
4,101,385
Total
funds
31 March
2023
£
2,391,727
22,588
27,084
2,441,399

Page 33

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Box Office
Education
Membership and raising funds
Box Office
Education
Membership and raising funds		 Activity
undertaken
directly
31 March
2024
£
1,516,002
26,411
4,592
1,547,005
Activity
undertaken
directly
31 March
2023
£
1,026,695
22,568
27,084
1,076,347		 Support costs
31 March
2024
£
2,554,380
-
-
2,554,380
Support costs
31 March
2023
£
1,365,032
20
-
1,365,052		 Total
funds
31 March
2024
£
4,070,382
26,411
4,592
4,101,385
Total
funds
31 March
2023
£
2,391,727
22,588
27,084
2,441,399

Page 34

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Staff costs
Depreciation
Recruitment, training & development
Marketing
Infrastructure
Premises
Governance		 Total funds
31 March
2024
£
888,789
135,049
29,017
366,943
750,428
347,199
36,955
2,554,380		 Total funds
31 March
2023
£
671,449
125,940
3,899
142,639
166,165
218,880
36,080
1,365,052

10. AUDITOR’S REMUNERATION

31 March 31 March
2024 2023
£ £
Fees payable to the Charity’s auditor for the audit of the Charity’s 20,500 23,750
annual accounts
Fees payable to the Charity’s auditor in respect of preparation of 5,500 4,250
the statutory financial statements

Page 35

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. STAFF COSTS

Wages and salaries
Social security costs
Pension costs
Contracted costs		 2024
£
606,592
48,610
15,351
670,553
122,170
792,723		 2023
£
495,086
42,012
11,615
548,713
73,943
622,656

The average number of persons employed by the Group during the period was 40 (2023: 34). Average headcount expressed as a full-time equivalent was 18 (2023: 17).

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 £149,356 (2023: £136,594) 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 (2023: one employee between £70,000 and £80,000). Pension contributions in respect of the paid employee in the period was £6,275 (2023: £2,194).

During the period ended 31 March 2024, no Trustee expenses have been incurred (2023: £NIL)

Page 36

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. TANGIBLE FIXED ASSETS

GROUP

COST
At 1 April 2023
Additions
Disposals
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for the
year
On disposals
At 31 March 2024
NET BOOK
VALUE
At 31 March 2024
At 31 March 2023		 Freehold
property
£
5,528,521
6,980
-
5,535,501
3,332,670
74,072
-
3,406,742
2,128,759
2,195,851		 Sculpture
£
32,970
-
-
32,970
-
-
-
-
32,970
32,970		 Office and
theatre
equipment
£
484,010
70,734
-
554,744
263,337
59,090
-
322,427
232,317
220,673		 Bar and
foyer
equipment
£
75,335
-
-
75,335
63,279
2,537
-
65,816
9,519
12,056		 Total
£
6,120,836
77,714
-
6,198,550
3,659,286
135,699
-
3,794,985
2,403,565
2,461,550

Page 37

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. TANGIBLE FIXED ASSETS (CONTINUED)

CHARITY

COST
At 1 April 2023
Additions
Disposals
Assets transferred
from subsidiary
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for the
year
On disposals
At 31 March 2024
NET BOOK
VALUE
At 31 March 2024
At 31 March 2023		 Freehold
property
£
5,528,521
6,980
-
-
5,535,501
3,332,670
74,072
-
3,406,742
2,128,759
2,195,851		 Sculpture
£
32,970
-
-
-
32,970
-
-
-
-
32,970
32,970		 Office and
theatre
equipment
£
-
-
-
232,317
232,317
-
-
-
-
232,317
-		 Bar and
foyer
equipment
£
-
-
-
9,519
9,519
-
-
-
-
9,519
-		 Total
£
5,561,491
6,980
-
241,836
5,810,307
3,332,670
74,072
-
3,406,742
2,403,565
2,228,821

The charitable company owns the freehold theatre, known as The Stables. Under the terms of a formal agreement the subsidiary, The Stables Theatre, carried out the charitable activities of Wavendon Allmusic Plan in the venue. On 31 March 2024 at 23:59, the trade and assets of The Stables Theatre were hived up into Wavendon Allmusic Plan at net book value.

Page 38

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. FIXED ASSET INVESTMENTS

CHARITY
COST
At 1 April 2023
At 31 March
2024
PRINCIPAL
SUBSIDIARIES
The following were subsidiary undertakings of the Charity:
Names
Company
number
Charity
registration
number
Holding
The Stables Theatre
03224226
1178665
100%
The Stables Trading Limited
04008990
N/a
100%		 Investments
in
subsidiary
companies
£
4
4
Included in
consolidation
Yes
Yes

The financial results of the subsidiaries for the year were:

Names
The Stables
Theatre
The Stables
Trading Limited		 Income
£
3,173,663
-		 Expenditure
£
4,228,686
-		 Transfer of
activity to
parent
£
469,152
-		 Profit/(Loss)/
Surplus/(Deficit) for
the year
£
Net Assets
£
(1,524,175)
2
-
2

Page 39

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. STOCKS

Bar and catering stocks Group
2024
£
Group
2023
£
7,986
8,321

15. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 Group
2024
£
162,677
-
38,342
201,019		 Group
2023
£
278,108
10,573
52,934
341,615		 Charity
2024
£
162,677
-
38,342
201,019		 Charity
2023
£
-
-
-
-

Page 40

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Amounts owed to group undertakings
Oher taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2023
Resources deferred during the year
Amounts (released)/added from
previous periods		 Group
2024
£
61,482
-
38,974
27,990
941,409
1,069,855
Group
2024
£
641,360
791,740
(641,360)
791,740		 Group
2023
£
70,332
-
129,975
61,351
776,317
1,037,975
Group
2023
£
606,960
641,360
(606,960)
641,360		 Charity
2024
£
61,482
-
38,974
27,990
941,407
1,069,853
Charity
2024
£
3,021
791,740
(3,021)
791,740		 Charity
2023
£
1,627
1,769,016
2,499
-
17,521
1,790,663
Charity
2023
£
1,320
1,320
(1,320)
1,320

Deferred income comprises Box Office receipts for future events (£746,398), grant income (£33,732), hires (£10,290) and camps (£1,320).

Page 41

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. STATEMENT OF FUNDS

STATEMENT OF FUNDS – CURRENT YEAR

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
RESTRICTED FUNDS
Building
Arts Council England Catalyst
Education
Small capital
IF: Milton Keynes International
Festival
TOTAL OF FUNDS		 Balance
at 1 April
2023
£
40,000
200,000
600,000
150,000
600,000
1,590,000
673,895
2,263,895
62,500
1,541,477
139,350
22,258
305,906
1,232,782
3,241,773
5,568,168		 Income
£
-
-
-
-
-
-
2,614,739
2,614,739
-
-
-
-
-
712,518
712,518
3,327,257		 Expenditure
£
-
-
-
-
-
-
(2,698,640)
(2,698,640)
-
(32,956)
-
-
(34,192)
(1,501,541)
(1,568,689)
(4,267,329)		 Transfers in/out
£
-
300,000
-
-
100,000
400,000
(400,850)
(850)
850
-
-
-
-
-
-
-		 Balance
at 31
March
2024
£
40,000
500,000
600,000
150,000
700,000
1,990,000
189,144
2,179,144
63,350
1,508,521
139,350
22,258
271,714
443,759
2,385,602
4,628,096

Page 42

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS – PRIOR YEAR

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
RESTRICTED FUNDS
Building
Arts Council England Catalyst
Education
Small capital
IF: Milton Keynes International
Festival
TOTAL OF FUNDS		 Balance
at 1 April
2022
£
25,894
132,881
372,650
150,000
550,000
1,231,425
1,019,074
2,250,499
50,000
1,574,433
164,455
22,258
340,076
749,210
2,850,432
5,150,931		 Income
£
150
-
-
-
-
150
2,361,416
2,361,566
-
-
-
-
-
640,226
640,226
3,001,792		 Expenditure
£
(20)
-
-
-
-
(20)
(2,360,650)
(2,360,670)
-
(32,956)
(105)
-
(34,170)
(156,654)
(223,885)
(2,584,555)		 Transfers in/out
£
13,976
67,119
227,350
-
50,000
358,445
(345,945)
12,500
12,500
-
(25,000)
-
-
-
(25,000)
-		 Balance
at 31
March
2023
£
40,000
200,000
600,000
150,000
600,000
1,590,000
673,895
2,263,895
62,500
1,541,477
139,350
305,906
305,906
1,232,782
3,241,773
5,568,168

Page 43

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL S . TATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 44

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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
2024
£
Restricted
funds
2024
£
Tangible fixed assets
2,403,567
-
Current assets
845,432
2,385,602
Creditors due within one year
(1,069,855)
-
TOTAL
2,179,144
2,385,602
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted
funds
2023
£
Restricted
funds
2023
£
Tangible fixed assets
2,461,550
-
Current assets
840,320
3,241,773
Creditors due within one year
(1,037,975)
-
TOTAL
2,263,895
3,241,773		 Endowment
funds
2024
£
-
63,350
-
63,350
Endowment
funds
2023
£
-
62,500
-
62,500		 Total funds
2024
£
2,403,567
3,294,384
(1,069,855)
4,628,096
Total funds
2023
£
2,461,550
4,144,593
(1,037,975)
5,568,168

Page 45

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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

Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Dividends, interest and rents from investments
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
NET CASH PROVIDED BY OPERATING ACTIVITIES		 Group
2024
£
(940,072)
135,697
(45,699)
335
140,596
31,880
(677,263)		 Group
2023
£
417,237
125,940
(16,976)
295
11,925
91,465
629,886

20. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 Group
2024
£
3,085,379
3,085,379		 Group
2023
£
3,794,657
3,794,657

21. ANALYSIS OF CHANGES IN NET DEBT

Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 At 1 April
2023
£
3,794,657
3,794,657		 Cash
flows
£
(709,278)
(709,278)		 At 31March
2024
£
3,085,379
3,085,379

Page 46

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

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

22. GROUP RESTRUCTURING

On the 31 March 2024 at 23:59, the group underwent a restructuring whereby the trade and assets of The Stables Theatre were hived up into Wavendon Allmusic Plan. The assets and liabilities were transferred at net book value.

At the point of the hive up, The Stables Theatre held the following assets and liabilities:

FIXED ASSETS
Tangible fixed assets
CURRENT ASSETS
Stocks
DEBTORS
Trade Debtors
Amounts due from parent
Prepayments and accrued income
Cash and cash equivalents
CREDITORS
Trade Creditors
Social security and other taxes
Other creditors
Accruals and deferred income
NET ASSETS		 £
241,836
7,986
162,677
699,227
38,342
308,458
(61,482)
(37,132)
(27,990)
(922,770)
409,152

Page 47

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

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

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 31 March 2024 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 2024
£
3,986
8,411
12,397		 Group 2023
£
4,220
12,592
16,812

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

Group 2024 Group 2023
£ £
Operating lease rentals 4,220 3,125

Page 48

WAVENDON ALLMUSIC PLAN (A Company Limited by Guarantee)

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

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.

During the period, Absolutlee Accounting, a partnership which K Roberts (Trustee of Stables Theatre) controls, made sales of £51,771 (2023: £61,620) to the Stables Theatre, a subsidiary of the Group. At the year end, Wavendon Allmusic Plan owed £4,950 (2023: £8,725) to Absolutlee Accounting.

26. POST BALANCE SHEET EVENT

As part of the group restructuring, The Stables Theatre will remain a dormant entity and all charitable activities will be carried out through Wavendon Allmusic Plan. The operating names “The Stables” and “IF: Milton Keynes International Festival” will continue.

Page 49