2020-12-31-accounts - The Monteverdi Choir And Orchestras Limited

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					Page
Trustees'	annual report	(incorporating	the Director's Report)		1-14
Independent auditor's		report to the members			15-18
Statement	offinancial	activities (including		income and expenditure
account)					19
Staterrient	offinancial	p'osition			20
Statement	ofcash flows				21
Notes to	the financial	statements			22-35

Registered charity name	Registered charity name	The Monteverdi Choir and	The Monteverdi Choir and	The Monteverdi Choir and	The Monteverdi Choir and	Orchestras	Orchestras
Charity registration	number	272279
Company'registration	number	01277513
Principal office and	registered	Level 12
office		20 Bank Street
		Canary Wharf
		London
		E144AD
Royal Patron		HRH The Prince	ofWales
President		Ian Hay Davison	CBE
Trustees		Sir David Walker	- Chairman
		David Best
		Lady Deben
		Mandy DeFilippo
		Virginia Fraser
		Sir John Eliot Gardiner			(resigned		15/4/2020)
		Stephen Gomersall
		Andrey Kidel
		Francis Norton (appointed				4/6/2020)
		Nicola Ramsden	(resigned			3/4/2020)
		John Smyth (resigned		9/6/2020)
General Director		Dr Rosa Solinas
Auditor		Brooks &Co
		Chartered Accountants			&	Statutory Auditor
		9Cheam Road
		Ewell
		Epsom
		Surrey
		KT17 1SP
Bankers		HSBC UK BANK PLC
		London Commercial		Banking Centre
		Level 6
		71 Queen Victoria Street
		London
		EC4V 4AY

		2020	2019
			f.
Total income		2,564,841	2,438,925
Net movement	in funds	193,132	(252,803)
Total funds carried forward		2,190,353	1,997,221

				Unrestricted	Restricted	2020 Total	2019Total
				funds	funds	funds	funds
			Note			f.	f.
Income and endowments
Donations and legacies			'5	528,371	286,292	814,663	573,581
Charitable activities			6	1;562,103		1,562,103	1,,640,375
Investment income			7	2,216		2,216	5,635
Othe'r income			8	185,859		185,859	219,334
Total income				2,278,549	286,292	2,564,841	2,438,925
Expenditure
Expenditure on raising funds:
Costs ofraising donations		and
legacies			9	(75,131)		(75,131)	(67,231)
Expenditure on charitable	activities		10	(2,079,693)	(222,793)	(2,302,486)	(2;632,008)
Total expenditure				(2,154,824)	(222,793)	(2,377,617)	(2,699,239)
Net income/(expenditure)				123,725	63,499	187224	(260314)
Transfer between funds				75,499	(75,499)
Reconciliation offunds
Linked Charity					5,908	5,908	7,511
Net movement in funds				199,224	(6,092)	193,132	(252,803)
Total funds brought forward				1,898,504	98,717	1,997,221	2,250,024
Total funds carried forward				2,097,728	92,625	2,190,353	1,997,221

			As	at 31st Decenibet	2020
						2020	7019
					Note
Fixed assets
Tangible fixed assets					16	I'),l06	14.722
Investtnents					17	100	I00
						19.206	14.872
Curtent assets
Debtors					19	2C)3,166	553.362
Cash at bani'	and in hand					2;094.095	I.628.326
						2.357.261	2. 1.81.688
Creditors: antounts		falling duc swithin		one year	20	(186.114)	( I')9 289)
Nct current	asset's					2.171.147	1.982.399
Total assets	less current		liabilities			2.190.353	1.997,221
Net assets						2.190,353	1.997.221
Fttnds.of tl&e	cltttrity
Unrestricted	funds					2.097.728	1.898 504
Rcstnctcd funds						92.6725	98.717
Total cltarity	funds				24	2 l90,3f5'	1,997,22 1

			2020	2019
Cash flows from operating	activities
Net income/(expenditure)			193,132	(252,803)
Adjustments for:
Depreciation oftangible fixed asset's			4,980	7.,242
Government grant income	(Job Retention Scheine)		(77,541)
Other intere'st receivable and similar, income			(2,216)	(5,635)
Interest payable and similar	charges		1,610	3,499
Increase/ (decrease) in accruals. and deferred. income			(9,836)	119,976
Changesin:
Trade and other debtors			290,196	(73,726)
Trade and other creditors			(3,339)	(32,320)
Cash generated from operations			396,986	(233,767)
Interest paid			(1,610)	(3,499)
Interest received			2,216	5,635
Net cash from/(used in) .operating activities			397,592	(231,631)
Cash.flows from investing	activities
Purchase oftangible assets			(9,364)	.(2,590)
Net cash used in investing	activities		(9,364)	(2,590)
Cash flows fiom financirig	activities
Government grant income	(Job Retention Scheme)		77,541
Net cash. from financing activities			77,541
Net increase/(decrease) in cash and cash		equivalents	465,769	(234,221)
Cash and cash equivalents	at beginning	ofyear	1,628,326	1,862,547
Cash and cash equivalents	at end ofyear		2,094,095	1,628,326

DONATIO	NS	AND LEGACI	ES
					Total	Total
			Unrestricted	Restricted	Funds	Funds
			Funds	Funds	2020	2019
				f	f
Donations	and	memberships	87,049	5,000	92,049	95,810
Trusts and	foundations		281.,000	202,500	483,500	234,500
Legacies						100,000
Gifts in kind			143,854		143,854	131,015
Gift Aid			16,468	1,251	17,719	12,256
Government	grant income
(Job Retention		Scheme)		77 541	77 541
				ZI~Z	1115,663.

							Total	Total
					Unrestricted	Restricted	Funds	Funds
					Funds	Funds	2020	-2019
					E		E	f.
	Concert fee		income		1,496,159		.1,496,159	1,438,344
	Concert ticket income				3,976		3,976	88,384
	Trave'I an'd	accommodation		income	51,561		51,56.1	110;677
	Other income				10,407		10,407	2,970
					1,562,103		'1,562,103.	1,640,375
7.	INVESTMENT INCOME
						Total		Total
					Unrestricted	Iunds	Unrestricted	Funds
					Funds	2020	Funds	2019
	Bank interest receivable				2,216	2,216	5,635	5,635
8.	OTHER INCOME
						Total		Total
					Unrestricted	Funds	Unrestricted	Funds
					Funds	2020	Funds	2019
	Orchestra	and Theatre Tax		Relief	185,859	185,859	219,334	219,334
9.	COST OF		RAISING DONATIONS		AND. LEGACIES
							Total	Total
							Funds	Funds
							2020	2019
	Staffcosts						47,559	34,213
	Employer's		NIC				5,233	4,118
	Pension						1,280	1,-074
	Fund raising expenses						21,059	27,826
							75,131	67,231

EXPENDITURE ON C	HA	RITABLE AC	TIVIT	ES BYACTIVIT	Y TYPE
						Total
				Unrestricted	Restricted	Funds
				Funds	Funds	2020
Conductor and Assistant	Conductor fees			206,382		206,382
Soloist fees				67,250		67,250
Choir fees				140,684		140,684
Orchestra fees				438,743	11,473	450,216
Travel, hire, subsistence,	accommodation			473,216	8,263	481,479
Other artistic and production		fees		207,868	3,026	210,894
Instrument, music, costume		and equipment	hire	30,818		30,818
Publicity and programme	costs			4,094		4,094
Unrecoverable tax				14,640		14,640
General expenses				4,320	31	4,351
Suppo'rt costs (see Note	11)			491,678	200,000	69,1,678
				2,079,693	222,793	2,302,486
						Total
				Unrestricted	Restricted	Funds
				Funds	Funds	2019
				E
Conductoi and Assistant	Conductor fees			181,853		181,853
Soloist fees				211,800		211,800
Choir fees				326,626	28,135	354,761
Orchestra fees				364,569	2,967	367,536
Travel, hir'e, subsistence,	accommodation			514,886	27,733	542,619
Other artistic and production		fees		106,073	8,392	114,465
Instrument, music, costume		and equipment	hire	78,436	6,629	85,065
Publicity and programme	costs			35,836	2,624	38,460
Unrecoverable tax				30,506		30,506
Entertaining				3,252	2,730	5,982
General expenses				13,565	1,455	15,020
Support costs (see.Note	11)			483,941	200,000	683,941
				2,351,343	280665	2,632 008

11.	ANALYSIS OF SUPPORT	COSTS
					Total	Total
					2020	2019
	Staffcosts				.425,099	.364,144
	Gift in Kind - Premises				143,854	131,013
	General costs				38,021	36,243
	Finance costs, dep'reciation,	bank charges	and foreign
	exchange differences				33,561	44,961
	Governance costs				10,400	10,438
	Freelance fees				18,235	45,296
	PR and Marketing expenses				22,508	51,846
					691,678	683,941
12.	NET INCOME/(EXPENDITURE)
	Net income/(expenditure) is	stated after charging/(crediting):
					2020	2019
	Depreciation oftangible fixed assets				4,980	7,242
	Foreign exch'ange differences				26,971	34,221
13.	AUDITOR'S REMUNERATION
					2020	2019
	Fees payable. for the audit ofthe financial		statements	and tax
	computation				10,,400	10,438

			'2020	2019
				f,
Wages and salaries			421,452	357,162
Social security costs			46,374	36,795
Employer	contributioris	to pension plans	11,345	9,592
			479,171	403,549

The average nu	mber o	ffull-time equivalent employee	s during the year is analysed as f	ollows:
			2020	20'19
Number offundraising		staff	2
Administrative	staff		8
			10

16.	TANGIBLE FIXEDASSETS	TANGIBLE FIXEDASSETS
			Orchestral	Office
			equipment	equipment		Totals
			E	E
	COST
	At 1stJanuary 2020		12,337	51,487		63,824
	Additions			9,364		9,364
	Disposals			(6,425)		(6,425)
	At 31stDecember 2020		12,337	54,426		66,763
	DEPRECIATION
	At 1st January 2020		337	48,765		49,102
	Charge for the year			4,980		4,980
	Disposals			(6,425)		(6,425)
	At 31stDecember 2020		337	47,320		47,657.
	NET BOOK VALUE
	At 31stDecember 2020		12,000	7,106		19,106
	At 31stDecember 2019		12,000	2,722		14,722
17,	FIXEDASSETINVESTMENTS
						Shares in
						group
					undertakings
	COST
	At 1stJanuary 2020 and. 31stDecember 2020					100
	IMPAIRMENT
	At,1st January 2020 and 31stDecember 2020
	NET BOOK VALUE
	At 1stJanuary 2020 and 3,1stDecember 2020					100
	Subsidiaries
	Details ofthe investments	in which the parent company	has an interest	of20%or	more
	are as follows:
			Country of	Class of		Percenta
			incorporation	share		ofshar
						held
	Subsidiary Undertakings

are as follo	ws:
		Country of	Class of	Percentage
		incorporation	share	ofshares
				held
Subsidiary	Undertakings
		England &	Ordinary	100
Monteverdi	Tours &Concerts Limited	Wales

DEBTORS
	2020	2019
Trade debtors	24,371	154,371
Prepayments	17.,280	59,084
Accrued income	212,961	336,258
VAT	8,554	1,608
Other debtors		2,041
	263,166	553,362

CREDITORS: AMOUNTS FALLING DUE WIT	HIN ONE YEAR
	2020	2019
Trade creditors	1,114	2,033
Social security and otlier taxes.	13,-309	13,288
Other creditors	1,381	3,822
Called up share capital not paid	100	100
Accruals	42,810	47,915
Deferred income	127,400	132,131
	186,114	199,289

The amounts	recognised in the financi	al statements for governme	nt grants are as follow	s:
			2020	2019
Recognised	in income from donations	and legacies:
Government	grants income (Job Retention Scheme)		77,541

		Tangible fixed	Net current
		assets	assets	Total
		f
Restr'icted inco'ine funds:
Organ fund		12,000		12,000
Monteverdi	Trust - Unrestricted		40,214	40,214
Monteverdi	Trust - Restricted		40,411	40,411
		12,000	80,625	92,625
Unrestr'icted	income funds
General funds		7,206	2,090,522	2,097,728
		7,206	2,090,522	2,097,7,28
Total Funds		19,206	2,171,147	2,190,353

		Balance	.Linked			Transfer	Balance
		at	charity funds	Incoming	Outgoing	between	at
		1Jan 2020	Movement	resources	resources	funds	31Dec 2020
Unrestricted Funds
General unrestricted	'funds	1,898,504		2,278,549	(2,154,824)		2,022,229
Trarisfer between funds						75,499	75,499
Total unrestricted funds		1,898,504		2,278,549	(2,154,824)	75,499	2,097,728
'Restricted Funds
Apprentices Programme				8;75.1	(22,793)	14,042
Government Grant				77,541		(77,541)
Donations - General				200,000	(200,000)
Organ Fund		12,000					12,000,
Sabbatical Fund		12,000				(12,000)
Monteverdi Trust:
-Restricted funds		36,649	3,762				40,411
-Unrestricted funds		38,068	2,146				40214
Total Restricted Funds		98,717	5,908	286,292	(222,793)	(75,499)	92,625
Total Funds		1,997,221	5,908	2,564,841	(2,377,617)		2,190,353

			2020	2019
Not later	than	1 year	696	696
Between	1 and	5 years	870	1,229
			1,566	1,925