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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|Limited|
|---|---|---|---|---|---|---|---|---|
|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|||||||
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|||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|
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|||||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|
##
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||||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|
##
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||||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|
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|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.||
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||||||||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|
##
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|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|
##
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|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|
##
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||||'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||
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|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|||
##
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|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|
##
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##
|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|
##
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##
|||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|
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||||2020|2019|
|---|---|---|---|---|
|Not later|than|1 year|696|696|
|Between|1 and|5 years|870|1,229|
||||1,566|1,925|
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