| Page | ||||||
|---|---|---|---|---|---|---|
| Trustees' | annual report |
(incorporating | the director's | report) | ||
| Independent auditor's |
report to the members | 14 | ||||
| Statement | offinancial | activities (including | income | and expenditure | ||
| account) | 18 | |||||
| Statement | offinancial | position | 19 | |||
| Statement | ofcash flows | 20 | ||||
| Notes to | the financial | statements | 21 |
| Registered | charity name | charity name | The Monteverdi | Choir | and Orchestras | and Orchestras | and 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 | lan Hay Davison | CBE | ||||||
| Trustees | Sir David Walker —Chairman | |||||||
| David Best | ||||||||
| Lady Deben | ||||||||
| Mandy DeFilippo (resigned | 12th October 2021) | |||||||
| Virginia Fraser | ||||||||
| Sir Stephen Gomersall | ||||||||
| Andrey Kidel | ||||||||
| Francis Norton | ||||||||
| General Director | Dr Rosa Solinas | |||||||
| Auditor | Brooks &Co. | |||||||
| Chartered Accountants |
&Statutory | Auditor | ||||||
| 9 Cheam Road | ||||||||
| Ewell | ||||||||
| Epsom | ||||||||
| Surrey | ||||||||
| KT17 1SP | ||||||||
| Bankers | HSBCUK Bank | pic | ||||||
| London Commercial | Banking Centre | |||||||
| Level 6, | ||||||||
| 71 Queen Victoria Street | ||||||||
| London | ||||||||
| EC4V 4AY |
| The charity's |
key financial indicators |
during the year were as f | ollows: |
|---|---|---|---|
| 2021 | 2020 | ||
| Total income | 1,456,723 | 2,564,841 | |
| Net movement | in funds | (338,574) | 193,132 |
| Total funds carried forward | 1,S51,779 | 2,190,353 |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | |||||||
| funds | funds | Total funds | Total funds | |||||
| Note | ||||||||
| Income and endowments | ||||||||
| Donations and legacies |
5 | 424,198 | 246,712 | 670,910 | 814,663 | |||
| Charitable activities |
6 | 756,508 | 756,508 | 1,562,103 | ||||
| Investment income |
7 | 251 | 251 | 2,216 | ||||
| Other income | 8 | 29,054 | 29,054 | 185,859 | ||||
| Total income | 1,210,011 | 246,712 | 1,456,723 | 2,564,841 | ||||
| Expenditure | ||||||||
| Expenditure on raising funds: |
||||||||
| Costs ofraising | donations | and | ||||||
| legacies | 9 | (67„585) | (67,585) | (75,131) | ||||
| Expenditure on charitable |
activities | 10 | (1,523,838) | (209,440) | (1,733,278) | (2,302,486) | ||
| Total expenditure | (1,591,423) | (209,440) | (1,800,863) | (2,377,617) | ||||
| Net income/(expenditure) | (381,412) | 37„272 | (344,140) | 187,224 | ||||
| Transfer between funds | 37,272 | (37,272) | ||||||
| Reconciliation offunds | ||||||||
| Linked Charity | 5,566 | 5,566 | 5,908 | |||||
| Net movement in funds |
(344,140) | 5,566 | (338,574) | 193,132 | ||||
| Total funds brought | forward | 2,097,728 | 92,625 | 2,190,353 | 1,997,221 | |||
| Total funds carried | forward | 1,753,588 | 98,191 | 1,851,779 | 2,190,353 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Note | |||||||
| Fixed assets | |||||||
| Tangible fixed assets investments |
16 17 |
15,121 100 |
19,106 100 |
||||
| 15,221 | 19,206 | ||||||
| Current assets |
|||||||
| Debtors Cash at bank |
and in hand | 18 | 340,230 1,888,540 |
263,166 2,094,095 |
|||
| 2,228,770 | 2,357.261 | ||||||
| Creditors: amounts | falling due within | one year | 20 | (392,212) | (186,114) | ||
| Net current | assets | 1,836,558 | 2,171,147 | ||||
| Total assets | less current | liabilities | 1,851,779 | 2,190,353 | |||
| Net assets | 1,851,779 | 2,190,353 | |||||
| Funds ofthe | charity | ||||||
| Unrestricted funds Restricted funds |
1,753,588 98,191 |
2,097,728 92,625 |
|||||
| Total charity | funds | 24 | 1,851,779 | 2,190,353 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Cash flows from operating | activities | |||
| Net (expenditure)/income | (338,574) | 193,132 | ||
| Adjustments for: | ||||
| Depreciation oftangible fixed assets |
3,985 | 4,980 | ||
| Government grant income |
(Job Retention Scheme) | (38,960) | (77,541) | |
| Other interest receivable and similar income |
(251) | (2,216) | ||
| Interest payable and similar |
charges | 909 | 1,610 | |
| Increase/(decrease) in accruals and deferred |
income | 51,319 | (9,836) | |
| Changes in: | ||||
| Trade and other debtors | (77,064) | 290,196 | ||
| Trade and other creditors | 154,779 | (3,339) | ||
| Cash generated from operations |
(243,857) | 396,986 | ||
| Bank charges paid | (909) | (1,610) | ||
| Interest received | 251 | 2,216 | ||
| Net cash (used in)/from operating activities |
(244,515) | 397,592 | ||
| Cash flows from investing | activities | |||
| Purchase oftangible assets |
(9,364) | |||
| Net cash used in investing | activities | (9,364) | ||
| Cash flows from financing | activities | |||
| Government grant income |
(Job Retention Scheme) | 38,960 | 77,541 | |
| Net cash from financing activities |
38,960 | 77,541 | ||
| Net (decrease)/increase in cash and cash |
equivalents | (205,555) | 465,769 | |
| Cash and cash equivalents | at beginning | ofyear | 2,094,095 | 1,628,326 |
| Cash and cash equivalents | at end ofyear | 1,888,540 | 2,094,095 |
| DONATIO | NS | AND LEGA | CIES | |||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| Funds | Funds | Funds | Funds | |||
| 2021 | 2020 | |||||
| Donations | and | 70,224 | 2,200 | 72,424 | 92,049 | |
| memberships | ||||||
| Trusts and | foundations | 205,000 | 205,000 | 410,000 | 483,500 | |
| Gifts in kind | 138,268 | 138,268 | 143,854 | |||
| Gift Aid | 10,706 | 552 | 11,258 | 17,719 | ||
| Government | grant | 38,960 | 38,960 | 77,541 | ||
| income | ||||||
| (Job Retention | Scheme) | |||||
| 424,198 | 246,712 | 670,910 | 814„663 |
| Unrestricted | Restricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | ||
| Concert fee income | 481,622 | 481,622 | 1,496,159 | ||
| Concert ticket income | 44,909 | 44,909 | 3,976 | ||
| Travel and accommodation | income | 53,834 | 53,834 | 51,561 | |
| Digital and other income | 176,143 | 176,143 | 10,407 | ||
| 756,508 | 756,508 | 1,562,103 |
| Unrestricted | Total | Funds | Unrestricted | Total | Funds | |||
|---|---|---|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |||||
| Bank | interest | receivable | 251 | 251 | 2,216 | 2,216 |
| Unrestricted | Total | Funds | Unrestricted | Total Funds | |||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||||||
| Orchestra | and | Theatre | Tax | Relief | 29,054 | 29,054 | 185,859 | 185,859 |
| COSTS O | FRAISING | DONATION | S AND LEGAC |
IES |
|---|---|---|---|---|
| Total Funds | Total Funds | |||
| 2021 | 2020 | |||
| Wages and salaries | 33,844 | 47,559 | ||
| Social security costs | 3,466 | 5,233 | ||
| Employer | contributions | to pension | ||
| plans | 2,355 | 1,280 | ||
| Fundraising | expenses | 27,920 | 21,059 | |
| 67,585 | 75,131 |
| EXPENDITURE ON C | HA | RITABLE A | CTIVIT | IES BYACTIVIT | Y TYPE | |
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||||
| Funds | Funds | 2021 | ||||
| Conductor and Assistant |
Conductor fees | 58,800 | 58,800 | |||
| Soloist fees | 77,574 | 77,574 | ||||
| Choir fees | 232,113 | 232,113 | ||||
| Orchestra fees | 165,084 | 1,890 | 166,974 | |||
| Travel, hire, subsistence, | accommodation | 264, 140 | 3,849 | 267,989 | ||
| Other artistic and production | fees | 228,159 | 3,280 | 231,439 | ||
| Instrument, music, costume |
and equipment | hire | 21,088 | 297 | 21,385 | |
| Publicity and programme |
costs | 11,496 | 11,496 | |||
| Unrecoverable tax |
8,381 | 8,381 | ||||
| General expenses | 24,271 | 124 | 24,395 | |||
| Support costs (see Note | 11) | 432,732 | 200,000 | 632,732 | ||
| 1,523,838 | 209,440 | 1,733,278 | ||||
| Unrestricted | Restricted | Total 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 | |||
| Support costs (see Note | 11) | 491,678 | 200,000 | 691,678 | ||
| 2,079,693 | 222,793 | 2,302,486 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Staffcosts | 390,227 | 425,099 | ||
| Gift in Kind - Premises | 138,268 | 143,854 | ||
| General costs | 40,964 | 38,021 | ||
| Finance costs, depreciation, | bank charges and foreign exchange | |||
| differences | 24,920 | 33,561 | ||
| Governance costs |
10,400 | 10,400 | ||
| Freelance fees | 22,955 | 18,235 | ||
| PR and marketing | expenses | 4,998 | 22,508 | |
| 632,732 | 691,678 |
| Net income/(expenditure) | is stated after charging/(crediting): | is stated after charging/(crediting): | is stated after charging/(crediting): | |||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Depreciation oftangible | fixed assets | 3,985 | 4,980 | |||
| Foreign exchange differences | 20,026 | 26,971 | ||||
| 13. | AUDITOR'S REMUNERATION | |||||
| 2021 | 2020 | |||||
| Fees payable for the audit ofthe financial | statements | and tax | ||||
| computation | 10,400 | 10,400 | ||||
| 14. | STAFF COSTS | |||||
| 2021 | 2020 | |||||
| Wages and salaries | 366,801 | 421,452 | ||||
| Social security costs | 37,564 | 46,374 | ||||
| Employer contributions |
to pension plans | 25,527 | 11,345 | |||
| 429,892 | 479,171 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| No. | No. | |||
| Fundraising | staff | 2 | 2 | |
| Administrative | staff | 6 | 8 | |
| 10 |
| Orchestral | Office | ||
|---|---|---|---|
| equipment | equipment | Total | |
| COST | |||
| At 1stJanuary 2021 | 12,337 | 54,426 | 66,763 |
| Additions | |||
| At 31stDecember 2021 | 12j337 | 54,426 | 66,763 |
| DEPRECIATION | |||
| At 1st January 2021 | 337 | 47,320 | 47,657 |
| Charge for the year | 3,985 | 3,985 | |
| At 31stDecember 2021 | 337 | 51,305 | 51,642 |
| NKT BOOK VALUE | |||
| At 31stDecember 2021 | 12,000 | 3,121 | 15,121 |
| At 31stDecember 2020 | 12,000 | 7,106 | 19,106 |
| FIXEDASSET INVKSTMKNTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| Cost or valuation | |
| At 1stJanuary 2021 and 31stDecember 2021 | 100 |
| Impairment | |
| At 1stJanuary 2021 and 31stDecember 2021 | |
| Net BookValue | |
| At 1stJanuary 2021 and 31"December 2021 | 100 |
| Details of follows: |
the investments in which the pare |
nt company has an int |
nt company has an int |
erest of20% | or more ar |
|---|---|---|---|---|---|
| Country of | Class of | Percentage | |||
| incorporation | share | ofshares | |||
| held | |||||
| Subsidiary | Undertaking | ||||
| Monteverdi | Tours 8c Concerts Limited | England | 8c | ||
| Wales | Ordinary | 100 |
| DEBTORS | ||
|---|---|---|
| 2021 | 2020 | |
| Trade debtors | 211,141 | 24,371 |
| Prepayments | 23,591 | 17,280 |
| Accrued income | 86,687 | 212,961 |
| VAT | 18,811 | 8,554 |
| 340,230 | 263,166 |
| CREDITORS: AMOUNTS FALLING DUE WITH | IN ONK YEAR | |
|---|---|---|
| 2021 | 2020 | |
| Trade creditors | 149„346 | 1,114 |
| Social security and other taxes | 12,611 | 13,309 |
| Other creditors | 8,626 | 1,381 |
| Called up share capital not paid | 100 | 100 |
| Accruals | 185,529 | 42,810 |
| Deferred income | 36,000 | 127,400 |
| 392,212 | 186,114 |
| The amounts | recognised in the financi |
al st |
atements for governme |
nt grants are as follow |
s: |
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Recognised | in income from donations | and | legacies: | ||
| Government | grants income (Job Retention | Scheme) | 38,960 | 77,541 |
| Tangible | Net | Tangible | Net | ||||
|---|---|---|---|---|---|---|---|
| fixed | current | Total | fixed | current | Total | ||
| assets | assets | assets | assets | ||||
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | ||
| Restricted | |||||||
| income funds: | |||||||
| Organ fund | 12,000 | 12,000 | 12,000 | 12,000 | |||
| Monteverdi | Trust | ||||||
| —Restricted | 43,953 | 43,953 | 40,411 | 40,411 | |||
| Monteverdi —Unrestricted |
Trust | 42,238 | 42,238 | 40,214 | 40,214 | ||
| 12,000 | 86,191 | 98,191 | 12,000 | 80,625 | 92,625 | ||
| Unrestricted | |||||||
| income funds: | |||||||
| General funds | 3,121 | 1,750,467 | 1,753,588 | 7,206 | 2,090,522 | 2,097,728 | |
| 3,121 | 1,750,467 | 1,753,588 | 7,206 | 2,090,522 | 2,097,728 | ||
| Total Funds | 15,121 | 1,836,658 | 1,851,779 | 19,206 | 2,171,147 | 2,190,353 |
| Balance | Linked | Transfer | Balance | ||||||
|---|---|---|---|---|---|---|---|---|---|
| at | charity funds | Incoming | Outgoing | between | at | ||||
| 1Jan 2021 | Movement f |
resources | resources | funds | 31Dec 2021 | ||||
| Unrestricted | Funds | ||||||||
| General | |||||||||
| unrestricted | funds | 2,097,728 | 1,210,011 | (1,591,423) | 1,716,316 | ||||
| Transfer between | |||||||||
| funds | 37,272 | 37,272 | |||||||
| Total Unrestricted | Funds | 2,097,728 | 1,210,011 | (1,591,423) | 37,272 | 1,753,588 | |||
| Restricted | Funds | ||||||||
| Apprentices | Programme | 7,752 | (9,440) | 1,688 | |||||
| Government | Grant | 38,960 | (38,960) | ||||||
| Donations- | |||||||||
| General | 200,000 | (200,000) | |||||||
| Organ Fund | 12,000 | 12,000 | |||||||
| Monteverdi | Trust | ||||||||
| -Restricted | funds | 40,411 | 3,542 | 43,953 | |||||
| -Unrestricted funds |
40,214 | 2,024 | 42,238 | ||||||
| Total Restricted Funds | 92,625 | 5,566 | 246,712 | (209,440) | (37,272) | 98,191 | |||
| Total Funds | 2,190,353 | 5,566 | 1,456,723 | (1,800,863) | 1,851,779 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Not later | than | 1 year | 696 | 696 |
| Between | 1 and | 5 years | 174 | 870 |
| 870 | 1,566 |