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|||||||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|
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|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||||||
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|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|
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||||||||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|
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|||||||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|
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||||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|
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|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|
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|||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|
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|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|
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||||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|
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||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|
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|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|
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|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|
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|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|
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|||||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|
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||||2021|2020|
|---|---|---|---|---|
|Not later|than|1 year|696|696|
|Between|1 and|5 years|174|870|
||||870|1,566|
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