| Page | |||||
|---|---|---|---|---|---|
| Trustees' | annual report (incorporating | the director's report) | |||
| Independent auditor's |
report to the members | ||||
| Statement | offinancial | activities (including | income and expenditure | ||
| account) | 15 | ||||
| Statement | offinancial | position | 16 | ||
| Statement | ofcash flows | 17 | |||
| Notes to | the financial | statements | 18 |
| Registered | charity name | charity name | The Monteverdi | Choir | Choir | Choir | and Orchestras | Limited |
|---|---|---|---|---|---|---|---|---|
| Charity registration | number | 272279 | ||||||
| Company | registration | number | 01277513 | |||||
| Principal | office and registered | Level 12 | ||||||
| office | 20Bank Street | |||||||
| Canary Wharf | ||||||||
| London | ||||||||
| E144AD | ||||||||
| Royal Patron | HM King Charles | III | ||||||
| President | Carol Grigor | |||||||
| Trustees | Sir David Walker | —Chairman | ||||||
| David Best | ||||||||
| Lady Deben | ||||||||
| Virginia Fraser | ||||||||
| Sir Stephen Gomersall | ||||||||
| Andrey Kidel | ||||||||
| Francis Norton | ||||||||
| General Director | Dr Rosa Solinas | |||||||
| Auditor | Brooks 8cCo. | |||||||
| Chartered Accountants |
& Statutory Auditor | |||||||
| 9Cheam Road | ||||||||
| Ewell | ||||||||
| Epsom | ||||||||
| Surrey | ||||||||
| KT17 1SP | ||||||||
| Bankers | HSBC UK Bank | pic | ||||||
| London Commercial | Banking Centre | |||||||
| Level 6, | ||||||||
| 71 Queen Victoria Street | ||||||||
| London | ||||||||
| EC4V 4AY |
| 2022 | 2021 | ||
|---|---|---|---|
| Total income | 2,583,672 | 1,456,723 | |
| Net movement | in funds | 33,608 | ( 338,574) |
| Total funds carried forward | 1,885,387 | 1,851,779 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||||
| funds | funds | Total funds | Total funds | ||||
| Note | |||||||
| Income and endowments | |||||||
| Donations and legacies |
5 | 393,806 | 298,480 | 692,286 | 670,910 | ||
| Charitable activities |
6 | 1,854,395 | 4,201 | 1,858,596 | 756,508 | ||
| Investment income |
7 | 13,980 | 13,980 | 251 | |||
| Other income | 8 | 18,810 | 18,810 | 29,054 | |||
| Total income | 2,280,991 | 302,681 | 2,583,672 | 1,456,723 | |||
| Expenditure | |||||||
| Expenditure on raising funds: |
|||||||
| Costs ofraising donations | and | ||||||
| legacies | 9 | (104,981) | (104,981) | (67,585) | |||
| Expenditure on charitable |
activities | 10 | (2,175,094) | (275,148) | (2,450,242) | (1,733,278) | |
| Total expenditure | (2,280,075) | (275,148) | (2,555,223) | (1,800,863) | |||
| Net income/(expenditure) | 916 | 27,533 | 28,449 | (344,140) | |||
| Transfer between funds | |||||||
| Reconciliation offunds | |||||||
| Linked Charity | 5,159 | 5,159 | 5,566 | ||||
| Net movement in funds |
916 | 32,692 | 33,608 | (338,574) | |||
| Total funds brought forward |
1,753,588 | 98,191 | 1,851,779 | 2,190,353 | |||
| Total funds carried forward | 1,754,504 | 130,883 | 1,885,387 | 1,851,779 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Note | ||||||
| Fixed assets | ||||||
| Tangible fixed assets |
16 | 12,938 | 15,121 | |||
| Investments | 17 | 100 | 100 | |||
| 13,038 | 15,221 | |||||
| Current assets | ||||||
| Debtors | 18 | 493,222 | 340,230 | |||
| Cash at bank | and in hand | 19 | 1,811,799 | I,S88,540 | ||
| 2,305,021 | 2,228,770 | |||||
| Creditors: amounts | falling due within | one year | 20 | (432,672) | (392,212) | |
| Net current | assets | 1,872,349 | 1,836,558 | |||
| Total assets | less current liabilities | 1,885,387 | 1,851,779 | |||
| Net assets | 1,885,387 | 1,851,779 | ||||
| Funds ofthe | charity | |||||
| Unrestricted | funds | 1,754,504 | 1,753,588 | |||
| Restricted funds | 130,883 | 98,191 | ||||
| Total charity | funds | 24 | 1,8S5,387 | 1,851,779 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Cash flows from operating activities |
||||
| Net (expenditure)/income | 33,608 | (338,574) | ||
| Adjustments for: | ||||
| Depreciation oftangible fixed assets | 3,590 | 3,985 | ||
| Government grant income |
(Job Retention Scheme) | (38,960) | ||
| Other interest receivable and similar income |
(13,980) | (251) | ||
| Interest payable and similar | charges | 2,772 | 909 | |
| Increase/(decrease) in accruals and deferred income |
(19,566) | 51,319 | ||
| Changesin: | ||||
| Trade and other debtors | (152,992) | (77,064) | ||
| Trade and other creditors | 60,026 | 154,779 | ||
| Cash generated &om operations |
(86,542) | (243,857) | ||
| Bank charges paid | (2,772) | (909) | ||
| Interest received | 13,980 | 251 | ||
| Net cash (used in)/from operating activities |
(75,334) | (244,515) | ||
| Cash flows from investing | activities | |||
| Purchase oftangible assets |
(1,407) | |||
| Net cash used in investing | activities | (76,741) | ||
| Cash flows from financing | activities | |||
| Government grant income |
(Job Retention Scheme) | 38,960 | ||
| Net cash from financing activities |
38,960 | |||
| Net (decrease)/increase in cash and cash |
equivalents | (76,741) | (205,555) | |
| Cash «nd cash equivalents | at beginning | ofyear | 1,888,540 | 2,094,095 |
| Cash and cash equivalents | at end ofyear | 1,811,799 | 1,888,540 |
| DONATIO | N | S | AND LEGA | CIES | |||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||
| Funds | Funds | Funds | Funds | ||||
| 2022 | 2021 | ||||||
| Donations | and | 224,077 | 27,730 | 251,807 | 72,424 | ||
| memberships | |||||||
| Trusts and | foundations | 10,750 | 270,000 | 280,750 | 410,000 | ||
| Corporate | patrons | 2,500 | 2,500 | ||||
| Gifts in kind | 141,145 | 141,145 | 138,268 | ||||
| Gift Aid | 15,334 | 750 | 16,084 | 11,258 | |||
| Government | grant | 38,960 | |||||
| income | |||||||
| (Job Retention | Scheme) | ||||||
| 393,806 | 298,480 | 692,286 | 670,910 |
| Unrestricted | Restricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | ||
| Concert fee income | 1,429,864 | 1,429,864 | 481,622 | ||
| Concert ticket income | 90,731 | 4,201 | 94,932 | 44,909 | |
| Travel and accommodation | income | 116,052 | 116,052 | 53,834 | |
| Digital and other income | 217,748 | 217,748 | 176,143 | ||
| 1,854,395 | 4,201 | 1,858,596 | 756,508 |
| 7. | INVESTMENT INCOME | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Total | Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | |||
| Bank interest receivable | 13,980 | 13,980 | 251 | 251 | ||
| 8. | OTHER INCOME | |||||
| Unrestricted | Total | Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | |||
| Orchestra and Theatre Tax Relief | 18,810 | 18,810 | 29,054 | 29,054 | ||
| 9. | COSTS OF RAISING DONATIONS | AND LEGACIES |
| COSTS O | F RAISING | DONATION | S AND LEGAC |
IES |
|---|---|---|---|---|
| Total Funds | Total Funds | |||
| 2022 | 2021 | |||
| Wages and salaries | 57,154 | 33,844 | ||
| Social security costs | 6,287 | 3,466 | ||
| Employer | contributions | to pension | ||
| plans | 4,870 | 2,355 | ||
| Fundraising | expenses | 36,670 | 27,920 | |
| 104,981 | 67,585 |
| EXPENDITURE ON C | HA | RITABLE AC | TIVIT | IES BYACTIVIT | Y TYPE | |
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||||
| Funds | Funds | 2022 | ||||
| Conductor and Assistant |
Conductor fees | 275,500 | 275,500 | |||
| Soloist fees | 93,551 | 93,551 | ||||
| Choir fees | 325,974 | 325,974 | ||||
| Orchestra fees | 371,848 | 8,658 | 380,506 | |||
| Travel, hire, subsistence, | accommodation | 501,666 | 10,417 | 512„083 | ||
| Other artistic and production | fees | 122,479 | 4,743 | 127,222 | ||
| Instrument, music, costume and equipment |
hire | 24,628 | 458 | 25,086 | ||
| Publicity and programme | costs | 11,058 | 619 | 11,677 | ||
| Unrecoverable tax |
20,933 | 20,933 | ||||
| General expenses | 6,522 | 253 | 6,775 | |||
| Support costs (see Note | 11) | 420,935 | 250,000 | 670,935 | ||
| 2,175,094 | 275&148 | 2,450,242 | ||||
| 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 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Staffcosts | 431,174 | 390,227 | ||||
| Gift in Kind - Premises | 141,145 | 138,268 | ||||
| General costs | 41,927 | 40,964 | ||||
| Finance costs, depreciation, bank charges |
and foreign | exchange | ||||
| differences | 11,185 | 24,920 | ||||
| Governance costs |
10,400 | 10,400 | ||||
| Freelance fees | 29,236 | 22,955 | ||||
| Marketing expenses |
5,868 | 4,998 | ||||
| 670,935 | 632,732 | |||||
| 12. | NET INCOME/(EXPENDITURE) | |||||
| Net income/(expenditure) | is stated after charging/(crediting): | |||||
| 2022 | 2021 | |||||
| Depreciation oftangible | fixed assets | 3,590 | 3,985 | |||
| Foreign exchange differences | 4,823 | 20,026 | ||||
| 13. | AUDITOR'S REMUNERATION | |||||
| 2022 | '2021 | |||||
| Fees payable for the audit ofthe financial | statements | and tax | ||||
| computation | 10,400 | 10,400 | ||||
| 14. | STAFF COSTS | |||||
| 2022 | 2021 | |||||
| Wages and salaries | 418,464 | 366,801 | ||||
| Social security costs | 45,657 | 37,564 | ||||
| Employer contributions |
to pension plans | 35,364 | 25,527 | |||
| 499,485 | 429,892 |
| The average | nu | mber offull-time equivalent empl |
oyees during the year is analysed |
as f | ollows: |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| No. | No. | ||||
| Fundraising | staff | 1 | 2 | ||
| Administrative | staff | 6 | 6 |
| The number ofemployees | whose remuneration | for the year fell within the following | bands, were: |
|---|---|---|---|
| 2022 | 2021 | ||
| No. | No. | ||
| 660,000to 669,999 | 1 | 0 | |
| f120,000to f139,999 | 1 | 1 |
| TANGIBLE FIXEDASSETS | |||
|---|---|---|---|
| Orchestral | Office | ||
| equipment | equipment | Total | |
| COST | |||
| At 1stJanuary 2022 | 12,337 | 54„426 | 66,763 |
| Additions | 1,407 | 1,407 | |
| At 31stDecember 2022 | 12337 | 55,833 | 68,170 |
| DEPRECIATION | |||
| At 1stJanuary 2022 | 337 | 51,305 | 51,642 |
| Charge for the year | 3,590 | 3,590 | |
| At 31stDecember 2022 | 337 | 54,895 | 55,232 |
| NKT BOOK VALUE | |||
| At 31stDecember 2022 | 12,000 | 938 | 12,938 |
| At 31stDecember 2021 | 12,000 | 3,121 | 15,121 |
| FIXEDASSETINVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| Cost or valuation | |
| At 1stJanuary 2022 and 31stDecember 2022 | 100 |
| Impairment | |
| At 1stJanuary 2022 and 31stDecember 2022 | |
| Net BookValue | |
| At 1stJanuary 2022 and 31"December 2022 | 100 |
| Details of follows: |
the investments in which the pare |
nt company has an int |
erest of20'ro | or more ar |
|---|---|---|---|---|
| Country of | Class of | Percentage | ||
| incorporation | share | ofshares | ||
| held | ||||
| Subsidiary | Undertaking | |||
| Monteverdi | Tours &Concerts Limited | England & | ||
| Wales | Ordinary | 100 |
| DEBTORS | ||
|---|---|---|
| 2022 | 2021 | |
| Trade debtors | 377,794 | 211,141 |
| Prepayments | 33,258 | 23,591 |
| Accrued income | 64,017 | 86,687 |
| VAT | 18,153 | 18,811 |
| 493,222 | 340,230 |
| CREDITORS: AMOUNTS FALLING DUE WITHI | N ONE YEAR | |
|---|---|---|
| 2022 | 2021 | |
| Trade creditors | 203,205 | 149,346 |
| Social security and other taxes | 15,615 | 12,611 |
| Other creditors | 11,789 | 8,626 |
| Called up share capital not paid | 100 | 100 |
| Accruals | 100,583 | 185,529 |
| Deferred income | 101,380 | 36,000 |
| 432,672 | 392,212 |
| The amounts | recognised in the financi |
al statements for governme |
nt grants are as follo |
ws: |
|---|---|---|---|---|
| 2022 | 2021 | |||
| Recognised | in income from donations | and legacies: | ||
| Government | grants income (Job Retention Scheme) | 38,960 |
| Tangible | Net | Tangible | Net | ||||
|---|---|---|---|---|---|---|---|
| fixed | current | Total | fixed | current | Total | ||
| assets | assets | assets | assets | ||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||
| Restricted | |||||||
| income funds: | |||||||
| Organ fund | 12,000 | 12,000 | 12,000 | 12,000 | |||
| Monteverdi | Trust | ||||||
| -Restricted | 47,185 | 47,185 | 43,953 | 43,953 | |||
| Monteverdi Trust -Unrestricted |
44,165 | 44,165 | 42,238 | 42,238 | |||
| 12,000 | 91,350 | 103,350 | 12,000 | 86,191 | 98,191 | ||
| Unrestricted | |||||||
| income funds: | |||||||
| General funds | 938 | 1,781,099 | 1,782,037 | 3,121 | 1,750,467 | 1,753,588 | |
| 938 | 1,781,099 | 1,782,037 | 3,121 | 1,750,467 | 1,753,588 | ||
| Total Funds | 12,938 | 1,872,449 | 1,885,387 | 15,121 | 1,836,658 | 1,851,779 |
| Balance | Linked | Transfer | Balance | |||||
|---|---|---|---|---|---|---|---|---|
| at | charity funds | Incoming | Outgoing | between | at | |||
| 1Jan 2022 | Movement | resources | resources | funds | 31Dec 2022 | |||
| Unrestricted | Funds | |||||||
| General | ||||||||
| Unrestricted | funds | 1,753,588 | 2,280,991 | (2,280,075) | 1,754,504 | |||
| Transfer between | ||||||||
| funds | ||||||||
| Total Unrestricted | Funds | 1,753,588 | 2,280,991 | (2,280,075) | 1,754,504 | |||
| Restricted Funds | ||||||||
| Apprentices | Programme | 52,681 | (25,148) | 27,533 | ||||
| Donations- | ||||||||
| General | 250,000 | (250,000) | ||||||
| Organ Fund | 12,000 | 12,000 | ||||||
| Monteverdi | Trust | |||||||
| -Restricted | funds | 43,953 | 3,232 | 47,185 | ||||
| -Unrestricted funds |
42,238 | 1,927 | 44,165 | |||||
| Total Restricted Funds | 98,191 | 5,159 | 302,681 | (275,148) | 130,883 | |||
| Total Funds | 1,851,779 | 5,159 | 2,583,672 | (2,555,223) | 1,885,387 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Not later | than | 1 year | 520 | 696 |
| Between | 1 and | 5 years | 998 | 174 |
| 1,518 | 870 |