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||||||Page|
|---|---|---|---|---|---|
|Trustees'|annual report (incorporating||the director's report)|||
|Independent<br>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|





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|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<br>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||||||





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|||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|





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|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|||
|||||funds|funds|Total funds|Total funds|
||||Note|||||
|Income and endowments||||||||
|Donations<br>and legacies|||5|393,806|298,480|692,286|670,910|
|Charitable<br>activities|||6|1,854,395|4,201|1,858,596|756,508|
|Investment<br>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<br>on raising funds:||||||||
|Costs ofraising donations||and||||||
|legacies|||9|(104,981)||(104,981)|(67,585)|
|Expenditure<br>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<br>in funds||||916|32,692|33,608|(338,574)|
|Total funds brought<br>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|





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||||||2022|2021|
|---|---|---|---|---|---|---|
|||||Note|||
|Fixed assets|||||||
|Tangible<br>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|





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||||2022|2021|
|---|---|---|---|---|
|Cash flows from operating<br>activities|||||
|Net (expenditure)/income|||33,608|(338,574)|
|Adjustments for:|||||
|Depreciation oftangible fixed assets|||3,590|3,985|
|Government<br>grant income|(Job Retention Scheme)|||(38,960)|
|Other interest receivable<br>and similar income|||(13,980)|(251)|
|Interest payable and similar|charges||2,772|909|
|Increase/(decrease)<br>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<br>&om operations|||(86,542)|(243,857)|
|Bank charges paid|||(2,772)|(909)|
|Interest received|||13,980|251|
|Net cash (used in)/from<br>operating<br>activities|||(75,334)|(244,515)|
|Cash flows from investing|activities||||
|Purchase oftangible<br>assets|||(1,407)||
|Net cash used in investing|activities||(76,741)||
|Cash flows from financing|activities||||
|Government<br>grant income|(Job Retention Scheme)|||38,960|
|Net cash from financing<br>activities||||38,960|
|Net (decrease)/increase<br>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|





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|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|





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|||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<br>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|





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|EXPENDITURE ON C|HA|RITABLE AC|TIVIT|IES BYACTIVIT|Y TYPE||
|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total Funds|
|||||Funds|Funds|2022|
|Conductor<br>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,<br>music, costume and equipment|||hire|24,628|458|25,086|
|Publicity and programme|costs|||11,058|619|11,677|
|Unrecoverable<br>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<br>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,<br>music, costume||and equipment|hire|21,088|297|21,385|
|Publicity and programme|costs|||11,496||11,496|
|Unrecoverable<br>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|





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||||||2022|2021|
|---|---|---|---|---|---|---|
||Staffcosts||||431,174|390,227|
||Gift in Kind - Premises||||141,145|138,268|
||General costs||||41,927|40,964|
||Finance costs, depreciation,<br>bank charges||and foreign|exchange|||
||differences||||11,185|24,920|
||Governance<br>costs||||10,400|10,400|
||Freelance fees||||29,236|22,955|
||Marketing<br>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<br>contributions|to pension plans|||35,364|25,527|
||||||499,485|429,892|



|The average|nu|mber offull-time<br>equivalent<br>empl|oyees<br>during the year is analysed|as f|ollows:|
|---|---|---|---|---|---|
||||2022||2021|
||||No.||No.|
|Fundraising|staff|||1|2|
|Administrative||staff||6|6|





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|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|



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|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|





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|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|



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|Details of <br>follows:|the investments<br>in which the pare|nt<br>company<br>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|



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|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|



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|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|



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|The amounts|recognised<br>in the financi|al<br>statements<br>for governme|nt<br>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<br>Trust<br>-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|





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||||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<br>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|





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||||2022|2021|
|---|---|---|---|---|
|Not later|than|1 year|520|696|
|Between|1 and|5 years|998|174|
||||1,518|870|



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