COMPANY REGISTIi4TION NUMBER: 01277513 (EnglaDd & Wales) CHAIUTY REGISTRATION NUMBER: 272279 The Monteverdi Choir and Orchestras Llmited Company Limited by Guarantee Financial Statements 31st December 2023
The Monteverdi Choir and Orchestras Limited Financial Statements Year ended 31st December 2023 Page Trnstees. annual report (incorporating the directorfs report) Independent auditols report to the members 12 Statement of financial activities (including income and expenditure account) 16 Statement of financial position 17 Statement of cash flows 18 Notes to the financial statements 19
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report (Incoryorating the Director's Report) Year ended 31st December 2023 The ttustees. who are also the directors for the purposes of company law, present their report and the financial ststernents of the charity for the year end¢d 3 1st December 2023. Reference and administrative details Registered charity name The Monteverdi Choir and Orchestras Limited Charity registration number 272279 Company reglstration number 01277513 Principal olee and registered Level 12 20 Bank Street Canary Wharf London E144AD Royal Patron HM King Charles III President Carol Grigor Trustee5 Sir David Walk¢r- Chaimian Christian Ro¢hat (Appointed Deputy Chairnn 1511112023) (Appointed Director 2810312023) David Best Lady Deben Virginia Fraser Sir Stephen GomeTsall Andrey Kidel Francis Norton General Director Dr Rosa Solinas Auditor Brooks & Co. Chartered ACcoUnttS & Statutory Auditor 9 Cheam Road Ewell Epsom Surrey KT17 ISP Bankers HSBC UK Bank plc London Commercial Banking Centre Level 6. 71 Queen Victoria Street London EC4V 4AY
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report (Incorporating the Direetor's Report) (t•iiEiotsdJ Year ended 31st December 2023 STRucfuRE, GOVERNANCE AND LVIANAGEMENT The Monteverdi Cboir and Orchestras Limited is a company limited by guarantee and was irAcorporated on 17th September 1976 and register¢d as a charity on 4th November 1976. The company was established under a Memoralldum of Association which established tbe objects and powers of th¢ charity, and it is governed by its Articles of Association. The company is governed by the board of directors who are also the trustees of the charity aThd who take collective responsibility for all governance matters. New truslecs are appointed by the existing board of trustees. Each trustee is highly ¢xp¢ri¢nced in tlic particular area for which they provide guidance to the board. The Cuent board has an appropriate balance of skills, knowledge and expertise and each trustee has a highly respected professional profile. Biographies of th¢ ttustees can be viewed on the Company website at www.monteverdi.co.uk. All of the trustees are members of the company and underlakc to contribute £5 in the event of a winding up. On the election of new members, th¢ board arranges for appropriate induction. Trustees are elected for a temi of office of three years and tThay be re-elected providing that the maximum Continuo term of office does not exceed six ycars. The board. which meets up to four times a year, deterniines the overall company strategy and provides oversight and direction to the charity in line with its aims values, including the endorsement and approval of the annual budget. En addition to providing govemance and advocacy for the three ensembles. several ttwstees provide introductions lo prospcctive supporters. who are essential to an organisation without public fijnding. Trustees are also encouraged to dir¢ctly support the charity themselves. Since 2015, operational matters of the charity have been overseen by Dr Rosa Solinas, General Director, who is supported by a dedicated professional team of 7 full-tiEne staff and two part-time freelancers. Transactions with related parti¢s are disclosed in note 25 and in accordance with Section 33 of Charities SORP FRS [02. The trustees have assessed the major risks to which the charity is exposcd and are satisfied that systems are in place to mitigate exposure to major risks.
The Monteverdi Cholr and Orchestras Limited Trustees, Annual Report (Incorporating the Director's Report) (conlinmd) Year ended 31st December 2023 OBJECTIVES AND ACTIVITIES The company was established to promote, maintain. improve and advance education for the bcnefit of the public, particularly musical education and to encourage the arts, including the arts of drama, mime and dance, and tti formulate, prepare and establish schemes provided that all objects of the company shall be of a charitable nathre. The three Monteverdi ensembles - the Monteverdi Choir, English Baroqu¢ Soloists ("EBS") and Orchestre Révolutionnaire et Romantique {"ORR") - are a leading forc¢ on the international music scene. World-class musicians and singers from many nationalities come together in ground-breakin historically iDformed projects that span eight centuries of musical maSteieces. During the year there has been no change to the company's principal charitable objectives and activities, which are the administration of th¢ Monteverdi Choir, EBS and ORR. This includes the organisation and promotion of concerts and the facilitstion and organisation of other engagements such as workshops, brOadStS and recordings in the United Kingdom and abroad. Alongside the core perfornianc¢s, the company is committed to providing additional oppOrnitieS for professional develi)pment and education through complementary piojects and mentoring. In furtherance of these objectives the company cngages international singers and instrnmentalists, conductors, assistant Conductors, artists, pcrformers and répétiteurs. additionally, the company engages skilled professional and Icchnical advisers such as Itbrarians, stage managers, production managers, lan8uag¢ and vocal coaches, musicologists, yoga practitioners. keyboard technicians and lighting and costyme dc5igners. From the monumental to the intimate. from sacred music to opera, from early music to the 2 century. often in unexpected combinations, the ¢ompany strives for excellence in each of its projects. Possessed of an instantly recognisable core sound, the three ensembles are in constant rcnewal and evolution. The tsvstees have Teviewed the charity's objectives and activities and acknowledged that they have paid due regard to the public benefit guidance published by the Charity Commission as noted in Section 4 of the Charities A¢t 2011. The company fulfilled its objectives by presenting 28 liv¢ concerts both in the United Kingdom and abroad and providing arange of additional educational activities which are detailed furtber in the Strategic Report on page 6.
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report (Incorporating the Dlrector's Report) fcontimued) Year ended 31st December 2023 CHAIRMAN'S STATEMENT The Monteverdi Choir and Orchestras (MCO) were delighted to prescnt a full and vibrant programme of performances and activiti¢s by our three ¢nscmbles in 2023. The year included several concerts i the United Kingdom, a tour lo the Unitcd States as well as visits to prestigious European festivals and concerts halls. Although not a conventional public p¢rforniance, a group of MCO musicians under the baton of Sir John Eliot Gardiner were privileged to be invited to perforn at Westrninster Abbey at the pr¢-servi¢e for the Coronation of Their Majesties King Charles Ill and The Queen Consort. eight members of the Choir then jOiDcd the Coronation choir for the main servic¢ under the baton of kndrew Nethsingha. We are grcatly honoured to have His Majesty as our Royal Patron, a commitment which inspires and motivates to achieve still mor¢ in all that we do. Musical highlights of the year w¢r¢ definitive pcrfotmances of Bach's Mass in B minor and of B¢rlioz's epic opera Lag Troyens. which achieved unifotmly high critical acclaim from audi¢n¢es and critics alike. On a smaller scal¢, but similarly successful, were perfonnances of Mozart's Sinfonia concertante. alongside symphonies by Mozart and Haydn. and later in the year, Handel's L'Allegro, il PepLYeroso ed il Moderato. During th¢ summer of 2023 we paid homage to Claudio Montcverdi through a spectacular documentary exploring the composer's life and showcasing his sacred and secular musi¢ in ri¢hly evocative Itali venues. This landmark project enabled us to bIing to life the dialogue between Monteverdi and his contemporaries for international audiences. Alongside this 11 array of perfonnance. the MCO continued our greatly valued mentoring sessions. with ten talented choral Apprentices Joining the Choir'5 activities alongside workshops and masterclasses as part of this long-established artist development scheme. The larger projects in 2023 called for a planned but significant investment of r¢serves. The need to be able to commit to fure projects without cornpromising artistic quality underscores the critical importance of maintaining a resilient financial position. The MCO cnjoys no public funding and a combination of inflationary pressures on our own cost base and on that of venues where we perfomi has increased still fvrther our dependence on long-lerni supporters and new friends who hav¢ donated during the year. In the period ahead, support from trusts and foundations will be vitally important to delivering our programme of work. We are particularly gratthl for th¢ continuing support of Dunard Fun(L alongside the advisory and inspirational support of its founder, and our President. Carol Grigor. An incident in August involving Sir John Eliot Gardiner led to an ¢xtend¢d phase of Concern and reflection for the board and also foi members of the thr¢¢ ¢ns¢mbl¢s. Tb¢ issues arising were not unique in the historical experience of other major global choirs and orchestras but, nonetheless. called for ¢nonnously attentive fo¢us. The board were clear that their principal and overriding responsibility was to do all possible to assurc the long-tern] sustainability of the Charity. At th¢ lime of writing, after a substantial proces5 of reflection and appraisal, the board came regretfully to the conclusion in July 2024 that the best way forward would be to proceed independently, without our found¢r. In these circumstances, thc MCO has an especial debt of gratitude to our Associate Conductor, Dinis Sousa, who stepped in brilliantly at very short notice to lead performances of Las Troyens {including a stellar performance at the BBC Proms) to huge critical acclaim, and lo lead a tour of Bach and Handel
The Monteverdi Choir and Orchestras Limited Trustees. Annual Report (Incorporating the Dire¢tor's Report)(coHrtn*e4 Ye4r ¢nded 31Jt De¢¢mber 2023 to the USA and Canada in the aubjmn. These musical accomplishments Coming after an awkward but temporary disruption in our history gives us grt ConfenCe in our futwe. In the year that will se¢ th¢ Choir celebrate their 60th anniversaryj 2024 will have an ambitious programmc of concerts for our three ensembles prominently fealuring wlxks by Handel, Bach. Beeihoven and Charpentier. in exciting collaborations with ¢ondu¢tors Prfer Whelan, David Bat4 Dinis Sousa. Jonathan S¢lls and Christoph¢ Rousset. It was delightfijl timing for the Choir to be named Best Choir at th¢ Oper! Awards 2024 in advance of these year-long celebrations. In all our end¢avours this ye•r, the board have been greatly encouraged by the continuing commitment of our outstanding singers and instrumentalists. who underpin our ability to deliver continuing world- class p¢rforniances. l am personally very grateful for the patience and wisdom of my knard ¢olleague5 as we worked closely together through a difficult phase of transition and succession. All Ihisp past and in the future. lums ¢rili¢ally on the leadership provided by Dr Rosa Solinas, our wholly exc¢ptional General Direcior. supported by a small but very ¢ffe¢tive team. We are very grdteful to them all and look forward to an excitin8 future of continuing musteal brilltsnce. Sir David Walker Chairn)an- The Monteverdi Choir and <¢StraS Limited. Date: 11thSeptetnber 2024
The Monteverdfi Choir and Orchestras Limited Trustees, Annual Report {Ineorporating the Direetor's Report) Icohrln*¢dJ Year ended 31st December 2023 STRATEGIC REPORT The following sectiODS for achievements andperfonnance and fin&n¢ial review fonn the strategic report of the charity. ACHIEVEMENTS AND PERFORMANCE In total, the Monteverdi ensernbles gave 28 live perfomiances and 3 perfonnances filmed without an audience in I I countries during the year. The activities of the ensembles were as follows: MONTEVERDI CHOIR The Monteverdi Choir, bolstered foi most of their projects this year by a new cohort of Apprentices. perfomied some very demanding music this year. The tour of Bach's Mass in B mEnor featured soloists stepping out of the choir-. Hilary Cronin, Sarah Denbee, Bethany Horak-HLllett, Reggie Mobley. Nick Pritchard, Jonathan Hanley. Dingle Yandell and Alex Ashworth. In June a small group of th¢ Choir joined a team of solo singers for the filming of documentaries about Monteverdi in Venice and Mantua (where theyrehearsed in the Ducal Palace's r¢c¢ntly discovered'sala dello specchio, th¢ room where Monteverdi himself had rehearsed his madtigals). In th¢ Basilica dei Frari in Venice, where Mont¢verdi is buried, they perforni¢d his late Messa a qualtro voci, and motets such as Beatus vir and NESI Dominus, again with soloists from the Choir. B¢rlioz's Les Troyens pul all 70 singers, linguistic skills to the test- they were helped in pronouncing the French by our coach NI1¢ Tibbels and temporary chorus master Sam Evans. and put to work physically. too, by the movement dire¢tor Tess Gibbs. The finale of A¢t II. which sees the collectiv¢ suicide of all the female chorus members alongside Cassandra (Alice Coote) was a dramatic highlight. Dtnis Sousa led a transatlantic tour of the Mass in B minor and Handel's setting of Milton's poety, L Allegro, il PeKseroso ed il Moderalo. again with solo moments for members of the Choir, with Hilary Cronin on particularly radiant form. The Choir's performance just b¢fore the Coronation of KiLig Charles 111. at 9.-30am, featured three fast- paced choral movemenls by Bach and a barn-storming molct with trombones by Bruckner, Ecce sacerdos magnus. One of the rehearsals was attended by the King, who listened to Sir John Eliot Gardiner's explanation about our reconsttuction of the first movement of B WV 190 'Singet dem Herrn.. The Monteverdi Choir performed with the English Baroque Soloists and Orchestre R¢volulionnaire et Romantique in concerts as indicated below. and additionally as follows.. Coronation of HM King Charles 111: various. May 2023 with the Coronation choir eondllct¢d by Andrew Nethsingha. The Coronation was broadcast live from Westminster Abbey to a worldwide TV audience and recorded by Decca Records for various physical and digital releases. ENGLISH BAROQUE SOLOISTS The EBS were joined by the soloists (and long-standing MCO collaborators) Isabelle Faust and Antoine Tamestit for Mozart's Sinfonia concertante. alongside symphonies by Haydn and Mozart. As mentioned above, they joined the Choir for tours of Bach and Handel, and a small number of players took part (alongsÉde a few guest Italian instrumentalists) in th¢ filmed Monteverdi sessions in Rome, Mantua, Venice and Crernona. Annette Isserlis (viola) did some impressive last-minute work adjusting
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report (Incorporating the Director's Report) {coArlA&ed) Year ended 31st December 2023 the'reconstruction, of Bach's B WV 190'Singet dem H¢mi' just before the perforn]aDce at King Charle8 Ill's Coronation. Three EBS trombonists joined the chotr for Bruck¢r's Ecce Jacerdos magnuy. Mozart, Haydn: various. January 2023 conducted by Sir John Eliot Gardiner. Six concerts in Cologne, Wolfsburg, Vienna, tA)ndon, Budapest and Munich. The London concert was recorded and filmed for deferred streaming on DG Stage+. The concert in Budapest was broadcast live on Hungarian National Radio with 2 radio repeats, and the Cologne concert was recorded by Harmonia Mundi for filre use. J.S Bach: Mass in B minor. April 2023 with the Mont¢verdi Choir conducted by Sir Jol]n Eliot GardirLer. Eight concerts in Gateshead, Versailles. Barcelona, Hamburg, Brussels, Luxembourg, Flallkfi and London. Tbe Versailles concert was filmed for deferred broadcast on DG Stage+ Mezzo TV, France Tv's culrebox, VOD streaming on Chateau de Versailles Spectacles, platfonn and a tuie DVD release. The Brussels ¢on¢ert was broadcast live on Klara Radio and Musique 3 with 30 days catch-up on their websits. The London concert WAS broadcast live on BBC Radio 3 with one network radio repeat. Pre-5ervice concert for the Coronation of HM King Charles 111: J.S. Bach, Bruckner: various. May 2023 with the Monteverdi Choir conducted by Sir John Eliot Gardiner. The pre-service was broadcast live from Westminster Abbey to a worldwide TV audience and recorded by Deeca Re¢ords for physical release and for inclusion in some digital releases. Lvlonteverdi: various" June 2023 with the Monfrverdi Choir conducted by Sir John Eliot Gardiner. One public concert in Cremona alld three concerts in Rome. V¢nic¢ and Mantuffj perfomled without an audience. All four concerts were filmed for a documentary by Ozango with additional commentary from Sir John Eliot Gardiner, in a co-production between MCO, Ozango and Deutsche GTammophon for deferred badcaSt on Mezzo TV, DG Stage+ and for future license to other distribution channels. J.S. Baeh, Handel: Muss in B minor. L'Allegro, il Penser050 ed ilmoderato. October 2023 with the Monv¢rdi Choir conducted by Dinis Sousa. Seven Concerts in Chicago, Princeton, New York, Ottawa and London. The London concert was filmed and recorded by MCO for future use. 'Faust and Tamestit joining their f¢llow violinists and viola-players and acting as two more conductors to bring a crescendo to a climax even Rossini, let alon¢ Mozart. could only have dreamed about.. The Arts Desk Hadyn and Mozart St Martin-in-the-Fields January 2023 "John Eliot Gardiner's matchless. life-enhancing Bach" The Times **** J.S. Bach Moss En B minor Si Martin-in-the-Fields April 2023 "A heavenly, sublime con¢¢rt" Ctcmona June 2023 La Provincia Monteverdi Festival "Handel at his most magical . well-nigh perfect in perfom)an¢¢" . The Arts Desk Handel St Martin-in-the-Fields October 2023 ORCHESTR£ RÉvoLirrIoNNAJRE ET ROMANTIQUE The ORR'S singl¢ project of 2023, Berlioz's epic opera Les Troyens, involved the great¢st number of musicians assembled by the MCO. Several of the players and singers had also participated in the staged production in Paris 20 years before. Much preparatory work was involved, notsbly concerning the involvement of the numerous 'on-slage' and 'off-stsg¢' instruments, including multiple harps and a
The Monteverdi Choir and Orchestras Limited Trustees, Annu21 Report (Incorporating the Director's Report) (cottrihtsyrf) Year ended 31st December 2023 legion of different-sized saxhorns and other brass instruments, who perfonned in unusual locations in the concert halls. Berli02's eccentric and beauti1 music made tough demands of everyone, in temis of stamina aTtd virtuosity. The cast was led by Alice Coote (Cassandra), Michael Spyres (Aeneas) and Paula Murrihy (Dido), and other particularly memorable singing and cbaracterisations were given by Beth Taylor (a witty Anna). Laurence Kilsby (a very touching Iopas and Hylas) and Alex Rosen (dramatic as the Ghosl of Hector). Berlioz: Les Troyens. August- September 2023 with the Montevcrdi Choir. Two perfonnanc¢s in La c6ie-SairLt-André (presented in two parts over two days) with part I conducted by Sir John Eliot Gardiner and part 2 conducted by Dinis Sousa, followed by four perforniances of the full opera in Salzburg, Versailles, Berlin and London conducted by Dinis Sousa. Movement direction by T¢ss &'bbs, Itghting design by Rick Fisher. The London perfomance was broad¢ast liv¢ on BBC Radio 3. with one network radio repeat. "Five stars for a white-hot Les Troyens at the BBC Proms" Financial TitThes * BeIlioz.' Les Troyen5, BBC Pron]s - September 2023 "Magisterial Berlioz at the Proms" The Tlmes B¢rlioz.' Les Troyens. BBC Proms September 2023 "A spellbinding, well-pac¢d perfomiance" The Observer Berlioz: Les Troyens. BBC Proms September 2023 "The Proms are conquered by mighty Trojans .1¢ was sublime" Dally Telegraph *** Berlioz: Les Troyens. BBC Proms September 2023 EDUCATIONAL PROGRAMMES Our tell Monteverdi Apprentices- soprdnos Billie Robson, Theano Papadaki and Claire Ward. mezzo- sopranos Avalon Summerfield and Lorna Pric¢. counlerlenor Matthias Dahling. tenors Joseph Taylor and Jack Harberd,. and basses George Vines and Henry Saywell were chosen from over 100 applications, after auditions in December 2022. They spent a week at the Springhead Trust with Sir John Eliot Gardiner in March 2023, exploring repertoire from Lassus and Monteverdi to Brahms and Debussy, including some rarely perfonned madrigals by Sigismondo d'India. Over the next year, as well as taking part in the Choir's activities, they participated in workshops and masterclasses with Sophie Daneman. Jean-Paul Fouchécourt. Matteo Dalle Frmtte (together with James Halliday). Richard Stok¢s and Mark Padrnore. Over ttLe year they built up a repertoire to be perfornied in & final recital concert at St MartAn-in-the-Fi¢lds itt April 2024. PRINCIPAL IUSKS AND UNCERTIANTIES The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. The charity has developed a fram¢work for identifyitig the risks for distinguishing between unrestricted and Testri¢ted income.
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report (Incorporating the Director's Report) (cohlintséd) Year ended 31st December 2023 FINANCIAL REVIEW The financial results for the year are set out in the Statement of Comprehensive Income on page 16 and the Statement of Financial Position at the end of the year is shown on page 17. The charity's key financial indicators during the year were as follows= 2023 2022 Total income 3,937,217 2.583.672 Net movement in funds {752,188) 33,608 Total funds carried fonvard 1,133,199 1,885,387 The results for the year showed that charitable income reached £3,937,217 (2022 £2,583,672). and that resources expended exceeded incoming r¢sources by £752,188 (2022 in¢oming resources exceeded resources expended by £33,608). Net assets at the end of the year were £1.133.199 (2022 £1,885,387). Included in the net assets are restricted resetves amounting to £13,072 {2022 £130,883). The net movement in fimds reflected a planned investment of reserves intt) several standout projects during the year, including Les Troyens, the filmed Monteverdi project and the tour of HandeVBach to the USA and Canada, as detailed in the above Achievements and Perforn]ance s¢ctAon. The Tnte¢S extend their deepest gratitude to Dunard Fund fortheir unwavering support and generosity. demonstrated through the secoThd year of an annual grant as part of a three-year fimding &greem¢nt for the period 2022 10 2024. The Charity continued to take tldvantsge ofthe government's Orchestra Tax Relief scheme for qualifying concerts. The claim of £58,279 relating to the eligible concerts during the year ending 3 1st December 2022 is included in these accoutkts. Th¢r¢ were three concerts perfonned at our regular London perforniance space at St Martin-in-the-Fields. and this partnership is allowing the charity to dcvelop stronger relationships with home audienc¢s and supporters, in¢luding those in each of the four tiers of the membership schem¢. These concerts are pr¢s¢nted as self_promotions and are reliant on donations and sponsorship to bridge the gap between costs and achievable box office receipts. During the year. th¢ charity Introduced a new Benefactor level of support to acknowledge significant donats'ons that exceed the highest tier of the membership scheme. Securing fees for concerts which not only cover artistic project costs but contribute to Tunning operational costs is d¢sirable for organisation which does not receive public funding. and the economie environment in which venues and promoters operate both in the UK, Europe and the US makes this increasingly challenging. The shortfall that currently exists between achievable fee income and regular annual donations versus charitable and core expenditure makes the support of existing and new donors vitally important. The clwity continues to develop its ariislic plans in tandem with a fitndraising strategy which has the objectives to enthuse a wider supporter base and attract increased multi-year support from indivÈduals. ¢ornpanies and trusts to ensure the charity remains resilient and sustainable over the long temi. A particular debt of gryatityde is owed to tbe comparLy'S Royal patron, HM The King. for his generous support of the Monteverdi ensembles during the year, including via the King Charles Ill Charitable Fund, formerly The Prince of Wales's Charitable Foundation.
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report (Incorporating the Director's Report) (conlillued) Year ended 31st December 2023 The board is also enomlously grateful for the continuing genOuS support of.. Dunard Fund Morgan Sianley The American Friends of the Monteverdi Choir and Orchestras, Inc. The charity is also indebted to the Corporations and trusts and foundations who have given their support during 2023, among them.. Monteverdi Tuscany, Castiglioncello del Trinoro, Italy Negaune¢ Foundatt"o Garfield Weston Foundation The Thistle Trust and those who wisEL to remain anonymous. As ever. the clwity is cspecially grateful for the steadfast support of all its individual rnembers and donors without whom it could not achieve its ambitions. GOING CONCERN There are no material uncertainties about the charity's ability to contlnue. RESERVES POLICY As part of its risk management process the Board considers the level of r¢serves required. and the priorities for ¢xpeiiditurc against any reserves h¢ld, and reviews this regularly. It endeavours to hold sufficient funds to enable the company to trade for a period of six months and complete existing projects. The Board is satisfied that the current level of unrestricted reserves of £1.120,127 is sufficient for this purpose. There are plans to prud¢ntIy allocate some of these reserves in the coming years to bridge the anticipated gap betw¢¢n artistic projcct incorne and artistic ¢xp¢nditure. Fundraislng activity will be undertaken to ensure reserves remain at an appropriate level. In addition to considering reserves, the Board has lo consider the cashflow needs of the charity which are subject to the peaks and troughs of income and expendityr¢ related to the projects il undertakes. as well as the single annual receipt points of our principal fi]nding and government creative industy tax reliefs. The board considers that vigil&nt management of the finances will ensure the compally has suificient cash to operate for the foreseeable future. PLANS FOR THE FUTURE 2024 will start with th¢ Choir colLabornting withthe Royal Concertgebouw Orchestra to present Brabms. Requiem. in March the Choir and EBS will perfomi Handel's Israel in E&vpÉ' tater in the Spring, the ORR will pick-up where they left off in 2020 and present the full cycle of Beethoven symphonies in London and Paris. In early summer tbe Choir and Continuo players from the EBS will perforni a series of motets by the Bach fomily. Standout projects later in th¢ year include a European tour of Charpentier and Bach. The company continues to programme projects into 2025 and beyond.
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report Oncorporating the Director's Report) (coNrtNv¢rfJ Year ended 31st December 2023 STATElbIENf OF TRUSTEES, RESPONSIBILTfiES The trustees, who are also directors for the pUT)Se$ of ¢ompany law. are responsible for preparing the trustees, rcport and the financial Statn¢t5 in accordance with applicable law ond United Kin8dom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)- Comp&ny law requires the charity trustees to prepare financial statements for each year which giv¢ a tru¢ and fair view of the st&te of affairs ofthe charitable company and the in¢oming r¢sour¢¢s and appli¢atÈon of resources, in¢luding the income at expenditure, for that period. In preparing these financial statements, Ihe trust¢¢s are required to: Select 5Uitabl¢ accounting policies and then apply th¢m wn5iStenily> ob5¢rve the methods and principle5 in the applicabl¢ Charities SORP. make judgements and accounting estimates that are reasonable and prudent. slate whether applicable UK Accounting Standard5, comprising FRS 102. have been followd. subject to any matcrial departure5 disclos¢d and ¢xplain¢d in the financial statement& prepare the financial statements on the going con¢¢m basis unless it is inappropriate to presume that the charity will continue in busines& Th¢ trustees ar¢ responsible for keeping adequate a¢¢ounting records that are sutTi¢lt to show and ¢xplain the charitys tr2nsa¢tions and disclo with reasonable accuracyat any timeihe finan¢ial position of the charity aTKI enable ihem to ensure that the financial statements comply with the Companies Act 2006. They arealso Tespon5ible forsafe8uArdingthe a95et5 of the charity and hence fortsking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trus*es are awATe: there i5 no Televant audit iJJformation of which the charitys auditor is unawa. and the trust¢es have tsk¢n all st¢ps that ihcy ought to have tsk¢n to mak¢ thems¢lv¢s aware of any relevant audit infomiation and to establish that the auditor is aware of that inforniation. SMALL COMPANY PROVISIONS This report has been prepared in accordance with provisiotts applicable to companies entitled to the small company exemption. AUDITOR The auditor, Brooks & Co will be Proposed for re•appointment at the forthcomin8 Annua] Generdl Meeting. Approved by order of the Board of Tntstee5 on 11th Septanber 2024 and signed on its behalf by: Sir David W Chairman Ik¢r Regisiered Office: Level 12, 20 Bank Street, London, E14 4AD
The Monteverdi Choir and Orchestras Limited Independent Auditor's Report to the Members of The Monteverdi Choir and Orchestras Limited Year ended 31st December 2023 Opinion We have audited the financial statements of The Monteverdi Choir and Orchestras Limited (the'charity) for the year ended 3 1st Dec¢mb¢r 2023 which comprise th¢ statement of financial activities (including incorne and expendlture account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ir¢land (United Kingdom Generally Aepted Accounting Practice)- In our opinion the financial statemellts.. give a true and fair view of the state of the charity's affairs as at 3 1st December 2023 and of its incoming resources and application of r¢sources, including its income and expenditure, for the year then ended- have been properly prepared in accordance with Ullited Kingdon] Generally A¢c¢pt¢d Accounting Pra¢tice- hav¢ been prepated in a¢cordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those StanddS are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical rquirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Eihical Standard, and we have lfilled our oiheT ethical responsibilitÈes in accordance with these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provid¢ a basis for our opinion. Conclusions relating to golng eoncern In auditing the finan¢ial statements, we have concluded that the trustees, use of the going ¢i)ncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to ¢vents or conditions that, individually or collectively. may cast significant doubt on the ¢harity's ability to continue as a going ¢on¢em for a period of at least twelve months from when the financial statements are authorised for issue. Our r¢sponstbilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 12
The Monteverdi Choir and Orchestras Limited Independent Auditor's Report to the Members of The Monteverdi Choir and Orchestras Limited (¢onlinue4J Year ended 31st December 2023 Other informatio The other infomjation corDprises the iDforrnation included in the annual Teport, other than the funCIal statements and OUT auditor's report thereon. The trustees are responsible for the other information. Our opinion on tlie financial statcments docs not cover the other information and, except to the extent otherwis¢ expli¢iily staled in oui report, we do not express ally forni of assurance conclusion thereon. In connection with our audit of thc financial stalem¢nls, our rcsponsibility is to read the other infomiation and, in doing so. constder whether the other inforniation is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to b¢ materially misstated. If we identify such material inconsistencies or apparent matetial misstatements, we are required tg deterniine whether there is a material misslatemenl in the financial statements or a material misstatement of the other inforniation. If, based on the work w¢ have p¢rfomied we conclude that there is a material missta*m¢nt of this other infonnation, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matter5 prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit= the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the fmancial st&temerLts' and the ttvst¢es' report bas been prepared in accordance with applicable legal requirements. Matters on Ivhich we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained iu the course of the audit, we have not identified material niisstatements in the t$es, report. We have nothing to report in r¢spt of th¢ followll matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have noi been kept. or returns adequate for OUT audit have not b¢en received from branches not visited by us. or the financial statements are not in agreement with the accounting records and retums. or certain disclosures of trustees, remuneration specified by law are not made; or we b&ve not received all the inforntIon and explanations we require for our audit. 13
The Monteverdi Choir and Orchestras Limited Independent Auditor's Report to the Members of The Monteverdi Cholr and Orchestras Limited (conted} Year ended 31st December 2023 Responsibilities of trustees As explained more llY in thc trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial slatemerLts and for being satisfied that they give a true alld fair view, and foT sueh internal control as the trustees detennine is necessary to enable the preparation of financial stslemcnts that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trusl¢es are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, mailers related to going concern and using the going concern basis of accounting w)l¢ss the trnste¢s either intend to liquidate th¢ charity or to ccase operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives aTe to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, wbether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 18 a high level of assurance but is not a guarantee that an audit conducted in accordanc¢ withlSAs (UK) will always detect a material misstatement when it exists. Misstatem¢nts can arise from fraud or eOr and are considered material if, Tndividually or in the aggregate, they could reasonably be expected to influence the economie decisions of users taken on the basis of thes¢ financial ststements. Irregularities, including fraud, are instances of non-compliattce with laws and regulations. Wc design procedures in line with our responsibilities, outlined above, to detect material misstatetnents in respect of iegUlar1ties, including fraud. The extent to which our procedures are capable of detecting irregularities. includig fraud is detailed below.. As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perforni audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a nthterial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit kn order to design audit procedures that are appropriatc in the circumstances, bul not for the PUTpose of expressing an opinion on th¢ effectiveness of the internal control. Evaluate tbe appropriateness of accounting policies used and the reasonableness of ac¢ounting estimates and related disclosures made by the trustees. 14
The Monteverdi Choir and Orchestras Limited Independent Auditor's Report to the Members of The Monteverdi Choir and Orchestras Lftmited fcontlRued) Year ended 31st December 2023 Con¢lude on the appropriateness of the trustees, use of the goiThg concern basis of acwunting and, based on the audit evidence obtained, whether a material uncertainty exists Telated to events or conditions that rnay cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. w¢ are required to dTaw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, StrnCre and content of the finan¢ial statements, including the disclosures, and whether the financial statement5 represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matt¢rs, the planned scope and timing of the audit and significant audit fmdings, including any signifi¢ant deficierAcJes in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to stale lo them in an auditor's report aTrd for no other purpose. To the fullest extent pennitt¢d by law. we do not accept or assume responsibility to anyone other th2n the charity and the charitys members as a body, for our audit work, for this report, or for the opinions we have fornie(L sirNDARESWARY ARANIYASUNDARAN ACA, FCCA (Senior Statutory Auditor) For and on behalf of Brooks & Co Chartered accountants & ststutory auditor 9 Cheam Road Ewell Epsom Sutrey KT17 ISP Date.. 11th September 2024 15
The Monteverdi Choir and Orchestras Limited Statement of Financial Activities (including income and expenditure 2¢¢0unt) Year ended 31st December 2023 2023 2022 Unrestrleted Restrlctsd funds funds Total funds Total funds Note Income And endoivments Donations and l¢ga¢ies Charitable activities Investment income Other income 662,882 2.916.085 41,146 58,279 258,825 921.707 2.916,085 41,146 58,279 692,286 1,858,596 13,980 18,810 Total income 3,678,392 258,825 3,937,217 2,583.672 Expenditure Expcnditure on rdising funds.. Costs of raising donations and legacies Expendittwe on charitable tIVitieS (105,053) (105.053) (104,981) JO (4,162,127) (331,947) (4.494,074) (2.450.242) Total expenditure (4,267,180) (331.9471 (4,599,127) {2.555,223) Net {expenditure}lillcome (588,788) (73,122) (661,910) 28,449 Transfer between funds (45,589) 45,589 ReeonclllAtion of funds Linked Charity (90,278) (90,278) 5,159 Net movement in funds (634.377) (117,811) (752,188) 33,608 Total fidS brought forward 1,754.504 130.883 1.885,387 1.851.779 Total funds carrfied fornard 1,120,127 13,072 1,133,199 1,885J87 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes form part ofthese finantial statements 16
The Monteverdi Choir and Orchestras Limited Statemettt of FiA4ncial Position As at Jlst D¢¢ember 2023 2023 2022 Note Fixed 955ets Tan8ible fixed asws Investments 16 17 14,278 100 12.938 14.378 13,038 Current ¥5sets Deb¢tsr5 Cash at bank and in hand 18 19 164,901 1.100287 493.222 1,811.799 1.265,188 2,305.021 Credlt•rs-. amounls falllng due Y4ithit) one year 20 1146.3671 1432.672) N¢t rurrent xsstts 1,872.349 Tot414Mets less current lixbiltties 1.133.199 1.885.387 Net assets 1,133,199 1,885,387 Fund5 of the charl¢y Unr¢5tricted fund5 Restricted fijnds 1.120,127 13.072 1,754,504 130,883 To¢41 charity funds .133,199 1.885.387 These financial 5tatrmenis were approv¢d by the board of tru5¢ees and puihorised for issu¢ on 1 tlh S¢Nember 2024 and arc signed on behalf of the board by., David Best- Board tn¢mber ftIT finance Company Rt8istra(ion Ntrnber., 01277513 Tbr Thiles forffi par¢ ofitsw IlfflaThtl*l stalEmturs 17
The Monteverdi Choir and Orchestras Limited Statement of Cash Flows Year ended 31st December 2023 2023 2022 C¥5h flows from operating activltles Net (expellditure)lin¢om¢ (752,188) 33.608 Adjustmentsfor.. Depreciation of tangible fjxed assets Govemmenl grant income Other interest receivable and similar income Inter¢st payable and similar ¢harges Increasel(decrease) in accruals and deferred income 1,373 3.590 (4L,146) 3,288 (83.983) {13.980) 2,772 {19.566) Changes in.. Trade and other debtors Trade and other creditors 328.321 (202.322) (152,992) 60.026 Cash generated from operations (746.657) (86,542) Bank charges p2id Interest rcceived (3,288) 41,146 (2,772) 13,980 Net cash (used in)lfrom operating activities (708,799) (75,334) Cash flows frotn investing activities Purchase of tangible ass¢ts (2,713) (1,407) Net cash used in investing activiti¢s (711,512) (76,741) Cash Ilows from financing activities Government grant income Net cash from financing activities Net decreAse in Cash and cash equivalellts Cash and cash equivalents at beginning of year (711,512) 1,811,799 (76,741) 1.888,540 Cash and tash equivalents at end of year 1,100,287 1,811.799 The notes form part of these financlAI $tstun¢llts 18
The Monteverdi Choir and Orchestras Limited Notes to the Financial Statements Year ended 31st Deeember 2023 GENERAL INFORMATION The chartty is a public benefit elltity and a private company limited by guarantee. r¢gister¢d in England and Wales and a registered charity in England and Wales. The address of the registered office is Level 12, 20 Bank Street, London, E14 4AD. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP {FRS 102)) and th¢ Companies Act 2006. ACCOUNTING POLICIES Basis of preparatio The financial statements of the charitable company, which is a public b¢n¢fit entity under FRS 102, have been PTepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in ac¢ordance with the FinatLcial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Rcpublic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. as modified by the revaluation of certain financial assets and liabilities. Going toneern There are no material uncertainties about th¢ charity's ability to continue. Consolldalfion The entity has takeD advantage of th¢ exemption from preparing consolidated fmancial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidatioTh on the grounds that their inclusion is not Material for the purpose of giving a e and fair view. Judgements and key sources of estimation uncertainty The preparation of the fmancial statements Tequtres management to rnake judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are ¢ontinually reviewed and are based on experience and other factors, in¢luding expectations of futyr¢ events that are believed to be reasonable under the circumstances. Foreign currencies Foreign currency transactions are initially recorded in the functional cencY, by applying the spot exchange rale as at the dale of the transaction. Monetary ass¢ts and liabilities denominated in foreign currencies are translated at the exchange late ruling at the reporting date, with any gains or losses being taken to the Slatertient of Financial Activities. 19
The Monteverdi Choir and Orchestras Limited Notes to the Financial Statements (c•ftlipu¢AIJ Year eThded 31st December 2023 Accounting polieies (eoDlin¥e4) Fund a¢¢ounting Unrcstricted fijnds are available for use at the discretion of the trustees to further any of the charity's purposes. Dcsignated funds are unrestricted fid$ earmarked by the trnstees for particular futUTe project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of aLI appeal and fall into one of two sub•classes: restricted income ndS or endowment nds. Incoming resources All incoming resources aTe included in the Statement of Financial Activities when entitlement has passed to the charity. it is probable that the economic benefits asso¢iat¢d with the transaction will flow to the charity and the amount can be reliably measured. The following spe¢ific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount Can be measured reliably. legacy income is recognised when receipt is probable and entitlcment is established. income from donated goods 18 measured at the fatr v&lue of the goods unless this is impractical to me2suie reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and servic¢s are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the ontribution of general volunteers. income from contTacts for the supply of Services is recognised with the delivery of the contracl¢d service. This is Classified as unrestricted funds unless there is a contracbjal r¢quiremenl for it to be sp¢nt on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 20
The Monteverdi Choir and Orcbestras Limited Notes to the Financial Statements (conllNued) Year ended 31st December 2023 Accounting policies fconlinwe4J Resources expended Expenditure is recognised an accruals basis as a liability is incurred. Expenditre includes any VAT which cannot be fully recovered, and is classifffied under headings of the Statement of Financial Activities to which it r¢lat¢s: expendituTe on raising funds includes the cost5 of all fimdraising activities, events. non- charitable trading activities. and th¢ sale of donated goods. expendittwe on charitable activities includ¢5 all costs incurred by a Charity in undertaking activities that fiher its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure thal is neither related to rdising funds for the charity nor part of its expenditure on charitabl¢ activities. All costs are allocated to expe1)dire categories reflecting the use of the resource. Dirert costs attributable to a single activity are alloeated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Hire purchase and leasing commitments Rental paid under operating leases are charged to the Statement of Financial Activities on a straight- line basis over the period of the lease. Tanglble assets Tangible assets are initially recorded at cost. and subsequently stated at cost less aThy accumulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts ar¢ recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. An increase in the canying amount of an asset as a result of a revaluation, is recognised in other re¢ognised gains and losses, unless it reverses a charge for impairnient that has previously been recognised as expendiiure within the Ststement of Financial Activities. A dccrease in the ¢arrying amount of an asset as a r¢sult of revaluation, is recognised in other recognised gains and losses, ¢x¢ep¢ to which it offsets any previous revaluation gain, in which case the loss is shown withi other recognised gains and losses on the Statement of Financial Activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asseL less ils residual value, over the useful economic life of that asset as follows.. Orchestral Equipment Office Equipment Organ" no depreciation Straight line over 3-5 years 21
The Monteverdi Choir and Orchestras Limited Notes to the Financial Statements {t•Ol¥nrio4) Year ended 31st December 2023 Accountlng policie5 Investments Unlisted equity illvestments are initially r¢¢orded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment. Listed investments ate measured atfairvalue with dngeS in fairvalue being recognised in iD¢ome or expendittwe. Impairment of fixed assets A review for indicators of impairnienl is carried out at ¢ach reporting date, with the recoverable amount being estimated where such inth"cators exist. Wher¢ the carrying valuc exceeds th¢ recoverable arnount, the asset is impaired ac¢ordingly. Prior impaimients are also reviewed for possible reversal at each reporting date. For the purposes of impainn¢nl testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unit to which thc asset belongs. The ¢ash-generating Ullit is the small¢st identifiable group of assets that includes the asset and generates cash intlows that are largely independent of the cash inflows from other assets or groups of assets. Government grants Government grants are recognised at the fair value of the asset Ieceived or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received. Wh¢re the grant does not impose specified future perfonnan¢e-related conditions on the recipient. it is recognised in income when the grant proceeds are received or receivoble. Where the grant does impose specified futur¢ perfonnance-related conditions on the recipient. Lt is recognised in income only when tbe perforniance-related conditions have been met. Wh¢r¢ grants received are prior to satisffi'ng the revenue recognition criteria, they are recognised as a liability. 22
The Monteverdi Choir and Orchestras Limited Notes to the Financial Statements Year ended 31st December 2023 A¢¢ountlng polieies (rgnlinuedj Flnancial instruments A financial asset or a finan¢iLI liability is recognised only when the entity be¢omes a party to the contractual provisions of the insttillnent. Basic financial instruments are initially recognised at th¢ amount receivable or payable including ally related transaction costs. unless the arrangement constitut¢s a financing transaction, where it is recognised at the present value of the tUre payments discounted at a market rate of interest for a similar debt instrument. Current assets and cturent liabilities are subsequently rneasur¢d at the cash or other consideration expected to be paid or received and not discounted. Defined contribution plans Contributions lo defined contribution plans are recognised as an expense in the period in whi¢h the related service is provided. LIMITED BY GUARANTEE The liability of the company is limited by guarantee. Every member of the company undertakes trj contribute to the assets of the ¢ompany. In the event of the same being wound up while he or she is a member, or within one year after he or she ceases to be a member, forpayment ofthe debts and liabilities of the company contracted before he or shc ceases to be a member, and of the costs. charges and expenses of winding up, and for the adjusknent of the rights of the contributories among themselves, such amount as may be required not exceeding £5. DONATIONS AND LEGACIES Unrestricted Funds Restricted Funds Totsl Funds 2023 Totsl Funds 2022 Donations and memberships Trusts and foundations coOrate patrons Gifts in kind Gift Aid 344,498 5,270 349,768 251,807 156.785 253.000 409,785 280,750 2,500 141.145 16.084 148.466 13,133 148,466 13,688 555 662,882 258,825 921,707 692286 23
The Monteverdi Choir and Orchestras Limited Notes to the Financial Statements (conliniierf) Year ended 31st December 2023 CHARITABLE ACTIVITIES Unrestricted Restricted Total Fund$ Total Funds Funds Funds 2023 2022 Concert fee income Concert ticket income Travel and accommodation income Digital and other income 2,460.704 80.651 243,867 130,863 2,460,704 80,651 243,867 I30,863 1,429,864 94,932 116,052 2E7,748 2,916,085 2,916,085 1,858,596 INVESTMENT INCOME Unrestricted Total Funds unrtriCted Total Funds Funds 2023 Funds 2022 Bank interest receivable 41,146 41,146 13,980 13.980 OTHER INCOME Unrestrlcted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Orchestra and Theatre Tax Relief $8,279 58,279 E8,810 18,810 COSTS OF RAISING DONATIONS AND LEGACIES Total Funds Total Funds 2023 2022 Wages and salaries So¢ial security costs Employer contributions to pension plans Fundraising expenses 41.479 4.534 57.154 6.287 3.645 55.395 4.870 36,670 105,053 104,981 24
The Monteverdi Choir and Orchestras Limited Notes to the Financial Statements {coNlixtsed) Year ended 31st December 2023 10. EXPENDITURE OLY CHARITABLE ACTIVITIES BY ACTIVITY TYPE Unrestricted Restricted Total Funds Funds Fund$ 2023 Conductor and Assistant Conductor fees Soloist fees Choir fees Orchestra fees Travel, hirc. subsistence, accomtLiodation Other artistic and production fees Instnunent, music, C0sme and equipmeni hiTe Publicity and prograuune costs Unrecoverable tax General ¢Kpenses Support costs (S¢¢ Note I l) 191,348 434.754 548.962 812.381 1.357,572 187,195 46,561 21,824 31,283 9,740 520,507 1.580 192,928 434,754 583,269 812,806 1.393,719 193.368 48.826 21,824 31,283 10,790 770.507 34,307 425 36,147 6,173 2.265 1,050 250,000 4,162,127 331,947 4,494,074 UnTestri¢ted Funds Restricted Totsl Funds Funds 2022 Conductor alld Assistant Conductor fees Soloist fees Choir fees Orch¢stra fees Travel. hire, subsistence, accommodation Other artistic and production fees Instrument, music, costume and equipment hire Publicity and programme costs Unrecoverable tax Gcncral expenses Support costs (See Note I l) 275,500 93,551 325,974 371.848 501,666 122,479 24.628 11,058 20,933 6,522 420,935 275,500 93,551 325,974 380,506 512,083 127,222 25,086 11,677 20,933 6,775 670,935 8.658 10,417 4,743 458 619 253 250,OOQ 2,175,094 275,148 2,450,242 25
The Monteverdi Choir and Orchestras Limited Notes to the Financi21 Statements (eoAilttM*rfJ Year ended 31st December 2023 11. ANAL YSIS OF SUPPORT COSTS 2023 2022 Staff costs Gift in Kind- Premises General costs Finance costs, depreciation. bat cbarges and foreign exchange differences Governance costs FTeelanc¢ fees Marketing and PR expenses 484,024 148,466 67.449 431,174 141.145 41,927 14,684 10.450 35,567 9,867 11,185 10.400 29,236 5,868 770507 670.935 12. f4ET INCOMEI(EXPENDITURE) Net income/{expenditure) is stated after chaTgingl(ciediting)'. 2023 2022 Depreciation of tangible fixed assets Foreign exchange differences 1,373 10,023 3,590 4,823 13. AUDITOR'S REMUNERATION 2023 2022 Fees payable for the audit of the financial statements and tax computation 10,450 10.400 14. STAFF COSTS 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans 446,354 48,407 38,922 418,464 45,657 35,364 533,683 499,485 The average number of full-time equivalent employees during the year is analysed as follows.. 2023 2022 Fundraising staff Administrative staff 26
The Monteverdi Choir and Orchestras Limited Notes to the Financial Statements {conlinuerfJ Year ended 31st December 2023 The Monteverdi Choir and Orchestras Limited adheres lo SORP guid¢lines by reporting the total remuneration of kcy management petsonnel, including all salaries and benefits. While we do not provide detailed salary bands, we confirn) that the number of staff ¢arning over £60,000 per annum is reported. Our remuneration policy promotes transparency, and while detailed salary infom)ation is not included in standard reporting, additional details carl be made available upon request. 15. TRUSTEE REMUNERATION AND EXPENSES No truslee received remuneration from the ¢harity during the year. No ttustee received any r¢imbuts¢ment of expenses during the year, for their roles as trustees. 16. TANGIBLE FIXED ASSETS Orchestral equipment Office equipment Total COST At 1st January 2023 Additions 12,337 55,833 2,713 68,170 2,713 At 31st December 2023 12,337 70,883 DEPRECIATION At 1st JatLuary 2023 Charge for the year 337 54.895 1,373 55,232 1,373 At 31st December 2023 337 56,605 NET BOOK VALUE At 31st December 2023 12,000 2,278 14,278 At 3 1st D¢c¢mb¢r 2022 12,000 938 12,938 27
The Monteverdi Choir and Orchestras Limited Notes to the Financial Statements (coftilnu£d) Year ended 31st December 2023 17. FIXED ASSET INVESTMENTS Shares In group undertaldngs Cost or valuation At 1st January 2023 and 3 Is¢ December 2023 100 Impairment At I st January 2023 and 3 1st December 2023 Net Book Value At 1st January 2023 and 31" December 2023 loo Subsidiarles Details of the investments in whi¢h the parent company has an intcrest of 20/D or morc are as follows= Country of incorporation Class of share Percentage of shares held Subsidiary Undertaking Montevudi Tours & Concerts Limited England & weS Ordinary l(K) The subsidtary has remained dom)ant since Incorporation to date. The registered office is Level 12, 20 Bank Street, London, E14 4AD. 18. DEBTORS 2023 2022 Trade debtors Other debtors Prq)ayments Acctued income 71.121 I.IH 15.131 74,632 2.873 377,794 33,258 64,017 18,153 VAT 164,901 493.222 19. CASH AT BANK AND IN HATr4D The £l,100.287 (2022: £1,811.799) c&sh at bank and in hand balance includes a £1,072 (2022: £91,351) balance of the linked charity, The Monteverdt Trusl. 28
The Monteverdi Choir and Orcbestras Limited Notes to the Flnanclal Statements (contiNwed) Year ended 31st December 2023 20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 TTade creditors Social security and other taxes Other creditors Called up share capital not paid Accrnals De[¢ed income 5,648 14,528 8,112 loo 80,978 37,001 146,367 203,205 15,615 11,789 loo 100,583 101,380 432,672 21. PENSIONS AND OTHER POST-RETIREMENT BENEFITS Defined contribution plans The amoullt recognised in the income and expendkture as an expense in relation to defined contribution plans was £38,922 (2022- £35.364). 22. ANALYSIS OF NET ASSETS BETWEEIY FUNDS Tangible fixed assets 2023 Net current assets Tangible fixed assets Net current assets Total Totsl 2023 2023 2022 2022 2022 Restricted income funds: Organ fund mOnVerdI Trust Restricted Monteverdi Trust - Unrestricted 12,000 12,000 12,000 12.000 625 625 47.185 44,165 47.185 44,165 447 447 12,000 1,072 13,072 12,000 91,350 103,350 Unrestricted income funds: General funds 2.278 2,278 1.117.849 1,117,849 1.120.127 1.120,127 938 938 1,781,099 1.781,099 1,782,037 1.782.037 Total Funds 14,278 1,118,921 1,133,199 12,938 1,872.449 1,885,387 29
The Monteverdi Choir and Orchestras Limlted Notes to the Financial Statements fconrfnwed) Year ended 31st December 2023 23. ANALYSIS OF CHAIUTABLE FUNDS Balance at l Jan 2023 Llnkod charity fund$ Movemcnt Tran5f¢r behveen funds Balance at 31 Det 2023 Ineomlng Tesources Outgolhg ruources Uthrestricted Fuknd5 General Unr¢5tricted futtd$ Transfer b¢tw¢¢rL fur5 1.754.504 3.678.392 (4.267.J801 1.165.716 (45,589) 145,589) Total Unrestricted Funds 1.754.504 3.678,392 (4267.1801 (45,589) 1.120,127 Restrl¢ied Funds Apprentices Programme DonatlQll5- General Organ Fund Montevcrdi Trust - Restricted fvtLd5 - Unrestricted fjjnds 27,533 8.825 (81,9471 45,S89 250.000 {250,0001 12.000 12,000 47.185 44.165 (46,5601 143.7181 625 447 Total RestriG¢ed Funds 130,883 (90,2781 258.825 1331,9471 45,589 13,072 Total FutM15 1,885,387 (90,278) 3.937.217 {4.599,1271 1.133,199 The income funds of the charity include r¢stricted fimds comprising the following wiexpended balances of donations and grants hcld on trust for specifi¢ purposes: The Appr¢ntices' Programme was established to support the costs of students within the Choir and or¢hestras. The Organ Fund was estsblished after a gift was received to pwchas¢ a custom-made organ for use by the English Baroque Soloists. The Monteverdi TNst 18 deemed to be a linked charity for reporting pury)oses. from l January 2015. All ndS of the Ttust are to be reported within The Monteverdi Choir and Orchestras Limited. the Reporting Entity, as restricted fimds. The funds comprise the following: Unrestricted funds- to be used for charitable putposes at the discretion of tbe tNstees. Restricted funds- income from donors who continue to give thTrnations to the Monteverdi Society which was merged with Tbe MonteveTdi Trust in 2006. The funds are restricted to being utili5ed for UK touring and are transferred as necessary to The Monteverdi Choir and Orchestras Limited and used specifically for this purpose. 31J
The Monteverdi Choir and Orchestras Limited Notes to the Financial Statements (rowlinued) Year ended 31st December 2023 24. OPERATING LEASE COMMITMENTS Th¢ total minimum lease payments under non-cancellable operating leases are as follows.. 2023 2022 Not later than l year 520 520 Between l and 5 years 478 998 998 1.518 25. RELATED PARTY DISCLOSURES The Nlonteverdi Trust is an independent dis¢r¢tionary ttusl which makes donations to The Monteverdi Cboir and Orchestras Limited. On 28th October 2015 the Charity Commission agreed to link the Trust with The Monteverdi Choir and Orchestras Limited. This took efftct from 1st January 2015. Any transfers between The Mont¢v¢rdi Trust and The Monteverdi Choir and Orchestras Limited are detailed in note 23. Th¢ charity owns IOO/o shares in its subsidiary company. Monteverdi Tours & Concerts Limited. 31