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 o￿lee 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 Chairn￿n 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 ACcoUnt￿tS & 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 Cu￿ent 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 maSte￿ieces.
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,
brOad￿StS and recordings in the United Kingdom and abroad. Alongside the core perfornianc¢s, the
company is committed to providing additional oppOr￿nitieS 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 fu￿re 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 gr￿t Conf￿enCe 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 NI￿1¢ 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 fil￿re 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 cul￿rebox, 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 b￿adcaSt 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
Mon*v¢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 beauti￿1 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 Tn￿te¢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 gen￿OuS 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 Stat￿n¢￿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¢l￿t 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 A￿epted 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 Stand￿dS 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 fu￿nCIal
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¢sp￿t 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 inforn￿tIon 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 (cont￿￿ed}
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 e￿Or 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 i￿egUlar1ties, including fraud. The extent to which our procedures are capable of detecting
irregularities. includi￿g 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, StrnC￿re 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 fi￿dS 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 c￿￿encY, 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 fi￿d$ 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 fi￿her 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)di￿re 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 d￿ngeS 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
co￿Orate 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 unr￿triCted 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, C0s￿me 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 &
w￿eS
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
mOn￿VerdI 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
fur￿5
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