COMPANY REGJSTRATION NUMBER: 01277513 (England & Wale5) CHARITY REGISTRATION NUMBER: 272279 The Monteverdi Choir and Orchestras Limlted Company Limited by Guarantee Financial Statements 31st December 2024
The Monteverdl Cholr and Orchestras Limited Financial Statement$ Year ended 31st D¢¢¢mber 2024 Page Tnjstees. annual report (incorporating the diTectors' report) Jndependent auditor's 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 s(alements 19
The Monteverdl Cholr and Orchestras Llmited Tru8te¢s' Annual Report (Incorporating the Directors, R¢port) YeAr ended 31st December 2024 The Lnte¢S. who are also the directors for the purpo5 of company law. preseni iheir report and th¢ fjnancial statements of th¢ ciwity for the year ended 3 1st December 2024. Reference and admlnlstratAve details Registered eh*rlty name The Monteverdi Choir and Orchestras Limited Charlty registratlon number 272279 Con)pany registration number 01277513 Prineipal offlce and registered office Level 12 20 Bank Street Canary Wharf London E14 4AD Royal Patron HM King Charles III Presldent Carol Grigor Trustee$ Sir David Walker- ChaiTtnan Christian Rochat- D¢puty Chairn]an David Best Lady Deben Virginia Fraser Sir Stephen Gomersall Andrey Kidel Francis NortOD Geueral Director Dr Rosa Solinas Auditor Brooks & Co. Chartered Accounlants & Stattjtory Auditor 9 Cheam Road Ew¢ll Epsom Surr¢y KT17 ISP Bankers HSBC UK Bank plc London Commercial Banking C¢ntre Level 6, 71 Qlle¢n Victoria Street London EC4V 4AY
The Monteverdi Choir 2nd Orchestras Limited Trustee$, Annual Report (Incorporating the Directors, Report) Yeydr ended 31st December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Monteverdi Choir ond Or¢hestras Limited is a company limited by guarantee and was incorpordtcd on 17th Sept¢mbcr1976 and registered as a charity 4th NovembeT1976. The company was established under a Memorandum of Association whi¢h established the objects and powers of the ch2riry, and it is governed by its Articl¢s of AssiKialion. Thc company is govern¢d by the board of dire¢tors who are also the ttustees of the ¢harity and who tak collective responsibility for all govern8nce matfrrs. New tTUSt¢¢s are appointed by the existing board of ttustees. Each trusiee is hiOdy exp¢Ti¢JK¢d ID the particular area for which they provide guidanc¢ lo the board. The cuent b0d IMS an appropriate balanc¢ of skills, knowledg¢ and expertise and ea¢h trnstee has a highly respected professional profilc. Biographies of the tSteeS can b¢ vi¢wcd on Ihc Company websit¢ at www.mont¢verdi.co.uk. All of th¢ tru$t¢¢s ar¢ ni¢mbers of the company and undertake to contribute £5 in the event of a winding up. On the electlon of new mcmb¢rs. the board arrang¢s for appropriate induction. Tru51ees are elected for a terni of office of three years and may be re-¢l¢cted providing that the maximum ¢ontinuows t¢rni (If oific£ does not exceed six years. The board, which meets up to four time& a year, deterniines the overall company strat¢gy and provides ovcrsight and direction to the rharity in line with ils aims and values, including thc endors¢1 and approval of th¢ annual budget. In addition to providing governan¢¢ and advocacy forthe three ensetnbles, several tnJsi¢¢s providc intr(wJuclions to prospective supporters, who are essential to an organisation wtthout public fundittg. Tnt¢e$ are also en¢ourn£ed lo diTectly support the charity themselves. Siuce 2015, operational matters of the charity have been OV¢Tseen by Dr Rosa Solinas, General Director. who is supported by a dedicated professional icam of 7 full-time staff and two part-time fr¢¢12nceTr. TransactioDs with r¢lat parties aTe disclosed in not¢ 25 and in accordance with Sect?on 33 of Charities SORP FRS 102. The trustees have assessed the majoT risks lo which the ¢harity is exposed and ar¢ satisfied that systems are in place to miligat¢ exposur¢ lo major risks.
The Monteverdl Cholr and Orchestras Limited Trustee$, Annual Report Ullcorporating the Director$, Report) Year ended 31st De¢ember 2024 OBJECTIVES AI¥D AcrnryfiES The company was established to protnote, maintain, improve and advance ¢ducation for the b¢n¢fit of the public, particularly musi¢al education and lo encourage tbe arts, including the arts of drama, mim¢ and dance, and io forniulate. prepare and establish schem¢s providcd that all objects of the company shall be of a charitable nature. Th¢ thr¢¢ Monteverdi ensembles - th¢ Monteverdi Choir, English Baroque Soloists ("EBS") and Orchestre Révolutionnaire et Romantique ("ORR") - ar¢ a leading force on the int¢rnational music scene. World-class musicians and singers from many nationalities come together in growid-breaking, hisiori¢ally infomied projects that span eight centuries of musical masterpie¢¢s. During Ih¢y¢ar there has been no change to the company's principal ¢haritable objeciives glld lIVItieS. whi¢b xre the administration of the Monteverdi Choir, EBS and ORR. Thi5 includes the organisation and promolion ofconcerts and the facilitation and organisation of othcrengagements such as worksh(vs. broadcasts and recordings in the United Kingdom and abroad. Alongside the core perforniances, the company is committ¢d io providing additional opportunities foiprofessional development and education through ¢omplementary projects and n]entoring. In furtherance of th¢se objectives the company ctwages international singers and instnunentalists, conductors, assistant conductors, artists, p¢rforniers and répétiteurs. additionally, th¢ Gofflpany engages skilled professional and te¢hni¢al advisers su¢h as librarians, st&ge mana8er$, production managers, languag¢ and vocal coaches, musicologi5t5, yoga practitioners, keyboard iecknicians and lighting and costume degigners. From the monum¢ntal to the intimaie. from sacred music to operd. from early musi¢ to th¢ 21st4¢ntury. often in utsaip¢cted coJnbinalion4 the company strives for exc¢ll¢n¢¢ in ea¢h of its proje£ls. P0ss¢5sed of an inslanlly recognisable ¢or¢ sound. th¢ thr¢e ensemble5 are in constant renewal and evolution. The trustees have Teviewed the charity's objectives and activities and acknowledged that they have paid du¢ Tegard to the public benefit guidance published by th¢ Charily Cornlljission as noted in Section 4 of the Charitie5 Act 2011. The company fulfAll¢d its obje¢tiv¢s by PTe5enting 30 live CODcerts both in the United Kingdom and abroad and providing a range of additional educational activities which are detail¢d further in the Strategic Report on page 6.
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report (Ineoryorating the Dir¢¢tor$' Report) Year ended 31st December 2024 CHAIRMANYS STATEMENT The Monteverdi Choir and Orchestras {MCO) pres¢nled a highly-rated sequence of peTforniances in 2024 acr05S th¢ UK and ID Continental Europe. HilIghtS were the Brahms Reqiiiem in Amsterdam, conducted by Dinis Sousi where Ibe Monteverdi Choir prOM)ed with the Royal Collccrtgebouw Orchestra to gr¢at critical acclaim. ¢omin8 soon after the Choir were named in the Internaiional Operl Awards 2024 as the Best Choir. Under P¢tcr Whelan. the Choir and English Baroqu¢ Soloists (EBS) perfonned Handel's Israel in Egvpf at St. Martin's in London, Barcelon4 Luxembou Versailles. Hamburg and Salzburg. a concert rated by one critic as'ineffable and sublime". The May performan¢¢s in London and Paris of Beethov¢n's nin¢ symphonies 1th the Orchestre Révolutionnaire et Romantique (ORR) under Dinis Sousawere critically rat as outstanding-'Mhis is how to do &Be¢thov¢n symphony cycle" This was shortly followed by tbe beautiful delicacy of thc Bach motets and solo violin music played by Kati D¢br¢tz¢ni in London and Isabelle Faust in IKipzig, under the baton of Joitsthan Sells who also led perfonnances of Btuckner and Gesualdo motels in oxfor Ely and the Old Royal Naval College in Greenivich. Members of th¢ ORR played a sequenre of Schubert's Octet and songs with Andrew Staples in November. and the year's perfornian¢e5 culttlinated in a greatly enjoyed programme of Christmas musir by Barh and ChaTpenlier perforn]ed by the Choir and EBS in Milan, Frdnkfilll, Hamburg alld. finally, London. all ulld¢r th¢ baton of Christophe Rouss¢t- 'the Monteverdis sounded exquisite" Alongsid¢ thi$ full programme, th¢ MCO complcled the mentoring of10 choral apprentices with a final recital in Sl. Martin's Crypl. Two albums. one of Bruckner and Gesualdo and one of Charpentier. were Iecorded on our own label, SDG Re¢ordings - which is playing a key Tole in extending tbe MCO'S international profil¢. A new partn¢tship was foTmed with Trinity Laban to help develop the Cons¢rvatoire's historically inforrned perforniwKe activities. Artislic excellence is being sustsined and enhanced by the introdu¢tion, alongsid¢ our fine cohort of established choristers 2nd instrumentxlists. of a select group of specialist conductors and soloists. This builds on our l¢ga¢y. bringing Dew energy and perspectives to the repertoire for which the MCO is renowned. Another strand is a continuing and deliberate focus on repertoire thai has so f¥r been l¢ss explored by the historically informed perfornYdnc¢ ihat has ¢hara¢t¢rised th¢ MCO over six d¢¢gdes. The aim is to build on this reputation by broad¢ning the MCO'S artistic Scope with a wider range of composers, genres and tin)e periods. At th¢ heart of all this is th¢ complete integration of musical scholarship and res¢ar¢h with consistently outslaDding pcrforniance practice. In 2025 we have a progrdmme of Mozart with Marc Minkowski. Bach with M&saaki Suzuki and two perfonnances, in¢luding the s)p¢ning ¢on¢ert, at tb¢ Edinburgh International Festival. Later in the year there will be ron¢¢rt5 lcd by Pablo Hera5-Casado and Jakob Lebmann and perfonnanc¢s marking the second year of our collkbordtions with ChrislophcT Rousset and Jonathan Sells, our n¢wly-appointed Choir Director. The MCO has long been an industy leoder with its Apprentices Programme and related education work. Th¢ r¢c¢nt engag¢ent of nine ¢horal apprentice5 to our 2025-26 cohort from a record-breaking llujnber of applicatioDs is indirati of our contlDuing commitment lo future generations of gr¢at musicians. In this context, we are very gratefvl to Damc Sarah Connolly and to Mark Pathnore. who hav¢ become
The Monteverdi Choir and Orchestras Limited Trl¢ell Annual Rep)rt ancorporatlng the Dlreetons, Rert) Year ended 31st December 2024 Ambassadors fcf the Monteverdi Appmlices Pwogramme. As iTh5pirati¢)nal role models and exFwienced mentors, tlw will offet invaluable guidance to the Apfftice5. drawin8 on their Widnging professional insiBhi. The ted io b¢ able to Mmft to fVre proj¢¢ts withow eompr(Thisin8 Artisti¢ qalIty uthlefliw t rilic#l importance of maintirtin8a resilient finBnc] position. The MCO enjoys Th) public fundin8artd inllationary PTessuresonour owTrcost base a5 well as ortthat ofvenues where we pufomi have Inueased still furtherourdependerrte on lottg-iern) supporters aml fri&yJs. In the p¢ri(dal%ad, support from trusts and foundatlons will be vitslly to delivering our pro8ramme. We are particularly grateful r the continuin8 5UPPOrt of Dunard Fund. alongside the tthiisory and inspirnliopal suppjrt of ils fou£r. and our PresidenL Cfjrol GrigoT. This ¢on¢inuing Ethm1¢¢ ¢utpirt to unwttveringly high Alndsrds reflects the 3ustèined effort of our musicians and ¢x¢eulive kam under I Inspir lewJu5hip of Rosa Solin4 wr thlentsd Gen As this sratement8oes 10 the MCO has recendy w¢lromed thr¢¢ n¢w board rn¢mb¢ts. Coz Weller Knight. Diana Houghion aThl Ni¢hola5 Eld1. WI will toge bring gre exp¢ri¢Ke and in5i8hts i the design and implemen¢ation ctf our future str48y. After gY¢at and long s¢rvic¢ as knrd meMlS and in so many other supportive ways Virginia Fwer. Llldy Deben Ind Andrey Kidel will be leaving the board in ihe se¢ond lf of 2025. Iheirternls having expired. They will be greatty mlssed. Chri10 Rochfit will 18k¢ over from me from Ottober after my privik8ed time a5 Cknirman over the l&%t si years. I look forword toenjOyi a5 a yJpportiv¢ and enthusiastic member of our audie#¢es the MCO'S ex¢ilin8 4nd wwed futu. Str David Walker ChJimian- The Monleverdl Choir and ($tra5 Limited. Date: l 8 Septanber 2025
Tbe Monteverdfi Chofir and Orchestras Limited Trustees, Annual Report Oncoryoratlng the Directors, Report) Year ended 31st December 2024 STIL4TEGIC REPORT The following sertions for achievements and perforniance and fman¢ial r¢view forn) the Strate¢ report of the chariry. ACHIEVEMENTS AND PERFORMANCE In total. thc Monteverdi ensembles collaborated with 5 conductors and gave 30 perforniances in 8 owhtries during the year. The activities of the ensembles w¢re as follows-. MONTEVERDI CHOIR Dinis Sousa conducted a programme of Brahms's Germun Requiem (accompdni¢d by the Royal Concertgebouw Orchestra) preceded by a ¢4ppella moiets by comp)5ers representin8 Brahms's Geman heritllg¢ (S¢hutz aJM4 J.C. Bach). Three con¢¢rts in Amsterdam were given io full houses. The soloists were Lenneke Ruiien and Christian Gethaher, who was full of praise for the Choir's singing. The Choir gave a mini tour of unaccompanied choral music. mixing thc motels of two composers wkno interpreted Catholic texts wilh deliciously arresting harn)oni¢s'. Bru¢kner and Gesualdo. The idea was to ccl¢brate ihe 2(Mlth anniversary of Brn¢kner'% birth and emphasise his involv¢m¢Dt in th¢ 19th- entury Cecilian movement (Ihe con¢ert open¢d with Wagner's arrdngejnent of Palestrina's Siabal maler}. Bruckner's crthntials as an organist were highlighted by two organ pieces perforni¢d by James John$ton¢. The Mont¢verdi Choir porforn)ed with the English Baroque Soloists and Or¢h¢str¢ Rcvolutionnaire et Romantiqu¢ in ¢gnc¢r15 as indicated below, and additionally as folltsws: Brahms: Reqmiem; Schuts & J.C. BAch: various; Febnwy 2024 with the Royal Concertgebouw Orchestra conduct¢d by Dini5 Sousa. Three concerts in Amsterd4m). Bruckner & Ge$u•ldo: vrious; October 2024 conducted by Jonathan Sells. Thr¢e concerts in Ely Oxford and tA)ndon. Th¢ Loudon IrfornIanCe was recorded live for release on SDG Rccordings in April 2025. In London, there was a pr¢-¢uncert talk witb Sara Mohr-Pietsch in ¢onversAtion with Jonathan Sells. The Ely conccrt was fjlmcd for ar¢hiv¢ purpos¢s. 'They are trnly onc of the finest choirs of their lime."_ * Bachtraek (Brahms, Amslerdam, F¢bruary 2024) Unimaginably beauti and purely inloned.. For years this has simply been the best choir in the w'orld., ** Trolliv (Brahtns, Amsterdam, FebrIry 2024} EIYGLISH BAROQUE SOLOISTS Pet¢r Wh¢lan ¢ondu¢ied performances of Handel's Israel in in perfornianccs in Barcelona, Luxcmbourg. London, Hamburg and Salzburg" David Bate5 acted as choTUS mastet and also condu¢ted the Frforniance in Versailles. Soloists were tsken fmm wthin thc Choir by singers incllldin8 Amy Wood, Mary Bevan, Julia Doyle, James Hall, Nick Pritchard. TristAn Hamblelon and Jack Comerford. The audiences everywhere were ihrill¢d by this clcctrifying showpiece for choir and or¢h¢stra. Jonathan Sells redesigned our proEratnm¢ of choral and solo violin music, lo In¢oorat¢ mot¢t5 by three embers of tbe Bach family.. joh1n S¢bastian, Johann Christoph and Johann Mi¢hAel, alongside instrnniental pie¢c5 by J.S. Bach, Biber, Pisendel and Matt¢is (Jr and Sr)- the latler perfonned by Kati DebretzeDi in St Martin-in-th¢-Fields, and by Isabelle Faust in Leipzig) where sh¢ played each pie¢e in
The Monteverdi Choir and Orche5tra$ Limited Trustees, Annual Report Oncorporating the Dire¢tors' Report) C¢oHiiNwd) Year ended 31$t December 2024 4 differentpart of the church. The encore, J.C. Bach's thnerary motet 'Es isl ous mil meinemLeben'. with solo violin joining the Choir foT certain verses. held audienc¢s spellbound. The audience reception was p8rti¢ulorly rapturous in Leipzig's Nikolaiktrchc. Two Christmas cantalas by Ba¢h wcre paed with a Christm&s mass by M-A Charpentier, when Chrislophc Rousset made his debut wirh our ensembles in concerts around Europe. Th¢ soloists Rebecca Leggett and Florian Storlz- new to th¢ MCO- made an especially strong impact. and the concert in Hamburg's Elbphtlh2rn10nie was especially well received. Mid-way through the tour, th¢ musiciaDS spent three days recording th¢ Chaentier mass alongside instnunenthl 'Noels' and a little-known Christmas pastoral by th¢ sam¢ Composer. there was a general fe¢ling of dclight in tbe discovery of this pi¢cc and at the growing rapport with Christophe Rousset. whose deep connection with this music brought great dividends. Handel: Israel in Eypt, March and July 2024 with the Monteverdi Choir Conducd by Peter Whelan. Six concerts in Bartelon4 Luxembourg, London, Versailles, Hamburg and Salzburg. The concert in Versailles was ¢ondurted by David Bates. The London Concert was fi]med for archive purpos¢s. J.C. J.S. and J.M. Bch: Motet5 and 5010 01111 111118le" June 2024 with the Monteverdi Choir ¢onducted by jonath Se115. Four concerts in London and L¢ipzig. Charyentier and J.S. Bocb: various; Dec¢mb¢r 2024 with the Mont¢v¢rdi Choir conducted by Christophe Rousset. Four concerts in Milan, FratfL, Hamburg and London. The Charpentier was recorded at All Hallows, Church, London for rel¢as¢ on SDG Recordings in September 2025. "Th¢ orchestral playing was buoyant as w¢ll as scnsilive. the choral work dazzling. Th¢ soloists...excelled, but the choir took top honours.. every word audible, every note, even when n>affd, bang in tune. The Observer * (Handel, London, March 2024) "A thrilling p¢rforn]ance by the Monteverdi Choir and English Baroque Soloist5 {...] Thai sense of joy and release was vividly ¢onv¢yed here under Peter Whelan's direction. The Tlmes (Hand¢l. Lon<k)n, March 2024) -The Monteverdi Choir, led by Jonathan Sells...proves its extraordinary ¢lass."_ Lelpziger volk5ze1Dg {Ba¢h. Leip7i& June 2024) 'Joyous and immaculate festive programm¢...Uthr the balon of Christoph¢ Roussel, the Monteverdis sounded exquisiie in a celebration of Advent that balanced r¢fle¢tion with exultation.-.PuTity of line and detailed counterpoint, both vvcal and itrumental, were imma¢iilate." Tbe Guardlan *** (Bach & CharFentier, London, December 2024) ORCHESTRK RÉVOLUTIONNAIRE ET ROMANTIQUE In May. the ORR delivered two cycles of Beethoven's symphonies (complete in London- omitting S)rynphony no l ill Paris). along with the composer'$ 1807 Mass in C, marking a notable debut with the MCO for thc tcnor Allan Clayton. The perfonnances in Paris were given standing ovations by ecstatic audi¢nc¢s, with Mezzosoprano soloist Alice Loote ID particular expre&sing her aw¢ ai the perfornunce of the Choir in the 9th Symphony. The concerts in London were also applauded by pa¢ked houscs.
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report Ontorpor2ting the Dire¢tors' Report) (el4) Year ended 31st December 2024 A chamber eoncert ai Si Martin-in-th¢-Ficlds was speedily organised to celebrate the 200th annIveary of the composition of S¢hub¢rt'5 Oct¢t. Th¢ cotukections in the piece with the composer's vocal music was empbasised by the interspersing of songs, arranged specially for the instr1]ental group by Robert Percival and perfonned cogently by th¢ t¢nor Andrew Staples. This concert marked the start of a Thew strand of ndUctOr-]eSS concerts for the MCO. Beethoven: Mass in C Sphon]es Cycl¢" May 2024 with th¢ Mont¢v¢rdi Choir conducted by Dinis Sousa. Nine perforn)ances in London and Paris. Schubert. Octel and Songs. NOveMTr 2024 with m¢mbers of the ORR and Andrew Staples, tenoT soloist. One PeTfornJance in London. "A 8loriously optimistic affairf, _ The Telegraph * IBeethoven, London, May 2024) "Perfomian¢¢s of radiant int¢n5ity and commitment...with an electTIC crackle of excitement tempered by virtuosic swagger and not lekst inf¢¢tious fijn.". The Arts Desk ** (Beethoven, London, May 2024) EDUCATIONAL PROGRAMMES The latest iterdtion of our Apprcnlic¢$ Progrdmme concluded in 2024. Th¢ Apprentices took part in our perfomiances of Brahms's ReqiiieFM. 2nd in inspiring mastercla55es on Gernian Lieder led by Mark Padmorc and RichaTd Slokes. They Conclud their y¢ar with a ¢oncen of varied repertoire in the Crypt at St Martin-in-the-Fields, conducted by James Halliday and attend¢d by a warni audicnce of 5UPFKTrrters and industy professionals. Our new partsicTship with Trinity Laban led to two workshops on Italian 17th-¢¢nW V4] music with Matteo Dalle Fratte at JAmes Halliday, as the siudents prepaTed for performan¢¢s of Isabella Ca¢¢ini's opera Lu liberazione di Ruggiero. There was 8¢ vaTiety of abilities amongst the students, but great progrcss was made they were introduced to new thniqu¢$ of pronunciation and singing the music cxprcssively. SDG RECORDINGS Th¢ MCO'S own award-winning recording lab¢l. Soli D¢0 GIgTia (SDG). recorded two new albums in 2024 for releas¢ in 2025.. Bruckner and Gesualdo was recorded live in concert in October 2024 under Jonathan Sells, baton for t¢l¢as¢ iii April 2025- and in December 2024. the MCO'S d¢¢p dive into Charpentier with Christophe Rousset that was tour¢d across Europe was recorded ai All Hallows, ChuTch, London for release in September 2025. These p¢rfornian¢¢s were universally 8Te¢d with praise including Th¢ Guardian describing the Charpentier concert as "joyous and immaculate,- while Operawire noted'a frebh s¢nse of artisti¢ renewat" PRINCIPAL IUSKS AND UNCERTIANTIES The process of risk acceptance and risk manag¢m¢nt is addrcsscd through a framework of policies. procedur¢s and illlernal controls. The charity has developed a fram¢work for identifyin¥ the risk5 for dislinguishitlg between unrc5triclcd and rcstricted income.
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report (Incorporating the Directors, Report) Year ended 31st Detember 2024 FINANCIAL REVIEW The fmall¢ial results for the Ye are set out in th¢ Statement of Comprehensive Income on page 16 and the Statement of Financial Position at the end of the y¢ar is shown on page L7. The charity's key financial indicators during the year were as follows.. 2024 2023 Total income 2,347,527 3.937,217 Nei movement in funds (295,844) (752.188) Total fimds cried f¢)nvard 837,355 1,133,199 The results for the year showed that tharitable income reached £2,347.52712023.. £3,937.217), and that resources expended exceeded incoming resour¢es by £295.844 (2023= £752,188). Net assels al the end f ihc ycar wcre £837,355 (2023.. £1,133,199). Included in the n¢t ?ss¢ts are Testricted reserves amounting to £16,426 (2023- £13,072). The net movement in funds primarily refleets short-notice adjustments to progranuning and intetTuption to the fidraiSIng activity dwing the latter part of the yeaT. The chlty continued to take advantage of the govemmenl's Orchestra and Theatre Thx Relief s¢heme for qualifying con¢erts. Th¢ claim of £468,346 relating to the eligible concerts durAn8 th¢ year ending 315t December 2023 is includ¢d in th¢s¢ accounts. The Trusi¢¢s extend thcir deepestgraiitude to Dunard Fund fortheirunwavering support and generosity, dcmonstrated through the third y¢ar of a £250,000 grant as part of a three-year funding for the period 2022 to 2024 and for the confwmation ofthis support into 2025 as part of th¢ir n¢w annual cycle of granl awards. Introduced in 2023, the new Benefactor tier - recognising annual donations exceeding £25,000 - has already begun to attrllct genen)us support, with a number of committ¢d donors whos¢ enthusiasm for our future plans is deeply appr¢¢iated. Securing fees for con¢¢rts which noi only cover artistic PToject costs but C4)ntribute to rnnning operational costs is d¢$irable for an organisation which does tLOt receive public funding, and the economic cnvironment in which vcnues and promoters operate both At) th¢ UK. Europe and thc US mak¢s this in¢r¢a5ingly challenging. The shortfall that currently exists betw¢en achi¢vable fee income and regular annual donations versus ¢hxritable And Core e%ndItre makes the support of existtng and new donors vitally important. The charity ¢ontinu¢s to d¢velop 115 artistic plans in tsndem with a fimdraising straiegy which has the objectives to enthuse a wider supportcr base and attrdct increased multi-year support from individuals, companies and tnists to ¢nsvr¢ the Charity remains re$ilieni and sustainable over the long temi. A particular debt of gratitude is ow¢d to the cgmpany'5 Royal Patro HM The for his generous support of ihe Monteverdi ens¢mbles, in¢luding via tbe King Charles III Charitable Fund during the year.
The Monteverdi Choir and Orchestras Limited Trustees, Annual Report (tneorporating the Directors, Report) (cow¢rJw¢41 Year ¢nd¢d 31st December 2024 The Bokrd is also CninOuS1Y grnteful for the continuing g¢n¢rous support of.. Dunard Fund Morgan Stanley Negaunee Foundation The American Friends of th¢ Monteverdi Choir aDd Orchestras, Jnc. The charity is also indebied to the coryorations aDd and foundations who hove given thetr support during 2024. As ev¢r. th¢ Chlty is especially grateful for the steadfast support of ail its individual members and donors without whom it could not Achieve its ambitions. GOtNG CONCERN The are no malerial uncertainties about the ¢harity's ability to ¢(mtinue. RESERVES POLICY As part of its risk management pro¢¢ss th¢ Board considers the level of reserves require¢ and the priorilies for expendilure against any reserves held, and reviews this regularly. It endeavours lo hold sufficient funds to enablc th¢ company lo trdde for a period of six monihs and oomplelc existing projects. Th¢ Board is satisfied that the ¢utrent level of unrestricted reserves of £820,929 (2023.. £1.120.127) is sufficient for ihis purpos¢. Th¢r¢ are plans lo prudcntly allocate some of these reserves in th¢ coming years to bridge the anticipated gap b¢tw¢en artistic projecl income and artistic expenditure. Fundraising activity will bc und¢rtakcn to cnsure reserves remain at an appropriate lev¢l. Io addition to considering reserves. th¢ Board has to consider the cashflow needs of the charity which 1$ subject to the peaks and troughs of income expenditur¢ r¢lated to th¢ projects it undertakes, and the single anDua] r¢¢¢ipt points of our principal funding a1 government creative industry lax r¢li¢fs. The board considers that vigilant managem¢nt of th¢ fInances will ensure the company h&$ sufficient cash to opeTate for the foreseeable future. PLANS FOR THE FUTURE Thc MCO will build on its work with a select group of specialist conductors lo forg¢ the future of historically infornied perforn)ance, building on its l¢ga¢y of pioneering work in this area with expanded repertoir¢ and ¢ollaboralions perfornied at the most prestigious and i¢oni¢ venues and festivals. Fresh from Celebrating the Monteverdi CIM)ir's 60th #m]iversary in 2024. the MCO will have a bY 2025 with debuts in some of Europc's leading venues, as well L8 returns to La S¢al& Milan, the Musikverein in Vienna and its Li>ndon home. St Martin-in-the-Fields. Highlighis from its schedul¢ for 2n25 includc M07Art with Marc Minkowski in Vienna and London, Bach with Masaaki Suzuki, two p¢rfonllan¢¢b at th¢ Edinburgh International Festival, Mozart and Schubert with Pablo H¢ra$£a$2do. scmi-staged Rossini with Jakob Lehmann, Handel with Christophe Rousset and Handel's Di¥ii Dominus with Jonathan Sells. 2025 will also see the MCO'S own recording label. Soli Deo Gloria (SDG). rel&e its first new recording since b¢fore the global pandemic with Bnjckner and Gesualdo ¢ondu¢ted by Jonathan Sells. In the Autumn an alburn will be released of the MCO'S deep div¢ into CharyKntieT with Christophe Rou5set that was toured across Europe in De¢embcr 2024. The company continues to prograD)ryL¢ projects into 2026 and beyond.
The Monteverd5 Cholr and Orehestr$ Limlted Trustees, Annual Report Oneoryoratlng the Dirrttors, Report) Year ended 31st December 2024 rATEMENf OF TRiLWEES' RESPONSIBILITIES The trustees who Are also dirxth for the pu$ of ¢(npany law, are respon51ble for preparing the trust¢¢s' report aTHI the financial statements irt ac¢ordan¢¢ with applicable Jaw and United Kingdorn Accounting StAtKl&rds (United Kinsdom GeJr411y A¢pted A¢counting Prndiee). Company law requir¢s the charity trtteS to prepare finrial Slements for y¢yr which give a in fairview of the stale ofaffaits of Ihe charitabl¢ ¢omp•ny #rtd the incomingTesourees and application of resources, including the iOme and expenditure. ft that period. In prepari iIK5¢ financial 5ts¢anen the tr{eS are required to." seleci suitable untIng policies #nd then 4>ply them consistently: observe the methods and principles itk the Applicable Chariiies SORP. make judgments aNI accounling ¢51im8tes that are re&soMble and prudent. stsie whether applicable UK Accounting Stsndards, comprfsin8 FRS 102. hve bEen followe 5ubjec¢ to any material departures dbsclo%d and explained in the fin8rKi81 statemen epare the financial atements on the going con¢em basis unless il is inapFYcpriale to praume that the charity will t4)ntinue In bu5ine55. Tht Inle¢S are responslble for keeping pAeque accounting CordS that are sufficient to strM)w and explain thecharity's ¢rans#tions and disclt)5e with reasonable K¢uracy at Ally time the financial position of the charity and enable them to enswe th ihe finan¢ial Statements comply with the Componies Act 21Th. They areaiso rESF$1bI¢ forsif¢guardin8i8$S¢ts ofthe charity and hert4 fortskin8 re•s0ble Steps for the preveniion and ddection of fraud and other irrcguloriTi¢S. In so far a5 the Irustees aware: thr is no rekvan¢ awlit infLml0n of which th¢ ¢harity's auditor is unaware: and the irn#ees have tsken ail 5tep5 thai ihey ought th have tsken to make ihemselves aware of relevam audit infomiation and to ¢alIsh that the luditor is aw&tt of thai lnfornMIi. SMALL COMPANY PROVISIONS Thi5 report h85 bEen prewed in aOrdanCe with pmYi5iQD5 upplicable to companie5 entitled to t Small ¢(#DnY exem10. AUDrroR The audltor. Br¢x)ks & Co w511 k prop)xd for le4Pi1¢ni * ihe foMing Annual Geml M¢eti Approved by order of the Board of Tnutees on I I September 2025 and sly*d its bIhf by: Sir David Walker Chairnian Registpr¢d off¢. Level 1120 B&nk Street. Loftdo E14 4AD
The Monteverdi Choir and Orchestras Llmited Independent Auditor's Report to the Members of The Monteverdi Choir and Orchestras Limited Year ended 3Jst December 2024 Opinion We have audited the ftnan¢ial statements of The Monteverdi Choir and Orchestrds Limited (the'charity,) for th¢ y¢ar cndcd 3 1st D¢cember 2024 which comprise the statement of financial aetivities (including incomc and¢xpcnditur¢ account). statem¢nt of financial position, statement of ¢ash flows and the related otes, including a sumniary of significant accounting policies. The financial reporting fram¢woTk that has been applied in their Preparation is applicable law and United Kingdom Accounting Siandard5. including FRS 102 The Financial Reportlng Siandard aPp.Cable in the UK and Republic of Ircland (United Kingdom Generally Accepted Accounting Practice). In our opiDion the financial slalements: give a true and fair view of th¢ stale of the charity's affairs as xt 3 1st D¢¢ember 2024 and of its incoming resources and application of resources, including its incomc and cxpcnditurc, for th¢year then ende<L" have been properly prepared in accordance with UDited Kingdom Generally Accepted Accounting have been prepared in accorilanr¢ with tbc qUir¢}¢ts of th¢ Compani¢s Arl 2006. B$ for oplnlon We conducted our audit in accordance with International Standard5 on Auth'ting (UK) (ISAS (UK)) and applicable law. Our resw)nsibilities under those standards are further described in the audilor's responsibilities for the auth't of the financial statements section of our report. We are independent olthe charity in a¢¢ordanc¢ with th¢ ethi1 requir¢m¢nts thal ar¢ r¢levant to our audit of the financial statements in the UK, ineluding the FRC'S Ethical Standard, and we have fulfilled our other dhical responsibiliti¢s in a¢cordart¢¢ wilh th¢se requirements. We believe that the audit evidence we have ob¢ain¢d is suffi¢ienl ond 4ppropriat¢ to provid¢ a basis for our opinton. Conclu%loDs lInE tts golng eomee In auditing the financial statements, we have concluded that th¢ trustces, usc of thc going concern ba$is of accounling ill the preparntion of the financial statements is appropriate. Based on the work we have perfornied. we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitys ability to continue as a going concern for a period of at least ttvelve months from when the financial statements are auihorised for issue. Our r¢spi)nsibiliti¢s and r¢sponsibiliÈies of the trustees with respect to going concern aTe described in th¢ r¢levani sc£tions of this report. 12
The Monteverdi Choir and Orchestras Llmlted Independent Auditor's Report to the Members of The Monteverdi Choir and Orchestras Limiied Year ended 31st December 2024 Other informatio Th¢ other infornialion compTises the inforn]alion included in the annual report, other than the financial ststements and OUT auditor'5 report thereon. The trustees are responsible for the other inforniation. Our opinion on the financial slatements does not cover the other inforn)ation and, except to the extent oiherwise explicitly stated in our repoQ we do not express any forn) olassurallc¢ ¢on¢lusioD thereon. connectton with our audit of the financial ststemen(s, our r¢sponsibility is w read the other inforniJtion and. in doing so, ¢onsideT whether the other inforniation 1$ mat¢rially inconsistent with ihe fAnan¢ial statements. or our knowledge obtaincd in the audit or othcrwise app¢ars lo be materially mi55tated. If we identify such material iDconsislencies or apparent material misslatements, we are required to detennine whether there is a material misstatement An th¢ financial statem¢nts or a terIal misstatement of the other inforn)ation. If, based on the WO we bave perfornied, we conclude that ther¢ 1$ a mat¢yial missta*ment of this other information, we are required report thai fact. W¢ have nothing to rcport in this regard. Oplnlons on other matters prescrlbed by the Companles Act 21106 In our opinion. based on tbe work undertaken in the course of the audit.. the inforn)atiott given in the trust¢¢5' report forthe financial y¢4r for which th¢ financial stat¢m¢nt$ are prepared is Consistent with the finan¢ial statem¢nts' and the ttustees, report has been pr¢pared in a¢¢ordance with appli¢abl¢ legal requirements. Matters on which we are required to report by exception Jn the light of the knowledge and understanding of the charity and its environment obtait)ed in the course of ihc audil we havc not identified material misstat¢m¢nts in the tN$t¢' report. W¢ h#v¢ nothing to report in T¢SP¢¢t of th¢ following matt¢rs in rclalion which th¢ Compani¢s Act 2006 r¢quires us to report to you if, in our opinion: adequate accounting records have not been kept, or rettmis adequate for audit have not beeo received from branches not visited by us; OT the financial statements are not in agreement with the accounling records and r¢turns' or certain disclosures of trustees, remunerdtion Specifi by law are not made. or we have not received all the inforn)ation and explanations we Tequire for our audit. 13
The Monteverdi Choir and Orchestras Limited Independent Audltor's Report to the Members of The Monteverdi Choir and Orchestras Limited Year ended 3181 Deeember 2024 Responsibilities of tr115tees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for ihe purposes of company law) are responsible for the preparation of thc financial statements and for being satssfi¢d that th¢y giv¢ a tTU¢ and fair view, aDd for such internal control as the trustees deterniine is n¢¢¢ssary to ¢nable the preparaiion of financial statemellts that are free from material misstatemeDL wheth¢T due to fraud or ern)r. In prq)aring thc financial staternents, the trustees ar¢ respon5ibl¢ for ass¢5sing the charity'5 ability to ontinue as a going concern, disclosing, as appli¢abl¢, matters r¢laied lo going concern and using the going concern basis of a¢counting unl¢ss th¢ tnJst¢¢s either intend lo liquidatc the charity or tu ccasc operations, or have no realistic altemative bul lo do so. Audltor's re$ponsibilitie$ for tbe iudit Df the fiDanci41 statements Our ubjectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether du¢ to fraud OT error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of ¥surdn¢¢ but is not a guarant¢¢ that audit conducted in accordance with ISAS (UK) will always dcl¢cl a rnatsrial mi55tatement when il exi51s. MItatementS can arise from fraud or error ond are ¢onsidered trLaterial if, individually or ITh the awegate, they could reasonably be expe¢led lo influence the economic decisions of users taken on the basis of these financial staiemenis. lff¢gularities, in¢luding fraud, arc inslances of nonwcompliance with laws and regulations. We design pro¢¢dur¢s in linc with our responsibilities, outlined above, to det¢ct material misslatemenls IJJ r¢spKcl of irregularities. including fraud. The extent to which our pro¢edure5 arc capable of detecliThg itregularilies, including fraud is detsiled low.. As part of an audit in accordance WAth ISAS (UK). we ex¢r¢is¢ prOf$lon0] judgemenl and maintain professional sc¢pti¢ism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit pro¢cdure$ r¢sponsivc to thosc risks, and obtain audit ¢vid¢n¢e that is sufficient and appropriale to provide a babis for our opinkon. Th¢ risk of not detecting a tnaterial misstatement resulting from fraud is higher iban for on¢ r¢sulting from em)r, as fraud tnay involve collusioJ4 forgery. intentional omissions, Mi$rq)$enttl0ll$, or the ov¢rride of ]ntcr[l control. Obtain an understanding ofinternal control relevant to th¢ audit in ord¢r to design audit proc¢dur¢s that are appropriate in the circumstances. but not f4)r the purpos¢ of ¢xpr¢5sing an opinion on the effecttveness of the internal control. Evaluate tbe appropriatene&q of &countinE pollcies used and the r¢&sonablcncss of accounting estimates and relal¢d diwlosur¢s mad¢ by th¢ trustccs. 14
The Monteverdi Choir and Orehestras Limited Independent Auditor's Report to the Members of The Monteverdi Choir And Or¢htr•S Limi¢ed Year ended 31st December 2024 Con¢lud¢ on the appropriateness of the trnstees, us¢ of the going ¢on¢¢rn basis of accounting and, based on the auth"t evidence obtsined, whether a material uncertainty exi51s related to evenis or conditions that may casl significant doubt on the charitys ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's lert to the related disclosures in the financial statements OT, if such disclosures are inadequate, lo tn(Nlify our opinion. Our ¢m¢lusions are bas¢d th¢ audit evid¢nr¢ obtain up to th¢ date of our auditor's report. However. future events or conditions may cause the charity io Cease t Continue A% a going ¢on¢¢rn. Evaluatc thc overall prcscntation, structur¢ and contenl of the financial statements, including thc th'sclosures, and whether the financial statements represent the underlying Irdnsactions and events in a manner that achi¢ves fair pr¢s¢ntation. We ¢ommuni¢ale with those charged with 8overnan¢e regarding, among other matters, the planned s¢op¢ and timing of th¢ audit and significant audit findings. including any significant deficicn¢i¢5 111 inlunal ci)ntrol thal wc idcntify during our audit. Use of our report This report is made solely to the charity's members, as a body, in aecordance with Chapl¢r 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken w that we might state to the c]wity's members thos¢ matt¢rs we ore r¢quir¢d lo slate to them in an auditor's report and for no other purpose. To th¢ fullest ext¢nt pem]ittrd by law, we do not acCt QT assumc spOnsIbl11ty to anyone other than the charity and lh¢ charity's memb¢rs as a body. for our audit worl for this repor4 or for the opinions we have fomieiL SUNDARESWARY ARANIY ASUNDAi4AN ACA, FCCA (Senior Slatutory Auditor) For and on behalf of Brooks & Co Chartered Accountants & Statutory Auditor 9 Cheam Road Ewell Epsom SuTrey KT17 ISP Date.. l* September 2025 15
The Monteverdi Choir and Orchestras Limited Slatement of Fin4neiY41 Activities (including income and expenditure account) Year ended 31st December 2024 2024 2023 Unrestricted Restricted nds funds Total funds Total funds Note Ineome and ¢ndowm¢nts DoDations and l¢garics Charitable activities Investment income Other income 323,237 ,281,058 22,858 468,346 250.¢K14 2,024 573.241 1,283,082 22,858 468,346 921.707 2,916,085 41,146 58,279 Total income 2,095,499 252,028 2.347,527 3,937,217 Expelldlture Expenditure on raising funds.. Costs of raising thnations and legacies Expenditure on charitsble activities (67,438) (67,438) (105,053) 10 {2294,041) (285,246) (2,579,287) (4,494,074) Total expendlture (2,361,479) (285,246) (2,646,725) (4,599.127) Net {expenditureyiDcome (265,980) (33,218) (299,198) {661,910) Tnsfer between funds 133.218) 33.218 Re¢on¢lllatlon of funds Linked Charity 3,354 3,354 (90,278) Net movement in fuDds (299,198) 3J54 (295.844) {752.188) Total fwids brought f¢)Tward 1.120.127 13.072 .133.199 1.885,387 Total funds carried forward 820,929 16,426 837a55 1.133,199 The stalwnent of financial activities includes all gains and lOSS r¢cogni5¢d in the year. All in¢om¢ a1 ¢xpenditure d¢rive from continuiDg a¢tiviti¢s. Tht o•tes form part of these stAltmtDts 16
The Monteverdi Choir and Orchestras Llmlted Stslement ofFinaneial Posltlon As gt 318t Detember 2024 2(124 2023 Note Flyed Tangible fixed aysets Jnvcstm¢nts 16 17 12.904 100 14278 13,( 14J78 Current agxls DdAoTS Cash at b#nk thd In hand 18 19 69A025 583,587 164.901 1.100.287 1279,612 1265,188 Credliors: amounts T•lMng witljin one yexr 21 (455.261) (146,367) Net elrrent Assets 24?51 Total ASKts eurreni lillbaiitks 837,355 1.133.199 N¢1 •sxts 837J55 1.133.199 Fpnd$ 4)f the ¢rItY unrestri¢ fijnds Rcstricted funds 82Q929 1fi426 .120.127 13.OT2 Total olmrity futhd$ 23 837J55 1.133.199 Thes¢ fiTWKtal stsiements Wére wrod by the IK)ord of tru5teesand authoTi%d for ISSUE on 18 Swanb¢r2025 ¥re Sign on behalf ofthe knard by.. David Best- D(rd for rtnance Company Regi5tt*ion NwnErtr' 01277J13 17
The Monteverdi Choir and Orchestras Limited Statement of Cash Flows Year ended 31st December 2024 2024 2023 Cash flow5 frvm operating a¢tivltfie$ Nel {expenditure) (295,844) {752,188) AdJen13fOr.' DepT¢cialion of tangible fixed assets GoYffl]m¢nt grdnt income Other inl¢r¢st r¢¢eivabl¢ and similar in¢om¢ Intffest payable and similhr ¢harges In¢reasel(de¢rease) in acCnlS and deferred income 1,374 1.373 (22,858) 2,327 229.297 (41,146) 3,288 (83,983) Changés in.. Trade and oth¢r debtors Trade and other ¢reditors (531,124) 79,597 328,321 (202,322) Cash gcncratcd from opcrations (537,231) (746,657) Bank charges paid tnteKst received (2,327) 22,858 (3,288) 41,146 Net cash used from operdting activitics (516,71MI) (708,799) C#sh flows from Investlng actltIeS Purchase of tangible ass¢ts (2,713) Net cash used in investing activitics (2,713) Net decrease In and cash equiYAlents C*sb and e4sh equlvaltnts At beginming of year (516.71X)) (711.512) 1,100,287 1.811,799 Cash and Cash equlvalenls at end of year S83,587 1,100,287 The note5 form of these fin4mciAI 81aleThents 18
The Monteverdi Choir and Orchestras Limited Notes to the Financial Statements Yeydr ended 31st December 2024 GENERAL tNFORMATION The charity is a public benefit eDtity and a private company limit¢d by guaTante¢, T¢gistered in England and Wales and a registered charity in England and Wales. The address of the regist¢rcd office is Level 12, 20 Bank Street. London, E14 4AD. I SYATKMENT OF COMPLIANCE Thcsc financial statcm¢nts have been prepared in compliance with FRS 102, 'The Fin2n¢ial Reporting Standard applicabl¢ in the UK and the Rcpublic of Ireland., thc Statement of Recommended Practice applicable to charities preparing their accounts in accordance with th Financial Rew)rting Standard applicable in the UK and Republic of Ireland (FRS 102) {Charities SORP (FRS 102)) and the Companies Act 2006. ACCOUNTING POLICIES Basiy of preparatio The financial statements of th¢ charitable company, which is a public bcncfil cntity undcr FRS 102, have been prepared in accordance with the Charities SORP (FRS 102}'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts ID accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting StaJMlard 102 The Financial Reporting Standard appli¢abl¢ in the UK and RUbliC of Ir¢lan(f and the CompaDi¢s Act 2006. The financial 5txt¢m¢nts have b¢en pr¢pared under th¢ historical ¢ost ¢onvention, 8$ modifi¢d by th¢ revaluation of ccrtain financial a5$Cts And liabiliti¢s. Going colleern There are no material uncertainties about the clwity's ability to continue. Consolidation Th¢ ¢ntity has token advantage of the ¢x¢mption from pieparitig consolidaied fJnan¢ial stat¢ments ¢onlaIn in Section 402 of th¢ Compani¢s Act 2006 on lh¢ basis that its subsidiaries are excluded from consolidation on the grounds that iheir inclusion is not material for the purpose of giving a true and fair view. JUdg¢ellts and key sources of estimation uncertainty The preparation of the financial statement5 requires Tnanagem¢nt lo th judgeTnents. ¢stim8tes and asSuD]ptio[ that affrct thc amounts POrt(d. Thcs¢ ¢stimatcs and judgcmcnts arc continually reviewed and are based on experience and other facloTS, including expectations of future events thal arc believed to bc rea50nablc undcr the circumstJn¢es. Foreigm currencies Foreign currency transactions are initially recorded ID the functional currency? by applying the st exchang¢ rate as at the date of th¢ transaction. Mon¢tary assets and liabilities denominated in foreign currencies are tTanslated at the exchange rate ruling at ihe reporting date, with any gains or losses being laken to the Statement of Financial Activities. 19
The Monteverdi Choir and Orchestras Limlted Notes to the Financial Statements (cottftn¥¢4) Year ended 31st December 2024 Ar¢ourttlng poilcles (CORI¥ Fund Unrestri¢ied funds are aiMilabl¢ foruse at the discretion of the tntst¢es to further any of the charity's purposes. Designated funds are unrestricted ndS ¢armarkd by th¢ Irustees for particular futhre project or ¢ommitment. Restricted funds arc subjc¢t¢d to r¢stri¢tions on their expenditure declared by the donor or through the lenns of an appea] and fall into one of two sub4lasses'. restricted income fimds 01 ¢ndowm¢nt fiinds. In¢omlng resources All ill¢uming resources ale included in the Statement of Finallcial Activiti¢$ when ¢ntitlement ha5 pa5s¢d to the chariry. it is probable that the economic benefits associated with the trnnsaction will flow io the tbarity and the amouni can be reliably measurcd. The following specific policies are applied lo particular cal¢gories of in¢om¢: income from donation5 or grants is re¢oBnised wh¢n th¢r¢ is evidence of entitlement lo th gilL receipt is probablc and its amount ¢An be m¢&qured i¢liably. l¢ga¢y in¢ome is recognised when receipt is probable and entiil¢men¢ is esiablish¢d. incon)e from donal¢d goods is m¢asured at ihe fair valu¢ of th¢ goods unless this is impractical io measur¢ reliably, in whi¢h case the value is derived from the cost lo th¢ donor OT the estimated r¢sal¢ value. I)onat¢d facilities and services are r¢Yognised in the a¢counts when received if the value can be reliably measured. No amounts are included for the contribution of gcncral volunt¢¢r$. in¢om¢ from contracts for the supply of servic¢5 Is rQgniSed with th¢ delivery of the contracted servi¢¢. This is classified as unrestricted funds unle55 there is a ¢ontractual requiremenl for it io b¢ snt on a particular pu09¢ and returned if unspeni, in which cas¢ it may bc regarded as restricted. 20
The Monteverdi Choir and Orchestras Limited otes to the Flnancfi21 Statements Year ended 31st December 2024 Accountlni pollde5 Resources expended Expenditur¢ is recognised on an arnal8 basis as a liability is incurred. Expenditure includes any VAT which eannot be llY reeovered, and is classified undu headings of the Statement of Financial Activities lo which it rclatcs.. expenditure on raising funds includes the costs of all funthaising activitie& events. Don- charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all cosls incurred by a charity in undcrtaking activiti¢s that furth¢r its rharitabl¢ aims for th¢ b¢n¢fit of its benefi¢iati¢s, its¢luding those support ¢osts and ¢osts relating to th¢ gov¢rnan¢¢ of th¢ ¢harity apportion¢d to charitable activities. other expenditure includes all expendire that is neitkr related to raising funds for the charity nor part of its eXpetituTe on charitsble aclivilies. All costs are allocated to expenditure categories reflecting ibe use of the resource. DiTect costs attributable to a sAngle activity are allocated directly to that activity. Shared costs are apportioned beNeen the actiNiiies Ibey contnl>ule to on a reasonable. justifiable &nd consistent basis. Hlre purchase nd lesAng commltments Rcnlal paid undcr opcrating Ica5es arc charg¢d to th¢ Stal¢mcnt of Financial Aclivitics on a straAght- line basis over ihe period of the lease. Tangible assets Tangible assets are initially recorded at cost, alld subsequently stated at cost less any accumulated d¢pr¢ciati(Trn and impaitm¢nt Ivs5¢s. Any tangibl¢ asb¢ts ¢arri¢d at r¢valu¢d amowlts ar¢ recorded at th¢ fair value at the dale of revaluation less any subsequent accumulatrd depreciation and subsequent k¢¢umulated impainneni lo&s¢s. An incrcasc in thc carrying amount of an assct as a r¢sult of a revaluation. is rccognis¢d in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the Statement of Financial Activitie5. A decrease in the ¢anying amount of an assel as a result of revaluation, i5 recognised itl oiher recognised gains and losses, ex¢¢pt to which it offs¢ts any previous revaluation gain. in whi¢h ¢as¢ th¢ loss is within oiher reeogniyed gains and losses on the Statement of Financial Activilies. Depr¢¢latlon Depreciation is calculated so as lo write off the cost or valuation of an asset. less ils residual value. oveT the useful economic life of that asset as follows.. Orcheslral Equipmcnt Office Equipmcnt Organ- no dq)rcciation Siraighi lin¢ ovcr 3-5 y¢ars 21
The Monteverdi Choir and Orchestras Limited otes to the Financial Statements Year ended 31st December 2024 Aeeountlng pollde8 Investmenty Unlislcd cquity investments are initially r¢¢orded at cost, and subsequently measured at fair value. If fair valuc rannot be reliably niea5ur¢d, ass¢ts are measured at cost less impairnient. Listedinvestments are measured at fairvalue with changes in fair value being r¢coEnis¢d in income or expenditllre. Impairmellt of fixed as$et5 A review for indicators of impairnient is carTied out at each reporting date, with the recovernble amount bcing ¢slimated where such indicators ¢xisi. Where the carrying value exceeds the recoverable amouTbl, Ihe asset is impaired accordingly. Prior in4)airnients aTe a150 i¢viewed for possibl¢ reversal al each reporting date. FOT the purpos¢s of impaimient te5ting> when it is not possible to tiMate the recoverable amounl of an individual asset, an estirnat¢ is mad¢ of the recoverablc aTnount of the cash-generating unit to which the assei brlongs. The cash-generating unit is th¢ Smallest i(kyJtifLable group of asscts that includes the a55el and generates cash inflows that arc largely indepenaent of the sh intlow5 fr0 other assets or groups of ass¢ts. Government grants Governmcnl grants are recognised at the fair value of the asset rc1Ved or receivablc. Grants are not Tecognised until there is reasoDablc assurance tbat the charity will comply with the conditions attaching to ihem and the grants will be received. Where the grant d5 not impose specified futur¢ p¢rforn)ancc-r¢latcd conditions on the recipieni, it is recognised in income wh¢n the grallt proceeds are rcc¢iv¢d or receivable. Whcrc ih¢ grant does impos¢ specified fure p¢rforniance-related conditions on tbe recipient, il Is r¢cognis¢d in incom¢ only wh¢n the perforniance-related conditions have bccn met. Where grants received are prior to Satisfying the revenue recognition crit¢ri&, they are recognised as a liability. 22
The Monteverdl Choir and Orchestras Llmited Notes to the Financial S¢atements CrgDfintsedJ Year ended 31st De¢tmber 2024 AccouTh¢img poll¢l¢s {1¢1) Flnancial Instruments A financial asset or a fmancial liability is recognised only when the entity become5 a party to the contractual provisions of th¢ instnjment. Basic fancIal instrntnents are inili311y re¢ognised at the amount re1VIble or payabl¢ including any related transaction costs, unless the arrang¢ment constitutes a financing transaction, where it is reco8nis¢d at the present value of the fittur¢ payments discounted at a market rdl¢ of interest for a similar dcbt instrum¢nt. Cuent assets and current liabilities are subsequ¢nily measured at the cash or other consideration eXcted to be paid or received and not discounted. Defilled contribution plaDS Contributions to defined contribution plans ar¢ r¢cognised as an expensc in the pcriod in which the related service is provided. LIMITED BY GUARANTEE The liabilily gf the company is limited by guardntcc. Ev¢ry member of the company undertskes to contribute to the assets of the company. In the event of th¢ same being wound up while he or She is a member, orwithin one year afterhc or sh¢¢eases to be a member, forpayment of thed¢bts and liabiliti¢s of the company contrdctcd b¢fore h¢ or she aSeS to be a mettlbet, and of the costs, charges and ¢xpenses of winding UP* and foT th¢ adjustment of the rights of the ntribUtOria8 among themselves, su¢h amount as may be required not cx¢¢¢ding £5. DONATIONS AND LEGACIES Unrestricted Funds Restrieted Funds Total Funds 2024 Total Funds 2023 Donations and memb¢rships Trusls and fouDdatiolls Legacies Gifis ill kjnd Gift Aid 159,229 159,229 349.768 1,200 7.000 136,817 18,991 250.000 251,200 7,000 136,817 18,995 4Tr),785 148,466 13,688 323,237 2511,004 573,241 921,707 23
The Monteverdi Choir and Orehestras Limited Notes to the Financial Stalements fLyJJr&hd} Year ended 31st December 2024 CHARrrABLE ACTIVITIES Unrestricted Restrlded TO1 Fujbds Total Funds Funds Funds 2024 2023 Concert fee income Concert ti¢k¢t income Trav¢1 and a¢¢ommodation income Digital and other incom¢ 845.367 208,189 101,491 126,011 845,367 210,213 101,491 126,011 2,460.704 80,651 243,867 130.863 2,024 1281,058 2,024 ,283,082 2.916,085 INVESTMENT llYCOME Unrestrletsd To¢*1 FvDd$ UnTestricted Totsl Funds FuDds 2024 Funds 2023 Bank int¢r¢st r¢ceivable 22,858 2l858 41,146 41,146 OTIIER INCOME Unre5trieted Total Funds Unrestri¢t¢d Total Fullds Funds 2024 Funds 2023 Orcheslrn and Theatre Tax R¢lief 408J46 46&346 58,279 58,279 COSTS OF IL41SING DONATIONS AND LEGACIES Total Fulld$ Total Funds 21124 2023 Wages and salaries Social security costs Employer contributions to pension plan5 Fundraising cxp¢n$¢s 26.699 2.689 41,479 4,534 2.357 35.693 3,645 55,395 67,438 105,053 24
The Monteverdl Choir and Orchestras Limited Noles to the Financial Statements Year ended 31st December 2024 10. EXPE]YDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Unrestricled Restricted To¢81 Funds Funds Funds 2024 Condu¢tor and Assistant Conductor fees Soloist f¢¢s Choir fce5 Orchesira fees Travel. hire, subsist¢nc¢, accommodation Other artistic and production f¢¢s Instnun¢nt, D)LiSlC, Coslume and ll1pMent hir¢ Publicity and programme costs Uttrecoverable tax O¢llcTal ¢xpcnses Support costs (See Note I l) 106,625 158,054 274,133 384,062 506,094 84.604 56,560 41,227 25.297 53,726 603,659 830 107,455 158,054 283,339 384,062 527.3l6 87.876 56,795 41,640 25,297 53.794 853.659 9,206 21.222 3,272 235 413 68 250,000 U94,041 285,240 2,579,287 Unreslricted Funds Restrict¢d Total Funds Funds 2023 Conthictor and Assistant Conductor fees Soloist fee5 Choir fees Orchestra fees Travel, hirc, subsistence, accommodation Oth¢r artistic and pr(Nluction fccs Insltument, music. costume and e(1pMt hir Publicity and programme costs Unr¢¢overable tax General expenses Support Costs (Se¢ Note I l ) 191,348 434,754 548,962 812,381 1,357,572 187,195 46,561 21,824 31,283 9,740 520,507 1,580 192,928 434,754 583,269 812,806 lJ93,719 193.368 48,826 21.824 31,283 10,790 770,507 34.307 425 36,147 6,173 2,265 1.050 250.0(XI 4,162,127 331,947 4,494,074 25
The Monteverdi Choir and Orchestra5 Limited Iyotes to Ihe Flnallclal Statements Year ended 31st December 2024 11. ANALYSIS OF SUPPORT COSTS 2024 2023 Stsff cosls Gift in Kind- Premises General c05tS Finance costs, depreciation, bank charges and foreign exchange differences Governanc¢ w5ts Freelance f¢¢$ Marketing and PR expenses 524,729 136,817 73.257 484,024 148,466 67,449 9,845 14,450 24,995 69,566 14,684 10,450 35,567 9,867 853,659 770,507 12. NET INCOMEI(EXPEI4DITURE) Nct (incom¢)l¢xpenditur¢ is ststed afier chargingl(creditiftg)- 2024 2023 Depreciation of tangible fixed assets For¢ign exchange differences lJ74 6,145 1,373 10,023 13. AUDITOR'S REMUNERATIO 2024 2023 Fees payable for the audit of the financial statements and tax computation JO,450 10,450 14. STAFF COSTS 2024 2023 W#g4s and salari¢s So¢iul security ¢ost$ Employer Contributions to pension plans 468,014 47.142 41,318 446,354 48,407 38,922 556,474 533,683 The averngc number of full-time equivaleot employc¢s during th¢ y¢ar is analysed a8 follows: 2024 2023 Fundraising staff Administrative 5thff 26
The Monteverdi Choir and Orchestras Llmited Notes to the Financial Statements Y¢ar ended 31$t De¢¢mber 2024 The Monteverdi Choir and Orchcstrds Limited adheres to SORP guidelines by reporting the total r¢mun¢ration of key managemenl p¢rsonnel, in¢luding all salaries and benefits. Whilc w¢ do not providc detailed salary bands. w¢ Conf that the number of staff ¢aming ov¢1 £60,000 per annum is reported. Our rcvnuneration policy promotes transparency, and while detailed salary infomialion is not included in standard reporting, additional details can bc rnad¢ available upon request. IS. TRUSTEE REMUNERATION AND EXPENSES No trustee received remuneration from the chaTity during ihe year (2023.. nil). No ttustee received any Teimburs¢m¢nl of ¢xp¢nses during the year, for their roles as IntteS (2023.. nil). 16. TANGIBLE FIXED ASSETS Orchestral ¢qulpment Office equipment Total COST At 1st January 2024 Addition5 12.337 58,546 70.883 At 31st December 2024 58,546 70,883 DEPRECIA TION At 1st January 2024 Charg¢ for the year At 31st December 2024 337 56,268 1,374 56,605 1,374 337 57.979 NET BOOK VALUE At 31st December 2024 12,IbOO 904 12,904 At 3 1st December 2023 12,000 2,278 14.278 27
The Monteverdi Choir and Orchestras Limited Notes to the Financlal Ststements (¢oN*Rwed) Year ended 31st December 2024 17. FIXED ASSET INVESTMENTS Shares in group undertskings Cost or valuation At 1st January 2024 and 3 1st Dcccrnb¢r 2024 ITnpairn)cnt At 1st January 2024 and 3 1st December 2024 Net Book Value At 1st January 2024 and 3 1st Deccmbcr 2024 100 Subsidiarles Details of the investment5 in whi¢h the parent company has an interest of 21f/o or mor¢ are as follows: Country of ineoryor4tlo Class of Percentage sh4r¢ of sbares held Subsidiary Undert4killg Monteverdi Tours & Concerts Limited Englatml & Wales Ordinary 100 The subsidiary has remained doTmant since incorwratloD to date. The registered office is L¢v¢l 12, 20 Bank Street, London, El4 4AD. 18. DEBTORS 2024 2023 Trade debtors Other debtors Prepayments A¢crued income VAT 179,953 8,216 16,158 490,596 1,102 71,121 .144 15.131 74,632 2,873 696,025 164,901 19. CASH AT BANK AND IN HAND The £583,587 (2023.. £1,100,287} ¢a$h at bank and in hand balanc¢ includes a £4,426 (2023-. £1,072) balanc¢ of the Ilnked charity, Th¢ Monteverdi Trusl. 28
The Monteverdi Choir and Orchestras Limited Notes lo the FinaD¢lal Statements Year ende4131st December 2024 20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other 1c3 Oth¢r ¢r¢ditors Called up share capital not paid ACC1$ Deferred income 83,676 14.308 9,901 5,648 14.528 8,112 100 80,978 37,001 97,276 250,000 455,261 146,367 21. PEL¥SIOLYS AND OTHER POST-RETIREMENT BENEFITS Defined tontributlon plans The amount recognised in the income and expenth'tur¢ as an ¢xpeD5e in latiOn to defmed contribution plans was £41,318 (2023- £38.922). 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed ets Net ¢urrent Assets Net ¢urr¢nt assets Total Fixed assets Total 2024 2024 2024 2023 2023 2023 Restricted Ineome funds: Organ fimd MollteNerdi Trust - R¢$tricted Monteirerdi Trust - Unrestrided 12,000 12,000 12,000 12,000 3,064 ,362 625 625 1.362 447 447 12,000 4,426 16,426 12,IK)O ,072 13.072 Unrestrlcted Income funds: General fimds Inv¢stsy)¢nls 819.925 820,829 loo 820,929 2,278 100 2.378 ,117,749 1.120.027 100 1,120,127 loo 1,004 819,925 1,117,749 Total Funds 13,1104 824JS1 837,355 14,378 .118,821 1,133,199 29
The Monteverdi Choir and Orchestras Limited Iyotes to the Financial Statements Year ended 315t December 2024 23. ANALYSIS OF CHARITABLE FUNDS B4lance tAllktd ¢harlty funts Iv¢oJtsing Move¢1 reMuTce$ Tran$(tr between Bilince Ouoolng T¢SOUTttS I J#D 2024 3J 21b24 Unrcstrictéd Gelleral Unrestricthd Transfer bawe¢n funds ,120,127 2,095,499 (2,361,479) 854,147 1332181 133,218) T0181 Urrstricled Funds .120,127 1095,499 (2,361.4791 133.218} 820,929 Restrkted Fundi Apprentices Pro9¢ 2.028 (35.246) 33218 General Fund Monteverdi Tn]st - R¢stiict fuDd& - Utwe5trictcd fu15 250.0(X) 1250.000) 12,000 12,0(Ml 625 2,4J9 915 447 1,362 Toth] Resttictsd FuDd5 13,072 3,354 252,028 12852461 33,218 14426 Tota] Fund$ 1,133.199 3,354 2.347J27 12.646,7151 837J55 The in¢om¢ fvnds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purp05C5- The Apprenti¢es' Programme was established to support tbe costs of stud¢nts within the choir and orchestras. The Organ Fund was establish¢d #fLer a gift was received to purchase a custom-made organ for use by the English Baroque Soloists. The Monteverdi Trust is d¢em¢d to be a linked charity for TOrting purposes. from 1st January 2015. All fimds of th¢ Trust are to b¢ reported wAthin The Monteverdi ChoiT and Orchestras Limited, the Rewrting Entity, as restricted fill)ds. The funds COTnprise Ihe folloNryng'. Unrestricted funds- to be used for charitable purposes ai the diretI0Th of the trustees. Restricted funds- in¢ome from donors who continue to giv¢ douations to the Montcverdi Society which wa5 merEed wlth The Monteverdi TThst in 2006. The fi]nds are restricted to being ulilised for UK touring and are tranSfe¢d as n¢¢essary to The Monteverdi Choir and OTch¢5tras Limi*d and used spccifically for this purpose. 3•
The Monteverdi Choir and Orchestras Lfimlted Notes to the Financial Statements f¢offl••we4) Year ended 31st De¢emb¢r 2024 24. OPERATING LEASE COMMITMKNTS The total fvture minimum lease payments under Don-cancellable operating lekses are as follows: 2024 2023 Noi later than l year 478 520 Between l and 5 yeaTS 478 478 998 25. RELATED PARTY DISCLOSURES The Monteverdi TNst is an indep¢ndeDt discrelionary ITUSt which mak¢s donations to The Montcv¢rdi Choir and Orchestras Limited. On 28th October 2015 the Charity CotlltlliS5ion agr¢¢d to link the Trust with The Monteverdi Choir and Orchestras Limited This took effect from 1st January 2015. Any transfet belw¢en The Monteverdi Trust and The Monteverdi Choir and Orch¢stras Lirnited are detail¢d note 23. Th¢ charity owns 10(P/w thares in its subsidiary company, Monteverdi Tours & Concerts Limited. Ji