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 Ln￿te¢S. who are also the directors for the purpo￿5 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$, Annual Report (Incorporating the Directors, Report) Yeydr ended 31st December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Monteverdi Choir ond Or¢hestras Limited is a company limited by guarantee and was incorpordtcd on 17th Sept¢mbcr1976 and registered as a charity 4th NovembeT1976. The company was established under a Memorandum of Association whi¢h established the objects and powers of the ch2riry, and it is governed by its Articl¢s of AssiKialion. Thc company is govern¢d by the board of dire¢tors who are also the ttustees of the ¢harity and who tak collective responsibility for all govern8nce matfrrs. New tTUSt¢¢s are appointed by the existing board of ttustees. Each trusiee is hiOdy exp¢Ti¢JK¢d ID the particular area for which they provide guidanc¢ lo the board. The cu￿ent b0￿d IMS an appropriate balanc¢ of skills, knowledg¢ and expertise and ea¢h trnstee has a highly respected professional profilc. Biographies of the t￿SteeS can b¢ vi¢wcd on Ihc Company websit¢ at www.mont¢verdi.co.uk. All of th¢ tru$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. Tn￿t¢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. Hi￿lIghtS were the Brahms Reqiiiem in Amsterdam, conducted by Dinis Sousi where Ibe Monteverdi Choir p￿rOM)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 Tr￿l¢ell Annual Rep)rt ancorporatlng the Dlreetons, Re￿rt) 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 Wid￿￿nging professional insiBhi. The t*ed io b¢ able to ￿Mmft to f￿Vre proj¢¢ts withow eompr(Thisin8 Artisti¢ q￿alIty uthlefliw t rilic#l importance of maint*irtin8a 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 str4*8y. After gY¢at and long s¢rvic¢ as knrd meM￿lS 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. Chri￿10￿ 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$u•ldo: v*rious; October 2024 conducted by Jonathan Sells. Thr¢e concerts in Ely* Oxford and tA)ndon. Th¢ Loudon I￿rfornIanCe was recorded live for release on SDG Rccordings in April 2025. In London, there was a pr¢-¢uncert talk witb Sara Mohr-Pietsch in ¢onversAtion with Jonathan Sells. The Ely conccrt was fjlmcd for ar¢hiv¢ purpos¢s. 'They are trnly onc of the finest choirs of their lime."_ ***** Bachtraek (Brahms, Amslerdam, F¢bruary 2024) Unimaginably beauti￿ and purely inloned.. For years this has simply been the best choir in the w'orld., ***** Trolliv (Brahtns, Amsterdam, FebrI￿ry 2024} EIYGLISH BAROQUE SOLOISTS Pet¢r Wh¢lan ¢ondu¢ied performances of Handel's Israel in in perfornianccs in Barcelona, Luxcmbourg. London, Hamburg and Salzburg" David Bate5 acted as choTUS mastet and also condu¢ted the F*rforniance in Versailles. Soloists were tsken fmm wthin thc Choir by singers incllldin8 Amy Wood, Mary Bevan, Julia Doyle, James Hall, Nick Pritchard. TristAn Hamblelon and Jack Comerford. The audiences everywhere were ihrill¢d by this clcctrifying showpiece for choir and or¢h¢stra. Jonathan Sells redesigned our proEratnm¢ of choral and solo violin music, lo In¢o￿orat¢ mot¢t5 by three embers of tbe Bach family.. joh1￿n S¢bastian, Johann Christoph and Johann Mi¢hAel, alongside instrnniental pie¢c5 by J.S. Bach, Biber, Pisendel and Matt¢is (Jr and Sr)- the latler perfonned by Kati DebretzeDi in St Martin-in-th¢-Fields, and by Isabelle Faust in Leipzig) where sh¢ played each pie¢e in The Monteverdi Choir and Orche5tra$ 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 pa￿ed 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¢ Cha￿entier 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 Conduc￿d 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. B*ch: 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, Frat￿fL￿, 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. Lonndon 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 GeJ*r411y A¢￿pted A¢counting Prndiee). Company law requir¢s the charity tr￿tteS to prepare fin￿rial S￿lements 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 i￿Ome 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 In￿le¢S are responslble for keeping pAequ*e 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￿$1bI¢ forsif¢guardin8i￿8$S¢ts ofthe charity and hert4 fortskin8 re•s0￿ble Steps for the preveniion and ddection of fraud and other irrcguloriTi¢S. In so far a5 the Irustees aware: th￿r is no rekvan¢ awlit infL￿m￿l0n 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 ¢￿a￿lIsh that the luditor is aw&tt of thai lnfornMIi￿. SMALL COMPANY PROVISIONS Thi5 report h85 bEen prewed in a￿OrdanCe with pmYi5iQD5 upplicable to companie5 entitled to t Small ¢(#D￿nY exem￿10￿. AUDrroR The audltor. Br¢x)ks & Co w511 k prop)xd for le4P￿i￿1￿¢ni * ihe f￿￿oMing Annual Geml M¢eti Approved by order of the Board of Tnutees on I I September 2025 and sly*d ￿ its bIh￿f 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 endeule to on a reasonable. justifiable &nd consistent basis. Hlre purchase *nd le*sAng 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 r￿c1Ved 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 d￿5 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 fu￿re 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 f￿ancIal instrntnents are inili311y re¢ognised at the amount re￿1VIble 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. Cu￿ent assets and current liabilities are subsequ¢nily measured at the cash or other consideration eX￿cted 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&h￿d} 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$¢s 26.699 2.689 41,479 4,534 2.357 35.693 3,645 55,395 67,438 105,053 24 The Monteverdl Choir and Orchestras Limited Noles to the Financial Statements Year ended 31st December 2024 10. EXPE]YDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Unrestricled Restricted To¢81 Funds Funds Funds 2024 Condu¢tor and Assistant Conductor fees Soloist f¢¢s Choir fce5 Orchesira fees Travel. hire, subsist¢nc¢, accommodation Other artistic and production f¢¢s Instnun¢nt, D)LiSlC, Coslume and ￿ll1pMent hir¢ Publicity and programme costs Uttrecoverable tax O¢llcTal ¢xpcnses Support costs (See Note I l) 106,625 158,054 274,133 384,062 506,094 84.604 56,560 41,227 25.297 53,726 603,659 830 107,455 158,054 283,339 384,062 527.3l6 87.876 56,795 41,640 25,297 53.794 853.659 9,206 21.222 3,272 235 413 68 250,000 U94,041 285,240 2,579,287 Unreslricted Funds Restrict¢d Total Funds Funds 2023 Conthictor and Assistant Conductor fees Soloist fee5 Choir fees Orchestra fees Travel, hirc, subsistence, accommodation Oth¢r artistic and pr(Nluction fccs Insltument, music. costume and e(￿1pM￿t hir Publicity and programme costs Unr¢¢overable tax General expenses Support Costs (Se¢ Note I l ) 191,348 434,754 548,962 812,381 1,357,572 187,195 46,561 21,824 31,283 9,740 520,507 1,580 192,928 434,754 583,269 812,806 lJ93,719 193.368 48,826 21.824 31,283 10,790 770,507 34.307 425 36,147 6,173 2,265 1.050 250.0(XI 4,162,127 331,947 4,494,074 25 The Monteverdi Choir and Orchestra5 Limited Iyotes to Ihe Flnallclal Statements Year ended 31st December 2024 11. ANALYSIS OF SUPPORT COSTS 2024 2023 Stsff cosls Gift in Kind- Premises General c05tS Finance costs, depreciation, bank charges and foreign exchange differences Governanc¢ w5ts Freelance f¢¢$ 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 In￿tteS (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 1￿c3 Oth¢r ¢r¢ditors Called up share capital not paid ACC￿￿1$ 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¢$tricted Monteirerdi Trust - Unrestrided 12,000 12,000 12,000 12,000 3,064 ,362 625 625 1.362 447 447 12,000 4,426 16,426 12,IK)O ,072 13.072 Unrestrlcted Income funds: General fimds Inv¢stsy)¢nls 819.925 820,829 loo 820,929 2,278 100 2.378 ,117,749 1.120.027 100 1,120,127 loo 1,004 819,925 1,117,749 Total Funds 13,1104 824JS1 837,355 14,378 .118,821 1,133,199 29 The Monteverdi Choir and Orchestras Limited Iyotes to the Financial Statements Year ended 315t December 2024 23. ANALYSIS OF CHARITABLE FUNDS B4lance tAllktd ¢harlty fun*ts Iv¢oJtsing Move￿¢￿1 reM*uTce$ Tran$(tr between Bilince Ouoolng T¢SOUTttS I J#D 2024 3J 21b24 Unrcstrictéd Gelleral Unrestricthd Transfer bawe¢n funds ,120,127 2,095,499 (2,361,479) 854,147 1332181 133,218) T0181 Urrstricled Funds .120,127 1095,499 (2,361.4791 133.218} 820,929 Restrkted Fundi Apprentices Pro￿9￿￿￿¢ 2.028 (35.246) 33218 General Fund Monteverdi Tn]st - R¢stiict￿ fuDd& - Utwe5trictcd fu￿15 250.0(X) 1250.000) 12,000 12,0(Ml 625 2,4J9 915 447 1,362 Toth] Resttictsd FuDd5 13,072 3,354 252,028 12852461 33,218 14426 Tota] Fund$ 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 T￿Orting 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 di￿retI0Th 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