| Page | ||||||
|---|---|---|---|---|---|---|
| Trustees' | annual report (incorporating |
the director's report) | ||||
| Independent auditor's |
report to the members | |||||
| Statement | offinancial | activities (including | income and expenditure | account) | 10 | |
| Statement | offinancial | position | ||||
| Statement | ofcash flows | 12 | ||||
| Notes to | the financial | statements | 13 |
| REFEREN | CE and | ADMINISTRA | ADMINISTRA | TIVE DETAILS | TIVE DETAILS | |
|---|---|---|---|---|---|---|
| Registered | charity | name | Academy ofSt Martin | in the Fields | ||
| Charity registration | number | 289294 | ||||
| Company | registration | number | 01808488 | |||
| Registered | 7Bell Yard | |||||
| Office | London | |||||
| WC2A 2JR | ||||||
| The trustees | ||||||
| The Trustees serving | during the year | and since the | year end | were as follows: | ||
| MA Aymerich | (Appointed | 5 October | 2021) | |||
| FBonds | ||||||
| SBoyes | (Appointed | 5 October | 2021) | |||
| The Rt. Hon, Lord Justice Coulson | ||||||
| RDow | ||||||
| EDubs | (Retired 5 October 2021) | |||||
| M Fraenkel | (Appointed | 14September 2021, Chair ofthe Finance Committee) | ||||
| S Haslam | (Chairman) | |||||
| RIngleton | (Retired 5 October 2021) | |||||
| A Kerr | ||||||
| TLessels | (Appointed | 5 October | 2021) | |||
| A Marriner | ||||||
| A O'Carroll | (Retired 5 October 2021) | |||||
| W O' Sullivan | ||||||
| BOppetit | ||||||
| G Powell | (Appointed | 5 October | 2021) | |||
| W Schofield | ||||||
| Company | secretary | David Hills | ||||
| Auditor | Westlake Clark Audit | LLP | ||||
| 7 Lynwood | Court | |||||
| Priestlands | Place | |||||
| Lymington | ||||||
| Hampshire | ||||||
| SO41 9GA | ||||||
| Bankers | National Westminster |
Bank pic | ||||
| PO BoxNo. 305 | ||||||
| Spring Gardens | ||||||
| Manchester | ||||||
| M60 2DB |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | |||||
| funds | funds | Total funds | Total funds | |||
| Note | K | g | ||||
| Income and endowments | ||||||
| Donations and legacies |
5 | 582,176 | 189,449 | 771,625 | 521,749 | |
| Charitable activities |
6 | 95,565 | 5,215 | 100,780 | 1,944,534 | |
| Other trading activities | 7 | 31,907 | 31,907 | 146,621 | ||
| Other income | 8 | 119,519 | 119,519 | 197,586 | ||
| Total income | 829,167 | 194,664 | 1,023,831 | 2,810,490 | ||
| Expenditure | ||||||
| Expenditure on raising funds |
9 | 107,412 | 27,972 | 135,384 | 176,368 | |
| Expenditure on charitable |
activities | 10,11 | 671,465 | 268,501 | 939,966 | 2,631,845 |
| Total expenditure | 778,877 | 296,473 | 1,075,350 | 2,808,213 | ||
| Net income I(expenditure) | 50 290 | (101809) | (51,519) | 2,277 | ||
| Transfers between funds |
(38,562) | 38,562 | ||||
| Net movement in funds |
11,728 | (63,247) | (51,519) | 2,277 | ||
| Reconciliation offunds |
||||||
| Total funds brought forward |
724,647 | 63,247 | 787,894 | 785,617 | ||
| Total funds carried forward | 736,375 | 736,375 | 787,894 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Fixed assets | 8 | ||||
| Tangible fixed assets | 17 | 2,468 | 4,742 | ||
| Current assets | |||||
| Debtors Cash at bank |
and in hand | 18 | 235,227 616,456 |
382,747 461,866 |
|
| 851,683 | 844,613 | ||||
| Creditors: Amounts | falling due within one year | 19 | 117,776 | 61,461 | |
| Net current | assets | 733,907 | 783,152 | ||
| Total assets | less current liabilities | 736,375 | 787,894 | ||
| Net assets | 736,375 | 787,894 | |||
| Funds ofthe | charity | ||||
| Restricted funds Unrestricted funds |
736,375 | 63,247 724,647 |
|||
| Total charity | funds | 22 | 736,375 | 787,894 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Cash flows from operating | activities | |||
| Net (expenditure) / income |
(51,519) | 2,277 | ||
| Adj ttstments for: | ||||
| Depreciation oftangible fixed assets | 2,274 | 2,279 | ||
| Accrued expenses | 28,706 | 34,330 | ||
| Changes in: | ||||
| Trade and other debtors | 147,520 | 5,586 | ||
| Trade and other creditors | 27,609 | (123,363) | ||
| Cash consumed by operations |
154,590 | (78,891) | ||
| Net cash from operating activities |
154,590 | (78,891) | ||
| Cash flows from investing | activities | |||
| Purchase oftangible assets |
(827) | |||
| Net cash used in investing activities |
(827) | |||
| Net increase/(decrease) in |
cash and cash | equivalents | 154,590 | (79,718) |
| Cash and cash equivalents | at beginning | ofyear | 461,866 | 541,584 |
| Cash and cash equivalents | at end ofyear | 616,456 | 461,866 |
| 2021 | Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | |||
| Donations | |||||
| Trusts and | foundations | 12,000 | 17,500 | 29,500 | |
| General donations | 147,130 | 67,836 | 214,966 | ||
| Donations | from American | friends ofthe Academy | 396,183 | 396,183 | |
| Gift aid | 26,863 | 26,863 | |||
| Grants | |||||
| Grants | 104,113 | 104,113 | |||
| 582,176 | 189,449 | 771,625 | |||
| 2020 | Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | |||
| Donations | |||||
| Trusts and | foundations | 2,000 | 11,000 | 13,000 | |
| Donations | 360,625 | 125,449 | 486,074 | ||
| Gift aid | 22,675 | 22,675 | |||
| Grants | |||||
| Grants | |||||
| 385,300 | 136,449 | 521,749 |
| Charitable a |
ctivities | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| UK Concerts | &Tours | 18,157 | 18,157 | |
| Discretionary | receipts from overseas promotors | 12,540 | 12,540 | |
| Learning &participation |
5,215 | 5,215 | ||
| Self-Promoted | concerts (UK) | 39,841 | 39,841 | |
| Recordings | 25,027 | 25,027 | ||
| 95,565 | 5,215 | 100,780 | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| UK Concerts | &Tours | 77,102 | 77,102 | |
| Overseas Tours | 1,773,884 | 1,773,884 | ||
| Learning &participation |
2,020 | 2,020 | ||
| Self-Promoted | concerts (UK) | 75,125 | 75,125 | |
| Recordings | 16,403 | 16,403 | ||
| 1,942,514 | 2,020 | 1,944,534 |
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
|---|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |||
| g | ||||||
| Fundraising | events | 19,840 | 19,840 | 131,554 | 131,554 | |
| Royalties and other income | 12,067 | 12,067 | 15,067 | 15,067 | ||
| 31,907 | 31,907 | 50,966 | 146,621 | |||
| Other income | ||||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
| Funds | 2021 | Funds | 2020 | |||
| 6 | ||||||
| Orchestral | tax relief | 63,774 | 63,774 | 143,960 | 143,960 | |
| HMRC —Job Retention | Scheme Grants | 55,745 | 55,745 | 53,626 | 53,626 | |
| 119,519 | 119,519 | 197,586 | 197,586 |
| Unrestricted | Restricted | Total Funds | Total Funds | ||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | 2021 | |||||
| 8 | |||||||
| Raising funds | —direct costs | 21,455 | 21,455 | ||||
| Raising funds | —support costs | 85,957 | 27,972 | 113,929 | |||
| Raising funds | - marketing | &publicity | |||||
| 107,412 | 27,972 | 135,384 | |||||
| Unrestricted | Restricted | Total Funds | |||||
| Funds | Funds | 2020 | |||||
| Raising funds | —direct costs | 55,939 | 55,939 | ||||
| Raising funds | - support costs | 100,930 | 19,424 | 120,354 | |||
| Raising funds | —marketing | &publicity | 75 | 75 | |||
| 154,944 | 19,424 | 176,368 | |||||
| Expenditure on charitable |
activities by fund type | ||||||
| Unrestricted | Restricted | Total Funds | |||||
| Funds | Funds | 2021 | |||||
| UK concerts and tours | 22,383 | 22,383 | |||||
| Cancelled overseas concerts | and tours | 1,434 | 1,434 | ||||
| Learning &participation | 8,820 | 8,820 | |||||
| Recordings and commissions |
67,870 | 163,492 | 231,362 | ||||
| Self-promoted | concerts | 159,032 | 86,704 | 245,736 | |||
| Support costs | 398,379 | 9,485 | 407,864 | ||||
| Marketing &Publicity | 22,367 | 22,367 | |||||
| 671,465 | 268,501 | 939,966 | |||||
| Unrestricted | Restricted | Total Funds | |||||
| Funds | Funds | 2020 | |||||
| UK concerts and tours | 114,855 | 114,855 | |||||
| Overseas concerts and tours | 1,764,435 | 1,764,435 | |||||
| Learning &participation |
6,834 | 6,834 | |||||
| Recordings and commissions |
14,512 | 46,889 | 61,401 | ||||
| Self-promoted | concerts | 95,151 | 95,151 | ||||
| Supportcosts | 510,476 | 23,729 | 534,205 | ||||
| Marketing &Publicity | 54,964 | 54,964 | |||||
| 2,554,393 | 77,452 | 2,631,845 |
| Expenditu | re on charitable act |
ivities by activity | type | |||
|---|---|---|---|---|---|---|
| Artistic Fees | Support | Marketing & | Total funds | Total funds | ||
| costs | Publicity | 2021 | 2020 | |||
| 6 | ||||||
| UK concerts and tours | 22,383 | 64,343 | 984 | 87,710 | 146,868 | |
| Cancelled | overseas concerts | 1,434 | 1,434 | 2,256,223 | ||
| Learning | &participation | 8,820 | 15,549 | 388 | 24,757 | 32,305 |
| Recordings and commissions |
231,362 | 159,046 | 10,181 | 400,589 | 77,049 | |
| Self-promoted concerts |
245,736 | 168,927 | 10,813 | 425,476 | 119,400 | |
| 509,735 | 407,865 | 22,366 | 939,966 | 2,631,845 |
| Unrestricted | Restricted | Total Funds | Total Funds | |||
|---|---|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | |||
| g | ||||||
| General office | 22,305 | 22,305 | 44,945 | |||
| Finance costs | 5,130 | 5,130 | 58,157 | |||
| Information | technology | 9,558 | 9,558 | 18,035 | ||
| Staff costs | 391,995 | 37,457 | 429,452 | 469,407 | ||
| Communication | costs | 2,642 | 2,642 | 7,487 | ||
| Governance | 50,433 | 50,433 | 54,249 | |||
| Depreciation | 2,274 | 2,274 | 2,279 | |||
| Total | 484,337 | 37,457 | 521,794 | 654,559 |
| Unrestricted | Restricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | ||
| g | g | ||||
| Audit | 10,250 | 10,250 | 10,100 | ||
| Legal | &professional | 15,705 | 15,705 | 21,721 | |
| Staff | costs | 24,478 | 24,478 | 22,428 | |
| 50,433 | 50,433 | 54,249 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Depreciation oftangible fixed assets | 2,274 | 2,279 | ||
| 14. | Auditors remuneration |
|||
| 2021 | 2020 | |||
| Fees payable for the audit ofthe financial | statements | 11,000 | 11,000 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Wages and | salaries | 350,339 | 376,723 | |
| Social security costs | 36,995 | 38,332 | ||
| Employer | contributions | to pension plans | 9,051 | 9,623 |
| 396,385 | 424,678 |
| The averag equivalent |
e head count of employees during the y employees during the year is analysed as |
ear was 9 (2020: 9).The average number follows: |
of full-tim | e |
|---|---|---|---|---|
| 2021 | 2020 | |||
| No. | No. | |||
| Fundraising | 2 | 2 | ||
| Governance | 1 | 1 | ||
| Charitable | activities | 6 | 6 | |
| 9 | 9 |
| The num | ber | ofemployees whose remuneration for t |
he year fell within the following bands, was |
: | |
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| No. | No. | ||||
| f70,000 | to | f79,999 | I | ||
| f80,000 | to | 689,000 |
| 17. | Tangible fixe | d | assets | ||||
|---|---|---|---|---|---|---|---|
| Orchestral & | |||||||
| Office | Computer | Theatrical | |||||
| equipment | equipment | equipment | Total | ||||
| Cost | |||||||
| At 1 September 2020 | 9,137 | 42,887 | 3,636 | 55,660 | |||
| Additions | |||||||
| At 31August | 2021 | 9,137 | 42,887 | 3,636 | 55,660 | ||
| Depreciation | |||||||
| At 1 September 2020 | 7,893 | 39,389 | 3,636 | 50,918 | |||
| Charge for the | year | 449 | 1,825 | 2,274 | |||
| At 31August | 2021 | 8,342 | 41,214 | 3,636 | 53,192 | ||
| Carrying amount |
|||||||
| At 31August | 2021 | 795 | 1,673 | 2,468 | |||
| At 31 August | 2020 | 1,244 | 3,498 | 4,742 | |||
| 18. | Debtors | ||||||
| 2021 | 2020 | ||||||
| Trade debtors | 26,148 | 29,997 | |||||
| Prepayments | and accrued income | 99,265 | 2,591 | ||||
| Other debtors | 109,814 | 350,159 | |||||
| 235,227 | 382,747 | ||||||
| 19. | Creditors: Amounts | falling due within one year | |||||
| 2021 | 2020 | ||||||
| Trade creditors | 43,163 | 5,624 | |||||
| Accruals and | deferred | income | 55,128 | 44,516 | |||
| Social security | and other taxes | 11,952 | 9,533 | ||||
| Other creditors | 7,533 | 1,788 | |||||
| 117,776 | 61,461 |
| Analysis ofc | Analysis ofc | haritable | fu | nds | ||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | funds | |||||||
| At | At | |||||||
| I | September 2020 | Income | Expenditure | Transfers 31August 2021 | ||||
| 6 | ||||||||
| General | funds | 724,647 | 829,167 | (778,877) | (38,562) | 736,375 |
| At | At | ||||||
|---|---|---|---|---|---|---|---|
| I September 2020 | Income | Expenditure | Transfers | 31August 2021 | |||
| Learning and |
|||||||
| Participation | Fund | 7,715 | (9,244) | 1,529 | |||
| Digital Campaign | Fund | 63,247 | 38,395 | (109,247) | 7,605 | ||
| Arts Council | England | ||||||
| Grant —Culture Recovery |
|||||||
| Fund 2 | 104,113 | (124,737) | 20,624 | ||||
| Concert Specific | |||||||
| Donations | 44,441 | (53,245) | 8,804 | ||||
| Total Restricted | funds | 63,247 | 194,664 | (296,473) | 38,562 |
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | |
| Tangible fixed assets | 2,468 | 2,468 | 4,742 | |
| Current assets | 851,683 | 851,683 | 844,613 | |
| Creditors less than I year | (117,776) | (117,776) | (61,461) | |
| Net assets | 736,375 | 736,375 | 787,894 |
| The tot | al | future minimum lease payments under non-c |
ancellable operating leases are as follows: |
|
|---|---|---|---|---|
| 2021 | 2020 | |||
| Within | I | year | 2,640 | 4,460 |
| Between | 2 and 5years | 7,543 | 6,611 | |
| 10,183 | 11,071 |