DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
Company Registration Number – CE026393 Charity Registration Number – 290833
The London Mozart Players Trust CIO
Report and Accounts
For the Year Ended
30 June 2023
DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO
REPORT and Accounts
For the Year Ended 30 June 2023
| Contents | Page |
|---|---|
| Charity information | 2 |
| Chairman's Report and Review of the Year | 3-4 |
| Trustees' Annual Report and Charity Information | 5-7 |
| Independent Examiner's Report | 8 |
| Funds Statements:- | |
| Statement of Financial Activities | 9 |
| Statement of Financial Activities - Prior Year statement | 10 |
| Balance sheet | 11 |
| Notes to the accounts | 12-20 |
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
REFERENCE and ADMINISTRATION INFORMATION
| Registered Name: | The London Mozart Players Trust CIO |
|---|---|
| Charity Registration no.: | 290833 |
| Company Registration no.: | CE026393 |
| Trustees | Sir Robert Lechler - Chairman |
| The Right Hon. Emily Benn_(resigned November 2023)_ | |
| Jonathan Feroze | |
| Roanna Gibson | |
| David Lamberti | |
| Roy Simpson_(resigned November 2023)_ | |
| Lady Lydia Thompson | |
| Simon James_(appointed July 2023)_ | |
| Patron | HRH The Earl of Wessex KG GCVO |
| Accountants | Chiene + Tait LLP (trading as CT) |
| Chartered Accountants & Independent Examiner | |
| 61 Dublin Street | |
| Edinburgh | |
| EH3 6NL | |
| Bankers | Metro Bank |
| 83-87 High Street | |
| Sutton | |
| Surrey | |
| SM1 1JF | |
| Registered address | Fairfield Halls |
| Park Lane | |
| Croydon | |
| Greater London | |
| CR9 1DG |
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
CHAIRMAN'S REPORT AND REVIEW OF THE PERIOD
2022/23 was the year we finally emerged from the pandemic with 75 live concerts and 29 education engagements. We saw audiences beginning to return with 26,313 attending London Mozart Players (LMP) concerts during the year. 2,539 school children engaged with our education work during 50 school visits and 993 other members of the communities we serve, took an active part in our concerts and events.
Our concert programme included our ever popular Mozart Explored series with Howard Shelley, our annual dinner for patrons hosted by LMP Patron HRH the Duke of Edinburgh which this year was held at Windsor Castle, a tour to Hong Kong to collaborate with the students of St Paul’s Co-Educational College, a new digital venture with BBC Presenter and organist Anna Lapwood as we took cameras inside Fairfield Halls’ organ pipes, our wine tasting and music series Tasting Notes, a gaming and music workshop where Croydon students created their own soundtracks and an adventurous presentation of Handel’s Messiah with the audience placed in a ring around the players.
2023 also saw LMP proudly open Croydon’s London Borough of Culture programme with The Oratorio of Hope. Over 400 local people 250 school children and 40 local choir members joined LMP on stage in Fairfield Halls to present music created especially for the occasion by composers Tarik O’Regan, Fiona Brice, Sarah Freestone, Jeff Moore and Silvastone. The Oratorio was inspired by the poem ‘for Us and We’ by Croydon’s Poet Laureate, Shaniqua Benjamin and brought together dance, film, Afrobeat rhythms and traditional Indian instruments in a rousing celebration of all things Croydon.
Across the year we provided 2,712 paid days of employment for our Players and guest artists. Renowned conductor Jonathan Bloxham joined us as Conductor in Residence and Artistic Adviser working closely with our Leaders Ruth Rogers and Simon Blendis.
2023 saw the launch of our new Samuel Coleridge-Taylor Prize for emerging composers from underrepresented and disadvantaged communities with three young composers receiving training and support. We continued our community residencies in Upper Norwood, Croydon and in Hastings, East Sussex, working in partnership with local music education hubs Croydon Music & Arts and Create Music. Our partnership with Create Music has led to a review of how we select schools to participate in our education work with schools now invited to bid to be involved which has significantly reduced drop outs. We also partnered with the music education hubs on a new Digital Badges programme for young people and a jointly created programme of Industry Insight days demonstrating career trajectories to inspire young people to identify potential careers in the music industry, both on and off stage.
During the year, as part of a wider partnership with Black Lives In Music (BLIM), we worked with the Association of British Orchestras, the Musicians’ Union and BLIM on a ’10 Point Plan’ to remove barriers and unconscious bias in our orchestral recruitment process. We have received overwhelmingly positive feedback from applicants who have been through the process and learnings from the plan are being shared to the wider classical music industry via ABO.
November 2023 saw the beginning of a new legal structure for LMP bringing LMP Trust and LMP Orchestra Limited together with five player representatives now sitting alongside trustees on the board of LMP Trust as directors of the new company. Sir Robert Lechler will chair the new consolidated Board. The new company will report its first accounts next year.
During the year we said goodbye to Trustees Emily Benn and Roy Simpson and I would like to thank them all for their hard work and support for the orchestra.
The financial statements on pages 9 to 20 show the results of LMP Trust only. However, for the purpose of this report and in light of the future new legal structure, the figures noted below are the results of LMP Trust and LMP Orchestra Limited combined. The Trust had income in the year of £470k and the Orchestra £577k, giving a combined overall income for LMP of just over £1 million. The majority (40%) of this comes from income we generated ourselves from engagements, fundraising events and concert tickets. Donations including income from trusts and foundations accounted for 33% with grants from the Foyle Foundation, D’Oyly Carte, Magdalen & Lasher and Isabel Blackman Foundation alongside legacies and donations from individual patrons and donors. The remaining 27% came from public sources including Arts Council England Lottery funding, Orchestra Tax Relief and the Mayor of London’s London Borough of Culture programme.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
CHAIRMAN'S REPORT AND REVIEW OF THE PERIOD
We were delighted to see support from corporates increasing in 2022/23 through bookings for Podium, our innovative leadership and team-building programme, tickets to our new Tasting Notes events mixing wine tasting with classical music and donations for our Equal Play initiative helping more children from disadvantaged backgrounds participate in music making.
LMP Trust incurred a deficit for the year of £78,950 with reserves carried forward totalling £280,674. This consists of £220,000 of designated funds and £60,674 of unrestricted funds. The closing reserves of LMP Orchestra Limited were £67,860 and therefore gives a combined closing reserve position of £348,534.
Looking forward, we are delighted that Orchestra Tax Relief has now been made permanent as that has become a significant source of income for LMP. We remain committed to Croydon and are delighted to be part of Culture Croydon, the new legacy body for Croydon’s London Borough of Culture programme. LMP will be touring to Warsaw in August 2023 for the Chopin International Festival and to Germany in May 2024. Performances in London continue in major venues such as Southbank Centre, Fairfield Halls and St John’s Smith Square, as well as other UK venues including Newbury Festival, Thaxted Festival and JAM on the Marsh.
Sir Robert Lechler Chairman
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
TRUSTEE’S ANNUAL REPORT
For the year ended 30 June 2023
The Trustees present their Report and Accounts for the year ended 30 June 2023.
OBJECTS AND ACTIVITIES
Purposes
The Trust's objectives are to promote the performance and study of the works of Joseph Haydn and Wolfgang Amadeus Mozart and of other composers, in order to foster public knowledge and appreciation of music.
The LMP was founded in 1949 by Harry Blech under the auspices of Haydn-Mozart Society (which company name the Trust retained until 2006). The LMP is regarded as one of the finest chamber orchestras in Europe and one of the most versatile and adventurous in its programming and its reach into the community. In supporting the LMP, the Trust meets one of the objectives of Harry Blech in creating access to music in parts of the UK that do not have easy access to orchestral performances.
The LMP is operated by London Mozart Players Orchestra Limited ("LMPO"), a company limited by guarantee established and managed by players from the LMP. The Trust makes grants to LMPO to support the LMP's activities in furtherance of the Trust's charitable objectives.
Main activities
During the year under review that Trust has sought to fulfil those objectives by fundraising and making grants to support performance of orchestral and chamber works by Mozart, Haydn, and many other classical romantic and modern composers by the orchestra known as the London Mozart Players. In addition the Trust has supported programmes in the community undertaken by the LMP, including schools’ concerts, workshops, and events for older people. Thereby the Trust has fostered public knowledge and appreciation of music and created access to music for young and old, particularly for those whose ability to attend performances is limited physically or geographically.
Public benefit
When reviewing the Trust’s objectives and activities the board of trustees has had regard to the charity commission's guidance on public benefit. The Trust’s objectives and the activities supported by the Trust have been directed at the public at large: those who attended the LMP’s concerts around the UK; visitors to the LMP’s website; those who have listened to the LMP’s recordings; and those who took part in its educational and community activities.
The Trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.
Grant making policies
The Trust's grants are paid on a restricted basis, and the Trust has formal agreements with LMPO in place reflecting this. The Board of the Trust works closely with the management of LMPO to oversee LMPO's plans and to ensure work supported by grants from the Trust is in accordance with the Trust's charitable objects and for the public benefit.
MAIN ACHIEVEMENTS AND PERFORMANCE
See the Chairman's Report for achievements and performance of the Trust.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
TRUSTEE’S ANNUAL REPORT (continued)
For the year ended 30 June 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of trustees
The London Mozart Players Trust (the “Trust”) was converted from a charitable company limited by guarantee and registered as a charitable incorporated organisation (CIO) on 11 June 2021, number 290833.
The Trustees meet at least quarterly. Appointments to the Board are made by agreement of, and invitation by, existing members.
Remuneration policy
The trustees consider the board of trustees as the key management personnel of the charity as they are in charge of directing, controlling and operating the charity on a day to day basis.
No trustee received any remuneration or expenses during the current or prior year.
Related parties
Although in company law the two companies are not related parties, there is a close working relationship between the Trust and London Mozart Players Orchestra Limited which runs the orchestra known as The London Mozart Players and this close relationship is expected to continue.
Financial position
The financial position of the Trust at 30 June 2023 and comparatives for the prior year, as more fully detailed in the accounts, is summarised as follows: -
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Net loss | (78,950) | (119,117) |
| Unrestricted Revenue Funds | 60,674 | 43,622 |
| Designated Funds | 220,000 | 220,000 |
| Restricted Funds | - | - |
| -------------- | ------------- | |
| Total Funds | 280,674 | 263,622 |
| ======== | ======= |
Income this year was £470,387 (2022: £380,132) comprising private donations and income from Friends of the LMP totalling £224,178 (2022: £161,423) together with legacy income totalling £117,761 (2022: £98,000), grants received from public bodies of £38,031 (2022: £41,474), grants received from non-public bodies of £34,900 (2022: £55,260), other income of £33,479 (2022: £23,975) and investment income totalling £22,038 (2022: £nil).
Expenditure of £540,288 comprised grants to LMPO of £528,156 together with associated support costs of £12,132 (further analysed at notes 19 and 20) which included the fee of £2,800 for the independent examination of the accounts.
Overall the Trust saw a deficit for the year of £78,950.
Reserves policies
The Trust's grants are paid on a restricted basis, and the Trust has formal agreements with LMPO in place reflecting this.
The Trust retains sufficient reserves to cover its ongoing operational costs and to make grants to LMPO as required.
The board of trustees is satisfied that the Trust's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
TRUSTEE’S ANNUAL REPORT (continued)
For the year ended 30 June 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Risks and future assumptions
The only activity carried out by the Trust is the disbursement of funds in the furtherance of its charitable objectives. The Trust's ongoing running costs and financial commitments are minimal and so therefore are the risks to its continued existence.
The Trust's grants are paid on a restricted basis, and the Trust has formal agreements with LMPO in place reflecting this. The Board of the Trust works closely with the management of LMPO to oversee LMPO's plans and to ensure work supported by grants from the Trust is in accordance with the Trust's charitable objects and for the public benefit.
As part of the monitoring process the Trustees have implemented a risk management strategy. The Trustees consider the major risks to the company to be increased competition for support from sponsors, Trusts and foundations, and individual givers.
These risks have been reviewed and procedures have been established to manage them including maintaining regular contact with current and potential supporters.
Statement of the Trustees’ Responsibilities
Law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principals in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no material inconsistencies with the figures disclosed in the accounts.
30 April 2024
This report was approved by the Trustees on and signed by:
Sir Robert Lechler Trustee and Chairman
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
Report of the Independent Examiner to the Trustees of the Charitable Incorporated Organisation
On the accounts for the year ended 30 June 2023
I report to the Trustees on my examination of the accounts of the charitable incorporated organisation on pages 8 to 19 for the year ended 30 June 2023.
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
Having satisfied myself that the accounts are not required to be audited and are eligible for independent examination, I report in respect of my examination of your accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1 accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2 the accounts do not accord with those records; or 3 the accounts do not comply with the accounting requirements of the 2011 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jeremy Chittleburgh BSc CA Independent Examiner CT Chartered Accountants and Independent Examiners 61 Dublin Street Edinburgh EH3 6NL
30 April 2024
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO
(Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 30 June 2023
| Income and Endowments from: Donations and legacies 15 Investments 16 Other 17 Total Income Expenditure on: Charitable Activities 18 Net expenditure before transfers Movement on investments Transfer of funds Net expenditure and net movement in funds for the year Total funds brought forward_(restated)_ Total funds carried forward |
2023 Unrestricted Funds £ 414,870 22,038 33,479 470,387 540,288 540,288 (69,901) (9,049) - (78,950) 139,624 60,674 |
2023 Designated Funds £ - - - - - - - - - - 220,000 220,000 |
2023 Restricted Funds £ - - - |
2023 Total Funds £ 414,870 22,038 33,479 470,387 540,288 540,288 (69,901) (9,049) - (78,950) 359,624 280,674 |
Restated 2022 Total Funds £ 356,157 - 23,975 |
|---|---|---|---|---|---|
| - | 380,132 | ||||
| - - - - - - - - |
499,249 | ||||
| 499,249 | |||||
| (119,117) (147,468) - |
|||||
| (119,117) 626,209 |
|||||
| 359,624 |
All activities derive from continuing operations
The notes attached on pages 12 to 20 form an integral part of these accounts.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
For the year ended 30 June 2023
ANALYSIS OF PRIOR YEAR FUNDS (Restated)
| Income and Endowments from: Donations and legacies 15 Investments 16 Other 17 Total Income Expenditure on: Charitable Activities 18 Net expenditure before transfers Movement on investments Transfer of funds Net (expenditure)/income and net movement in funds for the year Total funds brought forward Total funds carried forward |
2022 Unrestricted Funds £ 356,157 - 23,975 380,132 499,249 499,249 (119,117) (147,468) 100,000 (166,585) 306,209 139,624 |
2022 Designated Funds £ - - - - - - - - (100,000) (100,000) 320,000 220,000 |
2022 Restricted Funds £ - - - |
2022 Total Funds £ 356,157 - 23,975 |
|---|---|---|---|---|
| - | 380,132 | |||
| - - - - - - - - |
499,249 | |||
| 499,249 | ||||
| (119,117) (147,468) - |
||||
| (266,585) 626,209 |
||||
| 359,624 |
All activities derive from continuing operations.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO
(Limited by Guarantee)
BALANCE SHEET
At 30 June 2023
| At 30 June 2023 | ||||||
|---|---|---|---|---|---|---|
| Restated | ||||||
| Notes | 2023 | 2022 | ||||
| £ | £ | £ | £ | |||
| Fixed assets | ||||||
| Tangible assets | 8 | 3,648 | 7,014 | |||
| Current assets | ||||||
| Debtors | 9 | 11,328 | 16,408 | |||
| Investments | 272,414 | 281,463 | ||||
| Cash at bank and in hand | 50,871 | 108,605 | ||||
| -------------- | -------------- | |||||
| Total current assets | 334,613 | 406,476 | ||||
| Creditors: amounts falling due within | ||||||
| one year | 10 | (57,587) | (46,852) | |||
| -------------- | -------------- | |||||
| Net current assets | 277,026 | 359,624 | ||||
| -------------- | -------------- | |||||
| Total net assets | 280,674 | 359,624 | ||||
| ======== | ======== | |||||
| Being: | ||||||
| Unrestricted Funds | ||||||
| Unrestricted Revenue Funds | 15 | 60,674 | 139,624 | |||
| Designated Funds | 15 | 220,000 | 220,000 | |||
| -------------- | -------------- | |||||
| Total charity funds | 280,674 | 359,624 | ||||
| ======== | ======== |
The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 10.
30 April 2024 Approved by the board of trustees on and signed on their behalf by:
Sir Robert Lechler Trustee and Chairman
The notes attached on pages 12 to 20 form an integral part of these accounts.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
NOTES TO THE ACCOUNTS
For the Year Ended 30 June 2023
1. Accounting policies
Basis of preparation and accounting convention
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) and in accordance with all applicable law in the charity's jurisdiction of registration. The Trust meets the definition of a public benefit entity under FRS 102. The financial statements have been presented in Pounds Sterling as this is the functional and presentational currency of the Trust.
CIO information
The London Mozart Players Trust changed in status to a charitable incorporated organisation on 11 June 2021 and is registered with the Charity Commission under charity number 290833.
Going concern
The financial statements have been prepared on a going concern basis. The Trustees have assessed the Trust’s financial position, with a focus on liquid assets, and having reviewed this against the costs of our operational activity, are confident that the Trust has adequate resources to continue operating for the foreseeable future and certainly the next reporting period.
Nature of income
Gross income represents grants from public bodies and charitable organisations, donations from individuals and organisations, and legacies.
Categories of Income
Income is categorised as income from exchange transactions (contract income) and income from nonexchange transactions (gifts), investment income and other income.
Income recognition
Income is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met. All income is accounted for gross, before deducting any related fees or costs.
Accounting for deferred income and income received in advance
Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.
Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.
When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.
Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned, and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
NOTES TO THE ACCOUNTS (continued)
For the Year Ended 30 June 2023
1. Accounting policies (continued)
Income from legacies
Income from legacies is recognised when the charity has sufficient evidence that a gift has been left to them, that where required, probate has been granted, the executor is satisfied that the property in question will not be required to satisfy claims in the estate, that it is probable that the amount will be received by the charity, and the amount to be received can be estimated with sufficient accuracy, and that any conditions attached to the legacy are either within the control of the charity or have been met.
Where a payment is received from an estate or is notified as receivable by the executors after the reporting date and before the accounts are authorised for issue but it is clear that the payment had been agreed by the executors prior to the end of the reporting period, then the amount concerned is treated as an adjusting event and accrued as income in the accounting period if receipt is probable.
Where the charity has established entitlement to a legacy but there is uncertainty as to the amount of the payment, details of the legacy are disclosed as a contingent asset until the criteria for income recognition are met. Where a legacy is subject to the interest of a life tenant, the legacy is not recognised as income until the death of the life tenant.
If it is doubtful that full settlement of a legacy debtor will be received, then an adjustment is made to reduce the amount of the legacy debtor and legacy income rather than charging the adjustment as expenditure in the Statement of Financial Activities.
Membership subscriptions
The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.
The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.
Recognition of liabilities and expenditure
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the year, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.
Volunteers
In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.
However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note 6.
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charitable Company does not acquire put options, derivatives or other complex financial instruments.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
NOTES TO THE ACCOUNTS (continued)
For the Year Ended 30 June 2023
1. Accounting policies (continued)
Tangible fixed assets
Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition. Items of equipment are capitalised where the purchase price exceeds £500.
Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.
Music Library - Until 30th July 2024
Debtors
Debtors are measured at their recoverable amounts at the balance sheet date.
Financial instruments
Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.
The Trust has financial assets and financial liabilities only of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Leasing and hire purchase contracts and commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the charity, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds are unrestricted funds that have been designated for particular purposes by the Trustees.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law.
2. Liability to taxation
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. The charity is registered for VAT.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO (Limited by Guarantee)
NOTES TO THE ACCOUNTS (continued)
For the Year Ended 30 June 2023
3. Winding up or dissolution
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
4. Significance of financial instruments
There are no significant implications of the use of financial instruments to the charity's position.
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|||||
|---|---|---|---|
|5.|Net surplus in the financial period|2023|2022|
|£|£|
|The net deficit in the financial period is stated after charging: -|
|Depreciation of owned fixed assets|3,366|3,366|
|======== ========|
----- End of picture text -----
6. The contribution of volunteers
The charity depends on the support of its volunteers, which is much appreciated. The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Statement of Financial Activities. The volunteers and the charity accept and agree that no contract of employment is created by these arrangements.
7. Remuneration and payments to Trustees and persons connected with them
No trustees, who are also the key management personnel, or persons connected with them received any remuneration from the charity, or any related entity.
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||||
|---|---|---|
|Music|
|8.|Tangible fixed assets|Library|
|£|
|Cost|
|At 30 June 2022|44,299|
|Disposals|-|
|--------------|
|At 30 June 2023|44,299|
|--------------|
|Depreciation|
|At 30 June 2022|37,285|
|Charge for the year|3,366|
|On disposals|-|
|--------------|
|At 30 June 2023|40,651|
|--------------|
|Net book value|
|At 30 June 2023|3,648|
|========|
|At 30 June 2022|7,014|
|========|
----- End of picture text -----
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO
(Limited by Guarantee)
NOTES TO THE ACCOUNTS (continued)
For the Year Ended 30 June 2023
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|||||
|---|---|---|---|
|9.|Debtors|2023|2022|
|£|£|
|Trade Debtors|-|900|
|Amounts owed by London Mozart Players Orchestra Limited|-|-|
|Accrued income|11,328|15,508|
|-------------- --------------|
|11,328|16,408|
|======== ========|
|10.|Creditors: amounts falling due within one-year|2023|2022|
|£|£|
|Accruals|3,447|18|
|VAT|2,391|1,437|
|Amounts owed by London Mozart Players Orchestra Limited|-|-|
|Deferred income|51,749|45,397|
|-------------- --------------|
|57,587|46,852|
|======== ========|
----- End of picture text -----
11. Related party transactions
Although under company law the two companies are not related parties, there is a close working relationship between the company and London Mozart Players Orchestra Limited which runs the orchestra known as The London Mozart Players.
During the period, in the furtherance of its charitable objects, the company made grants to London Mozart Players Orchestra Limited totalling £528,156 (2022: £492,155) and made various loans to that company. The amount outstanding from London Mozart Players Orchestra Limited at the year-end was £nil (2022: £nil). An amount of £nil (2022: £nil) was due to London Mozart Players Orchestra Limited.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO
(Limited by Guarantee)
NOTES TO THE ACCOUNTS (continued)
For the Year Ended 30 June 2023
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|||||||
|---|---|---|---|---|---|
|Unrestricted Designated|Total|
|12.|Funds analysis|Funds|Funds|Funds|
|£|£|£|
|At 30 June 2023|
|Tangible Fixed Assets|3,648|-|3,648|
|Current Assets|122,343|220,000|342,343|
|Current Liabilities|(65,317)|-|(65,317)|
|-------------- -------------- --------------|
|60,674|220,000|280,674|
|======== ======== ========|
|At 30 June 2022|(Restated)|
|Tangible Fixed Assets|7,014|-|7,014|
|Current Assets|179,462|220,000|399,462|
|Current Liabilities|(46,852)|-|(46,852)|
|-------------- -------------- --------------|
|139,624|220,000|359,624|
|======== ======== ========|
|Funds Movement|Transfers|Funds|
|Brought|in|Between|Carried|
|Forward|Funds|Funds|Forward|
|13.|Change in total funds over the year|from 2022|in 2023|in 2023|to 2023|
|£|£|£|£|
|Unrestricted Revenue Funds|(restated)|139,624|(78,950)|-|60,674|
|Designated Funds|220,000|-|-|220,000|
|Restricted Funds|-|-|-|-|
|-------------- -------------- -------------- --------------|
|Total funds|359,624|(78,950)|-|280,674|
|======== ======== ======== ========|
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14. Fund purposes
Unrestricted Revenue Funds
These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and, subject to charity legislation, are free from all restrictions on their use.
Designated Funds
These funds have been designated by the Trustees for particular purposes, including investment in the Spectrix ticketing system, guest artistic directors, development of digital content, staffing and maintaining a central London presence.
Restricted funds
STAND - Funding received towards Stand, the Anthem project. The Trustees have reviewed these funds in the year and noted that these had been fully utilised. Therefore a transfer has been made to unrestricted funds.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO
(Limited by Guarantee)
NOTES TO THE ACCOUNTS (continued)
For the Year Ended 30 June 2023
15. Detailed analysis of income and expenditure
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||||||
|---|---|---|---|---|
|Unrestricted Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|Donations and Legacies|2023|2023|2023|2022|
|£|£|£|£|
|Individuals|
|Small donations individually less than £1,000|25,943|-|25,943|31,830|
|Donors|148,324|-|148,324|83,090|
|Gift Aid|15,815|-|15,815|16,603|
|-------------- -------------- -------------- --------------|
|190,082|-|190,082|131,523|
|-------------- -------------- -------------- --------------|
|Legacies|
|Other:|
|Hearnden|110,000|-|110,000|-|
|P Caleb|1,000|-|1,000|-|
|G Penfold|-|-|-|2,000|
|G Shaw|6,761|-|6,761|96,000|
|-------------- -------------- -------------- --------------|
|117,761|-|117,761|98,000|
|-------------- -------------- -------------- --------------|
|Government and public bodies|
|Arts Council England (ACE):|
|ACE CRF Continuity Support|-|-|-|35,030|
|ACE Lottery: Community Engagement Programme|38,031|-|38,031|6,444|
|-------------- -------------- -------------- --------------|
|38,031|-|38,031|41,474|
|-------------- -------------- -------------- --------------|
|Non-public bodies|
|Trust and Foundation Income|34,900|-|34,900|55,260|
|-------------- -------------- -------------- --------------|
|Corporate Income – sponsorship and|
|donations|34,096|-|34,096|29,900|
|-------------- -------------- -------------- --------------|
|Total|414,870|-|414,870|356,157|
|======== ======== ======== ========|
----- End of picture text -----
The Trust and Foundation Income received in the year was as follows: St Johns Upper Norwood - £3,600
The Foyle Foundation - £25,000 - £15,500 of this has been deferred. Loubser Foundation - £25,000 - £6,250 of this has been deferred. Feroze Trust - £5,700
The Ardeola Charitable Trust - £5,000
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO
(Limited by Guarantee)
NOTES TO THE ACCOUNTS (continued)
For the Year Ended 30 June 2023
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|||||||
|---|---|---|---|---|---|
|Unrestricted Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|16.|Investment income|2023|2023|2023|2022|
|£|£|£|£|
|Bank Interest Receivable|547|-|547|-|
|Dividends|21,491|-|21,491|-|
|-------------- -------------- -------------- --------------|
|22,038|-|22,038|-|
|======== ======== ========|=======|
|Unrestricted Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|17.|Other income and gains|2023|2023|2023|2022|
|£|£|£|£|
|Royalties from the exploitation of intellectual|
|property rights|570|-|570|620|
|Ticket Sales|32,909|-|32,909|23,355|
|-------------- -------------- -------------- --------------|
|33,479|-|33,479|23,975|
|======== ======== ======== ========|
|18.|Expenditure on charitable activities- Grant funding of activities|
|Unrestricted Designated|Total|Total|
|Funds|Funds|Funds|Funds|
|2023|2023|2023|2022|
|£|£|£|£|
|Grants made to LMPO|528,156|-|528,156|492,155|
|Support costs|12,132|-|12,132|7,094|
|-------------- -------------- -------------- --------------|
|540,288|-|540,288|499,249|
|======== ======== ======== ========|
|Unrestricted Designated|Total|Total|
|Funds|Funds|Funds|Funds|
|Grants made|2023|2023|2023|2022|
|£|£|£|£|
|London Mozart Players Orchestra Limited|528,156|-|528,156|492,155|
|======== ======== ======== ========|
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The Trust's grants are paid on a restricted basis, and the Trust has formal agreements with LMPO in place reflecting this. The Board of the Trust works closely with the management of LMPO to oversee LMPO's plans and to ensure work supported by grants from the Trust is in accordance with the Trust's charitable objects and for the public benefit.
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DocuSign Envelope ID: 2BF28161-5536-413B-9EF6-1EC4DFFFB63A
THE LONDON MOZART PLAYERS TRUST CIO
(Limited by Guarantee)
NOTES TO THE ACCOUNTS (continued)
For the Year Ended 30 June 2023
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|||||||
|---|---|---|---|---|---|
|Unrestricted Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|19.|Support costs|2023|2023|2023|2022|
|£|£|£|£|
|Sundry expenses|7,248|-|7,248|2,690|
|Bank charges|1,518|-|1,518|1,038|
|Depreciation|3,366|-|3,366|3,366|
|-------------- -------------- -------------- --------------|
|12,132|-|12,132|7,094|
|======== ======== ========|=======|
|Less: Support costs reallocated to specific activities|
|To grant making costs|(12,132)|-|(12,132)|(7,094)|
|======== ======== ========|=======|
|The basis of allocation of costs between activities is described under accounting policies.|
|Unrestricted Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|20.|Governance costs|2023|2023|2023|2022|
|£|£|£|£|
|Independent Examiner’s fee|2,800|-|2,800|1,800|
|======== ======== ========|=======|
|Unrestricted Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|21.|Total charitable expenditure|2023|2023|2023|2022|
|£|£|£|£|
|Total grant making costs|537,488|-|537,488|497,449|
|Total governance costs|2,800|-|2,800|1,800|
|-------------- -------------- -------------- --------------|
|540,288|-|540,288|499,249|
|======== ======== ======== ========|
----- End of picture text -----
22. Prior year restatement
The Trustee’s have reviewed a balance previously disclosed as cash at bank within the balance sheet. The balance related to cash invested in the ‘Charities Ethical Investment Fund Income Units’ managed by CCLA Investment Management Limited. In prior years, the balance was recorded in the accounts at the initial amount deposited and not at the market value of the units at the year end. This has now been amended and has resulted in a restatement of reserves as at 31 March 2022 of £96,002.
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Certificate Of Completion
Envelope Id: 2BF281615536413B9EF61EC4DFFFB63A Subject: Complete with DocuSign: L207_LMPT_2023 Final.pdf Source Envelope: Document Pages: 21 Signatures: 4 Certificate Pages: 5 Initials: 0 AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London
Status: Completed
Envelope Originator: Russelle Lothian 61 Dublin Street Edinburgh, Midlothian EH3 6NL russelle.lothian@ct.me IP Address: 90.201.72.81
Record Tracking
Status: Original Holder: Russelle Lothian Location: DocuSign 30 April 2024 | 16:34 russelle.lothian@ct.me
Signer Events Signature Timestamp Robert Lechler Sent: 30 April 2024 | 16:41 robert.lechler@kcl.ac.uk Viewed: 30 April 2024 | 17:16 Security Level: Email, Account Authentication Signed: 30 April 2024 | 17:16 (None) Signature Adoption: Pre-selected Style Using IP Address: 31.104.139.248 Electronic Record and Signature Disclosure: Accepted: 30 March 2023 | 17:52 ID: 7a39c7dd-f178-452c-a9a0-fd958222fe0c Jeremy Chittleburgh Sent: 30 April 2024 | 17:16 jeremy.chittleburgh@ct.me Viewed: 30 April 2024 | 17:18 Security Level: Email, Account Authentication Signed: 30 April 2024 | 17:19 (None) Signature Adoption: Uploaded Signature Image Using IP Address: 194.140.216.2
Electronic Record and Signature Disclosure: Accepted: 30 April 2024 | 17:18 ID: 4112c4c6-5f6e-4bab-93b3-c8cf29fc8873
| In Person Signer Events | Signature | Timestamp |
|---|---|---|
| Editor Delivery Events | Status | Timestamp |
| Agent Delivery Events | Status | Timestamp |
| Intermediary Delivery Events | Status | Timestamp |
| Certified Delivery Events | Status | Timestamp |
| Carbon Copy Events | Status | Timestamp |
| Stuart Beattie | Sent: 30 April 2024 | |
| stuart.beattie@ct.me | ||
| Security Level: Email, Account Authentication | ||
| (None) |
Electronic Record and Signature Disclosure: Accepted: 28 March 2024 | 14:38 ID: 7bc5d921-473b-4dd8-8d88-5e30f015c546
| Carbon Copy Events | Status | Timestamp |
|---|---|---|
| Paul Hudson | Sent: 30 April 2024 | |
| paulh@lmp.org | ||
| Security Level: Email, Account Authentication | ||
| (None) | ||
| Electronic Record and Signature Disclosure: | ||
| Not Offered via DocuSign | ||
| Debbie Charles | Sent: 30 April 2024 | |
| debbie@lmp.org | Viewed: 30 April 2024 | |
| Security Level: Email, Account Authentication | ||
| (None) | ||
| Electronic Record and Signature Disclosure: | ||
| Accepted: 30 June 2023 | 15:43 | |
| ID: 7826630b-22cf-4c19-b18d-98ba511ee7b9 | ||
| Witness Events | Signature | Timestamp |
| Notary Events | Signature | Timestamp |
| Envelope Summary Events | Status | Timestamps |
| Envelope Sent | Hashed/Encrypted | 30 April 2024 |
| Certified Delivered | Security Checked | 30 April 2024 |
| Signing Complete | Security Checked | 30 April 2024 |
| Completed | Security Checked | 30 April 2024 |
| Payment Events | Status | Timestamps |
| Electronic Record and Signature Disclosure |
Electronic Record and Signature Disclosure created on: 14 May 2021 | 11:21 Parties agreed to: Robert Lechler, Jeremy Chittleburgh, Stuart Beattie, Debbie Charles
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