Registered number: 2040312 Charity number: 295329 ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2020 LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trusteos. Report Independent Auditors. Report on the Financial Statements 8-10 Consolidated Statement of Financial Activities Consolldated Balance Sheet 12 Charity Balance Sheet 13 Consolidated Ststement of Cash Flows 14 Charity Statement of Cash Flows 15 Notes to the Financial Statements 16-39
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Trustees Imogen Overli, Chaim)an Roger Montgomery, Vice Chairman Crispin Woodhead, Chief Executive Steven Devine Denys Firth Nigel Jones Max Mandel David Marks Rebecca Miller Andrew Roberts Adrian Frost Katharina Spreckelsen Mark Williams Matthew Shorter Dr Susan Tranter Daniel Alexander QC Company reglstered number 2040312 Charity reglstered number 295329 Reglstered offlce Acland Burghley School 93 Burghley Road London NW5 1UH Company secretary Pascale Nicholls Independent audltors Lubbock Fine LLP Chartered Accountants & Statutory Auditors Patefnoster House 65 Sl Paul's Churchyard London EC4M 8AB Bankers Lloyds Bank 39 Piccadilly London W1V OAA CAF Bank 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME19 4JQ Sollcltors Swan Turton 68a Neal Street London WC2H 9PA Page 1
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020 The Trustees present their annual report, which includes the Directors. report, together with the audited financial statements of the group and the Charity for the year from 1 October 2019 to 30 September 2020. The Trustees confi'rm that the Annual Report and financial slalements of the company comply with the current slatulory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practi ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019). sin the Charity and the group qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 Islralegic Report and Director's Report) Regulations 2013 is not required. structure. governance and management The Group consists of The Orchestra of the Age of Enlightenment IOAEI, the parent Charity, and OAE Productions Limited, the subsidiary company. The OAE is a registered charity and Company limited by guarantee, established in 1986 and governed by its Memorandum and Articles of Association. The company has no share capital and in the event of il being wound up the liability of Members and those who aSed lo be Members within one year is limited lo £1. As a 'self-governing' orchestra the majority of Members are Player Members, being those musicians who 'in the opinion of the Board make a signifi'cant and continuing contribution as musicians lo any orchestral or musical ensemble for the time being maintained by the Company,. The Board of Directors comprises the Players, Artistic Committee, the Chief Executive, and been five and ten Non-Player Directors elected by the Members. The Players, Artistic Committee IPACI is comprised of five Player Members, drawn from at least sections of the Orchestra, elected by the Player Members. Its role is to establish the artistic policy and plans of the Orchestra, supervise the choice of programmes, personnel, conductors, soloists and other performers, and generally have responsibility for the musical direction and development of the Company and the maintenance of artistic standards. PAC members are elected for a peri of three years and are eligible for re-election up lo a maximum of six years. After retirement from the PAC al least three years musl elapse before a Player Member is eligible for re- election to it. Non-Player Directors are recruited by a Nominations Committee (comprising the Chair, a non-Player Director, a member of the PAC, and the Director of Development) before being proposed for election by the Members. The Nominations Committee aims lo ensure the Board maintains an appropriate and wide range of skills and experience to complement those of the PAC, including individuals with backgrounds in leadership, governance, finance, philanthropy, arts, education, communications, law and HR. Non-Player Directors are elected for a period of three years and are eligible for re-election up lo a maximum of nine years, eXpt in the case of the Chairman (who is eligible for re-election up to a maximum of fifteen years) and the Chief Executive. New Board members re1ve a detailed induction pack and meet with the Chief Executive, other Board Members and members of the Senior Management Team as required, and ongoing support and training is made available in the areas in which they have specific responsibility. The day to day management of the Company is delegated lo the Chief Executive, who is supported by a Senior Management Team of six (Projects Director., Director of Finance and Governance., General Manager., Education Director,. Director of Communications,. Development Director) and eight other members of staff Isix full-time and o part-limel, and a number of freelan individuals for project assistance from time lo time. Page 2
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2020 The remuneration of the Chief Executive and the Director of Finance and Govemance is sel and monitored by the Finance Committee Icomprising beeen three and five non-Player Directors and PAC members, with at least one of each). The OAE has one wholly-owned subsidiary, OAE Productions Ltd, which has its own Board of Directors comprised of representatives of the OAE'S Board, PAC and senior management team along with an independent Director. OAE Productions Ltd is the production company for the majority of the OAE'S concerts and manages aspects of its commercial activity including corporate sponsorship. Details of the relationships beeen the OAE and related parties are included in the notes to the financial stalemenls. Trustees The trustees who served during the year and Sin the year end were.. Imogen Overfi (Chairman) Roger Montgomery, vi-ChairMan Crispin Woodhead, Chief Executive steven Devine Denys Firth Nigel Jones Max Mandel David Marks Rebecca Miller Andrew Roberts Adrian Frost Olivia Roberts (resigned 25 May 20201 Kalharina Spreckelsen Mark Williams Matthew Shorter lappoinled 3 June 20201 Dr Susan Tranler lappoinled 7 July 20201 Daniel Alexander QC lappointed 27 January 20211 Objectives and activities The object for which the Charity is established is lo advance education through the promotion, support, encouragement of the art of music (including opera, music, drama, dancing, singing and all forms consisting in whole or in part of music) and in particular the promotion, encouragement and appreciation of music as played on period instruments. The OAE is one of the world's leading orchestras, giving performances characlerised by energy, insight and vitality inslrumenls. We embody the values of the Enlightenment, challenging existing ideas, championing innovation and approaching our music-making, which ranges from Monteverdi to Mahler, with a constant spirit of enquiry. Whilst run and artistically-led by our players, we work with the world's leading artists, particularly our Principal Artists, as well as nurturing the next generation of musicians. We strive to reach the widest audience possible through performance and our renowned education programme. To support our mission labovel and further our purposes for the public benefit the principal activities we undertake are a worfdwide programme of concerts, recordings and broadcasts, and a comprehensive programme of music education and outreach activities aimed al involving, empowering and inspiring participants. At the core of our artistic activity is our annual series of concerts at London's Southbank Cenlre, where we are one of four resident orchestras, and from which most of our national and International activities flow. Page 3
Six Chapters of the Enlightenment Salvation and Damnation.
Elijah Gloria Stabat Mater Odes Symphonies 2 & 3 String Concerti
Bach, The Universe and Everything
Fantasias, Holberg Suite Bach, The Universe and Everything;
Ich habe genug Apollo e Dafne Messiah , Bach, The Universe and Everything Essercizii
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2020 Due lo the impact of Covid-19, we are following the government's guidan on social distancing and are not doing any fundraising that involves contact beeen players, staff, volunteers and donors. All of our fundraising activity is being conducted online for the foreseeable future. statement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial slalements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial slalements, the Trustees are required lo.. Select suitable accounting policies and then apply them consistently., Observe the methods and principals in the Charities SORP., Make judgments and accounting estimates that are reasonable and prudent", Prepare the financial stslemenls on the going concern basis unless il is inappropriate to presume that the charitable group will continue in operation. The Trustees are responsible for keeping adequate accounting ocords that are sufficient lo show and explain the group and the Charity's transactions and disclose with reasonable accuracy at any lime the financial position of the group and the Charity and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the Charity and henee for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed that". so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee In order lo be aware of any relevant audit information and to establish that the charitsble group's auditors are aware of that information. In preparing this report, the Trustees have taken advantage of the small companies, exemptions provided by section 415A of the Companies Act 2006. This report was approved by the Trustees and signed on their behalf by.. Imogen Overli Chairman Date." 25 June 2021 Page 7
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS FOR THE YEAR ENDED 30 SEPTEMBER 2020 OPINION We have audited the financial statements of Orchestra of the Age of Enlightenment and subsidiary undertakings Ilhe 'parenl charitsble company'l and its subsidiaries (the 'group'l for the year ended 30 September 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows, the Charity Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the Group's and of the parent charitable company's affairs as at 30 September 2020 snd of the Group's incoming resources and application of resources, including ils income and expenditure for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. BASIS FOR OPINION We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN We have nothing to report in respect of the following mallers in relation to which the ISAS IUKI require us lo report lo you where.. the Trustees, use of the going concern basis of accounting in the preparation of the financial slalements is not appropriate., or the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubl about the Group's or the parent charitable company's ability to continue to adopt the going concern basis of accounting for a period of al least twelve months from the date when the financial statements are authorised for issue. Page 8
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2020 OTHER INFORMATION The Trustees are responsible for the other information. The other information comprises the information inclLJded in the Annual Report, other than the financial statements and our Auditors, Report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to deletmine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a materi81 misstatement of this other information, we a required to report that fact. We have nothing to report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financi81 statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knoedge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements In the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or relums adequate for our audit have not been received from branches not visited by us,. or the parent charitable company financial stslements are not in agreement with the accounting records and returns, or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Page 9
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2020 RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative bul to do so. AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 8ccordance with ISAS IUKI will always detect a material misslatemenl when it exists. Misstatements can arise from fraLJd or error and are considered material if, individually or in the aggregate. they could reasonabty be expected lo influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financi81 Reporting CoLJncil's website al." www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditors, Report. USE OF OUR REPORT This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and lo the charitable company's Iruslees, as a body, Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and its members, 8$ a body, for our audit work, for this report, or for the opinions we have formed. David Chandra (Senior Statutory Auditor) for and on behalf of Lubbo¢k Fine LLP Chartered Accountants & Statutory Auditors Palernosler House 65 St Paul's Churchyard London EC4M 8AB 25 June 2021 Dale.. Page 10
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2020 Unrestricted funds 2020 Restricted funds 2020 Total funds 2020 Total funds 2019 Note Income from: Donations and legacies Charitable activities 1,252,012 742,964 2,451 207,217 574,152 506 1,826,164 743,470 2,451 217,217 1,166,137 2,575,633 3,160 391,926 Investments other income 10,000 Total income Expenditure on: Raising funds Charitsble activities 2,204,644 584,658 2,789,302 4,136,856 408,659 598,163 408,659 1,915,386 360,272 3,749,338 1,317,223 Total expenditure 1,006,822 1,317,223 2,324,045 4,109,610 Effects of foreign exchange contract movements 11,6111 11,6111 1,366 Net ineomellexpenditurel Transfers beeen funds 1,196,211 1734,3361 1732,5651 734,336 463,646 28,612 20 Net movement in funds 461,875 1,771 463,646 28,612 Reconciliation of funds: Totsl funds brought forward Nel movement in funds 1,014,498 461,875 364,394 1,771 1,378,892 463,646 1,350,280 28,612 Total funds carrled for•vard 1,476,373 366,165 1,842,538 1,378,892 The Consolidated Statement of Financi81 Activities includes 811 gains and losses recognised in the year. The notes on pages 16 to 39 form part of these financi81 statements. Page11
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) REGISTERED NUMBER: 2040312 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2020 2020 2019 Note Fixed assots Tangible assets Current assets 13 205,655 38,924 Debtors Cash al bank and in hand 15 566,870 1,507,634 1,115,605 755,110 2,074,504 1,870,715 Creditors.. amounts falling due within one year 16 1437,6211 1530,7471 Net current assets 1,636,883 1,339,968 TOTAL ASSETS LESS CURRENT LIABILITIES 1,842,538 1,378,892 Charity funds Restricted funds Unrestricted funds 20 20 366,165 1,476,373 364,394 1,014,498 Total funds 1,842,538 1,378,892 The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Imogen Overll, Chalmian Dale". 25 June 2021 The notes on pages 16 to 39 fomi part of these financial statements. Page 12
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) REGISTERED NUMBER 2040312 CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2020 2020 2019 Note Fixed assots Tangible assets Investments 13 205,855 100 38,924 100 14 205,755 39,024 Current assets Debtors Cash al bank and in hand 15 566,871 1,444,343 1, 108,406 729,856 2,011,214 1,838,262 Creditors.. amounts falling due within one year 16 1439,4211 1520,7471 Net current assots TOTAL ASSETS LESS CURRENT LIABILITIES 1,571,793 1,317,515 1,777,548 1,356,539 Charity funds Reslricled funds Unreslricled funds 20 20 366,165 1,411,383 364,394 992,145 Total funds 1,777,548 1,356,539 The financial statements have been prepared In accordance wth the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Imogen Overli. Chaimian Dale.. 25 June 2021 The notes on pages 16 to 39 fomi part of these financial statements. Page 13
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2020 2020 2019 Note Cash flows from operating activities Nel cash provided by I (used in) operating activities 24 927,322 13,1261 Cash flows from investing activitigs Dividends, interests and rents from investments Purchase of tangible fixed assets 2,451 1177,2491 3,160 126,6041 Net cash used in investing activities 1174,7981 123,4441 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 752,524 126,5701 781,680 755,110 Cash and cash oquivalents at the end of the year 25 1,507,634 755,110 The notes on pages 16 to 39 fomi part of these financial statements Page 14
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2020 2020 2019 Note Cash flows from operating activities Nel cash provided by operating activities 24 889,285 3,158 Cash flows from investing activitigs Dividends, interests and rents from investments Purchase of tangible fixed assets 2,451 1177,2491 3,160 126,6041 Net cash used in investing activities 1174,7981 123,4441 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 714,487 120,2861 750, 142 729,856 Cash and cash oquivalents at the end of the year 25 1,444,343 729,856 The notes on pages 16 to 39 fomi part of these financial statements Page 15
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Orchestra of the Age of Enlightenment and subsidiary undertakings meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated Ststement of Financial Activities ISOFAI and Consolidated Balance Sheet include the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The extent of the continued impact of the Covid-19 pandemic on the operational and financial performance of the Group will depend on future developments, including the success of the vaccination programme in the UK and overseas, the prevalence of virus mutations, continuation of government guidance, measures and restrictions and the speed of economic recovery, all of which are highly uncertain and unpredictable. The Trustees have prepared projected cash flow information and the cash inflows assume receipts of certain grants and donations which, due to their nature, cannot be quantified, both in respect of liming and amounts, with any certainly, especially given the current pandemic. On the basis of this cash flow information, which covers a period of at least one year from the approval of the financial slalements, and the level of available reserves, the Trustees consider that there are no material uncertainties about the Group's ability lo continue as a going COnM. The Charity accounts are prepared in accordance with FRS 102 and Charities SORP IFRS 1021 and the Companies Act. The subsidiary company accounts are prepared in accordance with FRS 102 1A. No adjustments have been required lo align the accounting policies of both entities. The principal accounting policies, which have been applied consislenlly, are sel out below.. 1.2 Company status The Charity is a company limited by guarantee. In the event of the Charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the Charity. As at 30 September 2020 there were 6912019 - 691 members. The registered office address and principal place of business is Acland Burghley School, 93 Burghley Road, London, NW5 1UH. Page 16
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Accounting policies Icontinuedl 1.3 Income All income is recognised once the Charity has entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation lo investment income is recognised at the lime the investment income is receivable. Other income is reC(niSed in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Donations Donations received with imposed reslriclions are classified as reslricled funds. Donations in kind a valued and included in income to the extent that it represents goods or services which would othetwise be purchased. The valuation is based on what a third party would pay for the good or service. An equivalent amount is charged as expenditure. Income and the corresponding expense are recognised in the year that the goods or service are ceIVed1used. Grants receivable Revenue grants 8re credited as incoming resources when they are receivable provided conditions for receipt have been complied with. Charitable trading activities Charitable trading activities represents income received from live and recorded music81 performances, including concerts, recordings and broadcasts over various media. The income is recognised on the completion of the performance or, in the case of royalties, when receivable. Other trading activities represents income received from fundraising events, membership subscriptions and sales of merchandise. The income is recognised when receivable. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Ch8rity', this is normally upon notification of the interest paid or payable by the Bank. Investment income Investment income, gains and losses are allocated to the appropriate fund. Page 17
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Accounting policies Icontinuedl 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to MO than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Costs of raising funds are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable aclivilies. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management costs. Governance costs are those incurred in connection with adminislralion of the Charity and compliance with conslitulional and statutory requirements. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on ch8rit8ble activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Granlmaking charitable activity expenditure relates to a grant to the OAE Benevolent Fund. 1.5 Fund accounting General funds are unrestricted funds which are available for use at the dIsCtion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for p8rticul8r PLJrposes. The aim and use of each designated fund is set out in the notes to the financi81 statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. 1.6 Operating leases Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term. Page 18
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Accounting policies Icontinuedl 1.7 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are CogniSed in the Statement of Financi81 Activities. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated Ljseful lives, using the straighl-line method. Depreciation is provided on the following bases.. Long-term leasehold propety Office equipment Computer equipment over 5 ye8rs over 4 years over S years The Orchestra has adopted a valuatiON policy in regards to its musical instruments. As per the SORP. the Orchestra will review the value of the assets regularly, al least every five years. No depreciation is charged on music81 instruments as the expected residual value will be equal lo valuation. 1.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'GainsllLossesl on investments, in the Consolidated Statement of Financial Aclivilies. Investments in subsidiaries are valued al cost less provision for impairment. Investments in associates are recognised using the equity method. Initial rec(nitIon is al the fair value of the investing charity's share of the associate's nel assets. The carrying amount in an associate is SLJbsequently adjusted through the Statement of Financial Activities reflecting the investing charity's share of the associate's results. In situations where there is deemed lo be significant influence by virtue of voting power bul significant influence is not exercised and there is no intention to exercise significant influence, then the share of net assets of the associate is not recogni5ed in the consolidated accounts of the investing charity. This is on the basis that the investing charity does not have entitlement to a share of the net assets of the associate. Page 19
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Accounting policies Icontinuedl 1.9 Debtors Trade and other debtors a recognised at the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deFX)Sit or similar account. 1.11 Liabilities Liabilities are rec(niSed when there is an obligation at the Balance Sheet dale as a resutt of a past event, it is probable that a transfer of economic benefit will be required in setllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay to sellle the debt or the amount il has received as advanced payments for the goods or services it must provide. 1.12 Financial instruments The charity's b8sic financi81 instruments are inlially recognised at transaction value and subsequently measured at their settlement Value. The charity also holds financial instruments in the form of forward contracts, the charity has applied hedge accounting and measures the instrument and item at fair value wth the net gain or loss through other gains and losses in the Statement of Financial Activities. Where the hedged instrument has been cancelled, hedge accounting has not been apllied and measures the instrument and item at fair value with the net gain or loss through other gains and losses in the Statement of Financial Activities and the foreign exchange gain of the instrument measured through the Statement of Financial Activities. 1.13 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sleding at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into steding al the rale ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities. 1.14 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. Page 20
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Income from donations and legacies Unrestricted Restricted funds funds 2020 2020 Total funds 2020 Apax Foundation Arts Council England INalional Portfolio) Arts Council England IEducalionl Brifford Bridge Trust Chivers Trust Esmee Fairbairn Foyle Foundation Glyndebourne relief General donations and support Gift Aid Gift in Kind Linbury Trust Henocq Law Trust John Lyon's Charity Orchestra of the Age of Enlightenment Trust Peter Cundill Foundation Pew Charitsble Trust Radcliffe Trust Stanley Picker Trust Paul Bassham Charitable Trust 10,000 207,656 10,000 207,656 36,665 37,500 800 50,000 25,000 139,616 796,380 107,213 99,250 75,000 25,000 40,000 83,000 11,269 1,950 4,000 5,000 1,000 3,000 10,000 250 36,665 37,500 800 30,000 25,000 20,000 139,61 S 619,059 105,712 99,250 177,321 1,501 75,000 25,000 40,000 83,000 11,269 1,950 4,000 5,000 1,000 3,000 10,000 250 The 29th May 1961 Charitable Trust The Brian Mitchell Charitable Foundation The Catherine Cookson Charitable Trust The Chades Peel Charitable Trust The Patrick Rowland Foundation The Rainbow Dickinson Trust Worshipful Company of Dyers Youth Music Trust Vemon Ellis 6,000 5,000 600 1,000 39,015 5,000 6,000 5,000 600 1,000 39,015 5,000 1,252,012 574,152 1,826,164 Page 21
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Unrestricted Restricted funds funds 2019 2019 Total funds 2019 Angus Allnall Charitable Trust Apax Foundation Arts Council England INalional Portfolio) Brian Mitchell Charitable Trust 3,000 15,000 3,000 15,000 203,904 15,000 6,000 1,000 116,510 30,000 54,712 433,065 94,155 25,000 40,000 2,000 3,000 58,000 12,505 5,000 5,000 5,000 500 203,904 15,000 6,000 1,000 116,510 30,000 17,383 175,157 Charles Peel Charitable Trust Derek Hill Foundation Education Partners Esmee Fairbairn Gift Aid General donations and support Gift in kind 37,329 257,908 94,155 Henocq Law Trust IAnn and Peter Lawl John Lyon's Charity Masonic Charitable Foundation Old Possum's Practical Trust 25,000 40,000 2,000 3,000 58,000 12,505 5,000 5,000 5,000 500 Orchestra of the Age of Enlightenment Trust Parabola Foundation Patrick Rowland Foundation Peter Stebbings Memorial Charity The Loveday Charitable Trust The Pill-Rivers Charitable Trust Vemon Ellis Foundation Youth Music 5,000 32,786 5,000 32,786 Total 2019 593,296 572,841 1,166,137 Income from charitable activities Unrestricted Restricted funds funds 2020 2020 Total funds 2020 Concerts Educational activities 726,256 16,708 726,256 17,214 506 Total 2020 742,964 506 743,470 Page 22
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Income from charitable activities {continuedl Unrestricted funds 2019 Total funds 2019 ConrtS Educational activities 2,556,582 19,051 2,556,582 19,051 Total 2019 2,575,633 2,575,633 Investment income Unrestricted funds 2020 Total funds 2020 Total funds 2019 Bank interest receivable 2,451 2,451 3,160 The 2019 amount consists solely of unrestricted income. Othor incoming resourcos Unrestricted Rostrictod funds funds 2020 2020 Totsl funds 2020 Fundraising events Other income Orchestra Tax Relief 13,905 113,381 79,931 13,905 123,381 79,931 10,000 207,217 10,000 217,217 The 2019 amount consists solely of unrestricted income. Page 23
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Other incoming resources {continuedl Unrestricted funds 2019 Total funds 2019 Fundraising events other income Orchestra Tax Relief 36,243 83,308 272,375 36,243 83,308 272,375 391,926 391,926 Expenditure on raising funds Costs of raising voluntsry income Unrestricted funds 2020 Total funds 2020 Total funds 2019 General expenditure on raising funds Support ¢osls- office rent and rates Support costs- office facilities Support costs- general adminislralive costs Support costs- professional and legal fees Support ¢osls- audit fees Support costs- bank charges and finance costs Support costs- depreciation and revaluation Support costs- governance costs Wages and salaries Social Security costs Pension costs 114,126 26,949 21,253 9,511 1,432 7,767 1,734 2,810 5,552 195,132 17,025 5,368 114,126 26,949 21,253 9,511 1,432 7,767 1,734 2,810 5,552 195,132 17,025 5,368 79,117 29,325 15,056 15,565 1,976 5,839 1,133 2,031 4,073 183,466 15,339 7,352 408,659 408,659 360,272 The 2019 amount consists solely of unrestricted expenditure. The cost of raising funds in 201912020 includes the cost of raising funds from trading activities, which represents the expenditure incurred producing digital content for the OAE Player. Page 24
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2020 2020 Total funds 2020 ConTrrts Educational activities Grantmaking 467,702 955,754 361,469 1,423,456 361,469 130,461 130,461 598,163 1,317,223 1,915,386 Unrestricted Restricted funds funds 2019 2019 Total funds 2019 Concerts Educational activities Grantmaking 1,924,251 101,119 1,505 1,316,196 406,267 3,240,447 507,386 1,505 2,026,875 1,722,463 3,749,338 Summary by expenditure type Total funds 2020 Staff costs Other costs 2020 2020 ConrtS Educational activities 454,918 111,445 968,538 250,024 130,481 1,423,456 361,469 130,461 Grantmaking 566,363 1,349,023 1,915,386 Page 25
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Analysis of expenditure on charitable activities (continued) Summary by expenditure type {continuedl Total fund$ 2019 Staff costs Other costs 2019 2019 ConrtS Educational activities 427,040 103,079 2,813,407 404,307 1,505 3,240,447 507,386 1,505 Grantmaking 530,119 3,219,219 3,749,338 Analysis of expenditure by activities Activities undertaken directly 2020 Support costs 2020 Total funds 2020 Concerts Educational activities Grantmaking 1,245,458 317,865 130,461 177,998 43,604 1,423,456 361,469 130,461 1,693,784 221,602 1,915,386 Activities undertaken directly 2019 Support costs 2019 Total funds 2019 ConrtS 3,072,740 466,905 1,505 167,707 40,481 3,240,447 507,386 1,505 Educational activities Grantmaking 3,541,150 208,188 3,749,338 Page 26
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Analysis of expenditure by activities (continued Analysis of Support costs Educational activities Total funds 2020 Concerts 2020 2020 Wages and salaries offi rent and rates offi facilities General adminislralive costs 16,949 56,361 44,447 19,889 2,993 16,245 3,627 5,876 11,611 4,152 13,807 10,888 4,872 733 3,980 888 1,440 2,844 21,101 70,168 55,335 24,761 3,726 20,225 4,515 7,316 14,455 Professional and legal fees Audit fees Bank charges and finance costs Depreciation and revaluation Governan costs 177,998 43,604 221,602 Support costs allocated to cost5 of raising voluntary Income tolalled £85,112 12019 £80,962). Total support costs for the year were £306,71312019 - £289, 1491. Support costs included within charitable activity costs in 2019 lotalled £208,188 of which £167,707 was allocated lo concerts and £40,481 to educational aclivilies. Support costs have been allocated at percentage rates of 28°k (Fundraising costs), 58.kn (Concerts) and 14, IEdu¢ational activiliesl, which is consistent wth the use of the resouces12019 - 28'/o, 58°kn, and 14 /0 respeclivelyl. Total depreciation for the year ended 30 September 2020 was £10,51812019- £6.9321. Auditors. remuneration 2020 2019 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 19,250 16,000 Fees payable to the Charity's auditor in respect of.. All non-audit services not included above 8,742 5,250 Page 27
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 10. Staff costs Group 2020 Group 2019 Charity 2020 Charity 2019 Wages and salaries Social security costs Contribution lo defined contribution pension schemes Freelance individuals 639,119 61,354 574,999 54,786 639,119 61,354 574,999 54,786 19,347 64,068 26,256 80,235 19,347 64,068 26,256 80,235 783,888 736,276 783,888 736,276 Total staff costs of £783,88812019 - £736,276) have been allocated lo costs of raising voluntary Income £217,52512019 - £206, 1571 and to charitable acliviles £566,36312019- £530,119). The average number of persons employed by the Charity during the year was as follows.. Group 2020 No. Group 2019 No. Fundraising Management and administrative staff 12 17 18 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was. Group 2020 No. Group 2019 In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £120,001 - £130,000 Key management personnel are considered to be only the Directors of the Charity. Their employee benefits are detailed in note 23. Freelance individuals are engaged by the charity from time lo time lo provide assistance with projects. They are self-employed. are not included in average staff numbers and there are no social security costs in respect of these Individuals. Page 28
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 11. Directors remuneration No other remuneration, apart from as disclosed in note 23, was received by a director or connected party during the year12019 £nill. Expenses of £75912019 - £4971 were reimbursed lo 1 12019- 21 directors during the year. The Memorandum and Articles of Association of the Orchestra permit the Directors lo receive remuneration for certain services, which overrides the restriction given in the Charities Act 2011. All such setvices are paid at rates in line with or below those which would be paid lo an independent supplier for those setvices. 12. Parent charity surplu$ for the year The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Activities in these financial statements. The surplus of the parent Charity for the year w8s £421,00912019 - £37,695). 13. Tangible fixed assets Group and Charity Long-term leasehold property Office equipment Computer equipment Instruments Total Cost or valuation At 1 October 2019 41,256 121,661 141,2561 42,699 24,798 123,2331 17,743 7,290 12,9661 16,850 23,500 118,548 177,249 167,4551 Additions Disposals At 30 September 2020 121,661 44,264 22,067 40,350 228,342 Depreciation At 1 October 2019 Charge for the year On disposals 41,256 31,290 6,213 123,2331 7,078 4,305 12,9661 79,624 10,518 167,4551 141,2581 At 30 September 2020 14,270 8,417 22,687 Net book value At 30 September 2020 121,661 29,994 13,650 40,350 205,655 At 30 September 2019 11,409 10,685 16,850 38,924 Page 29
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 13. Tangible fixed assets Icontinuedl Group and Charity (continued) The office equipment and computer equipment is used in the administration of the charitable company's activities. The Directors revalued the instruments of the Orchestm lo their open market value as at the year end. In respect of assets stated al valuations, the comparable historical cost is £39,333. 14. Fixed asset investments Investments in subsidiary Companies Charity Cost or valuatlon At 1 October 2019 100 At 30 September 2020 100 Net book value At 30 September 2020 100 At 30 September 2019 100 Prlnelpal subsldlarles The Charity owns 1000A of the ordinary share capital of OAE Productions Limited (Company number.. 978990 and registered offi'ce.. Acland Burghley School, 93 Burghley Road, London, NW5 1 UH). The financial results of the subsidiary for the year were.. Turnover Expendlture ProfitllLoss) after tax rellef Aggregate capital and reserves OAE Productions Limited 838,853 872,496 42,637 65,091 Page 30
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 15. Debtors Group 2020 Group 2019 Charity 2020 Charity 2019 Due within one year Trade debtors 75,124 543,729 75,124 352,306 6,404 131,391 533,729 275, 176 13,625 285,737 Amounts owed by group undertakings other debtors Prepayments and accrued income Tax recoverable Hedged future re1vable 6,403 131,391 352,306 1,646 13,625 285,737 272,375 139 1,646 139 566,870 1,115,605 566,871 1,108,406 16. Creditors.. Amounts falling due within one year Group 2020 Group 2019 Charity 2020 Charity 2019 Forward contract liability Trade creditors Other taxation and social security other creditors Accruals and deferred income 3,384 136,753 28,695 8,640 260,149 266 232,335 113,304 12,702 172,140 3,384 136,753 28,695 10,440 260,149 266 232,335 113,304 12,702 162,140 437,621 530,747 439,421 520,747 Deferred income relates lo concert tickets, subsidies for concerts and OAE Player annual subscriptions which have been received in advance. Deferred income brought forward was £131,486 of which £98,492 was released and additional deferred Income introduced of £116,586 in 2020. Forward contract liability: Forward contracts were entered into during the year in order to hedge the exchange risk from overseas concerts income. The fair value of the forward contracts al 30 September 2020 decreased resulting in a loss of £3,118. The fair value of the hedged item, the future reTrivable, increased in value resulting in a gain of £1,507. The net loss achieved on the forward contract is £1,611 12019 - nel loss of £1271, with the movement of £1,611 from 30 September 2019 being shown on the Statement of Financial Aclivilies. Page 31
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 17. Financial instruments Group 2020 Group 2019 Charity 2020 Charity 2019 Financial assets Financial assets measured al fair value through income and expenditure Financial assets measured al amortised cost 1,646 540,536 139 1,068,228 1,646 540,537 139 1,061,029 542,182 1,068,367 542,183 1,061,168 Group 2020 Group 2019 Charity 2020 Charity 2019 Financial liabilities Financial liabilities measured at fair value through income and expenditure Financial liabilities measured al amortised cost 11,6461 12661 11,6461 12661 1274,0561 1293,7851 1275,8561 1293,7851 1275,7021 1294,0511 1277,5021 1294,0511 Financial assets and liabilities measured at fair value through income 8nd expenditure comprise of the forward contract asset and liability. Fair value of the hedged item and the forward contract is determined by the year end spot rate. Note 16 8bove gives details of the gainslloss of the forward contract. Financial assets measured al amortised cost comprise of trade debtors, accrued income and other debtors. Financial liabilities measured at amortised cost comprised of trade creditors, accruals 8nd other creditors. 18. Pension commitments The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently adMinisted fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £19,34712019 £26,6561. No conlributions12019 - nil) were payable to the fund at the balan sheet date. Page 32
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 19. Operating lease commitments At 30 September 2020 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2020 Group 2019 Group and Charity Not later than 1 year Later than 1 year and not later than 5 years 36,367 115,914 2,172 1,272 152,281 3,444 Lease payments recognised as an expense in the year tolalled £1,62912029 - £2,172). Page 33
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 20. Statement of fund$ Statement of fund$ - current year Balance at 30 Gainsl September (Losses) 2020 Balance at 1 October 2019 Transfers inlout Income Expenditure Unrestricted funds Designated funds Oxford collaboration fund Revaluation reserve 8,284 8,264 4,817 660,000 4,817 660,000 Reserve fund Capital project fund 165,000 143,3391 387,739 19,000 121,661 352,000 19,000 Digital fund Education fund 45,153 180,8921 838,081 45,153 180,8921 363,400 1,165,742 General funds General Funds 176,417 2,159,491 1925,9301 11,097,736) 11,6111 310,631 Total Unrestricted funds 1,014,498 2,204,644 11,006,822) 1734,3381 11,6111 1,476,373 Restricted funds cOnrt activities Education projects Capital projects 283,163 210,688 1955,7541 705,653 243,750 81,231 298,970 75,000 1361,4691 103,883 175,0001 122,415 364,394 584,658 11,317,223) 734,336 366,165 Total of funds 1,378,892 2,789,302 12,324,045) 11,6111 1,842,538 Page 34
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 20. Statement of fund$ {continuedl Statement of funds - prior year Balance at 30 Gainsl September (Losses) 2019 Balance at 1 October 2018 Transfers inlout Income Expenditure Unrestricted funds Designated funds Oxford collaboration fund Revaluation reserve 8,284 8,264 4,817 600,000 4,817 660,000 Reserve fund Capitsl project fund 60,000 67,000 139,8531 137,853 165,000 680,081 139,8531 197,853 838,081 General funds General Funds 244,535 3,564,015 12,347,294) 11,286,205) 1,366 176,417 Total unrestricted funds 924,616 3,564,015 12,387,147) 11,088,352) 1,366 1,014,498 Restricted funds Concert activities 324,875 273,478 11,316,196) 1,001,006 283,163 Education projects 100,789 299,363 1406,2671 87,345 81,231 425,664 572,841 11,722,463) 1,088,352 364,394 Total of funds 1,350,280 4,136,856 14,109,610) 1,366 1,378,892 Page 35
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 Desi nated Funds". These comprise amounts which the charity has set aside for the following specific purposes". Oxford Collaboration Fund". Funds raised through ticket sales for a concert at Oxford which are to be used lo support further events the. Revaluation reserve.. The revaluation reserve was created by the revaluation of instruments in 2002 at open market value by various members of the orchestra. directors and employees familiar with market values of the instruments in question. This reserve is increased I decreased when the instruments are valued. Reserve fund.. Funds held to cover the amount identified in the charity's reserves policy statement. Capital project fund". Funds held to cover the costs of planned capital expenditure in 2018-19 on website development and box office integration, in house PA systems, and noise monitoring equipment for health and safety purposes, and in 2019-20 and beyond on office relocation and refurbishment. Digital fund. Funds set aside to cover the cost of the creation of the online digital plafform and for the digital investment over the next two years. Education fund." Funds set aside for fLItU education projects including the ABS educational projects and the commercial educational pilot. Restricted Funds.. These comprise donations received for the specific projects that the ch8ri18ble company administers. These are as follows". Concert activities". To SUPFX)rt specific live or recorded performances. Education projects.. To support the charity's education and outreach work. 21. Fund transfers ExpenditLJre during the year on concert 8Ctivilies and education projects which were partly funded by restricted income exceeded that income by £705.653, and £103,683 respectively. Capital projects of £75,000 was fully spent in the year due to the ABS fil out. Transfers lotalling £734,336 have therefore been made from unrestricted funds to reslricled funds in order to meet these shortF811s. During the year 8 transfer of £43,339 was made to general funds from the capital project fund. The fund was previously designated to fil out the new premises. for which the total cost was £121,661. The value of the remaining balance of the capital project fLJnd will reduce by the value of annual depreciation charge. During the year transfers totalling £452,000 were made from general funds lo the Digital designated fund. £100,000 was transferred into the digital fund from general funds however following the completion of the project, the remaining funds totalling £84,261 were transferred to general funds resulting in a nel transfer into the Digital fund of £35,739 in respect of the OAE Player. The second transfer of £352,000 into the digital fund was for the purpose of setting aside funds for digital investment over next two years. During the year 8 transfer of £19,000 was made lo the designated education fund from general funds. Of this amount £15,000 was designated for the ABS educational projects and £4,000 was the commerci81 education81 pilot. Page 36
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 22. Analysis of net as$et$ between funds Analysis of net as$et$ between funds - current period Unrestricted Restricted funds funds 2020 2020 Total funds 2020 Tangible fixed assets Current assets Creditors due within one year 202,155 1,648,845 1374,6271 3,500 425,659 162,9941 205,655 2,074,504 1437,6211 Total 1,476,373 368,165 1,842,538 Analysis of net assets between funds - prior period Unrestricted Restricted funds funds 2019 2019 Total funds 2019 Tangible fixed assets Current assets Creditors due within one year 35,424 1,454,003 1474,9291 3,500 416,712 155,8181 38,924 1,870,715 1530,7471 Total 1,014,498 364,394 1,378,892 23. Transactlons wlth Trustees and other related partles al During the year musician fees and salaries for management services were paid lo the following Trustees.. Musicians Fees 2020 Musicians Management Management Fees Services Services 2019 2020 2019 A Buchberger (resigned 10 November 20181 S Devine M Mandel 20,279 30,802 18,705 9,458 22,114 15,286 75 667 856 13,564 9,117 5,622 5,144 11,449 1,797 1,992 2,193 2,004 2,005 139,162 R Montgomery A Roberts K Spreckelsen C Woodhead 1,356 1,281 1,018 88,561 44,896 116,644 149,153 93,814 Page 37
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 23. Transactions with Trustees and other related parties Iconlinuedl bl At the balanee sheet date, trade creditors include the following amounts due lo Trustees". 2020 2019 A Roberts S Devine M Mandel K Spreckelsen 1,441 1,802 3,298 1,910 1,730 4,973 5,208 The amounts due to Trustees relate lo musicians, fees and fees and expenses incurred as members of the Players Artistic Committee. cl During the year the charity received a donation of £83,00012019 - £58,000) from the Orchestra of the Age of Enlightenment Trust, a charity of which l Overli is a Trustee. dl During the year donations received from Trustees and other related parties totalled £318,207 12019 £120,5871. el During the year a commissioning fee of £774,75312019 - £2,053,699) was charged by the Charity to OAE Productions Limited, a wholly owned subsidiary. During the year income of £854,684 12019 £2,326,077) was receivable from OAE Productions Limited for concert services supplied. Al the year end, an amount of £352,30612019 - £272,378) was due from OAE Productions Limited. fl At the balance sheet date, an amount of £nil12019 - £2,801) was due from OAE Productions Limited in respect of expenses paid by the charity on behalf of the company. These amounts are unsecured, interest free and repayable on demand. Page 38
ORCHESTRA OF THE AGE OF ENLIGHTENMENT AND SUBSIDIARY UNDERTAKINGS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 24. Reconciliation of net movement in funds to net cash flow from operating activities Group 2020 Group 2019 Charity 2020 Charity 2019 Nel income for the period las per Statement of Financial Aclivitiesl 463,646 28,612 421,009 37,696 Adjustments for: Depreciation charges Effect of foreign currency hedge Dividends, interests and rents from investments Decrease I lincreasel in amounts due from group undertakings Ilncreasel Idecrease in debtors Increase I Idecreasel in creditors Net cash provided byllused inl operating activities 10,518 1,611 6,932 11,3661 10,518 1,611 6,932 11,3661 12,4511 13,1601 12,4511 13,1601 174,8171 620,172 184,4441 13,526 182,2861 31,817 552,556 196,2451 175,9621 41,818 929,635 13,1261 891,598 3,159 25. Analysis of eash and cash equivalents Group 2020 Group 2019 Charity 2020 Charity 2019 Cash in hand 1,507,634 755,110 1,444,343 729,856 Total cash and cash equivalents 1,507,634 755,110 1,444,343 729,856 26. Analysis of changes in net debt At1 October 2019 Cash flov At30 Sgptember 2020 Cash at bank and in hand 755,110 752,524 1,507,634 755,110 752,524 1,507,634 Page 39