OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MUSIC IN THE ROUND LIMITED

Last night of the 2023 Sheffield Chamber Music Festival © Andy Brown

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Registered company (England and Wales): 1880734 Registered Charity: 326811

Contents Page
Reference and Administration information 3
Trustees’ Report 4 – 18
Independent Examiner’s Report 19
Statement of Financial Activities 20
Balance sheet 21
Cash flow statement 22
Notes to the financial statements 23 – 31

Page | 2

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

REFERENCE AND ADMINISTRATION INFORMATION

Registered Company No.

1880734 (England and Wales)

Registered Charity No.

326811

Registered Office

4th floor Sheffield Central Library Surrey Street Sheffield S1 1XZ

Trustees

Sughra Begum DL Jan Bonar – Vice Chair Jenny Dibden Stevens – Chair Ellen Gallagher (resigned 8 December 2023) Prof Jane Ginsborg – Vice Chair Christopher Glynn Prof Pat Kendall-Taylor Cara McAleese Dr Sarah Price Daniel Sogbesan Mark Sutherland Chloë Wennersten

Chief Executive

Jo Towler

Independent Examiner

Philip Allsop FCA BHP LLP 2 Rutland Park Sheffield S10 2PD

Page | 3

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Objectives and aims

The objectives of Music in the Round, as stated in its Articles of Association, are to promote, maintain, improve and advance education particularly by the organisation and presentation of programmes, festivals and occasions of a similar kind, which will encourage the arts in general with special reference to the art of string, chamber and other music, singing and related arts.

Mission Statement

Music in the Round is the leading national producer of chamber music, with a year-round programme of hundreds of events for people of all ages. Since 1984 we have been bringing people and music closer together through our friendly and informative style of ‘in the round’ performances. We present concerts and the Sheffield Chamber Music Festival each year at our home venue, the Crucible Playhouse, as well as activity across the city and in partnership with venues around the country.

Our mission has always been to ‘get people closer to the music’. Audiences do this by experiencing live music while seated in the round; musicians introduce themselves and the music they’re playing; and we also provide contextualising talks, participatory events and online resources as part of our programme.

At the heart of our activity is our resident group, Ensemble 360, comprising 11 of the finest chamber musicians in the country, and we also present world-class guest artists and outstanding young performers. These sit alongside dozens of free and low-cost participatory events led by high-quality workshop leaders and educators, such as storybook concerts and composition projects in schools.

We present chamber music that is characterised by passion, excellence and proximity through:

Page | 4

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Achievements and Performance

In 2023/24, Music in the Round presented:

In addition, we also:

April 2023 began with a wonderful performance of Pierrot Lunaire from Claire Booth and Ensemble 360 in a concert that also featured Helen Grime . In May, a long-standing friend of Music in the Round, pianist Kathryn Stott , guest curated the 2023 Sheffield Chamber Music Festival . She programmed a wonderful festival featuring her friends and amazing guests, including trumpeter Tine Thing Helseth , bandoneon player JP Jofre , saxophonist Amy Dickson and folk harpist Ruth Wall , as well as events celebrating the 60th birthday of composer Graham Fitkin , all of which were enjoyed by an audience of over 4,400 people.

This was reflected at the box office, with the average income and average number of tickets sold per event both showing a huge increase compared to Festivals over the last ten years. Other notable statistics include:

This demonstrates that by diversifying the music and musicians we present our events appeal to a broader range of people, and we will continue to do this in our year-round programming.

The autumn season began with our ever-popular Bach Walk, followed by a celebration of the 100th birthday of György Ligeti. Guests included the Leonkoro Quartet and pianist Sarah Beth Briggs , and we were delighted to be joined by guitarist Craig Ogden again for a hugely enjoyable sell-out performance.

Page | 5

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Our 40th anniversary year opened with the wonderful violinist Jennifer Pike , accompanied by Martin Roscoe . The rest of the spring season featured the Dutch Calefax Reed Quintet , international group Trio Gaspard , star pianist Steven Osborne and a wonderful performance from Jasdeep Singh Degun , one of the leading sitar players, who was joined by Harkiret Singh Bahra on tabla. Ensemble 360 also gave some fantastic concerts during the year, with concerts focusing

Jasdeep Singh Degun © Adam Lyons

on Russian composers, Dvořák, Beethoven and the reed trio.

Sounds of Now , our series dedicated to experimental music, expanded around the country, with 12 concerts in Portsmouth and London as well as Sheffield. This included introducing audiences to The Hermes Experiment , with their imaginative programming, as part of a new partnership with the Royal Over-Seas League , supporting young musicians as they embark on their professional careers. We also supported recorder player Tabea Debus to create a new in-the-round concert experience with accordion player Samuele Telari and a dancer, choreographed by Sally Marie , in partnership with Young Classical Artists Trust (YCAT). We continued our long-standing relationship with the Royal Philharmonic Society (RPS), premiering a new chamber music commission from Ben Lunn , an Associate Artist with Drake Music, in a concert featuring other RPS commissions for Ensemble 360.

Our National programme around the country continued to develop, with our long-standing partnership with Portsmouth Guildhall leading to a new series of events starting at The White Rock, Hastings . A new relationship also began with Mansfield Palace Theatre . Venue partnerships continued in Milton Keynes , Leamington Spa , Barking & Dagenham , Manchester and Goole alongside long-standing concert series in Barnsley and Doncaster . Concerts in Tonbridge also featured, although we had to make the sad decision revisit our concerts in Woolwich Works , London, as they are not currently financially viable. Many of these venues present a family or school event on the same day as evening concerts, providing high-quality performances for audiences of all ages. This flexibility appeals to many venues looking to reach more people while making cost savings, while also reducing the carbon footprint of our touring musicians, and is a model we hope to continue and expand.

Learning & Participation

Our popular storybook concerts for young people and their families, complemented by INSET and workshop sessions in schools, were performed in National partner venues. In addition, our composition project WeCompose for KS3 and KS4 began in earnest around the country, following on from the pilot in South Yorkshire in 2022/23; our Bridge Scheme wind ensemble continued to develop; and we began a new relationship with the Consone Quartet , which became our Visiting Quartet in January 2024.

Page | 6

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

During the year:

In May we presented our most recent storybook concert for Early Years, Izzy Gizmo , as part of SCMF. Also featuring during the year were Sir Scallywag and the Golden Underpants and Chimpanzees of Happy Town , all written by our Children’s Composer-in-Residence, Paul Rissman , with 6,981 people enjoying these performances aimed at young people aged 3–7. We continued to roll out our new concert format, Close Up , aimed at 7–11-year-olds and their families, across the country.

----- Start of picture text -----
Chimpanzees of Happy Town in the Crucible Theatre
presented by Lucy Drever
----- End of picture text -----

The Bridge Ensemble comprises five wind

players from backgrounds under-represented in chamber music, nurturing them as they develop their professional careers. In partnership with Black Lives in Music , we have provided a range of experiences during the year, from developing workshop skills in schools as part of WeCompose to curating, producing and promoting their own concert as part of our Sheffield Autumn series in the Crucible Playhouse. This was very popular with audiences, with the highlight being an Afrobeat-

inspired new piece from the clarinettist in the group, Ola Akindipe .

----- Start of picture text -----
Seeee esee [dria]
Bridge Ensemble relaxing after their performance
in the Crucible Playhouse
----- End of picture text -----

Music in the Round is also supporting an emerging string quartet, the Consone Quartet . This award-winning group became our Visiting Quartet in January 2024 in a residency that will run for at least two years, and is likely to extend beyond this. A period instrument quartet, they are extending their musical skills by being involved with WeCompose and presenting workshops and projects in schools across Sheffield, supported by and learning from Sheffield Music Hub music leaders. Performance

Page | 7

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

opportunities around the country are also being provided, both as a quartet and in larger string pieces alongside members of Ensemble 360.

A burgeoning partnership with Orchestras Live continued to grow in spring 2024 with a project in Bolsover , Derbyshire, working with residents in former mining villages. The Consone Quartet has already been involved in these sessions, developing their workshop skills in community settings.

Other activity for Sheffield residents included a ‘Come and Sing’ event featuring arrangements of songs by local Barnsley folk musician Kate Rusby, and workshops for students at Sheffield Music School, the University of Sheffield and members of Sheffield’s CoMA (Contemporary Music for All) group.

Case Study: WeCompose 2023-24

WeCompose is Music in the Round’s transformative in-schools creative music project that aims to change how composition is taught in secondary schools.

It is a collaborative project that can be envisaged as a five-way learning exchange between students, their teachers, professional composers, professional ensembles and Music in the Round.

How it works:

Page | 8

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

“Our students confidence and self-esteem was really boosted when they saw the quartet’s enthusiasm about our score, that it was valued as a piece of music and how they interpreted it. Our students could really take ownership of it when asked questions by the quartet and express what they wanted to hear in their piece. The hard work paid off! To hear at the concert as a performance piece of music was hard for them to believe, even though it was their work. They were amazed and very pleased with the end result and that the rest of the audience enjoyed it too.” ”This is an amazing opportunity to work with professional musicians. It really added impact. The students could relate with their composition. We have seen a 20% increase in uptake of GCSE music as a result. ” Feedback from teaching staff following the WeCompose culmination events

”I have found this event so amazing and loved working with people to create a piece of our own. This was a very good experience and I learnt a lot. The people we were working with are so nice and would love to do it again. ”

“I found this entire experience very informative, and exciting as well. We learned about new techniques on string instruments, and got to interact with actual live players. The composing was also fun, and gave us a project to work towards in class. This was a unique opportunity too, and it was my first time hearing strings live. Overall, I would definitely do this again.”

Student feedback

WeCompose worked with: WeCompose delivered:
Over 750 young people 120 hours of in-school workshops
12 professional composers Over 250 new pieces of music
37 schools in 10 towns and cities across 29 live concerts of programmes including 42%
the country living composers, 33% female composers and
33% Global Majority composers

Networks, partnerships and collaborations

Music in the Round is represented on the boards of Sheffield Music Education Hub , Create Sheffield (Sheffield’s Local Cultural & Education Partnership), Classical Sheffield (Chair), Sheffield Culture Consortium (comprising arts organisations, community arts venues, the universities and Sheffield City Council), Sheffield Culture Collective (comprising local businesses, health and arts organisations, HE institutions and Sheffield City Council) and Orchestras Live . Our connections with Sheffield Jazz give them the opportunity to perform in the Crucible, and for Classical Sheffield member groups to perform as part of the annual Sheffield Chamber Music Festival.

Ongoing and new relationships include:

Page | 9

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

members, 40% of whom are new to classical music, by supporting its members to collaborate, and providing opportunities for them to take live music into more places to more people.

Funding Development & Income Generation

Earned income increased again to £253,294, from £210,898 in 2022/23, as activity continued to grow during the year. Our National programme made inroads into breaking even through negotiations with our partner venues around the country, and we are close to achieving our need to balance its budget by 2025. Our aim remains that engagements at venues around the country start to generate a net surplus for Music in the Round from 2026 onwards.

We received a total of £298,944 (2022/23: £199,583) from Arts Council England (ACE) and trusts and foundations, including our agreement for two years (2022-24) with long-term funders Mayfield Valley Arts Trust to support Learning & Participation activity in Sheffield and South Yorkshire. This increase

Page | 10

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

IN THE ROUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

reflects significant investment in our WeCompose project over three years from the Paul Hamlyn Foundation, and a large award from the Frost Trust to support the Consone Quartet as our Visiting Quartet for a minimum of two years from January 2024.

With 329 Friends of Music in the Round, income from the scheme slightly increased to £27,417 (2022/23: 26,771), as the Development Manager focused on increasing major donors and support for our 40th anniversary in 2024. Big Give Christmas and Arts for Impact campaigns during the year together raised £27,521 for forthcoming Learning & Participation projects.

Consone Quartet ©Matthew Johnson

Our freelance Trusts & Foundations Officer has been hugely successful with grant applications. Recently, income from trusts & foundations has been under £10,000 each year; in 2023/24 this has leapt to £76,350. In addition to this is the award from the Frost Trust and Mayfield Valley Arts Trust as well as a contribution from Sheffield City Council and local businesses via Sheffield Culture Collective, leading to a total of £153,350 of grants awarded during the year (2022/23: £53,989).

We continue to enjoy a good relationship with Arts Council England, retaining our status as a National Portfolio Organisation from 2023-26, and will apply for the extension year 2026/27 as required.

Sheffield City Council currently provides free office space and utilities (approximate value around £20,000) as support in kind, for which we are very grateful. We are seeking to retain this support due to the possible redevelopment of the Graves / Central Library Building in which the office is based, although in the future we will be based in Canada House as part of Harmony Works.

Staff and Operational Structure

The current staff team comprises nine people, led by the Chief Executive, of whom seven are parttime. In addition, a freelance Trusts & Foundations Officer worked 30 hours a month. The Development Manager returned from maternity leave in April 2023, with her role having been covered internally.

The National Programmes Manager decided not to return after her maternity leave, so the National Projects Manager position became permanent. This role increased in hours in January 2024 to reflect the growing programme of activity around the country, especially Learning & Participation, and also reduced the need to engage freelance concert managers.

In January the Events & Participation Coordinator left her position to become a freelance Composition & Creativity Coordinator, leading our WeCompose project and coordinating the Visiting Quartet residency. Her successor began in February 2024, with a focus on increasing our engagement with different communities in Sheffield, working with volunteers and refreshing our Concerts Plus activity.

Page | 11

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The team structure is currently:

----- Start of picture text -----
Board of Trustees
[
Chief Executive
(F/T)
ee
Guest Festival Head of Development Marketing & Fundraising
Curator Programmes Finance Manager Manager Comms Manager Officer
(0.35)
(freelance) (F/T) (0.6) (0.6) (freelance)
| Oe
Sheffield Events &
Programme Manager National Projects Manager ParticipationCoordinator Ensemble 360 (freelance) Comms Officer Marketing &
(0.8) (0.6)
(0.8) (0.6)
|| |
----- End of picture text -----

The Guest Festival Curator for the 2023 Sheffield Chamber Music Festival (SCMF), pianist Kathryn Stott , worked with Ensemble 360, the Head of Programmes and other staff to create a fantastic nine days of events in May 2023. Steven Isserlis , curator of SCMF 2024, has also worked closely with staff to create a wonderful SCMF 2024. This model will continue into the future, as it refreshes our programming and gives us opportunities to present and work with a broader range and variety of musicians that each curator invites to Sheffield.

Future Plans

In May 2024 internationally-renowned cellist Steven Isserlis curated a celebratory programme for our 40th anniversary SCMF, and he also performed in two sell-out concerts. We were joined by longstanding friends of Music in the Round pianist Peter Hill and former Lindsay String Quartet viola player Robin Ireland to reflect on the last 40 years, and other stellar guests included our Singer-in-Residence baritone Roderick Williams and pianist Mishka Rushdie Momen . As well as a focus on Fauré to mark his centenary, highlights included a rare performance of choral music by Augusta Holmès , a Sunrise concert at 5am in a local chapel, and an evening dedicated to Saint-Saëns that featured the first original film score alongside a screening, which was a hit with the audience.

This was reflected at the box office, with the number of individual bookers increasing by 21% from 2023, and we aim to build on this in subsequent years with the Guest Curators (2025: Ensemble 360 for their 20th anniversary; 2026: soprano Claire Booth ; 2027 composer Errollyn Wallen ) as well continuing to present an eclectic range of music as part of our year-round concert series. Autumn 2024 sees a continuation of our 40th anniversary celebrations, with appearances by pianists Kathryn Stott and Stephen Hough , saxophonist Jess Gillam , trumpeter Aaron Azunda Akugbo and ‘Queen of the Qanun’ Maya Youssef . We also present Jonathan Dove’s opera The Monster in the Maze on the iconic Crucible Theatre stage, in partnership with Sheffield Music Education Hub and Sheffield

Page | 12

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Theatres, for a production that brings together music-makers of all ages from across the region to perform with our professional resident musicians and singers in an epic celebratory event.

A packed Crucible Playhouse in autumn 2023

National activity includes ongoing relationships with many of our partner venues, and new ones beginning with White Rock, Hastings and Mansfield Palace Theatre . Portsmouth Guildhall continues to present events from our Sounds of Now

series, and our storybook concerts for 3–7-year-olds will appear in towns and cities across the country, including returns to Wigmore Hall and Wiltshire Music Centre . Close Up, for young people aged 7–11, is also featuring across the country during the year.

Following successful culmination events in summer 2024, our WeCompose project expands into dozens more schools and places across the country, with more KS4 students taking part to support their GCSE submissions as well as inspiring KS3 students. The Bridge Ensemble continues their development through recording and workshop opportunities, and the Consone Quartet begins its work in Sheffield schools in earnest in autumn 2024, as well as special Mendelssohn events in Sheffield and other events in our National programme.

Financial Review 2023/24

Total income for the year was £680,909 (2022/23: £530,969). Of this, £168,469 (2022/23: £73,556) was restricted income raised from donations and grants for our Learning & Participation programme.

We have an ongoing target of achieving an income ratio of 40% sales income / 35% public funding and grants / 25% individual giving. In 2023/24, we achieved ratios of 37% sales income / 44% public funding and grants / 19% individual giving. Much of the grant income was for a specific expensive project (WeCompose), which means that the figures do not reflect the positive year-on-year increase of 20% in sales income and 9% increase in individual giving.

Income Ratios 2019-2024

----- Start of picture text -----
100%
8
25 31 31 23 19
33
35 37 44
50% 35 45
57
40 34 40 37
24
0% 2
Target 2019/20 2020/21 2021/22 2022/23 2023/24
Sales income Public funding and grants Individual giving CJRS
----- End of picture text -----

Page | 13

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

However, it still reflects an over-reliance on grants that we are keen to change, returning to a financial picture that reflects the ratios of 2019/20 but with more earned income. Our aim for 2024/25 and beyond is therefore to continue to increase individual and corporate giving, as well as sales income, so that we become a more resilient organisation and less reliant on public funding.

Underlying core expenditure remains subject to tight budgetary control, overseen by the Finance & Fundraising Committee. Total expenditure for the year was £655,996 (2022/23: £547,789), including planned spending down of Restricted and Designated Funds for Learning & Participation activities as well as the Future Festivals Fund specifically to support SCMF.

A portion of the Andrew McEwan Fund, which supports young people who wouldn’t otherwise have the opportunity to experience high quality live music-making, was used to refresh the resources for our storybook concert for 3-7 year-olds, Chimpanzees of Happy Town , leaving a balance of £30,489 (2022/23: £34,737). Successful fundraising for Learning & Participation projects, after using some of the funds for in-year activity, leaves £114,979 to be carried forward into 2024/25 (2022/23: £61,676). Our Bridge Fund supporting young musicians under-represented in chamber music has been partially spent down during the year, and after additional funds raised has a balance of £18,175 to support activity in 2024/25 (2022/23: £24,981). The Mayfield Valley Arts Trust income was all spent within the year on Learning & Participation projects. The Lindsay Foundation and Digital Future Fund were not used during the year.

The net book value (NBV) of our Steinway piano is a designated fund from which depreciation costs are met, in recognition of the fact that the value of this asset is not part of the liquid general funds readily available for use at the discretion of the Trustees. After depreciation charges for the year of £6,384, the fund stands at £nil. A new designated Piano Fund has been created by trustees to start saving for a full service of the Steinway to ensure it remains top quality and suitable for playing by top international pianists. This new fund has a balance of £1,000 to carry forward into 2024/25.

The overall net position of income over expenditure shows a small increase in unrestricted general funds of £48, with a year-end balance of £194,125 (2022/23: £194,077), which is in line with our reserves policy. Significant Learning & Participation activity meant that there was a planned spending down of restricted funds (£126,220) and of designated funds (£68,384). Successful fundraising for projects meant that there was a net increase of £42,249 for restricted funds, and the decrease of £17,384 in designated funds still leaves a balance of £303,244 for planned activity, so we remain in a strong financial position for the future.

The Finance and Fundraising Committee and full board each met four times during 2023/24, keeping a close monitor on the organisation’s financial health. The Risk Register was regularly reviewed throughout the year, and a new Governance document was signed off by trustees in summer 2023.

Reserves Policy

It is the policy of the charity to maintain unrestricted general funds, which are the free reserves of the charity. Music in the Round needs reserves in the short term to cover possible cash flow problems caused by having to commit to expenditure in advance of income or the late payment of significant

Page | 14

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

box office income or grants. Funds may also be required to reduce the impact of risks from the external environment, for example a cut in funding from a key funder such as Arts Council England.

The charity’s aim is to maintain unrestricted funds as working capital to a level that represents approximately four months’ core costs of future expenditure (£160,000-£200,000) to aid cash flow during the quieter months and finance its fundraising activities. The trustees have assessed the company’s needs and determined that this minimum is desirable given the uncertainties that currently exist around public funding. This will be reviewed annually against changes to the company’s circumstances and activity. Unrestricted general funds held by the charity at 31 March 2024 were £194,125, which is in line with this aim.

Designated Funds

Unrestricted funds may be classed as ‘designated’ and set aside by the trustees for a specific charitable purpose, for example for a specific activity or project. Such decisions are made at board meetings and minuted. Any designated funds are in addition to those required for four months’ cost of future expenditure. Trustees can also remove the designation of funds to release them back to unrestricted funds should circumstances indicate this is appropriate.

Restricted Funds

Funds provided to Music in the Round as grants or charitable donations for a specific purpose will be identified separately in the accounts. Care will be taken to ensure that such funds are only used for the purpose for which they were provided, or renegotiated with the grant-making body should any project adaptions be required in exceptional circumstances.

Risk Management

The trustees and staff team of Music in the Round have worked together to identify the major risks to which the charity is exposed, reviewed the current systems and policies that mitigate the risks and implemented a number of changes to further reduce the risks. The Finance & Fundraising Committee reviews the risk register on a quarterly basis, and seeks to constantly improve the management of the charity.

Governance, Organisational Structure and Management

Governing document

Music in the Round is a company limited by guarantee governed by its Memorandum and Articles of Association as amended on 11 February 2013. It is registered as a charity with the Charity Commission. Trustees each agree to contribute £1 in the event of the charity winding up.

Trustee Appointments and Resignations

The directors of the company are the trustees of the charity. The trustees are all members of the company. New directors of the company are appointed by the members. Trustees serve a three-year term of appointment and may be re-appointed up to a further two consecutive terms of three years

Page | 15

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

but must then resign. There must be no fewer than three trustees but with no upper limit. Trustees are appointed to maintain an appropriate balance of knowledge, skill and diversity.

There were very few trustee changes during the year. One trustee, Ellen Gallagher, stepped down for personal reasons, leaving 11 trustees on the board. She, along with another trustee leaving due to completing her full nine-year term during 2024, will be replaced by two new trustees at the AGM in December 2024, returning the board to 12 trustees.

Induction and training of new trustees

New trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the current Business Plan and the financial affairs of the Music in the Round. Prospective trustees meet the Chair, Chief Executive and staff, and are invited to attend a Board meeting as observers before joining.

Organisational structure and management

The Board of Trustees administers the charity. As at 31 March 2024 the Board comprised 11 trustees, of whom 73% are female, 9% identify as disabled, 9% identify as neuro-divergent, 64% are under the age of 50, 36% do not identify as White British and 73% identify as heterosexual. In addition, 45% of trustees come from an ‘intermediate’ or ‘lower socio-economic’ background. The Board meets at least four times a year, with other meetings to discuss particular issues arranged as required. The advisory Finance & Fundraising Committee meets quarterly, chaired by trustee Jan Bonar, which comprises three trustees, including the Chair, two members of the management team and an external advisor.

The Board appoints the Chief Executive, and delegates the appointment of staff and the day-to-day management of the charity to this role. The Chief Executive reports to the Board on the financial and strategic position of Music in the Round, supported by the Head of Programmes.

From 2023/24 onwards the organisation has also been supported by four additional groups focusing on the ACE Investment Principles of Dynamism, Inclusivity & Relevance, Ambition & Quality and Environmental Responsibility. Each of these are chaired by a trustee and comprise trustees, staff and an external advisor, and quarterly discussions are shared with all trustees at board meetings.

Organisational developments during the year

In 2023/24 we held four formal board meetings, including an Away Day for all staff and trustees in December 2023. Music in the Round engages in an ongoing process of self-evaluation, in which we examine our vision, practice, long-term strategy, financial health, partnerships and governance.

Our Business Plan is the mechanism by which we articulate our values, ambitions, objectives and targets for a given period, supported by a Five-Year Artistic Planning Document. This was updated at a staff Away Day in July 2023, looking ahead to 2028, and feeds into the Business Plan for 2024 onwards.

Page | 16

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Equity, Diversity & Inclusion

Music in the Round has set targets within its Business Plan as part of its aim to diversify the organisation and the music and musicians it presents.

Our annual targets for 2023/24 that aim to represent the population of Sheffield (2021 census):

Although we only achieved 6 of these 9 targets, it is worth noting that our 18 storybook concerts all included female and Global Majority composers, as did our Close Up concerts, ensuring young people are being exposed to a broad range of music. Commissioned composers are mostly through the Royal Philharmonic Society (RPS) and other connections, and we have secured a female composer from the RPS for 2024/25. We are liaising with our resident and guest artists to increase the diversity of our programming of female and Global Majority composers in forthcoming seasons.

Public Benefit

When reviewing Music in the Round’s objectives and activities and devising its future programme, the Board of Directors confirms that it has referred to the Charity Commission’s general guidance on public benefit and complied with its duty under the Charities Act 2011.

The charity’s aims and objectives are directed at the public at large: those who attend concerts around the UK; visitors to the website; and those who are part of our many learning & participation activities.

Our concerts in Sheffield and Barnsley are open to the public without restriction, and also include offers for tickets for those aged under 35 as well as first-timers, students, disabled people with carers and those in receipt of Universal Credit and PIP. In Sheffield we work with Tickets for Good, enabling NHS staff and people from low socio-economic backgrounds to attend concerts at low cost. We also liaise with a local group to provide free access to our events for People Seeking Sanctuary.

Directors’ responsibilities

The Directors, being the trustees of the charity, are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP).

Page | 17

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

MUSIC REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 IN THE musie©)

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 20 to 31.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘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

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 section 396 of the 2006 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.

Philip ALsop

Signer ID: YHZA7ZGW8B...

Philip Allsop FCA BHP LLP 2 Rutland Park Sheffield S10 2PD

19/12/2024 GMT Dated: ………………………

Page | 19

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

Music in the Round Limited

Statement of Financial Activities (including Income and Expenditure Account)

Year ended 31 March 2024

----- Start of picture text -----
Restricted
Unrestricted income Total Total
funds funds 2024 2023
£ £ £ £
Note
Income
Donations and legacies 2 259,146 168,469 427,615 320,071
Income from charitable activities 3 239,847 - 239,847 198,632
Other trading activities 4 1,818 - 1,818 1,910
Investments 5 7,991 - 7,991 2,079
Other Income 6 3,638 - 3,638 8,277
Total Income 512,440 168,469 680,909 530,969
Expenditure
Charitable activities 7 496,783 126,220 623,003 531,021
Raising funds 10 32,993 - 32,993 16,768
Total expenditure 529,776 126,220 655,996 547,789
Net (expenditure)/ income and net movement in
funds (17,336) 42,249 24,913 (16,820)
Reconciliation of funds:
Total funds brought forward 514,705 121,394 636,099 652,919
Total funds carried forward 497,369 163,643 661,012 636,099
----- End of picture text -----

All income and expenditure derive from continuing activities.

The company has no recognised gains or losses other than those shown above.

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe ______________

Page 20

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

Music in the Round Limited

Cashflow Statement

Year ended 31 March 2024

----- Start of picture text -----
2024 2023
Note £ £
Cash flow from/ (used in) operating activities 18 76,910 (63,915)
Cash flows from investing activities:
Interest received 7,991 2,079
Net cash used in investing activities 7,991 2,079
Net increase in cash and cash equivalents 84,901 (61,836)
Cash and cash equivalents at 1 April 555,101 616,937
Cash and cash equivalents at 31 March 640,002 555,101
Cash and cash equivalents consists of:
Cash at bank and in hand 19 640,002 555,101
----- End of picture text -----

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

Page 22

Music in the Round Limited

Notes to the Financial Statements

Year ended 31 March 2024

1 Summary of significant accounting policies

(a) General information and basis of preparation

Music in the Round is a registered Charity and a company limited by guarantee in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are set out in the Trustees' Annual Report.

The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with 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 (FRS 102) issued in October 2019 and the Companies Act 2006 and UK Generally Accepted Accounting Practice. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the accounting policies.

The financial statements are prepared on a going concern basis under the historical cost basis.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Tangible fixed assets and depreciation

Tangible assets are depreciated by annual instalments over their estimated useful lives at the following rates:

Musical Instruments - 10% straight line - Fixtures and fittings 25% reducing balance - Office equipment 25% reducing balance

(c) Income and deferred Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Income received for restricted funds is subject to specific conditions imposed by the donor or has been raised by the company for particular purposes. Designated funds comprise unrestricted funds that have been set aside by trustees for particular purposes.

(d) Expenditure

Expenditure is accounted for in the accounting period in which it is incurred.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and overall costs of the central function are borne by the unrestricted fund.

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe ___________

Page 23

Music in the Round Limited

Notes to the Financial Statements (continued)

Year ended 31 March 2024

1 Summary of significant accounting policies continued

(e) Stocks

Stock is valued at the lower of cost and net realisable value.

(f) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(g) Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

(h) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

(i) Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

The board have prepared forecasts and subjected these to sensitivity analysis which shows that they have sufficient reserves to be able to continue for the foreseeable future. They will continue to monitor the impact on income and take appropriate action.

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe ___________

Page 24

Music in the Round Limited

Notes to the Financial Statements

Year ended 31 March 2024

2 Income from donations and legacies

Gifts
Legacies
Arts Council England NPO grant
Other grants (see note 20)
2024 total
2023 total
3
Income from Charitable activities
Ticket sales & venue fees
Education income
2024 total
2023 total
4
Other trading activities
Merchandising
2024 total
2023 total
5
Income from investments
Interest receivable
2024 total
2023 total
6 Other Income
HMRC Orchestra Tax Relief
2024 total
2023 total		 2024
2024
2024
Unrestricted
Restricted
Total
£
£
£
110,052
17,619
127,671
1,000
-
1,000
145,594
-
145,594
2,500
150,850
153,350
259,146
168,469
427,615
246,515
73,556
320,071
2024
2024
2024
Unrestricted
Restricted
Total
£
£
£
218,279
-
218,279
21,568
-
21,568
239,847
-
239,847
198,632
-
198,632
2024
2024
2024
Unrestricted
Restricted
Total
£
£
£
1,818
1,818
1,818
-
1,818
1,910
-
1,910
2024
2024
2024
Unrestricted
Restricted
Total
£
£
£
7,991
-
7,991
7,991
-
7,991
2,079
-
2,079
2024
2024
2024
Unrestricted
Restricted
Total
£
£
£
3,638
3,638
3,638
-
3,638
8,277
8,277		 2023
Total
£
98,533
21,955
145,594
53,989
320,071
2023
Total
£
181,079
17,553
198,632
2023
Total
£
1,910
1,910
2023
Total
£
2,079
2,079
2023
Total
£
8,277
8,277

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe ___________

Page 25

Music in the Round Limited

Notes to the Financial Statements

Year ended 31 March 2024

7 Expenditure on charitable activities

Artists, venue and instrument hire
Marketing
Learning & participation activities
Staff
Governance (note 8)
Administration
Depreciation
2024 total
2023 total		 2024
2024
Unrestricted
Restricted
£
£
242,134
85,510
40,395
-
12,647
31,550
178,502
9,160
4,075
-
12,212
-
6,818
-
496,783
126,220
455,010
76,011		 2024
£
327,644
40,395
44,197
187,662
4,075
12,212
6,818
623,003
531,021		 £
262,325
40,546
25,444
179,991
4,573
11,174
6,968
531,021
As restated
2023

Note that in previous accounts Operational costs (box office costs & PRS) were detailed separately and are now included in Artists, venue and instrument hire for 2024 and 2023.

8 Governance costs and Independent Examiner's remuneration

The independent examination fee for the year is £3,380 including irrecoverable VAT (2023; £3,218). Other governance costs total £695 (2023; £1,355)

9 Trustees' and key management personnel remuneration and expenses

The Trustees consider the Key Management Personnel to comprise the Trustees, Chief Executive and Head of Programmes.

No trustees were paid any remuneration or reimbursed expenses for their services as a trustee (2023; nil).

The total amount of all employee benefits received by key management personnel is £95,283 (2023: £94,024).

10 Costs of raising funds

Fundraising staff
Fundraising consultancy
Fundraising costs
Staff costs and employee benefits
Wages and salaries
Social Security
Pension		 2024
£
18,911
6,675
7,407
32,993
2024
£
192,224
10,267
4,082
206,573		 2023
£
5,232
4,000
7,536
16,768
2023
£
171,584
9,940
3,699
185,223

11 Staff costs and employee benefits

The average monthly number of employees was 8 members of staff, FTE 5 (2023: 8 staff, FTE 5).

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe ____________

Page 26

Music in the Round Limited

Notes to the Financial Statements

Year ended 31 March 2024

----- Start of picture text -----
12 Fixed Assets - Tangible
Fixtures & Office
Piano fittings equipment Total
£ £ £ £
Cost
At 1 April 2023 63,875 9,087 22,713 95,675
Additions - - - -
At 31 March 2024 63,875 9,087 22,713 95,675
Depreciation
At 1 April 2023 57,491 9,082 20,978 87,551
Charge 6,384 1 433 6,818
At 31 March 2024 63,875 9,083 21,411 94,369
Net book value
At 31 March 2024 - 4 1,302 1,306
At 31 March 2023 6,384 5 1,735 8,124
13 Debtors 2024 2023
£ £
All amounts falling due within one year
Trade debtors 5,233 23,475
Other debtors 22,752 25,363
Box office & venue debtors 50,521 89,241
Prepayments 11,571 10,631
90,077 148,710
14 Creditors: Amounts falling due within one year 2024 2023
£ £
Trade creditors 15,524 8,976
Accruals 57,269 66,291
Taxation and social security 3,231 5,419
Deferred Income - 10
Other creditors 175 -
76,199 80,696
----- End of picture text -----

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe __________

Page 27

Music in the Round Limited

Notes to the Financial Statements

Year ended 31 March 2024

15 Movement in Funds

Unrestricted
General
Designated - Piano Depreciation
Designated - Piano Fund
Designated - Lindsay Foundation
Designated - Future Festivals Fund
Designated - Digital Future Fund
Total unrestricted funds
Restricted
Andrew McEwan Fund
Bridge Fund
Learning & Participation Fund
Mayfield Valley Arts Trust
Total restricted funds
Total funds
Unrestricted
General
Designated - Piano depreciation
Designated - Lindsay Foundation
Designated - Future Festivals Fund
Designated - Digital Future Fund
Total unrestricted funds
Restricted
Andrew McEwan Fund
Arts Council Project - Sounds of Now
Bridge Fund
Learning & Participation Fund
Mayfield Valley Arts Trust
Total restricted funds
Total funds		 At
Balance at
1 April
Income
Expenditure
Transfers
31 March
2023
2024
£
£
£
£
£
194,077
462,440
(461,392)
(1,000)
194,125
6,384
-
(6,384)
-
-
-
-
-
1,000
1,000
46,099
-
-
-
46,099
233,145
50,000
(62,000)
-
221,145
35,000
-
-
-
35,000
514,705
512,440
(529,776)
-
497,369
34,737
63
(4,311)
-
30,489
24,981
5,400
(12,206)
-
18,175
61,676
133,006
(79,703)
-
114,979
-
30,000
(30,000)
-
-
121,394
168,469
(126,220)
-
163,643
636,099
680,909
(655,996)
-
661,012
At
Balance at
1 April
Income
Expenditure
Transfers
31 March
2022
2023
£
£
£
£
£
189,054
457,413
(420,390)
(32,000)
194,077
12,772
-
(6,388)
-
6,384
46,099
-
-
-
46,099
246,145
-
(45,000)
32,000
233,145
35,000
-
-
-
35,000
529,070
457,413
(471,778)
-
514,705
37,481
31
(2,775)
-
34,737
-
14,489
(14,489)
-
20,900
20,536
(16,455)
-
24,981
65,468
8,500
(12,292)
-
61,676
-
30,000
(30,000)
-
-
123,849
73,556
(76,011)
-
121,394
652,919
530,969
(547,789)
-
636,099

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe ______________

Page 28

Music in the Round Limited

Notes to the Financial Statements

Year ended 31 March 2024

15 Movement in Funds continued

Designated Funds

The Piano Depreciation Fund is a designated fund from which depreciation costs are met, in recognition of the fact that the value of this asset is not part of the liquid general funds readily available for use at the discretion of the Trustees.

As the piano is fully depreciated at the end of the 2023/24, the Trustees established a new designated fund, the Piano Fund, for significant maintenance to ensure the piano is kept in a suitable high-quality condition for the long-term future.

The Lindsay Foundation funds Learning & Participation activity.

The Future Festivals Fund underwrites and supports Music in the Round festivals in the longer term to enable forward planning in the event of any significant fluctuation of ticket revenue.

The Digital Future Fund was established by Trustees during 2020/21 and aims to futureproof the organisation by supporting the ongoing creation of digital resources and activity, as an additional programme strand.

Restricted Funds

The Andrew McEwan Fund represents donations received from the Estate of Andrew McEwan and in his memory to provide disadvantaged children living in Sheffield the opportunity to be introduced to music and music education.

The Bridge Fund (previously the Bridge 2 Fund) represents income received towards our development scheme that provides performance opportunities, training and business development for young musicians.

The Learning and Participation Fund represents income received to support work including projects in schools, with families and children, and audience development activity.

Mayfield Valley Arts Trust represents income received from the Trust to support work with children and young people.

General funds

The general fund comprises monies that can be used in accordance with the charitable objects of the Charity at the discretion of the Trustees.

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

Page 29

Music in the Round Limited

Notes to the Financial Statements

Year ended 31 March 2024

16 Analysis of net assets between funds

Fixed Assets
Cash at bank and in hand
Other current assets/liabilities
Fixed Assets
Cash at bank and in hand
Other current assets/liabilities		 2024
General
Designated
Total
£
£
£
£
1,306
-
-
1,306
173,778
303,244
162,980
640,002
19,041
-
663
19,704
194,125
303,244
163,643
661,012
2023
General
Designated
Total
£
£
£
£
1,740
6,384
-
8,124
136,647
297,066
121,388
555,101
55,690
17,178
6
72,874
194,077
320,628
121,394
636,099
Unrestricted
Restricted
Unrestricted
Restricted

17 Related Party Transactions

During the year donations totalling £3874 (2023: £1844) were received from the Trustees. No donations or other payments were received from other related parties.

There were no payments made to related parties during the year. (2023: nil)

18 Reconciliation of operating (deficit)/surplus to cashflows from operating activities

Income for the year
Depreciation and amortisation
Interest received
Decrease/ (increase) in debtors
Increase/(decrease) in creditors
Decrease/ (increase) in stock
Net cash flow from operating activities
alysis of changes in net debt
Cash at bank and in hand		 At 1 April
2023
£
555,101		 2024
2023
£
£
24,913
(16,820)
6,818
6,968
(7,991)
(2,079)
58,633
(74,732)
(4,497)
22,568
(966)
180
76,910
(63,915)
At 31 March
Cashflows
2024
£
£
84,901
640,002

19 Analysis of changes in net debt

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe

Page 30

Music in the Round Limited

Notes to the Financial Statements

Year ended 31 March 2024

20 Grant income
Arts Council England National Portfolio Organisation funding
Other grants:
Albert & Eugenie Frost Music Trust CIO
Arts Council England project grant (Sounds of Now)
Blakemore Foundation
Church Burgesses Educational Foundation
Earl Fitzwilliam Charitable Trust
Freshgate Trust Foundation
Garrick Charitable Trust
Golsonscott Foundation
Hinrichsen Foundation
J G Graves Charitable Trust
Leche Trust
Mayfield Valley Arts Trust
Music for All
Orchestras Live
Paul Hamlyn Foundation
R Walker Charitable Trust
Royal Over-Seas League
Samuel Gardner Trust
Scops Arts Trust
Sheffield Bluecoat & Mount Pleasant Educational Foundation
Sheffield Culture Collective City Pledge
Sheffield Grammar School Exhibition Foundation
Sheffield Town Trust
Three Monkies Trust
Vaughan Williams Foundation
William Howarth Charitable Trust
Total Grants included in income		 2024
2024
2024
2023
Unrestricted
Restricted
Total
Total
£
£
£
£
145,594
-
145,594
145,594
-
29,000
29,000
-
-
-
-
14,489
-
100
100
-
-
3,000
3,000
2,000
-
2,000
2,000
-
-
2,000
2,000
-
-
3,000
3,000
-
-
-
-
1,000
-
2,500
2,500
-
-
2,000
2,000
-
-
2,000
2,000
-
-
30,000
30,000
30,000
-
1,500
1,500
-
-
10,600
10,600
-
-
40,000
40,000
-
-
-
-
1,500
-
1,000
1,000
-
-
1,250
1,250
-
-
7,000
7,000
-
-
1,000
1,000
-
2,500
2,500
5,000
-
-
2,000
2,000
2,000
-
-
-
3,000
-
5,000
5,000
-
-
3,000
3,000
-
-
400
400
-
2,500
150,850
153,350
53,989
148,094
150,850
298,944
199,583

21 Commitments under operating leases

Total future minimum lease payments under non-cancellable operating leases are as follows:

Not later than one year
Later than one and not later than five years		 2024
2023
£
£
2,084
1,274
4,168
1,592
6,252
2,866

Document ID: e1909c17e4c21926c01a038b8bc416999903cafde3191fde261f8824022d0dbe _____________

Page 31