**NMC RECORDINGS LTD (A company limited by guarantee) UNAUDITED TRUSTEES’ REPORT AND FINANCIAL STATEMENTS for the year ended 31 March 2021** Company registration number 02314735 Charity registration number 328052 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 |**CONTENTS**|| |---|---| ||**Page**| |**Charity Reference and Administratve Details**|**1**| |**Trustees’ Report**|**2-12**| |**Independent Examiner’s Report**|**13**| |**Statement of Financial Actvites**|**14**| |**Balance Sheet**|**15**| |**Notes to the Financial Statements**|**16-26**| NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021** |**Trustees** Jackie Newbould|Chair| |---|---| |Christopher Pots
Stephen Johns|Chair, Development Sub Commitee
Chair, Artstc Strategy Commitee| |Genevieve Arkle (appointed 24/05/2021)|| |Raj Arumugam
Christna Coker, OBE|| |Richard Lee|| |Caroline Nelson (resigned 21/09/2020)|| |Judith Serota, OBE|| |Terence Sinclair (appointed 23/02/2021)|| |Ariel Sommer|| |**Company registered number**02314735|| |**Charity registered number**328052|| |**Registered ofce**St Margaret’s House,|| |21 Old Ford Road,|| |Bethnal Green,|| |London E2 9PL|| |**Company secretary**Alex Wright (appointed 05/10/2020)|| |Anne Rushton (resigned 05/10/2020)|| |**Senior management team**Colin Mathews, OBE, Executve Producer
Anne Rushton, Executve Director (resigned October 2020)
Helen Sprot, Interim Executve Director (joined November 2020)|| |Eleanor Wilson, General Manager (on|maternity leave from December 2020)| |**Indepedent Examiners**MHA Maclntyre Hudson Chartered Accountants|| |6th Floor|| |2 London Wall Place|| |Barbican|| |London EC2Y 5AU|| |**Bankers**Co-operatve Bank PLC|| |1 Balloon Street|| |Manchester M60 4EP|| |Santander|| |PO Box 297|| |Bradford BD1 4YR|| |CAF Bank Limited|| |25 Kings Hill Avenue|| |King Hill|| |West Mailing|| |Kent ME19 4JQ|| |**Solicitors**Freshfeld Bruckhaus Deringer LLP|| |65 Fleet Street|| |London EC4Y 1HT|| 1 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **TRUSTEES’ REPORT** The members of the Board of Trustees, who act as directors of the Charity for the purposes of the Companies Act, and trustees for charity law purposes, submit their annual report and the financial statements of NMC Recordings Ltd (hereinafter referred to as NMC) for the year ended 31 March 2021. The Trustees confirm that the annual report and financial statements of the Charity comply with current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities.’ Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted. ## **Objects of the Charity** NMC believes that new music is a dynamic and engaging art form. We seek to discover and share exceptional work that inspires and challenges. NMC’s objectives as per its governing document, are to: - Produce high quality recordings of outstanding work by composers living and working in the UK and Ireland. - Collaborate with leading artists and ensembles. - Promote these recordings to expand worldwide audiences for contemporary music. - Preserve this creativity for generations to come. ## **Public Benefit** When planning our activities for the year, the Trustees have considered the Charity Commission’s guidance on public benefit. Activities are undertaken on artistic rather than commercial merits and recordings are made permanently available to the public through various formats, thus preserving a key component of British cultural life and fulfilling the Charity’s Aims and Objectives to enhance the education of the public through dissemination of such works. ## **STRUCTURE, GOVERNANCE, MANAGEMENT** ## **Constitution** The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 8 November 1988. NMC’s Board of Trustees meets quarterly for the purposes of strategic planning, financial control, and governance. The Board of Trustees have instituted two committees (ASC - Artistic Strategy Committee and DSC - Development Sub Committee) to oversee aspects of its work. ## **Trustee appointment and recruitment** The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The permitted maximum number of Trustees is fourteen and the minimum number of Trustees shall be not less than three. The Trustees may from time to time and at any point in time appoint any member by way of addition to the board, provided the prescribed maximum is not exceeded. The member appointed shall retain office until the next Annual General Meeting, where they shall be eligible for re-election. One third of the Trustees, who have been in office longest, retire by rotation at the Annual General Meeting. Trustees are recruited from those with appropriate skills and knowledge, by advertisement and recommendation; trustee skills are regularly reviewed. The Charity aims to represent the diversity of wider society among its Trustees and executive team, as well as in its artistic programme, and seeks to fill vacancies from underrepresented groups. ## **Board & Executive** Jackie Newbould continued in her role as Interim Chair; a new Trustee, Terence Sinclair, was appointed to the Board in February 2021 - Terence Sinclair brings exceptional expertise in financial management and many years’ experience as a charity trustee. The process of Board development and recruitment continues, and several potential new trustees have been identified who would bring new skills and fresh perspectives. In October 2020, NMC’s longstanding part-time Executive Director, Anne Rushton, retired from the Company after 17 years’ extraordinary service. Anne’s departure coincided with the commencement of the 12 months’ maternity leave of NMC’s General Manager, Eleanor Wilson; and after a year’s maternity leave, the Development Assistant, Lucile Gasser, decided not to return to work. In response to these developments, the executive team was comprehensively re-structured. Helen Sprott was appointed to a new full-time role of Executive Director on a fixed-term basis, pending the return of the General Manager in December 2021; Sam Olivier was appointed to a new permanent role, Recordings and Marketing Manager; a new post of Label Assistant was created and filled: the successful applicant, Kate Walker, joined the Company in April 2021. Alex Wright was 2 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 promoted to the new role of Development Director and was also appointed Company Secretary; Clare Spollen, who had been covering the Development Assistant role on a fixed-term basis, was appointed to a new permanent role as Development Co-ordinator. NMC’s staff are to be commended for their adaptability and productivity through a period of unsurpassed change. Home working, forced on the team because of Covid restrictions, proved not only possible, but productive, and will continue to be part of how the organisation operates in future. New starters established strong virtual relationships with colleagues, Trustees, and external partners; and availed themselves of a full suite of performance management and support functions, including one to ones, Team meetings, and training programmes. (In the course of the year, the Team completed Music Master’s ‘I’m In’ diversity and inclusion audit and training, and accessed a range of other training opportunities offered by the BPI.) At the same time, when the rules were relaxed, individual team members visited the office to fulfil essential functions such as order fulfilment, stock control, and royalty processing: thanks, and congratulations are due to them for their dedication. ## **Committees** The Board is supported by two specialist sub-committees who advise on key aspects of the business. The Development Sub-Committee (DSC) was established to assess targets and projections for fundraised income; consider plans for donor/Trusts prospects and stewardship; and to review cashflow projections. Fundraising targets and projected income are routinely presented to Trustees at full board meetings and actions taken to ensure fundraising is maintained at the necessary levels. Following a review of the functions and skills of the Development Sub-Committee as well as the wider revenue-generating aspects of NMC’s business, it was decided that the Development Sub-Committee should broaden its remit and be renamed ‘Finance & Strategy Sub-Committee.’ These arrangements will be finalised in 2021-22. New recruits are being sought to strengthen the Committee’s expertise in commercial aspects of the record industry. The Finance & Strategy Sub-Committee will continue to oversee NMC’s fundraising function, including the option of forming time-limited project-specific fundraising committees where profitable to do so. The Artistic Strategy Committee (ASC) meets regularly to plan, develop, and oversee the artistic profile and activity of the label, and to assess new recording proposals. The ASC evaluates new proposals according to their artistic strength, cost, their potential audience reach, partnership development opportunities and critical reception. The success of new releases is also assessed, qualitative and quantitative data being shared at quarterly Board meetings. As described below (see ‘Inclusivity’), we have revised and clarified our artistic planning process to increase the diversity of composers featured on the label. NMC has published its commitment to a future release schedule that includes at least 50% composers who identify as women, and to double the number of recordings by composers from African, Afro-Caribbean, East Asian and South Asian backgrounds who are currently under-represented (from 19 in 2017 to 38 by December 2022). ## **Inclusivity** NMC is an equal-opportunities organisation, and we strive to recruit staff, Trustees and Patrons from all backgrounds. NMC’s Trustees oversee the implementation of our Equality, Diversity, and Inclusivity policy as it applies in all areas of the operation. Through 2020-21, NMC has continued to extend and focus its Inclusivity Action Plan and to deliver to Arts Council England’s Creative Case for Diversity as well as taking account of Arts Council England’s future priorities in this area, as described in its next 10-year strategy, Let’s Create’ and its four ‘Investment Principles’. During 2020-21, and despite the impact of the Covid-19 pandemic, NMC continued to make progress in critical areas of the operation. Regarding our artistic programme, we maintained our focus on the work of women composers, artists and sleeve note writers, and we continued our strategy of researching, connecting with and developing recording projects with composers from under-represented cultural backgrounds. While our release schedule was curtailed by Covid-19, NMC has made a considerable investment in composer development and support and is currently working directly and indirectly on projects benefiting 55 composers of which 30 identify as women and 22 are from under-represented cultural backgrounds. This is in addition to the composers nurtured by partner labels. In keeping with our EDI principles, we have committed to diversify the membership of our Artistic Strategy Committee (in 20-21 the membership was 50% female and 25% individuals from underrepresented culturally diverse backgrounds); regarding NMC’s wider Board, 50% of NMC’s Trustees are female, and 25% are individuals from underrepresented cultural backgrounds. ## **Environmental sustainability policy and action plan** Whilst our potential and capabilities in this area are currently constrained by being based in serviced offices, we have implemented practices in line with our environmental policy to reduce our environmental impact. The Board signed off and adopted an updated action plan in February 2021 including targets in relation to office practices, travel and transport, finance and IT and CD and print publications. New activities are planned for 2021-22, in line with Arts Council England’s new ‘Investment Principles’, of which one is ‘Environmental Responsibility’. 3 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **ARTISTIC REVIEW** The activities undertaken in relation to the Charity’s purpose, as per its governing document, and for the furtherance of public benefit, have been reviewed below. _**“However the alchemy is being achieved, the results currently coming out of the NMC laboratory are a boon for listeners.”**_ **The New York Times** _**“NMC, home of great contemporary classical music”**_ **Stuart Maconie, BBC Radio 6** NMC’s release schedule was significantly impacted by the consequence of the Covid-19 pandemic, and restrictions that were imposed. Our plan had been to release ten NMC recordings together with multiple releases by our partner ‘third party labels.’ In the event, we released seven (7) albums on NMC (one of which was an unforeseen last minute ‘lockdown’ album, created remotely in compliance with Covid restrictions) and four on behalf of partner labels. These releases represented a broad diversity of styles and practice and attracted enthusiastic press reviews, with several titles reaching the Official Specialist Classical Charts. Outstanding in this respect was the album, _From Ocean’s Floor_ by ‘Debut Discs’ composer, Linda Buckley. Characteristically, these releases were from composers at all stages of their careers — from young, early-stage composers who took part in our partnership programme with National Youth Choirs of Great Britain, to internationally renowned figure, Nicola Lefanu, whose album, _The Crimson Bird_ , encompasses music written over a 44-year period. Our new releases reflect the close collaboration of composers with some of Britain and Ireland’s most prominent orchestras and ensembles and the commitment of these groups to the cause of new music and its creators. The BBC ensembles are a consistent presence on NMC releases. Nicola LeFanu’s _The Crimson Bird_ (September 2020) includes two performances by the BBC Symphony Orchestra dating from 1973 and 2017; Martin Suckling’s _This Departing Landscape_ (released March 2021) features BBC ensembles exclusively, with three tracks by the BBC Scottish Symphony Orchestra and one by the BBC Philharmonic, all of which are conducted by Ilan Volkov; the RTÉ National Symphony Orchestra appears both on the LeFanu and Ed Bennett’s _Psychedelia_ (November 2020). Dedicated new music groups are also prominent, including the ConTempo Quartet, Decibel Ensemble, Crash Ensemble and House of Bedlam who ingeniously created and recorded tracks for the March 2021 release, _Enclosure_ while observing requisite social distancing protocols. The most striking individual performance of 2020 was Iarla Ó Lionáird in _Ó Íochtar Mara_ ( _From Ocean’s Floor_ ), one of the finest contemporary exponents of Irish ‘old style’ sean-nós singing and the voice for whom Buckley wrote this music. Linda Buckley’s _From Ocean’s Floor_ and Martin Suckling’s _This Departing Landscape_ were both released as part of NMC’s celebrated ‘Debut Discs’ scheme, whereby NMC enables and invests in first whole-album releases by outstanding emerging composers. Despite Covid, considerable resources were expended by the company in identifying and cultivating an extensive cohort of new Debut Discs composers for release in 2022 and beyond. As described above, we further clarified and published the role of NMC’s Artistic Strategy Committee, recruiting new members to broaden and diversify the experience, reference points and networks of the group. ## **Sector support** We expanded our offer to the wider sector, issuing four releases from third party labels (Birmingham Record Company, Huddersfield Contemporary Records, Multi Modal/City University and Club Inégales), providing expertise, marketing, and distribution; we progressed formal discussions with Manchester-based ‘Psappha’ with a view to their joining this cohort. 4 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **RELEASED IN 2020/21** ## **APRIL** **Philharmonia Composers’ Academy NMC DL3041 Chia-Ying Lin** Intermezzo to the Minotaur **Download only Benjamin Ashby** I’ve been planning for an impromptu _conductor_ Philharmonia Orchestra | Geoffrey Paterson **RPS / Philharmonia Composers’ Scheme 2018-19 ‘Layers of energy exploding in different directions … an exhilarating introduction to these young composers’** _BBC Radio 3 Record Review_ **BRC008 Up, Down, Top, Bottom, Strange, Charm Anton Lukoszevieze** Sutra • **Sarah Lianne Lewis** I have observed **CD & Download** the most distant planet to have a triple form • **Egidija Medeksaite** Textiles **James Black** Crow • **Michael Wolters** Gisela doesn’t care **Fumiko Miyachi** Up, Down, Top, Bottom, Strange, Charm Cobalt Duo (Fumiko Miyachi & Kate Halsall pianos) **‘The ambition of the Miniaturised Concertos concert with Kate Halsall and Fumiko Miyachi accompanied by the University of York’s Chimera Ensemble, was inspirational; much character and vibrancy was on offer throughout the whole programme.’** _Tempo_ **Spilled out from tangles HCR23 Lawrence Dunn, Lisa Illean, Nomi Epstein** _and_ **Sivan Eldar CD & Download** Juliet Fraser _soprano_ **‘as tones merge and diverge in slow sweeps, beating frequencies and modulations arise in ways that augment the voice into something more than human.’** _Boring Like A Drill_ ## **SEPTEMBER** **Linda Buckley: From Ocean’s Floor (Debut Discs) NMC D258** Exploding Stars for violin & electronics* • Fridur for piano & tape ‡ **CD & Download** O lochta Mara for voice with string quartet and electronics+ Discordia for canna sonora & electronics^ • Haza for string quartet & electronics† Kyrie voice & electronics$ Darragh Morgan _violin_ * I Joby Burgess _canna sonora_ ^ I Isabelle O’Connell _piano_ ‡ _Iarla O’Lionaird_ voice+ I Crash Ensemble+ I ConTempo Quartet† I AskoISchönberg Ensemble I Linda Buckley _voice_ $ I The Hilliard Ensemble | Clark Rundell _conductor_ **GUARDIAN 10 BEST FOLK ALBUMS OF 2020** **FOLK RADIO EDITOR’S PICK** **‘Here is somebody really, really special.’** _Iggy Pop, BBC Radio 6_ - **‘a masterpiece in connecting the past and future.’** _Evening Standard_ **‘Buckley’s music traverses a fault line between discomfort and great beauty. The works on this album are captivating; I couldn’t tear myself away.’** _BBC Music Magazine_ 5 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 **Nicola LeFanu: The Crimson Bird NMC D255** The Crimson Bird for soprano & orchestra* • Threnody^ **CD & Download** The Hidden Landscape+ • Columbia Falls% BBCSO I Ilan Volkov _conductor_ I Rachel Nicholls* I RTE NSOI I Gavin Maloney _conductor_ ^ I Colman Pearce _conductor_ % I BBCSO I Norman del Mar _conductor_ + ## **PRESTO TOP 100 RECORDINGS OF THE YEAR** **PRESTO CLASSICAL EDITOR’S CHOICE** **‘The results are impressive and confident, a testament both to Lefanu’s skill at writing for large forces and the players’ understanding of her style.’** _Planet Hugill_ **Smoke, Airs HCR24 CD & Download Pierre Alexandre Tremblay, Kristina Wolfe, Charmaine Lee,** and **Bryn Harrison** Wet Ink Ensemble ## **OCTOBER** **NMC D257 Ed Bennett: Psychedelia CD & Download** Freefalling • Psychedelia • Organ Grinder • Magnetic Song of the Books _conductors_ RTÉ National Symphony Orchestra | David Brophy, Thomas Adès Orkest de Ereprijs | Decibel | Jack McNeill & Eliza McCarthy ## **‘Deeply compelling music’** _The Sunday Times_ **‘Ten minutes long, [Freefalling] is a testament to truth in titling: a frenetic ride that blends queasy glissandos with rousing exclamations fit for an action-movie montage.’** _The New York Times_ **‘...Bennett’s voice is unmistakeably distinctive, one of the most interesting in the current UK scene.’** _Gramophone_ 6 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 **Maya Verlaak & Andy Ingamells: Tape Piece** **BRC010** **Cassette & Download** **‘Sonic purists and all who live with their ears wide open may relish** _The Times_ **this compilation.’** **‘A cute pun, an amusing gimmick and an entertaining little piece … it opens up greater sonorous and structural complexity while also inviting unspecified cultural allusions.’** _Boring Like A Drill_ **‘Absurd and curiously life-enhancing. Tape Piece has its own obscure rhythms of binding, grappling, stretching and ripping; its own clenched, involuted language of squeaks, tears and tugs, grunts, gasps and pauses for breath. At once a blatant absurdity and a comic tour de force.’** _The Wire_ ## **NOVEMBER** ## **Joe Cutler: Hawaii Hawaii Hawaii** **BRC010** September Music • Bad Machine • Choral for Wim Megans • **CD & Download** Hawaii Hawaii Hawaii Orkest de Ereprijs | Wim Boerman _conductor_ | Trish Clowes _saxophones_ BBC Concert Orchestra | Ben Palmer _conductor_ **‘Boundaries aren’t secure either in the music of Joe Cutler, the British composer of pieces that perplex and give the listener lots of fun. Two bone-shaking items in his impressive new album benefit from the pugnacity and élan of the Dutch ensemble Orkest de Ereprijs, captured in spirited live performances. Smoother sounds emerge from the BBC Concert Orchestra in Hawaii Hawaii Hawaii, although the composer’s mind and the saxophone soloist Trish Clowes still execute startling leaps in a work reflecting a recurring Cutler theme: musicians struggling to break free from their surroundings. Cutler, I note quietly, has now been the Royal Birmingham Conservatoire’s head of composition for 15 years.’** _The Times_ ## **JANUARY 2021** ## **NYCGB Young Composers Scheme 2** **NYCGB Young Composers Scheme 2 DL3045 Nathan James Dearden** • **Amy Bryce** • **Lisa Robertson Download Only** • **Joseph Bates** NYCGB Fellowship | Ben Parry _director_ **Three composers interviewed on Soho Radio with Max Reinhardt** 7 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **FEBRUARY** **Martin Suckling: This Departing Landscape (Debut Discs)** **NMC D262 CD & Download** The White Road (after Edmund de Waal)*• Release^ This Departing Landscape† • Piano Concerto$ Katherine Bryan _flute_ * I Tamara Stefanovich _piano_ $ I BBCSSO | BBC Philharmonic | Ilan Volkov _conductor †_ ## **INTERVIEW ON BBC RADIO 4 MUSIC MATTERS WITH EDMUND DE WAAL** **‘The ardent richness of his idiom is well attested by his five-movement piano concerto, and the way glittering modernism dramatically collides with solemnly imposing traditional rhetoric.’** _The Sunday Times_ **‘The most substantial is the Piano Concerto, played on the recording with typical intensity by Tamara Stefanovich. Its heart is a becalmed intermezzo, cloudy with microtones...’** _The Guardian_ **‘Katherine Bryan is sublime, slicing through fragmented cadenzas and revealing a powerful lower range’** _BBC Music Magazine_ **‘This NMC portrait might have been a time coming but the wait was worthwhile.’** _Gramophone_ ## **MARCH** ## **The House of Bedlam: Enclosure** **The House of Bedlam: Enclosure NMC D269 Larry Groves** Occhi io vissi di voi #1 & #2, Distant Airports, **CD & Download** Music inspired by Siouxsie and the Banshees, Borneo rivers, Music for melody instruments, objects, and electronic sounds, Nehemiah 2 • **Matthew Sergeant** Matters of Music #4 • **Sarah Hennies** Growing Block • **Amber Priestley** With wholesome hunger plenty **‘...try Enclosure (NMC) by the House of Bedlam, an engagingly unquantifiable collective founded by the composer-performer Larry Goves. The album’s focus is playing together, playing apart, which might be a maxim for all musicians this past year.’** _The Guardian_ **‘...there is a sense of the sheer joy of exploring ways of performing and ways of creating new sounds and textures together.’** _Planet Hugill_ ## **Recorded, planned and developed in 2020/21 for future release** Despite Covid, the team continued to be active in preparing the ground for future releases. In October 2020, in the break between lockdowns, we went into the studio to record _Wheeling Past the Stars_ , with cellist Ullrich Heinen and Patricia Auchterlonie the title track on Param Vir’s forthcoming album, released May 2021. We researched and approached multiple licensors to negotiate agreements and enable future releases of work by Tansy Davies, Param Vir, Ryan Latimer, Luke Bedford, Michael Z Gordon, Rebecca Saunders, among others. We committed to new projects including a second album by Onyx Brass, a quick turnaround digital only release, _Six Degrees of Separation_ , featuring pieces by the 2020 cohort of LSO Panufnik Young Composers, and a proposal from Shiva Feshareki featuring Daphne Oram’s _Still Point_ reimagined by Shiva and James Bulley. 8 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **TALENT DEVELOPMENT** _**“I see a Debut Disc of my music as a landmark in my career and a way of capturing and giving wings to both the current project I’m working on and my musical voice as it is at this moment. I know, from my experience as a listener, how important these albums are in sharing the voice of a composer with a wider audience. To have my music heard by so many people, on an album I had carefully curated with NMC, will be career changing & deeply meaningful. It will also give my music more of a foothold to future life in the repertory.”**_ ## **Freya Waley-Cohen, Debut Discs Series 3 composer** We deliver projects which support and nurture talent at various stages of composers’ development: - Our Debut Discs (DD) series showcases the brightest developing composing talents, bringing composers’ work to a global audience, encompassing consistent professional development support throughout the process. We released new albums of work by Linda Buckley and Martin Suckling; invested significantly in repertoire planning for future releases by Ailis Ni Riain, Richard Baker, and Hannah Kendall, among others. - We continued our partnership with the Philharmonia Orchestra and the Royal Philharmonic Society, working with them to record a 4th volume of music by RPS- Philharmonia Composers’ Academy composers, despite the scheme’s having been drastically impacted by Covid fall-out. - We released the second digital album in our NYCGB ‘Young Composers’ series, the fruit of our ongoing partnership with the National Youth Choirs of Great Britain - Because of the pandemic, customary talks to students at universities and colleges were not possible; however NMC senior staff presented to cohorts of emerging composers on RPS and NYCOGB programmes. ## **EDUCATION** _**“The children impressed me enormously: they were bright, articulate, honest and highly engaged. There was always a good show of hands at every question with some superb insightful comments. They were not afraid to say if they did not like things and we spoke about personal taste. I wanted them to feel confident in their opinions and thoughts, to know that these are very valued opinions and that composers are generally very interested to know what young people think of their music.”**_ ## **Kate Romano, workshop leader on NMC Exhibition project** Plans for in-person projects were postponed due to Covid-19, however we were still able to engage with young people through working with Music Hubs to signpost teachers and students towards our existing online resources. Our GCSE Composition resource in partnership with Focus on Sound, for use on their online music classroom platform for students and teachers, was used by more than 700 schools across the UK and worldwide, resulting in more than 13,000 engagements with NMC’s music. Alongside this, we created a digital version of this resource, endorsed by ISM (Incorporated Society of Musicians) Trust, and made available free of charge through NMC’s website for teachers: it has been downloaded more than 200 times to date. Our r:strng app was promoted by Waltham Forest Music Hub and THAMES to teaching networks during the first lockdown, resulting in more than 150 people accessing the resource this year. Our GCSE Dance teaching resource was downloaded 12 times. We began work on creating a new digital resource celebrating NMC’s 30th anniversary, based on 19/20’s Exhibition project at Shoreditch Park Academy. We created a series of videos and worksheets, led by composer/teacher Steven Berryman, broadcaster Kate Romano, and NMC General Manager Eleanor Wilson. These videos guide participants through the creation of their own poster, celebrating a composer and piece drawn from each of NMC’s 30 years. The resource will launch in our 202122 financial year. We continued our partnership with Music Masters, working on plans for a second volume of _Many Voices_ focusing on ensemble pieces for learner instrumentalists at Grades 2 – 6. A sheet music book and a recording of ten new pieces commissioned by Music Masters will provisionally be released by NMC in 2022. 9 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **AUDIENCES, INTERNATIONAL & DIGITAL** Our work is kept permanently available and promoted to international audiences in physical and digital formats across 150 territories, including our key territories: the UK, USA and Canada, Australia, France, Germany, Japan, and New Zealand. **Digital Distribution:** Streams and downloads continued to be an integral part of our output, with 2.2 million downloads and streams accounting for 33% of our earned income in 20/21. **Audience Development:** In November 2020, NMC launched its new website and online store with the goal of reinvigorating the relationship with NMC’s supporters and audiences, attracting new visitors through lively editorial content and access to free educational resources, encouraging them to sample new releases and explore the catalogue more deeply. With the launch of our new website, we also began a new partnership with the ISM Trust to fund our Discover Platform. The Discover Platform seeks to serve our charitable aim to “expand new music audiences worldwide” by providing a ‘base’ for audiences to explore content generated by NMC, our ‘third-party’ labels hosting and aggregating content from New Music ‘community’ more broadly. Our ‘NMC Curates’ guest playlist series involves partnering with well-known names and brands from outside the usual NMC demographic of New Music listeners, with audience expansion our goal. Since its launch, we have released playlists by Angelica Bell/Scala Radio, NYCGB (National Youth Choirs of Great Britain), and Max Reinhardt/Soho Radio. NMC has also begun hosting a series of music videos by artist cum theatre and opera director cum film director, Tim Hopkins. Each video is a reaction to a piece of string quartet music, the first being John Woolrich’s _Kleine Wanderung_ . We are working closely with Tim in the development of more videos, guiding him on repertoire selection and making connections between himself and composers on NMC’s label. During ‘lockdown’ NMC embraced new means to engage with its audience, launching our ‘Listening Club’ series. In live broadcasts on YouTube, we explore selected releases from NMC’s vast catalogue, in conversation with composers and artists involved in the recordings. Viewers of the live stream are encouraged to participate, leave comments, and pose questions in the chat room. The first three editions looked at the album _Britten on Film_ , Tansy Davies’s _Spine_ , and Emily Howard’s _Magnetite_ with the next scheduled edition to feature Param Vir’s _Wheeling Past the Stars_ . Plans are in place to develop the format postlockdown with an in-person event livestreamed on our YouTube channel, to reach as wide an audience as possible. ## **EARNED & FUNDRAISED INCOME** We increased the activity of the Development Subcommittee (DSC), overseeing monthly cashflow projections and scoping future financial models to ensure a robust approach to sustainability. ## **Earned Income** Sales income exceeded our readjusted COVID-19 targets. We came in above target for both physical and digital sales through our NMC online store; direct NMC sales also accounted for 31% of all income compared to 19% of all income in 19/20. ## **Fundraised Income** Despite the impact of Covid-19 in curtailing in-person fundraising efforts, we managed to exceed our targets for Friends income during the year and had a strong response from Producer’s Circle and higher-level donors. We launched a new Debut Discs Appeal in January 2021, which had a positive response raising more than £10,000 towards the third series of the scheme. Support from Trusts and Foundations continued to be a crucial part of our funding mix, although support for individual projects dropped significantly in comparison with previous years. The wider grant fundraising landscape proved challenging throughout the year, with many Trusts redirecting their support to Covid-related projects only. Both earned and fundraised income were severely impacted because of individuals’ and trusts’ responses to the Covid-19 emergency, as well as the contraction of our operation and drop in budgeted income because of postponed releases and cancelled fundraising events. NMC’s Board were vigilant in monitoring NMC’s financial position through the year and rigorous analysis and forecasting enabled the company to make a successful bid to Arts Council England for £77,506 extraordinary Covid Recovery Funding to enable the business to continue. We received the first payment of £69,755 in October 2020 with the outstanding payment of £7,761 scheduled for the first quarter of 2021. 10 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **PROVIDING EXPERTISE TO THE WIDER SECTOR** As described above, we sustained our relationships with ‘third party’ labels and are in late-stage negotiations with a fifth label. Despite the impact of the pandemic, income derived from sales of ‘third party’ releases was sustained at reasonable levels, contributing to NMC’s overall sustainability. Having secured multi-year funding from the ISM Trust for the development of our wider digital offer, we launched new website pages, ‘Discover’ in October 2020 and have since been consistently active in commissioning and publishing content to promote contemporary music and composers. We have provided professional development opportunities both within our recording programme and in taking part in seminars with PRS and the Royal Philharmonic Society and others. We have continued our successful series of talks and workshops, including on promotion and the recording industry, at Higher Education Institutions across the country, and have provided oneto-one mentoring and advice to individual younger composers. ## **BEST SELLING ALBUMS IN 2020/21** ## **Top 5 Best Selling Albums** NMC D258 Linda Buckley: From Ocean’s Floor (Debut Disc) NMC D255 Nicola LeFanu: The Crimson Bird NMC D249 Edmund Finnis: The Air, Turning NMC D250 Chineke! Orchestra: Spark Catchers NMC D219 Emily Howard: Magnetite (Debut Disc) ## **Top 5 digital: Most Streamed/Downloaded** NMC D013S Barry Guy: After the Rain NMC D005 Howard Skempton: Lento NMC D236 Imogen Holst: String Chamber Music NMC DL3038 NYCGB Young Composers Scheme 2019 NMC D038 John White: Piano Sonatas ## **Licensing** Recordings of music by Gerald Barry, Linda Buckley, Colin Riley and others were licensed for use in advertising, film, apps, and education resources. ## **PLANS FOR FUTURE DEVELOPMENT** - **Artistic Programme:** continued talent development projects (Debut Discs, Philharmonia/RPS, National Youth Choirs of Great Britain Young Composers’ Scheme); greater diversity (women composers and greater representation of the work of composers from mixed and minority heritage backgrounds) and audience development activities including ongoing development of ‘Discover’ content and strategy, and NMC Listening Club initiatives. We have also applied for additional Lottery Project funding to support the delivery of a national survey and audio release of music composed during lockdown – see ‘Sector Support’ below. - **Education strategy:** to strengthen partnerships with Music Hubs in London including Waltham Forest and THAMES, working together to create and deliver creative projects for young people in schools; to secure new partnerships with Hubs outside London, focusing on Bristol and the North West; to work with Marsayas Trio on a new audio-visual project for sixth form students; to continue to promote and develop our existing range of free resources including developing our Arts Award offer; and to continue working in partnership with Chineke! Foundation and Music Masters on future projects for young musicians. - **Sector support:** Ongoing development of digital ‘Discover’ content and strategy; ongoing support for a growing portfolio of ‘third party micro labels; a potential Lottery Project funded survey and release of music composed and recorded during lockdown, in partnership with multiple regional partners: a contemporary music producer, venue, conservatoire, specialist ensemble, and a Music Education Hub. 11 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **COVID-19** Trustees anticipate that Covid-19 will continue to have a negative effect on the charity’s activities (recordings and releases) and income (earned and fundraised) in the coming year. Financial controls and management will ensure thorough oversight of the negative effects, with mitigating actions to be taken accordingly. The year-end reserves levels, and a reserves policy which specifically provides for unforeseen circumstances, will ensure we continue to operate as a going concern. ## **RESERVE POLICY AND RISK MANAGEMENT** NMC’s policy on maintaining a reserve is intended: - to cover lags in funding flows - to take account of the increasingly uncertain funding environment - to make good any unforeseen shortfalls - to mitigate the effect of unexpected failures or defaults in funding - to provide a cushion for development and for other unforeseen contingencies The NMC Board has adopted a prudent reserves policy to mitigate operational risks. The Board has concluded that free reserves should be maintained at a level representing between three and six months’ expenditure. The company had free reserves of £55,759 at the end of the year. This represents three and a half months’ unrestricted expenditure. As at 31st March 2021, the free reserves of the Charity are represented by its General Funds which amounted to £55,759 (2020: £14,385). The Trustees intend to keep the Reserves Policy under review for the course of the next 12 months. Restricted reserves were £41,841 (2020: £44,478). Total reserves were £247,600 (2020: £158,863). ## **Financial Result** The financial results for the year are set out in the attached accounts. They show a surplus of £88,737 (2020: surplus of £30,162. The charity had total reserves of £247,600 (2020: £158,863). Total expenditure during the year was £273,234 (2020: £297,805). ## **Preparation of the report** The report of the Trustees has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006. This report was approved and authorised for issue by the Board of Trustees on 7 September 2021 ___________________________________ and signed on its behalf by: ..................................................................... **Jackie Newbould Chair** 12 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF** ## **NMC RECORDINGS LTD FOR THE YEAR ENDED 31ST MARCH 2021** I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2021 which are set out on pages 14 to 26. ## **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 charitable 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 charitable 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 charitable 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 a member of the Institute of Chartered Accountants of England and Wales. 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 charitable 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. 26/10/2021 Signed: ............................................................................................. Dated: ................................................. ## **Stuart McKay BSc FCA DChA (Senior Statutory Auditor)** For and on behalf of: ## **MHA MacIntyre Hudson** Chartered Accountants and Statutory Auditor 6th Floor 2 London Wall Place Barbican London EC2Y 5AU 13 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT)** All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. The notes on pages 15 to 27 form part of these financial statements. 14 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **BALANCE SHEET AS AT 31 MARCH 2021** The Trustees consider that the Charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 (“the Act”) and members have not required the Charity to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The financial statements were approved and authorised for issue by the Trustees 7 September on ______________________________________ 2021 and signed on their behalf by: .......................................................... **Jackie Newbould Chair** The notes on pages 16 to 26 form part of these financial statements. **Company Registration Number: 02314735** 15 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **NOTES TO THE FINANCIAL STATEMENTS** ## **1 Summary of significant accounting policies** ## **1.1 General information and basis of preparation of accounts** NMC Recordings is a private company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 328052) and Registrar of Companies (Company Registration Number 02314735) in England and Wales. 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 the recording of music, its promotion and selling. The Charity constitutes a public benefit entity as defined by FRS 102. 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 United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The Charity has applied Update Bulletin 1 published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018 and does not include a statement of cash flows on the grounds that it is applying FRS 102 Section 1A. 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, including an assessment of the impact of Covid-19. 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 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. ## **1.2 Funds** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. ## **1.3 Income recognition** All incoming resources are 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. Gifts in kind donated for distribution are included at fair value and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. The Charity receives government grants in respect of furthering its charitable objectives. Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred. 16 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **1.4 Expenditure recognition** Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Expenditure is recognised when there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: - Expenditure on charitable activities - Expenditure on raising funds ## **1.5 Support costs allocation** Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include premises and office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity and include project management carried out at head office. Support costs have been apportioned between charitable activities and raising funds on a representative percentage allocation. ## **1.6 VAT** VAT - Almost all VAT is recoverable. Any irrecoverable VAT is included within resources expended. Corporation Tax - The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in paragraph 1 schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. ## **1.7 Tangible fixed assets and depreciation** All assets costing more than £100 are capitalised. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Furniture, fittings and equipment - 25% straight line ## **1.8 Stocks** Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stock. NMC has a policy of keeping recordings permanently accessible. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. ## **1.9 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. ## **1.10 Leases** Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. ## **1.11 Financial instruments** The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows: **Debtors** – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 13. Prepayments are not financial instruments. **Cash at bank** – is classified as a basic financial instrument and is measured at face value. **Liabilities** – trade creditors and accruals will be classified as financial instruments, and are measured at amortised cost as detailed in Note 14. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument. 17 NMC RECORDINGS LTD IA tompany limited by gU3￿ntee) TRUSTEES, REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 2021 2021 Tol•l 2 Ir4com• Ircrfn don•dorth l•pd 178,242 178,242 l)onatlons NMC Frtends The Producer's Clrcle Othèr 28,124 18,025 12,367 24758 28,124 18,025 21,407 245,7 9.040 Grarnts rece*¥￿, Intluded abovè. arè as follo￿.. Aris Councll En8l•nd Culivre Recovery Fijnd NPO Funding The Holsi Foundaik*n The Trust The Dellvs Trts 77.506 40,736 50,000 5,000 5,000 178342 77,SC 40.736 178241 Z Ir(¥n don•tlons 2020 UniMtrkled Il•strlrt•d Tot•1 PYltsry••r Grants Donatlofts NMC FrlÈnds The Producer's Clrc Oth•r 109,9S5 109,955 28,008 21,150 11.169 170281 2B.tN)8 21.150 13,804 172.917 2.635 2.635 Granrs recelved, Include(l akne, •re as tollow5'. The Holst Foundation Arts Councll England The 8rltten-Pears Foursdatk>n The 8oltinl Trwt The Oellus TNsi FondatkyTr Prlncè Pltfrt de Monèco 45.000 40.000 10,000 5,000 5,000 4.955 109.955 45.C iO,f 4,955 109.955 2021 Inierest recefvable 31 All Inco￿ From Irryestments was WI￿11¥ atirlbvtab￿lts unrèstdctod lun￿$. 2021 2021 2021 Tol•l 4 l•coff• from th•fft•hl• xtMtI•s Salè5 and Ilcens5rtg Income Performance related irant5 42.491 42,491 73.650 116,141 73,650 73.650 41491 18 NMC RECORDINGS LTD IA tompany limited by gU3￿ntee) TRUSTEES, REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 4 fr￿ ch•rftabl• ¥thttl¢s Prlorye*r 2020 Umreslrktéd R*strkttd Totsl frtyn th•fft•bl• •£tMd•s Salès and I1£en￿￿￿ Income perf0m￿nCe felattd trants 62,467 62,467 92,461 154,928 6W7 92,461 Gf•nts rttd¥•d, Indwled •bty¢, *r• ¥1 lolo¥n: The Holst Foundation The PRS for Muslc Foundaibon The teverhulrne Trust The Radcllffe Trurt RWW Trus¥ The Garrbck Charltable Trusi The ftoyal Academy of N4usi¢ The Royal Conservatolre ol Scolland Hlftrlchsen Fwndarlon John S Cohen Foundat￿n The Ambaehe Charltable Trts Arts Countll England. cata￿$1 Fund Fidelio Chariuble Trust The lucllle Graham Twst CreailNe Scotlarrfl The G￿$￿t￿l FotsnètSon 39, 14.CQO io.c 5.211 14,(k)) io,c 5.211 2,850 750 750 92,461 750 7SO 92.461 2021 Costs Dlred ctysts Support Costs 2021 Total S Expendlrure on Ralsl•y fvnds 25.746 2.521 5.930 34,197 Expehdlturt ah d￿r[￿ble actl Recotdln& Production and di5seminallon 145.179 .416 33.442 239.037 Ttst*l 170,915 61937 39.372 273234 Inc*uded In support tost5 are tost& of £3.S3312020.- £4,48SI. Pleasè refer to Note 9 for the breakdown of thls o%pense. 19 NMC RECORDINGS LTD IA tompany limited by gU3￿ntee) TRUSTEES, REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 Pylor Yur XJ20 Staff Costs Dlrert Costs Support Costs Total S Expendltur• on ftatslry funds 22.487 5.335 E¥p•ndltUrn OD th•rltable artlb4tles Aetordln& Pr¢JluttKIft and disstminaiSon 140.158 93.484 33.257 266,899 Total 162 297W5 6 ol support tort¥ 2021 2021 Fknand•l &wi 2021 )21 2021 Total admln Ralslnz funds Charltable activlti•s'. ftetord5n& Produtt4on and dlssernlnatSon iJ89 1.491 2.318 532 5,930 8.959 8.409 13.073 3.CrfJl 33.442 10,548 ISJ91 3,533 39,3n Prbr y••r zozo PrwDI ¢osts 2020 Fkn•nd•l &wi 2020 Tol•l •dmln Ralslne c￿rItable acttvitles_' ftecwdln& Produciknn and dissornlnatlon 1569 1269 1,877 620 5,335 9,779 7,911 11,702 3,865 33,257 11,348 9.180 X3379 4.48S 38,592 20 NMC RECORDINGS LTD IA tompany limited by gU3￿ntee) TRUSTEES, REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 Tolal Funds 2021 Funds 2021 Funds 7 An*sh ol •wp•ndltw• by fvnd Ralslne funds Charltabje actrv4ties= Recordin& Producilon ar%d dissemlnatlon 34.197 34,197 153,710 85.327 239,037 18Y.907 85.327 273234 Total Funds 2020 Prknr Year Funds 2020 Aèlslne funds Charltable act+vS11è5'. ftecord5n& Pr￿UCtIOn nd dissemlnatlon 30.906 158.9SI 107,948 266.899 Is9￿57 107,948 297,805 2020 Ways Jrtd ￿￿rI*S Swla5 securliy Costs Pension costs 156,rM)5 10,897 4,023 149.473 io.ioi 3,071 170,925 162,645 The 44tra8e monthly number of employees dur*￿ the ye•r was as follcr•ts'. 2021 2010 X>20 F¥lktlme st•ft ul¥•lent Executl¥e lyrertor Execut￿t prOd￿r Gèneral Manager Recordlngs & Markeilne Mar¥ager' C*velopmeni Coordlnator O+t*dt* of Developmeni. 0.4 42 No •mploytt receSved remuneratlon amoufttlng to mort than £*￿.￿) In elth*r ¥￿t. • Atcordings & Marketlng Manager ènd Director of Dtvelopment posts U￿rnded sn Nov 2020. 21 NMC RECORDINGS LTD IA tompany limited by gU3￿ntee) TRUSTEES, REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 The key manègement ptrsonnèl ol ihé Charlfy tomprtse the Trust￿ and Stnlor Management te•m lisied on p￿e l. The total arr*ount ofemployee benefits re(¢￿ed by key mana£emtnt Personnel for thdr servkes w the Chafliy was £83,86712020= £73,787}. Y Go¥•rninct Ct>Sts 2020 Fees pald io Independent Examlnef ÉxamSnatloA let Payfoll fees Dlsbursemeftts P*)ard Expenses 720 13 32S J)21 2020 Nono of the irustees re£el¥ed an¥ r*muneraikJn or bontiits for the year ended 31si Marth 2021. nor for the year ended 31st March 2020. rhe followlng trustees recelb*d payment lor trav21 expenses durlng the year. Chrlstlna Coker Jxkle P4ewbovld 238 F¥rnAty fittknis •rrfL egulpm•rrt 11 Tafillble Flxed Assèts Ai Isi Aprll 2020 Addlfions Olsposals 4,685 At 31st March 2021 6,085 Diprttlaiion At 1st Apr512020 Charge for the year Ellmlnated on d¢sposal 3.890 At 31s1 March 2021 4.588 14et Oook V•lu• At 3151 Marth 2021 At 3151 Marth 2020 795 22 NMC RECORDINGS LTD IA tompany limited by gU3￿ntee) TRUSTEES, REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 2021 Stotk of CDS 257 2020 13 Débtort Tr•de debtors her debiors Prepayment5 and attrued IrKorne Grants recel¥abl* 12,013 10,533 3,078 9.935 55.211 3.076 64,651 78,757 14 Credltory. amounts I•￿ due wlthkn on• ¥ 2020 Tradè cred5tors Soclal 5ecurfty and othéf taxatlo A£cruals trred l¢)tome 20,662 2.719 S.091 3.644 5.3S5 15063 28,472 tsolerred Income compr55è5 Income deferred from the prevlous perbod Released io ihe si•tem*nt of financlal actiyftles Arlslng durlng the turr*nt year: Grants recelved Deferred Income comprises tfants re¢el¥ed year whkh relate io be comp￿ed Ir* fuiu perlods. 15 L•aMs Al 31 March, the company had •nnual commltments under non<4rttllJbl• oper•ln8 bt•ses •s follws. 2020 i•nd and t￿lIdIn L•nd and bulldln4s £Yplry dott." Less than l y*èr Between 2 and 5 year5 More ihan 5 years Oper•ilng lease •xpendlture has been char6ed to th• SOFA as fdlows.. 23 NMC RECORDINGS LTD IA tompany limited by gU3￿ntee) TRUSTEES, REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 Broyiht In￿rnI Forward ftesourus C•rrled Forward Exp*nded 16 Fynd r•ContI￿tIOn 2020121 D•s*n*t•d funds HolsE legacy fund I￿.oll) 150ml G•D•f•l Iwd 14,385 229281 187,907 55.759 Total urmtrtrt•d fvnds 114.J85 279.281 1ts7.9071 205.759 8rouiht Incomlf* C•rrled For*ard Restrklod funds Disco¥*r Oebtst Disc$ 2 cthi Discs 3 Holst Foundatlon One off prolect O)natknns Wlgnx)re Hall 20,5th) 70 14.720 18.4llXI 29.OC(I 120.5001 13.2161 .108 &962 14,720 10,000 128.4001 133,2111 ,105 2,265 44.478 185.3271 41￿41 tsr0￿ht Incoml•y Re$￿tte% Fthw*rd Ilesowta Expend Trw Summ*ry Oesenaied hjnds Gentral lunds I￿,000 229.281 279,181 187 907 I￿.907? 114.385 205,759 ftesvkted ftjnds 44.478 185.3271 41￿41 Total fvnds 273334 247 24 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **Description of funds** The specific purposes for which the funds are to be applied are as follows: **Debut Discs 3:** Launched in January 2021, this is a third iteration of the programme, designed to support a further 8 composers and to release 8 new portrait albums by 2024-45. Composers who will be supported from 2022-23 onwards include Richard Baker and Freya Waley-Cohen. **Debut Discs 2:** launched in 2016/17 as an extension to the series with 8 albums to be released over up to 5 years. In 2020/21 funds were expended on releasing ‘Debut Disc’ albums by Linda Buckley and Martin Suckling with further allocations towards the development of albums featuring the music Ryan Latimer, scheduled for release in September 2021, and Ailis Ni Riain, schduled for release in 2022-23. **Catalyst Capacity Building Fund:** we received the closing payment for our organisational development 2016 Arts Council Catalyst:Evolve grant. In 2019/20 the fund was spent out, with investment in development resources, training, research, cultivation events and marketing. **Holst Legacy Fund:** the Fund was established in 2015/16 to be drawn upon over a number of years as required and at the Trustees’ discretion, to fund specific artistic projects focussing on talent development, or specific organisational development activity aimed at responding to changes in the environment in which the charity operates. £30k of the Fund was utilised to meet core costs associated with Debut Discs (talent development) projects in 2018/19. The fund received a grant of £30,000 in 2019/20, and £50,000 in 2020/21. **Education Fund:** No funds raised or expended during 2020-21 due to impact of Covid-19. **Holst Foundation:** a fund to cover artistic staff costs, the fund is replenished and expended annually. 25 NMC RECORDINGS LTD (A company limited by guarantee) TRUSTEES’ REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 ## **Description of funds (continued)** **One off project donations:** Donations were received or retained in the following one-off project funds for expenditure on associated album releases in year or in future years for the following artists: Nicola LeFanu, Ed Bennett, Tansy Davies, Linda Buckley, Martin Suckling, Param Vir. **Wigmore Hall Quartets (Bracing Change):** funds were carried forward to complete the second volume in this series which was delayed because of non-availability of artists and composer, and then because of Covid-19. The album is scheduled for completion and release in 21-22. 26