REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
BATH MOZARTFEST LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
BATH MOZARTFEST LIMITED |
BATH MOZARTFEST LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Cash Flow Statement | 7 |
Notes to the Cash Flow Statement | 8 |
Notes to the Financial Statements | 9 | to | 15 |
BATH MOZARTFEST LIMITED (REGISTERED NUMBER: 02639507) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019). |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The 3 day, 5-concert annual Bath Bachfest took place in February 2022 with no Covid-19 restrictions in place and a successful, well-sold festival was anticipated. Unfortunately Storm Eunice hit Bath during these three days. Most of the City was closed, including all transport links, so for the first time in either festival's history the Friday evening concert was cancelled earlier that day. As all concert expenses had been incurred and ticket refunds were offered it had been thought that a significant deficit would result however, due to the generosity of sponsors and people not taking up refunds, costs were substantially covered. |
Having live-streamed concerts during the pandemic, and this being well received by audiences, it had continued but on evaluation it was realised that this was not only extremely expensive but also discouraging some audience members from attending concerts in person (at a much higher price), so this proved to be rather an own goal. The decision was therefore taken to cease live-streaming with immediate effect. Despite these two significant factors Bath Bachfest 2022 showed a relatively modest deficit of -£9.4k. |
The November 2022 Mozartfest had no such dramas and this proved to be a successful, popular and artistically acclaimed event. Audience numbers were still slightly down, in common with most other comparable music / arts events both locally and nationally, but this was offset by slightly raised ticket prices, and also cost savings. It reported a surplus of c. £9k. |
In 2022 Bath Mozartfest received the balance of funds remaining in the AM Purnell Charitable Trust (which has been wound up) which amounted to c.£50k. |
The small management team continues to strive to reduce costs and increase support and income through marketing and fundraising activity. |
FINANCIAL REVIEW |
Principal funding sources |
The charity's principal funding sources are from ticket sales, sponsorship and donations. |
Reserves policy |
The trustees are conscious of the need to ensure the continued viability of the company and with the continued support of their sponsors, they believe that the company has sufficient financial backing to enable it to continue for the foreseeable future. They also consider that the reserves as at 31 December 2022 were at an appropriate level. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, The Memorandum and Articles of Association, and constitutes a limited liability company, limited by guarantee, as defined by the Companies Act 2006. |
Status of the Trustees |
The trustees of the charity are also the directors of the company for the purposes of the relevant charity and company law and in accordance with the Memorandum and Articles of Association. |
The Memorandum and Articles of Association, as approved by the Charity Commission, decrees that the Board shall comprise a minimum of two members with no maximum number. All Board members are elected by the existing Board, taking into consideration their professional experience and knowledge of classical music. No formal induction or training is given to new trustees, but they are given an introduction to the work of the Company and provided with the information they need to fulfil their roles which includes information concerning their duty as trustees and an insight into charity law. In addition they are required to sign a letter confirming their support for the objects of the company. Each director/trustee is appointed by the Board to serve for a period of three years after which he/she may seek re-election. |
BATH MOZARTFEST LIMITED (REGISTERED NUMBER: 02639507) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
The day to day administration and other operational Company matters are delegated to a team of specialist professionals supported by members of the Board. Periodic reports are provided to the Board for review and action as required. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Board has conducted a review of the major risks to which the charity is exposed and where appropriate has ensured that procedures and systems are in place to mitigate such risks. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Sir David Bell |
C Allanson-Bailey |
T Osborne |
S Johnson |
P Roper |
A Woodroffe |
Lieutenant General Sir R Cordy-Simpson |
Professor R Wendorf |
Company Secretary |
Independent Examiner |
Christopher Horsley FCA |
Barber & Company |
A trading name of PCM Accounting Limited |
2 Jardine House |
Harrovian Business Village |
Bessborough Road |
Harrow |
Middlesex |
HA1 3EX |
Principal Bankers |
HSBC Bank plc, |
45 Milsom Street, Bath, BA11DU |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
BATH MOZARTFEST LIMITED |
Independent examiner's report to the trustees of Bath Mozartfest Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022. |
Responsibilities and basis of report |
As the charity's 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 charity'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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can 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: |
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. |
Christopher Horsley FCA |
Barber & Company |
A trading name of PCM Accounting Limited |
2 Jardine House |
Harrovian Business Village |
Bessborough Road |
Harrow |
Middlesex |
HA1 3EX |
Date: 29th June, 2023 |
BATH MOZARTFEST LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds | 5 |
Charitable activities | 6 |
Other administration costs | 8 |
Total |
Net gains/(losses) on investments | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
Transfers between funds | 14 | 10,679 | (10,679 | ) | - | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 347,334 |
BATH MOZARTFEST LIMITED (REGISTERED NUMBER: 02639507) |
BALANCE SHEET |
31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 14 |
Unrestricted funds | 229,618 |
Restricted funds | 117,716 |
TOTAL FUNDS | 347,334 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
BATH MOZARTFEST LIMITED (REGISTERED NUMBER: 02639507) |
BALANCE SHEET - continued |
31 DECEMBER 2022 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
BATH MOZARTFEST LIMITED |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 101,951 | (38,201 | ) |
Net cash provided by/(used in) operating activities | 101,951 | (38,201 | ) |
Cash flows from investing activities |
Purchase of fixed asset investments | (165,693 | ) | - |
Investment management costs | 1,540 | 459 |
Net cash (used in)/provided by investing activities | (164,153 | ) | 459 |
Change in cash and cash equivalents in the reporting period |
(62,202 |
) |
(37,742 |
) |
Cash and cash equivalents at the beginning of the reporting period |
224,136 |
261,878 |
Cash and cash equivalents at the end of the reporting period |
161,934 |
224,136 |
BATH MOZARTFEST LIMITED |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES |
31.12.22 | 31.12.21 |
£ | £ |
Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) |
40,416 |
(4,365 |
) |
Adjustments for: |
Losses/(gain) on investments | 8,429 | (15,506 | ) |
Decrease/(increase) in debtors | 15,093 | (18,903 | ) |
Increase in creditors | 38,013 | 573 |
Net cash provided by/(used in) operations | 101,951 | (38,201 | ) |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.22 | Cash flow | At 31.12.22 |
£ | £ | £ |
Net cash |
Cash at bank | 224,136 | (62,202 | ) | 161,934 |
224,136 | (62,202 | ) | 161,934 |
Total | 224,136 | (62,202 | ) | 161,934 |
BATH MOZARTFEST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Fixed asset investments |
Fixed asset investments are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. |
2. | DONATIONS AND LEGACIES |
31.12.22 | 31.12.21 |
£ | £ |
Mozartfest Society and donations |
Sponsorship and grants |
BATH MOZARTFEST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | INVESTMENT INCOME |
31.12.22 | 31.12.21 |
£ | £ |
Dividend and interest income |
4. | INCOME FROM CHARITABLE ACTIVITIES |
31.12.22 | 31.12.21 |
Activity | £ | £ |
Ticket sales | Classical music festivals | 182,577 | 125,579 |
Other festival income | Classical music festivals | 13,486 | 5,023 |
5. | RAISING FUNDS |
Raising donations and legacies |
31.12.22 | 31.12.21 |
£ | £ |
Sponsorship and donations |
6. | CHARITABLE ACTIVITIES COSTS |
Direct |
Costs (see |
note 7) |
£ |
Classical music festivals | 343,995 |
7. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
31.12.22 | 31.12.21 |
£ | £ |
Artists' fees and expenses | 136,993 | 102,229 |
Marketing | 51,045 | 32,191 |
Public relations and communication | 20,149 | 18,243 |
Other festival production and performance costs | 101,878 | 87,872 |
Administration | 33,930 | 31,871 |
343,995 | 272,406 |
8. | OTHER ADMINISTRATION COSTS |
31.12.22 | 31.12.21 |
£ | £ |
Bank charges | 386 | 345 |
Finance costs | 12,770 | 11,136 |
Independent examiner's fees | 1,375 | 2,850 |
Investment management fees | 1,540 | 459 |
BATH MOZARTFEST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. |
10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Other administration costs |
Total |
Net gains on investments |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | 10,000 | (10,000 | ) | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 225,091 | 126,608 |
TOTAL FUNDS CARRIED FORWARD | 229,618 | 117,716 | 347,334 |
BATH MOZARTFEST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1 January 2022 |
Additions |
Revaluations | ( |
) |
Impairments | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 | 266,659 |
At 31 December 2021 | 110,935 |
There were no investment assets outside the UK. |
Cost or valuation at 31 December 2022 is represented by: |
Listed |
investments |
£ |
Valuation in 2021 | 14,588 |
Valuation in 2022 | (5,534 | ) |
Cost | 257,605 |
266,659 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Other debtors |
BATH MOZARTFEST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Other creditors |
Accruals and deferred income |
14. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.1.22 | in funds | funds | 31.12.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 229,618 | 39,737 | 10,679 | 280,034 |
Restricted funds |
Bachfest fund | 117,716 | 679 | (10,679 | ) | 107,716 |
TOTAL FUNDS | 40,416 | 387,750 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 426,030 | (377,864 | ) | (8,429 | ) | 39,737 |
Restricted funds |
Bachfest fund | 679 | - | - | 679 |
TOTAL FUNDS | ( |
) | ( |
) | 40,416 |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.1.21 | in funds | funds | 31.12.21 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 225,091 | (5,473 | ) | 10,000 | 229,618 |
Restricted funds |
Bachfest fund | 126,608 | 1,108 | (10,000 | ) | 117,716 |
TOTAL FUNDS | 351,699 | (4,365 | ) | - | 347,334 |
BATH MOZARTFEST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
14. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 282,327 | (303,306 | ) | 15,506 | (5,473 | ) |
Restricted funds |
Bachfest fund | 1,108 | - | - | 1,108 |
TOTAL FUNDS | 283,435 | (303,306 | ) | 15,506 | (4,365 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.1.21 | in funds | funds | 31.12.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 225,091 | 34,264 | 20,679 | 280,034 |
Restricted funds |
Bachfest fund | 126,608 | 1,787 | (20,679 | ) | 107,716 |
TOTAL FUNDS | 351,699 | 36,051 | - | 387,750 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 708,357 | (681,170 | ) | 7,077 | 34,264 |
Restricted funds |
Bachfest fund | 1,787 | - | - | 1,787 |
TOTAL FUNDS | 710,144 | (681,170 | ) | 7,077 | 36,051 |
BATH MOZARTFEST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
15. | RELATED PARTY DISCLOSURES |