REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Report of the Trustees | 1 | to | 5 |
Independent Examiner's Report | 6 |
Statement of Financial Activities | 7 |
Balance Sheet | 8 | to | 9 |
Notes to the Financial Statements | 10 | to | 22 |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH (REGISTERED NUMBER: 00177744) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
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 March 2023. 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objectives of The British and International Federation of Festivals for Music, Dance and Speech ('BIFF') are to advance, promote and encourage participation in all branches of performing arts. |
The benefits to individuals and communities of participation in performing arts are widely recognised. Participation hones and develops life skills, quite apart from developing skills in the performance art itself. For many people, a performance offers a real sense of achievement which may not be equalled in their experience of other activities. In earlier years, participation in performing arts is a key component of a balanced education. |
Principal activities |
The principal activity of BIFF is as key support organisation for those involved in festivals featuring amateur performers. It provides a wide range of services and resources to facilitate delivery of fulfilling, inspiring and educational performance opportunities for everyone. The services and resources on offer continually evolve and develop to reflect current best practice and to meet ever changing needs and expectations. |
Festivals play an important role in keeping alive local interest in the arts. They strengthen and support community activities by providing a meeting place for amateur artists of all ages. They encourage cooperation among various artforms for the common purpose of achieving higher standards of performance. While the practice of an artform may remain a source of valuable recreation for many performers, every professional began as an amateur. Many distinguished artists acknowledge that their first performance platform was provided by their local festival. |
Public benefit |
The trustees have complied with their duty to have due regard to the guidance on public benefit, published by the Commission, in exercising their powers or duties. The trustees consider how planned activities will contribute to BIFF's aims and objectives. |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH (REGISTERED NUMBER: 00177744) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
BIFF engages in wide-ranging activities to support festivals, to help them to develop and grow, and to promote implementations of best practice in many important areas. In addition to festivals, BIFF has adjudicators, accompanists and supporters among its members. It actively encourages new members in all its membership categories. |
For those starting a festival, or who are new to organising an established one, BIFF offers members extensive resource materials and guidance covering almost every aspect of festival organisation. New festivals join each year and BIFF provides information on its website about becoming a member. |
Many member festivals work with children and some also work with vulnerable adults. BIFF has developed extensive guidance on safeguarding and has prepared materials that festivals may use when formulating, implementing and communicating safeguarding policies. In addition to offering support and advice on safeguarding matters, the Festivals House team facilitates Disclosure and Barring Service (DBS) checking for festival members. |
BIFF recognises the importance of professional adjudicators and accompanists to festivals. Skilled adjudicators inspire and educate performers and audience alike. Each performer should leave a festival with some useful advice for further development and a real sense of achievement. BIFF encourages all adjudicator members to attend annual conference and on-line meetings where new skills, approaches and ideas are explored. |
The small staff team at Festivals House provides year-round support for members. Improved facilities allow the staff to adopt more modern working practices, working from home as well as from the office. |
BIFF supports a UK-wide network of 'Regional Forums'. These meetings, which are open to all Federation members, are usually held twice a year and are facilitated by voluntary forum officers. Members share experience and practice, and additional meetings may be held to give further time to individual matters of interest and importance to forum members. Members of Federation staff attend a number of these meetings to talk about areas of concern and development, and as an opportunity to meet members. The rolling programme of visits to festivals in each region undertaken by forum officers has resumed. |
The 2022 BIFF annual conference returned to its usual format - a live, in-person event - and was held in Newcastle from 30 September to 2 October. It comprised a series of presentations and discussions which were topical, relevant and of interest to festival members and adjudicators. The keynote speaker was Graeme Danby, music professor and freelance opera singer. In his inspiring address, he used his own experiences of festivals to underline their importance in his personal and professional development and the importance of festivals as events in which people come together within communities. In addition to attending conference sessions, attendees had many opportunities to meet and establish contact with fellow members and to share and exchange ideas and experiences. |
At conference, there was a preview showing of the BIFF Signature Film. The film was produced as part of the BIFF centenary celebrations with the objective of showcasing the important and inspiring role that festivals play in keeping interest in the arts alive, developing higher standards of performance and in creating community events which provide fulfilling opportunities for participation by people of wide-ranging ages, backgrounds, levels of experience and skill. The film is forward looking. It is intended to be a tool which members may use to promote the benefits of festival participation and of volunteering in order to make festival performance opportunities available to as many people as possible. |
The trustees acknowledge publicly the valuable work undertaken by the Festivals House team, past and present, and the tireless efforts of members and volunteers throughout the Festival movement to ensure that many thousands of amateur performers will continue to have the opportunity to take part and to benefit from professional adjudication. The trustees will continue to work together to deliver and enhance services to the membership and to fulfil the vision and aims of BIFF. |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH (REGISTERED NUMBER: 00177744) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
FINANCIAL REVIEW |
Financial review |
The year to 31/03/2023 continued to be challenging, but there has been a notable increase in member's subscription, which constitute the charity's primary source of income. In line with national trends, running costs continue to outstrip income; with the result we are reporting an operating loss for the year. The deficit is worsened by the fact the value of our long term investments has fallen. Conversely, it is pleasing to note income from investments has increased, and the Board is confident the long term investment policy is properly managed and in the best interest of the organisation. |
In 2022 the property at 198 Park Lane, Macclesfield, was revalued with a resulting increase in the net worth. The Board was concerned at the accuracy of the appraisals and authorised further revaluations in 2023. Once again, there were variances in the valuations received and the Board decided to apply the lowest figure. Whilst reducing net worth significantly the Board consider this the most prudent course of action in the current financial climate. |
Reserves policy |
The trustees currently maintain a reserves policy set at £150,000, which equates to approximately 12 months expenditure. A surplus of funds is held in investments, which the Board considers necessary to generate a return on investment to support working capital, and to protect against any consequence that could threaten the continuity of the charity's work. |
Excluding tangible fixed assets the value of unrestricted funds at year end was £271,959. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Company and charity information |
The British and International Federation of Festivals for Music, Dance and Speech ('BIFF') is a private company, limited by guarantee, and registered in England and Wales, number 00177744. Its registered office, which is also its principal office, is Festivals House, 198 Park Lane, Macclesfield, SK11 6UD. It is registered as a charity with the Charity Commission, charity number 213125. |
Governing document |
BIFF is governed by its Memorandum and Articles of Association which were last amended on 5 October 2014. The company was formed in 1921. |
Recruitment and appointment of trustees |
Trustees are elected by members of BIFF and may be proposed by members or identified by serving Trustees. A skills analysis of trustees is conducted and where a shortfall is identified a recruitment plan is devised to address it. All trustees, including those elected honorary officers (chair, vice chair and honorary treasurer), retire at the Annual General Meeting following the third year of their appointment. A trustee who is not elected an honorary officer may serve continuously for a maximum of nine years. In normal circumstances, an honorary officer may serve continuously for a maximum of nine years from the date of first election to the honorary office. |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH (REGISTERED NUMBER: 00177744) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk management |
The trustees have a duty to identify and review the risks to which BIFF is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
The risk management strategy is managed by the Board of Trustees and comprises an annual review of the risks the organisation may face; the establishment of systems and procedures to mitigate those risks; and the implementation of procedures designed to minimise any potential impact on the organisation. |
The Board of Trustees maintains a risk register, which is reviewed annually. Insurance covers the major financial risks and is reviewed annually. Systems of internal control are designed to provide reasonable, but not absolute, assurance against material mis-statement or loss. The controls are: |
- | Regular consideration of financial results in comparison to budgets |
- | Regular review of non-financial performance indicators |
- | Appropriate levels of delegation of authority to staff and segregation of duties |
- | Identification and management of risks across a wide range of headings |
- | Safety and fire risk assessments meeting legislative requirements |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Riley & Co Limited |
52 St Johns Lane |
Halifax |
West Yorkshire |
HX1 2BW |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH (REGISTERED NUMBER: 00177744) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Investment Managers |
Brewin Dolphin |
12 Smithfield Street |
London |
EC1A 9BD |
Website |
www.federationoffestivals.org.uk |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of The British and International Federation of Festivals for Music, Dance and Speech for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The British and International Federation |
of Festivals for Music, Dance and Speech (Registered number: 00177744) |
Independent examiner's report to the trustees of The British and International Federation of Festivals for Music, Dance and Speech ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023. |
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 |
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. |
V J Atkinson FCA |
The Institute of Chartered Accountants in England and Wales |
Riley & Co Limited |
52 St Johns Lane |
Halifax |
West Yorkshire |
HX1 2BW |
26 October 2023 |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 5 |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Raising funds | 6 |
Charitable activities | 7 |
Governance | 2,156 | - | 2,156 | 2,446 |
Total |
Net gains/(losses) on investments | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
Other recognised gains/(losses) |
Gains/(losses) on revaluation of fixed assets | ( |
) | ( |
) |
Net movement in funds | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 615,743 |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH (REGISTERED NUMBER: 00177744) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 14 | 162,139 | 314,189 |
Investments | 15 |
CURRENT ASSETS |
Stocks | 16 |
Debtors | 17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 19 | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 23 |
Unrestricted funds | 610,293 |
Restricted funds | 5,450 |
TOTAL FUNDS | 615,743 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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. |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH (REGISTERED NUMBER: 00177744) |
Balance Sheet - continued |
31 March 2023 |
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 |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
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. |
Going concern |
The Trustees consider that the balance sheet at 31 March 2023 shows satisfactory cash and net assets positions. The Trustees expect the charitable company to have sufficient income and resources in the foreseeable future to support its activities and to meet its liabilities as they fall due. |
Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - |
Office equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
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 any restricted fund is included in the notes to the financial statements. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
2. | DONATIONS AND LEGACIES |
31.3.23 | 31.3.22 |
£ | £ |
Donations |
Grants |
Grants received, included in the above, are as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Coronavirus Job Retention Scheme | - | 10,837 |
3. | OTHER TRADING ACTIVITIES |
31.3.23 | 31.3.22 |
£ | £ |
Members services and other | 2,234 | 1,758 |
Conference | 32,467 | 1,700 |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | INVESTMENT INCOME |
31.3.23 | 31.3.22 |
£ | £ |
Managed investment fund and deposit account income | 6,414 | 4,926 |
5. | INCOME FROM CHARITABLE ACTIVITIES |
31.3.23 | 31.3.22 |
Activity | £ | £ |
Copyright and insurance | Copyright and Insurance | 43,570 | 41,778 |
Members Subscriptions | Members Subscriptions | 71,704 | 56,626 |
6. | RAISING FUNDS |
Raising donations and legacies |
31.3.23 | 31.3.22 |
£ | £ |
Travel and other costs |
Conference costs |
Centenary costs |
Sales and Marketing/ Profile Raising | 125 | 122 |
41,710 | 2,397 |
7. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 8) | note 9) | Totals |
£ | £ | £ |
Copyright, Insurance and DBS | 37,725 | 5,992 | 43,717 |
Members Services | 62,088 | 9,860 | 71,948 |
Members Support and Administration | 8,641 | 1,373 | 10,014 |
Governance | - | 2,156 | 2,156 |
108,454 | 19,381 | 127,835 |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
31.3.23 | 31.3.22 |
£ | £ |
Staff costs | 86,046 | 91,605 |
Postage and stationery | 1,797 | 2,164 |
Sundries | 200 | 52 |
Copyright cover and insurance | 19,394 | 11,536 |
Awards | 19 | 32 |
DBS costs | 522 | 792 |
Adjudicators costs | 476 | - |
Bad debts | - | 98 |
108,454 | 106,279 |
9. | SUPPORT COSTS |
Information |
Management | Finance | technology |
£ | £ | £ |
Copyright, Insurance and DBS | 597 | 1,760 | 2,374 |
Members Services | 980 | 2,895 | 3,907 |
Members Support and Administration | 136 | 403 | 544 |
Governance | - | - | - |
1,713 | 5,058 | 6,825 |
Governance |
Other | costs | Totals |
£ | £ | £ |
Copyright, Insurance and DBS | 1,261 | - | 5,992 |
Members Services | 2,078 | - | 9,860 |
Members Support and Administration | 290 | - | 1,373 |
Governance | - | 2,156 | 2,156 |
3,629 | 2,156 | 19,381 |
10. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£ | £ |
Depreciation - owned assets |
Hire of plant and machinery | 911 | 1,073 |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
12. | STAFF COSTS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
86,046 | 91,605 |
The average monthly number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
General manager | 1 | 1 |
Administrative and support | 4 | 4 |
The key management personnel of the charity have been identified as the General Manager. The aggregate employment benefits, including employers national insurance for the key management personnel for the year was £39,806 (2022 : £38,265). The remuneration of the key management is set and reviewed annually by the trustee board. |
13. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Investment income |
Total |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
EXPENDITURE ON |
Raising funds |
Charitable activities |
73,065 | 50 |
Governance | 2,446 | - | 2,446 |
Total |
Net gains on investments |
NET INCOME |
Other recognised gains/(losses) |
Gains on revaluation of fixed assets |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward | 465,686 | 3,500 |
TOTAL FUNDS CARRIED FORWARD | 610,293 | 5,450 | 615,743 |
The numbers above represent the comparative statement of financial activities as at 31 March 2022. |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | TANGIBLE FIXED ASSETS |
Freehold | Office |
property | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Revaluations | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Revaluation adjustments | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Freehold | Office |
property | equipment | Totals |
£ | £ | £ |
Valuation in 2022 | 312,500 | 66,665 | 379,165 |
Valuation in 2023 | (152,500 | ) | - | (152,500 | ) |
160,000 | 66,665 | 226,665 |
In 2022 the Trustees commissioned valuations of the property at 198 Park Lane Macclesfield. Two independent reports provided figures that differed in valuation by £100,000.00. The Trustees decided to use the mean figure as a basis for valuation in the 2022 accounts. |
The Trustees had concerns regarding the accuracy of the figures provided and considered further valuations were necessary in 2023, but using different valuers. Due to the uniqueness of the property there remained a significant difference in valuation, varying by as much as £90,000.00. Given the variances in valuation, and the uncertainty in the property market, the Trustees believe it prudent to use the lower end of the valuation. Whilst it is recognised the reduced valuation has a significant impact on the financial statements the Trustees have determined this to be in the best interest of the organisation." |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 | 222,909 |
At 31 March 2022 | 242,712 |
There were no investment assets outside the UK. |
Cost or valuation at 31 March 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2022 | 242,712 |
Valuation in 2023 | (19,803 | ) |
222,909 |
16. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Stocks |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts (see note 20) |
Trade creditors |
Social security and other taxes |
VAT | 840 | - |
Credit Card - RBS | 32 | 212 |
Accruals and deferred income |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans (see note 20) |
20. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
Amounts falling between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments: |
Bank loans more 5 yr by instal | 4,242 | 7,500 |
21. | SECURED DEBTS |
A bank overdraft facility is secured via a fixed legal charge, dated 19 March 2010, over the charity property at 198 Park Lane, held by Royal Bank of Scotland. |
During the year ended 31 March 2023, and the prior year, the facility has not been utilised. |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
22. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Fixed assets | 162,139 | - | 162,139 | 314,189 |
Investments |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
Long term liabilities | (11,694 | ) | - | (11,694 | ) | (13,500 | ) |
434,098 | 5,350 | 439,448 | 615,743 |
23. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 610,293 | (176,195 | ) | 434,098 |
Restricted funds |
S Harrison Fund | 50 | - | 50 |
Margaret Lane Award | 3,400 | (100 | ) | 3,300 |
West London Pianoforte Festival | 2,000 | - | 2,000 |
(100 | ) |
TOTAL FUNDS | (176,295 | ) | 439,448 |
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 | 164,380 | (169,445 | ) | (171,130 | ) | (176,195 | ) |
Restricted funds |
Margaret Lane Award | - | (100 | ) | - | (100 | ) |
TOTAL FUNDS | ( |
) | ( |
) | (176,295 | ) |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
23. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 465,686 | (268 | ) | 465,418 |
Revaluation reserve | - | 144,875 | 144,875 |
465,686 | 144,607 | 610,293 |
Restricted funds |
S Harrison Fund | 50 | - | 50 |
Margaret Lane Award | 3,450 | (50 | ) | 3,400 |
West London Pianoforte Festival | - | 2,000 | 2,000 |
3,500 | 1,950 | 5,450 |
TOTAL FUNDS | 469,186 | 146,557 | 615,743 |
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 | 124,138 | (129,463 | ) | 5,057 | (268 | ) |
Revaluation reserve | - | 7,375 | 137,500 | 144,875 |
124,138 | (122,088 | ) | 142,557 | 144,607 |
Restricted funds |
Margaret Lane Award | - | (50 | ) | - | (50 | ) |
West London Pianoforte Festival | 2,000 | - | - | 2,000 |
2,000 | (50 | ) | - | 1,950 |
TOTAL FUNDS | 126,138 | (122,138 | ) | 142,557 | 146,557 |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
23. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 465,686 | (176,463 | ) | 289,223 |
Revaluation reserve | - | 144,875 | 144,875 |
465,686 | (31,588 | ) | 434,098 |
Restricted funds |
S Harrison Fund | 50 | - | 50 |
Margaret Lane Award | 3,450 | (150 | ) | 3,300 |
West London Pianoforte Festival | - | 2,000 | 2,000 |
3,500 | 1,850 | 5,350 |
TOTAL FUNDS | 469,186 | (29,738 | ) | 439,448 |
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 | 288,518 | (298,908 | ) | (166,073 | ) | (176,463 | ) |
Revaluation reserve | - | 7,375 | 137,500 | 144,875 |
288,518 | (291,533 | ) | (28,573 | ) | (31,588 | ) |
Restricted funds |
Margaret Lane Award | - | (150 | ) | - | (150 | ) |
West London Pianoforte Festival | 2,000 | - | - | 2,000 |
2,000 | (150 | ) | - | 1,850 |
TOTAL FUNDS | 290,518 | (291,683 | ) | (28,573 | ) | (29,738 | ) |
S Harrison Fund |
£50 annual prize for the winner of a Chopin piano class at Oxford Music Festival. |
Margaret Lane Award |
£50 annual prize for the winner of an adult vocal section class at North West Region Festivals. |
West London Pianoforte Festival Donation |
A donation provided to support new adjudicator members. |
THE BRITISH AND INTERNATIONAL FEDERATION |
OF FESTIVALS FOR MUSIC, DANCE AND SPEECH |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
24. | RELATED PARTY DISCLOSURES |
25. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |