Bath Mozartfest Limited - Charities report - 20.2

REGISTERED COMPANY NUMBER: 02639507 (England and Wales)

REGISTERED CHARITY NUMBER: 1040455

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

BATH MOZARTFEST LIMITED

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

14

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 2019. 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 principal objective of the company in the year under review, as in all previous years, was to promote and foster the

education of the public in and around the City of Bath in all aspects of the life and music of Mozart and other classical

composers. This was principally achieved by the promotion, with the continued support of the A M Purnell Charitable

Trust, of an annual festival of mostly Mozart's music, the Bath Mozartfest, which was held for nine days during

November 2019. In addition, the Bath Bachfest took place in February 2019 featuring mostly Bach's music. The trustees

have had regard to the Charity Commission's guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The trustees can report that the Mozartfest and the Bachfest were once again successful. The Mozartfest once again

generated strong ticket revenues and sponsorship and the Bachfest is continuing to gain strength. The standard of the

artistic content maintained its traditional high level, thus helping to ensure that continued success can be expected in

future years.

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 the A M Purnell Charitable Trust and other 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 2019 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.

Organisational structure

The day to day administration and other operational matters of the Company 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

02639507 (England and Wales)

Registered Charity number

1040455

Registered office

7-9 North Parade Buildings

Bath

BA1 1HS

Trustees

Sir David Bell

M Henderson (resigned 21.6.2019)

C Allanson-Bailey

T Osborne

S Johnson

P Roper

A Woodroffe (appointed 27.5.2019)

Lieutenant General Sir R Cordy-Simpson (appointed 27.5.2019)

Company Secretary

C Jones

Independent Examiner

Christopher Horsley FCA

Member of the ICAEW

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 21 July 2020 and signed on its behalf by:

D Bell - Trustee

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 2019.

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 registered member of Member of the ICAEW 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

Member of the ICAEW

Barber & Company

A trading name of PCM Accounting Limited

2 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

Date: 22nd July, 2020

31.12.19

31.12.18

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

177,332

4,845

182,177

256,625

Charitable activities

4

Classical music festivals

199,512

-

199,512

190,243

Investment income

3

2,791

-

2,791

2,558

Total

379,635

4,845

384,480

449,426

EXPENDITURE ON

Raising funds

5

18,185

-

18,185

17,812

Charitable activities

6

Classical music festivals

368,476

-

368,476

383,600

Other administration costs

8

15,572

-

15,572

15,208

Total

402,233

-

402,233

416,620

Net gains/(losses) on investments

16,864

-

16,864

(8,898

)

NET INCOME/(EXPENDITURE)

(5,734

)

4,845

(889

)

23,908

Transfers between funds

14

10,000

(10,000

)

-

-

Net movement in funds

4,266

(5,155

)

(889

)

23,908

RECONCILIATION OF FUNDS

Total funds brought forward

227,007

141,417

368,424

344,516

TOTAL FUNDS CARRIED FORWARD

231,273

136,262

367,535

368,424

31.12.19

31.12.18

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Investments

11

104,772

-

104,772

88,315

CURRENT ASSETS

Debtors

12

58,037

-

58,037

81,144

Cash at bank

101,208

136,262

237,470

234,039

159,245

136,262

295,507

315,183

CREDITORS

Amounts falling due within one year

13

(32,744

)

-

(32,744

)

(35,074

)

NET CURRENT ASSETS

126,501

136,262

262,763

280,109

TOTAL ASSETS LESS CURRENT LIABILITIES

231,273

136,262

367,535

368,424

NET ASSETS

231,273

136,262

367,535

368,424

FUNDS

14

Unrestricted funds

231,273

227,007

Restricted funds

136,262

141,417

TOTAL FUNDS

367,535

368,424

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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.

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 21 July 2020 and were signed on its behalf by:

D Bell - Trustee

Cash flows from operating activities

Cash generated from operations

1

3,024

17,336

Net cash provided by operating activities

3,024

17,336

Cash flows from investing activities

Investment management costs

407

435

Net cash provided by investing activities

407

435

Change in cash and cash equivalents in the reporting period

3,431

17,771

Cash and cash equivalents at the beginning of the reporting period

234,039

216,268

Cash and cash equivalents at the end of the reporting period

237,470

234,039

1.	RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.12.19

31.12.18

£

£

Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities)

(889

)

23,908

Adjustments for:

(Gain)/losses on investments

(16,864

)

8,898

Decrease in stocks

-

54

Decrease/(increase) in debtors

23,107

(23,181

)

(Decrease)/increase in creditors

(2,330

)

7,657

Net cash provided by operations

3,024

17,336

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.19

Cash flow

At 31.12.19

£

£

£

Net cash

Cash at bank

234,039

3,431

237,470

234,039

3,431

237,470

Total

234,039

3,431

237,470

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

31.12.19

31.12.18

£

£

Mozartfest Society and donations

107,959

99,383

Sponsorship and grants

74,218

157,242

182,177

256,625

3.	INVESTMENT INCOME

31.12.19

31.12.18

£

£

Dividend and interest income

2,791

2,558

4.	INCOME FROM CHARITABLE ACTIVITIES

31.12.19

31.12.18

Activity

£

£

Ticket sales

Classical music festivals

183,178

177,613

Other festival income

Classical music festivals

16,334

12,630

199,512

190,243

5.	RAISING FUNDS

Raising donations and legacies

31.12.19

31.12.18

£

£

Sponsorship and donations

18,185

17,812

6.	CHARITABLE ACTIVITIES COSTS

Direct

Costs (see

note 7)

£

Classical music festivals

368,476

7.	DIRECT COSTS OF CHARITABLE ACTIVITIES

31.12.19

31.12.18

£

£

Artists' fees and expenses

158,493

175,716

Marketing

49,041

46,061

Public relations and communication

19,610

18,725

Other festival production and performance costs

106,951

110,972

Administration

34,381

32,126

368,476

383,600

8.	OTHER ADMINISTRATION COSTS

31.12.19

31.12.18

£

£

Bank charges

287

418

Finance costs

12,428

11,855

Independent examiner's fees

2,450

2,500

Investment management fees

407

435

15,572

15,208

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2019 nor for the year

ended 31 December 2018.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2019 nor for the year ended

31 December 2018.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

fund

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

233,407

23,218

256,625

Charitable activities

Classical music festivals

190,243

-

190,243

Investment income

2,558

-

2,558

Total

426,208

23,218

449,426

EXPENDITURE ON

Raising funds

17,812

-

17,812

Charitable activities

Classical music festivals

383,600

-

383,600

Other administration costs

15,208

-

15,208

Total

416,620

-

416,620

Net gains/(losses) on investments

(8,898

)

-

(8,898

)

NET INCOME

690

23,218

23,908

Transfers between funds

10,000

(10,000

)

-

Net movement in funds

10,690

13,218

23,908

RECONCILIATION OF FUNDS

Total funds brought forward

216,317

128,199

344,516

TOTAL FUNDS CARRIED FORWARD

227,007

141,417

368,424

11.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 January 2019

88,315

Revaluations

16,864

Impairments

(407

)

At 31 December 2019

104,772

NET BOOK VALUE

At 31 December 2019

104,772

At 31 December 2018

88,315

There were no investment assets outside the UK.

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

10,378

20,201

Other debtors

47,659

60,943

58,037

81,144

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

6,444

12,479

Other creditors

16,033

11,339

Accruals and deferred income

10,267

11,256

32,744

35,074

14.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.1.19

in funds

funds

31.12.19

£

£

£

£

Unrestricted funds

General fund

227,007

(5,734

)

10,000

231,273

Restricted funds

Bachfest fund

141,417

4,845

(10,000

)

136,262

TOTAL FUNDS

368,424

(889

)

-

367,535

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

379,635

(402,233

)

16,864

(5,734

)

Restricted funds

Bachfest fund

4,845

-

-

4,845

TOTAL FUNDS

384,480

(402,233

)

16,864

(889

)

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.1.18

in funds

funds

31.12.18

£

£

£

£

Unrestricted funds

General fund

216,317

690

10,000

227,007

Restricted funds

Bachfest fund

128,199

23,218

(10,000

)

141,417

TOTAL FUNDS

344,516

23,908

-

368,424

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

426,208

(416,620

)

(8,898

)

690

Restricted funds

Bachfest fund

23,218

-

-

23,218

TOTAL FUNDS

449,426

(416,620

)

(8,898

)

23,908