Charity registration number 01109758
Company registration number 05294373 (England and Wales)
BATH FESTIVAL ORCHESTRA
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BATH FESTIVAL ORCHESTRA
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr T C Lewington
Mr I J Stockley
Ms A Nevill CBE
(Appointed 1 March 2022)
Charity number
01109758
Company number
05294373
Principal address
The Old Farmhouse
Seagry Road
Sutton Benger
Chippenham
SN15 4RX
Registered office
The Old Farmhouse
Seagry Road
Sutton Benger
Chippenham
SN15 4RX
Independent examiner
Robert Barry Perez
Siver Levene (UK) Limited
Chartered Certified Accountants
37 Warren Street
London
W1T 6AD
BATH FESTIVAL ORCHESTRA
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 10
BATH FESTIVAL ORCHESTRA
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Companies Act 2006 and "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

The objectives are to advance and promote the education of the public in the knowledge, understanding and appreciation of music. The policies adopted are in furtherance of these objects and there has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

After launching in the challenging pandemic year, 2021 was the second year of trading operations for the Bath Festival Orchestra. The trustees set a deliberately tight budget aimed at attracting and securing the best musical talent, artistic direction and general management and concentrated on building the young orchestra’s reputation for excellence and a commitment to nurturing young musicians. The main concert at the Bath Festival in May was highly acclaimed and broadcast by BBC Radio 3 though the audience size was severely restricted.

Achievements and performance

The charity managed a second concert at King’s Place but much of the year’s focus was on preparing more ambitious programmes for 2022 and 2023. The Guardian described the charity's second King Place outing as ‘truly impressive’ and the trustees have already raised £250,000 in private donations.

 

Financial review

Bath Festival Orchestra made a surplus of £2,993 during the year (2020 surplus £5,747).

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

 

Structure, governance and management
The trust is a registered charity and a company limited by guarantee. The liability of its members in the event of an insolvent liquidation is limited to a contribution of £1. Management is by the Board of Trustees elected at the Annual General Meeting or co-opted between meetings. One third of the Trustees resign at each Annual General Meeting but are eligible for re election.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr W B Keeling
(Resigned 1 March 2022)
Mr T C Lewington
Mr I J Stockley
Ms A Nevill CBE
(Appointed 1 March 2022)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

BATH FESTIVAL ORCHESTRA
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Future plans

As the Bath Festival Orchestra continues into its second full year of activities, the range and depth of its activities and engagements grows and develops apace. Our concert-giving activities will take place in larger venues in London so as to accommodate greater audience numbers and we will open up a new series of concerts (repeats of those we give in London) in Bristol as well - again providing greater access to our work for our audiences. Our partnership with the Bath Festival continues with an innovative concert performance of water-themed repertoire performed in the Roman Baths in Bath.

 

The charity's education work remains as important as our concert-giving and our partnership with the David Ross Education Trust will deepen in 2022 and onwards. Our work at the Bobby Moore Academy continues to grow and this year we have been asked to provide additional small group and one-on-one instrumental tuition to the Academy’s students alongside our established Orchestrate strand. We are looking forward to welcoming the BMA students to perform alongside us at Kings Place in June this year.

 

With an increasingly busy concert and educational timetable, the time is right for charity to refine and communicate its brand and values over the summer of 2022. The orchestra is growing increasingly confident in its work and defining the brand proposition to enable a distinctivity in the UK’s orchestral market is key to its long term artistic, educational and financial success.

 

The trustees' report was approved by the Board of Trustees.

Mr T C Lewington
Trustee
Dated: 16 August 2022
BATH FESTIVAL ORCHESTRA
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BATH FESTIVAL ORCHESTRA
- 3 -

I report to the trustees on my examination of the financial statements of Bath Festival Orchestra (the trust) for the year ended 31 December 2021.

Responsibilities and basis of report

As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the trust 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 the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

1

accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements 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 financial statements 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 financial statements to be reached.

Robert Barry Perez
Siver Levene (UK) Limited
Chartered Certified Accountants
37 Warren Street
London
W1T 6AD
Dated: 22 August 2022
BATH FESTIVAL ORCHESTRA
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
Unrestricted
Unrestricted
Endowment
Total
funds
funds
funds
2021
2020
2020
2020
Notes
£
£
£
£
Income from:
Donations and legacies
3
187,408
54,003
-
54,003
Charitable activities
4
13,041
710
-
710
Total income
200,449
54,713
-
54,713
Expenditure on:
Raising funds
5,450
2,950
-
2,950
Charitable activities
5
192,006
27,062
-
27,062
Total resources expended
197,456
30,012
-
30,012
Transfers between funds
-
(3,089)
3,089
-
Net movement in funds
2,993
21,612
3,089
24,701
Fund balances at 1 January 2021
5,747
(15,865)
(3,089)
(18,954)
Fund balances at 31 December 2021
8,740
5,747
-
5,747

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
BATH FESTIVAL ORCHESTRA
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 5 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
9
2,793
-
Cash at bank and in hand
8,828
11,973
11,621
11,973
Creditors: amounts falling due within one year
10
(2,881)
(6,226)
Net current assets
8,740
5,747
Income funds
Unrestricted funds
8,740
5,747
8,740
5,747

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 10 August 2022
Mr T C Lewington
Trustee
Company registration number 05294373
BATH FESTIVAL ORCHESTRA
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
1
Accounting policies
Charity information

Bath Festival Orchestra is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old Farmhouse, Seagry Road, Sutton Benger, Chippenham, SN15 4RX.

1.1
Accounting convention

The financial statements have been prepared in accordance with the trust's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The trust is a Public Benefit Entity as defined by FRS 102.

 

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

 

The validity of this assumption depends on the company being able to trade profitably in the future, notwithstanding any effect on the company from the COVID-19 pandemic, and the continued support of the company's trustees. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The trustees have expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis.

 

 

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4
Incoming resources
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

BATH FESTIVAL ORCHESTRA
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

2
Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BATH FESTIVAL ORCHESTRA
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
3
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2021
2020
£
£
Donations and gifts
187,408
54,003
4
Charitable activities

 

2021
2020
£
£
Private performance income
13,041
710
Government and public authority income
-
-
13,041
710
5
Charitable activities

Charitable expenditure

Charitable expenditure

2021
2020
£
£
Artistic direction costs
39,600
9,155
Musicians' costs - performances
57,636
2,400
Musicians' costs - education/outreach events
11,004
-
Direct costs
25,557
2,016
Other
1,538
1,170
Total peformance costs
135,335
14,741
Share of support costs (see note 6)
55,271
10,881
Share of governance costs (see note 6)
1,400
1,440
192,006
27,062
BATH FESTIVAL ORCHESTRA
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
6
Support costs
Support costs
Governance costs
2021
2020
£
£
£
£

Equipment expensed

352
-
352
-

Sundry expenses

800
-
800
12

Advertising & marketing

20,734
-
20,734
3,720
General management
31,518
-
31,518
6,665

Legal fee

-
-
-
3,720

Website cost

403
-
403
16,574

Write back of cost in previous years

-
-
-
(19,810)

Subscriptions

248
-
248
-

Bookkeeping

728
-
728
-

Insurance

488
-
488
-
Accountancy fee
-
1,400
1,400
1,440
55,271
1,400
56,671
12,321

Governance costs includes payments to the independent examiner of £1,400, (2020- £1,440) for independent examination.

7
Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year.
8
Employees

The average monthly number of employees during the year was:

2021
2020
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
9
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
2,793
-
BATH FESTIVAL ORCHESTRA
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
10
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,436
4,786
Accruals and deferred income
1,445
1,440
2,881
6,226
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