REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
for |
BRISTOL JAZZ FESTIVAL LTD |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
for |
BRISTOL JAZZ FESTIVAL LTD |
BRISTOL JAZZ FESTIVAL LTD |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 | to | 5 |
Statement of Financial Activities | 6 |
Balance Sheet | 7 | to | 8 |
Notes to the Financial Statements | 9 | to | 14 |
BRISTOL JAZZ FESTIVAL LTD (REGISTERED NUMBER: 08186988) |
Report of the Trustees |
FOR THE YEAR ENDED 31 MAY 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 May 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 Activities |
The Charity's objectives are to promote, improve, develop and maintain public appreciation of music in Jazz and similar genres in its eleventh year of operation. Its funding policy to achieve these objectives is to eliminate its deficit and create a reserve fund that will improve the financial health over the year and the future cash flow of the organisation. |
The ambitions for its 11th year of operations were set out as follows: |
a) The presentation of high quality national, international and regional artist work in festival format in the city of Bristol catering to city audiences and those from the surrounding region. |
b) Include in this programme younger artists whose high-quality interpretation of jazz and blues in their music would bring new audiences to the festival format and diversify its audience appeal. |
c) Presenting sections of the programme, that would be available to the public, free of charge to ensure that financial concerns did not exclude anyone. |
d) Continue to include a series of educational masterclasses and workshops for both school and postgraduate students as part of the Festival format. |
e) To revive the educational element of the Festival by working with local higher and further education institutions, academy trusts and the Bristol Music Trust to encourage involvement, engagement and participation in music by young people. |
f) To raise the necessary funds to achieve these objectives through fundraising from grants and foundations whose criteria support these objectives. |
g) To develop a more successful appeal for commercial sponsorship. |
h) Developing a more supportive membership scheme that would reflect both its city based and regional audiences. |
The Trustees approved of these objectives and activities and confirmed that they had due regard for the Charity Commission Guidance on public benefit with these activities and recognised that they established change in the Charity's strategy. They expressed the need to ensure that these activities must match the financial resources raised. |
Achievements and Performance |
In reviewing the results of the Charity's activities during the 2022-23 operating year, trustees noted the continued high level of commitment from all members of the team who have worked tirelessly to find new ways to engage with the festival audience. Changes introduced in 2022 such as, the redesigning of the website and introduction of a tiered membership scheme to generate revenue and increase marketing opportunities continues to keep members and potential audiences engaged. Activities planned for operating year 2022-23 continue to be below the activity level pre-COVID as the hospitality, leisure and creative industries are still recovering from the impact of the pandemic. In particular, the educational activities and the planned increase in sponsorship from local businesses have not been successful. |
Looking forward, the focus of the organisation will be to keep activities relevant to local, regional and national cultural aims and, as for as possible, complement Arts Council England's strategic objectives. |
The name of the company was formally changed to Bristol Jazz Festival to reflect the changes in emphasis of the organisation. |
An additional trustee was appointed during 2022-23 and two potential trustees agreed to be part of an advisory board while they find out more about the organisation. |
BRISTOL JAZZ FESTIVAL LTD (REGISTERED NUMBER: 08186988) |
Report of the Trustees |
FOR THE YEAR ENDED 31 MAY 2023 |
FINANCIAL REVIEW |
Financial Review |
The charity was successful in obtaining an Arts Council England grant which enabled it to run a festival in May 2023. |
The Bounce Back loan of £35,000 through the Charity's bank has enabled the organisation to continue and meet its financial obligations; however, until other forms of income are established, including grants and sponsorship, the trustees remain concerned about the future of the charity. The loan term was increased to ten years while the income to BJABF improves and this loan term will be reviewed regularly. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Structure, Governance and Management |
The company is governed by its memorandum and articles of association, which also dictate the procedures for the appointment of trustees. The details of the governing document are set out in the Memorandum and Articles of Association currently filed with Companies House and the Charity Commission, Bristol Jazz and Blues Festival (BJABF) is a company limited by guarantee (no. 08186988) incorporated on 21 August 2012 and registered as a charity on 15 November 2012 (no. 1149781). |
Trustees are recruited according to the needs of the organisation, specifically bringing the skills, experience and expertise necessary to support the work of the organisation and hold the senior production team to account. |
The procedures for trustee recruitment and induction is initiated with a complete file of the charity's governing documents and appropriate minutes of recent board meetings, followed by an invitation to attend the next appropriate board meeting as a guest. |
The organisational structure of the charity consists of a board of three trustees and a senior management team of four positions: the Festival Producer, Assistant Producer, the Artistic Director and Technical Manager. The board of trustees and the management team provides the direction of the charity's work according to the registered objects. The management team present their decisions in carrying out this direction to the board of trustees for their approval. |
Bristol Jazz Festival works closely with relevant national and regional arts communities, charitable and business organisations, to secure funding, develop partnerships and encourage effective collaborative working. |
The key risks facing the organisation continue to be: |
1. Reduction in revenue as the festival adjusts to the post-COVID environment. |
2. Use of multiple venues since closure of the Bristol Beacon, the Festival's original home and partner. |
3. Lack of financial surplus to provide a safety net for BJABF activities. |
4. Reduced capacity of the management team as costs are cut. |
5. Changes in project Arts Council England funding criteria. |
Procedures to manage risks: |
1. Introduction of alternative, flexible and contingency plans at an early stage of annual planning. |
2. Reduce fees paid to management team to the minimum. |
3. Improve planning and scheduling of fundraising concerts and activities. |
4. Continue to apply for grants and awards to support the work of the Festival and increase the volume of educational and community activities. |
5. Increase the number of trustees to include people with specific skills, such as finance and marketing. |
6. Maximise income from membership scheme. |
7. Identify additional ways of income generation, such as charging for live streaming. |
8. Increase the level of partnership, co-production, and collaborative work. |
BRISTOL JAZZ FESTIVAL LTD (REGISTERED NUMBER: 08186988) |
Report of the Trustees |
FOR THE YEAR ENDED 31 MAY 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Haines Watts |
Chartered Accountants |
6-8 Bath Street |
Bristol |
BS1 6HL |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Bristol Jazz Festival Ltd |
Independent examiner's report to the trustees of Bristol Jazz Festival Ltd ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 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 Report to the Trustees of |
Bristol Jazz Festival Ltd |
Independent examiner's statement - matters of concern identified |
I have completed my examination. |
The matter has come to my attention that the Company relies on a loan and overdraft to fund its operation. While the Covid Bounce Back Loan is repayable over 10 years, the charity has negative equity as at 31 May 2023, indicating that it may not be in a position to meet liabilities as they are due. |
This means that there is significant uncertainty as to the Company's ability to continue as a going concern. The Company has insufficient free reserves to maintain its current operations. The trustees are confident that alternative sources of funding will be secured. On this basis, the trustees have concluded that it remains appropriate to prepare the Company's accounts on a going concern basis. The trustees are aware that if alternative funding is not secured, should it be necessary, then there is a significant uncertainty in respect of the Company being able to continue as a going concern and being able to continue its operations. |
I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect: |
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; and |
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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. |
Andrew Jordan FCA |
The Institute of Chartered Accountants in England and Wales |
Haines Watts |
Chartered Accountants |
6-8 Bath Street |
Bristol |
BS1 6HL |
10 October 2023 |
BRISTOL JAZZ FESTIVAL LTD |
Statement of Financial Activities |
FOR THE YEAR ENDED 31 MAY 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Ticket Sales | 1,242 | - | 1,242 | 28,332 |
Artist Fees received | 4,550 | - | 4,550 | 4,987 |
Total |
EXPENDITURE ON |
Charitable activities |
Programme Costs | 12,001 | 400 | 12,401 | 50,943 |
Support Costs | 14,560 | 200 | 14,760 | 11,500 |
Governance Costs | 1,382 | - | 1,382 | 1,030 |
Staff Costs | 5,895 | 400 | 6,295 | 22,151 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | 10 | 18,350 | (18,350 | ) | - | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | ( |
) | ( |
) | ( |
) |
TOTAL FUNDS CARRIED FORWARD | ( |
) | ( |
) | (38,848 | ) |
BRISTOL JAZZ FESTIVAL LTD (REGISTERED NUMBER: 08186988) |
Balance Sheet |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) | ( |
) |
FUNDS | 10 |
Unrestricted funds | ( |
) | (39,848 | ) |
Restricted funds | 1,000 |
TOTAL FUNDS | ( |
) | (38,848 | ) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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. |
BRISTOL JAZZ FESTIVAL LTD (REGISTERED NUMBER: 08186988) |
Balance Sheet - continued |
31 MAY 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 |
BRISTOL JAZZ FESTIVAL LTD |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MAY 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. |
Going concern |
The accounts have been prepared on the assumption that the charity is able to continue as a going concern. The trustees have the ongoing financial support of the bank, with the provision of an overdraft facility, to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved. |
The Bounce Back loan of £35,000 through the Charity's bank has enabled the organisation to continue and meet its financial obligations; however, until other forms of income are established, including grants and sponsorship, the trustees remain concerned about the future of the charity. The loan term was increased to ten years while the income to BJABF improves and this loan term will be reviewed regularly. |
The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £. |
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. Donations are recognised on receipt. |
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. |
Short term liquid investments and cash |
Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
BRISTOL JAZZ FESTIVAL LTD |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | ACCOUNTING POLICIES - continued |
Short term liquid investments and cash |
Financial instruments |
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
2. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Independent examination | 660 | 660 |
Independent examiner - other | 1,320 | 780 |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022. |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Ticket Sales | 28,332 | - | 28,332 |
Artist Fees received | 4,987 | - | 4,987 |
Total |
EXPENDITURE ON |
Charitable activities |
Programme Costs | 50,943 | - | 50,943 |
Support Costs | 11,500 | - | 11,500 |
Governance Costs | 1,030 | - | 1,030 |
Staff Costs | 2,151 | 20,000 | 22,151 |
Total |
BRISTOL JAZZ FESTIVAL LTD |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
NET INCOME/(EXPENDITURE) | ( |
) |
Transfers between funds | 22,650 | (22,650 | ) | - |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward | (48,009 | ) | - | ( |
) |
TOTAL FUNDS CARRIED FORWARD | (39,848 | ) | 1,000 | (38,848 | ) |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Accrued expenses |
BRISTOL JAZZ FESTIVAL LTD |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 8) |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year on demand: |
Bank overdrafts |
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 | 8,704 | 12,895 |
9. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
£ | £ | £ | £ |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
Long term liabilities | (24,858 | ) | - | (24,858 | ) | (28,649 | ) |
(39,026 | ) | - | (39,026 | ) | (38,848 | ) |
BRISTOL JAZZ FESTIVAL LTD |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
10. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.6.22 | in funds | funds | 31.5.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | (39,848 | ) | (17,528 | ) | 18,350 | (39,026 | ) |
Restricted funds |
Arts Council Fund | 1,000 | 17,350 | (18,350 | ) | - |
TOTAL FUNDS | ( |
) | (178 | ) | (39,026 | ) |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 16,310 | (33,838 | ) | (17,528 | ) |
Restricted funds |
Arts Council Fund | 18,350 | (1,000 | ) | 17,350 |
TOTAL FUNDS | ( |
) | (178 | ) |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.6.21 | in funds | funds | 31.5.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | (48,009 | ) | (14,489 | ) | 22,650 | (39,848 | ) |
Restricted funds |
Arts Council Fund | - | 23,650 | (22,650 | ) | 1,000 |
TOTAL FUNDS | (48,009 | ) | 9,161 | - | (38,848 | ) |
BRISTOL JAZZ FESTIVAL LTD |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
10. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 51,135 | (65,624 | ) | (14,489 | ) |
Restricted funds |
Arts Council Fund | 43,650 | (20,000 | ) | 23,650 |
TOTAL FUNDS | 94,785 | (85,624 | ) | 9,161 |
Transfers between funds |
The Arts Council Fund reflects grants received to specifically fund the respective years' Jazz festival. In 2023 £18,350 (2022 - £22,650) was transferred from the Arts Council Fund to the General Fund reflecting the expenditure in the year financed by grants receivable. |
11. | RELATED PARTY DISCLOSURES |
During the year C Gorrie, trustee, paid £nil (2022 - £6,300) for production and administration services; At the year end, C Gorrie owed the charity £478 (2022 - £478). |
Trustee C Gorrie family member, K Gorrie paid £nil (2022 - £8,251) for artist and production fees. |
12. | COMPANY LIMITED BY GUARANTEE |
The charity is a private company limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute £10 towards the costs of dissolution and liabilities incurred by the charity in the event of the company being wound up. |