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COMPANY REGISTRATION NUMBER: 10520961
CHARITY REGISTRATION NUMBER: 1184328
Aberystwyth Musicfest Ltd
Company Limited by Guarantee
Unaudited Financial Statements
30 November 2023
Aberystwyth Musicfest Ltd
Company Limited by Guarantee
Financial Statements
Year ended 30 November 2023
Page
Members' annual report (incorporating the director's report)
1
Independent examiner's report to the members
6
Statement of financial activities (including income and expenditure account)
7
Statement of financial position
8
Notes to the financial statements
9
Aberystwyth Musicfest Ltd
Company Limited by Guarantee
Members' Annual Report (Incorporating the Director's Report)
Year ended 30 November 2023
The members, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 November 2023 .
Chair's report
The Directors (and Trustees) are pleased to present their annual directors' report together with the financial statements of the charity for the year ending 30th November 2023 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act Purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, and the Memorandum and Articles of Association, 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 2013).
Reference and administrative details
Registered charity name
Aberystwyth Musicfest Ltd
Charity registration number
1184328
Company registration number
10520961
Principal office and registered
Unit 8
office
Creative Units , Aberystwyth Arts Centre
Penglais Hills
Aberystwyth
Ceredigion
SY23 3DE
The members
D M J Davies
C E Nixon
I D Pettit
(Resigned 18 September 2023)
J C Rowlands
Dr D Russell-Hulme
(Resigned 1 February 2023)
Dr T M Watson
M F Bott
(Resigned 16 June 2023)
Dr J Cable
(Appointed 18 September 2023)
Dr O Chandler
(Appointed 18 September 2023)
C Mavron
(Appointed 18 September 2023)
Independent examiner
Catrin Skelton FCCA
23 College Street
Lampeter
SA48 7DY
Structure, governance and management
The charity is constituted as both a company limited by guarantee and as a registered charity.
The Company limited by guarantee was founded on 12 December 2016 and registered as a charity on 11 June 2019.
The Directors of the company also serve as the Trustees of the charity. The directors have the power to appoint additional trustees.
Objectives and activities
Objectives
To advance the education of children, young people, and the public in music in all its aspects by the development and support of a musical summer school and the production and presentation of public musical performances.
Activities
The charity organises an annual music festival in Aberystwyth and North Ceredigion which has been in operation for thirty-three years; it includes:
- an annual summer music school.
- an annual programme of concerts, recitals, workshops, masterclasses and showcase concerts known collectively as Musicfest.
- outreach activities across the summer months bringing musical events to communities under the Musicfest banner.
- During the week before Musicfest a programme of concerts is given by local musicians under the Musicfest Xtra banner.
In shaping objectives for the year and planning activities, the trustees have considered the Charity Commission's guidance on public benefit. The festival relies on ticket sales and donations, together with some grants to cover its operating costs. Affordability and access to the festival is considered very important and is reflected in the ticket pricing policy and the awarding of bursaries to all students who are eligible, with more generous bursaries for local students.
The trustees endeavour to encourage all within the community to take part in the festival, whether concerts, talks, participation in the summer school or workshops. The music provided by the festival is available to be enjoyed by all including those attending local schools by the provision of free tickets for 18s and under.
Resiliance and sustainability
Diversity is the bedrock of resilience over time. Musicfest therefore tries to maximise its earned income, from ticket sales and summer school fees. It recognises that in an area of low population density, it will always be necessary to cast the net as widely as possible, both for audiences and for students. This has led to the establishment of long-term links across the world, most notably with the Barratt-Due Institute of Music in Oslo.
There remains a need for grant and donation income to complete coverage of the festival budget. We apply to a wide range of funding bodies, decisions on application are awaited from the Ashley Family Foundation, Ty Cerdd, and the Foyle Foundation. and have several other applications in the pipeline. We also receive comparatively small sponsorships or help in kind from various musical instrument makers
Donations are also important. These are channelled through Friends of Musicfest, a separate but closely linked charity, which encourages private donations and organises fund-raising concerts. It holds the funds raised until needed by Musicfest, retaining a reserve fund each year to ensure the provision of bursaries in the following year. Only two fund raising events were held prior to the July 2022 Musicfest summer school and concert series.
The final, essential, piece of the jigsaw is the help in kind provided by Aberystwyth University's Arts Centre. The main festival concerts, rehearsals and some of the summer school sessions can all occur in the Arts Centre with a very minimal charge, together with box office and technical services.
Achievements and performance
Operational review of 2023
2023 was the first year of Catrin Finch's role as Artistic Director. In view of her wide commitments, she reduced the length of the main festival to 6 days.
The festival was preceded by a Sunday afternoon concert given under the aegis of the BBC Proms, by the Gesualdo Six, which was well attended.
The opening night of Musicfest, the Monday, had Catrin playing with Colombian band Cimarron.
The lunchtime concert given by Llyr Williams on Monday attracted his admirers from some distance, and was very well received.
The following evenings featured the Solem Quartet, with their latest Beethoven Bartok Now concert, a memorial concert to Tony Curwen played by the Norwegian string tutors, a specially curated evening of song with stars Lucy Crowe and Nicky Spence, a concert dedicated to the memory of Frank Bott given by the London Serenata, and on the Saturday night, Welsh political activist and singer Dafydd Iwan gave a typically uncompromising performance.
The Dafydd Iwan event, as with the Lucy Crowe/Nicky Spence evening and the Solem concert, attracted surprisingly small audiences considering their status.
Meanwhile the concerts given during the day, often free, and usually by younger players, including the breathtaking young Norwegian string students, and our superb resident pianists, were resounding artistic successes. Huw Boucher playing harp in the Ceredigion Museum was particularly appreciated.
The only new grant support we were able to attract for this year was £10,000 from the Foyle Foundation, so the low audience figures and the low number of students on the Summer School had serious implications. Without considerable support from the Friends of Musicfest, we should not have been able to continue.
In the September and October following the festival, Catrin Finch sadly felt that she could not devote as much time as she would wish to the direction of Musicfest, and moved to become our Patron. We were fortunate to secure Iwan Teifion Davies, Aberystwyth University Director of music, as our new Artistic Director. During the year, the board lost Frank Bott, who died in June, and Richard Blackford and Ian Pettit, who resigned, but in September the board was reinvigorated with three strong new appointments.
Funding applications or 2024 to Colwinston Trust and the Arts Council for Wales have been successful.
Again, the support of donations, bequests, and student bursaries from Friends of Musicfest was greatly welcomed, as is the continuing support of the University's Arts Centre, its staff, and local businesses.
Financial review
The board of trustees meets quarterly, or more often, when necessary, to review the financial performance of the company. This often involves the review of the budget and subsequent forecasts when more than one variable is uncertain, and mitigating actions require approval.
The net loss for the year was £187. There is no tax liability as our activities, as a charity, are exempt from taxation, after the application of relevant dispensations and allowances.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The members' annual report was approved on 24 August 2024 and signed on behalf of the board of trustees by:
C E Nixon
J C Rowlands
Member
Member
Aberystwyth Musicfest Ltd
Company Limited by Guarantee
Independent Examiner's Report to the Members of Aberystwyth Musicfest Ltd
Year ended 30 November 2023
I report to the members on my examination of the financial statements of Aberystwyth Musicfest Ltd ('the charity') for the year ended 30 November 2023.
Responsibilities and basis of report
As the members of the company (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 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 the 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 charity 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 accounts to be reached.
Catrin Skelton FCCA Independent Examiner
23 College Street Lampeter SA48 7DY
24 August 2024
Aberystwyth Musicfest Ltd
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 November 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
35,295
35,295
28,581
Charitable activities
6
29,258
29,258
109,075
Investment income
7
1
--------
--------
---------
Total income
64,553
64,553
137,657
--------
--------
---------
Expenditure
Expenditure on charitable activities
8,9
64,740
64,740
133,121
--------
--------
---------
Total expenditure
64,740
64,740
133,121
--------
--------
---------
--------
--------
---------
Net (expenditure)/income and net movement in funds
( 187)
( 187)
4,536
--------
--------
---------
Reconciliation of funds
Total funds brought forward
2,002
2,002
( 2,534)
--------
--------
---------
Total funds carried forward
1,815
1,815
2,002
--------
--------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Aberystwyth Musicfest Ltd
Company Limited by Guarantee
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Current assets
Debtors
13
22,588
Cash at bank and in hand
3,775
11,288
-------
--------
3,775
33,876
Creditors: amounts falling due within one year
14
1,960
31,874
-------
--------
Net current assets
1,815
2,002
-------
-------
Total assets less current liabilities
1,815
2,002
-------
-------
Net assets
1,815
2,002
-------
-------
Funds of the charity
Unrestricted funds
1,815
2,002
-------
-------
Total charity funds
17
1,815
2,002
-------
-------
For the year ending 30 November 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 24 August 2024 , and are signed on behalf of the board by:
C E Nixon
J C Rowlands
Member
Member
Aberystwyth Musicfest Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England & Wales and a registered charity in England and Wales. The address of the registered office is Unit 8, Creative Units , Aberystwyth Arts Centre, Penglais Hills, Aberystwyth, Ceredigion, SY23 3DE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received. Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
All members confirm that if the company is wound up while they are a member, or within one year after they ceased to be a member, they will contribute to the assets of the company by such amount as may be required for:
-payments of debts and liabilities of the company contracted before they cease to be a member;
-payments of costs, charges and expenses of winding up, and;
-adjustments of the rights of the contributors among themselves, not exceeding the specified amount of £10 per member.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations
20,995
20,995
10,495
10,495
Grants
Grants receivable
14,300
14,300
9,400
9,400
Government grant income
8,686
8,686
--------
--------
--------
--------
35,295
35,295
28,581
28,581
--------
--------
--------
--------
6. Charitable activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Income from charitable activities
29,258
29,258
109,075
109,075
--------
--------
---------
---------
7. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
1
1
----
----
----
----
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Musicfest
63,676
63,676
132,250
132,250
Support costs
1,064
1,064
871
871
--------
--------
---------
---------
64,740
64,740
133,121
133,121
--------
--------
---------
---------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Musicfest
63,676
63,676
132,250
Governance costs
1,064
1,064
871
--------
-------
--------
---------
63,676
1,064
64,740
133,121
--------
-------
--------
---------
10. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
450
----
----
11. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13. Debtors
2023
2022
£
£
Trade debtors
19,979
Prepayments and accrued income
1,109
Other debtors
1,500
----
--------
22,588
----
--------
14. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
22,654
Accruals and deferred income
1,960
9,220
-------
--------
1,960
31,874
-------
--------
15. Deferred income
2023
2022
£
£
Amount deferred in year
3,400
----
-------
16. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in income from donations and legacies:
Government grants income
8,686
----
-------
17. Analysis of charitable funds
Unrestricted funds
At 1 December 2022
Income
Expenditure
At 30 November 2023
£
£
£
£
General funds
2,002
64,553
(64,740)
1,815
-------
--------
--------
-------
At 1 December 2021
Income
Expenditure
At 30 November 2022
£
£
£
£
General funds
(2,534)
137,657
(133,121)
2,002
-------
---------
---------
-------
18. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Current assets
3,775
3,775
Creditors less than 1 year
(1,960)
(1,960)
-------
-------
Net assets
1,815
1,815
-------
-------
Unrestricted Funds
Total Funds 2022
£
£
Current assets
33,876
33,876
Creditors less than 1 year
(31,874)
(31,874)
--------
--------
Net assets
2,002
2,002
--------
--------