Charity registration number 1095723
Company registration number 04242801 (England and Wales)
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
LEGAL AND ADMINISTRATIVE INFORMATION
Royal Patron
HRH The Duchess of Edinburgh GCVO
Trustees
Mr. A Welch (Chairman)
Mr C Beer (Vice Chairman and Treasurer)
Mr. N Allan
Mr. R Fletcher
Dr. C Taylor
Mr. J Willan
Mr J Hamilton
Ms S Tooley
Dr C Richards
(Appointed 20 January 2025)
Mrs C Llewellyn
(Appointed 20 January 2025)
Mrs M Shaw
(Appointed 20 January 2025)
Artistic Director
Tamsin Waley-Cohen
General Manager
Nicola Semple
Charity number
1095723
Company number
04242801
Registered office
Lime Court
Pathfields Business Park
South Molton
Devon
United Kingdom
EX36 3LH
Independent examiner
Matthew Webb FCA
Azets Audit Services
Unit A, Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
Bankers
Barclays Bank Plc
38 Boutport Street
Barnstaple
Devon
United Kingdom
EX31 1RX
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Trustees' report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 13
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The Trustees present their report and financial statements for the year ended 31 December 2024.

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 charity'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 charity's objectives are to advance the education of the public in the arts, and in particular but not exclusively, in music and the visual arts, to include the provision of a festival and music and arts competitions on Exmoor, Dartmoor and surrounding areas.

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

Achievements and performance

The charity held another successful festival in October 2024. The theme of the festival was The Music of Time. The Exmoor Weekend ran from 3-6 October 2024, and included fine performances by the Carducci Quartet, the harpsichordist Mahan Esfahani and Connaught Brass. The opening concert was a song recital in Lynton by Roderick Williams and Christopher Glynn, which included Vaughan Williams’s Songs of Travel and a world premiere of a song cycle by Freya Waley-Cohen, specially commissioned for the festival. Another highlight was the “Encounters with Gershwin” concert in South Molton given by Lizzie Ball and James Pearson.

The Dartmoor weekend ran from 10-13 October 2024 and included a sell out concert of renaissance choral music by Stile Antico in Okehampton, a performance by the recorder ensemble Palisander, a recital by our Artistic Director Tamsin-Waley-Cohen, and two recitals by pianist George Xiaoyuan Fu. The Festival Finale was a performance in Exeter Castle of “Equinox”, a work taking the audience through a 24 hour cycle of words, music and pictures, composed and performed by violinist Henning Kraggerud.

The Young Musicians Competition is a particular highlight of the annual programme, and brings together exceptional junior musicians from all over the South West to compete for winning places. This year it again took place in April at Taunton School, by kind permission of the Headmaster and Director of Music. The four winners performed in a concert in Chagford as part of the Festival’s Dartmoor Weekend.

The Trustees would like to record their appreciation of the work of Artistic Director Tamsin Waley-Cohen, and of General Manager Nicola Semple and her excellent team who run the festival with great efficiency and enthusiasm. The festival runs across a wide and diverse geographic area and the organisation involved is never straightforward. The Trustees would also like to the thank the dedicated team of volunteers who help during the festival.

The Trustees are also deeply grateful to the Friends, Associates, Benefactors and Patrons of the Festival, and the other major donors and grant giving foundations, without whom it could not continue to produce such wonderful music in this beautiful part of the country.

THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

We are particularly grateful to the Exeter and District Classic Music Trust for their grant of £12,000 and their loyal and continuing support for the festival. We are also very grateful for the generous support from the following trusts and foundations

Boris Karloff Foundation

De Laszlo Foundation

David Family Foundation

Fidelio Charitable Trust

The Marchus Trust

The Golsoncott Foundation

Hinrichsen Foundation

John S Cohen Foundation

Maria Bjornson Memorial Fund

Queen Anne’s Gate Foundation

Reed Foundation

The Cave Trust

Okehampton United Charities

The Foyle Foundation

The Vaughan Williams Foundation

The Francis Routh Trust

Tedworth Charitable Trust (for the Young Musicians Competition)

And several other foundations

Financial review

The Trustees are pleased to report that the charity made a surplus of £26,581 in the year (2023 – deficit of £8,149). As a result the charity ended the year with unrestricted funds of £40,196 (2023 - £21,688) and restricted funds of £8,073 (2023 - £nil). The restricted funds relate to funds raised for the Young Musicians Competition in 2025.

While box office receipts were broadly in line with 2023, the number of tickets sold was significantly higher as the festival did not have any high cost catered events in the year. The Trustees were particularly pleased to note that there was a large number of new audience members this year, which suggests that the new approach to marketing the festival is paying dividends. Costs were also carefully controlled and the fundraising programme was successful in raising additional funding for the festival.

The revised Friends Scheme has been successful in attracting some larger donors, and the focus going forward will be on expanding the numbers of Friends at the entry levels.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level of at least £30,000. The Trustees consider this to be a prudent sum given the uncertainty of their income and the significant fixed costs associated with the preparation and production of the annual festival. It is the intention of the Trustees to gradually increase the level sufficient to fund the festival in a year where other factors make fundraising more challenging.

The Trustees have the power to invest in such assets as they feel appropriate to the charity. At present any surplus monies are held on deposit at bank.

The Trustees have assessed the major risks to which the charity is exposed, both financial and operational, and are satisfied that systems and procedures are in place to mitigate exposure to these risks.

 

 

Structure, governance and management

The charity is a company limited by guarantee, incorporated on 28 June 2001 and registered as a charity on 30 January 2003. It is governed by a memorandum and articles of association dated 28 June 2001 as amended on 7 January 2002 and 4 December 2017.

THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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. A Welch (Chairman)
Mr C Beer (Vice Chairman and Treasurer)
Mr. N Allan
Mr. R Fletcher
Dr. C Taylor
Mr. J Willan
Mr J Hamilton
Ms S Tooley
Mrs. A Arnold
(Resigned 20 January 2025)
Dr C Richards
(Appointed 20 January 2025)
Mrs C Llewellyn
(Appointed 20 January 2025)
Mrs M Shaw
(Appointed 20 January 2025)
Mr M Randall
(Appointed 20 January 2025 and resigned 28 April 2025)

The Trustees are appointed by the Board of Trustees following recommendations from the Nominations Committee.

 

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

 

Statement of Trustees' responsibilities

The Trustees, who are also the directors of The Two Moors Festival Limited for the purpose of company law, are responsible for preparing the Trustees' Report 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

Mr. A Welch (Chairman)
Mr C Beer (Vice Chairman and Treasurer)
Trustee
Trustee
25 May 2025
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE TWO MOORS FESTIVAL LIMITED
- 5 -

I report to the Trustees on my examination of the financial statements of The Two Moors Festival Limited (the charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the Trustees of the charity (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 charity 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 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 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 financial statements to be reached.

Matthew Webb FCA
Azets Audit Services
Unit A, Woodlands Court
Truro Business Park
Truro
Cornwall
TR4 9NH
United Kingdom
Dated: 9 June 2025
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
2
107,518
22,000
129,518
90,826
10,500
101,326
Charitable activities
3
52,524
-
52,524
63,514
-
63,514
Total income
160,042
22,000
182,042
154,340
10,500
164,840
Expenditure on:
Charitable activities
4
141,534
13,927
155,461
162,489
10,500
172,989
Net income/(expenditure) for the year/
Net movement in funds
18,508
8,073
26,581
(8,149)
-
(8,149)
Fund balances at 1 January 2024
21,688
-
21,688
29,837
-
29,837
Fund balances at 31 December 2024
40,196
8,073
48,269
21,688
-
21,688

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.
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
53,034
24,866
Creditors: amounts falling due within one year
8
(4,765)
(3,178)
Net current assets
48,269
21,688
Income funds
Restricted funds
9
8,073
-
Unrestricted funds
40,196
21,688
48,269
21,688

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 2024.

The directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 25 May 2025
Mr. A Welch (Chairman)
Mr C Beer (Vice Chairman and Treasurer)
Trustee
Trustee
Company registration number 04242801
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
1
Accounting policies
Charity information

The Two Moors Festival Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Lime Court, Pathfields Business Park, South Molton, Devon, EX36 3LH.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity'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 charity is a Public Benefit Entity as defined by FRS 102.

 

The charity 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 charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. There are no material uncertainties which may create significant doubt over the charity's ability to continue as a going concern.

1.3
Charitable funds

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

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Incoming resources
Income is recognised when the charity 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 charity 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.

Legacies are recognised on receipt or otherwise if the charity 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.
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.5
Resources expended

Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity is not registered for VAT and all expenditure includes this where appropriate.

 

All expenditure is accounted for on an accruals basis.

 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities, costs of an indirect nature necessary to support them and costs associated with meeting the constitutional and statutory requirements of the charity.

1.6
Financial instruments

The charity 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 charity's balance sheet when the charity 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank. Financial liabilities classified as payable within one year are not amortised.

 

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.

Derecognition of financial liabilities

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

THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
107,518
22,000
129,518
90,826
5,000
95,826

Grants

-
-
-
-
5,500
5,500
107,518
22,000
129,518
90,826
10,500
101,326
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
3
Charitable activities

Concerts     & Events

Auditions & YMS income    

Total
2024

Concerts     & Events

Auditions & YMS income    

Total
2023
2024
2024
2023
2023
£
£
£
£
£
£
Sales within charitable activities
51,534
990
52,524
62,059
1,455
63,514
4
Charitable activities

Charitable Expenditure

Charitable Expenditure

2024
2023
£
£
Subcontracted Manager/Director fees
37,980
38,267

Artist Fees

27,374
40,732

Production Costs

28,525
33,946

Fundraising and events costs

16,411
24,767

Advertising and marketing

19,534
17,292

Young musicians

9,927
6,905

New commissions

6,594
-

Insurance

1,299
1,472

Telephone, post and stationery

3,266
3,732

Outreach costs

-
2,686

Credit and bank charges

520
519

Software    

365
360

Independent Exam

2,616
1,336
Other charitable expenditure
1,050
975
155,461
172,989
155,461
172,989
Analysis by fund
Unrestricted funds
141,534
162,489
Restricted funds
13,927
10,500
155,461
172,989
5
Trustees

During the year Sarah Fletcher, the wife of Richard Fletcher (Trustee), was paid £1,677 (2023: £3,017) for her services as manager of the Young Musician Competition. None of the other Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
6
Employees

The charity does not have any direct employees. All services are provided by contractors who invoice the charity for the work done.

7
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
4,765
3,178
9
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Incoming resources
Resources expended
Balance at
1 January 2024
Incoming resources
Resources expended
Balance at
31 December 2024
£
£
£
£
£
£
Outreach
2,500
(2,500)
-
-
-
-
YMC
8,000
(8,000)
-
18,000
(9,927)
8,073
Commissions
-
-
-
4,000
(4,000)
-
10,500
(10,500)
-
22,000
(13,927)
8,073
10
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fund balances at 31 December 2024 are represented by:
Current assets/(liabilities)
40,196
8,073
48,269
21,688
-
0
21,688
40,196
8,073
48,269
21,688
-
21,688
THE TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
11
Related party transactions
Transactions with related parties

During the year the charity had no Related Party transactions other than that set out in note 5.

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