The trustees present their annual report and financial statements for the year ended 31 December 2024.
The trustees who are also the directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The report of the trustees also incorporates a directors' report as required by company law.
Objectives and aims
Our purposes and activities
The purpose of the charity is to advance the education of the public in all aspects of the performing arts including music, opera, ballet and drama and to further the social cultural welfare of the local community.
The vision that shapes our annual activities remains the promotion and fostering of knowledge and appreciation of the arts by the provision of facilities for the education and recreation of the public in the fields of music, art and drama. The charity also has the general aim of contributing to the quality of life of the local community by expanding their horizons through the provision of exciting, challenging and accessible professional arts events.
In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. The Festival relies on grants, sponsorship and box office income to cover its operating costs. In setting the level of charges and concessions, the Trustees give careful consideration to the accessibility of the Festival for those on low incomes.
The strategies employed to achieve the Charity's aims and objectives are to:-
Present a broad range of productions for the enjoyment and education of our local community; and
Celebrate the diversity of cultures in our society by programming presentations by, and with, artists of different cultural backgrounds.
Putting these strategies into action we have three major areas of activity which are: concerts and stage performances; education programs; and art exhibitions, including installations. Our program of activities is fulling describes in the annual Diary of Events. It also gives full details of our sponsorship packages, our ticket packages concessions and the provisions we made for disabled concert goers.
Charitable activities
There were no events held during the year ended 31 December 2024 due to the changes of available funding for the arts. The trustees are actively pursuing many avenues to ensure that, within the confines of the charity's objects, support can be given to the arts in the area, without the Charity receiving external funding.
Income Generation
No grant aid was forthcoming in respect of 2024.
The only income received was interest on bank deposits.
Resources Expended
Se attached appendix income and expenditure
Financial Position
We are still in a strong financial position. The balance sheet shows the balances at the bank and building society.
Financial Commitments
Since the end of the year the trustees have agreed to fund the commission of music to be played during an inauguration of Swansea Minister in March 2025. The extent if the commitment is £2,665.
The Festival's policy takes into account the absence of long-term fixed commitments and the relative certainty of the quantum and timing of income streams from both grant aid and commercial sponsorship once the initial funding has been given. After consideration of current circumstances the Trustees reaffirmed that, to enable the Festival to be in a position to meet its liabilities in the event of a collapse of box office receipts or the failure of a commercial sponsor and to fund an efficient close-down of the Festival's activities, unrestricted reserves of £40,000 should be maintained. The current reserves adequately meet this requirement.
Our Objectives and Aims remain unchanged but we are now operating in a very different Post Covid world for the ARTS.
With the reduction in the opportunities to access public funding and with the rise in costs for venue hire and associated costs we have been considering how to move forward over the coming years.
We remain committed to continuing the work of the Festival but feel we need to be more careful in our next steps to ensure the long term future of the Festival.
We are in the process of looking for additional board members and actively talking to various local groups and associations who are working hard in the sector to see how we might be able to work with them and/or support them in the future to further the Festival aims.
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
We operate under the 'ARTICLES OF ASSOCIATION OF SWANSEA FESTIVAL OF MUSIC AND THE ARTS'
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:
Trustees
Trustees are selected by the Board on the basis of their particular skills, knowledge and expertise. They are introduced to the Charity by the Chairman of the Board and provided with briefings relevant to their role. They are proposed for re-election at the Annual General Meeting following their appointment.
Risk management
The Trustees have undertaken an assessment of the risks to which the Festival is exposed and have established systems to mitigate those risks. This involved identifying the types of risk to which the Festival is exposed, prioritising the risks in terms of their potential impact on the Festival's activities and identifying ways in which the risks might be managed.
Public benefit
Swansea Festival of Music and the Arts' mission is to advance the education of the public in all aspects of the performing arts and to further the social and cultural welfare of the local community.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered company number
00502718 (England and Wales)
Registered charity number
507765
Registered office
Third Floor
Langdon House
Langdon Road
Swansea
SA1 8QY
Trustees
M L Pope Composer, musician
M S Jenkins Retailer
S N Mastoris Museum curator
P L Hunkin Chartered accountant
A M Day Chairman (appointed 22/04/2024)
REFERENCE AND ADMINISTRITIVE DETAILS
Independent Examiner
David Rowe
WBV Limited
Chartered Accountants
The Third Floor
Langdon House
Langdon Road
Swansea
SA1 8QY
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 28 April and signed on its behalf by:
A M Day - Trustee
The Trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Swansea Festival of Music and the Arts (the charity) for the year ended 31 December 2024.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 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. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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 financial statements 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.
Swansea Festival of Music and the Arts is a private company limited by guarantee incorporated in England and Wales. The registered office is Third Floor, Langdon House, Langdon Road, Swansea, West Glamorgan, SA1 8QY.
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" 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)". 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, [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.
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.
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 or grantors 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.
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.
Grant income
Grant income is recognised in the Statement of Financial Activities once the charity has completed all obligations required of it to secure the grant.
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.
Cash at bank and in hand is held to meet short term commitments as they fall due and includes cash held in instant access bank accounts.
The charity is exempt form corporation tax on its charitable activities.
Debtors
Debtors are recognised at the settlement amount due.
Grants receivable are recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.
Creditors
Creditors are recognised at their settlement amount.
There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2023 - none).