The Trustees present their report and financial statements for the year ended 31 December 2025.
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).
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.
To celebrate its 25th year, the 2025 festival was extended to five days on each moor, and a substantial new work, Memoirs for Violin, Percussion and String Orchestra, was commissioned from the highly regarded Estonian composer, Erkki-Sven Tüür. This was given its world premiere to great acclaim on 10 October by our Artistic Director, violinist Tamsin Waley-Cohen, percussionist Colin Currie and the United Strings of Europe. The festival is immensely grateful to Neil Taylor for his generous donation to fund this commission.
The Exmoor weekend ran from 1 - 5 October and started with an all Bach programme played by Tamsin Waley-Cohen and cellist Guy Johnston in Simonsbath. The following night they were joined in Dulverton by other friends to play a Schubert programme including the “Trout” Quintet Other concerts included a programme of English Song with Elizabeth Watts and Julius Drake, and a piano recital by acclaimed Chinese pianist Tianxu An.
The Dartmoor weekend ran from 8 - 12 October. As well as the world premiere of the new commission in Ashburton, the weekend included a Night at the Opera with the National Opera Studio in Okehampton. There was a Schubert evening at Canonteign House where Nick Pritchard and James Baillieu performed Die Schöne Müllerin and Cordelia Williams played Impromptus and the A Major piano sonata. A wonderful Viennese supper was provided in the interval by hosts Kate and Chris Baylis, and the Trustees are very grateful for their generosity. The final concert of the festival was in Moretonhampstead where the Chiaroscuro Quartet played two of Beethoven’s late quartets to a full house.
The charity held a number of events through the year to mark its 25th Anniversary, the most significant being a Gala Dinner at Powderham Castle in June, attended by our Royal Patron, HRH The Duchess of Edinburgh. The dinner was a great success and raised over £10,000 for the charity.
The charity continues to invest in young musicians. The annual Young Musicians Competition was held at Taunton School by kind permission of the Headmaster and Director of Music. The standard was exceptionally high this year and the four winners gave a concert in Dunster as part of the festival. The winners and runners up were also invited to a masterclass. The Trustees are very grateful to Mrs Jess Taylor for her support for this competition. They believe these opportunities are of huge value to young people who may form the next generation of professional musicians.
The charity was also delighted to hold a highly successful residency for duos, string players and pianists at an early stage in their professional careers. The Trustees are extremely grateful to James Baillieu and Tom du Plessis who hosted and supported the residency at their home on Dartmoor. It was held over several days with resident tutors and concluded with a recital at Widecombe Church. It is hoped that such residencies will become an annual feature of the charity.
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 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.
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
Adrian Swire Charitable Trust
John S Cohen Foundation
Maria Bjornson Memorial Fund
Queen Anne’s Gate Foundation
Reed Foundation
The Cave Trust
Okehampton United Charities
Tedworth Charitable Trust (for the Young Musicians Competition)
Radcliffe Foundation
AM Charitable Trust
And several other foundations who wish to remain anonymous
The charity made a deficit of £22,221 in the year (2024 surplus - £26,581). As a result the charity ended the year with unrestricted funds of £26,048 (2024 - £40,196).
Box office receipts were significantly higher than in previous years, and the Trustees were pleased to see a large number of new faces in the audience. However the cost of the extra events to mark the 25th Anniversary and the increased staff costs that this and an extended festival entailed meant that overall the charity made a loss.
The Trustees recognise that 2025 was an exceptional year, but also that the charity needs to make surpluses in normal years. The nature of the festival, spread over a huge geographic area and often in venues of limited size, means that it will always be expensive to run. The Trustees are reviewing the management structure of the festival to make sure it is as efficient as it can be, and are recalibrating the Friends scheme to encourage more members and higher levels of giving. Funding the Festival is challenging in the current environment, but the Trustees believe the steps being taken will ensure that surpluses can be made.
It is the current policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level sufficient to fund the establishment costs of the charity for at least six months - currently this would amount to £40,000. It is the long term intention of the Trustees to gradually increase unrestricted funds to a 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.
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 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:
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. |
The Trustees' report was approved by the Board of Trustees.
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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.
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 2025.
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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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.
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.
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.
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.
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.
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.
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, 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, 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Charitable Expenditure
Charitable Expenditure
Artist Fees
Production Costs
Fundraising and events costs
Advertising and marketing
Young musicians
New commissions
Insurance
Telephone, post and stationery
Outreach costs
Credit and bank charges
Software
During the year Sarah Fletcher, the wife of Richard Fletcher (Trustee), was paid £nil (2024: £1,677) for her services as manager of the Young Musician Competition. None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
The charity does not have any direct employees. All services are provided by contractors who invoice the charity for the work done.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
There were no disclosable related party transactions during the year (2024 - none).