REGISTERED COMPANY NUMBER: 02639507 (England and Wales)

REGISTERED CHARITY NUMBER: 1040455

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

BATH MOZARTFEST LIMITED

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10

to

16

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 December 2025. 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).

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Arts sector is having a particularly challenging time across the board. There is no possibility of any public funding and grants are unlikely for specific festivals such as Bath Mozartfest and Bachfest, and the corporate sector - always modest and with many demands upon it in the Bath area - sees organisations competing for the same dwindling pools of money as businesses squeeze their budgets.

Both Bath Mozartfest and Bachfest have traditionally benefitted from the support of private individuals through various patronage schemes and, after ticket sales, this continues to represent the bulk of income. Fundraising has though been hit by rising costs and economic uncertainty. Some of the festivals' supporters are elderly and their support will have a limited timescale, and many others are retired and living on fixed incomes and have been impacted by volatile financial markets and rising costs, and so are attending fewer concerts or may be unable to donate as generously as previously. There is also increasing pressure from other local festivals and events.

This year has also seen unique challenges in that, having agreed a succession plan for the two festivals' long-serving artistic director, and appointed a new incumbent, very sadly the former died before her proposed departure date at the end of the November 2025 Mozartfest. The Chairman and Board would like to pay tribute to Amelia Freedman, CBE, who had been a truly outstanding artistic director of Bath Mozartfest for more than 30 continuous years, and for Bath Bachfest since its inception. She is owed an enormous debt of gratitude and is much missed by the board, staff, volunteers and audiences.

More positively, Adrian Brendel has been appointed artistic director and took up this role officially in December 2025 although had been assisting prior to this date. Adrian is well known to Bath audiences as a cellist and a member of the Nash Ensemble and, in addition to building on Amelia's legacy, he has exciting plans, including appealing to younger and wider audiences.

This change has incurred some one-off expenses in payment of additional fees to the in-coming and out-going artistic directors. In addition, costs have risen across the board particularly in relation to artists fees and festival production expenses, although the small management ream works hard to keep these to a minimum. Net gains on investment capital have off-set some of these increases.

A further concern has been the continuing closure of Bath's Assembly Rooms for refurbishment. A re-opening date has still not been confirmed, or even if the building will be available for concerts, or what future costs might be if so.

So, it has been a challenging year, with some continuing uncertainty, but two good festivals were produced, with deficits less than predicted, and robust future plans firmly in place.

FINANCIAL REVIEW

Principal funding sources

The charity's principal funding sources are from ticket sales, sponsorship and donations.

Reserves policy

The trustees are conscious of the need to ensure the continued viability of the company and with the continued support of their sponsors, they believe that the company has sufficient financial backing to enable it to continue for the foreseeable future. They also consider that the reserves as at 31 December 2024 were at an appropriate level.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, The Memorandum and Articles of Association, and constitutes a limited liability company, limited by guarantee, as defined by the Companies Act 2006.

Status of the Trustees

The trustees of the charity are also the directors of the company for the purposes of the relevant charity and company law and in accordance with the Memorandum and Articles of Association.

The Memorandum and Articles of Association, as approved by the Charity Commission, decrees that the Board shall comprise a minimum of two members with no maximum number. All Board members are elected by the existing Board, taking into consideration their professional experience and knowledge of classical music. No formal induction or training is given to new trustees, but they are given an introduction to the work of the Company and provided with the information they need to fulfil their roles which includes information concerning their duty as trustees and an insight into charity law. In addition they are required to sign a letter confirming their support for the objects of the company. Each director/trustee is appointed by the Board to serve for a period of three years after which he/she may seek re-election.

Organisational structure

The day to day administration and other operational Company matters are delegated to a team of specialist professionals supported by members of the Board. Periodic reports are provided to the Board for review and action as required.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Board has conducted a review of the major risks to which the charity is exposed and where appropriate has ensured that procedures and systems are in place to mitigate such risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02639507 (England and Wales)

Registered Charity number

1040455

Registered office

4 Queen Street

Bath

BA1 1HE

Trustees

Sir David Bell

C Allanson-Bailey

T Osborne

P Roper

A Woodroffe

Lieutenant General Sir R Cordy-Simpson (resigned 27.3.2025)

Professor R Wendorf

N Isherwood

R Lovell

W Lacey (appointed 27.3.2025)

Company Secretary

C Jones

Independent Examiner

Christopher Horsley FCA

Barber & Company

A trading name of PCM Accounting Limited

2 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

Principal Bankers

HSBC Bank plc,

41 Southgate, Bath, BA1 1TN

Approved by order of the board of trustees on 22 July 2026 and signed on its behalf by:

D Bell - Trustee

Independent examiner's report to the trustees of Bath Mozartfest Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.

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 statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 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; or

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 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.

Christopher Horsley FCA

Barber & Company

A trading name of PCM Accounting Limited

2 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

Date: 22nd July, 2026

31.12.25

31.12.24

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

172,999

709

173,708

177,958

Charitable activities

4

Classical music festivals

210,745

-

210,745

205,854

Investment income

3

12,093

-

12,093

15,635

Total

395,837

709

396,546

399,447

EXPENDITURE ON

Raising funds

5

20,748

-

20,748

20,224

Charitable activities

6

Classical music festivals

418,282

-

418,282

373,987

Other administration costs

8

20,334

-

20,334

20,174

Total

459,364

-

459,364

414,385

Net gains on investments

25,166

-

25,166

18,008

NET INCOME/(EXPENDITURE)

(38,361

)

709

(37,652

)

3,070

Transfers between funds

14

10,000

(10,000

)

-

-

Net movement in funds

(28,361

)

(9,291

)

(37,652

)

3,070

RECONCILIATION OF FUNDS

Total funds brought forward

317,314

89,198

406,512

403,442

TOTAL FUNDS CARRIED FORWARD

288,953

79,907

368,860

406,512

31.12.25

31.12.24

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Investments

11

287,613

-

287,613

330,079

CURRENT ASSETS

Debtors

12

32,024

-

32,024

41,866

Cash at bank

37,104

79,907

117,011

59,029

69,128

79,907

149,035

100,895

CREDITORS

Amounts falling due within one year

13

(67,788

)

-

(67,788

)

(24,462

)

NET CURRENT ASSETS

1,340

79,907

81,247

76,433

TOTAL ASSETS LESS CURRENT LIABILITIES

288,953

79,907

368,860

406,512

NET ASSETS

288,953

79,907

368,860

406,512

FUNDS

14

Unrestricted funds

288,953

317,314

Restricted funds

79,907

89,198

TOTAL FUNDS

368,860

406,512

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 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.

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 22 July 2026 and were signed on its behalf by:

D Bell - Trustee

Cash flows from operating activities

Cash generated from operations

1

(7,018

)

(52,085

)

Net cash used in operating activities

(7,018

)

(52,085

)

Cash flows from investing activities

Sale of fixed asset investments

65,000

-

Net cash provided by investing activities

65,000

-

Change in cash and cash equivalents in the reporting period

57,982

(52,085

)

Cash and cash equivalents at the beginning of the reporting period

59,029

111,114

Cash and cash equivalents at the end of the reporting period

117,011

59,029

1.	RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.12.25

31.12.24

£

£

Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities)

(37,652

)

3,070

Adjustments for:

Gain on investments

(25,166

)

(18,008

)

Decrease/(increase) in debtors

9,842

(22,680

)

Increase/(decrease) in creditors

45,958

(14,467

)

Net cash used in operations

(7,018

)

(52,085

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

59,029

57,982

117,011

59,029

57,982

117,011

Total

59,029

57,982

117,011

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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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.

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.

FIXED ASSET INVESTMENTS

Fixed asset investments are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

2.	DONATIONS AND LEGACIES

31.12.25

31.12.24

£

£

Mozartfest Society and donations

84,139

81,427

Sponsorship and grants

89,569

96,531

173,708

177,958

3.	INVESTMENT INCOME

31.12.25

31.12.24

£

£

Dividend and interest income

12,093

15,635

4.	INCOME FROM CHARITABLE ACTIVITIES

31.12.25

31.12.24

Activity

£

£

Ticket sales

Classical music festivals

187,714

193,579

Other festival income

Classical music festivals

23,031

12,275

210,745

205,854

5.	RAISING FUNDS

RAISING DONATIONS AND LEGACIES

31.12.25

31.12.24

£

£

Sponsorship and donations

20,748

20,224

6.	CHARITABLE ACTIVITIES COSTS

Direct

Costs (see

note 7)

£

Classical music festivals

418,282

7.	DIRECT COSTS OF CHARITABLE ACTIVITIES

31.12.25

31.12.24

£

£

Artists' fees and expenses

153,734

140,921

Marketing

56,014

53,548

Public relations and communication

30,449

28,162

Other festival production and performance costs

137,491

112,390

Administration

40,594

38,966

418,282

373,987

8.	OTHER ADMINISTRATION COSTS

31.12.25

31.12.24

£

£

Bank charges

333

378

Finance costs

15,119

14,679

Independent examiner's fees

2,250

2,250

Investment management fees

2,632

2,867

20,334

20,174

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

fund

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

177,712

246

177,958

Charitable activities

Classical music festivals

205,854

-

205,854

Investment income

15,635

-

15,635

Total

399,201

246

399,447

EXPENDITURE ON

Raising funds

20,224

-

20,224

Charitable activities

Classical music festivals

373,987

-

373,987

Other administration costs

20,174

-

20,174

Total

414,385

-

414,385

Net gains on investments

18,008

-

18,008

NET INCOME

2,824

246

3,070

Transfers between funds

10,000

(10,000

)

-

Net movement in funds

12,824

(9,754

)

3,070

RECONCILIATION OF FUNDS

Total funds brought forward

304,490

98,952

403,442

TOTAL FUNDS CARRIED FORWARD

317,314

89,198

406,512

11.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 January 2025

330,079

Disposals

(65,000

)

Revaluations

22,534

At 31 December 2025

287,613

NET BOOK VALUE

At 31 December 2025

287,613

At 31 December 2024

330,079

There were no investment assets outside the UK.

Cost or valuation at 31 December 2025 is represented by:

Listed

investments

£

Valuation in 2021

14,588

Valuation in 2022

(5,534

)

Valuation in 2023

18,353

Valuation in 2024

18,008

Valuation in 2025

22,534

Cost

219,664

287,613

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

3,729

12,090

Other debtors

28,295

29,776

32,024

41,866

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

1,691

9,025

Other creditors

20,883

5,884

Accruals and deferred income

45,214

9,553

67,788

24,462

14.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.1.25

in funds

funds

31.12.25

£

£

£

£

Unrestricted funds

General fund

317,314

(38,361

)

10,000

288,953

Restricted funds

Bachfest fund

89,198

709

(10,000

)

79,907

TOTAL FUNDS

406,512

(37,652

)

-

368,860

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

395,837

(459,364

)

25,166

(38,361

)

Restricted funds

Bachfest fund

709

-

-

709

TOTAL FUNDS

396,546

(459,364

)

25,166

(37,652

)

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.1.24

in funds

funds

31.12.24

£

£

£

£

Unrestricted funds

General fund

304,490

2,824

10,000

317,314

Restricted funds

Bachfest fund

98,952

246

(10,000

)

89,198

TOTAL FUNDS

403,442

3,070

-

406,512

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

399,201

(414,385

)

18,008

2,824

Restricted funds

Bachfest fund

246

-

-

246

TOTAL FUNDS

399,447

(414,385

)

18,008

3,070

A current year 12 months and prior year 12 months combined position is as follows:

Net

Transfers

movement

between

At

At 1.1.24

in funds

funds

31.12.25

£

£

£

£

Unrestricted funds

General fund

304,490

(35,537

)

20,000

288,953

Restricted funds

Bachfest fund

98,952

955

(20,000

)

79,907

TOTAL FUNDS

403,442

(34,582

)

-

368,860

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

795,038

(873,749

)

43,174

(35,537

)

Restricted funds

Bachfest fund

955

-

-

955

TOTAL FUNDS

795,993

(873,749

)

43,174

(34,582

)