THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
(COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 Company Number: 02644149 Charity Number: 1006151 COMPANY INFORMATION
| Registered Office | 11 Hatfield Road |
|---|---|
| St. Albans | |
| Hertfordshire | |
| AL1 3RR | |
| Business Address | PO Box 80 |
| St Albans | |
| Hertfordshire | |
| AL3 4HR | |
| Examiners | Accountancy and Business Improvement Ltd |
| Suite 5b, The Oast House | |
| Mead Lane | |
| Farnham | |
| Surrey | |
| GU9 7DY | |
| Bankers | COIF Charities Deposit Fund |
| 80 Cheapside | |
| London | |
| EC2V 6DZ | |
| Barclays Bank plc | |
| Blenheim Gate | |
| 22/24 Upper Marlborough Road | |
| St Albans | |
| Herts | |
| AL1 3AL | |
| CAF Bank | |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4QJ |
Page 1
THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
REPORT OF THE DIRECTORS
The Directors (who have also been appointed Trustees under the provisions of the Charities Act 2011) submit their annual report and the unaudited financial statements of the Company for the year ended 30 September 2024.
1. PRINCIPAL ACTIVITY
The Company is a registered charity. The Charity number of the Society is 1006151 and its Company number is 02644149. The Society is a company limited by guarantee whose affairs are managed by a Board of Directors elected at General Meetings of the Society. Members of the Board, which meets regularly during the year, have individual responsibility for different aspects of the Society’s affairs. The Society owns a Collins organ installed in St Saviour’s Church St Albans. As reported at previous AGMs, the Vicar and PCC of St Saviour’s Church have given notice for the removal of the IOF organ as there are plans to restore the parish organ and create a more flexible space. Due to the parlous state of the IOF organ, after over 30 years of use, it would need major costly renovations to return it to prime playable condition. The Board is currently engaged in seeking a new home and owner for the organ. The Society also owns office equipment.
In setting out objectives and planning our activities our Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. The principal objective of the Society is to advance and encourage the use of the organ as a musical instrument.
Our latest Festival was held in July 2023. This year has been a non-festival year, but the participants of our Supporters’ Scheme have continued their generous support, donating £65,599, including Gift Aid, in the year to 30 September 2024 (2023: £91,023; 2022: £41,575), for which the IOF Board is extremely grateful. Such ongoing support and tight management of expenses have produced a surplus of £4,678, even though we continue to face rising prices (2023: £16,760 deficit; 2022: £10,817 surplus).
Although we could only offer a reduced number of Saturday concerts, due to lack of availability at the Cathedral and building work at St Peter’s Church, the concerts have continued to be wellreceived by attendees. This year, the Concert Programme produced a surplus of £1,098 (2023: £5,358 deficit) thanks largely to the generosity of David Titterington, our Artistic Director, giving a fundraising recital at the Dutch Church in April, which was appreciated hugely by the audience and achieved record-breaking donations. We have a full programme of Saturday Concerts planned for 2024-25, whilst taking what steps we can to run the recital series as cost-effectively as possible, without diminishing quality and retaining their free entry for the public.
Administration costs for the year fell slightly to £95,866 but, given that this was a non-festival year, they were higher than usual, mainly due to more office decorating costs, as required under our lease at 33 High Street (2023: £97,349). As the lease was coming to an end, the Board took the decision to relocate to a smaller and less expensive base and so, at the end of June 2024, we moved to 11 Hatfield Road, a property owned and managed by St Peter’s Church. We are delighted to have found this space and have been made most welcome by the clergy and staff at the church. There were costs of £2300 incurred during the move, but we anticipate making monthly savings on office accommodation going forward.
The Society is grateful for the major donations received from The Champniss Foundation and The Williams Church Music Trust and to all other trusts and individuals for their generous financial support this year. We have also been touched to receive a legacy from the late Mrs Elisabeth Wells.
The Society remains indebted to many people for their voluntary help in all aspects of the organising of the society, its recitals and events.
There has been no change in the activities of the society, with the next biennial Festival and Organ Competition planned for July 2025.
Page 2
THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
REPORT OF THE DIRECTORS (Continued)
2. RESULTS
The Company made an overall surplus of £4,678 (2023: £16,760 deficit) during the year under review. Consequently, Total Funds now stand at £35,988 (2023: £26,310). This is made up of General Reserves of £25,538 (2023: £20,860) and Designated Funds which have increased to £10,450 (2023: £5,450), thanks to a generous legacy from the late Mrs Elisabeth Wells.
3. DIRECTORS
Directors who served during the year were: -
James Blake Rogers Covey-Crump Colin Hamling Michael Hurford Lesley King Jonathan Penny Heather Smith David Titterington Christopher Wood
4. POLITICAL AND CHARITABLE CONTRIBUTIONS
No political or charitable contributions were made during the year.
5. DIRECTORS RESPONSIBILITIES
Company law requires the Directors to prepare audited or examined financial statements for each financial year which give a true and fair view of the state of affairs of the Company and the profit and loss of the Company for that period. In preparing these financial statements, the Directors are required to: -
-
Select suitable accounting policies and apply them consistently;
-
Make judgements and estimates that are reasonable and prudent;
-
Follow applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
-
Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In the year under review, the directors exercised the option to have the accounts examined independently, as per the previous year.
So far as the Directors are aware, there is no relevant audit information of which the company’s examiners are unaware, and they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any information relevant to the examination and to establish that the company’s examiners are aware of that information.
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THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
REPORT OF THE DIRECTORS (Continued)
6. APPOINTMENT OF TRUSTEES
The Trustees are appointed annually by rotation at the Annual General Meeting of the company. New Trustees are proposed by the Board or by members of the Society, and the Board may co-opt Trustees between Annual General Meetings. Induction training is provided for all new Trustees, where appropriate, and all Trustees are encouraged to attend courses and conferences that would benefit them as Trustees.
7. RESERVES POLICY
The Directors consider that the aim of the Society should be to create reserves sufficient to fund the normal net running costs of the Society for a period of four months and the net cost of a major Festival.
At the year-end there is a surplus of £25,538 on the General Fund, resulting in an overall balance sheet of £35,988 in respect of total funds.
8. RISK MANAGEMENT
The trustees have completed the IOF’s Risk Assessment and continue to keep the Society’s activities under review, particularly with regard to any major risks that may arise from time to time. The major risks identified by this process have been mitigated to an acceptable level by internal control systems and other factors as appropriate.
9. REPORT
This report is prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Approved by the Board on 14[th] January 2025 and signed on their behalf.
Cie Christopher Wood Chairman
Colin Hamling Director & Competitions Secretary
Page 4
THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30TH SEPTEMBER 2024
| Notes £ INCOME General 2 108,921 Festival 4 Bank interest 40 __ EXPENDITURE General 2 8,197 Administration 3 95,886 Festival/QPJC* 4 (79) ____ Operating Surplus/(Deficit) __ Before Depreciation Depreciation Surplus/(Deficit) for the year 11 |
2024 £ £ 125,503 195,122 51 __ 108,961 19,328 97,349 220,489 _ 104,004 _ 4,957 279 __ 4,678 |
2023 £ 320,676 337,166 _ (16,490) 270 _____ (16,760) |
|---|---|---|
The notes on pages 8 to 13 form part of the financial statements.
Page 5
THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Unrestricted Funds Notes 2024 Income £ Income from charitable activities: Festival - Organ concerts income 7,370 Fund raising events - Grants, sponsorship and donations 92,092 Other income: Subscriptions 5,019 Sundry Income - Bank Interest 40 Lottery Income 4,440 Total Income 108,961 Expenditure £ Costs of raising funds: Festival 4 (79) Organ concerts expenditure 6,272 Fund raising expenditure 1,925 Sundry Expenditure Expenditure on charitable activities Depreciation 279 Management and Administration of the Charity A 95,886 _ Total Expenditure 3 104,283 Net Surplus/(Deficit) and movement in funds for the Year 11 4,678 Net Increase/(Reduction) to Designated Funds 11 5,000 Balances brought forward at 1st October 2023 26,310 ______ Balances carried forward at 30th September 2024 35,988 |
2023 £ 195,122 7,680 - 108,003 5,600 - 51 4,220 320,676 £ 220,489 13,037 6,291 270 97,349 _ 337,436 (16,760) (3,950) 47,020 ______ 26,310 |
|---|---|
A. Management and Administration of the Charity includes the remuneration of the Artistic Director, the professional fees and expenses paid for general management, the accommodation costs of the society’s office, the costs of newsletters, promotion and general office costs – see note 3.
CONTINUING ACTIVITIES
None of the charity’s activities was acquired or discontinued during the above two financial years.
The charity has no recognised gains or losses other than the result for the above two financial years.
The notes on pages 8 to 13 form part of these financial statements.
Page 6
THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
BALANCE SHEET AT 30 SEPTEMBER 2024
| Notes | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Tangible Assets | 7 | 216 | 382 | ||
| CURRENT ASSETS | |||||
| Debtors and Prepayments | 8 | 12,633 | 17,287 | ||
| Cash at Bank | 9 | 32,172 | 17,677 | ||
| ______ | ______ | ||||
| 44,805 | 34,964 | ||||
| CREDITORS: amounts falling | |||||
| due within one year | 10 | (9,033) | (9,036) | ||
| ______ | ______ | ||||
| NET CURRENT ASSETS | 35,772 | 25,928 | |||
| ______ | ______ | ||||
| TOTAL ASSETS LESS LIABILITIES | 35,988 | 26,310 | |||
| FUNDS OF THE CHARITY | |||||
| General Unrestricted Reserves | 11 | 25,538 | 20,860 | ||
| Designated Douglas May Prize Fund | 12 | 3,550 | 3,550 | ||
| Designated Peter Hurford Prize Fund | 12 | 1,400 | 1,400 | ||
| Organ Repair Fund | 12 | 5,500 | 500 | ||
| Designated Improvisation Fund | 12 | 0 | 0 | ||
| ______ | ______ | ||||
| TOTAL CHARITY FUNDS | 35,988 | 26,310 |
The notes on pages 8 to 13 form part of the financial statements.
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year ended 30 September 2023 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the provisions applicable to companies subject to small companies’ regime.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved by the Board on 14th January 2025 and signed on its behalf by:
Colin Hamling
Christopher Wood
Page 7
THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
NOTES TO THE ACCOUNTS
1. ACCOUNTING POLICIES
a) Accounting Convention
The financial statements have been prepared under the historical costs convention and in accordance with the FRS 102 (effective 1 January 2016) and the Statement of Recommended Practice, "Accounting and Reporting by Charities" effective January 2015.
The Charity has taken advantage of the exemption in FRS102 from the requirement to produce a cash flow statement on the grounds that it is a small Charity.
b) Recognition of Income and Expenditure
All income is included in the SoFA when the charity is legally entitled to the income and the amount can be qualified with reasonable accuracy.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with those resources.
c) Going Concern
Based on past performance, and the cyclical nature of the organisation’s activities, the society’s forecasts and projections indicate that the society should be able to continue to operate at its existing level for the foreseeable future. However, the directors acknowledge that they are dependent on the continued support of the society’s many donors and that the potential shortfall in donations and potential restrictions on future Festival income, due to the turbulent economy, demonstrates the need to obtain additional new sources of funding and to continue to actively manage expenditure in order to achieve that.
On this basis the directors are satisfied that the society has adequate resources to continue its operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.
Page 8
THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
NOTES TO THE ACCOUNTS (Continued)
Fund Accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise restricted funds that have been set aside by the trustees for specific purposes. The aim and use of each designated fund are set out in the notes to the financial statements.
Depreciation of Fixed Assets
Fixed assets are depreciated on the straight-line basis over their expected useful lives. The rates of depreciation used are: -
Office (IT) equipment
33%
Debtors
Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid after consideration of any trade discounts offered.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualifies as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value statements.
Repayment of income tax
Repayment of income tax on Gift Aid, covenanted donations and subscriptions has been recognised in respect of amounts paid to the Society under deduction of tax up to 30 September 2024.
2. GENERAL
| Income Subscriptions Donations, Sponsorship and Grants Tax from covenanted subscriptions and Gift Aid Organ Concerts, Fund raising and Sundry Income Lottery Income Total Income Expenditure Organ Concerts and Fund raising |
2024 £ 4,519 87,572 6,096 6,294 4,440 108,921 8,197 ______ 8,197 |
2023 £ 5,100 93,484 16,235 6,464 4,220 125,503 19,328 ______ 19,328 |
|---|---|---|
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THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
NOTES TO THE ACCOUNTS (Continued)
3. ANALYSIS OF TOTAL RESOURCES EXPENDED
| 2024 General costs Other costs Total £ £ £ Costs of generating funds - 8,197 8,197 Depreciation - 279 279 Administration & management 95,886 - 95,886 95,886 8,476 104,362 4. FESTIVAL Income Ticket Sales Programmes Competitors Fees Art Exhibition Advertising Revenue Donations Bar and Catering Receipts Other Income Total Income Expenditure Artists Fees Instruments, Scores & Tuning Competition Costs Venue and Equipment Hire Printing and Postage Publicity and Advertising Catering and Hospitality Programme and Brochure Costs Performing Rights Bar Costs Box Office Costs Service Fees Art Exhibition Other Expenditure Total Expenditure 5. NET INCOME This is stated after charging: Depreciation Examiners’ Remuneration |
2024 General costs Other costs Total £ £ £ - 8,197 8,197 - 279 279 95,886 - 95,886 |
2023 Total £ 19,328 270 97,349 116,947 2024 £ - - - - - - (79) - - (79) 2024 £ 279 1,250 |
2023 41,656 2,759 1,933 2,918 2,190 142,364 - 1,302 195,122 55,845 12,089 70,155 46,281 77 11,979 2,510 4,956 1,166 - 4,868 4,259 5,568 736 220,489 2023 £ 270 1,135 |
|---|---|---|---|
| 95,886 8,476 104,362 |
|||
Page 10
THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
NOTES TO THE ACCOUNTS (Continued)
6 .
INFORMATION ON DIRECTORS AND EMPLOYEES
| Staff Costs Wages and Salaries Social security costs Directors Emoluments Remuneration Total Remunerations |
2024 £ 10,032 - 10.032 43,000 53,032 |
2023 £ 15,042 - 15,042 43,500 58,542 |
|---|---|---|
Transactions with Directors and other related parties:
Consultancy Fees of £43,000 (2023: £43,500) have been paid to Xdiem Limited, a company controlled by the Artistic Director. No remuneration was paid to the other Directors of the Board.
During the year, two directors were reimbursed expenses totalling £2,819 (2023: £3,832); Artistic Director Expenses £1,382; C Hamling £1,437 of reimbursements which are mainly payments relating to IT costs.
There were two employees during the year (2023: one), A Dixon, succeeded by O Amar, as the Society’s Administrator.
No employees had emoluments in excess of £60,000.
| 7. TANGIBLE FIXED ASSETS COST Cost at 1st October 2023 Additions Cost at 30thSeptember 2024 DEPRECIATION Balance at 1st October 2023 Depreciation to 30thSeptember 2024 Balance at 30th September 2024 Net Book Value at 30th September 2024 Net Book Value at 30th September 2023 |
Equipment Organ Total £ £ £ 809 - 809 113 - 113 |
|---|---|
| 922 - 922 |
|
| 427 - 427 279 - 279 |
|
| 706 706 |
|
| 216 - 216 |
|
| 382 - 382 |
Page 11
THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
NOTES TO THE ACCOUNTS (Continued)
| 8. DEBTORS AND PREPAYMENTS | 2024 | 2023 | ||
|---|---|---|---|---|
| £ | £ | |||
Debtors |
- | - | ||
| Prepayments | 12,633 | 17,288 | ||
| 12,633 | 17,288 | |||
| 9. CASH AT BANK | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Current Accounts | 32,164 | 17,669 | ||
| Deposit Accounts | 8 | 8 | ||
| _____ | _____ | |||
| 32,172 | 17,677 | |||
| 10. CREDITORS amounts falling due within one year | ||||
| 2024 | 2022 | |||
| £ | £ | |||
| Other Creditors | 9,033 | 9,037 |
||
| ____ | ____ | |||
| 9,033 | 9,037 |
|||
| 11. RECONCILIATION OF ACCUMULATED FUNDS | ||||
| Unrestricted | Restricted | Total | ||
| General | Designated | Funds | Funds | |
| Funds | Funds | |||
| £ | £ | £ | £ | |
| At 1st October 2023 | 20,860 | 5,450 | - | 26,310 |
| Movement in the year | 4,678 | 5,000 | - | 9,678 |
| Transfers between funds | - | - | - | - |
| Balance at 30th September 2024 | 25,538 | 10,450 | - | 35,988 |
Page 12
THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
NOTES TO THE ACCOUNTS (Continued)
12. DESIGNATED FUNDS:
DOUGLAS MAY PRIZE FUND
The Douglas May Prize fund stands at £3,550 and is used to fund a competition prize during Festival years.
PETER HURFORD PRIZE FUND
This fund stands at £1,400 and exists to secure the future of the Peter Hurford Prize for the best Bach interpretation.
ORGAN REPAIR FUND
Due to a generous legacy from the late Mrs Elisabeth Wells, the Organ Fund increased by £5000 during the year; fund total of £5,500 towards future repairs and upkeep of the Peter Collins Organ.
IMPROVISATION FUND
In 2021, The Eric Thompson Trust donated £2500 to support a Workshop for Improvisation performers to hone their skills and to introduce a new format to the Improvisation Competition. The fund was allocated to expenses incurred during the year ending 30 September 2023, whilst creating the new Improvisation Competition rounds and in support provided to the competitors during their preparation and subsequent performances. The fund stands at £0.
13. LEGAL STATUS OF THE CHARITY
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
14. FINANCIAL COMMITMENTS
At 30 September 2024 the charity was committed to making the following payments under non-cancellable leases in the year to 30 September 2024:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Operating leases which expire: | ||
| In over five years | 0 | 0 |
15. TAXATION
The company considers it is entitled to exemption from corporation tax under Section 505 Income and Corporation Taxes Act 1988 as it was established for charitable purposes only.
Page 13
INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF THE INTERNATIONAL ORGAN FESTIVAL SOCIETY LIMITED
Independent Examiner's Report to the trustees
I report on the accounts of the charity for the year ended 30 September 2024 which are set out on pages 5 to 13.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1)which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act 2011; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- (2)to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Accountancy and Business Improvement Ltd Suite 5b, The Oast House Mead Lane Farnham Surrey GU9 7DY
Date: 24[th] January 2025
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