THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND
AND
FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2023
www.ferrierawards.org.uk
THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND FOR THE YEAR ENDED 30 JUNE 2023
Report and the Financial Statements of the charity for the year ended 30 June 2023.
LEGAL AND ADMINISTRATIVE DETAILS
Trustees: Sir Thomas Allen CBE Valerie Beale (resigned 30 October 2022) Dr Linda Hirst Graham Johnson OBE (resigned 29 August 2023) Yvonne Kenny AM Julie Nicholls (appointed 6 March 2023) Ian Page Nicholas Riddle Joan Rodgers CBE David Syrus Sir John Tusa (appointed 6 March 2023) Martin Williams FSA *indicates a member of the Administration committee General Manager: Janet Marshall Accountants and Independent Examiners: David Smith & Co., Chartered Accountants 7 Grosvenor Gardens, London SWIW OAF Bankers: CAF Bank Limited, ME19 4JQ CCLA Fund Managers Limited, London EC4R 3AB Registered charity number: 1028426 Address: PO Box 350, Leeds LS16 OHH Telephone: 07751 069 551 E-mail: info@ferrierawards.org.uk Website: www.ferrierawards.org.uk
The above information correct as at 16 November 2023
CHAIR
Valerie Beale retired both as a trustee and as chair of the trustee body on 30 October 2022. Following her retirement, Nicholas Riddle agreed to serve as interim Chair until a permanent successor from outside the trustee body can be found. The trustees are grateful to him for stepping up in this way.
VALERIE BEALE
In 2022, Valerie Beale retired from the Fund after nine highly successful years as Chair of the trustee body and 22 years as a trustee. The trustees would like to record their deep gratitude for the thought, care and work that she has given to the Fund. These qualities were most evident during the challenging years of the pandemic which exceptionally included two competitions in one calendar year and the recruitment of two general managers. Her attention to detail and her wide-ranging experience of the music profession were invaluable.
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THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND FOR THE YEAR ENDED 30 JUNE 2023
CONSTITUTION AND GOVERNANCE
Trust Deed dated 31 December 1955. It was set up in memory of Kathleen Ferrier, the world-famous contralto, who died in 1953 at the peak of her caree. The terms of the initial Deed were amended by Schemes made by the Charity Commission in 1965, 1984 and 2001. The 1955 Deed named the first trustees; and the 1984 Scheme made provision for the appointment of new trustees. Subsequent trustees have been appointed in accordance with the 1984 Scheme.
The names of the trustees who served during the year are set out in the preceding section entitled trustee.
The trustees have set up an Administration committee to facilitate the management of the charity between meetings of the full trustee body. Currently the members are Julie Nicholls, Nicholas Riddle (Chair), and Martin Williams. The General Manager attends meetings of the committee as required. The
The trustees delegate the day-to-day management of the Fund to a remunerated part-time General Manager under the guidance of the Chair and the Administration committee.
During the year, the trustees met formally once in person. The Administration committee met several presence, risk management, data protection and other administrative and governance matters.
GRAHAM JOHNSON OBE
During the year under review Graham Johnson gave notice that he wished to relinquish his trusteeship, and he formally resigned on 29 August 2023. The trustees thank Graham for his many years of service to the Fund and the wealth of expertise he so freely placed at the disposal of the charity. His advice was always carefully considered and delivered with no fuss but great effect.
TRUSTEE BODY
On March 6 2023, Sir John Tusa and Julie Nicholls were appointed to the board of trustees. Sir John brings a lifetime of experience in the arts having had a distinguished career in the BBC and most recently as Director of the Barbican Centre. Julie Nicholls has worked for KPMG in the City of London for over 25 years. She has joined the Administration Committee. We look forward to working with both of them during the coming years.
GENERAL MANAGER
with many and various tasks during the year. The trustees record their thanks to her and to Valerie Beale and Nicholas Riddle (as chairmen) for the thought, determination and hard work they have put in during the period.
OBJECTS AND POLICY
Kathleen Ferrier Awards) for or towards the musical education in any manner ... of students of singing of whatever nationality or origin who are resident (whether temporarily or permanently) in the United Kingdom or Eire for their musical education and who satisfy such conditions including age as the
The Charity Commission has granted the trustees flexibility to make further changes in the rules of the competition as required in order to reflect future changes in the profession and the way in which competitions are run, as well as to rectify any anomal constitution.
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THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND FOR THE YEAR ENDED 30 JUNE 2023
current policy is to make awards (named Kathleen Ferrier Awards) to singers of any nationality who have completed at least one year of a continuing recognized course in music at a higher education, specialist institution or school or have undertaken equivalent private study in the United Kingdom or Eire, or to singers who are resident in the United Kingdom or Eire having completed such a course. The Awards are decided by open competition, and all entrants must be under the age of 29 on the final day of the competition ~~a~~ lthough this rule was varied in the years 2020-22 in order to manage the disruption caused by the pandemic.
ACTIVITIES
The 68th Kathleen Ferrier Awards Competition was held in April 2023. There were 90 eligible applicants. After withdrawals, 81 singers participated in the preliminary auditions and 12 were chosen to go through to the semi-final: four sopranos, four mezzo-sopranos, three tenors and one baritone. The seven finalists comprised one soprano, two mezzo-sopranos, three tenors and one baritone.
The jury was chaired by Elaine Padmore of the Royal Opera House, who was joined by soprano, Kathryn Harries; counter-tenor, Michael Chance; baritone, Russell Smythe; together with Pamela Lidiard, Deputy Head of Keyboard Studies at the Guildhall School of Music & Drama.
The Semi-finals took place on 18 April, and the Finals at the Wigmore Hall, London W1 on 21 April. The prize monies again totalled £23,500. The first prize (£12,500) was won by Swiss baritone, Felix Gygl ~~i a~~ young artist at the National Opera Studio. The 2023-24 season will see him join the International Opera Studio of the Opernhaus Zurich.
Second prize was awarded jointly to soprano, Matina Tsaroucha, and tenor, George Curnow, who shared equally the prize of £6,000. Matina is a postgraduate student at the Royal College of Music and George is on the opera programme at the Royal Academy of Music. The Ferrier Loveday Song Prize of £5,000 was won by Welsh tenor Dafydd Jones. In the 2023-24 season he will make his debut in the title role of Albert Herring for Opera North.
- funded by the charity Help Musicians in memory of Arthur and Gwyneth Harrison was awarded to Harry Rylance, a Company Young Artist. The trustees are very grateful to the trustees of Help Musicians for their continuing generous support.
Following three years during which the income of the Fund was adversely affected by the pandemic the trustees decided to suspend the Recital series, initially for one year (2023). This decision will 2023.
Coaching
No coaching sessions took place during the period.
Social media
An initial six-months social media campaign managed by WildKat starting at the beginning of the year 2023 demonstrated the importance of this publicity route and the trustees decided to appoint a person to manage it who had more music industry-specific expertise. Nicola Corbishley, (a professional singer, singing teacher and social media manager) has been contracted on a freelance basis to manage the up a social media plan for adoption by the trustees.
FINANCE
The Financial Statements of the charity are drawn up in accordance with the provisions of the Charities Act, 2011 and the current charity accounting standard (SORP FRS102). The Statement of Financial investments,
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THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND FOR THE YEAR ENDED 30 JUNE 2023
and the Balance Sheet includes those investments at market value not at cost.
fees; (c) receipts from the sale of tickets and programmes; (d) donations, sponsorship and fund-raising; and (e) royalties and performing right payments arising from recordings of Kathleen Ferrier.
Financial review
In 2022-23, the Incoming resources from all sources amounted to £68,078 compared with £69,881 in the preceding year. Total Investment income rose by £3,398 to £48,484 as companies resumed distributions following the pandemic. Although the disruption it caused had largely dissipated, receipts from the competition (£19,450) did not regain their pre-pandemic levels. Resources expended totalled £78,233 compared to £132,585 in 2021-22. The two figures are not easily compared as two competitions were held in the earlier period ~~a~~ lthough there were savings on costs common to both competitions. The outcome was net Outgoing resources (or deficit) on the ordinary activities of the Fund of £10,155 (2022: Outgoing £62,704). These deficits ar Awards during the pandemic notwithstanding the reduced income from ticket sales and increased costs.
At the year-end, there was an unrealized loss of £52,997 (2022: Loss £35,821) on the investment portfolio.
The out-turn was a net downwards movement in the resources available to the trustees at the year-end of £63,152 (2022: net downwards movement £99,674) to £1,125,630. In last report, we correctly anticipated that 2022-23 would see continuing turbulent financial conditions affecting both international - -established pattern may have to be reviewed and this wil - term.
Investments and reserves
The Fund's constitution provides for the creation of an endowment fund, the income from which is to be applied in perpetuity to the making of awards. To this fund has been added unspent income as and when it has arisen. Annual deficits are also debited to this fund.
At the year-end, the fund, amounting to £1.13M (30 June 2022: £1.19M), was invested in cash and five specialist investment vehicles designed specifically for charities. These funds are managed by CCLA Investment Managers; M&G Investments and The Prime Team. Currently, the charity's investments are managed directly by the trustees acting through an investment group consisting of the Chair and Martin Williams who take appropriate advice when required. During 2022-23, this group was strengthened by the addition of Julie Nicholls who has a finance and accounting background in the City of London.
LEGACIES AND FUND-RAISING
In 2020, the trustees received a substantial legacy of more than £130,000 from the Estate of Mrs Edith Schlesinger. A further £3,000 was received in 2022 from Adrian Swire. In the light of the weakness of the investment markets when the bulk of the monies were received, the trustees decided not to invest them immediately but placed them on short-term deposit. This proved to be a very welcome buffer when the pandemic meant that the 66th Competition had to be held without a paying audience.
There have been significant increases in our net costs in the period since the end of the pandemic, the result o ~~f a~~ mong other thing ~~s c~~ hanges of policy at Wigmore Hall. This has precipitated the Fund into a worsening structural deficit even after reducing activities that we would previously have undertaken for the winners of the competition. This is doubly unfortunate, because the environment for young singers and other musicians in the UK has become significantly worse in the past few years.
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THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND FOR THE YEAR ENDED 30 JUNE 2023
We must address both of these factors if we are to continue to fulfil our charitable purpose. While reducing our costs further would offer a temporary solution, it would ultimately mean a diminution in r solution is to raise funds necessary to generate the income we need to support our activities in the new circumstances. The Trustees will be asked to consider this at their next meeting.
POLICIES
Thanks to the work done by the Administration committee, the trustees have been able to adopt a number of policies including Data Protection, Investment & Reserves, Conflict of Interest and others which, taken together, with best modem practice. A risk statement is
PUBLIC BENEFIT
The Charities Act 2006, places a duty on charity trustees to ensure that a charity continues to meet a public benefit requirement throughout its life, and the trustees have taken note of the Charity guidance on public benefit (leaflet PB03).
The charity fulfils its public benefit requirement by pursuing its charitable objectives (as set out in the section by: (a) the promotion of the art and practice, and the public performance, of art and science of music; (b) by advancing the education of musicians; and, (c) by improving the knowledge and appreciation of the art and science of music and particularly singing.
FUTURE PLANS
The trustees intend to continue making Kathleen Ferrier Awards to young singers by open competition, and in this connection will launch the 2024 competition shortly.
The trustees will be considering the cost effectiveness of the way we operate the competition. This will include assessing the viability of continuing to base the semi-final and final at Wigmore Hall.
The trustees will also be considering whether changes to the environment for musicians based in the United Kingdom require changes to the activities of the Fund in order to fulfil its charitable purposes.
The current Chair took on the role as an interim appointment. The trustees will be considering the recruitment of the next Chair, while noting that the Trust Deed in any case requires the reappointment of any Chair by the trustee body each year.
investment.
Approved by the trustees on 16 November 2023, and signed on their behalf by
Nicholas Riddle
Chair of trustees
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THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND
ACCOUNTS
30th June 2023
Page 1.
THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND
INCOME AND EXPENDITURE ACCOUNT - UNRESTRICTED FUND
----- Start of picture text -----
FOR THE YEAR ENDED: 30TH JUNE 2023 2022
Notes
Incoming Resources
Competition Income
Entrance Fees 5,340 9,950
Sales of tickets and programmes 14,110 11,450
- -
Advertising in programme
19,450 21,400
-
Legacies and Donations 3,000
Investment income 42,918 39,386
- -
Tax repayment under Gift Aid
Deposit interest 1,534 356
Royalties 144 395
Total Incoming Resources 64,046 64,537
Resources Expended
Charitable Expenditure
Prizes and Competition costs 4a 49,049 100,494
Recitals and Master Classes 4b 1,000 4,200
Management and Administration 4c 26,922 27,036
Governance Costs 4d 1,262 855
Total Expenditure 78,233 132,585
(14,187) (68,048)
(Losses)/Gains on revaluation of investments
Unrealised (66,016) (19,812)
Realised - -
(66,016) (19,812)
Net Incoming Resources (80,203) (87,860)
Income transfer from Restricted Fund
Sponsorship of Song Prize 5,000 10,000
Net Movement in Funds (75,203) (77,860)
Fund Balance Brought Forward, 1st July 2022 994,116 1,071,976
Fund Balance Carried Forward, 30th June 2023 £ 918,913 £ 994,116
FERRIER LOVEDAY SONG PRIZE FUND - RESTRICTED FUND
Income Capital Income Capital
Investment Income 4,032 5,344
Song Prizes (5,000) (10,000)
(968) (4,656)
Transfer from capital 968 (968) 4,656 (4,656)
£ - (968) - (4,656)
(Losses)/Gain on revaluation of investments
Realised - (1,149)
Unrealized 13,019 13,019 (16,009) (17,158)
Net movement in funds 12,051 (21,814)
Balance, brought forward 194,666 216,480
Balance, carried forward £ 206,717 £ 194,666
----- End of picture text -----
Page 2.
THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2023
| INCOMING RESOURCES Legacies and Donations Income from Investments Charitable Activities - Competition Income Other Total Income and Endowments RESOURCES EXPENDED Charitable Activities Governance Costs Total Resources Expended Net (Outgoing)/Incoming Resources OTHER RECOGNISED GAINS/LOSSES (Losses)/ Gains on Investment Assets - realised (Losses)/Gains on Investment Assets - unrealised Net (Losses)/Gains on Investment Assets GROSS TRANSFERS BETWEEN FUNDS Net movement in Funds TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD Net (Outgoing)/ Incoming Resources after gains/- (losses) on investments |
Unrestricted Fund - 44,452 19,450 144 64,046 76,971 1,262 78,233 (14,187) - (66,016) (66,016) (80,203) 5,000 (75,203) 994,116 918,913 £ |
Restricted Fund - 4,032 - - 4,032 - - - 4,032 - 13,019 13,019 17,051 (5,000) 12,051 194,666 206,717 £ |
Total - 48,484 19,450 144 68,078 76,971 1,262 78,233 (10,155) - (52,997) (52,997) (63,152) - (63,152) 1,188,782 1,125,630 £ |
2022 3,000 45,086 21,400 395 69,881 131,730 855 132,585 (62,704) (1,149) (35,821) (36,970) (99,674) - (99,674) 1,288,456 1,188,782 £ |
|---|---|---|---|---|
Page 3.
THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND
| Fixed Assets Investments Current Assets Debtors COIF Charities Deposit Fund Bank Current Account Current Liabilities Creditors: Amounts falling due within one year Net Current Assets Total Assets less Current Liabilities Funds of the Charity Restricted Fund Ferrier Loveday Song Prize Fund Unrestricted Accumulated Fund BALANCE SHEET : |
Notes 2 3 |
990,618 - 119,752 18,846 138,598 3,586 135,012 1,125,630 £ 206,717 918,913 1,125,630 £ 30TH JUNE 2023 |
1,043,615 - 127,474 20,137 147,611 2,444 145,167 1,188,782 194,666 994,116 1,188,782 2022 |
|---|---|---|---|
) ) NICHOLAS RIDDLE ) ) ) Accounts approved by the ) Trustees on 16 November 2023 ) ) MARTIN WILLIAMS ) )
Page 4.
THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND
NOTES TO THE ACCOUNTS - 30TH JUNE 2023
1. Accounting Policies
a) Basis of Accounting
These accounts have been prepared in accordance with FRS 102 Financial Reporting Standard applicable in the UK and Republic of and Reporting by the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The Charity is a Public Benefit Entity as defined by FRS 102.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared on the historical cost convention, modified to include the revaluation of investments at market value. The principal accounting policies adopted are set out below.
b) Going Concern
At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.
c) Charitable Funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
d) Incoming Resources and Expenditure
Donations, legacies, tax repayments and royalties are brought into the accounts when they are received or can be accurately forecast in amount and timing.
Investment income and deposit interest are included in the accounts on the due date.
Other income and all expenditure is included in the accounts on the accruals basis.
e) Cash and Cash Equivalents
Balances are held at call with banks, or at a period of notice of not more than 60 days.
f) Payments to Trustees
The Trustees give their time and energy on a voluntary basis, and no Trustees' fees were paid during the year (2022 - NIL). Specific expenses were reimbursed to trustees in the year ended 30th June 2023, amounting to £371. (2022 - NIL).
Page 5.
THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND
NOTES TO THE ACCOUNTS - 30TH JUNE 2023 (Continued)
2. Tangible Fixed Assets
Investments
The investments are held and administered on behalf of the Trustees by professional investment managers, and are valued at Market Value in the accounts.
All investments represent more than 5% of total funds and are:-
| Restricted Fund COIF Global Equity Income Fund Unrestricted Accumulated Fund M & G Equities Investment Fund for Charities (Charifund) M & G Charibond Charities Fixed Interest Common Investment Fund COIF Charities Property Fund SUTL Cazenove Charity Fund Movements in Investments can be summarised as follows:- Market Value 30th June 2022 Additional Investment Disposal Realised (Losses) Unrealised (Losses)/ Gains Market value 30th June 2023 Current Assets and Liabilities Cash at Bank Charities Deposit Accounts Restricted Fund Unrestricted Accumulated Fund CAF Bank Current Account Unrestricted Accumulated Fund |
30th June 2023 155,115 476,257 121,573 90,095 147,578 990,618 £ 1,043,615 - - 1,043,615 - (52,997) 990,618 £ 51,602 68,150 119,752 £ 18,846 £ |
2022 142,096 503,368 131,516 114,380 152,255 1,043,615 1,130,585 - (50,000) 1,080,585 (1,149) (35,821) 1,043,615 52,570 74,904 127,474 20,137 £ |
|---|---|---|
3. Current Assets and Liabilities
Page 6.
THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND
NOTES TO THE ACCOUNTS - 30TH JUNE 2023 (Continued)
30th June 2023 2022
| 4. | Charitable Expenditure a) Competition Kathleen Ferrier Awards First Prizes Second Prizes Song Prize Direct costs of competition Adjudicators' fees and expenses Hire of halls Box Office commission Stewards Receptions Marketing and P R Advertising Design, artwork and printing Competition video Other administration and general expenses Prizes and Competition Costs b) Recital and Masterclass Expenses Performers Recital Programme Fees c) Management and Administration Administration Charges General and office expenses Social Media expenses d) Govenance of the charity Trust Administration Expenses Accountancy and Independent Examination |
2,680 7,610 3,775 1,400 2,234 180 - 4,525 1,010 2,135 |
12,500 6,000 5,000 23,500 25,549 49,049 £ 1,000 - 1,000 £ 21,417 2,625 2,880 26,922 £ 422 840 1,262 £ |
5,354 11,596 3,355 2,400 4,111 11,100 - 3,758 6,077 5,743 |
25,000 12,000 10,000 47,000 53,494 100,494 4,200 - 4,200 24,625 2,411 - 27,036 15 840 855 |
|---|---|---|---|---|---|
Page 7.
THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND
Independent Examiner's Report to the Trustees of The Kathleen Ferrier Memorial Scholarship Fund
I report on the accounts of the Fund for the year ended 30th June 2023, which are set out on pages 1 to 6.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s 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;
-
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
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 statement below.
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 2011 Act; 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.
David C Smith FCA for
David Smith & Co Chartered Accountants
7 Grosvenor Gardens Victoria London SW1W 0AF
Date 17 November 2023