THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND SIGNkPJG COPY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2024 wwiv.ferrierawards.or KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The trustees of the Kathleen Ferrier Memorial Scholarship Fund (the"Fund") present iheir Annual Report and the Financial Statenients of the charity for the year ended 30 June 2024. LEGAL AND ADMINISTRATIVE DETAILS Trustees.. Sir Thomas Allen CBE Dr Linda Hirst Ben Johnson Yvonne Kenny AM 'Julie Nicholls ACA lan Page *Nicholas Riddle Interim Chair Joan Rodgers CBE David Syrus *Sir John Tusa Martin Williams FSA *indieates a metnber of the Administration committee Janet Marshall General Manager.. Accoiinlants and Independent Examiners.. David Smith & Co. Accountants 7 Grosvenor Gardens, London SWIW OAF CAF Bank Limited, ME19 4JQ CCLA Fund Managers Limited, London EC4R 3AB Nicola Corbishley ferriersocialmedia@gmail.com Bankers.. Social Media manager.. Registered charity number.. 1028426 Address.. PO Box 350, Leeds LS16 OHH 07751069 551 Telepl)oiie'. E-mail.. info ferrierawards.or Website.. www.ferrierawards.or The above infomjition is correct as at 4 Novemb¢r 2024 CHAIR Valerie Beale retired both as a trustee and a5 chair of the trustee body on 30 October 2022. Following her retirement, Nichol¢lS Riddle agreed to serve as interim Chair until a permanent suc¢essor from outside the trustee body can be found. The process of recruitment is still ongoing and the Trnstees are very grateful to Nicholas for continuing in this role. CONSTITUTION AND GOVERNANCE The Kmial investment group consisting of the Chair, Martin Williams and Julie Nicholls who take appropriate advice when required. KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The trustees have agreed to appoint a professional investment mttnager to look after the portfolio and are doing so by means of a'beauty parade" froin a sinall lisl of firms judged to be experienced in the management of investment portfolios of medium-sized charities. Thi5 process is on-going. LEGACIES AND FUND-RAISING In 20?U, the trustees received a legacy of more than £130,000 from the Estate of Mrs Edith Schlesinger. A further £3,000 was received in 2022 from Mr Adrian Swire. In the light of the weakness of the inveslmenl niarkets when the bulk of these monies were received, the trustees decided not to invest them immediately bul placed them on short-ILrm deposit. This proved lo be a very welcome buffer when the pandemic meant that the 66th Competition had lo be held without a paying audience. There liave been significant increases in our net costs in the period since ihe end of the pandemic, the result of - amoiigy other things - changes of policy at Wigmore Hall. This has precipitated the Fund into a structural deficit even after rediicing some activities that were previously undertaken for the winners. This is doubly unfortunate because the eiiiiironmenl for young singers and other musicians in the UK has become significantly Inore difficult in the past few years. We mL,'sl 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 reputation and activity that ivou Id eat away at the Fund's ability to maintain standards. Tlie better solution is lo raise the funds necessary to genei'ate the income we need to support our activities in the new circumstances. The Trustees will be asked to considi'r rhis at their next meeting. POLICIES Thanks to the work of the Administration committee, the trustees have been able to adopt a number of policies incliidiiig Data Protection, Investment & Reserves, Conflict of Interest and others which, taken together, significantly enhance the Fund's goveiT]an¢e and bring il into line with best modem practice. A risk statement is also bcing prepared. PUBLIC BENEFIT The Cliarities Act 2006 places a duty on charity trustees to ensure thal a charity continues to meet a public benefit requireiiient throughout its life, and the Irustees have taken note of the Charity Commission's guidan¢e on public benefil (leaflet PB03). The clidrily fulfils its public benefit requirenient by pursuing its charitable objectives (as set out in the section entitled 'Objects & Policy"). The triistees believe that Ilie activities of the cliarity (the annlial Aiyards and the associ&)ied piiblic coinpetition., the Winners, Support and the Coaching schemes} demonstrate public benefit by: (a) the piDmotion of the art and practice, and the public perfonnance, of art and science of music; (b) advancing the educaiion of musicians; and, {c) iinproving the knowledge and appreciaTion of the art and science of music and particiilarly singing. FUTIIRE PLANS The trustees intend to continue making Kathleen Ferrier A wards to young singers by open competition, and in this connection will launeh the 2025 wnipetition shortly. The trustee5 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 Iriistees will also be considering whether changes to the environment for musicians based in the United Kingdtsm require changes to the aclivities of the Fund in order lo fulfil its charitable putposes. KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND TRUSTEFS, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The current Chair took on the role as an interim appointment. The trustees will be considering the recruitment of the neit Chair, while noting that the Trust Deed in any case requires ihe reappointment of any Chair by the trustee body each year. Appro¥'ed by the trustees on I l November 2024, and signed on their behalf by Nicholiis Riddle Chair of trustees JiL/L /LuL THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND ACCOUNTS 30th June 2024 THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND INCOME AND EXPENDITURE ACCOLfNT- UNRESTRICTED FUND FOR THE YEAR ENDED.. Pagel. 30TH JtrNE 2024 2023 Notes Incoming Resources Coinpetition Income Eiilrance Fees Sales of tickets and programmes Advertising in programme 4,740 14,251 5,340 14.110 18,991 874 45,196 LegJaci¢s and Donations Investnient income Tax repayment under Gift Aid Deposit interest Royalties 19,450 42,918 2.995 255 1,534 144 Total Inconiing Resources 68,311 64,046 Resources Expended Clidrilable Expenditure l)I'izes and Competition costs Ilecitals and Master Classes 4anagement and Adniinistration Cjovernance Costs Total Expenditure 53,771 49,049 1,000 26,922 1,262 4b 4¢ 4d 27,083 909 81,763 78,233 (LossesllGains on revaluation of investments Unreiil ised Realised (13,452) (14,187) 51,020 {66,016) 51,020 (66,016) Nel Iiicoming Resources 37,568 (80,203) Income transfer from Restricted Fund Sponsorship of Song Prize Net Movement in Funds 5,000 5,000 (75,203) 42.568 Fund Balance Brought Fonvard, I st July 2023 Fund Balance c￿Tled Forward, 30th June 2024 918,913 994,116 £ 961,481 918,913 FERRIER LOVEDAY SONG PRIZE FUND- RESTRICTED FUND Income Income Inve51iiienl Income Song l)rizes 3,665 (5,000) 4,032 (5,000} (1,335) 1,335 (968) 968 Tra]isler from capital (1,335} (968) {1,335) (968} Gains on revaluation of investments Redlised UnrLalized 3,143 12,913 16,056 14,721 206,717 13,019 13,019 12,051 194,666 Net mijvement in fuiids Balance. brought fomard Balance, carried fonvard £ 221,438 206,717 Page 2. THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2024 Unrestricted Restricted Fund Fund Total 2023 INCOMINIG RESOURCES Legacil's and Donations Income Ii'om Investments Charitable Activities - Competition Income Other 874 48,191 18,991 255 874 51,856 18,991 255 3,665 48,484 19.450 144 Total Income and Endowments 68,311 3,665 71,976 68,078 RESOURCES EXPENDED Charilable Activities Governance Costs 80,854 909 80,854 909 76,971 1,262 Total Resources Expended 81,763 81,763 78,233 Net {Oiilgoing)Ilncoming Resources (13,452) 3,665 (9,787) (10,155) OTHER RECOGNISED GAINSILOSSES Gains oli Investment Assets - realised Gains/{Losses) on Investment Assets - unrealised 3,143 12,913 3,143 63,933 51,020 (52,997) Net GainsllLosses) on Investment Assets 51,020 16,056 67,076 (52,997) Net IncoIiiing (Outgoing) Resources after gains/(losses) on investiiienls 37.568 19,721 57,289 (63,152) GROSS TRANSFERS BETWEEN FUNDS 5,000 (5,000) Net moveiiient in Funds 42,568 14.721 57,289 (63,152) TOTAL FUNDS BROUGHT FORWARD 918,913 206,717 1,125,630 1,188,782 TOTAL FU'NDS CARRIED FOR WARD £ 961,481 £221,4J8 £ 1,182,919 £1,125,630 THF. KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND Page3. BALANCE SHEET.. 30TH JtrNE 2024 2023 Notes Fixed Assets Investments 1,007,694 990,618 Curreiit Assets Debiors COIF Charities Deposit Fund Bai)k Current Account 15.545 149,821 14,189 119,752 18,846 179,555 Curreiil Liabilities Creditors.. Amounts falling due within one year Net Current Assets 138,598 4,330 3,586 175,225 135,012 Total Assets less Current Liabilities £ 1,182,919 1,125,630 FunLls of the Charit Restrivled Fund Ferrier Loveday Song Prize Fund Unrestricted Accumulated Fund 221,438 961,481 206,717 918,913 £ 1,182,919 1,125,630 NICHOLAS RIDDLE Accounts approved by ihe Trustees on I I th November 2024 MARTIN WILLIAMS Page 4. THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND NOTES TO THE ACCOUNTS - 30TH JUNE 2024 l. Accountin Policies dl Basis of Aeeountin These accounts have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102,1, "Accountiiig and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from l 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 Praclice 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. Tlie accounts are prepared in sterling, which is the functional currency of ihe 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 aeeoiinting policies adopted are set out below. bl Goin At the time of approving the accoiinls, 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. Concern c) Charitable Funds Unrestricted ￿ndS are available for use at the discretion of the Trustees in furtherance of their charitable objectives. d) Incomin Resources and Ex enditure Donations, legacies, tax repayments and royalties are brought into the accounts when they are received or can be accurately forecast in amount and timing. Investmenl income and deposit interesl 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 aiid Cash E uivalents Balances are held at call with banks, or at a period of notice of not more than 60 days. ments lo Trustees The Trustees give their tiine and energy on a voluntary basis, and no Trustees, fees were paid during the year (2023 £NIL). Specifie expenses were reimbursed to truslees in the year ended 30th June 2024, amounting to £69 (2023 £371). THE KA THLEEN FERRIER MEMORIAL SCHOLARSHIP FUND NOTES TO THE ACCOUNTS- 30TH JUNE 2024 Page 5. Continued 2. Tan ible Fixed Assets Investments The investments are held and administered on behalf of the Trustees by professional investment managers, and are valued ai Market Value in the accounts. All investments represeiit more than 5 /0 of total funds and are-.- 30th June 2024 2023 Restricted Fund COIF Global Equity Income Fund Unrestricted Accuniulated Fund M & G Equities Investnient Fund for Charities (Charifund) M & G Charibond Charities Fixed Interest Common Investment Fund 121,171 155,115 513,546 476,257 126,788 121,573 COIF Charities Property Fund 86,698 90,095 SUTL Cazenove Charity Fund 159,491 147,578 £ 1,007,694 990,618 Movements in Investments can be summarised as follows:_ Market Value 30th June 2023 Additional Investment Disposal 990,618 1,043,615 (50,000) 940,618 1,043,615 Realised Gains Unrealised Gains l(Losses) 3,143 63,933 (52,997) Markel value 30th June 2024 £ 1,007,694 990,618 3. Current Assets and Liabilities Cash at Bank Charities Deposit Accounts Restricted Fund Unrestricted Accumulated Fund 100,267 49,554 51,602 68,150 149,821 119,752 CAF Bank Current Account Unrestricted Accumulated Fund 14,189 18,846 Page 6. THE KA THLEEN FERRIER MEMORIAL SCHOLARSHIP FLND NOTES TO THE ACCOUNTS- 30TH JUNE 2024 Continued 30th June 2024 2023 4. Charitable Ex enditure a) Competition Kathleen Ferrier Awards First Prize Second Prize Soiig Prize 12,500 6,000 5,000 12,500 6,000 5,000 23.500 23,500 Direct costs of competition Adjudicalor5' fees and expenses Hire of halls Box Office commission Stewards Receptions Marketing and P R Advertising Design, artwork and printing Competition audio Other administration and general expenses 3,745 9,265 4,265 1.400 2,828 2.680 7,610 3.775 1,400 2,234 180 3,930 1,070 4,525 1,010 3,768 2,135 30,271 25,549 Prizes and Competition Costs 53,771 49.049 b) Recital and Maslerclass Expenses Performers Recital Programme Fees 1.000 1,000 Ll Management and Administration Adiniiiistration Charges General and office expenses Social Media expenses 21.000 2,783 3,300 27,083 21,417 2,625 2,880 26,922 d) Governance of the charity Trusi Administration Expenses Accounlancy and Independent Examination 69 840 422 840 909 1,262 THE KATHLEEN FERRIER MEMORIAL SCHOLARSHIP FUND Inde endent Exaininer's Re ort to the Trustees of The Kathleen Ferrier Memorial Scholarshi Fund Page 7. I report on the accounts of the Fund for the year ended 30th June 2024, which are set out on pages I 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 nol required for ihis year under seclion 144{2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is Iny responsibility to-. examine the aceounts 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 201 l Act. and state whether parti¢ular 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 examiiialion in¢ludes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideralion of any unusual items or disclosures in the accounts, and seeking explanatioi)s froin 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 lo whether the accounts pre5eiii a "true aiid fair view" and the I'eport is limited io those matters set out in tlie statement below. Independent examiner's statement In cvnnection with my examination, no matter has come to my attention.. ( l ) which gives me reasonable cause lo believe that, in any material respect, the requirements: to keep accounting records in accordance with section 130 of the 201 l Act- and to prepare accounts which accord with the accounting records and comply with the accounting requireinents ofihe2011 Act have not been met. or (2) to which, in my opinion, attention should bc drawn in order ro enable a proper understanding of the accounts to be reached. David C Smith for David Smith & Co Accountants 7 Grosvenor Gardens Victoria London SWI W OAF Date 4th December 2024