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 2021
FOR
BATH MOZARTFEST LIMITED
Barber & Company A trading name of PCM Accounting Limited 2 Jardine House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX
BATH MOZARTFEST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Cash Flow Statement | 7 | ||
| Notes to the Cash Flow Statement | 8 | ||
| Notes to the Financial Statements | 9 | to | 15 |
| Detailed Statement of Financial Activities | 16 |
BATH MOZARTFEST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
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 2021. 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).
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Bath Bachfest 2021 took place in February when stringent Covid19 regulations were in place, and this was the second of the organisation's virtual festivals livestreamed from the Wiltshire Music Centre (following the previous November's Mozartfest). Considering the challenges it proved to be successful, artistically and also in terms of audience reach and engagement, particularly at a time when many comparable organisations did not have a presence at all. Thanks to a significant effort and, in particular, the management team waiving 50% of their fees, a profit of £12k was made.
It was hoped that Bath Mozartfest in November 2021 would return to pre-Covid19 normality, back in Bath and with full audiences, but this proved to be optimistic. All concerts took place at a single Bath venue, the Assembly Rooms, and concerts were also livestreamed. The livestreaming was expensive but deemed worthwhile as it had proved successful at the two previous festivals (albeit held during lockdowns and outside of Bath at a less expensive venue with a dedicated in-situ live-streaming service and staff) and audiences were known to still be cautious about attending public gatherings. In fact audience numbers were well down, although research shows that this was common across all arts events. Although some audiences were good, the combination of reduced ticket sales and the high cost of livestreaming resulted in trading loss of c.£32k.
Following a post-festival review it was agreed that livestreaming, although worthwhile and positive during the height of the pandemic, is not financially viable long-term and will not take place from Mozartfest 2022 onwards. The small management team is also reviewing all costs and increasing fundraising and marketing activity in order to achieve a more positive outcome this year
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 the A M Purnell Charitable Trust and other 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 2021 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.
Page 1
REPORT OF THE TRUSTEES FOR THE YEAR EPIDED 31 DECEMBER 2021 STRUCTURE GOVERNAI¥CE AI¥D MAIYAGEMENr Risk manageTNettt The trusttts have & duty to identify and 1¢ the tisks to wbh the cljarity is a( ID appropTiate ontrols are in p]ace to provide reasonabk assurantt agaiD51 fraud aj tr[. The Boa ba5 coDducted a reTriew of the ajor risks to whith the eharity is exposcd and where awpriate aJsEeJ that procdures arwj systems are in place to mitig&t¢ such Tisks. REFERENCE AND ADMINISTRATIVE DETAIIS Registered CoThpally 02639507 (England alld Wale51 Registered CJbrlty 104IM55 Registered oifice 7-9 North Pardde Buildings BAI IHS Tru$trts Sir David Bell C Allan¥on-Bailey T osborne S JuhJNbn P Roper A WvudTvffe Licutenat]t General Sir R CoTdy-SiFnp50 Professor R Welldorf Company Se¢relary C Jones llndependet EIllir Chri%topher Horsley FCA MembeT ofth¢ ICAEW Barber& Company A tyadittg name of PCM Accounting Limited 2 Jardin¢ Flouse Harrovian BusiDess Village BessFx>rough Road Harrow Middlesex HAI 3EX Principal Bnker5 HSBC Bank plc, 45 Milsom Street. Bath. BAI IDU Approvcd b Ord of the 3110812022 Signed on Tt5 behalf ty. D Bell- TTUSt¢e
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BATH MOZARTFEST LIMITED
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 2021.
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 registered member of Member of the ICAEW 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:
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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
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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
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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 Member of the ICAEW Barber & Company
A trading name of PCM Accounting Limited
2 Jardine House Harrovian Business Village Bessborough Road Harrow Middlesex HA1 3EX
31/08/2022 Date: .............................................
Page 3
BATH MOZARTFEST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 151,383 Charitable activities 4 Classical music festivals 130,602 Investment income 3 1,306 Total 283,291 EXPENDITURE ON Raising funds 5 16,110 Charitable activities 6 Classical music festivals 272,406 Other administration costs 8 14,790 Total 303,306 Net gains/(losses) on investments 15,506 NET INCOME/(EXPENDITURE) (4,509) Transfers between funds 14 10,000 Net movement in funds 5,491 RECONCILIATION OF FUNDS Total funds brought forward 225,379 TOTAL FUNDS CARRIED FORWARD 230,870 |
Restricted fund £ - - - - - - - - - - (10,000) (10,000) 126,464 116,464 |
31.12.21 31.12.20 Total Total funds funds £ £ 151,383 178,426 130,602 60,982 1,306 2,382 283,291 241,790 16,110 16,596 272,406 217,138 14,790 15,291 303,306 249,025 15,506 (8,457) (4,509) (15,692) - - (4,509) (15,692) 351,843 367,535 347,334 351,843 |
|---|---|---|
The notes form part of these financial statements
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BATH MOZARTFEST LIMITED
BALANCE SHEET
31 DECEMBER 2021
| Unrestricted fund Notes £ FIXED ASSETS Investments 11 110,935 CURRENT ASSETS Debtors 12 36,588 Cash at bank 107,672 144,260 CREDITORS Amounts falling due within one year 13 (24,325) NET CURRENT ASSETS 119,935 TOTAL ASSETS LESS CURRENT LIABILITIES 230,870 NET ASSETS 230,870 FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - 116,464 116,464 - 116,464 116,464 116,464 |
31.12.21 Total funds £ 110,935 36,588 224,136 260,724 (24,325) 236,399 347,334 347,334 230,870 116,464 347,334 |
31.12.20 Total funds £ 95,888 17,685 262,022 279,707 (23,752) 255,955 351,843 351,843 225,379 126,464 351,843 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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.
The notes form part of these financial statements
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continued...
BATH MOLIRTFEST LIMITED BAL4FiCE SHEET- CODtiDued 31 DECEIIBER2021 These fitlancial statements have been prepared in acwrdance with the pn)ViSiOTL% applicable to charitable compaThie5 subject 10 the small ¢ompani¢s regime. The fjnancial swe wtrr approved by the Board of Trus*es and 8uthori5ed for issue on and were signed on its beha]f by: 3110812022.... .... D Bell The Th)tes form part of these fmanciai sthtemettts Page 6
BATH MOZARTFEST LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Investment management costs Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.12.21 £ (38,345) (38,345) 459 459 (37,886) 262,022 224,136 |
31.12.20 £ 24,125 |
|---|---|---|
| 24,125 | ||
| 427 | ||
| 427 | ||
| 24,552 237,470 |
||
| 262,022 |
The notes form part of these financial statements
Page 7
BATH MOZARTFEST LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Net expenditure for the reporting period (as per the Statement of | ||
| Financial Activities) | (4,509) | (15,692) |
| Adjustments for: | ||
| (Gain)/losses on investments | (15,506) | 8,457 |
| (Increase)/decrease in debtors | (18,903) | 40,352 |
| Increase/(decrease) in creditors | 573 | (8,992) |
| Net cash (used in)/provided by operations | (38,345) | 24,125 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.21 | Cash flow | At 31.12.21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 262,022 | (37,886) | 224,136 |
| 262,022 | (37,886) | 224,136 | |
| Total | 262,022 | (37,886) | 224,136 |
The notes form part of these financial statements
Page 8
BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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
| DONATIONS AND LEGACIES | ||
|---|---|---|
| Mozartfest Society and donations Sponsorship and grants |
31.12.21 £ 80,554 70,829 151,383 |
31.12.20 £ 110,961 67,465 |
| 178,426 |
continued...
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BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
| 3. INVESTMENT INCOME Dividend and interest income 4. INCOME FROM CHARITABLE ACTIVITIES Activity Ticket sales Classical music festivals Other festival income Classical music festivals 5. RAISING FUNDS Raising donations and legacies Sponsorship and donations 6. CHARITABLE ACTIVITIES COSTS Classical music festivals 7. DIRECT COSTS OF CHARITABLE ACTIVITIES Artists' fees and expenses Marketing Public relations and communication Other festival production and performance costs Administration 8. OTHER ADMINISTRATION COSTS Bank charges Finance costs Independent examiner's fees Investment management fees |
31.12.21 31.12.20 £ £ 1,306 2,382 31.12.21 31.12.20 £ £ 125,579 56,657 5,023 4,325 130,602 60,982 31.12.21 31.12.20 £ £ 16,110 16,596 Direct Costs (see note 7) £ 272,406 31.12.21 31.12.20 £ £ 102,229 71,028 32,191 30,112 18,243 20,149 87,872 59,912 31,871 35,937 272,406 217,138 31.12.21 31.12.20 £ £ 345 168 11,136 12,770 2,850 1,925 459 428 14,790 15,291 |
31.12.20 £ 2,382 31.12.20 £ 56,657 4,325 |
31.12.20 £ 2,382 31.12.20 £ 56,657 4,325 |
|---|---|---|---|
| 60,982 | |||
| 31.12.20 £ 71,028 30,112 20,149 59,912 35,937 |
|||
| 217,138 | |||
| 31.12.20 £ 168 12,770 1,925 428 15,291 |
|||
| 15,291 |
continued...
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BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 178,224 Charitable activities Classical music festivals 60,982 Investment income 2,382 Total 241,588 EXPENDITURE ON Raising funds 16,596 Charitable activities Classical music festivals 217,138 Other administration costs 15,291 Total 249,025 Net gains/(losses) on investments (8,457) NET INCOME/(EXPENDITURE) (15,894) Transfers between funds 10,000 Net movement in funds (5,894) RECONCILIATION OF FUNDS Total funds brought forward 231,273 TOTAL FUNDS CARRIED FORWARD 225,379 |
Restricted fund £ 202 - - 202 - - - - - 202 (10,000) (9,798) 136,262 126,464 |
Total funds £ 178,426 60,982 2,382 241,790 16,596 217,138 15,291 249,025 (8,457) (15,692) - (15,692) 367,535 351,843 |
|---|---|---|
continued...
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BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
11. FIXED ASSET INVESTMENTS
| 11. | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| Listed | |||
| investments | |||
| £ | |||
| MARKET VALUE | |||
| At 1 January 2021 | 95,888 | ||
| Revaluations | 14,588 | ||
| Impairments | 459 | ||
| At 31 December 2021 | 110,935 | ||
| NET BOOK VALUE | |||
| At 31 December 2021 | 110,935 | ||
| At 31 December 2020 | 95,888 | ||
| There were no investment assets outside the UK. | |||
| Cost or valuation at 31 December 2021 is represented by: | |||
| Listed | |||
| investments | |||
| £ | |||
| Valuation in 2021 | 14,588 | ||
| Cost | 96,347 | ||
| 110,935 | |||
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Trade debtors | 5,561 | 228 | |
| Other debtors | 31,027 | 17,457 | |
| 36,588 | 17,685 |
continued...
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BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | |
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Trade creditors | 5,008 | 2,461 |
| Other creditors | 6,725 | 11,708 |
| Accruals and deferred income | 12,592 | 9,583 |
| 24,325 | 23,752 |
14. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||||
|---|---|---|---|---|
| Unrestricted funds General fund Restricted funds Bachfest fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Bachfest fund TOTAL FUNDS |
At 1.1.21 £ 225,379 126,464 351,843 follows: Incoming resources £ 283,291 283,291 At 1.1.20 £ 231,273 136,262 367,535 |
Net movement in funds £ (4,509) - (4,509) Resources expended £ (303,306) (303,306) Net movement in funds £ (15,894) 202 (15,692) |
Transfers between At funds 31.12.21 £ £ 10,000 230,870 (10,000) 116,464 - 347,334 Gains and Movement losses in funds £ £ 15,506 (4,509) 15,506 (4,509) Transfers between At funds 31.12.20 £ £ 10,000 225,379 (10,000) 126,464 - 351,843 |
At 31.12.21 £ 230,870 116,464 |
| 347,334 | ||||
| (4,509) | ||||
| At 31.12.20 £ 225,379 126,464 |
||||
| 351,843 |
continued...
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BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 241,588 (249,025) Restricted funds Bachfest fund 202 - TOTAL FUNDS 241,790 (249,025) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.1.20 in funds £ £ Unrestricted funds General fund 231,273 (20,403) Restricted funds Bachfest fund 136,262 202 TOTAL FUNDS 367,535 (20,201) |
Gains and Movement losses in funds £ £ (8,457) (15,894) - 202 (8,457) (15,692) Transfers between At funds 31.12.21 £ £ 20,000 230,870 (20,000) 116,464 - 347,334 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Bachfest fund TOTAL FUNDS |
Incoming resources £ 524,879 202 525,081 |
Resources expended £ (552,331) - (552,331) |
Gains and Movement losses in funds £ £ 7,049 (20,403) - 202 7,049 (20,201) |
|---|---|---|---|
continued...
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BATH MOZARTFEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
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BATH MOZARTFEST LIMITED
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|
| FOR THE YEAR ENDED 31 DECEMBER 2021 | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Mozartfest Society and donations | 80,554 | 110,961 |
| Sponsorship and grants | 70,829 | 67,465 |
| 151,383 | 178,426 | |
| Investment income | ||
| Dividend and interest income | 1,306 | 2,382 |
| Charitable activities | ||
| Ticket sales | 125,579 | 56,657 |
| Other festival income | 5,023 | 4,325 |
| 130,602 | 60,982 | |
| Total incoming resources | 283,291 | 241,790 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Sponsorship and donations | 16,110 | 16,596 |
| Charitable activities | ||
| Artists' fees and expenses | 102,229 | 71,028 |
| Marketing | 32,191 | 30,112 |
| Public relations and communication | 18,243 | 20,149 |
| Other festival production and performance costs | 87,872 | 59,912 |
| Administration | 31,871 | 35,937 |
| 272,406 | 217,138 | |
| Other administration costs | ||
| Bank charges | 345 | 168 |
| Finance costs | 11,136 | 12,770 |
| Independent examiner's fees | 2,850 | 1,925 |
| Investment management fees | 459 | 428 |
| 14,790 | 15,291 | |
| Total resources expended | 303,306 | 249,025 |
| Net expenditure before gains and losses | (20,015) | (7,235) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 15,506 | (8,457) |
| Net expenditure | (4,509) | (15,692) |
This page does not form part of the statutory financial statements
Page 16