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2022-12-31-accounts

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 2022

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 2022

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 2022

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 2022. 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

The 3 day, 5-concert annual Bath Bachfest took place in February 2022 with no Covid-19 restrictions in place and a successful, well-sold festival was anticipated. Unfortunately Storm Eunice hit Bath during these three days. Most of the City was closed, including all transport links, so for the first time in either festival's history the Friday evening concert was cancelled earlier that day. As all concert expenses had been incurred and ticket refunds were offered it had been thought that a significant deficit would result however, due to the generosity of sponsors and people not taking up refunds, costs were substantially covered.

Having live-streamed concerts during the pandemic, and this being well received by audiences, it had continued but on evaluation it was realised that this was not only extremely expensive but also discouraging some audience members from attending concerts in person (at a much higher price), so this proved to be rather an own goal. The decision was therefore taken to cease live-streaming with immediate effect. Despite these two significant factors Bath Bachfest 2022 showed a relatively modest deficit of -£9.4k.

The November 2022 Mozartfest had no such dramas and this proved to be a successful, popular and artistically acclaimed event. Audience numbers were still slightly down, in common with most other comparable music / arts events both locally and nationally, but this was offset by slightly raised ticket prices, and also cost savings. It reported a surplus of c. £9k.

In 2022 Bath Mozartfest received the balance of funds remaining in the AM Purnell Charitable Trust (which has been wound up) which amounted to c.£50k.

The small management team continues to strive to reduce costs and increase support and income through marketing and fundraising activity.

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 2022 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.

Page 1

BATH MOZARTFEST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

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

7-9 North Parade Buildings Bath BA1 1HS

Trustees

Sir David Bell C Allanson-Bailey T Osborne S Johnson P Roper A Woodroffe Lieutenant General Sir R Cordy-Simpson Professor R Wendorf

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, 45 Milsom Street, Bath, BA11DU Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ D Bell - Trustee

Page 2

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 2022.

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

  2. 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

  3. 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: .............................................

Page 3

BATH MOZARTFEST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
227,684
Charitable activities
4
Classical music festivals
196,063
Investment income
3
2,283
Total
426,030
EXPENDITURE ON
Raising funds
5
17,798
Charitable activities
6
Classical music festivals
343,995
Other administration costs
8
16,071
Total
377,864
Net gains/(losses) on investments
(8,429)
NET INCOME/(EXPENDITURE)
39,737
Transfers between funds
14
10,679
Net movement in funds
50,416
RECONCILIATION OF FUNDS
Total funds brought forward
229,618
TOTAL FUNDS CARRIED FORWARD
280,034		 Restricted
fund
£
679
-
-
679
-
-
-
-
-
679
(10,679)
(10,000)
117,716
107,716		 31.12.22
31.12.21
Total
Total
funds
funds
£
£
228,363
151,527
196,063
130,602
2,283
1,306
426,709
283,435
17,798
16,110
343,995
272,406
16,071
14,790
377,864
303,306
(8,429)
15,506
40,416
(4,365)
-
-
40,416
(4,365)
347,334
351,699
387,750
347,334

The notes form part of these financial statements

Page 4

BATH MOZARTFEST LIMITED

BALANCE SHEET 31 DECEMBER 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Investments
11
266,659
CURRENT ASSETS
Debtors
12
21,495
Cash at bank
54,218
75,713
CREDITORS
Amounts falling due within one year
13
(62,338)
NET CURRENT ASSETS
13,375
TOTAL ASSETS LESS CURRENT
LIABILITIES
280,034
NET ASSETS
280,034
FUNDS
14
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
fund
£
-
-
107,716
107,716
-
107,716
107,716
107,716		 31.12.22
Total
funds
£
266,659
21,495
161,934
183,429
(62,338)
121,091
387,750
387,750
280,034
107,716
387,750		 31.12.21
Total
funds
£
110,935
36,588
224,136
260,724
(24,325)
236,399
347,334
347,334
229,618
117,716
347,334

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 5

continued...

BATH MOZARTFEST LIMITED

BALANCE SHEET - continued 31 DECEMBER 2022

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 ............................................. and were signed on its behalf by:

............................................. D Bell - Trustee

The notes form part of these financial statements

Page 6

BATH MOZARTFEST LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Investment management costs
Net cash (used in)/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		 31.12.22
£
101,951
101,951
(165,693)
1,540
(164,153)
(62,202)
224,136
161,934		 31.12.21
£
(38,201)
(38,201)
-
459
459
(37,742)
261,878
224,136

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 2022

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

OPERATING ACTIVITIES
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Losses/(gain) on investments
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by/(used in) operations		 31.12.22
£
40,416
8,429
15,093
38,013
101,951		 31.12.21
£
(4,365)
(15,506)
(18,903)
573
(38,201)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22 Cash flow At 31.12.22
£ £ £
Net cash
Cash at bank 224,136 (62,202) 161,934
224,136 (62,202) 161,934
Total 224,136 (62,202) 161,934

The notes form part of these financial statements

Page 8

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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

Mozartfest Society and donations
Sponsorship and grants		 31.12.22
£
136,289
92,074
228,363		 31.12.21
£
80,554
70,973
151,527

continued...

Page 9

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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		 31.12.22
31.12.21
£
£
2,283
1,306
31.12.22
31.12.21
£
£
182,577
125,579
13,486
5,023
196,063
130,602
31.12.22
31.12.21
£
£
17,798
16,110
Direct
Costs (see
note 7)
£
343,995
31.12.22
31.12.21
£
£
136,993
102,229
51,045
32,191
20,149
18,243
101,878
87,872
33,930
31,871
343,995
272,406
31.12.22
31.12.21
£
£
386
345
12,770
11,136
1,375
2,850
1,540
459
16,071
14,790		 31.12.21
£
1,306
31.12.21
£
125,579
5,023		 31.12.21
£
1,306
31.12.21
£
125,579
5,023
130,602
31.12.21
£
102,229
32,191
18,243
87,872
31,871
272,406
31.12.21
£
345
11,136
2,850
459
14,790
14,790

continued...

Page 10

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
150,419
Charitable activities
Classical music festivals
130,602
Investment income
1,306
Total
282,327
EXPENDITURE ON
Raising funds
16,110
Charitable activities
Classical music festivals
272,406
Other administration costs
14,790
Total
303,306
Net gains on investments
15,506
NET INCOME/(EXPENDITURE)
(5,473)
Transfers between funds
10,000
Net movement in funds
4,527
RECONCILIATION OF FUNDS
Total funds brought forward
225,091
TOTAL FUNDS CARRIED FORWARD
229,618		 Restricted
fund
£
1,108
-
-
1,108
-
-
-
-
-
1,108
(10,000)
(8,892)
126,608
117,716		 Total
funds
£
151,527
130,602
1,306
283,435
16,110
272,406
14,790
303,306
15,506
(4,365)
-
(4,365)
351,699
347,334

continued...

Page 11

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

11. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2022 110,935
Additions 165,693
Revaluations (5,534)
Impairments (4,435)
At 31 December 2022 266,659
NET BOOK VALUE
At 31 December 2022 266,659
At 31 December 2021 110,935
There were no investment assets outside the UK.
Cost or valuation at 31 December 2022 is represented by:
Listed
investments
£
Valuation in 2021 14,588
Valuation in 2022 (5,534)
Cost 257,605
266,659

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22 31.12.21
£ £
Trade debtors 816 5,561
Other debtors 20,679 31,027
21,495 36,588

continued...

Page 12

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Accruals and deferred income
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
Restricted funds
Bachfest fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Bachfest fund
TOTAL FUNDS		 At 1.1.22
£
229,618
117,716
347,334
follows:
Incoming
resources
£
426,030
679
426,709
At 1.1.21
£
225,091
126,608
351,699		 Net
movement
in funds
£
39,737
679
40,416
Resources
expended
£
(377,864)
-
(377,864)
Net
movement
in funds
£
(5,473)
1,108
(4,365)		 31.12.22
31.12.21
£
£
297
5,008
23,170
6,725
38,871
12,592
62,338
24,325
Transfers
between
At
funds
31.12.22
£
£
10,679
280,034
(10,679)
107,716
-
387,750
Gains and
Movement
losses
in funds
£
£
(8,429)
39,737
-
679
(8,429)
40,416
Transfers
between
At
funds
31.12.21
£
£
10,000
229,618
(10,000)
117,716
-
347,334

14. MOVEMENT IN FUNDS

continued...

Page 13

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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
282,327
(303,306)
Restricted funds
Bachfest fund
1,108
-
TOTAL FUNDS
283,435
(303,306)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.1.21
in funds
£
£
Unrestricted funds
General fund
225,091
34,264
Restricted funds
Bachfest fund
126,608
1,787
TOTAL FUNDS
351,699
36,051		 Gains and
Movement
losses
in funds
£
£
15,506
(5,473)
-
1,108
15,506
(4,365)
Transfers
between
At
funds
31.12.22
£
£
20,679
280,034
(20,679)
107,716
-
387,750

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
£
708,357
1,787
710,144		 Resources
expended
£
(681,170)
-
(681,170)		 Gains and
Movement
losses
in funds
£
£
7,077
34,264
-
1,787
7,077
36,051

continued...

Page 14

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022.

Page 15

BATH MOZARTFEST LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

31.12.22 31.12.21
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Mozartfest Society and donations 136,289 80,554
Sponsorship and grants 92,074 70,973
228,363 151,527
Investment income
Dividend and interest income 2,283 1,306
Charitable activities
Ticket sales 182,577 125,579
Other festival income 13,486 5,023
196,063 130,602
Total incoming resources 426,709 283,435
EXPENDITURE
Raising donations and legacies
Sponsorship and donations 17,798 16,110
Charitable activities
Artists' fees and expenses 136,993 102,229
Marketing 51,045 32,191
Public relations and communication 20,149 18,243
Other festival production and performance costs 101,878 87,872
Administration 33,930 31,871
343,995 272,406
Other administration costs
Bank charges 386 345
Finance costs 12,770 11,136
Independent examiner's fees 1,375 2,850
Investment management fees 1,540 459
16,071 14,790
Total resources expended 377,864 303,306
Net income/(expenditure) before gains and
losses 48,845 (19,871)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments (8,429) 15,506
Net income/(expenditure) 40,416 (4,365)

This page does not form part of the statutory financial statements

Page 16