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2023-12-31-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 2023

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 2023

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Cash Flow Statement 8
Notes to the Cash Flow Statement 9
Notes to the Financial Statements 10 to 16
Detailed Statement of Financial Activities 17

BATH MOZARTFEST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023. 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 economic climate remained challenging for most Arts organisations, with rising costs, world-wide turmoil and uncertainty in financial markets casting a long shadow.

In 2023 Bath Bachfest and Mozartfest faced particular challenges at two of its major concert venues: the acoustic at Bath Abbey has changed following major renovation work, which resulted in complaints and then lower ticket sales for concerts there, and the heating failed at the Assembly Rooms on the first day of our November festival (this was resolved and no concerts were cancelled but it reduced the customer experience for several days). These issues, plus anecdotal evidence that significant numbers of our regular audience members, many of whom are retired and on fixed incomes, were attending concerts again but limiting the number of events for financial reasons, accounts for audience numbers still not reaching pre-pandemic levels, although at a level that most other comparable festivals envy.

In recent years the festivals have successfully worked with national and international tour groups specialising in musical breaks in attractive cities. These have resumed and are approaching pre-Covid levels although in November 2023 an Israeli tour group had to cancel at short notice because of the crisis in that country. All payments made by this group were refunded but it was too late to re-sell most of the (top price) tickets that they had booked and this unfortunately had a financial impact of c£7k and accounted almost exactly for the overall operating deficit made by Bath Mozartfest 2023. Bath Bachfest 2023 recorded a small operating surplus of just less than £1k.

During the year under review, the company has recorded an overall surplus, including investment income, amounting to £15,692 (2022: Surplus £40,416).

As ever the small management team has worked hard to reduce costs and increase support through pro-active marketing and fundraising activity. In 2023 a generous donation of £40k from a long-standing supporter made a significant contribution to the bottom line. A long-term plan to attract new, next generation, supporters is underway with a Nominations Committee created to identify both new board members and potential donors.

A healthy increase in the value of the Quilter Cheviot managed investments has also helped the overall financial picture.

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 2023 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.

Page 1

BATH MOZARTFEST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

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.

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

Page 2

BATH MOZARTFEST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS 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 3

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 2023.

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

  3. 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

  4. 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 4

BATH MOZARTFEST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
176,970
Charitable activities
4
Classical music festivals
190,766
Investment income
3
12,454
Total
380,190
EXPENDITURE ON
Raising funds
5
19,812
Charitable activities
6
Classical music festivals
347,007
Other administration costs
8
16,589
Total
383,408
Net gains/(losses) on investments
18,353
NET INCOME
15,135
Transfers between funds
14
10,000
Net movement in funds
25,135
RECONCILIATION OF FUNDS
Total funds brought forward
279,355
TOTAL FUNDS CARRIED FORWARD
304,490		 Restricted
fund
£
557
-
-
557
-
-
-
-
-
557
(10,000)
(9,443)
108,395
98,952		 31.12.23
31.12.22
Total
Total
funds
funds
£
£
177,527
228,363
190,766
196,063
12,454
2,283
380,747
426,709
19,812
17,798
347,007
343,995
16,589
16,071
383,408
377,864
18,353
(8,429)
15,692
40,416
-
-
15,692
40,416
387,750
347,334
403,442
387,750

The notes form part of these financial statements

Page 5

BATH MOZARTFEST LIMITED

BALANCE SHEET 31 DECEMBER 2023

Unrestricted
fund
Notes
£
FIXED ASSETS
Investments
11
312,071
CURRENT ASSETS
Debtors
12
19,186
Cash at bank
12,162
31,348
CREDITORS
Amounts falling due within one year
13
(38,929)
NET CURRENT ASSETS
(7,581)
TOTAL ASSETS LESS CURRENT
LIABILITIES
304,490
NET ASSETS
304,490
FUNDS
14
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
fund
£
-
-
98,952
98,952
-
98,952
98,952
98,952		 31.12.23
Total
funds
£
312,071
19,186
111,114
130,300
(38,929)
91,371
403,442
403,442
304,490
98,952
403,442		 31.12.22
Total
funds
£
266,659
21,495
161,934
183,429
(62,338)
121,091
387,750
387,750
279,355
108,395
387,750

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 6

continued...

BATH MOZARTFEST LIMITED

BALANCE SHEET - continued 31 DECEMBER 2023

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 7

BATH MOZARTFEST LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Investment management costs
Net cash used in 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		 31.12.23
£
(23,761)
(23,761)
(27,067)
2
6
(27,059)
(50,820)
161,934
111,114		 31.12.22
£
101,951
101,951
(165,693)
-
1,540
(164,153)
(62,202)
224,136
161,934

The notes form part of these financial statements

Page 8

BATH MOZARTFEST LIMITED

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.12.23 31.12.22
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 15,692 40,416
Adjustments for:
(Gain)/losses on investments (18,353) 8,429
Decrease in debtors 2,309 15,093
(Decrease)/increase in creditors (23,409) 38,013
Net cash (used in)/provided by operations (23,761) 101,951

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank 161,934 (50,820) 111,114
161,934 (50,820) 111,114
Total 161,934 (50,820) 111,114

The notes form part of these financial statements

Page 9

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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		 31.12.23
£
79,236
98,291
177,527		 31.12.22
£
136,289
92,074
228,363

continued...

Page 10

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

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		 31.12.23
31.12.22
£
£
12,454
2,283
31.12.23
31.12.22
£
£
178,854
182,577
11,912
13,486
190,766
196,063
31.12.23
31.12.22
£
£
19,812
17,798
Direct
Costs (see
note 7)
£
347,007
31.12.23
31.12.22
£
£
138,924
136,993
50,731
51,045
22,164
20,149
97,402
101,878
37,786
33,930
347,007
343,995
31.12.23
31.12.22
£
£
386
386
14,047
12,770
2,150
1,375
6
1,540
16,589
16,071		 31.12.22
£
2,283
31.12.22
£
182,577
13,486		 31.12.22
£
2,283
31.12.22
£
182,577
13,486
196,063
31.12.22
£
136,993
51,045
20,149
101,878
33,930
343,995
31.12.22
£
386
12,770
1,375
1,540
16,071
16,071

continued...

Page 11

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
227,684
Charitable activities
Classical music festivals
196,063
Investment income
2,283
Total
426,030
EXPENDITURE ON
Raising funds
17,798
Charitable activities
Classical music festivals
343,995
Other administration costs
16,071
Total
377,864
Net gains/(losses) on investments
(8,429)
NET INCOME
39,737
Transfers between funds
10,000
Net movement in funds
49,737
RECONCILIATION OF FUNDS
Total funds brought forward
229,618
TOTAL FUNDS CARRIED FORWARD
279,355		 Restricted
fund
£
679
-
-
679
-
-
-
-
-
679
(10,000)
(9,321)
117,716
108,395		 Total
funds
£
228,363
196,063
2,283
426,709
17,798
343,995
16,071
377,864
(8,429)
40,416
-
40,416
347,334
387,750

continued...

Page 12

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11. FIXED ASSET INVESTMENTS

11. FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2023 266,659
Additions 27,067
Revaluations 18,353
Impairments (8)
At 31 December 2023 312,071
NET BOOK VALUE
At 31 December 2023 312,071
At 31 December 2022 266,659
There were no investment assets outside the UK.
Cost or valuation at 31 December 2023 is represented by:
Listed
investments
£
Valuation in 2021 14,588
Valuation in 2022 (5,534)
Valuation in 2023 18,353
Cost 284,664
312,071
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade debtors 396 816
Other debtors 18,790 20,679
19,186 21,495

continued...

Page 13

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Accruals and deferred income
14.
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 1.1.23
£
279,355
108,395
387,750
follows:
Incoming
resources
£
380,190
557
380,747
At 1.1.22
£
229,618
117,716
347,334		 Net
movement
in funds
£
15,135
557
15,692
Resources
expended
£
(383,408)
-
(383,408)
Net
movement
in funds
£
39,737
679
40,416		 31.12.23
31.12.22
£
£
7,370
297
8,070
23,170
23,489
38,871
38,929
62,338
Transfers
between
At
funds
31.12.23
£
£
10,000
304,490
(10,000)
98,952
-
403,442
Gains and
Movement
losses
in funds
£
£
18,353
15,135
-
557
18,353
15,692
Transfers
between
At
funds
31.12.22
£
£
10,000
279,355
(10,000)
108,395
-
387,750

continued...

Page 14

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

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
426,030
(377,864)
Restricted funds
Bachfest fund
679
-
TOTAL FUNDS
426,709
(377,864)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.1.22
in funds
£
£
Unrestricted funds
General fund
229,618
54,872
Restricted funds
Bachfest fund
117,716
1,236
TOTAL FUNDS
347,334
56,108		 Gains and
Movement
losses
in funds
£
£
(8,429)
39,737
-
679
(8,429)
40,416
Transfers
between
At
funds
31.12.23
£
£
20,000
304,490
(20,000)
98,952
-
403,442

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
£
806,220
1,236
807,456		 Resources
expended
£
(761,272)
-
(761,272)		 Gains and
Movement
losses
in funds
£
£
9,924
54,872
-
1,236
9,924
56,108

Page 15

continued...

BATH MOZARTFEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

Page 16

BATH MOZARTFEST LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Mozartfest Society and donations 79,236 136,289
Sponsorship and grants 98,291 92,074
177,527 228,363
Investment income
Dividend and interest income 12,454 2,283
Charitable activities
Ticket sales 178,854 182,577
Other festival income 11,912 13,486
190,766 196,063
Total incoming resources 380,747 426,709
EXPENDITURE
Raising donations and legacies
Sponsorship and donations 19,812 17,798
Charitable activities
Artists' fees and expenses 138,924 136,993
Marketing 50,731 51,045
Public relations and communication 22,164 20,149
Other festival production and performance costs 97,402 101,878
Administration 37,786 33,930
347,007 343,995
Other administration costs
Bank charges 386 386
Finance costs 14,047 12,770
Independent examiner's fees 2,150 1,375
Investment management fees 6 1,540
16,589 16,071
Total resources expended 383,408 377,864
Net (expenditure)/income before gains and
losses (2,661) 48,845
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 18,353 (8,429)
Net income 15,692 40,416

This page does not form part of the statutory financial statements

Page 17