**Charity number:** 1062822 **Company number:** 03363018
**The Szilvay Foundation (A company limited by guarantee without share capital use of "Limited" exemption)**
## **Report and Financial Statements**
## **Year ended 31 August 2024**
## **Contents**
|Legal and administrative information|Page 1|
|---|---|
|Report of the Trustees|Page 2|
|Statement of Financial Activities|Page 3|
|Balance Sheet|Page 4|
|Notes to the accounts|Page 5|
Page 1
## **The Szilvay Foundation Legal and administrative information**
## **Status**
The organisation is a charitable company limited by guarantee without share capital use of "Limited" exemption, incorporated on 1 May 1997 and registered as a charity on 12 June 1997.
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
**Charity number:** 1062822
## **Company number:** 03363018
## **Directors and Trustees**
A Wislocki, (Director and Trustee)
L Ailes, (Director and Trustee) resigned 9 January 2024 M Balkwill (Director and Trustee) appointed 3 July 2022 K Di Marco (Director and Trustee) resigned 16 January 2024 C Wislocki, (Director and Trustee)
M Kohler, Director and Trustee) appointed 24 January 2024 S L Mehta, (Director and Trustee) appointed 24 January 2024 M V Pellini, (Director and Trustee) appointed 1 February 2025
## **Chief executive**
Mr A Wislocki
## **Registered office and operation address**
Appledore, Home Lane, North Devon EX34 8LR
## **Bankers**
CAFCash Limited, Kings Hill, West Malling. Kent, ME19 4TA
## **Accountants and independent examiners**
Cole Price & Co, 258b High Street, Dorking, Surrey, RH4 1QT
Page 2
## **The Szilvay Foundation Report of the Trustees Year ended 31 August 2024**
The Trustees present their report and the financial statements for the year ended 31 August 2024. The report also fulfils the requirements under the Companies Act of The Report Of The Directors.
## **Activities**
The Foundation continues to dedicate tme and resources to the training of teachers, subsidising a wide range of in-person courses, the most recent of which, the Colourstrings Teacher Training Course Summer Residential, was held at the Yehudi Menuhin School in Cobham, Surrey. This 6-day Internatonal Course with a full programme based around the Kodály philosophy was taught entirely by trained teachers and, of course, by Géza Szilvay.
Over the course of the last academic year the Foundation has pursued fundraising actvities aimed at the implementation of specific incentives, such as the acquisiton of a new piano.
The Founda on is engaged in establishing Kodály choirs in the local community with the aim of promo ng the Kodály philosophy and encouraging children to experience the joy of making music together. It is hoped that those children who wish to learn to play instruments will join the Colourstrings Music School.
Based in Kingston, the Music School helps its students build their creativity, confidence and self-worth by offering weekly classes and programmes tailoured for a range of ages from 18 months to 18 years old.
## **Strategy**
The board of trustees continues its strategic review with the aim of raising the profile of both the Foundation and The Music School. We are focussing on improving efficiency within the organisation, enhancing outreach projects, and communicating to
## **Results**
The net incoming resources for the year amounted in total to a deficit of £13,277, (2023, deficit £18,923) and are set out on page 3 of the accounts. Absorbed within the deficit for 2024 were bursaries awarded to students who might otherwise have been unable to take advantage of the facilities offered by the Szilvay Foundation. During the year these amounted to a value of £10,615.
## **Advice and information**
The Szilvay Foundation is a registered charity, No. 1062822.
## **Responsibilities of the directors**
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and the company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the directors should follow best practice and:
- select suitable accounting policies and the apply them consistently,
- make judgements and estimates that are reasonable and prudent, and,
- prepare the financial statements on the going concern basis, under which it is appropriate to assume that the company will continue on that basis.
The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the charity and the company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **By order of the Board**
## **A T Wislocki**
21/12/2024
Page 3
## **The Szilvay Foundation Statement of Financial Activities Year ended 31 August 2024**
|**Notes**
**Incoming resources**
**3**
Fundraising activities
Donations
Investment income
Merchandising
Grants
**Total incoming resources**
**Resources expended**
**4**
Costs of fundraising activities
Costs of merchandising
Charitable activities
Governance costs
Other resources expended
**Total resources expended**
Gross transfers between funds
**Other recognised gains/(losses)**
Gains and losses on revaluation of
fixed assets for the charity’s own use
Gains and losses on investment
assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
**Net incoming/(outgoing)**
**resources before other**
**recognised gains/(losses)**
**Net incoming (outgoing)**
**resources before transfers**|**Unrestricted**
**funds**
**£**
378,600
4,559
183
-
-|**Restricted**
**income**
**funds**
**£**
-
-
-
-
-|**2024**
**£**
**378,600**
**4,559**
**183**
**-**
**-**|**2023**
**£**
245,385
3,652
181
37
-|
|---|---|---|---|---|
||383,342|-|**383,342**|249,255|
||326,909
-
-
3,157
66,553|-
-
-
-
-|**326,909**
**-**
**-**
**3,157**
**66,553**|199,011
456
1,345
3,154
64,212|
||396,619|-|**396,619**|268,178|
||(13,277)
-|-
-|**(13,277)**
**-**|(18,923)
-|
||(13,277)
-
-|-
-
-|**(13,277)**
**-**
**-**|(18,923)
-
-|
||(13,277)
69,633|-
-|**(13,277)**
**69,633**|(18,923)
88,556|
||56,356|-|**56,356**|69,633|
Page 4
## **The Szilvay Foundation Balance Sheet At 31 August 2024**
|**Notes**
**Fixed assets**
Tangible fixed assets
**9**
**Current assets**
Stock and work in progress
**10**
Debtors
**11**
Cash at bank and in hand
**12**
**Net current assets/(liabilities)**
**Total assets less current liabilities**
**Total net assets**
**Funds of the Charity**
**13**
Unrestricted funds
Restricted income funds
**Total funds**
**Creditors: amounts falling due**
**within one year**|**£**
**£**
**1**
**1**
**-**
**21,505**
**37,426**
**58,931**
**(2,576)**
**56,355**
**56,356**
**56,356**
**51,356**
**5,000**
**56,356**
**2024**|**£**
**£**
**1**
**1**
**-**
**21,505**
**37,426**
**58,931**
**(2,576)**
**56,355**
**56,356**
**56,356**
**51,356**
**5,000**
**56,356**
**2024**|**£**
**£**
1,531
1,531
4,630
25,405
42,454
72,489
**(4,387)**
68,102
69,633
69,633
64,633
5,000
69,633
**2023**|**£**
**£**
1,531
1,531
4,630
25,405
42,454
72,489
**(4,387)**
68,102
69,633
69,633
64,633
5,000
69,633
**2023**|
|---|---|---|---|---|
|||**1**
**56,355**||1,531
68,102|
||**58,931**
**(2,576)**||72,489
**(4,387)**||
||||||
|||**56,356**||69,633|
|||**56,356**||69,633|
|||**51,356**
**5,000**||64,633
5,000|
|||**56,356**||69,633|
The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
## **Signed on behalf of all the Trustees on 21/12/2024**
## **A T Wislocki (Trustee)**
Page 5
## **The Szilvay Foundation Notes to the accounts Year ended 31 August 2024**
## **1 Basis of preparation**
- 1.1 **Basis of accounting**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014; and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); and with the Charities Act 2011; and with the Companies Act 2006.
- 1.2 **Reconciliation with previous Generally Accepted Accounting Practice**
In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items is required. In their opinion no restatement of comparative items is required.
## **2 Accounting policies**
## **2.1 Incoming resources**
## **2.1.1 Recognition of incoming resources**
These are included in the Statement of Financial Activities (SoFA) when:
- the charity becomes entitled to the resources;
- the Trustees are virtually certain they will receive the resources; and
- the monetary value can be measured with sufficient reliability.
## **2.1.2 Incoming resources with related expenditure**
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA without offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
## **2.1.3 Grants and donations**
Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.
## **2.1.4 Tax reclaims on donations and gifts**
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
## **2.1.5 Gifts in kind**
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SoFA as incoming resources when receivable.
## **2.1.6 Donated services and facilities**
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
## **2.1.7 Volunteer help**
The value of any voluntary help received is not included in the accounts but is described in the Trustees’ annual report.
## **2.1.8 Investment income**
This is included in the accounts when receivable.
Page 6
## **The Szilvay Foundation Notes to the accounts Year ended 31 August 2024**
## **2 Accounting policies (continued)**
## **2.1.9 Investment gains and losses**
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
## **2.2 Expenditure and liabilities**
## **2.2.1 Liability recognition**
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. The charity has creditors which are measured at settlement amounts less any trade discounts.
## **2.2.2 Governance costs**
Include costs of the preparation and examination of statutory accounts, the costs of Trustee meetings and cost of any legal advice to Trustees on governance or constitutional matters.
## **2.2.3 Support Costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **2.2.4 Financial Instruments**
The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.
## **2.3 Assets**
## **2.3.1 Tangible fixed assets for use by charity**
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or a reasonable value on receipt. The depreciation rates and methods are disclosed in note 9.
## **2.3.2 Stocks and work in progress**
These are valued at the lower of cost or market value.
## **2.3.3 Debtors**
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
## **3 Analysis of incoming resources**
|**Notes**
Fundraising activities
Fees receivable
Total fundraising activities
Donations
Donations and gifts
Tax reclaim on donations and gifts
Total donations
Investment income
Bank interest received
Total investment income
Merchandising
Grants
**Total incoming resources**|**Unrestricted**
**funds**
**£**
378,600|**Restricted**
**income**
**funds**
**£**|**2024**
**£**
**378,600**|**2023**
**£**
245,385|
|---|---|---|---|---|
||378,600|-|**378,600**|245,385|
||4,559
-|-
-|**4,559**
**-**|3,653
-|
||4,559|-|**4,559**|3,653|
||183||**183**|181|
||183|-|**183**|181|
||-
-||**-**
**-**|37
-|
||383,342|-|**383,342**|249,255|
Page 7
## **The Szilvay Foundation Notes to the accounts Year ended 31 August 2024**
## **4 Analysis of resources expended**
|**Analysis of resources expended**|||||
|---|---|---|---|---|
|**Notes**
Cost of fundraising activities
Teachers' and lecturers' fees
Hall and room hire
Course and concert expenses
Advertising and promotion
Total cost of fundraising activities
Merchandising costs
Purchases for resale
Total merchandising costs
Governance costs
**6, 7**
Accountancy
Trustee expenses
Compliance costs
Total governance costs
Other resources expended
Staff costs
**5**
Premises costs
Administrative and secretarial fees
Communications
Travel and subsistence
Entertaining
Sundry administrative expenses
Insurance
Bank charges
Equipment repairs
Depreciation
Subscriptions
Total other resources expended
**Total resources expended**|**Unrestricted**
**funds**
**£**
269,221
54,667
-
3,021|**Restricted**
**income**
**funds**
**£**|**2024**
**£**
**269,221**
**54,667**
**-**
**3,021**|**2023**
**£**
179,888
18,540
-
583|
||326,909|-|**326,909**|199,010|
||-||**-**|456|
||-|-|**-**|456|
||1,564
1,558
35||**1,564**
**1,558**
**35**|2,058
1,061
35|
||3,157|-|**3,157**|3,154|
||31,086
-
29,282
2,412
73
-
2
869
120
879
1,530
300||**31,086**
**-**
**29,282**
**2,412**
**73**
**-**
**2**
**869**
**120**
**879**
**1,530**
**300**|29,497
-
28,163
1,356
1,380
-
261
804
384
641
1,626
100|
||66,553|-|**66,553**|64,212|
||**396,619**|**-**|**396,619**|**266,832**|
Page 8
## **The Szilvay Foundation Notes to the accounts Year ended 31 August 2024**
## **5 Staff costs and numbers**
|Gross wages, salaries and benefits in kind
Pension costs
Average number of full-time
equivalent employees in the year
Analysis of employee numbers by sector
Directors (unpaid) - fundraising
Directors (unpaid) - administration
Staff - administration
**6**
**Trustee expense payments**
Number of Trustees to whom expenses were paid
Nature of the expenses: travel and subsistence costs for Trustee meetings
Total amount paid
**7**
**Fees for examination or audit of the accounts**
Independent examiner’s or auditors' fees for reporting on the
accounts
Other fees paid to the independent examiner or auditor:
accountancy services, payroll and advice|**2024**
**£**
**29,453**
**1,633**|**2023**
**£**
**27,937**
**1,560**|
|---|---|---|
||**31,086**|29,497|
||**2024**
**Number**
7|**2023**
**Number**
6|
||3
2
2|3
2
1|
||**7**|6|
||**2024**
**Number**
5|**2023**
**Number**
6|
||**2024**
**£**
**1,558**|**2023**
**£**
1,061|
||**2024**
**£**
**225**
**1,339**|**2023**
**£**
150
1,908|
||**1,564**|2,058|
As a registered charity, the company is exempt from Corporation Tax on its charitable activities.
**8 Taxation**
Page 9
## **The Szilvay Foundation Notes to the accounts Year ended 31 August 2024**
|**9**
**Tangible fixed assets**
**Cost or valuation:**
Balance brought forward
Additions
Balance carried forward
**Accumulated depreciation and impairment provisions :**
Basis
Rate per annum
Balance brought forward
Charged in the year
Balance carried forward
**Net book value:**
Balance carried forward
Balance brought forward
**10**
**Stock and work in progress**
Stocks of finished goods relating to merchandising activities|Plant &
equipment
**£**
26,529
-|**Total**
**£**
**26,529**
**-**|
|---|---|---|
||26,529|**26,529**|
||Straight line
25%
24,998
1,530|**24,998**
**1,530**|
||26,528|**26,528**|
||1|**1**|
||1,531|**1,531**|
||**2024**
**£**
**-**|**2023**
**£**
**4,630**|
||**-**|4,630|
|**11**
**Debtors**
Trade debtors
Other debtors
Prepayments and accrued income|Amounts falling due within one
year|Amounts falling due within one
year|Amounts falling due after
more than oneyear|Amounts falling due after
more than oneyear|
|---|---|---|---|---|
||**2024**
**£**
**12,932**
**8,500**
**73**|**2023**
**£**
**16,839**
**8,500**
**67**|**2024**
**£**
**-**
**-**
**-**|**2023**
**£**
-
-
-|
||**21,505**|25,405|**-**|-|
Page 10
## **The Szilvay Foundation Notes to the accounts Year ended 31 August 2024**
## **12 Creditors**
|**Creditors**|||||
|---|---|---|---|---|
|Trade creditors
Accruals and deferred income|Amounts falling due within one
year||Amounts falling due after
more than oneyear||
||**2024**
**£**
**1,852**
**724**|**2023**
**£**
**3,672**
**715**|**2024**
**£**
**-**
**-**|**2023**
**£**
**-**
**-**|
||**2,576**|4,387|**-**|-|
## **13 Movement of funds**
|**Movement of funds**|||||
|---|---|---|---|---|
|**Unrestricted funds:**
General fund
**Restricted funds:**
**Total funds:**|**Fund**
**balances**
**brought**
**forward**
**£**
64,633|**Incoming**
**resources**
**£**
383,342|**Resources**
**expended**
**£**
(396,619)|**Fund**
**balances**
**carried**
**forward**
**£**
**51,356**|
||64,633|383,342|(396,619)|**51,356**|
||5,000|-|-|**5,000**|
||69,633|383,342|(396,619)|**56,356**|
## **14 Analysis of net assets between funds**
|**Analysis of net assets between funds**||||
|---|---|---|---|
|Fixed assets
Net current assets
**Total net assets**|**Unrestricted**
**funds**
**£**
1
51,355|**Restricted**
**income**
**funds**
**£**
-
5,000|**Total**
**£**
**1**
**56,355**|
||51,356|5,000|**56,356**|
Page 11
## **Independent examiner’s report to the trustees of The Szilvay Foundation Charitable Company (‘the Company’)**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024.
## **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 the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, 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;
3) or 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.
> Signed: birsakn
Name: Richard Price Association of Chartered Certified Accountants Address: 258b High Street, Dorking, Surrey RH4 1QT Date: 30 June 2025