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2020-07-31-accounts

CAVATINA CHAMBER MUSIC TRUST

TRUSTEES’ REPORT AND ACCOUNTS

31 JULY 2020

REGISTERED WITH THE CHARITY COMMISSION

1067716

Andrew Horton Limited Chartered Accountants

CAVATINA CHAMBER MUSIC TRUST

TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2020

INDEX TO THE ACCOUNTS

Legal and Administrative Information
Report of the Trustees
Report of the Independent Examiner
Receipts and Payments Account
Assets and Liabilities
Notes to the Accounts		 Page
1
2
6
7
8
9 - 12

CAVATINA CHAMBER MUSIC TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Registered Charity Number: 1067716
Trustees: The Wigmore Hall Trust (appointed 11 March 2021)
Professor Simon Majaro (resigned 11 March 2021)
Dr Ioan Davies (resigned 11 March 2021)
John Wright (resigned 11 March 2021)
Zoë Bristow (resigned 11 March 2021)
Registered Office: The Wigmore Hall Trust
36 Wigmore Street
London
W1U 2BP
Independent Examiner: Andrew Horton MA FCA
Andrew Horton Limited
4 Silk Mill Court
Silk Mill Lane
Winchcombe
Cheltenham
GL54 5HZ

Page 1

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2020

The Trustees present their annual report for the year ended 31 July 2020 under the Charities Act 2011, together with the accounts for the year, and confirm that the latter comply with the requirements of the Act and the Trust Deed.

STRUCTURE, GOVERNANCE & MANAGEMENT

Governing Document

The charity is governed by its Trust Deed, dated 14 October 1997 as amended by a trustee resolution dated 25 August 2020 which became effective on 11 March 2021 and a Charity Commission Scheme dated 11 March 2021

Trustees

The Trustees who served throughout the year are set out on page 1.

Risk Policy

The Trustees undertake periodic risk assessment and believe that no specific risks are currently evident. Nonetheless, as a precaution, a public liability insurance policy was taken with AXA Insurance.

Reserves Policy

It is the policy of the Trustees to maintain unrestricted funds, which are the free reserves of the charity, at a level, which equates to twelve months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to any significant reduction in funds from donors. Unrestricted funds (including designated funds - which are by definition also unrestricted) were at this level at the end of the year.

Investment Policy

Endowment, dedicated, and restricted funds will be invested in vehicles yielding the highest rate of income available and at the lowest risk. Investments will be for short periods not exceeding six months, unless the Trustees decide otherwise. This would allow the Trust to move funds at short notice to new investment opportunities resulting from changes in the financial markets.

Volunteer Management Policy

The Trust values all its volunteer helpers and truly appreciates the dedication and hard work displayed by them in the pursuance of their respective tasks.

The management of the work of the volunteers is coordinated by the Executive Trustee and Chief Executive Officer. It is expected that the apportionment of duties will be fair, equitable, and suitable to the competencies and abilities of each respective individual.

Any concerns, disputes, or complaints should be brought to the attention of the Executive Trustee who, in turn, will comply with the Trust’s Complaints Policy.

Page 2

Conflict of Interest

Trustees’ personal and professional connections can bring benefits to the work of a charity and they often form part of the reason why an individual has been asked to join as a Trustee. However, they can give rise to conflicts of interest, to which the Trustees must respond effectively.

Trustees must declare to the Board any event or situation from which they are likely to gain a personal or pecuniary advantage by virtue of their trusteeship. A register of such declarations will be made available and will be kept up-to-date. Declaring personal advantage is required by law.

In case of doubt whether a conflict of interest exists, Trustees are invited to raise the issue with the co-Trustees and have the matter discussed and clarified. Professional legal advice will be sought where appropriate.

People

The Trust seeks to attract and retain:

Public Benefit

The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives of the charity.

Complaints Policy

It is expected that anyone wishing to make a complaint against CAVATINA will, in the first instance, try to resolve the issue at the point of origin with mutual respect and polite good manners. If a formal complaint needs to be formulated it should be directed in the first place to the Chief Executive Officer, Tom Hancox.

OBJECTIVES & CORE ACTIVITIES

The charity’s principal objects are the advance of music education and the promotion of public appreciation and study of music amongst the young, especially with regard to chamber music. The charity’s mission is summarised in its motto: ‘ CAVATINA brings chamber music to young people, and young people to chamber music. ’

Strategies

The principal strategies employed to achieve the Trust’s aims are:

Choice, trained ensembles, well-versed in CAVATINA’s engaging and informative style of delivery perform concerts in schools around the country. Visits are available to all key stages and schools with indices of deprivation are prioritised.

In the year ended 31 July 2020, 24 School Concerts were undertaken, reaching about 2,880 pupils. Although this is significantly down on typical performance – owing to the closure of schools though the Covid-19 pandemic – CAVATINA is particularly proud to have managed to get some music into schools in between lockdowns.

CAVATINA’s Ticket Scheme is a mechanism that allows young people to access world-class chamber music at venues across the country, without incurring entry costs themselves. CAVATINA pays the promoter a subsidy for each young person (aged 8-25, inclusive) who attends, in turn often helping ailing music clubs and societies boost their revenue.

With the closure of concert venues from March 2020 onwards (as part of Covid-19 restrictions), many concerts in the Ticket Scheme were cancelled.

CAVATINA offered a subvention to any members of the Ticket Scheme who were streaming their concerts, to help them offset some of the additional costs involved through broadcasting and allowing them to make these performances freely available to young people.

It is planned that from September 2021 onwards, the rate of subsidy will increase from £7.50 to £10.00 for each young person admitted without charge to each qualifying concert.

Page 3

Strategies – continued

Only one Family Concert took place in the 2019/20 financial year; the rest that had been scheduled – in conjunction with festivals including the Three Choirs Festival, Sacconi Festival, Dunster Festival and the Winchester Chamber Music Festival – had to be cancelled as they fell within the first lockdown.

Several have been scheduled for 2021 and it is hoped that these can go ahead as planned.

The Diphonon Duo (Michael Iskas · viola & Iñigo Mikeleiz Berrade · accordion), alongside presenter Lucy Drever, gave this annual Family Concert on Saturday 14 March 2020 – days before the first lockdown was announced.

Plans for a Family Concert in 2021 have been put on hold, as there has not been sufficient certainty regarding the re-opening of concert venues. However, there is every intention and wish to stage another at such a time that it is safe and practicable to do so.

Sadly, owing to the Covid-19 pandemic, the 2020 competition (which had been scheduled for May 2020) had to be cancelled, owing to the closure of concert venues and educational establishments – and then continued uncertainty in planning for future events.

However, the 2021 competition has been scheduled to take place – for the first time in its history – at the Wigmore Hall on 7 and 8 May 2021. Owing to ongoing Covid-19 restrictions, there will be no in-person audience; however, the Wigmore Hall will livestream the competition for free viewing worldwide and make the videos available for three weeks thereafter. An audience vote will also be established, in the hope of generating further interest in the competition.

The establishment of the ‘ CAVATINA Fund’ – a restricted fund held by The Wigmore Hall Trust for some of CAVATINA’s work – has been very useful, inasmuch as it has brought the two charities closer, allowing them to gain some understanding of their workings and methods.

In the 2019-20 financial year, the ‘ CAVATINA Fund’ made £12,667.50 in grants: £7,967.50 towards the Ticket Scheme; £3,900.00 for School Concerts; and £800 towards a Family Concert.

On 11 March 2021, The Wigmore Hall Trust was appointed as the sole corporate trustee of CAVATINA . This will allow CAVATINA to benefit from both the expertise and security their larger infrastructure can offer.

ACKNOWLEDGEMENTS

Benefactors & Sponsors

The Trustees are extremely grateful to the many foundations and individuals whose continued support allows the Trust to continue its work. A number of these benefactors have requested to remain anonymous.

In particular, the Trustees wish to thank the John Lewis Partnership, Laurie and Gillian Marsh Charitable Trust, Elias Fawcett Trust, Andor Charitable Trust, Sebastian Pollitzer Charitable Settlement, and many anonymous donors.

FINANCIAL REVIEW

Accounting & Reporting Responsibilities

The law applicable to charities in England and Wales requires the Trustees:

.

Page 4

Financial Observations

As noted above, some of the work of CAVATINA is now undertaken by The Wigmore Hall Trust. This, and of course the Covid-19 pandemic, resulted in a lower level of activity within CAVATINA . None-the-less, overall reserves increased by a total of £29,800.

Page 5

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CAVATINA CHAMBER MUSIC TRUST

FOR THE YEAR ENDED 31 JULY 2020

CHARITY NUMBER 1067716

I report to the Trustees on my examination of the accounts of the CAVATINA Chamber Music Trust for the year ended 31 July 2020 which are set out on pages 7 to 14 following.

Responsibilities and basis of report

As the charity trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that in any material respect:

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.

Andrew Horton MA FCA

Andrew Horton Limited 4 Silk Mill Court Silk Mill Lane Winchcombe Cheltenham GL54 5HZ

25 May 2021

…………………………………………………….. Date

Page 6

CAVATINA CHAMBER MUSIC TRUST

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 JULY 2020

Unrestricted
Designated
Restricted
Notes
funds
funds
funds
£
£
£
Receipts
Donations and legacies
2(a)
30,655
-
5,000
Charitable Activities
2(b)
330
-
-
Income from investments
2(c)
-
-
-
_
_
__
Total Receipts
30,985
-
5,000
__
_

Payments
Costs of generating funds
3(a)
-
-
-
Charitable activities
3(b)
13,066
-
1,215
Other
3(c)
1,992
-
-



15,058
-
1,215



Asset and Investment Purchases
-
-
-
Transfer to the Wigmore Hall Trust
-
-
-



Total Payments
15,058
-
1,215



Net Receipts (Payments)
15,927
-
3,785



Transfers Between Funds
10,088
-
-
Cash Funds brought forward
at 1 August 2019
55,472
10,605
11,423


___
Cash Funds carried forward
at 31 July 2020
81,487
10,605
15,208


 Endowment
funds
£
-
-
10,088
__
10,088
__
-
-
-
_
-

-
-

-

10,088

(10,088)
(2,908)
___
(2,908)
 Total Funds
2020
2019
£
£
35,655
49,522
330
-
10,088
10,502
_
_________
46,073
60,024_
____
_
-
-
14,281
59,373
1,992
4,080
_
_
16,273
63,453
_
_
-
50,000
-
200,000
_
_
16,273
313,453
_
_
29,800
(253,429)
_
_
-
-
74,592
328,021
_
_
104,392
74,592

The notes on pages 9 to 12 form part of these accounts

Page 7

CAVATINA CHAMBER MUSIC TRUST

ASSETS AND LIABILITIES

AS AT 31 JULY 2020

Investment Assets
Rathbones Portfolio
Cash Assets
Cash at bank and in hand
Total Assets
Capital Funds
Unrestricted
Designated
Restricted
Endowment		 Notes
5
5
4
4
4		 2020
£
300,000
_
104,392
_
404,392
_
131,487
10,605
15,208
247,092
_
404,392
 2019
£
300,000
_
74,592
_
374,592
_
105,472
10,605
11,423
247,092
_
374,592

The notes on pages 9 to 12 form part of these accounts

Page 8

CAVATINA CHAMBER MUSIC TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2020

1. Accounting Policies

The accounts have been prepared on a payments and receipts basis in accordance with the Charities Act 2011, regulations made thereunder, and guidance from the Charity Commission in England and Wales.

The principal accounting policies adopted in the preparation of the accounts are set out below.

Receipts

All incoming resources are recognised when received.

Payments

All expenditure is accounted for when paid and has been classified under headings that aggregate all costs 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 the resources.

Investment income

Income from investments is accounted for when received.

Taxation

As a registered charity the trust benefits from rates relief and is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

Fund accounting

General funds represent the funds of the trustees that are not subject to any restrictions regarding their use and are available for application on the general purposes of the trustees. Funds designated for a particular purpose by the trustees are also unrestricted.

Designated funds may also include funds where as a result of preferences expressed by donors, but without the imposition of any legal trust on the use of the funds, the trustees feel it is appropriate to set aside these funds for the designated purposes of:

The trustees review the purpose and requirement for designated funds on a regular basis.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the accounts.

Endowment funds are funds the capital of which must be maintained. Only income arising from the investment of the endowment may be used either as restricted or unrestricted funds depending on the purpose for which the endowment was established.

Page 9

CAVATINA CHAMBER MUSIC TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2020

… continued …

2. Receipts

Unrestricted
funds
£
(a)Donations and legacies:
Gifts and donations
30,655
Gift aid tax recovered
-
_
30,655
_
(b) C_haritable Activities_
Ticket sales etc
330
_
(c)Income from investments
Dividends
-
Bank deposit interest
-
_
-
_
Total Receipts
30,985
 Designated
funds
£
-
-
_
-
_
-
_
-
-
_
-
_
-
 Restricted
Endowment
funds
funds
£
£
5,000
-
-
-
_
_
5,000
-
_
_
-
-
_
_
-
10,088
-
-
_
_
-
10,088
_
_
5,000
10,088

 Total funds
2020
2019
£
£
35,655
40,857
-
8,665
_ _
35,655
49,522
_ _
330
-
_ _
10,088
8,960
-
1,542
_ _
10,088
10,502
_ _
46,073
60,024
__
 __




__
 __

3. Payments

Unrestricted
funds
£
(a)Costs of generating funds
-
_
(b)Charitable Activities
Ticket scheme
-
Payments to artists
for concerts etc
2,040
Administration
11,026
Scholarships
-
Chamber music
at music colleges
-
RAM Chamber Music Fellowship
-
_
13,066
_
(c)Other
Examiner’s fee
-
Legal Fees
1,992
_
1,992
_
Total Payments
15,058
 Designated
funds
£
-
_
-
-
-
-
-
-
_
-
_
-
-
_
-
_
-
 Restricted
Endowment
funds
funds
£
£
-
-
_
_
-
-
1,000
-
215
-
-
-
-
-
-
-
_
_
1,215
-
_
_
-
-
-
-
_
_
-
-
_
_
1,215
-








__
 __

Page 10

CAVATINA CHAMBER MUSIC TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2020

… continued …

4. Fund Details

The Wigmore Hall Funds at
2019
£
10,605
10,605		 Receipts
-
-		 Payments Funds at
2020
£
10,605		 Funds at
2020
£
10,605
10,605
The Wihan Circle
The McLeod Fund		 Funds at
2019
£
5,133
6,290
11,423		 Receipts
5,000
-
5,000		 Payments
1,215
-
1,215		 Funds at
2020
£
8,918
6,290		 Funds at
2020
£
8,918
6,290
15,208

During the year ended 31 July 2019, the trustees transferred £200,000 of this fund to The Wigmore Hall Trust to secure the Free CAVATINA ticket scheme at the Wigmore Hall, London.

The Endowment Fund Funds at
2019
£
247,092
247,092		 Receipts
10,088
10,088		 Transfers
10,088
10,088		 Funds at
2020
£
247,092
247,092

Page 11

CAVATINA CHAMBER MUSIC TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2020

… continued …

5. Analysis of funds

Unrestricted
funds
£
Cash at bank
81,487
Rathbones portfolio
50,000
(at cost)
_
131,487
 Designated
funds
£
10,605
-
_
10,605
 Restricted
Endowment
funds
funds
£
£
15,208
(2,908)
-
250,000
_
_
15,208
247,092

 Total funds
2020
£
104,392
300,000
_
404,392

6. Trustees’ Remuneration and Benefits

No trustee received any remuneration or other benefits during the year (nor for the year ended 31 July 2019).

During the year Professor Simon Majaro was reimbursed office expenses of £nil ( 2019 £272 ).

7. Chief Executive Officer

The trustees employ Tom Hancox as Chief Executive Officer; he is not a trustee and does not participate in decision making by the trustees. During the year Mr Hancox received salary and pension benefits of £8,333 (2019 £9,960) and fees for performing in concerts organised by the trust of £nil (2019 £200).

Page 12