## **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:
- High quality personnel dedicated to enhancing the Trust’s mission;
- Enthusiastic volunteers;
- Effective Trustees with a wide range of skills.
## **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:
- **School Concerts**
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.
- **Ticket Scheme**
**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**
- **Family Concerts**
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.
- **CAVATINA Family Concert at Wigmore Hall**
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.
- **CAVATINA Intercollegiate Chamber Music Competition**
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.
- **Wigmore Hall Trust**
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:
- To keep accounting records in accordance with section 130 of the 2011 Act;
- To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
- To safeguard the assets of the charity and so to take reasonable steps to prevent and detect fraud and other irregularities.
.
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:
- the accounting records were not kept in accordance with section 130 of the Act; or
- the accounts did not accord with the accounting records.
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:
- Providing assistance to young chamber musicians in need in the advancement of their musical training
- Providing assistance to individual and groups of musicians in the advancement of chamber music.
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**
- a) The designated fund, initially £50,000, represents a donation from a **CAVATINA** benefactor for the specific purpose of providing free tickets to young people aged 8 to 25 years under the **CAVATINA** Ticket Scheme at the Wigmore Hall. Although designated for this purpose, the trustees are not restricted in their application of this fund.
|The Wigmore Hall||Funds at
2019
£
10,605
10,605||Receipts
-
-||Payments||Funds at
2020
£
10,605|Funds at
2020
£
10,605|
|---|---|---|---|---|---|---|---|---|---|
|||||||||||
||||||||||10,605|
- b) The restricted funds comprise:
- the _Wihan Circle Fund_ which provides financial assistance to musicians and chamber music ensembles.
- the _McLeod Fund_ which helps to subsidise **CAVATINA** ’s Ticket Scheme members in Scotland only.
|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|
- c) The endowment fund was established by the trustees in 2007 after receiving a substantial legacy; there were no conditions imposed by the donor but at the time the trustees thought it appropriate to set aside the money as a permanent fund, the income from which might be used for the work of **CAVATINA** .
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