CAVATINA CHAMBER MUSIC TRUST
TRUSTEES’ REPORT AND ACCOUNTS
31 JULY 2021
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 2021
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 |
| 4 Silk Mill Court | |
| Silk Mill Lane | |
| Winchcombe | |
| Cheltenham | |
| GL54 5HZ |
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021
The Trustees present their annual report for the year ended 31 July 2021 under the Charities Act 2011, together with the financial statements for the year, and confirm that the latter comply with the requirements of the Act, the Trust Deed, and the Charities SORP 2005.
Structure, Governance & Management
Governing Document
The charity is governed by its Trust Deed, dated 14 October 1997.
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 is held 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 Board decides 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.
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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.
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:
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High quality personnel dedicated to enhancing the Trust’s mission;
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Enthusiastic volunteers;
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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.
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. ’
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 Executive Trustee, Prof. Simon Majaro. The complaint will be carefully considered by two of the Non-executive Trustees. They should investigate the complaint thoroughly and report their findings to the Chairman at the time of the complaint and to the complainant at the earliest possible date.
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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 2021, 11 School Concerts were undertaken, reaching about 1,600 pupils. This is once again a figure that is much lower than typical performance, owing to the continued restrictions relating to the Covid-19 pandemic. It is a testament to both the flexibility and determination of the schools and ensembles involved that even these few visits were able to take place.
An ad hoc grant was made to the Berkeley Ensemble in order to enable them to offer 15 state schools free subscriptions to their library of specially created music education videos and resources.
• 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 (£10 p/p) for each young person (aged 8-25, inclusive) who attends, in turn often helping ailing music clubs and societies boost their revenue.
Though the return to live music-making has been patchy, through the alternating imposition and lifting of Covid-19 restrictions, there has been a steady upward trend in the numbers of concerts being mounted once again.
A pragmatic approach has been adopted in the implementation of the Ticket Scheme, admitting new members readily where people were being brave in seeking to stage concerts, and also continuing to look at ways of subsidising some of the additional costs involved at this time (for example, offering subventions towards streaming costs).
• Family Concerts
Only two Family Concerts took place in the 2020-21financial year, one as part of the Barnes Music Festival and one for a weekend for families promoted by the Whitchurch Conservation Group.
• CAVATINA Family Concert at Wigmore Hall
Owing to the continuing restrictions related to the Covid-19 pandemic, it was not possible to host a Family Concert at Wigmore Hall in 2020-21 financial year.
However, plans have been made for a Family Concert in 2022, further details of which are to be announced in due course.
• CAVATINA Intercollegiate Chamber Music Competition
Following the cancellation of the 2020 competition, it was particularly thrilling not only to be able to make the 2021 competition possible, but for it to be hosted for the first time in its history at Wigmore Hall.
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Owing to the continued Covid-19 restrictions, it was not possible to have an in-person audience; rather, the competition was split over two long mornings (7 & 8 May 2021), so as to allow for the required airing of the space between each performance. Apart from the presence of the adjudicator Richard Bratby in the hall, the rest of the audience joined virtually and was able to take part in an online vote to award an audience prize.
Next year’s competition has been scheduled for 11 May 2022 and once again will be hosted at Wigmore Hall, hopefully allowing for an in-person audience to join.
Wigmore Hall Trust
An increasing amount of CAVATINA’s day-to-day work – namely School Concerts and the Ticket Scheme – is paid for from the ‘ CAVATINA Fund’ held by Wigmore Hall Trust.
This fund was established in order to bring the two charities into a closer working relationship ahead of Wigmore Hall Trust’s appointment as the sole corporate trustee of CAVATINA .
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 Laurie and Gillian Marsh Charitable Trust, Manja Leigh & William Stockler Charitable Foundation, Orwell Family Charitable Foundation, 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 prepare financial statements for each financial year, to give a true and fair view of the charity’s financial activities during the year, and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow the best practice and:
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Select suitable accounting policies and apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in existence.
The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Trustee – 27 May 2022
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INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE CAVATINA CHAMBER MUSIC TRUST
FOR THE YEAR ENDED 31 JULY 2021
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 2021 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:
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the accounting records were not kept in accordance with section 130 of the Act; or
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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
27 May 2022
……………………………………………………..
Date
Page 6
CAVATINA CHAMBER MUSIC TRUST
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 JULY 2021
| Unrestricted Designated Restricted Notes funds funds funds £ £ £ Receipts Donations and legacies 2(a) 41,202 - 5,000 Charitable Activities 2(b) - - - Income from investments 2(c) - - - _ _ __ Total Receipts 41,202 - 5,000 __ _ Payments Costs of generating funds 3(a) - - - Charitable activities 3(b) 33,879 - 248 Other 3(c) 3,687 - - 37,566 - 248 Asset and Investment Purchases - - - Transfer to the Wigmore Hall Trust - - - Total Payments 37,566 - 248 Net Receipts (Payments) 3,636 - 4,752 Transfers Between Funds 7,606 - - Cash Funds brought forward at 1 August 2020 81,487 10,605 15,208 ___ Cash Funds carried forward at 31 July 2021 92,729 10,605 19,960 |
Endowment funds £ - - 7,606 __ 7,606 __ - - - _ - - - - 7,606 (7,606) (2,908) ___ (2,908) |
Total Funds 2021 2020 £ £ 46,202 35,655 - 330 7,606 10,088 _ _________ 53,808 46,073_ ____ _ - - 34,127 14,281 3,687 1,992 _ _ 37,814 16,273 _ _ - - - - _ _ 37,814 16,273 _ _ 15,994 29,800 _ _ - - 104,392 74,592 _ _ 120,386 104,392 |
|---|---|---|
The notes on pages 9 to 12 form part of these accounts
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CAVATINA CHAMBER MUSIC TRUST
ASSETS AND LIABILITIES
AS AT 31 JULY 2021
| 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 |
2021 £ 300,000 _ 120,386 _ 420,386 _ 142,729 10,605 19,960 247,092 _ 420,386 |
2020 £ 300,000 _ 104,392 _ 404,392 _ 131,487 10,605 15,208 247,092 _ 404,392 |
|---|---|---|---|
27 May 2022 Approved by the Trustees on ……………………………………………
Trustee ……………………………………………………………………….
The notes on pages 9 to 12 form part of these accounts
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CAVATINA CHAMBER MUSIC TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
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:
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Providing assistance to young chamber musicians in need in the advancement of their musical training
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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.
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CAVATINA CHAMBER MUSIC TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
… continued …
2. Receipts
| Unrestricted funds £ (a)Donations and legacies: Gifts and donations 36,481 Gift aid tax recovered 4,721 _ 41,202 _ (b) C_haritable Activities_ Ticket sales etc - _ (c)Income from investments Dividends - Bank deposit interest - _ - _ Total Receipts 41,202 |
Designated funds £ - - _ - _ - _ - - _ - _ - |
Restricted Endowment funds funds £ £ 5,000 - - - _ _ 5,000 - _ _ - - _ _ - 7,606 - - _ _ - 7,606 _ _ 5,000 7,606 |
Total funds 2021 2020 £ £ 41,481 35,655 4,721 - _ _ 46,202 35,655 _ _ - 330 _ _ 7,606 10,088 - - _ _ 7,606 10,088 _ _ 53,808 46,073 |
|---|---|---|---|
| __ |
__ |
||
| __ |
__ |
3. Payments
| Unrestricted funds £ (a)Costs of generating funds - _ (b)Charitable Activities Ticket scheme 9,290 Payments to artists for concerts etc 3,870 Administration 12,950 Scholarships and competitions 7,769 Chamber music at music colleges - _ 33,879 _ (c)Other Examiner’s fee 1,400 Legal Fees 2,287 _ 3,687 _ Total Payments 37,566 |
Designated funds £ - _ - - - - - _ - _ - - _ - _ - |
Restricted Endowment funds funds £ £ - - _ _ - - 248 - - - - - - - _ _ 248 - _ _ - - - - _ _ - - _ _ 248 - |
|
|---|---|---|---|
| __ |
__ |
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CAVATINA CHAMBER MUSIC TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021
… 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 2020 £ 10,605 10,605 |
Receipts - - |
Payments | Funds at 2021 £ 10,605 |
Funds at 2021 £ 10,605 |
||||
|---|---|---|---|---|---|---|---|---|---|
| 10,605 |
-
b) The restricted funds comprise:
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the Wihan Circle Fund which provides financial assistance to musicians and chamber music ensembles.
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the McLeod Fund which helps to subsidise CAVATINA ’s Ticket Scheme members in Scotland only.
| The Wihan Circle The McLeod Fund |
Funds at 2020 £ 8,918 6,290 15,208 |
Receipts 5,000 - 5,000 |
Payments 248 - 248 |
Funds at 2021 £ 13.670 6,290 |
Funds at 2021 £ 13.670 6,290 |
||||
|---|---|---|---|---|---|---|---|---|---|
| 19,960 |
- 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 2020, 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 2020 £ 247,092 247,092 |
Receipts | Transfers | Funds at 2021 £ 247,092 |
||||
|---|---|---|---|---|---|---|---|---|
| 247,092 |
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CAVATINA CHAMBER MUSIC TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
… continued …
5. Analysis of funds
| Unrestricted funds £ Cash at bank 92,729 Rathbones portfolio 50,000 (at cost) _ 142,729 |
Designated funds £ 10,605 - _ 10,605 |
Restricted Endowment funds funds £ £ 19,960 (2,908) - 250,000 _ _ 19,960 247,092 |
Total funds 2021 £ 120,386 300,000 _ 420,386 |
|---|---|---|---|
6. Trustees’ Remuneration and Benefits
No trustee received any remuneration or other benefits during the year (nor for the year ended 31 July 2020).
During the year Professor Simon Majaro was reimbursed office expenses of £nil ( 2020 £nil ).
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 £12,000 (2020 £8,333) and fees for performing in concerts organised by the trust of £nil (2020 £nil).
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