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2023-07-31-accounts

CAVATINA CHAMBER MUSIC TRUST

TRUSTEES’ REPORT AND ACCOUNTS

31 JULY 2023

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 2023

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 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

Page 1

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their annual report for the year ended 31 July 2023 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 and the Trust Deed.

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.

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.

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. The complaint will be carefully considered and the Trustee’s findings reported to the Chairman at the time of the complaint and to the complainant at the earliest possible date.

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 2023, 30 School Concerts were undertaken, reaching about 4,000 pupils. This was a large increase from the previous year, although once again a figure that is lower than typical performance, owing to the restrictions at the time 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 visits were able to take place.

Page 3

• 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 continued to be 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 was adopted in the last couple of years in the implementation of the Ticket Scheme, admitting new members readily where people were being brave in seeking to stage concerts. This approach has been continued and there are more members than ever on the Ticket Scheme. There are some areas of the country that are not yet benefitting from the Ticket Scheme and there are plans in place to rectify this going forward now that the pandemic restrictions have subsided.

• Family Concerts

One Family Concert took place in the 2022-23 financial year, taking place at the Three Choirs Festival.

• CAVATINA Family Concert at Wigmore Hall

It was great to hold two Family Concerts at Wigmore Hall in June 2023. Presenter Lucy Drever and baroque/folk fusion trio, Nobody’s Jig shone a spotlight on the women from our 17th Century stages. The concerts were for children aged 7-11.

• CAVATINA Intercollegiate Chamber Music Competition

This year’s competition was held at Wigmore Hall on 19 May 2023. The competition saw 6 String Quartets from Conservatoires across the competition competing for first, second and the audience prize. The String Quartets were adjudicated by Robert Max.

Due to the success of the livestreaming in the previous 2 years, the competition was livestreamed again. The footage was then available until the audience vote closed at the end of May 2023.

Wigmore Hall Trust

Most 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, Jane Rowland, Jean Cangley, Orwell Family Charitable Foundation, Hedley Ramshaw and many anonymous donors.

Page 4

Financial Review

Accounting & Reporting Responsibilities

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.

John Gilhooly Director of Wigmore Hall Trustee – 16 May 2024

Page 5

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CAVATINA CHAMBER MUSIC TRUST

FOR THE YEAR ENDED 31 JULY 2023

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 2023 which are set out on pages 7 to 12 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

16 May 2024

……………………………………………………..

Date

Page 6

CAVATINA CHAMBER MUSIC TRUST

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 JULY 2023

Unrestricted
Designated
Restricted
Endowment
Notes
funds
funds
funds
funds
£
£
£
£
Receipts
Donations and legacies
2(a)
18,454
-
-
-
Charitable Activities
2(b)
-
-
-
-
Income from investments
2(c)
3,009
-
-
7,559
_
_
_
_
Total Receipts
21,463
-
-
7,559
__
_


Payments
Costs of generating funds
3(a)
-
-
-
-
Charitable activities
3(b)
410
-
-
141,787
Other
3(c)
-
-
-
-




410
-
-
141,787




Asset and Investment Purchases
-
-
-
-




Total Payments
410
-
-
141,787




Net Receipts (Payments)
21,053
-
-
(134,228)




Transfers between funds
7,559
-
-
(7,559)
Investments transferred between
funds at cost
(145,000)
-
-
145,000
Cash Funds brought forward
at 1 August 2022
116,879
10,605
19,960
(2,908)



___
Cash Funds carried forward
at 31 July 2023
491
10,605
19,960
305



 Total Funds
2023
2022
£
£
18,454
22,920
-
-
10,568
8,803
_
_________
29,022
31,723_
____
_
-
-
142,197
7,573
-
-
_
_
142,197
7,573
_
_
-
-
_
_
142,197
7,573
_
_
(113,175)
24,150
_
_
-
-
-
-
144,536
120,386
_
_
31,361
144,536

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 2023

Investment Assets
Rathbones Portfolio (at cost)
Cash Assets
Cash at bank and in hand
Total Assets
Capital Funds
Unrestricted
Designated
Restricted
Endowment		 Notes
5
5
4
4
4		 2023
£
300,000
_
31,361
_
331,361
_
195,491
10,605
19,960
105,305
_
331,361
 2022
£
300,000
_
144,536
_
444,536
_
166,879
10,605
19,960
247,092
_
444,536

16 May 2024

Approved by the Trustees on ……………………………………………

John Gilhooly Director of Wigmore Hall Trustee

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 2023

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 2023

… continued …

2. Receipts

Unrestricted
funds
£
(a)Donations and legacies:
Gifts and donations
18,454
Gift aid tax recovered
-
_
18,454
_
(b) C_haritable Activities_
Ticket sales etc
-
_
(c)Income from investments
Dividends
2,966
Bank deposit interest
43
_
3,009
_
Total Receipts
21,463
 Designated
funds
£
-
-
_
-
_
-
_
-
-
_
-
_
-
 Restricted
Endowment
funds
funds
£
£
-
-
-
-
_
_
-
-
_
_
-
-
_
_
-
7,559
-
-
_
_
-
7,559
_
_
-
7,559

 Total funds
2023
2022
£
£
18,454
22,920
-
-
_ _
18,454
22,920
_ _
-
-
_ _
10,525
8,801
43
2
_ _
10,568
8,803
_ _
29,022
31,723
__
 __




__
 __

3. Payments

Unrestricted
funds
£
(a)Costs of generating funds
-
_
(b)Charitable Activities
Ticket scheme
-
Payments to artists
for concerts etc
-
Administration
410
Scholarships and competitions
-
Chamber music
at music colleges
-
_
410
_
(c)Other
Examiner’s fee
-
Legal Fees
-
_
-
_
Total Payments
410
 Designated
funds
£
-
_
-
-
-
-
-
_
-
_
-
-
_
-
_
-
 Restricted
Endowment
Total funds
funds
funds
2023
2022
£
£
£
£
-
-
-
-
_
_
__
_
-
141,787
141,787
-
-
-
-
900_
-
-
410
6,673
-
-
-
-
-
-
-
-
_
_
_

-
141,787
142,197
7,573_
_
_
_

-
-
-
-
-
-
-
-_
_
_
_

-
-
-
-_
_
_
_
___
-
141,787
142,197
7,573








__
 __

Page 10

CAVATINA CHAMBER MUSIC TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023

… continued …

4. Fund Details

The Wigmore Hall Funds at
2022
£
10,605
10,605		 Receipts
-
-		 Payments
-
-		 Funds at
2023
£
10,605		 Funds at
2023
£
10,605
10,605
The Wihan Circle
The McLeod Fund		 Funds at
2022
£
13,670
6,290
19,960		 Receipts
-		 Payments
-		 Funds at
2023
£
13.670
6,290		 Funds at
2023
£
13.670
6,290
19,960

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 and a further £141,787 was transferred in the year ended 31 July 2023.

The Endowment Fund Funds at
2022
£
247,092
247,092		 Receipts
7,559
7,559		 Payments
and
Transfers
149,346
149,346		 Funds at
2023
£
105,305
105,305

Page 11

CAVATINA CHAMBER MUSIC TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

… continued …

5. Analysis of funds

Unrestricted
funds
£
Cash at bank
491
Rathbones portfolio
195,000
(at cost)
_
195,491
 Designated
funds
£
10,605
-
_
10,605
 Restricted
Endowment
funds
funds
£
£
19,960
305
-
105,000
_
_
19,960
105,305

 Total funds
2023
£
31,361
300,000
_
331,361

6. Trustees’ Remuneration and Benefits

No trustee received any remuneration or other benefits during the year (nor for the year ended 31 July 2022).

Page 12