CAVATINA CHAMBER MUSIC TRUST
TRUSTEES’ REPORT AND ACCOUNTS
AUGUST 2023 - JULY 2024
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 2024
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 5 6 7 8 - 11 |
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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
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024
The Trustees present their annual report for the year ended 31 July 2024 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 assessments and arrange protective insurance when considered appropriate.
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.
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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. 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:
- School Concerts
In the year ended 31 July 2024, 1 School Concert took place on 4 July 2024 at Wigmore Hall, attended by 195 pupils. This was led by presenter, Tim Keasley with the Miyabi Duo, alongside a BSL interpreter, Paul Whittaker. It explored the worldwide influence of the guitar, exploring music from Argentina to Japan.
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 music clubs and societies boost their revenue.
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• CAVATINA Family Concert at Wigmore Hall
In the year ended 31 July 2024, 1 Family Concert took place on 6 July 2024 at Wigmore Hall, attended by 52 children and 63 adults. This was led by presenter, Tim Keasley with the Miyabi Duo, alongside a BSL interpreter, Paul Whittaker. It explored the worldwide influence of the guitar, exploring music from Argentina to Japan.
• CAVATINA Intercollegiate Chamber Music Competition
This year’s competition was held at Wigmore Hall on 10 May 2024. The competition saw 7 Piano Trios from Conservatoires across the country competing for first, second and the audience prize. The competition was adjudicated by David Karlin.
Due to the success of livestreaming in previous years, the competition was livestreamed again. The footage was then available on the Wigmore Hall website until the audience vote closed.
Wigmore Hall Trust
Most of CAVATINA’s day-to-day work – namely 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, Hedley Ramshaw and many anonymous donors.
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 – 22 May 2025
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INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE CAVATINA CHAMBER MUSIC TRUST
FOR THE YEAR ENDED 31 JULY 2024
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 2024 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:
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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
22 May 2025
……………………………………………………..
Date
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CAVATINA CHAMBER MUSIC TRUST
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
| Unrestricted Designated Restricted Notes funds funds funds £ £ £ Receipts Donations and legacies 2(a) 28,172 - - Charitable Activities 2(b) - - - Income from investments 2(c) 6,929 - - _ _ __ Total Receipts 35,101 - - __ _ Payments Costs of generating funds 3(a) - - - Charitable activities 3(b) 19,590 - - Other 3(c) - - - 19,590 - - Asset and Investment Purchases - - - Total Payments 19,590 - - Net Receipts (Payments) 15,511 - - Transfers between funds 3,692 - - Investments transferred between funds at cost - - - Cash Funds brought forward at 1 August 2023 491 10,605 19,960 ___ Cash Funds carried forward at 31 July 2024 19,694 10,605 19,960 |
Endowment funds £ - - 3,692 __ 3,692 __ - - - _ - - - 3,692 (3,692) - 305 ___ 305 |
Total Funds 2024 2023 £ £ 28,172 18,454 - - 10,621 10,568 _ _________ 38,793 29,022_ ____ _ - - 19,590 142,197 - - _ _ 19,590 142,197 _ _ - - _ _ 19,590 142,197 _ _ 19,203 (113,175) _ _ - - - - 31,361 144,536 _ _ 50,564 31,361 |
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The notes on pages 8 to 11 form part of these accounts
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CAVATINA CHAMBER MUSIC TRUST
ASSETS AND LIABILITIES AS AT 31 JULY 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Investment Assets | |||
| Rathbones Portfolio (at cost) | 5 | 300,000 | 300,000 |
| _ | _ | ||
| Cash Assets | |||
| Total Assets | 350,564 | 331,361 | |
| __ | _ | ||
| __ | _ | ||
| Capital Funds | |||
| Unrestricted | 214,694 | 195,491 | |
| Designated | 4 | 10,605 | 10,605 |
| Restricted | 4 | 19,960 | 19,960 |
| Endowment | 4 | 105,305 | 105,305 |
| __ | _ | ||
| 350,564 | 331,361 | ||
| __ | _ |
22 May 2025
Approved by the Trustees on ……………………………………………
John Gilhooly Director of Wigmore Hall Trustee
The notes on pages 8 to 11 form part of these accounts
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CAVATINA CHAMBER MUSIC TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2024
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 2024
… continued …
2. Receipts
| Unrestricted funds £ (a)Donations and legacies: Gifts and donations 22,839 Gift aid tax recovered 5,333 _ 28,172 _ (b) C_haritable Activities_ Ticket sales etc - _ (c)Income from investments Dividends 6,856 Bank deposit interest 73 _ 6,929 _ Total Receipts 35,101 _ Payments Unrestricted funds £ (a)Costs of generating funds - _ (b)Charitable Activities Ticket scheme 19,530 Payments to artists for concerts etc - Administration 60 Scholarships and competitions - Chamber music at music colleges - _ 19,590 _ (c)Other Examiner’s fee - Legal Fees - _ - _ Total Payments 19,590 _ |
Page 9 Designated funds £ - - _ - _ - _ - - _ - _ - _ Designated funds £ - _ - - - - - _ - _ - - _ - _ - _ |
Restricted Endowment funds funds £ £ - - - - _ _ - - _ _ - - _ _ - 3,692 - - _ _ - 3,692 _ _ - 3,692 _ _ Restricted Endowment funds funds £ £ - - _ _ - - - - - - - - - - _ _ - - _ _ - - - - _ _ - - _ _ - - _ _ |
_ |
Total funds 2024 2023 £ £ 22,839 18,454 5,333 __ _ 28,172 18,454 _ _ - - _ 10,548 10,525_ 73 43 _ _ 10,621 10,568_ _ _ 38,793 29,022_ _ _ Total funds 2024 2023_ £ £ - - _ 19,530 141,787_ - - 60 410 - - - - _ 19,590 142,197_ _ - - - -_ _ - -_ _ 19,590 142,197_ _ ___ |
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3. Payments
CAVATINA CHAMBER MUSIC TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2024
… 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 2023 £ 10,605 10,605 |
Receipts - - |
Payments - - |
Funds at 2024 £ 10,605 |
Funds at 2024 £ 10,605 |
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|---|---|---|---|---|---|---|---|---|---|
| 10,605 |
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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 2023 £ 13,670 6,290 19,960 |
Receipts - |
Payments - |
Funds at 2024 £ 13.670 6,290 |
Funds at 2024 £ 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 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 2023 £ 105,305 105,305 |
Receipts | Payments and Transfers |
Funds at 2024 £ 105,305 |
||||
|---|---|---|---|---|---|---|---|---|
| 105,305 |
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CAVATINA CHAMBER MUSIC TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2024
… continued …
5. Analysis of funds
| Unrestricted funds £ Cash at bank 19,694 Rathbones portfolio 195,000 (at cost) _ 214,694 |
Designated funds £ 10,605 - _ 10,605 |
Restricted Endowment funds funds £ £ 19,960 305 - 105,000 _ _ 19,960 105,305 |
Total funds 2024 £ 50,564 300,000 _ 350,564 |
|---|---|---|---|
6. Trustees’ Remuneration and Benefits
No trustee received any remuneration or other benefits during the year (nor for the year ended 31 July 2023).
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