## **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|
|---|---|
**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 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.
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.
## **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.
Page 3
## • **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
Page 4
## **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:
- 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
## _22 May 2025_
……………………………………………………..
Date
Page 5
**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_
|
|---|---|---|
The notes on pages 8 to 11 form part of these accounts
Page 6
## **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
Page 7
**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:
- 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 8
**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_
______
______|
|---|---|---|---|---|
||||_
||
||||_
_
||
||||_
||
||||_|_
|
|||__
__
|||
|||__
__
|||
|||__
|||
|||__|||
## **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|
|---|---|---|---|---|---|---|---|---|---|
|||||||||||
||||||||||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
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|
Page 10
**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).
Page 11