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2025-07-31-accounts

CAVATINA CHAMBER MUSIC TRUST

TRUSTEES’ REPORT AND ACCOUNTS

AUGUST 2024 - JULY 2025

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 2025

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 2025

The Trustees present their annual report for the year ended 31 July 2025 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:

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:

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 per person) for each young person (aged 8-25, inclusive) who attends, in turn often helping music clubs and societies boost their revenue. The ticket scheme was paused in February 2025, but we honoured existing commitments to the end of July 2025.

CAVATINA Intercollegiate Chamber Music Competition

This year’s competition was held at Wigmore Hall on 16 May 2025. The competition saw 8 string quartets from Conservatoires across the country competing for first, second and the audience prize. The competition was adjudicated by Brian O’Kane.

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.

Page 3

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 wish to thank the Laurie and Gillian Marsh Charitable Trust, Jean Cangley, Hedley Ramshaw and several anonymous donors for their support during the 2024/25 financial year.

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 – 20 May 2026

Page 4

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CAVATINA CHAMBER MUSIC TRUST

FOR THE YEAR ENDED 31 JULY 2025

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 2025 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

20 May 2026

……………………………………………………..

Date

Page 5

CAVATINA CHAMBER MUSIC TRUST

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted
Designated
Restricted
Notes
funds
funds
funds
£
£
£
Receipts
Donations and legacies
2(a)
39,164
-
2,735
Charitable Activities
2(b)
-
-
-
Income from investments
2(c)
6,664
-
-
_
_
__
Total Receipts
45,828
-
2,735
__
_

Payments
Costs of generating funds
3(a)
-
-
-
Charitable activities
3(b)
56,845
10,605
-
Other
3(c)
-
-
-



56,845
10,605
-



Asset and Investment Purchases
-
-
-



Total Payments
56,845
10,605
-



Net Receipts (Payments)
(11,017)
(10,605)
2,735



Transfers between funds
3,571
-
-
Investments transferred between
funds at cost
-
-
-
Cash Funds brought forward
at 1 August 2024
19,694
10,605
19,960


___
Cash Funds carried forward
at 31 July 2025
12,248
-
22,695


 Endowment
funds
£
-
-
3,571
__
3,571
__
-
-
-
_
-

-

-

3,571

(3,571)
-
305
___
305
 Total Funds
2025
2024
£
£
41,899
28,172
-
-
10,235
10,621
_
_________
52,134
38,793_
____
_
-
-
67,450
19,590
-
-
_
_
67,450
19,590
_
_
-
-
_
_
67,450
19,590
_
_
(15,316)
19,203
_
_
-
-
-
-
50,564
31,361
_
_
35,248
50,564

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 2025

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		 2025
£
300,000
_
35,248
_
335,248
_
207,248
-
22,695
105,305
_
335,248
 2024
£
300,000
_
50,564
_
350,564
_
214,694
10,605
19,960
105,305
_
350,564

20 May 2026 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 2025

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 8

CAVATINA CHAMBER MUSIC TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

… continued …

2. Receipts

Unrestricted
funds
£
(a)Donations and legacies:
Gifts and donations
23,998
Gift aid tax recovered
15,166
_
39,164
_
(b) C_haritable Activities_
Ticket sales etc
-
_
(c)Income from investments
Dividends
6,632
Bank deposit interest
32
_
6,664
_
Total Receipts
45,828
 Designated
funds
£
-
-
_
-
_
-
_
-
-
_
-
_
-
 Restricted
Endowment
funds
funds
£
£
-
-
2,735
-
_
_
2,735
-
_
_
-
-
_
_
-
3,571
-
-
_
_
-
3,571
_
_
2,735
3,571

 Total funds
2025
2024
£
£
23,998
22,839
17,901
5,333
_ _
41,899
28,172
_ _
-
-
_ _
10,203
10,548
32
73
_ _
10,235
10,621
_ _
52,134
38,793
__
 __




__
 __

3. Payments

Unrestricted
funds
£
(a)Costs of generating funds
-
_
(b)Charitable Activities
Ticket scheme
56,785
Payments to artists
for concerts etc
-
Administration
60
Scholarships and competitions
-
Chamber music
at music colleges
-
_
56,845
_
(c)Other
Examiner’s fee
-
Legal Fees
-
_
-
_
Total Payments
56,845
 Designated
funds
£
-
_
10,605
-
-
-
-
_
10,605
_
-
-
_
-
_
10,605
 Restricted
Endowment
funds
funds
£
£
-
-
_
_
-
-
-
-
-
-
-
-
-
-
_
_
-
-
_
_
-
-
-
-
_
_
-
-
_
_
-
-




__

Page 9

CAVATINA CHAMBER MUSIC TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

… continued …

4. Fund Details

The Wigmore Hall Funds at
2024
£
10,605
10,605		 Receipts
-
-		 Payments
10,605
10,605		 Funds at
2025
£
-		 Funds at
2025
£
-
-
The Wihan Circle
The McLeod Fund		 Funds at
2024
£
13,670
6,290
19,960		 Receipts
2,735
-
2,735		 Payments
-
-
-		 Funds at
2025
£
16.405
6,290		 Funds at
2025
£
16.405
6,290
22,695

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
2024
£
105,305
105,305		 Receipts
3,571
3,571		 Payments
and
Transfers
3,571
3,571		 Funds at
2025
£
105,305
105,305

Page 10

CAVATINA CHAMBER MUSIC TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

… continued …

5. Analysis of funds

Unrestricted
funds
£
Cash at bank
12,248
Rathbones portfolio
195,000
(at cost)
_
207,248
 Designated
funds
£
-
-
_
-
 Restricted
Endowment
funds
funds
£
£
22,695
305
-
105,000
_
_
22,695
105,305

 Total funds
2025
£
35,248
300,000
_
335,248

6. Trustees’ Remuneration and Benefits

No trustee received any remuneration or other benefits during the year (nor for the year ended 31 July 2024).

Page 11