Kathleen Ferrier Society Bursary
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Kathleen Ferrier
1912 – 1953
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Trustees’ Report
And
Financial Statement
31[st] December 2020
42 Royshaw Avenue
Blackburn Lancashire BB1 8RJ
The Trustees of the Kathleen Ferrier Society Bursary present their Report and Financial Statement of the charity for the year ended 31 December 2019.
| Trustees: | Miss Edna Sylvia Alexander |
|---|---|
| Mr Robert Langstaff | |
| Mrs Kathleen Mary Hopcroft | |
| Administrator: | Sylvia Alexander |
| Accountants: | MJ Accountancy Limited |
| Suites 2 & 3 Bow Street Chambers | |
| 1/2 Bow Street | |
| Rugeley | |
| Staffordshire | |
| WS15 2BT | |
| Bankers: | Yorkshire Bank (now Virgin Money) |
| 40 Church Street | |
| Blackburn | |
| BB1 5AW | |
| Financial Adviser; | David Meakin IFA Limited |
| The Boat House | |
| Victoria Works | |
| Wharf Street | |
| Brighouse | |
| West Yorkshire HD6 1PP | |
| Registered charity number: 1077586 | |
| Address: | 42 Royshaw Avenue. |
| Blackburn | |
| Lancashire, BB1 8RJ | |
| Telephone: | 01254 262293 |
| Email: | kfsoc’ymail.com/esa@esalexander.co.uk |
| Website: | www.kathleenferrier.org.uk |
CONSTITUTION AND GOVERNANCE
Trustees are recruited from the Officers and members of the Kathleen Ferrier Society and no fees or renumeration are paid to Trustees.
In order to stage the Bursary competition, the trustees are helped by a group of six to ten volunteers over the weekend of the competition.
ACTIVITIES
2020 Competition
The KFS Bursary Trustees made the decision early in 2020 that the Covid pandemic might lead to a cancellation of the October Bursary Weekend and, because the Society did not want to deprive the singers of their one chance of entering the Annual Bursary, the Trustees planned a Zoom Bursary to be held on November 22nd, with recorded Recitals. 16 singers took part as usual and the three Judges were able to award the normal prizes. KFS Members, College singers and supporters from around the world were able to watch the 25th Kathleen Ferrier Society Bursary on Zoom.
FINANCE
The charity’s funds come from legacies and donations by individuals, many of whom are members of the Kathleen Ferrier Society.
15% of the annual subscription to the Kathleen Ferrier Society are given to the Bursary.
When the Bursary began just one Bursary was awarded of £3000, in 2020 three bursaries were awarded totalling £5,250 and additional prizes of £100 each given to an accompanist, a song prize and to students who made it to the final but did not win a bursary.
The charity’s funds are invested with Old Mutual Wealth in an investment fund specifically for charities, normally we would withdraw from the investment each year to pay prize money and stage the Bursary competition.
Our income for 2020 of £41,923.76 was considerably up on 2019 (4,358.78) due to several factors, Gift Aid of £2,859, for the previous four years, had been received, our investments had increased in their value by £24,753 and we received a legacy of £10,000. Our expenditure of £6,968 was down on 2019 £11,961 due to holding the Bursary competition online during the Covid pandemic. We had a surplus for the year 2020 of £34,956 in contrast to a deficit in 2019 (£7,603)
The charity’s net wealth at the end of 31[st] December 2020 is £167,664.48 compared with £132,708.73 at the end of 2019.
The Trustees keep under regular review the risks associated the operatson of the charity and take appropriate St8PS to redu the than of their occurring and to mitsgate their effects. The trustees, investment policy is to achieve an income retum on its investment portfolio. The trustees believ8 that the Bursaries avrarded are for the benefit of the public in that they advance the musical education of the students of singing and perfoming. The trustees, policy is to continu8 to give students a plalfonn to compete and perform and conb.nue awarding bursaries and prizes whilst improving ar)d refining the process in light of experience and changing pattems of musical pertomiance. hope to be able to retum to a live Burnary in 2022. Approved by the trustees and signed on their behalf on 31 October 2021 by Sylvia Alexander Trustse, Co-chaimian and 8ursary Administrator
Independent examiners report on the accounts Section A Independent Examinerfs Report R•port to the tru8tee¥l membèrs of Kathleen Ferrier Sodety Bursary On accounts for the yèar onded 31$1 December 2020 Charlty no {If any) Respective The charis trustees are responsible for the preparation ol the accounts. respon$lbillties of The tharity's trustees consider that an audil Is required for thls year trustsog and examiner under section 144 of the Charities Act 2011 Itre Charlttes Act) and that an independent examination 1$ needed. It is my responsibility lo.. examine the accounts under section 145 of the Charilies Act, to follow the procedups laid down In the general Directions given by the Charity Commi8s1on (under Sedion 14515)(b) of the Charities A(*, and to state wheth&r parti¢ular matt&rs have come lo my atténtion. 1077586 asl8 of indep•ndent My examination was carried out in accordance with general Directions given oxaminorf$ ststemont by the Charity Commission. An examination includas a review of the acGounting re¢ords kept by the charity and a Comparison of the accounts presented with Ih08e reGords. It also Inctudes consider8tFon of any unus1 items or disclosures in the accounts, and seeking explanations from the trustees con¢erning any such matters. The procedures undertaken do not provide all the evidencfj that would be required in an audit, and consequently no opinion is given as lo whether the accounts present a Irue and fai¢ view and the report is limited lo those matters set out in th8 statement below. Independ•nt In connection wtth my examination, no matter has come to my attention exarnlnerfs 8tat•m•nt (other than that dlsclosed below") 1. which gives me reasonable Cause to b8lFeve that in, any malerid PeCt, the requirements.. to keep accounting records in accordance with section 130 of the Charibe5 Act,. and to prepare accounts whieh accord with the 8c¢ounting records and comply wrth the aGGounb'n9 requirgments of th? Charili8s Act have not been met; or 2. to which. In my opinion. attention should be drawn in orderto enable proper understanding of the accounts to be rea¢hed. ' Please delele Ihe words in the brack8ls rfthay do not apply. ?/ Date". Signod.. 219t Octol)er 2021 Na Mich James MJ Accountancy Ltd Addre8S: Suites 2 & 3 Bow Street Chamber 'A Bow Sireét Rugeley, Staff$ WS15 2BT March 2012
Soction B Disclosure Only complete rf th¢ examiner needs to highlight rnalerial problems. No matters af thls timo. Glve h•rn brkf d•tsll¥ of any ItWl8 that th• •xamln•rv•ish•s to dlsel¢•e. IER March 2012
Kathleen Ferrier Socie Income and Ex enditure Bursa Fund 1stJanua 31st December 2020 -2020- 2019. Incom• Income from W M Ferrier Trust IncomelLoss on Inve51menls Donations inc Gift Aid student Fees Members Bursary Sale of ProgTameestti¢ketsrfable Sales Legacy Transfers from General Fund 664 12 24,753.48 5,171.75 1.165.11 682.17 1,772.00 225 00 0.00 514.5D 0.00 1,334.40 10,000.00 £41.923.75 £4.358.78 Ex endlture Hire of King Georgès Hall Tickled Trout Piano Hire Postage & Printing Event Insurance Adjuducalor's Fees & Expenses Accompanist Accounts Advisor Fee - Old Mutual Expenses Book Tokens Prizes & Engraving 3,616.80 665.65 150.00 83.05 84.00 1.026.05 120.80 120.OD 0.00 0.00 o.oo 0.00 0.00 0.00 750.00 0.00 120 00 0.00 348.00 5,750.00 6,095 00 £6.968.00 £11,961.35 Surplus I IDgflcltl £34.955.75 £7,602.57 Balance She*t as the Year Ended 31st D cember 2020 Bank A¢cDunl as at 3151 December 2020 Old Mutual 53,741.48 113.923.00 43,539.21 89,169.52 £167.664.48 £132,708.73 Re resented b Opening Reserves Surplus I (Deficill for the Year 132,708.73 34,955 75 140,311.30 17,602.571 Movement Surnmary £167,664.48 £132.708.73