Charity registration number 1095723
Company registration number 04242801 (England and Wales)
TWO MOORS FESTIVAL LIMITED
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION
| Royal Patron | HRH The Duchess of Edinburgh |
|---|---|
| Trustees | Mr. A Welch (Chairman) |
| Mr. C Beer | |
| Mr. N Allan | |
| Mrs. A Arnold | |
| Mr. R Fletcher | |
| Dr. C Taylor | |
| Mr. J Willan | |
| Mr J Hamilton | |
| Ms S Tooley | |
| Artistic Director | Tamsin Waley-Cohen |
| General Manager | Nicola Semple |
| Charity number | 1095723 |
| Company number | 04242801 |
| Registered office | Lime Court |
| Pathfields Business Park | |
| South Molton | |
| Devon | |
| United Kingdom | |
| EX36 3LH | |
| Independent examiner | Azets |
| Lime Court | |
| Pathfields Business Park | |
| South Molton | |
| Devon | |
| United Kingdom | |
| EX36 3LH | |
| Bankers | Barclays Bank Plc |
| 38 Boutport Street | |
| Barnstaple | |
| Devon | |
| United Kingdom | |
| EX31 1RX |
TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).
Objectives and activities
The charity's objectives are to advance the education of the public in the arts, and in particular but not exclusively, in music and the visual arts, to include the provision of a festival and music and arts competitions on Exmoor, Dartmoor and surrounding areas.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The charity held another successful festival in October 2023. The theme of the festival was Home. The Dartmoor Weekend ran from 5 – 8 October 2023, and included performances by The Swingles, the Maxwell Quartet and pianist Mario Haering. A concert at Great Fulford evoked the jazz age with works by Khachaturian, Bartok and Ravel. Another highlight was the concert by David Orlowsky on clarinet and David Bergmuller on lute, playing their Alter Ego programme in Lydford.
The Exmoor weekend ran from 13 – 15 October 2023 and included a very enjoyable performance of Dido and Aeneas by the Armonico Consort, concerts and readings conjuring up Proust’s salon at Castle Hill and exceptional performances of Tchaikovsky and Schubert by the Sitkovetsky Trio.
The Young Musicians Competition is a particular highlight of the annual programme, and brings together exceptional junior musicians from all over the South West to compete for winning places. This year it again took place in April at Taunton School, by kind permission of the Headmaster and Director of Music. The five winners performed in a concert in Bampton as part of the Festival’s Exmoor Weekend.
The Trustees would like to record their appreciation of the work of Artistic Director Tamsin Waley-Cohen, and of General Manager Nicola Semple and her excellent team who run the festival with great efficiency and enthusiasm. The festival runs across a wide and diverse geographic area and the organisation involved is never straightforward. The Trustees would also like to the thank the dedicated team of volunteers who help during the festival.
The charity ran a number of fundraising and networking events during the year, including a reception at Bridwell Park, and a dinner attended by our Royal Patron, HRH The Duchess of Edinburgh.
The Trustees are also deeply grateful to the Friends, Associates, Benefactors and Patrons of the Festival, and the other major donors and grant giving foundations, without whom it could not continue to produce such wonderful music in this beautiful part of the country.
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
We are particularly grateful to the Exeter and District Classic Music Trust for their grant of £12,000 and their loyal and continuing support for the festival. We are also very grateful for the generous support from the following trusts and foundations
Boris Karloff Foundation De Laszlo Foundation David Family Foundation D’Oyly Carte Charitable Trust Fidelio Charitable Trust The Fitton Trust The Golsoncott Foundation The Grocers Company Hinrichsen Foundation John S Cohen Foundation Maria Bjornson Memorial Fund Queen Anne’s Gate Foundation Reed Foundation Richard Devitt Fund Scops Arts Trust Tedworth Charitable Trust (for the Young Musicians Competition) Two anonymous foundations
Financial review
The charity made a deficit of £8,149 (2022 – deficit of £25,360). As a result the charity ended the year with unrestricted funds of £21,688 (2022 - £29,837) and no restricted funds.
The deficit was largely the result of increased costs in the year. Ticket sales were in line with the previous year, but did not achieve the increase hoped for. The Trustees believe that as well as careful control of costs, a more focused approach to marketing will help to widen the festival’s appeal and sell more tickets to our exceptional concerts. The Trustees recognise that the charity needs to make surpluses to ensure its future, and they and the management team have committed to a budget to deliver a surplus in 2024. As well as reducing costs and focused marketing, a targeted fundraising programme is being put in place.
The Friends Scheme has been revised, with increased subscription levels and a new level of Patron for major supporters. This is already producing some good results.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level of around £30,000. The Trustees consider this to be a prudent sum given the uncertainty of their income and the significant fixed costs associated with the preparation and production of the annual festival. It is the intention of the Trustees to return the reserves of the charity to this level or above as soon as possible.
The Trustees have the power to invest in such assets as they feel appropriate to the charity. At present any surplus monies are held on deposit at bank.
The Trustees have assessed the major risks to which the charity is exposed, both financial and operational, and are satisfied that systems and procedures are in place to mitigate exposure to these risks.
Structure, governance and management
The charity is a company limited by guarantee, incorporated on 28 June 2001 and registered as a charity on 30 January 2003. It is governed by a memorandum and articles of association dated 28 June 2001 as amended on 7 January 2002.
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr. A Welch (Chairman) Mr. C Beer Mr. N Allan Mrs. A Arnold Mr. R Fletcher Dr. C Taylor Mr. J Willan Mr J Hamilton Ms S Tooley
The Trustees are appointed by the Board of Trustees following recommendations from the Nominations Committee.
No trustees joined or resigned during the year.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Statement of Trustees' responsibilities
The Trustees, who are also the directors of Two Moors Festival Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that 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 Companies Act 2006. 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.
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees' report was approved by the Board of Trustees.
Mr. A Welch (Chairman) Trustee
Mr. C Beer Trustee
18 April 2024
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TWO MOORS FESTIVAL LIMITED
I report to the Trustees on my examination of the financial statements of Two Moors Festival Limited (the charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Elizabeth Smith ACA FCCA CTA
Lime Court Pathfields Business Park South Molton Devon EX36 3LH United Kingdom
Dated: 18 April 2024
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 2 90,826 10,500 Charitable activities 3 63,514 - Total income 154,340 10,500 Expenditure on: Charitable activities 4 162,489 10,500 Net expenditure for the year/ Net movement in funds (8,149) - Fund balances at 1 January 2023 29,837 - Fund balances at 31 December 2023 21,688 - |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 101,326 101,177 10,000 63,514 48,287 - 164,840 149,464 10,000 172,989 174,824 10,000 (8,149) (25,360) - 29,837 55,197 - 21,688 29,837 - |
Total 2022 £ 111,177 48,287 159,464 184,824 (25,360) 55,197 29,837 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Income funds Unrestricted funds |
2023 £ - 24,866 24,866 (3,178) |
£ 21,688 21,688 21,688 |
2022 £ 10,000 27,507 37,507 (7,670) |
£ 29,837 |
|---|---|---|---|---|
| 29,837 | ||||
| 29,837 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 18 April 2024
| Mr. A Welch (Chairman) | Mr. C Beer |
|---|---|
| Trustee | Trustee |
| Company registration number 04242801 |
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Two Moors Festival Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Lime Court, Pathfields Business Park, South Molton, Devon, EX36 3LH.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity is not registered for VAT and all expenditure includes this where appropriate.
All expenditure is accounted for on an accruals basis.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities, costs of an indirect nature necessary to support them and costs associated with meeting the constitutional and statutory requirements of the charity.
1.6 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2 Donations and legacies
| Unrestricted Restricted funds funds 2023 2023 £ £ Donations and gifts 90,826 5,000 Grants - 5,500 90,826 10,500 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 95,826 101,177 - 5,500 - 10,000 101,326 101,177 10,000 |
Total 2022 £ 101,177 10,000 |
|---|---|---|
| 111,177 |
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3 Charitable activities
| Concerts & | Auditions & | Total | Concerts & | Auditions & | Total | |
|---|---|---|---|---|---|---|
| Events | YMS income | 2023 | Events | YMS income | 2022 | |
| 2023 | 2023 | 2022 | 2022 | |||
| £ | £ | £ | £ | £ | £ | |
| Sales within charitable | ||||||
| activities | 62,059 | 1,455 | 63,514 | 47,292 | 995 | 48,287 |
4 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Subcontracted Manager/Director fees | 38,267 | 39,281 |
| Artist Fees | 40,732 | 38,148 |
| Production Costs | 33,946 | 28,911 |
| Fundraising and events costs | 24,767 | 14,610 |
| Advertising and marketing | 17,292 | 35,742 |
| Young musicians | 6,905 | 7,189 |
| Insurance | 1,472 | 1,355 |
| Telephone, post and stationery | 3,732 | 3,726 |
| Outreach costs | 2,686 | 12,675 |
| Credit and bank charges | 519 | 516 |
| Software | 360 | 331 |
| Independent Exam | 1,336 | 500 |
| Other charitable expenditure | 975 | 1,840 |
| 172,989 | 184,824 | |
| 172,989 | 184,824 | |
| Analysis by fund | ||
| Unrestricted funds | 162,489 | 174,824 |
| Restricted funds | 10,500 | 10,000 |
| 172,989 | 184,824 |
5 Trustees
During the year Sarah Fletcher, the wife of Chairman Richard Fletcher, was paid £3,107 for her services as manager of the Young Musician Competition. None of the other Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
6 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
7 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2023 £ - 2023 £ - 3,178 3,178 |
2022 £ 10,000 |
| 2022 £ 5,000 2,670 |
||
| 7,670 |
8 Creditors: amounts falling due within one year
9 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | in funds | Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|---|---|
| Incoming | Resources | Balance at | Incoming | Resources | Balance at | ||
| resources | expended | 1 | January 2023 | resources | expended | 31 December | |
| 2023 | |||||||
| £ | £ | £ | £ | £ | £ | ||
| Outreach | 10,000 | (10,000) | - | 2,500 | (2,500) | - | |
| YMC | - | - | - | 8,000 | (8,000) | - | |
| 10,000 | (10,000) | - | 10,500 | (10,500) | - |
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TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
10 Related party transactions
Transactions with related parties
During the year the charity had no Related Party transactions other than that set out in note 5.
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