Charity registration number 1095723 Company registration number 04242801 (England and Wales) THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION Royal Patron HRH The Duchess of Edinburgh GCVO Trustees Mr. A Welch {Chairman) Mr C Beer (VI Chairman and Treasurer) Mr. NAlan Mr. R Fletcher Dr. C Taylor Mr. J Wllan Mr J Hamilton Ms S Tooley Dr C Richards (Appointed 20 January 2025} (Appointed 20 January 2025) (Appointed 20 January 2025) Mrs C Llewellyn Mrs M Shaw Artistic Director Tamsin INaley-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 Matthew Webb FCA Azets Audit SeNices UnitA, Woodlands Court Truro Business Park Truro Comwall United Kingdom TR4 9NH Bankers Barclays Bank PIC 38 Boutport Street Bamstaple Devon United Kingdom EX31 1RX
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 8-13
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and financial statements for the year ended 31 Dember 2024. 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)" (effective 1 January 2019). Objectives and activities The charity's objectives are to advan 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 fests'val in October 2024. The theme of the festival was The Music of Time. The Exmoor Weekend ran from 3-6 October 2024, and included fine performances by the Carducci Quartet, the harpsichordist Mahan Esfahani and Connaught Brass. The opening cOnrt was a song recital in Lynton by Roderick Williams and Christopher Glynn, which included Vaughan Williams's Songs of Travel and a world premiere of a song cycle by Freya Wdley-cohen, specially Commissioned for the festival. Another highlight was the 'Encounters with Gershwin. concert in South Molton given by Lizzie Ball and James Pearson. The Dartmoor weekend ran from 10-13 October 2024 and included a sell out concert of renaissance choral music by Stile Antico in Okehampton, a performance by the recorder ensemble Palisander, a recital by our Artistic Director Tamsin-waley-cohen, and recitals by pianist George Xiaoyuan Fu. The Festival Finale was a performance in Exeter Castle of "Equinox" a work taking the audience through a 24 hour cyde of words, music and pictures, composed and perfomied by violinist Henning Kraggerud. 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 four winners perfomied in a concert in Chagford as part of the Festival's Dartmoor 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 wth 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 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.
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 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. Vve are also very grateful for the generous support from the following trusts and foundations Boris Karloff Foundation De Laszlo Foundation David Family Foundation Fidelio Charitable Trust The Marchus Trust The Golsoncott Foundation Hinrichsen Foundation John S Cohen Foundation Maria Bjornson Memorial Fund Queen Anne's Gate Foundation Reed Foundation The Cave Trust Okehampton United Charities The Foyle Foundation The Vaughan Wlliams Foundation The Francis Routh Trust Tedworth Charitable Twst (for the Young Musicians Competition) And several other foundations Financial review The Trustees are pleased to report that the charity made a surplus of £26.581 in the year (2023 - deficit of £8.149). As a result the charity ended the year with unrestricted funds of £40,196 (2023 - £21,688) and restricted funds of £8,073 (2023- £nil). The restricted funds relate to funds raised for the Young Musicians Competition in 2025. While box office receipts were broadly in line with 2023, the number of tickets sold was significantly higher as the festival did not have any high cost catered events in the year. The Trustees were particularly pleased to note that there was a large number of new audience members this year, which suggests that the new approach to marketing the festival is paying dividends. Costs We also carefully controlled and the fundraising programme was successful in raising additional funding for the festival. The revised Friends Scheme has been sucSsful in attracting some larger donors, and the focus going fOard will be on expanding the numbers of Friends at the entry levels. 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 at least £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 gradually increase the level sufficient to fund the festival in a year where other factors make fundraising more challenging. 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 and 4 December 2017.
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 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. Awelch (Chairman) Mr C Beer (Vice Chaimian and Treasurer) Mr. N Allan Mr. R Fletcher Dr. C Taylor Mr. J Willan Mr J Hamilton Ms S Tooley Mrs. AArnold Dr C Richards Mrs C Llewellyn Mrs M Shaw Mr M Randall (Resigned 20 January 2025) (Appointed 20 January 2025) (Appointed 20 January 2025) (Appointed 20 January 2025) (Appointed 20 January 2025 and resigned 28 April 2025) The Trustees are appointed by tt)e Board of Trustees following recommendations from the Nominations Committee. None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a viinding up. Statement of Trustees, responsibilities The Trustees, who are also the directors of The 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 'ngdoM 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.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going cOnM 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.
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, report was approved by the Board of Trustees. Ckakles Eeek .Ano*e¥Y.1WÉh.,mè1}.3b: 2025 09..29 GMT+i Mr. A Welch {Chairman) Trustee .CJisV.Le&ao£r,'JAo¥23..2025 15".03 GMT+]! Mr C Beer (Vice Chairman and Treasurer) Trustee 2510512025
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TWO MOORS FESTIVAL LIMITED I report to the Trustees on my examination of the finanaal statements of The Two Moors Festival Limited {the charity} for the year ended 31 December 2024. 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 accordan 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 examinerfs statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statements do not acrd th those records" or the financial statements do not comply with the accounling requirements of section 396 of the 2006 Acl 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 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. Ma**hGw webb Maltheiv Wdebb IJLllI 9, 2025 10:17 GMT+ll Matthew Webb FCA Azets Audit Services UnitA, Woodlands Court Truro Business Park Truro Cornwall TR4 9NH United Kingdom Dated: 0910612025
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities 107,518 52,524 22,000 129,518 52,524 90,826 63,514 10,500 101,326 63,514 Total income 160,042 22,000 182,042 154,340 10,500 164,840 Ex enditure on: Charitable activities 141,534 13.927 155.461 162,489 10,500 172,989 Net incomel(expenditure) for the yearl Net movement in funds 18,508 8,073 26,581 (8,149) (8,149) Fund balances at 1 January 2024 21.688 21.688 29,837 29.837 Fund balances at 31 December 2024 40,196 8,073 48,269 21,688 21,688 The statement of financial activities indudes 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.
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Current assets Cash at bank and in hand 53,034 24,866 Creditors: amounts falling due within one year (4,765) (3,178) Net current assets 48.269 21,688 Income funds Restricted funds Unrestricted funds 8,073 40,196 21,688 48,269 21,688 The company is entided to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilities for complying with the qUIrementS of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtsin 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. 2510512025 The financial statements were approved by the Trustees on ......................... AnttrvNIVelrh-IN1xg25,-2025 09..29 GMT+ll Mr. A Welch (Chairman) Trustee C-¥1544éer-, May-2.3,-2025 li."03 GIIT-II Mr C Beer (Vice Chairman and Treasurer) Trustee Company registration number 04242801
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information The 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 chanties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 20191. 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 concem 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 adopi the going concem basis of accounting in preparing the financial statements. There are no material uncertainties which may create significant doubt over the charity's ability to continue as a going concern. 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. 1.4 Incoming resources Income is recognised when the charity is legally entitled to it after any perfomiance 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.
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Continued) 1.5 Resources expended Expenditure is recognised as soon as there is a legal or constwctive 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 indudes 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 balan sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset. wth the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settie the liability simultaneously. Basic financial assets Basic financial assets. which indude debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable wthin one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank. Financial liabilities dassified 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 dassified 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.
LUQIU
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities Concerts & Auditions & Events YMS in¢ome Total 2024 Concerts & Auditions & Events YMS income Totsl 2023 2024 2024 2023 2023 Sales within charitable activities 51.534 990 52.524 62,059 1,455 63.514 Charitable activities Charitable Charitable Expenditure Expenditure 2024 2023 Subcontracted ManagerlDirector fees Artist Fees Production Costs Fundraising and events costs Advertising and marketing Young musicians New commissions Insurance Telephone, post and stationery Outreach costs Credit and bank charges Software Independent Exam Other charitable expenditure 37,980 27,374 28,525 16,411 19,534 9,927 6,594 1,299 3,266 38,267 40,732 33,946 24,767 17,292 6,905 1,472 3,732 2,686 519 360 1.336 975 520 365 2,616 1,050 155,461 172,989 155,461 172,989 Analysis by fund Unrestricted funds Restricted funds 141,534 13,927 162,489 10,500 155,461 172,989 Trustees During the year Sarah Fletcher, the wife of Richard Fletcher (Trustee), was paid £1,67712023.' £3,017) for her services as manager of the Young Musician Competition. None of the other Trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. 11
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees The charity does not have any direct employees. All sep11S are provided by contractors who invoice the charity for the work done. Taxation The charity is exempt from tax on income and gains falling within section 505 of the TaxesAct 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 4,765 3,178 Restricted funds The income funds of the charity indude restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement in funds Incoming Resources Balance at resources expended1 January 2024 Movement in funds Incoming Resources Balance at resources expended 31 December 2024 Outreach YMC Commissions 2.500 8,000 (2,500) (8,000) 18,000 4.000 (9,927) (4,000) 8.073 10,500 (10,500) 22,000 (13,927) 8.073 10 Analysis of net assets between funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Fund balances at 31 December 2024 are represented by.. Current assetsl{liabilities) 40,196 8,073 48,269 21,688 21,688 40.196 8,073 48,269 21,688 21,688 12-
THE TWO MOORS FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Related party transactions Transactions with related parties During the year the charity had no Related Paty transactions other than that set out in note 5. 13-