2020-12-31-accounts - Chromatica Orchestra

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Charity Registration No. 01109758

Company Registration No. 05294373 (England and Wales)

BATH FESTIVAL ORCHESTRA

(FORMERLY MANNING CAMERATA)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr W B Keeling
	Mr T C Lewington
	Mr I J Stockley
Charity number	01109758
Company number	05294373
Principal address	52 Stockwell Park Road
	London
	SW9 0DA
Registered office	52 Stockwell Park Road
	London
	SW9 0DA
Independent examiner	Robert Barry Perez
	Siver Levene (UK) Limited
	Chartered Certified Accountants
	37 Warren Street
	London
	W1T 6AD

(Appointed 4 February 2020) (Appointed 4 February 2020) (Appointed 4 February 2020)

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) CONTENTS

	Page
Trustees' report	1 - 2
Independent examiner's report	3
Statement of financial activities	4
Balance sheet	5
Notes to the financial statements	6 - 10

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

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 trust'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 objectives are to advance and promote the education of the public in the knowledge, understanding and appreciation of music. The policies adopted are in furtherance of these objects and there has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

The main activity of the Trust in the year, having previously been dormant, was to launch the Bath Festival Orchestra toward the end of the year and to take the first steps in following the charity’s objectives.

Achievements and performance

The charity throughout this period did not manage to secure any funding.

Financial review

Bath Festival Orchestra made a surplus of £ 5,747 during the year (201 9 surplus £ Nil ).

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The trust is a registered charity and a company limited by guarantee. The liability of its members in the event of an insolvent liquidation is limited to a contribution of £1. Management is by the Board of Trustees elected at the Annual General Meeting or co-opted between meetings. One third of the Trustees resign at each Annual General Meeting but are eligible for re election.

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 W S Bungay	(Resigned 4 February 2020)
Mr R Turner	(Resigned 4 February 2020)
Mr J Haggo	(Resigned 4 February 2020)
Mr D A Testa	(Resigned 4 February 2020)
Mr P Manning	(Resigned 4 February 2020)
Mr W B Keeling	(Appointed 4 February 2020)
Mr T C Lewington	(Appointed 4 February 2020)
Mr I J Stockley	(Appointed 4 February 2020)

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.

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Future plan

The trustees anticipate building on the launch of the Orchestra and holding additional functions in the future.

The trustees' r eport was approved by the Board of Trustees.

Mr T C Lewington

Trustee Dated: 29 October 2021

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF BATH FESTIVAL ORCHESTRA

I report to the trustees on my examination of the financial statements of Bath Festival Orchestra (the trust) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the trust (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 trust 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 trust’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:

1 accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or
2 the financial statements do not accord with those records; or
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
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.

Robert Barry Perez Siver Levene (UK) Limited Chartered Certified Accountants 37 Warren Street London W1T 6AD

Dated: 29 October 2021

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

		Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
		funds	funds		funds	funds
		2020	2020	2020	2019	2019	2019
	Notes	£	£	£	£	£	£
Income from:
Donations and legacies	3	54,003	-	54,003	-	-	-
Charitable activities	4	710	-	710	-	-	-
Total income		54,713	-	54,713	-	-	-
Expenditure on:
Charitable activities	5	30,012	-	30,012	-	-	-
Net incoming
resources before
transfers		24,701	-	24,701	-	-	-
Transfers between
funds		(3,089)	3,089	-	-	-	-
Net movement in funds		21,612	3,089	24,701	-	-	-
Fund balances at 1
January 2020		(15,865)	(3,089)	(18,954)	(15,865)	(3,089)	(18,954)
Fund balances at 31
December 2020		5,747	-	5,747	(15,865)	(3,089)	(18,954)

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.

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets/(liabilities) Capital funds Endowment funds - general Income funds Unrestricted funds	2020 £ 11,973 (6,226)	2019 £ £ £ 856 (19,810) 5,747 (18,954) - (3,089) 5,747 (15,865) 5,747 (18,954)

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 2020.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 29 October 2021

Mr T C Lewington Trustee

Company Registration No. 05294373

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Bath Festival Orchestra is a private company limited by guarantee incorporated in England and Wales. The registered office is 52 Stockwell Park Road, London, SW9 0DA.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust'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)". The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the trust. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

The validity of this assumption depends on the company being able to trade profitably in the future, notwithstanding any effect on the company from the COVID-19 pandemic, and the continued support of the company's trustees. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The trustees have expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

1.4 Incoming resources

Income is recognised when the trust 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 trust 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.

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the trust 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.

1.5 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

3 Donations and legacies Unrestricted funds 2020 £ Donations and gifts 54,003 4 Charitable activities 2020 £ Performance income 710 5 Charitable activities Charitable e xpenditure 2020 £ Performance cost 14,741 Share of support costs (see note 6) 13,831 Share of governance costs (see note 6) 1,440 30,012	Total 2019 £ - 2019 £ - 2019 £ - - - -

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

6 Support costs

Support costs Governance costs 2020 £ £ £ Sundry expenses 12 - 12 Advertising & marketing 3,720 - 3,720 Consultancy fee 9,615 - 9,615 Legal fee 3,720 - 3,720 Website cost 16,574 - 16,574 Write back of cost in previous years (19,810) - (19,810) Accountancy fee - 1,440 1,440 13,831 1,440 15,271 Analysed between Charitable activities 13,831 1,440 15,271	2019 £ - - - - - - - - -

Governance costs includes payments to the independent examiner of £ 1,440, including VAT, (2019- £ Nil) for independent examination .

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year.

8 Employees

The average monthly number of employees during the year was:

		2020	2019
		Number	Number
	Total	-	-
9	Creditors: amounts falling due within one year
		2020	2019
		£	£
	Trade creditors	4,786	-
	Accruals and deferred income	1,440	19,810
		6,226	19,810

BATH FESTIVAL ORCHESTRA (FORMERLY MANNING CAMERATA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

10 Analysis of net assets between funds Unrestricted funds Endowment funds 2020 2020 £ £ Fund balances at 31 December 2020 are represented by: Current assets/ (liabilities) 5,747 - 5,747 -	TotalUnrestricted funds Endowment funds Total 2020 2019 2019 2019 £ £ £ £ 5,747 (15,865) (3,089) (18,954) 5,747 (15,865) (3,089) (18,954)

10 -