LEAMINGTON MUSIC REGISTERED CHARITY NUMBER: 1117723 TRUSTEES, ANNUAL REPORT AND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024
LEAMINGTON MUSIC Registered number: 1117723 TRUSTEES, ANNUAL REPORT AND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Contents Reference and Administrative Details Trustees, Annual Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet 10 Notes to the Financial Statements 11
LEAMINGTON MUSIC Registered number: 1117723 Reference and Administrative Details Registration Leamington Music is a charity registered with the Charity Commission in England and Wales. registered number 1117723. Its principal address (and address for correspondence) is Leamington Town Hall, The Parade. Leamington Spa CV32 4AT. Trustees Overall rnanagernent of Leamington Music is by a committee of charity trustees. Details of the managing committee of trustees who served during the year ended 31 July 2024 and serving as at the date of the tru5tees' report are set out below: Peter Glanfield MaryAdams Paul Thomas Jane Williams Simon Hogg Howard Skempton Christopher Thomas Chairman Treasurer Secretary Friends, Organiser and Artist in Residence Resigned 28 February 2024 Artistic Director Helen Beecroft Independent Examiner C Christou FCCA MAE Leofric House Binley Road Coventry CV3 IJN Bankers HSBC Bank plc 126 The Parade Leamington Spa CV32 4A1 Lloyds Bank plc 73 The Parade Leamington Spa CV32 4BB Page 3 of 16
LEAMINGTON MUSIC Registered number: 1117723 Trustees, Annual Report The trustees of Leamington Music present their Annual Report and Financial Statements for the year ended 31 July 2024. The reference and administrative details disclosed at page 3 form part of this Annual Report. Structure. Governance and Management The charity is an unincorporated association governed by a constitution adopted on 26 July 2006. Leamington Music is managed by a committee of trustees, who are all unpaid volunteers and receive no private benefits from Leamington Music. Trustees are selected on the basis of their experience and suitability by the committee and their appointment confirmed by election at the Annual General Meeting of the association thereafter. Objectives and Activities The objectives of the charity. as set out in its governing document. are: l. To advance, improve, develop and maintain public education in, and appreciation of, the art and science of music in all its aspects by any means the trustees see fit, including through the presentation of public concerts and recitals; and 2. To further such charitable purpose or purposes as the trustees in their absolute discretion shall think fit but in particular through the making of grants and donations. The main activities of Leamington Music in relation to these objectives are: l. Organising a variety of concerts, providing a high standard of international music, at a variety of venues in the Leamington and Warwick area. 2. Providing educational music workshops, master classes and special concerts for young people. 3. Supporting musicians through fundin& grants and prizes. Public Benefit The trustees have considered the Charity Commission's guidance on public benefit, and work to maintain the accessibility of the programme of concerts and educational workshops to the widest possible audience. Ticket prices and workshop fees are subsidised, mainly through donations and sponsorship, with some additional funding provided by local Town and District Councils. A range of concessions are available: students are offered standby tickets at £1 accompanied schoolchildren pay £1 per ticket and special discounted ticket prices are offered for family concerts. I Increasing to £3 for the winter season 2024-25. with new discounts for under-35s Page 4 of 16
LEAMINGTON MUSIC Registered number: 1117723 Volunteers In addition to the trustees, nearly 60 unpaid volunteers contribute to the organisation and running of Leamington Music and the programmes of events in many ways, including, inter alia: assisting with publicity; Stewarding at concerts; accommodating visiting musicians. organising and facilitating the educational workshop programme. In addition, a significant proportion of funding is raised by the Friends of Leamington Music, which is also organised and run by volunteers: in 2024. the Friends. funding, including Gift Aid, amounted to £10,000 (2023: £9,750). The trustees of Leamington Music are most grateful to all the volunteers for their ongoing dedication, enthusiasm and loyalty. Achievements and Performance During the year ended 31 July 2024, Leamington Music staged 28 concerts featuring professional musicians from the UK, Europe and beyond {2023: 35 concerts): 6 International String Quartet concerts at the Royal Pump Rooms. Leamington Spa 6 Early Music concerts at St Mar¢s Church, Warwick 5 further concerts, including: a family concert, a brass concert, and a hugely enjoyable trip to South America with El Ultimo Tango. 11 concerts and 2 talks in the 2024 Festival, celebrating the music of composers born in the Czech lands. Average attendance per concert increased 16% compared to 2023 with 4,100 tickets sold across the 28 concerts. This, finally. represents a return to audience levels seen pre-covid. a feat which is all the more pleasing given the cost-of-living crisis. Festival audiences were particularly healthy. attracted by Richard Phillips. enticing programming and boosted by many Czech guests and members of the Dvorak Society, celebrating its 50 anniversary over the Festival weekend. The Festival had a particular poignancy as it also marked Richard's retirement as Festival Director. That so many of the artists were friends returning to Leamington to honour the occasion is testament to the strength of the connections built by Richard over the decades, and the esteem in which he is held. The exhibition of paintings with a 'Czech Connection, by Jane Williams, Artist in Residence, added a further dimension to the success of the Festival. In the 20234 season, our concert artists also delivered a programme of 20 workshops and masterclasses in our education programme for children attending Warwickshire schools. We are most grateful to our guest artists for their continuing cornmitment to- and enthusiasm for our education programme, which is made possible by generous private and other funding, including a grant from Warwickshire Music (Warwickshire County Council's music education hub) and an Ignite grant from Warwick District Council. The charity awards an annual prize to students at the Royal Birmingham Conservatoire. 2023's winners, Junction T Trio, a multinational ensemble of piano, flute and cello, performed a delightful concert of European rnu5ic in November 2023. The 2024 contest took place in March and the winners were the Risonanza Piano Trio. Page 5 of 16
LEAMINGTON MUSIC Registered number: 1117723 In organising these activities. Leamington Music works closely with a number of local and national arts organisations. including: Chamber Music Plus. Making Music; Music in the Round: the Royal Birmingham Conservatoire. Warwick District Music Promoters, Forum and Warwickshire Music. Full details of our current concert and education programs can be found on our website www.leamingtonmusic.org. Financial Review Reserves Policy The trustees have a responsibility to assess both the suitability and the financial viability of the concert and educational workshop programrnes planned for each season. This includes ensuring that sufficient reserves are available at the end of a financial year to cover the funding requirements for concerts and workshops scheduled through the first part of the following year. Atthe end of the 2022-23 financial year, unrestricted reserves were worryingly low at £31,400 and restricted reserves just £9,400, following a total deficit of nearly £50,000 for the financial year. As detailed in the previous Annual Report, in September 2023 the trustees carried out an urgent review of current financial practices, with the resulting recommendations effected immediately to ensure the future sustainability of Leamington Music. Key to this was Appeal 2023, launched in November 2023 to help bridge the gap over this challenging period, and again we have our loyal supporters to thank for the £17,000 received. Whilst some of the other decisions were certainly not easy, this swift action has left the charity on far firmerfinancial ground, with a total surplus of £25,200forthe year. unrestricted reserves of £57,100 and £8,900 of restricted resepies at 31 July 2024. After a very difficult year in 2022-23. income to our Education Fund thi5 year was a great deal more encouragin& with 18 schools contributing towards the costs of the workshops, and £10,000 of grants from the Local Education Authority. This last figure is thanks in no small part to the expertise and tenacity of our Education Co-ordinator. Helen Meeke. Appeal 2018 funds have now been exhausted but the Education Fund has a balance of £8,900 (2023: £9,400 total restricted). These funds are disclosed as part of restricted reserves in this Statement of Financial Activities. Risk Assessment. Risk Management and Going Concern The charity remains dependent upon income from individuals, companies, trusts and other grant-making bodies to fund its charitable activities (see Incoming Resources, below}. Whilst income from grants has reduced dramatically in recent years, the trustees have a reasonable expectation that other donated income will be forthcoming for the foreseeable future. All future concert and education programmes will be run to a strict budget, with financial viability ensured in advance and regular reviews of financial predictions. The accuracy of our Artistic Directorfs projections for the past year means that the trustees therefore believe that the charity is able to continue as a going concern. Page 6 of 16
LEAMINGTON MUSIC Registered number: 1117723 Incoming Resources Our concert programmes are financed by ticket an(9 programme sales, supplemented by additional fund-raising, in particular support from individual donors. Concert ticket and programme income of approaching £69,000 from 28 concerts (2023.. £74,000 from 35 concerts) covered 45% (2023: 41%) of Leamington Music's total expenditure for the year ended 31 July 2024. The other main sources of funds were: Individual donors, including Friends, plus Gift Aid £72,700 (2023: £50,0001 Local authority grants £14,500 (2023: £3,000) Donations from trusts. foundations. other grant-making bodies and sponsors £15,000 (2023: £4,000) We are most grateful to all those individuals. trusts, grant-making bodies and sponsors who have supported Leamington Music during the year under review. Without this support, our charitable work would, quite simply, be unviable. Expenditure Total expenditure for the year ended 31 July 2024 was £151,000, a year-on-year redurtion of £31,000. The difficult decision last year to reduce our management consulting overheads accounts for a third of this. Our Artistic Directorfs focus on minimising office costs and targeting our advertising resulted in a further £6,500 of savings relative to the year ended 31 July 2023. The remainder of the £31,000 saving was a direct result of holding fewer concerts than in the previous year. While management fees will remain much lower than in previous years, the trustees recognise that some paid help for the Artistic Director is essential, particularly on concert day5, and thus there is an allowance in the 2024-25 budget for this assistance. Investment Poliry The charity has no investments Other than funds held at banks as disclosed in the balance sheet. Declaration The trustees declare that they have approved the Trustees, Report above. Signed on behalf of the charivs trustees: ned: Signed: Peter Glanfield Chairman Mary Adams Treasurer Dated: Dated: 30 2CYUfr Page 7 of 16
LEAMINGTON MUSIC Registered number: 1117723 Independent Examinerfs Report TO THE TRUSTEES OF LEAMINGTON MUSIC I report to the trustees of Leamington Music (registered charity number 1117723) on my examination of the accounts of the above charity ('the trust,) for the year ended 31 July 2024, which are set out on pages 10 to 16. Responsibilities and basis of report As the charitvs trustees. you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the ACY). I report in respect of my examination of the trusvs accounts carried out under section 145 of the 2011 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 Examinerfs Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respert: the accounting records were not kept in accordance with section 130 of the Charities Act; or the accounts did not accord with the accounting records. or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008, 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. 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. Signed: Dated: 3 o.&kn z* C Christou FCCA MAE Independent Examiner Leigh Christou Limited Euston House 12 Euston Place Leamington Spa CV32 4BN Page 8 of 16
LEAMINGTON MUSIC Registered number: 1117723 Statement of Financial Activities FOR THE YEAR ENDED 31 July 2024 Unrestrfd Restricted Total Funds Funds This Year Total Last Year Note INCOMING RESOURCES Income from: Charitable activities Donations and legacies Investments Other 70,325 75,345 974 300 2,500 72,825 26,936 102.281 974 300 74,881 57,017 317 53 TOTAL 146,944 29,436 176.380 132.268 RESOURCES EXPENDED Expenditure on: Charitable activitie5 Raising funds Administrative costs 100,509 10,724 9.942 11.856 112,365 10,724 28,080 139,063 15,669 27,053 18,138 TOTAL 121.175 29,994 151,169 181,785 NEf (EXPENDITURE) /INCOME 25.769 (558) 25.211 {49,5171 TRANSFER BEfwEEN FUNDS FOR THE YEAR TOTAL FUNDS BROUGHT FORWARD 31,396 9,416 40.812 90,329 TOTAL FUNDS CARRIED FORWARD 57,165 8,858 66,023 40,812 Page 9 of 16
LEAMINGTON MUSIC Registered number: 1117723 Balance Sheet AS AT 31 July 2024 Unrestrfd Restricted Total Funds Funds This Year Total Last Year Note FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash at bank and in hand 11 12 8,627 60,297 150 8,708 8,777 69.005 15,637 37.796 TOTAL CURRENT ASSErs 68,924 8,858 77.782 53,433 CREDITORS Amount5 falling due within one year 13 (11.759} (11,759) (12,621) NET CURRENT ASSETS 57.165 8,858 66.023 40.812 TOTAL NET Assrrs 57,165 8,858 66.023 40,812 FUNDS OF THE CHARITY Unrestricted funds 57,165 57.165 31,396 Restricted funds 16 8,858 9.416 TOTAL FUNDS 57.165 8.858 66,023 40,812 Approved by the trustees on 30 OCF 102* and signed on their behalf by: Peter Glanfield Chairman Mary Adams Treasurer Page 10 of 16
LEAMINGTON MUSIC Registered number: 1117723 Notes to the Financial Statements FOR THE YEAR ENDED 31 July 2024 Note l. Basls of Preparation Basis of Accounting The Financial Statements have been prepared underthe historical cost convention wtth items recognised at cost or transaction value unless otherwise stated in the relevant Notes to the Financial Statements; and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021. and with the Charities Act 2011. The charityconstitutes a public benefit entity as defined by FRS 102. The Financial Statements present a true and fairview and the accounting policies adopted are outlined in Note 2 below. Going Concern The trustees believe that any uncertainties related to current events or conditions do not cast significant doubt on the chariWs ability to continue as a going concern. Note 2. Accounting Policies Reconciliation with Previous Generally Accepted Accounting Practice (GAAP) No adjustrnents to fund balances as previously stated are required to disclose funds as determined under Charities SORP (FRS 102). Income Incoming resources are included in the Statement of Financial Activities (SoFA} when the charity becomes entitled to the resources; it is more likely than not that the trustees will receive the resources. and the monetary value can be measured with sufficient reliability. There has been no offsetting of assets and liabilities or income and expenses. Grants and donations are only included in the SOFA when the general income recognition criteria are met. The charity has received local authority grants in the reporting period. Gift Aid receivable is included in income when there is a valid declaration from the donor; any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund. Donated goods are not material and are ascribed zero value. The value of any voluntary help received is not included in the accounts but is described in the Trustees, Annual Report. Membership subscription5 received in the nature of a gift are recognised in Donations and Legacies. Page 11 of 16
LEAMINGTON MUSIC Registered number: 1117723 Expenditure and Liabilities Liabilities are recognised when it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Creditors are measured at settlement amounts. Deferred income relates to donations, sponsorship and ticket income received in advance of the events to which they relate. Liabilities are measured on recognition at historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. Assets Tangible fixed assets are capitalised and depreciated if they can be used for more than one year and the cost exceeds £500. Assets are valued at cost; depreciation methods and rates are disclosed in note 9. Debtors are measured on initial recognition at settlement amounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. Note 3. Analysis of Income Unrestrfd Funds Restricted Funds Total This Year Total Last Year Charitable activitles: Ticket sales Programme sales Bar sales Education workshops Advertising income Other sales income 65,481 3,199 949 65.481 3.199 949 2.500 350 346 72.825 70,797 3,088 2,500 350 346 70,325 400 596 74,881 2,500 UnrestRd Funds Restricted Funds Total This Year Total Last Year Donations and legacies: Individual donors, inc. Gift Aid Legacies Local authority grants Trusts and other bodies Sponsorship 56,047 16,678 72.725 49,920 4,500 12,200 2,598 75,34S 10,000 258 14.500 12.458 2.598 102.281 2,992 820 3,285 57,017 26,936 Page 12 of 16
LEAMINGTON MUSIC Registered number: 1117723 In addition, there was £974 of bank interest received (2023: £317) and other income of £300 frorn the sale of donated goods and provision of services (2023: £53), both in the unrestricted funds. Note 4. Analysis of Expenditure Unrestrfd Funds Restricted Funds Total This Year Total Last Year Charitable activities: Artist fees and expenses Venue hire and other event costs Bar costs Box office charges Concert management & admin fees Education workshop fees and exp's Other education costs Leamington Music Prize Other costs 67,902 18,817 566 5,330 7,750 67,902 18,817 566 5,330 7,750 7.585 77,728 21,365 6,519 21,700 9,776 640 1,200 135 139,063 7,585 3.044 1.227 1.227 144 112,365 144 100.509 11.856 Unrestrfd Funds Restrirted Funds Total This Year Total Last Year Raising funds: Advertising and marketing Printing. stationery & postage Friends, expenditure Entertainment- sponsors Bank fees 6.678 3,367 288 275 116 10,724 6,678 3.367 10,251 4,675 247 371 125 15,669 275 116 10.724 Unrestrfd Funds Restricted Funds Total This Year Total Last Year Administrative costs: Management fees Office costs General expenses 1,112 5.993 2.837 9.942 18,138 19.250 5.993 2,837 28,080 16,750 9,411 892 27,053 18,138 Note 5. Support Costs Not applicable (2023: not applicable). Page 13 of 16
LEAMINGTON MUSIC Registered number: 1117723 Note 6. Trustee Expenses and Professlonal Fees No payments of trustee expenses or professional fees were made in the year {2023: none). Expenses incurred on behalf of the charity reimbursed to trustees during the year amounted to £1,124; £337 to Simon Hogg and £787 to Jane Williams {2023: £293: £163 reimbursed to Simon Hogg and £130 to Jane Williams). Note 7. Paid Employees and Pension Scheme Leamington Music has no paid employees and no pension scheme (2023: none). Note 8. Grant-making Grants made as part of charitable activities: no grants were made to any institutions {2023: none); grants to individuals: Leamington Music Prize (for the support of young musicians) £1,200 awarded to the Risonanza Piano Trio (2023: £1,200 awarded to Junction T Trio). Note 9. tangible Assets During the year ended 31 July 2018, two new desk-top computers were purchased for use by the Charity. These computers are now fully depreciated. Office equipment Totals Two desk-top computers, purchased February 2018 Cost At l August 2023 Additions At 31 July 2024 1.637 1,637 1.637 1,637 Depreciation At l August 2023 Charge for year At 31 July 2024 1.637 1,637 1,637 1,637 Net Book Value At 31 July 2023 At 31 July 2024 Note 10. Other Assets Leamington Music has no: intangible assets. heritage assets: investment assets {other than bank deposits) or stocks {2023: none). Page 14 of 16
LEAMINGTON MUSIC Registered number: 1117723 Note 11. Debtors This year Last year All amounts fall due within one year: Gift Aid claim Trade debtors Prepayments and accrued income 4,454 150 4,173 8,777 8,564 500 6,573 15,637 Note 12. Cash at Bank and in Hand This year Last year Total cash at bank and in hand 69,OOS 37,796 Note 13. Creditors and Accruals This year Last year All amounts fall due within one year: Trade creditors Accruals and deferred income 567 11,192 11,759 1,476 11.146 12,621 Note 14. Leasing Agreements In August 2022, the charity entered into a three-year leasing agreement with Warwick District Council for an office in Leamington Town Hall. Minimum lease payments under non-cancellable operating leases fall due as follows: This year Last year Within one year Between one and five years In more than five years 2,200 2,200 2,200 2,200 4,400 In February 2024, the charity also entered a three-year leasing agreement with CF Corporate Finance for multifunctional office printer. Minimum lease payments under non-cancellable operating leases fall due as follows: This year Last year Within one year Between one and five years In more than five years 1,775 2,219 3.994 Page 15 of 16
LEAMINGTON MUSIC Registered number: 1117723 Note 15. Events after the end of the Reportlng Period No events have occurred after the end of the reporting period, but before the Financial Statements are authorised, which relate to conditions that arose after the end of the reporting period, and which would require adjustment to the Financial Statements. Note 16. Restrirted Funds Balance l August 2023 Income Expenditure Transfer Balance 31 July 2024 Education Appeal 2018 6,278 3,138 9.416 14,436 15.000 29,436 (11,856) (18,138) 129.994) 8,858 8.858 The Education Fund exists to support the work necessary to provide the educational music workshops, master classes and special concerts for young people within the charity's Education and Community Programme. It also funds our annual prize to students from the Royal Birmingham Conservatoire {in previous years this was paid from unrestricted funds). Appeal 2018 was set up to fund the transition period as we moved from a Festival Director (Richard Phillips MBE) to an Artistic Director (Helen Beecroft). The transition is now complete and the fund has been exhausted. Leamington Music has no permanent endowment. expendable endowment or restricted income funds (2023: none). Note 17. Transactions with Related Parties During the year ended 31 July 2024 the charity received from its trustees donations of £3,365 plus Gift Aid of £841 (2023: £2,864 plus Gift Aid of £716). In addition to these donations, the charity received commission of £504 from Jane Williams, trustee and Artist in Residence, following the sale of her paintings at Leamington Music Festival events, with a total sales value of £2,520 {2023: £140). Page 16 of 16