**Charity Registration No. 1122465** **Company Registration No. 06292079 (England and Wales)** ## **THE SACCONI TRUST** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 JUNE 2021** ## **THE SACCONI TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Prof. G Hancox| |---|---| ||D Evans| ||T King-Farlow| ||J Pearson| |**Secretary**|R Hancox| |**Charity number**|1122465| |**Company number**|06292079| |**Registered office**|16 Kingsnorth Gardens| ||Folkstone| ||Kent| ||CT20 2QW| |**Independent examiner**|SBM Associates Limited| ||24 Wandsworth Road| ||London| ||SW8 2JW| ## **THE SACCONI TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees report|1 - 3| |Statement of trustees responsibilities|4| |Independent examiner's report|5| |Statement of financial activities|6| |Statement of financial position|7| |Notes to the financial statements|8 - 12| ## **THE SACCONI TRUST** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 JUNE 2021**_ The trustees present their report and audited financial statements for the year ended 30 June 2021. 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 Memorandum and Articles , 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 objects of the charity are to promote the appreciation and knowledge of music and make other art forms more accessible to the public. The strategies employed to achieve the charitys objectives have included: The organisation and implementation of a festival of music in Folkestone . The organisation and implementation of an outreach programme of activities with children at a variety of schools and in and around Folkestone related to works and material presented in the Festival . ## _**Volunteers**_ We are grateful for the continued support of o u r volunteers , who are essential to the running of the Festival and represent a wide range of people with an interest in chamber music, from local residents and students to retired people . - 1 - ## **THE SACCONI TRUST** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_ ## **Achievements and performance** The Sacconi Trust's primary objectives are to support the Sacconi Quartet's educational work in schools in and around Folkestone, and to organise and oversee the annual Sacconi Chamber Music Festival. The original choice of Folkestone as the home of the Festival clearly reflects the objectives of the Trust. A former thriving, mixed economy seaside resort has experienced many periods of depression as changes in the fortune of the nation have left their marks on such communities. The vision of The Roger De Haan Charitable Trust and the activities of Creative Folkestone have positioned the arts, in the widest interpretation of the word, as being central to the regeneration of the town and its communities. Thus the annual Sacconi Festival has an important role in realising the philosophy and practice of regeneration, building new audiences, engaging with young people, and offering world class performances through affordable ticket prices. The exceptional standard of music-making by the Sacconi Quartet and their special guest artists consistently draws audiences from all over the country. During 2020-21 with Covid-19 continuing to cause havoc, it was touch and go as to whether the Festival would take place in May 2021. However, after an audience poll showing great enthusiasm for a sociallydistanced series of events was held, it was decided to proceed with all necessary precautions. Four concerts were held over the weekend with an audience limited to 75 per concert, about a third of the normal capacity. Each concert was live-streamed for those not able to make it in person. The weekend was a great success with the box office achieving 90% of possible revenue. Feedback from audience members was grateful and touching with many having made this their first foray back into social events since lockdown. The Trust keeps a small but steady reserve at the end of each financial year and despite the smaller box office due to a reduced audience, plus a large outlay on the Festival stage this year, that reserve remains similar to previous years. Subscriptions from the Friends scheme have continued all through the pandemic and individual donations and sponsorships have also remained at pre-Covid levels. The Sacconi Trust has a Friends and Patrons scheme with over 150 subscriptions. The money raised from the scheme is a significant portion of the Trust's income. The Trust is continually seeking new members of the Friends and has two annual Friends' gatherings, one at Christmas and one at the Festival. This is an opportunity to thank the Friends for their generosity and also a chance to recruit new members and raise the profile of the Festival and the awareness of the Sacconi Quartet's outreach work. The Sacconi Trust is very grateful to Oak Foundation and the Sacconi Friends and Sponsors for their generous funding of the Festival. The Oak grant is to support the development of the quartet and their associated activities, including core support for their annual chamber music festival. From 2020, the grant also supports the Sacconi Quartet being quartet in residence for the town of Folkestone, and helps to fund a range of community engagement projects with a wide range of beneficiaries. In November 2019, The Oak Foundation approved a grant to the Sacconi Trust of £400,000 over a five year period to support the development of the quartet and their associated activities, including core support for their annual chamber music festival. From 2020, the grant also supports the Sacconi Quartet being quartet in residence for the town of Folkestone, and helps to fund a range of community engagement projects with a wide range of beneficiaries. The first instalment of £80,000 was received in January 2020. ## **Financial review** The Trustees have maintained proper and accurate accounts through the year. The financial position of the charity we believe complies with the Companies Act 2006 and there has been no irregularity in the maintenance of the accounts. - 2 - ## **THE SACCONI TRUST** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_ ## **Reserves policy** It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure. This provides sufficient funds to cover general management and administration and support costs. Unrestricted funds were maintained at approximately this level throughout the year. ## **Risk policy** T he trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. ## **Structure, governance and management** The charity is governed by its memorandum and articles of association. 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: Prof. G Hancox D Evans T King-Farlow J Pearson ## **Appointment of new trustees** The existing board of trustees is responsible for the appointment of new trustees. The chair of the board of trustees is responsible for the induction of new trustees. ## **Organisation** A board of trustees of up to 6 members, who meet regularly, administers the charity. There are sub - committees covering development, education and finance. The Trustees are all experienced in governance of Trusts having either been or remaining as trustees of other charities. Whilst updating of governance procedures through a physical meeting has not been possible, colleagues have been directed to relevant charity commission literature and will be involved in a review of responsibilities going forward. The trustees r eport was approved by the Board of Trustees. ## **T King-Farlow** Trustee Dated: 15 June 2022 - 3 - ## **THE SACCONI TRUST** ## **STATEMENT OF TRUSTEES RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 30 JUNE 2021**_ The trustees, who are also the directors of The Sacconi Trust 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: - 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; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - 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. - 4 - ## **THE SACCONI TRUST** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SACCONI TRUST** I report to the trustees on my examination of the financial statements of The Sacconi Trust (the charity) for the year ended 30 June 2021. ## **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: - 1 accounting records were not kept in respect of the charity 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. SBM Associates Limited Pauline McAlpine 24 Wandsworth Road London SW8 2JW Dated: ......................... - 5 - ## **THE SACCONI TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 JUNE 2021**_ |**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and g rants
**3**
15,957
74,500
Income from charitable
activities
**4**
6,780
-
Income from o ther
trading activities
**5**
2,424
-
**Total income**
25,161
74,500
**Expenditure on:**
Charitable activitie s
**6**
30,858
74,799
**Net (expenditure)/income**
**for the year/**
**Net movement in funds**
(5,697)
(299)
Fund balances at 1 July 2020
12,171
56,350
**Fund balances at 30 June**
**2021**
6,474
56,051|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
90,457
16,688
80,000
6,780
9,870
-
2,424
1,510
-
99,661
28,068
80,000
105,657
21,390
23,650
(5,996)
6,678
56,350
68,521
5,493
-
62,525
12,171
56,350|**Total**
**2020**
**£**
96,688
9,870
1,510
108,068
45,040
63,028
5,493
68,521| |---|---|---| 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. - 6 - ## **THE SACCONI TRUST** ## **STATEMENT OF FINANCIAL POSITION** ## _**AS AT 30 JUNE 2021**_ |**Notes**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**9**
Net current assets
**Income funds**
Restricted funds
**10**
Unrestricted funds|**2021**
**£**
68,405
(5,880)|**£**
62,525
56,051
6,474
62,525|**2020**
**£**
69,921
(1,400)|**£**
68,521
56,350
12,171
68,521| |---|---|---|---|---| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2021. 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 15 June 2022 T King-Farlow **Trustee** ## **Company Registration No. 06292079** - 7 - ## **THE SACCONI TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 JUNE 2021**_ ## **1 Accounting policies** ## **Charity information** The Sacconi Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 16 Kingsnorth Gardens, Folkstone, Kent, CT20 2QW. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's memorandum and articles of association, 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). 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 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 charity . Monetary a mounts 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 Income** 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 is recognised on receipt from HMRC. 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. - 8 - ## **THE SACCONI TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **1.6 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 charity ’s contractual obligations expire or are discharged or cancelled. ## **2 Critical accounting estimates and judgements** In the application of the charity’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. - 9 - ## **THE SACCONI TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_ ## **3 Donations and g rants** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
Donations and gifts
15,957
-
Grants received
-
74,500
15,957
74,500
**Income from charitable activities**
Box office & related concert income
Other sponsorship and funding|**Total**Unrestricted
Restricted
funds
funds
**2021**
2020
2020
**£**
£
£
15,957
16,688
-
74,500
-
80,000
90,457
16,688
80,000
**2021**
**£**
6,780
-
6,780|Total
2020
£
16,688
80,000
96,688
**2020**
**£**
-
9,870
9,870| |---|---|---| ## **4 Income from charitable activities** ## **5 Income from o ther trading activities** |||**Unrestricted**|Unrestricted| |---|---|---|---| |||**funds**|funds| |||**2021**|2020| |||**£**|£| |Fundraising|activities|2,424|1,510| - 10 - ## **THE SACCONI TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_ ## **5 Costs of charitable activities** |Administration
Marketing
Artists fees and expenses
Catering and hospitality
Venue hire and costs
Miscellaneous
Travel and accommodation
Independent Examiners fee
Audit
Film production -"Out of Time"
**Analysis by fund**
Unrestricted funds
Restricted funds|**2021**
**£**
19,100
797
46,800
744
21,199
592
1,271
1,120
7,860
6,174
105,657
105,657
30,858
74,799
105,657|**2020**
**£**
15,300
1,212
26,900
766
-
115
147
600
-
-
45,040
45,040
21,390
23,650
45,040| |---|---|---| ## **7 Trustees** None of the trustees (or any persons connected with them) received any remuneration during the year or the previous year . Other than as described in Note 13, no expenses were paid to or on behalf of any trustees in the year or the previous year . ## **8 Employees** The average monthly number of employees during the year was: ||**2021**|**2020**| |---|---|---| ||**Number**|**Number**| |Total|-|-| There were no employees whose annual remuneration was more than £60,000. - 11 - ## **THE SACCONI TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_ ## **9 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2021**|**2020**| ||**£**|**£**| |Accruals and deferred income|5,880|1,400| ## **10 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 over this and the comparative year : |||**Movement in funds**|**Movement in funds**||**Movement in funds**|**Movement in funds**|| |---|---|---|---|---|---|---|---| ||**Balance at**|**Incoming**|**Resources**|**Balance at**|**Incoming**|**Resources**|**Balance at**| ||**1 July 2019**|**resources**|**expended**|**1 July 2020**|**resources**|**expended**|**30 June 2021**| ||**£**|**£**|**£**|**£**|**£**|**£**|**£**| |Oak|||||||| |Foundation|-|80,000|(23,650)|56,350|74,500|(74,799)|
56,051| The Oak Foundation grant is to support the development of the quartet and their associated activities, including core support for their annual chamber music festival. From 2020, the grant also supports the Sacconi Quartet being quartet in residence for the town of Folkestone, and helps to fund a range of community engagement projects with a wide range of beneficiaries. ## **11 Analysis of net assets between funds** |**Unrestricted**
**funds**
**Restricted**
**funds**
**2021**
**2021**
**£**
**£**
Fund balances at 30
June 2021 are
represented by:
Current assets/
(liabilities)
6,474
56,051
6,474
56,051|**Total**Unrestricted
funds
Restricted
funds
**2021**
2020
2020
**£**
£
£
62,525
12,171
56,350
62,525
12,171
56,350|Total
2020
£
68,521
68,521| |---|---|---| ## **12 Related party transactions** A member of a trustee’s family has received fees (included under artists’ fees and expenses,) totalling £11,625 (2020: £8,525). Another member of the family acts as administrator to the trust and received fees totalling £11,100 for the year (2020: £11,300). - 12 -