Charity registration number 1122465
Company registration number 06292079 (England and Wales)
THE SACCONI TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
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 2022
The trustees present their report and audited financial statements for the year ended 30 June 2022.
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 our 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.
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THE SACCONI TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
Achievements and performance
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.
The 2022 Festival saw audience numbers bounce back somewhat from the two previous years affected by Covid-19. The Saturday evening concert was particularly popular with a full house recorded. Alongside the weekend’s 5 concerts, there was a free exhibition of works culminating from the Sacconi Residency Weekend the previous October. The exhibition, called ‘Beethoven on the Beach: Revisited’, consisted of music performances, films, photography, sound installations and spoken word and were all responses to the performance by the Sacconi Quartet of Beethoven’s Op. 131 String Quartet on Sunny Sands Beach in Folkestone seven months earlier. The exhibition was curated by local artist Kate Beaugié and involved nine other local artists.
An Under-35s ticket for £10 was introduced this year for all the events and free tickets offered to Under-25s with the Cavatina Chamber Music Trust Ticket Scheme.
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, Creative Folkestone, Cavatina Chamber Music Trust and the Sacconi Friends and Sponsors for their generous support of the Festival.
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 has also supported 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. This includes an annual residency weekend of community music events that introduces chamber music to a wider audience in a range of innovative and unique collaborations.
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.
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
The 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.
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THE SACCONI TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
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 report was approved by the Board of Trustees.
..............................
Trustee Dated: .........................
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THE SACCONI TRUST
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 30 JUNE 2022
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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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 2022.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
SBM Associates Limited Pauline McAlpine 24 Wandsworth Road London SW8 2JW
Dated: .........................
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THE SACCONI TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Donations and grants 3 11,957 25,500 Income from charitable activities 4 18,780 - Income from other trading activities 5 - - Total income 30,737 25,500 Expenditure on: Charitable activities 6 39,465 71,533 Net expenditure for the year/ Net movement in funds (8,728) (46,033) Fund balances at 1 July 2021 6,474 56,051 Fund balances at 30 June 2022 (2,254) 10,018 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 37,457 15,957 74,500 18,780 6,780 - - 2,424 - 56,237 25,161 74,500 110,998 30,858 74,799 (54,761) (5,697) (299) 62,525 12,171 56,350 7,764 6,474 56,051 |
Total 2021 £ 90,457 6,780 2,424 99,661 105,657 (5,996) 68,521 62,525 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE SACCONI TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
| Notes Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Income funds Restricted funds 11 Unrestricted funds |
2022 £ 296 16,880 17,176 (9,412) |
£ 7,764 10,018 (2,254) 7,764 |
2021 £ - 68,405 68,405 (5,880) |
£ 62,525 |
|---|---|---|---|---|
| 56,051 6,474 |
||||
| 62,525 |
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 2022.
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 .........................
..............................
Trustee
Company registration number 06292079
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THE SACCONI TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 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.
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THE SACCONI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
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.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 settle the liability simultaneously.
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 payments 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.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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THE SACCONI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
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.
3 Donations and grants
| Unrestricted Restricted funds funds 2022 2022 £ £ Donations and gifts 11,957 - Grants received - 25,500 11,957 25,500 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 11,957 15,957 - 25,500 - 74,500 37,457 15,957 74,500 |
Total 2021 £ 15,957 74,500 |
|---|---|---|
| 90,457 |
4 Income from charitable activities
| Box office & related concert income Other sponsorship and funding |
2022 £ 12,630 6,150 18,780 |
2021 £ 6,780 - |
|---|---|---|
| 6,780 |
5 Income from other trading activities
| Total | Unrestricted | |
|---|---|---|
| funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Fundraising activities | - | 2,424 |
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THE SACCONI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
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 |
2022 £ 21,260 2,539 62,160 1,089 16,042 826 2,529 1,260 (3,360) 6,653 110,998 39,465 71,533 110,998 |
2021 £ 19,100 797 46,800 744 21,199 592 1,271 1,120 7,860 6,174 |
|---|---|---|
| 105,657 | ||
| 30,858 74,799 |
||
| 105,657 |
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:
| Total There were no employees whose annual remuneration was more than £60,000. 9 Debtors Amounts falling due within one year: Other debtors |
2022 Number - 2022 £ 296 |
2021 Number - |
|---|---|---|
| 2021 £ - |
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THE SACCONI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
10 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Accruals and deferred income | 9,412 | 5,880 |
11 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 2020 | resources | expended 1 July 2021 |
resources | expended | 30 June | ||
| £ | £ | £ | £ | £ | £ | 2022 £ |
|
| Oak | |||||||
| Foundation | 56,350 | 74,500 | (74,799) | 56,051 | 25,500 | (71,533) | 10,018 |
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.
12 Analysis of net assets between funds
| Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 30 June 2022 are represented by: Current assets/(liabilities) (2,254) 10,018 (2,254) 10,018 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 7,764 6,474 56,051 7,764 6,474 56,051 |
Total 2021 £ 62,525 |
|---|---|---|
| 62,525 |
13 Related party transactions
A member of a trustee’s family has received fees (included under artists’ fees and expenses,) totalling £15,800 (2021: £11,625). Another member of the family acts as administrator to the trust and received fees totalling £12,380 for the year (2021: £11,100).
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