Charity registration number 1142980
Company registration number 07145737 (England and Wales)
**WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|A Lee|
|---|---|
||A R F Lenon|
||J R M Hardwick|
||J P Marland|
|**Secretary**|A Lee|
|**Charity number**|1142980|
|**Company number**|07145737|
|**Registered office**|152 Durham Road|
||London|
||SW20 0DG|
## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 12|
## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
The trustees present their annual report and financial statements for the year ended 31 March 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 charitable company'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) (effective 1 January 2019)".
## **Objectives and activities**
The charitable company's principal objective is to advance, improve, develop and maintain public education in music and appreciation of the art and science of music in all its aspects, including through the presentation of public concerts and recitals.
Its primary activity, in pursuit of this objective for public benefit, is to promote and manage an annual music festival ('the Festival') based in Wimbledon and the surrounding area of South West London.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.
## **Achievements and performance**
The 2021 Wimbledon International Festival was the first live festival following the isolation of the Covid epidemic, and with Covid still widespread we were moving into the unknown as far as audience attendance was concerned.
In the end the 2021 Festival proved to be very successful, with attendance and ticket sales only about 10% below an average year, the envy of many other festivals and performance venues. That several concerts were full, or near full attendance, showed that the audience were strongly drawn to high quality live classical music performance.
One significant feature of the Festival was ‘Music In Mind’, a symposium on autism, deafness, blindness and exceptional musicality in collaboration with the Society for Education, Music and Psychological Research curated by Professor Adam Ockelford of Kingston University. We experienced the extraordinary improvisational skill of the blind, musical-savant Derek Paravicini, the lived experience of composer Michael Berkeley, who like Beethoven, suffered deafness mid-career; the extraordinary demonstration given by the deaf percussionist Dame Evelyn Glennie; and the performance skills in concert by the partially sighted children of the Amber Trust.
This theme of triumph over adversity was further developed by a specially commissioned dramatic portrait of the composer Beethoven, “I Shall Hear in Heaven”: with an extraordinary script and performance by Tama Matheson with members of the London Mozart Players, which has subsequently been nominated for a prestigious Royal Philharmonic Society Award - as the Festival has also been.
WIMF has received many reviews praising the quality of its performers - “The Festival is unique in having no also-rans hiding behind the big names’’[Cause4] - so it is difficult to pick out any individual programmes of excellent: Imogen Cooper gave a wonderful piano recital, The Tallis Scholars showcased the extraordinary choral writing of Tallis, Byrd, Gibbons, Purcell and Pärt. The Academy Choir gave a thrilling account of Haydn’s ‘Nelson’ Mass, and a Mozart Requiem, made more poignant because of festival Friends lost to Covid. Maxim Rysanov gave a memorable viola recital with Ashey Wass in tribute to Lionel Tertis whose Foundation is a generous supporter of the Festival. Sir Willard White thrilled a packed audience with his rich bass voice, and beguiling personality. Florilegium provided a Brandenburg Experience in two parts, the interval being filled with our now traditional themed dinner. Yantra offered extraordinary vocal techniques in their ‘Journey through Timelessness’; The Tango Club, with major dancers from Buenos Aires closed the Festival with a centenary tribute to composer Piazzolla. The New Generation Artists lunchtime series was well attended and Coco Tomita from the Yehudi Menuhin School showed why she had deservedly triumphed in the BBC Young Musician of the Year. But if there was indeed one outstanding moment it was the performance of the Bach Chaconne given by Russian violinist Viktoria Mullova, that was so breathtakingly marvellous and profound that it was greeted with an almost overwhelmingly long silence that seemed to stretch into minutes.
- 1 -
## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **Financial review**
For the year ended 31 March 2022 the charitable company recorded net expenditure of £19,122 (2020: net income £29,616). The net income from last year was used to support our Festival held in November 2021.
Total charity funds stood at £48,860 of which £264 related to restricted funds. The restricted funds will be used to support attendance at Festival concerts by students and other young people. There was no movement on restricted activities during the year. The charity continued to carry forward the designated funds from the Appeal Fund. The board regards these results as satisfactory.
## **Grants**
The financial viability of the Festival remains hugely dependent on the very generous financial support that we receive each year from many different organisations. The directors would like to record their gratitude to all those who provide us with financial support, recognising particularly the contributions made for the 2021 Festival by the Tertis Foundation, the Taylor Family Foundation and Arts Council England.
## **Reserves policy**
The charity aims to build financial reserves to ensure that there are adequate contingency funds available to assist the management and delivery of annual Festivals on a continuing basis, and for winding up the Festival and Company, should that ever become necessary. The Board has agreed a policy for the unrestricted general reserves to increase steadily until they reach £50,000; this should allow the charitable company to meet its obligations in any reasonably foreseeable circumstances.
The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Plans for the Future**
The directors expect to continue to promote and manage the Festival in 2022 and in future years. By the end of the 2022 financial year, plans for the November 2022 Festival were already largely complete, with another very exciting programme of live music on offer.
- 2 -
## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **Structure, governance and management**
The Charity is constituted as a company limited by guarantee, incorporated on 4th February 2010. The overall management of the Charity is vested in the board of directors of the Company, who are the trustees of the Charity. The board of directors meets periodically during the year to transact the principal activity of the Charity.
## **Reference and administrative details**
The Company (registered number 07145737) is also a registered charity (No. 1142980) and its registered office is 152 Durham Road, London SW20 0DG.
Due to the size of the Company, the Company is exempt from the requirements for a Companies Act audit. In the opinion of the directors, the Company, as a registered charity trading solely for its primary purpose (as defined by the Corporation Tax Act 2010), is tax exempt.
## **Directors**
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:
A Lee A R F Lenon J R M Hardwick J P Marland
At times, the board of directors establishes committees to assist them in their work. Included in the remit of the Governance and Remuneration Committee is the management of the process for the identification and recruitment of potential new board members, including selection processes and recommendations to the board for the appointment of new board members.
In carrying out the activities of the Charity, the directors as trustees have complied with the duty under section 17(5) of the Charities Act 2011 to have regard to the Charity Commission’s guidance on public benefit and they are satisfied that the Charity fulfils its fundamental objects and so provides public benefit.
Our Benefactors and Friends organisation is a key component of our Festival community, both as audience members and as providers of funding. The directors thank all of our Benefactors and Friends, without whom the Festival could not continue to be as successful.
We are also most grateful to the many volunteers who provide invaluable support at all the Festival events to ensure that they run smoothly.
The directors express their continuing gratitude to the Festival Director, Anthony Wilkinson, whose remarkable work has ensured another successful year for the Festival.
The trustees' report was approved by the Board of Trustees.
## **A R F Lenon**
Trustee Dated: 30 December 2022
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## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
I report to the trustees on my examination of the financial statements of Wimbledon International Music Festival Limited (the charitable company) for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the trustees of the charitable company (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 charitable company 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 charitable company’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 charitable company 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.
## **N Thomas**
Chartered Accountant
Dora Road London SW19
Dated: 30 December 2022
- 4 -
## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
83,540
-
Charitable activities
**4**
110,823
-
**Total income**
194,363
-
**Expenditure on:**
Charitable activities
**5**
213,485
-
**Net (expenditure)/income for the**
**year/**
**Net movement in funds**
(19,122)
-
Fund balances at 1 April 2021
67,718
264
**Fund balances at 31 March 2022**
48,596
264|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2021**
**2021**
**£**
**£**
**£**
83,540
90,386
-
110,823
22,323
-
194,363
112,709
-
213,485
83,093
-
(19,122)
29,616
-
67,982
38,102
264
48,860
67,718
264|**Total**
**2021**
**£**
90,386
22,323|
|---|---|---|
|||112,709|
|||83,093|
|||29,616
38,366|
|||67,982|
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.
- 5 -
## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2022**_
|**2022**
**Notes**
**£**
**Current assets**
Debtors
**9**
16,578
Cash at bank and in hand
60,270
76,848
**Creditors: amounts falling due within one**
**year**
**10**
(27,988)
Net current assets
**Income funds**
Restricted funds
Unrestricted funds
Designated funds
**12**
27,250
General unrestricted funds
21,346|**£**
48,860
264
48,596
48,860|**2021**
**£**
10,086
58,566
68,652
(670)
27,250
40,468|**£**
67,982|
|---|---|---|---|
||||264
67,718|
||||67,982|
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 March 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 Board of Trustees on 30 December 2022
A R F Lenon
**Trustee**
## **Company registration number 07145737**
- 6 -
**WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
## **Charity information**
Wimbledon International Music Festival Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 152 Durham Road, London, SW20 0DG.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charitable company's memorandum and articles, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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 charitable company is a Public Benefit Entity as defined by FRS 102.
The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. 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 charitable company has adequate resources to continue in operational existence for at least 12 months from the approval of the accounts. 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 charitable company.
## **1.4 Income**
Income is recognised when the charitable company 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 charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charitable company 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.
- 7 -
**WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Costs of charitable activities include artists' fees, venue costs, instrument hire and marketing activities. All costs are inclusive of VAT, which the charity can not recover.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand and with bank.
## **1.7 Financial instruments**
The charitable company 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 charitable company's balance sheet when the charitable company 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.
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.
## **2 Critical accounting estimates and judgements**
In the application of the charitable company’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.
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## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **3 Donations and legacies**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Donations and gifts|38,560|24,354|
|Grants|44,980|66,032|
||83,540|90,386|
|**Donations and gifts**|||
|Friends|31,690|20,257|
|Gift Aid|6,518|4,097|
|Other|352|-|
||38,560|24,354|
|No gift in kind has been recognised in the accounts for the volunteers' time incurred during the Festival.|||
|**Grants receivable for core activities**|||
|Tertis Foundation|25,000|25,000|
|Arts Council England|14,980|14,980|
|Taylor Family Foundation|5,000|5,000|
|Other|-|1,000|
|Emergency Fund from Arts Council England|-|20,052|
||44,980|66,032|
## **4 Charitable activities**
||**Performing**|**Performing**|
|---|---|---|
||**Music**|**Music**|
||**2022**|**2021**|
||**£**|**£**|
|Festival Income|110,823|22,323|
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## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **5 Charitable activities**
|Music Festival
Marketing
Administration
Share of governance costs (see note 6)
**Support costs**
**Support costs**
**Governance**
**costs**
**£**
**£**
Companies House annual
filing fee
-
13
-
13
Analysed between
Charitable activities
-
13|**Performing**
**Music**
**Performing**
**Music**
**2022**
**2021**
**£**
**£**
140,175
26,645
28,407
12,369
44,890
44,066
213,472
83,080
13
13
213,485
83,093
**2022**
Support costs
Governance
costs
2021
**£**
£
£
£
13
-
13
13
13
-
13
13
13
-
13
13|**Performing**
**Music**
**Performing**
**Music**
**2022**
**2021**
**£**
**£**
140,175
26,645
28,407
12,369
44,890
44,066
213,472
83,080
13
13
213,485
83,093
**2022**
Support costs
Governance
costs
2021
**£**
£
£
£
13
-
13
13
13
-
13
13
13
-
13
13|
|---|---|---|
|||83,080
13|
|||83,093|
|||2021
£
13|
|||13|
|||13|
## **6 Support costs**
The independent examiner's fee was on pro bono basis.
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
## **8 Employees**
There were no employees during the year.
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## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**9**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments
**10**
**Creditors: amounts falling due within one year**
**Notes**
Grants
**11**
Accruals
**11**
**Grants**
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2021
Resources deferred in the year
Deferred income at 31 March 2022|**2022**
**£**
9,078
7,500
16,578
**2022**
**£**
25,965
2,023
27,988
**2022**
**£**
25,965
-
25,965
25,965|**2021**
**£**
5,586
4,500|
|---|---|---|
|||10,086|
|||**2021**
**£**
-
670|
|||670|
|||**2021**
**£**
-|
|||-
-|
|||-|
This income is a grant received from Arts Council England in March 2022 for the Festival scheduled in November 2022.
- 11 -
## **WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **12 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|||||||**Movement**|**in**||**Movement in**||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||**funds**|||**funds**||
|||||**Balance at**||**Incoming**||**Balance at**|**Incoming**|**Balance at**|
|||||**1 April**||
**resources**||**1 April**|
**resources**|**31 March**|
|||||**2020**||||**2021**||**2022**|
||||||**£**||**£**|**£**|**£**|**£**|
||Appeal Fund|||27,250|||-|27,250|-|27,250|
|||||27,250|||-|27,250|-|27,250|
|**13**|**Analysis of net assets between funds**||||||||||
|||**Unrestricted**||**Restricted**||**Total**||Unrestricted|Restricted|Total|
|||**funds**||**funds**||||funds|funds||
||||**2022**|**2022**||**2022**||2021|2021|2021|
||||**£**|**£**|||**£**|£|£|£|
||Fund balances at 31||||||||||
||March 2022 are||||||||||
||represented by:||||||||||
||Current assets/(liabilities)|48,596||264||48,860||67,718|264|67,982|
|||48,596||264||48,860||67,718|264|67,982|
In 2014/15 a restricted fund was established to provide concert access for young people. A balance of £264 remained in the Restricted Fund at year end.
## **14 Related party transactions**
There were no disclosable related party transactions during the year (2021 - none).
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