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 2023
WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | A R F Lenon | |
|---|---|---|
| J R M Hardwick | ||
| J P Marland | ||
| N Thomas | (Appointed 28 May 2023) | |
| Secretary | N Thomas | |
| 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 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
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
Wimbledon International Music Festival (WIMF) continued its mission to bring great classical music, performed by worldclass musicians, to Wimbledon. The Festival recovered well from the shock of COVID-19 with ticket sales in excess of 4,000.
The Festival has always championed diversity and inclusion both with the international artists it presents and the involvement of works by diverse, neglected female composers. It was awarded a significant Arts Council England grant for this effort. The Chineke! Ensemble concert was a significant success, as was the Grand Union Orchestra which gave the Family concert, where children were given the opportunity to play instruments from around the world once the concert had finished, they thoroughly enjoyed this. The Blues and Roots Ensemble, made up of ten members of diverse nationalities, presented our Schools Programme in association with Merton Music Foundation and New Wimbledon Theatre.
The Festival is delighted in developing relationships with the Philharmonia Orchestra, now essentially the WIMF Orchestra in Residence, and the London Mozart Players. The 2022 festival was strong in choral works with the Academy Choir providing a thrilling performance of Berlioz ‘L’Enfance du Christ’, the renowned Tenebrae Choir treating an enthusiastic audience to Spanish Glories of the 16th century and the festival concluding with a final farewell performance of the OSJ VOICES that specifically asked if they could end their career performing at the Festival in Wimbledon with the Brahms Requiem.
There were several treats for piano-lovers with a remarkable ‘Celebration of Preludes [Chopin and Scriabin]’ by the Canadian virtuoso Louise Lortie who also returned with his Duo partner fellow Canadian Helene Mercier for a programme of ‘Astonishing Piano Duos’ by Mozart, Ravel and Stravinsky. Howard Shelley joined the Wiener Kammersymphonie giving a double programme of Mozart Concertos and Antonio Oyarzabal impressed while championing the work of neglected female composers.
Supported by the Tertis Foundation, WIMF has a reputation of showcasing outstanding viola players and this season had invited the Four Zemtsovs - three generations of a family of brilliant Dutch viola players. The Brodsky Quartet returned to celebrate their 50 years together and the Barbican Quartet showed that there are young quartets preparing to take their place. Charlie Siem gave an outstanding solo violin recital and Benjamin Appl gloried in German Lieder with the brilliant Sholto Kynoch at the piano. One should mention one other keyboard event which showcased a quite remarkable skill at the organ when international virtuoso David Briggs improvised a two-hour soundtrack to Cecil B. DeMille’s classic film ‘The King of Kings’ rounding off the festival that had begun with ‘L’Enance du Christ’.
Last but not least, again supported by an ACE grant, was the revival of an original WIMF dance production of Stravinsky’s The Soldier’s Tale. Based in the contemporary setting of a computer game with an iPhone as the fount of all wealth and knowledge, an Evening Standard critic described the performance as “ splendidly imaginative... incisively witty text... taut production...a theatrical tour de force that deserves to be widely seen.” [Barry Millington].
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WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Financial review
For the year ended 31 March 2023 the charitable company recorded net expenditure of £16,807 (2022: net expenditure £19,122).
Total charity funds stood at £32,053 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 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 2022 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 2023 and in future years. By the end of the 2023 financial year, plans for the November 2023 Festival were already largely complete, with another very exciting programme of live music on offer.
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WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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 (Resigned 28 May 2023) A R F Lenon J R M Hardwick J P Marland N Thomas (Appointed 28 May 2023)
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.
N Thomas
Trustee Dated: 20 December 2023
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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 2023.
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:
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1 accounting records were not kept in respect of the charitable company 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.
Chris Keates-Porter
Chartered Accountant
The Old Dairy Ashton Hill Farm Weston Road Failand Bristol BS8 3US
Dated: 20 December 2023
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WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 2 116,097 - Charitable activities 3 129,169 - Total income 245,266 - Expenditure on: Charitable activities 4 262,073 - Net expenditure for the year/ Net movement in funds (16,807) - Fund balances at 1 April 2022 48,596 264 Fund balances at 31 March 2023 31,789 264 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 116,097 83,540 - 129,169 110,823 - 245,266 194,363 - 262,073 213,485 - (16,807) (19,122) - 48,860 67,718 264 32,053 48,596 264 |
Total 2022 £ 83,540 110,823 194,363 213,485 (19,122) 67,982 48,860 |
|---|---|---|
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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WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
| 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 Unrestricted funds Designated funds 12 General unrestricted funds |
2023 £ 22,553 10,750 33,303 (1,250) 27,250 4,539 |
2022 £ £ 16,578 60,270 76,848 (27,988) 32,053 264 27,250 21,346 31,789 32,053 |
£ 48,860 |
|---|---|---|---|
| 264 48,596 |
|||
| 48,860 |
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 2023.
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 20 December 2023
N Thomas
Trustee
Company registration number 07145737
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WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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.
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WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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.
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WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 37,439 | 38,560 |
| Grants | 78,658 | 44,980 |
| 116,097 | 83,540 | |
| Donations and gifts | ||
| Friends | 30,939 | 31,690 |
| Gift Aid | 6,500 | 6,518 |
| Other | - | 352 |
| 37,439 | 38,560 | |
| 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 | 48,658 | 14,980 |
| Taylor Family Foundation | 5,000 | 5,000 |
| 78,658 | 44,980 |
3 Charitable activities
| Performing | Performing | |
|---|---|---|
| Music | Music | |
| 2023 | 2022 | |
| £ | £ | |
| Festival Income | 129,169 | 110,823 |
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WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4 Charitable activities
| Performing | Performing | |
|---|---|---|
| Music | Music | |
| 2023 | 2022 | |
| £ | £ | |
| Music Festival | 173,401 | 140,175 |
| Marketing | 41,005 | 28,407 |
| Administration | 47,654 | 44,890 |
| 262,060 | 213,472 | |
| Share of governance costs (see note 5) | 13 | 13 |
| 262,073 | 213,485 |
5 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Companies House annual filing fee - 13 - 13 Analysed between Charitable activities - 13 |
2023 £ 13 13 13 |
2022 £ 13 |
| 13 | ||
| 13 |
The independent examiner's fee was on pro bono basis.
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
7 Employees
There were no employees during the year.
8 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 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 2022 Resources deferred in the year Deferred income at 31 March 2023 |
2023 £ 14,253 8,300 22,553 2023 £ - 1,250 1,250 2023 £ - 25,965 (25,965) - |
2022 £ 9,078 7,500 |
|---|---|---|
| 16,578 | ||
| 2022 £ 25,965 2,023 |
||
| 27,988 | ||
| 2022 £ 25,965 |
||
| - 25,965 |
||
| 25,965 |
The grant received from Arts Council England in March 2022 was released in the SOFA to relate the use for our festival which took place during November 2022.
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WIMBLEDON INTERNATIONAL MUSIC FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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 2021 | resources | 1 April 2022 | resources | 31 March | ||||||
| 2023 | ||||||||||
| £ | £ | £ | £ | £ | ||||||
| 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 | |||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |||||
| £ | £ | £ | £ | £ | £ | |||||
| Fund balances at 31 | ||||||||||
| March 2023 are | ||||||||||
| represented by: | ||||||||||
| Current assets/(liabilities) | 31,789 | 264 | 32,053 | 48,596 | 264 | 48,860 | ||||
| 31,789 | 264 | 32,053 | 48,596 | 264 | 48,860 |
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 (2022 - none).
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