Company registration number: 08361306 Charity registration number: 1153135
Southwell Music Festival Limited
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2022
RWB CA Limited Northgate House North Gate New Basford Nottingham NG7 7BQ
Southwell Music Festival Limited
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 19 |
Southwell Music Festival Limited
| Reference and Administrative Details | Reference and Administrative Details |
|---|---|
| Chairman | Mr Thomas Du Plessis |
| Trustees | Mr William Balkwill (appointed 26 May 2022) |
| Mr Flynn John Brayn Le Brocq (appointed 1 January 2022) | |
| Mr James Campbell | |
| Dr Margaret Chadwick | |
| Mr Thomas Du Plessis | |
| Mr Patrick Massey (appointed 26 May 2022) | |
| Mr Kenneth David Buchanan Ogilvie (resigned 11 April 2022) | |
| Mrs Esther Lynn (resigned 26 May 2022) | |
| Ms Daisy Charlotte Swift (resigned 26 May 2022) | |
| Secretary | Mr Flynn Le Brocq |
| Charity Registration Number | 1153135 |
| Company Registration Number | 08361306 |
| The Charity is incorporated in England and Wales. | |
| Registered Office | 47 Easthorpe |
| Southwell | |
| Nottingham | |
| NG2 0HY | |
| Independent Examiner | RWB CA Limited |
| Northgate House | |
| North Gate | |
| New Basford | |
| Nottingham | |
| NG7 7BQ |
Page 1
Southwell Music Festival Limited
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2022.
Objectives and activities
Objects and aims
Southwell Music Festival Limited is also a registered charity. It was established to provide for the advancement of the Arts and in particular the Arts of Music, Speech and Drama by the presentation of an annual classical music festival predominantly but not exclusively in Southwell, Nottinghamshire.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
We are thrilled that August 2022 saw the return of the first full-scale Festival since 2019. With over 40 live events on offer, we brought the town to life with exciting and varied programming, top quality artists from across the UK, developmental opportunities for young people, and a warm, welcoming space for our community to come together and celebrate music in the magnificent town in which we live. Balancing the familiar with theunfamiliar has always been a key component of our artistic outlook, and this year we not only championed new music and lesser known historical works, but we also experimented with new performance spaces and formats.
Following a £3.1 million pound refurbishment, the stunning 13th century Chapter House of Southwell Minster was the perfect space for new, intimate, in-the-round performances, all of which were a sell out. Our commitment to supporting the future generation of professional musicians was even more crucial following the pandemic, and we were thrilled to welcome the Aestus Quartet from the Royal Northern College of Music, aswell as eight vocal apprentices through our partnership with The Sixteen and their Genesis scheme.
Highlights of the 2022 artistic programme included: a solo organ recital by Anna Lapwood; James MacMillan’s Seven Last Words from the Cross with the Festival Voices and Sinfonia; ‘Festival Folk: the Kathryn Tickell Trio’; Mendelssohn’s dramatic oratorio St Paul, featuring the Festival Voices, Sinfonia and guest soloists Anna Dennis, Mark Le Brocq and Neal Davies; a celebrity recital by pianist Martin Roscoe; Bach, Telemann andTallis masterpieces performed in the intimate, newly restored Chapter House; two performances celebrating the life and work of Ralph Vaughan Williams in his 150th anniversary year; and a late night concert featuring Beethoven’s String Quartet Op.130. The Festival also featured a family concert ‘Custard the Dragon’ with music by Debussy, Dobrinka Tabakova, Grieg, and Mozart; a Young Artists Series: Chetham's Vocal Showcase; a Festival Cabaret concert and an afternoon of Jazz in the Marquee with Magpie Trio.
This return to a full Festival format despite the ongoing impact of COVID was only possible with the dedication and hard work of the General Manager, Artistic Director, Committee and Board of Trustees. The 2022 festival would also not have been possible without the constant and generous support of the local residents in Southwell, including artist hosts, donors, sponsors, committee members, and volunteers who provided invaluable support to the festival. We received grants from the Ambache Charitable Trust, Fidelio Trust, D’Oyly Carte Trust, Nicholas Boas Charitable Trust, Kathleen Beryl Sleigh Charitable Trust, RVW Charitable Trust, Carr Gregory Trust, and du Plessis Family Trust. The board would like to thank all of these supporters sincerely.
Page 2
Southwell Music Festival Limited
Trustees' Report
Financial review
For the year ending 31st December 2022 the charity reported a net deficit of £7,581 compared to a surplus of £4,022 in the previous year. This change reflects the Board's decision to increase investment into the artists performing at the festival and the number of events at the festival, in line with a recovery following the Covid-19 pandemic.
The charity's principal sources of income are ticket sales, individual donors and private funding through Trusts & Foundations. Income for the period increased slightly from the previous year to £180,631 indicating strengthened support across a range of earned and voluntary income streams for the period.
Policy on reserves
It is the policy of the Charity to maintain, as a minimum, unrestricted funds which are sufficient to cover the artistic costs of the forthcoming festival. Our cash reserves at 31st December 2021 were £48,888, all held in unrestricted funds and as bank balances which are freely available.
Plans for future periods
Aims and key objectives for future periods
The Board is planning the development of the Festival from 2023 onwards, to further increase the impact of the Festival in Southwell and Nottinghamshire. Plans include developing the Festival's apprentice scheme in collaboration with partner organisations and building new audiences through artistic initiatives throughout the town during the week of the Festival. Expanding the Festival's family offering by developing a full afternoon of interactive events, workshops, and performances in the Palace Gardens.
The Board will also be working with the Artistic Director and General Manager to lay the groundwork for wider schools and educational work, with occasional events taking place outside of the normal Festival period. The Board wishes again to thank its Committee, the many Festival supporters, the Patrons, and the Dean and staff of the Minster whose ongoing support for the festival throughout the pandemic has been extraordinary.
Structure, governance and management
Recruitment and appointment of trustees
Trustees are appointed by the General Meeting of the Company in accordance with the terms of the Articles of Association. The governance and business affairs of the charity are controlled by the Trustees.
Major risks and management of those risks
The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate these risks.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Page 3
Southwell Music Festival Limited
Trustees' Report
The annual report was approved by the trustees of the Charity on 27 February 2023 and signed on its behalf by:
......................................... Mr Thomas Du Plessis Chairman and trustee
Page 4
Southwell Music Festival Limited
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Southwell Music Festival Limited for the purposes 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 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 charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the Charity on 27 February 2023 and signed on its behalf by:
......................................... Mr Thomas Du Plessis Chairman and trustee
Page 5
Southwell Music Festival Limited
Independent Examiner's Report to the trustees of Southwell Music Festival Limited ('the Company')
I report to the Charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the Charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the 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 your Charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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:
-
accounting records were not kept in respect of Southwell Music Festival Limited as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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
-
the accounts 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 accounts to be reached.
...................................... Neil Coupland FCA DChA
Northgate House North Gate New Basford Nottingham NG7 7BQ
27 February 2023
Page 6
Southwell Music Festival Limited
Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted | 2022 | 2021 | ||||
| Note | £ | £ | £ | |||
| Income and Endowments from: | ||||||
| Donations and legacies | 3 | 38,869 | 38,869 | 68,835 | ||
| Charitable activities | 4 | 8,479 | 8,479 | 1,823 | ||
| Other trading activities | 5 | 133,283 | 133,283 | 107,555 | ||
| Total Income | 180,631 | 180,631 | 178,213 | |||
| Expenditure on: | ||||||
| Raising funds | 6 | (10,797) | (10,797) | (12,114) | ||
| Charitable activities | 7 | (177,415) | (177,415) | (162,077) | ||
| Total Expenditure | (188,212) | (188,212) | (174,191) | |||
| Net (expenditure)/income | (7,581) | (7,581) | 4,022 | |||
| Net movement in funds | (7,581) | (7,581) | 4,022 | |||
| Reconciliation of funds | ||||||
| Total funds brought forward | 42,715 | 42,715 | 38,693 | |||
| Total funds carried forward | 19 | 35,134 | 35,134 | 42,715 |
All of the Charity's activities derive from continuing operations during the above two periods.
The notes on pages 9 to 19 form an integral part of these financial statements. Page 7
Southwell Music Festival Limited
(Registration number: 08361306) Balance Sheet as at 31 December 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Fixed assets | ||||
| Tangible assets | 14 | 237 | 1,279 | |
| Current assets | ||||
| Stocks | 15 | 1,190 | 1,718 | |
| Debtors | 16 | 1,473 | 660 | |
| Cash at bank and in hand | 34,343 | 48,888 | ||
| 37,006 | 51,266 | |||
| Creditors: Amounts falling due within one year | 17 | (2,109) | (9,830) | |
| Net current assets | 34,897 | 41,436 | ||
| Net assets | 35,134 | 42,715 | ||
| Funds of the Charity: | ||||
| Unrestricted income funds | ||||
| Unrestricted funds | 35,134 | 42,715 | ||
| Total funds | 19 | 35,134 | 42,715 |
For the financial year ending 31 December 2022 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the Charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 7 to 19 were approved by the trustees, and authorised for issue on 27 February 2023 and signed on their behalf by:
.........................................
Mr Thomas Du Plessis Chairman and trustee
The notes on pages 9 to 19 form an integral part of these financial statements. Page 8
Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
1 Charity status
The Charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the Charity in the event of liquidation.
The address of its registered office is: 47 Easthorpe Southwell Nottingham NG2 0HY
These financial statements were authorised for issue by the trustees on 27 February 2023.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Southwell Music Festival Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the Charity.
Exemption from preparing a cash flow statement
The Charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 9
Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Donations and legacies
Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the Charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the Charity has unconditional entitlement.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Page 10
Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £50.00 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Plant and machinery 20% straight line basis Office equipment 20% straight line basis
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Trade debtors
Trade debtors are amounts due in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the Charity.
Page 11
Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
3 Income from donations and legacies
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | Total | Total | |||
| General | 2022 | 2021 | |||
| £ | £ | £ | |||
| Donations and legacies; | |||||
| Donations from individuals | 26,106 | 26,106 | 8,227 | ||
| Gift aid reclaimed | 12,763 | 12,763 | 12,665 | ||
| Grants, including capital grants; | |||||
| Government grants | - | - | 47,943 | ||
| 38,869 | 38,869 | 68,835 |
4 Income from charitable activities
| Unrestricted | ||||
|---|---|---|---|---|
| funds | Total | |||
| General | 2022 | |||
| £ | £ | |||
| Orchestra tax relief | 8,479 | 8,479 | ||
| Unrestricted | ||||
| funds | Total | |||
| General | 2021 | |||
| £ | £ | |||
| Orchestra tax relief | 1,823 | 1,823 | ||
| 5 | Income from other trading activities | |||
| Unrestricted | ||||
| funds | Total | |||
| General | 2022 | |||
| £ | £ | |||
| Events income; | ||||
| Ticket and programme sales | 59,848 | 59,848 | ||
| Fundraising events | 14,335 | 14,335 | ||
| Sponsorship income | 21,000 | 21,000 | ||
| Friends of SMF | 38,100 | 38,100 | ||
| 133,283 | 133,283 |
Page 12
Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
| Unrestricted | |||
|---|---|---|---|
| funds | Total | ||
| General | 2021 | ||
| £ | £ | ||
| Events income; | |||
| Ticket and programme sales | 47,103 | 47,103 | |
| Fundraising events | 8,508 | 8,508 | |
| Sponsorship income | 10,294 | 10,294 | |
| Friends of SMF | 41,650 | 41,650 | |
| 107,555 | 107,555 |
6 Expenditure on raising funds
a) Costs of trading activities
| Unrestricted | |||||
|---|---|---|---|---|---|
| Total | Total | ||||
| General | 2022 | 2021 | |||
| £ | £ | £ | |||
| Fundraising trading costs; | |||||
| Fundraising | 10,318 | 10,318 | 10,332 | ||
| Costs of goods sold | 479 | 479 | 1,782 | ||
| 10,797 | 10,797 | 12,114 |
Page 13
Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
7 Expenditure on charitable activities
| Unrestricted | |||
|---|---|---|---|
| funds | Total | ||
| General | 2022 | ||
| £ | £ | ||
| Music hire and purchase and PRS | 4,066 | 4,066 | |
| Musicians | 67,683 | 67,683 | |
| Hospitality and catering | 17,895 | 17,895 | |
| Box office charges | 4,711 | 4,711 | |
| Venue expenditure | 17,032 | 17,032 | |
| Insurance | 2,502 | 2,502 | |
| Printing, postage and stationery | 2,004 | 2,004 | |
| Piano hire and tuning | 5,820 | 5,820 | |
| Miscellaneous expenses | 32,004 | 32,004 | |
| Accommodation | 1,325 | 1,325 | |
| Marketing and PR | 7,738 | 7,738 | |
| Programme expenditure | 6,374 | 6,374 | |
| Video, audio and photography | 900 | 900 | |
| Subscriptions | 365 | 365 | |
| Depreciation of tangible fixed assets | 1,042 | 1,042 | |
| 171,461 | 171,461 | ||
| Unrestricted | |||
| funds | Total | ||
| General | 2021 | ||
| £ | £ | ||
| Music hire and purchase and PRS | 3,412 | 3,412 | |
| Musicians | 60,772 | 60,772 | |
| Hospitality and catering | 15,327 | 15,327 | |
| Box office charges | 3,912 | 3,912 | |
| Venue expenditure | 15,062 | 15,062 | |
| Insurance | 3,234 | 3,234 | |
| Printing, postage and stationery | 1,145 | 1,145 | |
| Piano hire and tuning | 5,642 | 5,642 | |
| Miscellaneous expenses | 26,716 | 26,716 | |
| Accommodation | 1,157 | 1,157 | |
| Marketing and PR | 10,038 | 10,038 | |
| Programme expenditure | 6,887 | 6,887 | |
| Video, audio and photography | 1,168 | 1,168 | |
| Subscriptions | 400 | 400 | |
| Depreciation of tangible fixed assets | 1,853 | 1,853 | |
| 156,725 | 156,725 |
Page 14
Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
In addition to the expenditure analysed above, there are also governance costs of £6,120 (2021 - £5,352) which relate directly to charitable activities. See note 8 for further details.
8 Analysis of governance and support costs
Governance costs
| Unrestricted | |||||
|---|---|---|---|---|---|
| Total | Total | ||||
| General | 2022 | 2021 | |||
| £ | £ | £ | |||
| Independent examiner fees | |||||
| Examination of the financial statements | 690 | 690 | 660 | ||
| Other fees paid to examiners | 930 | 930 | 630 | ||
| Trustees remuneration and expenses | 500 | 500 | 62 | ||
| Bookkeeping | 4,000 | 4,000 | 4,000 | ||
| 6,120 | 6,120 | 5,352 |
9 Net incoming/outgoing resources
Net (outgoing)/incoming resources for the year include:
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Depreciation | of | fixed | assets | (1,042) | (1,853) |
10 Trustees remuneration and expenses
During the year the Charity made the following transactions with trustees:
Mr Thomas Du Plessis
Travel expenditure of £Nil (2021: £62) was reimbursed to the trustee.
Mr Flynn Le Brocq
Travel expenditure of £334 (2021: £Nil) was reimbursed to the trustee.
Mr James Campbell
Travel expenditure of £166 (2021: £Nil) was reimbursed to the trustee.
No trustees, nor any persons connected with them, have received any remuneration from the Charity during the year.
No trustees have received any other benefits from the charity during the year.
Page 15
Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
11 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: | 2022 £ | 2021 £ |
|---|---|---|
| Wages and salaries | 29,512 | 30,042 |
| Social security costs | 1,629 | 1,321 |
| Pension costs | 473 | 429 |
| 31,614 | 31,792 |
The monthly average number of persons (including senior management / leadership team) employed by the Charity during the year expressed as full time equivalents was as follows:
| Charity during the year expressed as full time equivalents was as follows: | |||
|---|---|---|---|
| 2022 | 2021 | ||
| No | No | ||
| Management | 2 | 2 | |
| Administration | 1 | 1 | |
| 3 | 3 | ||
No employee received emoluments of more than £60,000 during the year.
12 Independent examiner's remuneration
| 12 Independent examiner's remuneration | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Examination of the financial statements | 690 | 660 | |
| Other fees to examiners | |||
| All other tax advisory services | 600 | 300 | |
| All other services | 330 | 330 | |
| 930 | 630 | ||
13 Taxation
The Charity is a registered charity and is therefore exempt from taxation.
Page 16
Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
14 Tangible fixed assets
| 14 Tangible fixed assets | |||||||
|---|---|---|---|---|---|---|---|
| Furniture and | |||||||
| equipment | Total | ||||||
| £ | £ | ||||||
| Cost | |||||||
| At 1 January 2022 | 11,013 | 11,013 | |||||
| At 31 December 2022 | 11,013 | 11,013 | |||||
| Depreciation | |||||||
| At 1 January 2022 | 9,734 | 9,734 | |||||
| Charge for the year | 1,042 | 1,042 | |||||
| At 31 December 2022 | 10,776 | 10,776 | |||||
| Net book value | |||||||
| At 31 December 2022 | 237 | 237 | |||||
| At 31 December 2021 | 1,279 | 1,279 | |||||
| 15 Stock | |||||||
| 2022 | 2021 | ||||||
| £ | £ | ||||||
| Stocks | 1,190 | 1,718 | |||||
| 16 Debtors | |||||||
| 2022 | 2021 | ||||||
| £ | £ | ||||||
| Prepayments | 1,473 | 660 | |||||
| 17 Creditors: amounts falling due within one year | |||||||
| 2022 | 2021 | ||||||
| £ | £ | ||||||
| Trade creditors | 238 | 3,125 | |||||
| Other taxation and social security | - | 2,259 | |||||
| Other creditors | 131 | 207 | |||||
| Accruals | 690 | 2,239 | |||||
| Deferred income | 1,050 | 2,000 | |||||
| 2,109 | 9,830 |
Page 17
Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Deferred income at 1 January 2022 | 2,000 | 2,550 | |
| Resources deferred in the period | 1,050 | 2,000 | |
| Amounts released from previous periods | (2,000) | (2,550) | |
| Deferred income at year end | 1,050 | 2,000 |
Income is deferred, and then released in the period in which it is attributable.
18 Pension and other schemes
Defined contribution pension scheme
The Charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Charity to the scheme and amounted to £Nil (2021 - £Nil).
19 Funds
| 19 Funds | |||||||
|---|---|---|---|---|---|---|---|
| Balance at 31 | |||||||
| Balance at 1 | Incoming | Resources | December | ||||
| January 2022 | resources | expended | 2022 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted | |||||||
| General | 42,715 | 180,631 | (188,212) | 35,134 | |||
| Balance at 31 | |||||||
| Balance at 1 | Incoming | Resources | December | ||||
| January 2021 | resources | expended | 2021 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General | 38,693 | 178,213 | (174,191) | 42,715 |
20 Analysis of net assets between funds
| 20 Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted | Total funds at | |
| funds | 31 December | |
| General | 2022 | |
| £ | £ | |
| Tangible fixed assets | 237 | 237 |
| Current assets | 37,006 | 37,006 |
| Current liabilities | (2,109) | (2,109) |
| Total net assets | 35,134 | 35,134 |
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Southwell Music Festival Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
21 Related party transactions
During the year the Charity made the following related party transactions:
Mr Marcus Farnsworth
(Trustee of the charity)
During the period Mr Marcus Farnsworth was a trustee, he received remuneration of £Nil (2021: £667) for work as a conductor and musician. Southwell Music Festival paid £Nil (2021: £4) into a pension scheme on behalf of Mr Marcus Farnsworth. At the balance sheet date the amount due to/from Mr Marcus Farnsworth was £Nil (2021 - £Nil).
Mr James Campbell
(Trustee of the charity)
During the year, £4,000 (2021: £4,000) was paid to Mr James Campbell for musician services, and £Nil (2021: £180) was paid for the commission of programme notes. At the balance sheet date the amount due to/from Mr James Campbell was £Nil (2021 - £Nil).
Mr Thomas Du Plessis
(Trustee of the charity)
During the year, a £15,000 (2021: £5,000) donation was received from the Trustee.
During the year, £10,000 (2021: £Nil) donation was received from the The Du Plessis Family Foundation. At the balance sheet date the amount due to/from Mr Thomas Du Plessis was £Nil (2021 - £Nil).
Mr William Balkwill
(Trustee of the charity)
During the year, £1,170 (2021: £Nil) was paid to Mr William Balkwill for musician services. At the balance sheet date the amount due to/from Mr William Balkwill was £Nil (2021 - £Nil).
Mr Flynn Le Brocq
(Trustee of the charity)
During the year, £1,352 (2021: £Nil) was received for freelance GM cover. At the balance sheet date the amount due to/from Mr Flynn Le Brocq was £Nil (2021 - £Nil).
Mr Mark Le Brocq
(Father of trustee of the charity)
During the year, £1,703 (2021: £Nil) was paid to Mr Mark Le Brocq for musician services. At the balance sheet date the amount due to/from Mr Mark Le Brocq was £Nil (2021 - £Nil).
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