TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENT 1[st] January to 31[st] December 2020
Contents
| Contents | |
|---|---|
| Page | |
| Report of the Trustees | i-iii |
| Report of the Independent Examiner | 1 |
| Statement of Financial Activities | 2 |
| Balance Sheet | 3 |
| Notes to the Accounts | 4 |
The Board of Trustees has pleasure in presenting their annual report and financial statements for the period ended 31 December 2020.
Report of the Trustees
| Charity name | Cowbridge Music Festival |
|---|---|
| Registered Charity Number | 1162524 |
| Date of registration | July 3rd2015 |
| Principal Address | Cowbridge Music Festival |
| Brynawel | |
| Trerhyngyll | |
| Cowbridge | |
| Vale of Glamorgan CF71 7TN | |
| Trustees | Mary Rose (Artistic Director) |
| Andrew Elliott (Administrator) | |
| Tessa Shellens | |
| Samantha Edwards | |
| Eluned Pierce | |
| Iolo Whelan | |
| Independent Examiner | Into-it Accounting Ltd |
| 1 Vale Forge | |
| North Road | |
| Cowbridge | |
| CF71 7DF | |
| Bankers | The Co-operative Bank |
| P.O. Box 250 | |
| Delf House | |
| Southway | |
| Skelmersdale WN8 6WT |
i
Structure, Purpose and Activities
Cowbridge Music Festival is registered as a Charitable Incorporated Organisation (CIO) (Registered Charity No. 1162524). The objects as stated in its governing document, and for which the charity was established, are ‘to educate the public in the appreciation of music and other arts, principally by arranging an annual festival’.
In normal times t he festival is held over two weeks in the autumn and consists of main evening concerts, concerts for young musicians, a family concert and an outreach programme for schools and care homes throughout the Vale of Glamorgan and Bridgend. The festival may also include the Chamber Music Seminar for graduate chamber musicians. In 2017 the Festival Fringe was started to take the festival out of the main venues and to involve more local music groups.
The festival has as a priority the aim to remove barriers, perceived and real, preventing the participation in and the enjoyment of music. It aims to engage the community as a whole. With public accessibility to the concerts greatly in mind, provision is made for the elderly, the disabled and those of limited means. Particular importance is attached to giving encouragement and opportunities to young musicians, from the very young to those at the beginning of their careers in music.
Each festival encompasses a wide range of musical genres, classical music (chamber, instrumental and vocal) being the principal constituent, with the inclusion of jazz and folk music to widen appeal. World music is also becoming an increasingly important constituent of the festival.
The Trustees are aware of Public Benefit provisions of the Charities Act 2011 and of the guidance on them published by the Charity Commission. They are satisfied that the objects of the Charity and the activities of the Charity are within the definitions of Charitable Purposes as set down in the Act.
When planning activities the charity keeps in mind the Charity Commission’s guidance on public benefit.
Achievements and Performance
Before COVID-19 struck the UK in 2020 a series of ten concerts had been planned for the festival in October. But as the pandemic progressed it became apparent that a normal festival was not possible. The decision was therefore taken to postpone the entire festival until 2021. The option to make some of the concerts available online was considered, but after consultation with a cross-section of our regular audience and with local funders, it was felt preferable to keep all resources intact for a complete return in 2021.
To support the musicians during these difficult times they were offered 50% of their fee in advance, payable in 2020, after a new contract for 2021 had been signed. Two ensembles accepted this offer.
ii
Financial Review
A grant from the Arts Council of Wales was held over until 2021. Grants from trusts and foundations were made early in the year, however, which together with the 2019 reserves and subscription income from the Friends Association (with Gift Aid) stood the festival in a fairly strong financial position from which to begin its return in 2021.
Remuneration of the festival’s Artistic Director and Administrator ceased in March 2020.
Reserves
In previous years minimal reserves were held, amounting to no more than 10% of the annual budget, sufficient only for interim running costs and a low level of financial security.
Owing to the 2020 cancellation and the low level of 2020 outgoings (£7,923), reserves were at the higher level of £19,614 at the end of the year.
The festival is regarded as financially viable in the longer term.
iii
COWBRIDGE MUSIC FESTIVAL REPORT OF THE INDEPENDEKf EXAMINER TO THE MEMBERS OF COWBRIDGE MUSIC FESTIVAL I report on the accounts of the charity for the FfiLKI l january 2020 to 31 December 2020, which are set out on pages 2 to 4. Respective responsibllitles of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charty's trustees consider that an audit is not required for this period under secbon 144(2) of the chareS Ad 2011 (the 2011 Act) and that an indekEndent examination is needed. It is my re5fh)nsibility to: (l) Examine the accounts under sertton 145 of the 2011 ALt; (2) To follow the procedures laid down in the general dIrtionS gNen by the Charity Commission under section 145{5)(b) of the 2011 Att; and (3) To state whether partiojlar matters have come to my attention. Basis of Independent Examinerfs Report My examination was carrted out in accordan with the general directions given by the Charities Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It a150 includes consideration of any unusual items or disclosures in the accounts and seeking expkrynations fmm you as members ConmIng such matters. The procedures undertaken do not provide all the eviden that would be required in an audi¢ and consequently, no opinion is given as to whether the accounts present a'true aftd fair view, and the report is limited to those matters set out in the statement below: Independent Examiners Ststement In connection with my examination, no matter has come to my attention. l. Which gives me reasonable cause to believe that in any material resF*tt the requirements a. To keep accounting records in accordan of secbon 41 of the Act; and b. To prepare accounts whlch accord with the accounting records and comply with the accounting requirements of the Act Have not ken met; or 2. To which, in my opinion, attention5 should dwn in order to enable a pper understsndSng of the accounts to be reached. Into-it Accounting Limited I Vale Forge North Road Cowbridge CF717DF
COWBRIDGE MUSIC FEsfIvAL OUN FOR THE PERIOD JANUARY 2020 TO 31sr DECEMBER 2020 Unrestrict&J Funds Restricted Funds Total Note Income Grants r1Ved Sp)nsorship and donations Friends, Association Membershlp Ticket and refreshment sales Gift Aid Totsl Incoming Rewurces 11,000 2,650 2,470 loo 2,000 13,000 2,650 2,470 loo 480 18,700 16,700 2,000 Resources expended Artists. Costs Fees 3,340 3,340 Publicity Print media Adverts 750 750 750 750 Tnjstees Artistic Director Administrator Travel ExFenses 1,500 3,000 226 4,726 1,500 3,000 226 4,726 Running Costs Assistsnt Ajtistic Director Postage stationery Internet costs Miscellaneous 1,667 14 li 185 84 1,961 1,667 14 li 185 84 1,961 Total Resour Expended 10,777 10.777 Net Outgoings for the year 5,923 2,000 7,923 Fund balan at 31 Dernter 2019 11,691 11,691 Fund balan at 31 DeMIr 2020 17,614 2,000 19,614
COWBRIDGE MUSIC FESTIVAL BALAN HEET AS AT 31sr DECEMBER 2020 Cash at bank 19,614 Totsl assets less current li 19,614 Unrestricted F 19,614 The accounts were approved by the Trustees on 30th April 2021 Trustee Andrew Elliott
COWBRIDGE MUSIC FESTIVAL NOTES TO THE ACCOUNTS FOR THE PERIOD 1ST JANUARY 2020 TO 31st DECEMBER 2020 l. Accounting Policies Basis of preparation The accounts have been prepared under the historical cost convention The accounts have bn prepared in accordance with applicable accountlng standards, the Stsndards of Recommended Prattl, "Accounting and Reporting by Charities", issued in March 2005 and the Charitie5 Act 2011. l Trustees Mrs Mary Ro* Elliott r&eived £1,500 a1 Mr Andrew Elliott rNed £3,000 remunerdtion during the peiiod. 3. Income Because of the Coronavirus pandemic, the 2020 Music Fe5tNal was canlled. Friends, subscriptions continued as nomial and some twsts and foundations income was reived. The A Council of Wales grant for 2020 will be awarded in 2021. 4. Expenditure An a55istsnt to the Artistic Director was paid for three months prior to the pandemic and the fees paid to the Artistic Director and Administrator were reduced. Payment for print advertisements were made until March. In order to assist musicians during the pandemic, 500/0 fees were offer&J subject to a new contract and ensembles trx)k advantage of this offer. Comp)ser SL Lewis was pakl the agreed deposit of £600.