Registered No. 099S7497 SALZBURG EASTER FESTIVAL FOUNDATION (a company limited by guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 wii ADYfIL3L 2110312025 COMPANIES HOUSE A12
103
SALZBURG EASTER FESTIVAL FOUNDATION Financlal statements for the year ended 30 June 2024 Contents Page Reference and administrative information Report of the trustees {Incorporating a directors, report) Independent Examlners Report Statement of financial actwities (incorporating an income and expenditure account) Balance Sheet Notes to the financial staternents
SALZBURG EASTER FESTIVAL FOUNDATION Reference and administratlve informatlon Trustees: Michael 8erger-Sandhofer Alberto Badino Francisco Gaudier Fargas Salim Abdool Hamid Moollan Registered office: 22 Cliveden Place Belgravla London SWIW 8HD Independent Examlner: Philip Clark Azets 2nd Floor, Regis House 45 Kin8 William Street London EC4R 9AN Company number: 09957497 Charity number: 1167526
SALZBURG EASTER FESTIVAL FOUNDATION Report of the trustees {Incorporatln8 a dlrector's report) For the year ended 30 June 2024 The trustees present their report and the accounts for the year ended 30 June 2024. They have been prepared in accordance with the Memorandum and Articles of Association and the recommendations of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and the Republic of Ireland (Charities SORP (FRS 102)). Reference and admlnlstratlve details Reference and administrative details are shown on page l of the financial statements. The trustees The trustees who ser¥ed the charlty durin8 the year were as follows: Michael Ber8er-Sandhofer Alberto Badino Francisco Gaudier Far8as Salim Abdool Hamid Moollan Constitutlon and objects The charity was incorporated on 19 January 2016. Under its Memorandum and Articles of Association, its main objective is the promotion of aesthetic education and the cultivation and improvement of public taste in muslc, opera or other arts. The trustees have re8ard to the Charity Commission's guidance on the public benefit requirement when conslderation what activities the charity should undertake, and they confirm that they have paid due regard to this 8uidance during this deliberation. Appolntment and elertlon of trustees The trustees are unpaid and are currently four in number. The minimum number for a quorurn is two. If any more are deemed to be required, through a lack of skills, resi8nation or disqualification, they would be recommended by the trustees for appointment. Flnancial rev5ew lincludlng reserves policy) Total income for the accounting period was £37,652 {2023: £48,029) and expenditure totaled £36,874 12023: £62,759). Unrestrirted reserves at the year end were £54,82212023: £54,044). The trustees had agreed durin8 2023 to devote donations towards the 2024 festival activities, thus during this accounting perlod one contribution was made to the programme in June 2024 of £33,862,111É40,0001. Risk management The charity holds no assets other than cash. The trustees take the view that the main risks of the charity are financial. To mitigate any financial risk, they use a reputable bank and highly qualif led advisors.
SALZBURG EASTER FESTIVAL FOUNDATION Report of the trustees (incorporating a directorfs report) For the year ended 30 June 2024 Plans for the future The level of support from donors this year decreased from the previous financial year. which was boosted by the upcoming 2024 festival proBrarnme, but rernained at a level that was higher than in 2022, This enabled the trusteesto carry out as planned the contributions envisaged during the previous financial year, making 8rants of £33,862 (C40,0001 in total. The Charity rernains a smaller contributor to the Arts in the United Kin8dom and to its parent organisation in Austria compared to other sponsors. In 2024 the Charity started initiatives directly aimed at making the musical offering of the Salzburg Easter Festival available to younger audience and music students in England. Lookin8 at the future, the Charity aims to increase its effort to promote the appreciation of performing opera and classical music among the British audience and to continue to support the longer- term plans for the Salzbur8 Easter Festival through select contributions and direct cultural initiatives. Statement of trustees, responslbllities The trustees (who are also directors of Salzburg Easter Festival Foundation for the purposes of company lawl are responslble for preparin8 the report of the trustees and the flnancial statements in accordance with app5icable law and regulations. Company law requires the trustees to prepare financial statements for each flnancial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice Iunlted Kingdom Accounting Standards and applicable law). 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 cornpany and of the incomin8 resources and application of resources, including the income and expendlture, of the charitable company for that period. In preparing these financial statements, the trustees are required to: Select suitable accounting pollcles and apply them consistently• Observe the methods and principles in the Charities SORP; Make jud8ements and estimates that are reasonable and prudent; State whether applicable UK Accounting Standards have been followed, subject to any materia departures disclosed and explained in the financial statements; Prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the charitable company will continue in business, The trustees are responsible for keeping adequate accountinE records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financlal 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. Approval
SALZBURG EASTER FESTIVAL FOUNDATION This report was approved by the board of trustees on 20/03/202land signed on its behalf by: Alberto Badino Trustee
SALZBURG EASTER FESTIVAL FOUNDATION Independent Examiner's Report to the Trustees of Salzburg Easter Festival Foundatlon I report to the charity trustees on my examination of the accounts of the company for the year ended 30 June 2024 which are set out on pages 5 to 7. Responsibllltles and basls of report As the charity 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'l. 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 examinatlon, I report in respert of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carryin8 out my examination I have followed the Directions 8iven by the Charity Commlssion under section 145151{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 connertion with the examination givin8 me cause to believe that in any material respect: accounting records were not kept in respect of the company 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 accountin8 requlrements of sectlon 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 examlnation; 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 [appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}J. I have no concerns and have come across no other matters in connection with the examinatlon to whlch attention should be drawn in this report in order to enable a proper under5tandin8 of the accounts to be re Philip Clark Azets Regis House 45 King William Street London EC4R 9AN Date 2D Itsxi
SALZBURG EASTER FESTIVAL FOUNDATION Statement of financial activities (Incorporating an income and expenditure accountl For the year ended 30 June 2024 Notes 2024 2023 Income from: Donations 37,652 48,029 Total Income 37,652 48,029 Expenditure on: Charitable activit5 Support costs 33,862 3,012 60,309 2,450 Total expendlture 36,874 62,759 Net income for the year, being net movement in funds 778 {14,7301 Fund balances brought forward 54,044 68,774 Fund balances carried forward 54,822 54,044 All amounts relate to unrestrlcted funds and to continuing actSvlties. The notes on page$ 8 to 9 form part of these financial statements
SALZ8URG EASTER FESTIVAL FOUNDATION Balance sheet a5 at 30 June 2024 Notes 2024 2023 Current assets: Cash at bank and in hand 55,662 54,884 Llabllltles; Amounts falling due within one year 840 Net current assets 54,822 54,044 Funds: Unrestrirted reserves 54,822 54,044 54,822 54,044 We confirm that: Forthe yearended 30June 2024 the company was entltled to exemptlon from audlt under section 477 of the Companies Act 2006 relating to small companies: and The members have not required the company to obtaln an audit of Its accounts for the year in question in accordance with section 476. We acknowledge our responsibilities for: Ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006; and Preparing the accounts which give a true and fair view of the state of the company's affairs at 30 June 2024 and of Its results for the year then ended in accordance with the requirements of sections 394 and 395 and which otherwlse comply with the requirements of this Act relating to accounts so far as applicable to the company, These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006, The flnancial statements were approved by the trustees and authorised for issue on 20103120 and signed on their behalf by: Alberto Badino Trustee
SALZBURG EASTER FESTIVAL FOUNDATION Re8lstered cornpany number 09957497 Notes to the financial statements For the year ended 30 June 2024 General infomiation The Salzburg Easter Festival Foundation is a private company. limited by guarantee, domlclled in England and Wales The registered office is as shown on the company information on page l. Accounting pollcles a) Accounting conventlon The flnancial statements have been prepared under the historical cost convention and in accordance with Accountin8 and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102} (effective l January 20151 (Charitie5 SORP {FRS 10211 and the Companies Act 2006. b) Cash flow statement The charity has taken advantage of the disclosure exemption in respect of the requirements of Section 7 "Statement of Cash Flows" in preparing these accounts as permitted by FRS 102 and the Charities SORP IFRS 1021 Update Bulletin l. c) Income recognltlon All incoming resources are accounted for In the Statement of Financial Activities {SOFAI when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. d) Expendlture recognitlon All expenditure is accounted for on an accruals basis, and is allocated to the appropriate heading in the accounts and includes VAT. e) Value added tax Value Added Tax is not recoverable by the charity, and as such is included In the relevant costs in the Statement of Financial Activities. f) Fund accountln8 The unrestricted general funds are those funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity,
SALZBURG EASTER FESTIVAL FOUNDATION Notes to the financial statements For the year ended 30 June 2024 Accountln8 policies- continued 8) Forelgn currency translatlon The financial statements of the charity are presented in Sterling. In preparing the financial statements. transactions in currencies other than Sterling are recognized at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non- monetary items that are measured In terms of hiStOral cost in a foreign currency are not retranslated. Exchange differences are recognised in profit and loss in the period in which they arise. Expendlture on charltable actlvltles 2024 2023 Donation 33,862 60,309 33,862 60,309 Support and Bovernance costs: Accountancy Bank charges and exchange differences 840 2,172 840 1,610 3,012 2,450 Credltors 2024 2023 Accruals 840 840