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2024-06-30-accounts

Charity no. 1175716

The Hertfordshire Festival of Music Report and Unaudited Financial Statements

30 June 2024

The Hertfordshire Festival of Music

Reference and administrative details

For the year ended 30 June 2024

Charity number 1175716
Registered office 63 Park Meadow
Hatfield
Hertfordshire
AL9 5HB
Trustees The trustees are who served during the year and up to the date of this
report were as follows:
J Banks Appointed 24 February 2024
RM Beahan
D Childs
GC Dodge Chair
CE Pease Vice Chair
MM Prisk Resigned 24 June 2024
DCF Utting Resigned 24 June 2024
Independent Godfrey Wilson Limited
examiners Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

The Hertfordshire Festival of Music

Report of the trustees

For the year ended 30 June 2024

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

The Hertfordshire Festival of Music (HFoM) is a charitable incorporated organisation. This annual report covers the year ended 30 June 2024. The Festival summer programme took place between 7 to 15 June 2024. The charity continued to deliver against its charitable objectives, albeit in a continuing challenging fundraising environment.

Legal objects

The Hertfordshire Festival of Music was registered as a charity with the Charity Commission on 14 November 2017 with charity number 1175716. It is governed under its constitution.

The constitution states the objects of the charity to be:

Trustees, governance and administration

The constitution provides that there must be at least three trustees who shall serve a renewable term of three years. The trustees are not remunerated for their trusteeship and details of the trustee expenses and any related party transactions are disclosed in the notes to the accounts.

For the 2024 Festival, Artistic Director James Francis Brown continued to have full responsibility and leadership of both the artistic activities and the overseeing of the day-to-day running of the Festival. The Artistic Director was paid a fixed annual fee for their work, and their expenses were covered.

In light of continuing funding constraints, for the second year running, the employment of a Festival Administrator was not possible. The administration underpinning the Festival was delivered by the Artistic Director, Chair of Trustees and other Board Members. They were supported by a small number of freelance staff in the run up to and during the Festival, covering box office, marketing, PR and front-of-house festival management. Volunteers supported activities such as front-of-house roles during the Festival itself.

The charity is committed to maintaining the highest standards of integrity and ethical behaviour in all its activities. All those working for the charity, or associated with it, are expected to uphold those standards.

2

The Hertfordshire Festival of Music

Report of the trustees

For the year ended 30 June 2024

Trustee recruitment

Hertfordshire Festival of Music’s Board of Trustees seeks to involve people offering a range of skills relevant to the work of the Festival. These include individuals with professional music, legal and communications experience, charity sector expertise, and individuals with significant involvement within the local community. The seven trustees involved during the year all continued to make important contributions during the last year, based on their particular areas of expertise and interest.

Ongoing monitoring takes place to identify any additional skills and capacity needed to complement the existing Board, to encourage diversity and support ongoing success of the organization. Recruitment to identify new trustees is a mixture of local searches and through organisations such as Reach Volunteering.

The pro-bono Treasurer continues to make a significant contribution to the effective management of the finances of the organisation. They attend board meetings and receive communications involving the trustees, and liaise with the Chair, Board and Artistic Director. This year has seen them continue to develop effective utilisation of Xero software, supporting financial control and monitoring.

Risk management

The trustees have a risk management strategy which includes an annual review of the risks to which the charity may be exposed (e.g. low income generation, pandemic) and the establishment and implementation of systems and procedures designed to mitigate the impact on the charity of the risks identified. Key elements of the strategy include:

Objectives and activities

The main focus of the Hertfordshire Festival of Music is an annual summer celebration of classical music, based in the county town of Hertford, with events and concerts also extending to other parts of Hertfordshire. Outreach activities and other music events may occur at other times during the year.

The Festival exists to celebrate and nurture exceptional music-making, featuring some of the world's finest performers. The Festival also supports professional and young musicians (both from Hertfordshire and wider afield), presents fascinating music by living composers and seeks to develop innovative projects for education and participation. The Charity’s programme seeks to bring classical music to people who may not have the regular opportunity to experience it. Alongside the concert programme (which includes free events), the Outreach activities make a particular contribution to this aim by reaching young people and marginalised or isolated groups.

3

The Hertfordshire Festival of Music

Report of the trustees

For the year ended 30 June 2024

Achievements and performance

The Board and Artistic Director are delighted to have delivered a credible, exciting and well-received 2024 Festival, with a variety of initiatives which supported our charitable aims. An inaugural reception and concert held in February helped to build towards the summer programme in June. The main challenge, in common with many arts organisations, continued to be securing necessary funding: a range of budget scenarios ensured appropriate financial governance and delivery of a successful Festival, within available resources.

Events

The Hertfordshire Festival of Music 2024 offered an eclectic array of live classical performances and community initiatives, with the theme of duality and collaboration. ‘The Power of 2: Musical and Artistic Dialogues’ explored the profound connections and conversations between musicians, artists, and their audiences through a series of concerts, talks and other events with a wide range of musicians, artists and original thinkers.

15 events took place during the year (primarily between 7-15 June 2024), encompassing 10 musical performances, 4 talks, and a masterclass. Six events were offered free of charge, with concessionary prices available for most ticketed events. In total almost 1,400 joined us during the Festival. The Festival featured over 120 performers and musical practitioners, both professional and amateur, appearing in local community venues.

In February 2024, as a prelude to the main festival, we presented a specially produced short film and slideshow featuring highlights of the June events. This presentation was followed by a performance at St Andrew’s Church in Hertford by violinist Litsa Tunnah and pianist James Francis Brown. This complimentary event was warmly received by the local audience and helped (along with our presence at a number of local community events e.g. HertsFest) maintain the festival’s presence during the year.

A picnic and Wind Band Concert at All Saints’ Church in Hertford on the late May Bank Holiday saw our Community Concert Band, conducted by Chris McGinity, perform a programme ranging from popular classics to music from films and television. A free event enjoyed by all who attended.

Highlights of the main Festival programme in June included: Music

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The Hertfordshire Festival of Music

Report of the trustees

For the year ended 30 June 2024

5

The Hertfordshire Festival of Music

Report of the trustees

For the year ended 30 June 2024

Talks

2024 Outreach Projects Music In Mind

The Music in Mind project ran for its fourth year. It aims to create opportunities for specially trained musicians to share the gift of music with those living with dementia and with their carers and families.

This project started in June, running through to autumn. Across 27 musical sessions in residential homes across Hertfordshire, a total of 279 residents were able to participate (62% are living with dementia). These sessions were delivered by ‘Sing from the Heart’, an organisation established by a highly experienced Hertfordshire practitioner, Clare Childs, and 5 colleagues. They played various instruments, including clarinet, double bass, flute, bassoon and saxophone, and sang songs that resonated with the residents. During the sessions, residents also had the opportunity to create some artwork if they wished. The performers made contact and built a great rapport with each care home, bringing joy to the sessions’ participants, with some wonderful feedback, indicating the impact of the sessions – to quote a few:

"My day is all the better now you are here" , resident, St Matthews, Redbourn "My Dad was a saxophonist and after playing in London Swing bands he also played in care homes. Look how much he's enjoying this" , family member, Ashview, Ware

"The emotion in the residents faces and the energy you both bring - its wonderful …you make a brilliant team, you are so good with everyone" , staff activities worker, Milford, Hitchin

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The Hertfordshire Festival of Music

Report of the trustees

For the year ended 30 June 2024

Youth & Education

In addition to expanding performance opportunities for young artists (as detailed earlier) the HFoM remains steadfast in its commitment to providing children and young people with opportunities to engage with and benefit from the enriching experience of music.

Piano Masterclass

We were delighted to continue our Masterclass series, this year welcoming one of our principal artists, the celebrated pianist, Katya Apekisheva, to inspire and guide the participants. 4 musicians comprising a piano duo ensemble and soloists took part in the wonderful chapel at Queenswood School. They benefited from invaluable guidance to enhance their musical practice, delivered with professionalism, warmth, and encouragement by Katya. A remarkable experience for the young musicians at this pivotal stage in their careers.

Working with Schools

In 2024, we intended to pilot a ‘transition’ project involving young children from local schools, working in collaboration with the Hertfordshire Music Service (HMS). Unfortunately, due to limited resources and time constraints within both organisations, we were unable to progress this project.

However, we were able to redirect our efforts towards organising a highly popular and successful choral competition for local state and private schools, in partnership with Queenswood School. 10 schools submitted entries to the competition, with 4 schools being invited to participate in the finals. 130 pupils participated in the finals from Arnett Hills, Greenway School, RMS and St Alban and St Stephen schools. All gave energetic and musical performances to a high standard, with the choir from the Royal Masonic School Cadogan House (under the guidance of Head of Music, Genny Bentham) winning the competition. As mentioned earlier, they then performed at one of the musical concerts of the Festival.

Organisational Development

In the context of challenging funding support for the arts sector, the HFoM continues to demonstrate determination, resilience and positivity. This has been underpinned by increased focus on approaching artistic planning with creativity and innovation, whilst maintaining artistic capacity and excellence. Administration systems seek to support efficient working and appropriate governance – there is an aspiration for this to be enhanced by increased utilisation of proprietary software (e.g. database to provide mechanism for effective CRM). This year has seen increased effort to build engagement and support from within the communities we serve – from individuals, other local artistic groups and local councils. We are most grateful to Welwyn and Hatfield District Council for sponsorship of silver members of the Hertfordshire Chamber of Commerce – this has allowed us to engage with local businesses across the county. In 2024, ongoing discussions have been held on future strategy – including considerations of future income streams and potential areas for investment (funds allowing) for improvement and innovation.

We continue to gain in confidence in our capacity, expertise and experience and our ability to plan for, and respond to, future challenges.

A Big Thank You

The success of the 2024 Festival, as ever, relies on the incredible support and encouragement of many – from performers, audiences, partners, donors, staff and volunteers. Whatever the nature of their support, the trustees of the Hertfordshire Festival of Music would like to acknowledge the significant efforts made by everyone, we are exceptionally grateful – the Festival would not run without them.

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The Hertfordshire Festival of Music

Report of the trustees

For the year ended 30 June 2024

Financial review

The financial position as at 30 June 2024 shows total reserves of £11,462 (2023: reserves of £10,245).

Income

2024 total income was £37,341 (2023: £33,582). This increase reflects a substantial contribution (£4,000) of gifts in kind versus the previous year.

Ticket sales for the year stood at £5,734, a reduction on 2023 (£7,209). The reduction in the value of ticket sales reflects the Festival offering 2 additional free-of-charge events (to support accessibility) and lower average ticket prices year on year (reflecting the increased proportion of talks and young performer events in the 2024 programme).

In these continuing challenging times, we have been grateful for the support of our funders - grants and trust foundations, local councils, corporate sponsors and individual donors, who have all maintained their support for the Festival.

We continued to receive generous support, totalling £11,800, from the East Hertfordshire District Council, the Hertford Town Council, from a number of the Hertfordshire County Councillors (from their locality budgets) and from Ware Town Council.

Grants and Trust Foundations supporting the Festival in 2024 included: part of a grant carried over from 2023 from The Garrick Charitable Trust and a grant from the Durkan Homes Community Fund. Collectively their support totalled £3,100 – for which we are most grateful. This income stream remains lower than in the past - reflecting the increased competition for applications being made to grant givers, often in the context of more limited funds being available generally.

We were delighted to continue to receive corporate sponsorship from Azets, Longmore's Solicitors, Queenswood School and Austin’s Funeral Directors. Corporate support was down to £7,558 (2023: £9,500), following the conclusion of one sponsors support.

Individual donations totalled £10,462. The contributions from our Deer Friends scheme totalled £2,115, maintaining the level of support in 2023. We recognise this important and generous support from community members and appreciate their ongoing encouragement and appreciation of our work. Gift aid claims on eligible donations for 2024, generated an additional £730 of revenue.

Voluntary support

In addition to the donations in kind formally recognised in the financial numbers (£4,000), we would like to acknowledge the free support given by both organisations and individuals, without which the Festival would incur further costs. In particular, an estimated 2,500 voluntary hours were given by administration and front of house volunteers, volunteer and pro-bono musicians, staff and trustees. Using the average minimum wage for the year, this contribution can be estimated at a value of £27,000 made to the Festival. A truly significant symbol of support for the Festival, without which it would not be able to deliver its programme of activities.

8

The Hertfordshire Festival of Music

Report of the trustees

For the year ended 30 June 2024

Expenditure

2024 total expenditure was £36,124 (2023: £32,920). The increase in costs was largely associated with the new launch event and concert in February, increasing venue and instrument hire costs and additional promotional activity.

See Voluntary Support section (above) for the contributions made and which reduced the financial expenditure requirements of the charity.

Reserves policy

The trustees wish to ensure that there are sufficient reserves held by the Charity to protect the continuity of the Festival. Following good practice, and with reference to Charity Commission guidelines, the trustees aim to maintain unrestricted reserves at a targeted minimum level equivalent to the total of three months' of indirect costs and 5% of one festival's direct costs. This reserve aims to ensure sufficient start-up costs are available to support the following year’s Festival. It is worth noting that as expenditure is heavily skewed to later in our financial year, these reserves actually provide longer than the 3 month cover.

Assuming the base budget for the 2025 festival of £43,000 (expenditure is anticipated to be of a similar scale to 2024, with provision for administration support and reinstatement of an orchestral concert), the current minimum reserve level required has been calculated as follows:

▪ 3 months management and admin costs:
▪ 5% of one festival’s direct costs:
Total minimum reserve level		 £5,000
£1,150
£6,150

Unrestricted general reserves at 30 June 2024 stood at £7,462. The Board are confident that sufficient funds are available to support the planning activity and cover costs in the lead up to the 2024 Festival, ahead of new further income being secured for the future year’s programme.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives.

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The Hertfordshire Festival of Music

Report of the trustees

For the year ended 30 June 2024

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees are to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity 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 charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity have no liability to contribute to the assets of the charity in the event of winding up. The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 18 November 2024 and signed on their behalf by

Gill Dodge

Gill Dodge Chair

10

Independent examiner's report

To the trustees of

The Hertfordshire Festival of Music

I report to the trustees on my examination of the accounts of The Hertfordshire Festival of Music (the CIO) for the year ended 30 June 2024, which are set out on pages 12 to 22.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

William Guy Blake

Date: 19 November 2024

William Guy Blake ACA Member of the ICAEW

For and on behalf of:

Godfrey Wilson Limited

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

11

The Hertfordshire Festival of Music

Statement of financial activities

For the year ended 30 June 2024

Note
Income from:
Donations
3
Charitable activities
5
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
7
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income / (expenditure)
and net movement in funds		 Restricted Unrestricted
£
£
14,400
17,207
-
5,734
14,400
22,941
-
1,555
15,000
19,569
15,000
21,124
(600)
1,817
600
9,645
-
11,462		 2024
Total
£
31,607
5,734
37,341
1,555
34,569
36,124
1,217
10,245
11,462		 2023
Total
£
26,373
7,209
33,582
841
32,079
32,920
662
9,583
10,245

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 13 to the accounts.

12

The Hertfordshire Festival of Music

Balance sheet

As at 30 June 2024

Note
Current assets
Debtors
10
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
11
Net current assets
Net assets
12
Funds
13
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
1,361
18,090
19,451
7,989		 2024
£
11,462
11,462
-
4,000
7,462
11,462		 2023
£
3,049
22,586
25,635
15,390
10,245
10,245
600
-
9,645
10,245

Approved by the trustees on 18 November 2024 and signed on their behalf by

Gill Dodge

Gill Dodge Chair

13

The Hertfordshire Festival of Music

Notes to the financial statements

For the year ended 30 June 2024

1. Accounting policies

a) Basis of preparation

The Hertfordshire Festival of Music (HFOM) is an charitable incorporated organisation registered in England and Wales. The registered office address is 63 Park Meadow, Hatfield, Hertfordshire, AL9 5HB.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Hertfordshire Festival of Music 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 note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern. The Hertfordshire Festival of Music trustees consider that there are no material uncertainties that will prevent the Festival from taking place in the future, once steps have been taken to ensure there is sufficient funding for planned concerts, outreach and any other activities in the artistic plan for the year.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

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The Hertfordshire Festival of Music

Notes to the financial statements

For the year ended 30 June 2024

1. Accounting policies (continued)

e) Funds accounting

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to the cost of charitable activities, on the basis that any fundraising is undertaken directly.

h) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

i) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

j) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

k) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

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The Hertfordshire Festival of Music

Notes to the financial statements

For the year ended 30 June 2024

1. Accounting policies (continued) l) Accounting estimates and key judgements

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

2. Statement of financial activities - prior period comparative

Income from:
Donations
Charitable activities
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure) and net
movement in funds		 Restricted Unrestricted
£
£
6,200
20,173
-
7,209
6,200
27,382
-
841
7,915
24,164
7,915
25,005
(1,715)
2,377		 2023
Total
£
26,373
7,209
33,582
841
32,079
32,920
662

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The Hertfordshire Festival of Music

Notes to the financial statements

For the year ended 30 June 2024

3. Income from donations

Income from donations
Donations
Gift aid
Donations in kind
Grants
Subscriptions - Deer Friends
Total income from donations*		 Restricted Unrestricted
£
£
1,900
8,562
-
730
-
4,000
12,500
1,800
-
2,115
14,400
17,207		 2024
Total
£
10,462
730
4,000
14,300
2,115
31,607

*Donations in kind included venue hire, equipment hire, and membership to the Hertfordshire Chamber of Commerce (2023: costs of festival banners).

Prior period comparative
Donations
Gift aid
Donations in kind
Grants
Subscriptions - Deer Friends
Total income from donations*		 Restricted Unrestricted
£
£
-
11,146
-
1,201
-
151
6,200
5,500
-
2,175
6,200
20,173		 2023
Total
£
11,146
1,201
151
11,700
2,175
26,373

4. Government grants

The charity receives government grants, defined as funding from East Hertfordshire District Council, Hertford Town Council, Hertfordshire County Council, and Ware Town Council to fund charitable activities. The total value of such grants in the period ending 30 June 2024 was £11,800 (2023: £8,700). There are no unfulfilled conditions or contingencies attaching to these grants in 2023/24.

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The Hertfordshire Festival of Music

Notes to the financial statements

For the year ended 30 June 2024

5. Income from charitable activities

Ticket sales

2024 2023
£ £
5,734 7,209

All income from charitable activities in the current and prior period was unrestricted.

6. Total expenditure

Total expenditure
Festival costs
Fundraising event
Artist costs
Insurance
Consultancy costs
Other office costs
Cost of ticket sales
Advertising and website
Other festival costs
Travel
Governance costs
Accountancy fees
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising
funds
£
673
-
-
882
-
-
-
-
-
-
1,555
-
1,555		 Charitable
activities
£
£
-
-
7,590
-
534
-
11,356
882
3,145
-
362
-
2,674
-
5,567
-
1,079
-
-
1,380
32,307
2,262
2,262
(2,262)
34,569
-
Support and
governance
costs		 2024
Total
£
673
7,590
534
13,120
3,145
362
2,674
5,567
1,079
1,380
36,124
-
36,124

Total governance costs were £1,380 (2023: £1,320)

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The Hertfordshire Festival of Music

Notes to the financial statements

For the year ended 30 June 2024

6.
Total expenditure (continued)
Prior period comparative
Festival costs
Artist costs
Insurance
Consultancy costs
Office costs
Advertising and website
Other festival costs
Travel
Governance costs
Accountancy fees
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising
funds
£
-
-
841
-
-
-
-
-
841
-
841		 Charitable
activities
£
£
9,800
-
707
-
14,774
840
1,090
-
1,775
-
1,141
-
632
-
-
1,320
29,919
2,160
2,160
(2,160)
32,079
-
Support and
governance
costs		 2023
Total
£
9,800
707
16,455
1,090
1,775
1,141
632
1,320
32,920
-
32,920

7. Net movement in funds This is stated after charging:

Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners' remuneration:
Independent examination (excluding VAT)		 2024
£
Nil
Nil
1,150		 2023
£
Nil
Nil
1,100

8. Staff and key management personnel

The charitable incorporated organisation does not have any employees. The key management personnel of the charity comprise the trustees. The total employee benefits of the key management personnel of the charity were £nil (2023: £nil).

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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The Hertfordshire Festival of Music

Notes to the financial statements

For the year ended 30 June 2024

10. Debtors

Trade debtors
Accrued income
11. Creditors: amounts due within 1 year
Trade creditors
Accruals		 2024
£
-
1,361
1,361
2024
£
4,250
3,739
7,989		 2023
£
1,848
1,201
3,049
2023
£
10,675
4,715
15,390

12. Analysis of net assets between funds

Current assets
Current liabilities
Net assets at 30 June 2024
Prior period comparative
Current assets
Current liabilities
Net assets at 30 June 2023		 Restricted
funds
£
-
-
-
Restricted
funds
£
600
-
600		 Designated
funds
£
4,000
-
4,000
Designated
funds
£
-
-
-		 General
funds
£
15,451
(7,989)
7,462
General
funds
£
25,035
(15,390)
9,645		 Total
funds
£
19,451
(7,989)
11,462
Total
funds
£
25,635
(15,390)
10,245

20

The Hertfordshire Festival of Music

Notes to the financial statements

For the year ended 30 June 2024

13. Movements in funds

Movements in funds
Hertfordshire Town Council
Hertfordshire County Council
Ware Town Council
Azets
Austin's Funeral
Total restricted funds
Designated funds:
Orchestral concert fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
Garrick Charitable Trust
Durkan Foundation
Restricted funds
East Herts District Council		 At 1 July
2023
£
-
-
-
-
-
-
-
600
600
-
-
9,645
9,645
10,245		 Income
£
£
6,000
(6,000)
3,000
(3,000)
500
(500)
500
(500)
950
(950)
950
(950)
2,500
(2,500)
-
(600)
14,400
(15,000)
-
-
-
-
22,941
(21,124)
22,941
(21,124)
37,341
(36,124)
Expenditure		 £
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,000
4,000
4,000
4,000
(4,000)
7,462
-
11,462
-
11,462
At 30 June
2024
Transfers
between
funds
-
4,000
4,000
7,462
11,462
11,462

Purposes of restricted funds Hertfordshire Town Council

Grant given to contribute to the costs of 2024 Festival activities within Hertfordshire Town Council boundary.

East Herdfordshire District Council

Grant given to contribute towards the costs of 2024 Festival activities.

Hertfordshire County Council

Grant given to contribute to events in 2024 Festival Programme to be held at All Saints Church, Hertford.

Ware Town Council

Grant given to contribute to 3 events in 2024 Festival Programme to be held at St Mary's Church, Ware.

Azets

Sponsorship funds given to contribute to the 2024 Soundbites concert at All Saints Church, Hertford.

21

The Hertfordshire Festival of Music

Notes to the financial statements

For the year ended 30 June 2024

13. Movements in funds (continued) Purposes of restricted funds (continued) Austin's Funeral

Sponsorship funds given in support the 2024 Festival Finale Concert.

Durkan Foundation

Grant given to contribute towards the costs of the Music in Mind Dementia Outreach project, taking place in Hertfordshire Care homes during 2024.

Garrick Charitable Trust

Grant brought forward from the prior year to support a young performers concert, featuring within the 2024 summer programme.

Purposes of designated funds Orchestral concert fund

A fund to contribute to the costs, and support the reinstatement, of a finale orchestral concert in the June 2025 Festival.

Prior year comparative
Restricted funds
East Herts District Council
Hertford Town Council
Hertfordshire County Council
Total restricted funds
Unrestricted funds
Designated funds
Outreach projects
Total designated funds
General funds
Total unrestricted funds
Total funds
Garrick Charitable Trust
The Williams Church Music Trust
Harpenden Music Foundation		 At 1 July
2022
£
1,190
475
-
650
-
-
2,315
1,635
1,635
5,633
7,268
9,583		 Income
£
£
-
(1,190)
1,200
(1,675)
2,000
(2,000)
500
(1,150)
1,000
(1,000)
1,500
(900)
6,200
(7,915)
-
(1,552)
-
(1,552)
27,382
(23,453)
27,382
(25,005)
33,582
(32,920)
Expenditure		 £
-
-
-
-
-
-
-
(83)
(83)
83
-
-
Transfers
between
funds		 At 30
June
2023
£
-
-
-
-
-
600
600
-
-
9,645
9,645
10,245

14. Related party transactions

There were no related party transactions during the current or prior year.

22