SOUTHERN CATHEDRALS FESTIVAL SOCIETY
WINCHESTER 2024
TRUSTEES' REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2024
CONTENTS
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- Trustees' Report 3. Independent Examiner's Report 4 Statement of Financial Activities 5. Balance Sheet
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- Notes to the Accounts
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FLETCHER & PARTNERS
CHARTERED ACCOUNTANTS
SALISBURY
Page 1
SOUTHERN CATHEDRALS FESTIVAL SOCIETY TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The Trustees present this report together with the financial statements of the Society for the year ended 31 October 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 6 to 7 and comply with the governing document, applicable law and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective from 1 January 2019. (Charities SORP FRS 102)
LEGAL STATUS
The Society is a registered Charity number 239593. It was established under a Deed dated 17 April 1963. A new Charity Commissioners Scheme was sealed on 19 June 2002.
TRUSTEES : EX OFFICIO Secretary - Mrs Harriet Sawbridge Treasurer - Dr James Fletcher The Dean of Chichester - The Very Rev'd Dr E Dowler (appointed 14 May 2024) The Dean of Salisbury - The Very Rev'd N Papadopulos The Dean of Winchester - The Very Rev'd C Ogle PRINCIPAL OFFICERS : Dr James Fletcher - Treasurer Mrs Harriet Sawbridge - Secretary ADDRESS : Crown Chambers, Bridge Street, Salisbury, SP1 2LZ ADVISERS BANKERS : Barclays Bank, 2/6 High Street, Salisbury, SP1 2YH INDEPENDENT : A J Radice, FCA, Guelder Cottage, Hanging Langford, Salisbury, SP3 4NW EXAMINER SOLICITORS : Parker Bullen, 45 Castle Street, Salisbury, SP1 3SS
OBJECTS
The object of the Society shall be to promote English Cathedral Music in the southern cathedrals of Chichester, Salisbury and Winchester, and in particular to arrange an annual Festival of Music in one of the three Southern Cathedrals in rotation. The object is for the benefit of the public who may attend the Festival's services and concerts.
POLICIES
In co-operation with the Dean and Residentiary Canons of the host Cathedral, the Trustees arrange annual festivals of English Cathedral Music with four or five days of services and concerts, based around the daily liturgy. The Society encourages patrons and sponsors to support the Festivals both by attendance and financial support by way of gift- aided subscriptions.
RESERVES POLICY
The Trustees of the Society are able to use surplus income over expenditure in furtherance of the Society's objectives. The policy is to maintain reserves at a level of one year's turnover, or thereabouts, in order to be able to pay the expenses of the next Festival if it had to be cancelled at short notice due to unforeseen circumstances.
INVESTMENT POLICY
Under the Deed, the Treasurer may invest any money received on behalf of the Society in any manner as he thinks fit and shall not be liable for any loss occasioned thereby. In accordance with the Trustee Act 2000, which came into force on 1 February 2001, the Trustees also have the powers to invest any sums of cash not required for immediate working purposes.
The current policy is to obtain sufficient income to help defray the costs of the Festivals. This is achieved by maintaining the Society's investment in the Central Board of Finance of the Church of England Investment Fund and investing any surplus cash in deposit accounts. These investments have been acquired in accordance with the powers in the governing document.
Page 2
SOUTHERN CATHEDRALS FESTIVAL SOCIETY TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2024
(Continued)
RISK MANAGEMENT
The Trustees have assessed the major risks to which the Society is exposed and are satisfied that systems are in place to mitigate exposure to the risks.
ORGANISATION
Under the terms of the Deed, the Society is managed by five ex-officio trustees, the secretary and treasurer being appointed annually. They meet twice a year, and have the power to co-opt additional trustees. Each cathedral's Director of Music is Festival Director in rotation according to where the next Festival is held. He forms a local Festival Committee which maintains its own records. Continuity is provided by the Secretary and Treasurer. Vacancies for the ex-officio trustee posts of Secretary or Treasurer are filled by personal recommendation. New trustees are trained by the trustee body.
KEY MANAGEMENT PERSONNEL REMUNERATION
The trustees consider the board of trustees and the three cathedrals' Directors of Music as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the Festivals on behalf of the charity. All the trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in notes 4 and 8 to the accounts. The pay of the Directors of Music is reviewed annually and normally increased in accordance with average earnings.
TRUSTEES' RESPONSIBILITIES FOR THE PREPARATION OF ACCOUNTS
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources for that period. In preparing those financial statements the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be
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. disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud or other irregularities.
REVIEW OF ACTIVITIES AND ACHIEVEMENTS
The 2024 Festival took place in Winchester under the direction of Andrew Lumsden supported by a local committee. The trustees were very pleased to appoint Dr Matt Geer as the SCF’s Executive Producer with the dual role of co-ordinating the Festival and raising the profile of the organisation. The choirs of Chichester, Salisbury and Winchester Cathedrals combined for the services and concerts. The Society is grateful for the unstinting efforts of the volunteers who serve on the local Festival Committees, none of whom receives any remuneration for their work in organising or managing the Society and its events. However, the three Directors of Music receive remuneration for their services as musicians.
The Trustees acknowledge with thanks the assistance and co-operation of the Deans and Residentiary Canons of Chichester, Salisbury and Winchester Cathedrals.
PUBLIC BENEFIT
The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.
REVIEW OF TRANSACTIONS AND FINANCIAL POSITION
The Charity's total income for the year was £33,993 including investment income of £4,246. Expenditure for the year was £80,034 of which £66,802 was on direct charitable activities. The value of the investments increased by £11,395. At the end of the year there was an overall deficit of £34,646 and the Society had net assets of £118,727, consisting entirely of unrestricted reserves, including investments of £100,502.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The Trustees confirm that the accounts comply with current statutory requirements, the Charity's governing document, and the Statement of Recommended Practice - Accounting and Reporting by Charities.
Signed on behalf of the Trustees
J Fletcher Trustee
23rd April 2025
Approved by the Trustees on
Page 3
SOUTHERN CATHEDRALS FESTIVAL SOCIETY ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOUTHERN CATHEDRALS FESTIVAL SOCIETY
I report to the trustees on my examination of the accounts of the Southern Cathedrals Festival Society (the Trust) for the year ended 31 October 2024, which are set out on pages 4 to 8.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Signed A J Radice FCA Date 23rd April 2025
A J Radice FCA Guelder Cottage Hanging Langford Salisbury
Page 4
SOUTHERN CATHEDRALS FESTIVAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024
| INCOME AND ENDOWMENTS FROM: Subscriptions, donations and sponsorship Charitable activities Festival concerts and events Investments Total income EXPENDITURE ON Charitable activities Festival expenses Total expenditure Net income/(expenditure) before investment gain/(loss) Net unrealised gain/(loss) on investments NET MOVEMENT IN FUNDS FOR THE YEAR Reconciliation of funds: Total funds at 1 November 2023 Total funds at 31 October 2024 |
Notes 2 3 5 |
2024 2023 6,369 17,440 23,378 12,639 4,246 3,838 33,993 33,917 80,034 45,509 80,034 45,509 (46,041) (11,593) 11,395 (1,055) (34,646) (12,648) 153,373 166,021 £118,727 £153,373 Unrestricted Funds |
2024 2023 6,369 17,440 23,378 12,639 4,246 3,838 33,993 33,917 80,034 45,509 80,034 45,509 (46,041) (11,593) 11,395 (1,055) (34,646) (12,648) 153,373 166,021 £118,727 £153,373 Unrestricted Funds |
2024 2023 6,369 17,440 23,378 12,639 4,246 3,838 33,993 33,917 80,034 45,509 80,034 45,509 (46,041) (11,593) 11,395 (1,055) (34,646) (12,648) 153,373 166,021 £118,727 £153,373 Unrestricted Funds |
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| 33,917 | |||||
| 45,509 | |||||
| 45,509 | |||||
| (11,593) (1,055) |
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| (12,648) 166,021 |
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| £153,373 |
The notes on pages 6 to 8 form part of these financial statements
Page 5
SOUTHERN CATHEDRALS FESTIVAL SOCIETY
BALANCE SHEET
AT 31 OCTOBER 2024
| Note FIXED ASSETS Investments 5 CURRENT ASSETS Debtors 6 11,167 Cash at bank 52,040 63,207 LIABILITIES Creditors: Amounts falling due within one year 7 (44,982) Net current assets Total net assets Representing THE FUNDS OF THE CHARITY Unrestricted funds Approved by the Trustees on 23rd April 2025 and signed on their behalf by J Fletcher Trustee |
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The notes on pages 6 to 8 form part of these financial statements
Page 6
SOUTHERN CATHEDRALS FESTIVAL SOCIETY
WINCHESTER 2024
NOTES TO THE ACCOUNTS AT 31 OCTOBER 2024
1. ACCOUNTING POLICIES
a) Basis of Preparation
The accounts have been prepared under the historical cost convention, with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice : Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. No material judgements have been made in applying the accounting policies and a key assumption is that the festival will continue to be supported by donors, patrons and other interested parties.
b) Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that it will be received and the amount can be measured reliably. Therefore income is accounted for on a receipts basis with the exception of income tax recoverable, which is on the accruals basis. Income received in advance for the next year's Festival is deferred.
c) Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably . All expenditure is accounted for on an accruals basis. Expenditure on charitable activities includes the direct costs of the Festivals, plus governance costs and support costs. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. Support costs have been allocated between governance costs and other support costs. Governance costs are those involving the public accountability of the charity and compliance with regulation and good practice.
d) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
e) 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.
f) 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.
g) 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, except for investments which are valued at fair value at the balance sheet date.
h) Investments
Fixed asset investments are a form of basic financial instrument and are initially stated at their transaction value and subsequently measured at their fair value (market value) at the balance sheet date using the closing bid price. Gains and losses arising on the revaluation or disposal of investments during the year are included in the Statement of Financial Activities. Realised gains and losses are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
i) Stocks
Stocks of SCF ties are not valued in these accounts, as the amount is not significant.
Page 7
SOUTHERN CATHEDRALS FESTIVAL SOCIETY
WINCHESTER 2024
NOTES TO THE ACCOUNTS AT 31 OCTOBER 2024
(Continued)
- j) Catering income has been netted off the costs of providing festival meals, rather than shown as an income resource. This is because different methods of supplying catering apply in each location and the trustees consider that the net cost is the more relevant figure.
k) Taxation
As a registered Charity, the Society is not liable to UK corporation tax, income tax or capital gains tax. The Charity is not registered for VAT.
l) Cash flow
These accounts do not include a cashflow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement.
m) Funds
All the charity's funds are unrestricted and are available to spend on activities that further the purposes of the charity.
| 2. INVESTMENT INCOME Dividends on investments in charitable common investment funds Deposit account interest 3. CHARITABLE ACTIVITIES - including support costs Festival expenses Direct costs: Artists' fees and expenses Venue costs and equipment hire Printing and advertising Catering and hospitality Salaries of executive producer (shared cost) Other direct costs Support costs: Salaries of executive producer (shared cost) Recruitment and interview costs Insurance Patrons' and parents' reception Accountancy services (Payroll, book-keeping, taxation) Website cost Sundries Governance costs: Accountancy services (Statutory accounts preparation) Independent examination |
2024 2,722 1,524 £4,246 2024 32,024 18,255 4,336 2,768 4,711 4,708 4,712 1,120 600 582 2,166 732 74 2,496 750 £80,034 |
2023 2,693 1,145 |
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| £3,838 | ||||
| 2023 25,411 4,124 2,740 4,850 - 1,745 - - 617 - 1,944 660 - 2,994 425 |
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| £45,509 |
General volunteers whose contribution is vital to the running of the charity include members of the organising committee, stewards and other people helping with running the festival.
4. EMPLOYEE COSTS
The majority of the Chichester, Salisbury and Winchester Cathedral Directors of Music, organists, lay clerks and lay vicars are employed and paid for performances during the Festival . There are no full-time employees.
| Fees | 2024 30,377 £30,377 |
2023 17,720 |
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|---|---|---|---|---|
| £17,720 |
Number of part-time employees
29
27
Page 8
SOUTHERN CATHEDRALS FESTIVAL SOCIETY
WINCHESTER 2024
NOTES TO THE ACCOUNTS AT 31 OCTOBER 2024
(Continued)
4. EMPLOYEE COSTS (CONTINUED)
The charity considers its key management personnel comprise the trustees and the three Directors of Music. The total employment benefits including employer pension contributions of the key management personnel were £4,202 (2023: £4,120). No employee received emoluments of £60,000 or more in either year. Expenses paid to the trustees in the year totalled £Nil (2023: £Nil ).
5. INVESTMENTS
| a) Market value at 1 November 2023 Change in value in the year Market value at 31 October 2024 Historical cost at 31 October 2024 |
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- b) The investments held are 4358 CBF Church of England Investment Fund income shares, which is a Common Investment Fund for eligible charities, managed in accordance with the policies of the Church of England's Ethical Advisory Group. Investments represent unrestricted reserves of the charity.
6. DEBTORS
| Accrued income tax recoverable Accrued income for BBC recording fee Owed by Chichester Cathedral Other debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued independent examination and accountancy fees Owed to Salisbury Cathedral Owed to Chichester Cathedral Owed to Winchester Cathedral Other creditors |
2024 844 2,200 7,135 988 £11,167 2024 6,796 32,098 - 1,651 4,437 £44,982 |
2023 - - - 2,015 |
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| £2,015 | |||
| 2023 9,316 32,098 28,617 - 579 |
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| £70,610 |
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8. RELATED PARTY TRANSACTIONS
Fees including VAT totalling £6,882 (2023: £600) were paid to Fletcher & Partners, for accountancy services, a firm in which James Fletcher (trustee) is a partner. The payments were made in accordance with a resolution of the trustees under Charities Act 2011. As at the year end, outstanding amounts owed were £6,246 (2023: £8,466). No other remuneration or benefits were made to the trustees.
The Society paid £20,215 in 2024 to Winchester Cathedral for venue hire and related costs. The Cathedral managed the box office and also covered some third-party fees on behalf of the charity. The Society paid £300 to Chichester Cathedral for administration fees in 2023. For the outstanding year-end balances with Winchester, Chichester, and Salisbury Cathedrals, please see Note 6 and Note 7.