TUNBRIDGE WELLS INTERNATIONAL MUSIC COMPETITION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Re9l8tered Company Numbor: 1456829 (England & Walos) Registernd Charity Number: 278856
TUNBRIDGE WELLS INTERNATIONAL MUSIC COMPErrrioN CONTENTS Page Company Information Report of the Dlrn¢tor8rust• Independent Examinerf8 Report Statement of Flnancial Activities Balance Sheet Notes to the Financial Statements The followlng pages do not fomi part of the statutory financial siatements: Detalled Incom• and Expendlture Account
TUNBRIDGE WELLS INTERNATIONAL MUSIC COMPErrrioN COMPANY INFORMATION Dlroctors Ms M. Anderson (Chair) Mr D Bragg Mr S Hemsted Mr S Swanton Dr M Ward Mrs V WKlgery (Secretary) Resigned March 2025 (Treasurer) Company Secretary Mr D Bragg Resigned 3rd March 2025 Reglstered Offlce Manor Grange Hurstwood Lane Tunbridge Wells TN4 8YA 8ankers Barclays Bank plc 10 Calverley Road Tunbridge Wells TN12UZ Independent Examlner Richard Young Deeks Evans Chartered Accountants North Frith Farm, Ashes Lane, Tonbridge TN119QU Company Number 1456829 Reglstered Charlty Number 278856 Page 1
TUNBRIDGE WELLS INTERNATIONAL MUSIC COMPETITION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also the Directors of the Charity for the purposes of the Companies Act, present their report and independentty-examined financial statements for the year ènding 31 December 2024. The Trustees have adopted the provisions of the Statement of Recommended Pradic8 {SORP) 'A¢counting and Reporting by Charities. 2005 in preparlng the annual report and accounts ofthe Charity. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng Document The Charty is constituted as a Company limited by guarantee and is therefore governed by Memorandum and Articles of Association. In th8 event of the Company being wound up, members are required to contribute an amount not exceeding £1.00. It is giSter as a Charty with the Charity Commission under number 278856. Appolntment of Trustees All the Directors of the Company are al80 Trustees of the Charity and there are no other Trustees. Details of all the Trustees who served during the year are set out on Page 1. Organlsatlon The Company as a Charity is organised ¢)n an entirely voluntary basis and comprises a Coun(xl of Management. Rlsk Management The Directors have assessed the major risks to which the Charty is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems are in plac8 to mitigate the exposure to the major risks. ObJectIv and Actlvlties Since 1983, the Charity's obj8d and principal adivity 18 to promot• and encourage education in music and, for that purpose, to promote public competitions. The Charty's policy is to hold a biennial competition and in betrween to sponsor concert perfonnances by other participants. PUBLIC BENEFIT The public benefri is thè opportunty it gives to young classical music artists to further 8 career and it provides a means by which the public may enjoy the performanees ofthese young artists at times freely and at other times with concessionary rates for pensioner6 and young people. FINANCIAL REVIEW The net movement of funds for the year show a deficit of £6,255 (2024 a surplus of £11,298) which, together with the funds brought foThvard from 2023, give lotal funds of £35.622. Page 2
trIng the year we held our 2024 ComFets'tion which was a great success, attrading 142 8ntri8S, record number. The section winners reflected the Competition's international reach. comin9 from China & Russia. The number of entrarts exceed8d the capacty of the Competition. and we had to place some on waiting list. For our next Competition in 2026 we are considering reviewing competitor videos to select entrants for the live perf0rrnan. INVESTMENT POUCY The Charity pursues a policy of maximum capital security. TRUSTEES, RESPONSIBILITY IN RELATION TO THE F114ANCIAL STATEMENTS Company and Charity Law requires the Trustees to prepare financial statements for each financial year which give a true and accurate view of the stste of affairs of the Charitable Company at the Balance Sheet date and of its incoming resources, application of resources, including income and expenditure for the finan¢ial year. In preparing these statements, the Trustees are r4uired to: adopt suitable accounting policies are apply them consistently make judgements and estimates that are reasonable and prudent prepare financial statements on the going concem basis unless it is inappropriate to pres that the Charty will corrtinue in business. The Trustees are responsible for keeping proper accounting records whlch disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements compty with the Companies Act 2006 and the Charities Act 2011. Trustees are also responsible for safeguarding the assets of the Charity arKI hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In accordance with Company Law, as the Company's Director5, we certfy thal.. so far as we are aware. there is no relevant infonnation of which the Company's Independent Examiner is unaware and as Directors of the Company, we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant infomation and to ensure that the Charity's Independenl Examiner 15 aware of that information. SMALL COMPANY EXEMPTION This report has been prepared in accordan with the provisions of the Comp8nies Act 2006 applicable to Companles subject to the Small Companies regime. By order of the Board Dated1 At4A 2025 M Andorson Chalr S Hemstsd Treasurer Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES TUNBRIDGE WELLS INTERNATIONAL MUSIC COMPETITION I report on the Accounts of th8 Company for the year ended 31 December 2024 which are set out on pages 5 to 8. Re8POCtive responslblllties of Trustses and Examlner The Trustees (who are also the Directors of the Company for the purposes of Company Law) are responsible for the preparation of the Accounts. The Trustees consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 {the 2011 Act) and that an independent examination is required. It is my responsibility to examine the Accounts under Section 145 of the 2011 Act follow the procedures laid down in the general Directlons given by the Charity Commission under Section 145(5)(b) of the 2011 Act; and slate whether particular matters have come to my attention Basls of Ind•p•ndent Examlnerfs report My examination was carried out in accordan with the general Direclions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charlty and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts and seeking explanations from you as Trustees Conrning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the Accounts present a 'true and falr view. and the report is limited to those matters sel out in the staternent below. Ind•p•ndent Exarnlnerfs statsmont In connection with my examination. no matter has come to my attention: {1)which gives me reasonable cause to believe that in any material respeGt the requirements: to keep accounting records in accordance with Section 386 of the Companies Act 2006 to prepare accounts which accord with the accounting records, comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or (2} to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Rlchard Young, Deeks Evans 2025 Page 4
TUNBRIDGE WELLS INTERNATIONAL MUSIC COMPETITION STATEMENT OF FINANCIAL ACTIVITES {INCOME AND EXPENDtfuRE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 2022 INCOME & EXPENDITURE Not Incomln Re8ourco8 from Voluntsry Income.. Subscriptions. Donations and Grants Activites for generating Funds.. Fundrai8ing Events Investment Income Income rowur¢o8 from Charftable actlvllle• Sponsorship and Grant Income Competition Fees, Advertising, Sales of Tickets and Programmes enerat funds: 20.375 11,297 15,862 1,830 523 2,700 262 2,285 18 750 15.507 750 10,585 T¢)tsl In¢omSng Re8ourc•8 38,985 15,009 Resources Ex ct$ of genorntsd fvnd•: Costs of generating Voluntary Income Fund-raising and publicity Investment Management 2,141 2,071 2,569 Charltable activitl•s Competition and Winners, Finals Seri8S Support costs 42.578 452 1,138 454 40,425 815 Gov•rn•nce and other costs 48 Total Ro*oU•S Exp•nded 45.240 3.711 43,857 Net Incoming Resources Net Income IExpendituro) for the year .255 11,298 -15,127 Other rocognised gain8 and losses Net Movement in Funds 4.255 11,298 -15,127 Total Funds a8 at 1 January 2024 41,877 30,579 45.706 Total Funds as at 31 D•mbar 2024 36,622 41,877 30,579 There are no endowmant funds and there are no restricted funds. Page 5
TUNBRIDGE WELLS INTERNATIONAL MUSIC COMPETITION REGISTERED NUhlBER: 1456829 BALANCE SHEET FOR THE YEAR ENDED 310ECEhlBER 2024 2024 2023 2022 Fixed Assots Tangible fixed assets Current Assets Debtors Cash at Bank arKI In Hand 3,962 33,746 3,317 40,586 3,157 29,611 37,708 43,903 32,788 Credltor8 Amounts falling due within one year 2,086 2.026 2,189 Net Curront Assets 35,622 41.8TI 30.579 Net Assets 30,679 Funds Total Funds as at 1 January 2023 Income and Expenditure Account 41.877 .255 30,579 11,298 45,706 -15.127 Total Funds as at 31 Docember 2023 35,622 These Accounts 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 & in accordance with the Financial Reporting Standard for Smaller Entiti8s effective April 2008. Approved by the Board on ki•A 2025 and signed on its behalf by: £L.4(A Anderson Diroctor & Chalr S Homsted Flnanco Olroctor The notss on pages 7 to 8 form part of thes8 financial statements. Page 6
TUNBRIDGE WELLS INTERNATIONAL MUSIC COMPEfiTION NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 1 Accountlng pollcies The principal accounling policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding years. Ba815 of preparatton of Financlal Statoments The Financial Statements have been prepared under the historical cost convention, In accordance with applicable Accounting Standards, including the Statement of Recommended Practice, Accounting and Reporting by Charlties issued in March 2005 and the Companies Act 2006. b Fund Accountlng Unrestricted Funds are available for the use of, and at the dlscreiion of, the Trustees in furtherance of the general activities of the Charity. Incoming Resources All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. Donations and gifts are included in full in the Staternent of Financial Activities when re1Vable. Grants, when entitlement is nol conditional on the delivery of a specific pefftINnan by the Charty, are recognised when the Charity becomes unconditionally entiued to the Grant. The income fr(Kn fund-raising ventures is shown gross with associated costs included in the fund-raising costs. Tax recoverable from Gift Aided income is included but recorded separatety pending receipt from HMRC. Investment income is included when received. Donated seDiices are included at the values to the Charity where this can be quantifièd. The value of the services provided by Volunteers has not been induded in these accounts d Resources Exp•nd8d Resources expended are included in the Staternent of Financial Activities on an accruals basis, inclusive of non-recoverable Value Added Tax. Expenditure which is directly attributable to specific activities has been Included In the related category. Where costs are attributable to more than one activty. they have been apportioned across the cost categories on a basis consistenl with the use of these resources. • Flxed Assets None but would othewii8e be stated at market walue as at the date of the Balan Sheet and the Statement of Financial Activities would have included the net gains and losses arising on revaluations and disposals during the year. f General The Competition is biennial.. Page 7
TUNBRIDGE WELLS INTERNATIONAL MUSIC COMPETITION NOTES TO THE FlhlANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Net Incomlng Rewurc•B 2024 2023 2022 These are stated after chargirwJ: Auditor's Remuneration arKI after creditlng.. Grant Income 750 750 Intrnt Receivable 523 282 18 No muneration to Tru8te88 is permitted. Subscriptions and donations in¢lud& taxation recoverable of £3532 Taxatlon The Charitable Company is exempt from Corp)ration Tax on Its charitable acbvities. Investments No investments are held other than Cash in Bank Accounts. Debtors Amounts falllng due within one year. Gift Ald Other debtors & prepayments 3,532 430 3,962 2.119 1,198 3,317 2,971 186 3,157 Cash al Bank Barclays Bank Paypal 32.099 1,847 33,746 38.987 1,599 40,586 28,013 1,598 29,611 Credltor• Amounts falllng due within one year.. Comwition fees in advance Olher creditors and accruals 190 2,086 2,189 Movomonts In Funds Balanc• Incomlng Resources Balance 01-Jan-24 Resourceg Expended 31-Dec.24 41,877 38,985 45.240 35,622 General Fund Page 8
TUNBRIDGE WELLS INTERNATIONAL MUSIC COMPErrrioN DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 2022 INCOME Incomln Re80urce8 from Voluntary Income Subscrlptions and Donattons Income Tax Recoverable Other Income enoratsd Funds 16,817 3.532 26 20.375 9,082 2,119 116 11,297 12,878 2.971 13 15,862 Activltl•s for ggnerattng Fund$ Fund-Raising Events 1.830 1,830 2.7 2.71X) 2,265 2,265 Inveslment Incoma Bank Interest 523 523 262 262 18 18 Incomln Resources from Charltsble Actlvltss Sponsorship and Grants Competitors Fees Sale of Tickets and Pr<)gramme8 Advertising in Prts3ramm8S 750 13.807 1,125 575 16,257 750 9,355 680 550 10,585 750 TOTAL INCOMING RESOURCES 38.985 15.009 28,730 EXPENDITURE cts of generatlng Funds Fund-Raising Publiryty 1,324 747 2,071 1,479 1,090 2,569 1,279 2,141 Charftable Actfvtths Competition Finals and PromotK)n Costs SupFx)rt Costs 42,578 1.138 40,425 452 43,030 454 1,592 815 41,240 Goveman¢e •nd Other Costs Cornputer and Website Costs Legal Fees Regulatory Fees 69 48 48 48 48 Tc+tal Resoureè• Exponded 46.240 3.711 NET MOVEMENT IN FUNDS 4.256 11.298 -15,127 Page 9