THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAAIA STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2023 Ileport of the Trustees statement of FIn3nd Attlvltles General Note5 to the Flnandal Statements ar Accountlr4 pollcles Incorne aftd expend5ture- Genenl Account and Speeth and Drama Income and expendltwe. Musk and Watford InternatIor Plano Competltlon Report ofthe Independent Examlner io
REPORT OF THE TRusfEES YEAR E14DED 30JUNE 2ty13 The trustees have pleasure in presenting their report and the financial statements for the year ended 30June 2023. Th15 rewrt and the fiftarthl staternents have been prePad in accordancE with the standards set out In the Statement of Recommended Practice for 4cc<)untin8 for tharit tssued fythecharfty Cmwnbsloners fof Er •)d Wales. Objettlve orMIStnrtegy The primary aim ofThe wforqt kstw•l of Musi4 Speech and l)roma lThe SestP4al'l Is to promote the educatlon of the public in the art5, in particutsr wlth relard to music. speeth md dr•mJ. The Festlval provldes aft opportunlty for peo. mainty Y(ne people, to take part and benefit fr¢)m enteriwa dasses on a cofflptfve basls wlth profesyion•l •dludleation togher with the chance 1150 to perform at conrts and tln•les before • public audtence. AH the incom¢ and property of the Festi1 is •pphed towards the alms as set out abtye. Charfty Oetolls Thè full name of thè thartty Is the Tr Watlord Fesiival of Musl4 Speeth & Orama. ¥thkh also has 4 Work1 name of. Watford Muslc Festival ". The Fest1¥ Is an unlncowted assodathM wlth a wrftten It Is a re&lstered charlty wlth the Charlty Commission {Re81stration Numbef 2849941. Non• of trust•es receive any remuneratlon or b•n•fft In r•sp•ct of th•lr dutl•s on b•half of th• F•sthal. The trustee5 of the Festfv•l •re appolnted by the 8o•rd of Trnstees ond Commknee. Those trustee5 who have served durfnq the yearwere: . Jennlfer HIU I01[man> - Peter Waters (Honornry Se¢ret•ryl Klrft Pètsl (Honorary Trtasur•rl - Tony Berry IFrlends' Seuetaryl - Rlyazi Mulammm IMinut•s S•cr•tary) . Jart 8•llty Ichornll Dan Collln5 (Speech & Drama) - Jeff and Amanda Kallskl (Plano) . Slvaylnee Krfshnakumaf Icomffllttee Membtrl - Adrlanno Landsmon IStrlnR51 . Ayelet Yuchettl Iwbnd and Brass) . Mells Omeroglu {Warford Internat5on•l Pl•no Competttlonl . Anthea SpEnsley Ivorall . vIv Salip (Website) . Neeta Sallp Isèfeguardirf Cotydi The sectlon leaders and other commlttee members attended the re8ular mana8ement commlttee
THE WATFORD FESTIVAL OF MUSIC. SPEECH MD DRAMA REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2023 The Festival's bankers for the year were Leeds Building Soaety. 26 Soverel8n Street. Leeds, LSI 48J HSBC Bank plc. 73 Warford High Street.Watford.WD17 2DS Funds are also deposited with COIF Charities Deposlt Fund at One An8el Lane. London. EC4R 3A& The Indepndent Examlner Ss Rashml Parth. {Chwtered Certifled Attountsnt) 6 Wètford Road Northwood HA6 3NR Reserves Pollcy Although the Festlval operates on a not-for%wofft l)asis. sufficient resew have been bullt up 0%the years to ensure than rycontingent or unexpected1Saiblllty could be met and that ¢ommltments for future Festival activ1t5 can be undertaken wlth Cfdence. The trustees consider that the level of reSerS In respect of the unrestricted fvnds which 15 equal to approximately one year's expenditure, to be appropriate and Sufficient. Rtsk Manoqement The trustees have emambned if there are any major rlsks the Festival fa¢es w)d c(NWder th•L apart from publlc Ilabillty for whlch there Is Insurance, the Festlval's management commStte• reviews and r•ports ¢nsur• th•t no ma1 fisk is likely to arlse or if it did th•t Immedlate artlon would be tsken to mlnlmlse the extent of any rts The state of the flnanclal affalrs of the Festlval as at 30June 2023 were satlsfactory. The Totsl Income ofthe Festl¥•l Sn 2023 £28.717 (2022- £23,183) and the Tot•1 Expendlture lor 2023 was £28,50612022- £26,270) resultSn8 In a small surplus of £211 for 2023 cornp?red wlth a deflclt of £3087 In 2022. The trustees are conslderln8 an Increase In entry fees for future everts to ensure that the flnanclal posltlon Is not weak•n•d as th• futur• Infiatlonary pr*Ur•S on ov•rall costs.
REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2023 The Festival operates three funds as follows: lal Generdl Fund- an unrestricted fund for general PUTP05es. Ibl The Christopher Duke Memorial Fund. a restricted fund ueated to establish a Fn thÈ fm of a plano compethlonl N¢)w known as Watford Intematlonal Plano CompetRlon)forthÈ late Chrlstopher Duke, a highly talented pwi5t died at the age of 26. Icl The Susannah Thomas Memorf•l Fund- • restricted fvnd to provlde an annual prlze for an outstandlng performance on the cello. Idl The Sallle Bowen Memorlal Fund- a restricted fund to wo¥ide an anni1 prlze for an 0standIn8 perforrnance In the strln8 sectlon. Any lrnmaterlal deflclts whith arise on the restrfcted funds are offset by transfers from the General Fund in order to maintain the e1 of the restrirted funds as stated at the be8innlng of any flnanclal year. statennt of Trustees, RespOnbIlItIeSOr the FlnarKlalStotements The law applicable to charities in England and Wales requires trustees to prepare financlal statements lor each flnanclal year whlth 8i¥e a true and fair view of the Festi¥afs incomin8 reUrceS and applScatlon of resources durln8 the year of Its state of affalfs at the end of the year. In preparlng those financial ststefflents they are requlred to selert sultable accountlng pollcles and then apply them con51stently. make jud8ements and estlmates that are reasonable and prudent, state whether applicable accounting 5tsndards and statements of recornmended practlce have been followed subject to any material departures dlsclosed nd explèSned In the fin•n¢1 st•temeftts, and Pfepwe the statements on • '801 concem. basls unless It Is Inapproprlate to presume the Festlval wlll contlnue In operation. The trustees, responslbllttle5 Indude keepln8 proper accountln8 records whlch dlsclose wlth reasonabl• xcuracy at any time the finandal posltlon of th• Festival and en5urin8 the flnanclal statements comply wlth the Charltles Act 1993. The tntstees are also responslble for safeguarding the Fe5tlval's assets and hence for taking reasonable steps lor the preventlon and detectlon of fraud and bfeathes of law and re8ulation. We hereby appro¥e the financial st*ements and notes set out In followln8 page5 4 to 9 On behalf of the trustees Jennlfer Hlll Chalrman Date: 24.09.2023
YW Entrylees AdmhsslontydprcWWM ethsl Fild$ 19.615 15,786 342 26 270 1.395 19 638 61 DgnkJr&roce RelUnd.n Ch•rps Refvnd.Trke a717 Adluth¢atOi's Fees &764 6.643 2.977 2.570 1.6J9 350 1.791 1,3y) 1.021 Pr1. med•15 •itttrorthle5 Ilfe ol Hi115 011$ Me*$ •ndc•terl lelreshments In5uiaDce d$ubrIpf PublIclfid Credlt Ciidltts O•nk ch¥ Jndtyexpffth 1.410 993 547 -91 296 296 249 314 io 112 52 1,9•1 9fj3 51or4p Iniynet•nd 157 Z57 6JJ7 slottr•w•r 211 4M7 Q•7 It l)uty2922 5129J is atJOJuM 1021
THE WATFORD FESTIVAL OF MUSIC. SPEECH AND DRAMA BALANCE SHEET YEAR ENDED 30 JUNE 2023 2023 2022 2021 Total Funds Unrestricted Fund General Fund 51,650 48.695 49.947 Restrirted Fund Watford International Piano Competetion Susannah Thomas Memorial Fund Sallie Bowen Memorial Fund Total Funds 11.0371 591 1.707 3,542 591 591 300 300 51,293 54,380 51,504 Represented by.. Net Assets COIF Charltles Deposit Fund Cash at bank Debtors and prepayments 20,162 31,441 114 19,641 19.605 32,152 33,672 12 1,235 Totol omets 51.717 51,805 54,512 Less.. CdItorS and accrued expenses 213 512 132 Total Net Assets 51,504 51,293 54,380 The Notes to the Accounts form part of the Financial Statements. The Financial Statements comprising the Statement of Financing Artivities, Balance Sheet and Notes were approved by the Trustees on 24.09.2023 and were signed on behalf of The Watford Festival of Music. Speech and Drama by.. Jennifer Hill Chairman Kirit Patel Treasurer Page 5
THE WATFORD FEsllvAL OF MUSIC. SPEECH AND DRAMA NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 30JUNE 2023 Basls of accountlng The financial statements have been prepared in accordance with the Charities Arts and the Statements of Recommended Practice- Accountin8 and RepDrtin8 by Charities (the 'SORP'I and applicable accountlng standards. Cash Ilow statement The Festival qualifies as a small company under the terms of 5ertion 246-249 of the Companies Act 1985. As a consequence, it is exempt from the requirernent5 to publish a Cash Flow Statement under Financial Reportin8 Standard I Irevisedl "Cash Flow Statement". Accountln8 poll¢les The financial statements comprising the FestNal accounts have been prepared under the historical cost convention and the principal accountin8 policies are as follows.. (al All income and expenditure has been included in the Statement of Financial Activities on an accrued basis. Ibl Taxation. The Festival is a registered charity and accordingly is exempt from all forms of taxation on it5 charitable activities apart from irrecoverable value added tax included on certain items of expenditure. Icl Intan8ible income and expenditure. The Festival receives assistance in the form of donated services of facilities comprising management services by the trustees and other committee members and services from the independent examiner. No financial quantification for these servlces has been included in the financbal 5epiices as the amount is not consldered material. Idl Fund accounting. The Festival's assets are represented by three funds: the unrestricted General Fund and the three re5trirted funds. the Christopher Duke Memorial Fund , the Susannah Thomas Memorial Fund and Sallie Bowen Memorial Fund. Details of these are set out In the Reportof the Trustees- Financial Structure and Review lel Equipment, signs. medals. trophies and advertisin8 m•terials. All additions are written off in full upon acquisition with resources expended in the Statement of Financial Activities. Page 6
THE WATFORD FESTIVAL OF MUSI4 SPEECH AND DRAMA NOTES TO THE FINANCIAL sfATEMENT51Continued) YEAR ENDED 30JUNE 2023 Income and eXperlture accounts The Festival classes. competition and concerts, which take place in the Sprin8 of each year. comprise three operational elements- Speech and Drama. Music and the Watford International Piano Competition, known previously as The Christopher Duke Competition. Income and expenditure accounts have been compiled to include the items directly attributable to those operational accounts and all other non-attributable items have been included in the General account. These Income and expenditure accounts are set out in note 5 and 6 A summary of this accounts is as follows: 2023 2022 2021 Income General Account Speech and Drama Music Watford International Piano Competition Susannah Thomas Memorial fund Total income 551 13,719 8.443 470 1.514 3.716 1,652 18.072 1.154 28,718 23,183 6,882 Expendlture General account Speech and Drama Music Watford International Piano Competition Su5annah Thomas Memorial fund Trtal expendlture 8,863 10,841 6,262 2,491 50 28,507 7,436 9,194 7,335 2.305 2,648 2,673 996 26,270 6,317 Surplusfvr the yeor 211 565 Page 7
THE WATFORD FESTIVAL OF MUSIC. SPEECH AND DRAMA NOTES TO THE FINANCIAL STATEMENTS Icontinued) YEAR ENDED 30 JUNE 2023 Income and expendlture accounts (continued) 2023 2022 2021 GENERAL ACCOUNT Income Friends Advertising Bank interest Donations Other-8ank Charges Refunded Total Income 270 638 490 1.395 61 19 100 1.514 551 Expendlture Programme costs Prlnting,Postage and Stationery Refreshments Insurance and Subscriptions Bank Charges Sundry Expenses Gifts Storage Internet & Webslte domain hosting 3.398 1.247 2,977 598 852 83 580 52 1.941 563 99 io 112 1,699 328 314 2,984 257 Total expendltwe Dejleltfvr the yeor 7.436 {6.8851 11,134) 17.954) SPEECH & DRAMA Income Entries Tickets & Programmes Donation Totol Income 13.190 4,882 8.970 4,749 3,690 26 18.072 13.719 3.716 Speech & Drama - Expenditure Adjudicators. Fees & expenses Printin& Postage and StatK)nery Prizes, medals and trophies Hire of Halls and Theatres Meals and Catering Credit Card processing fees- Stripe 3,885 163 29 6,290 274 200 1,481 365 ioi 7.123 1.810 919 1911 124 35 Total expendlture 10.841 9,193 2,673 Surplusfvr the year 7231 4,525 1,043 Page 8
THE WATFORD FESTIVAL OF MUSIC. SPEECH AND DRAMA NOTES TO THE FINANCIAL sfATEMENTS (Contlnued) YEAR ENDED 30JUNE 2023 In¢orne and expendlture accounts (contlnuedl 2023 2022 2021 MUSIC Income Entry Fees Admission rickets and Programmes sales Donation Totol incon 5.476 3,108 6.501 1,942 1,652 8,443 1,652 Expendlture Adjudicators, Fees & expenses Programme costs Refreshments Prlnting, Postage and Stationery Prlzes, Medals and Trophies Hire of Halls and Theatres Meals and catering Credit Card Fees Totol expendlture 2.879 4.787 760 230 321 2,010 726 257 104 ICM) 1.210 547 125 7.335 32 6,262 Surplusfvr the yeor 2.322 1.108 656 MUSIC- WATFORD INTERNATIONAL PIANO COMPEnTION Income Entrles Ticket5 & Pro8rammes sales Donations Refund -Tickets rotol Income 960 194 315 155 1,154 470 Expendlture Adjudicators. fees & expenses Programme costs Advertising Refreshments Concert performers. prizes Concert performers, expense5 Hire of Halls and Theatres Printin& programme and other expenses Total expendftufe 375 59 950 789 152 2N91 6fgJ 311 2,305 Deficitfvr the prar (1.337) 11,8351 Page 9
THE WATFORD FESTNAL OF MUSC. SPEECH AND DRAMA INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF ThE WATFORO FEsnvAL FOII THE YEAR ENDED 30 JUNE 2023 I report on the flnanclal statements ofthe The Watford Festival of Muslc,Speech and Drama for the year ended 30th June 2023 whith are set out on pa8e$ 4 to 9. ReSrtIve respon5il)ilfties of trustee ondexominer As the charity's trustees you are responsible for the preparatSon of the accounts: you COnder that the audlt requlrement of 5ertion 43121 of the Charltles Act 1993 {'the Act") does not apply and that an Independent examlnatlon Is needed. It Is rny responsibllity to: 11 examlne the accounts under 5ertion 65 of the Charltles Act 21 follow the procedures lald down In the 8eneral Dirertlons 8lven by the Commlsslon under sectlon 6519llbl of the Charltles Act 31 state whether partlcuLv rnatters have corne to my attentlon. My examlnatlon was carried out in accordano with the General Directlons 8l¥en by the Charlty Commlssloners. An exarnination Includes a revlew of the a¢countln8 records kept by the Charity and a comparlson of the accounts presented with these records. tt also includes conslderatlon of irtiusual Items or dlsclosures In the accounts. and seekin8 eMplaftat•ons from you as trurtees concemln8 any such matters. The procedures undertaken do not provlde all the e¥Sdence that would be requlred Sn an aJIt. and consequently I do not express an audlt opinion on the vlew 8iven by the accounts. In connertion wlth my examination. no matter has come to my attention 111 whlch Blves me reasonable cause to believe that in any material respert the requlrements to keep accountln8 record5 in accordance with Section 31 of the Act, and to prepare accounts whlch accord with the accountin8 record5 and to comply with th* atcountln8 requlremrt ofthe Act have been met; or 121 to whlch. In my opinion. attention shoud be drawn In order to enable a proper understandln8 of the accounts to be reached. R K P3ndya Chartered Certlfled Accountart 6 Watford Road Northwood HA6 3r4A Date: // = December2023 Page 10