## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA**
## **REPORT AND ACCOUNTS**
## **FOR THE YEAR ENDED**
**30 JUNE 2024**
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2024**
|Report of the Trustees|1|
|---|---|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|General Notes to the Financial Statements and Accounting policies|6|
|Income and Expenditure Accounts|7|
|Income and expenditure - General Account and Speech and Drama|8|
|Income and expenditure - Music and Watford International Piano Competition|9|
|Report of the Independent Examiner|10|
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
The trustees have pleasure in presenting their report and the financial statements for the year ended 30 June 2024. This report and the financial statements have been prepared in accordance with the standards set out in the Statement of Recommended Practice for accounting for charities, Issued by the Charity Commissioners for England and Wales.
## _Objective and Strategy_
The primary aim of The Watford Festival of Music, Speech and Drama ("The Festival") is to promote the education of the public in the arts, in particular with regard to music, speech and drama. The Festival provides an opportunity for people, mainly young people, to take part and benefit from entering classes on a competitive basis with professional adjudication together with the chance also to perform at concerts and finales before a public audience. All the income and property of the Festival is applied towards the aims as set out above.
## _Charity Details_
The full name of the charity is the "The Watford Festival of Music, Speech & Drama" which also has a working name of " Watford Music Festival ". The Festival is an unincorporated association with a written constitutution as its governing document and is controlled by a committee of officer trustees. It is a registered charity with the Charity Commission (Registration Number 284994).
None of the trustees receive any remuneration or benefit in respect of their duties on behalf of the Festival. The trustees of the Festival are appointed by the Board of Trustees and Committee.
Those trustees who have served during the year were:
- Jennifer Hill (Chairman)
- Peter Waters (Honorary Secretary) Stepped down 03.01.2024. Minuted 07.07.2024
- Kirit Patel (Honorary Treasurer) Stepped down 30.04.2024. Minuted 07.07.2024
- Tony Berry (Friends' Secretary)Stepped down at the 2024 AGM on 22.09.2024
- Anthea Spensley (Committee Member.)
In addition, other committee members and section leaders for the Festival who served during the year were:
- Riyazi Muzammil (Minutes Secretary)
- Jan Bailey (Choral)
- Dan Collins (Speech & Drama)
- Jeff and Amanda Kaliski (Piano)
- Sivayinee Krishnakumar (Committee Member)
- Adrianne Landsman (Strings)
- Ayelet Yuchetel (Wind and Brass)
- Melis Omeroglu (Watford International Piano Competition)
- Fiona Tong (Vocal)
- Vinay Sajip (Website)
- Neeta Sajip (Safeguarding Coordinator)
The section leaders and other committee members attended the regular management committee meetings throughout the year.
Page 1
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
The Festival's bankers for the year were
Leeds Building Society, 26 Sovereign Street, Leeds, LS1 4BJ
HSBC Bank plc, 73 Watford High Street ,Watford,WD17 2DS
Funds are also deposited with COIF Charities Deposit Fund at One Angel Lane, London, EC4R 3AB. The Independent Examiner is to be confirmed.
## _Reserves Policy_
Although the Festival operates on a not-for-profit basis, sufficient reserves have been built up over the years to ensure than any contingent or unexpected liaibility could be met and that commitments for future Festival activities can be undertaken with confidence. The trustees consider that the level of reserves in respect of the unrestricted funds which is equal to approximately one year's expenditure, to be appropriate and sufficient.
## _Risk Management_
The trustees have examined if there are any major risks the Festival faces and consider that, apart from public liability for which there is insurance, the Festival's management committee reviews and reports ensure that no major risk is likely to arise or if it did that immediate action would be taken to minimise the extent of any risk.
## _Financial Structure and Review_
The state of the financial affairs of the Festival as at 30 June 2024 were satisfactory. The Total Income of the Festival in 2024 was £36,006 ( 2023- £28,717 ) and the Total Expenditure for 2024 was £34,074 ( 2023- £28,506) resulting in a _surplus of £_ 1,932 for 2024 compared with a small surplus of £211 in 2023.
The trustees are considering an increase in entry fees for future events to ensure that the financial position is not weakened as the future inflationary pressures on overall costs.
Page 2
Page 2
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2024**
The Festival operates three funds as follows:
(a) General Fund - an unrestricted fund for general purposes.
(b) The Watford International Piano Competition - a restricted fund created to establish a memorial in the form of a piano competition (preiviously known as the Christopher Duke competition) for the late Christopher Duke, a highly talented pianist who died at the age of 26.
(c) The Susannah Thomas Memorial Fund - a restricted fund to provide an annual prize for an outstanding performance on the cello.
(d) The Sallie Bowen Memorial Fund- a restricted fund to provide an annual prize for an outstanding performance in the string section.
Any immaterial deficits which arise on the restricted funds are offset by transfers from the General Fund in order to maintain the level of the restricted funds as stated at the beginning of any financial year.
## _Statement of Trustees' Responsibilities for the Financial Statements_
The law applicable to charities in England and Wales requires trustees to prepare financial statements for each financial year which give a true and fair view of the Festival's incoming resources and application of resources during the year and of its state of affairs at the end of the year. In preparing those financial statements they are required to select suitable accounting policies and then apply them consistently, make judgements and estimates that are reasonable and prudent, state whether applicable accounting standards and statements of recommended practice have been followed subject to any material departures disclosed and explained in the financial statements, and prepare the statements on a "going concern" basis unless it is inappropriate to presume the Festival will continue in operation.
The trustees' responsibilities include keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Festival and ensuring the financial statements comply with the Charities Act 1993. The trustees are also responsible for safeguarding the Festival's assets and hence for taking reasonable steps for the prevention and detection of fraud and breaches of law and regulation.
We hereby approve the financial statements and notes set out in following pages 4 to 9
On behalf of the trustees
Jennifer Hill 01.04.2024 Chairman
Page 3
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2024**
|**_Incoming resources_**
Entry fees
Admission tickets and programme sales
Advertising
Friends
Bank and deposit interest
Refund -Bank Charges
Refund- Tickets
**_Total incoming resources_**
**_Resources expended_**
Accompanist Fees
Adjudicator's Fees and expenses
Programme costs
Printing, Postage & Stationery
Prizes, medals and trophies
Hire of Halls and Theatres
Meals and catering
Refreshments
Insurance and Subscriptions
Publicity and promotion
Credit Card fees
Bank charges
Sundry expenses
Gifts
Storage
Internet and domain hosting
**_Total resources expended_**
**Surplus for the year**
Transfer between fund
Provisions
**Net incoming resources being net**
**movement in funds**
Fund Balances brought forward
at 1 July 2023
**Fund Balances carried forward**
**at 30 June 2024**|**General**
**Watford International Susannah Thomas**
**Sallie Bowen**
**Fund**
**Piano Competition**
**Memorial Fund**
**Memorial Fund**
**£**
**£**
**£**
**£**
21,391
780
0
0
12,073
282
0
0
0
0
0
0
385
0
0
1,094
0
0
0
0
0
0
0
0
0
0|**Total Funds**
**Total Funds Total Funds**
**2024**
**2023**
**2022**
**£**
**£**
**£**
22,171
19,625
15,786
12,355
8,184
6,846
0
0
0
385
270
490
1,094
638
61
0
0
0
0
0
0|
|---|---|---|
||**34,944**
**1,062**
**0**
**0**|**36,006**
**28,717**
**23,183**|
||632
0
7,285
1,075
-
-
3,395
-
-
1,549
67
-
-
1,552
990
-
-
10,448
877
-
-
1,879
49
-
-
0
-
-
674
-
-
0
231
-
-
424
-
-
63
-
-
289
-
-
0
-
-
2,549
-
-
46
0
-
-
**30,785**
**3,289**
**0**
**0**
**4,159**
**-2,227**
**0**
**-**
-
-
-
-
-
-
-
-
**4,159**
**-2,227**
**0**
**-**
52,591
-1,037
-50
**56,750**
**-3,264**
**-50**
**0**|632
0
0
8,360
7,364
6,643
3,395
3,398
2,977
1,616
1,791
1,321
2,542
1,350
1,410
11,325
9,089
8,993
1,928
1,000
547
0
0
59
674
598
852
231
-
-
424
296
249
63
64
83
289
314
580
0
0
52
2,549
2,984
1,941
46
257
563|
|||**34,074**
**28,506**
**26,270**|
|||**1,932**
**211**
**-3,087**
-
-
-
-
-
-|
|||**1,932**
**211**
**-3,087**
51,504
51,293
54,380|
|||**53,436**
**51,504**
**51,293**|
The Watford Festival has no recognised gains or losses other than those included in the above Statement of Financial Activities and there is no difference between the net resources expended for the year as shown in the Statement of Financial Activities and their historical cost equivalents.
Page 4
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA BALANCE SHEET YEAR ENDED 30 JUNE 2024**
|**_Total Funds_**
_Unrestricted Fund_
General Fund
_Restricted Fund_
Watford International Piano Competetion
Susannah Thomas Memorial Fund
Sallie Bowen Memorial Fund
**Total Funds**
_Represented by:_
**_Net Assets_**
COIF Charities Deposit Fund
Cash at bank
Debtors and prepayments
**_Total assets_**
_Less:_Creditors and accrued expenses
**Total Net Assets**|**2024**
**£**
55,999
(3,264)
591
110
**53,436**
21,200
34,484
129
**55,813**
2,377
**53,436**|**2023**
**2022**
**£**
**£**
51,650
48,695
(1,037)
1,707
591
591
300
300|
|---|---|---|
|||**51,504**
**51,293**|
|||20,162
19,641
31,441
32,152
114
12|
|||**51,717**
**51,805**
213
512|
|||**51,504**
**51,293**|
The Notes to the Accounts form part of the Financial Statements. The Financial Statements comprising the Statement of Financing Activities, 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
Shauna Hill Assisstant Honorary Treasurer
Page 5
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024**
## **1 Basis of accounting**
The financial statements have been prepared in accordance with the Charities Acts and the Statements of Recommended Practice - Accounting and Reporting by Charities (the "SORP") and applicable accounting standards.
## **2 Cash flow statement**
The Festival qualifies as a small company under the terms of Section 246-249 of the Companies Act 1985. As a consequence, it is exempt from the requirements to publish a Cash Flow Statement under Financial Reporting Standard 1 (revised) "Cash Flow Statement".
## **3 Accounting policies**
The financial statements comprising the Festival accounts have been prepared under the historical cost convention and the principal accounting policies are as follows:
- (a) All income and expenditure has been included in the Statement of Financial Activities on an accrued basis.
- (b) Taxation. The Festival is a registered charity and accordingly is exempt from all forms of taxation on its charitable activities apart from irrecoverable value added tax included on certain items of expenditure.
- (c) Intangible 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 services has been included in the financial services as the amount is not considered material.
- (d) Fund accounting. The Festival's assets are represented by three funds; the unrestricted General Fund and the three restricted 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
- (e) Equipment, signs, medals, trophies and advertising materials. All additions are written off in full upon acquisition with resources expended in the Statement of Financial Activities.
Page 6
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 30 JUNE 2024**
## **4 Income and expenditure accounts**
The Festival classes, competition and concerts, which take place in the Spring 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:
|**_Income_**
General Account
Speech and Drama
Music
Watford International Piano Competition
Susannah Thomas Memorial fund
**_Total income_**
**_Expenditure_**
General account
Speech and Drama
Music
Watford International Piano Competition
Susannah Thomas Memorial fund
**_Total expenditure_**
**_Surplus for the year_**|**2024**
**£**
1,888
17,562
15,494
1,062
0
**36,006**
8,348
13,496
8,941
3,289
0
**34,074**
**1,932**|**2023**
**2022**
**£**
**£**
908
551
18,072
13,719
8,584
8,443
1,154
470
0
0|
|---|---|---|
|||**28,718**
**23,183**|
|||8,863
7,436
10,841
9,194
6,262
7,335
2,491
2,305
50
0|
|||**28,507**
**26,270**|
||||
|||**211**
**(3,087)**|
Page 7
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 30 JUNE 2024**
## **5 Income and expenditure accounts (continued)**
|**GENERAL ACCOUNT**
**_Income_**
Friends
Programme Sales
Advertising
Bank interest
Donations
Other -Bank Charges Refunded
**_Total income_**
**_Expenditure_**
Programme costs
Printing ,Postage and Stationery
Refreshments
Insurance and Subscriptions
Credit card fees
Bank Charges
Sundry Expenses
Gifts
Storage
Internet & Website domain hosting
**_Total expenditure_**
**_Deficit for the year_**
**SPEECH & DRAMA**
**_Income_**
Entry Fees
Tickets & Programmes
**_Total income_**
**Speech & Drama - Expenditure**
Adjudicators' Fees & expenses
Printing, Postage and Stationery
Prizes, medals and trophies
Hire of Halls and Theatres
Meals and Catering
Credit Card processing fees - Stripe
**_Total expenditure_**
**_Surplus for the year_**|**2024**
**£**
385
409
0
1,094
0
0
**1,888**
3,395
1,322
0
674
10
63
289
0
2,549
46
**8,348**
**(6,460)**
11,644
5,917
**17,562**
3,536
180
790
7,221
1,544
224
**13,496**
**4,066**|**2023**
**2022**
**£**
**£**
270
490
0
0
638
0
0
61
0
0
0
0|
|---|---|---|
|||**908**
**551**|
|||0
2,977
3,398
388
1,247
0
598
852
64
83
314
580
0
52
2,984
1,941
257
563|
|||**8,863**
**7,436**|
|||**(7,954)**
**(6,885)**|
|||13,190
8,970
4,882
4,749|
|||**18,072**
**13,719**|
|||3,885
1,481
163
365
29
101
6,290
7,123
274
0
200
124|
|||**10,841**
**9,193**|
||||
|||**7,231**
**4,525**|
Page 8
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 30 JUNE 2024**
## **6 Income and expenditure accounts (continued)**
|**MUSIC**
**_Income_**
Entry Fees
Admission Tickets, Programmes sales and Accompanists fees
**_Total income_**
**_Expenditure_**
Accompanist Fees
Adjudicators' Fees & expenses
Printing, Postage and Stationery
Prizes, Medals and Trophies
Hire of Halls and Theatres
Meals and catering
Credit Card Fees
**_Total expenditure_**
**_Surplus for the year_**
**WATFORD INTERNATIONAL PIANO COMPETITION**
**_Income_**
Entries
Tickets & Programmes sales
**_Total income_**
**_Expenditure_**
Adjudicators' fees & expenses
Publicity & Promotion
Advertising
Refreshments
Concert performers' prizes
Hire of Halls and Theatres
Meals & Catering
Printing, programme and other expenses
**_Total expenditure_**
**_Deficit for the year_**|**2024**
**£**
9,747
5,747
**15,494**
632
3,749
48
761
3,227
335
189
**8,941**
**6,552**
780
282
**1,062**
1,075
231
0
0
990
877
49
67
**3,289**
**(2,227)**|**2023**
**2022**
**£**
**£**
5,476
6,501
3,108
1,942|
|---|---|---|
|||**8,584**
**8,443**|
|||0
0
2,879
4,787
230
257
321
409
2,010
1,210
726
547
96
125|
|||**6,262**
**7,335**|
||||
|||**2,322**
**1,108**|
|||960
315
194
155|
|||**1,154**
**470**|
|||600
375
0
0
0
0
0
59
950
900
789
660
0
0
152
311|
|||**2,491**
**2,305**|
||||
|||**(1,337)**
**(1,835)**|
Page 9
## **THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA**
## **Independent examiner's report to the trustees of The Watford Festival of Music, Speech and Dram**
I report to the trustees on my examination of the accounts of The Watford Festival of Music, Speech and Dram the year ended 30 June 2024 which are set out on pages 4 to 9.
## **Responsibilities and basis of report.**
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance wit _Charities Act 2011_ ('the Act')
I report in respect of my examination of the Trust's accounts carried out under s. 145 of the 2011 Act and in c I have followed all the applicable Directions given by the Charity Commission under s. 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 connectio giving me cause to believe that in any material respect:
(1) accounting records were not kept in respect of the Trust as required by section 130 of the act;
(2) the accounts do not accord with those records: or
(3) the accounts do not comply with the applicable requirements concerning the form and content of the acc _(Accounts and Reports) Regulations 2008_ other than any requirement that the accounts give a 'true and fair v 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 atte in this report in order to enable a proper understanding of the accounts to be reached.
01.04.2024
Hemel Shah Chartered Accountant 15 Hillcrest Avenue Edgware Middlesex HA8 8NZ
Page 10