THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025
THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2025 Report of the Trustees Statement of Financial Artivitie5 Balance Sheet General Notes to the Financial Statements and Accounting policie5 Income and Expenditure Accounts Income and expenditure - General Account and Speech and Drarna Income and expenditure- Music and Watford Intemational Piano Competition Report of the Independent Examiner io
THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2025 The trustees have pleasure in presenting their report and the financial statements for the year ended 30 June 2025. This report and the financial statements have been prepared in accordance with the standards set out in the Statement of Recornmended Practice for accounting for charities, Issued by the Chaflty Commissioners for England and Wales. Objective ond Str¢7tegy The primary aim of The Warford Festival of Music. Speech and Drama I"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. Chority 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 2849941. 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 apF)ointed by the Board of Trustees and Committee. Those trustees who have served during the year were: Jennifer Hill (Chairman) Peter Waters (Honorary Secretary) Sanjay Kulkarni (Honorary Treasurer) Tony Berry IFriends' Secretary) Anthea Spensley (Committee Member.} In addition, other committee members and section leaders for the Festival who served during the year were.. Riyazi Mulammil (Minutes Secretary) Jan Bailev Ichorall Dan Collins1Speech & 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 (Vocall Vinay Sajip Iwebsitel Neeta Sajip (Safeguarding Coordinator) The section leader5 and other committee members attended the regular management committee meetings throughout the year. Page I
THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA REPORT OF THE TRUSTEES YEAR ENDED 30JUNE 2025 The Festival's bankers for the year were Leeds Buildin8 Society, 26 Sovereign Street. Leeils. LSI 4BJ HSBC Bank plc. 73 Watford High Street.Watford,WD17 2DS Funds ère also deposited with COIF Charities Dep051t Fund at One An8el Lane. London, EC4R 3AB. The Independent Examiner is to be confi¥med. Reserves Policy Although the Festival operates on a not-for-profit basis. sufficient SeNe5 have been buili up over the years to ensure than any toniingent or unexpected liaibility could be met and that commitments for future Festival auivities can be undertaken with confidence. The trustees consider that the level of reserves in respect of ihe unresiricted funds which 15 equal to approximately one year's expenditure. to be appropriate and sufficient. Risk Monugement The trustees have examined if there are any major risks the Festival faces and consider that. apart from pvblic liability for which there is insurance. the Festival's management committee review5 and reports ensure ihai no major risk ts likely to arrse or if it did that immediate action would be taken to minimise the extent of any risk. Finonciol Strurture ond Review The state of the linancial affairs of the Fesiival as at 30 lune 2025 were satisfaclory. The Total Income ol the Festival in 2025 was £46.88512024- £36.(X)51 and the Total Expenditure for 2025 was £39.58512024- E34.0741 resulting in a surplus of £7.299 for 2025 compared with a Surplus of £1.932 in 2024. The trustees will continue with the poliry of annualty increasing entry fees as necessary, to meet any rising inflationary pressures from overall expenditu. Pa8È 2
THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA REPORT OF THE TRUSTEES YEAR ENDED 30JUNE 2025 The Festival operates three funds as follow5= lal General Fund- an unrestricted fund for general purposes. Ibl The Watford International Piano Competition- a restricted fund created to establish a memorial in the lorm of a piano competition Ipreiviously known as the Christopher Duke competition) for the late Christopher Duke. a highly talented pianist who died at the age of 26. Icl The Su5annah Thomas Meynorial Fund - a restricted fund to provide an annual prize for an outstanding perfomiènce on the tello. Idl The Sallie Bowen Memorial Funip 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 ffom the General Fund in order to maintain the level of the restricted lunds as Stat at the beginning of any financial year. Statement of Trustees, Re5ponsibilitAe5for the Finunciolstotements The law applicable to charities in England and Wales requires trustee5 to prepare financial statements for each financial year which grvÈ a true and fair View of the Festival's incoming resources and application of resources during the yèar and of its slate of affairs at the end of the year. In prepa¥ing those financial statements they are required to select suitable accounting policies and then apply them consistently. make judgements and estimates that are aSonable and prudent. state whether applicable accounting standards and statements of recommended practice have been followed subjert to any material departures disclosed and explained in the financial statements, and prepare the statements on a 'Èoin8 concern" basis unless it ts 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 CharFties Act 1993. The trustees are also responsible for safeguardin8 the Festival's assets and hence for taking reasonable step5 for the prevention and detection gf fraud and breaches of law and regulation. We hereby approve the financial Statements and notes set out in followin8 pages 4 to 9 On behalf of the trustees jennifer Hill Chairman 18.03.2026 Pa8e 3
THE WATFORD FEsnvALOF MLISIC, SPEECH AND DRAP4tA SIATEME14T OF FINANCIALACllVmES YEAR EIIDED aoJuNE 2025 Tot•1 Fund5 Total Fund5 Total Funds 2025 2023 Entry lee5 Admission tickets and yo8r4rnrne Ad¥ertl5ing 17,531 15.667 1.495 29.026 15.747 22.171 12.355 19.625 8.184 465 1.647 465 1,647 385 Z70 638 8ank and deposit intorest Refund-8ank Charges Refund- Ticket5 45,JlQ L57S 36D)5 Z8.717 Arcompanist Ftr5 Adjudicator's Feesandexpen5e5 Prosrammec05ts Priniing. P05tage & Stationery Priie5. medals and trophie5 Hlre of Hallsand Theatres Mea15 and tatErin8 Refreshments Insurance and Sub5EriPtions Publicity and prOTh10n Credit Card lee5 Bank chafies Sundryexpen5e5 Gift5 Storage Internet and domain hosiini rrtqlre5pvrir5 txptnded 632 7.874 3.357 3.335 1.876 12.530 1.507 8,S74 3.357 3.493 3.104 13.246 8,360 3.395 1.616 2,S42 11.325 1.928 7.364 3.398 1.791 1,350 9.089 158 1.229 716 377 653 653 674 231 424 63 289 598 525 525 57 $87 296 57 314 279 947 2A79 547 a9.S85 2.549 2,984 257 28,51 3.179 34.074 Syrplu5 forthe ye•r 7.299 1.931 211 Tr¥nsfw between fund Net Incomlns re50u¥ce5 beh¥ ThEt VeMent in fund 1.93Z 211 Fund ealances brouihi forward 55,999 -3.264 591 iio 53.436 51,504 51,293 1•(4$ tarrkdlowa at 30June 20Z4 591 iio 60.735 S3,436 51,504 The Wètford Festival has no recogni5ed gains or1055e5thher than those in¢ludtd In thabe StatemeDr of Financial Actiwtie5 and there is no difference between the rt Èwnded lor iheyeara5 shown in thestatemem of Financial ActMrie5andthwrht5rry*4cottegVd1ÈTrty. Pa8t4
THE WATFORD FESTIVAL OF MUSIC. SPEECH AND DRAMA BALANCE SHEET YEAR ENDED 30 JUNE 2025 2025 2024 2023 Totol Funds Unrestrirted Fund General Fund 64.902 55,999 51,650 Restricted Fund Warford International Piano Competetion Susannah Thomas Memorial Fund Sallie Bowen Memorial Fund Total Funds 14,8681 591 iio 60.735 13,2641 11,0371 591 591 iio 300 53.436 51.504 Represented by.. PletAssets COIF Charities Dew)%it Fund Cash at bank Debtors and prepayments 21.967 42,701 244 21.2CKI 19.641 34,484 32,152 129 12 Total ossets 64.912 55,813 51,805 Less.- Creditors and accnJed expenses 4.177 2.377 512 Total Net Assets 60.735 53.436 51,293 The Notes to the Accounts form part of the Financial Statements. The Financial Staiements comprising the Statement ol Financtrng Activities. Balance Sheet and Notes were approved by the Trustees on 28.09.2025 and were signed on behalf of The Watford Festival of Music, Speech and Drama bv= Jennifer Hill Chairman sanjay Kulkamr Honorary Treasurer P5
THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2025 Basls ol ac(ounting The financial statements have been prepared in accordance with the Charities Acts and the Statements of Recommended Practice- Accounting and Reporting by Charities Ithe"SORP"l and applicable ateounting Standard5. Cash flow statement The Festival Qualifies as a small company under the tem)s of Section 246-249 of the Companie5 Att 1985. As a consequence. it Is exempt from the requirements to publish a Cash Flow Statement under Financial Reporting Standard I Irevi5edl "Cash Flow Statement" Attoutttlng pollcles The financial statèments comprisin8 the Festival accounts have been prepad under the historical C05t convention and the principal accounting poliues afe as follows- lal All income and expenditure has been included in the Statement of Financial Artivittes on an accrued basis. Ibl Taxation. The FestNèl is a regiSted charity and atcordingly is exempt Irom all forms of taxation on its charitable activities apart from irrecoverable value added tax included on ¢ertain items of expenditure. Icl Intangible income and expenditure. The Festival receives a55i5tance in the form of donated seryices of lacslrtie5 Comprising management seNices by the trustees and other committee members and services from the independent examiner. No financial quantification for these seryice5 has been included in the financial services as the amount is not considered material. Idl Fund accounting. The Festival's assets are represented by three funds,. the unrestricted General Ftjnd 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 I the Reportof the Tru5tee5- Financial Stnjcture and Ileview lel Equipment, sign5. medals, trophies and advertising materials. All additions are written off in full upon acqui51tion with resources expended in the Statement of Financial Activtties. Page 6
THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 30 JUNE 20Z5 Incom¢ and expenditure a¢counts 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 a¢count5 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 account5 is as follows.. 20ZS 2024 2023 Income General Accour¢t Speech and Dr3ma Music Watford International Piano Competition Susannah Thomas Memorial fund Total income 2.342 22,522 29.445 1.575 1.888 17,562 15,494 1,062 908 18.072 8,584 1,154 46,885 36.006 28.718 Expenditure General account Speech and Drama Music Watford International Piano Competition Susannah Thoma5 Memorial fund Total expenditure 12.075 15.271 9,060 3,179 8,863 10.841 6.262 2,491 50 28,507 13.496 8,941 3,289 39,585 34,074 7.299 1,932 211 Surplusfvrthe yeor Page 7
THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDEO 30 JUNE 2025 Income and èxptndltvrt atcounts Icontinutd) 2025 2024 2023 GENERALACCOUNT Income Friends Programme Sale5 Advertisin8 Bank intèrest Oonations Other-Bank Charges Rehjnded Totol in¢ome Expendlture Programme costs Printing.Postage and Stationery Refreshments Insurance and subscriptions Credit card fees Bank Charges Gift5 Hire of Halls and Theatres Stor3Be Internet & Website domain hostinB Sundry Expenses 465 230 385 409 270 638 1,647 1.094 2.342 908 3.357 2.313 153 6S3 3,395 1,322 3,398 1,247 598 674 io 57 63 75 2.879 547 587 2.549 46 289 2,984 257 314 Totslexpenditure Deficitfor the year 12.075 19,7321 8.348 8.863 16.4601 17,9541 SPEECH & DRAMA Income Entry Fees Tickets & Programmes Totallncome 15.336 7.186 22,522 11.644 5,917 17.562 13.190 4.882 18,072 Speech & Drama- Expenditure Adjudicators. Fees & expenses Printin8. Postage and Ststionery Prizes, rnedals and trophies Hire of Halls and Theatres Meals and Catering Credit Card processing fees- Stripe Sundry Expenses Total expenditure 4,157 476 252 9.208 901 278 3,536 3,885 163 790 7.222 1.$44 224 29 6,290 274 200 15.271 13,496 10,842 Surpluslor the yeor 7,250 4,066 7,231 Page 8
THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA NOTE5 TO THE FINANCIAL STATEMENTS {Continued) YEAR ENDED 30 JUNE 2025 Income and expenditure accounts Icontlnued} 2025 2024 2023 MUSIC Income Entry Fee5 Admission Tickets. Programmes sales and Accompanists fees Total Income 12.195 8,250 20.445 9,747 5,747 15,494 5,476 3,108 8.584 Expenditure Accompanist Fees Adjudicator5' Fees & expense5 Printing, Postage and Stationery Prizes, Medals and Trophies Hire of Halls and Theatres Meals and catering Credit Card Fees Sundry Expenses Totcl expendlture 632 3,749 48 761 3,227 335 189 3,717 546 176 3,247 453 241 2.879 230 321 2,010 726 96 9.060 8,941 6.262 Surplu5Aor the yeor 11.386 6,553 2.322 WATFORD INTERNATIONAL PIANO COMPEnTION Income Entries Tickets & Programme5 sales Total incorne 1.495 80 1.575 780 282 960 194 1.154 1.062 Expenditure Adjudicators, fees & expenses Publicity & Promotion Advertising Refreshments Concert performers, prizes Hire of Halls and Theatres Mea15 & Catering Printin& programme and other expenses Total expenditure 7(K) 1,075 231 600 377 1.229 716 990 877 950 789 49 67 3.289 158 3,179 152 2,491 Deficitfor the yeor 11.6041 12.2271 11,3371 Page 9
THE WATFORD FESTIVAL OF MUSIC, SPEECH AND DRAMA INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WATFORD FESTIVAL FOR THE YEAR ENDED 30 JUNE 2025 I report on the finantlal staternents of the The Watford Festival of Music,Speech and Drama for the year ended 30th June 2025 which are set out on page$ 4 to 9. Respertive re5ponsibilitres of trustee ond examiner As the charity's trustees you are responsible for the preparation of the accoynt5.' you consider that the audit fequirement of section 43121 of the Charities Act 19931.the Act") does not apply and that an independent examination is needed. It 15 my responsibility to= 11 examine the accountsijnder sertion 65 of the Charitres Att 21 follow the procedyre5 laid down in the general Dirertions given by the Commission under section 6519llbl of the Charitie5 Aci 31 state whether particular matters have come to my attention. My examination wa5 carried out in accordance with the General Direttions gNen by the Charity Commis5i0ners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with these records. It also include5 consideration of any unusual iterns or disc105ures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be quired in an audit. and consequently I do not express an audit opinion on the view given by the accounis. Independent exominer's stotement In connection with my examination. no matter has come to my attention 111 which gives me reasonable cause to believe that in any material respect the requirements to keep accourbtTrng record5 in accordance with Settion 31 of the Act. and to prepare accounts which accord with the accounting records and to comply with the 3ccount4ng requirements of the Act have been met.. or 121 to which, in my opinion. attention shoud be drawn in order to enable a proper understanding of the accounts to be reached. 18.03.2026 Hemel Shah Chartered Accountant 15 Hillcfest Avenue Edgware Middlesex HA8 8NZ Page 10