REGISTERED COMPANY NUMBER: 02101271 (England and Wales) REGISTERED CHARITY NUMBER: 296329
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2020 for
Thaxted Festival Foundation
RIDGELL & CO The Counting House Watling Lane Thaxted, Dunmow Essex CM6 2QY
Thaxted Festival Foundation
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |
|---|---|
| Chairman's Report | 1 to 2 |
| Report of the Trustees | 3 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 17 |
| Detailed Statement of Financial Activities | 18 to 19 |
Thaxted Festival Foundation
Chairman's Report for the Year Ended 31 December 2020
THAXTED FESTIVAL FOUNDATION
CHAIRMAN'S STATEMENT FOR 2020
As 2020 began, Thaxted Festival had in place a high-quality programme of broad appeal for our 19 June to 12 July season, with leading artists including Guy Johnston, Benjamin Grosvenor, the Armonico Quartet, the Yehudi Menuhin School String Orchestra, Roderick Williams, The King's Men, Charles Court Opera, the Pasadena Roof Orchestra. Ronnie Scott's Jazz Orchestra, the Katona Twins, and Brandenburg Sinfonia. Promotional material was produced, our subscribers to Thaxted Music Lovers renewed their memberships, and priority booking opened in February with stronger demand than in previous years.
By early March the outlook for the coming weeks was looking distinctly uncertain, with the onset of the Corona Virus pandemic underway in the UK. The board kept in close touch on a daily basis in mid-March, by telephone and email, and the planned March board meeting was brought forward several days to Friday 20 March, when members met in socially-distanced formation in Thaxted Church to confirm that it would not be possible to hold the Festival in 2020, and formally to agree its cancellation. The following Tuesday the Prime Minister announced the UK's first lock-down. Subsequent formal board meetings and informal consultations have been held remotely on Zoom.
I would like to pay tribute to those who have helped the Festival to weather the challenges of 2020 and emerge into 2021 as a robust organisation, in a stable financial position.
Firstly, the Festival Foundation board, together with the Festival's administrators, proved to be a focused and mutually-supportive group which was able to grasp the challenges facing us. Individuals brought their skills and insights to the actions needed, and timely decisions were made within a collegiate atmosphere, with regular communication across the board.
Secondly, our Thaxted Music Lovers (TMLs) and all our patrons who had bought tickets and made donations up to mid-March. Working with our ticketing partners, Tickets.com, we were able to refund monies to those who requested this. However, the majority of our TMLs were willing to forego their subscription donations, individual sponsors of concerts did not request return of their sponsorship monies, and we were able to retain other donations. This level of support was immensely gratifying and emphasised the significance of Thaxted Festival in many people's lives.
Thirdly, our artists and their agents who stoically accepted the inevitability of the cancellation of the Festival, and consequently their lack of income from us as well as from their many other planned engagements. We feel especially for the community of musicians and performers who have suffered over the past year, and we look to a future when the Festival can once again engage established and emerging talents in future seasons.
Because Thaxted Festival Foundation is a registered Charity, a company limited by guarantee, and has business premises in the Town, it was able to benefit from the government's business support scheme during the first lock-down, as well as the furlough scheme. This financial support, added to the generosity outlined above, enabled us to continue on a secure financial footing during the year, with funds ready to invest in our programme for 2021, and prepared for whatever challenges that year will hold.
It was not possible to hold an AGM as normal in June, but the annual report and accounts were circulated electronically to all Foundation Members on email.
If there are benefits to the pandemic, one has been the spirit of community in our small town of Thaxted. There has been much mutual support among residents, businesses and organisations, which the Festival has been proud to be part of. We are grateful for the understanding of Vicar and Churchwardens of Thaxted Parish Church, which has suffered greatly from the lack of activity and income. We are grateful for funding received from Yardley's Charity in Thaxted, and from the Thaxted Fayre Trust, for education projects which could not go ahead in 2020 but which we have been permitted to retain for use in 2021.
Page 1
Thaxted Festival Foundation
Chairman's Report
for the Year Ended 31 December 2020
Although our office has been little used as we transferred our systems to working at home, our presence in the town centre has reinforced our connection with the community, and a collaboration with Thaxted Primary School resulted in a bright and colourful Christmas window display of the Twelve Days of Christmas, which was much appreciated in a dark December. Our links with the local community extended to a collaboration with Thaxted-based marketing and design agency Vrve, with whom we worked closely to arrive at a new visual identity for the Festival, including a new website, which will enable us to maximise our presence online. The new branding will launch in spring 2021.
2020 was the first year in office of our two new patrons, Marijke Curtis and Zeb Soanes. Both have given much-appreciated practical support and encouragement throughout this difficult time, which has contributed greatly to the planning of the 2021 Festival.
C Michael Collins was invited to join the Festival Foundation board in 2020, having been closely involved in technical and practical matters with the Festival for many years. His expertise as well as his range of other responsibilities in Thaxted have already brought a strong contribution to the board's deliberations, as well as to the upkeep of our premises.
After many years of diligent and faithful service to the Festival, our Administrator Ann Pickhaver was able to achieve her ambition of retirement from her responsibilities in September. The board paid tribute to the scale of her contribution at its September Zoom board meeting and looks forward to being able to mark her retirement more socially in due course. The challenges of the pandemic have forced us to evolve new ways of working which are less office-based, and work is distributed across the team, supported by a Music Administrator. The artistic direction of the 2021 and 2022 festivals is being carried out by a sub-group of the board under the leadership of board member Andrew Jenkins.
With the cooperation of colleagues at Saffron Hall we were able to hold a short recital at this local venue by pianist Martin James Bartlett on 10 October for Thaxted Music Lovers, with a repeat performance for the general public later in the afternoon. The socially-distanced performance was greatly appreciated by the audiences, and the artist.
With no full Festival in 2020, work by the board and its partners continued at high intensity throughout the year, so that we are able to emerge in 2021 with a condensed festival planned of nine concerts over two weekends, with measures in place for social-distancing and safety. Our experience with online ticketing, and our re-branding with Vrve, put us in a strong position to take advantage of the e-commerce and marketing channels which are now a part of everyday life. Above all, we share an overwhelming desire with our artists, agents and audiences to see the Festival flourish once again during summer in Thaxted.
Peter Donovan Chairman, Thaxted Festival Foundation February 2021
Page 2
Thaxted Festival Foundation
Report of the Trustees
for the Year Ended 31 December 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's principal object is the arranging and staging of the Thaxted Festival. To promote and assist in the advancement of education in the Arts and Crafts including the arts of music and drama. To extend and increase the appreciation, knowledge and understanding of the arts and crafts in all their forms.
Public benefit
The Foundation must be able to demonstrate that its aims and activities are for the public benefit. The Council of Management has therefore reviewed the guidance issued by the Charity Commission and undertakes the charity's activities with the guidance in mind.
FINANCIAL REVIEW
Financial position
The surplus for the year was £4202.
Reserves policy
The level of reserves is reviewed annually and the use and the proposed timing of their use are shown in detail in Note 15.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Charity constitution
The company is limited by guarantee, without share capital, incorporated 18th February 1987, registration number 2101271. It registered as a charity with the Charity Commissioners on 17th March 1987, registration number 296329. HMRC have approved the company's tax exemption for income applied for its main charitable purpose.
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members of the company (or a person who was a member within one year before winding-up) are required to contribute an amount not exceeding £1.
The Council of Management (the Management Board) shall not be subject to any maximum but shall be not less than three persons. The quorum for the transaction of the business of the Council shall be two or one third of the members (the Directors) of the Council if greater.
Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Council of Management. Under the requirements of the Memorandum and Articles of Association the members of the Council of Management are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting.
John Gareth Stainer retires by rotation and being eligible offers himself for re-election.
The Chairman of the charity undertakes the induction of new members of the Council of Management.
Page 3
Thaxted Festival Foundation
Report of the Trustees
for the Year Ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The directors/trustees have a duty to identify and review the risks to which the the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02101271 (England and Wales)
Registered Charity number
296329
Registered office
10 Watling Street Thaxted Dunmow Essex CM6 2PE
Trustees
Chairman: Peter Richard Donovan
Directors: John Daniel Fox Janet Elizabeth Grogan Andrew Charles Jenkins John Gareth Cecil Stainer Miranda Ceinwen Sandison Christopher Michael Collins (appointed 13 May 2020)
In addition Christopher Michael Weston acts as a Director but not as a Trustee.
Company Secretary
Miranda Ceinwen Sandison
Independent examiner
RIDGELL & CO The Counting House Watling Lane Thaxted, Dunmow Essex CM6 2QY
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
............................................. Peter Richard Donovan - Trustee
Page 4
Independent Examiner's Report to the Trustees of Thaxted Festival Foundation
Independent examiner's report to the trustees of Thaxted Festival Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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
Ridgell & Co Accountants RIDGELL & CO The Counting House Watling Lane Thaxted, Dunmow Essex CM6 2QY
Date: .............................................
Page 5
Thaxted Festival Foundation
Statement of Financial Activities
for the Year Ended 31 December 2020
| Unrestricted Restricted funds funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 38,059 - Charitable activities Charitable Activities 2,454 - Support Activities 483 - Investment income 4 1,122 - Total 42,118 - EXPENDITURE ON Raising funds 1,019 - Charitable activities Charitable Activities 34,678 - Governance Avtivities - - Support Activities 2,219 - Total 37,916 - NET INCOME/(EXPENDITURE) 4,202 - RECONCILIATION OF FUNDS Total funds brought forward 198,671 12,075 TOTAL FUNDS CARRIED FORWARD 202,873 12,075 |
31.12.20 Total funds £ 38,059 2,454 483 1,122 42,118 1,019 34,678 - 2,219 37,916 4,202 210,746 214,948 |
31.12.19 Total funds £ 33,107 80,389 - 1,418 114,914 1,953 99,341 2,248 19,932 123,474 (8,560) 219,306 210,746 |
|---|---|---|
The notes form part of these financial statements
Page 6
Thaxted Festival Foundation
Balance Sheet
At 31 December 2020
| Unrestricted Restricted funds funds Notes £ £ FIXED ASSETS Tangible assets 11 116,770 1,664 CURRENT ASSETS Debtors 12 (8,667) 10,050 Investments 13 25,000 - Cash at bank and in hand 71,734 361 88,067 10,411 CREDITORS Amounts falling due within one year 14 (1,964) - NET CURRENT ASSETS 86,103 10,411 TOTAL ASSETS LESS CURRENT LIABILITIES 202,873 12,075 NET ASSETS 202,873 12,075 FUNDS 15 Unrestricted funds Restricted funds TOTAL FUNDS |
31.12.20 Total funds £ 118,434 1,383 25,000 72,095 98,478 (1,964) 96,514 214,948 214,948 202,873 12,075 214,948 |
31.12.19 Total funds £ 122,827 10,050 25,000 76,096 111,146 (23,227) 87,919 210,746 210,746 198,671 12,075 210,746 |
|---|---|---|
The notes form part of these financial statements
continued...
Page 7
Thaxted Festival Foundation
Balance Sheet - continued At 31 December 2020
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by:
............................................. Peter Richard Donovan -Trustee
The notes form part of these financial statements
Page 8
Thaxted Festival Foundation
Notes to the Financial Statements
for the Year Ended 31 December 2020
1. STATEMENT OF DIRECTORS' RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the net income for the year of the company for that period. In preparing those statements, the directors 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 have been followed subject to any material departures disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Thaxted Festival Foundation meets the definition of a public benefit entity under FRS102 and the Charities Act 2011. Assets and liabilities are inititally recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Income
Income is recognized when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognized when the charity has entitlement to the funds, any performance conditions attached to the funds have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of a specified service is treated as deferred until the criteria for income recognition are met.
Donations received under gift aid are shown inclusive of the corresponding amount of tax recoverable. Donations and sponsorship receipts associated with a particular event, season or class of expenditure are carried forward as deferred revenue until that event or expenditure occurs.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally on notification of the interest paid or payable by the bank.
Page 9
Thaxted Festival Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
2. ACCOUNTING POLICIES - continued
Expenditure
Expenditure is recognized once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Raising funds - Charitable activities - Governance costs - Support costs
Raising funds
Raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading.
Charitable activities
Expenditure on charitable activities includes the costs of the festival and other activities undertaken to further the purposes of the charity and their associated support costs.
Tangible fixed assets
Assets costing in excess of £500 are capitalized and depreciated.
Depreciation is calculated to write down the cost of all fixed assets by equal annual instalments over their estimated lives. The rates and periods applicable are:
Freehold property 50 years 2% Catering Equipment 10 years 10% Stage and office equipment, seating & trailer 7 years 15% Seat cushions, computer & lighting equipment 4 years 25%
Taxation
The charity is exempt from corporation tax on its charitable activities.
The Festival's VAT status was changed during 2007 and the Festival now claims cultural exemption on ticket sales. Not all income is exempt and the Festival's VAT status is partial exemption. As the level of qualifying income is less than the registration level, the Festival de-registered for VAT on 1st May 2007. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was occurred.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds are unrestricted funds of the charity which the Management Board have decided at their discretion to set aside to use for a specific purpose.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes/areas of the charity's work or for specific projects undertaken by the charity.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Page 10
Thaxted Festival Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
3. DONATIONS AND LEGACIES
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Gifts | - | 1 |
| Donations | 17,498 | 15,727 |
| Gift aid | 5,995 | - |
| Grants | 14,566 | 17,379 |
| 38,059 | 33,107 | |
| Grants received, included in the above, are as follows: | ||
| 31.12.20 | 31.12.19 | |
| £ | £ | |
| Education Project Grant and Sponsorship | 2,340 | 17,379 |
| Other grants | 12,226 | - |
| 14,566 | 17,379 |
The charity benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS102 and the charities SORP (FRS 102) the economic contribution of general volunteers is not recognised in the accounts.
Grants were received from Yardleys Charity (£2000) and Thaxted Fayre Trust (£340).
In addition grants of £12,226 were received as part of the government support measures to mitigate the financial impact of the coronavirus pandemic.
4. INVESTMENT INCOME
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Deposit account interest | 10 | 36 |
| Curr asset inv income | 1,112 | 1,382 |
| 1,122 | 1,418 |
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 4,393 | 4,394 |
| Hire of plant and machinery | 2,294 | 5,268 |
Page 11
Thaxted Festival Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019 .
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019 .
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.20 | 31.12.19 | |
|---|---|---|
| Support staff | 2 | - |
No employees received emoluments in excess of £60,000.
8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 17,728 15,379 Charitable activities Charitable Activities 80,389 - Investment income 1,418 - Total 99,535 15,379 EXPENDITURE ON Raising funds 1,953 - Charitable activities Charitable Activities 77,011 22,330 Governance Avtivities 2,248 - Support Activities 19,932 - Total 101,144 22,330 NET INCOME/(EXPENDITURE) (1,609) (6,951) Transfers between funds (11,546) 11,546 Net movement in funds (13,155) 4,595 |
Total funds £ 33,107 80,389 1,418 |
|---|---|
| 114,914 1,953 99,341 2,248 19,932 |
|
| 123,474 | |
| (8,560) - |
|
| (8,560) |
Page 12
Thaxted Festival Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted Restricted funds funds £ £ RECONCILIATION OF FUNDS Total funds brought forward 211,826 7,480 TOTAL FUNDS CARRIED FORWARD 198,671 12,075 |
Total funds £ 219,306 |
|---|---|
| 210,746 |
9. MEMBERS' GUARANTEES
The charitable company is limited by guarantee, without share capital. In the event of a winding-up each member (or person) who was a member within one year before winding-up is required to contribute an amount not exceeding £1 towards the liabilities and winding-up costs.
At 31st December 2020 there were 58 members (2019 -61)
10. TAXATION
The company has received confirmation from HMRC of exemption from corporation tax under the provisions of sections 466 to 493 of the Corporation Tax Act 2010 to the extent that the company's income is applied towards its main charitable purpose. In the opinion of the directors no corporation tax liability will arise as a result of the activity in the year ended 31st December 2019.
11. TANGIBLE FIXED ASSETS
| COST At 1 January 2020 and 31 December 2020 DEPRECIATION At 1 January 2020 Charge for year At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Freehold Computer property equipment £ £ 175,277 5,471 55,389 2,532 3,026 1,367 58,415 3,899 116,862 1,572 119,888 2,939 |
Totals £ 180,748 |
|---|---|---|
| 57,921 4,393 |
||
| 62,314 | ||
| 118,434 | ||
| 122,827 |
Page 13
Thaxted Festival Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Trade debtors | - | 7,881 |
| Other debtors | 1,383 | 2,169 |
| 1,383 | 10,050 |
Trade and other debtors are recognized at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discount due.
13. CURRENT ASSET INVESTMENTS
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Unlisted investments | 25,000 | 25,000 |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.12.20 | 31.12.19 | |
| £ | £ | |
| Trade creditors | 1,964 | 23,227 |
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Creditors and provisions are recognized 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 recognized at their settlement amount after allowing for any trade discounts due.
15. MOVEMENT IN FUNDS
| Net movement At 1.1.20 in funds At £ £ Unrestricted funds Designated funds 154,548 4,202 General fund 44,123 - 198,671 4,202 Restricted funds Restricted fund 12,075 - TOTAL FUNDS 210,746 4,202 |
31.12.20 £ 158,750 44,123 |
|---|---|
| 202,873 12,075 |
|
| 214,948 |
Page 14
Thaxted Festival Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement in | |||
|---|---|---|---|---|---|
| resources | expended | funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| Designated funds | 42,118 | (37,916) | 4,202 | ||
| TOTAL FUNDS | 42,118 | (37,916) | 4,202 | ||
| Comparatives for movement in funds | |||||
| Net movement | Transfers | ||||
| At 1.1.19 | in funds | between funds | At 31.12.19 | ||
| £ | £ | £ | £ | ||
| Unrestricted Funds | |||||
| Designated funds | 167,703 | (1,609) | (11,546) | 154,548 | |
| General fund | 44,123 | - | - | 44,123 | |
| 211,826 | (1,609) | (11,546) | 198,671 | ||
| Restricted Funds | |||||
| Restricted fund | 7,480 | (6,951) | 11,546 | 12,075 | |
| TOTAL FUNDS | 219,306 | (8,560) | - | 210,746 | |
| Comparative net movement in funds, included in the above are as | follows: | ||||
| Incoming | Resources | Movement in | |||
| resources | expended | funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| Designated funds | 99,535 | (101,144) | (1,609) | ||
| Restricted funds | |||||
| Restricted fund | 15,379 | (22,330) | (6,951) | ||
| TOTAL FUNDS | 114,914 | (123,474) | (8,560) | ||
Page 15
Thaxted Festival Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net movement Transfers At 1.1.19 in funds between funds At £ £ £ Unrestricted funds Designated funds 167,703 2,593 (11,546) General fund 44,123 - - Restricted funds Restricted fund 7,480 (6,951) 11,546 TOTAL FUNDS 219,306 (4,358) - |
31.12.20 £ 158,750 44,123 12,075 |
|---|---|
| 214,948 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement in | |
|---|---|---|---|
| resources | expended | funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Designated funds | 141,653 | (139,060) | 2,593 |
| Restricted funds | |||
| Restricted fund | 15,379 | (22,330) | (6,951) |
| TOTAL FUNDS | 157,032 | (161,390) | (4,358) |
| Purposes of Restricted Funds |
Organ reserve: This reserve is for the Makin organ purchased in 2004. The reserve was reduced at the same rate as the annual depreciation charge for the organ.
Audience seating reserve: This reserve is for audience chairs and trolleys for moving the chairs purchased in 2009. The reserve will be reduced at the same rate as the annual depreciation charge for the chairs and trolleys.
Marie Elisabeth Stott Family (Trust reserve): This reserve results from a legacy in November 2017. Income from this fund will used to support an annual concert.
Purposes of Designated Funds
Education Development Fund: This fund is for the provision towards the cost of the programme of educational projects with local Schools. The fund will be used if there is not sufficient income during the year to fund the educational activities.
Commission for New Music Fund: This fund is for the provision towards the cost of commissioning a new piece of music. Part of this fund was used to commemorate the Festival's 25th Anniversary in 2011. The balance of the fund will be used to offer a commission to a relatively unknown composer.
Property Fund: This fund is for provision towards future costs of maintaining the festival office purchased in 2014.
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Thaxted Festival Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 17
Thaxted Festival Foundation
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | - | 1 |
| Donations | 17,498 | 15,727 |
| Gift aid | 5,995 | - |
| Grants | 14,566 | 17,379 |
| 38,059 | 33,107 | |
| Investment income | ||
| Deposit account interest | 10 | 36 |
| Curr asset inv income | 1,112 | 1,382 |
| 1,122 | 1,418 | |
| Charitable activities | ||
| Ticket sales | 2,724 | 70,030 |
| Programme advertising & sales | 174 | 4,022 |
| CD's & Other Income | 39 | 6,337 |
| 2,937 | 80,389 | |
| Total incoming resources | 42,118 | 114,914 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Postage and stationery | - | 96 |
| Travelling & Accommodation | 1,019 | 1,857 |
| 1,019 | 1,953 | |
| Charitable activities | ||
| Artists fees | - | 63,214 |
| Hire of plant and machinery | 2,294 | 5,268 |
| Insurance | 1,000 | 1,000 |
| Advertising | 19,723 | 17,371 |
| Travel & Accommodation events | - | 11,278 |
| 23,017 | 98,131 | |
| Support costs | ||
| Management | ||
| Wages | 4,514 | - |
| Rates and water | 79 | 160 |
| Carried forward | 4,593 | 160 |
This page does not form part of the statutory financial statements
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Thaxted Festival Foundation
Detailed Statement of Financial Activities
for the Year Ended 31 December 2020
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Management | ||
| Brought forward | 4,593 | 160 |
| Light and heat | 555 | 600 |
| Telephone | 1,100 | 1,084 |
| Postage and stationery | 1,188 | 3,494 |
| Sundries | (167) | 5,700 |
| Travel & Accommodation | 17 | - |
| Secretarial assistance | 1,000 | 4,500 |
| Freehold property | 3,026 | 3,026 |
| Computer equipment | 1,368 | 1,368 |
| 12,680 | 19,932 | |
| Finance | ||
| Bank charges | 150 | 1,210 |
| Governance costs | ||
| Accountancy and legal fees | 1,050 | 1,440 |
| Other governance costs | - | 808 |
| 1,050 | 2,248 | |
| Total resources expended | 37,916 | 123,474 |
| Net income/(expenditure) | 4,202 | (8,560) |
This page does not form part of the statutory financial statements
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