TORBAY AND SOUTH WEST OF ENGLAND FESTIVAL (REGISTERED CHARrrY NO: 1039997) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 INDEX Page 112 Trustees Report Independent Examiners Report Statement of FInancI Aclivilios Balance Sheet 6111 Notes to the Accounls The fDllow5ng pages do not foim part of the statutory ac¢ounts 12 Income and Expenditure Account- General (Detailed) Income and Expenditure Account- Restricted Funds 13
TORBAY AND SOUTH WEST OF ENGLAND FESTIVAL CONSTITUTIONAL AND STATUTORY INFORMATION AND REPDRT OF THE TRUSTEES The trustees present thelr report and accounts for the year ended 30 June 2024. Governlng Instrument The Torbay and South West of England Festival was estsblished in 1941 and is regislered with the Charity Commission for England and Wales - number 1039997. The charlty's objects and regulations are regulatsd by the constitution datwj 1941 as agreed by the then trustees (a6 amended by the 1993 Annual Genoral Meeting. Ihe 1994 Extraordinary General Meeting, and th6 2002 and 2009 Annual General Meetings). and Is constituted as an ursincorporated association. Re¢ruitment and appointment of trustees The trustees are eligible to appoinl additional trustees under the terms of the constitution. Introduction and training of trustees New trust8es are selected on the basis of the skills thal tt)ey have to complement the existing commlttee. They meet with extsling trustees and key vc>lunleers to ensure that they feel comfortable with the organisation and are happy to become part of the team. Information packs are provided to new trustees giving detsils of thoSr responsibllitits under the Charities Act and background to the charity. Objects otthe charlty, prlnclpaf actlvllles and organfsation of work The object of the charity and its principal acltvity continues to be to advance Ihe education of the public in the Arts, and in particijlar Music, Speech, Drama, and Dance, in all their branche5. The charity is organised so that the trustees meet regularly to manage its affairs. Summary of th¢ main activities undertaken for the publi¢ bonafit In relatlon to these obi0¢ts In plannlng our activities for Ihe year we kept in mind the Charity Commission's guldance on pijblic benefit at our trustee meetings. The focus of our activities remains th8 Staging of an annual fesllval, in which every perfomiance is professlonally assessed and marked. This benefits the children, young people and adults by their partlclpation in cultural activity, adding to their education in the arts, developing their self-confidence and increasing their social skills. We welcome all chlldren, young people and 8dults regardless of personal background, faith, gender or personal C1umstanceS and we believe this philosophy of openness to all enriches everyone through the sharing of the talents. skills, aptltudes and Ilfe experiences of our children and young people aged from three to 18 and adults and volunteers. Achiovement$ this year and financlal posltion As a responsible charity, we keep abreast of changes in legislatlon, child licensing, s8feguardlng and data protection, etc. W8 believe this is best achieved by maintainlng close links with Ihe British and Intem8tional Federation of F"estlval"s, parlicularfy its annual conference and blannual" regionaf meetings, at whlch w8 share new Ideas and best Pfaclice. The financial result this year is disappolnting, giv8n the increase in our Income. We suffered increaslng costs, some of which are outside our control, and we have already taken positive action to reverse this situation. The impact of this action will not be felt until the 2024125 financial year. In the meantime, prudenl accumulation of reserves over the years means that the loss we sustained in the yèar ond8d 30 June 2024 has bean absorbed and we have SuEnt resources to continue for the foreseeable future.
TORBAY AND SOUTH WEST OF ENGLAND FESTIVAL CONSTITUTIONAL AND STATUTORY INFORMATION AND REPORT OF THE TRUSTEES (Gont'd) Prlncipal address The prlnclpal address of the charity is: Torbay and South W8St of England Festiv81 6 Thorne Park Road Torquay Devon TQ2 6RX Bankors The principal bankers of the Charity a. HSBC PIC 7 Palace Avenu8 Paignton TQ3 3ED Twstaes The members of the Executtve CommItteeruStees of the Festival during the year ended 30 June 2024 were: Jennifer Bald Mary Kathryn Besiwick Chrislopher Blurton Carolyne Clark Kenneth Dow811 Llnda Lear (Chalr) Dianne Martin Catherine Serjeant Karen Walker The members of Ihe Executive Committee (Tru$tee8) are elected each year at the Annu81 General M6eting. Mrs Linda D Lear chairs Ehe Executive Committee. R•sorvo5 policy The total SerVeS held at year end are £38,047 (2023.. £43,537). It is the policy of the trustees lo maintain unrestrict6d funds lo nol more than the mnning costs of the charity for a two-year period and lo transfer any surplus over and above this level to the designated funds. Investment poll¢y In accordance with the conslltulion, the trustees have the power lo Invest in such investments as they see fil. Grant-maklng pollcy Higher educatlon grants The twstees have agreed to provide small grants to competitors who have been placed IrT specialist training, in order to purchase essential it8ms for their training. Junlor teachtng grants The trustees have agreed to provide grants for state schools for year 6 or below towards specialist teaching In the perforni1. arts for the ensuing tem. on condition that the school is situate(J in Devon and has a history of enlering the f&slival. Appr d by the Truslees on MrsL ear Chairman. Executive Commlttse
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TORBAY AND SOUTH WEST OF ENGLAND FESTIVAL I report to the charity tTUSte8s on my examination of the accounts of the charity for the year ended 30th June 2024 which are sel OLrt on pages 4 to 11. Responsibllltles and bas1$ of report As the charity's trustees you are responsble for the preparatlon ofthe 8¢counts in accordan¢e with the requiremenls of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I hav8 followed all the applicable Dlrectlons given by the Charrty Commisslon under section 145(5llb) of tho Act. Indep8ndent examlner'5 Statement I have completed my examination. I confirm that no material matters have come to my attentlon In connection with the examination giving me cause to believe that In any material respect.. accounting records were not kept In respect of the charity as require(I by section 130 of th8 Act,. or the accounls do not accord with those records., or the accounts do not comply wlth the applicable requlrements con¢orning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter cx)nsidered as part of an independent examlnation. I have no concerns and have come across no oth8r matters in connection with the examination to which attention should be drawn in this report in order to enable a proper undorstanding of the accounts to be reachod. Mr M Young FCA Peplows Limited Moorgate House King Stre8t NEwfoN ABBOT TQ12 2LG Date.. li lJlqr
TORBAY AND SOUTH WEST OF ENGLAND FESTIVAL STATEMENTDF FINAPICJkthL kCTJYIFIES TH FOR THE YEAR ENDED 30 JUNE 2024 2024 Unrnstricted R¢strf¢tod Fund Fund 2023 L4vestrf¢ted Restrtcted Notes Total Total INCOME Donations 12,000 11000 Charitable ktEvltloS Admissior Entry Fees Sale of Programmes AOvsrtl$lro kn Prow.wrfftos Sale of M¢dals aThJ Lanyards 25.580 20.847 1.634 25,580 20.847 1,634 400 4.294 52.755 24.810 16,070 1,817 24,810 16,070 1,817 4.294 52,755 2,949 46.041 2,949 12,000 58,041 Instment Inc(Kne 276 276 131 131 Total 53.031 46.172 12,000 58,172 EXPEMDFFURE Charitable AGtiviti8s otr Costs Total 53,439 4.482 57,921 61W 54,039 4,482 600 58.521 44.Of2 5,949 49.961 1,678 45,890 5,949 1,678 51,639 Net Incom•l{Exp•ndfture) before Transfèrs Transfer hetwègn Funds (4,890) {600) (5,4901 (3,7891 10,322 6,533 Not Movement In Funds (4.890) {600} (5.4901 {3.789} 10.322 6,533 Total FLnJs brougN fow&rd at 1st 2023 32,737 10,800 43,537 36.526 478 37.004 Total Funds carrd forward at 30th June 2024 27.847 10.200 38.047 32,737 10,800 43,537
TORBY APIDSOUTH YdEST DF ENGLkPIDFESTIYAL BALANCE SHEET TH FOR THE YEAR ENDED 30 JUNE 2024 Note8 2024 2024 2023 2023 Curront Assgts SIoGk Debtors & PrepaYts Cash TOTAL CURRENT ASSETS 5,250 4,000 24.158 40,62g 68,787 38.483 43,817 Llabllltles. Amounts falling due wlth one year Craditots and Accruéd Cltérges Net Current Assets 38,047 43,537 Net Assets 38,047 43,537 THE FUNDS OF THE CHARrrY Unrestricted Income Funds General Fund 12 27.847 32,737 R8$trlctd Income Funds Karen Collings Fund 10,200 10,800 38,047 43.537 Approved by the Board of TNsts8s and authorised for issua on I cL-rc)BER 20111 and signed on its behalf by MRS LD LEAR...... . ..CHAIRMAN MR C BLURTON...................... ..... .... .... ............ ..VICE CHAIRMAN
TORBAY AND SOUTH WEST OF ENGLAND FESTIVAL NOTES TO THE ACCOUNTS TH FOR THE YEAR ENDED 30 JUNE 2024 General Infornigtlon Torbay and South Wesl of England Festival is a charity registered with the Charity CommissK)n in England and Wales (Registration number 10399971- It is gov8rned by a conslilulion and rnanaged by the trustees. The address of the registered offiGe 15 given in the charily inforrllation on page 2 of these financial statements. The objecls of the charity and its principal activities continues to be to advance the education of the publlc in the arts, and in particular music, speech, drama and dance in all thelr branches. 2. Accounting Pollcles a) 8asls of A¢¢ountlng The financial slalements have been prepared under the historlcal cost convention with items recognised at cost or transaction value uft18SS Otherwise ststed in the relevant notes to these accounts. The financlal statements have been preparod in accordance with the Statement of Re¢ommended Pr8Ctice". Accounting 8nd Reporting by Charities preparing their accounts in accordance whh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102- issued in October 2019} and the Financial Reporting Standard applicable in the United Ktngdom and Republic of Ireland IFRS 1021, and the Charities Act 2011. The accounts ar& propared in St8rting and rounded to th8 nearest £. TOaY and Soulh West of England Festival meets the definition of 8 Public Beneflt Charity undor FR8102. The Committee believes that the Charity has sufficient resources to continue for th8 for05eeable futur8 and hence the financial statemenls have been prepared on a going conc8m basls. b) Income Recognition All incoming resources are Included in the Slalement of Financial A¢tivilles ISOFA) when the charity is legally entitled to the income after any performance conditions have been met, th6 amount can be measured reliably and it is probable that tha income will be received. cl Donatlons and Voluntary Incom6 Oonations and voluntary income are accounted for gross when r6ceiv8d. d) Grants Payable Grants payable are accounted for when the Charity is committed to paying them. el Allocatlon of Costs Costs are allocated between diroct charltable and oth6r expenditure accordlng lo the nature of the ¢osl. Where items involve more than one category they are apportioned beeen the calegori8s according to the nature Of the cost. Costs include any irrecoverable VAT. Investment Income Thls and any associated tax credits are included in the accounts when recebvable. g) Fund A¢¢ountlng Unrestricted funds are donations and other incoming resources receivable or generatsd for the objects of the Charity without further specified purpose and are avallable as general funds. Restrictsd funds are lo be used for the specific purposes as laid down by the donor. Expenditure which meets these crlteria Is Charged to the fund, together wth a fair 8llocatlon of management costs. h) Stocks Stocks are valued at the l¢)wer of cost and net r881isable value on a FIFO basis. l) Debtors and Cr•dltors Receivable I Payabl• Wrthln One Year Deblors and creditors with no stated interest rale and receivable or payable within one ye8r are recorded at transaclion price. Any losses arising from impairment are recognised in expenditure.
J) Donated Servlces The Charity benefits gre811y from the involvement and enthusiastic support of its many volunteers. In accordanc8 wilh the.Charity 8ORP Ihe ecOrMiC nontributitin of g8neral v.oFutit8ers Is not measurAd In tha accounts. k) Financial Instruments The Charity hold8 Ihe followrng financial instruFnents- Short term trade and other debtors ar cr6ditors' and .Ga&h. ,andbarth halaThogSs Ail financial instruments are ciassffied as basic. The Charity has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the Charity becomes paty to the o)ntractual provisions of the instrument and derecognised when in the case of assets, the conlraclual rights to cash flows frotn the assets or stibarIalF all ffte ¢iglÈ èlld IéWat6a of oWrierhi aré laslérréd to am'otriéfm, tti.thé eage of liabilities, when the Charity's obligations are discharged, expire or ar8 canlled. Basic financial assets ¢ompriso short term Irade and other debtors and cash and bank balanc8s. Basic financial liabililies comprise short tenn trade and other creditors and bank loans. Such instruments ar8 initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounled amount of the cash or other consideration expected to b6 pald or received, after taking account of impairment adjustments. 3. Char]table ktlvltle Unra$tricted R•strfet•d Fund Fund Totsl 2024 Totsl 2023 Grants.. Grants pald to Indfvlduals & $tU10n$ Adjudicators. Fees and Eygnses ¥)nw8nist Fées Pdnting, Stationery & Postsge Hlre of Th&alre and Planos M8dals. Cups and Lanyards Catering PayPal & Card Reader Charges Tf8vel a'SUI>S181)E4 AGM and Meeting Eypens98 Donatbns M18cdlaneous 5.336 825 180 3M85 25.878 2,260 3,557 636 foo 5,936 8,925 180 3,885 25,878 2,260 3,S57 636 6,100 6,658 2,484 22,449 3,529 2,784 433 t65 220 400 220 1,954 54.039 1,048 45,690 53A39 600 Other C051s Unrostrlct•d Re8trlctsd Fund Fund Total 2023 2024 Fedtn and Conference Expenses ActanCY Fees for kndependent Ey4nynation h8uran¢e Federation sb8rIpl & Copyright Fbès Actttunt Chargfys .WebsiteO'evelopment&firfaifttènan 1.61S 1,615 1,094 1.548 1.000 350 461 73 71 686 71 4,482 5,949
TORBAY AND SOUTH WEST OF ENGIAND FESTIVAL IOTES TO THE ACCOVNTS FOR THE YEAR ENDED 30TH JUNE 2024 {Cont'd} 5. Sto¢k 2024 2023 Stocks of M8dals, Lanyards & Labels 6. Debtors 2024 2023 Other Debtors 7. Credltors: amounts falllng due withln one year 2024 2023 Other Creditors Accruals 4,696 22,990 8. Trustees. and key management Personnel remuneratlon and expenses No trustee or connected person received any remuneration eilher directly or indireclly. A total of £1,965 (2023.- £3,181) for festival expenditure was reimbursed to seven trustees during the year. At the balance sheet d8te £189 {2023: £600} was due to one Trustee for reimbursement of festival expenditure and included vmlin Greditors. The Charity does not have any employees.
TORBAY AND SOUTH WEST OF ENGLAND FESTIVAL NOTES TO THE Ac73 TH FOR THE YEAR ENDED 30 JUNE 2024 (Cont'd) Grants payablo Transfer Between Funds Balances 30.06.23 Grants Paid Balances 30.06.24 Ro$trlctod Fund5 In¢omg The Karen Collings Fund Unrestrl¢ted Funds Total grants of £5,336 were m8de from unrestricted fLtnds. Purpose of Grants The purpose of the grants made from unrestii¢ted funds are twfrfold.. al Hlgher Educatlon Grants- to make small grants lo help wlth the costs of further training lor pertormers who have obtained a place at a principal school of music, drama or stage dance. b) Junlor Teachlng Grants - grants made lo state prlmary schools for Year 6 and below lowards specialist teachlng in th8 performing arts. The purpose of The Karen Collirkgs Fund is to provide annual small grants for performers embarknng on danc8 training within vocational schools. 2024 2023 Total grgnts payable: Institutions Individuals 5,336 600 3,700 10. Charltable A¢tlvltle$ The Charlty had only one principal 8Ctivty- 11. Support Costs 2024 2023 Federation & Conference Expenses Governanco Costs- Independ8nt Examination Insurance Subscriptions Account Ch8rges Miscollaneous 1,615 1,094 350 1,548 1,000 290 461 73 71
io TORBAY AND SOUTH WEST OF ENGLAND FESTIVAL MOTES TQ THE ACCOUTr17S FOR THE YEAR ENDED 30TH JUNE 2024 {Cont'd) 12. Funds Analysis Balance at 0110712023 Galns I (losses) Balance at 3010612024 Eypenditure Transfers UNREsTRTED FUNDS General Fund TOTAL UNRESTRICTED FUNDS 031 -57,921 27,847 32.737 51031 -57.921 27.847 RESTRKTED FUNDS Karen Colllngs Fund TOTAL RESTRICTED FUNDS 10,8(KJ 10.200 10.800 00 10,200 45,53T 53.031 ,5Zf 38,1147 Balance at 0110712022 Galns I (k)Ssl Balance at 3WOW2023 Incowt Expenditure Transfers UNRESTRICTED FUNDS 46,172 32,737 TOTAL UNRESTRICTED FUNDS 36,526 4Q172 49,961 32,737 RESTRICTED FUNDS Karen Colllngs Fund 12,000 -1.21)) 10,8CM) Pamela De Waal Fund TOTAL RESTRICTED FUNDS TOTAL FUNDS 478 478 478 12.000 -1.678 10,800 37.004 58.172 .51.639 43,537 Fund descriptions Unrestricted funds These are the general funds rdiS8d by the charity for use in pursuance of the charities objectives. Restricted funds Karen Collings- Don8tion 01 £12,000 r8ceNed in 2022 to be us8d as a yearly èducation fund for slud8nts of thè Furth8r Dance Training
li TORBAY AND SOUTH WEST OF ENGLAND FESTIVAL PIOTES TD THE ACCQVNTS FOR THE YEAR ENDED 30Tr1 JUNE 2024 {Conl'd> 13. Summary of Net Assets by Funds Unrestricted Fund Re$trlGted Fund Total Net Current Assets Net Assets 27 47 38 47 Al Support costs are met from unr8str(cted funds. 14. R8latod Party Transactions and Ultimate Controlling Party The Charlty has no ultimate controlllng party. There have been no related paty transactions. other than those relaung to Trustee expense reimbursements.
12 TOR8AY AND SOUTH WEST OF ENGLAND FESTIVAL GENERAL (DETAILED) INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30TH JUNE 2024 2024 2023 INCOME Donatlons Admissions- Entry Fe8S: Dance, Music and Drama Dance Muslc Drama 25.580 13,774 4J.?4 2,149 46,427 1,634 400 24,810 10.844 3,759 1.467 40.880 1,817 395 Sales of ProgrammBs Adverti8ing in Programmes Sale of Medals and Lanyards Deposit & Building Society Interest 4,294 276 53,031 2,949 131 46,172 Less Expenses Grants Adjudic8tor8' Fees, Travel & Accorr#nodation Accompanists Federation and Conference Expenses Printing and Stationery Accountancy Hire of Theatre and Pianos Medals, Cups and Lanyards Calering Insur8nce Federation subrip0n and Copyright Fees Miscellaneous Website Travel and Subslstence Account and Card Roader Charges Donation 5,336 8,925 180 1,615 3,885 1,094 25.878 2,260 3,557 350 4.422 6,658 40 1,548 2.484 1.000 22.449 3,529 2.784 290 461 1,048 2.577 165 506 2,174 20 707 400 57,921 49.961 (DEFICIT} OF INCOME OVER EXPENDrruRE (4,890 (3.789) Thts page does not fomi part of the statutory accounts
13 TORBAY AND SOUTH WEST OF ENGLAND FESTIVAL RESTRICTED FUNDS INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 30Ttrt JUNE 2024 2024 2023 KAREN IN ND INCOME Income recelved During Year LESS: EXPEIISES Grants 600 SURPLUS I(DEFICITI OF INCOME OVER EXPENDITURE PAMELA DE WAAL FUND INCOME LESS: EXPENSES Grants 478 {DEFICIT) OF EXPENDITURE OVER INCOME TOTAL SURPLUSI DEFICI RESTRICTED FUNDS This page does not fomi part oflhe statutory accounts