REGISTERED COMPANY NUMBER: 04512227 (England and Wales) REGISTERED CHARITY NUMBER." 1095553 Report of the Trustee8 and Financial Statements for the Year Ended 30th Septsmber 2024 Worcester Festlval Ltd The Richards Sandy Pathership Thorne1 House 25 Barboume Road WOrster w0stershIre VVR11RU
Worcester Festlval Ltd Contents of the Flnanclal Statements for the Year Ended 30th September 2024 Page Reference and Administratlve Detsils Report of the Trusteos Indepondont Examlnerfs Rèport ststement of Flnanclal Activitiès Balance Sheot Notss to the Financlal Ststements 7 to 13 Dota110d Ststement of Flnanclal Activiti0S 14
Worcoster Festlval Ltd Reference and Administrativo Detalls for the Year Ended 30th September 2024 TRUSTEES Mr C Jaeger Professor J C Elkin Reverend P G Atkinson (resigned 13.11.23) Mr M L Bayliss Mr G C Salter Mr D Morgan Reverend S M Edwards (appointed 22.7.24) Ms M Allcott (appointed 22.7.241 REGISTERED OFFICE Queen Elizabeth House The Trinity Worcester WortershI[e WR12PN REGISTERED COMPANY NUMBER 04512227 (England and Wales) REGISTERED CHARITY NUMBER 1095553 INDEPENDENT EXAMINER The Richards Sandy Parthership Thomeloe House 25 BarbDume Road w0ster Worr£stershire WR1 1RU Page 1
Worcester Festival Ltd Report of the Trustees for the Year Ended 30th September 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial slatements of the charity for the year ended 30th September 2024. The trustees have adopted the provisions of Accounts"ng and Reporbng by Charities: Statement of Recommended Practi applicable to charrties prep3ring their acLounts in accordance with the Financial Rewrting Standard applicable in th8 UK and Republic of Ire12tKI IFRS 102) (effective 1 January 2019). 0ECTIVEs AND ACTIVITIES Objectives and alms The Chariws objects are StriCted spectfically. in each case only tor the public benefit to promote. organise, adminisler and carry on artistic. cultural, musical. agricultural. horticultural, historical, educational and sporting everrt5, Within the area of Worcester City and the surrounding 'lNR" postcode aas, which will together form the Worcester Festival. wilh a view to advancing the educatson of and provtding benefft to the general public. Signlficant aetivlllos The mission statement of the Festival is, 'Ihe worster Festival is for the people of Worcester, Worcestershire and the Surrounds. It is a series of partnerships btheen large cross-secb'ons of the community, an umbrella for a huge range of activities, many of them free. It is a coming together of peoplé of all ages. creeds and race. It is an opportunity to stag8 an event, or to attend a large selection of both professional and communty events. It 1$ a celébratson of life and of worster. Worcestershire and its people." Publ1¢ benefrt The trustees confimi that th@y have complied with the duty in section 17{51 of the 2011 Charibes Ad to have due regard to the guidants contained in the Charity Commission's general guidan on public trnefft whèn VIewIng the charity's aims and objectives and in planning future activiiies. The prinupal 0"eCt of the charity for the public benefit is that of cultural education and opportunities, its principal acti being the organisation of 8 festival known as the WOrSter Festival. The aim of thè charity is to continue to organise the annual festival in Worster. Volunteers The Festival is managed by the bustees. a professional part-time Administrator. a prof1onal part-time Matkeler, a Planning Committee (approx. 15 Ople on a voluntary basis) assisted by approximately 20 volunteers. ACHIEVEMENT AND PERFORMANCE In accordance with the objects ol the charity, a festival was held in w0$ter and the surrounds from the 1018r24 2618r24. In summary. there were 852 events, 78% of whid) were free at point of contac( we work8d with more than 80 partner organisations, and events were staged in more than 85 venues. FINANCIAL REVIEW Financial posltlon Total incoming resourcEs amountsd to £55,758 {2023.' £40,082) and resources expended We £51.798 {2023'. £53,310). Net incoming resour amounted to £3,96012023'. net outgoing sourceS £13.228). Page 2
Worcester Festival Ltd IRogl8tered number. 04512227) Report of the Trustees for the Year Endod 30th september 2024 FINANCIAL REVIEW Reserve8 poIIcy The trustees believe il pnjdent that, in order to provKle reliable seNices over the longer tsmi, they hold reserves to absorb setbacks and to take advantage of change and opportunty. Reserrfes are required in order.. a) to meet the running ccsts of the charity for a reasfflable period of tirr 8hould any of its usual sources of iicome fall short of expedations or cease entirely. b) lo abrb any shortfall in income resulting from a dedne in support from the publlc. c) to explore new opportunitiés for ino)me generatlon whth might require initral capttal invesknent. The tNstees conslder the charrty's obj8Ctive Should be to aceumulate reseTve¥ equsvalent to at least one ye# costs In resp8c* of the support management and 8dminiBtration of the tharity. For the year end1 30 Septsmber 2024 8 surplu8 has atsen in the ac(x)unts amounting to £3,980 (2023.. deffi1 £13,228), thus in(xe8sing over811 unrestrithd funds to £9,635 (2023 - 5,675), Thls covers th months of 8yndftu ba8ed on 2024 figures. whith 1$ below the deslred r8serves poiiGy level. The finanaal statements have been prepared on a g)Ing con¢em basis. The trustees have consldered the relevant information. Induding the annual budgel, future cash Ilow forecasts and the impact of Subsequent events In maklng this The trustees conllnug to work tOW8rds increaslng the reserves of the Charity In a¢03rdan with the poliGy. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The chaiity is controlled by its govemlng document. the Memoranthm and Articles of Association. and oJnstttutes a Itmiied company. lifflited by guarante&, as defined by thè Companies Act 2008. The chanty's goveming document indudes provision of qualifying third party indemnity to the trustees of the charlty. Recrultment and appoinbnent of new tru8tse$ The trustees are appointed by thè Irustees in annual general Jne8ting w at ary other timè deemed necessary. Day to day m4nagomont Day to day management 1$ delegated to Mr C Jaeger. Thls rep)rt has been prepared in a<wrdan¢e with th6 speoal provlslons of Part 13 of the Companies Acl 2l relatlng to smali compankn. Approved ty crfd8rthe board oftrustees on ............................................. and slgned on its behalfty: Mr C Jaeg Page 3
Independent Examinerfs Report to the Trustsos of Worcester Fostlval Ltd Independent oxaminerfs report to the trustses of Woreesler Fosllval Ltd {'the Company,) I report to Ihe ¢harity trustees on my examination of the ac(unts of the Company for the year ended 30th September 2024. Responslbilities and basls of report As the charty'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 wth the requirements of the Companies Act 20061'th8 2006 ACV). Having satisfied myself that the accnunts of the Company are not required to audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respecl of my examination of your charivs accounts as carried out under Seclion 145 of thé Charitses Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Dir8Ctions given by the Charity Commission under Section 145{5} (b) of thè 2011 Act. Independent examinerfs Statement I have completed my examination. I confimi 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 ofthe Company as required by Section 386 ofthe 20C6 Actr, or the accounts do not accord with those records,. or the anxounts do not eA)mpty with the accounting requirements of Section 396 of the 2006 Act olher than any requirèment that Ihe accounts give a true and fair view which is not a matter consid8red as part of an independent examination,. or the accounts have not been prepared in accordance wth the methtsjs and principles of the Ststement of Recommended Practi for accounting and reporting by charities (applicablé to charities preparing their accounts in accordancé with the Financial Reporting Standard applicable in the UK and Republi¢ of Irèland (FRS 102)}. I have no concems and have come across no olher matters in connection with Ihe examinalion to which attention should be drawn in this report in order to enable a proper understanding of the awunts to b@ reached. Melissa Gothvin ACA ACCA The Richards Sandy Partnership Thorneloe Hous8 25 Barbourne Road Wor¢esler Worcestershire WR11RU Date:...Z.%.-.Q.l.- 4................ Page 4
Worcester Festival Ltd Statsment of Flnanclal Activitie8 (Incorporatlng an Income and Expendlture Account) for the Year Endgd 30th Soptsmbor 2024 2024 Unrnslrlcted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 14,626 5,758 Charitable activities Worcester Festival Tithet sales 39,856 75 31,002 2.121 Investrnent income 1,201 1,201 Totsl 55,758 40,082 EXPENDITURE ON Charltsbl• a¢tlvltlo8 Worcester Festival Ticket sales 51.798 51,231 2,079 Total 61,798 53.310 NET INCOMEI(EXPENDITURE) 3,960 {13,228) RECONCILIATION OF FUNDS Total fijnds brought forward 5,675 18,903 TOTAL FUNDS CARRIED FORWARD 9,635 5,675 The nt)tes fonn part ofthese financial statements Page 5
Worcester Festlval Ltd (Regi8t¢rod number: 0461222n Balance Sheet 30th Septsmber 2024 2024 Unrestrict fund 2023 Total funds Notes CURRENT ASSETS Debtor8 Cash at bank 15 1.675 3,4W2 4,635 10.518 8.127 CREDITORS Amounts falling due within one year (883) 12,452) NET CURRENT ASSETS 9,635 5,87S TOTAL ASSETS LESS CURRENT LIABIUTIES 9,635 5.675 NET ASSEf8 9,835 5,675 FUNDS Unrestricted ndS 17 9,635 5,675 TQTAL FUNDS 9.635 5,675 The charitable rnpanY 18 entilled to exenwlion from audlt under S&rtion 477 of the Companies Act 2008 for the year ered 30th September 224. The members have not requiTrd the company to obtsln an audlt of its finaft81 8tatement$ for the ye8r ended 30th September 2024 in a(tordance with Secll¢Jn 476 ofthe Companles Act 2006. The trustees 8¢knowledge thair responsibilities for (a) ensuring that the charitsble wmpany keeps ac¢ounting records Ihat mplY wth Sectlon$ 388 and 387 of the Companies Act 2006 and preparing finanLi81 statemen18 whith gNe a true and fair view of the state of affairs of th8 charitsble company as at the end of eath financial year and of Its suryu$ or dofft31 for èach finaneial year in accordance with the requirements of Selon9 394 and 395 and which OtherSe ¢omF4y wlth the requirements of Ihe Comp8fties Act 20CO relating to financlal $tstements, $0 far as applleAbl8 to the tharitable company. fin8ndal 8tat8menl8 have been prepated in al?3nte wtth the wovlstcns applicable to Charitab componies subject to the 8mall o)mp8nies regime. (b) The finarK4al statements were approved by the Board of Trustees and authortsed for Issue . and were signed on ts b8haW by: The note¥ fom part of the8e financa81 statements Page 8
Worcester Festival Ltd Notes to the Financlal Ststements for the Year Ended 31)th Septsmber 2024 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The finan081 statements of the charitable company, which is a public knefit entity under FRS 102, have been prepared in accordan with the Charitres SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing theii accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffective 1 January 2019}'. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The ffinancial statements have been prepared under the historical cost convention. WorcEster Festival Limited is a charilable company gIStered in EnglaT and Wales. In the event of the tharity being wound up, the liabilty in respect of the guarantee is limited to £1 per member of the charity. The address of ihe registered office is given in the chanty infoTmation on page 1 of these financial statements. The nalure of the charity's operations and principal actiwties are the organisation of a festival known as the Worcester Festival. The financial slalements are prepared on a going conrn basis under the historical cost convention, modified to include certain items at fair value. The financial ststements are presented in sledino which is the fvnctional currency ofthe charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements ar8 set out iel¢)W. These policies have been consistently applied to all years presented unless othetwise stated. INCOME All income is recognis8d in the Statement of Financial Activit16s Onl the charity has enlf(lement to the funds, it is probable that the income will be received aTrJ the amount can be measured reliably. Income from grants (including government grants) and donations is recognised in the period in whith th8 charity is entitled lo rec8iPt and the amount can be measured with reasonabl? certainty. Income from grants is only deferrèd when the charity ha5 to fulfil nditionS not yet met before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Income from the supply of services, such as sponsorship and lickel income, is recognised upon delivery of the servi(*, it is probab18 that the income will be received and Ihe amount can be measured reliably. Rental income is recognised in line with th8 periods to which such income relates, UP to the extent thal is is probable that such income is reverable. Where recoverability of rental income is in doubt, such income is instead recognised on a cash basis. Interest inccthe is recognised for all interest-bearing instruments on the effective interest method. EXPENDITURE Liabilities are recognised as expenditure as soon as there is a legal or Constructive obligation committing the charity to that expenditLJre, it is probable thai a transfer of economic benefits will be required in setuement and the amount of the obligation can be measUd reliabty- Expenditure is accounted for on an accruals basis and has been classified under headings Ihat aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to condttions which have not teen met at the year end date are noted as a commitment but not accrued as expenditure. TANGIBLE FIXED ASSETS Depreaation is provided al the following annual rates in otder to write off each asset over its estimated useful Computer equipment 33% on cosl TAXATION The charity is exempt from corporalion tax on its chaiitable activities. FUND ACCOUNTING Unrestricted fijnds can be used in accordan with the Gharitabie objedives at the discretion of thè trustees. LEASING COMMITMENTS Rentals paid undèr operating leases are charged lo the Statement of Financial Activities on a straight line basis over th8 period ofthe leas8. Page 7 continued...
Worcester Festival Ltd Notes to the Financial Statements - conllnued for the Yoar Ended 30th September 2024 ACCOUNTING POLICIES - contlnued FINANCIAL INSTRUMENTS The Charity has elected lo apply the prowsions of Sèction 11. B8siG Financial Instruments, and Section 12 '0tsr Finanaal Instruments Issu8s' of FRS 102 to all of its financial instruments. Finanaal instruments are recognised when the charity becomes paty to contractual provisions of the instrument. Finanaal assets are offset, with the net amounts presented in the accounls where thère is a legally enforceable right lo set off the rècognised 8mounts and there 1$ an intention to settle on a net basis Or to r8alise Ihe asset and settle th8 liabilty simultanèously. Basi¢ Flnanclal Assets Basic financial assets, which inolude trade and other receivables and cash and bank balances. are initialty measured at transa¢tion price including transaction costs and are subsequently oarried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measur6d at the present value of the luiure reipts discounted at a market rate of interest. Basic Financlal Llabilities Basic finanual liabilities, incfuding trade and oth@r payables. are initially recognised at transaction price unless the arrangement constitutes a financing transadion, Whe the debt inslrum8nt is measured at the present value of fvlure reIptS, discounted at a market rate of interest Debt instruments are subsequenty carried at am0Sed cost, using the effective interest rate melhod. DONATIONS AND LEGACIES 2024 2023 Donations Gtft aid Grants 6,541 785 7,300 2,207 3,550 14,626 5,758 Grants reived, included in the above. are as follows.. 2024 2023 Baron Davenport Eric W Vinnt Trust Fitton Trust Foyle Foundation Johnson LC Trust Simon Geraghty- Worcestershire Councillor- Community Fund WorcEstershire County Council Councillorfs Divisional Fund Albrighton and Grimley Charity 750 750 300 5,000 600 250 SW 500 1,500 500 7,300 3,550 INVESTMENT INCOME 2024 2023 Rents received Bank interest 1,200 1,2 1,201 1,201 Page 8 continued...
Wo081er Festival Ltd Notes to the Flnanclal Statements - continued for the Year Ended 30th Septsmber 2024 INCOME FROM CHARrrABLE ACTIVITIES 2024 Total activities 2023 Totsl activthes Worcester Fèstival Ticket sales Sponsorship Advertising Grants ric*eted event income 200 4286 35.370 200 4.286 35,370 75 3,215 2.417 25,370 2,121 75 39,856 75 39.931 33,123 Induded in sponsorship is £nil 12023.. £4701 in relation to the Independent Examination fees provided by Richards Sandy, in exchar¥Je for sponsorship. Grants reived, included in the above. are as follows.. 2024 2023 WOrSter Cty Council 35,370 25,370 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 6) Support costs Ise8 note 81 Totals Worcester Festival 42,720 9,078 51.798 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Perfomian(t fees and marketing expenses Brochure and launch costs Matheting expenses Artislic director Depreciation Professional fees Postsge, printing and stationary Other event expenditure Marketing cnnsultant 12,642 5.672 4,697 10.000 11,934 4.263 8,117 10.000 108 234 1.872 603 575 1,666 7,000 42,720 43.663 GRANTS PAYABLE 2024 2023 Vvorcester Festival 1.550 The total grants paid to institubons during the year was as follows= 2024 2023 Parkinsons UK 1,550 Page 9 continued...
W0ester Festlval Ltd Notes to the Financial Ststements - continued for tho Year Ended 30th Soptember 2024 SUPPORT COSTS Govemance costs Management Totals Worcester Festival 8.208 870 9.078 Support costs, included in the above, are as follows: 2024 WorcEster Festival 2023 Total activities Rent Light, heat and water Insuran Telephone Repairs and renewals Sundries Independent examination 3,375 1.101 1,554 1,343 635 200 870 3,125 983 1A59 1,069 521 9.078 8,097 NET INCOMEI(EXPENDITURE Net incxmellexpenditure) is ststed after chargingl(crediting). 2024 2023 Depreciation - owned assets Other operating leases 108 3,125 3,375 10. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remunèration or olher benèffts for the year ended 30th September 2024 nor for the year ended 30th Septembar 2023. TRUSTEES, EXPENSES There were no trustees, exp8ns8s paid for the year ended 30th September 2024 nor for the year ended 30th September 2023. 11. STAFF COSTS No staff costs were incurred in the current year or the prior year. 12. COMPARATIVES FOR THE STA TEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 5,758 Charitable activllles Worcester Festival Ticket sales 31,002 2,121 Investment income 1,201 Total 40,082 EXPENDITURE ON Charitable activities W0$ter Festival 51,231 Page 10 continued...
Worcester Festlval Ltd Notes to the Flnanclal Statements - contlnued for the Year Ended 30th Septembor 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- ¢ontinued Unrestricted fund Ticket sales 2.079 Total 53,310 NET INCOMEIIEXPENDITURE) (13,228) RECONCILIATION OF FUNDS Tolal funds brought foNard 18,3 TOTAL FUNDS CARRIED FORWARD 5,675 13. EXCHANGES OF GOODS AND SERVICES The charity shall recognise revenue when goods are sold or seN1$ are exchanged for dissimilar goods or Se5 in a transaction that has commercial substan¢*. In that case, the charity shall m8asure the transaction at the fair value of the goods or services reiVed adjusted by the amount of any cash or cash equivalents transferred. 14. TANGIBLE FIXED ASSETS Computer equipment COST At 1st O¢tob&r 2023 and 30th September 2024 1.129 DEPRECIATION At 1st October 2023 and 30th September 2024 1,129 NET BOOK VALUE At 30th September 2024 At 30th Septembèr 2023 16. DEBTORS.. AMOUNTS FALLING DUE WtTHIN ONE YEAR 2024 2023 Trade debtors Prepayments 785 890 2,626 1,67S 3.492 Page 11 continued...
Worcester Festlval Ltd Notes to the Financial Statements - continued for the Year Ended 30th Septsmber 2024 16. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade creditors VAT Accrued exnSeS 1,149 679 624 883 883 2,452 17. MOVEMENT IN FUNDS Net movement in funds At 1.10.23 At 30.9.24 Unrestrl¢ted funds General fvnd 5.675 3,960 9,636 TOTAL FUNDS 6,675 3,960 9,635 Net movement in fijnds, included in ts above are as follows.. Incoming resoUrS Resources expeThJed Movement in funds Unrestricted funds General fund 55,758 (51,798) 3,960 TOTAL FUNDS 55,7S8 (51,798) 3.960 Comparatlves for movoment in funds Net movement in funds At 1.10.22 At 30.9.23 Unrestrictsd funds General fund 18,903 {13,228) 5.675 TOTAL FUNDS 18,903 (13.228) 5,675 Comp8rative net movement in funds. included in the above are as follows: Incoming resour$ Resources expended Movement in funds Unrestrictèd funds General fund 40.082 (53,310) 113.228) TOTAL FUNDS 40,082 {53,310) 113,228) Pag8 12 conts'nued...
Worcestor Festlval Ltd Note$ to the Financial Ststsments - continuod for tho Year Ended 30th September 2024 18. RELATED PARTY DISCLOSURES During thé yéar. £10.000 12023.. £10,Crf)O) was paid to Mrs E Jaeger, wife of Mr C Jaeger, who is a twstee of worster Festival Limited, for administration ServiS provided as artistic director. £300 (2023.. £650) was paid to Mrs E Jaeger for seNces provided during the 2024 Festival on the Battle ofw0s1er Walk. £1,200 12023: £1,200) was paid to Worcester Festival during the year, from On a Role Limited. On a Role Limited is a touring tt)eatre cnmpany owned by Mr and Mrs Jaeger. The payments were made in exchange for small amount of storage spacé at thé charivs premises. £49412023.. £4501 was received in the year from Dr J Elkin as donations. Page 13
Worcestsr Festival Ltd Detailed Statement of Flnanciol Activities for the Year End•d 30th September 2024 2024 2023 INCOME AND ENDOWMENTS Donations and lega¢ie8 Donations Gift aid Grants 6,641 785 7,300 2,207 3,550 14,626 5,758 Imvestment Income Rents received Bank interest 1,200 1,200 1,201 1,201 Charltable activities Sponsorship Adverb"5ing Grants Ticketed event income 200 4,286 35,370 75 3,215 2,417 25,370 2,121 39.931 33,123 Total incomlng re8ourcès 55.758 40,082 EXPENDITURE Charltable activitias Performance f88s and marketing expenses Brochurè and launch costs Marketing expenses Artistic director Depraciation Professional fees Postage, printing and stakn'onary Other event expenditure Matketing consultant Grants to institulions 12,642 6.672 4,697 10,000 11,934 4,263 8,117 10,000 234 1,872 603 7,000 575 1,666 7,000 1.550 42,720 45,213 Support Costs Management Rent Light, heal and water Insuran Telephone Repairs and renewals Sundries 3,375 1,101 1,554 1.343 635 200 3,125 983 1,459 1,089 521 8,208 7.157 Governanco costs Independent examination 870 Total resources exFended 51,798 53.310 Net Incomolloxpenditure) 3,960 {13,228) This page dces not fonn part ofthe statutory financial slatements Page 14