IIIF BUXTON FESTIVAL FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 Registered Charity Number- 1096269 Buxton Fertlval Foundation Registered Charity Number- 1096269 Year ended 31 October 2022 Contents Pages Legal and Administrative information Trustees, Report 24 Statement of Financial Activities Balance Sheet Notes to the Financial Statements Independent Examinerfs Report Buxton Festival Foundatlon Reglstered Charity Number- 1096269 Year ended 31 Ortober 2022 Legal and administrative Information Trustee$: Jane Davies OBE, Chairman Philip Barton Katharine Redford Colin Gregory John Young Office: 3 The Square Buxton Derbyshire SK17 6AZ Bankers: HSBC UK Bank plc S Great Underbank Stockport Cheshire SKI ILH Investment Managers: Quilter Cheviot The Pinnacle 73 King Street Manchester M2 4NG Examlner5: Layton's Chartered Accountants 6 Manchester Road Buxton SK17 65B Buxton Festlval Foundation Registered Charity Number- 1096269 Year ended 31 Ortober 2022 Trustees. Report Constltutlon and objerts The Buxton Festival Foundation is constituted under a trust deed dated 17 June 2003 and is a registered charity number 1096269. The obje¢ts of the Foun(lation are to 3dvance the education of the public in the Arts by= l. Establishing and administering an endowment sufficient to maintain and improve the amenities of the Buxton Festival and to extend the work of the Buxton Festival. 2. Supporting the Buxton Arts Festival Limited and the Friends of Buxton International Festn121 (both being registered charities with numbers 276957 and 11848401 by the provision of financial support. 3. Doing all things consistent with the objerts of the 8uxton Arts Festival Limited and the Friends of Buxtorb Festival. 4. Llndertaking such other charltable trusts related to paragraphs l and 3 above as the Trustees shall think fit. Organlsatlon The Trustees who have served durlng the year are set out on page l. Trustees are appointed by the Board of Trustees and serve for three years afterwhich period they may put themselves forward for re-appointment. At a meeting of the Trustees held in july 2022, Philip Barton was reappointed as a Trustee for a further three years from l November 2022, and Jane Davies wa5 reappointed as a Trustee and Chairman for a further two years from 6 November 2022. Katharine Redford was reappointed as a Trustee for a further three years from 17 March 2020. Colin Gregory was appointed as a Trustee for three years from 19 February 2020. John Young was appointed as a Trustee for three years from 9 February 2021. Income and Total Funds The Foundation records its sincere gratitude to all those who have made donations during the year and especially to the two Friends who left legacies tDtalling £125,00012021- £21,000). Total funils held at 31 October 2022 were £363,80512021- £198,920). During the year the trustees reviewed number of investment fund5 which it was hoped would enable, in the long term, real growth of the Endowment as well as providSng a reasonable income stream. It was decided to Invest in the Charities Global Growth and Income Authorised Investment Fund managed by Quilter Cheviot. At the year-end, around seventy per cent of the charlty's assets were Invested in this fund. The balance continues to be invested in several interest-hearing deposit accounts, all eligible for protection under the Financial Services Compensation Scheme IFSCSI. Grat In previous years the policy of the Foundation was to make an annual giant to the Festival equivalent to the income on its investments, less its administrative costs. This amounted to £372 in 2021. In 2023 and in future years it is planned to make grants to the Festival to cover specified expenses. Loans No Interest-free, unsecured loans were required by the Festival in 2022 ReseNes Pollcy The fundamental purpose of the Foundation is to create a capital endowment fund that could be used, at the discretion of the Trustees, to secure the survival of an annual opera-ba5ed festival in Buxton. In accordance with the trust deed. Trustees must Use income in promoting the objetts of the trust. of which first and foremost is establishing the endowment The reserves policy of the Foundation normally give5 priority to building-up the endowment at least to the stage that it matches the annual tumover of the Festival Icurrently around £1.5ml. This policy is reviewed every three years to ensure that it remains appropriate and proportionate in relation to the Festival's size and risk, and to the Foundation's income. The Trustees have agreed that the whole of the Foundation's endowment now be designated an unrestricted fund. Review of the Year Although the Festival's 40 Anniversary appeal came to an end in july 202r), wè are extremelv pleased that a significant proportion of those making donations to the Appeal by standing order have continued to make regular contributions to the Foundation's endowment. A donation of £50,000 was re￿iVed from the Friends o* the Buxton International Festival following discussion at their AGM in February 2022 and confirmation by their Board in March 2022. Two legacies were received during the year.. Paul Berry1£25,0001 and Anthony Faulkner IEIOO,OLN)I,' these were added to the Foundation's endowment fund. Although the Foundation's capital funds continue to be available to the Festival to cover cash flow deficits, no new loans were required by the Festival in 2022. Risk Managem&nt The TnJstÈÈs have established secure computerigèd bookkeeping and DthÈr systems to protect the operational objectives of the charity and any personal data held. All electronic movements of fund5 require authorisation by two Trustees, and all cheques require signatures from two Trustees. The Trustees receive regular reports on the Foundation's investments from a dedicated manager. All deposits are held in accounts which are eli8ible for protection under the Fin3nc4al Services Compensation Scheme IFSCS). A rlsk reglster has been prepared and thls Is revlewed annually by the Trustee5. Publlc Benefit We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim5 and objective5. Trustse< Responslbllltles In Relation to the Financlal Statements Law applicable to charities in England and Wale5 required the Trustees to piepare financial statements for each financial year which @ive a true and fair view of the charity's financial artivities during the year and of its financial p051tion at the end of the year. In prepèring those financial statements, the Trustees are required to.. Selert suitable accounting policies and then apply them consistently,. Make judgements and estimates that are reasonable and prudent,. State whether applicable accounting standards and statements of recommended practice have been followed sublect to any departures dis¢losed and explained in the financial statements. and PrepaTe the financial statements on the going concern basis unless it is inappropriate to presume that the ch3rity will continue in business. The Trustees are responsible for keeping accounting record5 which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charlties Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. 2023 Jatte Davle5- chalrman Buxton FestSval Foundation Reg15tered Charlty Number- 1096269 Year ended 31 October 2022 Statement of financial artlvltles Nute 2022 Total 2021 Total Incoming fe5ou￿e5 Donations Legacies HMRCGiftAid Net investment income Bank interest Uncrystallised loss on Investment 51,740 125.wo 491 1.434 1,974 -15,139 2,212 21,LKN) 645 1,018 Totsl Incomlng resources 165.499 32,085 ResourcÈs expended Charitable Èxpènditure: Grants to 8uxton Arts Festival Limited Administration and accountancy 372 614 Totsl re50urce5 expended 614 1,017 Net income for year 164.885 23.858 Accumulated lund at beginning of year 198.920 175,062 Accumulated fund at end of year 1.the Endowment"I 363,805 198,920 Buxton Festival Foundation Registered Charity Number- 1096269 Year ended 31 October 2022 Balance Sheet 2022 2021 Current Assets Investment Fund Cash at Bank Deposit accounts Current account 253,233 108,508 2,064 363,805 197,713 1,579 199,292 -372 Creditor Net assets 365￿05 198,920 Represented by Unrestrlcted Fund: 363.805 198,920 Approved by the Trustees on lo*£ 2023 And signed on ihelr behalf by: e Davles- Chaimian Buxton Festlval Foundation Registered Charity Number- 10%269 Year ended 31 Ortober 2022 Notes to the Financial Ststements l. Accountln8 policles al The Accounts (financial statements) have been prepared under the historical c05t convention and in accordance with Accounting and Reporting by Charitles: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16101/14, the Financial Reporting Standard for Smaller Entities IFRSSEI and the Charities Act 2011 and applicable regulations. bl Legacies, donations and grants from charitable trusts, net investment income. and interest on bank accounts, are included in the year in which they are received. c} Resources expended are recognised in the year in which they are incurred. Resourtes expended include, where appropriate, attributable VAT which cannot be recovered. 2. Constitution and charltable status The Trust was established on 17 June 2002 and was granted charitable status on 27 February 2003. 3. Incomlng Resources Two legacies totalling £125,000 were received in the year12021- £21,0001. Total donations were £51,74012021-_ £2,212). Tax reclaimed on Gift Aided donations was £491.12021- £6451. The new investment fund generated a net income of £1,43412021- NIL). In addition, the Foundalion received bank interest of £1,97412021- £1.0181. 4. Grants and Loans No grants were required to be paid to the Festival12021- £3821,. however. it is planned to provide significant financial support for specific activities in 2023. No loans to the Festival were outstanding at 31 October 202212021- NIL). 5. Fund5 The Trustees must use the income and may use the capital of the Trust in promoting the Objects. The Trustee5 are free to use this Unrestricted fund in accordan￿ with the charitsble objects. ## **Buxton Festival Foundation Registered Charity Number-1096269 Year ended 31 October 2022** ## **Independent Examiner's Report to the Trustees** I report on the attached accounts of the Charity for the year ended 31 October 2022, which are set out in statements on pages 5 to 7. ## **Respective responsibilities of Trustees and Examiner** The Charity's Trustees are responsible for the preparation of the accounts; The Charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my respon�ibility to: - Examine the accounts under section 145 of the 2011 Act; - Follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act; and - State whether particular matters have come to my attention. ## **Basis of Independent Examiner's report** My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures 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 required in an audit and consequently I do not express an audit opinion on the view given by the accounts. ## **Independent Examiner's statement** In connection with my examination, no matter has come to my attention: 1. Which gives me reasonable cause to believe that in any material respect the requirements: • to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act - have not been met; or 2. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## **Mr Robert Layton Layton's, Chartered Accountants 3'[d ] February 2023** 8