COMPANY REGISTRATION NUMBER: 04741864 CHARITY REGISTRATION NUMBER: 1097288 BRIGHTON EARLY MUSIC FESTIVAL LIMITED Company Limited by Guarantee FINANCIAL STATEMENTS 31 MARCH 2024
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMETrtrs YEAR ENDED 31 MARCH 2024 Page Trust98s' annual report (incorporating the direLXorfs retKJrt) Independent 8uditorfs retK)rt to the members Statement of financial activities linduding InMe and expendilure account) 13 Stalement of financial position 14 Notes to the finanaal statements 15
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors for the purposes of company law, present thair report and the financial statements of the charity for Ihe year ended 31 March 2024. Reference and admlnlstrative details R•gistsred Charity narne Charity reglstration numbar 1097288 Brighton Earfy Music FestNal Limited Company raglstrallon numbar 04741864 Prin¢lpal offiee and règistered Kingfisher House Hurstwood Grange HUr$00d Lane Haywards Heath West Sussex RH17 7QX The trustees M Clemens G Henderson S Mathews N Chisholm C Baron K Rhodes M Marlow (Retired 21 Seplember 2023) Audltor PRB Accountants LLP Chartered accountants & statutory auditor Kingfisher House HurS0d Grange HUr$00d Lan8 Haywards Heath Wesl Sussex RH17 7QX
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMrrED BY GUARANTEE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (eonllnlJ YEAR ENDED 31 MARCH 2024 Structure, govemance and managament Welcome to our annual report for the 2024 finanal year. 2023124 marked Brighton Early Music Festival's r8lum io a full-scale autumn festival for the first time since the Covid pandemic. Our events were well-supported by our audienc8: Wtth several selling out, and 24/¥ of overall audience being new to the festival. We were delighted to be able to reconnect our education and OLrtreach work to the main festival for the first time since 2019 with the participation of bcal schoolchildren in our Whispering Dome parformance. which went on to win a prestigious intemational award from th8 European Early Music Networf( IREM41. Although there is some optimism that the culiural s8Ctor localty is rebuilding after Covid, Ihe cosl-of-living Crisis over the period of the report has been challenging for prof8ssional musicians, audiences and our donors, and we would regard any gains from the nomalisation after Covid to be significantly counterbalanced by th6 enOmiC challenges of this crisis. Despite this, we are unwavering in our mission to welcome audiences and participants lo our nique live events which are driven by musical ex¢xllents and our common humanity. Reference and administration details of the cha Tha Charity is overseen by the Board of Trustees whose function is the governance and oversight of the organisation, approval of budgets and the developrnenl of future strategy. The Board is support8d by an experienced Executive team made up of freelance professionals including Artistic Director. Festival Producer and Dev8bpment Manager, who administer th8 operations of the charity, assisted by an Operations Team of volunteers which meets regularly to plan the logistics and coordination of our Feslival programme. The Festival benefrts from an exiraordinary level of committed support from volunteers. The 8vents within the Fe81ival itself are run by a group of over 60 volunteers. acting under the guidance of the Operations Team. These volunteers are mostty people. many of them skilled amateur musicians themselves. who bring a wide range of skills and abilities to the organisation and who are united by their enthusiasm for the work of th8 Festival. structure OVernan and man ement New Trustees, when appointed, receive infomiatlon to brief them on their legal obligations under charity and company law. the content of the Memorandum and ArtleS of Association, the activities of the Board of Trustees and Ihe Operations team and ils decision-making processes. and detaiLs COnmIng the recent financial performan of the charity. They meet other Trustees , the executive team, and volunteers involved in the d8y-to-day running of the charity. Trustees are encouraged to attend appropriale extemal training events where these will facilitate their roles within the charty.
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (contsnuedj YEAR ENDED 31 MARCH 2024 Objectlves and activities The Trustees, Exacutive and Operations team actively rewew, on a r8gular basis, Ihe major risks that the charity faS and have established rigorous systems and predureS to mitigate any significant risks identified. The charty's objectives are: 1. To encourage. advance. develop and maintain public education in. apprecialion of and involvement in pre-classical and classical music and the performing arts by promoting periodicalty a series of public concerts, dramats'c performances, exhibitions and other cultural events. 2. To promote and assist in Ihe advancement of public and professional education by thè provision of workshops. lectures and educalK)nal events in pre-classical and classical music and th8 performing arts particularly. but not exclusively, for young8r people, and lo enco(Jrage the giving of public performances by schooL8, music societies, choirs and other like organisalions. The principal activilies of Brighton Eaty Music Festival during the year continued to achieve the ohallty's objeclives through the organi5ation of an annual earw music festival and the provision of training and development opportunities for trfjth professional and amatour musicians. The charivs aim to reach out to young people continuad through both one-off visits to local schools and the inclusion of local school childr8n in Festival proje¢t5. The Trusteas have had regard to the Chartties Comrnission's guidance on public benefit, in undertaking the main activities for the year. Strategic report The followtng sections for achievements and performan and finanryal review form t strat8gic report of the charity.
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BYGUARANTEE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 MARCH 2024 Achievements and perforniance Introduction and how our work relates to our Char[tab ob- 2023124 was a successfijl year for the FestNal after several years of turt)ulence during and immediately following the Covid pandemic. The 2023 Festiv81 was our first fu114cale autumn festival SinG8 2019. In support of delivering our charttable objects: offered 20 events altended by over 2500 people in the fe5twal period. S8Pt8mb8r and October 2023. Across the 12 month period from April 2023 to March 2024, the Festival's achievements included 24 events across Brighton & Hove, attended by over 3000 people. including fve free communty évènts. Festival events were, as always, d81ivar8d wilh the support and collaboration of a wide range of partners, without whom we could nol function: funders, audiences, professional and volunteer musicians. volunteer concert organisers. facilities providers and educators. The high degree of involvement of young artists, young peopla and schoolchildren reflects our strong focus on the Se(nd of our Charitab objects which relates lo educatlonal activities. We s8e it as essentigl in ensuring that bve of this music is carried forward into the future, by enhancing both the skills and appreoation of young people, no matter their baokground. hts of the 2023124 ear 1 new ¢mMiSsion - Jeremy Avis. The Whispering Dome, which was part of a mU1Media show celebrating early an(1 traditional music from Europe, Morocco and West Africa. 2 parbcipalory workshops for singers and instrumentalists, the latter of which led to community ceilidh. - 2 family concErts aimed at 2-5 year okjs and Iheir pants & car8rs. 2 sold out performances of Secrel Byrd - an imrn8rsive staged mass c81abrating the 400th anniversary of the death of William Byrd featllring The Gesualdo Six and Fretwork. A rare UK appearan by Italk2n medVal speualists La Fonte Musica. who also 8¢hed BREMF Live medieval ensemble Rune. 4 events at Easter and Chrislmas to keep the Festival visible and provide opportunitles for the community to hear 8arty music outside the main Festival period. 40 children from Westdene and Elm Grove prirnary schools perfomied with profelOnal artists as part of The Whispering Dome. Support and development was provided for 16 musicians in 4 emerging early music ensembles as part of the BREMF Live young artist scheme. More than 1500 children in Sussex primary schools benefitted from workshops from BREMF Live musicians in their sthool. 5 graduate trainees undertook a placemenl with the Festtval as a first step towards a career in arts administration. 60 volunteers helped at Festival events. - Over 400 people viewed our BREMF Live online showcase film recorded at the Festival.
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 MARCH 2024 Audience en ement and soual media Of audiences survèyed, 24°A were new to the Festival. and fe8dback was overwhelmingly positive. For example= .S a unique opportunity to experience transcendent music live - very moving.. 'Exciling to feel thé wbe of such enthusiasm in the town. For us personally dèlighted to see the Festival encourage young musicians in eady stages of their career and a fresh collaboration.. 'To be able to see early music of the highest calibre naar to where I live is hugely r8warding.' Our new social media stralegy, developed WTth Brighton social media specialists Social Firefly, helped the Festival deliver a significant increase in engagement on social media to reach new audiences. Financial review Th6 rasutts for the year and the charitls finanual position at the 8nd of the year ar6 shown on the attached statéments. Plans for future periods Perfonrances and educational events 2024125 will again be centred around a substantial autumn Festival in October, with pre-festival ev8nls focusing on parn"cipation taking place from 8arly September. Planned events include.. - Workshops for singers, inslrumentslists and dancers. - Family concerts and workshops for young people. - Lunchtime concerts focusing on Medieval music. Contsrts in unusual venues induding two local pubs. Midlands-based 8arfy music ensemble Amionico Consort with a programme including newly-discovered music by Fran¢0 S¢arlatti. A large-scale spectacuLar Origins which brings tcoether music, dance arKI stories from India. West Africa and Europe. - Visiting eady music ensembles CapelL2 Pratensis from The Netherfands and Cantoria from Spain. - The relum of Hildegard TransTrJured. which was incubated at the Festival in 2019 and has grown into a multi-media show featuring music by Hiklegard and contemporary composers inspired by her 14vork alongside a 21st Century IhtshOw. A full scab choral and orchestral performanc8 of French and Italian music including Carissimi's oratorio Jephle.
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT IINCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 MARCH 2024 Festival sustainabil. A trustee review of freelancer rates for lh6 FestNal Produr*r and Artistic Dirèctor resulted in an increased hourlyldaily rate taking effect from April 2024. Trustees are considering successK)n planning for the Fests'val Artistic Dir6Ctor, which is likely to lake place during 2024125. TTUStee¥' responsibilities statement The trustees, who are also directors for the Purposes of company law, are responsible for preparing the trustees, report and th8 financkgl stalements in accordance with applicable law and United lfjngdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company Faw requires the charity trustees to prepa financial statements for each year which give a true and fair view of the stale of affairs of the charitsble rx)mpany and the incoming resources and application of resources. including th8 in(x)me and expenditure, for that period. In praparing these finanual statements, the trustees ar8 r8quired lo: select suitable accounting poIleS and Ihen apply thern consislently; observe the methods and principles in the applicable Charities SORP,. maké judgments and acwunb'ng estimates that are reasonable and prudent; state whether applicable UK Accounting Sland8rds have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the fin8ncial statements on the going concem basis unless it is Inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitys transactions and 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 Companies Aci 2006. They are also responsible for safeguarding the assets of the chartty and hence for laking reasonable steps for the prevention and detection of fraud and other irregutarilies.
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT> (c¢JntinuèdJ YEAR ENDED 31 MARCH 2024 Auditor Each of Ihe persons who is a trustee at th8 date of approval of this report confirms that: so far as they ar6 aware, there is no relevant audit information of which the charity's audilor is unaware- and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to estsblish that the charitys auditor is aware of that infomialion. The auditor is deemed to have been re-appoint8d in accordance with section 487 of the Companies Act 2006. 26 Nov 2024 Th8 trustees. annual report and the strategic report were approved on arKI signed on behall of Ihe board of trustees by: M Marfow Trust80 Charity Secr8tary
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRIGHTON EARLY MUSIC FESTIVAL LIMITED YEAR ENDED 31 MARCH 2024 Opinion We hav8 audit8d the financial statements of Brighton Eaty Music Festival Limited (the 'charily') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and exp8nditur8 accx)unt), statement of financial position and th8 related notes, including 8 summary of signfficanl accounting policies. The financial réporting framework that has been applied in their preparation is applicable law and United Kingdom Accounlin9 Standards. including FRS 102 The Finanoal Reporting Standard applicable in the UK and Republic of Ireiand (United Kingdom Generalty Accepted Accounting PractiC8}- In our opinion the financial statements: give a true and fair view of the stale of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended; have been properly prepared in accordance with Unf(ed Kingdom Generally Accepted Accounting Practi., have been prepared in accordan(t with the r8quiremenls of the Cornpanies Act 2006. Basis for oplnion We conducted our audtt in accordance wilh Intemational Standards on Auditing IUKI (ISAS (UK}) and applicable law. Our responsibilities under those standards are further described in the auditols responsibilities for th8 audtt of the financial ststements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the finanoal Statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in acfX)rdance with these requirements. We believe that the audit ewdence we have obtaine(l is suffiaent and appropriate to provide a basis for our opinion. Conclusions rolating to going con¢em In auditing the financial statements. we hav8 concluded that the trustees, use of tho going concem basis of accounling in the preparation of the financial statem8nts is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relating to events or conditions that, individually or collectively, may cast signfficanl doubl on the charity's ability to continue as a going COnM for a period of at least twelve months from when the financial statements are aulhorised for issue. Our rosponsibilities and the responsibilities of the bijstees wth respect to going cancern ar8 described in the relevant sections of this r8porL
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRIGHTON EARLY MUSIC FESTIVAL LIMITED YEAR ENDED 31 MARCH 2024 Other Infomiatlon The other information comprises the InfoatIOn included in the annual report, other than the finanaal statements and our auditor's report thereon. The truslees are responsibl8 for the other information. Our opinion on the financigl statements does not wver the other infDrmation and, except lo th6 extent otherwise explicitly stated in our report, we do not exprèss any form of assurance condusion thereon. In connection with our audit of the financial sLglements, our r8sponsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the fina181 statements or our knowledge obtained in the audit or othernise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we ar8 required to detemiine whether there is a material misstat8ment in the finan(aal statements or a material misstatement of the other infomation. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are r8quired lo rerKJrt that fact. We have nothing to report in this regard. Oplnlons on other matters prèserlbod by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the trustees. reFK>rt has been prepared in accordan wsth applicable legal requirements. Matters on which we are required lo report by exception In the light of the thowledge and understsnding of the chailty and lis environment obtained in the course of the audit, we have not Klentified material mwtatements in the trustees, report. We havg nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report to you rf, in our opinion: adequate accounting re(%Jrds have not been kept. or retums adequate for our audit have not been reiVed from branches not visited by us., or the financial stat8rn8nls are not in agreement wilh Ihe accounting records and retums; or certain disclosures of Injstees. remuneration specrfied by law are not made" or we have not reiVed all the infonatIon and explanations we require for our audit.
BRIGHTON EARLY MUSIC FESTIVAL LIMrrED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BRIGHTON EARLY MUSIC FESTIVAL LIMITED (¢th711nu YEAR ENDED 31 MARCH 2024 Responslbllrtles of trustoes As explained more ful in the trustees, responsibilrti8s statement, the trustees (who are also the directors for the purpos85 of company lawl are responsible for the preparation of the financial slatemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees delemiine is necessary to enabl8 th8 preparation of financial statements that ar8 free from material misstatement, whether due to fraud or error. In preparing the financial statements, Ihe trustees ar8 responsible for assessing the charity's ability to continue as 8 going concem. disclosing, as appIab, matters related to goin9 concem and using the going concern basis of accounting unless the trustees either intend lo liquidate Ihe charity or to cease op6rations, or have no realistic altematNe but to do so. AudStorfs responsibiltties for the audlt of the firn¢la1 statements Our objectivas are to obtain reasonable assuran about whether the financial statern8nts as a whole are free from material misstatement. whether due to fraud or emr. and lo issue an auditor's report that includes our opinion. Reasonable assufftnce is a high level of assurance. but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always det8ct a material misstatement when it exists. Misststements can arise from fraud or error and are consider6d material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of usets laken on the basis of these financial statements. Irregularities, induding fraud, are instances of nIJn-jrnpl1an¢e wth laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslatemants in respect of irregularities: including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed beknw-. We have considered the following facts in evaluating whether the audit was capable of detecting irregularities and fraud. The audit was conducted using a proprietary audit pack. The pa¢* is designed to detect fraud and irregularities PRB Accountants LLP have been registered as ststutory auditors SIn 2001, and ara experienced auditors Materiality was calculated and used for identty'ng key audtl areas, setting sample sizes and evaluating errors Analytical review of the profrt and loss was performed at the planning stages and throughout the audit lo help identtfy any irregularities PRB Accountants LLP staff membors regularly tske part in coniinuing professTronal development courses to expand their knowledge and to keep up to date with changes to legistations A pre-audit discussion was held with the client to discuss any changes to th8 8ntity for and after the financial year end induding accounting systems, tumover of key staff, instances of actual, suspected or alleged fraud, non-compliance wilh laws and regulations 10-
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BRIGHTON EARLY MUSIC FESTNAL LIMITED YEAR ENDED 31 MARCH 2024 As part of an audit in accordance Vth ISAS (UK), we exercise professional judgment aTrJ maintain professional scepticism throughout thè audit. We also: Identify and assess the risks of material misststement of the financial statem&nls, whether due to fraud or error. design and perform audit procedur8s responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provmle a basis for our opinion. The risk of not detecting a malerial misstatement resulting from fraud is higher than for one resulting from eOr. as fraud may involve collusion, forgery, illtènlional omissions, misrepresentations, or the override of internal control. Obtain an underst8nding of internal control re18vant to the audil in order to desJTr audit procedures that are appropriale in the arcumstances, but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of aw)untsng policies used and the reasonablen8ss of accounting estimates and related disclosures made by the trustees. Condude on the appropriateness of the trust88s' use of the going concem basis of accounting and, based on the audii evidence obtain. whether a material uncertainty exists related to events or conditions that may cast signfficant doubt on the charity's ability to continue as a going concern. If we condude that a material uncertainty 8XI8ts, we are required to draw attention in our auditor's report to the related disclosures in the financial staternenls or, rf such disclosures are inadequate. to modify our opinion. Our conclusions are based on the aLKIit evidence obtsined up to ihe date of our aLKlitorfs report. Howev8r, future events or conditions may caus6 the charity to cease to continue as a going concem. Evaluate the overall presentation, structurè and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner thal achieves fair presentation. 11
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRIGHTON EARLY MUSIC FESTIVAL LIMITED (e YEAR ENDED 31 MARCH 2024 We communicate with those charged with govemance regarding, among other matt8rs, the planned $pe and timing of the audit and signfficant audit findings. including any significant deficiencies in internal ¢ontrol that we identrfy during our audit. Uso of our report This report is mad8 sol8ly to th8 charivs members, as a body. in accordance with Chapt8r 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to tho chariws members those matters we ar8 required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by Lgw, we do not 8ccept or assume responsibility to anyone other Ihan the chartty and the chartws members as a body, for our audit work, for this reporL or for the opinions we have formed. Christopher WhitY-JOneS (Senior StatLrtory Auditor) For and on behaw of PRB Accountants LLP Chartered accounlants & statutory auditor Kingfisher House Hurstwood Grange Hurstwood Lane Haywards Heath Wesl Sussex RH17 7QX -12-
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDrruRE ACCOUNT) YEAR ENDED 31 MARCH 2024 2024 Unrestricted Restricted funds funds Total funds Total funds 2023 Noto Income and endowments Donations and legacies Charitable activities Investrnent inox)m8 Other income 38.901 78,453 117,354 46,046 1.613 89,760 36,596 301 430 1,613 Total Incom8 86.560 78,453 165,013 127,087 Expenditurè Expenditure on charitab18 activib8s Other expenditure Totsl expenditure 86,466 2.207 53,444 139.910 2,207 142,117 135,670 2,092 137,762 88,673 53,444 Net incomel(expendlture) and net movement in funds {2.113) 25.009 22,896 110.675) Rocon¢lllatlon of funds Total funds brought forward Totsl funds carrled forward 68.224 6,940 31,949 75,164 98,060 85,839 75,164 66,111 The statement of finanaal activities includes all gains and losses recognised in the year. All income and expenditure derive from ntInuing activities. The notes on pages 15 to 24 fomi part of these financial statements. 13-
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL posrrioN 31 MARCH 2024 2024 2023 Note Flxed assets Tangible red assets 12 589 881 Current assets Debtors Cash at bank and in hand 13 11,839 93.255 105,094 7,293 77,830 85,123 Credltors: amounts falling duo wfthln one year Not cuent assets 14 7,623 97,471 98,060 98,060 10,840 74,283 75,164 75,164 Total assets less current liabilitios Not assets Funds of the charlty Restricted funds Unrestricted funds 31.949 66,111 98,060 6,940 68,224 75,164 Total charlty funds 16 These financial statements were approved by the board of trustees arKI authorised for issue on. 26 Nov 2024 . and are signed on behaff of the board by: M Marfow Trustee The notes on pages 15 to 24 fomi part of these financial statements. 14-
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 MARCH 2024 General infomiallon The charity is a public benefit entity and a private company limited by guarantèè, regislered in England and Wale5 and a registered charity in England and Wales. The address of the registered Offi is Kingfisher House, HUrS00d Grange, Hurstwood Lane, Haywards Heaih, West Sussex. RH17 7QX. statement of compllance These financial ststements hav8 been prepared in cornpliance with FRS 102. The Financial Reporting Standard applicab in the UK and the Republic of Ireland,. th8 statement of Recommended Praclice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (Charities SORP (FRS 102}) and the Companies Act 2006. Accountlng policies Basls of preparatlon Th8 financial statements havè been prepared on the historical cost basis, as modffièd by the revaluation of certain financial assets and liabilit18s and investm6nl properties m6asured at fair value through income or expenditure. The finan(Aal statements are prepared in sterling. whith is the Mndional cUencY of the entity. Going concern There are no material uncertainties aut the charitys ability io continue. Judgements and key sourcès of eslimation uncertainty The preparation of the finanraal statements requlres management to mako judgements, estimates and assumptions Ihal affect the amounts reported. These estimatos and judgements are continually reviewed and are based on exp8rience and other factors, including expectations of future events that are believed to be reasonable under the circumstance8. Significant judgements The judgements (apart from those invofving estimations) that managernent has made in the process of app.n9 the errtity's ac(x)unting policies and that have the most significant effect on the amounts recognised in the finanrial statem8nts are as follows. 15.
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEKfs (withw YEAR ENDED 31 MARCH 2024 Accounting pollcles fMntthugdJ Fund accountlng Unrestricted funds are available for use at the discretion of the truslees to further any of the charity's purposes. Designal6d funds are unrestricted funds eamiarked by fhe trustees for particuL8r future project or commitmenl. Restrict8d funds are subjected to restrrctions on their expenditure declar8d by the donor or through thè temis of an appeal, and fall into one of two sub<lasses'. restricted income funds or endowment funds. Incorning resourcos All in(Ming resources are included in the statement of financial activities when entit18ment has passed to the chaiity- it is probable that the economic benefits associaled with the transaction will flow to the charity and the amount ¢an be reliably measured. The following specific policies are applied lo partiryjlar categories of incom6.' income from donatK?ns or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can b8 measured reliably. legacy income is recwnis8d when receipt is probable and entitl8m8nt is established. income from donated goxjds is measured at the fair value of the goods unless this is impractieal to measure reliably, in which case the value is derived from the cost to the donor or Ihe estimated resale value. D¢Jnated farilities and services are rognISed in the accounts when received rf the value can be reliably measured. No amounts are included frjr the conlribulion of general volunteers. incom8 from contracts for the Supp of services is recognised wlh the delivery of the contracted service. This is dassffied as unr8Stricled funds unless there is a contractual qUirement for t to be spent on a particular purpose and return8d if unspent, in which case il may be regarded as restricted. 16-
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (ton YEAR ENDED 31 MARCH 2024 Aecounllng poll¢les (eanonuttdj Resources expended Expenditure is recc#Jnised on an accruals basis as a liability is incurred. Expendilure includes any VAT which cannot be fully revered, and is cLqssified under headings of the stat8m8nt of financial activities to which it reIe8. expenditure on raising funds includes Ihe costs of all fundraising activities, events, non-charitable tradiry activities. and the sale of donated gcods. expendlture on charitable aclivtties indudes all sts incurred by a charity in undertaking activities that further its tharitable aims for the benefil of its benefi'ciaries, including those support costs and costs relating to the governanc8 of the charity apportioned to charitable activitifjs. other expenditure indudes all expenditure that is netther relatsd to raising ndS for the charity nor part of its expendtture on charitable activtties. Al costs are alkjcaled to expenditure categories refiecling the use of the resource. Direct costs attributable to a single activity are allocated directty to that activity. Shared costs are apportioned between the activiiies Ihey contribuÈ8 to on a reasonable, justtfiable and consistent basis. Tanglble assets Al fixed assets are initialEy recorded at cost Depreciation DepreatIOn is calcuialed so as to write off the ¢x)st or valuation of an asset. less its residual value, over the useful economic lrfe of thal assel as follows-. Equipm8nt 10 years Impaimient of flxed assèts A review for indicators of impairnnt is carried out at each reporting date, wth the re(x)verable amount being estimated where such indicators exist. Where th8 carrying value exceeds the recoverab amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impaimient testing, when it is not possible to estimate the recoverable amourrt of an individual asset, an estimate is made of th8 recoverable amount of th8 cash-generating unit to whth the ass8t belon9s. The cash-generating unit is the smallest identifiable group of assels that includes the asset and generates cash inflows that largely independent of the sh inflows from other assets or groups of assets. 17-
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS f¢offtJ YEAR ENDED 31 MARCH 2024 Accounting policles {conrfnuedJ Impalmient of fixod assets For impairrnent testing of goodwill. the goodwll acquired in a business combinalTron is, from the acquisition date, allocated to each of the cash-generating units that ar8 expected to benefit from the synergies of the combination, irrespectiv8 of whether other assets or liabilities of the charity are assigned to those units. Financlal Instruments A financial asset or a finanual liabilty is recognise(l only when ihe entity becom8s a party lo th8 conlractual provisnS of the instrument. Basic financial instrurnents are initial recognised at the amount receivable or paable including any related transaclion costs. unless the arrangement constitutes a financing transaL#ion, where it is regniSed at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilib8s are subsequenuy measured at th8 cash or other consideration expected to be paid or re(xived and not dIsunIcd. Dabt instruments are subsequentty measurgd at amortised cost. Limltod by guarantee The company is limited by guarantee. Every member of the Charity will contrlbute no rrM)re than £10 to the Charity's assels if it should be wound up. Donations and legacies Unrestricted Restricted Total Funds Funds Funds 2024 Donations Donations Gift aid Grants receivable 31,109 7.792 3.502 34.611 7,792 74,951 117,354 74,951 38,901 78.453 18-
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARApifEE NOTES TO THE FINANCIAL sTATEMEs (continwd) YEAR ENDED 31 MARCH 2024 Donallons and legacles {ttyTrrfnti#d) Unrestricted Restricted Total Funds Funds Funds 2023 Donatlons Donations Gifl aid Grants receivable 31,777 6,105 31,777 6,105 51,878 89,760 51,878 51,878 37,882 Grants receivable Total funds Total funds 2024 2023 Arts Council England The Behrens Foundation Fidelio Trust The D'oyly Carte Charitable Trust The Thistle Trust The Fenlon Arts Trust Garfield Weston Foundation Chalk Cltff Trust The Harold Hyam WngalO Grant The Marchus TNst 48.451 10.000 28,878 5,000 2,000 3,000 2.000 3,000 3,500 5,000 3,000 5,000 5.000 3,000 74.951 51,878 6. Charitable actlvltles Unrestrfcted Totsl Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 rK4(et sa18S Merchandise sales Beverage sales Other income 39,864 1.129 4.709 39,864 1.129 4,709 29,853 734 5,243 766 29,853 734 5,243 766 46,046 36,596 36,596 19
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS fcondTruedJ YEAR ENDED 31 MARCH 2024 7. Other income Unrestricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gain on disposal of langible fixed assets held for charity's own use 430 430 Expenditure on charitable activits68 by fund type In additon to Iha expenditure incurred below. the charity relies on th8 SUPPOrt of over 60 volunteers, many of whom are skilled amateur musicians, who run the events wlihin the annual feskn'val. There is no cost assoc4ated wtlh the SeN1 they provide. Unrestricted Restrided fotal Funds Funds Funds 2024 Purchase of goods for resale Performerfs f88S Advertising costs Costumes, lighting and set Workshops Transaction charges Website costs Subscriptions Miscellaneous expenditure Postage and printing Consultancy 1,815 3.569 9,875 15,137 3,653 850 7.589 1,716 2,633 4,151 35.478 1,815 42,104 10,919 19,456 8,400 850 7,589 1,716 2,633 4,151 40.277 139,910 38,535 1,044 4,319 4,747 4,799 53,444 86,466 Unrestricted Restricted Total Funds Funds Funds 2023 Purchase of goods for resa Perfonnerfs fe8S Advertising costs Costumes, lighting and set Workshops Transaction charges Website costs Subscriptions Miscellaneous expenditure Postage and printing Consultancy 2.125 5,435 9,659 8,301 1.836 5.046 2,125 40,373 9,659 17,741 12,298 5,046 34,938 9,440 10,462 3.367 1.941 646 37.872 77,792 3,367 1,979 646 40,872 135,670 38 3,000 57,878 -20-
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {nnu9 YEAR ENDED 31 MARCH 2024 Other expendllure The charity relies on the support of over 60 volunteers, many of whom are skilled amateur musicians, who run th6 events within the annual f8StNal. 10. Taxation The charity is not subject to taxation as it is exempt. 11. Trustee remuneration and expensos No r8muneration or other beneffts from ernpl0nent with the tharity or a related 8ntity were reiVed by the trustees during the year. One 12023.. Thr8e} trustee(s) was reimbursed a total of £1,761 12023: £6,926) for expenses incurred on behaff of the charity that appear und6r the following headings of expenditure= 2024 2023 Advertising costs Postage and printing Miscellaneous expenditure Perfomeffs fees Subscriptions Website costs 1,018 276 1,783 2.573 338 812 1,761 6,926 During the year the trustees made donations to the charity of £2,590 (2023.. £3,655). These donations ware made withoul any conditions attached to them. 12. Tangibla fixed assets Equipment Total Cost At 1 Aprfl 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 9,250 9,250 8,369 292 8,369 292 8,661 8,661 Carrying amount At 31 March 2024 589 589 At 31 March 2023 881 881 -21
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (cont&NMd) YEAR ENDED 31 MARCH 2024 13. Debtors 2024 2023 Prepayments and accnjed inrne Other debtors 11,531 308 7,293 11,839 7,293 14. Credltors: amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals and deferred income Other credwtors 5,281 2.342 3,178 7,143 519 7.623 10,840 15. DefeThed In¢oma 2024 2023 Amount deferred in year 42 5,043 16. Analysls of chaTitable funds Unrestricted funds At 31 March 20 1 April 2023 Income Expenditure General funds Designated funds 28,224 40,000 68.224 86.560 (88.673) 26,111 40,000 66,111 86,560 (88,673) At 31 March 20 23 At 1 April 2022 Income Expendilure General funds Designated funds 32.899 40,000 72.899 75.209 (79.884) 28,224 40,000 75,209 {79.884) 68,224
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS f¢on YEAR ENDED 31 MARCH 2024 16. Analys15 of charltable funds (coTr#n BREMF Reserves Policy In order to mitigate risks and seojre viabilty BREMF will hokl suffiaent r8s6rv6s to allow it to mainlain such of its core activities as are possibl6 and to develop plans for the future. These funds should be sufficient for a minimum period of six morrths activities and it is intended that they bé used to secure {inter alia) the freelance services of its regular consullants and others as required. The trustees have agreed Ihat for 2024 and 2023 this figure should be £40,000. The amount to be rewewed annually. Last revièw.. July 2024 Restricted funds At 31 March 2024 At 1 April 2023 Incxjme Expenditure BREMF Sustainability Fund BREMF Live Fund St George's Church Events Fund Young Artists Plaffomi Fund Dynamic Reconnections Fund Malcolm Rose Memorial Fund 6,940 16.500 10,000 22,409 26.042 3,502 78.453 (16.500} (10.000) 22,409 (26,042) 1902) (53,4441 2,600 31,949 6,940 At 31 March 2023 At 1 April 2022 Income Expendtlure BREMF Sustainability Fund BREMF Live Fund St George's Church Events Fund Young Artists Platform Fund Dynamic Reconnections Fund Malcolm Rose Mernorial Fund 12,940 51,878 157,878) 6,940 12.940 51.878 {57,878} 6,940
BRIGHTON EARLY MUSIC FESTIVAL LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 16. Analygls of charitable funds (tOttlM The BREMF Sustsinability Fund is $t.cted to provid8 funds to ensure the future of the Brighton Eady Music Festival. The BREMF Live Fund is a restricted fund supwrting young artlsts who are part of th8 Festival's BREMF live young artist program. The Sl. George's Church Events Fund is restricied to support the costs of events taking place in St. George's Church Kemptown. The Dynamic Reconnection Fund is a r8striced fund supportlng the Festival's work to re¢onn8Ct with its community in 2023124. The Young Artists Platform Fund is a restricted fund suptK)rting the Festivafs work with young artists in 2024125. The Malcolm Rose Memorial Fund is restricted for the annual Malcolm Roso Memorial Concert. 17. Relatad parties There are no related paty transactions to discknse. -24-