REGISTERED COMPANY NUMBER.. I)4833113 (England and Wales REGISTERED CHARITY NUMBER: 1099203 REPORT OF THE TRUSTEES AND UNAUDITED FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE T￿BuRy MUSIC FESTIVAL Randall & Pa￿e LLP Chartered Accountants Chargrove House Shurdington Road Cheltenham Gloucesler8hlre GL514GA THE TEf8URY MUSIC FESTIVAL CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Reference and N￿MIniStratiVe Detailg Report of tho Trustees 2 to 4 gndent Examinerfs Report statsment of Financi*l Activitiqs Balan￿ Sheet 7 to 8 Notes to the Financiol Statementg g to 15 Detsiled Slatement of Financial Acti¥lties 16 THE TEfBURY MUSIC FESTIVAL REFERENCE AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES Chrfstopher Cooke James Golob Alexandra Graves Caroline Weller l6ed tF materk41. t)cmated Se￿ICeS or facilitÉes are recognised when the ￿MpanY has e4Jntrol over the item, any 1X￿dillOnS associated wilh Ihe donated item have been met, the receipt of economtc benefit frorn the Use of the o)mpany of the item Is probable and that economic benefft can be measured reliably. In accordan￿ with the Charities SORP {FRS 1021, the general volunteer time of the FrierK18 is not recognised and refer to the Trustees. rewrt for more tnf0nTtat￿￿ about their conlTibLrtion. On r￿elPt, donated professional se￿iCeS and donated facilities are reciyJnised on ￿ basis of the value of the gift to the company whkh 18 the amount the company would have been wiNing to pay to cl)lain services or facilties (rf equivalent economic Ixnefrt on the cyen mthet a cO￿es￿n[sng amount ￿ Ihen recognised in expenditure in the period of receipt. Irrterest on fund5 hekl on deposit is Ind￿]ed when rE￿[Vable and the amount c4n be measured ref￿b]Y bythe company; thi5 is normalty upon nolrhcation of interest paid ￿ payable bythe b￿k. Income tsx recoverable In relation to donation8 tEcelved under Glft Ald or deeds of c0ven￿t 18 reojgnised at the time of dOrwI￿n. In￿me tax recoverable in relation to invesknent income Is recognis&J at the fjme the investment income is r￿1vaL*. Page 9 contnued... THE TETBURY MUSIC FESTIVAL NOTES TO THE FINANCIAL STATEMENTS - contlntsed FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUTrUING POLICIES- ￿nIInued Expenditure Expenditure is recognised once there is a legal or ciJnstruLaive obbgation to transfer e(x)nomic benefit to a third paty. it is probable that a Irdn5feT of e￿noMIC beneffts will be required in 5etllement the amount of the obligation can be measured reliably. Expenditure És classrfied by actmty. The o)sts of each activlty aTB made up of the totsl of direcl costs and shared costs. in¢I￿ling support costs invdved Sn undertakiw each activity. Direct Costs 8ttribulable to a single activity are allocated directty to that activity. Shared costs wh￿h (x)ntribute to more than one activity and support cosis which are not attributable to a single actmty are a[p￿tioned be￿en those activities on a basis ¢onsistent with the use of resources. Administrative costs are alocated on the basis of t￿￿8 spent, and dep￿cIall0n ¢tharges alk)cated on the rM)rtion of Ihe assefs use. Support Costs are th08e costs incurred direcdy in support of eypeN1i￿re on the objects ofthe 0(Xn￿Y and indude project management (arrie(l out at Headquarter8. Costs of weralwmj funth are (y)6ts incurred in atlracling v0￿[thry income, and those inCu￿ed in trading athites that ra￿e funds. Charitable activities and Governan￿ costs a￿ costs Incurred on the companWs operation8, Includlng supp)rt costs and costs relatiry to the governan￿ of the company apw)rtioned to tharit*Jle actP4ibes. Taxatitin The c(Mnpany Is 4X¢nsklered to pass the tests set out In Pa￿graph 1 Schedule 6 of the Fft)ance Act 2010 and therefore it meets the definitK•n of a thantable company for UK Corw)ration Tax purwses. Ac¢oTdngty, the rxjrnpany is potentialy exempt from tsxa*ion in respect of income or Capital gain8 received within c*tegNies covered by Chapter 3 Part 11 of the Corp)ration Tax Ac* 2010 or Section 256 of the Taxalx)n of Chargeable Galn8 Act 1992. to the extent that such inrAJne or goins are awAig exdusivety Ic tharttable purposes. Fund 8ccounting . General futvjs a￿￿MrestriCIed.fund&￿IcILareava11&bje_for..uWat theJBcretionffjf.the.IrL￿t￿eSi￿ _ furtheran￿ of the general objectives of the company and which have not been designated other purposes. Designated fund8 comprise UnreStr￿d funds that have been sel aside by the Twstees for parti￿J1aT purposes. The aim and use of each designated fund 18 8et (xrt in the notes to the financial ststements. Restiicted funds are fij￿18 whith are to be used in accordance ￿llth specific reStr￿lIanS imrx)sed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such finds are charged against the speclfic fund. The aim aTrJ use of each restrkted fund is 8et out in the notes to the financpl statements. Investrnent income. gal￿ and losses are alkicaled to the appropriate fund. Additional policies Going COn￿rn Ther? are no material uncertainties that may cast signrficant doubt on the Chartys ability to contlnue as a going conoem. The trustees are of the opinion that reserves remain suffKient forthe obieotrrfe8 of the Charity to be achieved in the next 12 months. T￿Je and other debtor8 are recogni8ed at the settiernent amount after any trade diso￿nt offered. Prepayments are valued at the amount wepaid net of any trade dtscounts due. Cash at bank and in hand Cash at bank and in hand irtludes cash and short temi highly lliuid investments vAth & sknrt malurlty ofthree months or ￿sS frC￿ the date of a￿Ul$ition or openiig of the deposrt or slmlar accounL Liabilitie5 and provisions Page 10 THE TEfBURY MUSIC FESTIVAL NOTES TO THE FINAMCIAL STATEMENTS- continugd FOR THE YEAR ENDED 31 DECEMBER2023 AccouKnNG POUCIES- continuod Additional pollcies Liabilrbe5 are recogni8ed when there is an obr￿allOn at the Balan￿ sheet date 85 a result rrf 8 past event rt is PrOba￿e that a b7nsfer of ecorthiic benefft will be required in 8ettlement, and the amow of the settkment can be estimated reliably. Liablities are reoognised at the amount that the c(ympany antripates it will pay to Sett￿ the debt L¥ the amount it has received as advanced pajinents for the go¢xJ or 8eNices f( must provide. Provisions are measured at the best estimate of the amounts tequired to settle the obligalKJn. Where the effect of the lime va￿e of money is material, the provision is based on the pre8enl value of those am(xJnts, discounted at the pre-tax d[8c￿unt rate that relle¢ts the iisks specific to the Ilablllty. The unwinding of the diS￿U￿ is recognised *1lhin interest payable and similar charges. Financial in5tThfflents The o)mpany only ha8 financial assets and financial IHbiltEs of a kirKI that qualrfy a5 bath financial instruments. Basic financial instruments *e initsally re￿nised at transaction value and 5ubsequenty measured at their setmement value %￿lh the exception of bank k)ans which are subsequently measured at amortised cost Using the effective interest melh¢XI. DONATIONS AMD LEGACIES 2023 2022 Donalions Gift aKI 25.416 5,879 30.552 3,983 31,295 34.535 INVESThIENT INCOME 2023 2022 Dep08it account interest. . 582 19 RAISING FUNDS Investm*￿ managgmont ¢osts 2023 2022 Administrntwe expenses 7.208 TRUSTEES. REMUNERATION AND BENEFITS There were np In*es' remuneral*Jn or olher ber￿rts for the year ended 31 Dec￿lber 2023 nor for the year erbjed 31 December 2022. Trustees. expenses There w￿e tr￿tee6, expenses paid for the year eTrJed 31 December 2023 r￿r for the ypar ended 31 December 2022. Page11 c(￿lInu￿... THE TET8URY MUSIC FESTIVAL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 20r3 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACnVITIES Unrestiicted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM DOnat￿S and lega￿eS 34,535 34.535 Charilable activfties Tetbury Music Festival 49.604 Investment inu)me 19 19 T¢)tal 84,158 84.158 ExPEND￿uRE0N Raising funds 7223 Charitablo activities Tetbury Music Festival 5T.987 57,987 Total 65.210 65,210 NET INCOME 18.gA8 18.948 RECONCILIATION OF FUNDS Total fund5 br￿ght forward 48,950 .TOT.AL. FUNDS GARRIED.FORWARD . -67.,496 DEBTORS: WAOUNT8 FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtor8 5.879 3,983 CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Pa￿￿ents account Other credftors Accruals arKI deferred income 1,180 2.955 203 6.647 9.531 10,711 9,805 Page 12 c(￿tinUed... THE TEfBURY MUSIC FESTIVAL NOTES TO THE FINANCIAL STATEMENTS - c¢)ntlnued FOR THE YEAR ENDED 31 DECEMBER 2023 MOVEMENT IN FUNDS Net movement in funds At 111r23 31112123 Unrestricted fund8 General fund David Thomas Trust 47,498 20,000 27,291 {10,C(JOI 74,789 10.000 67,498 17,291 84,789 Restricted funds Music in k)c*l schools TOTAL FUNDS 67,898 17,291 85,189 Net movement n funds, included in Ihe above are as folows: Incoming resources Resources Movement e￿nd￿l in funds Unrestricted fund5 Gerwal fvnd Davtd TIK)ma5 TTu5t (57,6431 (lo,￿0) 27,291 <10,0001 (67.643) 17,291 TOTAL FUNDS 167.643) 17,291 Comparaliveg for movement in funds Net movement in funds At 31112122 At 111r22 UnYe51rr¢ted funds General fund t)avMI Tlx)mas Trust 48,550 11,052) 20,000 47,498 20,000 18.948 67.498 Restricted funds Music in k)cal schools TOTAL FUNDS 18,948 67,898 Page 13 continued... THE TEfBURY MUSIC FESTIVAL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 MOVEMENT IN FUNDS- continued Comparalive net movement in fu￿18, included in the above are as follows: Incomlng r&sources Resources ￿VeMent expended in fund8 UnT8stricted funds General fund Davkl TIK)ma8 Trust 64,158 20,000 {65,210) (1,0521 20.000 84,158 {65,210) 18.948 TOTAL FUNDS 84,158 {65,210) 18.948 A ojrrent year 12 rnonths ar¥J prior year 12 months wmbined position is a8 folbm: Net movement In funds At 3111W23 At 111122 Unrestricted funds General fund Da￿1 Thomas Tru8t 26,239 10.000 74,789 10,000 36.239 84,789 Restricted funds Music in k)cal schc4)18 400 400 -. TOT.AL.F.UNDS_---. -48,950 A cwrent year 12 monlhs and p￿r year 12 mc*)th8 ￿MbInetI net movement in funth. I￿luded in the ve are a8 folhm: Incoming ReS￿rCeS Ikjvement resources eX￿nded infvnds UnrestTiCted funds General fund David Thc*na8 Tr￿t 149,092 20,000 (122.8S3) (10,0001 26,239 10.000 169,092 (132,8531 36.239 TOTAL FUNDS 169,092 (132,8531 36,239 Page 14 continued... THE TEfBURY MUSIC FESTIVAL NOTES TO THE FINANCIAL STATEMEMTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 10. RELATED PARTY DISCLOSURES A number of Twstees and their ckjse family members are also members of the Dolphln Membership Scheme and pay the relevant membership subscriptions. These sUbsul)tlc￿s. and for 2023 donations, amount￿ to £1,37512022- £1,625) in the year ended 31 December 2023. Jaffles Golob also M￿le a one-off donaknn to the dJariEy of £4.000 duiing the year {2022- nil) There were reimbursed eX￿nSeS to Chaimian, Christopher Rose, of £282 in the year which related to festival expandi￿￿ {2022- £5121. There werB no outstandlng balance8 wSth ￿lated partle8 at 31 De￿mber 2023. Page 15 THE TEfBURY MUSIC FESTIVAL DETAILED STATEMEKf OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS tk)natiorts and legacies t)onations Gift aid 25,416 5.879 30,552 3,983 31,295 34,535 Investment income Deposit account interest 582 19 Charilable acliviti95 Feslival licket sale5 Sale of wine and rKcgrammes Grants sponsorship other income 33,872 4,749 14,300 136 27.216 3.614 18,755 19 53,057 49.604 Total Incorning resources 84.934 84,158 EXPEND￿uRE Investment management costs Admknistr8tive expense8 7,208 7,223 Chaiilable activitles Artist fees and expenses atering and refreshmenL_ . Other festival expense8 Marketing Ex￿inat￿)n fees 32,446 -J,2S1_ 14,325 8,679 1,734 31,27T ,238 14,306 7,516 1.650 60,435 57.987 67,643 65.210 Net in¢ome 17,291 18,948 This page doe8 not form part ofthe statytory finanGial ststements Page 16