Company Registration No. 5277571 Charity Registration No. 1107812 

BUDLEIGH SALTERTON FESTIVAL LIMITED Budleigh Salterton Festival Trust ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31* AUGUST 2023 

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BUDLEIGH SALTERTON FESTIVAL LIMITED Budleigh Salterton Festival Trust 

## LEGAL AND ADMINISTRATIVE INFORMATION 

Directors/Trustees Mrs Catherine Turner known as Ms Kate Somerby Dr M Collie Dr J Keliher Mr J N B Kellagher Secretary Dr J Keliher Registered office Homestone House Otterton Devon EX9 7HB Company number 5277571 Charity number 1107812 Hon Examiner Mrs S Connolly 

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## | Independent Examiner’s Report to the Trustees of Budleigh Salterton Festival Limited 

I report to the charity trustees on my examination of the accounts of the company for the year ended 31st August 2023 

## Responsibilities and basis of report 

As the charity’s trustees (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act’). 

Having satisfied myself that the accounts of the company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination ofyour charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act. 

## Independent examiner’s statement 

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: 

- e Accounting records were not kept in accordance with section 386 of the 2006 Act; or 

- e The accounts do not accord with such records; or 

- e ‘lhe accounts do not comply with relevant accounting requirements under section 396 of the 2006 Act other than any requirement that the accounts give a “true and fair” view which is not a matter considered as part ofan independent examination; or 

- e The accounts have not been prepared in accordance with the Charities SORP (FRS102). 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

## Date 2200 DECeEweel 2O2> 


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## | ‘BUDLEIGH SALTERTON FESTIVAL LIMITED Budleigh Salterton Festival Trust DIRECTORS/TRUSTEES REPORT 

## FOR THE YEAR ENDED 31* AUGUST 2023 

The Directors/Trustees (trustees) present their report and financial statements for the year ended 31" August 2023. 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity/company’s governing document, the Companies Act 2006 and the requirements of the Charities SORP (FRS102). 

## Structure, governance and management 

The charity/company (charity) is constituted as a company limited by guarantee, and is therefore governed by a Memorandum and Articles of Association. The trustees, who are also directors for the purpose of company law, who served during the year were: 

Mrs Catherine Turner, known as Ms Kate Somerby Dr M Collie Dr J Keliher Mr J NB Kellagher 

New trustees are proposed by an existing member in accordance with the Memorandum and Articles of Association and are elected at a subsequent meeting. New trustees are given an oral induction and advised to consult the Charity Commission website for further information. 

## None of the trustees has any beneficial interest in the charity. 

The trustees and the management committee meet regularly to review ongoing operations and plans and consider new projects. All major strategic decisions regarding the charity are made at these meetings. 

Under the Memorandum and Articles of Association, the company has the power to make any investment that it sees fit. 

## Objects and activities 

The charity’s objects and its principal activities continue to be to advance the education of the public in the arts including music, art and drama, by holdinga festival in Budleigh Salterton and such other events as the trustees shall from time to time determine. 

## The activities undertaken in furtherance of the charity’s objectives are to: 

- ¢ — organise cultural events and, in particular, a festival of evening and lunchtime concerts featuring national and international artists as well as local and upcoming performers; 

- ¢ work with local schools and young people to foster musical appreciation and encourage participation in cultural events; 

- ¢ _ liaise with local organisations and establishments to associate their activities with the festival. 

Conversion of Company to a Charitable Incorporated Organisation After two previous unsuccessful attempts, the Trustees resolved on 19" September 2023 to convert the Company from a Company Limited by Guarantee to a Charitable Incorporated Organisation, in accordance with section 228 Charities Act 2011. 

Online application was made the following day to the Charity Commission, but we have recently been informed that we need to make some amendments to the application. A resolution confirming the revised application will be made on 11" December 2023 and the revised documents submitted to the Charity Commission. 

We anticipate that the conversion should then be approved without delay 

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. 

## Public Benefit and Community Volunteers 

The trustees have considered the Charity Commission’s guidance on public benefit relating to its activities. The charity is very involved in the community and is dependent on unpaid voluntary help in all areas including concert management, marketing, publicity, stewarding events and liaising with festival Friends. Without such assistance the charity would not be able to meet its objectives. 

The charity relies on grants and Friends donations, as well as ticket sales, to cover operating costs, and has an established list of Friends of the Festival whose donations provide a vital source of income. The trustees give careful consideration to accessibility to events for those with disabilities and on low incomes. 

## Achievements and performance 

This year’s Festival was deemed a success by Trustees, volunteers, and audience members. We ensured that we had measurable markers to support that view, with an audience survey that produced a return of over 50%, internal surveys from volunteers, statistical analysis of Box Office and social media and a healthy financial report. 

A number of changes were implemented, responding to learning points from previous years. Most significantly we brought the Festival datcs forward onc weck to cncourage participation from schools. We also introduced a community event in the form of choral workshop, which brought enthusiastic amateur singers from all over Devon together with a specially formed youth choir of 53 young people, under the baton of composer Bob Chilcott. At the showcase we welcomed a large number of first-time visitors to the Festival. 

In our Values and Mission statement we pledge to ‘increase accessibility to the Festival by providing appealing programmes and events that promote Inclusion and Diversity with opportunities to participate in music-making’ This year we allocated free tickets to schools and community groups along with assistance for transport which is often a barrier to participation in rural communities. 292 free tickets to concerts went to 26 schools (including 3 Special Schools); a Tea Dance was held with free tickets given to local Care Homes and community groups; the lunchtime concerts showcased a County Youth Orchestra, professional and aspiring young performers and local schools; a BSL signer made two concerts accessible to members of the deaf community. 

A combination of inspired programming and the engagement of a new PR company meant that our audiences grew and broadened. There was strong support for both evening and lunchtime concerts, and special events were tailored to younger and older members of the community. 

Fundraising for the programme was particularly successful this year, with a number of patrons and partner organisations contributing to the costs. A new dedicated Education Team of volunteers meant that workshops could be held in schools, and teachers could access an Education Pack with follow-on activities. We were supported in this endeavour by other Charitable Organisations and Trusts that share our vision for inclusion and arts education. We established a dedicated Education Fund allowing ongoing work in schools throughout the year. A successful bid to the People’s Postcode Lottery was a tribute to our work with young people and community groups, and our determination to make live classical music accessible. The Board of Trustecs invested a substantial amount over the last two ycars to produce and maintain a now website. It was pleasing to see strong ticket sales and patronage replenish reserves, and give us the flexibility to sustain the high level of programming and outreach work in the future. Thanks to an increasing number of volunteers, currently in excess of 60, and a supportive local community, the Trustees are determined to build on this year’s success for 2024. 

## Financial review 

The trustees report that there was retained surplus of £20,077 for the year ended 31° August 2023. 

Ticket sales receipts were some 17% higher than 2022, with a particular increase in the sales for lunchtime concerts. Cost rose by some 21%, but the Festival was successful in securing a major increase in grants and sponsorship compared to the previous year, which has lead to a surplus for 2023. Total sponsorship was £42,907, compared to £18,660 in 2022, including £15,000 from the Postcode Lottery Trust 

In addition, the Festival received a donation of £10,000 from the Justham Trust to support musical outreach to schools; approximately one third of these funds were spent in the year 

The Statement of Financial Activities shows that there was a net surplus of £20,077 (including the Justham Trust donation and expenditure) (2022 loss of £6,990) and this is taken to reserves. 

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There are no fixed assets and there are current assets of £62,475, including £6,335 restricted funds relating to the Justham Trust (2022 £53,223). After allowing for creditors of £8,574, net current assets amount to £53,901 (2022 £33,824). 

The reserves of the charity are represented by unrestricted funds of £47,566 (2022 £33,824) of which £15,000 is designated for youth and community activities and £6,335 relates to the Justham Trust 

## Reserves policy 

The charity’s policy is to retain reserves to cover overheads and the initial costs of each annual festival. Trustees may also designate reserves to be held for specific purposes. 

## Risk management 

The trustees have examined the major strategic business and operational risks which the charity faces and confirm that systems are in place to enable necessary steps to be taken to mitigate risks identified. 

## Plans for the future 

Planning is under way for the 2024 Festival which is expected to include a diverse musical programme, involving international artists, rising stars, young people and local schools. The two major areas of activity are concerts and stage performances and educational programmes 

The trustees are actively looking to expand their audience base amongst the local community and younger people 

Historically the charity has rclicd largely on Fricnds donations and ticket income and some major specific donations. In 2023, the trustees were successful in obtaining a higher level of sponsorship and grants from a variety of national and local sources and they will seek to expand their range of funding options further to build support for the Festival in 2024 

## Directors/Trustees (the “trustees”) responsibilities 

The trustees are responsible for preparing the Directors/Trustees annual report and the financial statements in accordance with applicable law and the Charities SORP (FRS102). 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain that the financial statements comply with the Companies Act 2006. 

The trustees are responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention of fraud and other irregularities. 

## Small company provisions 

The charity has taken advantage of the small companies’ exemption in preparing the above report. 

The trustees declare that they have approved the directors/trustees report. 

Signed on behalf of board of Directors/Trustees 


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Trustee/Director \ x aM \oa8 tele a<br>Full Name Catherine Turner (aka Kate Somerby)<br>Position Chair<br>Date ii December 2023<br>**----- End of picture text -----**<br>


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. 

BUDLEIGH SALTERTON FESTIVAL LIMITED Budleigh Salterton Festival Trust 

## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31* AUGUST 2023 

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||||||||||
|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|Note|2023|2023|2023|2022|
|-|£|3|z|
|Incoming|Resources|
|Vohuntary|income|4|37,929|31,943|69.872|33,824|
|Charitable|activities|5|54,822|-|54,822|48.725|
|Other|income|6|3,247|-|3.247|190|
|Total income|95.998|31.943|127,941|82.739|
|Resources|Expended|
|Raising|funds|7|4.888|-|4.888|1.851|
|Charitable|activities|8|76,699|25,608|102,307|83.477|
|Governance|costs|9|669|-|669|657|
|Website|Development|2|“|3,744|
|Total|expenditure|82.256|25.608|107.864|89.729|
|Net|(Expenditure)/Income|13,742|6,335|20,077|(6,990)|
|Funds|at|1"|September’|1°|December|33,824|33,824|40.814|
|Funds|at 31" August|47,566|6,335|$3,901|33,824|

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## BUDLEIGH SALTERTON FESTIVAL LIMITED Budleigh Salterton Festival Trust 

## BALANCE SHEET AS AT 31% AUGUST 2023 

|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||Funds|Funds|Funds|Funds|
|||2023|2023|2023|2022|
|Current assets||z,|£|£|£|
|Cash atbankandinhand||51,650|6335|«57.985|45,626|
|Debtors|10|4.490|-|4.490|7,597|
|Total current assets||56,140|6335|_62475|—53223.|
|Creditors due within one year|11|(8.574)|-|(8,574)|(19,399)|
|Net current assets||47,566|6,335|$3.901|33,824|
|Total assets less liabilities||47.566|6,335|$3,901|33.824|
|Funds ofthe charity||||||
|Generalreserves<br>Designated funds||32.566<br>15,000|6,335|38.901<br>15,000|18,824<br>15,000|
|Totalcharityfunds||47,566|6,335|53,901|33,824|



The company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. 

These accounts have been prepared in accordance with the provisions applicable to small companies regime and in accordance with the Charities SORP (FRS 102). 


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Signed on behalf of the board of directors/trustees<br>Trustee/Director ( AC<br>Full name/position Cathrinex TurnerY\own(aka Kate Somerby) ChairNG ‘<br>**----- End of picture text -----**<br>


Date ii December 2623 

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BUDLEIGH SALTERTON FESTIVAL LIMITED Budleigh Salterton Festival Trust 

## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31* AUGUST 2023 Seeopacitiesgece Smeets Se lime elec 

## 1. Accounting Policies 

The accounts have been prepared on an accruals basis under the historic cost convention, and in accordance with the Statement of Recommended Practice: “Accounting and Reporting by Charities” applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102, the Companies Act 2006 and the Charities Act 2011. 

There have been no changes in accounting policy 

2. Income and expenditure 

Income and expenditure are included in The Statement of Financial Activities for the year to which they relate, on an accruals basis. 

## 3. Fund accounting 

The unrestricted funds held by the charity are funds which can be used in accordance with the charitable objects at the discretion of the trustees. 

4. Voluntary income 

||2023|2022|
|---|---|---|
||£|£|
|Donations (unrestricted)|6,885|8,233|
|Grants (unrestricted)|26,489|5,228|
|Donations (restricted)<br>Grants (restricted)<br>Payments for Friends events|4.660<br>26.418<br>3,127|3,070<br>13,432<br>:|
|Gift aidtaxrecovered|2,293|3.861|
||69.872|33.824|



Gift aid tax recovered includes £865 related to restricted donations and is therefore included with restricted donations and grants. The total of restricted donations, grants and gift aid was £31,943 and £25,608 was expended in the year on the events for which they were donated 

## 5. Income from Charitable activities 

|||||2023|2022|
|---|---|---|---|---|---|
|||||£|£|
|Income|from|festival|events|54.822|48.725|



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| BUDLEIGH SALTERTON FESTIVAL LIMITED Budleigh Salterton Festival Trust 

## NOTES TO THE ACCOUNTS (continued ) FOR THE YEAR ENDED 31* AUGUST 2023 

## 6. Other Income 

Other income consists of proceeds of sale of programmes, advertising revenue and profit from the sale of drinks during the Festival 

## 7. Raising Funds 

Funds were raised by holding activities to which Friends were invited. Friends paid for a lunch to launch the 2023 Festival programme in November 2022 anda visit to Bath Philharmonia in February 2023; that funding is shown as payments for Friends events under Voluntary income in note 4 and the cost of the events is included in the cost of raising funds. Other costs of raising funds were the cost of the Friends reception and administration costs 

## 8. Expenditure on charitable activities 

|Expenditure on charitable activities|||
|---|---|---|
||2023|2022|
||£|£|
|Direct costs ofevents|55,161|51,455|
|Indirect costs ofevents|19.424|15,023|
|Advertising. PR and brochure costs|19.493|11,331|
|Other indirect costs|8.229|5.668|
||102.307|83.477|



There are no employees 

## 9. Governance costs 

Governance costs of £669 (2022 - £657) include insurance and other services. 

## 10, Debtors 

|Debtors|||
|---|---|---|
||2023|2022|
||£|£|
|Gift aidtax receivable|2,290|3,861|
|Sponsorship grants|.|2,500|
|Friends recetvable|80|60|
|Payments in advance|170|:|
|Other debtors|1.950|1.176|
||4.490|7,597|



Payments in advance represents a prepayment in respect of the 2024 Festival 

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BUDLEIGH SALTERTON FESTIVAL LIMITED Budleigh Salterton Festival Trust 

## NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31* AUGUST 2023 

## 11. Creditors due within one year 

||2023|2022|
|---|---|---|
||£|£|
|Artists fees|-|12,786|
|Sponsorship carried forward|.|1,068|
|Donations receivedin advance|i140|-|
|Other creditors|8.434|5545|
||8.574|19.399|



## 12. Directors and Trustees transactions 

During the year Ms Somerby, Dr Collie, Mi Kellagher and Dr Keliher were reimbursed for costs and expenses incurred in connection with the organisation of the Festival. The costs and expenses were £1,848 for Ms Somerby, £746 for Dr Collie, £732 for Mr Kellagher and £275 for Dr Keliher. The costs and expenses related to a variety of items incurred in administering and organising the Festival 

The charity has not at any time during the period had any transactions with trustees and connected parties, other than as disclosed in the accounts. 

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