2024-08-31-accounts

Charitable llleorporated Organisation Charity Registration No. 1107812 Company Regystration No. 5277571 BUDLEIGH MUSIC FESTIVAL (previously Budleigh Salterton Festival Trust) ANNUAL REPORT AJYD FINANCIAL STATEMENTS FOR THE YEAR EIWED 31" AUGUST 2024

BUDLEIGH ￿￿UsIc FESTIVAL Charitable Incorporated Organisation LEGAL AND ADMINISTRATtVE INFORMATION Trustees Mrs Catherine Turner known as Ms Kate Somerby Dr M Collie Dr J Keliher Dr M Evans Mr J Alp¢ Secretary Dr J Keliher Registered offIce Homestone House Otterton Devon EX9 7HB Charity number 1107812 Company number 5277571 Independent Examiner Mrj D BICL FCA Bick Accountsnts Ltd 18a Littlcham Road Exmouth EX8 2QG

Independent Examiner's Report to the Trustees of the Budleigh Music Festival I report to the charitytrustees on my examination of the accounts of the Budleigh Music Festival for the yearended 31 August 2024 which are set out on page 7 to 12. Responsibilities and basis of report As the chariws trustees you are responsible forthe preparation of the accounts in accordance with the requirements of the Charities Act 20111'the ACV). I report in respect of my examination of the charivs accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission undersection 14515)Ib} of the Art. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respett.. accounting records were not kept in respect of the charity as required by sertion 130 of the Act; or 2. the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirementthat the accounts give a 'true and fairvieW which is not a matter considered as part of an independent examination. 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 orderto enable a proper understanding of the accounts to be reache Jam Bick FCA Chartered Accountant 18A Littleham Road Exmouth EX8 2QG 27 March 2025

BUDLEIGH MUSIC FESTIVAL TRUSTEES REPORT FOR THE YEAR ENDED 31" AUGUST 2024 The TTh￿teeS present their report and finaDcial statements for the year ended 31° August 2024. The fiDanciaE statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the chartty governing document and the requirements of the Charities SORP (FRS102). Structurej governance and management The charKty is constituted as a Charitable Incorporated Orgallisation with an association governing document. The trustees who served during the year were: Mrs Cathertne Turner, known as Ms Kate Somerby Dr M Collie Dr J Keliber Mr J N B Kellagher- resigned 15 December 2023 Dr M Evans- appointed 19 February 2024 Mr J Alpe- appointed 8 April 2024 New trustees are proposed by an existing mernber in accordance with the Constitution and are elected at a subsequent meeting. New ttwstees are given a written induction pack and advised to consult the Charity Commission website for further infonnation. None of the trustees bas any beneficial interest in the charity. The trustees are supported by a number of active operational teams. The Trustees and Heads of Department meet regularly to review onooing operations and plans and to consider new projects. All major strategic decisions regardiDg the chartty are made at these meetings. Under the Constitution the charity has the power to make any investment that it sees fit. Objects gnd aetivitio The charity's objects and its principal activities continue to be to advance the education of the public in the arts illcludino music. art and dram4 by holding a festival in Budleigh Salterton and such other events as the trustees shall from time to time detennine. The activtties undertaken in furtherance of the charity's objectives are to: oiganise cultural events and in particular, a festival of evening and lunchtime concerts featuring national and international artists as well as local and upcoming perfornietS- work with local schools and youT]g people to foster tnusical appreciation and encourdge participation in cultural events" liaise with local organisattons and establishlllents to associate their activities with the festival. Conversion of Company to a CharitsbIe Incorporated Organisatio After two previous unsuccessfiil attempts, the Tn￿teeS resolved OD 19th September 2023 to convert the Company from a Company Limited by Guarantee to a Charitsble Incotpordted O￿anISatiOn, in accordance with section 228 Charities Act 20 E I. Online application was made the following day to the Charity Cotnmission, aud following some requested amendments a revised application was submitted in Dccember 2023. The conversion of the charity was then confirnied on 26° January 2024. Public Benefit and Community Volunteers The trustees have consid¢r¢d thc 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 ￿alltS and Friends donations, as well as ticket sales, to cover operating costs, and has an established list of Friends of tbe Festival whose donations provide a vital source of income. The tr￿SteeS give areful considerdtion to accessibility to events for those with disabilities and on low incomes. Chair's report- achievements 2nd performance The year has been a busy one for Trustees and volunteers, and a seminal one in tenns of the execution and realisation of our vision and mission. We reached young and old and showcased the brightest and best in lassical music, thanks to the inspired programming of Artistic Director Jason Thornton. This year we also appointed our first ever Patron- Bob Chilcott- who will work with us to involve more young people An our singing projects over the next few years. Bolstered by the grant from the People's Postcode Lottery ID 2023, we were able to address sorne of the necessary renewal of equipment (banners, music stands etc), hire a better piano and increase both the artistic and marketino spend. Reviewing audience surveys, box oifice allalysis, and financial outcomes it is evident that these measures helped rdise our ticket sales, and our prOr￿e in the I￿al community and amongst music professionals. With a I l /0 Uptick in tick¢t sales from 2023, Festival 2024 was a rewarding week of hugely varied ev¢nts. With a very high % of audience surveys giving us a five-stsr review for the overall programme and organisation, Tn]stees were pleased with the forward trajectory. though mindful of Continuing fmancial pressures within the Arts world. With over 600 young people either attending or participating in the Festival this year, the stand-out frature was tbe increased number of loca] schools wbo attended concerts. For the first time in the Festival's history we were able to mount a schools-only concert, introducing local children to the delights of virtlloso Senatrelese kora playing and young players from music charity Future Talent. Bringing the two area5 of lunchtime concerts and ¢ducation workshops under the same leadership has been beneficial for the Festival. We also undertook a shared promotion with Budleigh Salterton Literdry Festival, though sadly it bad to be cancelled at tbe last minute due to ill-health. fortunately it has been reprogrammed for Festival 2025. Buildin(r on the success of 2023 we also hosted an afternoon event for the elderly and care home residents, working once again with local charity Launchpad to Provide refreshments. Trustees are mind￿1 of our outgoings. which have contributed to an increase in sales. and we are awar¢ that we will need to set aside some of our reserves for updafrs to the website whicb requires some moderni5ation. However. we are fortunate to be supported by many hours of expertise given for free by volunteers, and the Festival would not be able to fLm¢tion without this level of unpaid supporL Plans are already well widerway for Festival 2025 whi¢h will be the Festival's 20th anniversary. Financial review The trustees report that there was an overall fmancial deficit of £3,718 for the year ended 31. August 2024. Total receipts from ticket sales were some I 10/0 higher than 2023, despite the cancellation of one scheduled event. Overdll costs rose by some 130/0. Financial support from Festival friends remained stron(F and the Festival was again successful in secu¥ing substantial grdnts and sponsorship from a nutnber of funding orgaT1É5ations and individual sponsors. Total voluntary income was £52.201. cornpared to £69,872 in 2023 which included a one-off award of £15,000 from the Postcode Lottery TrusL The Ststement of Financial Activitie5 shows an increase in Restricted fimds of £578. This arises from a small surplus of overall fimding for the education and outreach programme, for which tbe funiLs are Ca￿led forward to 2025. Unrestricted funds have decre&sed by an overall total of £4296. The BaIance Sheet shows total current assets of £63.338. Aft¢r allowing for creditors of £13,155. net cutrent assets amount to £50,183 (2023 £53901). There are no f￿ed assets. The reserves of the charity include unrestricted fiwds of £43,270 (2023 £47.566) of which £15,000 is designated for youth and community activities.

Reserves poliey The charity's policy is to retsin reserves to cover overhezd5 and the initial costs of each Annual festival. Trustees may also designate ￿ServeS to be held for specific purposc5. Risk management The trustees have exaTnined the major strategic business and opeiational risks which the charity faces and confirni that systems are in place to enable necessary steps to be tsken to mitigate risks identified. Plans for the future Plans are now well underway for the 2025 Festival and will include a diverse musical programm¢, involving international artists, riSiDg stars, young people and local schools. The (wo major areas of activity are concerts and stage perforniances and educational progrdnunes. A project is also in planning to ¢xpw]d this work in 2026. The trustees are actively looking to expand their audience bas¢ amongst the local community and younger people. HistoricalIy the charity has relied largely on Friends donations and ticket income and some Enajor specific donations. Over the last two years the t￿￿teeS have been successful in obtaining a higher level of sponsorship and grants from a variety of national and local sources and they Colltinue to seek to expand the range of fundtng options fillther to build support for the Festtval in 2025. DirectorslTrustees (the "trustees") responsibilities The tn]stees are responsible for prepaTing the 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 whicb disclose with reasonable accuracy the financial posÈtion of the charity and enable them to aSCe￿In that the financial statements comply with the requiretnents. The trL￿teeS are responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention of fraud and other i￿egularitieS. The trustees declare tbat they have approved the trustees report. Signed on behalf of the board of Trustees (&( Full n Catherine Tumer (aka Kate Somerby) Position Chair Date (Lb Sl

BUDLEIGH MUSIC FESTIVAL STATEMEIYT OF FINANCL4L ACTIVITIES INCLUDING INCOME AND EXPENDITURE Accou￿[ FOR THE YEAR ENDED 31" AUGUST 2024 Unrestricted Funds 2024 Restricted Funds 2024 Total Fullds 2024 Total Funds 2023 Note Incoming Resources Voluntary income 21,008 31.193 52,201 69,872 Charitable activities 60,958 60,958 54.822 Other income 5228 5.228 3,247 Total income 118387 127 941 Resources Expended Raising funds 3,446 3,446 4,888 Charitable activities 87,385 30.615 118,000 102,307 Governance costs 659 659 669 Total expenditure 91,490 30,615 J22,105 107,864 Net (Expenditure)IIncome (4,296) 578 (3,718) 20,077 Funds at I st September 2023 47,566 6,335 53,901 Funds at 31st August 2024 43270 6.913 50,183 53,901

BUDLEIGH IkWSIC FESTtVAL BALANCE SHEET AS AT 31" AUGUST 2024 UnrestrACted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Current assets Cash at bank and in hand 51.143 6,755 57,898 57,985 Debtors 1,685 3,755 5.440 4,490 Total current assets 10.510 Creditors due within one year 10 (9,558) (3.597) (13,155) (8,574) Net current assets 43.270 6.913 50,183 53.901 Total assets less liabilities 43.270 6,913 50,183 53,901 Funds of the charity General reserves 28.270 6,913 35,183 38.901 Dcsignated funds 15.000 15,000 15,000 Total charity funds 6.913 50,183 53.901 These accounts have been prepared in accordance with relevant guidance including the Charities SORP (FRS 102). Ap by the board of Trustees on.. and SAgned on their behalf by Mrsc erinc Turner (aka Ms Kate Somerby), Cha Trustee Mr J Alpe, Treasurer and Trustee £C.f.Zs-

BUDLEIGH MUSIC FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31" AUGUST 2024 l. Accounting policies a) General inforniation The Charity is a clwitsble incorporated Organisatio￿ incorporated in England and Wales. The address of its registered office is: Homestone House Otterton Devon EX9 7HB b) Basis of accounting These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value, and in accordance with the 2019 Statement of Recommended Practice: "Accounting and Reporting by Charities" applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 and the Charities Act 2011. The accounts present a true and fair view, and there have been no changes in accounting policy since the previous reporting period. There are no material uncertainties that cast significant doubt on the charity's ability to continue as a going concern. The accounts are presented in pound sterling (£) and roundcd to the nearest pound (£). c) Income recognitloll Income is recognised in the Ststement of Financial Activities (SOFA) when the charity becomes entitled to the resources. it is more likely than not that the trustees will receive the resources, and the monetary value can be measured with sufficient reltability. d) Grants receivable Grants are recognised when the charity has an entitlement to the fullds and any conditions linked to the grants have bc¢n met. Where perforniance conditions are attached to the grant and are yet to be mel the income is recognised as a liability and included on the balance sheet as deferred income to be released. d) Expenditure recognition All expendtture is accounted for on an accruals b&sis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlcment will be required, and the amount of the obllgation can be measured reliably. e) Debtors and creditors reeeivablelpayable within one year Debtors and creditors with no ststed interest rate and receivable or payable ivithin one year are

D Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of ftinds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. 2. Fund accounting The unrestricted funds held by the charity are funds which can be used in accoTdance with the charitable objects at the discretion of the trustees. Restricted funds held by the charity are funds which have been granted or donated for specified purposes and may only be used accordingly. Typically, these relate to specific Festival concerts and events, and to programmes such as education and community outreach. Balance at 01109/23 Balance at 31104124 Income Expenditure Daytime concerts & events Evening concerts Education 8L Outreach programme Festival Friends events Total restricted funds 3,475 18,000 (3,475) (18,000) 6,335 8,518 1,200 31,193 (7,940) 1,200) (30,615) 6,913 6,335 6,913 3. Voluntary income 2024 2023 Donations unre5ti'icted Grants resti'icied Gran15 - unrestricted Sponsotship - i'e5ticted Sponsorship - unresticted Gift aid tax I'ecoiiered - I'esiricted Gift aid rax recoirered unrestricted Payments for Friends events 7,855 8,018 4.900 20.620 6,000 2,555 1,691 562 52,201 6,885 7,868 21,713 23,210 4,776 865 1,428 3,127 69,872 Gift aid tax recovered associated with restricted grants and sponsorship is treated as restricted funds in these accounts. The total of restricted grants & sponsorship and associated gift aid for 2024 was £31,193. Of this total, £30,615 was expended in the year. a small surplus of £578 relating to the Education & Outreach programme is carried fonvard to 2025. 10

1. Income from Charitable activities 2024 2D23 Ticket revenue from festival e￿ents 60,958 54,822 Other Income Other income consists of proceeds from the sale of programmes, advertising revenue, profit from the sale of drinks during the Festival, and bank interest. 2024 2023 PrograTrinie sales Adveriising income Sale of drinks Bank intei'est Other 1.507 990 1,010 1,227 1.256 1,260 731 5,228 3.247 Raising Funds Funds were raised by holding events to which Friends were invited, including receptions in November and in June. The cost of these events is recorded in this line of the accounts, together with related administration costs. Expenditure on charitable activities 2024 2023 Direct costs of events Indirect costs of events Advertising. PR and brochure costs Other indirect costs Education and Outreach programme Independent examination 58,783 21,564 20.701 8,592 7,940 420 118,000 54,901 17,094 18,418 8,229 3,665 102,307 There are no employees.

2. Governance costs Governanc¢ costs of £659 (2023 - £669) include insurance and other services.

3. Debtors 2024 2023 Gift uiid ial i-ece3i.'able Gi-anis &- 5ponsoi.511ip i'eceii,'able Fi'iend5 donoliDns i-ece3i.'able Pai'-TrTrents in adi,-ance Oiliei- debioi's 2.290 1.200 80

4. Creditors due within one year 2024 2023 Royalties (PRS fees) Donations received in advance Other creditors Accruals Def¢￿ed revenue 3,400 1,028 140 7.406 5,738 420 3,597 Deferred revenue relates to sponsorship for a festival event which was unavoidably Cancelled in
5. In agreement with the sponsor the funding amount has b¢cn carried forward to ii¢xt year, and is treated as a restricted fund.
6. Trustees transactions During the year Ms Somert)y, Dr Collie. and Mr Kellagh¢r were reimbursed for costs and cxpcnscs incurred in connection with the organisation of the Festival. In total the amounts were £738 for Ms Som¢rby. £218 for Dr Collie, and £157 for Mr Kellagher. The costs and expenses related to a variety of items incurred in administering and organising the Festival. Ms Somerby, in her professional capacity as freelance music and drama specialist, was also owed £400 at the year end for delivering workshops to schools during the year. and reimbursed £900 fees paid to her in 2023. No other Trustees were paid any retnuneration or benefits from employment directly or through a related entity during the year.
7. Related party transactioDs The charity has not at any time during the period had any transactions with trustees and connected parties. other than as disclosed above. 12