Charity Number '. 1109991 CHIPPING CAMPDEN MUSIC FESTIVAL UNAUDITED REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER2023 Chippingcampden Musi¢ Festlval Contents Page Pages 1- 3-Trustees Report Page 4- Independent Examiners Report Page 5- Statement of Financlal Activities Page 6- Balance Sheet Pages 7- 9- Notes to the Financial Statements Chipping Campden Muslc Festival Trustees, report for the year ended 31 December 2023 ObJe¢tlves and Actlvltles The objectives of the Charity remain the promotion and arrangement of concert performènces. litèrary events and music education 3rt1vltles. The prlnclpal 3Ctivitios during 2023 were the Music Festival and Literary Festival held over three weeks during May 2023. A key element of the Music Festival each year is the formation, for the second week of the festlval. of the Academy Orchestra, which teams young musicians embarking on a professional career with experienced professionals. The charity also looks to collaborate with local groups includlng schoo15 to encourage young musici3ns. The 2023 Festlvals The literary festival ¢ontinues to grow its repLrtation, showtasing a range of fittion and non-fiction titles. The plan5 for 2024 are to contlnue growlng the festival through events involving interestlng speakers and books and promoting the festival more widely. The standard of performances throughout the muslcfestival continues to be very high. and the focus of thetrustees contlnues to be on maintalnlng the hlgh level of muslcal perfonnan whlch has been the hallmark of the festival to date. The total audlen¢e for the music festlval In May 2023 was just over 4,60012022 just under 4,5001. including some concerts that were In praetice sellouts. The financial results are commented on below. Flnanclal Revlew The total income from the two Festlvals, including ticket sales, sponsorship and donations, advertlslng income, and grant5, was £351,00012022- £270,OQOI. The Income from charitable artivities lessentlalSy ticket and programme 5ales1 was £187,00012022- £156,000), wlth the remalning income belng donations. including related gift aid, of £163,00012022- £114,000). Payment5 to artists totalled £190,00012022 - £166,000}. Tot31 cosis for 2023 were £352,00012022- £285,000), leaving a marginal defictt of less than £1,000 for the year 12022- Ileficit of £15.000}. The trustees have always sought to hold ticket prices as low as possible. and also provide heavily discounted tickets for students. Flowever. it is not possible to put on concert performances of the highest quality at such ticket prlces without significant SUPPOrt from the patrons and friends of the festival. Although we are fortunate to have a very faithful body of patrons and frlends, the pretise level of financial 5UPPOrt varies from year to year, The medium term trend is for 5UPPOrt from patrons and friend5 to comprise between 30% and 50% of the Charit￿s total income. The trustees seek to maintain thi5 high level of support by keeping patrons and friends informed and involved, and maintaining the highest quallty of concerts, which Is what our sUPPOrters tell us they value most. The Festival carrie5 forward reserves totalling £212.000 at 31 December 2023. Page I Reserves and Investment policy The reserves of £212,000 are represented by £20,000 in respert of the outstanding funding originally provided to the subsidiary company to purchase the lestival's piano. wlth almost all the remainder represented bv cash in the trust's bank accounts. Excludlng the funding to the subsidiary company. the reserves are equivalent to 55%12022 - 67%} of the festival's core costs and continue to provide a reasonable measure of security for the festlval. The trustees have contlnued to keep under review the level of surplus it is appropriate for the charity to accurnulate. In so dolng. the trustees reference two broad alm5, both forward looking. The first of these Is the desirability of the festlval beln8 able to continue forward in the face of an uninsurable event causing can￿lIatIOn and the resulting loss of ticket income with which to settle liab1511ies to artists. The second is the desirabllity of the festival bein8 able to continue in the pursuit of its educational objectlves without having to rely on public fund5 whose focus may change from year to year. Bearing these aims in mlnd. the trustees have continued to determine as an appropriate long-temi target, reserves being 100% of the festival's core costs. While the level of ￿serveS continues to be below this level, the trustees are comfortable with the position, and will continue to review the target each year. In the context of the purposes for which reserves are held, the trustees h¥ve determined that the investable assets whlch represent the reserves should be easily realisable and low risk, and all are therefore held In the form of Short term deposits and a current account. Structure, Governance and Managemenl The charity is governed by a trust deed under whlch trustees are appolnted. The Charity is an unincorporated associat5on. Trustees meet periodlcally as requlred but at least four times each year. One trustee reslgned during the year due to111-health, and a new trustee has subsequently been appointed, bringing the total number of trustees back to four. New trustees can be appointed bythe existing trustees. No other body or person has any right5 to appoint trustees. The long-standlng Artistic Director retl￿d following the 2023 festlval, and in plannlng for thig changé thè trustees estaljlished a changed direction ?nd mantgement structure. A new Artistic Director has been appointed, along wlth a Managlng Dlrector. supported by an administrative assistant. Both the new Artistic Director and the Managlng Dlrector have been involv@d with the festival for m3ny years. This new structure was run in parallel with the previous Artistic Director remaining Involved up to 31 December 2023, to ensure smooth handover and to minimise any loss of knowledge. The festival is also supported by a team of volunteers. partlcularly durlng the festlval period In May, many of whom have been invo5ved for many years. Page 2 Reference and Adrnlnlstrative detalls Name." Chipping Campden Muslc Festival Charlty No., 1109991 Principal Address: The Old Police Statlon, Hi8h Street, Chipping Campden, Gloucestershire Trustee5 during 2023: Arthur Cunynghame David Roberts Ailsa Scott Richard Stephens {retlred I September 20231 Suzanne Smith lappointed 26 January 20241 The trust Is a reglstered charlty and makes returns to the Charlty Commlsslon accordingly. The trust's charitable status enables it to reelaim gift aid ori certain amounts received from friends and patrons. David Roberts Isthe sole director of the charltvs subsldlary company, CCMF Plano Limited. whose sole asset is the Steinway piano used by the festival. and whose sole activity is providlng that plano for hlre. APPROVED BYTHE TRUSTEES on Signed David Roberts Trustee Date I l Q Page 3 INDEPENDENT EXAMINER'S REPORT Report to the Trustees of Chlpplng Campden Music Festival (charity number 11099911 On the account5 for the year ended 31 December 2023 set out on pages 5 to 9 I report to the trustees on my examination of the accounts of the above charity for the year ended 31 December 2023. Res onsibilities and basis of re ort As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111"the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Inde endent Examiner's statement The charity's gross income exceeded £250,0(X) and l am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examinatior) which gives me cause to believe that in, any material respect.. the accounting records were not kept in accordance with section 130 of the Charities Act,. or the accounts did not accord with the accounting records; or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulation5 2008 other than any requirement that the accounts give a 'true and fair, view 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 order to enable a pr er unders nding of the accounts to be reached. Signed.. Date.. Danlel James Colwell FCCA CTA A Danlel Colwell & Co Chartered Certlfled Accountant Page 4 CHIPPING CAMPDEN MUSIC FESTIVAL Year Ended 31 December 2023 Sectlon A Statement of flnanaal artivities (Includlng summary Income and expendlture account) Note UnrestrScte fund5 Restrlcted Sncome rynds Endtswmènt Total fuhdi funds 2023 2022 Sncome Oonatlons and ￿8a￿eS 162,628 162,628 114.140 Charitable artiwties 186.526 2,322 35L475 186.526 1322 351.475 155.606 106 269,852 Invest¢mÈn*s Expenditure Charitable actlvitles 351,831 351.831 285.382 Net incomellexpendlturel before ta% for the reportlng perlod Tax payable 13561 13561 115,5301 Nei incomellexpendlturel aftertsx before investmèrit 8ainslllossesl Net gain5111ossesl on Investments Nel incomellexpenditurel Other galns/llo5ses1 Net movement in funds 13561 13561 115.5301 135GI 13561 115.5301 13561 13561 115.5301 Reconciliation of funds.. Total funds brought forward Total funds carried forward 212.508 212.152 212.508 212.152 228.038 212.508 Page 5 CHIPPING CAMPDEN MUSIC FESTIVAL Year Ended 31 December 2023 Sectlon B Balance $heet Unrystriuerf d5 Resiilrted Income funds Endowment nds Total 2023 2022 Curyenta55et5 Debtors Cash * bankaThl in har*d Total current assets 33.723 254,410 288,133 33,723 254.410 288,133 30,257 225A76 255,732 Credftors 75.981 75,981 43224 Netcurrent055ets 212.152 211152 212.508 T¢til assets les$ cwrentliabilities 212.152 211152 2125Q8 PrtrrfisM)ns forliBbiUtk5 Totil neta5$8tsoi Ikblllfjes 212.152 212.152 212,508 Funds ofthe Ch•rty Unfestrlc￿￿tsTrds Tètal funds 212.152 212.152 212,152 211IS2 212,408 212,508 &gned by8 biJ8t# on b¢hBW ofall ttte Date I l O ZoY* Page 6 CHIPPING CAMPDEN MUSIC FESTIVAL Year Ended 31 December 2023 Settioh C Notes 1Ae¢oUn￿nBp￿ItIe$ 35 Llasteof prepaiation. These a£countshave been pieparedan an aecrua1sb3s￿and kntludÈ Income 2nd expoAditUie 8$ IhéyarÈ earned orlftctsired, r31hÈrth3nascash isrecewéd oi paid. The fifianciHI siatementshave l*en popared in a(cOrdarKeW￿￿A￿¢￿nt1ng and Rewrting byCharit￿s.' 5taierneTht of Recommefided Prattit@ap￿1c￿blQtOcharltl@S preparin8 1helracco￿l$In accordan￿ With the Hnanclal Reportin8St4ndard gpwlcqblc ITr the UKand ftepublii gfirclgn4f155ve4iTr0￿Obcr2019.1￿C 15nDnciDI RcportSn8Standard appliUb￿ in the Unlted KlnBdorn an¢ Rep¥bl*of Irelan￿ (FR5 1021. rheChafltle5Att2fiii,and UXGeneff Il¥kttpiedActouniint PracUtt.The i£counts InEludeallthe trdn5Ktlons.assetsan4J IlabMItIE5frYwhlchiheChèrttv15re5PDnlble In l•w.TheChaiityconstttutes n wblit beneThl entityas definedby FR5 102. bl Income.Voluntsry iD¢ludingdonatlons, Èlfts and grants ale recognlsed where ihereis Èntillement, ¢ertainlyolrE¢eiptaDdthe amount can beTellabty measured. Voluntsry income isdeferred V4>wothedonot hesspÈufied thatthe donatlon orgrant rn￿st be used In a rutUTeattountin8PEFiod. Income from ¢hirltabiea¢i5￿ll¢s lsre¢oEnlsed as earned through thepTovlslon of8oodsalldservlces. Incrjrnels deferred whereadmis*onfee50Tperformance relatedgrants are recelved ltyadvance Df the pertoimDnce5 %vhich they rdate. ¢1 FxpendllW& EKP2ndlture Is recoBnlsed when a IlabUtyl£lnctsYrÈl. I irteresi recelvable. Intereston funds heldon deposlt Islnduded %Yhen reCe￿tsIe andtthe3m¢wnttaTt be￿￿sured1eIllbIYbWl1e harlty,'thls i51￿rmal￿ upon notlftcotlon of the ihitrestpald or payable byt*e Bank. el DEbtors.TTrdeand ¢t)erdebtorsarèrÈtO8nlsed aithe 5ettlemeniamr¥Jnidwe afterarytiadedlseotsni offwed, prÈptymefitsarÈ valued ?Ilhe amount ptep8id netofartytradedlKounisdue. Trshat bankand In hènd. cashai knnkand In h*d Includes casb andshortterm highty liouid Investmentswith a S￿)rt maturlty ol three months tyr le55fv¢xn thedate of acqulsillw oropeAln8Qtihedep05itor5imll?i a￿QUI￿. CroditOTkCreditorsand prov15Ions 8rereeoEni&edwhÈre thethèrityha5a PEesentobIi8al￿n resulringfvom a past e¥entth•t wll probabty resultknthe Iiansferof fundstoa third partyand ihe amountdue to 5ettiethe obllEOtlon can be measured or estimated reliab￿. Cied5torsand PFovlstonsare normally FeEognlseO at thelrsettiernentamtyJntafterallowlnRforanytradedlscounts due. hl GoinÉContertt.The Trn51ees we satisfied thatthe Festivalhajadequète ￿seNe5 and Ih81the lureca5t5for IhE Trelltwe￿fflQfftthsbnd bewndafy forthe accouNt5 to be prepared(An a8oln8conc￿n b89S. Page 7 21nwm? A￿￿15 ofkntome Llnrestircted lunds Aestritted Endowment Tolal funds Income fvnds f￿ndS 2023 2022 DonatIO￿ana *aties DoTratlonsAnd gifts Gift Aid le￿tieS 138.947 23.680 138347 2affj 97,878 IS,262 162,628 161628 114.139 tharitable a￿￿111e$ ncke15ale5, proyamm¢5and membership Af1vertis￿E Income 183,266 3.260 183.266 3,160 151806 1800 Other Total 186.526 186,526 155.606 Interest￿￿Me 2,322 2322 106 YOTAL INCOME 35147$ 269.852 3 EwndltA¥e 2023 2022 Expenditure on chaiitsblo J¢tr¥itles Art￿1$ PromDtIDn Dlretho Equipment and Venue Hire Prolrammesènd tickets Admlnlstr311on and assoclatedcosis T¢ial 189.656 47,176 50W6 Ig,615 4S,337 351.831 166,241 39,611 34846 15.968 26,716 285,382 2023 2Q22 AnatyslsofwertdlLur•on¢h8riiab actwilie5 315.229 21,980 14.623 35L831 255.811 11589 16,97L 285,282 Uieraiure Festlval Chorus Toial 4 D¢bto 2023 Prepayrnent5?nd a￿rned Intome OtheTfjQDtors Toral 13.225 6.81Z 23.445 30.251 33,723 All debtorsare reco¥erBbtr. In lessthanoneyear 5 Cosh 2023 2022 Shortterrn deposlts Cash al bank and on haa41 Tot21 I49,￿0 5.350 2S4AIO 2Q3,d38 22,038 225,476 Page 8 6tredltors 202> 2022 AccNals afid deferred income Oihei ciediiof5 Total 64,587 11,394 75.981 31,831 43,225 All creditoisfall due WilhlThorteyear 7Truitr45 Thètrusteesfeeei¥e ntsiÈMunW¥tion. Expense$ 01É210 and E321werepaidfv Dawd Aobertsand Ailsèscott respcctivety. 80efe¢red Income DDnatlon5 have been reieived svhlch ire Imended for nexiyear a￿. in 4ddlfjon, Ihere havebeen &OMead￿nCetIckeT s8le5for Ihe 2024 fesiiv71 Movem￿1 in dpf*irqd lTrcomo account 20 2022 Balance at the startoFthe reportiwperbd Am(xJntsadded In current perfod Amoutsts released from prdw5 pe¥iods Balance ètthe end of the reporting peiiod 23.591 6L860 123,5911 61.860 23.591 23,591 9 knd¢pend*MExaThlnBrs Fee 2023 2022 45 IOT*ullon The charityisrty$ter¢d fN8ift ald which iicl8im$ qualifylng donatlons. The chBrh¥i$noi re815teTedforVAT. Th•th#ritVlS not IlabllÈ rorcorpor3t￿rt 5n*h year underrewow. Page 9