Charity Number . 1109991 CHIPPING CAMPDEN MUSIC FESTIVAL UNAUDITED REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 June 2024 Chipping Campden Muslc Festfval Contents Page Pages 1-3 - Trustees Report Page 4 - Independent Examiners Report Page 5 - Statement of Financial Activities Page 6 - Balance Sheet Pages 7 - 9 - Notes to the Financial Statements Chipping Campden Music Festival Trustees, report for the Six months ended 30 June 2024 Change of Year-end The main activities of the festivals have for many years been held during Mayi although there have been some additional events in the autumn in prior years. The previous year- end of 31 December therefore resulted in a considerable delay between the end of the main festivals each year and the preparation and submission of the financial accounts relating to those festiva15. The trustees have resolved therefore to better align the reporting timetable for the festivals with the underlying festival timetable, hence the decision to change the annual reporting date to 30 June. Throughout this Report the six month period ended 30 June 2024 is referred to as 2024, and the year ended 31 December 2023 as 2023. Objectives and Activities The objectives of the Charity remain the promotion and arrangement of concert performances, literary events and music education activities. The principal activities during the six months ended 30 June 2024 were the music festival and literature festival held over three weeks during May 2024. A key element of the Music Festival each year is the formation, for the second week of the festival, 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 including schools to encourage young musicians. The 2024 Festivals The literature festival continues to grow its reputation, showcasing a range of fiction and non-fiction title5. The plans for 2025 are to continue growing the festival through events involving interesting speakers and books and promoting the festival more widely. The standard of performances throuEhout the music festival continuc: to bc very high, and the focus of the trustees continues to be on maintaining the high level of musical performance which has been the hallmark of the festival to date. The total audience for the music festival in May 2024 was just over 4,30012023 just under 4,600), including some concerts that were in practice sellouts. The financial results are commented on below. Financial Review Activity during the period l July to 31 December each year has normally been limited to planning and preparation for subsequent festivals. Income receivable during that period is normally immaterial, and costs incurred are mainly in relation to the services of the Artistic Dfrrector and the Managing Director. In future there is likely to be more activity during the period as the education projects grow. However, for the purposes of the financial elements of this Annual Report, a fair presentation is achieved by simply comparing the six months ended 30 June 2024 and the year ended 31 December 2023, while recognising that the surplus for 2024 is Significantly attributable to Six month's less of Direction costs being included in that shorter period. The total income from the 2024 Festivals, includin8 ticket sales, sponsorship and donations, advertising income, and grant5, was £330.00012023 - £351.000). The income from charitable activitie5 (essentially ticket and programme sales) was £185,000 (2023 - £186,000), with the remaining income being donations, including related gift aid, of £143.00012023 - £163,000) and interest income of £2,000 (2023 - £2,000). Payments to artists totalled £150,000 {2023 - £190,000). Total costs for 2024 were £274,000 {2023 - £352,000), leaving a surplus of £56,000 for 2024 {2023 - deficit of £1,000). The trustees have always sought to hold ticket prices as low as possible and also provide heavily discounted tickets for students. However, it is not possible to put on concert performances of the highest quality at such ticket prices without significant support from the patrons and friends of the festival. Although we are fortunate to have a very faithful body of patron5 and friends, the precise level of financial support varies from year to year. The medium-term trend is for sUPPOrt from patrons and friends to comprise between 30% and 500kn of the charity's total income. The trustees seek to maintain this high level of support by keeping patrons and friends informed and involved, and maintaining the highest quality of concerts, which is what our supporters tell us they value most. The Festival carries forward reserves totalling £268.000 at 30 June 2024. Reserves and Investment policy The reserves of £268,000 are represented by £17,000 in respect of the outstanding funding originally provided to the subsidiary company to purchase the festival's piano, with almost all the remainder represented by cash in the trust's bank accounts. Excluding the funding to the subsidiary company. the reserves are equivalent to 91/012023- 55%) of the festival's core costs and continue to provide a reasonable measure of security for the festival. The trustees have continued to keep under review the level of surplus it is appropriate for the charity to accumulate. In so doing, the trustees reference two broad aims, both forward looking. The first of these is the desirability of the festival being able to continue forward in the face of an uninsurable event causing cancellation and the resulting loss of ticket income with which to settle liabilities to artists. The second is the desirability of the festival being able to continue in the pursuit of its educational objectives without having to rely on public funds whose focus may change from year to year. Bearing these aims in mind, the trustees have continLJed to determine as an appropriate long-term target, reserve5 being IOO°h of the festival's core costs. While the level of reserves 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 resenies are held, the trustees have determined that the investable assets which 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 Management The charity is governed by a trust deed under which trustees are appointed. The charity is an unincorporated association. Trustees meet periodically as required but at least four times each year. New trustees can be appointed by the existing trustees. No other body or person has any rights to appoint trustees. The long-standinE Artistic Director retired following the 2023 festival, and in planning for this change the trustees had established a changed direction and management structure. A new Artistic Director was appointed. along with 3 co-Director with primary responsibilitv for operational mmanagement, supported by administrative assistance at peak activity times. Both the new Artistic Director and the co-Director have been involved with the festival for many years. This new structure was run in parallel with the previous Artistic Dirertor rem3ining involved up to 31 December 2023. to ensure smooth handover and to minimise any10£s of knowledgp. The festival is also supported by a team of volunteers, particularly duringthe festival period in May, many of whom have been involved for many years. Reference and Administrative details Name: Chipping Campden Music Festival Charity No: 1109991 Principal Address: The Old Police Station, High Street, Chipping Campden, Gloucestershire Trustecs during 2024: Arthur Cunynghame David Roberts Ailsa Scott Suzanne Smith (appointed 26 January 2024) The trust is a registered charity and makes returns to the Charity Commission accordinglv. The trust's charitable status enables it to reclaim gift aid on certain amounts received from friends and patrons. David Roberts is the sole director of the chariws subsidiary company, CCMF Piano Limited, whose sole asset 15 the Steinway piano used by the festival, and whose sole activity is providing that piano for hire. APPROVED BY THE TRUSTEES on 12 April 2025 Signed David Roberts Trustee Date INDEPENDENT EXAMINER'S REPORT Report to the Trustees of Chlpplng Campden Music Festhial (charity number 1109991) On the accounts forthe period ended 30 June 2024 set oirt on pages 5 to 9 I report to the trustee5 on my examination of the accounts of the above charity for the period ended 30 June 2024. Res on "b.11t￿S and basis of re As the charity's trustees. you are responsible for the preparation of the accounts in accordance wtth the requirements of the Charities Act 2011 (-the Acf)- I report in respect of my examlnation of the Tnftsvs accounts carried out tjnder section 145 of the 2011 Act and in carrying out my examlnation, I have followed all the applicable Direction5 given by the Charity Commission under section 14515){b) of the Act. Ind nd nt Exarninerfs Statement The charit￿5 gross income exceeded £250.000 and l am qualified to undertake the examination by being a qualified member of the Associatton of Chartered CertFfied Accountants. I have Completed my examination. I confirm that no material matter5 have come to my attention in wnnection with the examination which gives me cause to believe that in, any material respectr. the accounting ￿cOrdS were not kept in accordance with section 130 of the Charities Act: or the accounts did not accord with the accounting recordy or the accounts did not comply with the appllcable requirements concerning the form and content of accounts set out in the Charlties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which ￿ 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 whlch attention Should be drawn in this report In order to enable a pro er underst nding of t1￿ accounts to be reached_ Signed: Datp: l Lt Danlel Jame5 Colwell FCCA A Daniel Colwell & Co Chartered Certlfied Accountant Pa8e 4 CHIPPING CAMPDEN MUSIC FEStIVAL Perlod Ended 30 June 2024 Sectlofi A Statement olfinanclal acttvitie51induthntS(fft)mary incomÈ ard expenditure account} Nate Vnrestrkteil fvnds Efflkx￿nt Tr*al funds 2024 2023 lrfome DonaTionsand i¥cies 14J,IfNJ i￿3.108 15 Charitabk athvitles Ch¥itableattJWrti25 income Irwe5trnEAtlrKome 184.716 2.308 330.132 18d.716 18Q526 2.322 35L4 In￿lMen 33W2 EwL*iuie Charll**KIwes 273,855 351AS1 IncomellexpEnd￿r￿} beforetsxfur thereportln8pthl Taxpayable 56277 13S61 Net incomelltxptnthwrel afterfax bEfore investmertAains/llosse51 InslllD55esl on inve¢imon tftcomellexpentsrturel Otherg?InVIIosse51 movemen& ifi lurt¢5 56277 S&271 56.277 56277 13561 56.277 $6.277 Rccoarli I￿n￿r lund*" Toki fvnd5trou8hi*otW4ro ratal fund5 ¢arriodf¢rwird zil.￿? 268.429 268.429 212.152 Page 5 CHIPPING CAMPDEN MUSIC FESTIVAL As At 30 June 2024 Section B Balance sheet Totsl 2024 2023 Hxed assets ITWE5trnents C￿￿ent assÈts Debtors C?5h at bank and in hand Totsl CUfrenta5sets 17A39 285.949 30¥88 17,439 285,949 303,388 33.723 254.410 288.133 d4.Y60 15,Y81 Net curr4At a55ets 26B.428 268,428 211152 Totrl assets cwrent IlabllfjES 268.429 268.429 212,152 Prtrlisions for fwbi&tlÈs Totsl netyssetsor liabllitte5 268.429 268.429 211152 Fund¥ af the Charity Unrestrlcted fund5 Totsl furtds 258,429 268,429 268,429 268,429 211IS2 212,152 Signgd by g on b￿￿1r1)f¥H th• w￿81e¢S Date Page 6 CHIPPING CAMPDEN MUSIC FESTIVAL Perlod Ended 30 June 2024 Sertlon C iAC(ouniinK Pglld a) Basic ofpieparntion. n*seaccountshwe t*en preparedon an acuua15bMand includexKMne3Dd eyThditureasthtyare Earmd or Incurred. tathqrthan ¥s cash is Of Paid. ThÈfhwTh¢iJlststements h￿been prepa¢ed in xCOKdan￿W￿th A¢￿dits1s and Pr￿4￿10nS are le(￿lsed vJhE1Ethed￿rrt¥ hasa presentllb]18ai*Jn resuttTr￿fI0ffl a past eventthatwi1S obably fesullln the tran5feroffunils to a third party and ihe amwnt due t05eiiiethe 0￿￿KIn (an be ffleawred or e5WMa￿ ￿lIably. h) Goln8 Concerts. The Truslees areFatssEed ￿*%the Festi¥oI adequate resEwve5and thatth¢fO￿lstsfrKthe nexl t¥￿￿¢m9ntThS beyortd ère sul￿bI¥ posltsve fuf ihe account5to be prepared on a eoDIB Ct>ncern ba￿5. Page 7 Z Income Ai)aly5E5 of Incom Unreyricted Ae#rkted EndowYDert T￿al funds 1￿Co￿lUndS funds l)onattons and leK4C Oonalrons and slfts GIft￿d 123.CJO 123.6 19.438 143.108 139,947 143.W8 162,628 ch￿l￿b￿ acii¥itlps pro3rnmrnuand mombershlp Advert151nglnwrng 3.160 Total 184.716 IS6￿26 Iniertstincorne 2?22 TOTALIIICOME 330.132 3 Expendftu Expendituie on tharilable acthA Artists Promtstitsn and Olreciion Equipment Venue Hire ProBtammesJnd Itd¢c Adrnin]&rntloft and associated £0 Yotal 150WI S3￿7$ 37￿55 17.122 16,0¢3 273,855 189.656 47,176 1S.G15 45337 35L831 Al3￿.90f 4KP¢rtditur• N charfrtablè actsvrties F@st1￿1 iiterdture Fe5tiRI ?.?Q7GI 41321 5.774 273A55 314.￿9 2L9 14.623 351￿1 Tot InV•sbY￿E In Ccmf Hano Ltd 5 fknrs Prepayments and accwed income Otherdebtors Total 13,225 2Q49A 33.723 L7.43> 17A39 All dÈbtors2rÈ rec(Nerdbleln le55than one ye 6Cash Short term deposlts ai bank and on hand 277.318 2I9.lJ60 5.350 255949 ￿.410 To￿1 Pa9e 8 7Ctedltors 23Afj6 64587 IL394 11.394 75.981 Other (￿￿t0 Tot31 I credltofs fall due withlTr onEyear Ihetrtsy¢es re¢ewe no ￿m￿neratIN EX￿￿$ of£395 wtre p3KI to Aib5(ou g Defeffed Incom* MovornentSTh kietsft￿ Baldllte at Iht 5tartofthc revorE1￿PeT￿￿ Arnoutsts added in current period Amourfs released frorn p￿t￿U5 Per￿ Olla￿e )tthe end ofthe repOrt￿&per￿d 23?Ji 61.860 1235911 61.860 {6L8FJI lo1ndepE￿1￿rt Fee 11 Thxatki Thechilty is re￿S￿red10r ￿ftaid whxhit qUalfy*)8d0na￿ Thecharfty is Thoz ￿lstered fDrVAT. Thecharfty15 not l&bkf#r Q>tporèiwn Tax ￿tthe￿￿ underrevjew. Page 9