REGISTERED COMPANY NUMBER: 05976080 (England and Wales)
REGISTERED CHARITY NUMBER: 1117355
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
FOR
RYEDALE FESTIVAL TRUST LIMITED
UHY Calvert Smith
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
North Yorkshire
YO19 5UW
RYEDALE FESTIVAL TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
|
Page |
Chairman's Report |
1 to 2 |
Report of the Trustees |
3 to 6 |
Independent Examiner's Report |
7 |
Statement of Financial Activities |
8 |
Balance Sheet |
9 to 10 |
Cash Flow Statement |
11 |
Notes to the Cash Flow Statement |
12 |
Notes to the Financial Statements |
13 to 21 |
RYEDALE FESTIVAL TRUST LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
DuringtheyeartheFestivalremainedfirmlycommittedtoitscoremissionofbringinggreatmusicandthearts to
communitiesacrossRyedaleand beyond.Overthe yearwe staged61 eventsin 33 venuesacrossNorthYorkshire, for
which we sold over 9,500 tickets, a significant increase over 2022.
TheFestivalcontinuedto enjoya large,loyal,andenthusiasticaudiencefromnearandfar,thewarmsupportof the
localcommunityandareputationasoneofthemostexcitingandenterprisingsummerfestivalsin Europe.
RenownednamesinclassicalmusicandjazzsuchasAnnaLapwood,NickySpence,Bomsori,ClareTeal,Jess Gillam,
theOrchestraofOperaNorth,BorisGiltburgandtheRoyalNorthernSinfonia,andmanyothers,graced our
platforms, several of them as Artists in Residence.
Atotalof762performerstookpartineventsin2023,ofwhom200werechildrenandyoungpeople.Among that
numberwas the Festival'sRyedalePrimaryChoirforchildrenaged7 to 11 whichmadeits debutperformanceat our
CommunitySongCycleinPickeringentitled"GivetomethelifeIlove".Thiswasaworldpremierein partnership
withtheRichardShephardMusicFoundation,whichbringsopportunitiestoprimaryschoolchildreninRyedale and
increasingly the wider Northeast.
Encouraging messages for this year's summer festival included, from one supporter:
"From the bottom of my heart this has been the best musical experience of my life".
Acriticalfactorbehindourcontinuedsuccesswasonceagainthecreativevisionandinspiredprogrammingof our
highly regarded Artistic Director, Christopher Glynn.
Financial performance
Despiteadifficultfinanciallandscapeforartsorganisations,theunderlyingtradingperformanceoftheFestival was
strong.We wereheartenednotonlyby therecoveryof ourticketsalespost-Covidbutalsoby thegenerous support
of our donors, sponsors, and advertisers as well as the loyalty and generosity of our 320- strong membership.
Inmy2022Statement,InotedthattheTrusteeshopedthatamodestsurpluscouldbeachievedin2023. Everyone
involvedintheFestivalhasworkedunstintinglytoachievethisobjective.Atanoperationallevelwehad£37.7k of
irrecoverableVAT in ourcostswhichtippedthebalanceintoa smallin yearoperatinglossof £15k.However,due to
thenatureofaccountingforandrecognisinggrantincome,thefinalresultisasurplusof£70.7kfortheyear. This
includes£56.7kincomereceivedinJuly2023forthe2024Festival,and£30kaccruedmulti-yearfundingfor 2024
and 2025, which has been included in accordance with the SORP accounting provisions.
TheTrusteeshaveagreeda 2023-24budgetwhichagainshowsa modestsurplus,theachievementofwhichwill be
dependentonthecontinuinggenerosityofourdonorsandthesuccessoffundraisingefforts.Thelatter were
bolsteredduringtheyearby thelaunchof a newtierof support,thatof Benefactor;thelaunchof theYoung Artists
andCommunityCircles;asuccessfulapplicationtoArtsCouncilEngland,whosesupportremainsessential;and a
promising start to what we hope will be a long-term partnership with the newly formed North Yorkshire Council.
Governance
ThereviewoftheFestival'ssuiteofpolicies,highlightedinmylasttwoStatements,wascompletedinJune 2023
when the Board ratified a new Health and Safety policy.
During2023theFinanceCommitteecontinuedtomeetquarterlytoscrutinisetheFestival'sfinances,submitting its
minutes and recommendations, including a Risk Register, to the wider Board.
The NominationsCommitteecontinuedto meetregularlyto plantrusteesuccessionand reviewpotentialrecruits. It
operateswithina skillsmatrix,toensurethattherightbalanceofskillsisavailabletotheBoard,andhas conducted
a diversity survey.
-1-
RYEDALE FESTIVAL TRUST LIMITED
CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Whilenotrusteeappointmentsweremadeinthefinancialyear,wewerepleasedtowelcomeYasinSAlito the
BoardwitheffectfromNovember1st,2023.Withseveralplannedtrusteeretirementsdueinthe2024 calendar
year, the management of appointments is an important priority.
Staff and volunteers
Thenewlystructuredmanagementteamworkedhardtodeliveralogisticallycomplexfestivalacrossa wide
geographicarea.Theywereassistedtirelesslyandskilfullybyagroupofover110volunteers,theveryheartof the
Festival,withoutwhoseeffortsitwouldnotbepossible.ThanksareespeciallyduetoGerardSimpson,soonto step
down as Volunteers Coordinator and trustee, whose service to the Festival over many years has been inestimable.
Awards and recognition
In October2022, to a standingovationin York Minster,the Festivalstageda sell-outperformanceof Verdi's Requiem
bytheHalléOrchestraandChorusunderthedirectionofSirMarkElder.Aglowing5-starreviewinthe Daily
Telegraph was headlined: "A performance- and a venue- as magnificent as this work deserves."
InMarchtheFestivalwasnamedasrunnerupinthecategoryofBestUKConcertseriesintheprestigious Royal
Philharmonic Society Awards. The judges spoke of the Festival's "extraordinary breadth of programming".
InMaywewelcomedtheBBCto NorthYorkshireto recordrecitalsby BBCNewGenerationArtistsas partof 'Spring
at the Ryedale Festival'. The four Lunchtime Concerts, broadcast on Radio 3, further boosted our national profile.
InJulytheYorkshirePostspokeoftheFestival"puttingthedistrictonthemapforclassicalmusicandculture a
festival immersed in its local community but of international quality."
Outlook
TheFestivalremainscommittedtobringingthehighestqualitymusic-makingtothewidestpossibleaudience, and
therebyaddinggreatvaluetotheculturalandeconomiclifeofNorthYorkshireincludingcommunitieswhich are
culturally underserved.
In2024andbeyondourplansembracenotonlypursuingthisaimbutalsocontinuingwithourcelebrated young
artistprogramme,creatingopportunitiesforartistsintheearlystagesoftheircareers,andexpanding our
much-needed work with schools and the community.
Geoff Potter
23.12.23
-2-
RYEDALE FESTIVAL TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2023
TheTrustees,whoarealsodirectorsof thecharityforthepurposesof theCompaniesAct2006,presenttheir report
with the financial statements of the charity for the year ended 31 August 2023.
The charity is also known as The Ryedale Festival.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity'sobjectivesareto promote,improve,developand maintainpubliceducationin, and appreciationof, the
artandscienceofmusic,dramaandtheperformingartsinalltheiraspectsbythepresentationofpublic concerts
and recitals and by such other ways as the charity through its committee shall determine from time to time.
We reviewouraims,objectivesand activitiesin eachfinancialperiod.The reviewlooksat whatwe haveachieved in
thepreviousfinancialperiod.Thereviewlooksat thesuccessof eachactivityandthebenefitstheyhavebrought to
thosepeoplewe aimto helpand helpsus to ensureouraims,objectivesand activitiesremainfocusedon our stated
purpose.WehavereferredtotheguidanceintheCharityCommission'sgeneralguidanceonpublicbenefit when
reviewing our objectives and aims in planning future activities.
Allcharitableactivitiesfocusonachievingtheaimsstatedaboveandareundertakentofurtherthe charitable
purposesforthepublicbenefit.TheTrusteeshavehaddueregardtoguidancepublishedbythe Charities
Commission on public benefit.
Volunteers are vital in assisting with the income generating activities of the Charity.
ACHIEVEMENT AND PERFORMANCE
InadditiontotheachievementsthatareexplainedintheChairman'sReport,anumberofperformance indicators
were met this year, demonstrating the scope and reach of our work and the impact of the Festival more broadly:
AUDIENCE:
9,594 tickets were purchased this year including many first time bookers
94 pieces of press (print and radio)
43,500peoplestreamedcontentontheFestival'sonlineplatform'RyeStream',from17differentcountries around
the world
MAKERS:
321 people subscribed to our membership scheme
172 people made donations towards the Festival
113 people volunteered to support the Festival
CREATORS:
762 performed in 61 events
Performances took part in 33 different venues across North Yorkshire
212 children and young people participated in performances and workshops
BENEFIT TO LOCAL ECONOMY
Estimated at in excess of £1m
FINANCIAL REVIEW
Investment policy and objectives
TheBoardholdsexcessfundsinaselectionofinterest-bearingcashdepositaccounts.Currentholdingswill be
reviewedtooptimiseinvestmentreturnsinan accessibleformconsistentwiththeoperatingneedsofthe Company
accounts.
-3-
RYEDALE FESTIVAL TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2023
FINANCIAL REVIEW
VAT
TheFestivalisVATregistered,chargingVAToncertainincomesourcessuchasmembershipfeesandbarsales. The
mainFestivalincome,ticketsales,comesunderthe'CulturalExemption'schemeforVATandnoVATisincluded in
the price.The effectof thisis that the Festivalcan onlypartiallyrecoverthe VAT that it incursbasedon a % recovery
raterelativeto its VATablesupplies.Duringthe courseof the year£37.7kwas chargedto theprofitand loss account
for irrecoverable VAT.
Income
InpreparingthefinancialstatementsinaccordancewiththeCharitiesSORP,as explainedinouraccounting policies
on page13, we are requiredto recogniseincomewherethe conditionsof entitlement,probabilityand measurement
aresatisfied.Thismeansthatfora numberofourdonationsandgrants,wherenotdependentonmeeting specific
serviceconditions,wearerequiredtorecogniseincomethathasbeenpledgedaheadofwhenitwillbe actually
received by the charity; and in the case of some multi-year grants, significantly ahead.
In the 2023 financialyear,£56.7kwas receivedin July 2023 for the 2024 Festivalbut is includedin the incomefor the
yearin accordancewiththe SORPaccountingprovisions.In additiontwo furtherTrustsand Foundationsawarded us
three year funding in 2023. Accrued income of £30k is included in these accounts, £15k each for
the 2024 and 2025 Festival.
Reserves policy
TheCompany'sReservespolicyhasbeentoaimtobuildupreservestoa levelwhichmeetstheFestivalevent costs
fortheforthcomingFestivalandalsotoenableanorderlywindingdownoftheFestivalshouldtheBoarddecide on
thatactionatanytimeintheFestival'syear.Thetargetfigurewas£200,000.TheBoardhasagreedtokeep the
targetreserveunderreviewin lightof thecurrentfinancialclimateandstructuralandcontractualobligationsof the
Festival.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
RyedaleFestivalTrustLimitedisacharitablecompanylimitedbyguaranteegovernedbyitsMemorandum and
Articles of Association. It is registered with the Charity Commission.
Recruitment and appointment of new trustees
There shall be at least three Trustees and the maximum number of Trustees shall be twelve.
All Trusteesare appointedfor a fixedtermof threeyears.At the expiryof theirFirstThreeYearTerm,a Trustee may
be appointedfor a secondfixedtermof threeyears.At the expiryof theirSecondThreeYear Terma Trusteeshall be
requiredtostanddownfromofficeforaperiodofatleastoneyearfromtheendoftheirSecondThreeYear Term
beforetheycanstandforreappointmentunlesstheTrusteesresolvethatbecauseofexceptionalcircumstances a
Trustee may be reappointed for a third, and final, fixed three year term.
TheTrusteesmayatanytimeappointanewTrusteetofillacasualvacancyandthetermofofficeofthe new
TrusteesoappointedshallcontinueforaperiodofthreeyearsaftertheappointmentofthenewTrusteeto the
casual vacancy.
-4-
RYEDALE FESTIVAL TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The charity is organised as an independent festival, under the overall control of a Board of Trustees.
The Board appoints an Artistic Director, whose role is to provide artistic and strategic leadership for the Festival.
AGeneralManagerleadsadedicatedteamofstaffandvolunteersandmanagesalloperationalaspectsof the
festival.
Thefestival'sactivitiesaregearedtowardsthetwo-weekSummerFestivalperiod,butalsoencompassa Spring
Festival and standalone events through the year.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05976080 (England and Wales)
Registered Charity number
1117355
Registered office
The Memorial Hall
Potter Hill
Pickering
North Yorkshire
YO18 8AA
Trustees
G Potter-Chairman
E J S Anderson-Deputy Chairman
H M Dobson-Treasurer
E S Cleobury
A Beaumont Ellis
A R H Grace
Canon Dr V Johnson
G Simpson
A J Snell
Y S Ali (appointed 1 November 2023)
During the year the company paid £1,078 (2022: £1,078) in respect of Trustee Indemnity Insurance.
Independent Examiner
UHY Calvert Smith
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
North Yorkshire
YO19 5UW
-5-
RYEDALE FESTIVAL TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
HSBC
27 Market Place
Malton
North Yorkshire
YO17 7LU
Solicitors
Mr J Lane
C\o Rollits Solicitors
Forsyth House
Alpha Court
Monks Cross
York
North Yorkshire
YO32 9WN
ThisreporthasbeenpreparedinaccordancewiththespecialprovisionsofPart15oftheCompaniesAct 2006
relating to small companies.
Approved by order of the board of trustees on 27 March 2024 and signed on its behalf by:
G Potter - Trustee
-6-
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
RYEDALE FESTIVAL TRUST LIMITED
Independent examiner's report to the trustees of Ryedale Festival Trust Limited ('the Company')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 August 2023.
Responsibilities and basis of report
As the charity'strusteesof the Company(and also its directorsfor the purposesof companylaw)you are responsible
for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe 2006
Act and are eligiblefor independentexamination,I reportin respectof my examinationof yourcharity'saccounts as
carriedoutunderSection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationI have
followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Sinceyourcharity'sgrossincomeexceeded£250,000yourexaminermustbeamemberofalistedbody.I can
confirmthatIamqualifiedtoundertaketheexaminationbecauseIamamemberoftheInstituteof Chartered
Accountants in England and Wales, which is one of the listed bodies.
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of 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 of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
H Priest
UHY Calvert Smith
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
North Yorkshire
YO19 5UW
11 April 2024
-7-
RYEDALE FESTIVAL TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
163,579
Charitable activities
5
Festival events
337,187
Other trading activities
3
12,917
Investment income
4
1,933
Total
515,616
EXPENDITURE ON
Raising funds
6
22,570
Charitable activities
7
Festival events
432,255
Total
454,825
Net gains/(losses) on investments
(91)
NET INCOME/(EXPENDITURE)
60,700
RECONCILIATION OF FUNDS
Total funds brought forward
118,789
TOTAL FUNDS CARRIED FORWARD
179,489 |
Restricted
funds
£
6,990
29,750
16,316
-
53,056
-
43,056
43,056
-
10,000
-
10,000 |
2023
Total
funds
£
170,569
366,937
29,233
1,933
568,672
22,570
475,311
497,881
(91)
70,700
118,789
189,489 |
2022
Total
funds
£
100,702
200,536
6,969
198
308,405
12,822
413,053
425,875
(227)
(117,697)
236,486
118,789 |
|
|
|
|
The notes form part of these financial statements
-8-
RYEDALE FESTIVAL TRUST LIMITED
BALANCE SHEET 31 AUGUST 2023
Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Stocks
13
Debtors
14
Investments
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS |
2023
£
-
1,683
72,801
4,617
145,376
224,477
(34,988)
189,489
189,489
189,489
179,489
10,000
189,489 |
2022
£
226
-
37,814
4,708
187,935
230,457
(111,894)
118,563
118,789
118,789
118,789
-
118,789 |
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006for the
year ended 31 August 2023.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 August 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparingfinancialstatementswhichgiveatrueandfairviewofthestateofaffairsofthe charitable
companyas at the end of eachfinancialyearand of its surplusor deficitfor eachfinancialyearin accordance
withtherequirementsofSections394and395andwhichotherwisecomplywiththerequirementsof the
Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
-9-
RYEDALE FESTIVAL TRUST LIMITED
BALANCE SHEET - continued 31 AUGUST 2023
Thesefinancialstatementshave beenpreparedin accordancewiththe provisionsapplicableto charitable companies
subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon27March2024 and
were signed on its behalf by:
G Potter - Trustee
H Dobson - Trustee
The notes form part of these financial statements
-10-
RYEDALE FESTIVAL TRUST LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period |
2023
£
(44,492)
(44,492)
-
1,933
1,933
(42,559)
187,935
145,376 |
2022
£
(83,972)
(83,972)
(452)
198
(254)
(84,226)
272,161
187,935 |
|
|
|
The notes form part of these financial statements
-11-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
2023 |
2022 |
|
|
|
|
|
£ |
£ |
Net income/(expenditure) for the reporting |
period (as per the |
|
|
|
|
|
Statement of Financial Activities) |
|
|
|
|
70,700 |
(117,697) |
Adjustments for: |
|
|
|
|
|
|
Depreciation charges |
|
|
|
|
226 |
658 |
Losses on investments |
|
|
|
|
91 |
227 |
Interest received |
|
|
|
|
(1,933) |
(198) |
Increase in stocks |
|
|
|
|
(1,683) |
- |
Increase in debtors |
|
|
|
|
(34,987) |
(10,751) |
(Decrease)/increase in creditors |
|
|
|
|
(76,906) |
43,789 |
Net cash used in operations |
|
|
|
|
(44,492) |
(83,972) |
ANALYSIS OF CHANGES IN NET FUNDS |
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
non-cash |
|
|
At 1.9.22 |
|
Cash flow |
|
changes |
At 31.8.23 |
|
£ |
|
|
£ |
£ |
£ |
Net cash |
|
|
|
|
|
|
Cash at bank |
|
|
|
|
|
|
and in hand |
187,935 |
|
(42,559) |
|
|
145,376 |
|
187,935 |
|
(42,559) |
|
|
145,376 |
Liquid resources |
|
|
|
|
|
|
in cash |
|
- |
|
- |
|
- |
Current asset |
|
|
|
|
|
|
investments |
4,708 |
|
|
- |
(91) |
4,617 |
|
4,708 |
|
|
- |
(91) |
4,617 |
Total |
192,643 |
|
(42,559) |
|
(91) |
149,993 |
2. ANALYSIS OF CHANGES IN NET FUNDS
The notes form part of these financial statements
-12-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS102,have been
preparedin accordancewiththe CharitiesSORP(FRS 102) 'Accountingand Reportingby Charities: Statement
ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January 2019)',
FinancialReportingStandard102'TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland'andtheCompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistoric cost
convention as modified by the revaluation of certain assets.
Income
InaccordancewiththeCharitiesSORP,allincomeisrecognisedintheStatementofFinancialActivities once
thecharityhasentitlementtothefunds,itisprobablethattheincomewillbereceivedandtheamount can
be measured reliably.
Thiscanmeanthat,forgrantsanddonations,incomeisrecognisedaheadofwhenitisreceivedby the
charity and in the case of multi-year grants, significantly ahead of receipt.
Expenditure
Liabilitiesarerecognisedas expenditureas soonas thereisa legalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethata transferofeconomicbenefitswillberequiredin settlement
and the amountof the obligationcan be measuredreliably.Expenditureis accountedfor on an accruals basis
and has beenclassifiedunderheadingsthat aggregateall cost relatedto the category.Wherecosts cannot be
directlyattributedto particularheadingstheyhavebeenallocatedto activitieson a basisconsistentwith the
use of resources.
Raising funds
Raisingfundsincludesallexpenditureincurredbythecharitytoraisefundsforitscharitablepurposes and
includes costs of all fundraising activities, events and non-charitable trading.
Charitable activities
Festival event costs - These are costs of staging the productions.
Support costs - These are costs of keeping the charity running.
Tangible fixed assets
Tangiblefixedassetsareincludedatcost.Itemsofequipmentarecapitalisedwhenthepurchase price
exceeds £100. Depreciation is provided at the following annual rates in order to write off each asset over
its estimated useful life:
its estimated useful life: |
|
|
|
Rate |
Method |
|
------- |
------------ |
Office equipment |
20% |
Straight line |
Computers |
50% |
Straight line |
Taxation
Thecompanyisacceptedasacharityfortaxpurposesandisexemptfromtaxonitsincomeorgainsto the
extent that they are applied for charitable purposes.
CreditreceivablebythecharityunderTheatreTaxReliefisrecognisedintheperiodthatthe qualifying
productiontookplacetotheextentthatthereceiptandvalueoftheclaimarereasonablyassured. The
credit is included in incoming resources from charitable activities.
continued...
-13-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restrictedfundsaretobeusedforspecificpurposeslaiddownbythedonor.Expenditurewhichmeets this
criteria is identified to the fund.
Designatedfundsaretobeusedforspecificpurposesbutthereisnolegalobligationonthecharityto use
the funds in this way.
Foreign currencies
Assetsandliabilitiesinforeigncurrenciesaretranslatedintosterlingattheratesofexchangerulingat the
balancesheetdate.Transactionsinforeigncurrenciesaretranslatedintosterlingattherateof exchange
rulingatthedateoftransaction.Exchangedifferencesaretakenintoaccountinarrivingatthe operating
result.
Hire purchase and leasing commitments
RentalspaidunderoperatingleasesarechargedtotheStatementofFinancialActivitiesonastraight line
basis over the period of the lease.
Investments
Investmentsarerevaluedtomarketvalueatthebalancesheetdate.Realisedandunrealisedgains and
losses are included in the Statement of Financial Activities and in the net movement of funds for the year.
Thecharity'sinvestmentshavebeenclassifiedascurrentassetinvestmentsandthereforeincludedas liquid
resources in the Cashflow Statement.
Government Grants
GovernmentgrantsarerecognisedintheStatementofFinancialActivitiesoncethecharityhas entitlement
to the funds, it is probable that the income will be received and the amount can be measured reliably.
2. DONATIONS AND LEGACIES
3.
Donations
OTHER TRADING ACTIVITIES
Bar and gift shop income
Sponsorship and advertising |
2023
£
170,569
2023
£
5,819
23,414
29,233 |
2022
£
100,702 |
2022
£
100,702 |
|
|
|
2022
£
-
6,969 |
|
|
|
6,969 |
continued...
-14-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
4.
INVESTMENT INCOME
HMRC repayment interest
Investment income
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Ticket and programme sales
Festival events
Subscriptions
Festival events
Theatre tax credit
Festival events
Grants
Festival events
6.
RAISING FUNDS
Raising donations and legacies
Members' dinner
Promotional printing
Support costs
Other trading activities
Purchases
Closing stock
Aggregate amounts |
2023
£
1
1,932
1,933
2023
£
219,283
45,866
7,038
94,750
366,937
2023
£
2,800
10,512
5,610
18,922
2023
£
5,331
(1,683)
3,648
22,570 |
2022
£
-
198
198
2022
£
150,602
38,934
-
11,000 |
2022
£
-
198
198
2022
£
150,602
38,934
-
11,000 |
|
|
200,536 |
|
|
|
|
2022
£
1,555
10,154
1,113 |
|
|
|
12,822 |
|
|
|
2022
£
-
-
-
12,822 |
continued...
-15-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023
7. CHARITABLE ACTIVITIES COSTS
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
Support |
|
|
Direct |
costs (see |
|
|
Costs |
note 8) |
Totals |
|
£ |
£ |
£ |
Festival events |
264,545 |
210,766 |
475,311 |
The figures reported above relate to the year ended 31 August 2023.
8. SUPPORT COSTS
Management
Depreciation
£
£
Raising donations and legacies
5,610
-
Festival events
210,540
226
216,150
226 |
Totals
£
5,610
210,766 |
|
216,376 |
The figures reported above relate to the year ended 31 August 2023.
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
2023 |
2022 |
|
£ |
£ |
Depreciation - owned assets |
226 |
658 |
Other operating leases |
3,257 |
3,067 |
Independent examiner's fee |
2,580 |
2,250 |
10. TRUSTEES' REMUNERATION AND BENEFITS
TherewerenoTrustees'remunerationorotherbenefitsfortheyearended31August2023northe year
ended 31 August 2022.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31August2023norfortheyear ended
31 August 2022.
Expenses totalling £Nil (2022: £295) were reimbursed to the Trustees during the year.
continued...
-16-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
11. STAFF COSTS
|
2023 |
2022 |
|
£ |
£ |
Wages and salaries |
110,725 |
101,512 |
Social security costs |
5,717 |
5,302 |
Pension contributions |
2,635 |
2,196 |
|
|
|
|
119,077 |
109,010 |
|
|
|
The average monthly number of employees during the year was as follows: |
|
|
|
2023 |
2022 |
Management and administration |
4 |
4 |
No employees received emoluments in excess of £60,000.
Thekeymanagementpersonnelof thecharitycomprisetheTrustees,theGeneralManagerandthe Festival
Director.The totalremunerationof the key managementpersonnelwas £93,251(2022:£67,674).This figure
comprisesgrosswages,employer'snationalinsurancecontributionsandemployer'spension contributions
for the General Manager and Festival Director.
12. TANGIBLE FIXED ASSETS
Plant and
Computer
machinery
equipment
£
£
COST
At 1 September 2022 and 31 August 2023
10,117
4,530
DEPRECIATION
At 1 September 2022
10,117
4,304
Charge for year
-
226
At 31 August 2023
10,117
4,530
NET BOOK VALUE
At 31 August 2023
-
-
At 31 August 2022
-
226 |
Totals
£
14,647 |
|
14,421
226 |
|
14,647 |
|
- |
|
226 |
continued...
-17-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
13.
STOCKS
Stocks
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
VAT
Prepayments and accrued income |
2023
£
1,683
2023
£
28,361
1,804
42,636
72,801 |
2022
£
-
2022
£
15,217
15,106
7,491 |
2022
£
- |
|
|
37,814 |
|
Includedwithinaccruedincomeareamountstotalling£30,000(2022:£nil)relatingtograntfunding which
willbereceivedandspentinfutureyears.UndertheCharitiesSORP,andasexplainedinthe accounting
policiesonpage13, incomeisrecognisedwhentheconditionsofentitlement,probabilityand measurement
are satisfied. This income has therefore been recognised in advance of receipt.
Debtors: amounts falling due after more than one year
Includedwithinaccruedincomeareamountstotalling£15,000(2022:£nil)whichfalldueaftermore than
one year.
15. CURRENT ASSET INVESTMENTS
UK Quoted investment |
|
|
|
2023 |
2022 |
|
£ |
£ |
Market value at 1 September 2022 |
4,708 |
4,935 |
Net unrealised gain/ (loss) on revaluation |
(91) |
(227) |
Sales proceeds |
- |
- |
|
|
|
Market value at 31 August 2023 |
4,617 |
4,708 |
|
|
|
|
|
|
Historic cost |
2,800 |
2,800 |
|
|
|
continued...
-18-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income |
2023
£
13,671
2,083
-
19,234
34,988 |
2022
£
21,686
-
482
89,726 |
|
|
111,894 |
Incomefromgrantsand donationswithperformancerelatedtermsand conditionsis deferredwhen received
inadvanceofthedeliveryoftheservice.Themovementindeferredincomefromtheprioryearof £89,726
is reflected in current year income.
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
fund
£
Fixed assets
-
Current assets
214,477
Current liabilities
(34,988)
179,489
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Community Song Cycle
TOTAL FUNDS |
2023
Restricted
Total
funds
funds
£
£
-
-
10,000
224,477
-
(34,988)
10,000
189,489
Net
movement
At 1.9.22
in funds
£
£
118,789
60,700
-
10,000
118,789
70,700 |
2022
Total
funds
£
226
230,457
(111,894) |
|
|
118,789 |
|
|
At
31.8.23
£
179,489
10,000 |
|
|
189,489 |
18. MOVEMENT IN FUNDS
continued...
-19-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023
18. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Restricted donations
Restricted sponsorship
Restricted grants
Community Song Cycle
Young Artist Programme
TOTAL FUNDS |
Incoming
resources
£
515,616
6,990
16,316
2,500
17,750
9,500
53,056
568,672 |
Resources
expended
£
(454,825)
(6,990)
(16,316)
(2,500)
(7,750)
(9,500)
(43,056)
(497,881) |
Gains and
Movement
losses
in funds
£
£
(91)
60,700
-
-
-
-
-
-
-
10,000
-
-
-
10,000
(91)
70,700 |
Gains and
Movement
losses
in funds
£
£
(91)
60,700
-
-
-
-
-
-
-
10,000
-
-
-
10,000
(91)
70,700 |
|
|
|
|
10,000 |
|
|
|
|
70,700 |
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
Net
movement
At 1.9.21
in funds
£
£
236,486
(117,697)
236,486
(117,697) |
At
31.8.22
£
118,789 |
|
|
118,789 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
308,405
308,405 |
Resources
expended
£
(425,875)
(425,875) |
Gains and
Movement
losses
in funds
£
£
(227)
(117,697)
(227)
(117,697) |
Gains and
Movement
losses
in funds
£
£
(227)
(117,697)
(227)
(117,697) |
|
|
|
|
(117,697) |
Unrestricted fund
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds
Restricted funds are to be used for specific purposes laid down by the donor.
continued...
-20-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023
18. MOVEMENT IN FUNDS - continued
Thenotesabovesetouttherestrictedincomereceivedandutilisedinthisandtheprioryear.The balances
carriedforwardrelateto fundingwhichhas notbeenutilisedfortherestrictedpurposeat thebalance sheet
date.Itisanticipatedthat£5,000ofthiswillbespentinthecomingyearwiththeremaining£5,000 being
spent during the year ended 31 August 2025.
Restricted funds include:
Community Song Cycle
TheFestivalhasalongtraditionofCommunityOperasandCommunitySongCycles,co-created by
professionals and amateur performers, and bringing together people from all walks of life.
Young Artist Programme
TheFestival'sYoungArtistsProgrammehelpstonurturethenextgenerationofoutstandingtalent through
mentoringand professionaldevelopmentopportunitiesforyoungsoloists,ensemblesand composersas they
embark on their careers.
19. CONTINGENT LIABILITIES
There were no known contingent liabilities as at 31 August 2023 or 31 August 2022.
20. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2023.
21. STATUS
Thecompanyislimitedbyguaranteesohasnosharecapital.Intheeventofawindingupofthe company,
the liability of the members is limited to £10 each.
22. THEATRE TAX RELIEF
TheTrusteeshavesubmittedaclaimforTheatreTaxRelieftoHMRevenue&Customsforthe2022 Festival
totalling£7,038.Thisamounthas beenrecognisedas incomein thestatementof financialactivitiesandas a
debtor in the balance sheet of these accounts.
TheTrusteeswillalsobesubmittingaclaimforTheatreTaxReliefforthe2023Festival,butconsider it
prudent not to recognise this income until the claim has been made and agreed.
-21-