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 2024
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 2024
|
Page |
Chairman's Report |
1 |
Report of the Trustees |
2 to 7 |
Independent Examiner's Report |
8 |
Statement of Financial Activities |
9 |
Balance Sheet |
10 to 11 |
Cash Flow Statement |
12 |
Notes to the Cash Flow Statement |
13 |
Notes to the Financial Statements |
14 to 23 |
RYEDALE FESTIVAL TRUST LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
Duringthe year the Festivalonce againenjoyedgreat success in pursuitof its core missionof bringinggreat music and
theartstocommunitiesacrossRyedaleandNorthYorkshire.Ticketsaleswere15%higherthanourprevious box
office record (set in 2023) and 15% of ticket buyers reported being first-time attenders.
The Festivalcontinuesto enjoyenormousgoodwillfrom its loyaland enthusiasticaudiences,the warm supportof the
localcommunity,andan ever-growinginternationalreputationfor the excellenceanddistinctivenessof its work. This
yearwewelcomedsuchfamedartistsasAngelaHewitt,FelixKleiser,XuefeiYang,RachelPodger,Sheku Kanneh
Mason,Tenebrae,theOrchestraofOperaNorth,DameSheilaHancockandRoyalNorthernSinfonia.Jazzand folk
enthusiasts enjoyed concerts by Claire Martin and by The Unthanks.
Acriticalfactorbehindourcontinuedsuccesswasonceagainthecreativevisionandinspiredprogrammingof our
highly regarded Artistic Director, Christopher Glynn.
Forthe2024summerFestivaltheBoardappointedMKAEconomicsLtd.tocarryoutanAudienceSurvey and
EconomicImpactAssessment.Thishasprovidedinvaluableintelligenceoncustomersatisfaction, audience
demographics,economicbenefits,and more general feedback to inform future festivals.Key points from the Executive
SummaryarecoveredintheTrustees'Report.Theyinclude91%ofattendeesreportingthattheirexperienceof the
Festivalhadbeen"verygood"or"excellent"anda totalneteconomicimpactof £1,483,557forthelocal community,
supporting20tourism-relatedjobsinNorthYorkshire.Thisdatawillprovidevaluablesupportforfuture funding
applications.
Geoff Potter
10.12.24
-1-
RYEDALE FESTIVAL TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024
TheTrustees,whoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
with the financial statements of the charity for the year ended 31 August 2024.
The charity is also known as The Ryedale Festival.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Thecharity'sobjectivesaretopromote,improve,developandmaintainpubliceducationin,andappreciationof, the
art and science of music, drama and the performingarts in all their aspects by the presentationof publicconcerts and
recitals and by such other ways as the charity through its committee shall determine from time to time.
Wereviewouraims,objectivesandactivitiesineachfinancialperiod.Thereviewlooksatwhatwe haveachieved in
thepreviousfinancialperiod.Thereviewlooksatthesuccessofeachactivityandthebenefitstheyhavebrought to
thosepeoplewe aimtohelpandhelpsus toensureouraims,objectivesandactivitiesremainfocusedonour stated
purpose.WehavereferredtotheguidanceintheCharityCommission'sgeneralguidanceonpublicbenefit when
reviewing our objectives and aims in planning future activities.
Allcharitableactivitiesfocusonachievingtheaimsstatedaboveandareundertakentofurtherthe charitable
purposesfor the publicbenefit.The Trusteeshave had due regardto guidancepublishedby the Charities Commission
on public benefit.
Volunteers are vital in assisting with the income generating activities of the Charity.
-2-
RYEDALE FESTIVAL TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024
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:
11,872 tickets were purchased this year (an increase of around 15% of our previous record)
15% of our audience reported being first-time attenders to the festival
86 pieces of press coverage (print and radio)
5 concerts were recorded for broadcast by BBC Radio 3
Thefestival'sonlineplatformRyeStreamcontinuestoattractviewersacrosstheworldwithbroadcastand online
audiences included, an estimated 250,000 people experienced the festival this year
MAKERS:
285 people subscribed to our membership scheme
172 people made donations towards the Festival
103 people volunteered to support the Festival
CREATORS:
510 performers took part in 58 events
Performances took place in 35 different venues across North Yorkshire
Over 150 children and young people participated in performances and workshops
ECONOMIC BENEFIT
ThisyearthefestivalcommissionedanindependentsurveybyMKAEconomics.Itsfindingsledwiththe festival's
deliveryofatotalneteconomicimpactof£1.5m,supporting20localtourism-relatedjobs.Inaddition,itfound that
thefestivalhelpedtoretain£1.2mwithintheNorthYorkshireeconomy.Afurther£354,000oflocalinvestment was
generated by hosting the festival, including ticket sales, venue hire, salaries and partnerships.
AUDIENCE SURVEY
MKA alsosurveyedaudiencereactionsto the festival.96% of thosewho attendedthe festivalsaidtheywould return.
When it came to ratingtheirexperience,91% said the festivalwas 'Excellent'or 'Very Good',with an across-the-board
highratingof4.4outof5.HalfofthosesurveyedrankedtheRyedaleFestival'muchbetter'or'better'than other
classical music festivals in the UK.
FINANCIAL REVIEW
Investment policy and objectives
TheBoardholdsexcessfundsinaselectionofinterest-bearingcashdepositaccounts.Currentholdingswill be
reviewed to optimise investment returns in an accessible form consistent with the operating needs of the Company.
-3-
RYEDALE FESTIVAL TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024
FINANCIAL REVIEW
Financial performance
Despitea challengingfinanciallandscapeforartsorganisations,theunderlyingoperatingperformanceof the Festival
remainedrobust.Wewereheartenednotonlybytherecordticketsalesbutalsobythegeneroussupportof our
donors,sponsorsandadvertisersaswellastheloyaltyandgenerosityofour320-strongmembership.Our income
was bolsteredduringtheyearbythesuccessof therecentlylaunchedBenefactortierof membershipand successful
applications to Arts Council England and the North Yorkshire UK Shared Prosperity Fund.
As a resultof higherthanexpectedunrecoverableVAT, the Festivalincurreda small surplusof £1,003on unrestricted
fundsfor2023-4.Thiscompareswitha surplusof £60,700in2023which,likethisyear,partlyreflectedthetiming of
grants received in the financial year but relating to activity in the following financial year.
TheTrusteeshaveagreeda2024-25budgetthataimsforamodestsurplus,theachievementofwhichwill be
dependentonthecontinuinggenerosityofourdonorsandthesuccessoffundraisingefforts.Wesee considerable
untappedpotentialforfundraising,harnessingtheFestival'sundoubtedmomentumanditsexcitingplans. However
thecontextischallenging.PublicfundingisincreasinglyuncertainandtheFestival'sfundraisingeffortscurrently rely
onaverysmallgroupofpeopleandasmallnumberofgenerousdonors.InordertobolstertheFestival'slong term
sustainabilityoverthenextfiveyears,theTrusteesresolvedatitsBoardmeetinginOctober2024toinvestin its
fundraising capacity.
VAT
TheFestivalisVATregistered,chargingVAToncertainincomesourcessuchasmembershipfeesandbarsales. The
main Festivalincome,ticket sales, comes underthe 'CulturalExemption'scheme for VAT and no VAT is includedin the
price.The effect of thisis thatthe Festivalcan onlypartiallyrecoverthe VAT thatit incursbasedon a % recovery rate
relativetoitsVATablesupplies.Duringthecourseoftheyear£28.3kwaschargedtotheprofitandlossaccount for
irrecoverable VAT.
Income
In preparingthe financialstatementsin accordancewith the CharitiesSORP, as explainedin our accountingpolicies on
page 14, we are requiredto recogniseincomewhere the conditionsof entitlement,probabilityandmeasurement are
satisfied.This means that for a number of our donationsand grants,where not dependenton meeting specific service
conditions,we arerequiredtorecogniseincomethathasbeenpledgedaheadof whenitwillbe actuallyreceived by
the charity; and in the case of some multi-year grants, significantly ahead.
Inthe2024financialyear,£68kwasreceivedinJuly2024forthe2025Festivalbutisincludedintheincomefor the
yearin accordancewiththe SORPaccountingprovisions.In additiontwo furtherTrustsandFoundationsawarded us
three year funding in 2023. Accrued income of £15k is included in these accounts for the 2025 Festival.
Followinga successfulapplicationto the UK SharedProsperityFundthe fullgrantawardof £90k has been included in
income. Notes 15 and 19 provide further detail.
Reserves policy
The Company'sReserves policyhas been to aim to buildup reserves to a level which meets the Festivalevent costs for
theforthcomingFestivalandalsotoenableanorderlywindingdownof theFestivalshouldtheBoarddecideon that
actionatanytimeintheFestival'syear.Thetargetfigurewas£200,000.TheBoardhasagreedtokeepthe target
reserve under review in light of the current financial climate and structural and contractual obligations of the Festival.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Ryedale Festival Trust Limited is a charitablecompanylimited by guaranteegovernedby its Memorandumand Articles
of Association. It is registered with the Charity Commission.
-4-
RYEDALE FESTIVAL TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
There shall be at least three Trustees and the maximum number of Trustees shall be twelve.
AllTrusteesareappointedfora fixedtermof threeyears.At theexpiryof theirFirstThreeYearTerm,a Trustee may
be appointedfora secondfixedterm of threeyears.At the expiryof theirSecondThreeYearTerm a Trusteeshall be
requiredtostanddownfromofficeforaperiodofatleastoneyearfromtheendoftheirSecondThreeYear Term
beforetheycanstandforreappointmentunlesstheTrusteesresolvethatbecauseofexceptionalcircumstances a
Trustee may be reappointed for a third, and final, fixed three year term.
The Trusteesmay at any time appointa new Trusteeto fill a casualvacancyand the term of officeof the new Trustee
soappointedshallcontinueforaperiodofthreeyearsaftertheappointmentofthenewTrusteetothe casual
vacancy.
Twolong-standingTrustees,Dr(Lady)EmmaCleoburyandGerardSimpson,retiredafterhavinggiven outstanding
serviceforsixandnineyearsrespectively.SubsequentlyMrSimpsonacceptedourinvitationtotakeup the
appointmentofHonSecretarytotheBoard.Laterintheyearwewerepleasedtowelcometwonewtrusteesto the
Board, Professor Thomas Schmidt (from 1st May 2024 ) and Miss Jenny Share (from 1st September 2024).
TheFinanceCommittee,chairedbyEdAnderson,continuedtomeetquarterlytoscrutinisetheFestival's finances,
submitting its minutes and recommendations, including a Risk Register, to the wider Board.
TheNominationsCommittee,chairedbyAlisonSnell,continuedtomeetregularlytoplantrustee succession,
includingthatoftheChairman,andreviewpotentialrecruits,submittingitsminutesandrecommendationsto the
Board.AftertheyearendtheBoardagreeditsrecommendationofafurtherTrusteeappointment,AlanDavey CBE,
from December 1st 2024.
The trusteestakeseriouslytheirresponsibilitieswithregardto HealthandSafety.The roleof trusteeleadfor Health
andSafetyis nowheldbyJennySharewhochairsa HealthandSafetyGroupwhichincludestheArtisticDirector and
FestivalProducerinitsmembership.TheTrusteeBoardhasapprovedaHealthandSafetyFrameworkto ensure
effectiveoperationandreportingofhealthandsafetyarrangements.Thisframeworkincludesregularreports from
theHealthandSafetyGroup,anannualreportonhealthandsafetytotheTrusteeBoardaswellasformal annual
review and approval by the Board of the Health and Safety Policy.
-5-
RYEDALE FESTIVAL TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
The charity is organised as an independent festival, under the overall control of a Board of Trustees.
TheBoardappointsanArtisticDirector,whoseroleistoprovideartisticandstrategicleadershipfortheFestival. He
leadsa team of staffwho manageall operationalaspectsof the festival,supportedby a largeanddedicatedgroup of
volunteers.
The festival'sactivitiesare geared towardsthe two-week Summer Festival period,but also encompassa Spring Festival
and standalone events through the year.
Staff and volunteers
The newly structuredmanagementteam successfullydelivereda logisticallycomplexfestivalacrossa wide geographic
areawithgreatskillanddedication.Theywereassistedtirelesslyandskilfullybyagroupofover100 volunteers,
without whose efforts the Festival would not be possible.
Awards and recognition
Onceagain,wewelcomedBBCRadio3totheFestivaltorecordfiverecitalsincludingfourfeaturingtheir New
Generation Artists, which were subsequently broadcast with much attendant publicity for the Festival.
TheFestivalcontinuedtoattractfavourablecoverageinthemedia.Forexample,inafive-starreviewThe Observer
spoke of 'the innovativeand ever-expandingRyedaleFestivalas a displayof daringartisticimagination,it could hardly
be bettered.'
TheinfluentialwebsiteTheArtsDeskcommented:"NorthYorkshire'ssummercelebrationblooms,and grows…Chris
Glynn-directorsince2010-hastransformedalocalsummercelebrationintoaninternationalgathering where
genres, formats and traditions mingle.'
Outlook
Now firmly establishedas one of the most significantUK classicalmusic organisations,the Festivalremains committed
tobringingthehighestqualitymusic-makingtothewidestpossibleaudience,therebyaddinggreatvalueto the
culturaland economiclife of NorthYorkshire.Underlyingthis will be a continuingcommitmentto the next generation
throughourYoungArtistplatform,aticketinginitiativeaimedatlocalyoungpeople,andconcertsaimedat the
family.
Ourartisticplansfornextyearenvisageanevengreatercommitmenttoyoungmusiciansandfurtherextending our
geographical reach, encouraged by the warm reception we received this year on our first visit to Selby Abbey.
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
-6-
RYEDALE FESTIVAL TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
Trustees
G Potter-Chairman
E J S Anderson-Deputy Chairman
H M Dobson-Treasurer
E S Cleobury (resigned 10 June 2024)
A Beaumont Ellis
A R H Grace
Canon Dr V Johnson
G Simpson (resigned as trustee 30 April 2024)
A J Snell
Y S Ali
T Schmidt (appointed 1 May 2024)
J E Share (appointed 1 September 2024)
During the year the company paid £1,078 (2023: £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
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
This reporthas been preparedin accordancewith the specialprovisionsof Part 15 of the CompaniesAct 2006 relating
to small companies.
Approved by order of the board of trustees on 7 March 2025 and signed on its behalf by:
G Potter - Trustee
-7-
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')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024.
Responsibilities and basis of report
As the charity'strusteesof the Company(andalsoits directorsfor the purposesof companylaw)youare responsible
for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfiedmyself that the accountsof the Companyare not requiredto be auditedunder Part 16 of the 2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'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
Since yourcharity'sgross incomeexceeded£250,000yourexaminermust be a member of a listedbody.I can confirm
thatI am qualifiedto undertakethe examinationbecauseI am a member of the Instituteof CharteredAccountants 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
12 March 2025
-8-
RYEDALE FESTIVAL TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
167,289
Charitable activities
6
Festival events
234,034
Other trading activities
4
12,984
Investment income
5
2,290
Total
416,597
EXPENDITURE ON
Raising funds
7
19,454
Charitable activities
8
Festival events
396,518
Total
415,972
Net gains/(losses) on investments
378
NET INCOME
1,003
RECONCILIATION OF FUNDS
Total funds brought forward
179,489
TOTAL FUNDS CARRIED FORWARD
180,492 |
Restricted
funds
£
4,917
90,000
-
-
94,917
-
68,536
68,536
-
26,381
10,000
36,381 |
2024
Total
funds
£
172,206
324,034
12,984
2,290
511,514
19,454
465,054
484,508
378
27,384
189,489
216,873 |
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 |
|
|
|
|
The notes form part of these financial statements
-9-
RYEDALE FESTIVAL TRUST LIMITED
BALANCE SHEET 31 AUGUST 2024
Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Stocks
14
Debtors
15
Investments
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS |
2024
£
-
1,740
117,068
4,995
158,174
281,977
(65,104)
216,873
216,873
216,873
180,492
36,381
216,873 |
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 |
|
|
|
The charitablecompanyis entitledto exemptionfrom audit under Section477 of the CompaniesAct 2006 for the year
ended 31 August 2024.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 August 2024 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) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of 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...
-10-
RYEDALE FESTIVAL TRUST LIMITED
BALANCE SHEET - continued 31 AUGUST 2024
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
The financialstatementswere approvedby the Boardof Trusteesand authorisedfor issue on 7 March2025 and were
signed on its behalf by:
G Potter - Trustee
H Dobson - Trustee
The notes form part of these financial statements
-11-
RYEDALE FESTIVAL TRUST LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Interest received
Net cash provided by 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 |
2024
£
10,508
10,508
2,290
2,290
12,798
145,376
158,174 |
2023
£
(44,492)
(44,492)
1,933
1,933
(42,559)
187,935
145,376 |
|
|
|
The notes form part of these financial statements
-12-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
(Gain)/losses on investments
Interest received
Increase in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operations |
2024
£
27,384
-
(378)
(2,290)
(57)
(44,267)
30,116
10,508 |
2023
£
70,700
226
91
(1,933)
(1,683)
(34,987)
(76,906) |
|
|
(44,492) |
2. ANALYSIS OF CHANGES IN NET FUNDS
|
At 1.9.23 |
Cash flow |
At 31.8.24 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank and in hand |
145,376 |
12,798 |
158,174 |
|
145,376 |
12,798 |
158,174 |
Liquid resources |
|
|
|
Deposits included in cash |
- |
- |
- |
Current asset investments |
4,617 |
378 |
4,995 |
|
4,617 |
378 |
4,995 |
Total |
149,993 |
13,176 |
163,169 |
The notes form part of these financial statements
-13-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1. STATUTORY INFORMATION
Thecharityisacharitableincorporatedentity,registeredinEngland&Wales.Thecompanyislimited by
guaranteeso has no share capital.In the event of a windingup of the company,the liabilityof the members is
limited to £10 each. Details of the charity's operations and principal activities are given in the Trustees' Report.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichis a publicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities: Statement
ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK andRepublicof Ireland(FRS102)(effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistoriccostconvention as
modified by the revaluation of certain assets.
Income
InaccordancewiththeCharitiesSORP,allincomeisrecognisedintheStatementofFinancialActivities once
the charityhas entitlementto the funds,it is probablethat the income will be received and the amountcan be
measured reliably.
This can mean that,for grantsand donations,incomeis recognisedaheadof when it is receivedby the charity
and in the case of multi-year grants, significantly ahead of receipt.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith 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
Tangiblefixed assets are includedat cost. Items of equipmentare capitalisedwhen the purchaseprice 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 |
continued...
-14-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024
2. ACCOUNTING POLICIES - continued
Taxation
Thecompanyisacceptedasacharityfortaxpurposesandisexemptfromtaxonitsincomeorgainsto the
extent that they are applied for charitable purposes.
CreditreceivablebythecharityunderTheatreTaxReliefisrecognisedintheperiodthatthe qualifying
productiontookplaceto the extentthatthe receiptand value of the claim are reasonablyassured.The credit
is included in incoming resources from charitable activities.
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.
Designatedfundsare to be used for specificpurposesbutthereis no legalobligationon the charityto use the
funds in this way.
Foreign currencies
Assetsandliabilitiesinforeigncurrenciesaretranslatedintosterlingattheratesofexchangerulingat the
balancesheetdate.Transactionsinforeigncurrenciesaretranslatedintosterlingattherateof exchange
rulingatthedateoftransaction.Exchangedifferencesaretakenintoaccountinarrivingatthe operating
result.
Hire purchase and leasing commitments
Rentalspaidunderoperatingleases are chargedto the Statementof FinancialActivitieson a straightline basis
over the period of the lease.
Investments
Investmentsare revaluedto marketvalueat the balancesheet date.Realisedandunrealisedgainsand 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
GovernmentgrantsarerecognisedintheStatementof FinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
continued...
-15-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
3.
DONATIONS AND LEGACIES
Donations
4.
OTHER TRADING ACTIVITIES
Bar and gift shop income
Sponsorship and advertising
5.
INVESTMENT INCOME
HMRC repayment interest
Investment income
6.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Ticket and programme sales
Festival events
Subscriptions
Festival events
Theatre tax credit
Festival events
Grants
Festival events |
2024
£
172,206
2024
£
3,852
9,132
12,984
2024
£
-
2,290
2,290
2024
£
188,515
6,940
8,579
120,000
324,034 |
2023
£
170,569 |
2023
£
170,569 |
|
|
2023
£
5,819
23,414
29,233
2023
£
1
1,932
1,933
2023
£
219,283
45,866
7,038
94,750 |
2023
£
5,819
23,414 |
|
|
|
29,233 |
|
|
366,937 |
|
continued...
-16-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
7. RAISING FUNDS
Raising donations and legacies
|
Raising donations and legacies |
|
|
|
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Members' dinner |
|
868 |
2,800 |
|
Promotional printing |
|
14,619 |
10,512 |
|
Support costs |
|
1,689 |
5,610 |
|
|
|
17,176 |
18,922 |
|
Other trading activities |
|
|
|
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Opening stock |
|
1,683 |
- |
|
Purchases |
|
2,335 |
5,331 |
|
Closing stock |
|
(1,740) |
(1,683) |
|
|
|
2,278 |
3,648 |
|
Aggregate amounts |
|
19,454 |
22,570 |
8. |
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
|
Support |
|
|
|
Direct |
costs (see |
|
|
|
Costs |
note 9) |
Totals |
|
|
£ |
£ |
£ |
|
Festival events |
260,909 |
204,145 |
465,054 |
The figures reported above relate to the year ended 31 August 2024.
9. SUPPORT COSTS
SUPPORT COSTS |
|
|
Managemen |
|
£ |
Raising donations and legacies |
1,689 |
Festival events |
204,145 |
|
205,834 |
continued...
-17-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024
9. SUPPORT COSTS - continued
The figures reported above relate to the year ended 31 August 2024.
10. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
2024 |
2023 |
|
£ |
£ |
Depreciation - owned assets |
- |
226 |
Other operating leases |
4,132 |
3,257 |
Independent examiner's fee |
2,710 |
2,580 |
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no Trustees' remunerationor other benefits for the year ended 31 August 2024 nor the year ended
31 August 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31August2024norfortheyear ended
31 August 2023.
Expenses totalling £Nil (2023: £Nil) were reimbursed to the Trustees during the year.
12. STAFF COSTS
|
2024 |
2023 |
|
£ |
£ |
Wages and salaries |
103,479 |
110,725 |
Social security costs |
4,885 |
5,717 |
Pension contributions |
2,265 |
2,635 |
|
|
|
|
110,629 |
119,077 |
|
|
|
The average monthly number of employees during the year was as follows:
|
2024 |
2023 |
Management and administration |
4 |
4 |
No employees received emoluments in excess of £60,000.
ThekeymanagementpersonnelofthecharitycomprisetheTrustees,theGeneralManagerandthe Festival
Director.Thetotalremunerationofthekeymanagementpersonnelwas£74,302(2023:£93,251).This figure
comprisesgrosswages,employer'snationalinsurancecontributionsandemployer'spensioncontributions for
the General Manager and Festival Director.
continued...
-18-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
13.
TANGIBLE FIXED ASSETS
Plant and
machinery
£
COST
At 1 September 2023 and 31 August 2024
10,117
DEPRECIATION
At 1 September 2023 and 31 August 2024
10,117
NET BOOK VALUE
At 31 August 2024
-
At 31 August 2023
-
14.
STOCKS
Stocks
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
VAT
Prepayments and accrued income |
Computer
equipment
£
4,530
4,530
-
-
2024
£
1,740
2024
£
19,984
13,619
-
83,465
117,068 |
|
Totals
£
14,647 |
Totals
£
14,647 |
|
|
|
14,647 |
|
|
|
|
|
- |
|
|
|
|
- |
|
|
|
2023
£
1,683
2023
£
28,361
-
1,804
42,636 |
2023
£
1,683 |
|
|
|
72,801 |
|
Includedwithinaccruedincomeare amountstotalling£60,000(2023: £30,000)relatingto grantfunding which
willbereceivedandspentinfutureyears.UndertheCharitiesSORP,andasexplainedinthe accounting
policiesonpage14,incomeisrecognisedwhentheconditionsofentitlement,probabilityand measurement
are satisfied. This income has therefore been recognised in advance of receipt.
Debtors: amounts falling due after more than one year
Includedwithinaccruedincomeare amountstotalling£nil(2023:£15,000)whichfalldue aftermore than one
year.
continued...
-19-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024
16. CURRENT ASSET INVESTMENTS
17. |
UK Quoted investment |
|
|
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Market value at 1 September 2023 |
4,617 |
4,708 |
|
Net unrealised gain/ (loss) on revaluation |
378 |
(91) |
|
Sales proceeds |
- |
- |
|
|
|
|
|
Market value at 31 August 2024 |
4,995 |
4,617 |
|
|
|
|
|
|
|
|
|
Historic cost |
2,800 |
2,800 |
|
|
|
|
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income |
2024
£
19,898
1,892
1,186
14,011
28,117
65,104 |
2023
£
13,671
2,083
-
-
19,234
34,988 |
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
fund
£
Current assets
231,977
Current liabilities
(51,485)
180,492 |
Restricted
funds
£
50,000
(13,619)
36,381 |
2024
Total
funds
£
281,977
(65,104)
216,873 |
2023
Total
funds
£
224,477
(34,988)
189,489 |
|
|
|
|
continued...
-20-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
19. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Community Song Cycle
Ryedale Festival Strategic Growth Support
TOTAL FUNDS
Net movement in funds, included in the above are a
Unrestricted funds
General fund
Restricted funds
Community Song Cycle
Ryedale Festival Strategic Growth Support
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Community Song Cycle
TOTAL FUNDS |
s follows:
Incoming
resources
£
416,597
4,917
90,000
94,917
511,514 |
At 1.9.23
£
179,489
10,000
-
10,000
189,489
Resources
expended
£
(415,972)
(9,917)
(58,619)
(68,536)
(484,508)
At 1.9.22
£
118,789
-
118,789 |
Net
movement
At
in funds
31.8.24
£
£
1,003
180,492
(5,000)
5,000
31,381
31,381
26,381
36,381
27,384
216,873
Gains and
Movement
losses
in funds
£
£
378
1,003
-
(5,000)
-
31,381
-
26,381
378
27,384
Net
movement
At
in funds
31.8.23
£
£
60,700
179,489
10,000
10,000
70,700
189,489 |
|
|
|
|
continued...
-21-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024
19. MOVEMENT IN FUNDS - continued
Comparative 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 |
|
|
|
|
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.
Thenotesabovesetouttherestrictedincomereceivedandutilisedinthisandtheprioryear.The balances
carriedforwardrelatetofundingwhichhasnotbeenutilisedfortherestrictedpurposeatthebalance sheet
date. It is anticipated that £36,381 of this will be spent in the coming year.
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
mentoringandprofessionaldevelopmentopportunitiesforyoungsoloists,ensemblesandcomposersas they
embark on their careers.
Ryedale Festival Strategic Growth Support
ThisfundrepresentsgrantincomeawardedundertheUKShareProsperityFundtobespentacross 3
interrelatedprojectsunderpinningthenextphaseoftheFestivalsdevelopment,includingSpring2025's Bach
on Bike tour and events celebrating local creativity.
continued...
-22-
RYEDALE FESTIVAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024
20. CONTINGENT LIABILITIES
There were no known contingent liabilities as at 31 August 2024 or 31 August 2023.
21. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2024.
22. STATUS
The companyis limitedby guaranteeso has no share capital.In the event of a windingup of the company, the
liability of the members is limited to £10 each.
23. THEATRE TAX RELIEF
TheTrusteeshavesubmittedaclaimforTheatreTaxRelieftoHMRevenue&Customsforthe2023 Festival
totalling£8,579.Thisamounthasbeenrecognisedasincomeinthestatementoffinancialactivitiesandas a
debtor in the balance sheet of these accounts.
The Trustees will also be submittinga claim for Theatre Tax Relief for the 2024 Festival,but considerit prudent
not to recognise this income until the claim has been made and agreed.
-23-