Company Registration Number: 08085970 Charity Registratlon Number: 1148413 Chalke Valley History Trust (A company limited by guarantee) Annual Report and Consolldated Financial Statements Year Ended 30 November 2023
Chalke Valley History Trust Trustees. Report The Trustees Iwho are also directors of the charity for the purposes ofthe Companies Acll present their annual report lincluding the strategic report for the purposes of Companies Act 20061 together with the flnancial statements of Chalke Valley History Trust Ilhe company and the group) for the year ended 30 November 2023. OBJECTIVES AND ACTIVITIES _ MISSION AND PUBLIC BENEFIT Aims The objects of the Trust are the promotion and advancement of the education of the public by the study of hislory18nd allied subjects) and by the enhancement of the teaching of history in order to foster an appreciation and greater understanding of the subject. The Trust intends to cary out these objects by: funding the Chalke Valley History Fesliv81', funding the Chalke Valley History FestlV81 for Schools., funding visits to the festival, schools, festival and to other hlstory-related siles and events by schools unable to afford such visits otherwise,. funding the tuition and living expenses of PhD level research students studying history and related subjects,. and making grants lo applicants who apply for funding of projects which futfil the objects of the trust. Public Bgngllt The Iruslees confimi that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. ACHIEVEMENTS AND PERFORMANCE STRATEGIC REPORT The following section on Financial Review and Future Developments constitutes the Strategic Report for the purposes of Companies Act 2006. 1. PERFORMANCE FOR THE YEAR a} Fund-ralslng During the financial year to 30 November 2023 the Trust received donations of £328,212 up 7Vo on the 2022 financial year. These donations have k)een provided by charitable foundations and individuals to support the activities of the Chalke Valley History Festival and the Chalke Valley History Festival for Schools as well as the other objects of the Trust. Notable donations to support the festivals included.. A donation of £115.000 from the Calleva Foundation. of which £75,000 was paid in advance to support the 2024 festival- A donation of £55,000 from the Sanderson Foundation. of which £35,000 was paid in advance to support the 2024 festival., A donation of £30,000 from the Blavatnik Family Foundation., A donation of £13,550 from Mark Franklin., and
Chalke Valley History Trust Trustees, Report bl Grants In 2023 the Trust was only able to make limited grants from its surplus unrestricted funds in response to third party applications. These grants totalled £10,162 and were made in addition to the larger grants to Chalke Valley History Festivals Limi(ed of £245,950 and lo CV Schools History Festival Limited of £30,000. All the grants were made in accordance with the Trust's grant making policy and the r[rements of donors lo the TrusL Grants made outside the Trust group comprised.. Grants lo18lling £8,000 to 15 PhD students to fund tuition and research costs., A grant of £700 to Farnborough Spencer Academy to part-fund a battlefield lour., A grant of £1,000 lo Ingleby Manor Free School lo part-fund a battlefield lour,. and A grant of £233 to the British Diplomatic Oral History Programme to fund the travel expenses of their recorders. c) Festlvals The 2023 Daily Mail Chalke Valley History Festival was held in the last week of Jun8. Th8 festival had a varied programme of events including talks by Jeremy Bowen. Sir John Major, Susie Edge. Don Mccullin, Diana Darke, Lucy Ward, Natasha Lance-Rogoff. Nandini Das and Ben Maclntyre. The IDiing history programme w85 expanded and included medieval jousting and a WWII display by serving Gurkha soldiers. The structure of lickeling for the event Was changed lo introduce higher priced day entrance tickets which gave full aesS to all living history displays and significant numbers of talks on the outdoor stages and lower pricod talk tickets for the two tented vonues. The festival achieved a good level of sponsorship incorne despite the economic challenges. Tick81 sales were higher than in 2022 bul inflation in operating costs and a major IT system upgrade resulted in increased costs so only a small surplus was generated. In 2023 the Daily Mail Chalke Valley History Festival for Schools h8d a strong performance with pupil numbers up compared lo the 2022 festival and ticket revenue increasing by 18Q/o. In addition a SEN day was Iritroduced on the Wednesday of the festival with around 80 special education needs pupils attending In 8 formal that suited their reqLiirements. Feedback from pupils across the three days and in particular from the SEN attendees was positive. CV Schools History Festival Limited received lower sponsorship income which offsel the higher tickets sales bul tight control of costs resulted in a small loss for the year. It was announced on 22nd June 2023 that the 10 year partnership with the Associated Newspapers, publisher of the Daily Mail. was coming lo an end 81 the conclusion of the 2023 festiv81. 2. FINANCIAL REVIEW The intontion of the trustees is that the principal source of funding for the Trust will be direct donations and third party funding as well as from surpluses generated by the festivals. From the early years of the festival, the directors of the festival and the trustees deliberately built up reserves. Although these reseNes were partially utilised lo fund operating costs in 2020 during the pandemic when the festivals were not held, and also the 2021 and 2022 festivals. overall Ihe18vel of reserves In the Trust remains adequate. The trustees intend to rebuild the reserves of the Tnjst in future years to enhance the financial resilience of the organisation. On a consolidated basis, the Trust group had total incoming resources of £1,327,53S, comprising of income from donations of £320,836, income from charitable activities li.e. the operation of the festivals) of £1,005,885 and investment income of £814. The Trust group's consolidated resources expended lotslled £1,307,458 comprising.. raising funds expenditure of £1.276.939 and charitable activities expenditure of £30,519.
Chalke Valley History Trust Trustees, Report The Trust generated a surplus of £20.077 in tho year lo give consolidated nel fvnds of £410.600 10 carry forward. Restricted funds carried forward were £6.970 and unreslriclod funds carried forward were £403,630. Chalke Valley History Festivals Limited generated revenue of £1,262.619 (including donations) and generated a profil after tax of £567. CV Schools History Festival Limited generated revenue of £77,219 (including donationsl and generated a loss after tax of £11261. The Trust had donation & legacy income of £328.212, investment income of £814 and. after making grants of £289.936 and incurring governance costs of £500. il recorded an increase in nel funds of £27,131. At the period end, the Trust had cash of £381,086 and total net assets of £365.509. As in prior years. a significant proportion of the Trust's cash and funds carried forward al the financial year end in November comprised early donations for the 2024 festivals. 3. PRINCIPAL RISKS AND UNCERTAINTIES Rlsk management The Trustees are satisfied that a process exists lo assess the major risks lo which the Charity is exposed, in particular those related to the operation of the Festivals. The Trustees have delegated responsibility for day to day management to the Boards of Chalke Valley History Festivals Limited and CV Schools History Festival Limited. The trustees undertook a detailed review of risk management policies and procedures at its November 2018 board meeting and have introduced a formal risk management process lo assess risks and implement risk management strategies. This has involved identifying the types of risks the Charity faces, priorilising them in terms of potential impact and likelihood of occurrence and identifying means of miligaling the risks. The risk management procedures adopted will be reviewed in detail again during the 2024 financial year by the Trustees. Reserves The reserves of the Trust comprise a £50,000 long-lerm reserve held to support ils trading subsidiaries and. in addition the trust holds a level of free reserves in unrestricted funds of £2,000. This free reserve has been adopted In line with Charity Commission guidance in order to ensure that there are sufficient funds available lo facilllate an orderly winding up of the Charity should tt become necessary. In addition lo these longer-lerm reserves, the Trust had free cash resetves of £203,146 as at 30 November 2023. Furthermore, Chalke Valley History Festivals Limited had cash of £8.046 and CV Schools History Festival Limited had cash of £609 al the year end. 4. PLANS FOR FuniRE PERIODS The Trust intends lo continue to solicit funding and donations for ils activities.11 plans lo support both the Chalke Valley History Festival and Chalke Valley Schools History Festival for the long term and also to continue lo make other grants lo applicants who seek funding for projects which meet the Trust's granl-making policy. Structure, governance and management Organisational structure The Chalke Valley History Trust was incorporated on 28 May 2012 as a compally limited by guarantee and is constituted under articles of association dated 28 May 2012. The establishment of the Trust arose from the desire of the founders of the Chalke Valley History Festival lo establish a charitable entity that would promote the understanding and enjoyment of history to people of all ages. The Trust was awarded charitable status by the Charity Commission on 2 August 2012. The Trust
Chalke Valley History Trust Trustees, Report owns all the share capital of two trading companies.. Chalke Valley History FestThials Limited, which operates the Chalke Valley History Feslival, and CV Schools History Festival Limited. which operates the Chalke Valley History Festival for Schools. Al the inception of the Trust, four trustees were appointed who had an interest in history, a local connection to the Chalke Valley in South Willshire and skills relevant and useful lo the Trust. Further trustees were appointed in the period 2016 - 2018 who bring complementsry skills lo the original trustees. Tim Sanderson and Trevor Dolby were appointed as Iruslees on 2 October 2023. Tony Pastor, Warren Tucker and Shalina Patel were appointed as trustees on 17 November 2023. Tom Holland resigned as a trustee on 30 November 2023. The Injstees are the members of the company and also serve as directors. As a company limited by guarantee, all surplus funds generated by the Trust's activities are retained within the company and. by law. are not capable of being distributed to the members of the company. The trustees meet on a regular basis, as required. to review the past activities of the Trust and agree on the future aclivilies. I Iruslees give thoir lime freely and no Iruslee remuneration was paid in the financial period. A limited level of Trustee travel expenses were reimbursed during the year. Trustees are required lo disclose all relevant interests an(J register them with the Chaiman and, in accordance with the Trust's policy. withdraw from a declsion of the Trustees where a conflict arises. The Trustees have reviewed the activities of the Trust and its subsidiaries and assessed the risks of the group and are satisfied that systems exist lo miligale those risks where applicable. The trust is planning lo implement procedures for the training of trustees in the 8ulumn of 2024. Day-to-day management of the Trust's activities is handled by the Chairman, Peter Bell, and Rachel Sykes. Golng eoncern Planning for future festivals remains challenging in light of the inflationary environment and the consequent macro-economic uncertainties, but the directors of Chalke Valley History Festivals Limited and the Trustees are mindful of ensuring that the Trust's and Chalke Valley History Festivals Limiled's resources are deployed prudently lo ensure the longevity of the important cultural institutions that the Chalke Valley History Festivals have become and to ensure that the objects of the trust are fulfilled. The trustees have been encouraged by the success of the festivals operated in 2023 and the potential to attract larger audiences and a wider sponsor base in the fuluro. In view of the support of our donors and the prudent level of financial reserves in the Twst. the trustees are confident that the Trust and the wider group can continue lo operate as a going concern.
Chalke Valley History Trust Trustees, Report Reference and administrative details Charity name.. Chalke Valley History Trust Charity registration number.. 1148413, Company registration number.. 08085970 Registered in England and Wales Directors and Trustees The directors of the charitable company are ils trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. P.E. Bell - Chairma T. Holland Iresigned 30 November 2023} Lady P.M. Marland S.C. Whitmore C. B. Culpin D.S. Bernstein W.G. Tucker lappoinled 17th November 20231 S. Patel {appointed 17th November 20231 T. Pastor (appointed 171h November 2023) T.J Dolby lappointed 2fwJ October 2023) T.W Sanderson {appointed 2nd October 20231 Audltors PKF Frdncis Clark Hitchcock House, Hilltop Park, Devizes Road. Salisbury, SP3 4UF Sollcitors Wilsons Solicitors LLP, Aexandra House, Sl Johns Street, Salisbury, SP12SB Registered Office Alexandra House. St Johns Street. Salisbury, SP12SB Bankers HSBC, 19 Minster Street. Salisbury SP1 1TE Lloyds 38 Blue Boar Row, Salisbury, SP1 1 DB Principal Office Unil 1 The Stables, Chalke Pyt Farm, Broad Chalke, Salisbury.SP5 5Er www.chalkevalle histo charity. st.or .uk, which contains more detail on the aims and activities of the
Chalke Valley History Trust Trustees, Report Small Company Provisions This report has been prepared in accordance with the small companies. regime under the Companies Act 2008. TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The trustees (who are also the directors of the company for the purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financial ststements in accordance with applicable law 8nd United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel- Company law requires the Iruslees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charttable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing these financial slatemenls. the trustees are required lo.. select suitable accounting policies and then apply them consistenuy., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent.. stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it i% inapproprlate to presume that the charitable company will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charitable company and enable thern to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Completeness of inforniatlon to auditors In so far as the trustees are aware.. there is no relevant audit information of which the charity's auditors are unaware., and the trustees have taken all steps that they ought to have tsken to make themsefves aware of any relevant audit information and to establish that the auditors are aware of that information. The Trustees approved the Trustees. Annual Report, on . Signed on behalf of the trustees Registered office.. Alexandra House Sl Johns Street Salisbury Willshire SP12SB P.E. Bell Chairman
Chalke Valley History Trust Independent auditors, report for the yoar ended 30 November 2023 Opinion We have audited the flnancial statements of Chalke Valley History Trust Ithe'charity'l for the year ended 30 November 2023, which comprise the Consolidated Statement of Financial Activities, the Consolidated and individual Balance Sheets. and Notes to the Financial Statements. including a summary of significant accounting policies. The financi81 reporting framework that has been applied in their prepaTation is United Kingdom Accounting Standards. comprising Charities SORP FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the slate of the charity's arkd the group's affairs as al 30 November 2023 and of the group's incoming reSoUrS and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Acc8pled Accounting practi.. and have been prepared in accordance with the requirements of the Compani@s Act 2006. Basis for oplnlon We conducted our audit in accordance with Inlgrnational Standards on Auditing IUKI (ISAS (UK)) and applicable law. Our responsibllllles under those standards are further described in the Audilorfs responsibilities for the audit of the financi21 statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions rglatlng to going concern In auditing the financial statements. we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenlFfied any material un¢ertainlies relating lo events or conditions that, individually or collectively. may cast significant doubt on the comp8ny's ability to continue as a going concem for a period of at least Iwelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the directors with respect lo going concern are desuibed in the relevant sections of this report.
Chalke Valley History Trust Independent auditors, report for the year ended 30 November 2023 other Infomiation The trustees are responsible for the other infomialion. The other information comprises the information included in the annual report, other than the fin8ncial statements and our auditor's report thereon. Our opinion on the financial slalements does not cover the other infom)ation and, except lo the extent othetwise explicitly slated in our report, we do not express any form of assurance concluslon Ihereon. In connection with our audit of the financial slatemenls. our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial stslemenls or our knowledge obtained in the audit or otheNise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstatement In the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing lo report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion. based on the work undert8ken in the course of the audll= the infomialion given in the Trustees, Report for the financial year for which the financlal statements are prepared is consistent with the finar7cial statements,. and the Trustees, Report has been prepared in accordanc@ with applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of our knowledge and understanding of the company and ils envlronment obtained in the course of the audit, we have not identified material misstatements in the Trustees Report lincorporating the Strategic Reportl- We have nothing lo report in respect of the following matters where the Charities Act 2011 requires us lo report lo you if. in our opinion: adequate accounting records have not been kept, or relums adequate for our audit have not been received from branches not Msited by us,. or the financial statements are not In agreement with the accounting records and returns.. or certain disclosures of Iruslees remuneration specified by law are not made., or we have not r8C8iV8d all the Infomation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees, Responsibilities Statement. the Iruslees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a Inje and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of finaricial statements that are free from material misstatement, whether du8 to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's 8bility to continue as a going concern, disclosing, as applicable. mallers related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations. or have no realistic alternative but lo do so.
Chalke Valley History Trust Independent auditors, report for the year ended 30 November 2023 Auditor's responsibilities for the audit of the finan¢ial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delecl a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design ProdureS in line with our responsibilities. outlined above, to detect material misstatements in SpeCt of irregularities, including fraud. The extent to which our procedures are capable of detecting legUlarlties. Including fraud is detailed below.. As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable lo the Group. We gained an understanding ofthe Group and the industry in which the Group operates as part of this assessment to identify the key laws and regulations affecting the Charity- As part of this, we discussed these with the relevant individuals responsible for compliance. The key regulations we identified were Charity legislation. health and safely regulations and compliance with tax legislation. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies wrth laws anij regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity's ability lo contlnue trading and the risk of material misstatement lo the accounts. We also evaluated m8n8gement's incentives and opportunities for fraudulent manipulation of the Inancial statements. The key incentive identified is to ensure a good financial position to meet budgets and wo determined that the principal risks were related lo the overstatement of profil. either through overstsling revenue, understating expendrf(ure or management bias in accounting estimates. Based on this understanding we designed our audm prOdureS to identify non-compliance with such laws and regulations. Our procedures involved the following.. Enquiries of management regarding their knowledge of any non compliance with laws and regulations that coijld affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud, of which there were none. Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year, of which there were none which had a material impact on the accounts. Reviewed legal and professional costs lo identify any possible non compliance or legal costs i respect of non compliance. Reviewed Board minutes. Audited the risk of management override of controls. including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions oulsKle the normal course of business. 10
Chalke Valley History Trust Independent auditors, report for the year ended 30 November 2023 Reviewed eslimales and judgements made in the accounts for any indicats'on of bias and challenged assumptions used by management in making the estimates. Audited the risk of fraud in revenue recognition wlth a focus on comp181eness of income and treatment of income around the year end. Because of the inherent limitations of an audiL there is a risk that we will not delecl all iegulaTIties, including those leading lo a material misstatement in the financial statement. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due lo fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment, collusion, omission or misrepresentation. A further description of our r8sponsibililies for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.ukJauditorsresponsibiltties. This description fomis part of our auditor's report. Use of our report This report is made solely lo the charitabl8 company's members, as a body. in accordance with section 151 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might stale to the charity's trustees those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullest exlenl pemitted by law, we do not accept or assume responsibilty to anyone other than the charivs trustees as a body, for our audit work, for this report, or for the opinions we have fonned. Paul Giessler FCA (Senior Statutory Auditor} For and on behalf of PKF Fran¢Ss Clark, Statutory Auditor Hitchcock House. Hilltop Park, Devizes Road. Salisbury, SP3 4UF 15 July 2024
Chalke Valley History Trust Consolidated statement of financial activities for the year ended 30 November 2023 Ilncluding Consolidated Income and Expenditure Account) Unreslrict&d Restricted funds funds 2023 2023 Total funds 2023 Tolal funds 2022 Notes Income from.. Donations and legacies Charitable activities Investment income 3{al 313,007 3{bl 1,005,885 31cl 814 7,829 320,836 1.005,885 814 308.869 884.736 48 Total 1,319,706 7.829 1.327.535 1.193.653 Expendlture on.. Raising funds Charll8ble activities 1,269,110 30.519 7.829 1.276.939 1,225,130 30,519 41,889 Total 1.299,629 7,829 1.307.458 1,267,019 Not income/(expendituro) resources Before tax Tax on activities 20,077 20.077 173,3661 2,865 Net income/(expenditureJ resourcgs after tax and before translers 20.077 20,077 170.5011 Transfers between funds 16 Ngt income / (expenditure) and movement In funds 20.077 20,077 {70,5011 Reconciliation of funds Total funds brought fonN8rd 383.553 6,970 390,523 461,024 Total funds carried foM8rd 403,630 6,970 410.600 390,523 The results for the year derlve from continuing activities and there are no other gains or losses other than those shown above. 12
Chalke Valley History Trust company no.08085970 Consolidated and charity balance sheets at 30 Novernber 2023 Consolidated 2023 Charity Consolidaled 2023 2022 Chanty 2022 Notes Fixed assets Intangible assets Tangible fixed assets Investments 23,500 7.864 35,250 9.802 10 31.364 45.052 Current assets Debtors Cash at bank in hand 12 29,498 389.742 12,812 361,336 381,086 349.163 419,240 381,086 374,148 349,163 Credltors.. amounts falling due within on8 year 13 (40,0041 115.5791 128,677} 110,7881 Net current (liabiTlities)/•$sets 379.236 365,507 345,471 338.375 Total assets loss current Ilabilities 410,600 365.509 390,523 338.377 Provlslons for Ilabilities 15 Net assets 410,600 365,509 390,523 338.377 Funds Reslricled furTrds Unrestricted funds 16 6.970 403,630 6,970 358.539 6,970 383,553 6.970 331,407 Total charity funds 410.600 365.509 390.523 338,377 These firbancial statements were approved by the Trustees on behalf by.. I .THpJE 34>Z and signed on their P.E. Bel Chairman 13
Chalke Valley History Trust company no. 8085970 Consolidated cash flow statement at 30 Novembgr 2023 Year ended Year ended 30 30 November November 2023 2022 Not8S Net cash inflow/ fouttlow) from operating actlvlties Including grants recelvable 191a} 28.078 13.0181 Cash outflow fn>m ITnvgSting actlvltles Purchase of fixed assets Proceeds on sale of tangible fixed assets Interest received 16861 {50.7601 200 814 48 328 {50,7121 Incrgase/(decrease) in ¢•sh and cash equlvalents 28,406 153,730} Cash and cash equivalents al 30 November 202212021 361.336 415,066 Cash ané cash equivalents al 30 November 202312022 191bl 389,742 361,336 14
Chalke Valley History Trust Notes to the financial statements for tho year ended 30 Novembgr 2023 1. Accountlng policies Constltution The Charity is a company limtted by guarantee. incorporated in England and Wales. In the event of the Charity being wound up. the liability in respect of the guarantee is limited to £10 per member of the Charity. The registered office is shown in Reference and Administrative details in the trustees, report. AcUnting conventioft The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Fln8ncial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charitles Act 2011 and the Companies Act 2006. The accounts are prepared on a going concern basis under the historical cost convention and in accordance with applicable accounting standards. The presenlalional and functional currency of Chalke Valley History Tnjst is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. The accounts have been rounded to the nearest £. Chalke Valley History Trust meets the definition of a public benefit entity und&r FRS 102. Basis of consolldatlon These financial statements consolidate the results of the charity and ils wholly-owned subsidiaries Chalke Valley History FestlV8ls Llmited and CV Schools History Festival Limited on a line by line basis. The registered office of both subsidiaries Is Alexandra House, Si Johns Street. Salisbury, Willshire, SP12SB. The charity has taken advantage of the exemption contained within 408 of the Companies Act 2006 not to present ils own Income and Expenditure Account. The nel increase in funds for the individual charity was £27.132. A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govem the financial and operating policies of an entity so as to obtain benefits from its activities. Inter-company Iransaclions. b81ances and unrealised gains on transactions be68n the charity and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an imp8irrnent that requires recognition in the consolidated financial stalemenls. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. 15
Chalke Valley History Trust Notes to the financial statements for the ygar gnded 30 November 2023 1. Accounting policies Icontinuedl Going concwn Plannlng for future festivals remains challenging in light of the inflationary environment and the consequent macro-economic uncertainties. but the directors of Chalke Valley History Festivals Limited and the Trustees are mindful of ensuring that the Tnjsl's and Chalke Valley History Festivals Limiled's resoLJrces are deployed prudently to ensure the longevity of the important cultural institutions that the Chalk8 Valley History Festivals have become and to ensure that the objects of the trust are fulfilled. The trustees have been encouraged by the success of the festivals operated in 2023 and the potential to attract larger audiences and a wider sponsor base in the future. In view of the support of our donors and the pruderrt level of financial reserves in the Trust, the Iruslees are confident that the Trust and the wider group can continue to operate as a going concern. Crltlcal aeeounting judgements and keysoureès of estimation uncertwnty There are no key sources of estimation uncertainty or judgements used in the preparation of these accounts. Tanglble assets and depreGiation All categories of tangible fixed 89sels are capilalised al cost. Depreciation of tangible fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives. This has been provided at the following rates.. Equipment 14¥0 straight line Inlangibh fix8d assels and amothatlon Intangible assets are st8ted al cost less accumulated amorbsalion and accumulated impairment losses. Afflortisalion is provtded on intangible assets so as lo write off the cost less any estimated residual value. over their useful life 8s follows= Asset Class Website development Amortisation method and rate 4 years straight line Investmènts Fixed asset Investments represent investments in subsidiary companies and are recorded al cost. GOrnanCe costs Governance costs are those incurred in connection with the strategic management of the charity and compliance with s181ulory requirements. Fund accountlng Unreslricled income funds are general funds that are available for use at the trustees, discretion in furtherance of the general objectives of the charity. Restricted funds are those which must be used in accordanc6 with specific restrictions imposed by the donors or which have been raised by the charity for particular purposes. 16
Chalke Valley History Trust Notes to the financial statements for the year ended 30 Novornber 2023 1. Accounling policies (continued) IncomiTng resour¢es Al incoming resources becoming available to the charity are recognised in the Statement of Financial Activities ISOFAI when the charity is legally entitled lo the income and the amount can be quantified with reasonable accuracy. Income relating lo the running of the festivals lincluding ticket sales, sponsorship and advertising, commissions and concessions) is recognised, nel of value added lax where applicable, in th8 period in which the event to which il relates lakes place. Any income received in advance, for example from sponsors, is recorded as deferred income to the extent that the serwce has not yel been delivered. Rosources expended Expenditure is recognised in the SOFA on an accruals basis under headings that aggregate all costs related to that category. Costs that cannot be directly attributed to particular headings are allocated on a reasi)nable and consistent basis. Grants payable are payments made to third parties In the furtherance of the charitable Dbjeclives. Where the charity gives a grant with conditions for its payment being a specific level of seiCe or outPLrt lo be provided, such grants are only recognised in the SOFA once the reclpienl of the grant has provided the specific service or output. Grants payable wilhoul perfomance conditions are only recognised in the aceounls when commitment has been made and there are no conditions lo be mel relating to the grantwhich remain in the control of the charity. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainly about eith8r the timing of the grant or the amount of grant payable. Volunteerand othor donat•ds8ivIGes The value of services provided by volunteers is not incorporated into these financial statements. Taxation Income lax expense represents the sum of the current lax currently payable and deferred tax. Tax is recognised in profil or loss, except that a change attributable to an item of Income or expense recognised as other comprehensive in¢ome is also recognised directly in other comprehensive income. The current income tax charge 18 Calculated on the basis of lax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operatos and generates taxable income. Deferred lax is recognised in respect of all timing differences that have originated bul not reversed at the balance sheet dale where trans8Ctions or events have occurred al that dale that will result in an obligation lo pay more, or a right to pay less or lo receive more, tax. Operating leases Rentals payable under operating leases are charged in the profil and loss account on a straight line basis over the lease term. 17
Chalke Valley History Trust Notes to the financial statements for Ihe year ended 30 November 2023 2. Net incomlng l (outgoing) resources for the year This is stated after charging.. Group Charlty 2023 2022 2023 2022 Depreciation and amortisalion 14.031 14,433 Audttorfs remuneration 10,500 9.500 10,500 9,500 Operating leases 7,020 7,020 Income fa) Voluntarylncome UnrestrKfed Restricted funds funds 2023 2023 Total funds 2023 Tot81 funds 2022 Donations and grants 313,007 7.829 320.836 308,869 313,007 7,829 320,836 308,869 (b) Income from Gharitable acllvitles Unrestricted Reslricled funds funds 2023 2023 Total funds 2023 Total funds 2022 Ticket sales Sponsorship and advertising Concessions Membership fees Bar income Other income 555,806 309,463 67,137 39,313 15,298 18.868 555.806 309.463 67,137 39.313 15,298 18,868 459,579 306.245 63.948 26,004 18,007 14.437 1,005,885 1,005.885 884.736 18
Chalke Valley History Trust Notes to the financial statements for the year onded 30 November 2023 3. Income (continued) (c) Investment Income Unrestricted Restrlcted fvnds funds 2023 2023 Total funds 2023 Total funds 2022 Interest receivable 814 814 48 814 814 48 4. Expenditure- Charitable actlvltles Unrestricted R&stricled fvnds funds 2023 2023 Total funds 2023 Total fund 2022 Grants paid Admin costs- govemance related . 13,986 16.533 13.986 16,533 22.756 19,133 30,519 30,519 41.889 2023 2022 I'l Support costs- govemance related include Auditors, remun8ration accountancy fees independent examination fees audit fees Legal and professional fees Office expenses Trade subscriptions Insurance Travel & subsistence Bank charges and interest 3,831 2,000 10,500 769 535 181 259 75 383 9.500 5.707 1,300 232 394 16,533 19,133 5. Grants to institutions Charlty Name of Inslltutlon Activity Chalke Valley History Festivals Limited CV Schools History Festival Limited Historical education 245.950 Historical education 30,000 275,950 19
Chalke Valley History Trust Notes to the financial statements for the year ended 30 November 2023 6. Net eXpendure from trading activities of subsidiaries Chalke Valley History Trust had two subsidiary companies during the period ended 30 November 2023 details of which are given in note 11. Chalke Valley History Festivals Limited (Company registration number= 082902601 and CV Schools History Festival Limited (Company registration number.. 0853533261 are material lo the group accounts. A summary of their trading results is shown below. Year 2023 Year 2022 Turnover Cost of sales 1,339,838 1997,4831 1.257,101 1981,5511 Gross profil 342.355 275,550 Administrative expenses Olher operating income {342,364 45 {305,461 } 2,570 Operating profil Illossl Interest receivable Interest payable 441 127,341 } Profit before tsxalion 441 {27,3401 Taxation 2,865 Profrt in year 441 124,475) 7. Staff numbers and costs The average number of staff employed during the year in the Trust group was as follows.. 2023 2022 No. Management and adminislralion Event staff 17 15 The aggregate payroll costs of these persons were as follows.. 2023 2022 Wages and salaries Social security costs Pellsion costs 215.836 11.611 5,171 217.695 14.138 6,116 232,618 237,949 20
Chalke Valley History Trust Notes to the financial statements for the year ended 30 November 2023 Staff numbers and costs (continued) The Key Management Personnel of the group comprise the Trustees of Chalke Valley History Trust. there were no emoluments paid lo the Trustees in their capacity as Iruslees. A Injstee was paid £6.25012022 £15.6701 in his capacty as a director of Chalke Valley History Festivals Limited. as approved by the Charity Commission. No employee received remuneration amounting to more than £60,000 in either year. Trustees received reimbursed travel and subsistence expenses of £Nil12022 £nil) during the year. 8. Taxation Chalke Valley History Trust is a registered charity and is exempt from taxation on its income and capital gains. The trading subsidiaries pay Corporation lax on their trading profits. The consolidated L7x charge has been shown below. Tax chargedllcreditedl in the income and expendllure account 2023 2022 Current taxation UK corporation tax (1,2561 Deferred taxation Arlslng from origination and reversal of liming differences {1.6091 Tax expense 12,8651 The lax on profil befofe lax for the year is lower than the standard rate of corporation lax in the UK {2022 - lower than the standard rate of corporation lax in the UK} of 23.010/012022 - 19%). The dferenCeS are reconciled below: 2023 2022 Net incoming resources before tax 20,077 173,365} Corporation tax at standard rate 4.619 Effect of income exempt from taxation 173,984) Effect of expense not deductible in detemiining taxable profil (tax loss) 69,581 Relief on losses carried fOard Other differences 12161 113,940} 164.2111 72,956 2,330 Tax lincomeyexpense 12,865} 21
Chalke Valley History Trust Notes to the financial statements for the year ended 30 Novembor 2023 9. Intangible fjxed assets Consolidated Wobsite Development Cost At 1 December 2022 47,000 Additions Disposals At 30 November 2023 47,000 Cost or valuation At 1 December 2022 11.750 11.750 Charge for the year Eliminated on disposals At 30 November 2023 23,500 Net book value AI 30 November 2023 23,500 At 30 November 2022 35,250 Amortisation of £11,75012022 £11,750} is included in raising funds. 22
Chalke Valley History Trust Notes to the financial statements for the year ended 30 November 2023 10. Tangible fixed assets Consolidated Fumlture. fSttings and equlpment Cost Al 1 December 2022 24,869 686 Additions Disposals {4001 At 30 November 2023 25,155 Cost or valuatlon Al 10ecember 2022 Charge for the year Eliminated on disposals 15.067 2,281 1571 At 30 November 2022 17.291 Net book value At 30 November 2023 7.864 AI 30 November 2022 9.802 23
Notes to the financial statements for the year onded 30 November 2023 11. Flxed asset investments Investments are dassified as follows.. Consolidated 2023 Charity Consolidated 2023 2022 Charity 2022 Fixed asset investments Subsidiary undortakings Company N8m8 Country of Incorporation Principal Class Percentage $hareholding acbvity Chalke Valley History Eng18nd Festlvals Lirniled and Wal89 ProvisSon of history festivals to the gener81 public Ordinary £1 100% CV Schods History Festival Limited EngLgnd and Wales Provision of hi8tory festiv815 to schools Ordinary £1 100% ProfiVILossl for 2023 C8Pltal and reserves Chalké Valley History FestvalS Limited CV Schods History Festival Limited 38,444 18.3521 567 11261 12. Debtors Consolidated Total 2023 Charity Consolidat8d Total Total 2023 2022 Charity Total 2022 Trade debtors Prepayments and accrued income Other debtors 18,947 10,550 35 12,777 29,498 12,812 24
Notes to the financial statements for the year ended 30 November 2023 13. Credltors: amounts falling due within one year Consolidated Tol81 2023 Charity Consolidated Charity Total Total Total 2023 2022 2022 Trade creditors Other lax and social security Accruals and deferred income Corporation lax Other creditors 1fj,131 1,566 21,122 79 5,976 1,288 15,500 22,643 9,500 1.185 58 40,004 15,579 28,677 10,788 14. Deferred Income Consolidated Deferred incom8 2023 Total 2023 Total 2022 Balance al 1 December 2022 Received during the period Released during the pertod 10.643 10,643 2.737 2,737 {10.6431 110.6431 220 10,643 1220) Balance as al 30 November 2023 2.737 2,737 10,643 Al the balance sheet date the group was holdlng funds received in advance for membershlp for the new financial year. 15. Provisions for liabilities Consolidated Deferred tax 2023 Total 2023 Tol81 2022 Balance al 1 December 2022 Increaselldecreasel in provisions 1,609 {1.6091 Balance as al 30 November 2023 25
Notes to the financial statements for the year ended 30 Novgmber 2023 16. Restricted funds Balance B/Fwd 2023 Transfer fmm Income Expenditu unrestricted Balance C/Fwd 2023 Foyle donation The Chilton Foundation 6,970 6.970 7,829 17.8291 6,970 7,829 17,8291 6,970 17. Analysis of group net assets betwaen funds Unrestricted funds Restricted funds Total funds Fund balances at 30 November 2023 are repsented by." Fixed assets Net current assetsllliabillllesl 31,364 372,266 31,364 379,236 6.970 Total net assets 403,630 6.970 410.600 Unrestricted funds Restricted funds Total funds Fund balances at 30 November 2022 are represented by." Fixed assets Net current assetsllliabilitiesl 45,052 338.501 45.052 345,471 6,970 Total net assets 383,553 6,970 390,523 18. Financlal commitments AI 30 November 2023, the group had total financial commitments under non-cancellable operating leases as set out below.. 2023 2022 Payable one year 26
Notes to the financial statements for the year ended 30 November 2023 19. Notes to the cash flow statement (a) Reconciliation of net movementin funds to net cash Ilow from operatlng actlvltl8S.' 2023 2022 Net incomellloss) for the period before transfers Ilncrease} l Decrease in debtors Increase I (DeeaSe> in creditors Depreciation and amortisation Interest receivable Loss on disposal Tax expense 20.077 170.5011 116,6861 39,232 11,327 15,475 14.031 14,433 18141 1481 143 {1,609) Cash generated from operations 28.078 {3,018} Tax paid Net cash inflow from operating aclimlies 28,078 13,018} (b) Analysis of c•sh and cash •quivalents Gmup Year ended Year ended 30 November 30 November 2023 2022 Cash at bank and in hand 389,742 361,336 389,742 361,336 Analysis of net funds l December 2022 Cash 30 November flow 2023 Cash at bank and in hand 361,336 28.406 389,742 Net debt 361,336 28,406 389,742 l Dec$mber 2021 Cash 30 November flow 2022 Cash at bank and in hand 415,066 {53,730} 361,336 Nel debt 415,066 {53,730} 361,336 27
Notes to the financial statements for the year endgd 30 November 2023 20. Movement in funds The movement in funds. during the year, for the group and Charity were as follows.. Consolid8ted 2023 Charity Consolidated Charity 2023 2022 2022 Net movement In funds Fund balances brought forward 20,077 390,523 27,132 338.377 170.5011 168,5241 461,024 406.901 Fund balances carried forward 410,600 365,509 390.523 338,377 The results for the year derive from continuing 8Ctivilies and there are no other gains or losses other than those shown above. 21. Related partles All related party transactions are routinely reviewed lo ensure that they are appropriate. This review process is designed to ensure that in each instance the relationship is not material enough lo unduly influence either paty, that the related party has the necessary skills and expertise to deliver the service. During the year, Trustees donated £nil {2022.. £6.5951 to the trusL 28
Chalke Valley History Trust Statement of financial activities for the year ended 30 November 2023 Unrestricted Reslricled funds funds 2023 2023 Total funds 2023 Total funds 2022 Notes Income fronj." Donations and legacies Investment income 320,383 814 7.829 328,212 307,903 814 47 Total 321,197 7,829 329.026 307.950 Expenditure on.- Charitable activities Other expenditure 293.586 500 7,829 301,395 375,209 500 1.265 Total 294,066 7.829 301,895 376,474 Net income/(expendlture) resources 27,131 27.131 168.524} Net income / (expenditure) and movement in funds 27,131 27,131 168.5241 Reconciliation of funds Total funds brought forward 331,407 6,970 338,377 406.901 Total funds carried forward 358.538 6,970 365,508 338,377 The results for the year derive from continuing activities and there are no other gains or losses other than those shown above. 29