Company registration number: 08361306 Charity registration number.. 1153135 Southwell Music Festival Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 De¢ember 2024 RWB CA Limited Northgale House North Gate New Basford Nottingham NG7 7BQ
Southwell Music Festival Limited Contents Reference and Administrative Detai15 Trnstees, Report 2to3 Statement of Trustees, Responsibilitie5 Independent Examinevs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t018
Southwell Music Festival Limited Reference and Administrative Details Chair Ms Amanda Farr (appoint¢d 22 November 2024) Trustees Mr William Balkwill Mr Flynn John Brayn Le Brocq Mr James Campbell Dr Margaret Chadwick Mr Patrick Massey Ms Carris Jones (appointed l April 2024) Ms Sarah Elizabeth Hall (appointed 22 November 2024) Ms Kristin Eleanor M¢lntosh (appointed 22 November 2024) Mr Peter Stephen Garrood (appointed 22 November 2024) Mr Thomas du Ple5sis (resigned 22 November 2024) Seeret4ry Mr Flynn Le Brocq Charity Registration Number 1153135 Company Registration Number 08361306 The Charity is incorporated in England and Wales. 47 EasthoTpe Southwell Nottingham NG25 OHY ReEiStered Office Independent Examiner RWB CA Limited Northgate House North Gate New Ba5ford Nottingham NG7 7BQ Page I
Southwell Music Festival Limited Trustees, Report The tru5tee5, who are directors for the purposes of company law. present the annual report together with the fmancial statements of the charitable company for the year ended 31 December 2024. Objective5 And &ctivitie5 Objects and aims Southwell Music Festival Limited is also a registered charity. It was establi5h¢d to provide for the advancement of the Art5 and in particular the Arts of Music. Speech and Drama by the pre5¢ntation of an annual classical music festival predominantly but not exclusively in Southwell, Nottingham5hir¢. Public benefit The trustees confirni that they have romplied with the requirements of sertion 17 of the Charities Act 2011 to have due regard to the public benefit guidan¢¢ published by the Charity Comrnis5ion for England and Wales. Achievements and perforniance The annual Souihw¢ll Music Festival celebrated its tenth season in 2024. This milestone was marked by th¢ perfonnance of a new work specially commissioned from Cheryl Francis-Hoad. Under the artistic direthion of its founder, Marcus Farnsworth, the Southwell Music Festival continues to achieve rilical acclaim and has b¢¢ome renowned for producing an exquisite programme of chamber. choral and orchestral musi¢ to audiences in the small historic town of Southwell. The Festival takes place every year on the August Bank Holiday weekend. The Festival is very much a community event and relies heavily on an enthusiastic band of over one hundred volunteers living in and near Southwell who carry out a wide range of jobs from organising hosting of musicians to stage management and front of house and acting as trustees of the charity. A tolal of twenty-one events took place over four day5. Twelve concerts took place in the Chapter House, Crossing and Nave of Southwell Minster, and two in the Methodist Church. There was a Musical Picnic in the Palace Garden, a Folk Concert in the Marquee and a Come and Sing rehearsal followed by a wncerL both in the Nave. There were Festival Talks before three of the concerts. One ¢on¢ert highlight was the premiere of the specially commissioned piece With What Sudden Joy by Cheryl FranGi5-Hoad. with a libretto by poet Kate Wakeling. This new work was perforn]ed alongside Moz2rt's Requiem. Renowned Brit15h tenor Mark Padmore was Artist-in-R¢sidence, a first for Southwell Music Festival, and gave a recital of English Songs. Total audience for the concerts and talks was 3,565. Fringe events took place in Southwell Library, the Market Square, the Methodist Church. and several pubs. Ten separate groups and soloists took part. including the Nottingham Youth Jazz Orchestra and other young artists still at school. The Fringe is a showcase for local perforn)ers and is free of charge with a retiring collection for a local charity. whi¢h in 2024 was the local Beaumond House Hospice. Inspiring and providing an opportunity for youn8 musician5 has been part of Southwell Music Festival's mission from the beginning. 2024's string apprentices were the Sonas Quartet, all students from the Guildhall School of Music. The vocal apprentices were four graduates from The Sixteen's Genesi5 talent programme. A Masterclass provided coaching by Festival Musicians of young players. Festival Makers are young people gaining work ¢Kperience and gaining a taste of whF4t it Is like to work in event mana8¢ment. They provide much help behind the scenes during th¢ Festival in a wide range of jobs. Page 2
Southwell hlusic Festival Limited Trustees, Report The Feslii'al is madc bi ws5ible M g¢her0 supporters. Our 147 Festi)'al Fnends proTrided oi'er £44.000 in direct suppurl. u5 iiell bth'ing ol d)e iickets sold. Be[actOrs and small trts and fdationS proaded ther Behiiid ihe scenes the Fesiii.d is updatin&i ils si'sienLq. polici and procedures w)d has rec11). eslablished a Fundrwsinb Sub-Coinituttc¢ (o focus on InCreing tliis e5senftal 5UPPOrt. Other ii'orL iniolles seek'ing panneisliip5 iith other arts and educauonai organisalioiis fo LiJcrMs¢ ow i.each to ncii. auitiences. We dlso have planb lo thke ow IIIUSIL Out io Ans c0CLI England desigt]ated areas ol"culiurni depriation suth as Mdnsfield AshfEeld. Fin¢11 review TIIL suninian" i(¥uli cun be Se in the slemen1 of FIncial Aclll'iues on page 6 Income in 10t il'as Ll 93.02 itlllsi eNpendiiure lias £192.?Ci2 The Ivjsiees are. dierefore. delighted io rep)n J small oi'eT311 Operalg surplus foi the Tr'ear o( £763- a parlicv]arli' plc&sirig 1¢5uiL &ii'¢ll the fundini) challenges faced b). the arts sector as a Th'hole. The del1 behind the overall resul¢ can be se¥n in th¢ notes io the acco15 Stariinbi w'ith not¥.3 on P74 Lye I l. As mennoned It) the Athiei'em¢nts and Perforniance 5ec¢ion abol'< the ongoing anistsc and fan¢T 'iabilii!' of the FeslIi'al depends bvreadi upon its ¢ollalKJrauon ii'ith the local comniunit). both in temjs ol direit nioneiap suppoit bui aibo upr>n die siunifiLani Vali ol. the iiork done bi, our Nolunieers foi ii"hicl) th¢ board eKpresses its gi'atiiudc. Th¢ In(S are satisfied th the Fesui'ai remains in a robusi financial position. A dewled fii'e4'ear businS plan. lo ensurL its onsJoin¥ 5LLsiainabJlity. Is n&irin&) ¢ompleti(NJ and "117 support athiei"inL th¢ gOS of the Fundrajsing sUcOMlittee. Poliri, resen¥ It 15 tile poljth. of ihe Lliarii! to Lnyintsin: Ls a j[[nu lunds sufticieni to coi er the operaiionai 2nd cctraCtUal COSts of the Organisatsl foi one }'&v Our unre51ncLed ¢ash rtseries al 31 December 2n24 M'ere £i9.743. Sirutture. %oi"trnante and man*getnent Trusiees are appoinied bl" the General Mething tsf die Compmi. in aw)rdance Mith the lern of the Article5 Ot. AsEociauon. The goven)ance and b41nesS atrairs ofthe chariLN ate controlled b%. the Trusteu. mks nJandxepneAI oJihuse rtfks The Trusiee5 hai"e a55e55ed the Inaior risks io iil)ich the charity. is v4posed and are stsiisfied thai SVSEems are in place io nutigaic dicbc risks. Ttie annual repon ii"a5 approTr¥¢d in the trle¢S ofthe Charl OT) 31 March 2025 and signed on its behatf h.: qs Amwida Farr Chdir Page 3
SouthweRI Illusic Festival Limited Statement of Trusttts, Responsibilities The (nLsiees {vtto are atso the directots of South.1 msiC Festsi'al Limited for the purpos&q ol compan!. la) arc '¥.siILins11)le f()r i?repuriniy die Èiwst¢ts' r¢purt and the [inLIa1 sialeEnents in arcordce iiith applicable lai arkd Uiiiied Kingidom Accountsn. Stsnd&rds Iuiiited Kingdom Cjenerall! Accepted Accounung Pracuce). Inclu¢ FRS 1112"The Fii?ancial ReportÈnbJ Sinndard applicable in the Uk and Republic ol. Ireland.. Compan!. liw. requ5res the tr51¢¢5 lo piepaTe finwic5al sth(ements fow eath Iinancial !'¢or. Under compani laii. the Irusiees in1 not approi ¢ th¢ financial stsieniLts unless thf). are sutisfi¢d thai a Irue and fair i'te%%' ol Ihe 51ale of Tal of the ch11 ri1i1ble compaiTr" and of the Incorning resources Jnd applicatTOn of r¢sout¢es. including i Income and PendilUre. ol the thatitsble compam for that period In preparing th¢s¢ financiat S&ets. the Irusiees ate rcqutT¢d io". seleLt SulblE dCLDLmÈing policies and applN' them Wnsis%. obseTke the methods lind princLpl¢s lit the Chtiriues SORP. niak"e judgeinents and esuinaies thai are reasonable and pNdenL S121e iiknether 1pplicable acCoung sialldard5. comprising FRS 102 hai'e follVed. subj¢¢i to am, maLen depanures disclosed and &xplaiDed in the linancial sweiiients. and prepare the fJnwicia] 5¢al¢ma)ts on the going concern basis unless it is Illproprie io presume thai the haTL(thle campan!. llryll conunue in busin0%5. The iru51ees are iespoJisibl¢ for keeping proper accounting records tha( can disd¢ Te&50nable accurath." ai an!. lime Ihe tjiiiCl*d pvsilion ol. the diaritable coinpani. and ty)able Ih¢m to ensure iho( the financiai stutements CQLnpI! ith th¢ Compwijes .4LI 21111C>. Thfy" I1re also iespoiisiblc foi sal¢LTuardinb the &ssels of the charitable compam and hthice fol iakiiig reasonable 51¢P5 for the prei'enlion and deieciioti of fraud and other irrvTulariiies. The tIUSltts w¢ respoiisible for Lhe mtiinLLmance wid inlegirits ol th¢ ¢orpoTaie &id financiaj inf0mli0ll included on the Lliarilable comptr s web511e L¢81slauon goi crning the preparaiiun and dis5emin&lion of fan(la1 staiements rna!, dillei liom l¢wslail] in other Junsdicti(Mt5. Api)ioi ed bi. thL irusi¢¢s of the ChariLv on 31 March 2112£ and Sign on its behrbI.. s .1kda Farr Chwr Page 4
Southwell Music Festival Limited Independent Examiner's Report to the trustees of Southwell Music Festival Limited ('the Company,) I report to the Charity trustees on my examination of the accounts of the Company for the year ended 31 D¢cember 2024. Responsibilities and basis of report As the Charity's tntstees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Ath,). Having satisfied myself that the accounts of the Company are not required to b¢ audited under Part 16 of the 2006 Act and are eligible for independent examin3tion. I report in respect of my ¢xamination of your Charity'5 accounts as ¢arried out under section 145 of the Charities Act 2011 ('the 20 I l Act,). In catrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 201 l Act. Independent examin¢r'$ statement I have completed my examination. I confirn] that no rnatters have Come to my attention in ¢onne¢tion with the examination giving me cause to believe: l. accounling records were nol kept in respect of Southwell Music Festival Limiled as required by 5eGtion 386 of the 2006 Act. or 2. the accounts do not accord with those records. or 3. the accounts do nol comply with the accounting requirements of section 396 of the 2006 Act oiher than any requirement that the accounts give a 'lrne and fair view, which is not a matter Gonsid¢red part of an independenl examination. or 4. the account5 have not been prepared in accordance with the methods and principle5 of the Statement of Recommended Practice for accounting and reporting by charitie5 [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in ColectIon with th¢ examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Neil Coupland Northgate House North Gate New Basford Nottingham NG7 7BQ 31 March 2025 Page 5
Southwell Music Festival Limited Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) TotAI 2024 Tot81 2023 Unrestrieted Restricted ote Income and Endowments from: Donations and legacies Charitable activities Other trading activities 38,579 17,168 132,278 5.000 43,579 17.168 132,278 43,085 20.403 123.917 Total tncome 188.025 5,000 193,025 187.405 Expenditure on: Ralsing funds Charitsble activities (11,286) (173,976) (6,000) (1.000) (17.286) (174,976) (11,428) (152.131) Totsi Expenditure (185.262) (7.000) 192,262) (163.559 Net incomel(expenditure) 2.763 2,000 763 23,846 Net rnovement in funds 2,763 (2.000) 763 23,846 ReconciliatlOD of funds Total funds brought forward 56,980 2,000 58.980 35.134 Total funds ¢arri¢d forward 18 59,743 59,743 58,980 All of the Charity's activities derive from continuing operations during the above two periods. The notes on pages 8 to 18 forni an integral part of these financial ststements. Page 6
Southwell illusic Festival Limited iliegistration number: 08361306) Balance Sheet as At 31 December 2024 2024 21123 Note Fixed assets 'I'dniiibl¢ assets 14 C>67 C'urrent SStts l)ebior5 ash at bank and Jn h li 7,753 8.13CJ I 1.351 CbU.UI ? 6(1.614 61.3(13 c.dItr5: Amounts flllng due w'ithin one year 16 17.5311) 12.3831 Yrt fiirrent assets 511.l)80 Nei &ssels i9 743 iX.Y811 Fund5 of lht Chaiity: Restricied iiicome fund5 Restricted funds ITnreitiic¢ed income funds Ilnre5tllClEd lunds 59.743 Tfjt funds i9.743 i8,980 Troi. thtt finaJ)cial l'ear ending 31 Dec¢iJ]ber 21124 the ChariL)' wgs to exLynption from audii Urtder seciion 477 of Ihe C.onipani&% Acl 2(iufTr relaLiSib lu small compani&s. Dire¢iors' responsibilitses.. The iiiembers hai'e iioi Tequired the Chant) io obtsin audii Of its acco$ for the N'ear in question in accordance iiith 5ecuDn 476". and The direciors acknoii'ledbie thr responsibiliijes tor complyiiig with the requÉrements of the Aci with fe5pecl io accounTjrtb) re¢oi'ds dnd die preparation ol accounts. Tli¢ finWiLl 51al¢menls L)n pagL C? io I K w'ere appro% eil by die tritsi¢¢s. and authorisd for issue on 31 Mwcli ?1125 Id signed on thwr behalt h.: Ms .4inanda Farr rhwr The notes on page5 8 to i¥ fL)tm an iTrtebral part of these financi sLiiemeDts. Page 7
Southwell Music Festival Limited Notes to the Financial Statements for the Year Ended 31 December 2024 I Charity stAtus The Charity is limited by guarantee, incotpordted in England and Wale5. and consequently does not have share capital. Each of the tNstees is liable to contribute an amount not exceeding £1 towards the assets of the Charity in the event of liquidation. The address of its registered office is: 47 Easthorpe Southwell Nottingham NG25 OHY These financial statements were authorised for issue by the tru5tee5 on 31 Mar¢h 2025. 2 A¢¢ounting policies Summary of significant 8¢¢ounting policies gnd key Accounting estimates The principal accounting policies appli¢d in ihe preparation of these financial statements are Set out below. These policies have been consistently applied io all the years presented. unless otherwise stated. Ststement of compliance The financial statements have been prepared in accordan¢e with Ac¢ounting and Reporting by Charities.. Statemenl of Recommended Practice (applicable to charities preparing iheir a¢count5 in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and th¢ Companies Act 2006. Basis of prep*r8tion Southwell Music Festival Limited meets the definition of a public benefit entity under FRS 102. A5s¢ts and liabilities are initially recognised at historical cost or transaction value un1¢55 otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material unoertainties about the Charity's ability to conlinue a5 a going concern nor any significant areas of uncertainty that affect the canying value of assets held by the Charity. Exemption from preparing a cash flow statement The Charity opted to ¢arly adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Income and endowments All income is recognised once the Charity has entitlement to the income, it is probable that th¢ income will be received and the amounl of the income receivable can be measured reliably. Page 8
Southwell Music FestAval Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Donations and legaci Donations are recognised when the Charity has been notified in WTiting of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds. the income is deferred and not r¢cognised until either those conditions are fully met. or the fulfilment of those Conditions is wholly within the control of the Charity and it is probable that the5¢ conditions will be fulfilled in th¢ reporting period. Deferred income Deferred income repre5ent5 amounts received for firtUT¢ periods and is released to incoming resources in the period for which, it has beeTh received. Such income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods; or The donor has imposed conditions which must be met before the Charity has un¢onditional entitlement. Expellditur¢ All expenditure is recognised once there is a legal or constructive obligalion to that expenditure, il i5 probable settlemenl is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate Similar costs to that category. Where costs cannoi be dir¢thly attributed to particular headings they have been allocated on a basis consistent with the use of resources. with central staff costs allocated on the basis of time spent. and depreciation charge5 allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raisingfunds These are costs iD¢urred in attracting voluntary income. the management of investments and those incU¢d in trading athivities that raise fvnds. Charilable acftvitie Charitsble expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both cost5 thal can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Gov¢rDance costs These include the cost5 attrlbutable to the Charity'5 compliance with constitutional and stabjtory requirement5. including audit, strategi¢ management and IStee5 meetings and reimbursed expen5¢S. Taxation The Charity is considered to pa55 the test5 set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capilal gains received within categorie5 covered by Chapter 3 Part I l of the Corporation Tax Ad 2010 or Section 256 of the Taxation of Chargeable Gains Act l992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets Costing £50.00 or more are initially recorded at cost. Page 9
Southwell Music Festival Limited Iyotes to the Financial Statements for the Year Ended 31 December 2024 DepreciAtioD and amortisation Depreciation 15 provided on tangible fed assets so as to write off the cost or valuation, less any estlmated residual value, over their expected useful economic life as follows.. Asset clgss Plant and machinery otTice equipment Depreciation method 2nd rAte 200/0 straight line basis 200/0 straight line basis Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. after due regard for obsolete and slow moving stocks. Cost is detennined using the first-in, first-out (FIFO). Trade debtors Trade debtor5 are amouTht5 due in the ordinary course of bu5inc5S. Trade debtors are re¢ognised initially at the transaction price. A provision for the impaimient of trade debtors is established when there 15 0bj¢¢tive evidence that the charity will not be able to collect all amounts due according to the original ternis of the receivables. Cllsh and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-terni highly liquid investments that are readily convertible to a known amount of cash and ar¢ subject to an insignificant risk of change in value. TrAde creditors Trade creditors are obligations to pay for goods or 5ervi¢es that have been acquired in the ordinary course of business from suppliers. Account5 payable are classified as current liabilities if the charity doe5 not have an unconditional right, at th¢ end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented a5 non-current liabilities. Trade creditors are recognised initially at th¢ transaction price. Fund structure Unrestricted income fimds ar¢ general funds that are available for use at the trustees discretion in furtherance of the objectives of the Charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is re5tri¢ted to that area or pulpose. Page 10
Southwell Music Festival Limited Notes to the Financial Statements for the Year Ended 31 December 2024 3 Income from donations and legcie$ Unrestriettd funds General Restrict¢d funds Total 2024 Total 2023 Donations and legacies. Donations from individuals Gift aid reclaimed 22,713 15,866 5.000 27,713 15,866 32,232 10.853 38,579 5.000 43.579 43,085 4 IDcome from eharitsble activities Unrestricted funds General Tot1 2024 Orchestra tax relief 17.168 17,168 Uurestricled funds Gener41 Total 2023 Orchestra tax relief 20,403 20.403 5 Incon)e from other trading activities Unrestricted funds General Tot¥1 2024 Events income. Ticket and programme sales Fundraising events Sponsorship income Friends of SMF 66,191 10.837 15,000 40.250 66.191 10,837 15,000 40,250 132,278 132.278 Pagell
Southwell Music Festival Limited Notes to the Financial Statements for the Year Ended 31 December 2024 UDrestricted funds General Restricted funds Total 2023 Events income; Ticket and programme sales Fundraising events Sponsorship income Friends of SMF 65,213 11.989 65,213 11.989 5,200 41,515 5,200 41,515 118.717 5,200 123.917 6 Eipenditure on rgising funds a) Costs of trAding activRties Unrestricted Total 2024 Total 2023 General Restricted Fundraising trading costs" Fundraising Costs of goods sold 11.286 6,000 17.286 10,238 1,190 11,286 6,000 17,286 11,428 7 Expenditure on charitsble activities Unrestrieted funds General Restricted funds Total 2024 Musi¢ hire and purchas¢ and PRS Mustcians Hospitality and catering Box office charges Venue expenditure Festival Makers & Box Office Manager Insurance Printing, postage and stationery Piano hire and tuning Mi5c¢llaneou5 expense5 2.880 70,753 13.457 4.638 14.055 3,328 3.007 1.535 3,676 1.747 2,880 71,753 13.457 4.638 14,055 3.328 3.007 1,535 3.676 1.747 1.000 Page 12
Southwell Music Festival Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Unrestricted funds General Restrieted funds Total 2024 Accommodation Marketing and PR Programme exp¢nditUTe Video, audio and photography Telephony & broadband Travel & subsistence Small ¢quipmeni & softwar¢ Festival management 600 9,885 3,491 1.879 622 1,743 2,798 27.372 600 9.885 3.491 1,879 622 1.743 2,798 27,372 167,466 1,000 168.466 Unrestricted funds General Other Total 2023 Music hire and purchase and PRS Musician5 Hospitality and catering Box office charges Venue expenditure Festival Makers & Box Office Manager Insurance Printing, postage and stationery Piano hire and tuning Miscellaneous expenses Accommodation Marketing and PR Programme expenditure Subscriptions Depreciation of tangible fixed assets Telephony & broadband Travel & subsislenGe Small equipment & software Festival managernent 4.355 51.903 7,435 4,791 11,695 2.941 1,858 1,052 4.924 1,973 1.674 7,983 3,740 430 237 720 2,193 2,719 24,910 4.355 55,403 12.635 4.791 11.695 2.941 1.858 1,052 4.924 1.973 1,674 7.983 3,740 430 237 720 2,193 2.719 24.910 3.500 5,200 137,533 8.700 146.233 Page 13
Southwell Music Festival Limited Notes to the Financial Statements for the Year Ended 31 December 2024 In addition to the expenditure analysed above, there are &lso governance costs of £6.510 (2023 £5,898) which relate directly to charitable activities. See note 8 for further details. 8 Analysis of governanee and support costs GoverDADce costs Unrestricted Total 2024 Totgl 2023 GentrAI Independent examiner fees Examination of ihe financial statements Other fee5 paid to examlners Trustees remuneration and expenses Bookkeeping 780 1.062 268 4,400 780 1,062 268 4,400 714 1,026 58 4.100 6,510 6.510 5,898 9 Net incomingloutgoing resources Net in¢oming resources for the year include- 2024 2023 Depreciation of fixed assets (237) 10 Trnstees remuneration and eipenses During the year the Charity made the following transartions with trustees: Mr Flynn Le Brocq Travel expenditure of £268 (2023: £58) was reÉmbursed to the trustee. No trnstees. nor any per50n5 ¢onnected with them, have received any remuneration from the Charity during the year. No trustees have ¢¢iVed any other benefits from the charity during the year. Page 14
Southwell Music Festival Limited Notes to the Financial Statements for the Year Ended 31 December 2024 I I Staff costs The aggregate payroll costs were as follows.. Staff costs during the ye4r were: Wages and salaries Social security costs P¢n5ion costs 2024 £ 2023 £ 40,537 2.475 755 35.960 2.174 633 43,767 38,767 The monthly average number of persons (including 5¢nioT manag¢ment I leadership team) employed by th¢ Charity during the year expressed a5 full time equivalents was as follows: 2024 2023 Management Administration No employe¢ r¢¢¢ived emoluments of more than £60,000 during th¢ y¢ar. 12 Independent examiner's remuneration 2024 2023 Examination of the financial statements 780 714 Otber fees to exatniners All other tax advisory services All other services 660 402 624 402 1.062 1.026 13 TAxAtion The Charity is a registered charity and is ther¢foT¢ ¢X¢mPt from taxation. Page 15
Southwell Music Festival Limited Notes to the Financial Statements for the Year Ended 31 December 2024 14 Tangible rued 45sets Furniture And equipment Total Cost At l January 2024 Additions 11,013 667 11.013 667 At 31 December 2024 11,680 11,680 Depreciwtion At l January 2024 11.013 11,013 At 31 December 2024 11.013 11,013 Net book v4lue At 31 December 2024 667 667 At 31 December 2023 IS Debtors 2024 2023 Prepayments Other debtors 3,559 4,194 1.351 7,753 1.351 16 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors Accruals Deferred income 621 87 780 6,050 119 714 1.550 7,538 2.383 Page 16
Southwell Music Festival Limited Notes to the Financial Statements for the Year Ended 31 December 2024 17 Pension and other schemes Defined CODtribution pension Scheme The Charlty operates a defined contribution pension scheme. The pension c05t charge for the year represent5 contributions payable by the Charity to the scheme and amounted to £Nil (2023 - £Nil). 18 Funds BalaDce at 31 Dec¢mber Balance at I JAnuary 2024 Incomiug resources Ruources expended 2024 Unrestricted funds General 56,980 188,025 (185,262) 59,743 RestTlCted fund$ 2.000 5,000 7,000 Tot*1 funds 58.980 193,025 192,262 59.743 Balance at 31 December 2023 Balance at I January 2023 Incoming resources Resources expended Unrestricted funds General 35.134 176.705 (154,859) 56,980 Restricted funds 10,700 8,700 2,000 Total funds 35.134 187.405 (163.559 58,980 19 Analysi5 of Det assets behveen funds Unrestrieted funds General Total fudS At 31 December 2024 Tangible fixed mssets Currenl assets Current liabilities 667 66,614 7,538 667 66,614 7,538 Total net assets 59,743 59,743 Page 17
Southwell Music Festival Limited Notes to the Financial Statements for the Year Ended 31 Deeember 2024 20 Related pArty trAnsAetions During the year the Charity made the following related party transactions: Mr James C4mpbell (Trustee of the charity) During the year. £2.000 (2023.. £3.000) was paid to Mr James Campbell for musician services and £2,000 for planning and fixing fees.. At the balance sheet date the amount due tolfrom Mr James Campbell was £Nil (2023 - £Nil}. Mr Thomas Du Plessis (Trustee of the charity) During the year, a £600 (2023: £Nil) donation wa5 received from the Trustee. During the year, £7,500 (2023: £10,000) donation was recetved from the The Du PlesS15 Family Foundation. At the balance sheet date the amount due tolfrom Mr Thomas Du Plessis was £Nil (2023 - £Nil). Mr William Balkwill (Tru5te¢ of the Charity) During the year. £Nil (2023: £1.140) was paid to Mr William Balkwill for musician services. At the balance sheet date the amount due tolfrom Mr William Balkwill was £Nil (2023 - £Nil). Mr FIll Le Brocq (Trustee of the charity) During the year, £268 {2023.' £58) was received to cover travelling expenses. At the balance sheet date the amount due to/from Mr Flynn Le Brocq was £Nil (2023 - £Nil). Ms Carris Jones (Trustee of the charity) During the year, £825 (2023: £1.190) was paid to Ms Carris Jones for musician services. At the balance sheet date the amount due tolfrom Ms Carris Jones was £Nil (2023 - £Nil). Mr Peter Stephen Garrood (Trustee of the charity) During the year, £241 (2023.. £Nil) paid to Mr Peter Stephen Garrood as reimbursement of advertising and marketing ¢xpen5es. At the balance 5he¢t date the amount due tolfrom Mr Peter Stephen Garrood was £Nil (2023 - £Nil). Page 18