R•olstered number. 09514461 Charity number.. 1163614 NEVILL HOLT COMMUNITY ARTS LIMITED (A Company Llmlted by Guarantee} GROUP TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023
NEVILL HOLT COMMUNITY ART8 LIMITED IA Company Llm5ted by Guarantee) CONTENTS Pagtr R•f•rgnce and Administrativg Details of the Company, its Trustèes and Advls•rs Group Trustogs. Roport bkdent Audltors. Report on the Flnanelal Statements CoI1d8tOd Statement of Flnanclal A¢tlvhies Corwlidated Balance Sheet 2-12 13-17 18-19 20-21 Company Balanco Sheet Consolldated Statem•nt of Cash Flgws 22 23 tes to the Financial Statements 24-39
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Limited by Guarante8) REFERENCE AND ADMINISTRATIVE DAlLs OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 AUGUST 2023 Trust8 S J Rose. Trustee S G Toyne, Trustee J D P Dunseath, Tru51ee Company reglst•r number 09514461 Charity regist&r•d number 1163614 R•giStered offic• Nevill Holt The8tr8 Nevill Holt Market Harborough Leicestershire LE16 8EG Independent auditors Duncan & Toplis Audit Limitgd 5 Re501ution Close EndeavDur Park Boslon Lincolnshire PE21 T Page 1
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmited by Guarantee) TRUSTEES. REPORT FOR THE PERIOD ENDED 30 AUGUST 2023 The Trustees present their annual report together with the audited financial statements of the Company for the 1 September 2022 to 30 August 2023. The Annual Report serves ihe purposes of both a Trustee5' report and directors. report under ¢otnpany law. The Trustees confirm that the Annual Report and financial 51alernents rjf th& charitablè Company comply with the current statutory requirements. the requlrements of the charitable (xmpanvs governing document and the provisions of the Statement of Rècommended Practice ISORPI applicable to charities preparing their acUntS in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective 1 January 20191. se Ihe group and the Company qualfy a$ small under section 383 of the Companies Act 2006.the Group Strategic Report required of medium and large companie8 under the Companies Act 2006 Islrategic Rèport and Directors. Report) Regulations 2013 has been omitted. PagÈ 2
NEVILL HOLT COMMLINITY ARTS LIMrrED IA Company Limited by GuaTantee} TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 AUGUST 2023 Oblectlv¢¥ and actrvities a. Objectlves and alms Nevill Holt Community Arts MIt&d $xists to promtste the arts and advance education in the arts, through education programmes, prodvclion of opera, music, design, theatre andlor related disciplines which are int6nd8d to be enlightening 3ndlor of value lo the public. We rneasU our success in a number of way5, including the nurnber of audience member5 reached, the number of participants in our education and community programmes, feedback from participants in these programmes, and the perceived quality of our performances and events. b. Signlflcant aetivltles During th8 period the Charty received donations from individual donors. corporate supporters and chanlable trusts and foundations either directly or coll8¢t8d on Its behalf by Nevill Holl Festival Limited Ipreviou51y Nevill Htslt Opera Limited. This change in naTne was made post year end on 17 January 20241. These donations were used to support the delivery of the Charitys mission both in the theatre and acr055 the Midlands. c. Public bènefrt Thè Charity is a Public Benefit entity. When view1N9 the CharityÈ objectives and activities, and in planning future activities. the trustees havè considered the Charity Commission's general guidance on public benefit. d. GrantnakIng pollcles During the period the Charity made donations to its wholly owned subsidiary, Nevill Holt Festival Limited, which deliVed its Charitable objectlV85 on its behaff. All fundraising activities are undertaken by Nevill Holt Fests'val Limited and incoming resources are consequently held in a Stricted reserve by the Charity for use by Nevill Holt Festival Limited. Page 3
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Limltèd by Guarant*el TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 AUGUST 2023 Aehl•vèments and perfom)ancg a. Charitable a¢tlvltles During the period, the Charity delivered its objectivès through its wholly owned subsidiary. Nevill Hoft Festival Limited INHFI. Key activities in the year were as follows. Winter Festlval (Decembèr 20221 Orchestral partners Manchester Camerata oave two very dlfferent perfomiances al Nevill Holt, to a combin8d Audience of morè th8n 420. • Handel> Messiah with the Nevill Holt Singers, conducted by Nevill Holty Artistic Director. Nicholas Charmers, and • Jes5 Gillam Isaxophonol and Caroline Pether IDirectorNiolinl with a programme by Glalunov. Tchaikovsky and Caroline Shaw. War Horse- th& Concert A sell-out early Summer perfomance with Michaèl Morpurgo retelling an abridged versio)n of his bestselling novel accompanied by Ben Murray wrth music and songs from the National Theatr& production. 2023 Summer Opera F•stival - La C•n8rentola The 2023 opera festlval presented five nights of Rossini's La Cenerentola to a total 8vdience of more than 1700. The opera was directed by Owen Horsley and design8d by Simon Wells, joined by orchestral partners the Royal Northèm Sinfonia and conducted by their Principal Conductor Dini5 Sousa. Edueatlon and Communlty Activities NHF aims to providè access to opera. theatre, and rnU5iG-making of high standards to young p8op16 01 all backgrounds. A specially ¢ommissioned v8rsion of Mozart¥ The Magic Flute, in partnershipwilh th8 Roy81 Opera Housè and the Voices Foundation, featuring 1,100 Year 5 pupils and thity-six teachers from 22 primary schools was performed across venues in the East Midlands, reaching over 2,500 audience mernbgrs. Free tickets to opera performances are provided to under 18 s through gducation partners. and NHF offered artist developrnent prDgrams for talented opera singers. Artist Development Programs These programmes offer trainlng. perforrnances, coo¢hing, workshops. and collaborations with DRET schools lor artists at different stages of their oareers. Ov&rall, NHF focuses on nurturing excellenc8 in artists, widening access to music edu¢8lion, and delivèring high_ quality performances and community engagement. Page4
NEVILL HOLT COMMUNITY ARTS LIMITED {A Company Limited by Guarantèè) TRU5TEES' REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 AUGUST 2023 Flnanclal Review Financial position, going concern and rfsk The Statemènt of Financial Activities for the individual charity shows a net surplus of £nil lor the period12022". income raised during the period was granted to Nevill Holl Festival Llmiled, the Charity's wholly owned subsidiary, to deliver the Charit$ objeclNes in the 2023 season. The Statement of Financial Activitias for the Group shows a nel deficit of £126,525 12022.. net deficit of £271,882) for the period. This is the deficit incurred by Nevill Holt Fèstival Limited, of whieh £131,81012022: £130,962) is depraeiation in respect of the th88tre. 2023 was a particularfy challenging period in our history. During the period, due to poor lickel sales and weakne55es in management reporting and cost control we made the difficult decision to minimise furiher rin8n¢ial risk by dUcIng our 2023 prograrnme. Simultaneously, th8 Trustees took prolassional advice and filed a seTiOUS incldént report with the Charity Commission detailing the nature and circumstan5 of their concerns with the financial risks facing the organisati'tsn at that time. sin then. the organisation has macle significant changes to the board, scrulinised finances and the risks lacing the organisation and slrenglhened governance and management processes. The board ¢onsiders that the principal risks and uncertainties cuttently facing the organisation are as follows. Thèse risks are monitorèd on an ongoing basis. 1. Liquidit Bearing in mind p88t issues and changes in audience ticket buyng behaviour. the organisation& abilityto access ¢ash lo meet financAal oblig8tion5 85 they fall due is a key risk. To manage this risk, the organisalion has refocused on cost control, improved cashflow lorecasling, budgating and monitoring process, with greater oversight and scrutiny and enhanced sales marketing and fundraising. Ch8rity previously held a modest reserve lo support Inevitab pèaks and troughs across linaneial periods whith proved invaluable in 2023. Alongside this, the organisation agreed a secured short terrn loan repayable on r1p1 of the Thèatre Tax Relief (which is raeèiv8d aft8r th8 period of expenditure to which it relates) from The Ross Foundation, which has subsequently beèn repaid. Further loans have since be8n agreed with The Ross Foundation on a similar basis. These gererous cashflow 108n faiilibes have allowed the Charity lo plan ahead and rneet liabilities and obligations. Furthem)ore, this ongoing commitment has provided the necessary support and confidence that there are no material uncertainties about the Charity's abilrty lo continue as a going conc8m. repts1 inprijr years.in Jurp 2018 a pamianenl Iheatreopened atNevill HO tohouse etivities of Nevill Holt Festlval Limited. The cost of the building was funded by a long term loan from The Ross Foundation. P8ge 5
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Limlted by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 AUGUST 2023 Financial Rèvi8W 2. Markel risk Primarily, this risk concems ehanges in audience behaviour and external factors ovèr which we havè limited direct control. In order lo rnanage this nsk, undertook an audiencè survey and have allocated additional sourc8 to the programming of future events lo better understand audience demand and pricing within th8 market. Whilst we are unable to inlluenee 8xternal factors and the effects of the cost of living crisis for exarnple. we take these into consld&ration when 8sses5ing the risk. 3. Board Govemance We are grateful for the hard work ol prevlous board members and with many members reaching the point of reb'remenl, it was important lo maintain a strong skilled board going forward lo minimise the ri5k5 associated YAlh a weak govèrnance structure. With that in mind. the boards of both the Charity and Nèvill Holt Festival Limited were re-e¥tsblished with new members bringing the range of skills required. Th8 board has proactively audited the w8aker areas of ski115 and continuas to monitor thes&. An 8X8CUtive chair ha8 also been in place since late 2023. providing critical focvs, support and leadership. Irnproved management information has enabled the board to make better infomied decisions and to take swifter action in a more proactive w8y. b. Rg$•rv•s policy The Trustees approve Chanty spending and fundraising targets annually to maintsin sufficient reserves to meet future 8xpenditure as and when it becomés due. Al the partod end the Charitablè Company held a lolal of £70,07812022 - £70,078) in serveS of which £70,07712022 - £70.0771 are restricted reser40s héld for the use of activities by tha Navill Holt Festival Lirnited. . Funds In d•tlelt At the perfod ond dale no funds wgrg in deficlt in resp8ct of the Charitable Company. For the Charitable Group, the unrestricted fund was in deficit by £681,43712022.' £554,911) as at the period end date. The main ntributIng factor to this was the ¢umulative depreciation charge in respect ol the theatre, which was £682,05012022: £550,239). d. Invèstments pollcy and objectlves The only investment Is in its wholly-owlled subsidiary Nevill Holt Festival Limited. Under tha Memorandum and Articles of Association. the Charity ha5 the power to invest in any way tho Twstees see fit and opportunities for investrnent would bè subject to risk assessment on a caseby ca5ebasis. The Trustees have no immediate plans to c¢nsider further Investments. Page 6
NEVILL HOLT COMMUNITY ARTS LIMITED {A Company Llmited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 AUGUST2023 Financial R•view Innu•d) e. Prlnclpal funding Fundrni3ing The fundraising enwronmènt for arts organisalions in the UK in 2022123 continued lo be extremely challenging due to both the ongoing recovery following the Covid pandemic and the cost ol living Gfisis. Th8 principal soureas of donations 8re'. Voluntary donations from individual supportèrs Ilhrough the NHF membership scheme, box office donations and major giftsl - Grants from charitable trusts and foundations - Donations from c()rporate supporters Gift Aid on eligible donations Imm individuals These are either received direclty by Nevill Holl Community Arts Limited or collected on its behalf by Nevill Holl Fèstwal Limited and hgld in a restr¢ted reserve to fund activities delivered by Nevill Holt Festival which align wilh the Charitls objectives. The Trustees of Nevlll Hoh Community Arts Limited would like to thank all donors and supporters for helping us lo weather th• dlffl¢ult post pandomlc period for the benefit of audienGes. artlsts, participants Sn NHF'S educatlon programmes, and for the local community. Page 7
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmltefl by Guarant¢el TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 AUGUST 2023 Structur•. governanc• and management a. Governing document The Charity is controlled by its governing document. a deed of trust, and constitutes a limitèd company, limitad by guarantè8. as defined by the Companies Act 2006, with no shar8 G8pilal 1regislrab.on nurNber 095144611. The Charity was incorporated on 27 March 2015 and commenced its acts'vits'es on that dale and received charity status on 17 Septembgr 2015 (registration nurnber 11636141. The Mernorandum and Arti¢les of Association are the primary gov9rning documents of the charity. In January 2024, the Charty& trading subsidiary changed its name by spècial resolution from Nevill Holl Opera Limited to Nevill Holl Festival Limited. b. Mèthods of appolntmgnt or electlon of Trust••s The subscribèrs lo the Memorandum were the Directors ol the Company and the first truste8s of the Charity. To further strengthen the Board of Tru51ee5 and its indepèndence trom the Nevill Hott Festival Limited 8 review of trustees resulted in new tN8tee8 and directors being appointed upon the retirement of many of the 8xi8ling board members. Any new trustees and directors are appointed following an introductr)ry interview by the existing directors. e. Organisational structur• and de¢ision-maklng polleies The Trusteès meet regularly to make decisions relating to the Charity including approving 8nnLJal budgets. key contracts and the remuneration of key personnel as well as reGeiving regular financial updates. The Irusta8s work alongside the diractors of Nevill Holt Festival Limited. Detsils of the Trust8es are given on page 10. All Trustèes gave of their lime freely and they received no remunerdtion. No personal èxpense Tefunds warè paid. The delivery of Charitsble activities, raising of fund5 and administration for th8 charity is undertaken by its wholly ownad subsidiary, Ngvill Holt FeslNal Limit8d. Un¢J'l 30 Augusl 2022. the position of Manaoing Directtsr wa5 held by Annie Lydford, with delegated responsibility for the day to day running of all activities of the organisation. From 19 September 2022 until March 2023 Joe ONeill held thè position of Managing Director and the after provided 5peci8lisl and management support until the end of 2023 following the appoinltnent of a guest Fèsliv81 Dlre¢tor for 2024. Our long standing Artistic Director. Nicholas Chalmers, steppad down in March 2023. d. Policies adoptèd for the InducOn and training of Trustoès The trdining and induction provided for new trustees depends on their &xisting experience. Wh8re necessary, an inforrnal inducbon tallored to their specrfic needs including training on charity, legal and f5nancial rnatlers 15 provided. Page 8
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmltèd by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE PERIO D ENDE D 30 AUGUST 2023 Structure, governance and management Icontlnu•dl o. Related party relationships The Charity5 funds are granted to its subsidiary Nevill Holt Festival Limit8d which lundraises and (Jèliv8rs the Charity's activities. Nevill Holt F83tIV81 Limited transacts with suppliers and customers in th8 norm81 course of business. During th8 period payments were mad8 to and received from organisation5 of which the trustees of the Charity held positions such as director. trustee, or commitletr rn8mb8r. Furthgr details are given in the notes lo the financial statements. Page 9
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Limited by Guarant¢e) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 AUGUST 2023 Structure, governaneè and managom•nt l¢ont5nuedl f. Refer¢n¢e and admlnlstratlve detalls Re9lstgred Company number 09514461 (England and Wales} Reglst•rèd Charity numb¢r 1163614 Rgglstered offlce Nevill Holt Theatre Nevill Holt Markèt Harborough Leicestershire LE16 8EG Trustees and Dlr•etors in post durln9 the period to 30 Au9U$t 2023 F J H Richard5 (retired post year endl H J Stevenson Iretired post year endl L T J Morris Irelired 18 January 20231 S Ro)5e Trustees Ibut nol appolnted a$ directors) In post durlng th¥ perlod to 30 August 2023 J M Forrnan Hardy Irelired post y88r endl S G Toyne lappoinled as dirèctor post year endl S M Wa8s Iretsred p05t year endl J D P Dunseath (appointed as director post year endl Sènior Ststutory Audltor Timothy Godson FCA Bankers Barclay One Stanhope Gate London SW1A 1NP SoliGltors Clifford Chance LLP 10 Upper Bank Street London E145JJ Events slnc• tha ond of the perlod Board changes in Nevill Holt Community Arts Limited-. J M Foman Hardy (Trusteel retired on 13 September 2023. S M Wass (Trust881 retired on 30 November 2023. F J Richards {DirectorrUSte0l and H J Stevenson IDirectorlTrusteel tityd on 14 December 2023. J D P Dunseath (Trusteel and SG Toyne (Trustees) We appointed as directors on 14 December 2023. Page 10
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmlted by Guarnnteel TRUSTEES. REPORT ICONTINUEDI FOR THE PERIQD ENDED 30 AUGUST 2023 structurè, gov?rnance and management Icontinu•dl Further information relating to events since the end of the period is given in the notes to the financial statements. Plan$ for future pèrfods The Charity will wntinue lo make grants to Nevill Holt Festival Limit8d lo support the delivery ol its charitable objectives and activities. In 2024 the organisation launched a suoce55ful broadened music and arts leslival alongside a fundraising auth"on. first run in 2023. With the experience and learning5 of 2024 and earlier years, the organi5ation continues to rèviaw its lulure strategy with a view to continuing to devèlop a diverse and sustainable festival for the East Midlands alongside a revitali5ed education and artistic programme. This work will enable future prograrnming decisions to be m8de with confidence that perforrnances will be supported by audience dernand and that the organisation remains financially healthy. Tickets for the 2025 sèason are currentty on sale online at www.NevillHollFesb'val.com ststement of Trustèès. rèsponsibilities The Trustees Iwho are a150 the dsr¢ctor5 of the Company for the purposes of company lawl ar8 responsible for Preparing the Trustees, Report and the financial slalemenls in accordan¢e with applicable law and United Kin9dom Accounting Standards Iuniled Kingdom Generally Aeeepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each finanual period. Under cornpany law. th8 Twslees rnust not approve thè finan¢ial slalemenls unless they arè sallsfied that they give a tme and fair view of the state of aff8irs of the Group and the Company and of their incorning resoureès and 8pplicatior) of resourcès, including their income and expenditure, for that period. In preparing th¢5e financial statements, the Trustees are required to= select suiiable accounting policie5 and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021". make judgeTnents and accounting estimates that are reasonable and prudent., state whether applicabl8 UK Accounts'ng Standards IFRS 1021 have been followed, subject to any material d8parture$ di$¢losed and explained in th8 financial statements.. prepara thè financial statements on the going concern basis unless it 18 inappropriate lo presurne that the Group will continug in business. The Tru5te8s are r88pon8ibl& for keeping adequate aGGounting records that are $ulficient to show and explain the Group and the Company's transactions and disclose with rèasonable accuracy at any time the financial position of the Group and the Company and enable them lo ensure that the financial statement5 cornply with the Cornpani85 Act 2006. They are also responsiblé lor Safeguarding the assets ol the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of inforniat5on to audltors Each of the p8rsons who are Trusteès at the when this Trustees. Report is approv8d has nf1M)ed that.. so lar as that Trust88 is aware. there Is no relevant audrt information of which thè Charitable Group's auditors arè unaware. and that Trustee has takèn 811 the steps that ought to have been tsken as a Trustee in order lo be aware of any relevant audit inlomi8tion and to establish th8t lh8 Charitsble Group's auditor5 are aware of that infomiation. Page 11
NEVILL HOLT COMMUNITY ARTS UMtfED (A Compary Lrynited by Qu4rant••) TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 AUGUST 2023 Approved by Ofdor tsflh8 members gfthe bowd of Tru5tsE5 on. . .. . tho. beh2W by. 7vp" . and Sign on J D P Dun$eath Trust8e P4e 12
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmltèd by Guaranteel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEVILL HOLT COMMUNITY ARTS LIMITED Oplnlon We have audited the financial stslements tsf Nevill Holt Community Arts Limited (the 'p8renl charitabl& companll and its subsidiaries Ith& 'group'l for the period ended 30 August 2023 which comprise the Consolidated Statement ol Financial Activities, the Con501idated Balance Sheet, the Company Balance Sheet. the Ctsnsolidated Stslement of Cash Flows and the lated notes, including a summary of significant accounting politses. The fin8ncAal reporting framework that has been applied in th9irpreparation 15 applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102. The Financial Report4ng Standard applicable in the UK and Republic ol Irtsland, (United langdom G8nerally Accepted Accounting Praclicel. In our opinion the financi81 statemènts.. give a true and fair view of the state of the Group's and of the parenl charrtable companls affairs as at 30 August 2023 and of the Group's incoming resources and application of resources, induding its income and expenditure for the period Ih8n ended., have been properfy prepared in acoordance with United Kingdom Generally Acc8pt&d Accounting Practice.. and hava been prepared in accordanc¢ with the requirements of the Companies Act 2006 and the Charities Act2011. Basss for opinion We conducted our audit in accordanca wlth Inlemational Standards on Auditing IUKI IISAS IUKII and applicab18 . Our responsibilities under ihose standards are further described in the Auditors, responsibilities for the audit of the financi81 Stslements section of our report. We are independent of the Group in aordanCe wth the ethical requirèments that ar6 r818vant to our audit of the financial statements in the United Kingdom, including the Finanal ReFK)rting Counal's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidanc@ we have obtain8d is sufficienl and appropriate to provide a basis for our opinion. Wg h8ve reported a matter by exceptSon. Our opinion is not qLJalified in respect of this rnatter. Conclu$lons relatlng to golng concern In auditing the finanaal slalements, we have concluded that the Trustees, usè of the going conc8rn basis of a¢Gounting in the preparauon of the financial statements is appropriate. Based on th8 work we have perfomied, we have not identified any material uncertainties relating lo events or CO.0nS that. individually or collectivèly, may cast significant doubt on the Group's or the parent charitable ctsmpanys ability to continue as a going ctsncern for a period of at least twelve months frorn when th8 financial statemènts are 8uthori58d lor issue. Oijr responsibilitiès and the msponsibilities of th8 Trustees with respect to going concern are dascribed in the relevant section5 of this report. Page 13
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NEVILL HOLT COMMUNITY ARTS LIMITED ICONTINUEDI Other Information The other information comprises the information included in the Annual Report other than the financial statement5 and our Auditors, Report thèrèon. The Trustees are resptsnsible for the oth8r information contained within the Annual Report. Our opinion on the financial statements do8s not cover thè other inforrnalion and, except lo the extent otherwise explicitly slated in our report, we do not expr955 any form of assurance conclusion Ihereon. Our responsibility is lo re8d the other information and, in doing so, consider whether the other infomation is materially inconsistent with the financial staternents or our knowledge obtained in the course of the audit, or otherwise appears to be materially m15Staled. 11 we identify such material inconsistencies or apparent material misstatements, we are requirèd lo detem)In8 whether this gives rise to a material misstatement in the financial ststemenls thgmselves. If, basèd on the wotk we have performed, we conclude that thèrè is a malerlal misstatement of this other infomiation, we are rèquired to report that fact. W8 have nothing lo report in thi5 regard. Opiniort on other matters pr¢$¢rlbed by th¢ Companoes A¢t 2006 Irs our opinion. based on the work undertaken in the course of the audit.. the information given in the Trustees. Report for the financial year for which the financial statements are prapared is consistent with the finanaal Statements. the Trust88s' Report has been prepared In aordanCe with applicable legal requirernenls. Matters on whlch wè are required to r•port by exc¢ptlon In the light ol the knowledge and understanding of the company and its environment obtained in the cgur8e of thè audit. we have not identified material misstaternents in thè ReF)Ort of the Directors. In our opinion the Charitsb ¢ornpany has failed to cornply with the Companies Act 2006, section 386, wlhin their duly to keep adequate ac¢ounling records. The undertying record kaèping was found to be poor and was not updated on a titn8ly basis. This has 18d to the conclusion that adequate books and records were not maintained during the period or at the periodend dat8. Since the perlod end date considerable effort has been mad6 to review the accounting rec4)rds and io rectify the accounting entries for that period. enabling 8n unqualified audit opinion to be given. Wo hav$ nothing to report in r85PeCt of thè following matters where the Companies Act 2006 requires us to report to you if, in our opinion. returns adequate for our audit have not been received from branche5 not visited by us.. or thè financial statemants are not in agreernenl with the acctsunting records and returns., OT certain dis¢losures of directors and trustees rèmuneration specified by law are not made., or wa h8ve not received all the infomiation and explanations we require for our audit. Page 14
NEVILL HOLT COMMUNITY ARTS LIMITED {A Cornpany Llmltsd by Guarant¢el INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NEVILL HOLT COMMUNITY ARTS LIMITED ICONTINUEDI ResponJibilities of trustees As explained more lully in the Trustees, Responsibilities Statement, th8 Tru5teg5 Iwho are also the d1ctOrS of the charitable company for the purposes of company lawl are responsible for the preparation ol the financial 5tatamgnts and for being sat15fied that they giv8 a true and fair view, and for such intem81 control as the Trustees determine is necessary to enable the preparation of financial statements Ihal are free frorn material misstatement, whether due to fr8uLY or error. In preparing the financial statements. the Trusteès are responsible for assessing th6 Group's and the parent haritable compan5ls ability to continue as a going concem, disclosing, as applieable. m8tters related to going concern and using thè going concern basis of accounting unless the Trustees either intend to liquidate th6 GroLJP or the parenl ch8rrt8ble cornpany or to cease operations, or have no r8alistlC 8ltemalive but lo do so. Pago 15
NEVILL HOLT GOMMUNtTY ARTS LIMITED {A Company Llmitgd by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEVILL HOLT COMMUNITY ARTS LIMITED ICONTINUEDI Audltors. responslbllltl•s for the audit of th¢ financial statements Our objectives are lo obtain reasonable assurance about whether the financial staternents as a whole are free from material misstatement, whether due to fraud or error, snd to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high lev81 of assurance, bul 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misststement when it Èxists. Misstatements Gan arise from fraud or error 8nd are considered material if, individually or in the aggregate, they Could reasonably be expected to influence the economic decisions of u58r5 tak8n on the basis ol these financial siatements. Irregularities, including fraud, are ins18nces of ntsn4tsmpliance with laws and gUlatiOnS. We design procedures in line with our responsibilities, outlined above, to delect matarial misstat8m8nts In r&speot of irregularities, including IraLJd. The extent to which our procedures are Capable of detecting irregularitie5, including fraud is detailed below.. We have Identified areas ol laws and regulations that could reasonably be expected lo have a material effect on the financial statements from our 98neral commgrGial experience, knowledge of the sector, a review of gulatory and legal ctsrrespondence and through discussions with Directors and other manag8tvent obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedure5 relating lo compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any Indications ol non- compliance throughout the audit. The potential impact of different laws and regulations varies considerably. Firstly, The Group is subjaet to laws and regulations that directly impact the financial statements (for example financlal reporting legisl8lionl and we have a55essed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunitie8 for fraudulent manipulation ol the financial statements lincluding risk ol override of controls) and determined that the principal risks were related to mana98menl bias in accounting estimates and judgemental areas of th8 financial statements such 85 depreciation of tangible fixed assets. as well as the nsk of inappropriate journal entries to misclassify restricted income. Audit procedures perforrned by the engagtrment learn induded the identificab'on and testing of material and unusual joumal 8ntria$ and challenging management on key accounting estimates, a55UmPtIOll5 and judgemenis made in the preparation of the fi'nancial statements. We carried out detailed substantive tests en aeeounting estimates, including r8viewing the meihods used by management to make those 8Stimat&s and rè-p8rtorming th8 calculation. Secondly, The Group is subject to other laws and règulations where the eonsequence for non- compliance could have a material effect on th* amounts or disclosur8s in the financial statements. We identified the following areas as those most likely to have 5uGh an effect. Safeguarding, data protection and thè r8gulatory requirements of the Charity Commission. Auditing stsndards limll the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of legal fees lor any evidence ol non-complianee, discussions around whether any incidents occurred in the year and a review ol the poliuès in plac8. Through Ih8se procedures, if we became aware ol any non-compliance, we ¢on5idered the impact on the procedure5 perforrned on the related financial staternenl items. Owing to the inherent limitations of an audit, there is an unavoidable rfsk that we rray not have detected some mat8rial misststements in the financial statements, even though wè hav8 properly planned and pertormed our audit in accordance with auditing standards. The further mOVed non-ctsrnpliance with laws and regulations is from the events and tr8nsa¢tions reflected in the financial statement5, the le55 likely the inherently limited prOdureS requlrèd by auditing standards would identify it. As wth any audit. there is a greater risk ol non- detection of irregularities as these may involve collusion, Inlenliollal omissions of the override of internal controls. We are not responsible lor preventing non-compliance and cannot be expected to delect non- compliance with all laws and regulations. Pagè 16
NEVILL HOLT COMMUNITY ARTS LIMITED (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF NEVILL HOLT COMMUNifY ARTS LIMITED ICONTINUEDI Afijther description of our responsibilities for the audit of the fi'nancial statements is located on the Financial Reporting Council's website at.. .1r¢.0r Auditors, Report. .uklaudltorsres0nSlbllitles. This de5CriPtion foms part of our U59 of our report Tlis report is rnade solèly to the charitable cornpanls rnernbers, as 8 body, in accordance with Chapter 3 of Part 16 of Ihe Companies Act 2006. and lo the charitablè cornpanls tru51ees, asabody, Part 4 01 the Charth'es (A¢unt$ and Reports) RegLJlations 2008. Our audit work ha5 been undertaken so th81 we might state lo the charitable companys mernbers those matters we are reqUId to state to them in 8n Auditors, Rewrt and for no Olher PLJrpose. To the fullest extent permitted by law, we do not accept or assurne responsibility lo anyone other than the charitable company and its members, as a body. for our audit work, for Ihls report. or for the opinions WÈ have fom)ed. i.C @dsJ Timothy Godson FCA (Senior Statylory Auditorl for and on behalf of Duncan & Toplis Audlt Limited, Statutory Auditor 5 Re501ulion Close Endeavour Park Boston Lincolnshire PE21 TfT Dale.. 18 March 2025 Page 17
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE PERIOD ENDED 30 AUGUST 2023 Restricted Unr8strlct•d funds funds 2023 2023 Total fund 2023 Total funds 2022 Notè Income from.. Donations and legacigs.. Trusts and foundations Mernbership donations Gift aid 30,650 90,683 44,441 113,194 33,393 30.650 90,683 44,441 113,194 33.393 8,000 82,697 60,362 217,340 15,587 Ticket donations inc. donations in lieu Other donations Other trading adivthes.. Ticket s818S Catering op8r8tions Corporate sponsorship Membership income Programtne sales Investments.. Other income 168,126 2.664 38,133 1,169 4,980 168,126 2,664 38,133 1,169 4,980 356,920 89.614 1,833 7,587 8.052 183.496 183,496 207,001 Total income 710.929 710,929 1,054.987 ExpÈnditure on- Raising fund5 charitab activities.. Fees- creative, productlon and artist fees Other activity Gosts Cost ol raising funds Management and financial SUPPDrt costs 120,8331 120,8331 270,412 235,810 96,055 270.412 235,810 96.055 483, 713 584,369 86,690 178.710 87,415 30.895 133,991 178.710 87,415 30,895 133,991 189,014 ,133 23. 148 131,416 Other admlnistralive expenses Theatre bu11ng maintenance Depreciation Total 9xp•ndlturè 1.012.455 1.012.455 1.587,483 Not 8xp•ndltuM beforg taxatlon Taxation 1301,5261 175.000 1301,S261 175.000 (526,496) 254,614 Net movement In fund$ 1126,5261 1126,5261 (271,882) Page 18
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company LIMIt by Guaranteel CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI FOR THE PERIOD ENDED 30 AUGUST2023 Restricted Unr•stricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Re¢onclllatlon of funds.. Total funds brought forward Nel movement in funds 70.077 1554,9111 1126.5261 1484,8341 1126,5261 (212,952) (271,882J Total funds carrled forward 70.077 1681.4371 1611.3601 1484,834? The Consolldatad Statement of Fin8ncial Activities includes all gains and losses recognised in the period. The notes on pages 24 10 39 form part of these financial statements. Page 19
NEVILL HOLT COMMUNrrY ARTS LIMITED IA Company Llmltgd by Guarant••l REGISTERED NUMBER: 09514461 CONSOLIDATED BALANCE SHEET AS AT 30 AUGUST 2023 2023 2022 Not8 Flxgd assets Tangible assets 5,927,655 6,061,646 5.927,655 6.061,646 Current assets Debtors Cash at bank and in hand 577,328 32.391 445,559 26,594 609,719 472, 153 Creditors.. amounts falling due within one year 12 1232.9211 (347,240) Nèt eurrent assets 376,798 124,913 Total assets lesJ5 current Ilabllltles 6,304,453 6,186,559 Creditors." amounts f811ing due aller more than on8 year 13 16,915,813) (6,671,393? Net liabilit185 excluding penslon assèt 1611,3601 (484,834) Total net a550ts 1611,3601 (484,834J Charlty funds Restricted funds 14 70,077 1681,4371 70,077 (554,911) Unreslricted funds 14 Total funds 1611.360} f484,834) Page 20
NEVILL HOLT COMMUNtTY ARTS LIMITED (A Company Llmlted by Guarnnt••} REGISTERED NuMBeR". 09514461 CONSoLATED BALANCE SHEET ICONTINUEDI AS AT 30 AUGUST 2023 Tha Trustees 8d(nowWe their wponsibdit*3 for complying with the requirem6nts of th8 Aci with rogpéct to aecounling and preparation ol finanoal stalernents. The finanrAal 5tstements have en prépared in aCTrIanCe ¥wth lh8 provÈsions app5eab18 to enb"15es subject io th# small wmpanies regirne. Thg ffnancial ststements approved 2nd 3v1hcSed for issue by lh8 Trustees an¢J signed on thelr behaK by.. PO J D P Duns•4th - Trust•• Data.. 1813 j.2( The notes on pages 24 to 39 fcKm part of Ihase finawal staternents. Pago 21
IIEVILL HOLT COMIIUNffY ARTS LIMrrED (A Cornwny Umtt•d by Guarnntee) RE¢319TERED NUMBER: 09514461 COMPANY BALANCE SHEET AS AT 30 AUGUST 2023 2023 2022 Flxed assets IrNestrnent8 10 Cury•nt a88•ts Oeblor¥ Ca¥h at bank and n hand 11 130.698 12.971 268.000 169 143,669 268, 169 Creditors= amounts fallinu due gne year 12 173.392) (198,092) Net curr•nt as8¢1• 70,077 10.077 Total a•uts l•ts currert tsabHMI•s 70.078 70,OT6 N•t as••ts CludIng p•nslon asset 70.078 70,078 Totsl not wel• 70.078 70,078 Charlty fund8 Rastricted hjnds Un$1Cted funds 14 14 70.077 ro.077 Total fvnds 70,078 70,OT8 Th* Trustees acknwI8gè Ih8ir respsIblieS for Mptyl With the requirernenls of the Act wlth spect to accountlng reCS and pryaratic of finand 8t4ternents. The financ¢al ststements have been Fryared in aco)rdance vrilh Ihe w0visilS appfjcablè io entltios subject to the $mall GrpanIeS reglme. The finan¢lal $18teme 8pwov6d ar)d authcfj8e¢1 for i88ue by the Trustees and signed on behaff by.. J D P Dunseath- Trust0• Thè notes on pa9è5 24 to 39 form part ofthese financial slatsments. Paga 22
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmlted by Guaranto01 GONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 AUGUST 2023 2023 2022 Note Cash flows from operatlng aetivities Net cash used in Operang activities 17 1238,6231 (262,509J Ca$h flows from investlng aetlvltles Purchas& o118ngible fixed assets (64,259) N•t cash provld8d byllused Inl invg$ting actlvities 164.2591 Cash flow$ from flnanelng actlvltlas Cash inflow5 from new borrowing 244,420 82.517 Net cash provided by flnancing activitlèS 244.420 82.517 Change in cash and cash equivalents in tha p•riod 5.797 1244.2511 270,845 Cash and c85h equivalents at the beginning of the period 26.594 Cash and ¢a¥h equlval•nt$ at the end of the period 18 32,391 26,594 The notes on pagès 24 10 39 form part ol these financial statements Page23
NEVILL HOLT COMMLINITY ARTS LIMITED IA Company Llmited by Guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 G•neral Informatlon Nevill Holt Community Arts Limited is a registered charity, limited withoul shares, regi518red in England and Wales. The Company's r8gislered number and registered office address can be found on the Company Infomation page Ipage 11. The financial stat@m&nts are presented in slerting which is th8 functional currency ol the Charitable Company and Group and Tounded to the n&ar8st £. Page 24
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 Aecountlng policles leontinuedl 2.1 Basls af preparation of financial statem¢nts The financial stataments have been prepared in a¢¢ordance with the Charitiès SORP IFRS 1021 Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republit of Ireland IFRS 1021 (èffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 and the Cotnpanies Act 2006. Nevill Holt Community Arts Llmited meets the definition tsf a public benefit entity under IRS 102. Assets and liabilities are initially recognised al historical Cost or transaction value unl8SS Otherwise Ststgd in the relevant a¢¢ounting policy. The Consolidated Staternent ol Financial Activities ISOFAI and Consolidated Balance Sheet consolidate the finanry81 staltsrnents of the Company and ils subsidiary undertaking. The rèsuts of the subsidiary are consolidated on a line by line basis. The group and component companies have changed iheir year end in the period frorn 31 August to 30 AugLJ$t. The group's accounting referenco date is 30 August. These financial staterllents are for the period 1 September 2022 to 30 August 2023. The comparative figures are lor the period 1 Septemb8r 2021 to 31 August 2022. The Company has taken advantsge of the exemption allowed under Section 408 of ihe Companies Act 2006 and has not presented its own Sl8lemenl of Finanaal Activitie5 in these financial statements. At the statement of financial p05ition date. the Group had net Ilabilities of £611.36012022'. £484.8341. Fixed assets include the theatre which opened to the public in June 2018. The cost of the build was lunded by a loan from The Ross Foundation to Nevill Holt Festival Limited. N8viII Holt Festival Limited has consequently incurred a liability of £6,915,813 at the period 8nd12022- £6,671,393). Al the b'me o15igning this report lawyers acting on behalf ol the Trustees of Th8 Ross Foundation and the Directors of Nevill Holt Festival Limited are near to finalising a long tèrm loan agreement and terms ol lease betwè8n the two organisations. The Directors expect to commit to a loan repayment schedu16 ovèr 50 y8ars which will pemiit earlier exil aftar not 18ss than a 40 year noticè ptrriod. These clauses are intended to protect the interests of both partie5. Assurances have been oblained that in the meantime the loan will not be rèca15Èd within twelve months. This is an èxtr8mely difficult period for the arts comrnunity which is struggling to make back los¥es frorn the disruption ol Covid, dealing with record inflation and suffering from lower ticket sales as families struggle with the rising cost of living. The whole sector is facing significant challenge5 and having lo makè difficult decisions. Nevill Holt Festival Llmited has equally been significantly impacted. particulady as a result of falling audience numbers and later bookings of tickets whieh has put pressure on cashflow Position. As a wholly owned subsidiary of the charity this has impacted on Nevill Holt Community Arts Limited. Page 25
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANGIAL STATEMENTS FOR THE PERIOD ENDED 30AUGUST 2023 Accountlng polScl•s Icontlnu•dl 2.1 Basis af preparation of flnanclal stat•ments Icontinu•dl Having reduced and simplified the 2023 programm8, the Group is focussèd on tha sustainability of the organisation and strengthening of th8 financial position. Recognising the difficult financial position at the end 012022. in June 2023 Nevill Holt Fastival Limitèd sgcured further support in the forrn of a short-term bridging loan from The Ross Foundation to support the cashflow position. As part of their golng concern review the Directors and Trustees have also undertaken a strategic view of the busine55 and prepared cashflow forècasts. As part ol this strategic review. which ha5 delayed the production of these financial stalem8nts. the Directors and Trustees conb'nue to review and develop plans for the future. With the continuing support of The R055 Foundation the Directors and Trustees are confident that the Grovp can continue to trade and meet its debts a5 they fall due and conclude that the finanGial statements should be prepared on a going ctsncern basis. Further Infomiation is included in the post balan¢e sheet avants note. 2.2 Income All incom8 is reco9ni58d once tho Group has entitlement to the income, il is probable that the income wlll be received and the amount of income receivable can be measured reliably. Gr8nls and donations are included In the Consolidated Statement of Financial Activitie8 on a receivable basis. The balance of income received for specific purposes bul not expended during th8 period is shown in the relevant funds on the BalanTr Sheet. whe incorne is received in advance ol entitlement of receipt, its recognition is deferred and induded in cred1tor5 as defèrred income. Where entitlemènt occurs before incorne is received. the incorne is ac¢rueO. Income tax recoverable in r8lalion to donations recew8d under Grft Aid or deeds of covenant is recognised at the time of the dcsnat'on. Other income is recognised in the period in which it is receivable and lo the extent the goods have been provlded or on completion of thé service. 2.3 Expenditur• Expenditure Is reo)gnis8d On there is a legal or constructive obligation to transfer economic bènefit to a thinl party. it is probable that a transfer c>f È¢onomic b&nefits will be required in settlement and the amount of thè obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up ol the total ol direct costs and shared c()5ts, including support costs involvgd in undertaking each activity. Direct costs attributablè to a sing16 activity are allocated directly to that activity. Shared costs which contribute to more than one activity and 5UPPOrt cost5 which ar6 not attributable to a single activity are apportioned betW66n those activities on a basis consistent with the use of resources. Central staff costs 8re allocated on the basis of time spent, and depreciation charges ollocated on the portion of the asset's use. Expenditure on charitable activitias is incurred on direcdy undertaking the activities which further Ihe Group's objectives, as well as any associated support costs. All exndItUre is incluswe of irrecov8rable VAT. Pag8 26
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 Accountlng polici•s leontinuedl 2.4 Govèrnment grants Gov8mrnent grants are reccyjnised at the fair valuè of the asset racèived or receivab18 when there is reasonable assLJrance that the group will comply with conditions attsching to thèm and the grants will be receivèd using the accru81 rnodel. 2.5 Taxatlon Th8 parent company 15 considered lo pass the t8st5 sel out in Paragraph 1 Schedule 6 of the Finanee Act 2010 and therefore it meets the définition of a chantablè ¢ompany for UK corporation lax purposès. Accordingly, the parent company is potentially exempt frorn taxation in respect ol income or capital gains recgivad within calegtsries covered by Chapter 3 Part 11 tsf the Corporation Tax Act 2010 or Section 256 ()f the Taxation of Charg&able Gains Act 1992, lo the extent th8t such income or gains are applied exclusively to charitsble purposes. The subsidiary undertaking is liable lo tax. Tax3tson for the period comprises current and deferred tax. Tax is recognisèd in the Statement of Financial Activities, except to the extent that it relates to items recognised in other comprehensive income or dlraclly in equity. Current or deferred taxalon assets and liabilitiès are nol discounted. Current tax is r9cognised at the amount of tax payable using the lax rates and laws that have bèèn enacted c>r substantively enactèd by the Ststement of Financial Posib'on date. Nevill Holt Festival mited is eligible for Theatre Tax Relief on core production expenditure under the provision5 of the Finance Act 2014. Tax credits are reGogni5ed when a reliable eslimale is available. 2.6 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cosl. After recognition. und8r the cost model, tangible rixed assets are measured 81 cost less accumulated depreciation and any aUmUlated impairrnent k>sses. Al costs incurr8d to bring a tsnglble fixed asset into Its intended working condition are Included in the measLJrement ol cost. At each reporting date tha Company assesses whethèr th8r8 is any indication of imp8imierit. If such indication exists, the recoverable amount of the a55et is estimated and CoMpad lo the carrying amount. When thè carrying amount exc8gds its recoverable amount. an impairment loss is recognised in the income statement or against any previously recogni58d revaluation reseN88 held in relation to the asset. DepCiatIon is charged so as lo allocate the c05t ol tangible fixed assets less their rèsidual value over their estimated usèful lives. Depreaation 18 provided on the following basis.. Long-lerm leasehold- theatre Equipment 2010 on cost 10% 8nd 20¥0 on cost Page 27
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 Accountlng polieie5 lcontinuedl 2.7 Debtors Trade and other debtors are recognised 8t the settlernenl amount after any trade discount offered. Prèpayments are valued at th8 arnounl prepaid net of any trad8 discounts due. 2.8 Llabllltles and provl$lons Liabilities 8re recognised when ther8 is an obli981ion al the Statement ol Financial P0511ion date as a result of a past event, it is probabl& that a transfer of economie benèfit will be required in settment, nd the amount of the settlement Gan be estimated r81i8bly. Liabilities are rgnISed at the amount that the GTOUP anticipates it will pay lo settle the debt or the amount it has rec6iv8d as advanced payments for th8 goods or services it must provide. Provisions are mèasLJred at the best estirnate of the amounts required 10 3ettle the obligation. Where the effect of the IiTlle value ol money is material, thè provision is based on the present value of those mounts. discounted at the pre-tax discount rate that reflects the risks sp&cific to the liability. The unwindlng of the discount is recognised Sn the Consolidated Slalement of Financial Activitlès 8$ a finance cost. 2.9 Finan¢lal Instruments The Group only has financial assets and financial liabilitie5 01 a kind that qualify as basic financial instruments. Basic financi81 instruments are initially recognised at tran58Ction value and subsequenuy measured at their 5etUernent value. 2.10 Operating leaS Rentals paod under operating leases are charged to the Consolidated Statement of Financial Activities on a straight lin8 basis over the lease term. 2.11 Ptrnslons The Group operates a defined contribution pension $¢heme and the pension charge represents the amounts payable by th8 Group to the fund in respect ol the year. Conlributions payable to the group's pension s¢h8mg are charged to the ststement of financi81 activitie5 in the period to which they r81ate. 2.12 Fund accounting General funds are unrestricted funds which are avail8b for use at the discretion tsf the Trustees in furtherance c>f the general objectives ol the GroLJP and which have not been designated for other purp0588. Restricted funds are funds which are to be used in accordanc8 With speoffic reslriclions Imposed by donors or which have been raised by the Group for particular purposes. The c05t5 of raising and administering such funds are charged against Ihe specific fund. The airn and use of each restricted fund is set out in the notès to tha financial slalemenis. Page 28
NEVILL HOLT COMMUNITY ARTS LIMITED (A Company Limitod by Guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 Crltlcal accountlng estlmatss and areas of Judgement In the application of the Group's accoLJnling policies, managgment is required lo make judgements, estimates and assumptions about thè e8rrying value of assets and liabilities that ar8 not readily apparent from other sources. The estimate5 and undedying assumptions are based ()n hi5toric81 experieneè and other factors that are ¢onsidered to be relevant. Actual results may differ from these estimates. The estimate5 and underlying assumptions ara rèviewed on an ongoSng basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of tha rèvision and future p*riod8 rf the revision affects both currenl and futur perio(Is. Critical accounting estimates snd assumption8'. De reciation of the Theatre The Theatre is being depreciated over th8 life of the lease. This is Subject lo managements, judgernent as the agreement has not been fin81ised at this stage. The relevant charge lo the accounts is reviewed al each year end to ensure that the basis is appropriate and arnended whera nè¢es$ary. Other incoming r&sourcos Unrestrlcted funds 2023 Totsl fvnds 2023 Trusts and found8tions Donations from corporate and charitable supporters Other income COroduction rècèipts 53,421 45,785 34.290 50,000 53.421 45,785 34.290 50,000 183,496 183,496 Total fvnds funds funds Trusts and foundations Don8tion8 from corporate and charitable supporters Oth8r incom8 Co-productK)n receipts 80,000 61,900 15, 101 80.000 61.900 15, 101 50,000 50.000 157.001 207,001 Page 29
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 Auditors. rnmuneratlon 2023 2022 Fees payable lo the Group's auditor lor th& audit of the Group's 8nnu8i accounts 13.000 13.500 Fees payable lo the Group's auditor in respect of.. All non-oudit Services not included 8bove 8,500 22.758 Staff costs Group 2023 Group 2022 Wages and salaries Social security costs Contribution to defined contribub'on pension schemes 91.000 6.681 8,S19 113,246 6,300 9. 101 106,200 728.64T All contributions to defined contributSon pènslon schemes are allocated to unrestrieted fvnd5. The 8verage number of persons 8mploygd by the Company during the period was as follows.. Group 2023 Group 2022 No. Management No employee received remuner8lion amounting to more than £60,000 in either year. The total employ88 benefits paid to key management p8r$onnel were £35,95612022.. £61.9981. Trust8•$' rèmuneration and expens85 During the period, no Trustèès raceived any MUneration or other benefits (2022- £NIL). During the pèriod ended 30 August 2023, no expenses were reimbursed or paid direcuy to any of the Truste&s (2022- £Nill. Page 30
NEVILL HOLT COMMUNITY ARTS LIMITED IA Cornpany LFmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 Tanglbl• flxed asset$ Group and Company Long-temi leasehold property Plant and maehinery Total Cost or valuatlgn At 1 September 2022 6,590,535 44,899 6,635A34 At 30 August 2023 6.590.535 44,899 6,635,434 Depreclation At 1 Septèmber 2022 Charge for the y82r 550,239 131,811 23,549 2.180 573,788 133.991 At 30 August 2023 682,050 25.729 707,779 Net book value AI 30 August 2023 5,908,485 19,170 5,927,655 At31 August 2022 6.040,296 21,350 6,061,646 Tangible fixed assets relate to the subsidiary company onty. Taxation Nevill Holt Community Arts Limited is a company limited by guarantee and 18 a r8gi8tered charity. A8 suGh it is eligible for the relief 8pplicable to charities. Nevill Holl Festival Limited is a trading subsidiary 8nd is Èligible to claim Theatre Tax Rglief under the provisions of the Finance Act 2014 in respect of core expenditure on productions. Page 31
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmlted by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 10. Fixed asset investments Investments ub5idiary ¢ompanies Company Co$t or valuation At 1 Septenber 2022 At 30 August 2023 N8t book value AI 30 August 2023 At 31 August 2022 Principal 5ub5idiaries Thè following wa5 a subsidiary undertaking of the Company.. Nam8 Company number Reglstered offlce or prlnclpal Prlncipal actSvlty plaee of business Newll Holt Festival Limited 08351346 Nevill Holt Theatre, Nevill Ho, Leicestershire, LE16 8EG Musx3V¢¥w8b'c perfomiances Class of share5 Holdlng Ineluded in consolidation Ordinary 100% Yes Page 32
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmltèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 10. Flxed assot In¥estm•nts Icontlnu•dl The financial results of the subsidiary for th8 period w•r8'. Name Incom• Eyrxlth ProflVILossI Was5ets I for the perlod Nevill Holt Festival Limited 710.930 1,012,455 1301,5251 1681,4361 11. Dèbtors Group 2023 Group 2022 Company 2023 Company 2022 Due wlthln one year Trade d8blors Amounts owed by group und8rtaklngs Other debtors Prepayments and accrued income Tax recoverable 35,718 12.8T4 129,245 1,453 267.OQO 1,000 18,724 106,113 416.773 70,834 120,078 241,773 577,328 445,559 130.698 268.000 Page 33
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 12. Cr•dltors'. Amounts falllng duo wlthln ona yaar Group 2023 Gmup 2022 Company 2023 Company 2022 Trade creditors Arnoun15 owed to group undertakings Othgr t8x81ion and social security Other creditors Accruals and deferred income 133,629 211. 154 72,432 198,092 2,81 T 2T,387 105,882 31,030 68,262 1.160 232.921 347,240 73.592 198,092 13. Creditors.. Amounts falling du• aftar more than one year Group 2023 Group 2022 Other bans 6,915,813 6,671,393 Other creditors include a loan from The Ross Foundation of £6,915,81312022- £6,671,3931 which funded the building of the theatre. 5ocur•d dèbts Ouring the period a legal charge was registered 1¢ The R055 Foundation over the bank account balances of Nevill Holl Festival Limited. Page 34
NEVILL HOLT COMMUNITY ARTS LIMrrED IA Company Llmlt•d by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 14. Statemènt of funds 8tatement of funds- curr8nt period Balance at 1 Soptember 2022 Balan¢e at 30 August 2023 Incomè Exponditure Taxation Unrestrlet•d funds General Fund$ 811 funds Resetvès 15S4,9121 710,929 11,012,45SI 175.000 1681,4381 1SS4.9111 710,929 11,012,455) 175,000 1681,4371 Restricted funds Restricted Funds- all funds 70,077 70.077 Total of funds {484.8341 710,929 (1,012,455) 175.000 1611,3601 Stat•m8nt of fund$ - prlor year Balance al I September 2021 Balance al 31 Augusl 2022 In¢oFne Expenditure Taxation Unrèstricted funds General fund [283.029) 999,987 (7,526,483) 254.674 f554.91t) Rtstrictgd funds Restricted fund 70,077 55,000 (55.000) 70.077 Total of funds (212,952J 1,054.987 (1,581,483) 254.614 (484,834) Page 35
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmlt•d by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 IS. Summary offunds Summary of funds - curr8nt perlod Balance at 1 September 2022 Balance at 30 August 2023 Incomo Exp•ndlture Taxatlon General funds 1554.9111 70.077 710.929 11,012,455) 175.000 1681,4371 70,077 Restrict8d funds 1484.8341 710,929 11,012,455) 175.000 1611,3601 Summary of funds . prior year Balanca at I September 2021 Balance al 31 August 2022 Incom$ Expendrfure Taxation General funds Restricted funds (283,029) 7Q,077 999,987 (1,526.483) 55.000 (55,000) 254,614 (554.911) 70,077 f212.952J 1.054,987 (7.581,483) 254,614 (484.834) The r8strf¢ted fund comprises donations received which are only to ba us8d t0 3UPPOrt the activities of Nevill Holt Festival Limiled. The fund inclu¢Yes grants or arÈ3s of incorne for which a specific purpose has been outlined by the body or individual Tnaking the grant or donation. For example, a grant m8y b8 made specifically to supptsrt N8viII Holt Festival Limited's community and education programmè, or lowards its young artlst scheme. 16. Analysls of net assets between funds Analysis of n8t ass8t$ bgtween funds- current perlod Restricted Unrestrlcted funds funds 2023 2023 Totsl funds 2023 Tangible fixed ass¢ts Current assets Creditors due within one year Creditors due in MO than one year 5,927,655 5,927,655 539,642 609,719 1232,9211 1232,9211 16,915.8131 16,915,8131 70,077 Total 70,077 1681,4371 {611,3601 Page 36
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmlted by Guarant) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 16. Anatysis of net ass8ts bgtwoen funds Icontinuedl Anatysis of net assets betweèn funds- prlor year Restricted UnrestriGtecl funds lunds 2022 2022 Total funds 2022 Tangibl8 fixed assets Current assets Creditors due wlhin one year Creditors due in more than one year 6,061,646 6,061.646 402,076 472, 153 (34T,24Q) (347,240) f6.6T1,393J (6,677,393) 70,OT7 Total 70,077 (554,911) (484,834J 17. Reeonciliatlon ol n•t movement In funds to not cash flow from opèratlng actlvities Group 2023 Group 2022 Not expenditure for the p8riod185 pgr Statement of Financi81 Activities) 1126,5261 (271.882) Adlustrnents for.. Depreciation ¢harges D8cre8$e in stocks Incr8ase in debtors Decrease in creditors 133.991 131,416 2,947 (41.817) (83, 173) {131,7691 1114,3191 Net cash usèd in operating actlvitles 1238,6231 {262,509J 18. Analysis of cash and cash trquivalents Group 2023 Gmup 2022 Cash in hand 32,391 26,594 Total cash and eash aquivalonts 32,391 26,594 Page 37
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Llmlted by Guarant•èl NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 19. Analysis of change$ in net debt At1 Septembèr At30 2022 Cash flow$ August 2023 Cash al bank and in hand D8bl due after 1 year 26,594 16,671,3931 5,797 32,391 1244,4201 16,915,813) 16,644,799) 1238.6231 {6,883.4221 20. Operatlng lease commitments AI 30 August 2023 the Group and the Company had commitments lo make future minimum lease p8yrnents under nonwcancellable operdling lèases as follows.. Group 2023 Group 2022 Not later than 1 ar Later than 1 yèar and not later than 5 years 684 1,196 684 1,880 1,880 2.564 The folbwing lease payments have been racognised as an expènse in the Statement of Financial Activities.. Group 2023 Group 2022 Operating lease rent8L8 684 684 684 Page 38
NEVILL HOLT COMMUNITY ARTS LIMITED IA Company Limitod by Guarnnt•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 AUGUST 2023 21. Relatod party transaetlonB The Diie¢lors and Trustees of the Charitabk Company and thè Diredors ol 5ts subsidiary do not receive fees or Salaries for the performance of their OirethrlTrustee roles. Nor do they claim for r8funds of associsted personal expenses. Finanaal Stal8ments of both Nevill Holl Festival Limitèd and Nevill Holt Community Arts Limited iriclude imrnatènal transactions with membgrs ol both b(>ards which arose during the normal course of business". no discounts on purchases of èvent tickets or goods are received by virtue of their position on the Board. The financial statements include the following receivable grants and donations given wthout conditions and are disclosed in accordance wlh SORP IFRS 102 rèvised) requirements". Donations wilhoul conditions receivable from tho Trusle&s of Nevill Holt Community Arts Limited. the Directors of Nevill Holt Festival LITnited and related parties totallad £84.281 12022.. £111,987). This in¢ludes a grant of £53,421 from The Ross Foundalion12022'. £80,(KIOI. Nevill Holt Festival Limited incurred £42,409 12022.. £39,005) to acqui Insuran lon nomal cornmercial tem51 brokered through Locktons of which one ol the Dir8ctors of Nevill Holt Festival Limitad is a Partner. Nèvill Holl Festival Lirniled incurred no expense 12022: £2.2081 on accommodation cosis lon nomial commercial termsl through Subtle Productions LimSted of which one of the Directors of Nevill Holt Festival Limited is a Director. Amounts due to Nevill Holt Community Arts Limited from related partias at the period end lolalled £Nil12022'. £1.0001. Amounts due from Nevill Holl Faslival Limitedto ralat8d parties at the period end totalled £6,915,81312022.. £6.671.3931. 22. Post balancé sheet events Following the period covered by these financial statements there have been some ¢hanges to the Board as noted on page 10. For the 2024 festival season, James Da¢ was appointed as guest Festival Director and h8lp6d the board develop a broader programme of èvents. The Ross Foundation has continLJed to provide cashflow loan support. with future repaymènts to be made on recaipt of Thealre Tax R81ief claims and other sources ol income. Nevill Holt Fe5tiv81 Limited is vèry grateful lo receive continuing support from The Rts55 Foundation, as well as from other trusts and foundations and individual supporters. Tickets for the 2025 festival arè currently on sale. Pag8 39