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2022-10-31-accounts

TRUSTEES' ANNUAL REPORT and FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

Friends of Buxton International Festival CIO Registered Charity Number 1184840

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Friends of Buxton International Festival CIO No. 1184840 Year ended 31 October 2022

Contents Pages
Legal and Administrative Information 3
Trustees' Annual Report 4
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12-13
Independent Examiner's Report 14

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Friends of Buxton International Festival CIO Number 1184840

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES: Pete Spriggs (Chair) John Gaunt (Secretary) Tony Parsons (Treasurer) Judy Barker (Membership Secretary) Joan Matthews (Events Secretary) Louise Potter DL Esther Allbutt Helen Brown Ettie Williams Rees Webster Sarah Ward EX-OFFICIO MEMBERS: Felicity Goodey CBE DL (Chairman, Buxton Arts Festival) Michael Williams (Chief Executive, Buxton Arts Festival) Lee Barnes (Administrator) OBSERVERS: Wyn Davies (Patron) John Young (Buxton Festival Foundation) FRIENDS OFFICE: 3 The Square Buxton Derbyshire SK17 6AZ BANKERS: Cooperative Bank PLC 1 Balloon Street Manchester M60 4EP

Manchester Credit Union 48-50 Brazennose Street Manchester M2 5SEBA Mansfield Building Society Regent House Regent Street Mansfield NG18 1SS

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' TRUSTEES ANNUAL REPORT – YEAR ENDING 31 OCTOBER 2022

IMPORTANT NOTE

This Annual Report relates to the Charitable Incorporated Organisation (CIO), the Friends of Buxton International Festival (No. 1184840) which incorporates the Friends of Buxton Festival (No. 513970).

CHARITY CONSTITUTION AND OBJECTS

The Friends of Buxton International Festival is a registered charity, number 1184840, the governing instrument being its Constitution registered 9 August 2019.

The objects of the charity are to advance the arts for the public benefit by supporting the Buxton Arts Festival Ltd. by any means as the trustees determine.

PUBLIC BENEFIT

The Charity has due regard for the Charity Commission guidance on Public Benefit through its dedicated support of the Buxton International Festival, which produces opera and a wide range of musical and literary performances for the benefit of the general public, and which also provides a substantial outreach programme (Platform 3) for the benefit of schools, young people with additional needs, the elderly and young artists.

ORGANISATIONAL STRUCTURE AND GOVERNANCE

The business of the Friends is managed by a committee, who are the Trustees of the charity and who maintain strategic oversight and financial control. Three sub-committees covering Governance, Events and Membership continue to serve the charity's needs well. Events and Membership are reported fully below. Governance developments have included the ongoing review (when needed) of a comprehensive Risk Register, a Complaints Policy, Safeguarding Policy, Equal Opportunities Policy, Donations Policy ongoing GDPR compliance and an Expenses Policy for Trustees. It has met regularly throughout the year.

We self-evidently rely on a strong and active team of trustees. All Trustees have continued in place with Pete Spriggs, Louise Potter and Judy Barker retiring by rotation and being re-elected at the 2021 AGM. Rees Webster and Sarah Ward were also formally elected as trustees at this time.

The Friends are one of three parties, together with the Festival Company and the Festival Foundation, investing in the success of the Festival. We are pleased to report that collaboration across these three groups remains extremely strong. A Joint Development Group, which includes representatives from the Festival, Foundation and Friends, enables a strategic focus to be shared across all three organisations on fund-raising and other initiatives designed to develop the Festival audience.

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ACHIEVEMENTS AND ACTIVITIES

The year covered by this report saw a full scale non-socially distanced Festival return to much critical acclaim – the addition of Jazz to the programme was a particular success. Sadly, the Festival audience, mirroring the trend across the arts, did not recover to pre-pandemic levels. Trustees have therefore remained focused on the core purpose of raising funds for the Festival, sustaining levels of membership and ensuring the Charity's compliance with Charity Commission and HMRC regulations and guidance.

Raising Funds for the Festival

With great credit to all our members and their very generous donations, we would have been able to provide the planned £245,000 towards the costs of running the Festival. The Festival end-of-year finances were slightly stronger than hoped for so the resulting contribution in terms of support was £243,000.

The bulk of the Friends income comes from membership subscriptions and the attendant gift aid, supplemented by occasional donations and normal profits from events and holidays (see below). Subscriptions rates were held at 2019 prices and membership levels were by and large sustained 2082 compared to 2215 in 2021. The proportion of subscriptions being paid by Direct Debit continues to grow which helps enormously in terms of efficiencies relating to the annual membership renewals. Every opportunity to promote Direct Debit payment is sought though it is expected that this proportion will now plateau.

Supporting the Festival Foundation

In January 2021 the Friends Trustees had agreed that at the first meeting following the publication of the year's accounts they would review whether any of the Friends net assets could be transferred to the Buxton Festival Foundation to help rebuild the Festival’s endowment (which supports the longer-term future of the Festival). In March 2022 the Friends Trustees agreed to transfer £50,000 to the Festival Foundation. These surplus funds were available following the reduced contribution to the Festival in 2021.

Sustaining Levels of Membership

Our success depends on our ability to attract, to satisfy and to retain a strong membership; and to encourage existing members to upgrade to a higher level of membership. We also need to increase our efforts to broaden the age profile of our membership. The number of under 35 Next Generation Friends grew allowing this cohort to purchase the majority of Festival event tickets for £10. At the year-end there were 235 (165 in 2021) ‘Next Gen’ Friends.

The continuing generous willingness of some members to upgrade their membership ensured that our membership income remained healthy as evidenced in the accounts.

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It is essential that we keep our members well informed and engaged. Efforts to provide timely and varied communication with members consisted of both formal newsletters (Overture) and email updates. With the indispensable help of the Festival Company staff, we continue to make ever-increasing use of social media to maintain a regular flow of information to members.

Recognising the importance of digital, secure systems with the ability to operate remotely it was agreed to invest in a significant upgrade of the ThankQ contact database as the previous version was due to become unsupported by the software provider.

There remains a small, but important, cohort of Friends who do not want, or are not able, to receive electronic communication. Collated printed summaries of the information sent is mailed to them separately throughout the year.

Direct collaboration with the Festival team is key to our attracting new members. We will look to maintain a presence - both to meet and greet existing members and personally to promote the Friends – at all Festival events in 2023, something we were pleased to be able to do again during 2022.

Friends’ Days were held on each Wednesday of the Festival and provided an important opportunity to reconnect with existing Friends and recruit new Friends. Two ‘meet the artist’ drinks receptions were held for higher tier Friends in the Blue Room at the Crescent. Solo Friends were also invited daily to join one of the Friends Trustees for morning coffee at No. 6 Tea Rooms. Although this was only attended by a few Friends the conversations and connections made were valued.

The trustees are constantly looking for new strategies to attract more members but we know that, ultimately, it is the quality and reputation of the Festival itself which has the greatest impact, the quality and breadth of the 2022 Festival helped significantly in this.

FRIENDS’ EVENTS AND HOLIDAYS NOVEMBER 2021 – OCTOBER 2022

Events

Aside from the Friends’ Day at the Festival, and the Festival itself, there were numerous opportunities during the year for Friends events. It was a joy to run events, as COVID restrictions eased, in Buxton, Chapel-en-le-Frith and Bakewell, as well as to support two events in London. Huge thanks should be noted to those who provide venues (often their homes) to host events for the Festival.

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Holidays with Music

A further advantage of membership is customised access to musical, typically opera, holidays. We have continued to work closely with John Whibley Holidays with Music to support the marketing of the holidays as the travel industry opened after the various COVID restrictions.

John Whibley donates to the Friends £50 for each UK booking and £100 for each ex-UK booking. We are grateful to John Whibley Holidays with Music for their continued partnership with the Friends and, of course, all those Friends who take up these trips. As the travel industry regains its pre-COVID momentum we look forward reconnecting with John Whibley Holidays around this opportunity.

THE VOLUNTARY CONTRIBUTION

The contribution of the trustees is not restricted to managing the business of the charity; they also make a huge personal and voluntary contribution by directly supporting the activities of the Friends. Augmented by a wider band of other volunteers, they provide invaluable direct support for the Festival Company both normally during the Festival itself but also with other essential tasks throughout the year.

THE WISHES AND VIEWS OF OUR MEMBERS

The Friends of Buxton International Festival is one of the most successful organisations of its kind in the UK thanks, first and foremost, to the generosity and unstinting support of all our members and their vital commitment to the success of the Festival. It is essential that the trustees understand and respond as well as possible to the wishes and views of members. In addition to the opportunities provided by the AGM and this Report, we always welcome, and respond to, comments, feedback and suggestions.

RESERVES POLICY

The Charity's Reserves Policy was re-confirmed at their meeting on 18 November 2021 as follows:

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c. above for one year, should there be any interruption to income arising from fund-raising.

It has also been agreed with the Festival Company and the Foundation that the Friends will also hold an additional reserve of £50k to provide short-term funding to the Company, if needed, thereby allowing the Foundation to invest its funds with a longer-term aim of growth.

RISK MANAGEMENT

To protect the operational objectives of the charity and to prevent a reduction in income and administrative breakdown the Committee has taken the following measures, above and beyond maintaining a comprehensive Risk Register:

FINANCIAL REVIEW

Income for the year was £190,201, Expenditure for the year was £310,144, which included grants of £243,000 to Buxton Arts Festival Limited (which included £10,000 to support the discounted tickets for Next Generation Friends), and £50,000 to Buxton Festival Foundation. The result for the year was a deficit of £119,942 leaving unrestricted monies at 31 October 2022 of £92,217

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:

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The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provision of the Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Friends of Buxton Festival Registered Charity Number - 513970 Year ended 31 October 2021

Statement of Financial Activities

Note
2
2
3
Income
Membershipsubscriptions
Donations
Income tax refunds
Proceeds from fund raising and social events
Legacies received
Other income
Bank interest& dividends
Total income
Expenditure
Cost of generating funds-
Costs offund raising andsocialevents
Administration and other overheads Postage,
printand stationery
InsuranceandITcosts
Bank and credit card charges
Professional charges
Trusteeexpenses andmeeting costs
Sundry expenses
Total overheads
Total surplus after costs and overheads
Distribution of surplus
Payments in support of Buxton Arts Festival Ltd
Payments in support of Buxton FestivalFoundation
Net income/(outgoing) for the year
Accumulated fund at beginning of year
Accumulated fund at end of year		 2022
£
143,215
12,670
27,754
5,603
959
190,201
4,344
2,252
4,392
1,816
3,739
522
79
12,800
173,058
243,000
50,000
-119,942
212,159
92,217		 2021
£
150,422
8,288
42,720
3,099
170
131
204,830
3,781
4,358
6,972
1,596
2,992
509
15
16,442
184,607
95,100
89,507
122,652
212,159

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Friends of Buxton Festival Registered Charity Number - 513970 Year ended 31 October 2022

Balance Sheet
Note 2022 2021
£ £
Current assets
Debtors and prepayments 4
Short term loan to Buxton Festival
Cash at bank and in hand 94,665 216,624
94,665 216,624
Current Liabilities
Amounts falling due within one year
Creditors and accruals 5 2,447 4,465
Net assets 92,217 212,159
Represented by:
Accumulated fund - unrestricted 6 92,217 212,159
Approved by the Trustees on 30 January 2023
And signed on its behalf by:

….........................................

Peter Spriggs Chairman

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Friends of Buxton Festival Registered Charity Number - 513970 Year ended 31 October 2022

I. Accounting policies

1.1 Accounting convention

The accounts have been prepared in accordance with the charity' s scheme of the Charity Commissioners the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS I 02)" (as amended for accounting periods commencing from January 2016). The charity is a Public Benefit Entity as defined by FRSl 02.

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS I 02 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currencyof the charity. Monetary amount in these financila statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

1.4 Voluntary income is received by way of subscri ptions and donations and is included in full in the Statement of Financial Activities when receivable.

1.5 Resources expended are included on an accruals basis and are recognized where there is a legal or constructive obligation to pay for expenditure and include VAT, which is not recoverable.

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Friends of Buxton Festival Registered Charity Number - 513970 Year ended 31 October 2022

2. Proceeds and Costs of Fundraising and social events

Fund raising events
Social events (incAGM)
Merchandising
Commissionon
opera holidays		 2022
2021
£
£
5,423
2,999
180
100
5,603
3,099
Proceeds		 2022
2021
£
£
3,965
3,781
379
0
4,344
3,781
Costs		 Surplus/(Deficit)
2022
2021
£
£
0
0
1,458
-782
-199
100
0
0
1,259
-682

3. Payments to the Festival Company

Payments in support of Buxton Arts Festival Limited this year were £243,000 (2021 £95,110)

4. Debtors

2022 2021
£ £

Prepaid Event Expenditure

5. Creditors -Amounts falling due within one year

2022 2020
£ £
Trade creditors 300
Subscriptionsin advance 2,147 4,465
Accrualsandother creditors
2,447 4,465

6. Accumulated Funds

The Charity' s balance on its accumulated fund at 31 October 2022 is regarded as unrestricted.

7. Trustees

None of the Trustees received any remuneration or other benefits from the - Charity. Payments to reimburse Trustees for expenses accounted to £Nil (2021 £509).

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Independent Examiner’s Report to the Trustees of Friends of Buxton Festival

I report on the accounts of the company for the year ended 31 October 2022.

Respective responsibilities of Trustees and Examiner

The trustees (who are also the directors of the company) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an Independent Examination is needed. The charity’s gross income has not exceeded £250,000. I am qualified to undertake the examination by being a qualified member of ICAEW.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter have come to my attention:

  1. Which gives me reasonable cause to believe that in any material respect the requirements:

  2. To keep accounting records in accordance with section 386 of the Companies Act 2006

  3. To prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

Have not been met; or

  1. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Name: Rob Layton

Relevant Professional qualification or body: ICAEW

Address: 6 Manchester Road, Buxton, Derbyshire, SK17 9SB

Date: 30 January 2023

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