OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-10-31-accounts

TRUSTEES' ANNUAL REPORT and FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

Friends of Buxton International Festival CIO Registered Charity Number 1184840

Version 1 @ 04/01/24

Page 1 of 13

Friends of Buxton International Festival CIO No. 1184840 Year ended 31 October 2023

Contents Pages
Legal and Administrative Information 3
Trustees' Annual Report 4
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11
Independent Examiner's Report 13

Version 1 @ 04/01/24

Page 2 of 13

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 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 24 Queen Street Manchester M2 5HX Mansfield Building Society Regent House Regent Street Mansfield NG18 1SS

Version 1 @ 04/01/24

Page 3 of 13

' TRUSTEES ANNUAL REPORT – YEAR ENDING 31 OCTOBER 2023

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 object of the charity is 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 jazz, 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, the local community 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 the various policies which have historically been adopted. This includes the annual review of the reserves policy – see below.

We rely on a strong and active team of trustees. All Trustees have continued in place with Edna (Ettie) Williams, Helen Brown and Joan Matthews retiring by rotation and being re-elected at the 2022 AGM. Esther Allbutt also retired by rotation but did not offer herself for re-election. Tribute was paid to her for her tireless service to the Festival and Friends over several decades.

The Friends are one of three parties, together with the Festival Company and the Festival Foundation, investing in the success of Buxton International 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.

Version 1 @ 04/01/24

Page 4 of 13

ACHIEVEMENTS AND ACTIVITIES

The year covered by this report saw a full-scale 2023 Festival to much critical acclaim and indeed financial success. Festival audience numbers substantially recovered to pre-Covid levels in part encouraged by the range and quality of performances on offer. Trustees have however 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 were able to provide the Festival with £215,000 towards the costs of running the Festival.

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 sustained. As at the year-end, there were 2149 Friends (2082 in 2022).

The proportion of subscriptions being paid by Direct Debit grew once again 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

Buxton Festival Foundation was set up by the Friends many years ago as the endowment fund for the Festival. Over the years the Foundation has supported the Festival in many ways including loans and grants to the Festival and the Friends trustees enjoy a close relationship with the trustees of the Foundation. During the course of the year, the Friends’ policy on legacies, a significant contributor to the funds available to the Foundation, was reviewed and a revised legacy policy adopted, the fundamentals of which provide that any legacies received by the Friends will be paid over to the Festival Foundation to form part of their endowment fund. There should be appropriate recognition of any legacy received.

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 304 (235 in 2022) ‘Next Gen’ Friends.

Version 1 @ 04/01/24

Page 5 of 13

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

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. 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 2024, something we were pleased to be able to do again during 2023.

Friends’ Days were held on each Wednesday of the Festival and provided an important opportunity to reconnect with existing Friends and recruit new Friends. Receptions for Friends were also held on the same days with the opportunity to meet the artists and we were delighted to see many Friends there.

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 and the quality and breadth of the 2023 Festival helped significantly in this.

FRIENDS’ EVENTS NOVEMBER 2022 - OCTOBER 2023

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

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.

Version 1 @ 04/01/24

Page 6 of 13

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 17 November 2022 as follows:

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:

Version 1 @ 04/01/24

Page 7 of 13

FINANCIAL REVIEW

Income for the year was £302,331. Expenditure for the year was £303,183, which included grants in direct or indirect support of Buxton International Festival Limited of £215,000 (including £10,000 to support the discounted tickets for Next Generation Friends). The result for the year was a deficit of £852 leaving unrestricted monies at 31 October 2023 of £91,365.

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:

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.

Version 1 @ 04/01/24

Page 8 of 13

Friends of Buxton International Festival Registered Charity Number - 1184840 Year ended 31 October 2023

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 Festival Foundation
Net income/(outgoing) for the year
Accumulated fund at beginning of year
Accumulated fund at end of year		 2023
£
143,736
17,406
42,093
7,660
89,281
2,155
302,331
7,031
3,098
1,542
1,859
3,093
819
1,461
11,871
283,429
215,000
69,281
-852
92,217
91,365		 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

page 9 of 13

Friends of Buxton International Festival

Registered Charity Number - 1184840

Year ended 31 October 2023

Balance Sheet
Note 2023 2022
£ £
Current assets
Debtors and prepayments 4
Short term loan to Buxton Festival
Cash at bank and in hand 97,613 94,665
97,613 94,665
Current Liabilities
Amounts falling due within one year
Creditors and accruals 5 6,248 2,447
Net assets 91,365 92,217
Represented by:
Accumulated fund - unrestricted 6 91,365 92,217
Approved by the Trustees on
And signed on its behalf by:
….........................................
Peter Spriggs
Chairman

page 10 of 13

Friends of Buxton International Festival Registered Charity Number - 1184840 Year ended 31 October 2023

Notes to the Financial Statements

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 I02 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 currency of the charity. Monetary amount in these financial 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 subscriptions 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.

page 11 of 13

Friends of Buxton International Festival Registered Charity Number - 1184840 Year ended 31 October 2023

2. Proceeds and Costs of Fundraising and social events

Fund raising events
Social events (incAGM)
Merchandising
Commissionon
opera holidays		 2023
2022
£
£
7,660
5,423
180
7,660
5,603
Proceeds		 2023
2022
£
£
7,031
3,965
379
7,031
4,344
Costs		 Surplus/(Deficit)
2023
2022
£
£
0
0
629
1,458
-199
0
0
629
1,259

3. Payments to the Festival Company

Payments in support of Buxton Arts Festival Limited this year were £215,000 (2022 £243,000)

4. Debtors

2023 2022
£ £

Prepaid Event Expenditure

  1. Creditors -Amounts falling due within one year
2023 2022
£ £
Trade creditors 398 300
Subscriptionsin advance 5,850 2,147
Accrualsandother creditors
6,248 2,447

6. Accumulated Funds

The Charity' s balance on its accumulated fund at 31 October 2023 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 (2022 £Nil).

page 12 of 13

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

I report on the accounts of the company for the year ended 31 October 2023.

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:

Relevant Professional qualification or body: ICAEW

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

Date: 12 February 2024

Page 13 of 13