TRUSTEES' ANNUAL REPORT and FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Friends of Buxton International Festival CIO Registered Charity Number 1184840
(incorporating Friends of Buxton Festival Registered Charity Number 513970)
Friends of Buxton International Festival CIO No. 1184840 Year ended 31 October 2024
| Contents | Pages |
|---|---|
| Legal and Administrative Information | 3 |
| Trustees' Annual Report | 4 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11-12 |
| Independent Examiner's Report | 13 |
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Friends of Buxton International Festival CIO Number 1184840
LEGAL AND ADMINISTRATIVE INFORMATION
TRUSTEES: Pete Spriggs (Chair until 3 October 2024) Tony Parsons (Treasurer until 3 October 2024; Chair from 3 October 2024) John Gaunt (Secretary) Mandy Travis (Treasurer from 3 October 2024) Judy Barker (Membership Secretary) Joan Matthews Louise Potter DL (Events Secretary) Helen Brown Ettie Williams Rees Webster
MEETING OBSERVERS: Wyn Davies (Patron) John Young (Buxton Festival Foundation) Felicity Goodey CBE DL (Chairman, Buxton International Festival) Michael Williams (Chief Executive, Buxton International Festival) Lee Barnes (Administrator) 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
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' TRUSTEES ANNUAL REPORT – YEAR ENDING 31 OCTOBER 2024
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 and instrumentalists.
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 John Gaunt, Tony Parsons and Rees Webster retiring by rotation and being re-elected at the 2023 AGM held on 8 March 2024. Mandy Travis was elected as a new trustee at the 2023 AGM and became treasurer on the retirement of Pete Spriggs as Chair and Tony Parsons’ taking on the position of Chair in October 2024.
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. The presence of representatives from the Festival, Foundation and Friends as observers at meetings of the Trustees, enables a strategic focus to be shared across all three organisations. An Audit and Risk Committee, which includes representatives from the Festival,
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Foundation and Friends, regularly meets to provide some financial oversight to the Festival operations and plans.
ACHIEVEMENTS AND ACTIVITIES
The year covered by this report saw a full-scale 2024 Festival to much critical acclaim and indeed financial success. Festival audience numbers substantially increased from those seen at the 2023 Festival 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 £200,000 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 2363 Friends (2149 in 2023). During the course of the year and following various discussions, it was decided that for the forthcoming year membership rates would increase by on average 9% for 2024/2025, with no further increase in prospect for a period of three years.
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. There is a continuing focus on looking to help promote possible legacies, essential for the continued development of the endowment fund and it is readily acknowledged that there should be appropriate recognition of any legacy received, in accordance with agreed Legacies Policy, jointly adopted by the Friends and Foundation, a copy of which policy is always available on request.
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
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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 387 (304 in 2023) ‘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.
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 2025, something we were pleased to be able to do again during 2024.
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. We were grateful to the winners of the Williams/Howard Prize and members of the Young Artists and Young Instrumentalists programmes for their performances during the two Friends Days.
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 2024 Festival (and indeed other recent Festivals) have helped significantly in this regard.
FRIENDS EVENTS NOVEMBER 2023 - OCTOBER 2024
Aside from the Friends Days at the Festival, and the Festival itself, there were numerous opportunities during the year for Friends events. Events which had been held included a very successful event at Moorcroft, an opera discovery day in anticipation of the 2024 Festival, a jazz evening at Tissington Hall and a musical event with a string quartet at Burbage House. Huge thanks should be noted to those who provide venues (often their homes) to host events for the Friends.
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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 16 November 2023 as follows:
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a) The main financial activity of the Charity is to passport funds raised through membership, other donations and fund-raising events to the Buxton Arts Festival Ltd; these outgoings are therefore wholly dependent on the level of income and do not present a risk.
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b) A secondary activity, which carries a small risk, involves providing events which involve income and expenditure.
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c) Beyond this, the only expenses for which the Charity is normally liable are professional fees, charges and administrative and marketing costs; these expenses are normally covered by a small percentage of the fund-raising income.
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d) The trustees have agreed that a reserve of £25,000 is sufficient to cover those elements of the annual turnover described in paragraphs b. and c. above for one year, should there be any interruption to income arising from fund-raising.
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e) If there is no prospect in any financial year of the reserved funds being required for any liability under b. or c. above, the trustees may agree to transfer up to £15,000 of the Reserve to the Festival Company if requested to assist with a short-term cash flow requirement. Any such depletion of the reserve will be made good in the following year's budget. This is separate and apart from other funds (currently £45,000) set aside and available for the Festival to draw upon if required.
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f) The rationale and level of this reserve will be reviewed annually.
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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:
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To hold regular meetings of the committee.
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To maintain a computerised bookkeeping package, regularly written up for income and expenditure, to give an accurate and up-to-date position of the Friends’ financial affairs.
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To require two authorisations to approve all payments and sign all cheques.
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To maintain a public and products liability insurance policy.
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To submit annually the accounts of the charity to independent examination.
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To appoint and receive advice from an experienced firm of professional accountants.
FINANCIAL REVIEW
Income for the year was £199,505. Expenditure for the year was £218,644, which included grants in direct or indirect support of Buxton International Festival of £200,000 (including £10,000 to support the discounted tickets for Next Generation Friends). The result for the year was a deficit of £19,139 leaving unrestricted monies at 31 October 2024 of £72,226.
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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Select suitable accounting policies and then apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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• State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 International Festival Registered Charity Number - 1184840
Year ended 31 October 2024
Statement of Financial Activities
| Note Income Membershipsubscriptions Donations Income tax refunds Proceeds from fund raising and social events 2 Legacies received Other income Bank interest& dividends Total income Expenditure Cost of generating funds- Costs offundraising andsocialevents 2 Administration and other overheads Postage, printand stationery InsuranceandITcosts Bank and credit card charges Professional charges Trusteeexpenses andmeeting costs Sundry expenses Total adminstration and other overheads Total surplus after costs and overheads Distribution of surplus Payments in support of Buxton Arts Festival Ltd 3 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 |
2024 2023 £ £ 142,083 143,736 13,204 17,406 31,843 42,093 6,197 7,660 89,281 995 5,183 2,155 199,505 302,331 7,554 7,031 2,840 3,098 1,576 1,542 1,877 1,859 3,162 3,093 1,589 819 46 1,461 11,090 11,871 180,861 283,429 200,000 215,000 69,281 -19,139 -852 91,365 92,217 72,226 91,365 |
|---|---|
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| Friends of Buxton International Festival | |||
|---|---|---|---|
| Registered Charity Number-1184840 | |||
| Year ended 31 October 2024 | |||
| Balance Sheet | |||
| Note | 2024 | 2023 | |
| £ | £ | ||
| Current assets | |||
| Debtors and prepayments | 4 | ||
| Short term loan to Buxton Festival | |||
| Cash at bank and in hand | 77,134 | 97,613 | |
| 77,134 | 97,613 | ||
| Current Liabilities | |||
| Amounts falling due within one year | |||
| Creditors and accruals | 5 | 4,908 | 6,248 |
| Net assets | 72,226 | 91,365 | |
| Represented by: | |||
| Accumulated fund - unrestricted | 6 | 72,226 | 91,365 |
| Approved by the Trustees on | |||
| 11thFebruary 2025 | |||
| And signed on their behalf by: |
….........................................
Tony Parsons Chairman
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Friends of Buxton International Festival
Registered Charity Number - 1184840 Year ended 31 October 2024
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 recognised 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 International Festival Registered Charity Number - 1184840 Year ended 31 October 2024
2. Proceeds and Costs of Fundraising and social events
| Proceeds | Proceeds | Costs | Surplus/(Deficit) | Surplus/(Deficit) | ||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Fund raising events | 0 | 0 | ||||
| Social events (incAGM) | 6,197 | 7,660 | 7,554 | 7,031 | -1,357 | 629 |
| Merchandising | 0 | |||||
| Commissionon opera | ||||||
| holidays | 0 | 0 | ||||
| 6,197 | 7,660 | 7,554 | 7,031 | -1,357 | 629 |
3. Payments to the Festival Company Payments in support of Buxton Arts Festival Limited this year were £200,000 (2023 £215,000)
4. Debtors
| 2024 | 2023 |
|---|---|
| £ | £ |
Prepaid Event Expenditure
5. Creditors -Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 384 | 398 |
| Subscriptionsin advance | 4,524 | 5,850 |
| Accrualsandother creditors | ||
| 4,908 | 6,248 |
6. Accumulated Funds
The Charity' s balance on its accumulated fund at 31 October 2024 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 (2023 - £Nil).
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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 2024.
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:
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Examine the accounts under section 145 of the 2011 Act
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Follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act
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State whether particular matters have come to my attention.
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 matters have come to my attention:
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Which gives me reasonable cause to believe that in any material respect the requirements:
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To keep accounting records in accordance with section 386 of the Companies Act 2006
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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
- 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: 7 February 2025
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