2022-09-30-accounts - Three Choirs Festival Limited

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Welcome from the Chairman		2 to 3
Reference and Administrative	Details
Chief Executive's Report
Trustees' Report		7to 11
Statement ofTrustees' Responsibilities		12
Independent Auditors' Report		13to 15
Statement ofFinancial Activities		16to 17
Balance Sheet		18
Statement ofCash Flows		19
Notes to the Financial Statements		20to 30

Festival Income	R973,487	g868,919
Festival income received in prior years	843,152	@118,154
Future Festival income received in current year	(g2,375)	(443,152)
Festival expenditure	(R985,949)	(g916,780)
Revaluation ofinvestments	(R4,597)	R7,640
Net result	@23,718	R34,781
Transfer ofSociety assets	g1,131,075	RO
Total Statutory accounts income	R2,104,562	8868,919

		Unrestricted	Restricted	Restricted	Endowment	Total funds
		funds	funds		funds	2022
	Note	S	S		S	S
Income and Endowments	from:
Donations and legacies	3	607,984	991,411		91,330	1,690,725
Charitable activities	4	411,041		375		411,416
Investment income	5	2,421				2421
Total Income		1,021,446	991	786	91,330	2,104,562
Expenditure on:
Charitable activities	6	985,949				985,949
Total Expenditure		(985,949)				(985,949)
Gains/losses on
investment assets		4,597				4,597
Net income		30,900	991,786		91,330	1,114,016
Transfers between funds		176,865	176,865
Net movement in funds		207,765	814,921		91,330	1,114,016
Reconciliation offunds
Total funds brought
forward		89,633	43,152			132,785
Total funds carried
forward	18	297,398	858,073		91330	1,246,801

		and Lo	sses)
			Unrestricted	Restricted	Total funds
			funds	funds	2021
		Note	S	S
Income and Endowments	from:
Donations and legacies			377,259	228,285	605,544
Charitable activities			261,184		261,184
Investment income			2,191		2,191
Total Income			640,634	228,285	868,919
Expenditure on:
Charitable activities			916,780		916,780
Total Expenditure			(916,780)		(916,780)
Gains/losses on invesiment	assets		7,640		7,640
Net (expenditure) /income			(268,506)	228,285	(40,221)
Transfers between funds			341,439	341,439
Net movement in funds			72,933	(113,154)	(40,221)
Reconciliation offunds
Total funds brought forward			16700	156,306	173,006
Total funds carried forward		18	89,633	43,152	132,785

	Balance Sheet as at 30Septe	mber 20	22
			2022	2021
		Note	S	S
Fhred assets
Intangible assets		11	17,240
Tangible assets		12	9,781	10,569
Investments		13	1,036,304	66,587
			1,063,325	77 156
Current assets
Stocks		14	1,650	1,915
Debtors		15	120,282	70,708
Cash at bank and in	hand		167,083	123,062
			289,015	195,685
Creditors: Amounts	falling due within one year	16	84417	118,934
Net current assets			204,598	76,751
Total assets less current liabilities			1,267,923	153,907
Creditors: Amounts	falling due after more than one
year		17	21,122	21,122
Net assets			1,246,801	132,785
Funds ofthe oharity:
Endowment funds			91,330
Restricted funds			858,073	43,152
Total unrestricted	funds		297,398	89,633
Total funds		18	1,246,801	132,785

Statement ofCash Flows for the Year E	nded 30S	eptember 2022
		2022	2021
	Note	4	S
Cash flows from operating activities
Net cash income/(expenditure)		1,114,016	(40,221)
Adjustments to cash flows from non-cash items
Depreciation		4,321	3,993
Amortisation		8,620	900
Investment income		(2,42 I)	(2,191)
Financial instrument net (gains) losses through
statement offinancial activities		4,597	7,640
		1,129,133	(45,159)
Working capital adjustments
Decrease/(increase) in stocks	14	265	(836)
Increase in debtors	15	(49,574)	(66,043)
(Decrease) /increase in creditors	16	34,516	59868
Net cash flows from operating activities		1,045,308	52,170
Cash flows from investing activities
Purchase ofintangible fixed assets	11	(25,860)
Purchase oftangible fixed assets	12	(3,533)	(2,140)
Purchase ofinvestments	13	(974,315)
Income from listed investments		2,421	2,191
Net cash flows from investing activities		1,001,287	51
Net increase/(decrease) in cash and cash equivalents		44,021	(52,119)
Cash and cash equivalents at I October		123,062	175,180
Cash and cash equivalents at 30September		167,083	123061

3 Income		from	donations and	donations and	donations and	legacies
			Unrestricted				Endowment
				funds			funds
						Restricted		Total		Total
				General		funds	Expendable	2022		2021
				E		E	E	E		E
Donations	and
legacies;
Donations	from
individuals				580,695		857,698	91,330	1,529,723		340,615
Gift aid
reclaimed				20,882				20,882		8,808
Furlough	8r,
other Covid		19
Grant income:
Grants,
including	capital
grants				6,407		133,713		140,120		256,121
				607,984		991,411	91,330	1,690,725		605,544
4 Income		from	charitable		activities
						Unrestricted
						funds
							Restricted	Total		Total
						General	funds	2022		2021
						S	E	E		E
Ticket sales						361,435		361,435		216,352
Retail, services and				catering		36,308		36,308		37,106
Retail, services and				catering			375		375
Advertising		income				9,060		9,060		3,250
Creative projects						4,238		4	238	4476
						411,041	375	411,416		261,184

					Unrestricted
					funds
						Total	Total
					General	2022	2021
					R		R
Other income		from fixed asset investments			2,421	2,421	2,191
6 Expenditure on charitable activities
					Unrestricted
					funds
						Total	Total
					General	2022	2021
				Note	R		R
Musical Fees		and Expenses			587,004	587,004	533,944
Festival Sales and Publicity					60,304	60,304	60,900
Allocated	support costs				338,641	338,641	321,936
					985,949	985,949	916,780
7 Net incoming/outgoing			resources
Net incoming/(outgoing)			resources for	the year	include:
						2022	2021
						R	R
Operating	leases - other assets					9,120	9,120
Audit fees						7,140	7,140
Depreciation		offixed assets				4,321	3,993
Amorisation		ofintangible	fixed assets			8,620	900

9 Staffcosts The aggregate payroB costs were as follows:
	2022	2021
		R
Staff costs during the year were:
Wages and salaries	216,160	219,418
Social security costs	13,243	13,531
Pension costs	6,899	7,609
	236,302	240,558

2022		2021
No		No
	10

1llntangible fbred assets
	Website
	development	Total
	R
Cost
At 1 October 2021	18,405	18,405
Additions	25,860	25,860
Disposals	18,405	18,405
At 30 September 2022	25860	25,860
Amortisation
At 1 October 2021	18,405	18,405
Charge for the year	8,620	8,620
Eliminated on disposals	18,405	18,405
At 30September 2022	8,620	8,620
Net book value
At 30September 2022	17,240	17,240
At 30September 2021

12Tangible fixed assets
	Land and	Office
	buildings	equipment	Total
			R
Cost
At 1 October 2021	7,754	74,313	82,067
Additions		3,533	3,533
Disposals		48 514	48 514
At 30 September 2022	7,754	29,332	37,086
Depreciation
At 1October 2021	3,101	68,397	71,498
Charge for the year	1,551	2,770	4,321
Eliminated on disposals		48,514	48,514
At 30 September 2022	4,652	22,653	27,305
Net boob value
At 30September 2022	3,102	6,679	9,781
At 30 September 2021	4,653	5,916	10569

			2022	2021
			S	S
Other investments			1,036,304	66,587
Other investments
			Listed
			investments	Total
			S	S
Cost or Valuation
At 1 October 2021			66,587	66,587
Revaluation			[4,598)	(4,598)
Additions			974,315	974315
At 30 September 2022			1,036,304	1,036,304
Net book value
At 30 September 2022			1,036,304	1,036,304
At 30September 2021			66,587	66587
There were no investment		assets outside the UK
14Stock
			2022	2021
Stocks			1,650	1,915
15Debtors
			2022	2021
				S
Trade debtors			16,166	3,957
Prepayments			104,116	66,751
			120,282	70,708
16Creditors: amounts	falling due within one year
			2022	2021
			S
Trade creditors			4,144	77,847
Other taxation and social		security	4,573	4,083
Other creditors			3,135	180
Accruals			72,565	36,824
			84,417	118,934

17Creditors: amounts	17Creditors: amounts	falling due after one	falling due after one	year
					2022		2021
					S		S
Other creditors					21,122		21,122
18Funds
						Other	Balance at
	Balance at				recognised		30
		1October 2021 S	Incoming resources S	Resources expended R	gains/(loss Transfers es) S S		September 2022 S
Unrestricted	funds
General		89,633	1,021,446	(985,949)	176,865	(4,597)	297,398
Restricted	funds	43,152	991,786		(176,865)		858,073
Endowment	funds
Expendable			91,330				91,330
Total funds		132,785	2,104,562	985,949		4,597	1,246,801
Restricted	funds

Fund name	Capital usage prior to 1October 2021	Capital usage during year to 30September	Capital usage during year to 30September	Bnancial 2022	Carried forward
		Worcester	Hereford	Gloucester
Griffin					kl320,387
Rowlands/Messenger					S535,311
Evans Endowment	nil				R91,330

Notes to the Fi	nan	cial S	ta	tements f	or	the	Year	En	ded	30	Se	ptember 2	022
												Other	Balance at
Balance at											recognised		30
	1October 2020 S		Incoming resources S		Resources expended S			Transfers S			gains/(IossSeptember es) 2021 S S
Unrestricted funds
General	(39,247)			640,634		(916,780)			341,439				26,046
Revaluation Reserve		55,947										7,640	63,587
Total unrestricted
funds		16,700		640,634		(916,780)			341,439			7,640	89,633
Restricted funds	156,306			228,285					341,439				43,152
Endowment funds
Total funds	173,006			868,919		916,780						7,640	132,785
Restricted funds are income received for future						festivals. The			restricted			funds carried forward
at 30September 2021 30 September 2022.	related to		the Hereford		Festival and			have		been	used in the		year ended
19Analysis ofnet assets		between		funds
			Unrestricted							Endowment
				funds						funds
						Restricted
				General S			funds S			Expendable S Total funds
Intangible fixed assets				17,240									17,240
Tangible fixed assets				9,781									9,781
Fixed asset investments				226,042			728,299				81,963		1,036,304
Current assets				149,874			129,774					9,367	289,015
Current liabilities				(84,417)									(84,417)
Creditors over 1year				21,122									21 122
Total net assets				297,398			858,073				91,330		1,246,801
20Analysis ofnet funds
													At 30
						At	1October 2021			Cash		September flow 2022
							S				S		S
Cash at bank and in hand							123,062					44,021	167,083
Net debt							123,062					44,021	167,083