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2023-09-30-accounts

Welcome from the Chair
Reference and Administrative Details
Chief Executive's
Report
Trustees'
Report		 6 to 10
Statement
ofTrustees'
Responsibilities
Independent
Auditors'
Report		 12 to 14
Statement
ofFinancial Activities		 15to 16
Balance Sheet 17
Statement
ofCash Flows		 18
Notes to the Financial Statements 19 to 30

Fin ancial
review		 ancial
review
The longest running
music festival
in		 the world will have experienced
good times and more
challenging
ones, and as with
so much
of the creative		 industry, recent years
have
been
financially
challenging
for our festival.
COVID		 delivered both a shock to the system,
but
also appears to have prompted
a change in behaviour
ofour audiences,
although
perhaps
it
is still too early to conclude?
To aid readers
in understanding
the		 finances of this unique
festival,		 we are presenting
new
analysis
providing
comparison
of two		 cycles. Each year has its own special programme,
but
the regular
backdrop
for our three-year
cycle is the diverse nature		 of our principal
venues
and their local communities.
As with the majority of cultural
events		 we expect to derive our income principally
from two
sources: tickets and donations.
Historically
tickets sales regularly		 accounted
for nearly 50%
of income, but audiences
are being		 slow to return
after		 COVID and we have not achieved
that level again
yet, Supporting
our		 audiences and performers are the donors
that
have
always been critical to the success of our festival; it is their generosity
that		 ensures
the high
quality
of the musical
offering
we provide
for		 all to enjoy; but responding
to COVID has
strained
their resources.
So, the story		 of the last 3 years has been public funding,
initially
through
the
COVID
support
schemes,
and		 more
recently		 with an
enhanced
rate
of
Orchestral
Tax Relief, It should
be noted that the amount		 of Orchestral
Tax Relief received
in 2022/23
of 6206,239 includes		 R60,547 which
related		 to 2021/22
following
the
finalisation
of that years computations,
hence		 this is not expected
to recur at this
level
going forward;
in addition
the rate will		 reduce in 2025,
The analysis
shows
how the community
has come together
to		 support
the festival through
the challenge
ofthe last few years, but		 although we are past the worst of COVID, the impact
still lingers.
We
have
not
yet
recovered
to		 the
point		 where we
have		 re-established
a
sustainable
balance ofincome.
The combining
ofthe Society and the		 Festival in 2022 has provided stability
for the finances
of the organisation,
but the trustees		 and management
are clear		 that the generosity
of past
donors needs to be honoured
through		 a commitment
to		 finding the new future
model that
will extend our long run ofsuccess,
Worcester Hereford Gloucester Worcester Hereford Gloucester
Financial
Highlights
2017		 2018 2019 2021 2022 2023
Income relating
to the year's Festival
1,138,654		 971,875 1,004,909 982,074 1,074,810 919,691
Festival costs
1,045,424		 945,321 1,020,701 916,780 985,948 1,051,882
Festival result
93,230		 26,554 (15,791) 85,294 88,862 (132,191)
Revaluation
ofinvestments
3,449		 4,364 3,466 7,640 (4,597) (22,782
Net result for year
96,679		 30,918 (12,325) 72,934 84,265 (154,973)
Net Income received for later or from
(prior) years 40,293 (113,154) (40,777) 111,264
Transfer ofassets from Three Cholrs
Society 1,131,075
2021/22 OTR received
in 2022/23		 (60,547) 60,547
Net movement
in total funds on SoFA
96,679		 30,918 27,968 (40,220) 1,114,016 16,838
Analysis ofIncome
2017		 2018 2019 2021 2022 2023
Ticket sales
531,324 46.7%		 481,687 49.6ok 484,915 48.3%%u 206,099 21.0% 345,310 32, 1%%uo
367,125 39.9%
Festival related inc. catering
&
programmes
112,428
9,9'k		 59,411
6.1%%u.		 80,856
s.o%		 52,049 63'k 60,161 6,6%
73,583
8.0%
Donation
Income inc. GIR Aid
376,405
33.1%		 340,091 36,0%o 325,664 32.4% 386,878 39.4% 339,172 31,6%
260,582
28.3%
Public funding
46,000
4.0%		 25,000
2.6%		 40,710 25,700 2.6%o 25,266 2.4%
26,095
2.8%
Orchestral
Tax Relief
60,769
6.3%		 62,674
6.4%		 58,846
6.s%%u.		 50,000 6.1% 156,790 14.6%%uo
145,692
16.8%
Covld support
0.0%o		 0.0% 0.0% 256,121 26.1ok 140,120 13.0%%uo
0
0.0%
Miscellaneous
Income
8002
0 rok		 491
O.1%%uo		 10,562
1.1%		 3,037 0.3% 5,571 0.6ok
0.0%o
Investment
Income
3,726
0.3%		 2,521
0.3'Yo		 3,356
0.3%		 2,191 o,sok 2,421 o2%%u.
46,474
6.1%
1,138,654 971,875 1,004,909 982,074 1,074,810 919,691

and Los ses)
Unrestricted Restricted Endowment Total funds
funds funds funds 2023
Note R R R R
Income and Endowments from:
Donations
and legacies		 3 502,461 101,300 603,761
Charitable
activities		 4 439,249 1,223 440,472
Investment
income		 5 9 552 33803 3 914 47,269
Total Income 951262 136326 3,914 1 091502
Expenditure
on:
Charitable
activities		 6 1 041 082 10800 1 051,882
Total Expenditure (1,041,082) (10,800) (1,051,882)
Subtotal before
gains/losses
on
investments
assets		 (89,820) 125,526 3,914 39,620
Gains/losses
on
investment
assets		 7,302 12 260 3 220 22,782
Net (expenditure)
/income		 (97,122) 113,266 694 16,838
Transfers
between
funds		 2 375 2,375
Net movement
in funds		 (94,747) 110,891 694 16,838
Reconciliation
offunds
Total funds brought
forward 297 398 858,073 91 330 1 246 801
Total funds carried
forward 19 202,651 968,964 92,024 1,263,639

and Losses) P rior Year rior Year
Unrestricted Restricted Endowment Total funds
funds funds funds 2022
Note R R R R
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 2 421
Total Income 1,021,446 991,786 91330 2 104,562
Expenditure
on:
Charitable
activities		 6 985,949 985,949
Total Expenditure (985,949) (985,949)
Subtotal before
gains/losses
on
investments
assets		 35,497 991,786 91,330 1,118,613
Gains/losses
on
investment
assets		 4 597 4 597
Net income 30,900 991,786 91,330 1,114,016
Transfers
between		 funds 176865 176 865
Net movement
in funds		 207,765 814,921 91,330 1,114,016
Reconciliation
of		 funds
Total funds brought
forward 89 633 43 152 132785
Total funds carried
forward 19 297,398 858,073 91,330 1,246,801

Balance Sheet
as at 30 Septe		 mber 20 23
2023 2022
Note R R
Fixed assets
Intangible
assets		 11 8,620 17,240
Tangible assets 12 7,896 9,781
Investments 13 930460 1,036,304
946976 1 063 325
Current assets
Stocks 14 1,941 1,650
Debtors 15 186,651 120,282
Cash at bank and in hand 199631 167083
388,223 289,015
Creditors: Amounts falling due within one year 16 71,560 84 417
Net current assets 316663 204,598
Total assets less current liabilities 1,263,639 1,267,923
Creditors: Amounts falling due after more than one
year 17 21 122
Net assets 1 263,639 1,246,801
Funds ofthe charity:
Endowment funds 92,024 91,330
Restricted
funds		 968,964 858,073
Unrestricted income funds
Unrestricted funds 202 651 297,398
Total funds 19 1,263,639 1,246 801

2023 2022
Note R a
Cash flows from operating
activities
Net cash (expenditure)
/income		 16,838 1,114,016
Adjustments
to cash flows from non-cash items
Depreciation 4,611 4,321
Amortisation 8,620 8,620
Investment
income		 (47,269) (2,421)
Financial instrument
net (gains) losses through
statement
offinancial activities		 76,122 4,597
58,922 1,129,133
Working capital adjustments
(Increase)/decrease
in stocks		 14 (291) 265
Increase in debtors 15 (66,369) (49,574)
Decrease in creditors 16 33,979 3~4,516
Net cash flows from operating activities +41,7 1+7 1,045,308
Cash flows from investing
activities
Interest receivable
and similar		 income 5 1,492
Purchase ofintangible
fixed assets		 11 (25,860)
Purchase oftangible
fixed assets		 12 (2,726) (3,533)
Purchase ofinvestments 13 (120,004) (974,315)
Sale ofinvestments 149,725
Income from listed investments 45,778 2,421
Net cash flows from investing activities 74,265 1,001,287
Net increase in cash and cash equivalents 32,548 44,021
Cash and cash equivalents
at		 1 October 167,083 123,062
Cash and cash equivalents
at		 30 September 199,631 167,083

3 Income from donations
a		 nd legacies
Unrestricted
funds Restricted Total Total
General funds 2023 2022
R R R R
Donations and legacies:
Donations from individuals 268,559 101,300 369,859 1,529,723
Gift aid reclaimed 27,663 27,663 20,882
Furlough 8r, other Covid 19
Grant income:
Grants, including capital 140,120
grants
Orchestral tax relief 206,239 206,239
502,461 101,300 603,761 1,690,725

4 Income from charitable
a		 ctivities
Unrestricted
funds Restricted Total Total
General funds 2023 2022
R R R R
Ticket sales 384,016 384,016 361,435
Retail, services and catering 49,196 49,196 36,308
Retail, services and catering 375
Advertising income 3,800 3,800 9,060
Creative projects 2 237 1,223 3460 4 238
439,249 1 223 440,472 411,416

Unrestricted Endowment
funds funds
Restricted Total Total
General funds Expendable 2023 2022
R R R R
Interest
receivable and
similar income:
Interest
receivable on
bank deposits 1,492 1,492
Other income
from fixed asset
investments 8,060 33803 3914 45 777 2 421
9,552 33803 3914 47,269 2,421

6 Expenditure
on c		 haritable activities
Unrestricted
funds
Restricted Total Total
General funds 2023 2022
Note R R R R
Musical Fees and
Expenses 592,287 10,800 603,087 587,004
Festival Sales and
Publicity 87,542 87,542 60,304
Allocated support
costs 361,253 361253 338641
1,041,082 10,800 1,051,882 985,949

Net incomi ng re sources for the year include:
2023 2022
R R
Operating leases —other assets 9,970 9,120
Audit fees 7,800 7,140
Depreciation offixed assets 4,611 4,321
Amortisation of intangible fixed assets 8 620 8,620

9 Staff costs
The aggregate
payroll costs were as follows:
2023 2022
R
Staff costs during the year were:
Wages and salaries 232,396 216,160
Social security costs 5,488 13,243
Pension costs 8,547 6 899
246,431 236,302
2023 2022
No No
Administration 12 10

Website
development Total
R R
Cost
At 1 October 2022 25 860 25 860
At 30 September 2023 25 860 25 860
Amortisation
At 1 October 2022 8,620 8,620
Charge for the year 8 620 8 620
At 30 September 2023 17240 17240
Net book value
At 30 September 2023 8,620 8 620
At 30 September 2022 17,240 17,240

12Tangible
fixed assets
Land and Office
buildings equipment Total
R R R
Cost
At 1 October 2022 7,754 29,332 37,086
Additions 2 726 2 726
At 30 September 2023 7 754 32 058 39 812
Depreciation
At 1 October 2022 4,652 22,653 27,305
Charge for the year 1 551 3 060 4 611
At 30 September 2023 6,203 25,713 31,916
Net book value
At 30 September 2023 1,551 6,345 7,896
At 30 September 2022 3,102 6,679 9,781
13Fixed asset investments
2023 2022
R R
Investments 930 460 1 036,304

Investments
Listed
investments Total
R R
Cost or Valuation
At 1 October 2022 1,036,304 1,036,304
Revaluation (76,123) (76,123)
Additions 120,004 120,004
Disposals 149,725 149,725
At 30September 2023 930,460 930,460
Net book value
At 30September 2023 930,460 930,460
At 30 September 2022 1,036,304 1,036,304
There were no investment assets outside the UK
14Stock
2023 2022
R
Stock 1,941 1,650
15Debtors
2023 2022
R R
Trade debtors 8,189 16,166
Prepayments 178,462 104,116
186,651 120,282
16Creditors: amounts falling due within one year
2023 2022
g R
Trade creditors 18,070 4, 144
Other taxation and social security 4,699 4,573
Other creditors 3,135
Accruals 48 791 72,565
71,560 84,417

During
the		 year ended 30 September 30 September 30 September 2017, the 2017, the charity received R21,122 from R21,122 from R21,122 from Gabbs
solicitors which related
to		 unclaimed funds
from		 their client account and, with permission
of the Solicitors Regulation Authority, was donated to the charity.
Previously
this		 has been
shown
as a		 long term creditor
in the		 accounts, as there was a risk that the funds would
have to be returned ifthe legal owner was traced. However, due to the length oftime passed
since the donation was made,
the trustees
consider
that		 the risk of this
needing		 to be
repaid is now very much reduced
and		 the amount has been released into donations received
in the year,
19Funds
Balance Other Balance at
at 1 recognised 30
October Incoming Resources gains/ September
2022 resources expended Transfers (losses) 2023
R R R R R R
Unrestricted funds
General
Unrestricted General
Fund 297,398 951,262 (1,041,082) 2,375 (7,302) 202,651
Restricted funds
Restricted
Fund		 858,073 136,326 (10,800) (2,375) (12,260) 968,964
Endowment funds
Expendable
Expendable Endowment
Fund 91,330 3914 3,220 92,024
91330 3,914 3 220 92 024
Total funds 1,246,801 1091,502 1 051 882 22,782 1,263,639

20Analys is
ofnet assets b		 etween
funds
Unrestricted Restricted Endowment Total funds
funds funds funds R
General R Expendable
R R
Intangible fixed assets 8,620 8,620
Tangible fixed assets 7,896 7,896
Fixed asset investments 155,394 696,333 78,733 930,460
Current assets 102,301 272,631 13,291 388,223
Current liabilities 71,560 71 560
Total net assets 202,651 968,964 92,024 1,263,639

21Analysis ofnet funds
At 30
At 1 October September
2022 Cash flow 2023
R R R
Cash at bank and in hand 167,083 32,548 199,631
Net debt 167,083 32,548 199,631