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|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|
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|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|
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|||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|
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|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|
##
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|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|
##
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##
|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|
##
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