Company reglslratlon number.. 0580176 Charity regislralion number.. 204609 Three Choirs Festival Limil8d IA company Ilmlled by guarantee) Annual R8POrt and Flnancial Slalemenls for th& Year Ended 30 September 2024
Three Choirs Festlval Llmlted Contents Rèference and Admlnislrative Detslls Welcome from the Chair 2103 Trustees, Report 4107 Statement of Tru$tees' Responslbilllles Independent Audltors. Report 91011 Statement of Financial Activities 121013 Balance Sheet 14 Sialemenl of Cash Flows 15 Notes to the Flnancl81 Stalgments 161026
Thrge Cholrs Fgstlval Llmlted Reference and Administrative Details Chalmian Dr N S Belshaw Chief ExacLEtiv& Officer Mr D E Froncls Trust&as Mr B C J Cooper Or B W A Herriot Mrs A V Marlow Mr A E Prior Ms K O'carroll MrCFBWoodd Ms S L Turner (resigned 18 June 20241 Ms A C D8vI68 Mr P M Hughes Iresigned 1 December 20231 MrMPBLam Prlnclpal l)fflce 7C Collèg6 Gre*n Gloucester GL1 2LX Company Rgglstratloft Number 0580176 CharSty Reglstratlon Number 204609 Audltor Ballards LLP Oakmoore Court 11 C Klngswood Road Hampton Lovell Dro1ICh Worcestershire WR9 OQH Page 1
Three Cholrs Festival Limitod Welcome from the Chalr Ouring 2024 Three Choirs Festival Limited once 8g8in exemplified its purpose,. to bring people together through shar8d. inspirational 8xp&riences in the context of the world's leading and longest runnlng choral music festlval. Wrlllng In the Spectator Rlchard Bratby slated that 'ln truth. there's still no classical muslc festival that provides such a sense of being plugged Into a vltal and ancient tradition - of being so close, as Elgar pul il to 'lh& living centre of music in Gr8al Britain, under a headline declaring "Forget the Proms and Edinburgh- th8 Thr&8 Choirs F8slival is wh8r8 It's al.. The 2024 Festival In Worcester was Gelebrated for 115 vibfanl community splrit and exceptional programming. The festival showca$8d 8 diverse range of musical maslerpi&ce8, fram lan Venable8' poignant Requiem, beautifully performed by the Three Choirs Fesllval Youth Cholr, lo Judlth Wélr's "In th8 L8nd of Uz,. ma818rfully dellvered by the BBC Singers. The Festlval Chorus was agaln central lo the festSval not least on the openlng nlghl whlch featured Hol81's "The Hymn of Jesus" and Stsnford's rarely heard "Stabal Materf.. The$e iwo powerful works perfomed by the combined force$ of the Festlv£l Chorus and the Phllharmonia Orchestra our resident 0heStra - cr9aled an unforggllable almosphgre which sel an Incredibly hlgh benchmark for the entire festival. A couple of personal hlghlights Irom the program wgr¢ Roggr Sayer's lale-nighl concert al Worcester Cathedral, featuring sounds from Inlerslellar whllsl Elgar's "The Klngdom" rec8lv8d a mesmerlzing performance conducted by Adrian Partinglon. As always, the festival brought together a dlverse communlty 811 of whom share è love for choral We We honoured to welcome our patron HRH The Duke of Gloucester 19 Iwo performances. Celebrated composers Judith Wier and Bob Chllcoll joined us lo hear their works performed. A now generallon ol composers £lso allondgd as the 2024 Festival hosted a composer's aGademy. Three Choirs Festival has a long history of supportlng composers and I w8s dellghled lo Sèg our commitment lo th9 ngxt generallon alive and well al the fe81ival. Th8t is also true of the next gen8ratlon of creallve muslclans and slngers who werè fully immersèd in the Nature Sings partlcSpalion prolecl. After week8 of crealivlly the project culrninated In a very special performanGe which brought young people lo the heart of the fgstival performing origlnal works alongslde rnemb8rs of Ihg Phllharmonia Orchestra. The first book to bè publishèd about thè festival In ov8r 30 years was launched durlng the 2024 Worceslgr fgstival. Slmon Carpenlevs Three Choirs Fesllval In Ten Concerts" offers incredible insights inlo iconic performances whlch are semlnal In lem)s of the festival's ilch history and Its role in champloning choral music throughout it8 alm081300 years. Looking toward the next 300 ye8rs, the Board and Leadership Team are mindful of Thrttr Choirs long-term suslainabillty and have 8dopl8d a strategy which we believe will attract audiences in slgnificanl numbers lo the 2025 and 2026 teslivals. Welcoming Budiances tD tha festival 81 pre-pandemic levels is essenlial for the fulure health of this festival. Wllh that In mlnd, Artlsllc Dlreclor. Geralnt Bowen has tturaled a comp8lling program for th8 2025 Hereford festival which includgs Mendelssohn's"Elijah" on the final evenlng. Our commllmenl lo new work continues with Commissions from hug8ly r@spected British composers, both known for their gxceptional choral writing, Richard Blackford and Bob Chilcott. The festival will also celebrate Samuel Coleridge-Taylor's 150th birthday wllh a revival of hls oralorlo "The Atonement" whlch was premiered al the Hef0rd festival in 1903- with a libretto wrillen by a local writer. Alice Parsons. Page 2
Three Choirs Festival Limited Welcome from the Chair This is always a good opportunity for me lo acknowledgo people'8 contribution to Three Choirs Fesllval LlmSled. I'd like to thank my fellow Board m8mber8 who glvB Ihelr tlme voluntsrlly to brlng knowledge, exp&rt1se and leadershlp lo the organlsallon. As well as being 8 Board mèmber, Ben Cooper is the Chair of the Worcester Committee and we are grateful lo Ben and his volunteer committee members who worked collaboraliv@ly with th& team lo d8liv8r a very successful and welcoming f8slival. We also work with oulslandlng Artistic DlreGlors from our three cathedrals, who Gollaborate and lead parformances throughout the f9slival. Sam Hudson our Worcgsler Artistic Diraclor des8tvès sp8cial mention for crafting a thoughtful and Inspirallonal 2024 fesllval which followed an onviionmenlal theme. The Three Cholrs Fe8tlval Llmll8d stsff are lo be congratulated for produclng such a memorabl8 and smooth-running fesllval. The permanent staff tèam have been led by Dr. Algxis P2tterson for tha last elghl years. 2024 was lo be Alexls, last fesllval as CEO followlng her appolnlmenl lo Oxford Univ9rsity's Cullural Programme. I'd like lo acknDwledg8 and thank her for her passionate service and Ihe plvolal role she play&d In modernislng and prof6ssionalislno thè fesllval. We wlsh her well with her new rol8. The board formally welcomed David Francis as the n8w Chief Execullve who joined the 18am In the autumn. l am looking fomard lo our 2025 festlval In Hereford and to sp8nding Ilmg agaln wllh our loyal and dedlcaled community of singers, musicians, volunleers ané audi@nc8 memb8rs all of whom c¢nlribule so much to th$ Success of the festival and lo Ilvlng Its vlslon,. for tha power of thoral music to enrich Ilves through shared, insplrallonal experlences. Dr N S Belshaw Chairman Page 3
Throe Cholrs F•stlval Llmlted Truslee$' Report The trusteès, who are dlreelors for the purposès tsf comp8fty law, present the annuzl report together with the financial statements of the ¢harilable company for the year ended 30 September 2024. The accounts have been prepared In accordance wllh the statement of recommended practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102 and Update Bulletin 1.1 Obl8ctlv8$ and actlvltlas Objects and aims The objectives ol the eharlly are as 961 out in Its goveming document. namely lo promote. maintain, lrnprove and advance education by the encouragement of the arts, Including the arts of singing and music, drama, mime and danc8, and to formulate, prapar8 8nd e8lablish schomes Iher&fore providgd Ihal all objects of the charlty shall be of charltable nature. The organlsalion conllnues lo plan an annual festival with Ihe furtheranc8 of this objecl al the forefront of Its ambltlon and alm8 to further develop il particlpallon and communlty engaggm8nl throu9houl the ygar. SlgnlllGan¢ 8Ctlvltl&s Tha ordinary prlncipal 8cllvlly of the organlsallon Is an elgh141ay feslSval, Includlng, In the month9 prior. the tuition and coaching of local arnaleur performers who perform alongside profes51onal musicians to the hlghesl stsndards. The organls81Son algo dèllvèrs partlclpalory work$hop$ and aclivlties lo local schools and communlty groups In the summer months. Publlc benellf The publlc benefits provld8d by the charlty are many.. they Include subsldlsed or cost-frèè tralnlng of singers and inslrumonlalisls al all lovels, and Dffars employmgnl for p8rfDrmers al varying 18v8ls of development. The general public gre able lo enjoy Concerts al pri¢e8 which are subslanlially subsidlsed by benefactors and a number of performances al 98ch festival are offered wllhoul charg8, wllh 8 partScular focus on fr8e Ilckels for Ih08e n8w lo th8 fesllval. Beyond this, the Irusl6es contlnue lo encourage the promotlon of outreach projects lo make the festival morè Incluslve and accesslble lo people who are unfamiliar with the rIGh ¢1gs51cal Ghoral Iradlllon ané those who may face berrlers lo a118ndanc@ and partlclpallon. The Iruslees confim that thèy havg complied wllh the requlrernenls of Beclion 4 of the Charltles Act 2011 to have due regard lo the public benefit guidancÈ published by the Charlty Commlssion for England antj Wo185. Page 4
Three Choirs Fastival Llmited Trustees. Report Flnantlal revlew As wilh much of the creatlve Industry, our festival has faced challengirbg times financially since the pandèmlc. In the Immediate aftermath of COVID we benefilled from grant support and enhanced publlc funding, not least higher Orchestral Tax Relief rates, bul in recent years these sourc88 funding have reduced. Unfortunately, the festival hasn't yet re-established ils historic success with our audlence, and the combination of lower tick61 sales and costs increasing with inflation has resulted in operational losses in recent years. The festival in 2024 Conlinued this trend with an operational loss of £242,007. Fortunately, the organisalion has substantial Restricted funds provided to SLJPPOrt development bul also lo ensure its ¢onlinualion. Anticipating a loss, and having taken all appropriate sleps lo minirnise the quantum, the Trustees agreed ahead of the festival that funds raslricled specifically for use wllh the Worcester feslival should be used lo underwrlle this ygar. As a resull the Unreslricled fund result for the year has been held al zero due to a transfer equal lo the operational 1055. This has resulted in a reduced balance of Restricted funds, bul after allowing for investrnenl incomo and galns the Reslrlcled and Endowment funds are 5tlll heallhy at over £930,000. Tha Trustees are very grateful to past generatlons of patrons and fesllval-goers for their Generosity In establlshlng a significant Reslricled fund which Gan be available in exlremis, bul are very consclous that the funds available are limited, and Ihal the aspiration was that such funds should be used for Investment and not just lo fund runnlng costs and losses. As a result the Trust?e$, in conjunction wllh management, have Set a largel for the fesllval to eliminate the operatlonal loss, bul il is anliclpaled that Ihls will lake lime if the nature of the festival is lo be mainlalned. The aim Is lo break-even lor bellerl by 2027 when the festival returns to Worcester agaln. The Trustees are therefore expeGllng further lo$$e8 In the next few years, but are conlldenl that Ihe8Q can be supported from the Restri¢led funds. The Intention is that by supporting a conslslenl hlgh-qualily experience the audience and patronage can be rebuilt and the funding balance can be restored. Pollcy on r•s8rv•s The Three Choirs Festival Ltd operates a rlsk-based reserv85 pollcy, with partlcular focu8 on the posslblllly of cancellation of the festival. whi¢h is the key Income g8nera11ng aclivlly during the year. The board regard a prudent strategy is lo hold a minimum of three months operating costs as reserves, which Gurrenlly equate$ lo approximately £100k. As al 30 September 2024, total funds were £1.133m. Excluding rgslricled and endowment funds, tho unrgslricled funds were £203k, of which £3k was lied up in fixed as5els and could not be easily spent. In addlllon lo the £200k of free reserves, some of the restricted funds would be available should the neeé arlse. Investmentpollcy and objectives Funds whi¢h are either endowed or expected lo be required only In the longer term are Invested in the stock market, wlth the alm of generating a balanced tUrn over a 10 year lime frame. The Investment committee meet wlth the brokers al regular intervals lo review the performance. Page 5
Three Cholr8 Festlval Limited Trusteés. Rèport Going concern The Imsleas consider that it is appropriate to prepare the accounts on a going concern basis. The available reserves are at the lev81 required by the raserves poliw, and the last three years have shown that there is still an appetite for our offering post COVID-19. Structure, governance and management Nature of governing document Three Cholrs Festlval Llmlled Is a charlly goverts8d by Articles of Association most recently updated 4 March 2022. 11 Is registered as a charity with the Charity Commission, and also as a company limlled by guarantee. Our key charltable purpose Is lo promote, maintain, improve and advance education by the encouragement of the arts. mo81 partlcularly the arts of slnging and music. The chief method by which this is carried out is in producing an annual eighl-day muslc fesllval whlch gives local musicians of 211 ages an opptsrtunity lo develop their 8ki118, particularly choral, alongslde world-class professlonals, and through a growing programme of community en98gement beyond the festival Itself. Governan¢& of the charity is undertaken through a Board of Trustees whose responslbilily is lo provlde strategic direction and policy-selling. as well a8 ensuring that all activity undertaken fall8 wilhln the charitable oble¢llv$s outlined wilhln the Memorandum and ArtIGles of Assoclalion. The charlly trustees are also dlreclors of the company and are elected lo serve for a perlod of Ihree years, after which they must be re-elected al the next Annual General Me81ing. One Ihlrd of the directors musl retire al each Annual Gengral Meellng, and may sland for re-election, up to a maxlmum of three consecutlve terms19 years). All Iruslees give Ihelr Ilme volunlarlly and rg¢9ive no remunerallon. New Irusl&ès arg recruiled through a process of open advertisement outlining the role's purpose, lime commitment, and the skill$ and qualllies of the ideal candidate. All adverllsernents promote diverse recrultmanl and equallty of access, and the Board Is commllled lo developing a Iruslee body whlch beller reflects the demographics in our area of operation. The current profile of the board is 700h whlle British, 30Yo LGBTQ+ 70Vo from a 'modern prof85sional' background. wllh an age range of 20 10 75. 200k of the board have a disability and 50¥0 are male and 500/0 female, meaning that the Gurront area of undgrrepresenlalion is in 80cio-economic background. Applications are revlewed by the Board and a Nominations Comrnillee undertakes interviews wllh shorllisled candidates before making recommondalions to the board regarding appointments. Newly appointed Irusle85 are asked lo undergo a DBS Check in line with our safeguarding pollcy and are provided with an inductlon from our Chief Executive which covers the slatulory obligations of a trustee and dlrector, and key organisallonal policie8. overview of slruclure, budget oulllnes and fLtlure artlstic plans. Page 6
Three Cholrs Festlval Limited Tru8tees' Report Relationshlps with rélatod parties From 1996 until 30 September 2022, Three Choirs Festival Limited has had a sister organisalion, The Three Choirs F8StIV81 Soci8ly I'lhg So¢i8ty'1, which hèld endowm&ntS and managèd investments on behalf of the festival. Following the passing of various resolutions during 2022, the Society's assets were m8rg8d into the Three Choirs Festival Ltd as 8130 S8pt8mber 2022. Fundralslng arranggmgnts The charity 8mploys staff lo d7ClIY manage grant 8ppllcatlons and donor &ngagamenl. Each city also h88 8 Ioc81 committee, who donate their lim6 and exp6rtise lo org8nising fundraising evenl8 in advance of their clly's fesllval, and during the festival itself. Fundraislng such as Ihls carried out on behalf ol the charity is monitored in respect of financial and public liobilitylHeallh and Safely best pracllce through Ilalson wllh the rel&vanl members of the staff team. Some board and committ88 members also make active conlrlbulions lo securing new donor and malnlainlng exlsllng connections. No external professlonal sèrvic85 or comm&rciÈl participitorg are conlracl@d lo tundraise on our behalf. No complaints have been received by the ¢harily about fundraising activity. Invitations lo donate lo the f@sllval ar8 made In accordance with our Data Prol8Ctlon Policy, which lakes full account ofPECR and GDPR guidance. Malor rlsk$ and management of those rlsks Whllg some of the volallllty of COVID-assocl8ted rlsk ha8 dlsslpaled, recovery throughout the sector has been slower than 8nliclpaled and 8uppller costs continue lo rise In a p8rlod ol economlc volalllily and 'co81 of Ilvlng crlsls.. COVID-19 remalns on the rlsk register a8 both a tangible r18k leadlng lo cancellation, and a broadeT caus8 of d8creased revènue as outllned above. Th& organlsallon hè8 takgn steps lo Gonsider the risk factors associated with Cllmale Chango, and as part of thelr work In pledglng lo become a nel-zero organlsalion by 2050, have Incorporated Ihls category Into the rlsk register. Control m8asure5 and Ihreal levels are monltored on an ongoing bas18 by the Finance Commillee and Chief Exeeulive, who alert the Board lo any factor which may allèr the rlsk rating pre5crlbed lo a G8legory. Adoption of appropriate systems and procedures in r?sponso lo any chonges of clrcumsl8n¢g remaln tho responslblllty of the dSreclors and upd819s lo the rlsk r8glsler are a standing item on the Flnance Commlttee agenda, whose aclivilles ar& reported back lo the board on quarterly basis. Dls¢losure of Informatlon to audltor Each trusl8e has tsken Steps that they ought lo have taken 8S 8 trustee In order to make themselv88 awar8 ol any rèlévant audlt informalSon and lo eslablish that th6 charity's audllor Is aware of that information. The trustees confirm that there is no relevant information that they know of and of whiGh Ihay know the 8udllor Is unaware. The annual report was approved by the InJ$tees of the charity on behalf by.. 2OZi". and sloned on Its Dr N S Bèlsh8W Chairman Page 7
Three Cholrs Festlval Llmited Statement of Trustaes. Rèspon$ibllltl8s The Iruslees (who 8re also the directors of Three Choirs Festival Limited for the purposes of company lawl are responsible for preparing the trustees, report and thè linancial slalemenls in accordance with the United Kingdom Accounting Standards (United Kingdom G8nerally Accepted Accountln9 Practice) and applicable law and rulations. Company law requires the Irus18es lo prepare financial stal?menls for each financial year. Under cornpany law the Iruslees musl not approve the financial slalem@nls unless they ar& satisfied that they give a true and fair view of the slate of affairs of the charitsble company and of Its incomlng resources and appllcallon of resources, includlng ils incomè and expenditure, for that period. In preparing Ihase financial slalements, the trustges are required lo.. seleot suitable aGcountlng polScies and apply Ih8m consistently., observe the methods and princlples In the Charities SORP.. make judgements and eslimales Ihal are reasonable 8nd prudent., stsle whèther applicable UK AOUntIng Standards have been followed, sublecl lo any mat8rlal departures disclosed and explained in the financial slalemenls., and prepare the financial slalemenis on the going concern basis unle3$ It Is Inapproprlalg lo presume that th8 ch8rilable company wlll conllnue in busintrss. The trustees are responsible lor keeping adequate accounting records that are sufficlent to show and explaln the charllable company's tran8actlons and disclose wllh reasonable accuracy at any tim8 the flnancial position ol the charllable company and enable thgm lo ensure that the linanclal slalemenl8 comply wllh the Charities Act 2011. They are also responsible for saleguardlng the assels of th8 charitab18 company and hence for laklng r6asonabla steps for Ihe prev&nlion and detection of fraud and other Irregulari118S. Approved by the Iru81e88 of tha charlly on .¢¥ 207.5.. and slgngd on Ils behalf by.. Dr N S Belshaw Chalrman Page 8
Three Choirs Festival Limited Ind8p8ndènt Auditorfs R•port to the Members of Three Cholrs Festlval Limitèd Oplnlon We have audited th8 financlal slalemenls of Three ChoSrs Fesllval Limited Ilhe 'charlty'l for the year ended 30 Septembèr 2024, which compris& the Statemant of Financial Aclivilies, Balance Sh&el, Stalernent of Cash Flows, and Notes lo the FlnanGlal Slalements, Includlng a surnrnsry of significant accounting policies. Th& financial reporting framework that has been applied in their pr¶lion is United Kingdom Accounting Standards. comprising Charili&s SORP FRS 102 'The Financial R8POrting Stsndard applicable In th& UK and Republlc of Ireland, and applicable law (United Kingdom Gen8rally AcGepleLt Accounllng Praclicel. This report is mad& solely to Ihg charitab19 company's Iruslegs, as a body, in accordanc8 with Chapter 3 of Part 8 of the Charllles Act 2011. Our audll work has been undertaken so that we mlght stsle lo Ihe charity's Iruslees thos& matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullesl extent permitted by law, we do not accept or assume responslbllily lo anyone olhar than tha charilgble company and ils truslegs as o bady, for our gudit work, for this report. or for the opinlons we hav8 formed. In our oplnion the flnanclal 51algmgnls: glve a true and falr vl&w of the slate of tha charlly's aff8lrs 89 al 30 September 2024 and of Ils results for Ihe year then end8d.. have been prop&rly prepared In accordance wlth Unlled Klngdom Generally Acc8pled Accountlng Pracllce., and hovo been prepared in accordance wllh the reqLsirements of the Charllies Act 2011. Ba$1$ for oplnlon We conducted our audit In accordano9 wilh In19rnalional Standards on Audiling IVKI IISA$ IUKII and applicable law. Our responslbilllies under those standards are further descrlbed Sn the Auditor'8 responsibllilies for the audit of the fln8ncial slalemenls Section of our r8POrt. W8 are Independ8nl of the charity Sn accordanc& wlth the ethical requlrem8nls that are relevant lo our audit of the flnancial slalemènls in thé UK, includlng the FRC'S Eth81 Standard, and we have fulfilled our other èthical responsibilities in aGcordanc8 with these requlremenls. We believ8 that the audlt ovldence we have oblaln9cI Is sufflclenl and approprlate lo provide a basis for our oplnlon. Concluslons rnlatlng to golng concèrn We hav8 nolhlng to report In respect of the followlng matters In relallon to whlch the ISAS IUKI requlre us lo report lo you where.. the Irust@ès usa of th8 golng concern bas18 of accounting In the preparallon of the fln8nclal slatemenl8 is nol appropriate., or the Iruslees hav@ not dlsclosed In the financial slatemenls any identified malerlal uncgrtainlles that may cast significant doubl about the charity's ability to continue lo adopt the going concern basi5 of accounting for a period of al least e1ve months frorn thg dale when the financial statements are authorised for issue. other Information The trustees are responsible for the other information. The other Information comprises the information included In the annual report, other than the fln8nc181 slalements 8nd OLJr auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, wè do not express any form of assurance onclusion Ihereon. Page 9
Three Cholrs Festlval Llmlted Independent Audltorf$ Report to thg Members of Three Cholr$ Fesllval Llmlted In conneclion with our audit of the financial statements, our responslbllity Is lo read the other information and, in doing so, consider whether the other information is maleriolly inconsislenl with the finan¢i81 statements or OLJr krhowledge obtained in tha audit or otheIs app8ars lo bè mal8ri8lly misstated. If we idèntify such material inconsistencias or apparent materlal mlsslalemenls, we ara r6quSrèd lo delermlne whether IhÈrÈ is a mater181 mlsslalemenl In the financlal ststements or a rnalerial misstatement of the other informglion. If, based on thè work we have performed, w8 coneluda that there Is a mzlerial misstalemenl of thls other Informallon. we are requlred lo report that fact. We have nolhlng lo report in Ihls regard. Opinion on othèr mattèrs pr•seribgd by thè Charlti•s Act 2011 In our opinlon, b88ed on the work undertaken In the course of the audll.. the Informatlon glven In the Trustees. Report for the financlal year for whlch the fin8nclal slalemgnls ar8 pr&par8d Is consistgnl with the financial slalem@nls.' and Ihe Trustees, Report has been prepared In accordance with applicable legal requlrement8. Matlors on whlch wa ar• r•qulr•d to r8POrt by axcèptlon In lh& Ilghl ol our knowledge and underslandlng of the company and ils environment obtained in the course of th& audll. we have not Idenlifled material mi8slal8ménts in thè Trusle88' R8port. We have nolhlng lo r8POrt In respect of the followlng matters where the Charilles Act 2011 r8qulres us to report to you If, In our oplnlon.. adequate accounting records have not been kept, or returns odaquale for our gudll havo nol baen rgcelved from branches not vlslted by us., or the finan¢lal 8ts18men18 are not In 8greem&nt wlth the accounllng records and relurn8,' or certaln disclosures of Iwstees remun8rats.on specllled by law are not mgd9', or we have not rÈc6lv8é all th¢ Information and explan8tlons we requlre tor our audll. Rts8ponslbllltl•s of trust•trs As explained more fully In the Statement of Trustees. Responsibillllès Isel out on page 81, thè Iruslees gra responsibl8 for the praparollon ol th8 lin8nclal statem8nls and for belng salisfiod that Ihgy give a true and fair vlew, and for such internal control as the Irusle&s determine is necessary lo enable the preparation of financial slalemènls that are free from m8lerlal misslalemenl, whether due to fraué or error. In preparlng Ihe flnanc181 slalemenls, the Iwstees are responsible lor ass8sslng th8 charfty's 8blllty lo continue as a going cDncern, di8cIosing, as applicable, matters related lo going CDnBern and using the going concern basis of accounting unless the trustees either intènd lo liquidate the charity or to ceasè operations, or hove no realistic allernalive but lo do so. Audltor's responslbllitlgs for thg audlt ot the flnanclal $tatgmonts Our oblecllves are lo obtsln reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due lo fraud or error. and lo issue an audilorfs report that includ88 our opinion. Reasonablg assuranc8 is a high 18v81 of assurance, bul is not a guarantee thal an audit conducted In accordance with ISAS IUKI will always delecl o materlal misstalemenl when It exlsls. Mlsslalemenls can arlse from fraud or error and arg conslder8d materlal If, Individually or in the aggregat&, they could reasonably b& expected lo Influence the economlc declslon8 of user8 taken on the basis of these flnancial slalemenls. As part of an audit in accordance with ISAS IUKI, we exercise professional judgement and maintain professlonal sceptlcSsm Ihroughoul the audll. We also.. Page 10
Three Choirs Festival Llmlt8d Independent Audltorfs Rèport to the Mèmbers of Threo Cholrs Festival Limited Identify and assess the risks of material misstatement of the financial statements, whèther du8 to fraud or Érror, dasign and parform audit procÉdur8s responsive lo those risks, and obtain audit evi(fence that is sufficient and appropriate to provide a basis for our opinion. The risk of not èlecting a matèrial misslÈl8menl resulting from fraud Is higher Ihan for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, mi$rapresenl&lions, or the ov8rride of internal control. Obtaln an understanding of internal Gontrol relevant lo the auéil in order to design aLJdit procedures that are appropriate in th8 circumstances, but not lor the purpose of expressln J an oplnlon on the effectiveness of the charlly's internal control. Evaluate thè approprlatenèss of accounllng pollcles used and the reasonableness of aGGounting eslimales and related disclosures made by the Iruslees. Conclud8 on the approprSateness of the trustèes usa of th8 golng Concern basls of accounllng and, based on the audit evidence obtained, whether a material uncertainly exi818 r81ated to events or conditions that may cast significant doubl on tha charity's ability lo continue as a golng concern. If we conclude Ihal a materlal unc&rtalnty exlsls, we are required lo draw attention In our auditor'8 rèport to th& relatèd diselosur88 In the financial statements or, if such disclosures are inadequal8, lo modlfy our opinion. Our Gonclusions are based on the audit evidence obtsined up to the data of gur auditor's r8POrt. How8V8r, future gvents or tondS1ions may cause the charlly lo Geasg 10 continue as a going concern. Evaluate the ov8rall prasenlalion, Structure and conlenl of the financlal stalemenls, Sncludlng thg dlsclosures, end whglher the finanGial slalemenl$ represent the underlying transactions and evonls In 8 rn8nner that achSeves falr presen18tlon. Obtain sufflclenl approprlale audlt evldenGe regardlng the flnanclal Informallon of the 8nlili8s or buslness actlvlties wlthin the charlty lo express an oplnlon on the flnanclal slalemonis. We ale r8sponslbl8 for the dlrecllon, supervlslon and performan¢o of th8 charlty audS1. We remaln solely responsible for our audit opinlon. We communicate with those charged wllh governance reg8rdSng, among other mallers, the planned scop& and tlmlng L)f the 8udll and slgnllicanl audlt flndlngs, Including any ¥lgniflG8nt deflcl&ncle8 In internal control that we Identify durlng our 8udil. M A Skellum jSeniDr Statutory Audilorl For and on behalf of Ballards LLP, Slalulory Auditor 08kmoore Court 11C Kingswood Road Hampton Lovall Droitwich Worcestershire WR9 OQH Date.. 1.4.Iqp..i<....... Page 11
Three Choirs Festival Llmlt&d Statement of Flnanclal Actlvlllès for the Year Ended 30 September 2024 (Including Income and Expandlture Account and Statement of Total Recognlsed Gains and Lossosl Unrestrlcted funds Restrlctod funds Endowm•nt funds Total funds 2024 Note Income from: Donations and legacies Charitable acllvllios Investment Income 405.g61 384,190 7,600 413.561 384.190 3.934 Tot81 Income 791739 3,934 845 S57 Expendltur¥ on: Charitable ?Glivilies 1 D33 746 692 1059311J 11,059,311) Total Expendllure Gainsllosses on Invéstment aS8et8 11.033,7461 124,8731 16921 N&1 lexpendllureyln¢ome Transfer8 b&tween funds 1242.0071 242 007 100,411 242 007 10,715 1130,8811 Not movement In fsJnd8 1141,5961 10,715 1130,8811 Reconclllatlon of funds Total lunds brought forward Total funds carrled foN8rd 18 202,651 968 964 1263 639 202 651 827 368 102 739 1 132758 Page 12
Three Choirs Festival Limited Stat¢ment of Flnanclal Activitles for the Year Ended 30 September 2023 Ilncluding Ineoma and Expenditure Account and Staternent of Total Recognised Gains and Losses) Unrestricted funds R•5tr1cted funds Endowment Total funds tunds 2023 Note Income from: Donations and legacies Charitsble aclivitles Investment incomè 502.461 439,249 101.300 1.223 603,761 440.472 Tolal Income 951262 136 326 1.091,502 Expendltur8 on: Charllable aclivitias 1041082 1051882 Total Expenditur& Gainsllosses on investment assets 11,041,082) 110,8001 11.OS1,882} 22.782 Nel lexpendilurelllncome Tran$fars between funds 197,1221 113,266 694 16,838 Nel movem&nl In funds 194,7471 110,891 694 16,838 Roconclllatlon of funds Totsl funds brought forward 297,398 202 651 858 073 1246,801 Total funds carrled forward 18 968 964 92,024 1263 639 All of the charSty'$ g¢llv11105 égrlve from conllnuSng operallon8 durlng the above two period8. The lunds brgakdown for 202318 shown In note 18, Page 13
Three Cholrs Festlval Llmlted (Registration number.. 05801761 Balanc& Sheat as at 30 S•ptombor 2024 2024 2023 Not• Fixed assets Intangible assets Tanglble assets Invastmènts 8,620 7,896 930 460 946 976 12 13 3,312 Current assets Stocks Debtor8 Cash al bank and Sn hand 14 15 1.465 147.880 140 195 289.540 1,941 186.651 199 631 388,223 Credltors., Amounts falllng due wlthln one year 16 100 207 Net current assets 189333 316 663 Net assgts 1132 758 1263 639 Funds of th• charlty: Endowment funds 102,739 92,024 Ro8trlcted lund8 827,368 968,964 Total unrestrlcted funds 202,651 202 651 Total lund8 18 1 132758 1 263 639 The fin on .%.% ial ststemen15 on pages 12 to 26 were approved by th9 Iruslees, and aulhori$ed for issug Ity.Zozs. a nd slgned on Ihelr behalf by.. Dr N S Belshaw Chairman Pag8 14
Three Choirs Festival Limited Statement of Cash Flows for the Year Ended 30 September 2024 2024 2023 Not8 Cash flows from oporat5ng actlvltles Nel ¢a8h lexpendilure)lincome Adjustments to cash flows from n¢nash Items DepreGSatlon Amortlsalion Investment income Flnancbal Inslrurnent nel (gains) losses through slalomenl of rinancial activities {130,881} 1e,838 4,584 8,520 {47,8061 4,611 8,620 147,269) 81,531 1247,0141 76,122 58,922 Working capital adjustmonts Decreasel{Increasel in stocks Decreasel{Increasel In debtors Incrèaselldecreasel in creditors 14 15 16 476 38,771 {291) {66.369) Nel cash flows frorn operallng acllvlligs Cash flow8 from Invèstlng actlvltle$ Inlerost r8ceivable and sSmilar Sncome Purchaso of tangibl& flxed assets Purcha89 of investments Sale of investments Incomg from listed Inveslmgnts 179 120 1,588 1,492 (2,7261 1120,0041 149,725 12 13 71.879 Nel cash flows from Inv8sllng acliv11188 Nel Idecreaseyincrease in Gash and cash equlvalenls Cash and cash equivalents al 1 Octobèr 119685 IS9,4351 32,548 199 631 1e7 083 Cash and Gash equivalonls at 30 September 140 196 199,631 All of the cash flt)w$ are derlveé from contlnulng op8rallons durlng th8 abov8 perlods. Page 15
Three Cholrs Festival Limtted Note$ to lh¢ Flnanclal Slatements for the Year Ended 30 September 2024 1 Charity status The charity 18 a charty limited by guarantee and consequéntly doés not have share capital. Ea¢h of the twstees 1$ liabl8 ID contributa an amount not exceeding £NlI tOW8rd8 the assets of the charity In the event of liquidation. 2 Accounting policies Summary of slgnltleant a¢countlng pollcles and key accounting estimates The prlnclpal accounllng policles applied in the preparation of these financial sl818menl8 are sel out below. These policies have been consislenlly applied to 811 the years presented, unless otherwlse stsled. statem•nt of compllance The financial slalemenls have begn pfepared in a¢c(xdanc8 wllh Accounllng and Reporting by Charities.. Slalemonl of Recommended Pracllce applicable lo chariti&s preparing Ihelr accounts in accordance with the Financial Reporting Standard applicable in the UK and R8public of Ireland IFRS 1021 leffecllve 1 January 2019} - Icharllles SORP IFRS 10211, thè Financial Reporting Standard appllcable In the UK and Republlc of Iieland IFRS 1021 and the Compan188 Act 2006. Ba$Ss of prgparatlon Three Cholrs Festival Llmlled me&ls the deflnlllon of a publlc ben8fl18nllty under FRS 102. As8818 and liabilities ar& initially recognised al hislorl¢al cost or transaction value unl888 otherwise slated in the rglgvanl o¢Gounling policy notes. Golng concern The Iruslees consider that there are no mal8rlg1 uncertainlies about tho charity's abillty lo conllnue as a going concern nor any signifl¢anl areas of uncerlalnly that affect the carrylng value of assets held by the charity. Income Al income is recogriised once the Gharity has entitlement lo the Income,11 Is probable that th& income wlll be rec8lvod and thB amount of the Income receivable call be measured reliably. Donotlons and19ga¢ig$ Donations are recognised when the ch8rily has been nolified in wrlllng of both the amount and selllemenl dale. In the event that a donation is subject to condillons thal require a level of performance by the charity before the charity is enlilled to the funds, the income is deferred and nol recognised until either those condlllons are fully mel, or the ftjifilment of those conditions is wholly within the control of th& charity and il is probable that those condillons wlll be fulfilled In the reporting period. Glft ald Incoming resources from tsx reclalms are included in the Statement ol Financigl Activities at the same limg as the gift to which they relate. Page 16
Three Choirs Festlval Llmlted Notes to the Financial Statements for the Year Ended 30 Septèmber 2024 Expendlture All expendllure Ss recognlsed once there is s lègal or constructive obligallon lo that expendllure, It Is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the spplicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed tri particuler headings they have baen allocated on a basis consistent with the use of resources, with c8nlral staff costs allocated on the basis of Ilm8 spant, and depreciation charges allocated on the portion of the asset's usa. Other Support costs ara sllocaled based on thè spread ol staff costs. Charltabl• a¢tlvlti•s Ch8ril8ble expenditure comprlses those eosls Incurred by the charlty in thè dellvery ol Ils advltl8S and Services for ils beneficiaries. 11 Includes both Gosts that can be 811oGaled directly to such aclivitles and those costs of an indirect nature ngcass8ry lo support them. Support costs Support costs Include central funcllons and have been allocated lo aclivlty cost categories on a basls consistgnt with the use of r8sourceg, for example, allocating property CO8ls by floor areas, or per caplts, staff costs by the tlme Spent and other costs by Ihelr usage. T8xatlon The charlty is consld8red lo pass Ihg tests set out in Paragraph 1 Sch9dulg 6 of tho Flnanco Act 2010 and Iher8fore il rneels tho deflnillon of a charitabl& company for UK corporation lax purposes. Accordlngly, Ihg charSly 18 polenllally exempt from laxalion Sn respect of income or capllal galns received within calegorles Govered by Chapter 3 Part 11 of the Corporallon Tax AGI 2010 or Secllon 256 of th8 Taxation of Chargeable Galns Act 1992, to the 8xlenl Ihal Such Incomg or gains ara applied QXGlusively lo charltsble purposes. Intanglble assets Intangible assets are slal8d In th9 Balanc8 Sheet al cost 19ss accumul8t8d amortisation and impainnent. They are amortlsed on a slraighl line b8sls over Ihelr e8tlmated useful Ilves. Tangible fixgd assets Individual fixed asse18 Costlng £0.00 or more are Initially recorded al c081, 1888 any 8ub8equenl accumulated deprecl81I0rn and subsequent accumulated impalrmenl108SeS. Amortisation Amortisalion is provided on intangible fixed assets so as lo write off the cost, less any estimated rasidual value, over thoir 8xpecl8d useful economic life as follows.. Asset class Wabsita development Amortlsation method and rat& 33.33'ts straight line Page 17
Three Cholrs Festlval Llmlted Not85 to the Financial Statam•nts for tha Y•ar Ended 30 S8ptembèr 2024 DgprgGlatlon Depreciation is provided on tangible fixed assets so as lo write off the cost or valuation. less any estimated residual value, OVBr their expected usefijl economic life as follows: Asset elass Offic8 equipment Office improvements Depreciatlon method and rate 200/0 Slraighl line 20Vo Slralght Ilne Flx&d asset Invo$tmtrnt$ Fixed asset inveslmenls, other than programme related inveslmenls, &re included al market value at the balance sheet dale. Realised gains and losses on Inveslm8nts are calculated as the dlfference beiween sales proceeds and their market valu& 81 the start of th8 year, or their 8ubsequenl cost, and are charg8d or credlled lo the Slalemenl of Financial Aclivili&s in th8 peritsd of disposal. Unrealised gains and losses represent the movement in m8iko1 values durlng the year and are crgdilod or ch8r9ed lo the Slalem8nl of Financial Activitie8 based on the market value al the year end. Stock Stock is valued at the lower of cost and eslimaled sellSng prlcg less costs lo complete and sell, after due rggard for obsolete and slow moving 8tock8. Cost 18 d8lermin&d using the lirst-in, flrsl-oul IFIFOI. Trade debtor8 Trade debtors are amounts due from Customers for mer¢hondl$8 sold or strrvlces perlormed In the ordlnary course of bu$lngSS. Trade debtor8 are recognised initially al the Iransacllon prlce. They are subsequonlly mgasurgd el 8mortised cost using the effeGlive interest method, less provision for impairment. A provision for the impalrmtrnl ol trade debtors is established when there Is objective &vld6nc6 that th9 charlly 1[ not be ble lo colle¢l 811 amounts due according lo the Orinal terms ol the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposlls. and othgr short-18rm hlghly liquid investments that are readily convertible to a known amount of cash and are subject lo an Inslgnificanl rtsk of change In v81ue. Trade credltor8 Trade credllors are obligallons lo pay for goods or setvlces that have been acqulred In the ordlnary eours8 of busin8Ss from suppliers. Accounts payable arg classifled as current liabllilieg If the charlty does not have an uncondlllon81 rlghl, al the end of the reporting periDd, lo defer selllernenl of the creditor for al least twelve months after the reporting dale. If there is an unconditional right lo defer selllemenl lor al least twelve months aller the reports'ng dale, they aro presented as non-currenl Trade credSlors are recognised SnS1ially at the transacllon price and subsequently measured al amortlsed cost using the 8ff8Ctive inlerssl method. Page 18
Three Cholrs Festlval Llmit Notes to the Flnanclal Statements for the Y•ar Endad 30 September 2024 Fund structure Unreslricled incomo funds are general funds that are available for use al th8 Irusteas's discretion in furtherance of the objectives of the charity. Reslricled incorn8 funds are tho88 ¢k)naled for use In a partiGular area or for speGIflG puOses, the use of which Is restrlcled lo that area or purptrse. Endowment funds allow for investment In longer t8rm musical aims and objectives. Pensions and other post retlrement obllgatlons The charity operates a defined contribution pension scheme for 811glble employees under whlch flxad contributions are pald into employ68s pension funds and the charlty h88 no legal or conslrucllve obligation lo pay further ¢onlrlbullon8 in any future period. Conlribullons lo defined contribution plans are recognlsed In the Slalemenl of Flnancial Activities when thèy aré due. 3 In¢omg from donatlons and Iggaclos Unrestrlcted fundB ReBtrIGtgd funds Total 2024 Total 2023 G•neral Donallons and legaci8S', Donallons from individuals Glft ald reGlaimed Orchestral tax reliel 2S5,352 25.184 125,425 405,961 6,600 1,000 261,952 26,184 125425 413561 369,859 27,663 206 239 603.761 7.600 4 Incomè from Charltablg actlvltlgs Unrestrlcted funds Total 2024 Total 2023 Gonoral Ticket sales Retail, services and catering Advertlslng income Creative projects Cmative projects Ireslricl8dl 346,598 29,270 8,2DO 2,122 346,598 29.270 6,200 2,122 384,016 49.196 3,800 2,237 1.223 440,472 384,190 Pa9e 19
Thrge Choirs Festival Limited Notes to the Financlal Statements for the Year Ended 30 Septemb&r 2024 5 Investment Income Endowment funds Unrestricted funds Re5trlcted funds Total 2024 Total 2023 General Expendabl Intere81 recelvable and simila¥ Ir)come', Interest recelvable on bank deposlls Olhor income from fixed asset Investments 1,588 1,588 1,492 46.218 45,777 47,269 1,588 6 Expfjndlture on charltablg actlvltles Unre¥lrlGted funds Endowment funds Restrlcted lunds Total 2024 Total 2023 General Expendablè Muslcal Fees and Exp8nse5 Festlval Sales and Publiclty Alocaled 8UPPOrt costs $86,325 77,425 369,996 1 033 746 17,450 603,775 77,425 378,111 1 059,311 603,087 87,542 361,253 1051 882 692 692 24.873 Page 20
Three Choirs Festival Limited Notes to the Flnancial Statements for the Year Ended 30 September 2024 7 Net incomingloutgoing resources Net {outgolng)lincomlng resources for the year Include.. 2024 2023 Operatlng leases- other assets Audit fèes Depreclalion of fixed assets Amorlsallon of intangible flxed assets {10,3961 19.5001 14,583} 19,9701 17,8001 14.6111 8.620 8 Truytees remuneratlon No Iruslees, nor any persons connected with them, have received any r@mungralion from the charlty durlng the year. No Irusle8 performed as a sell-employed muslclan In the year 12023 one Irustge £1,383>. This paymènt r8celved board approval In accordance with conflScl of Interest guidance. Trustees have been reimbursed £971 of travel expenses during the year12023 - £1,417}. No trustees have received sny other benofits from the charity durlng the year. 9 Staff costs The aggregate payroll costs w8re as follows.. 2024 2023 Staff costs durlng tho year wgre: Wages And salarie5 Social security costs Pension costs 233,051 13.215 232,396 5,488 8,547 246 431 256 266 The monthly avorage number of persons (including senior management le8ml 8mployed by the charity durlng the y88r expressed as full lime equSv81ents was as follows.. 2024 No 2023 No Administration 12 12 No employee received emoluments of more than £60,000 during the year. 10 Taxallon The charity is 8 r8gislarad charity and is therefore exgmpl from tsxation. Page 21
Thrge Cholrs Festlval Llmlted Notes to the Financial Statements for the Year End&d 30 September 2024 11 Intanglble flxed assèts Wab$i1o d8velopmgnt Total Cost Al 1 October 2023 25,860 25.860 At 30 Sgptgmber 2024 Amortlsatlon Al 1 October 2023 Charge for the year 17,240 17,240 AI 30 September 2024 Not book value At 30 Septembgr 2024 AI 30 September 2023 12 Tanglbl• flx•d a$B•ts Land and bulldlngs Offlc8 equlpment Total Cost Al 1 October 2023 Dl8po8al8 7,754 32,058 39,812 .(1,5211 Al 30 September 2024 Doprgclatlon Al 1 October 2023 Charge for the year Eliminatèd on disposals 6.203 1,551 25,713 3,033 31,916 4,584 1.521 At 30 Septembèr 2024 34,979 Net book valu• At 30 September 2024 At 30 S8pl8mber 2023 6,345 7,8S6 13 Flxed asset Investments 2024 2023 Other investments 940,113 930,460 Page 22
Three Choirs Fe$tlval Limlted Notes to the Financial Stataments for the Year Ended 30 Séptember 2024 Other investments Llsted investmènts Total Cost or Valuatlon At 1 October 2023 RevalualSon Dlsposals 930,460 81,532 930,460 81,532 AI 30 S8plombgr 2024 940,113 940,113 Net book value AI 30 September 2Q24 940 113 At 30 September 2023 930,480 930 460 There were no Invèslmanl a5sgls outsldg Ihg UK. 14 Stock 2024 2023 Stock8 15 Dobtors 2024 2023 Trade debtors Prepayments Other debtors 5,826 140,897 8,189 178,462 147 880 186,651 16 Credltors: amounts falllng duo wlthln on• yèar 2024 2023 Trade credllors Other tgxation and sooiaS socurity Accruals Other creditors Pension wnlribulions due 37,614 2,587 57.018 2,496 491 100,20e 18.070 4.699 48,791 71,560 Page 23
Thr8& Choirs Festival Limlled Notes to the Flnanclal Slatements for the Year Ended 30 September 2024 17 Contingent liabilities Durlng the yeai encled 30 September 2017, Ihe charlty recelved £21,122 from Gabbs sollcilors which related lo unclalrned funds from their cliènt account and, with perrnission of the Solicitors Regulation Aulhorily. was donated lo the charlly. Previously this has been shown as a long term creditor in th8 accounts. as there was a risk that the funds would have lo be returned if the legal owner was traced. However. due lo the length of lime passed since th8 donation was mad8, the Iruslees now consider that the risk of this needing lo be repaid is now very much reduced and the stllount was released into donations recelv8d In the prlor year. 18 Funds Olh•r Balance at Balanco at recDgnlsed 30 1 October Incomlng Resources gainsl Soptember 2023 resources expended Transfers Ilossesl 2024 Unrastrlctad funds Ggngral Unreslrlcled General Fund 202,651 791,74011,033.7461 242,006 202,651 Restrlcted funds Reslrlcl&d Fund 968,964 49,883 124,8731 1242,0061 75,400 827,368 Endowm•nt funds Expgndablg Expendable Endowmgnl Fund 692 692 102 739 7,473 102,739 Total funds Restrlcted funds 1263 639 845.557 1059311 82 873 1 132 758 The Reslricled funds carrled lornvard at 30 Septembèr 2024 Inttlude the Grlffln fund (£122,430), whlch relate solely lo the Worcgster Festival, thg Rowlands Messenger fund1£620,2601 which relates lo the three festival cities in equal share and the Commlsslonlng lund 1£84,6791 whlch Is non cily specific and r81at8s solely lo commissioning, performing and associated costs for new works over a 10 year perlod. Endowment funds The Endowment funds originate from a singlg gift to Three Choirs Endowtnent Fund during 1996 from the eslal8 ol J F Evans. Thls lund allows for Inv8slmenl In longer term aims and objectives. Page 24
Threa Cholrs Fgstlval Llmlted Notes to Iho FIDancial Statements for the Year Ended 30 September 2024 Other Balance at Balance at recognlsed 30 1 Octobor In¢oming Rèsourcos galnsl September 2022 resources expended Transfers Ilosses) 2023 Unrestrlcted funds Gen8ral Unre51ricled Gangral Fund 297,398 951,26211,041,0821 2,375 17,3021 202,651 Restrl¢t&d funds Reslrlcled Fund 858,073 138,326 {10,8001 12,375} 112,2601 968,964 Endowm&nt funds Expondable Expendable Endowment Fund 91,330 3.914 3,914 Total funds 124e 801 1091502 1051882 1263 639 Restrlctsd funds The R&slrlcl8d funds carrled fofward al 30 September 2023 Includ8 the Grlffin fund1£330,9031, whlch relate $0181y to the Worcester Fesuval, the Rowlands Messenger fund1£545,543I which relalos 19 the three fesllval cltles in equal share and the Conmissloning fund1£92,5181 which is non city specllSc and relates solely lo commlsslonlng, performing and associated costs for new work8 over a 10 year period. Endowment fund8 The Endowment fund6 originatè from a single gEft lo Three Choirs Endowment Fund durlng 1996 from the estate of J F Evans. Thi5 fund allows for investment in longer term alms and oblective8. 19 Analy818 of net assets botwoen funds Unr•strlct$d funds Endowment funds Restrl¢ted funds General Expendablg Total funds Tangibl8 fixed assets Fixèd asset investments Current assets Current Ilabllilies 3.312 3,312 940,113 289,540 100,207 853.908 86,205 16,534 273.006 73.667 26,540 Total n81 assets 202,651 827,368 102 739 1 132758 Page 25
Three Cholrs Festlval Llmlted Notes to thè Flnancial Stat•m8nts for the Year Ended 30 September 2024 20 Analy$i¥ of net fund8 At30 September 2024 At 1 Octobor 2023 Cash flow Cash at bank and in hand 199,631 159.4361 140.195 Nel funds 199,631 159,4361 140,195 21 Rolat•d party transactlons There were no related party Iransactlons in the year. 22 Off.bal8nc8 8hBet arrangements The lolal of future lease payments under non-canc911oblg operating leases as at 30 September 2024 is £78,533 {2023 - £86,133). Page 26