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
Dro1￿ICh
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 0￿heStra - 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 He￿f0rd 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 d7￿ClIY 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$ibllltl8s
The Iruslees (who 8re also the directors of Three Choirs Festival Limited for the purposes of company
lawl are responsible for preparing the trustees, report and thè linancial slalemenls in accordance with
the United Kingdom Accounting Standards (United Kingdom G8nerally Accepted Accountln9 Practice)
and applicable law and r￿ulations.
Company law requires the Irus18es lo prepare financial stal?menls for each financial year. Under
cornpany law the Iruslees musl not approve the financial slalem@nls unless they ar& satisfied that
they give a true and fair view of the slate of affairs of the charitsble company and of Its incomlng
resources and appllcallon of resources, includlng ils incomè and expenditure, for that period. In
preparing Ihase financial slalements, the trustges are required lo..
seleot suitable aGcountlng polScies and apply Ih8m consistently.,
observe the methods and princlples In the Charities SORP..
make judgements and eslimales Ihal are reasonable 8nd prudent.,
stsle whèther applicable UK A￿OUntIng Standards have been followed, sublecl lo any mat8rlal
departures disclosed and explained in the financial slalemenls., and
prepare the financial slalemenis on the going concern basis unle3$ 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&paralion 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 Eth￿81 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 othe￿Is￿ 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¢n￿ash 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 Or￿inal 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 pu￿Oses, 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