Company reglstmllon number.. 0580176 Charity registration number= 204609 Three Choirs Festival Limited IA company Ilmllgd by guarantee) Annual Report and Financial Ststemen15 for the Year Ended 30 Saptornber 2025
Thrne Cholrs Festlval Llmlted Contgnls Reference and Adminlstrafjve Delalls Welcome from th8 Chalr 2to4 Trustees. Fieport 5t07 Statement of Tru$tees' Responsibilities Independent Audltors, Report gto11 Stslem8nl of Flnanclal Actlvllle$ 12to13 Balance Sheet 14 Slalement of Cash Flows 15 Notes lo the Flnanclal Sl&lem8nts 16to26
Throe Cholrs Festlval Llmltgd Reference and Admlnlstratlvg Dotalls Chalrnian Dr N S Balshaw Trustees Mr B C J Gooper Dr B W AH8rrfot Mrs A V Marlow Mr A E Prior Ms K O'carroll Mr C F B Worjdd Ms A C Davies MrMPBLam Socretary Mr D E Francls Prin¢lpal Offic6 7C Coll8ge Green Gloucester GL1 2LX Company Reglstratlon Number 0580176 Charlty R&glstratlon Numbor 204609 Auditor Ballards LLP Oakmoore Court 11C Kingswood Road Hampton Lovell Droitwlch Worcestershiro WR9 OQH Page 1
Three Cholrs Festlval Umlted Wèlcome from the Chalr 2025 saw the Three Choirs Festival return to Hereford. Tho Festlval programme. expertly craft8d by Hereford's Artistic Dlrector, Garaint Bowen was excepllonal and truly captured the Three Choirs Festival's vision of using the power of choral music lo enrith lives through shared, Inspirallonal experiences. The key things the Festival is renowned for were cg18brat6d in Hereford 2025.. the revisrbng of neglècted works such as Col8ridg@ T8ylor's Tha Alonem8nt,' Wor-premIeres of malor new works, Including Richard Blackford's The Black L&ke,' the hlghllghling of gf8at Ghoral masl8rpiecos such as Howoll's deeply moving Hymus Paradlsl. We welcomed an enviable roster of artists In 2025, at the heart of which is our resid8nl orchestr8, the Philharmonia. We were d81ight8d lo welcome once again the BBC National Orchestra of Wales and the Musical and Amicable Socltsty. Vocal ensembles frorn the King Singers to the National Youth Choir presented r5ch and diverse programmes to capacty audiences. A slandoul moment was the super-human playing of organist Olivier Latry., slmply awe Insplrlng and shone the spotlight on Hereford Cathedral's MagnifinI organ. However, it Is our own choirs,. The Cathedral Cholrs, F&stival Chows and Youth Chorus who continue to be the cornerslon8 of Ihls Festlval. Thg commllmenl of r)ur communlty of singers is exceptional, os is the 81andard of their perforrnance. A highlight of 2025 has to be the Youth Chorus, world premierg of Chilcott's Mass for Peace and R8concili8tion. We are Immensely proud that the Festival continuas to provide oppgrtunilies for young singers to work 1th comp058rs and give Wor premiere P8rformanc8S at thg Festival. The Fesfjval 8xc88ded expe¢latlon5 wlth over 16,500 tlckats sold across 73 events over 8 days. To add to that were th8 many thousands of people who attended free acllvilies in our Fesdval Vlllage, open rehearsals or Fostlval walks and those who enjoyed broadcasts from the festival. Our reach Is far and wldg, and it is aayS a loy to wolcome our Ameri¢an Friends to the Fesllval. Another highllght of 2025 was the launch of our current cycle of Fest81$ at a special event in the Speaker's Rooms at the House of Commons. Al the launch our CEO David Francis oulllned two new initiatives for the wmlng years, our Associate Comp¢xger programme and Stfjwardship Scheme. Thanks lo an enlightened donor who attended the event In th8 Speaker's Rooms we were abl8 to launch th8 Associate Composer programme, annourbclng Gavin Higgln8 as our first incumbent. The programm8 aims tr> build a cohort of composers who become part of the FesUval community over tha three years of thoir association. Each year, for at least three years, we int$nd lo add a new Associate Composer who wlll benefit from having some of their existing works programmed at the Festival as well as Ihr8e commissions from us during their association. Our Stewardship Scheme is an essential new part of ensuring th& Festival has a sustalnablè future. In the absence of slalulory funding, and a challenging funding climatè our Stewards will collectivèty provide much needed thre$-ygar funding lo enable us to develop the F8slival on longer plannlnu horizons. Our Slawards are people who 8r8 committed lo thg future of Britlsh choral music and the role the Three Choirs Festival has in sustaining and d8V81oping th8 arl-form. Wo are hug61y grateful lo all thosg Stewards who have already lolned the programme...it's worxlerful lo know we hav8 tha support of a visionary community. Pag& 2
Three Cholrs Festlval Llmltod Wèlcomè from the Chalr Beyond the Festival itself l am dèlighted that th? organisalion is increasing yèar-round programme, partlculady by delivering music adlvllles In schools and in thg community. In Spring 2025, 150 school children look part in a creative music project durlng whlch the participants wrote songs inspired by the theme of 'Thls Is Us,. All Df the songs wère premler&d by a massed partlcipant cholr. Bl a sold-out showcase in H8r&ford Cath8dral. It was a joyful celebration of our young peoplg's ¢realivity, voices and the power of comlng tog8th8r through song. We also worked with our local communltles partnerlng with StreslSe Op8ra and the Hereford Veteran s cholr lo explore singing and song.writing as a v8hicle lor reflectlon and collective wellbelng. Tha results were p8rformed al th8 2D25 Festival's Bandstand and l am excited tho1 th8 projéct is contlnuing well Into 2026 wth Hereford based veterans. The financlal sUlts shown show a posillve trajectory, partly drnien by the 2025 Festival exceeding our budget8ry expectations, thanks in particular 10 8trong box-offlce and fundraising. The agreed nancial strategy for 2025 was for us lo invest in order to delNer a Festlval of artistic quality and 8cal@, anticipating that audlences would respond. Th8 Board are satisfied that tha strategy pald off and It Is positive that the financial investmgnt from th& organisalion's reserves was less than had been antlclpated. Howevèr, the organlsatlon dld Incur an opargting loss In this financial year. Whilst less than anticipalfyd the scal& of the op8rational 108s is not sustslnable In the long-18rn1, whieh is why the Board and CEO are puttlng slratggies in place to ensurè a r88ill8nl and sustainable future for the organisalion. Our Festival Is built on relationships, and l am taklng this opportunity lo acknowledge the essential and hugely valued partnarship we have with our host Cathedra18. parucularly Hereford Cathedral in 2025. The Cathedrals undoubtedly bring an unrivalled dimenslon to the Fesllval, bultt on a oreauy valued history of collaborallon. Wo are grateful to colleagugs al thg Cathèdrals who wk along81de our team io deliver th& F8sllval lo such exceptlonal standards and for th8ir contribution lo welcoming and carlng for the Festival's audl8nces and artists. Canon Andrew Plper, Prentor of Elereford Cathedral retired In the Autumn of 2025. Androw has beon an Important voice in thg Irfg of th8 Hereford Festlval durlng hls 22-y$ar t8nurg. Wa thank hlm for all he has brought lo the Fesllval, particularty during the live BBC broadca818 of evensong In which he played such an important role. We valuè equalty th8 relationship we have wth all our Members and Donors and this is a perfe opportunity for me to thank them for collectively being such a significant part of our supporter base. Our Mernbers and Donors share a passion for choral music and the Three Choirs Festival,. we are hug8ly grat&ful that they choose to 8UPPOrt us. WO also receive much valued support from many Trusts and Foundations who l acknowlèdge and thank, and who are Ilstgd on our websrte and in our prinl6d 1118ralure. 11 tumed out that 2025 was a rnore signlficanl year than any of us war& expecting with our long-time Artistic Director Geraint Bowen announcing his reliremenl. Geraint's contribution to the Festival for over 20 years is notable for expert programming. cornmissioning and truly memorable pèrformancas. We will miss Gerainl hugely bul wish him wèll for his retirement. We are loong forward to worklng wllh Geraint's suGcessor Andrew Reid whose flrst f8stival will be th& 300th edition in Hereford. Adrian Partlngton and Samuol Hudson our Gloucesl&r and Worcester ArtSsllc Directors respe¢lNely also played a huge part in the success of the 2025 Festival, as contHbutors to the programmwig, conductots and rehearsal directors. We are fortunate lo have such a skilled 2rbslic leadership team and I'd like to thank them for Ihoir exceptional contribution Eo the Fesllval and organisation. Pag8 3
Thr99 Cholrs Festlval Llmlted Welcome from thè Chalr The Thr6e Choirs Fesllval beneflts from th8 skills and exp8rt188 of a voluntary Board. I would Ilk8 10 thank all my Board colloaguos for the time and wisdom they bring to th& organisation. Bruc8 H8rri01, Chair of the Hereford Three Cholrs Festival deservgs Special mention for his contribution lo the success of the 2025 Festival. Bruce's welcoming and coll8giats sty18, as well as personal fundraising activi118s (supported by his lamity and friends} is greatly appreclated and is an exampl8 of true leadership. Our Executive team, ably led by our CEO Davld Francis ensurgs tho Fgstival and our non-fastSval activitles are delivered to the hlghesl posslble St0ndat s to m&81811 our expectation8. They brfng thelr skllls and energy lo all our activities and ensure our communlty of arusts, muslclans, partlclpanls and audlence members have the best posslb10 experlgnces, I salute their work and their abllity lo overcome cha118nggS to deliver the Festival as well as our year-round activities. Our core team is augmented by much valu8d volunteers and free-lance 8tsff for the Festival itS81f. We are so grat8ful lo all Our volunteers who glve up their time to help us deliver the Festival, and lo our free-lance stsff who brlng thèir expertise lo aspects of our work from production lo front-of-house and box-offlce, To conclud8, 2025 has bfjen a year of artlstic successes. increased impact in our schools and comrllunity, new inillatives and wonderful support from our m8mb8rs, donors, fundars and partners. Our people contlnue lo work tirelessly lo onsure the ongolng success of Thr88 Cholrs Festival Limit8 In an &conomic climate whlch Is not aayS kind. But we ar8 exclted for tha future. We ar6 looklng forward lo our 300th Festival as well as everythlng that comes before and after that important m116slon8. Dr Naomi Belshaw Ch8ir Page 4
Thrge Cholrs Fèstlval Llmitad Trustees, Report The trustees, w) are directors ftir the purposes of company law, present the annual report together with the financial ststsm8nls of the charitable company for the year ended 30 Septernber 2025. The accounts have been prepare(J In accordan wrth the statement of recommended practlc8 applicable to chariti8s preparing their accounts in accordance with the Financial Roporting Standard appllcable in the UK and Republic of Ireland IFRS102 and Update 8u15elln 1.1 Oblectlv•s and actlvltlès Object$ and alms The objedves of the charity are as Set out sn its governing document, narnety lo promote. maintaln, improv& and advanca education by the 8ncourag8menl of the arts, Includlng the arts of singing and music, drama, mime and danco, and to fomiulat8, prepar6 and @stablish schemes therefore providod that all objects of tho charity shall be of charitab18 nature. Tho organlsalion continues to plan an annual fesdval with th8 furtherance of thls object at thé forefront of its ambllion and airri8 to further dev8lop Its particlpauon and ¢ommunity engagement throughout th8 year. Slgnlll¢ant actlvltles Thg ordlnary principal activity of the organisation is an eighl-day fastlval, including, in th8 months prior, the tuition and coaching of local amataur perft)rmers who ptsrform alongside professional musl¢lgns to the hlgh8St standards. The organlsalion also dellvers partScSpalory workshops and actlvilias to Iral schools and community group8 throughoul the year. Publ1¢ benofit The pubbc benefits provided by the chartty are many= they include subsldlsgd or cosl-free Iralnlng of singers and instrumenlalisls at all levels, and offers employment for performers at varying 18vels of development. The gerkeral publlc are able to enjoy ¢oncerts al prices which are subslanlialty subsidi88d by bgnefaclors and a number of performanc8s at gach festival are offered wilhoul charga, with a particular focus on fre8 tickets for those new lo the fe$liv81. B8yond this, the trustees continu 10 8ncourage the promouon of oulrea¢h projects lo make the festival more In¢lusive and accesslble to people who are unfamiliar with the rfch classical choral tradltion and those who may faeK barrfer¥ to attendance and p8cipation. The Iruslees confimi that they have complied wlth the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefft guidance published by the Charity Commission for England and Wales. Financial revlew Pollcy on reseryes The Three Choirs Festlval Ltd op8rates a risk-based reservès policy, wllh particular focus on the Possibility ol cancellation of the festival, which is the key Income generating aclvty during the year. The board regard a prudent strategy is to hold a minimum of Ihr&e months operating costs as reserves, which currently equates lo apF*oximatsly £100k. As at 30 September 2025, total funds were £1.11 m. Excluding restricted and endowment funds, the unrestricted funds were £204k. of which £4.5k was tied up in fixed assets and LX)uld not be easl spent. In addition to the £204k of fr9& reservès, some of the r8slrl¢ted funds would be available should the need arise. Page 5
Three Cholr¥ Festtval Llmltsd Trustees, Report Investmentpoll¢y and obJedlv68 Funds which are either endowed or oxpeclgd lo be raquirgd only In the longer are invested In th8 stock mark6L wlth Ihg aim of gen8ratlng a balanced return over 8 10 year limè frame. The invesknonl commiltfje meet with the brokers at regular intervals to review the performance. Golng ¢onc8rn The trusle&s consider that il is appropriate lo prepare the accounts on a going conrn basis. The available reserves aro al the level required by the reserves pollcy. and the last three year8, parb'cularly Hereford 2025, have shown that thero is still an gppelile for our offering. stru¢tur•, gov•manc• and management Nature of gOrning document Three Choirs Feskn'val Limited is a charlty govomed by Articles of Asswialion most recently [t@d 4 March 2022. It is r8gisteréd as a Charity wlth th8 Charlty Cr)mmission. and also as a cornpany Ilmtted by guarantee. Our key charilabla purpose is to promote, maintain, Improve and advancè aducalion by the encouragement of the arts. most particularly the arts of singing and music. The chlof method by which.this is Garried out is In producing an annual 6lgh14ay music f8slival whlch gives local musicians of all aggs an opportunity lo develop thelr skllls, particularty chorgl. alongside world-class professionals, and through a growing programme of community engagement beyond the festival ilsfjff. Govornan¢e of the charity is undertaken through a Board of Trustees whos8 responslbllity is to provide slrategle direction and policy-sgtling, as well as ensuring that all activity undtsrtaken falls within the charitable objectives oulllnad wlthin the Memorandum and Artlcles of Associallon. The chadty truste6s are also dirèctors of the company and are elected lo serye for a period of three years, after which they musl be re-elecl8d at the next Annual Gener41 Meeting. One third of the dir8¢lors musl rgtire o18a¢h Annual General Meeting, and may stand for re-election, up lo a maximum of three conts8CUtive tem819 years). I trustees give their Ilme voluntarfly and receive no remunerallon. Now trustees are recruited through a process ol open advertssement outlining the role's purwse, tlme commitment, and the ski115 and qualities of the ideal ¢8ndidate. All advertis¥m¢nls promote diverse recruilmenl and equality of access, and th8 Board is Committèd lo developing a Iruslee body which better reflects the demographics in our area of operallon. Appllcalions are reviewed by the Board and a Nominations Committ&e undertakes interviews with shortlisted candidates before making re¢ommendalion8 to the board regarding appointments. New appointed Iruslees are askgd lo undorgo a DBS check In line wlth our safeguarding policy and ar8 provided with an induction from our Chief Execullve whlch covers the statutory obligations of a trustee and director, and key organlsalional policies, overvlew of structure. budget outllnes and future aruslic plans. Page 6
Three Choirs F¢$llval Limited Trustee$, Report Fundraising arrangements The Charity employs staff to diredly manage grant applications and donor engagement. Each city also has a local committee. who donate their lime and expertise lo organising fundraising events in advance ol their city's festival, and during the festival itself. FLJndraising such as this carried out on behalf of the Charity 15 monitored in respe¢t of financial and public liabilitylHealth and Safely best practice through liaison with the relevant members of the staff team. Some board and committee members also make active contributions lo se¢uring new donors and maintaining existing connections. No external professional services or COTnmer¢ial participators are conlracted lo lundraise on our behalf. No compl8ints have been received by the charity abc)ut fundraising activity. Invitations to donate lo the fèstival are made in accordance with our Data Protection Poli¢y, which takes full account ol PECR and GDPR guidan¢g. Major rlsks and manJg8ment of thosg risks It is well documented that the &¢onomic climate is challenging which impacts the organisalion through lack of acce5S to statutory funding (government both local and nationall and the pressures on individual's discrets"onary incorne because of an extended cosl-of-living ¢risis limpacling box office). The finanGial pressures on partner organisations, and in the sector more generally regularly result in higher fees lor Ihe organisation, so challenges relating lo income and expenditure remain high on the organisation's risk regisler. The organisation has taken steps lo Consider the risk factors associated with Climate change, and as part of their work in pledging to be¢tsmé a net-zero organisation by 2050, havè incorporated this category into Ihe risk register. Control measures and threat levèls are monitored on an ongoing basis by the Finance Committee and Chief Executive. who alert the Board lo any factor which may aller the risk rating prescribed to a category. Adoption Of appropriate systems and procedures in response lo any changes of circumstance remain the responsibility of the directors and updates lo the risk register are a standing item on the Finance Committee agenda, whose activities are reported ba¢k to the board on a quarterly basis. Disclosure of Information to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit inforrn8lion and lo establish that the charity's auditor is aware ol that information. The Irustees ¢onf1rm that there is no relev8nt information that they know of and of which they know the auditor is unawarè. The annual report was approved by the trustees of the charity on behalf by.. signed on its Dr N S Belshaw Chairman Page 7
Thrge Choirs Fostlval Llmlted Statement of Trustees. Re¥ponslbllltlas The Iruslees (who ar8 also the directors of Three Choirs Fesdval Llmited for the purposes of company lawl are responslblts for preparing the trustees, report and the financial slat8m8nl$ in accordance with th8 Unit8d Kingdom Accounllng Standards (United Kingdom Generally Accepted Accounting Practice) ancs appllcablo law ar)d regulations. Company law requirgs th8 trustees to prepare flnancial statements for each financlal y8ar. Und8r cornpany law the Irust86s must not approve the tinancial statem8nts unl8s5 they are sa118fled that they give a true and falr view of the state of affairs of the charitable company and of 115 incoming rgsources and application of resoijrces, Inoluding Its Income and expenditure. for that period. In preparlng these financial stalemenls, the Iru8tees ar6 roquired to.. select sultable accounting policies and apply them conslst8ntly' observe the methods and principles in the CharlOS SORP., mak6 judgemgnts and estimates that are reasonable and prud&nl', statg whether applicable UK Accounllng Standard8 have been lollowed, sub90t to any malerlal clopartur8s dlsclosed and èxplalned In the Inanclal statements- and prepare the financial slalemenl$ on the going concern basis unless It is inappropriate to presume that the charitable company will continua in business. The trustees are re8ponslbl8 for keeping adequate acGounting records that are sufficlent to show and explain the charitable company's transactions and dis¢losg with reasonabl& accuracy at ?ny lime the financial posilivn of the charitable company and ¢nable them to ensure that the financial slatgrngnls comply with the Charfties Act 2011. They are also responsible for safeguarding Ihe assols of th& charitable company and hence fLir taking reasonable steps for the preventlon and del8cb.on of fraud and other irregularilles. 09 Apr 2026 and slgngd on its b8hatf by.. Approved by the Iruslees of the charlty on J/Y-g- Dr N S Belshaw Chairman Page 8
Thre¢ Cholrs Festlval Llmlted Indèp&nd¢nt Audltorfs Report to the Members of Threa CholrB Festlval Llm5ted Oplnlon W8 have audlted the financial 8talomenls of Thr8e Cholr8 Festival Limlted Ilhg 'charity'l for the year ended 30 September 2025. which compris6 the Statement of FinanGial Activitles, Balance Shget, Stslement of Cash Flows, and Notes to the Financial Statements, Including a summary of signlficant accounting policies. The flnancial reporting framework that has been applied in their preparation is Uni18d Klngdom Accounting Standards, comprising Charities SORP FRS 102 'The Financial R8POrting Standard appllcable In the UK and R8public of Ir8land' and appllcable law IUnlt8d bfjngdom Gen&rally Accepted A¢¢ounting PractiC8}. This report is made solely to the charitable company's trustees, as a body, in acLx)rd8nce with Chapter 3 of Part 8 of the Chariligs Act 2011. Our audlt work has been undertaken so fhat we might stal¢ lo the charivs trustees th08& matters we are required to slate lo them in an auditor's report and for no other purposa. To the fullest extent permittod by law, we do not aco8pt or assurn6 responsibility lo anyone other than th& charllable company and its Iruslees as a body, for our audit work, for Ihls report. or for the opinions w8 hav& formed. In our oplnlon the flnanclal statements: give a true and fair vi8w of th8 Stale of the charity's affairs as al 30 S8pt8mber 2025 and of its results for the ygar then ended- have be6n prDperly prepared in accordance wth Unitsd Kingdom G6n8ralty Acc8Pted Accounllng Practice,. and have been prepared in accordance wllh th8 requirements of the Charities Act 2011. Basls for oplnlon We conduttted our audlt in accordance with International Standards on Audlling {UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in th8 Auditor's responsibiSilles for Ihtr audit of the financial 8talemenls section of our r8port. We are Independent of tho charity In accordance wlh the ethical requirements that are relevant lo our audit of th8 flnancial statements in Ihg UK, includlng the FRC'S Ethical Standard, and we have luKilled our other elhlcal r88ponsibilities In accordance with thèse requirernents. Wa b8lleve that the audll evidence we have obtainad Is sufficlent and appropriate to provide a basss for our opinlon. Conclu51on$ relating to golng conE8rn We have nothing to report in respect of tho following matters in relation to which the ISAS IUKI requlre us to report lo you where.. the tnistees use of the golng ¢oncem basis of accL)unting in the preparation of the finan¢lal 8tat¥menls is not appropriate,. or tho trustees have not dlsclosed in the flnancial slalements any idenltned m8terlal uncertalndes that may cast significant doubl a)ut the charity's ability to continue to adopt the ooing concern basis of accounting for a period of at18ast twelve months from th8 dale whgn the financial statements are authorised for issuè. Oth&r Informatlon The trustees are responslble for the other information. The other information comprises the information included in the annual report, other than th? finan¢i818latemenls 2nd our auditor's report Ihereon. Our opinion on the financ¢al statements do8s not cover the othtsr information and, except lo the extent otherwise explic1Y stated in our report, we do not express ally form of asguranc8 conclusion thereon. Page 9
Three Cholrs Festlval Llmltèd Indepondent Auditorfs Report to the Members of Three Cholrs Fe8tlval Llmltèd In conn8clion with our audit of the financial slalemenls, our responsibility is lo read the other informatlon and, In doing so, consider whether the other infom8b.on is matsrially Inconslstenl wllh the financial 81atements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such mat8rfal Inconsist8nci&s or apparent material misstatèments. we are r6quir8d to detgrmino whothor there Is a Mateal misstalemenl in the financlal ststamgnts or a material misstatement of the olhgr Infomiallon. If, based on the work we have pgrfomied, we conclude that thore is a rnatorial misstatgment of thls other Information, wg are roqulr6d lo rgport that fact. We have nothing to report in this rggard. Opinlon on other mattors prgscrlbed by tho Charitles Act 2011 In our oplnlon, based on the work Lrndertaken in the wurse of th& audit.. th8 Information giv8n in th8 Trustees, Report for the flnanclal year for which the financlal statemonts are prepared Is consSslenl with the financial statem6nls; and the Trustees, Report has b86n pr$p8rod in accordance wlth applicab legal requirements. Matters on whlch we ara requlred to roport by exceptlon In the light of our knowledge and understanding of the company and Its environment obtained in the course of the audlt, we hav8 not idBnlified material misslatemenls In the Trustees, Report. W¢ havo nolhlng lo report in respect of the following matters wh8r8 th& Charities Act 2011 requires us to report to you if, in our opinlon.. adequate accounting re¢ords have not been kgpt, or relums adequatè for our audit have not been received from branches not visilÉd by us,. or tha financlal slataments are not in agreement th8 occounling racords and relums,. or certain disclosures of trustees ramuneralion specifled by law are not made.. or w8 have [ received all the information and explanations wa require for our audit. Responslbllltle$ of tru$tfje$ A8 explained more fulty in the Statement of Trustees, R8sponsibililies Isel out on pagè I, the trustees are responsible for the preparation of the financial statements and for being sallsfied that they give a true and fair view, and for such inlornal control as the trustees dètermine is necessary to enable the preparation of financial statements that are freè from material misslalomenl, whglher due to fraud or error. In preparing the financial stalemenls, the trustees ar¥ roswn8ible or assessing the charity's ability to conlinLJe as a going concern, discloslng, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either inlond to liquidate the charity tsr to cease operations, or have no realistic allernalive but lo do so. Auditor's responslbllltles for the audlt of tho flnanelal $tatements Our objectives are to obtain wasonable assurance about whether the financial statements as a whole are free from material misstatément, whether due ID fraud or error, and to issue auditor's report that includes our opinion. Reasonable assurance Is a high l&vel of a8surancè, but is not a guarantee that an audit conducted in a¢cordanc8 wlth ISAS IUKI will always detect a matertAI rnlsstatament when It exists. Mlsstalements can arise from fraud or error and arg Considered material , indivldually or in the aggregate, they could reasonably èxpgcted to Influence the economic dgcisions of user8 taken on the basis of these financlal 8tstements. As part ol an audit In accordance with ISAS IUKI. we exercise professional judgèmènt and maintain prof&ssional scepticism throughout the audit. We also.. Page 10
Three Choirs Festival Limited Independent Auditorfs Report to the Membéys of Three Choirs Festival Limited Identfy and assess the risks of matenal misstatement of the financial staterngnls. whethgr due lo fraud or error. design and perform audit procedures responsive lo those risks. and obtain audrt evidence thai is suffiaenl and appropnate to provide a ba51s for our opinion. The risk of not detecting a material m1s51alement resutting fr¢Jn fraud Is higher than for one resutting from error, as fraud may Involve collusion. lorgery. Intentional omissions. misrepfesentstions. Of the overnde of intemal control. Obtain an understanding of inleinal control Televant to the audrt In order to design audit procedures that are appropriate in the circumstances. bLrt not for the purpose of expressing an opinion on the effectivenes$ of the Charity's internal control. Evaluate the approproteness of accounting poIleS used and the reasonableness of accounting eslirnales and related disclosures made by the trustees. Conclude on the appropriateness of the trustees use of the going concem basis of aCunting and, based on the audit evidence obtained, whèther a matenal uncertainty exists related to events or conditions that may cast signfficant doubt on the charity's ability to Continue as a going concern. If we conclude that a material uncertainty ex15ts. we are required to draw attention in our audrtor's report to the related disclosures in the financial statements or. rf such disclosures are Inadequate, lo modify our opinion. Our conclusions are based on the audrt evidence obtainea up to the dale of our auditors report. However. future events or condition5 may cause the ¢harity lo cease lo continue as a going concern. Evaluate the overall presentation. structure and conlenl of the financial slalemenls. including the disclosures. and whether the financial statements represent the undedying transactions and events In a manner th* achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activrties within the charty to express an opinion on the financial statements. We are responsible for the direction. supefvtsion and performance of the charity audrt. We remain solely responsible for our audrt opinion. We communicate with those charged w((h governance regarding. among other matters. the planned swpe and liming of the audit an¢J signrficant audrt findings. including any significant deficiencies in internal control that we Identify during our audrt. M A Skellum jsenior Statutory Audrtorl For and on of BalL8ids LLP, Ststutory Audrtor Oakmoore Court 11 C Kingswood Road Hampton Lovett DroiN¥ich Worcestershire 90QH Dale.. Page11
Threo Cholrs Festlval Llmltsd Statement of FSnanclal A¢tlvlllo$ for tho Year Ended 30 September 2025 {InGludlng Income and Exponditurn Account and Statem•nt of Total Re¢ognl8gd Galns and L08888) Unrastrlctod funds Re8trlctsd fund$ Endowment funds Total tunds 2025 Not• Income and Endowmonts from: Donations and legacies Charitable aclEviti&s Investment incoma 515,600 536,947 2.057 33,240 548.840 536,947 4,274 Total Income 1054,604 68,603 4.274 1 127,4B1 Expendlturo on: Charitab18 activities 1158 182 23.524 783 1.182489 Total Exp6ndltu Galnsllosses on Investment assets {1,158,1821 {23,5241 1783} 11,182,489) 28,289 1,698 Nel lexpendltureylncome Transf8rs betwo6n funds 1100,2161 100.216 73,368 100,216 5,189 121,8591 Not mov8m8nt In funds (26,8481 5,189 121.8591 Roconclllatlon of funds Total funds brought fonard 202,651 827.388 102,739 1 132 758 Total funds carried forward 17 202,651 800.520 107,928 1 111,099 Page12
Threè Cholrs FBstlval Llmlted Statement of Flnanclal Actlvltles for the Year Ended 30 Sapt8mber 2024 {Includlng Income and Expenditure AeGount and Statement of Total Reeognlsed Galn8 and Los$g$1 Unrostrlctod funds R&$trlcted funds Endowment funds Total funds 2024 Noto Income and Endowments from., Donations and legacies Charitable activi1188 Investment Incoma 405,961 384,190 7,600 413,561 384,190 47,806 42,284 3.934 Total Incomg 791,739 49,884 3,934 845,557 Expendlture on: Charitable aclivitles 1033,746 24,873 692 1.059 311 Total Expenditure Gainsllosses on Investment assets 11,033,746) 124,873) 16921 11.059,3111 75,400 7,473 82,873 Nel lexpendilureyincome Transfers between fvnds 1242,007) 242 007 100,411 242 007 1D,715 1130,8811 Net movoment In fund8 1141,5981 10,715 1130,8811 Re¢on¢lllatlon of funds Total funds brought forward Total funds carrfed forward 17 202,651 968,964 92,024 1263,639 202.651 827,368 102739 1,132,758 l of the charity's activities derlv8 from contlnulng operations dLJrlng tha abovè two perfods. The fvnds breakdown for 20241s shown in note 17. Page 13
Three Choirs Festival Limited IRegi5tration number- 05801761 Balance Sheet as at 30 September 2025 2025 2024 Note Fixed assets Tangible assets Investments 12 13 4,591 733,015 737,606 3,312 940,113 943,425 Current assets Stocks Debtors Cash al bank and in hand 14 15 1,489 188,751 334,764 525,004 1,485 147,880 140,195 289,0 Crodltors: Amounts falllng dua wlthln on8 y8ar 151.511 100.207 Net current assets 373,493 189,333 Net assets 1,111,099 1,132,758 Funds of the ¢harity'. Endowment funds 107,928 102,739 Restricted funds 800.520 827.368 Total unrestricted funds 202,851 202,651 Total funds 17 1,111,099 1,132,758 The financial slalemenls on pages 12 10 26 were approved by the trustees, and aulhorised for issue on .V..1.3/A& and signed on their behalf by.. Dr N S Belshaw Chairman Page 14
Thre& Cholr8 Festlval Llmltad Statement of Cash Flows for thè Year Ended 30 8epternber 2025 2025 2024 Not Cash flows Irom operating activitiè8 Nel cash expenditure 121,6591 1130,8811 Adjustments to cash flow8 from non.cash hms Depreciation Amort18allon Inv8Stment Income Financial instrument net {gainsl losses through statement of financlal activities 2,213 4,584 8,62Q 147,8061 141,694) 194,489) 1248,3561 Worklng capltal adJu$tm&nts Ilncr8as8lld8cr88s& in stocks Ilnorèaselldecrease in debtors Increase in Gredilors 14 (24} 140.871 } 51,305 476 38.771 28,648 15 16 Nel cash flows from operating activities 180461 Cash flows from in¥eytlng activities Interest receivabl& and slmilar Income Purchase of langlblè flxod assets Purchase of Investments Sale of investments IncDmo from lisl8d Inv@slments 2,057 13.492) 19,999} 250,44S 39,637 1,588 12 13 71,879 46,218 Net cash flows from Inve8tlng aclivilles 278,648 119685 Net increasg1{decreasg1 in cash and cash equlval8nls Cash and cash equlvalents al 1 October 194,569 160,7761 140,195 199,631 Cash and cash equivalents al 30 September 334,764 138,855 Al of Ihe cash flows are derfved from contlnuing operallons durlng the above two P8ri(xl8. Page 15
Three Cholrn Festlval Llmltgd Notes to the Flnaneial Statèments for the Year Ended 30 September 2025 1 Charlty status The charity is a charity limited by guarantee and consoquenlly dogs not have share capital. Each of the trust88s is liabl& to contribut8 an amount not èxceading £NII towards the assets of the charity in the ovenl of Ilquldallon. 2 Accountlng poll¢le$ Summary of significant accountlng poll¢les and kéy 8¢¢ountln9 èstimates The principal accounting policies applied in the preparation of thes8 financial stat8ments are sel out below. These policies have been nsiStenIty applied to all the years presented, unless otherwise staled. statom8nt of compllance The financial statements have been prepored in accordance with Accountlng and Reporting by Charities.. Slat8m8nt of R8commond8d Practice applicable to ¢harities preparlng their accounts in a¢¢ordancg with th8 Flnancial Reporting Standard applicable in the UK and R8publlc of Ireland IFRS 1021 (aff8ctive 1 January 20191- ICharllie8 SORP IFRS 10211, th& Financial Reporting Standard appllcable In th& UK and Republlc of Ireland IFRS 1021 and the Companies Act 2006. Basls of preparation Threg Choirs Festival Limited meets the definition of a public ben6flt entity undor FRS 102. Assets and liabiliti&s are initially recugnised al historical c05t or transaction value unless olhorwise slated in the relevant accounting policy rtoles. Golng concern The trustees consider that there are no material uncertaintles about the charlty's ability lo continue as a going Concern nor any significant aro88 of uncertainty that affect the carrying value of assets held by tho Charity. Income and endowrnents All income is re¢ognised once th¢ charity has ontillement to the income, il is probable that the Incom8 will be rece¢ved and the amount of the Income recelvable can be mèasured reliably. Donatlons and legacies Donations are recognised when the Charity has been notified in wrTting of both the amount and settlement dale. In the evént that a donation is subject to conditions that require a level of rfomiance by the Charity befor6 the chartty is entitled lo the funds, the income is deferd and not recognised until either those conditions are fully met, or the fuifilmenl of those conditions is wholly within the control of the ¢harily and it is probable that these conditions will be fulfilled in the reporting p6riod. Glftald Incoming resources from tax reclaims are included in the Statement of Financlal Actlvitles at the same tirne as IhB gfft lo which they r8lat8. Page 16
Three Cholrs Festlval Llmlied Nolès to the Financlal Statements for the Year Ended 30 September 2025 Expendlturg All expenditure Is recognised once thero Is a legal or constructlve obllgatlon lo that expenditure, It is probable settlement is required and the arnounl can be measured reliably. All costs are allocated lo the appliGable expenditure headillg that aggregate similar costs to that category. Where costs cannot be directly attributed to partlGular headings they have been allocated on a basis consistent with the Use of r&sourc8s, with central staff costs allocated on the basis of lime sponl, and depreciation harges allocated on the portlon of th8 asset's use. Other support Costs are allocated based on the spread of staff costs. Charitablo actlvhlos Charftsbla expéndStur8 comprisas thos8 costs inourrèd by the charity In the dellvery of ils activitles and services for ils benoflclarles. 11 Inc5udos both costs that can be allocated direcly 10 8uch activities and those Gosls of an indirect nathre necessary lo support them. Support eosts Support costs include central functions and hav8 been allocated to activty cost ¢ategorS8s on a b8sIs conslstenl with tha use of resources, for example. allocating property costs by floor areas. or per C8plla, staff costs by th8 tim8 spent and oth8r costs by thoir tJS8g8. Taxatlon The charity is considered to pass the tests set out in Paragraph 1 Sch&dul6 6 of the Flnance Act 2010 and therefor8 It meets the definition of a charitable company for UK Gorporalion tsx purp08e5. Accordingly, the charity is potentially exempl from taxation in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or S8ction 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incom? or galns ar6 applled exclusively to charitable purposes. Tanglble fixgd assats Individual fixed asse18 costing £0.00 or more are Initially recorded at cost, lèss any SubsU8nI accumulated depreciation and subsequent accumulated impaimienl losses. Amortlsatlon Amortisatlon Is provlded on intanglble fixed assets so as lo write off the cost, less any esJmaled resldual value, over their expected useful economlc Ie a$ follo.. Asset class Webslle developm8nt Amortisation method and rate 33,33 /0 Straight Ilne Pago 17
Three Cholrs F&stlval Ltmltsd Notes to the Flnandal Statements for the Year Ended 30 Septombgr 2025 Deproclation D$prg¢iation is provided on tangible flxed assets so as to write off the cost or valuation. less any 0sllmal&d residual value. over their expected useful economlG life as follows.. Assgt class Office equipment Office improvements Dèpreclation mothod and rats 20Q/o Slraighl line 20Q/o Straight Ilno Fixèd a$$ot investments Fixed ass&t inveslmonls, other than programme relal6d inv6slmBnls. are included at market value at the balance sheet dale. Realls6d gains and losses on investments are calculated as tha diff6renc8 between sales prOedS and their market value at the start of the year, or Iholr subsequent cost, and are charged or credited to the Slalement of Financlal Activities in the period of di8posal. Unrealised gains and losses repsent th8 tnovement in market values during the y&ar and ar8 credited or charged lo the Statement of Financlal Activities based on the marf(el value at the year end. Stock Stock is valued at the lower of cost and e81im8ted 8elllng prlce less costs lo complete and se11, after du8 r8gard for obsolete and slow moving stocks. C08t Is de19rmined using the firsl-in, first-out method IFIFO}. Trade debtors Trade debtors are amounts due from customers for m8rchandi8e sold or services performed In the ordinary course of buslness. Trade debtors are recognised initially al the transaction price. They are subs6quently measured al amortised cost using the effective interest method. less provision for impaimient. A provision for the irnpairm8nt of trade débtors is establish8d when there is objectiv& evidence that the charty wlll not be able to colle¢t all amount8 due accordlng to the original terms of the re1v&bS. Cash and cash oqulvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-18rm highly liquid invostmgnts that are raadily ¢onvortible to a known amount of cash and are sukilect lo an inslgnlflcanl rlsk of chang6 In value. Trade credltors Trade credltors are obligations to pay for goods or setvices that hav8 been acqulred In the ordlnary course of business from suppliers. Accounts payable ar6 classified as current liabilities if the charity does not have an unconditional right, al the end of the reporting period, lo deffji selllement of the creditor for al 194st twelve months after the reporting dalo. If there is an unconditional right lo defer settlement for at least tsv6lve mDnths after the reporting date, they are presentsd as non-CUTrenl Tradts credttors arts r&cognlsod initially at the transaction pricE and subsequently measured al amorlised cost using the effective intere81 method. Page 18
Thr•e Cholrs Fostlval Llmlted Notes to tho Flnanclal Statemgnt¥ for the Yeor Ended 30 Soptember 2025 Fund structure Unrestrictod income are general fvnds that are available for use at the trustees's discretion in furtherance of the objectives of the charty. Restrlct8d Income funds ar9 Ihosg donalod for u88 In a partlcular arga or for sp8ciflc purposés, thè use of whlch is reslriclpd to that arga or purpose. Endowmont funds allow for Investment In longer term musical aims and oblectfves. PonsSons and other post r8tlr•mont obllgatlons The charity operates a defined conlrtbutlon pension scheme for ellgible employees under which fixed contributions are pald into employees pension funds and the charity has no leg81 or construetlve obligation to pay further conlributlons In any future period. Contribullons lo defined contribution plans are recognised in the Statement of Fknancial Actlvlties when they are due. 3 Incornè from donatlons and lega¢le$ Unrgstrleted funds Rostrlcted tund$ Total 2025 Total 2024 General Donations and legacies- Donations from individuals Gift aid reclaimed Orchestral tax relief 354,514 36,086 125 000 515,600 32,240 1,000 386.754 37.086 125 000 261.952 26,184 125.425 33,240 4 In¢om• from ¢harttable activities Unrnslrlctod lunds Total 2025 Total 2024 Gonèral rickel sales Rétail, servic&s and caloring Advertising income Crgative projects 489,185 39,924 5,600 2.238 536,947 489,185 39,924 5.600 2,238 346,598 29,270 8.200 2.122 384,190 Fage 19
Thre& Cholrs F88tlval Llmtted Notes to the Flnanclal Stat8mant$ for the Year Endèd 30 Septembèr 2025 5 Investment income Unrestrlcte d fund$ Endowmont funds Total 2025 Total 2024 General R8strl¢ted fund$ Expandablg Interest rèceivablg And similar Income., Interest recelvable on bank depostts other income from fixed asset Investments 2,057 2,057 1,588 35,363 4,274 4,274 39,637 46,218 47,806 2,057 6 Expondlture on charltabla aetlvltl85 Unrestrlcted fund5 Endowment funds Restrtcted funds Total 2025 Total 2024 General Expandable Musical Fe8s snd Expenses F8stival Sales and Publicity AJlorAled support costs 668,646 102,461 386,875 1.158.182 17,000 685,846 102,461 S03,775 77,425 378,111 1.059,311 6,524 23,524 783 783 1 182 489 Page 20
Three Cholrs Festlval Llmltgd Notes to the Flnanclal Staloments r th¢ Year Ended 30 Septomber 2025 7 Not InGomlngloutgoing resour¢e8 Ngt outgolng rasourc88 for Ihg year include: 2025 2024 Operating leasès - other ass&ts Audlt fees Deprecialon offlxed assets Amortisallon of intsnglble fixed assets 112,044} 19,8501 12,2131 110,396) 19,5001 14,5831 8 Trustees remuneratk)n No Irustegs, nor 8ny p8rsons connected with them. havb r6c8ived any remuneration from the charity during the y6ar. Trustees have been reirnbursad £1,415 of travel expenses during th8 year12024 . £9711- No truste88 have recgived any othgr benefits from the charity during the year. 9 Staff Costs The aggregate payroll costs were as follows.. 2025 2024 Staff costs durlng tho y•ar wère.. Wages and salarfes SocI81 securfty costs Pension costs 257,840 9,215 5,170 272,225 233,051 13,215 10,000 256 266 The monthly averag8 number of persons (including senior rnanagemont 18aml employed by the charity during the year expressed as full b'me equivalents was as follows= 2025 No 2024 No Administration 12 No 8mployge r8celvod emoluments of mor8 than £60,000 dLtring the year. The total employeè beneffts of Ihg key management personnel of the charity were £65,888 12024 - £Nill. 10 Taxatlon The charity18 a registered charity and is therefore exempt from taxalh)n. P3ge 21
Three Cholrs Festlval Llmltèd Notes to tho Flnanclal Statemonts for the Year Ended 30 Stpternber 2025 11 Intangible fixed assots Webslte developmènt TDtal Cost At 1 October 2024 25,860 At 30 September 2025 25,860 25,860 Amortlsatlon Al 1 October 2024 25 880 AI 30 September 2025 Net beokyalue At 30 September 2025 At 30 September 2024 12 Tanglble fixod assats Land and buildlngs Offlce equlpment Total Cost At 1 Octob6r 2024 AddltSons 7,754 30,537 3,492 38,291 3,492 At 30 September 2025 7,754 41,783 Depreciatlon At 1 October 2024 Charge for the year 7.754 27.225 2.213 34,979 2.213 AI 30 September 2025 29,438 37.192 Not book Value At 30 September 2025 4.591 4,591 At 30 Sepl8mber 2024 3,312 13 Flxed a8Set investments 2025 2024 Othér invgslments 733,015 940.113 Page 22
Three Cholrs Festlval LlmltDd Notes to tha Flnancial Statements for the Year Ended 30 September 2025 Other Investmènts List8d Inv¢stmonts Total Cogt orvaluatlon At 1 October 2024 R8valualiDn Additions Disposals 940,113 29,071 9,999 246,168 940,113 29,071 9,999 246,168 At 30 September 2025 Nèt bookvalue 733015 733,015 At 30 S&ptember 2025 733,015 733015 At 30 Septembor 2024 There were no investment assets outside the UK. 14 Stock 2025 2024 stocks 1,489 1.465 15 Debtors 2025 2024 Trade debtors Pr8payments Other debtors 4,620 184,131 5,826 140,897 188,751 147,880 16 Credltors: amounts falllng duo wlthln one year 2025 2024 Trade credmors other taxation and soclal secur Accruals Other credltors Pensiorb contributions due 85,375 4,736 59,050 2,350 37,614 2,587 57,018 2,496 491 100206 151511 Page 23
Three Cholrs Festlval Llmltgd Notes to the Flnanclal Statements for th8 Ytar Ended 30 September 2025 17 Funds Other Balanc8 at Balanc• at rècognised 30 1 October Incomlng Resources galnsl Septgmbor 2024 resources expended Tran$for$ Ilossesl 2025 Unrestrlcted funds Génèrèl Unrgstricted General Fund 202,651 1,054,60411,158,182} 100,216 3.362 202,fj51 Rostrlcted funds Restrfcted Fund 827.368 65.242 123,5241 1100,2161 31,650 800,520 Endowment funds Expendable Expendabl8 Endowment Fund 102,739 102,739 4,274 4,274 783 783 1.898 107.928 1698 107,928 Total funds Restrlctod funds 1132 758 1 124,120 1182,489 36710 1,111,099 The Reslrictgd funds ¢arrigd forward at 30 September 2025 Include th6 Griffin fund1£135,5991, which relate solely lo the Vvorcester Festival, the Rowlands Messenger fund1£563,3121 whlch relal8s lo thg thr8& faslival cilios in aqual share and tho Commissionlng fund 1£96,6091 which is non City specific and relates solety lo commissioning, perforrning and associated costs for n@w works over a 10 year period. A nèw restricted fund rèlating to the Gloucester Festival was sel up in 20251£5,000}. Endowment funds The Endowment funds originate from a singl8 gift lo Three Choirs Endowment Fund during 1996 from the Sslale of J F Evans. Thi8 fund allows for investment in longer tgrm aims and objectives. The trustees believe that lo dale the fund has been mainly held in fixed assét inveslmenls. Page 24
Thrge Cholrs Festlval Llmltod Notes to the Flnanclal Statemants for tha Year Ended 30 September 2025 other Balance at Balancé at racognlsed 30 1 Octobgr In¢omlng R•sources galnsl S•ptambor 2023 resourcos &xpèndèd Translers (losses) 2024 Unrestrlctod funds General Unrestricted General Fund 202,651 791,74011,033,7461 242,006 202,651 Restrlctgd funds Restricted Fund 968,964 49,883 124,8731 1242.0061 75,4DO 827,368 Endowment funds Expendabl8 Expendable Endowmant Fund 92,024 92.024 3,934 3,934 692 692 7.473 102.739 102739 Total funds 1,263,639 845 557 1,059,311 82,873 1,132,758 R•strlctéd funds The R&8tricted fijnds carrled fOard al 30 September 2024 Includg the Griffin fund1£122,4301, whi relate solely lo the Worcester Festival, the Rowlands Messenger fund 1£620,260} whi¢h relates to tt)e three festival cities in equal share and the Commissionlng fund 1£84,6791 which is non city 5pectNc and r@lales solely to commissioning. performing and associated costs for new works over a 10 year period. Endowment funds The Endowment funds originate from a single gift lo Three Choirs Endowment Fund during 1996 from the èststo of J F Evans. This fund allows for Investment In longer tem aims and objectives. The trustees bellove that to dale the fund has baèn mainly held in fixed asset investments. 18 Analy$l$ of not assets bètwaen funds Unrgstrlctgd funds Endowment lunds Restrlcted nd$ Goneral Expendable Totsl funds Tangible fixed assets Flxed asset investsnenls Curronl assets Curr6nl liabilities 4,591 4,591 733.015 525,004 151 511 634,832 165,688 98.183 9,745 349,S71 151,511 Total net 2SS8ts 202,651 800 520 107.928 1,111.099 Page 26
Digitally signed by SuiteFiles Document Signing Reason: Signature requested Location: User IP : 31.94.36.61 Date: 2026.04.09 08:38:01
SuiteFiles Document Signing