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 Magnifi￿nI 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 a￿ayS a loy to wolcome our Ameri¢an Friends to the Fesllval.
Another highllght of 2025 was the launch of our current cycle of Fest￿81$ 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 Stres￿lSe 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 w￿k 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, Pre￿ntor 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 loo￿ng 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 a￿ayS 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 Ir￿al 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 p8￿cipation.
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 con￿rn 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 gO￿rning 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 Charl￿OS SORP.,
mak6 judgemgnts and estimates that are reasonable and prud&nl',
statg whether applicable UK Accounllng Standard8 have been lollowed, sub￿90t 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 explic1￿Y 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 Mate￿al 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 poI￿leS 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 aC￿unting 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 fon￿ard
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 defer￿d 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 Subs￿U8nI
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 I￿e 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 prO￿edS 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 rep￿sent 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 re￿1v&b￿S.
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 fO￿ard 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
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