Reglstered number. 00818973 Charfty number. 238476 THE STOUR FESTIVAL COMPANY LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
THE STOUR FESTiVAL COMPANY LIMITED CONTENTS Pago Refer•nca and admlnlstratlve detalls of the Charty, its Trustees and advlsers Tntstees. report Independent examlnerfs report statement of flnantial a¢tivitle5 Balance Sheet 9-10 Notos to the financlal statemonts 11-25
THE STOUR FESTIVAL COMPANY LIMITED REFERENCE AND ADMINISTRATtVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trust98* P A Batchalor, Chairman G J Holboum Mrs D E Hume Mrs J G Loudon DL D Millington {appoinled 11 )ri120241 Mrs K F Miteatfe CHPage T D D Hoffixan MBE. Chaiman (resigned 17 November 2023} Presld•nt and Ufe Patron M Deller Company registered numb•r 00818973 Chadty registered number 238476 Reglstered office Hanwood Housg, Henwofyd. A8hford. Kent, TN24 8DH Company sacretsry G J Holboum FCA FCCA DCtLA Artlstlc director R Holh'ngworth Accountsnts Magee Gammon. Henwood House. H8nwood, Ashford, Kent, TN24 8DH B•nkorn Barclay8 Bank Plc. 13 Fremlin Walk, Maidstone. Kent. ME14 1QG Bardays Bank Plc. 66 High Street. Ashford, Kent, TN24 8TL CCLA Investment Management L¥nited, One Angel Lane, London. EC4R 3AB Investment Managè Billie Gifford & Co, 1 st FIcKJr. Grimaldi House, 28 St Jame8'8 Square. London. SW1Y 4JH M&G Securities Limited, Lauren¢8 Poutney Hill,London. EC4R OHH Ruffer LLP. 80 VKtoria Str8eL London. SW1E 5JL Sarasin and Partners LLP. Juxcm HSe, 100 St Paul's Churchyard, London, EC4M 8BU Savilts Charitlos Pr¢perty Fund, 33 Margaret str8et, London, W1G OJD Page 1
THE STOUR FESTIVAL COMPANY LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Tnjstees present th8ir annual report together with the financial statements of the Ch8rty, Th8 Stour Fostival Company Limited. for the year ended 31 August 2024. The Trustees confim that the Annual Report and financial slalemenls of the Company compty with the current statutory requirements, the requirements of the Companls governing document and the provisions of the Statement of Recommended Practice ISORP), applicable tc charities preparing their accounts in acrdanCe with the Finawal Repc4ting Standard applic*le in the UK and Republic of Ir8land IFRS 102) (effective 1 January 20191. Since the Charty qualrfies as small under section 382 of the Companies Act 2006, the Stralagic report required of medium and large companies under the Compani&s Act 2006 (Strategic Report and Dir8etors' Report) RegulatKJns 2013 has been omitted. The Charity also operates under the name Stour Music. These financial statements have b88n drawn up for the yew ended 31 August 2024. ObS8ctiv•s and acdvltles a. Pollcies and oblethgs The objacts of the Charity are the promotion and eoUrageMent of the Arts. prtmarity by the produdi¢n of musical recilaLs. but not exduding opera. plays. drama. lectures, readings and other artist aclNfties of an educational nature. In setting objectives and planning for activiti8s. the Trustees have gTri8n du8 consid8ration to g8naral guidanc8 published by the Charfty Comml$$lon relating to public benefiL induding the guidance Fublic benefiL' running a charity (PB2)'. b. Activltl•s undertaken to achlove objectives The Charity pwdgs financial backing for an annual Muslc Festal (Stouf Music} which Is advese. Tickets are subsidis8d by th8 Charity and are available to the general public. The Directors confirm that they hav8 refèrred to the guidan contained in the Charty Commission's general guidance on public benefft when r8vt8wing the Chartys aims and obieGtThies. and in plannirbg ftrture xtwitie¥. Page 2
THE STOUR FESTIVAL COMPANY UMITED TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Achievements and p9rfomiance Revlew of activities The 62nd year of Stour Music F8stDial, 2024 saw tha F8sliv81 Continue to come back up from the Covid era. Our Aitislic Director. Robert Hollingworth, again produced an interesting and varied programme, which buitt on the solid foundations laid oveT many years, and which combined elements which eould be said to be vintage Festival fare with some fascinating new areas. This also refigCt8d his wsh lo have superb artists and repertoire, but also to create more of a complete eyrience around them. The FestNal began with earfy 17th ntUry Venice arKI Rome thapsodic music featuring Apollo's Lyre in a gloriou5 programm& wf(h the bNo sopranos. Julia Do8 and Hannah Ety. a¢¢ompanied by harp, theorbo and olins. a brilliant start lo the Festival with some fantastic singing and playing. The late night then took up a theme from an eartier Festival which had Tango and Jacobean dance, by ging us an hour of flameneo. This was a superb display of that Spanish artistic and cuttural tradi(ion, with wrtuoso guitar-playng and colourful and dramatic singing and dancing. The Saturday concert was a Handel affair with the Dewne Musick directed by Festival stsNvart Stephen Devine. and featuring both the Water Music and musie for the Royal Fireworks, terspersed with arias divinety sung by Anna Dènnls. Hawng heard the music in the church, there followed soma spectscular fireworf(s in the fiekl. Everybody then moved into tho tent for a bit of cabaret wth Molty Raine and our distinguished Committee member. Matthew tQng, giving us the songs of N<*1 Coward and Cole Porter, great tunas wtiily delivered. The Sunday aftemoon concert had to change perfomier from Word of Thunder to The Lyons Mouth. a young choir from York. They gave a concert of music for double choir, making a beautiful ich sound throughout, and keeping up Ouf tradition of creating opportunty for young thsls at the outset of a professional oreer. The second weekend began with a semi-slaging of Hand81's op8ra Orlando, done a 18 Gtyndeboume, tsvo h8fv9s and a supper interval in the middle. This was imaginatively conceived, with the added bonus of the excellont singing being complemented by gracefvl baroque dance and gestures. which were extraordinari axpressive. On the second Saturdaythe Barokksolistene, "currently the hottest early rnU5ic act in Europe". with soprano Mary Bewan, gave an a5tonishingty bravura perfomiance. Earfier in the week, on June 25th, they h done a wothshop in Ashford School. a tsrrific innovation for the Festival mastemiinded by Tessa Jones. a m8mb8r of the Slour Mugic Commimee. Their Concert was brilliant, fvll of energy and spell-binding- their abilty to put aside their instruments and sing a5 a capella 8-voic8 choir was utterly charming. They then reappeared later that evening for The Alehouse Sessions. exploring cultu¥al lrfe in Cromwell's London, °Purcell as if you catch him at the rnoment of composition, musing, playing with ideas in his mind.. This was great fun. and they coped admirably with being in a church rather than an actual alèhousel The final concert was a feast of tr40 Haydns and a Beethoven. with the Stour Classul Players & Festival Choir, Boxwood and Brass, all direded by Robert Hollingworth. We thank Ihe Boughton Aluph PCC. the landowner5 who proMd¢ thgi¥ fiekls fof marquees and carparknng, as well as cutting the grBSS. We remain indebtèd lo our Friends, team of Volunteers. Cate5 and all who manage the site. Our sincerdy grateful thanks go to our Sponsors of each concert, wthout whom the Festival could not rnairrtain the highest of staThJards of perfomiancfr enabling great enjoyment for all thosa who attond th8 F8slival. b. Investment pollcy and perforn)ance The Truste88' inVeSthnt policy is intended to protg¢t th8 CharitV5 reserves arKt to achi8v8 a satisfactory total retum on the investments over the long term in support of ils promotion and encouragement of the Arts. The movements in the listed investsnents during the year are set out in n¢kn 13 to the financlal stslements. Under the lems of the Memaranthm and Artlcles of ASSOCIat the Trustees have the power to make any changes to the inv8slmenls they feel necessary in order to maintain andlor improve the Charitys income aTh Page 3
THE STOUR FESTIVAL COMPANY LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Flnanclal revlew a. Financial Review The income for tha year from voluntary sources. including donations. sponsorship and frier)ds' subscriptions amounted lo £112,864 12023 - £105.8271. Investment income amounted to £19,127 (2023 £14,290} and income from charitable activitses, which includes ticket $ales and fundraising, amounted to £78,77212023 £72.050)- Total inc0rn8 for the year anK)unted to £210,76312023- £192,167). Expenditur8 of diract charitabl• eXnditurÉ amounted to £180,125 12023 - £178.69S) whilst govemance coats amounted to £14,95412023- £8,210). Total expenditure for the year amounted to £195,07912023- £186,905). After the receipl of Ihe Theatre Tax Credit claim of £33,102 {2023 - £29,113) and taking into account net gains on investments of £26,87812023 - net losses of £20.179) the overnll surpbjs for the year amounted to £75,664 (2023- £14,196). At 31 August 2024 total fvnds ar)Urrted to £554,82312023- £479,159). b. Golng concern The Trustees are confidant that the Charty continues lo be a going concem due lo the level of reseNes held. Forthis reason, th8y continue to adopt the going concem basis in Preparing the financtal statements. ¢. ReseNes pollcy General Reserve is the arKumulation of net surplus Incomo 8nd Is Invested under the lèm)s of the Memurandum and Articles of Association. The Trustees are of the opinion that the investments are appropriate for the provision of the addOnal incomè necessary to contribLrte towards the future costs of the annual Mus FestNal, other declared objectives and administration. The Trustaes. policy is to maintain a Ve1 of res8rves which wll provide a stsble bose for its continuing adwlties and these are rewiewed on a regul¥ basis. Page 4
THE STOUR FESTIVAL COMPANY UMITED TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Struclurel govemance and management a. Constitutlon The Charity was set up as a knmited Company in 1964 and is govomed by the Memorandum and Arkndes of Association which ware last amended on 16 June 1965. The Artides of Association of the Charty provide that no dwidond shall ba paid to Members. b. Methods of appolntment or &l¢ctlon of Trustoes The Charity is administered by a Board of Trustee5 who meet al least three lime5 a year. New Trustees are appointed by agreement of all serving Trustees and the appointments are ratified by the shareholders at the Annual General Meeting. Particular is laken lo ensura the Board has available the appropriate skills in order to fulfil its duties. Each Trustee has access lo and Is eneouraged to reviw. - Board and general meeting minutes" Financial infomiation and annual accounts., - Future plans of the Charity- Idenlificalion of risks and suggested action. Oryanisatlonal structurg and dgclslon4nakiny PDllcle5 All matters of prinople are agreed by the TNslees whilst the implementation of the policies 15 delegated to the Company Secretary and. in the case of the Music Festival. lo the Artistic Director and the Festival Committee. d. R15k managam•nt The Trust8es have reviewed the major risks to which the Charity is exposed. Two document$ have been drawn up detailing thè procedures for their mitigation and how they should be hdIed - one for the Trustees and the other for the FestNal Committee. Plans for futu peri¢xls a. Futur• developments We shall rtjtrtinue to explore ways of expanding our audience among younger people Includlng outreach to sch¢x18 and use of social modia to buld wider awareness of Slow Muste Post balance $he&t want The Trustees are delighted to rgport that they have recelved n¢llficatiort of a lègacy of appr0mal8ty £50.CQO from the Estate ofthe tate John Ewing Baker. Page 5
THE STOUR FESTIVAL COMPANY LIMITED TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 Statement of Trust8es' ro$pOnslblltOs The Truslges (who are also the directors of the Charity for the purposes of company lawl are ressIble for prèparing the Trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Gonerally Accepted Accounting Pr*ice). Company law requires the Trustees to prepare financial statements for each financial . Under rnPany law. the Tru51ees must not approve the financial statements unless they are satisfied that they give a true and fair Vkew of the slate of affairs of the Ghartty and of ((s incoming re50urce5 and applicalon of resour$. including its Income and 8xpandilure, for that period. In preparing these financiat statements. the Trusl8es are required lo.. selact suitable accounting policies and then apply them ¢onsistsntty.' observe the methods and principles of the Charities SORP {FRS 1021., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounfing Standards {FRS 102) have b followed, subject to any material departures disc105ed and explained in the financial statements., prepar8 th8 financial slalements on the going coneem basbs unless it is inappropriate to presume that the Chantywill continue in business. The TTuslees are responsble for keeping adequate accounting records that are sufficient to show and explain the Charitls transactions and disclose with reasonablé accuracy al any time the financial position of the Charity and enable them to ensure Ihat the financial statements comp]y with the Companies Act 2006. Thay ara also respon$ible for safeguarding the assets of the Charity and hence for taking ieasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the boartt of Trustep5 on 17 November 2024 and signed on their beha rpa A Q-tolLIrf P A Batcholor Chaiman Pag8 6
THE STOUR FESTIVAL COMPANY LIMITED INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Indepgndent examinerfs report to the Trustees ol The Stour Festival Company Limited Ilhe Charity'l We report to the charity Trustees on our examination of the accounts of the Charity for thè year ended 31 August 2024. Responslbillties and basis of rgport As the Trustees of the Charity land ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 ACVI. Having satisfied ourselves that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, we report in respect of our examination of the Charity's account5 carried out under section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying out our examination we have followed the Directions given by the Charity Commission under section 1451Sllbl of the 2011 Act. Independent examlnevs statement We have completed our examination. We Confirm that no matters have come to our attentlon In connection with the examination giving us cause to believe.. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or the accounts do not accord with those records,. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts gNe a 'twe and fairf view which is not a matter considered as part of an independent examination., or the a¢¢ounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accoun15 in accordance wsth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 as amended by Update Bulletin 1, We have no concems and have come across no other matters in connection with the examlnation lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely lo the Charitys Trustees. as a body, in accordance wth Part 4 01 the Charlties (Accounts and Reports) Regulations 2008. Our work has been undertaken so that we might stsle to the Charity's Trustees those matters we are required to state lo them in an Independent examlnerfs report and for no other purpose. To the fullest extent permitted by law. we do not a¢¢ept or assume responsibility to anyone other than the Charity and the Charitys Trustees as a body, for our work or for this report. Signed: Andrew John Childs FCA Dal&d.. 23 December 2024 P41agee Gammon Chartered Accountants HenwoDd House Henwood Ashford Kent TN24 8DH Page 7
THE STOUR FEsnvAL COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES IINCORPOPATING INCOME AND EXPENDITURE ACCOUNTI FOR TtrIE YEAR ENDED 31 AUGUST 2024 Unrestrlcted nds 2024 Restrlcted funds 2024 Total funds 2024 Total funds 2023 Note INCOME FROM: Donations and legacies Charitable activf(ies Inv8Stmenls 112.364 78,772 19,127 500 112.864 78.772 19,127 105.827 72.050 14.290 TOTAL INCOME 210,263 500 210,r63 192,167 EXPENDITURE ON: Charitable adivities 194.579 500 195.079 186.905 TOTAL EXPENDITURE 194,579 500 195,079 186,905 NET INCOME BEFORE NET GAINSIILOSSES) ON INVESTMENTS Net gnSI<10sSesI on investments NET INCOMEIIEXPENDITURE) BEFORE TAXATION Taxalion 15.684 26.878 1S.684 26.878 5,262 (20, 179) 13 42,662 33.102 42.562 33,102 (14,917) 29,113 11 NET INCOME AFTER TAXATION Transfers betsyeen funds 75.664 75,664 14, 196 18 (1,940} NET MOVEMENT IN FUNI)S 77.604 11.940} 75.664 14. 796 RECONCIUATION OF FUNDS: Total funds brought forward Net movement in funds 477.219 77.604 479.159 75.664 464,963 14. t96 (1.940) TOTAL FUNtY6 CARRIED FORWARD 554.823 $54.823 4Y9.t59 The Ststement of financtal adivitses includes all gains and losse5 recognised in the year. Al the Charitys activities are derived from continuing operations during the above financial year. The notes on pages 11 to 25 fomi p*t of these financtal stalemenls. Page 8
THE STOUR FESTIVAL COMPANY LIMITED REGISTERED NUMBER: 00818973 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note FIXED ASSETS Tangible assets Investments 12 13 14.134 420.843 19,274 393,965 434,9TI 413,239 CURRENT ASSETS stocks Debtors Cash at bank and in hand 14 15 17 787 269 1.076 123,795 2.510 S6.467 125.658 $9,266 Creditors: amounts falling due within ono 16 15,812) (3,346) NET CURRENT ASSETS 119,846 65,920 TOTAL NET ASSErs 554823 479, 159 HARITf FUNDS Restricted funds unrestred funds 18,19 1,940 Designated funds Gonoral fund8 Sharg capital 18,19 18.19 18.19 564.751 472, 147 72 Totsl unrestricted fund5 18,19 554,823 477,2t9 TOTAL FUNDS 18,19 554,823 479, 159 Page 9
THE STOUR FESTIVAL COMPANY UMITED BALANCE SHEET {CONTINUED> AS AT 31 AUGUST 2024 The Charity was entitled to exemption from audit under section 477 of the Companies Act 20CE. The members have not r8quirad th8 company to obtain an audrt for the year Wi question in accordanca wlth sedlon 476 of Companies Act 2006. The TnJ8lees acknowledge their sponsibl1rtles for complying wrth the requirements of the Act with respect to accounting rewrds and preparation of financial statement& The financial slalemenls have been preparad in accordance wrfh th8 provtsions applicab18 to entities subj8Ct to the small companie5 Tegime. The financial statements wor8 approved and authorised for Issue by the Trustees on 17 Novembar 2024 and signed on their behalf by= /a., P A Batchelor Chaimian GJHO Trustee ourn Tha notes on pages 1110 25 fonn part of these financial statements. Page 10
THE STOUR FESTIVAL COMPANY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Genoral inforniatlon Thg cDmpany 15 a limited company incorporated in England and Wales. The Tnembers of the company are the Trustees named on page 1, plus Harriet Clomonts and All Wilkinson. ountlng pollcles 2.1 Basls of preparation of financial statements The financial statements have been proparod in accordanGe with the Charities SORP {FRS 1021 Accounting and Reporbng by Charf(ies= Statement of Recommended Practice applicable to charities preparing their accounts in accordance wf(h the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) Second Edition leffactiva l January 20191, the Financial Reporting standard applicable in the UK and Republio of Ireland {FRS 102} and the Companies Act 2006. The Slour Festival Company Limitad m88ts the dafinitson of a public benefft entity under FRS 102. Asse15 and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statamanls ar8 presented in Sterflng and rounded to the nearest pound. 2.2 Incom• All incom8 is recognised txce the Charity has entiuement to the income, it is probable that the income witl be recèived and the amount of income receivable can be m8asured reliably. Tho rgGognition of income from legacies is d8pendant on establishing entiuemenl, the probability of receipt and the abilty to estimate wlth Slrfficienl accuracy the amount receivable. Evtdence of èntitlement to a legacy exists whan the Charity has sufficient evidence that a grft has been left to them (through knowludye of the exi51ence of a valid will and the death of the benefactor) and the 8x8culor is satisfied that the propety in question will not be required lo satisfy claims in the estate. Receipt of a legacy must be recognised when it 15 probable that it wll be received and the fair value of the amount receivable. which will generalty bè the expected cash amount to be distribed lo the Charity. can be reliab measured. Grants are included in the Statement of financial activitie5 on a receivable basi5. The balan of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balan sheet. Where income is recAivad in advance of enlitlernenl of r1p1, its rècognition 15 deferred Bnd induded in credf(ors as d•hrrad incom•. Whtsra trntitl8ment occurs belor& inmne is re¢eived, the income is accrued. Income lax recoverable in rel8lp)n to donations recewed under Grfé Aid is recognisad al th8 time of the donation. Page11
THE STOUR FESTIVAL COMPANY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollci&s {¢ontinuedl 2.3 Exp9ndituro ExpendituTe 15 recognis8d once there is a legal or constructive obligation lo transfer economic benefft to a third paty, il is probable that a transfer of economic benefits will be required in settlement arKI the amount of the obligation can be measured reliabEy. Expenditure is classified by adivity. The costs af each actNity are mada up of the totsl of direct costs and shargd costs, induding support costs inVoed in undertaking each activity. Direct costs attmbutable to a single activty are allocated directly to that activity. Shar&d costs which corbtribute to more than one activity and support which not attributable lo a single activty are apportioned bekne8n those activities on a basis consistent with the use of resou8$. Governance costs are those in¢urrgd in connection with administration ofthe Charity and compliane with constitutional and statutory requirements. Expenditure on chIlable actniities is incurred on directy undertaklng the actltIeS whkh further the Charitls obje¢tNg5, a5 well as any associated support costs. All expenditure 15 inclusNe of irrecoverable VAT. 2A Interest recelvable Interest on funds held on deposit is induded when receivable and the amount can be measur8d reliably by the Charriy, this is normalty upon notffication of the interèst paid or payabte by the Bank or deposit hold8r. 2.5 Taxallon The Charity is considered to pa88 the tèsts sel out in Paragraph 1 Sthedule 6 of the Finance Act 2010 and therefore it meets the definItn of a charitable company for UK corporation lax purpDS8S. Accordingty. the Charity is èxampt from taxati¢n in respect of income or capital gains received wf(hin Eat2gorie5 covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Saction 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied 8xclusivelylo charitable purposes. Page12
THE STOUR FESTIVAL COMPANY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Ac¢ountlng p¢llcl¢8 Icontlnued> 2.6 Tanglblg fixed assots and depreciatlon Tangible frxed asset8 costing E250 or more ar8 capitalisad and r8cognised when future economic beneffts are probable and the cost or value olthe asset Can be measured reliably. Tangible fixed assets are inttialty recogni%ed at COSt. After recognf(ion, under the cost mthdel, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangiblé red 8S8et into its intended working corbdition should be included in the measurement of Cost. Depreciation is charged so as to alocate the cost of tangible fad assets 18ss their residual value overth8ir 8slimated usefvl INes. using the straight4ine method. DeprerAation is providod on the followng basis: Equipment 25'1ts per onnum 2.7 Investments Fixed asset investments are a fomi of financial instrument and are initialty recognised at their transaction cost and subsequently measured at fair value at the Balan sheet date, unless the value cannot ba measu reliably in which case it is measured at eosl léss impairment. Investment gain$ and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Lossas} on Investnts, in the Statement of financral activtknes. 2.8 Stocks stocks afe valued at the low8r of cost and net re81isabl8 value after making due allowarKe for obsolete and 8low-moMng stocks. Cost in¢lude$ all direct costs. 2.9 Debtors Trade and othèr dèbtor¥ recognised at the settlement amounl after any Irdde disc(wnt offered. Prepayments are valued at tha amount prepatd net of any trade discounts due. 2.10 Cash at bank and in hand Cash al bank and In hand ineludes cash and short-tenn highly Iwuid investments wfth a short mabjrty of three month8 or less frorn the date of acquisition or oponing of Ihe deposit or similar account. 2.11 LlablllUo$ and provlslons Liabilities are recognised when there is an obligation at the Balance sheet dale as a resum of a past event, it is probabl8 that a transfer of 8concfflic benefrt Y11 be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recDgnised al tha amount that the Charity antieipates it will pay to settla the debt or the amount r( has receNed as advance payments for the goods or seNices il rnust provide. Provisions are w[aule at Ihe best estimats of the amounts required lo sett18 the obligalton. Where the affect of the time value of money is material. the provision is based on tho prgsent value of those amounts. diseounled at the pre-tsx discount rate that refi the rtsks specific to the l£abilty- The unwnding of the discount k8 recognised the Stal6ment of financial activitie5 as interest payable and $imilai charges. Page 13
THE STOUR FESTVrfAL Ct)MPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policieb (continued) 2.12 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualfy as bas finanaal inslNments. 2.13 Fund accounting General funds aro unrestricted ndS which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and whiEh have not be8n designal8d for other purposes. Designated funds comprisg Unrestrict funds that have been set aside by the Trustees for particular purposes. Tha aim and Ltse of each designated fund is set out in the notes to the financial statements. Restrictad fvnds are funds which are to be used in accordance wilh specific reslricttons imposed by dorrS or which have been raised by the Chanty for particular purposes. The costs of raising and administering such funds are charged against the specffic fund. The aim and use of each restricted fvnd is sel out in the notes to thè financial st*menls. Inve5trnent incom8, gains and losses are allocated lo the appropriate fund. Critical accountlnu asWmats8 and areas of judgement Estimates and judgements are continually 8valuatad and ar8 based on historical @xperience and other factors, includSng expectallons of future events that are beIVed to ba reasonabk utKler the circumstances. Critical accounllng estimate8 and ntions. The Charity makes estimates and a88umptions conceming the fLrture. The resuhing accounting estimates and assumptions will, by dgfinition, seldom equal the related actual results. There are no estimates and assumptions that have a significant fisk of ¢ausing a rnalerial adjustment to the carying amounts or assets and liabilities within the next financral year. Pag8 14
THE STOUR FESTIVAL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donatlons and legacles Unr8strlct8d R•str(ct•d funds funds 2024 2024 Total funds 2024 General donations Sponsorship Subscriptions Income tax r8cov8rabl8 LegaGies Govemment grants 13,035 32.750 13.270 9.522 43,287 500 13,035 32.750 13.270 9.522 43,287 1mO 500 Total 2024 112.364 500 112.864 Unresti7Cted funds 2023 Reslricled fvnds 2023 Tolal funds 2023 General donation$ Sponsorship Subscriptions Income tax recoverable Legacies Govemment grants 26,260 38,600 13,435 14,282 13,000 26.260 38,6L 13,435 14,282 13,000 250 250 Tot812023 105577 250 105,827 Page 15
THE STOUR FESTIVAL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Inc¢mo from charltable activities Unrestrlctsd funds 2024 Total funds 2024 Festival ticket sales other festival revenue 65,937 12,835 65,937 1235 Total 2024 78.772 78.772 Unrestricted funds 2023 Total funds 2023 Festival tick8t salès Otherf8Stival r8venu8 60.072 11.978 60,072 11,978 Total 2023 72.050 72,050 Page 16
TrIE STOUR FESTIVAL COMPANY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Inv8stmant income Unrestrfcted funds 2024 Total funds 2024 Income from listed investments Bank interest re¢¥ivable 14,561 4.566 14,561 4,S66 Total 2024 19,127 19,127 Unresiiicted funds 2023 Total fiinds 2023 Incomè fmm listed investments Bank interest receivable 12,648 1,642 12,648 1.642 Tota12023 14,290 14,290 Anatyskn of expendlture on charitable actfvltlos Summary by fund type Unrestrlct•d Rostrlcted funds funds 2024 2024 Total 2024 Festival & govemance expendrture 194,579 500 195,079 Unresthcted funds 2023 Restiicted funds 2023 Total 2023 Festival & govemance gxpenditure 186, 655 250 186,905 Page17
THE STOUR FESTIVAL COMPANY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysis of expendlture by actlvltlas Aetivitias undortakon dlracty 2024 Support costs Total funds 2024 2024 F88tival & govemance expenditura 180.125 14,954 196.079 Activitses undertaken dir8¢Uy 2023 Support costs 2023 Total funds 2023 Festival & governanc8 8xp8nditure 178.695 8.210 186.905 Indopondent examlnees remuneration The independent examiners remuneration amounts to an independent examiner fee of £3,780 {2023 - £3,624). 10. TNstees' remuneratlon and •xp8ns•s During the year, no Tru¥tee$ recoived any remuneration or other berfftts (2023- £NI4. During the year ended 31 August 2024, Trustee expen5e6 have been inrJJrred f2023- £Nil). 11. Taxation 2024 2023 corporaon tax Theatre Tax Credits recelved In respect of previous p8ri¢)d$ {33,1021 (29, 113) Taxation {33,1021 (29, 113) The lax eredil relates lo Tax Crgdits in respect of Theatre Tax Reli8f receN•J by the charitabl8 company in respect of the previous year. Thera are no factors Ihal may affect ftrtura tax charge$, except for potontial future claims for Tax Credits in respe¢t ofTh8atre Tax Relief which is not quantifiable al the balance sheet dale. Pag6 18
THE STOUR FESTNAL COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 IZ Tangible Ilxed assets Equipment Cost or valuation At 1 September 2023 20.559 At 31 August 2024 20.559 Depreciatlon At 1 Sèptemb8r 2023 Charg6 for the year 1.285 5,140 At 31 August 2024 6.426 Not book valu• At 31 August 2024 14.134 At 31 August 2023 19.274 The aljove is a sour¥J system Wh has been installed in Boughlon Aluph Chur¢h. Page 19
THE STOUR FESTIVAL cof4qPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Fixed asset Investments othor fixed Listed asset investments investments Total Cost or valuatlon At1 September 2023 Revaluations 345,509 29,582 48A56 {2.704) 393,965 26,878 At 31 August 2024 375,091 45,752 420,843 Net book valuè At 31 August 2024 375,091 45,782 420,843 At31 August 2023 345509 48,456 393,965 I tho frxed asset investments are shown at market value and e held in the UK. Fund8 admlnlstered by: 2024 2023 Baillie Grfford & Co M&G Sacurities Limited Ruffer LLP Sarasin and Partners LLP Sawlls Charty Propety Fund 61,563 112.409 95,838 106,281 45.752 53.322 101.477 95.824 94,686 48.456 420.843 393,965 14. Stocks 2024 723 Finished goods and goods for resale 787 289 Page 20
THE STOUR FESTIVAL COMPANY UMITED NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1& Debtors 2024 2023 other debtors Prepayments and aeerued income 518 558 513 1.997 1,076 2,510 1& Credltors: Amounts falllng due wlthin one year 2024 2023 Accrua15 deferr8d income S,812 3,346 17. Finan¢lal Instruments 2024 2023 Flnanclal assets Financial asset5 measurad at fair value through income aml expendthre Financial assets that are dabt instrumants measured at amorti5ed cost f23.795 51B 66.467 513 124,313 66,980 Financial assets measured at fair vdue through incfxne and expenditure comprise cash hekl at bank and in hand. Financial assets that are debt instrumet)ts measurEd at amDrtised cost COTnpri5e of other debtors. Page 21
THE STOUR FESTIVAL COMPANY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statomant of funds Statom•nt of fvnds- current year Balance al 1 September 2023 Balance at Gainsl 31 Augu$t (Losses) 2024 Transfers inlout Income Expendlture Unrestrlcted funds Designated funds Spackal Projects 5.000 15.0001 General funds Generdl Fund5 Share capital In¢)te 20) 472,147 210.263 {161.477> 6.940 26.878 SS4.751 72 72 472,219 210.263 1161.477> 6.940 26,878 554,823 Total Unrestrlcted funds 477,219 210.263 {161.477) 26.878 554.823 Rostrlcted funds Special projects fund Local Aulh(Mty GTanl (1.940 500 151)0) 500 151)0) {1,9401 Total of funds 479.159 210.763 1161.9TI) 26,878 554,823 Page 22
THE STOUR FESTIVAL COMPANY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds (continuad} Statement of funds- prlor y•ar Balance at I September 2022 Balance al 31 August 2Q23 Trdnsfers iout Cain (Losses) Incom6 Expenditu Unrostrkted fund$ Deslgnatfjd funds Special Projects 5,000 General funds General Funds Share capital (note 20) 462,951 191,917 (157,542) 15000) (20, 179) 472,147 72 463,023 191,917 (157,542) (5,000) (20, 179) 472,219 Total Unrestrfctod funds 463,023 191,917 (157,542) (20, 179) 477,219 Restrlcted funds Speaal projects fund Local AUth¢ty Grant 1.940 1.940 250 (25Q) 1.940 250 (250) 1,940 Totsl of funds 464,963 192, t67 (157,792) f20. 179) 479.159 Page 23
THE STOUR FESTIVAL COMPANY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statamènt of funds {¢ontlnued} Spgclal'proJe¢t fund {R95trfcted) This fund was set aside for special projects. The balance of £1.940 has been transferred to unrestricted funds having been fully expended. Local Authorlty Grant This granl was pwded to be spent on the choir for the festival aThJ was fully expended in the year. Speclal pmJ•¢t lund {Deslgnatedl The Charity received a l¢gacy in 2023 whiEh the Executors requested should be used for something other than general festival and Tunning expenses. This was a request and not a stipulation in the will of the dec&ed and has been relurred to general funds. 19. Anatysls of n•t ass•ts bètween funds Analysls of not assets between fvnds- Current period Unrestrtcted funds 2024 Totsl funds 2024 Tangible fixed assets Fixed asset investments Current assets Credtiors due ythin one year 14.134 420,843 125,658 (5,8121 14.134 420.843 125.658 15.812) Total 554,823 SS4,823 Anatysls Ot n•t assets between funds- prlor poriod Unresth¢ted Restiictgd funds funds 2023 2023 Total funds 2023 Tangible fixed ass8ls Fixed asset investmgnls Current assets Creditors due within one year 19.274 393,965 67,328 (3,348) 19.274 393.965 69.266 (3.346) 1.940 Total 477.219 1,940 479. 159 Page 24
THE STOUR FESTIVAL COMPANY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Share Capital 2024 2023 Allotted, called up and fully paid 72 Ordinary shares of £1 ea¢h 72 21. Rèlatsd paity transactions There have been no transactions with related part18s during the p8ri0d und8r r&view12023 - none). other than sponsorship of thè festival and donations by trustees of £13.000 {2023 - £10,400) for which they received no personal benefft. Post balanco she•t events The Trustees are delighted to report that they have 1Ved not[catiOn of a legacy of approx¢matety £50,000 from the Estate of the late John Ewing Baker. Page 25