THE SUMMER SCHOOL FOUNDATION COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" OCTOBER 2024 Chwlty Ilumbor. 272163 Annual report and financial Statem￿ for the year ended 31" Cktober 2024 Contents Report of ts CwK#I of Managthn Independent Examiner's Report Balance Sheet 10 Notes to the Fina[￿la1 staten￿nts 11 Summary IrKome aThJ EXpernJ￿re ACc￿nI 16 The Surrvner School Foundalion COUNCIL PIEMBER4 OFACERS AND PROFESSIONAL ADVISERS Lisa Tregale (Chair) Steve Dummer Gareth Keene John Messenger Leigh O'Hafa Matt Ckjmen Susan Sturrock {relKed IP FebTh￿ry 2025) Beverfey Vong Company Secretary Honorary Trèasurer Matt Oomen Reglstared Offlce Buttemwad Manaton NeW(on Abty)t Devon TQ13 9XG BankerJ Nattonal Westrninster Bank PIC 250 BIstr￿psgate London EC2M 4AA Investment Managers Rathbone InVestM￿t mana￿ Limited 8 Finsbury Circus Londc EC2M 7AZ Independent Examlner Trelrr James FCA DChA FCIE Dormer Cottage West Broyle Chichester West Sussex P019 3PR The Sumer School Foundatlon Annual report and financial Statem￿ for the yeaf ended 31* October 2024 REPORT OF THE COUNCIL OF MANAGEMENT The mem￿ of Council of Management. who are the trustees of the charity and also directors for the wrposes of (xjrrpany law. present their Annual Report and FinarKial Statements of the charity the year eThJed 31° October 2024. Legal Ststus The Summer sChC￿ Foundation is a conwy l*nited by guarantee registered in Englasd and Wales and gtrlemed under rts arKI articles of association. The chanty was incorp(Kated on 28° June 1976 as The Music &mmer School {Pn'vate) Limrted. CeTbficate8 of Inc(Kporaticn on Change d Name issued on 18th August 1987 to Summer MUSK in DartiTr3ton Limit8d arKI on 1V July 19￿ to Da￿n SUMff￿r Arts Foundation Limited, and on 16° March 2005 to The Dartington Intemats'onal Summer School Foundati￿. A fvrtr￿ Certificate of InCorp￿ati￿ on Change of Name to the present title was i88ued on 2V June 2024. Objectfves The objects of the charity are to prormte arKI organise Sd￿ to provide education for the benefft of the public in all aspects of music and related arts, Including opera, music theatre. electronic media. music arKI dance and. In parti￿lar. to SUPP(￿t and encourage summer $Ch￿ls. festivals aKI 81milar events. ActMtle8 The annual summer schcx)l of mU￿C was fourKled in 1948, being held first at Bryanston School and then m(Ned to Dartington Hall in 1953. From its incepts'on. it was promoted independently, a role that was undertaken by the charty on its eSta￿lshrnent in 1976. In or arourKI 1990. Ixxvever. The Darttngton Hall Tntst undertc#)k respo￿￿11￿ for womotsng the event. ￿ereUpOn the charity assumed the functi￿ of developing an endowment fund from which to prc•4ide specific bufsaries parbcipants ar¥J annual grants for the event generally. Foll¢y•ving the end of the 2023 summer 8¢*Kd, tK)V*ever. rt transFN'red ttHt the Oartington Hall Trust was able to commit neither to the continued promot'on of the summer sthool upon its long established lines. nor to ac(xxnmodate event at Darts'ngton Hall upon affordable tenns. The tharity consequenty explored a range of altemats've venues and entered into a contract with Greshaffl's School in Holt. Norfolk, of which the composer Benjamin Britten and the poet W H Auden were alumni. for the holding of a Music Summer School and Festival duriThJ the pemd 2f July to 1￿ August 2024. The Music Summer scr￿ and Festival in 2025 will tske at Gresham's Sthool from 2r￿ to 16° AugusL Promotion On 20° September 2023, Ihe charty entered irrto a ¢x)ntrad with The Creatively Curious Limited for fundraising and development, a sales website, pr(KJramme planning. marketirKJ, communications and public relations, management of bwkings. cyrational management and delivery and financial accounting Richard Heason is the managing direcior of this company and. in such capacty perforrrts the role of ading chief execulive officer of the charity answerable to the Council of Management thr￿gh the Chair. The Sunmner Sclwl Foundatlon Annual report and financial statements for the year ended 31" October 2024 Financial Posltlon The results of the charity we set cxrt in detail in the Financial Statements. The scale and nature of the charivs activities. as explained elserfthere in this report, were materially different to those of the previous year. There was an i¥)erational defiGIt of £226,306 (2023:£27.489) This was partly offset by two generou5 legxies which totalled £105,502 (2023: one legacy of £49,952). Improvernents in the stock market meant there were investrnent ga'ns of £fJ.226 (2023: k)ss £10,543). The final overall result was a deficit of £97.578 (2023: surplus £11.920). Part of the deficit was a direct result of c￿e off costs i￿urred as a direct C(￿SeqUenCe of the transfer of the Summer School and Festsval lo its new I￿atio￿. Reserves The charrt5Ps free resetves are represerrted by the unrestricted funds, which at 31 October 2024 were £190.520 (2023.. £285.699), of whith £25,144 (2023: £25.587) des'gnated for SFecific purposes by the Council of Management. At the year-erKI, the restricted funds. derived from legaThes and donations to be used for sp8cfft purFX)ses as laid down by the donors. amounted to £17.112 (2023: £19.511). The Council of Management is reviewirvJ the reserves policy of the tharity in the light of the changes in its aclivities and commitiiients and it conb'nues to preserve the restricted funds for their specific purposes. Investments The memorandum of association perrrits the chanty to invest in any investments, SeI￿rItieS or propety for the berth of its purposes. restrT(led only by law. The inve8tm8nts seleciion policy of the chanty is the responsibilty of the Ciyjncil of Management. The chanty maintains an Invest￿nt portfolio managed on behalf of th8 thnctl by Rathbone Investrnent Management Limited. with a Nryew to athieving a measure of capital grO￿(h as well as income. Folk)w'rYJ the withdrawal of £250,000 to provide c2sh resour￿$ the value of the portfolio at Ihe end of the year was £78.486 (2023.. £298,898). The Charl￿8 p￿0110 investments are held by the custodian trustee, Rathbone Nornineeg Limrted. Members, Councll Members and Officers The charitls articles of associab.on provide trot th8 rnem1￿ of the tharity sh811 be such persons as the charity in general meebThJ shall admrt to membership, provided that no person shall b& so admitted without first signrfying their cA)nserrt and receiving ts approval of the Counal of Management. All members of Cwncil of Management serving during the year were rnembers of the charity. The Summer School Foundation Annual report and financial sLqteThnts for the year ended 31* October 2024 The memters of the Councrl of Management who served duriru the year are listed on page 3. The number of ￿EMberS of the Counctl is currently set at a minimum of 3 and a maximum of 20. Counol Members are appointed by the ￿n￿l of Management and hold office in the first instance until ts next Annual General Meebng. they are eligible for re-election. With the ex￿pb'on of suth cases. one third of the Council Members is subject lo retirement at the Annual General Meeting by rotation. but those involved are eligible for re*leclion. At the forthcoming Amual General Meetir¥J, Steve Dummer and Lejgh O'Hara will retire by rotation, but will offer themselves frx te-dection. Gareth Keene acts 8s Company S8(x*ry and Matt OOM￿ a(ts as Honorary Treasurer. Responslbllltles of the Councll of Management Company law r4uires the thncil to wepare financial statements for each financial year. which give a true and fair vthv of the state of affairs of the charity 8t the end of the year artd of the in(x)ming and ￿tgoIng resources for the year then ended. In preparing finanaal statements. the ￿nCIl is required to: 8818Ct 8Uitable accounting polrcies and then apply them 1￿81StentIy. obsetve the methods and principles of the Charib'es SORP". make I￿Jgements and ests'mates that are reasonable arKI pruden(. state whether appltcable UK Accounts'ng Stsndards have been folk)wed, subj'ect to any material departures disdowj and explained In the financial statements,. pfftpare the financial 3tstem8nts on the goiNJ concem basis. unle8S it is inappropriate to presume that the d)ant8ble company will ccxitinue in business. Th8 Counal is responsille fi)r keeping proper records which di8c108e with reasonable accuracy at any ts'me the financial po8itx)n of the charity and enable it to ertsure that the financial statements comply wrth the Companies Act 2006. The Cwnol is also resp￿sIble for safeguarding the assets of the (*arity and hence for ts￿'n9 rea$(￿able steps for the prevention and detection of fraud S￿1 cther irregJlaritie8. Rlsk Management The Counal of Managemenl has reviewed the maicw risk8 of the tharity arKI concluded th8t the primary risk stems from thgenerate suffirient parts'apant and box office income and funding from ft)undations. trusts and indmdual donors to sustsin the annual Music Summer School and FestFV21 witrK)ut urKlue depletion of its free resep￿. This risk is managed by regular monitoring of irK(Yne against expenditure commrtmerts and is review&J at each meeb'rKJ of the Council. Other risks ar8 miti.g￿ed as apwopriate. Annual rnport and flnanclal $tatThnts for the year ended 31" Octobw 2024 Small Company Provlslon8 This Report has been prepared in aC(X)rdan￿ wilh the S￿￿al wovBions of Part 15 of the Companies Ad 2006 relating to small c￿npanieS. Moreover, in pursuit of the Council of Managemenfs policy to minimize ts operating costs of the charity, a Special Resoluiion was passed at an Extraordinary General Meeting held on 20 March 2014 to change the chanty's arts.cles of association with respect to accounts, in order to take advantsge of the exempb.on under the Act of a uxnpany of its size from4ny r￿uIreMent for an audit (as explair*d in the details accompanyirKJ the Balance Sheet). On behalf of the Councll of Manag￿nent Gareth Keen• Councll Mgmber and Company Secrgtary 2025 Registered Office.. Buttermead Manaton Newton Abbot Devon TQ13 9XG Tho Summor School Foundation Annual roport and Ilnanclal statements for the y￿r ended 31" Octobw 2024 INDEPENDEpif EXAMINER'S REPOtrr Report to the Members of The Summer Schod Foundalion on the Finan(#al Statments for the year ended 31. October 2024 set out on pages 9 to 15. The Foundation's Council of Management is responsible for the preparation of the Accounts. The Counol considers that an audit is not required for this year under Section 144 of the Charities Act 2011 (the 2011 Act). but that an Independent Examinatio* 18 needed. It is my responsibilty: to examine the Accounts under section 145 of the 2011 Act,. to follow the procedures laid down in the general Directions given by the Charity Commission {under section 145(5)(b} of the 2011 Act); and to stste whether partI￿lar matters have come to my att6nts'on. My examination ￿aS carri&l out in accordance with the general Directions given by the Charity Commission. An examination indudes a ￿vIeW of the accounts.ng records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Council of Management concaming any such matters. The procedures undertaken do not provide 811 the eviden￿ that woukl be requlred in an audlt, and consequenty no opinion is given as to whether the Accounts present a 'true and fai view and this report is limrted to those matters set out in the stslement below. In connection my examination, no matter has Not Incom￿(0xp￿m1￿1urn) 95.179 2,399 97,578 Transfers between lunds Net movement In funds Recondllallon olfund•: Total funds browjht for*vard 19,511 305.210 293.290 Total funds carrled forward 190.520 207,632 305,210 T1￿ Statement of FFnancial Acllvities includes all gains and k)sses sn the year and therefore a statement of tcrtal recc*Jnised gairts losses has not been wepared. All of th& al)ov& arnC￿nts rdate to C￿tinuing activities. 10 The Summer School Foundallon Annual report and financ&￿ stateffl￿ for the year ended 31° October 21Y24 BALANCE SHEEr 2024 2tf23 Current assets: Debt Investments Cash at bank in twNJ Totalcwrent a&wts 78,486 129,526 208.012 298.898 6.632 305.530 Llabllltle¥: Amounts falling due Nmthin one 320 305,210 207.632 305 The funds of th• charlty: Restricted fur•Js Unrestricted l￿d8 10 11 17.112 190,520 207.632 19,511 285,699 305,210 For the financial year in westion, the Com￿nY was entitled to exempb'on from audit under section 477 of the Companies Act 2tM)6 reSatirKJ to small o)mpanies. No members have required the wmpany to obtain an audit of its accounts for the year in question in accordance with sectK)n 476 of the Cwnies Act 2006. The directors ackno• th8ir responsitrt'ltrts'es for complying with the ￿￿1r8m￿ts of the Act with respect to accc4jnb.ffj records arml the preparatK)n of ac(y)unts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small c(MMpanies' regiTh. These financial statements were apwoved ty the C(xTha'l of Managen￿l on the 11th July 2025 arKI are ￿ned on tha'r behalf by: Matt CX)men Council rnernb￿ and Hon(nry Treasurer Company Registration Number: 1￿￿884 11 The Summer School Foundatlon Annual report and financlal stateThnts for the year ended 31" October 2024 NOTES TO THE FINANCIALSTATEMEKrs 1. ACCOUNTING POLICIES Ba818 of accountlng These finanaal statements have been prepared in Complian￿ with AoxuntirwJ Repoiting by Chants'es: Statement of RecommerKled Practice applicable to char preForing their finanaal ststements in a¢uYdan￿ wilh the Financi81 Reporb'ng Standard applicable in the UK and Republic of Ireland (FRS102) {effective 1 January 2015) - (Chantses SORP (FRS102)), the Financial Re￿rtIng Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Ad 20(￿. The financial statements have been prepared on a going concem basis and on the historical ctht basis, except for the measurement of investrnents at fair value with movements in value reported wittun the Ststern&￿ of Financid Activrties {SOFA>. Cash flow statement The Counal of Management has taken advantage of the exempb'on in Financial Reporting Standard No 1 (revtsed) from incI￿1ng a cash flow statement in the financial statements on the grounds that the charty is small (income less than £500,OIJ)). Incom• recognlllon All income is reixgnised once the FourKlatirm h8s enlitlement to the incoTh. the economic benefit Is probable a￿1 the aff￿1nt can be reliatAy measured. Expendtture Expenditure is accounted for an acc￿13 basM. Grants Payable are recognised as expendrture when the Commitment is entered into. Investments Prices for quoted securities are mid4narket dosing prices provided by the London Stock exchange (or any other equivalent investment exthanges where relevant). Unit Trusts and ColleGtsve Investrnents show mid-matket prices at the last valuats'on point pnor to the period end. Prices for unquoted arKI illiquid securities have been obtained frcxn sOur￿S our investment managers believe to be independent. Where The c￿n¢11 of Management has been unable to obtain a fair market price or there is no marke( fair or otherwise. a nominal price as £O.O(K11 has been used. Cash and cash equivalents . Cash arKI cash equivalents indude cash at bank and in hand. 12 The Summer School Foundation Annual report and finandal Stateme￿ for the year ended 31" October 2024 NOTES TO THE FINANCIALSTATEMENTS Fund accountlng Unrestricted general funds are available for use at the dis(*etK)n of the co￿¢11 of Man￿eMent in the furtherance of the general objedives of the tharty and vthich have not been deS￿nated for other purposes. Unrestricted deS￿￿nated funds are funds ring-fe￿ for a partiojar purp>se by the Council of Management. Restricted funds are funds which are to be used for specifi&J purposes as lard down by the donor. 2. VOLUNTARY INCOME Unrestr1d￿ Reslricted T(tsl fvnds Tolal funds 2023 2024 2024 2024 Donatlon• and l•gacl tk)nations Legacies Trusts and FOundatic￿$ 32.293 105.Xi2 30.250 168.045 32.293 105.502 30.250 50.187 3. CHARITABLE ACTivmES INCOPAE Unrestrlthd Restri(thl Total fuTh1s funds funds 2024 2024 Tolal 2024 2023 Summer Schwl fees Box orrice sales Sundry income 247,769 3,959 516 252,244 247,769 3,9ya 516 252.244 4. INVESTMENT INCOME Unrestrithd Restri(Xed T(rtal fuThJs functs 2024 Total funts 2023 2024 2024 ntsrest & diwdends reCeP￿ble 211 3,299 13 The Surmier School Foundatlon Annual report and flnanclal statements for the year ended 311¢ October 2024 NOTES TO THE FINANCIAL STATEMEKrs 5. EXPENDITURE Unrestricled Reslrictsl funds frJThJs 2024 Total nds 2024 Total funds 2024 2023 Charllable actfvltios: Surnmer SchLK*l dlrect costs Gmt for bursaries Promotion Helpers for disa1￿ed Consultar Summ&r Schwl generaF suFI)ort 418.163 2.565 14,460 2.587 1,175 420.750 3.740 14.460 333 3,750 16.OIXI 11,949 31.699 531.188 535,283 Other •xpendlturo.' Administralion ca8ts Independent Examknation fee TrLL8tse expenses Investment management fees 7.455 189 170 415 2,652 3,426 35.125 180 1.474 9.109 1.474 9,109 6. STAFF COSTS AND EMOLUMENTS No salaries or wages have been paid to employ888. induding the Council of Management during the year (2023.. £nil). No members of the c￿n¢11 of Management received reimbursement of 8xpenses during the year (2023 Tw) members £217) and tr￿tee meetiNJ expen8es tckalbj £Nil (2023: £198). 7. INVESTMENTS 2024 2023 At beginnirKJ of year Addittons Disposa18 Inryeasel(decrease} In value 298.898 302.301 70.$87 (243.638) {63,4471 23.226 ￿10,543 78,486 298,898 8. DEBTORS: Amounts due wlthln orn year 2024 2023 Gift aid recerrfable 14 The Sunvner School Foundallon Annual report and financial statements for the year ended 3111 October 2024 NOTES TO THE FINANCIAL STATEMENTS 9. CREDITORS: Amounts falllng due wlthln one year 2024 2023 Independent examinatiC￿ fee Independent examiner's fee for other seNces 170 150 320 380 10. RESTRICTED FUNDS Bal￿(% Translers IrKJ)rriry Resou￿ IknyfThi Gain￿ Balanceat 1 Nov 23 reS￿r(￿S exp8nded fvnds (josses) 31 Oct 24 Denis de Rougemont prize Helper5 for the d￿abled Esther Salaman Bursary Dorothy Elmhirnt Tnffjt Richard Gardn8r 5.797 3C 9.013 2.015 63 (o) <333) (1.175) (o) 587 441 24 6,301 97 8.621 2,190 153 181 211 1.485 Restncted funds are funds which ￿ to be used for speafial purposes as laKI down by the donor, as fo11¢y￿. Denis de Rougemont prre- To fvnd ￿lI1r¥J of a history of the Summer Scho)l. Helpers for the disatrAed- To enable dtsabled participants lo attend the Summer School. Esther Salaman - To fund provision of the Esther Salaman Bursary. Dorothy Elmhirst Trust- To fund the writing of a history of the Summer SctKXI. Richard G8rdner- To fund a bursary ft)r a piano technKian. 11. UNRESTRICTED FUNDS Transfers {tollfrom BalarKe at In(yJniro Resources general Gainsl Balance at 1 Nov 23 reSThjr￿ exp*)ded funds (losses> 31 Oct 24 Jcwnna McGreg(x fund Gavin Henderson scholarship fund General fvnds 10.807 (1.215) 10.414 14,780 260.112 423.37T 285.699 4Z3,377 (1.175) 537.907 540,29 1,125 19.794 21.741 14,730 165.376 190 520 15 The Summer School Foundation Annual report and flnanclal statements for the year endod 31" October 21Y24 NOTES TO THE FINANCIAL STATEMENTS 12. RELATED PARTY TRANSACTIONS The Foundalon ￿1Ved one donation (£100) from trustees (2023:None}. Richard Heason. Chairman of the Chanty. reS￿ned on 1Y September 2023 and The Creatively Curious. a company controlled by him. was appointed to manwJe the promotion and administration of the Sumnw 13. COMPANY UMITED BY GUARANTEE The company is lirnrted by guarantee. No part of this guarantee. wtric* totsls £40 (2023: £40), has been called up. THE DARTINGTON INTERNATIONAL SUMMER SCHOOL FOUNDATION COMPANY LIMrrED BY GUARANTEE MANAGEMENT INFORMATION YEAR ENDED 31" OCTOBER 20 The follobmng page (h)es not fomi part of the statukny fin8ncial statements are the subj'ect of the indewKlent examiners report <)n page 8. THE DARTINGTON INTERNATIONAL SUMMER SCHOOL FOUNDATION COMPANY LIMrrED BY GUARANTEE MANAGEMENT INFORMATION YEAR ENDED 31" OCTOBER 2024 SUMMARY tr4COME AND E￿￿ENDtrURE ACCOUNT FOR THE YEAR ENDED 31" OCT08ER 2024 2024 2023 Income Summer School fees Box Office sales Donations and legaci88 Trusts and Foundations Sundry income Interest and Invesknent inwme Gains on investments Gro88 I￿Orne In th• reportlng 247,769 3,959 137,795 30,250 516 3,299 60.187 7,401 Expendltu Venue hire Venue first year set up Artists fees Instrument hlrn Bursaries and grants Other suM￿r S(*ool direct ( Consultancy feeg PromotK)n Investment management and administrative cc6ts Independent Examnerfs lee Trustee expenses Losses on investments Total Oxpendlture In the repx11ng Pthod 245,349 46,335 79.470 17,320 3,740 32.809 96,000 14,460 1.474 7.455 15,699 16.OtM) 2.652 189 170 415 10.543 Net Income lexpendrture) befwe tax for the repMirYJ year Tax paYa￿e Net income Iwendilure} forthe flnanclal year <97.578) 11,920 97,578 11,920