REGISTERED COMPANY NUMBER: 01437526 (England and Wales) REGISTERED CHARITY NUMBER.. 509023 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2024 for North Wales International Music Festival Limited Salisbury & Company Chartered Accountants Irish Square Upper Denbigh Road Sl Asaph Denbighshire LL17 ORN
North Wales International Music Festival Limited Contents of the Financial Statements for the year ended 31 December 2024 Page Report of the Trustees Independent Examinerf8 Report ststement of Financial Activities Balance Sheet Notes to the Flnancial Statements 9 10 13 Detalled Statemont of Financial Activities 14
North Wales International Music Festival Lim ited Report of the Trustees for the year ended 31 December 2024 The Ifustees who are also directors of the charily for the purposes of the Companies Act 2006, present their report with the financial slalements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charilies preparing their accounts in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2015). OBJECTIVES AND ACTIVITIES Objectives and aims The company is established for charitable purposes, namely the promotion, maintenance, improvement, and advancement of education and enjoyrrenl of the arts, particularly by the promotion of educational rnusical concerts and the encouragement of the Aris, primarily of music, bul also drama and poetry. The objectives of the charity are lo., serve the existing core audience develop new audiences and incre8se accessibility lo include those who would not access high standard music engage directly with the community provide a platform for well-eslablished and up and coming Welsh performers and the music of Welsh composers continue to ulilise the magnificent acoustics of St Asaph Cathedral ensure close integration with the Festival marketing strategy The overriding aim of the Festival is lo provide as wide as possible a cross-seclion of the communities of North Wales with the opportunily lo experience live performances of classical music ol the highest qLJalily. This document outlines the central strands of artistic policy which govern the programming for the Festival in order to achieve this objective. The Iruslees confirm that they have referred to the guidan contained in Ihe Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning fulure aclivitles and selling the programming policy for the year. Significant activities The strategies employed lo achieve the Charity's objectives are lo provide a wide variety of Progf8mming and provide a platform for Welsh Performers and Composers. 2023 saw the final festival led by Artistic Director, Ann Atkinson MBE and the subsequent appoinlmenl of Professor Paul Mealor LVO as her successor. Paul's first festival in 2024 continued the programming of music and arts around a single theme. In 2024 this was 'Trawsnewidiad8uI Transformations,. The aim was lo build upon 52 successful years arid look lo develop an ariislically and environmentally sustainable future by embracing the rich CLJltural diversity of North Wales and celebrating our similarities and differences via music and the Welsh language. We continued our nurluring of Welsh talent and, Ihrough educationally diverse and inclusive projects, Cfealed concerts, masterclasses and workshops which helped the young into engaging with the physical environment, art, culture. local history and the ethnically rich and diverse communities around us. The artists who performed al the 2024 festival included the world renowned, The King's Singers, Welsh Folk group Ar Log. our orchestra in residence NEW Sinfonia (in a new opera by Jon Guy and Grahame Davies lo commemorate the 90th anniversary of the Gresford Colliery Disaster, joinlly commissioned by us and the Arts Council of Wales. comrnemoralion of local, North Wales history). the first brass band concert of our history, the Foden's Brass Band. the BBC National Orchestra of Wales. young local pianist, Ellis Thomas. Jeremy Huw Williams Ivoice). the North Wales Choral Union and Orchestra, Iwan Llewelyn-Jones (Piano), as well as our very firsl festival fringe series of events which included Aisha Kigs IRnB }. a poetry evening from Dr Grahame Davies, a comedy night with Manon James and a Welsh folk music night wilh Angharad Jenkins & Patrick Rimes. The fringe was an exciting edition lo the festival and look the music 'out of the calhedr81' and into the City. The festival also featured instrumental project students performing with NEW Sinfonia at our Gresford al 90 opera.. a composerfs project based around Mussorgsky's Pictures al an Exhibition (which celebrated its 150th birthday in 20241 commissioning three new piano pieces to reflect on the Mussorgsky., and our inaugural Pendine Young Musician of Wales competition. We also had three arts projects based on our theme of 'Transformalions', the result of Ihis project provided an inslallalion within the Cathedral to celebrate the Festival and highlight the theme. 'Camau Cerdd, l Musical Steps for babies to 7 year olds,. a Tols & Children's conrt, a Dementia Friendly & Inclusive concert, and our annual Community Tour wilh musicians from Live Music Now Cymru all added lo our policy ol taking the very best live classical music out and around North Wales. Page 1
North Wales International Music Festival Limited Report of the Trustees for the year ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE KEY SUCCESSES Performances As listed previously all the activity we delivered, from conceris lo all the community work, made the overall festival an achievement and success. Charitable Activities Our community and education outreach work remains an important priority. LMN Cymru musicians delivered our Community Tour, concerts for children & lots, as well as our Dementia Friendly concert. These are all free events. Education Strand The Community Art and Music project led by visual ariisls Ben Davis & Jude Wood and musician Sioned Webb worked wilh groups of adults and young people living with disability across the area. We worked with Denbighshire Social Services, STAND North Wales, additional learning needs schools and the regional centre for autism education in North Wales. The artwork produced created the dfamalic inslallalion in the Cathedral for the duration of the Festival. Our headline sponsor Pendine Park Care Homes, with their resident artist Sarah Edwards and their dementia care residents, were also involved in creating part of the installation and we engaged award winning Scollish artist, Jillian Bain Christie to work with local people loo in workshops. Our association with the William Mathias Music Centre enabled us again lo deliver free 'Cam2u Cerdd, I Steps in Music slimLtlaling fun music classes for the very young. We had sessions which were both very well allended. We also had a harp maslerclass with Alis Huws - free for both participants and audiences. NEW Sinfonia managed our well established Instrumental Project based around Gresford al go which was a new opera commissioned jointly by us from Jon Guy and Grahame Davies. The potential and enthusiasm from youngsters for this project has been phenomenal over the years. Participants of our projects many years ago were Robert & Jon Guy themselves, the founders of NEW Sinfonia. FINANCIAL REVIEW Investment policy and objectives The Board of Trustees has not formulated an investment policy since no inveslrnenls are made as such. All reserves are lo be applied lo ensuring the sustainability of the Festival and are therefore kept on accessible deposit accounts with banks. Financial results The Festival has run al a surplus of income over expenditure of £138 in 2024, having budgeted to break even. and its finances remain in a healthy slate with closing reserves equal lo 21 per cent ol current year income. Festival management continues lo exercise light control of costs and is effective in obtaining sponsorships. donations, and gift aid, which permits us lo budget for a small deficit for 2025. The Festival Manager and Artistic Director are lo be congratulated on their ability lo control costs and cultivate the good will of artists, suppliers, and supporters. Reserves policy A formal policy on reseNes was agreed at the 18th March 2013 meeting of the executive committee. It slates The trustees have sel a reserves policy which requires Ihal,. Reserves be maintained al a level which ensures that the Festival's core activity could continue during a pefiod of unforeseen difficulty. The level of reserves that would rneel this objective is eslimaled to be between 15 and 20 per cent of income for Ihe year, in aocordance with the standard recommendalion of the Arts Council for Wales. The reselve be held in cash deposits. The policy be reviewed annually, taking into account the perceived risks associated with major income streams and the previous yearfs experience of actual income and expenditure. including the liming of cash flows. A budget surplus be planned for the currenl year if the level of reseNes is below the largel levels. This is lo be done by the inclusion of approprialiDns lo reserves under Contingencies in the budget plan. A balanced budget be planned for the current year if Ihe level of reseeS is within the target levels. A budgel deficit be planned for the current year if the level ol resetves is above the target levels. Page 2
North Wales International Music Festival Limited Report of the Trustees for the year ended 31 December 2024 FUTURE PLANS Our festival theme for 2025 is 'Perceplions' the strong link between music and the human mind. We aim to explore the importance of rnusic and the arts in supporting and promoting good mental health and, through a series of concerts, workshops, maslerclasses and discussions, we examine the positive aspects of music for our menlal wellbeing. Festival artistis will include Joseph Calleja in a programme of world-famous arias featuring local pianist Ellis Thomas and soprano Branwen Medi Jones. We also welcome the renowned vocal group. APOLL05 to the festival for the first lime, as this much soughl-after choir bring us an entertainingly lush evening of choral music from Tallis and Purcell lo folk songs and everything in-between. The world-famous brass b8nd, Black Dyke Band conducted by Professor Nicholas Childs aim to raise the roof off Sl Asaph Cathedral as they present a programme of loe-tapping brass band favourites alongside original works for band. We also welcome the great TV and film composer, Debbie Wiseman OBE lo St Asaph for the first lime as she talks about her music for some of the UK's most poptjlar films and TV shows including Ihe beloved, Wolf Hall, with Classic FM'S Zeb Soanes recorded live for Classic FM wilh our own NEW Sinfonia orchestra and conductor Rob Guy performing the music for us, featuring soprano Tesni Jones. The BBC National Orchestra of Wales bring Beethoven's ever-popular fifth symphony to the cathedral for the very firsl time along with the compositions of Queen Victoria's beloved husband Prince Albert fealuring lenor Gwilym Bowen. Also, Prince Albert's teacher. Felix Mendelssohn's evocative perceptions of the Scoltish landscape where he often holidayed and Grace Williams,, one of Wales's leading composers of the 201hcentury, very first orchestral score, Hen Wali8, which incorporates the well-known lullaby, Huna blenlyn (Suo Gan}. We also welcome back the storming North Wales Choral Union and Orchestra conducted by the brilliant Tryslan Lewis with a world premiere of a mass in Welsh which has been discovered recently from North Wales composer, Caradog Roberts (who died in 19351, and a requiem to celebrate Sir John Rullerfs 80th Birthday. We also have arts projects based on our Iheme 'perceplions', the resull of this project will provide an installation within the Cathedral lo celebrale the Festival and highlight the theme. 'Camau Cerdd, l Musical Steps for babies to 7 year olds, schools and lots concerts, a Dementia Friendly & Inclusive concert, and our annual community lour with musicians from Live Music Now Cymru. The community tour wll continue in the larger community in North Wales to give all an interactive and enjoyable experience. We also host our first festival lecture, Music and the Mind from renowned psychialrisl, Professor Henriella Bowden-Jones OBE FRCPsych, a vocal maslerclass from Rebecca Evans CBE and o community workshops from Will Crawford of quielnole on Music for Mindfulness. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils governing document, a deed of trust, and conslitules a limited company, limited by guarantee, 8s defined by the Companies Act 2006. The company was incorporated on 16th July 1979 and is governed by a Memorandum and Articles of Association, which were18sI amended on 11th November 2008 Every Trustee undertakes to contribute lo the assets of the Company in the event of its being WOLJnd up during the lime helshe is a Trustee. The liability of each member will not exceed one pound {£1) for payment of Ihe debts and liabilities of the company contracted before the lime when helshe ceases to be a Trustee. Recrultment and appolntment of new trustees The appointment of Trustees is sel out in the Articles of Association, and a maximum of one Ihird of the Iruslees musl relire al each Annual General Meeting. The exception to this rule are those persons holding the following offices.. Bishop of Sl Asaph, Dean of Sl Asaph, the Chief Executive of Denbighshire Counly Council lor his nominee), and the Festival's Head Steward, who are members of the council ex officio. Every Trustee on election shall either sign a written consent lo become a member or sign the register of members on becoming a member. The members of the Company shall be the subscribers lo the Memorandum of Association. Truslees can co-opl members onlo the council (up to a maximum of six) to assist in the advancement of the Objectives of the Company, and they will be granted voting righls. Assessors appointed by the Arts Council in Wales are allowed to attend council meetings, however they do not have any voting powers. Governance and Internal Control The Council of Members meet on a monthly basis to direct the management and governance of the company. This includes reviews of the policies and protocols, developments lo services, finances and fundraising. An Executive Vice Chair is appointed by the Management Council to oversee operations by the Festival Manager. An Artistic Director plans the programme of events for the September Festival. Governance and management structure continues to be reviewed, with ongoing support from the festival's Arts Council of Wales officer. Page 3
North Wales International Music Festival Limited Report of the Trustees for the year ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Council Members The Council of Members is compiled of the following who served during the year.. Right Rev Dr Gregory Cameron The Very Rev N H Williams Mr Alun Jones Mrs Mair Dowell Ms Susan Mason Dr Kevin Sharp Mrs Kathryn Heeley Mr John Hosking Mrs Vera Savage Venerable E 8ernard Thomas Dr Prydwen Elfed-owens Mr Paul Booth Prof John Solbe Trustees are appointed by the members al the Annual Geneial Meeting after nomination in accordance with Ihe procedures laid down in the Company's Articles of Associalion. Related parties The company has a close relationship with the Cathedral in St. Asaph, which is the venue for the feslival., neither is classed as a rglaled party for accounting treatment. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01437526 {England and Wales) Registered Charity number 509023 Registered office Clo Swayne Johnson Solicitors High Street Sl Asaph Denbi9hshire LL17 ORD Trustees Dr K Sharp Professor J Solbe Venerable E B Thomas Right Rev G Cameron Mr M L Davies Ms S Mason Mrs V Savage The Very Rev N H Williams Mrs M Dowell Mrs K Heeley Mr J Hosking Mr A S Jones President The Right Reverend Dr Gregory Cameron Chairman The Very Reverend N H Williams Denbighshire County Council nominee Meirick Lloyd Davies Festival Steward Professor John Solbe Co-opted Iruslee Venerable E B Thomas Company Secretary Mr O L Williams Page 4
North Wales International Music Festival Limited Report of the Trustees for the year ended 31 December 2024 REFERENCE ANO ADMINISTRATIVE DETAILS Independent Examiner Salisbury & Company Chartered Accountants Irish Square Upper Denbigh Road St Asaph Denbighshire LL17 ORN FUNDS POLICY The funds of the Comp8ny are all unreslricled, and there are no specifically designated funds. Approved by order of the board of trustees on and signed on ils behalf by.. The Very Rev N H Williams - Trustee Page 5
Independent Examinerfs Report to the Trustees of North Wales International Musio Festival Limited Independent examiner's report to the trustees of North Wales International Music Festival Limited I'the Company'l I report to the charity trustees on my examination of Ihe accounls of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charily's trustees of the Company (and also 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 2006 {'the 2006 Acl'l. Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Acl'} In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5) {bl of the 2011 Act. Independent examiner's statement I have completed my exarllinalion. I confirm that no matters have corne to my attention in connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the Company as required by Section 388 of Ihe 2006 Act., or the accounts do not accord with those records,. or the 8ccounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fgir view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with Ihe methods and principles of the Statement of Recornmended Practice for accounting and reporting by charities (applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)). I have nc concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Jason Malischok Salisbury & Company Chartered Accountants Irish Square Upper Denbigh Road Sl Asaph Denbighshire LL17 ORN Date.. Page 6
North Wales International Music Festival Limited Statement of Financial Activities for the year ended 31 December 2024 2024 Unrestricted fund 2023 Tolal funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 120.977 105,594 Other trading activities Investment income 29,412 278 33,499 185 Total 150,667 139,278 EXPENDITURE ON Raising funds 150,529 134,552 NET INCOME 138 4,726 RECONCILIATION OF FUNDS Total funds brought fOard 32,046 27,320 TOTAL FUNDS CARRIED FORWARD 32,184 32,046 The notes form part of these financial slalemenls
North Wales International Music Festival Limited Balance Sheet 31 December 2024 2024 Unreslricled fund 2023 Total funds Notes CURRENT ASSETS Debtors Cash al bank 8,950 25,348 10,640 35,884 34,296 46,524 CREDITORS Amounts falling due within one year 10 (2,112) {14,478) NET CURRENT ASSETS 32,184 32,046 TOTAL ASSETS LESS CURRENT LIABILITIES 32,184 32,046 NET ASSETS 32,184 32,046 FUNDS Unrestricted funds 32,184 32,048 TOTAL FUNDS 32.184 32,046 The charitable company is 8nlitled to exemption from audit under Section 477 of Ihe Companies Act 2006 for the year ended 31 December 2024. The members have nol required the company lo obtain an audit of its financial slalemenls for the year ended 31 December 2024 in accordance with Seclion 476 of the Companies Act 2006 The Iruslees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounting records Ihal comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a Irue and fair view of the slate of affairs of the charitable company as al the end of each financial year and of ils surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating lo financial slalements, so far as applicable to Ihe charilable company. (b> These financial slalemenls have been prepared in accordance with the provisions applicable lo charitable companies subject lo the small companies regime. The financial slalements were approved by the Board of Trustees and authorised for issue and were signed on its behalf by,, on The Very Rev N H Williams - Truslee The notes form part of these financial stalements
North Wales International Music Festival Limited Notes to the Financial Statements for the year ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102> 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and Ihe Companies Act 2006. The financial slalemenls have been prepared under the hislarical cost convention. Income All income is recognised in the Slalement of Financial Aclivilies once the charity has enlillement to the funds, il is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commitling the charity lo that expenditure, il is probable that a transfer ol economic benefits will be reguired in selllemenl and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannol be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources, Tangible fixed assets Depreciation is provided al the following annual rates in Ofder lo write off each asset over its eslimaled useful Fixtures and fillings 1 OQ/o on cost Taxation The charity is exempl from corporation lax on ils charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives al Ihe discretion of Ihe trustees. Reslricled funds can only be used for particular reslricled purposes wilhin the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised fof particular reslricled purpose. Expenditure which meets Ihese crileria is charged lo the fund. Further explanation of the nature and purpose of each fund is included in the notes lo the financial slalements. Going concern The Iruslees have reviewed the charily's performance and all other considerations, and as a result believe that the going concern basis is reasonable. OTHER TRADING ACTIVITIES 2024 2023 Box office receipts Prografflrne and records sales Friends subscriptions Bar Income Raffle Refreshments 23,618 2,507 885 790 27,723 926 971 1,157 1,899 823 495 29,412 33,499 Page 9 continued
North Wales International Music Festival Limited Notes to the Financial Ststements - continued for the year ended 31 December 2024 INVESTMENT INCOME 2024 2023 Deposit account interest 278 185 TRUSTEES, REMUNERATION AND 8ENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year endeé 31 December 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 Oecember 2024 nor for Ihe year ended 31 December 2023. STAFF COSTS The average monthly number of employees during the year was as follows.. 2024 2023 Management and administration No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 105,594 Other trading activities Investment income 33,499 185 Total 139,278 EXPENDITURE ON Raising funds 134,552 NET INCOME 4,726 RECONCILIATION OF FUNDS Total funds brought fofward 27.320 TOTAL FUNDS CARRIED FORWARD 32,046 Page 10 continued...
North Wales International Music Festival Limited Notes to the Financial Statements continued for the year ended 31 December 2024 TAXATION No charge lo Corporation Tax arose for the current or previous years. The company has charitable exemption status for Corporation Tax purposes. TANGIBLE FIXED ASSETS Fixtures and fittings COST Al 1 January 2024 and 31 December 2024 2,043 DEPRECIATION Al 1 January 2024 and 31 December 2024 2,043 NET BOOK VALUE Al 31 December 2024 Al 31 December 2023 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors 8,950 10,640 10. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Accruals and deferred income Accrued expenses 192 11.663 315 2,500 1,920 2,112 14,478 11. MOVEMENT IN FUNDS Nel movement in funds Al 31112124 Al 111124 Unrestricted funds General fund 32,046 138 32.184 TOTAL FUNDS 32,046 138 32,184 Nel movement in lunds, included in the above are as follows.. Incoming resources Resources expended Movement n funds Unrestricted funds General fund 150.667 (150,5291 138 TOTAL FUNDS 150,667 (150,5291 138 Page11 continued...
North Wales International Music Festival Limited Notes to the Financial Statements - continued for the year ended 31 December 2024 11. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds Al 31112123 At 111123 Unrestricted funds General fund 27,320 4,726 32,046 TOTAL FUNDS 27.320 4,726 32,046 Comparative nel movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 139.278 {134.5521 4,726 TOTAL FUNDS 139.278 1134.552) 4.726 A current year 12 months and prior year 12 months combined posilion is as follows,, Nel movement in funds Al 31112124 Al 111123 Unrestricted funds General fund 27,320 4.864 32.184 TOTAL FUNDS 27,320 4,864 32,184 A current year 12 months and prior year 12 months combined nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement n funds Unrestricted funds General fund 289,945 {285.0811 4,864 TOTAL FUNDS 289.945 (285,081) 4.864 Page 12 continued...
North Wales International Music Festival Limited Notes to the Financial Statements continued for the year ended 31 December 2024 12. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. 13. COMPANY LEGAL STATUS The company is limiled by guarantee. Each Trustee guarantees £1 each. Page 13
North Wales International Music Festival Limited Detailed Statement of Financial Activities for the year ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations and sponsorships Grants 40,227 80,750 26.595 78,999 120,977 105,594 other trading activities Box office receipts Programme and records Sales Friends subscriptions Bar Income Raffle Refreshments 23.618 2,507 885 790 27,723 926 971 1,157 1,899 823 495 29,412 33,499 Investment income Deposit account interest 278 185 Total inooming resources 150,667 139.278 EXPENDITURE other trading activit188 Artists fees Artistic directors, fees Staging and instrument hirel luningl scores Dean and Chapter of Sl Asaph Cathedral Performing rights Event expenses 8ar and refreshment expenses Education project costs 63,731 16,000 8,088 5,510 1,319 12.775 524 3.300 54,773 14.989 7.955 5,720 436 5,849 563 6,777 111,247 97.062 Support costs Management Adminislralors wages and expenses Insurance Postage and slalionery Adveriising and marketing Slaff travel Festival admin support Bank interest and charges 27,005 968 164 8,862 189 294 226 27,005 961 140 8,698 259 185 202 37,708 37.450 Governance costs Accountancy and legal fees 1.574 40 Total resources expended 150,529 134.552 Net income 138 4,726 This page does not form part of the slalutory financial statements Page 14