awltynumbeTr 5k201 Llchfield Festival Limtted Trustees, report and financial statements for the period ended 31 December 2021
Lichfleld Festlval Llmlted (Acomp(vy Ilmlt•dbygutyuntso) Fferen a(knhlstratlvg dgtalls of charity. its trustse5 oomsgrs chOtr statemant Trustees, rerA)rt Indendent gxgrr4r*es r¢p)rt Siotemeftt of flncnclol ave5 Bdow sheBt Notes to t flnondal 5totsments ]2-21
Lichfleld Festlval Umlted (Acomp<myllmlt•dby guaruM) forth• erlod•nded31Dec•mb•r20a Potroni Emrna Brtdswaier Julkx) Lloyd Webber choel Fctsi¢(y)t Tony Hcxley Dudson Vk• Pr•thl•Thts Mrs Frances Long Mrs Insv-Innas-LIUlyton Lord 8 Lady Bomford Th8 Hon 8 GILEon Helen Wser, Chdr Adrfenne gwdlow Androw Hetcher Clalre Lue. Trgctsur aalre Tety (res{ed 21 May 2cei appointed 10 June 2021) Cdln Walker d( Dgtx)roh Joao Ireslgned on 17 2QO t)r K¢Jt& RorrK)no FbyrrK)rid n$011 Srr#Jn W(rtJurton 5]2201 Donesyjl House 8ore Slreet Llchfleld Stoffortshirg W&3 6NE Colln Altt Festival Dlrertor - Domlffi Thantrey H8od of Develowrent - Corokne n9 Operotions Monospr- Natolle HOarn aeor Accountlng Llchfiold Llrrlted 3L Lonthjn Llchfteld WS14 9EP po1
Llthfield Fesuval Llmlted (ACtynPY 1lmltsdbygr1mtw) f(Yth• •nd•d31D•cember2021 Mark Gjrney FCCA Dalns LLP St Johns Gyjrt WMtsII Rotjd Llchfleld Staffordshlrè 514 9DS Notlcrnl W8Stmlnster Bunk PIC 47 MorkBt Street Llchfleld Staffordshlre 8LE HSBC BankPIc 49 Markgt Street Llchfidd Staffordshtre 6LA Poge 2
Lkhfield Festlval Umlt•d (Acompuryllmlt•dbyg4Wmtq•) forth• •rtod•nd•d31DK•mb•r8fA bYpwrrntyj1f1 Fihnvy¢ru5tsvWrtrsit¥Thtrtsfirtim?thwM Cfbt•ts8ty&rtsCwdbrrAWtl•rwcrld taO¢Jrd3tlllnetrlya120. ia5extrWfdy1r&wj1VvjwèOltl0POttN&bTStspw4vXéffi%trjr#0tTrOHts1nthjthWrt W•(redWp(iThtJtlbAf,( hwtyJRgrtlsvI b•thocufWv'$firurkly. tob r87wvesto£O50. Althr•oF4tlvdEVFxb.[thtSJTF¢atdprr¥rythsPwyJKAIts1prClTt(knlty¢O1wbCcbV to819m. kuseO¥Yppcrt1vTrI taThthW0prc(Ithlxr40thT{VOrstyY rdBbratlw workJryos¢PrV(TnprM0 t•F¥d4rnclyrbdS4E(tLX4rnry BrW(n W•(roltifcrnvd tothg40thoy¥wyFetdla)22tithPty5trfILrtebotht&t1ly1¥n50X1txYoflh•Fs$tlV0I-lIrytsWy aad r(K4¢r¢1th9bS7t 0ftF40thsaXnt*rttkpUCfthrfthFQt8TqTrt0aIj1 bBEegn(xwwwent$inlE tFwrr0xhpP P¢4v 3
Lichfield Festlval Llmlted (AcomparyIlmlt•dby9u(rtra) Tnwte•s'repwt forth• rtodended31Dec•mb•r2( Th9 Trustees wesent ther onnuol raport tospther with tha independantty exanrynod finanad statements of Li¢hf191d Festivol Lirruted for the period ended 31 Dernber 2021 As tha company qualbfies os Sn11 under section the str(rt0gc rep(rt required of medium ond wmponies under The CotrpJnps Act 2 (Strats9ic Reptxt and Dlrgctorfs PeFX)rt) Fwlotions 2013 Is not required. The chorlty¥ Troin obiectw is to promrte. in¥1, 8nsDsp und educotiorn in the Arts throu the productK)n of Festivds and like $v8nts- currently an onnud multl arts &Jmmer Fesbval. a Literaturg Festival ond u Chomter Music Weekèr¥J in the Autumn. a) lknil•wof tt¥ll1•S Lkning the year. thero w05 on increase In totd income of £229,46a whith orose from on increose in tharitatle octlwties. to the èasAngof restrictK)ns Imposed around thé Covid-19 crisis. Expendtture wa5 Incrgased from th9 previous year ty £I72.180, Ogjin due to on inrxaase in active& ond as such the net effect was that incon exceedgd expenrthture by É68.ce8. resulting in in¢Tegse in totd re$ from £14621to E82.6SI The Trustees tha fdlowlng key perf0rrfon indmtors to rrSUre manas the perforrrxince ¢Jf the compJnVs Indlviduol octlvlties.. - Percent¢p of seots sold for Indrvldud events - Percent• of seats sold for indv4dual venves - Ratio of Uckets sold to ortists, fees - Proftiokility of indmdual f&stwols l&mnpr. Literoture and Chomkr) The Trustees hove eoch recèived ¢x)ples of the Chority CorThrission &Jldelwies on PulJl¢ Benefit this now forms port of the Induction Podcfor New Trustees. Tha Public Benefrt promdad by thg charity include&. - Increa8 th8 d8pth ond ouolity of peoF4e's culiurol experiencgs - Increoshs opportunities for youth through o YoungArtlst series - Creotlng o widtrrongng LeomSng and Participatn propmme for bcol and widgr resiond corrwNr#ty sroups and sthooLs The benefdorie5 are all membgrs of the pU1C and 055 Is gnoljed (Js foll¢>v - Throu* ronc8ssionary tic sthemes - Wthout chorga to frfjg events - 1 oreos of the festtvol are wheelchair Or5b Pose 4
Uchfield Festlval Llmited (Acomp<myllmtt•dbyguarn•th) forthe erlodended31Dec•mbw20 Fbn¢• R•vl•w 0)13olr8 con¢•m Covid-19 hos undoubtsdw had a slwlfflcant irnp UFxJn the ¢Jperations of the cJJrrwmy thrwout the st tsvo flnonaal rIod& however. the ¢]bil¢cy of the corr¢wmy to be oblg to resume r)r1 operotionol acbwts without rastricbon wthin the next ]2 rTh)nths looks hopeful. Tho corrpany h05 a stron9 cash bolanc8. and a rOst 12-rmnth forecasting pfoM5k)n. The c(ryanWs cost tOs9 Sn a norrrnl 4)erotional year indude5 a smoll r¢entast of fix8d c05t4 whth are a0 to be covered by the year end cash bdonce. After considerotion of these foctors. the Trustees hove reosonabk expectation thot the corrwry has more thon athqu(rte resources to continu& in 0ratIonal existance for tho next12 K)nthS At & ¢8Mr 2121 there were reserves of £82.6 The reserves wer& oll unrestrfctsd and formgd tha basis of working copltal Wng f¢yword. The level of reserws oi the Or end are not consdered adaquate the bn9 tem The Trustses have est01lshed the lèvel of resems (thot is those funds thot ore freely QlkJL4e) that the outyt to have. and considers thls to £1642IX) (in line wlth the reserves Folicy. whith requlres the level of reserves to cover ICI)X of forecost fixed costs for the next E Trnths, ond 25% of forecost Varioe costs for thg next ]2 nth5}. The current ae1 of reserves is £82.6 (2Q £1462u tt is th9 Trustees. vlew that it is prudent to enwrè thot there are suffbent reservps to provth finanaol flex11 over the course of the forthtynirByear, os we tentativety our wuy out of th re5triciK5 foced in recent t1Th5. Planned future income. glons5id8 constont eontrd of costs will 8nsure that the chortty will contlnue to sufflaert r&scyJros to m8et iv choritable obigrtives for thè foreseethle futu. c) Clwng•ln¢Kcowthgr•f•rnn¢•th Duè to restrictions ced uwn operationd octiwties wrt of the CoMd-19 4dMIE the FAanngd Literotura Fe5tivd in rth 2020 was not ab to toks FjO until Sgptember 2(EL Irs order thot finonaol P8riods rerTh]in as o)rfP]rab 05 FKIStIe (Le. indude ono &Jmrrer Festwd gnd one Lltgruture Festivol) o decision was tgkBn to chu5 the accounn8 period in Ihe with th8 colendar yecr. These rintCk)I stotsrTpnts are thgr&fore wawred for o 18 month period The otyeci of the compony is to pr(Yrts Tha Lirhfiekl Festlvol and assodoted event& Tha compary Is regstered os a o)mpony Imtted l¥ svorantee ¢Jnd was IncorForoted on 16 OrtcJer J98L Tha corr¥)ony wos re9Stered os a Chty on 7 Jgnuory 1982 wrf(h the charity nurT4Jer &22CI The comp(Try 15 swerned under its M8morondum of A55(XK]tk)n ond Arbdes of Asso(iotion dotsd 16 Ortober ]98l ond om8ndgd 22 rth 2(JA Trustses ore aFpc4ntsd from arTr)n the m&mborthp of tha corrwny at the A(X Tha Trustse5 hav8 the power to appolnt (xldTtional Trustees to fill ca5uoI vocandes. but only rotaln Offi untH the next AGM at whith timè they will thèn be eli9ble for re-election n osreement with the Artides of Assoa¢)tKin. One third of the olrectors retire ot the AGM. but are ellgble for re-019Ction. Pos* 5
Llchfield Festlval Limlted
(Acompanyllmlt•d by8ura)
TnThts•s' rnport(c¢)ntlnu•d)
forthe rfod•nthd31LYoc•mb•r21)21
The in(luctlon troinlngfor rewly opp¢intod Trustses cornp4s0s an inttk)I m8etlrywith thg Board of Trustses
Ct which o pock Is provided. Thls inclu5 o copy of the sDveming docuThnL o copy of the most recent
nuol report and finanad stotsmants. o copy of the rninutes of pIOuS Trustse rnetinsE ond o copy of
the Chcrity C(mmi55ioners ick)nCe Tha Essentiol Trustee.. period1cd. the core leodership group of the
company Cindudng existing ond newly opwintsd Trusteas) ottendèd sDVemOn tralning d¢)ys whith ore
benrficlal.
d) PaypJkyfors•nkxto11
The Trustees cre responsiblg for wowdiTVa dSrecbon to the charity and thls work Is CCTrisd out free of chars
for k)oth time ond exppnses The Festival Director Is onwd on on ¢nnud basis at rrp2rket r
Uchfield Festival UmitAd (A¢wnpanyllmlt•dbygu(Trmt••) forthe erfod•nd•d31DK•mb•r2LPI The Trustees (who ¢Tr dso dreciors of Lithfield Festival Llmlt8d for the purposes of coMpY law) (re responslkje for preporing the Trustees. report ¢7nd the finonaal stoteTrEnts in ¢]ccordan with oppllcable low 137d Und Kinom Accounting Standards (United norn &nerolty Accepted Accounung Practicex CorryJ]ny low requires th8 Trustees to preporp finanual stutemgnts for each finonaal ri0 Under comwny Icw the Trvstees must not approve the finonaol stateEnts unless they ore soti5fied thot they a true ond far vigw of the stote of affairs of the charltoble comFxJny and of the incoming resour$ ond lCation of resources IlUding the income and expenclture. of the thoritable cOrrynY fcf thot periixl. h preForins these finanaol st(yierronts. the Trustees are r9qiiired to: - sulta4 occountln9 Kx>lpoes and then OpY them consistentSy - Observe the meth¢¢J5 and win0pS in the CharittGs S)RP 2019 (Fts Ice) - Make judpm8nts ond accountins estlmotes that ore reasomblÈ cThY prudent - sta whether opKAicgtde Cntin5 stondords have been followed subject to any moterial departurgs cfL5dosed and oxrjtined in the financial stuternents - Prepare the finonaal stotements on the 9in9 ¢0M bcjsls unless It Is inapproprltite to presJrr that the charttoble CO will continu& in operoti The Trustees cjre r&SnlE1e for kwping adequote aCCtIng words that ¢)re suffiuent to show ond explain the tharitoble comp)ny's trornctions ond disdose with reasonotde accur¢xy at any tirTE th8 finonaol position of tho thoritalje compgny and engtle them to ensure thui the finonool statements ¢Orry) wth the COM]nIeS Act 21116. Thay ore olso SnsIb for safegJ¢Tdins the ets of th8 charitoble comFKJny rmd henco for taking reosonabb step5 for tha yevention ond detecuon of fraud ond other irresuk]ritie& The Trustegs a reSnSIble fcf the molntenano ond Inte4ty of th8 cortx)rote and finanaal infcxrrKition Iuded on the chorltoble comwnvs websito Le9slation in the Unitsd fin*om 9)verningthe preparntion ond di5seminoUon of finonoal statsmgnts may differ from189slotion in other jUriSdOn& In preparing thls repcrt, the Trust895 have takgn cx)knntasB of the Small componies &xtrmptw provldpd tion &4 of the Corrp]nies kt 21x6. This port w¢s approved by the Trustees on 23 Morth 2022 ond swed on their teholf by.. H•l•n Wh•r.CTh Pa7
Lichfield Festlval Llmlted (Ac¢)mpcmyllmltedby8uwty)ts•) Ind•p•ndent•xarnln9srePQrttOth• mombersof Ll¢hfleldFestlval Umltod forthe erfodwth31D•cernbor2QRI I rer•Yt to the chority tru5tses on my ex(thncrtKJn of lJ)e accourts of the comty]ny for thg period ended 31 December 21 whith ora set out on posps 9 to 2L R•winl8•undIolr•pQrt As tho charity trust8es of thè company (and aLw ts (tireciors for the kxJrF¢)ses of corrwny lawl VDU ore resFDnslbla for the weparotion of the rxcounts in 1xc0rthn wTth the requlr•rrnts of the CompMEs Act 2CC6 Cthe 2(X6 Actrl ing sutlsfwd myseff that the ottounts of the comwny ore not rewirad to be oudEted under Port16 of the 2¢XE Act <Jnd ora elisible for independent exorrtnation. I rgFQrt in rnspect of my examinoUon of your corryxjny's ¢xcounts as c¢7rl8d out under section 145 of the Chorities Aet 21Jl ('th8 2CqI Act'l In 0]rn9 out my gxomination I hove fdlowed the Directions gven by thg Charity Commis5KJn under section 145(S)(b) of tt79 20llA¢L Snce the comFnnYs STOSS Incorro exc8gded £2SIOJ) your examiner must o Thmber of a tKdy listed In sectKJn L45 of the 20JI ACL I confim thot l am qU0rIed to undertake the exominotlon becousa I crn o merrtr of Institute of Chartered Account<Jnts In Enggnd ¢Trd Wales whid) Is one of the liste(J bod0& I ho mletsd my &xorrinrtiork I cfIrM thui no matters have com8 to my (rttention In connectth wlth thg examination yvlrs ¢ause to beli• thot In ony motsrid respoct.. L o¢countins records were not kept In respeci of the (Dmpany os roquired by section 6 of the 20CE A£L. or 2. octt)unts do not ¢xcord wf(h those records. or the accounts th) not comply with the crcwnting rerwlroments of section 396 of the 2CK% Act other th any rgquirement thai the accounts gve a true (d fair wgw. whith is not a matter consldered os part of on indepgndgnt eXaVatiOn.. (x 4 the cKcovnts hove not been prepared in acth¢Tsce wth the method5 ond wntipl&s of the Statement of Rery)rrmended practi for occountlns oncl reportlng by thorltles aPFJlculJe to charities we881r accounts in o¢cordanre with th8 finonciol Reportingstrjndord opplicobb in the UK Republic of kelond ( I hove no COnmS (Yd have coma orm5s no other rrK)tter5 in connecdon with the examinabon to which crtiention should be drown in this in crdgr to enoEJe a proper under5tand.ng of the accounts to be ached MarkGum•y FCC4 Da1 LLP 8kminorn Pasp 8
Uchfield Fwtlval Umlted (AcoMpryMmWbygrt••) (kKOrporgtln8lncam•(Thl•xp•ndt{e¢t> forthe odffid•d31Decemb•r20a Totd fuThYs 18rnonth 16rnoAth 16mordh D20 ai D•c20a 8ID•c2021 81A 2020 Intom•frnm: 17W8 8W48 210.799 134884 90872 2&428 310m7 3BJ46 345763 ¢ZtIt[es 4&8 a4È 8BJ48 242J89 S55 11744 Totd fund5 tr(Jtfixword a875 820WJ e2OEO 14.821 AJI aCttkn rdot• to eontinulr£ cporoUon& The notss rm p($ ]2 to 21 frm ptrt of theso fhonckj statent&
Uchfield Festlval Llmltsd (Acompanyllmlt•dby s<1> R4lst•red numb•p. 015920J2 31 August 2QO 2021 ran>e os5¢ts 84819 100 ]2196 46.678 Cash (rt tk arld In hand 4970 58874 Cr•dtorn lomounts falling (Je wthln l year) (24253) 82Aso 34621 Crndtvrn (amwnts foNln9 dve after l year) pooxjl 82,650 14621 Unresirlcted funds Fèstrf¢ted fund5 02050 14621 82WJ 14621 For the wriod ended 31 tknrrtsr 2QL the comwny Is entitled to exemptlon from unrr *tlon 477 of tha Componles Act 2(XE relatin9 t¢ smull cornpanles Dlrertors, rospon¥bNltie&' - The membèrs hcNe not requlred the comwny to obtt¥n on uudrt of Its occounts for the perkjd In questlon in occordonce with Sectlon 476 of the Componies t 20(E. - The DIrtorS cKthowl6dge their r95ponsilytlQS for complWn9wTth the requlroments of thè Act with respect to (xcounting records and prapuratim of accounts. The flna sVJtemants wera q)proved bythe Trustees on 23 Morch 22 and s[ed on thelr Leha t•nWtw.Chdr The note5 on pasES ]2 to 21 form wrt of these flncmdal stotemen
Uchfield Festival Umlted (Acompanyllmltedbygumrt•e) Cathflow stat•ment forthe erlod•nded31D•cernb•r2021 Net C05h provKled by opgrating activitses C¢h51(•w8from knv•81kn8acUvttkns 53Ag5 ]2.976 Purthos9 of tanyble fixed assets a22> N•tcqthudln knv•sthgacdv*J•¥ 022) 53A73 48P78 12,976 Cash ond cash equSvolents brought fi)rward oJ& 46.678 PasB ll
Llchfield Festlval Llmlted (AcomparyllmltedbY8j Notsstotheflnmdal stat•ments forthe erfodendqd31D•cembgr2021 Lrhfidd Festivci Linlt&d Is a tharftcj comp]ry regstgrod in Enyond and Wdes The athjress of the r89stsred gffico is siven h the reference ond administroJon detryls on KW l of thesa finanool stotemertts. Thg nt)ture of the charty's owrotlons and prinokyJI activitie5 org d8tailed in th8 Trustses, Report The finanwl stutsments how wewred In aCr0rdun with A£countin9 (YKJ RèForting by Char{. Statement of F&corrmended Prcrbce opplicolje to charities prep2ring their gccount5 in ocCordon with the finondal F&sxJrbn9 StcndcKd opp11cake in the UK and Repukjlc of Irelond (Fts Ice) leffactive l Jry)urxy 2(J9)- (Chorthes SOFP (FF 102)), the Finanod Raportin9 Stondord oFF4thble In the UK ond PopuNic of Irelmd (FF Tr) and the C(ryorsles Art 20. Lichfield Festiwl Linlted mgets the dgfinrbon of o putlic beneflt entity undgr FI 102. ets and liobiif(ies ore initiolly recowised ot hystoriujl cost or tron¥Jction volue unle55 0thgrwi5e stgtgd In the relevont occounting kxskicy. Thg sI1fTc0nt oceounting pdides applied n the preporution of thesg flnonaol 5tgtements are set out below. Theso poliue5 hove been consistenyy QPFYled to oll pgriod5 Fxeswtsd untess otherwise Durfng the period the corrpjny chand Its repKJrbng thte to 31 tCoMI)er (weviougy 31 Auwst). The current accountins wriod is therefore l¢)nspr than one y9or. td wrs the from I Sgptemkr 2CEO to 31 Decèmber 2[ The reasons for the thon in accountitya perfod ore hi*lisht8d in the n(¢• R8Mew of the Trusteas PpOrt on Comporativg amounts we59ntsd in the fincncl stot8ments ore theref(xe not entirdy comprjroble given the dSffering lengths of the pèriods whlch they cover. IJ Golrycon¢•m After mokln9 appropriote enquir1 thg Truste have o re0sonab eyctation thui th8 comwny has adequote r8sourc8S to wntynue in OFWatn0l existsnce for o peri¢xl of ot le¢)st 12 mnths frorn the cknte of approvol of these finrmckil statements F¢x this reason they ConnUe to adcpt the 9>ng conrn tosls in pYeFYYtng thg finonool statement& The comp]ny 15 0 company lirrmtsd by suarontèo. The members of the rrP)ry ore the Trustegs ncmed on posp L In the nt of the conpany being wound UFX the liatilty In rgspeci of the arorstse is limlted to £1 per m9rnr of the company. Pa5e J2
Llchfield Festlval Umlted (Acompany IFmlt•dbygucrant•e) Notsstotheflnanclal stat•m•ntsfyontknu•d) forthe •rlodfjnd•d31Dec•mber2021 l pokknstsonthu•d) General funds unrostdrtgd fuTrJs whkh are owll¢tAe for usa at th• db(Tetion of the Trustees In furtherance of the ner04 obJoctNPS of the compony and whth h¢)ve not been rJe51Wt8d for other purwses. lnvestThnt income. g?ns and tosses orfy ¢lbc¢7ted to the appropriate fun L8 Inrn• Al intorre is c0IS8d ono the corrpuny has enttvernert to the irrr tt is prolxble thct the Inw wlll be received ond the orrM)unt of Incorn r1VOtI9 con bg measured 11¥. For189xies, entitlem8nt Is toknn as the rfler of the ¢kne on vlhrh thtr. the corryony is aw thot protkJt8 h05 teen srontsd. the estote has b8en findised notification has begn rThJde by th executorls) to tho Trust thai a d5tribution will be mcxJ&. or when o di5tributlcY7 is recelved from th8 estote. Recalpt of a lesw. in Who or in is only consid9red protrxjble when the wyjunt con I meosur8d r¥lk]tly and the hos been notifled of tho •xecutor'5 Intention to moke a dstribution. Where ]eS hove teen notlflerj to tho compjny, or the company is aware of the pntin9 of protxite. ond the crTterirJ f¢x income witK)n have not been met, then the lesucy ts treatad os a ContinTht 055et ond ¢Jsdos9(I If nTrJteriaL Grfts in knd donoted for dbtrlljj0n ore Induded ot valuation ond recogrysed 05 inconw when they ¢xe distritthed to the p@ects. &fts donated for are induded as Inco whgn they are sold. Lkriated fatilities are Indudgd ot tha volue to corr4)any where this can be quantified ond a third wrty Is arirs the c05L No fXYK)unts ore fftcluded in the fina101 statements for s8rvt8s dJna18d by volunteers. Donoted CeS or fadlltlgs ore rec¢wlsed when the comFony hg5 control over the ItgrTh ond conditkjns Qssoaatad with the donated item hove beon the r8colpt of eccnomic benafit from the use of the itemls probote ond that econorric benèfit con ba rygred reItiy. h accordan with the Chariti8S sotp [ ). the sEneral volunteer Urne of the Friends is not recoLs9 Please refer to the Trustees. reF¥)rt fcy more informotw obout their contrbution. On r1p< donot&Y professlonal s9CeS and donoted facilitias ore recowi5ed on the tXJSi5 of the vdue of the gft to th6 cofTpony which is the amount the compony would h(we t8n willing to poy to obtaln s&Nres fadlities of erylent econoFT4c InefIt M the on rThJrknL. a wrrespKJndlng orrajnt Is then recwis8d In expendVre in the period of receipt. IncoTh tox recoverab19 In rek]tlon to doncrtlons receN8d undpr &ft AVJ or ¢eds of ttjvenant is r8cosmi3ed tyc the tiTh of thg (lonatlon. Incon tox recor0e in relotion to investment inccmg Is recwlsed ot the tlrr the nvestrrwt incorr is re1vab. Other income 15 recw15ed In the period n whlth it s receivctrle to the extent that 9Jods have been promded or on completion of the serv1. Pos* 13
Lichfield Festlval Llmlted (Acomp(xyllmltedbygumrtw) Not•stotheflnanclalstat•rnentstrontlnu•d) ft>rth eTl¢xlended31DKemb•r2021 13 EynJr• Fxpgnditure is recowiswj On there is a fx construrtiV9 olJi9Jtion to transfer aconomic beneflt to a third purty. it is Wobab thot a tronsf9r of econonThc tengfits wll be required in sethement ond the amount of the oUigition con bè rraSured rella1y. Exponrfitur¢ Is daswfied by actity. The Costs of 8och ortivity ore rrKyJ& up of the totol of drart costs ond sh¢xed costs, including 5UPPrt costs involved in vndertakins eath actiwty. txrect costs ottributobla to a sins4e octmty gre dlocated thrgrtw to that activity. Shcr#d costs which contrlbute to rnre thon one activtÈy (Jnd SuOrt costs whith arg not ottrlkyjtable to o singe ocbmty are opportioned baeen those ¢xtivitSas on o bosis ¢onsistentwlth th8 use of resourS. Centrol staff costs are olbcoted on th9 bass of tlm& spen( and depreciution chor5es olkjcated p)rbon of the ¢wet's us8. gjpport costs are tkKJse costs incurred directly in SUPFXXt of expenditure on the orts of the compory and ndude projgct man(Egment camd out by the offlce. Charitab acLfv(tigs and &)vemonce costs are costs incurnd on the comwnvs educati01 operatiorns, induding support cThsts ond cosls rdating to the swmance of the corryjny apwjrtljned to charitae octlvitie& A review for irrpilrment of a red osset is carrd out if events or thonsEs in orCumstan5 inthculg that the carrying vdue of any fixed osset moy not be recoverabl8. SSortfdb betwe&n the corrying volue of fixed owts and their recover08 crrK)unt are recOLSed as impoirments Irrwirm8nt losses (re reco1590 In the %otem8nt of flnoncKJl rxtivities (incorp)roUn9 Inco ond expendture), omnt Tansible flxed assets cre c(xrigtJ ot cosL ngt of depreciotion ond cTry pon for Impiirment. Dgpreciation is provided ot role5 colculoted to write off the cost of fixed osset& less thglr e5brr*)t8d du(Jl vdue. over the eXCted usgful lives the fdlowins bases. Fwnlture. fittinss ond 8quSprwn(33% strgght line Interest funds hdd on deposit is induded when recatAe ond the arnnt con ba meosured refloY by the compony. this is nornKJky upon notrfication of the intsrest poid or p¢JyatrJè by the Poye 14
Llchfield Festlval Umlted (Acomp(ryllmltedbygUlfarte•) Not08toth•llnanddStat•m•nts(contlndj forthe •nd•d31D•cember2021 IJO D•btorn TrchJ9 ond other debtors ar8 racwused at thg sottlemgnt amunt ofter any trode oyscount offered Prep]yrnBnts are valuad at the cmount FrepJTd not of any tradg dscounts (kn. ljl C•thatbarthfnlkn hrr C05h at tmk cd In hond Indud9s ea5h and short tgm hlg)W Ilquld Inv&stnts wtth o short rThJturlty of 3 rYK)nths or less fromth& dote of acW15Etn or c¥)gnin9 of the dews or stnYkJr COUTrt u4 LkthTU•8ondwovknkn• LKJblStios ore recowised when thgre 15 an 059 at the Boknn ShW dote as o result of a p]st evert it is proLx]Wy that a tron5fer of emrK)rrHC beneflt will te retwired in setUèm?nL and the orTh)unt of the settlemgnt can te osJrrKrted rallatrjy. Liakifftlès ore rBw15ed at tha (mY)unt that th8 0)mpJry antTdpates Tt wlll pcry to setls the debt or cmount it has r¥ceived os tjdvgnced Frnnts for the gKKls or semos it must FXOVKIe. prsk)n5 ¢TQ m8tJgJred at th9 best esttrTh]t6 of the amounts requSr8d to the ol9)t[On. Whgre tho aff of the volue of money is mutarluL the wovigion is bcJsGd on the present value of those amwnt& dscountsd at the we-tox discount rote that réfierts the risls speciflc to the 11(*ilty. Tha vnwindin9of the dlscount Is reCOS withln uitsrast p¢ryab snIlar cho& The compcmy only ha5 fIrk)I assets (md flnoncld Kable5 of a khd that qudlfy 05 flnandol in5trunwnts. Boslc flnonoal instrumènts ora inltSolly reTS8d at transortJon value arKI subsequent rrnasurgd (rt thelr settjerrent volug vAth the gxc&ptK)n of lyjnk bcns whkh tye wbs8Wgnly meosvred ot K)rtised cost usin9the effèctive inter8St method. P(F 15
Uchfield Festlval Umlted (Acompqry Ihnlt•dbyguarants•) Ilot•stoth•fln(mdal•tai•m•nts(conth)wd) forthe rtod•nd•d31D•cemb•r2021 2. InaHn•fY#mdDnalns¢mdl•g(Kl•o fundB fvndB fund• funds 18 month 18 month 16 month Yoar rtrJd•nd•d p•rknd•nd•d p•rkxl•rKl•d gnded 31D•c2021 31 D•c2021 31 D•c 2021 31Aug2CeO g)onsorshlp and dongtK)ns Grgnts and putjle bodies 129208 48A45 129208 3L842 Totd donotlons ond Iwdes 174853 35140 210799 9Q872 2ceo, of the total hconw from donatn5 (md lapaes, £9Q872 wos to unrestdctod funds. Total funds Year ended 31Au9 2020 furd• 18 month p•rl)d•nd•d 31t>•c20ei TlckBt soles S¢1& of r¢hand[Se and other furrtlrotsins 23283 25.428 1349e4 2&8 kn 2ceo, of tho totd income from tharttable ¢xt(vtiie& £2&428 w05 to ktnrestri¢tsd fun( und•rtak•n Supwi Totql Totol 18 month 18 month le month Yeor pethd•rKl•d p•rbxl•nd•d pw>d•nd•d ?ded 31D•¢20 31 DK 21 31Do¢2021 31Aug 20 FestlwJLs 218.871 6U)84 277735 l(E555 Po99 16
Uchfield Festival Umlted (Acompanyllmlt•dby guarant••) Notestoth•flnfrtlal stat•m•nts (contlnu•d> forth• •rlod•nded31Doc•mb•r2021 Totd 16month 16 month 18 mofith Yeor p•rknd•nd•d p•r*)d•nd•d pl0nd•d ondad 31 2021 31D•c 2021 311)•e2021 Au9 2CPO rtlst feas Event costs Irrec0vere VAT Wws and sdorfes Notlonol Insurcnce PensTon ¢ontdtthons 82mg 74ts2 ieM78 21025 82m9 85N4 12078 34AS 26.885 &862 28.427 12900 881 24 Total drgrt costs 24022 216 64.371 In 20, of the totd othr8Ct costs, £6437Lwas Inujrred In respgrt of fgsttvol& orKJ wos oll Un$trId. SiwtvJ•ts Total 18 month 18 month Year ended 310•¢2021 31D•c2021 3IDg¢21)21 31 Aug 2ceo E5tabllshnpnt expenses t)onotk)ns to bcal charitles Consultoncy fees 7J83 38.482 43JJ67 7J28 24.790 52ll 900 50340 10?24 8LO84 4U84 In 2020, of the total SUPPKJrt costs. £4184 was Incurred in resFe¢t of fesuvols ¢Jnd was oll unrastrlcted Pts39 17
Lichfield Festlval Umlt•d IAcomponyllmlt•dby3w¢mt••) Not•stoth•firrdfjt•ments1C0ntlThd> forth• •nd•d31Decemb•r20a Thls 15 5tiJt8d oFterth¢r)9 18 month Year •nd•d endsd gIO•c2021 31Aug2rko rwodotlon of tongbk f4xgd ¢wt8 th¥n8d th• thorfty h¢J8Kvthntexorrln8r fee L8 St(ffi¢g¥ Yeor p•rlod•nd•d ended 8AD•¢Q021 3LALg Wo• ond sgkjdes se¢ty costs Penson costs 288 34086 28,426 Th8 OV8ros of Perso T0yeCI by the duthg Fertoj wg5 as erKJ8d SID•¢2021 31Au92020 Festw Staff No emF*Jyee r8cw8d remer0tn anUnt9 to nve thrm £80.CCQ kn dthgr wriod. Posp 18
Llchfield Festlval Llmlted (Acomptswlknlt•dbygwrimt••) forth• •rlod•¥W31D•c•mb•r2021 At &P4J9JSt 2trè0 &826 At 8LN¢J9JSt 2r£o arse for the perirl &826 24 At 31Ctcembw 2cei At 31W 2ceo 8IO•ee021 aAug2CEO a00 7.898 a4018 12.196 ¥ID•Eaoei SIA0 Trudt (Tedlb)rs 88 23B65 24259 8IDKa021 &A(g2ceo 2Q(XXI P•]9
Lichfield Festlval Umlted (AcOmp¥11rnIt•dbY3uartth) Notsstoth•flnanclol stat•m•nts(cOntknd) forthg •rfod•nd•d31D•c•mb•r2021 L4. Stol•m•ntolfur lEom 42WOI 8r•wht strkted funds Brthqht Ineomlry èthcted fijnds SJdO) Totd funds 844783 (277.73SJ ae 621 ErouBht forworKI hnvv (knerd f[th 8ro4ht IrKorntr¥ rd fLThJs 1875 H621 3.875 14621 stricted funds dwn9the Fwlo(J erxled 31 OeokYl)er 2CE2rdo¢e to ftJndn9recdvedfr<m the CourKil h reswnse tothe co18 cr& Those were to co%r S[k operatirrnl ctsstsfThg the Ferlod. 2ceo oXFdO for th• year la5 Fer %<¥terrt of fin¢d <tYthes? 88mO IQ744 t)epredatbn chrys Iln¢re(tsel idecrea kn (knbtrs Inttooso 1 l(*ueJsel kn u¢rltors 57.746 12.976 Po39 20
Lichfield Festlval Urnltad camp(¥yllmlt•dbygurffrrtee> forthè •rlod•nd•d311>ec•mb•r2021 20 Cath In h(nd .678 Totd .878 Lkvlngthe pwkjd ended a De(wtr 2L - kntW95t fr99, uriseoJred loan rwnthgd pW• to th• Chdr. PknIEn W5er. Thg outst1n9 trKJfXTh of the Iofm Ot th8 r8pxbns ¢S)te L8 Shown the tats48 Èelow. There cre rK) tondti(n5 Or titee$ attfxhed to the loan. Therg o ro flxed rgKXDYvrt tsrm5 attathed to the The knn Is e¥p8Cted to rewkj orKe the Tnjstees h(we satWled th$m5P Ihat the CCfflFony has suffkknt rgs¢yJrcos to fijnd workJrgCaF4td - Th8 mrrpary knojrrgd wofoslcnol f985 kn resp8Ct of pwol yo¢gsdn9 bcrA.Wkng m]no3rnt accthjrtts and fcrecosthgtty the TreaTer. adre Lue. trrthg os Cknr Accountin9 - The con¥Lry incurred prof8ssknal fws In rosps¢t of th8 W8PUQtlon and sjlxdsslon of tho stotvtrry occwnts by the rJJrfWt Tre¢rer. Cldre Lu& tr(Kth9as aefx PrttyJr7Ung - Durln9th0 p8rwyJ, the ccrfwy recdved d0tk)ns In (kn tho fonn of the 510n of wstg39 c<>urlgr Serces for Fe¥iwd trothwe8) frryn &enstone ProFerbes Urited. FInd Mans#l (¢3 cvrrpnt 8o¢Td ltsrTtsr of Lthflekl Fest1 Limitgd) Is o p8r5cn of dwlfkont c5 v4th rerd t¢ Onstr8 Properti8s Lh*ted 3ID•¢2021 31Ao Un50wI Intorestfrno lo ¢JJtstffialng Pfvparatlon and of stotutory fxcojnts Poyroll Krocessln9 1x)ok-wn9d rTr7naspmgnt occwntln9f90S Postap courigr sonA 25) 4088 60C Pap 21