R•glstered numbep. 015920]2 Charity numbeTr. 512201 Lichfield Festival Limited Trustees, report and financial statements for the year ended 31 December 2022
Uchfield Festlval Llmlted (Acornp(my llmltgdby9uar) feren and ackninistrative dstoils of the chortty. its trustees and oth.sers Cholr's statement Trustee5' rewt Independent examinews reF)Ort Statement of finla1 actiwtles BcjOn shoat Cosh flow stLltemènt Notes to the financh]I statempnts 12-21
Lichfield Festival Llmlted (Acompany limited byguaruntee) Refernnce(WKladrnini8tratlv• d•tgil$ of the compary. ltstrustees(mdodvlsers fortho •qrended31DK•rnber2022 Putror Enyna 8ridsEwcJter Julon Lloyd Webbor Mthoel Fatxicant Tony Hadley Pr•sldw kjn Ducknn Vk• Pr•sld•nts Mrs FranS Lan9 Mrs (or bi?-Innes-Lillinsston Lord & Lady Bamford The Hon & th Hu Glbson Helen Wser, Cholr Adrienne Swalbw Andrew Fletther (reed 23 Mcjrch 2cr22) Claire Lu@, Treasurer Clolre Tetley Colln Wdb DavKI Shaw K¢Jte t&)rr¥Jno RayrrKJnd Mansell SrTK)n W¢ybJrton Compcyby r•8lrt•r•dno. 01592012 Charfty r•g16t•rnd nUmr 512201 R•gkn•rgd oflk• Doneg)l House Bore Street Lichf ield Stofford5hire WS13 6NE Colin itt F•th¢lstafF Festlval Thrector - Damn Thantrey Heod of Develow*nt - Caroline n9 Cperations naEr- Notolle Haslam untant aear Accounting Lichfield Linryted 31 London 11)ad Lichfiekj 49EP Pa5E I
Llchfield Festival Ljmited (Acompany Ilmlted bygUW(mtee) Ref•renceandadmlnlstratlv•dotdlsof thecomp(wy. Itstntfj•s 1$•r8(ntlnu•d> forthe rendèd31Dgc•mb•r2022 Mark Cyjmey FCCA D(xns Audit Limited ColrfK)re fix Birmine 83 2BH Natbnd Westminster Bank PIC 47 Mark£t Street LichfSeld Stafford5hir9 6LE Hc Bank Ptc 49 Mcrket Street LichtId Staffordshire WS13 6LA Pap2
Lichfidd Festival Umlted (Ac(wnpffjyllmlt•dby8uuroht••) Choltr$stot•m•nt The ¢lx)kpresents herstotemertfor the perd 202? vnsa very exCIrgaJ bLSy ywfor LlchfEk Fethol eronOs¥ja er0te festtval, 0Lr4QItt)Anrfvery Feval. th8 5gcofKI OwJmb8r WeekerKI anLI oi)yOU5CfvistmusCortert by Grknethorpe Colhgry Pnt)J. AU fourev8nts contrfted to ts bottom kn8 LTLI the PDard are very pleosed tD r&porto rP&sOf £32J67 ot thg yeor erKJ. brryrB tkE reserve5 to £U4B17. Alth)W ou[SerVeSe mh improved. have mtyetnEtowreserves polcy ar we therefo nY)ve forl5rd wth an but cautsoLtsopproach in thivokJtJg of trÈ 40th arnwewry celebrati0fEIlEd a 40-vore corert feotiJiry ThomosTalWs rMstorpCg Spom In ollLrn abngsde D rwComsjn From &nce from Bribth Comp0rThOmaS Hyde. text by rem0ed autlK)r Alexarder COll Srnith oppilrgconcerts by the kndsky Qwrtet OLr PutrDnTony Hadley the very cesSf11 ugJul Midltsrth Choir of the YeorcoFrpettUory Tr YoLn8 Artst Sedesgoesfrorn strensth to strèr£th anLI in terms of free. comrfftryty events%%e offered a rY¥JswJrtklpallDnDoy of Dae n colkjborufjon With Fu retsn of th? Festival Ftwjrks on ts fi1 weekend. The O¥Jrrt)er Fesfjval. a very wekom8 aOk10ntts Fe5bval cabnrkn. 15 traCt)n and be a pemionent ALOJrFffto1 fix1Ae ot ttE HLb otst goty forn¥Jrd. Th8 PKJord ¥l to thor FeNal D1ctOrD0mnThuntreY for N5 w¥KJvoOory trKird workthkh contvsto ddfvèrexceptbTh21 reth both arSIa ond firVJrrty. We arp very grotefijto ow Preent kjn tXKl¥in h05tèd a receptionfor FoLnJer oryj MIrm meryknersoheod of tkE 40th anrwersory cebrati)n& grKJ thart our PotrorGforV eht of thelr arKI sood ryjme. Speciol to Mrhoel FObant MPfof lpryt0 secuffj Steph8n Ws kwolvemwrt in ourchldren'sstory-vrtjng c¢ynpeOtrJn thi5 surnttr. The Festvol Frerds remoin the bedrock of Iher atn memb8rthip fees fwérollrg g)DrwrsNp and 05 conyrmtted alrte mert)e ONJ vokntse TBOard There hove beenTh) chJry85 tts PAxJrd clurrg ?0 IvithtrE eeptionoftt reYwtr)n C1fAthwtCh9r. as hBhlEhted in rny pritsryeor ¥cotemert). txftrecostlsrg tre rÈed to keep pace wtti chorgr915rne& ore octwe seera wTrteestO strerwgn our £8t£WKI brry dniersty o fre5hperspe¢tive to the table. rthArthw aen JOid f&iy arvj Jemy Man581 h a)22 rjs PortrerSpcwr& O¥KI ore dewed tht carol Krg, Head of sS Devek>pmert hosEecured trÉir SLPPOrtfor2023 ar¥J 2024 Watststo5 opPd o retod ouvgt in Lrhfiekj n SwntyEr. alw) be ustri 1P prorTh)te the ter1 Fethol ard Fesbvol P<Jokthop. The Arts ploy onenth71 role ints mentul heutth w81-beirg of $L)cty gr de•ite the mrobk ecomm oullook oncj fv crth h tho Arts e1ked detEmNd tts ¥Jekverjoy aixj #wrot¥)n docodg akEod to al ¢omer5 of the cornr. Ho14mV41w. c•Ir 22Morth2023 Pose 3
Uchfield Festlval Limited IAcomp(my Ilmlt•dby gu(rantee) Tte•S. r•port forthe oarended31Docwnb•r2022 The Trustees FresÈnt their annuol reixxt twher with the IndgFenthntW exominsd finanaal statem9nts of Lichfield Festival Linryted for thè yeor ended 31 Derntrr 2Ce2. As the comwF)v quolrfies as smcll under section 3. the strate9c repcrt re(yirÈd of medium and lorse comFonies under The ComFJJnies Act 20Q IStrate9c P£port ond Directo5 tèport) Pogjlations 2013 Is not quIred. ob•1 ryKluctlwlil•$ o) Poklfrsand 040th•s The chortivs mcin objectNe is to promote. instxrè. 9s ond ¢xlvonce education in the Arts throusth the production of Festivols ond like events- currentW on onnuol multi arts &Jmmer Festival, o Swn9 Literature Festival, a Chcmter Musc Weekend in the Autumn. and a dedlcatad Christrws Concort DeMber. hl•v•mentsorKlp•rlorm¢ a) Rvlewof o¢ttvltl• tkJrin9 the year, thare wos on Irease in total income of £76.257, which orose from on increase in haritthlo activities, in port due to the continued easing of restrictior)s imwsed around the Cowid-19 cris& plus the introduction of o new Christms event. Expendi1re was increased from the prevbOUS year by £Jk,ll8, 09Jin dv9 to on Increose in ¢xtSMties, and as Such the net effect was that Income exceadgd oxwnditurè by £32167. resulting in an increase in totd serVeS from £82.6X) to £ll4.817. The Trustees us8 the follow1 k£y wrforman indeatS to measure rmd rrrfJw5e the perfornce of th8 comwny individual o¢tiwties'. - Percentasp of seots sold for Indwual events - Percent0 of soots sold for indivithjd venue5 - Fbtio of tickets sdd to ortlsts, fges - Profitatylity of indvidual festSvcls {&mmer, Llteroture. Chrynber and Christmos) The Trustees hcNe each reIVed coiies of the Charity Comrri5son Guideline5 on PuL4ic Benefti ond thls now fomis port of the Induct¢on packf Nèw Trustees. The Public Bgnefit povdgd by the thltY indudes.. - Increogng the depth and qjolity of tople's cultural e%rienceS - Increasing Opportunities for youth throu o Youns Arbst sedes - Creating a wide-rongln9 Learnins ond Partl]tIon pron¥nO for l(Kal and wKler regonol comrThJnlty groups and xhools The benefiaaries are all members of the W}lC oryj 0¢sS Is enabw os follows.. - Throug) concessionw ttht schenp5 - Without chorsp to free ev8nts - Al aaS of the fesuvol ore whgdchair acce19 Pa5e 4
Uchfield Festival Limited IAcomp(my Ilmlted bygu(Tt••) Trustees, reportlcontlnd> forthe •arended31December2022 FkYmc•R•vl•w ) Gokngc¢xic•rn Covid-19 hos undoubtedly had o $i1f1Cunt impcLt th& OFeration5 of the ccmpony throuout preVS fnancid pèriods. however, the compony hos teen otAe to resurre norTnal operational octlvitles without restrirtiw throuout the current finanaal perkxl. The corrp)ny hos o stron9 cash tlan. and a robust 12 month forecastin9 FXOVigOll. The companqs cost trKJse in a norr¥t tiOnal year irncludes o smll pertaSe of fixed costs, which are ae to be mred by the yeor end cash balcncè. After considerotion of these factors, the Trustees have reosonabk exFertotion that the comwny hos mre thon oY&cwate re50urce5 to continue in oper(Jtionol existen for the next ]2 month5. b) Res•ry•spoky At 31 December 2022 there were reserves of £]14817. The reserves werp oll unrestricted and formed the basis of workins capital svin9forward. The level of reseeS ot the year end are not considered adequate in the lon9 term The Trustees hove est015hed the level of free reserves (that is. those funds that are freÈly available) that the charity ouwt to have. consSthrs thls to be £189,832 (in line wlth the reserve5 which requires the levd of reserves to cover ICXX of forecast fixed costs for the Trext 12 ni)nth5. and 25% of forecast voriaLle costs for the nexi 12 monthsl The current level of reserves is £ll4.817 (2(EL. £82.6x)). is the Trustees, leW thot rc is prudent to ensure thot the are suFfrient reserves to provide finanoal flexibllity over the course of the forthc¢)rring year. rticularly in lit of restrictions foced In previous financlol period& Planned fUre income and an increcsed breadth of ovents. alSE1de constcnt control of costs. will ensure that the chority will continue to build sufficient resources to meet it'5 charitae ok4ectives for the foreSeeaie future. Chrmg• h<%¢¢tI r•f•rnrKe ¢kJt• Due to restriction5 FAoce(J uw)n operotiond actmties as P)rt of the Covid-19 pandenic in previous finanod FEfK)ds, a decision wos taken to the FKior cKcounting periocl in line wlth the cdendor year, in order thot financ+al periods remained as compjrable as rx)sSite. These finonciol staternents therefore reflect the ]2 rr¥)nth caleniknr yaar. however. comporatwe fisures reflect a 16 m)nth pgrfod StrtUrn.90v•rnanc• ard m(w•m•nt a) ConBtltutk)n The wincipo1 object of the comrJ)ry is to prorfK)te The Lichfield Festival ar assw¢Jted ents. The corrpany 1$ resistered os o comwny limited by gjorantee and was Incorporated on 16 October 1981 The compony was regsterèd as a chorty on 7 January 1982 wlth the charity number 512201 The comrxiny is 9rned under its Memorondum of Association and Artides of As50aation doted 16 Cttober 198L and amended 22 Morch 21x7 b) M•thodof ptm•htor•lctlOoI Trust••s Trustees are OPKK)5nted from amon?t the memiErshSp of the comFX]ny ot the AGM. The Trustees have the power to Opnt additiond Trustees to fill c05uoI wrancies. lJut <)nly retoin Offi until the next AGM at which time they will then be elI9e for re-electlon Sn 05rment with th& Article5 of Association. One thlrd of the directors retire at the AG but are eligitAe for re-ection. Posp 5
Lichfield Festlval Limited (AcOmpY Ilmlt•dby srantee) Truste•s' r•port (contlnugd) forth• e(r•nd•d31Decemb•r2022 e) p••(Ptdftirth• kKlu¢tkjntrQh9 of Trusts•s The inductkjn tranSns for newly anted Trustees comFxlses an initiol meth"rwawlth the Bwrd of Tnjstees ot which a pock is prowded. This indudes a copy of the vemIng docuEnt, o copy of the m05t rètsnt onnual report and firnCId stateNnts. o copy of the minutes of premous Trustee meetlns6 and o copy of the Charity Ctxnmissioners 9Jid¢)nce The Essential Trustee.. Perh)dically. the core loader5hip 0Up of the tomwny (includin8 exlstSn9 and newty OPFxxnted Tiustees) atteF)ded 9)vemanTr troining doy& which or8 benefick)l. d) Pay polkyft¥rfj•nlorrtafl Thè Trustees are responslkje for prowdins dirèction to the chartiy and this work is carried out free of charse for both tlme ond expenses. The Festwal Director is enswd on an annual tyjgs ot mcrket mtès to de51Sn the Festival prowme. The Trustees oim to poy a fcir sdury to (rttract ¢Jnd retain skilled and exFert staff. ries ond benefits ore ts5Wed to be corypetitiw within the charItat sector cnd woportionote to th8 corry)lexity of each ro. During the rxOuS fTnancid peri(yJ. tha Boord of Trusteès forrned an HR Sub- Con-mittee and o w(ts creoted to fOrlise p)v reviews a5 Port of the appraisal process •> oryw1tknd9tfU¢rn¢ddOth1On mothg The Board of Trustees comprises r)ot Is5S than 3 ond not rmre than IS mwnbèrs The Boord meets at leost quarterfy wlth sewrota sub-COFfYTyttees of relevarit Trusiee5 coverirv3 Frcrte, Propmmins HR Fundrc4sn9 A professnal teom. led by the Fest1 Director. cory out the dclY operotlons of the Fe5tlval. reFQrtin9 dlrectly to the Chair and Board of Trustees Throuout the year. and espec1g1 durin9 the Festival. the compjny benefits frcffi the cMsKkrot4e support of the LKhfield Fest01 Friends (W910uslY known os Lichfd Festival Assocvjtion) and the assistan of o substant1 number of volunteer& t) Rma8•M•nt The Trustees hove assessed the rrJOr risk3 to whith thè ecmY 15 exposèd in pcrtitsJl(r those reloted to th& 0ratIonS and flnancas of the company, and ¢ye xrtisfied that systems ond procedures ore in place to mtb9318 exposuro to the rrnJ rlsk& The Trustees molntoin a Flsk Fè9stsr which is remewed regularfy. with hi rlsk or time sensrfclve Items for db5cussion ot Boord Meetin PkThforfutur• p•rhxls a) Futurn d•v•bpments Over the next yaar. the Boord plS to rrx]intoin the current level of res&rves throu continwus and ri5wous oversi*t. ond continue to roise the FestNd's profile to mointoin fundn9 and WOdu o programn that demornstrotes trx)th commrcial appeal ond (rt15tic intewty. Durin9 the current year. a successful Chrlstmas Concert was introduced to thè Festival's reFErtoirè, and this is anned to contire into future ods Further inforrwtK)n can found in the Chair's stoternent Pcp6
Llchfield Festival Llmlted (Acompany Ilmlt•dby guar(mts•) Trustws, rnport (continued) forthg ettended31DK•mb•r2022 The Trustees (who also drector5 of Lichfield Festlvd Lirrmted for thè purposes of COmpV Icjw) e r&spcnsible for prewrins the Trustees, rep)rt and the fIn(C1Cl statenpT)ts in occor¢knce with 0pViCake law and United Kinc%n Accountin9 St(n(fy)rds (United GernrK]Ily Accepted AccoLfftting Proct1}. ComFAyny low requires the Trustees to prepare financd stotements for ecth finoncTol perth. Under comFyJny law the Trustees must not approve the finmcid stotements unle55 they are satisfied thot they sive a true and far wew of the state of offairs of the chorltotAe company and of the incorr4n9 resources and opie0t10n of resou$, indudins the income and exntu. of the chtae cornwny for that riod In preporing these flnanaal staterrpnts, the Trustee5 a required t¢>. - Select sUltae (tccxmtlns wliaes and then qwy them consstently - Observe the Meth1$ ond WncipS in the Charlties SOFP 2019 (FF6 102) - Mck judpments ond orcountins estin)Jtes thot r&asonat4e and Frudent - State whether Opic[lAÈ accounting Strndards h(we en foluwed. SUbCt to any rmterid daixrtures cthsdosed arKI explained in the financial stotements - Prepcre the f(nonaal staterrents on the Tn9 CanM S4$ unless it is inawropriote to presuryE that the tharitable compjny wll continue In operation The Twstee$ ¢xe responsib for keeFing ojequate aEcountins records thoi cre sufficient to show and exploin the chItale companvs transactions ond disclo wtth reastsnae cCr£ ot time the flnancial positKJn of the charitable corrpuny and enable them to ensure thot thè finanaal statements compty with the Corrpan5 Art 26. They are dso res15118 for safeswrdins thè assets of the chOritab company and hence for tthing recWnOe stèps for the prevention and detection of fraud and other IrresNJlorities. The Trustees e respx)ngtÈ for the maintenmce md integity of the wrporate arK# fin¢mciol inforrTh]tion Included orn the charftale comp(T)Vs website. Legsbtion in the United r)k)M srjvemins the prepomtion and disseminotion of finorciol stuternents mcry dffer from 9atIOn in other jurisdthons In weparin9 this repx)rL the Trustees ho taken cthnt(F of the sn*1 corrponies exernptn Frovided by Section 4E4 of the coMpceS Act 2crE. This rewrt W05 apwove the Trustees on 22 Mcrth 2(E3 ond g9red on thelr behdf by: H•l•n •r.Ch Pas? 7
Uchfleld Festlval Llmlted (Acomp(x)y Ilmltedby guarantee) Independentex(Thlnerfs r•porttothe memb•rsof LlchfieldF•stlvd Limited forthe e(rended31Dgc•mber2022 Ind•p•ndWrtEvft•sR•pQrtt0thtr Tru•t••sotLkhfvldFe8tknlUmk•d I wort to the chority trusteas cn my ex¢yTknIUon of the cCOUnts of the company for the Fjeriod ended 31 Derner 2022 whlch ore sat out on Fxys 9 to 21 R•spon$bTrtl•$ (Y1bkn of rnport As thg tharity trustoes of the corrpany (and also its dertOrs for the purwses of coryuny law) you c respongble for the yepar0tn of the occount5 in CttOrdce wth the requirerrents of the CompKleS Act 2(J36 {'the 2(LE ACYJ Howng satisfied myself that tho CCjnts of the cotr4)uny a not required to ouditsd under Part 16 of the 20QE Act ond are ali9tde for indewndent exominution, I r&wrt in respect of my examinotiori of your componvs accounts as tried out under 5e¢tion 145 of the Chorityes Act 20ll (tthe 20llAct'l. In c(rrOn9 Out my eXrmrtlarn I have folk)wed the Dir8Cth)ns gven by the Charity Commison under sgctvn 145(51(b} of the 20llAct Ind•p•nd•nt•xixnkn•tsstotem•nt Snce the componvs woss income exceeded £250.(KK) your examiner must tp o men&r of o tKKly1Ssted In section of the 20ll Act. I confirm that l am qudthied to undertake the èxaminotion tcaUSe l am o rnemtrr of Institute of Chryted AccountcY)ts Trn Engcnd and Wdgs which is one of l+sted b¢xlies I have completed my examinubon. I confirm thot no tr%rtters hove ccyne to my attentK)n in conn8Ctk)n with the exarrinatlon 9wrv3 me cause to bdpve thrjt in any material respect.. L cm)unting records w8re not k£pt in respect of the company as qUIred by section 6 of the 21x6 ACL. or 2. tha accounts ok) not [rd with those records.. or a the accounts do not comply with the accounting requireryEnts of section 6 of th& 2CTh Act other than cffty requiremont that the QCCOLntS 9ve a ttrue and f(hr view which is not a rmtter LYJn4dered os port of on Indendent exurTYnOtion: or 4. the accounts have not been pr8par8d in accord(y)Eè With the ryEthods and princiFJes of tho Stuiement of t&commgnded Prortke for accounting and reFX)rting ty charities apFAicable to charities prewxln9 their accounts in aCcOrdcn with the Financal Reportins Standord apFAlcoO in the UK ond Rapublic of IrdorKI (FF ). I hove no conMS and hove con across no other n5 IT) connectlon with the examination to which attention should bè drown n this report in order to enot9 a proper understan(lirB of the accounts to reached. M(YkC%m•y FCCA Dains Audit Linited 8irmSngham fc Pase 8
Uchfield Festival Umltsd {AcgrnpY Ilmttedby gu(r(nt) Stat•mentof fln(#xld (Ktlvltl•s Oncorporatln9lnum• and•xp•ndtW•¢XCOUht) forthe e(Yended31D•c•mb•r2022 Total fund5 Totdfun month Y•qr•nd•d Y•£rgndgd Y•or•rtd•d pedod ended 3kD•c 2022 3ID•c2022 310•¢ eo22 31 Dec 2QEL I¢M•1m. OowtSons cmd iesrjaes Cl)urftoYe octmties 8309 220 201029 2M1799 ]&1964 201029 Totslln¢om• 8309 42220 34&763 Charthbb octitht¢s 4&6 381 8J09 889O&9 277.7 Totd•xp•ndiur• 381 8200 989053 277.735 N•tmov•m•ntknfvnd• 32187 32J07 e8.8 R•concll¢¥lk>n of fund*. Tcitcl funds forward 820$) 14621 TDtdfWscUrrfOdrWtyd )1417 82. Al actNities to contInn9 oFerau(& The notes on ]2 to 21form of thsse finarK¥Jl statenEnts Pop9
Lichfield Festlval Llmitsd (Acompany Ilmltedbyguwant•e) Reglstor•dnumb•r. 01592012 Balancesheet as at 31Dec•mber2022 310•c•mb•r 2022 31 f*cember 2(1 Fh•d as8•ts assets 98 Dgbtors Cash ryt k)onk (nd in hand 10 8347 173081 34.819 oe 134.970 Cr•dltors (arrvjunts follSng dug within l year) 7348) (52.418) ll4m7 82.650 ll4MI7 82.65) Chc•tyfunds Unrestrirted funds Restricted fund5 ll4A17 82.6%) fottlfwds ll4017 82.650 For the year ended 31 Detsmber 22. the coryp]ny is er)titled to exemptK)n from audit under Sectkjn 477 of the ComFonps Act 2C06 relatin9 to smoll companle Directors, re5Wns5l5tIes'. - The MerntrrS hove not required the ci)mFxJny to obtain crt audlt of its accounts for the perlod h question in cKcordance with Section 476 of the C¢xnponies Act 20J6. - Thè Directors acknowledF thelr responsibibties for complwns with the reouir8rrEnts of the Act wlth respèct to accounting record5 ond preparcrtion of accounts The finanool s ere apFroved by tho Trusteos on 22 rch 2023 ond 9sned on their behdf Wls•r.Chalr The notes on pases 12 to 21 form F)CTt of these finanaal statement5. Page 10
Llchfield Festlval Llmlted
(Acomp(ny Ilmltedby gu(Ya)tee)
C05hflow statwnerrt
forthe
earended31Drfamber2022
2022
2QEI
Cthfknwsfromolxrntkng ¥V1•S
Net cash Frovided by oratIry8 actmties
73037
SA595
Cash fh)ws from Inv••tlrty
Llchfield Festlval Limited (Acompgny limlt•dby gucrantee) Not•stothoflnqnclal stat•m•nts forth• •ar•nded31Dgcomber2022 Llchfiekl Festlval Limited is a thoritalSe coMpcY re9Stered In Enyand (ZKI Wdes The athlre5s of the regstered Off1 5s gven in the reference ¢2nd administrabon details on poge l of these finrncid stotemants. The notur& of the charitvs op9ratSons cnd win(iKX)l oct[tles ore detsled In tho Tru5tees' POrt L £¢01n9Polkl1j 11 8asknof FThpurotknof 1knlstaternnt$ Th8 finanaal strjtements have teen preFxJred in a(rnrdano wlth Accountlng and RaFQrtllg by Charltiès.. statent gf Rècoffmgnded PrcEti appllcatle to choritles wewrins thelr o¢counts in accordance wlth tha Finanaal I&FX)rknng Standard applic01e in the UK and ReW1C of Ireland IFRS I() (effective i aonuary 20191- (CharitS SIJV (FFS I>). the Flnonaal ReFx)rtins Stondard aF01¢ob in the UK (nd fleputlic of Ireland (Ff61021 and the CoFry)orniès Act 2CK)6. Lichfield Festivol Limited rreets the definition of o pu1¢ benefit entity urKler FFS 102. Assets and liobilities oro initiolly recowised ot historioy cost tx tronsaction volue unless otherwisg Stotgd in thg r8Igvant occountin9 wlicy. The sisrtificant accounn8 polldes applkd in the rTrparation of these finanaol st¢Jternents ar8 set txrt }loW. These F)oliaes have Ixen consL8tently awled to all peri¢xls presented Un5$ otherwisè stoted 12 Changeln aeeountr8 perlod 9 the prewous finondal perfod the comwny chcnggd its pc[n9 date to 31 December (¥eviously 31 ALJSUSt). The corrporotive accounting parbod is therefore Ir)npr than one yecr, and cover5 tha poriod from I Septemter 2LEO to 31 DacemiEr 2 The reosons for the chanse in COUntinS wlod ore hirIshted In the n(e Po9W of the Trustees, Rewrt on po3e Compo]roti amounts Fxesented in the financid statements are ther&forg not entirely corrparabl8 gven the cffferin918ngths of the periods ¥thich they cover. L3 Golng corK•rn After moking appropriate eNuiriGS. the TnJ5tee5 have a re050notle expectation thot the compjny has oyequote resources to conttnue in 0ratiC01 existence for a Fwiod of ot least 12 rnonth5 from the dote of approval of these financial stotemènts. For this reason they continue to cxjopt the svlng concem basis Sn preporin9 the finanoal stoterllents The comwny 15 0 CQmF)ony limited by 9Jaront&e. The rnembers of the corywny are the Trustees ncyned on FO5e L In the event of the corTyJny bein9 w¢>Jnd the IlaÈility in reswct of the 9Jarantee is Ilmitèd to £1 per member of the c(ryty. Pose 12
Lichfield Festival Limited IAcompcmy Ilmltsdbygu(r•rrte•) Notsltotheflnanclol st(rt•merrts (contlnued) forth• earended31DK•mber2022 L pol£knstsonthu•d) L6 Fundaccountkng nerol funds are Ltnrestricted funds whi¢h ore avoilablo for use at the dis{Tetn of the Trustees in furtherance of the spneral ot4ectNos of the c(xrpany ond which hcNe not bgen deywated for other purposes. Restr¢t8d funds are fld5 which 0vdIaa use in furtherance of the sC4f purFX>Se for which they wer& 9ven. InvestfTEnt incon. srins and k)55es 0 ollocated to the appYopYK)te fur. L8 Incom• JI Incorne is recoy)ised once thè corrpY has Qntitrnent to the incomo. it is prolxjtè thot tha income WIII LE welved the amount of incoff re[Vable can be m905ured rk1y. For lesrJci&s. titternent is taken os the eartier of the thtg on which alther.. the company is (Miro that probate hos bèen wonted the estate h¢Js been finolisad and rtlCOtton hos bean rThJde ty the executor(s) to the Tr(Jst that o distribution WRI be made, or wher) a distribution Is rGcelved from the estate. Rlpt of a lesury. In whole or In pxt. is only considered probable when the amount cun be measured reliably ond the comwny hos tEen nOtifd of tho executor's intentlon to makE a distrii1tiOn. Where lesoaes hcNe been notified to the company. or the comwny is aware of the srontlng of probote. ond the criteria for Incomg recosrition hove not tren met. then the lew is traot8d as a cont5nt assot and disclosed if moterial. Grfts in kind (k)n(rtèd for dStriltI0n e includèd at vduation and rerylsed cs incorre when they ara ithstributod to the projects &"fts donated for res0 or8 induded as incorYE when thèy cro sd Donated fwlities are Induded at the value to the corrwny where thk5 con quantifiod ond o third porty is Lring the cost No omounts or& induded in the fimnclol statements for senriTrs donated by volunteers, DoncJted sèrvices cf facilitEs a reccwised when the ci)mpony hus control over the item, and conditions a5SOCiOted with the dtsnatad itam hove iEen met the reipt of economic bènefit from the use of tha itern is proba9 and that econom tenef it can be measured rell0b. In accordan with tha Charities SOFP (F 1021, the 98naral volunteer tine of the Frid5 is not recog5ed Pl8ose refer to the Tru5tees' report for more inform(rtK)n obout their contri1tiorK On receipt donoted professional SerS and donated facilit5 a recyi5ed on the basis of the vdue of the 9ft to the comtyjny which is the alrUnt the u)mpuny would have been willing to FQY to obtain servTrs or faaif(ies of equivdeF)t economlc benefit on the open twrket., o correswndng omount is then reco+Sed in expendtt(Jrè in the riod of recwpt. Incon tax rncoverable in relation to c*)notKfk% reNed under Glft or doeds of c0ven(t Is rscowised at the time of the d)nation. Py13
Lichfield Festival Umlted ¢AMpanY Ilmltedby gUCfrylte•) Notsstothoflncmclol stat•ments(contlnued) forthg ear0nd31DoCOrnber2o22 L pofd••lcontknugd) Income tax recoverable in rekjbon to InvestrrEnt Income Ls recogThsBd ot the time the irnve5tment income Is reTrivatAe. Other income is recwised in the perKKJ in whth it is receivc)Je (JrKI to th8 èxtent that goods hove been Frni¢d or on comFJètlon of the Se. 1.7 •n(leur• Exp8nditum Is recowised On there is a lesul or constructN& ot11On to transfer econorn benefit to a third porty, it ks problO thot o transfer of econorn tEnèf1ts will be rewired in settle1rnt and the amount of thè oblyjtion ccn bo mei]sured li0y. ExperKlltur& is classifEd by (rtiwty. The costs of each activity ore K¥e up of the total of direct costs ond 5h(yed costs, incLudlng support Costs invokved in und&rWn9 e(rh acti)rity. tlreci costs attributoble to o singe (tiltY aro alloc(>ted drectw to that crtiwty. are costs which contritrAJt6 to more th( one actimty and svpiy)rt costs which e not attrAJt<Jbb to a singe ¢xtiwity ore apportioned between those actwStl05 ori a boss consistent with the v5e of resources. Central stoff costs are allocoted on the tXlS of spent and deprecKJtion chcrsps allocated on the p)rtion of the asset's use. 9Jpport Costs are those costs incuffed directly in support of exFEnclture the 0.ects of the rnFJany and includs proj8ct marerrent carried out by the office. Ch(taLle actmties and Governance costs orè Costs Incurred on the componls etknatbnal opwutions, Includin9 SUFPOrt costs cd costs rÈkJtin9 to the sDvernc¥)ce of the corTyJny apportionsd to tharitole activities. A review for ImFKxrmont of o f¥d assot is carried out if events or chanp5 in arcurytonceS indicate that the c(rryin8vdue of ony flxsd cssot rrw not be recover(le. artfallS b8twe¢n the carryins value of fixed assets (d thelr rocoveratle rynount ore recowised as impuirments. lrnpoirment losses rEcw48ed fft the 'Statornant of financ4d ¢xtivrties (incOrF1nS income cmd exndItureY cKcounL Tarngle fixed assets are carried ot cost. net of dèpredotK)n ond cny womsion for impdrment. Oepreci(rtion is prowdèd ot rates cdculated to write off the cost of fixed ctssets less their estitfKJtèd redUal Vae, over their expected useful Iwe5 on the followlns bases.. Furniture, fittinsE equlsynent. 33% strc¥t line 19 Ir•t•r•str•c•lvabl• Interest on fund5 held on is Induded when reCeiVae tmd the amount bg ffasured reliabSy by the comp]ny. this +s normdly UFJon notifthdon of the interest Fxid w FXry(*le by tha P(4E 14
Llchfield Festlval Limlted (AcOmp(Y Ilmltedby guar(mtee) Notestothofln¢mclal statem•nts (contlnwd) forthe earendod31D•c•mb•r2022 iio Debtors Trade ond other thbtOF5 orè reeognised ot the settlet arrK)unt after cny trcKle dL5count offéred. Preptyments ore valued at the ¢xno¢Jnt yepcid net of any trade dlscounts ckje. ill CothotbunkoKlh h¢r C05h ot nk rmd in hand includps cosh ond short tem hi#)ly IicyKI inve5trnents wtth o short rrxjturty of 3 months or less from the thjte of cwuigtion or OnIng of the deFOSit or srrNlar (m>unL ue LWitkn¢mdwovl*ns Liatxlitiès ars 091$ed when thère is m obli9Jtion ttc the Ban &t dote as o result of o post event. it is wobubly that a transfer of èeonorric benefit be re¢Id in settletyEnt. and the umournt ot the setdemont can bg estinTh)ted reliakjy. Liabilities (re recolsed at the rynovnt thot the compcny antriFX7tes it WN poy to settle the debt or omount it hos received os aoknnced payments for the 9)od5 or services it must prowde. prOwsn5 are measured ot the best estirwte of the arrKxJnts required to settlg the olSl9jtrL Where the effert of tha time value of rneY 15 rnoterid. the wowsion is thed on the present vdue of those amounts. discounted ot ths pre-tox discount ratè thot rèflects the risks specific to the liability. The unwindirwJ of the discount is recowised within interest wyable oré sirrilor chorsEs. The corTwny only has financld assets and fnanaal liatxliti8s of a kind that qudify os basic finc#KKJl Instrumen Ba&c finonciol instrumnts are Thti(Jly recowised ot ts¢tiOn volue and subsequent meosured at their setvemont vdue with the exception of tK]nk l(xJns which are subsequently meosured ot amrtised cost usins the effgctivè intorest rrEthod. Poge 15
Llchfield Festival Umlted (ACompY Ilmltedby guur(mtee) Not•stoth•flnancid stat•m•nts(contlnu•d) forth• etyonded31De¢ember2022 2. In¢omefromthn¢rtknn$ondl•gacl•s Totol funds funds 16 month Yocrended period ended 31 D•c 2022 31 Dec 2CEI Y•(w•nd•d 31 D•c2022 Y•or•nd•d 31 Dgc2022 Jonsor5hip ond dOrtionS Grcnts and tuljic todies J¢x 20081 Jou 29290 129,2C£ 8LS91 8309 Tottsl d2notions and lesrKi8s 2128? 8309 eÈo3 210,799 In 202L of tho totd income from tthJnattcq)5 anct leC19s, É17S653 was to Lmrèstitted funds orKI £35146 to restrthd funds Unrestricted funds IS mtsr¥th Yeurendèd yri(xl ended 31Cl•c 2022 31 Dec 21 Ticket sdes of rrerchanolse and other fun(knisin9 1771183 24 IU701 23.263 201B29 134.964 In 202L of the totd income from thoritoiae tles. £134.964 was to unrestricted furKI& urK*rtokon dk•etly Y•ar•nd•d 31 D•c2022 Support Totrl Total 16 month y•ar•nd Feriod end2d 31D•c2022 31 Dec 2021 Y•ar•nd•d 31 D•c2022 Fèstivds and events 319948 89907 389B53 277,735 PasE 16
Lichfield Festival Umlted
(Acomp
Lichfield Festlval Umlted (Acompany Ilmltedby 9uarrrtee) Not•6tothoflnanclalstat•m•nt5 (continued) •(ronded3lDKgmb•r2022 ThSs is stated ofter chan9 16 month Yewenthd period ended 31 D•e2022 31 Doc 2CEI Deweciotion Df tansitle fixed cssets owned by the chartty Independont examkieS fee 24 1gcK) I7s 8. Staff •tr St¢ff costs were a5 folbw5.' 16 month Y•or•nd•d Feriod ended 31 D•c2022 3L Doc 2021 Wosps cmd sd1 Pension costs 3860 34,525 361 37?8 34886 The CNeras wmber of persons employed by the compony during the FEfK)d wos a5 folbw&. 16 month Y•w•ndwd period ended 31D•¢2022 31 Dee 2021 No. Fest07 staff No ¢MF0Vee reNed remLnerotion omoLmting to rrrtjre th £8Q(m in either Ptss* 18
Uchfield Festlval Umlt
(Awnpt)nylknlt•dbyguoYontee)
NDtvtolh•finrrKld stat•m•nts(contlnu•dJ
trth•
•ndod31Drf•mb•r2022
Fumllw•.
ffttkng14nd
Catt
8.948
128
btlons
9.07e
At 31 DÈcèryOr2CI
Chorp for th& Fxriod
68
At 31 D6o*rfbw2CQ2
N0tbookva•
At Sl DeTrmber a2
98
3ID•¢2022 31 2CEI
PrepOyrrts cmd ac<rued Into
8947
4608
8347
340J9
JL Cr•dknrK.
Llchfield Festlval LimSted
(AcomparyllmSt•dbygu(T
Llchfield Festlval Umltsd (AcompanYllmltedbyg1t••) Not•stotheflnaKlalstot•mentg(eontlnugd) forth earended31Dg¢emb•r2022 810•£202e 31 Dec 2021 ITJoei Ttrtd 17306] Joo Dngthe yecr eTrJed 31 2(P2.. - An Intsr¢5t frBe. unsecurpd loan to thp Chair. Hden Wser. was repod In fulL - The cryonylnoJrred professiond fee5 in respect of th8 preFWObon and sulynEson of the st(rtutory I0¢unts by the current Tre(er, cre Luo. tr<Kliry as aetyknuntirs Llfk¥ LIrted - The CoMpY inturrEd professlond fees In respect of poyroN Frocesskng Ix¥Jk-lepb)g manynt occounts (Yicl forècastjns by the current Trecwrer. Ctryrp Lue. trothg 05 crT A¢coLtnting Llchffekl Urfyted - The comwiy recwved rIatnS in On the form of the of pts8t and cowier seS for Fest1 brothuresl from eTh$t0ne Prcperbe5 Lthted. RoynK)nd Mon5ell la cwrent Board Ir of Lthf1 FeStd Lfvlted) 15 L7 pers(m of 5wwiflconi control wth rd to gEr15torE Prowbes Llnlted 31Doc2tW 31Dec 2021 Unsecured knterest freg thn outstC¥KSn9 PreWraOn ond SLknrrts4on of statutory cKcounts Poyrdl proCeSn8 ts)ok-keFMn8 and monosEent (Untin9fee5 P05tase ard cOUrr É¢Nces e50 3ffi7 ewo 250 4.688 8.8(K) Pasp 21