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 fin￿la1 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 Fran￿S Lan9 Mrs (￿or* bi?-Innes-Lillinsston Lord & Lady Bamford The Hon & th Hu* Glbson Helen Wser, Cholr Adrienne Swalbw Andrew Fletther (re￿￿ed 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 nUm￿r 512201 R•gkn•rgd oflk• Doneg)l House Bore Street Lichf ield Stofford5hire WS13 6NE Colin ￿itt F•th¢lstafF Festlval Thrector - Dam￿n Thantrey Heod of Develow*nt - Caroline ￿n9 Cperations ￿na￿Er- 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. Itstn￿tfj•s ￿￿￿1$•r8(￿ntlnu•d> forthe rendèd31Dgc•mb•r2022 Mark Cyjmey FCCA D(xns Audit Limited ColrfK)re fix Birmin￿e￿ 83 2BH Natbnd Westminster Bank PIC 47 Mark£t Street LichfSeld Stafford5hir9 6LE H￿c Bank Ptc 49 Mcrket Street Licht￿Id Staffordshire WS13 6LA Pap2 Lichfidd Festival Umlted (Ac(wnpffjyllmlt•dby8uuroht••) Choltr$stot•m•nt The ¢lx)kpresents herstotemertfor the per￿d 202? vnsa very exCI￿rga￿J bLSy ywfor LlchfEk* Fethol er￿on￿Os￿￿¥ja ￿￿er0t￿e festtval, 0Lr4QItt)Anrfve￿ry Fe￿val. th8 5gcofKI OwJmb8r WeekerKI anLI oi)yOU5CfvistmusCortert by ￿ Grknethorpe Colhgry Pnt)J. AU fourev8nts contrf￿￿ted 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[￿SerVeS￿e m￿h improved. have mtyetnEtowreserves polcy ar￿ we therefo￿ nY)ve for￿l5rd wth an but cautsoLtsopproach in thivokJtJg of trÈ 40th arnwewry celebrati0fE￿I￿lEd a 40-vore cor￿ert feotiJiry ThomosTalWs rMstorp￿Cg Spom In ollLrn abngsde D r*wCom￿s*jn From &￿nce from Bribth Comp0￿rThOmaS Hyde. text by rem0￿ed 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 Da￿e n colkjborufjon With Fu* retsn of th? Festival Ftwjrks on ts fi￿1 weekend. The O¥Jrrt)er Fesfjval. a very wekom8 aOk1￿0ntts Fe5bval cabnrkn. 15 traCt￿)n and be a pemionent ALOJrFffto1 fix1A￿e ot ttE HLb otst goty forn¥Jrd. Th8 PKJord ¥￿l￿ to thor* Fe*Nal D1￿ctOrD0m￿nThuntreY for N5 w¥KJvoOory trKird workthkh cont*v*sto ddfvèrexceptbTh21 reth both ar￿SI￿a￿ ond firVJrr*￿ty. We arp very grotefijto ow Pre￿ent kjn tXKl¥in h05tèd a receptionfor FoLnJer oryj MI￿r￿m meryknersoheod of tkE 40th anrwersory ce￿brati)n& grKJ thart our PotrorGforV* ￿e￿ht of thelr arKI sood ryjme. Speciol to Mrhoel FOb￿ant MPfof ￿lpryt0 secuffj Steph8n Ws kwolvemwrt in ourchldren'sstory-vrtjng c¢ynpeOtrJn thi5 surntt￿r. The Festvol Frerds remoin the bedrock of Iher a￿￿t￿n memb8rthip fees fwérollrg g)DrwrsNp and 05 conyrmtted a￿l￿rte mert)e￿ ONJ vokntse T￿BOard There hove beenTh) chJry85 tts PAxJrd clurrg ?0￿ IvithtrE e￿eptionoftt￿ reYwtr)n C1fAthw￿tCh9r. as hBhlEhted in rny pritsryeor ¥cotemert). txftrecostlsrg tre rÈed to keep pace wtti chorgr915rne& ore octwe see￿r￿a ￿wTr￿teestO strerwgn our £8t£WKI brry dniersty o fre5hperspe¢tive to the table. rthArthw aen JOi￿d f&iy arvj Jemy Man581 h a)22 rjs PortrerSpc*wr& O¥KI ore dewed tht carol￿ Krg, Head of ￿*￿sS Devek>pmert hosEecured trÉir SLPPOrtfor2023 ar¥J 2024 Watststo￿5 opP￿d o retod ouvgt in Lrhfiekj n SwntyEr. alw) be ustri ￿1P prorTh)te the ￿ter￿1￿￿ Fethol ard Fesbvol P forthe •arended31December2022 FkYmc•R•vl•w ) Gokngc¢xic•rn Covid-19 hos undoubtedly had o $i￿1f1Cunt impcLt th& OFeration5 of the ccmpony throu*out preV￿￿S f*nancid pèriods. however, the compony hos teen otAe to resurre norTnal operational octlvitles without restrirtiw throu*out the current finanaal perkxl. The corrp)ny hos o stron9 cash t￿lan￿. and a robust 12 month forecastin9 FXOVigOll. The companqs cost trKJse in a norr¥￿t ￿￿￿tiOnal year irncludes o smll per￿￿taSe of fixed costs, which are a￿e 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 rese￿eS ot the year end are not considered adequate in the lon9 term The Trustees hove est0￿15hed 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 li*t of restrictions foced In previous financlol period& Planned f￿Ure income and an increcsed breadth of ovents. al￿SE1de constcnt control of costs. will ensure that the chority will continue to build sufficient resources to meet it'5 charita￿e ok4ectives for the foreSeeai￿e 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)sSit￿e. These finonciol staternents therefore reflect the ]2 rr¥)nth caleniknr yaar. however. comporatwe fisures reflect a 16 m)nth pgrfod Str￿tUrn.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 e￿nts. 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 9￿rned under its Memorondum of Association and Artides of As50aation doted 16 Cttober 198L and amended 22 Morch 21x7 b) M•thodof ￿p￿￿tm•htor•l￿ctlO￿oI Trust••s Trustees are OPKK)5nted from amon?t the memiErshSp of the comFX]ny ot the AGM. The Trustees have the power to Op￿nt additiond Trustees to fill c05uoI wrancies. lJut <)nly retoin Offi￿ until the next AGM at which time they will then be elI9￿e for re-electlon Sn 05r￿ment with th& Article5 of Association. One thlrd of the directors retire at the AG￿ but are eligitAe for re-e￿ction. Posp 5 Lichfield Festlval Limited (AcOmp￿Y Ilmlt•dby s￿rantee) Truste•s' r•port (contlnugd) forth• e(r•nd•d31Decemb•r2022 e) p￿￿••(￿Pt￿dftirth• kKlu¢tkjn￿trQh￿9 of Trusts•s The inductkjn tranSns for newly a￿￿nted Trustees comFxlses an initiol meth"rwawlth the Bwrd of Tnjstees ot which a pock is prowded. This indudes a copy of the ￿vemIng docu￿Ent, o copy of the m05t rètsnt onnual report and fir￿nCId stateN￿nts. 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 charIta￿t sector cnd woportionote to th8 corry)lexity of each ro￿. During the rx￿￿OuS fTnancid peri(yJ. tha Boord of Trusteès forrned an HR Sub- Con-mittee and o w(ts creoted to fOr￿￿lise p)v reviews a5 Port of the appraisal process •> oryw1￿tknd9tfU¢￿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 profess￿nal teom. led by the Fest￿1 Director. cory out the dc￿lY operotlons of the Fe5tlval. reFQrtin9 dlrectly to the Chair and Board of Trustees Throu*out the year. and espec1g1￿ durin9 the Festival. the compjny benefits frcffi the cMsKkrot4e support of the LKhfield Fest￿01 Friends (W9￿10uslY known os Lichf￿d Festival Assocvjtion) and the assistan￿ of o substant￿1 number of volunteer& t) R￿m￿a8•M•nt The Trustees hove assessed the rr￿JOr risk3 to whith thè ecm￿Y 15 exposèd in pcrtitsJl(r those reloted to th& 0￿ratIonS 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 pl￿S 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 contir￿e 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 COmp￿V Icjw) ￿e r&spcnsible for prewrins the Trustees, rep)rt and the fIn(￿C1Cl statenpT)ts in occor¢knce with 0pViCak￿e law and United Kin*c%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 op￿ie0t10n of resou￿$, indudins the income and ex￿n￿tu￿. of the ch￿ta￿￿e cornwny for that riod In preporing these flnanaal staterrpnts, the Trustee5 a￿ required t¢>. - Select sUlta￿e (tccxmtlns wliaes and then qwy them consstently - Observe the Meth￿1$ ond Wncip￿S in the Charlties SOFP 2019 (FF6 102) - Mck judpments ond orcountins estin)Jtes thot ￿ r&asonat4e and Frudent - State whether Op￿ic[l￿AÈ accounting Strndards h(we ￿en fol*uwed. SUb￿Ct to any rmterid daixrtures cthsdosed arKI explained in the financial stotements - Prepcre the f(nonaal staterrents on the ￿Tn9 Can￿M ￿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 chI￿tal￿e companvs transactions ond disclo￿ wtth reastsna￿e c￿C￿r£￿ ot time the flnancial positKJn of the charitable corrpuny and enable them to ensure thot thè finanaal statements compty with the Corrpan￿5 Art 2￿6. They are dso res1￿51￿18 for safeswrdins thè assets of the chOritab￿ company and hence for tthing recWnO￿e stèps for the prevention and detection of fraud and other IrresNJlorities. The Trustees ￿e respx)ngt￿È for the maintenmce md integity of the wrporate arK# fin¢mciol inforrTh]tion Included orn the charftal￿e comp(T)Vs website. Legsbtion in the United ￿r)￿k)M srjvemins the prepomtion and disseminotion of finorciol stuternents mcry dffer from ￿9￿atIOn in other jurisdthons In weparin9 this repx)rL the Trustees ho￿ taken cthnt(F of the sn*1 corrponies exernpt￿n Frovided by Section 4E4 of the coMpc￿￿eS 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•ndWrtEv￿ft•￿sR•pQrtt0thtr Tru•t••sotLkhfvldFe8tknlUmk•d I wort to the chority trusteas cn my ex¢yTknIUon of the c￿COUnts of the company for the Fjeriod ended 31 De￿rn￿er 2022 whlch ore sat out on Fxys 9 to 21 R•spon$bTrtl•$ (*Y1b￿kn of rnport As thg tharity trustoes of the corrpany (and also its d￿ertOrs for the purwses of coryuny law) you c respongble for the yepar0t￿n of the occount5 in CttOrd￿ce wth the requirerrents of the CompK￿leS Act 2(J36 {'the 2(LE ACYJ Howng satisfied myself that tho C￿C￿jnts 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 t￿ried out under 5e¢tion 145 of the Chorityes Act 20ll (tthe 20llAct'l. In c(rrOn9 Out my eX￿rmr￿tlarn I have folk)wed the Dir8Cth)ns gven by the Charity Commis￿on 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 t￿caUSe l am o rnemtr￿r of Institute of Chryte￿d 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 QCCOL*ntS 9ve a ttrue and f(hr view which is not a rmtter LYJn4dered os port of on Inde￿ndent 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 Financ*al Reportins Standord apFAlco￿O in the UK ond Rapublic of IrdorKI (FF ). I hove no con￿MS and hove con* across no other n￿5 IT) connectlon with the examination to which attention should bè drown *n this report in order to enot￿9 a proper understan(lirB of the accounts to reached. M(YkC%m•y FCCA Dains Audit Linited 8irmSngham fc Pase 8 Uchfield Festival Umltsd {Acgrnp￿Y 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•1￿m. OowtSons cmd iesrjaes Cl)urftoYe octmties 8309 220 201029 2M1799 ]&1964 201029 Totslln¢om• 8309 422￿20 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 TDtdfW￿scUrrfOd￿rWtyd )14￿17 82. Al actNities to contIn￿n9 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 2￿2. the coryp]ny is er)titled to exemptK)n from audit under Sectkjn 477 of the ComFonps Act 2C06 relatin9 to smoll companle Directors, re5Wns5￿l5tIes'. - The Merntr￿rS 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 o￿ratIry8 actmties 73037 SA595 Cash fh)ws from Inv••tlrty N•t￿sh us•d &*lvltl•s 028) 022) (ffige kn wsh cath •￿￿0￿nts￿th• y•ar Cash ond cash equivalents brougit forward 7380 iool .473 46,678 173.881 Po?ll Llchfield Festlval Limited (Acompgny limlt•dby gucrantee) Not•stothoflnqnclal stat•m•nts forth• •ar•nded31Dgcomber2022 Llchfiekl Festlval Limited is a thoritalSe coMpc￿Y 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 *£¢0￿￿1n9Polkl1j 11 8asknof FThpurotknof 1k￿n￿lstatern*nt$ Th8 finanaal strjtements have teen preFxJred in a(rnrdano wlth Accountlng and RaFQrtllg by Charltiès.. state￿nt gf Rècoffmgnded PrcEti￿ appllcatle to choritles wewrins thelr o¢counts in accordance wlth tha Finanaal I&FX)rknng Standard applic01￿e in the UK and ReW￿1C of Ireland IFRS I(￿) (effective i aonuary 20191- (Charit￿S 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 pu￿1¢ 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 accoun￿n8 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 Un￿5$ 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 hi￿rIshted In the ￿n(￿￿e Po￿9W 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 0￿ratiC￿01 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(ryt￿y. 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{Tet￿n 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 fl￿d5 which 0vdIa￿a use in furtherance of the s￿C4f￿ 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 corrp￿Y has Qntit￿rnent to the incomo. it is prolxjt￿è thot tha income WIII LE welved the amount of incoff* re￿[Vable can be m905ured r￿k1￿y. 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 r￿t￿lCOtton 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. R￿lpt of a lesury. In whole or In pxt. is only considered probable when the amount cun be measured reliably ond the comwny hos tEen nOtif￿d of tho executor's intentlon to makE a distrii￿1tiOn. 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 tr*en met. then the lew is traot8d as a cont￿5￿nt assot and disclosed if moterial. Grfts in kind (k)n(rtèd for dStril￿tI0n ￿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 s￿d Donated fwlities are Induded at the value to the corrwny where thk5 con quantifiod ond o third porty is L￿ring 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 re￿ipt of economic bènefit from the use of tha itern is proba￿9 and that econom￿ tenef it can be measured rell0b￿. In accordan￿ with tha Charities SOFP (F￿ 1021, the 98naral volunteer tine of the Fri￿d5 is not recog￿5ed Pl8ose refer to the Tru5tees' report for more inform(rtK)n obout their contri1￿tiorK On receipt donoted professional Ser￿￿S and donated facilit￿5 a￿ recyi5ed on the basis of the vdue of the 9ft to the comtyjny which is the alr￿Unt the u)mpuny would have been willing to FQY to obtain serv*Trs 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% re￿Ned under Glft or doeds of c0ven(￿t Is rscowised at the time of the d)nation. Py13 Lichfield Festival Umlted ¢A￿MpanY Ilmltedby gUCfrylte•) Notsstothoflncmclol stat•ments(contlnued) forthg ear0nd￿31DoCOrnber2o22 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& ot11￿￿On to transfer econorn￿ benefit to a third porty, it ks pro￿blO thot o transfer of econorn￿ tEnèf1ts will be rewired in settle1r￿nt and the amount of thè oblyjtion ccn bo mei]sured ￿li0￿y. 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 (￿ti￿ltY aro alloc(>ted drectw to that crtiwty. ￿are￿ costs which contritrAJt6 to more th(￿ one actimty and svpiy)rt costs which ￿e not attr*AJtunL ue LWitkn¢mdwovl*ns Liatxlitiès ars ￿09￿1$ed when thère is m obli9Jtion ttc the B￿an￿ ￿￿&t dote as o result of o post event. it is wobubly that a transfer of èeonorric benefit be re¢￿I￿d in settletyEnt. and the umournt ot the setdemont can bg estinTh)ted reliakjy. Liabilities (re reco￿lsed at the rynovnt thot the compcny antriFX7tes it WN poy to settle the debt or omount it hos received os aoknnced payments for the 9)od5 or services it must prowde. prOws￿n5 are measured ot the best estirwte of the arrKxJnts required to settlg the olSl9jt￿rL Where the effert of tha time value of r￿neY 15 rnoterid. the wowsion is thed on the present vdue of those amounts. discounted ot ths pre-tox discount ratè thot rèflects the risks specific to the liability. The unwindirwJ of the discount is recowised within interest wyable oré sirrilor chorsEs. The corTwny only has financld assets and fnanaal liatxliti8s of a kind that qudify os basic finc#KKJl Instrumen￿ Ba&c finonciol instrumnts are Thti(Jly recowised ot t￿s¢￿tiOn volue and subsequent meosured at their setvemont vdue with the exception of tK]nk l(xJns which are subsequently meosured ot amrtised cost usins the effgctivè intorest rrEthod. Poge 15 Llchfield Festival Umlted (AComp￿Y Ilmltedby guur(mtee) Not•stoth•flnancid stat•m•nts(contlnu•d) forth• etyonded31De¢ember2022 2. In¢omefromthn¢rtknn$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 dOr￿tionS Grcnts and tuljic todies J¢x 20081 Jou 29290 129,2C£ 8LS91 8309 Tottsl d2notions and lesrKi8s 212￿8? 8309 eÈo3 210,799 In 202L of tho totd income from tthJnattcq)5 anct le￿￿C19s, É17S653 was to Lmrèstitted funds orKI £35146 to restrthd funds Unrestricted funds IS mtsr¥th Yeurendèd yri(xl ended 31Cl•c 2022 31 Dec 2￿1 Ticket sdes of rrerchanolse and other fun(knisin9 1771183 24 IU701 23.263 201B29 134.964 In 202L of the totd income from thoritoiae ￿t￿￿les. £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¢¢ 2022 Total Totol 16 month Y•ar•nd•d peric￿ ended 31 D•c 2022 31 Dec 2021 Establishment exFerws Donodons to locd chorfcies Consultoncy fees G)vernan￿ costs ]0.871 25 47￿￿0 8A30 25 47050 6MO 43(%7 7,126 88807 69 61(￿4 In 2fRL of the totd gJPWrt costs £51740 wos Incurred in ￿4)eCt of unrestricted funds. £10,324 was incurred throug) restricted funds. Posè 17 Lichfield Festlval Umlted (Acompany Ilmltedby 9uarr*rtee) Not•6tothoflnanclalstat•m•nt5 (continued) •(ronded3lDKgmb•r2022 ThSs is stated ofter ch￿an9 16 month Yewenthd period ended 31 D•e2022 31 Doc 2CEI Deweciotion Df tansitle fixed cssets owned by the chartty Independont examkie￿S fee 24 1gcK) I￿7s 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 sd￿1 Pension costs 38￿60 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. Fest￿07 staff No ¢MF￿0Vee re￿Ned 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 DÈcèry￿Or2C￿I Chorp for th& Fxriod 68 At 31 D6o*rfbw2CQ2 N0tbookva￿• At Sl DeTrmber a￿2 98 3ID•¢2022 31 ￿ 2CEI PrepOyrr￿ts cmd ac 3108cAOÈe 2cei Tr(xlè (red￿Or5 Other taxat￿￿ ar￿ so(xl soajrfty Other forth• r•nd•d31D•c•rnb•r2022 Browdht Incoiy C*nerrA funds fun(Is 9,7ll 8309 8L5a4) (8aOg) IVlaL7 Totd furds 422P20 (989953) IVI8L7 Brnught lftcomlng SwNxtryolfvndi.81(>•c•mb•r2021 Generd ftjnds Fèstrlcted ftJnd% 14621 31Q617 148 25891 135J461 82,6KJ Total fund5 14621 34&763 {277.7351 82.8S) tèstricted funds dxhgthe ￿Or 8ndgd & Decerrt%r 2022 to fundngrecwed from the Arts Coundl Eng(x)d. These were ¢x¥arded to o)ver free ccYrmuThtye¥ents wowKled os pjrt of th8 &JnyTW Festfvd 2ce2. 2CEI Net exFBn(tture for the ￿ (05 ￿T's10t￿M￿nt of 32187 88.CE8 Depreciotion chw D8creos& / Ihcrpo581 In thbtors hcreose In crgdtor 24 2.622) 8.165 26A72 31 73537 Posp 20 Llchfield Festlval Umltsd (AcompanYllmltedbyg￿￿1t••) Not•stotheflnaKlalstot•mentg(eontlnugd) forth earended31Dg¢emb•r2022 810•£202e 31 Dec 2021 ITJoei Ttrtd 17306] Joo D￿ngthe 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 I￿0¢unts by the current Tre(￿er, c￿re Luo. tr