Reglstered numbeTr. 01592012 Charity number: 512201 Lichfield Festival Limited Trustees, report and financial statements for the year ended 31 December 2023
Lichfield Festival Limited (Acompany limited by guarantee) Contents Page Réference ornd odminislrotive deloils of the compony. its trustees ond odvisers Choir's stotement Trustees, report Independenl exominer's report io Stotement of f inonciol octivities Bolonce sheet 12 Cosh flow slolement 13 Notes to the f inonciol stotements 14-26
Lichfield Festival Limited (Acompany limited by guarantee) Reference and admlnlstrotlve detalls of the company. itstrustees andadvisers forthe earended 31December 2023 Patrons Emmo Bridsewoter Julion Lloyd Webber Michoel Fobricont MP Tony Hodley Presldent lon Dudson Vice Presklents Mrs Fronces Lang Mrs Georse Inse-Innes-Lillinsston Lord S Lady 8omford The Hon & Mrs Hu9h Gibson Trustees Helen Wiser Choir Adrienne Swollow Cloire Lue. Treosurer Cioire Tetley Colin Wolker David Show Janet Smith (oppoinled 24 July 20231 Jennifer Grohom (oppointed 24 July 2023) Kole F2omono (resiwed 19 Octo[ 2023) Floymond Monsell mon Worburton Woyne knitPb lappointecl 24 July 20231 William Bryan loppoinled 24 July 2023, resiwed 19 October 20231 Company reglstered no. 01592012 Charrty re9lStered no. 512201 Reslstered office Dor)epl House Bore Street Lichfield Stoffordshire WS13 6NE Secretary Colir) Ablitt Festlval st( Festivol Director Domion Thontrey Heod of Development - Coroline Kin9 Operotions Monoger - Notolie Hoslom (resiwed 31 Morch 20231 Festival Producer Joshuo Cioylon loppointea l April 20231 Box Office Mono*r - Cotherine Swollow (oppointed 14 Morch 2023) Accountont Cleor Accountins Lichf ielcj Limited 31 London Rood Lichf ielcl W514 9EP Pose I
Lichfield Festival Limited (Acompony limited by guarantee) Reference and administrative details of the company. itstrustees and advlsers (continued) forthe earended 31December2023 Independent examiner Mark Gurney FCCA Doins Audit Limited 15 Colmore Row Birmingham 83 28F4 Bankers NaLionol Weslminster Bonk PIC 47 Morkel Street Licbf ield Stof fordshire vS13 6LE HSBC Bonk PIC 49 Morket Sireet Lichf ield Stoff ordshire WS13 8LA Har)delsbonken Bit:, erscole House Bonehill Rood Tomworlh B78 3Ha Poge 2
Lichfield Festival Limited (A company Ilrnlted by guorantee) Chair's statement forthe earended31December2023 The choir presents her stotement f or the period. Overv6ew ThroLJgi the Literoture Festivol. the SLJmmer Festivol. the Chomber Music Weekend ond the Chrislmos concert. Lichfield Feslivol promoted over 100 outstondin9 performonces ond community events in 2023. increosing access to the orts ond Spor9 curiosity. World-class musicians in the Cothedrol Included musicol oolymath Nilin Sowhney CBE, Broodwoy stor Melisso Errico, folk legeno Kote Rosby. award-winnirns 8oroque violinist Rochel Pod9er ono the BBC Notionol Orcheslro of Wolgs. In Oiher venues oround the city, oudiences ernjoyecl on irnspirotionol blend of theotre. comedy. jozz. clossicol ond world music. There wos substontiol pre55 coveroge roisirns Ihe Festivol's prof ile ond thot of Lichf ield os o mojor culturol centre. The Festivol Direclor ond several ortists were interviewed on BBC Rodio WN. Rodio 3 ond Rodio 4. ond 'A Grimethorpe Adventure. on ASPIREI proiecl with Willows Primary khool feolured on BBC Midlands Todoy Finance In finonciol lerms. the yeor ended with o surplus of £4.609 brin9ng our reserves to £ll9 426 Ticket revenuo exceeded expectations despile odverse weother conditior)s Corporale f undins continLJes to be challen9ng bul individuol donations remoin sirong There wos no worit f rom Arts Council Enyond. but Lichf ield District Council contributed to ASPIREI our Learning & Porlicipotion progromme. ond other community events Forecosl expenditu."e wos in.creased by the necessity to :oke down and ref urbish the six sets of flospoles on the orteriol routes into the city. As f rom 2024 Ihere will be on onr)uol provision to ensure f undin8 is in ploce f or future mointenonce ond repoirs. The Boord would like to conOtu10te Domion Thontrey. Festival Director on onother hugely SLJccessf ul yeor The diversity of pro¥omming ond quolity of artists wos outstonding ond the end result. set o¥ir15t continuing turmoil In Arts fundin9 and the cost of living crisis. a solid f inonciai ochievement. St(zfflng,the Board ond Potron5 Notolie Hoslom. the Operolions Monoser. left the Festivol in FebrLJory ond wos reploced by Josh Cloyton in the role of Fe5tivol Producer. Cotherine Swollow olso joined Ihe compony in the Sprin9 Lo run the box office on volunteer contingent Both endured o boplism of f ire but hove flourished in their new roles. We were sorry to lose Kole Romono os o Trustee this &Jmmer - o victim of her own success os Chief Executive ond Artislic Director ot Stopleford Gronory Aris Centre in Cambridge However. we ore delishted to welcome three new Trustees lo the Boord. Jennifer Grohom. Jonet Smith ond Woyne Smith. oll of whom bring specific sknlls ond expertise to the loble. We ore Ihrilled thot historion. writer ond broadcoster Trocy 8ormorn become o Potron in Januory 2024 10 chompion our literory endeovours. We thonk our President. lorn Dudson C8E ond Potrons Julior) Lloyd Webber. Emmo 8ridseWOter Tony Hodley M8E ond Sir Michoel Fobricont MP for their continuins odvococy ond friendship. Pase 3
Uchfield Festlval Umlt•d (A¢ornp¢myllmlt•dbygiwxryit••) ChdV••tat•rn•nt (Wftlnu•d) forthe a•nd•d31 D•c•mb•r2023 Èver. the Board Is extrèm8W got8ft to thg thhfld Festivd Friends Comnlttae md M8mbershiB whose encourment enthuslcsm ond financ1 suFwt lie5 at the very hecrt of the ¢omwry. My find voté Of thonFs to our Treosurer Claire Lu9. Wh occountirs skilLs and sound oJknce continue to ensure W finanaal oversig)t td understonthng We Iwkforward to another exdtSng year thgod unltlng heorts ld nrriryjs In the UnerS lanswv of and the ¢Jeotive o Wls•r.Cho Page 4
Lichfield Festival Limited (Acompany limitedby guarantee) Trustees, report forthe earended 31 December2023 The Trustees present their onr)ual report together with the independently exomined f Inonciol stotements of Lichf ield Feslivol Limited for Ihe yeor ended 31 December 2023. As the compony quolifies os srmll under section 383. the strote9c report required of medium ond lorge componies under The Componies Act 2006 (Strate9C Reporr ond Direclor's Reporil Re9Jlolions 2013 Is not required Obiectfves and activities o) Review of actlvitles During the yeor. Lhere was ag increase in choriLoble octivilies. due in port to the srowins populority of the relotively new Chomber Festivol ILoknn9 ploce onnuolly in the autumn). plus o husely successf ul Chrisimos event in collaboration with Ex Cathedro. In spite of the Increosed octivity. totol income sow o minor reducLion of £4.935 in comporison to the prior yeor. os ticket sole income for the Christmas eveni wos shored wilh Ex Colhedro. Expenditure wos increosed from the previous yeor by £22.623. os expected in lir)e with the increose in choritoble octivities. bul olso os o result of some inflation across certoin oreos of the c05l bose Overoll. Ihe net eff ect wos Lhot income exceeded expenditure by £4,609, resultins in on increase in totol resepjes from £ll4.817 to £llg,426. b) Key flnan¢501 perfornionce Indrators The Trustees use Ihe followins key performance indicotors to meosure ond monosE the performonce of the compony's individuol oclivities Percentop of seoLs sold for individuoi ever)ts Percenta9è of seots sold for Individuol venues Rotio of tickets sold lo ortisls, f ees Profitobility of indiviauol f estivols (Summer. Literoture. Chomber ond Christmos) c) PublSc benefft The Trustees hove eoch received copies of Ihe Chority Commission Guidelines on Public Benefit ond this now forms port of the Induction Pock for New Trus:ees The Public B@nef It provio@d by the chority ir)cludes". Increosin9 the depth ond quality of people's culturol experiences Increosing opporiunilies for youlh Ihrough o Young Artist series Creotin8 o wide-ronglng Leornins ond Porticipotion prosramme for locol op.d wicjer regonal comrnunity 0upS ond schools The benef iciories ore oll members of the public ond occess is enobled 05 f ollows.. Through concessionory ticket schemes Without chorge to free events All oreos of the fesLivol ore wheelchoir accessit)le Pose 5
Lichfield Festival Limited (Acompany limited by 9uorontee) Trustees. report Icontinued) forthe eorended 31December2023 Finonce Revlew a) Golns concem Covid-19 hos continued to chonse Ihe londscope of the hospitolity irndustry since 2020 Whilst the compony hos been oble to resume normo.. operotionol octivities without restriclion. the Trustees hove observed o chonse in boonS hobits ocross eoch of the company's events In porticulor. one of the lostin9 trends hos been o reduction in odvonce bookinss. wilh o hi¥or percentoge of lickets now sold In Lhe f Inol weeks before on event, or even on the door. This hos on impoct upon coshflow. and requires observotion Ihroughout the yeor. The compony continues lo hove o strons cosh bolonce. ond o robust 12 month forecosting provisior) The company's cost bose in o normol oporotionol yeor includes o smoll percentose of f ixed costs. which ore oblo to be covered by the yeor end cosh bolonce. mitiwtin9 coshflow concerns. Af ter considerotiop, of oll relevont focLors. the Trustee8 hove reosonoble expectotion thot the company has more thon odequote resources to continue in operotional existence f or the nexl 12 mornths ond beyond. b) Reserves poficy At 31 December 2023 Ihere were reserves of £ll9.426. The reserves were oll unrestricted and formed the bosis of worknn8 copitol goins forword. The level of reserves ot the yeor end ore corTrsioered odoquole In the lon9 term. The Trustees have esPoblished the level of f ree reserves (that is. those funos tho". ore f reely ovoiloblel thoi the chorily out to hove, ond cop.siders this to be £109 417 lin line wilh the reserves oolicy (omended (Jurin9 Ihe yeor). which requires the level of reserves lo cover 100% of f orecosL fixed costs f or the nexi 12 months). The current level of reserves is £ll9.426 12022. £ll4.817). It is the Trustees, view thot it is prudent 0 ensure thot there ore suff icienl reserves to provide finonciol flexibility over the course of the forthcomin9 yeor. porticulorly in lisht of restrictions f oced in previous f inancial periods Pionned f ulure Income ond on Increosed breodLh of ever)ts {KxJrliculorly in the woy of community porticipolion). olons5ide canstant control of cosls. will ensure Ihol the chority will continue lo build suf ficient resources to meet it's choriloble objectives f or the foreseeoble f uture. Poge 6
Lichfield Festival Limited (Acompony limited by guarantee) Trustees, report (continued) forthe earended 31December2023 Structure.govemance and monagement a) Constltutlon The principo! object of the compony is to promote The Lichfield Festival and ossocioted events. The company is resistered os o compony limited by gjarantee ond wos incorporoled on 16 October 1981. The comwr)y wos reg'slered os o chority on 7 Januory 1982 with Lhe chorily number 51220L The comwny is governed under its Memorondum of Associotion ond Articles of Association doted 16 OctODer 1981. and omegded 22 Morch 2004. b) Method of oppointment orelectton of Trustees Trustees ore oppointed from amongsi the membership of the compony ot the AGM. The Trustees hove the power to oppoinl oddiiionol Trustees to f ill cosuol voconcies. but only reloin off ice until the nexl AGM ot which time they will then be eli9t)le f or re-ekection in oweemenl with the ArLicles of Associotion. One third of Ihe Trustees retire ot the AGM. but ore e'i9ble for re-election. c) PofKies adopted forthe induction and trolnlng of Trustees The inductior) troinirn9 for newly OPF)ointed Trustees comprises on initlai meetin9 Wlth the 8oord of Trustees ot which o t>ock is provided. This includes o copy of the sovernins document. o copy of the most recent annual reporl ond finonciol stotements. o copy of the minuLes of previous Trustee meetin9s ond o copy of the Chority Commissioners guidance The Essentiol Trustee Periodicolly. the core leadership group of the compony (includins existins ornd newly oppointed Trustees) ottenoed soverrTronce IroinirTr9 doys. which ore benef iciol. d) Pay p0CYforSenIorstaff The Trustees ore responsible for providins direction lo the chority ond this work ig corried out f ree of chorso for both time ond expenses. The Festivol Director is ensr)sÈd on on onnuol bosis ot morket roles to desiw the Festivol progromme The Trustees oim ro poy o foir solory lo oLtrocl on(J retoin 8kn'llec5 ornd experi stoff. Solories ornd bernef Ils ore desisned io be competitive withiq the choritoble seclor ond proportionote to Ihe complexity of eoch role Durin9 2021 the 8oord of TrLJslees formed an HR Sub-committee ond o policy wos creoted to f ormolise wy reviews os part of the opproisol process. e) Orgonisotional structure and declslon maklng The Boord of Trustees comorises not less thon 3 ond not more than 15 members The Boord meets ot leost qLJorter.'y with seporo:e sub-commi.lees cf relevont Trustees coverins Fir)ornce, Proyommins HR, Norketin8 ond Fundraisirns. A professionol teom. led by Ihe Feslivol Director, corry out the doily operotior15 of the Festivol, reporting directly to the Choir ond 8oord of Trustees. Throughout the yeor. ond especiolly durins thé Festival. the compony berief its f rom the can5ideroble support of the Lichf ield Festival Friends (previously thown os Lichfield Festivol Associotion) ond the ossisLonce of o substontial number of volunteers. Pose 7
Lichfield Festival Limited (Acompony limited by guarantee) Trustees, report (continued) forthe earended31December2023 Structure. sovemance ond monogement (continued) f) Rlsk manasement The Trustees hove ossessed the mojcf risks Lo which the comoony Is exposed. in porticulor those relo:, ed to the operotions ond f inonces of the compony. ond ore sotisfied thot systems ond procedures ore in ploce to mitiscte exposure 10 the moJor rists. The Trustees mointoin o Fl"sk Re9Ster which is reviewed re9Jlorly. with hish risk or time sensitive items fI0d f or discussion at 8oorO Meeiin9S. Plans forfuture perlods o) Future developments Over the next yeor. the Boord plons to mointoin ihe current level of reserves Ihrou continuous ond ri9)rous oversit The Boord hopes lo mointoin the reserves bolonce by cor)tinuins to fclse the Festivol's prof ile to mointo,'n fundin9 ond produce o prosyomme that demonstrotes both commerciol oppeol on.d ortlstic intesfity. whilst ensuring on oppropriote use of f unds on o wider Leorning S Porticipotion prosromm.e. During the prior yeor. o Christmas event wos introduced to the Feslivol's repertoire. This successf ully continued into 2023. ond ollowed for o much steodier slreom of Income throushout tne year. with an odditiornol coshflow boost In o previously less active period. This is plonned to conlipue Into future periods. Poge 8
Uchfield Festlval Umlted (Acomp¢ry Ilmltgdby s71t••) Tnxt••s' r•port (cortlnu•d) forthe e¢rended31 D•rnber2023 The Trustees (who ore dso directors of Lichflèld Festival Llrrited for the wrposes of compjny Icw) are reswnslble for pP2rtng the Trustees, rep)rt and the flnandd statamonts in accordance wrch apFlieo1 law and Unlted knrBJcm Accountins Stanc%Jrds (United 1Sn9Jom Genèrolly Accepted Accounting Prtttice>. Compony law requires the Trusteés to prep flnandal stotements for each f5nancial Feriod Under mP)nY the Trustees must not approve the fin1ClaI staterrnts unless thèy ore satisfied thot they sive o tnje and folr view of tha stote of affairs of the choritthle corryJny and of the incomirs SoUrS and aFF4icatlon of resource& induding the Income ond expenditure, of the charrtatde comwny for that porits In these flnoncial statements. th¢ Trustees ore requlred to: - Select suitoÈ4e occountln9 ldeS and then aFF4y thern consIstenY - Observe the methods and Kyndples In the Charftles 2¢J9 (FFS Ice) - judsErronts ond oc¢ountlns estlrrntes that are rect4e and prudent - State whether opyicat4o oecounting stan(SJrds hove teen fdlowed. sutr4ect to any motedd deFortures d5sdosed and explolned In the finandal stotements - Prepjre the finondol Statennts on thg sDin8 concom txjsis unlèss r( iq Inapproprfate to vesu that the tharltot4e COmF#Y WIII cOnre In OFemtlon The TrLtrStees ore reswn5itre for keeping adequate ¢Jccountlng records that ore suffiaent to show arKI explain th dr[table comFX)nVs tronsactions and disdose with reosonatdfr occuracy ot cny the fIrnd01 Fostion of the thorltatk comwny ond enotle them to ensu thot the finanad stotements com[Y wfth the Companies Act 2(t6. They a olso responsible for >Jfesuardtng the assets of the tharftable comPY ld hents for tokjns r•osonat4e stgps for the wevention ond detectlon of fraud ond other IrregJlorrties The Trustegs orè resF0nsile for thg rrK4Trtenan ¢d ffttety of the corwrate and flnandol Inforni1on Induded on the thcrftotje wmpjnvs web4te. LesidoYon In the Unrted Kin3Jom pvemlng the yepar(rtion and dissemilxOn of finanaol stotements moy dlfferfrom legslotion in other jurisdirtiors In wepJrin8 this reFrt)rL the Trustees have toltsn cthcntase of th6 Sn1] companles exemptlon promded by Sectlon 41&4 of the Corrpjnles Act 2tX6. Thls reFQrt was opproved by the Trustees on 13 Mcrch 2Ce4 and sied on thelr beha ty. H•l•n Pose 9
Lichfield Festival Limited (Acompany limited by guarontee) Independent examiner's report to the Trustees of Lichf ield Festival Limited forthe earended31December2023 Independent examlnerts report to the Trustees of Llchfpld Festival Ltmrted I report to the Trusloes on my exominotion of the occounts of the company for the yeor encled 3] December 2023 which ore set out on poges ll to 26. Responsibilities and bosls of report As the Trustegs of the compony lond olso its direciors for the purposes of compony lowl you ore responsible for the preporotion of the occounts in occordonce with the requirements of the Componies Act 2008 I'ihe 20 Act'l. Woving Sotisf led myself ihot the occounts of the compony are not required to be oudiled under Port 16 of the 2006 Acl ond ore eligible f or independent exominotion I report in respect of my exominotion of your compony's occounts os corried OLJt Jnder seciion 145 of the Choritiès Acl 20ll ('the 20ll Act'l. In corryin9 Out my exominotion I hove followed the Dirèctions gven by the Chority Commission under seclion 14515llbl of the 20ll Act Independent examlnetrs sttstement &nce he eompony's yoss Income excee(Jed £250.000 your exominer must be o member of o body listed in section l£E of the 20ll Act. I confirm thot l om quolified to undertoke the exominotion because l am a member of Institute of Chortered Accountonts in Engond and Wales. which is one of the listed bodies. I hove completed my exominotioo. I cor)f irm thot no motters hove come to my attention in connection with the examination 9ving me couse to believe thot in ony moteriol fèSDect.. l. occountin9 records were not kept in respect of the compony os required by section 386 of Ihe 2m6 Act.. or 2. the accounts do not occord with those records. or 3. Lhe occounts do not comply with the accountins requirements of s@ction 398 of the 2006 Act other thon orny requirement thot the occournts 9.ve o 'irue and foir view. which is not o motter considered os port of on independent exominotion.. or 4. the accounts hove not been prepored in occordonco with the methods ond principles of the Statement of Recommended Proctice f or occounting ond reoorlin9 by chorities opplicoble to chorities preporirns th@ir occounts in occordonce wilh the Finonciol F2eportirig Stondord opplicoble In the UK ond Republic of Irelono (FRS 102). I hove no concerns ond hove come ocross no other motters in connectiorn with the exomirnotion io which oltenliorn should be drown in this report ir) order to enable o proper understondin9 of the occounts to be reoched Mork Gumey FCCA Doins Audit Limited Chortered Accounionts Birmingiom Dole. IS Nt L £ot Pop 10
Lichfield Festival Limited (A company limited by guarantee) Statement of financial activities Cincorporating income ond expenditureaccount) forthe eorended 31December 2023 Unrestricted funds Yeorended 31 Dec2023 Restricted funds Yeorended 31 Dec 2023 Totol funds Yearended 31 Dec 2023 Totol f unds Yeor ended 31 Dec 2022 Note Incomefrom.. Donotions ond leFcies Choritob1e octivities Investmen Is 201.313 207,525 747 7.500 208,813 207,525 747 220.391 20L629 Total Income 409.585 7,500 417,085 2.020 endtture on: Choritoble octivities 5.6.7 404.976 7,500 412.476 389.853 Total expencfrture 404.976 7.500 412,476 389,853 Net movement in funds 4.609 4.609 32.167 Reconciliatlon of funds.. To:ol funds brousht forword 114.817 ll4.817 82.650 Total funds carried fonvard 119,426 119,426 ll4.817 All acLivities relote to continuing operations. The notes on poses 14 to 26 form port of these finonciol statements PoFll
Uchfield Festlval Umlted (AcOMpyllmltedbYSu£rnt••) as at31Dacemb•r2023 31 D•c 2023 2CE2 Ton>t4e ¢%sets Debtors Cash at l>Jnk and In hid 36J13 8347 173,661 182.CtB Crndtor4 (on)unts fairing due < l yeor) 8J82) (67.349) llgA28 114.817 ll4817 CeUndS Unrestricted funds strtted funds ll9A26 ]14.817 U9A28 ll4817 For the yeor ended 31 December 23. the wmpjny Is entitled to exemption from under &rtion 477 of the Companies 2rTh lOtIng to srrnll comp¢ynle& Directors, resp)nglilitles. - Tho mem1rS have not requlred the comFony to obtain on <Juctrt of Its accounts for th? Ferlod n questlon in accordan wrth Sgctlon 476 of the Companies Act 2CTh. - The Clrectors acknwI9 thelr resp)nsllItieS for comkwngwlth the requirerrents of the Art wlth respect to ctLyJntlng records ond preparadon of oc¢ount& The flnanaal stoterr rao ed by the Trustees on 13 fv1]rd12CQ4 and $Ied on thelr teholf ty. The notos on FA14 to 26 form p2rt of these fin¢Jdal statements Po3e 12
Lichfield Festival Limited (Acompany limlted by guarantee) Coshflow statement forthe ear ended31December2023 2023 2022 Note Cosh flows from operating QCtNitie5 Net cosh provided by operotin9 activities 14 (52.886) 73.637 Net cash pn)vlded by operotlng QCtivttie5 (52B86) 73.637 Cosh flows from Investing aCtiVTtles 747 Purchose of torisible f ixed ossels (483) 1128) Net cash used in investing Qctivitles 264 11281 Chonge in cash andcash equNalents inthe year Cosh ond cosh equivolenls broLJWt forword (52,621) 173,661 73.510 100,151 Cosh and cash equivalents carried forward 15 121,040 173.661 Po9e 13
Lichfield Festival Limited (Acornpany limited by guarantee) Notes tothe financial statements forthe earended31December2023 General infonnotion Lichfield Fegtivol Limiied is o choriioble compony re9Stered in Epyond ond Woles. The oddress of the re9slered of f Ice is siven in the reference ornd odminisirolion detoils on page l of these finonciol slolements. The noture of the chority's operolions ond principol octivities ore deioiled in the Trustees, Report on pases 5 to 9 of these f inanciol statements. countlns policies ij Basis of preparotlon of flnonciol statements These firnonciol stolements hove been prepored in occordonce wi'.h Accountin9 ond Reporting by Chorities.. Statement of Recommended Proc*ice opplicoble Lc chorj-.ies preporins their occounts In occordonce with the Finonciol ReporLin9 Stondord opplicoble ip the UK ond Republic of Irelond (F 102) (ef fective l Jonuory 20191. wilh FRS102 or)d with the requirements of the Componies Act 2006. Lichf ield Festivol Limited meets the def inition of o public benef it entity under FRS IQ. Assets ond liobilities ore iniliolly recognised ot historicol cost or Irornsoction volue unless olherwise stated in the relevont accounLing policy. The siwif icorTrl occoun Iing policies appliea in the preporotion of these finoncial stalements are set oul below. These policie5 hove been consistently opplied to oll pèriods presernied unless otherwise stoted L2 Goin8 concern After mokins oppropriote enquiries. the Trustees have o reosonable expectolion thol the compony hos odequote resources to continue in operotionoi existence for a period o, ot leosl 12 mornlhs f rom the dote of opprovol of these finar)ciol statements. For this reoson they continue to adopt the SK)ins concern bosis in pr@FKJrin9 the finoncial sLOtemenls. Compony status The compony is o company limited by 9Joronlee. The members of the compony ore the Trustees named orn pose I In the everni of Iho compony being wound up. the liobilily In respect of the 9JaranLee is limiied io £1 per member of Ihe compony Pase 14
Lichfield Festival Limited (Acompany limited by guarantee) Notesto the financial stcrternents (continued) forthe earended31December2023 Accounting policies (continued) 1.4 Fund occounting Generol f unds ore unrestricted f unds which are ovoiloble for use OL the discretion of the Trustees in f urtherance of the genorol objectives of the company ond which hove not been desisr)oied f or other purposes RestricLed f unds are f unds which are only ovoiloble f or use In f urtheronce of the specif ic purpose for which they were gven. Investment Income. soins ond losses ore ollocoted 10 the oppropriote f und. Poge 15
Lichfield Festival Limited (Acompany limited by guorantee) Notesto the flnanciol stotements (continued) for the earended31Decernber2023 Accounting Potlcles (continued) IE Income All income is recowised once Ihe com.pony has entitlement 10 the income. It is proboble thot the income will be received ond the omount of incomo receivoble con be rneosured reliobly For leFcies. entitlement is taken as the eorlier of the dote on which either.. the company is owore that probote hos been srooted. the e5tote has been finolised ond notificotion hos been mode by the executor{s) to the Trust thot o distribution will be mode. or when o distribution is received f rorn the estote. fèeceipt of o leFcy. in whole or in port. is only considered proboble wnen the omount con be moosured reliobly ond Lhe compony hos been notified of the executor's intention to make o distribulion. Where le9)cies hove been r)otif led to the compony. or the compony Is owore of the srantins of probote. ornd the criLerio for Income recosnition hove not been met. then the lecY is treoted os o continsent 05set or)d disclosed if moteriol. Gif ts in donoled for distribution ore included ot voluolion ond recowised os income when they ore distribu led lo the projects Gif ts donated for resole ore included os Income when they ore sold Donoled facilities ore incldded ol the volue to Ih.e compony where this cog be oJorntli led oncl a third porty is beoring the cost No omounts are included irn the f inonciol stotements for services donoted by volunteers. Donoied services or f ocilities ore recognised when the comp)ny hos control over the Item. ond conditior15 0s5ocioted with the donoKed Ilem hove been met. the receipt of economic benefit f ro the use of ihe item is probable Lhot economic benef it con be m@osured reliably. In occordonce with the Chorilies SOQP IFRS 102). the Fnerol volLJnteer time of the Lichf ielcs Festivol Friends is not recosnised. Pleose ref er 10 the Trustees eport for more informoLion oboul their contribJtion. Or) receipL. donoted professiornol services ond donoted focilities ore recosnised on the bosis of the volue of Ihe gift to the company which is the omount Ihe company woul(J hove been willins to pay to obtain services or fociliiies of equivolent @copamic bÈnef it on ihe open morket, o correspondins omount is then recowised in expenditure in the period of receipt. Income tox recoveroble in relotion lo donotions received under Gif t Aid or deeds of covenont is reco9nised ot the time of the donoiion. Income tox recoveroble in relotion lo investment income is recognised at the time the investment income is receivoble. Oiher income is recowised in the period in which il is receivable ond to the exteni thai soods hove been provided or on completion of the service. Pose 16
Lichfield Festival Limited (Acompony limited by guarantee) Notesto the financial statements (continued) forthe earended31December2023 Accountlng poficies (continued) 1.6 Expenditure Expendilure is recowised once there is a leyl or construclive oblisrjtion to tronsfer economic benef it lo o third porty. it is proboble Lhoi O tronsfer of economic benef its will be required in settlemeni ond the amount of the obli+iion con be meosurecl reliobly Expenditure is clossif led by octivity The costs of eoch octivily ore mode up of the Lotol of direct costs ond shored costs. includins support costs ir)volved in undertoknrns eoch oclivity. Direct costs attributoble to o sins4e octivity are ollocoted directly lo thol ocLivity Shored costs which contribute to more than one oclivity ond suppor'L Costs which ore not ottribuloble to o sir)sle octivity ore opporlioned between those octivities on o bosis consistent with the use of resources Centrol stoff costs ore allocoted on the bosis of time spent. ond depreciolion chorFs ollocoted on the portion of Lhe osset's use. Support costs ore those costs incurred directly in supporL of expenditure on the objecis of the compony ond include projecl monogemenl corried out by (he office. ChoriLoble octivities and Governonce costs are costs incurred on Lhe compony's educotionol operoiions. inc.luding support costs and cosis relotins to ' he sDvernonce of the compony opportioned 10 choritoble octivities. 1.7 Tanglble fLxed ossets ond deprecifrtlon A review for impoirment of a f ixed osset is corried out if events or chonsÉs irn circumslonces indicote thol Ihe corryin9 volu@ of ony f ixed osset moy noL be recoveroble g)orLfolls between the corryin9 volue of f ixea ossels ond Iheir recoveroble omounl ore recowised os impoirmen:s. Impoirmenl losses ore recowised in the 'Stotemernt o.. f inonciol octivities lincorporotirns income and expenditure), occount. Ton9ble f ixed ossets ore carried ol cosi. nel of aepreciotion ond ony provision for impoirment. D@preciation is provided ot roles colculoLed to write off Lhe cost of f ixed ossels. less their estimotecl residuol volue. over Iheir expected usef ul live5 on the f ollowins boses." Furnilure. f IttinsE and equipmernt. 33% stroi*t line 1£ Interest receivable Ir)terest on funds held op deposiL is included when receivoble ond Ihe omounl con be measured reliobly by Ihe compony., this is normolly upon no.if icotion of the interest poid or poyoble by the bon Pose 17
Lichfield Festival Limited (A company limited by guarantee) Notesto the financial statements (continued) forthe eorended 31December2023 £countlng poficies (continued) 1.9 Debtors Trode ond other debtors ore recosnised at the settlement omount o'ter ony trode discount offered Prepoyments ore volued oi the omournt prepoid net of ony trode discounts due IJO Coshot bankondin hand Cosh ot bonk ond in horTrd includes cosh ond short term hishly .'Iquid InvestmenLs with o short molurity of 3 months or less from the dote of ucquisition or openins of the deposit or similar account 111 Liabditle5 and provlslons Liobilities ore recognised when there is on oblisotiorn ol the Bolonce Sheet dote 05 o resulL of o post event. it is probobiy thot o Ironsfer of economic b@r)ef it Wli., De required in selLlemenL. ond the omoun; of the seit,emernt can be es'.imoted reliobly. Liobiliiies ore recowised ot Lhe omouni Ihot the compony onticipotes it will tx)y to settle the debt or omount il hos received 05 odvonced poymernts for the pods or services IL musl provide. Provisions ore meosured ot the best estimo-. e of the omounls required to settle Ihe obliwtion. Vlhere the effeci of the lime volue of money Is moLeriol the provision is bosed on the presenl value of those omounts. discournied ol Ihe pre-tox discount rote thot ref lects the risks specific to the liobility. Tbe unwinding of Ihe discount is recowised within in:erest poyoble and similor charges 112 Financtal Instruments The compony only hos f inanciol osseis ond finonciol liobiilties of o kn.nd thot quolify os bosic finonciol 1nslrumernls. Bosic f inonciol inslf uments ore iniliolly recowised ol tronsoction volue ond subsequently meosured ot their selllemenl volue with Lhe exception of bonk loons which ore subsequently meosured ot omortised cost usins the ef feclive Interest method. Pase 18
Lichfield Festival Limited (A company limited by guarantee) Notes to the financial statements (continued) forthe earended31December2023 Income from donatlons and lesacle5 Unrestrkted funds Year ended 31 Dec 2023 Restricted funds Yeorended Totol funds Yearended 31 Dec 2023 31 Dec 2023 Sponsorship ond donations Gronts ond public bodies 193.586 7.728 193.586 15228 7,500 Totol donolions ond lesrjciés 201.314 7.500 208.814 Unresiricted funds Yeor ended 31 Dec 2022 Resiric.. ed funds Yeor ended 31 Dec 2022 Totol funds Yeor ended 31 Dec 2022 Sponsorship ond donotions Gronls ond public bodies 191,101 20.981 19LIOI 29.290 8.3 Totol donotions ond lepcies 212.082 8.309 220.391 Income from chotitoble actrvities Unrestrfcted funds Yearended 31 Dec 2023 Restricted funds Year ended Total funds Yearended 31 Dec 2023 31 Dec 2023 Tickel soles Sole of merchondise ond other f undroising 183.088 24,437 183.088 24,437 Total incomè from charitoble octivi'.ies 207.525 207,525 Unrestricied funds Yeur ended Restricted funds Yeor ended Total funds Yeor ended 31 Dec 2022 31 Dec 2022 31 Dec 2022 Ticket Soles Sole of merchondise ond other f Ljndroising 177.083 24.546 l77.083 24.546 Totol income from choritoble octivities 201.629 20L629 Pose 19
Lichfield Festival Limited (Acompany limited by guarantee) Notesto thef inanclal stcrtements (continued) forthe ear ended31December2023 Income from Investments Unrestrlcted funds Yearended Restricted funds Yeorended 31 Dec 2023 Total funds Yeorended 31 Dec 2023 31 Dec 2023 Bonk interesi received 747 747 Totol income from in.vestmonts 747 747 Unrestricted fJn,ds Restricled funds Year ended Totol funcls Yeor ended Yeor ended 31 Dec 2022 31 Dec 2022 31 Dec 2022 Bonk inLeresL received Totol income from investments Anolysls of resources expended by activites Activltles undertaken crittlY Yeorended 31 Dec2023 Support Costs Total Yearended 31 Dec 2023 Yeorended 31 Dec 2023 Festivols ond events 335.914 76562 412.476 Activities undertoken directly Yeor ended 31 Oec 2022 Supporl costs Totol Yeor ended 31 Dec 2022 Yeor endecj 310ec 2022 Feslivols ond event5 319.946 69.907 389,853 Poge 20
Lichfield Festival Limited IA company limited by guarantee) Notesto thefinancial statements Icontinued) forthe earended31December 2023 Direct cost5 Unrestricted funds Year ended Restricted funds Yeorended Total Yeorended 31 Dec 2023 31 Dec 2023 31 Dec 2023 Artist fees 131.076 126,ni 24 137 131.076 131254 24J37 2.957 45533 771 186 Event costs Irrecoverable VAT Leornin9 ond porticipation Woges ond solories PerTrSiOn contributions Depreciolion 4Y3 2.957 45,533 771 186 Totol direct cosis 328,414 7.SOO 335.914 Unrestricted funds Yeor ernded 31 Dec 2022 F2estricLed funds Yeor ended 31 Dec 2022 Totol Yeor ended 31 Dec 2022 Artist f ees ll8.947 134.782 20.342 ll8,947 143.071 20.3 Event casts Irrecoveroble VAT Leornins ond porticipotion Woses ornd solories Pension contrioutions Deprecialion 8.309 36.960 558 68 36.960 558 68 Totol direct costs 3ll,637 8.309 319.946 Pose 21
Lichfield Festival Limited (A company limited by 9uarontee) Notes to the finoncial statements (continued) forthe eorended 31December2023 Support costs Unrestricted funds Yeor ended 31 Dec 2023 Restrfcted funds Yeorended 31 Dec 2023 Total Yearended 31 Dec 2023 Esloblishment expenses Donotions lo locol chorities Consultoncy fees Governonce costs 18.044 20 52265 6.233 18.044 20 52.265 6.233 Totol direct costs 76562 76,562 Unrestricted funds Yeor ended 31 Dec 2022 Restricted funds Yeor ended 31 Dec 2022 Totol Yeor ended 31 Dec 2022 Esloblishment expenses DonoLions lo locol chorities Consultoncy f ees Governonce cosls 15,502 25 47.850 15.502 25 47.850 6.0 Tolol direct costs 69.907 69.907 Net incoming resources / (resources expended) This is SLoLed af Le." chorsin9". Year ended 31 Dec 2023 Year ended 31 Dec 2022 Deprecioiion of longible fixed ossets owned by Lhe chority Ind@pendent exominer's fee 186 2.000 68 1.975 Po* 22
Lichfield Festival Limited (A company limited by guarantee) Notes to the financial stutements (continued) forthe earended 31December2023 St(fff costs Yeorended Year ended 31 Dec 2022 31 Dec 2023 Woses ond solories Pension costs 45,533 7n 36.960 558 Totol direcl costs 46.304 37.518 The over039 number of persons employed by the compony durin9 the period wos os follows." Yeorended 31 Dec 2023 Yeor ended 31 Dec 2022 No. Festivol sloff No employee received remunerolion omounlirig to more Ihon E60.000 in either period. io. T0ngiblefed assets Fumiture, frttlnss and equipment Cost At 31 Decemkjer 22 Additior)s 9.076 At 31 December 2023 9.559 Depreciation At 31 December 2022 Chorse for Lhe period 8.918 186 At 31 December 2023 gJ04 Net book value At 31 December 2023 455 At 31 December 2022 158 Pose 23
Lichfield Festival Limited (Acompany limited by guarontee) Notestothe flnancial stcrtements (continued) forthe eorended31December2023 ]L Debtors 31 Dec 2023 31 Dec 2022 Trode debiors Other debtors Oth,er toxolion ond sociol security Propoymenls ond occrued income 29 668 13.475 21.941 8.347 Totol direct costs 36113 8,347 . Credttors:(omountsfalling due within one year) 31 Dec 2023 31 Dec 2022 Trode creditors Other taxotion ona sociol security Accrua15 ond deferred income 1.205 1.3ll 35.666 459 750 66.140 Total direct costs 38J82 67.349 Pa9e 24
Lichfield Festival Limited (A company limited by guarantee) Notes to the financial statements (continued) forthe eorended31December2023 . Statementof fund5 Brought forward Incomin9 resources Corried fonvar(I Summory offunds- 31 December2023 Expendrture Generalfunds Restrlcted funds 114E17 409.585 7.500 (404.976) (7,500) 119,426 Total funds 114B17 417.085 (412.476) 119,426 8rousht forword Incoming resources Corried forward Summory of funds - 310ecember 2022 Expenditure Gengrol f unds Reslricted funds 82.650 413.7ll 8.309 (381.5441 18.3091 ll4.817 Tolol funds 82.650 2.020 (389,8531 ll4.817 Reslricted f unds during the yeor enoed 31 December 2023 reScte LO funding received from Lichf ield Dislrict Council. These were oworded to cover free communiL y events provided as port of the Sufyimer Festival 2023. plus on onping leornins ond porticipotion prosromme. 14. RecOnclatIOn of net movement In funds to net cosh flow from operating actlvltles 2023 2022 Net expenditure f or the y@or (os per 'Siotemènt of f inornciol octivilies,) 4.609 32.167 Adjustment fop. Bonk interest received Depreciolion chorges Decreose / (Increosel in debiors (Decreosel / Increose in creditors (747) 186 (27.766) (29J67) 68 26.472 14.931 Net cash provided by operatlng actlvltles (52.886) 73.637 Pose 25
Lichfield Festival Limited IA company limited by guarantee) Notes tothef inancial statements (continued) forthe ear ended 31December2023 15. Anatysls of cosh and cash equivalents 31 Dec 2023 31 Dec 2022 Cosh in hond 121.040 173.681 Totolfunds 121.040 173.661 16. Reloted party transaction5 During the yeor ended 31 December 2023.. The compony incurred professionol fees in respect of the preporoiion ond submission of the stotutory occounls by the current Treosurer. Cioire LLJe. Irodin9 os Clear Accountlns Lichfield Limited The compony incurred professionol fees in respect of poyroll processing. book-keepins, monogemenl occounting ond forecos:in9 by the current Treosurer, Cloire Lue. trodin9 os Clear Accounting Lich.f ield LimiLed The compony received dornolions in nd (in tre f Of m of the provision cf postose ond courier services or Festivol brochures) f rom Sher)storne Properties Limilea. Roymond Monsell (o current Boord Member of Lichf ield Feslivol Limited) is o person of si8nif Iconl control with rewrd io Shenstone Properties Limited 31 Dec 2023 31 Dec 2022 Preporalion ond submission of slotutory occounts Poyroll processin9 book-keepins ond monogement occounLipg fees Postase ornd courier sernices 250 3.970 6,500 250 3.567 Pose 26