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 v￿S13 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 Spor￿￿9 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 con￿Otu10te 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 thhf*ld Festivd Friends Comnlttae md M8mbershiB whose encour*ment enthuslcsm ond financ￿1 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 t￿d understonthng We Iwkforward to another exdtSng year thgod unltlng heorts l￿d nrriryjs In the Un￿erS￿ 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 boo￿nS 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 ou*t 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 p0￿CYforSenIorstaff 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 fI0￿d 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 oversi*t 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 s￿7￿1t••) 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 p￿P2rtng 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 fin1￿ClaI staterr*nts 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 ￿SoUr￿S 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 consIsten￿Y - Observe the methods and Kyndples In the Charftles 2¢J9 (FFS Ice) - judsErronts ond oc¢ountlns estlrrntes that are rec￿*￿t4e 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 Staten￿nts on thg sDin8 concom txjsis unlèss r( iq Inapproprfate to vesu￿ that the tharltot4e COmF#￿Y WIII cOn￿r￿e In OFemtlon The TrLtrStees ore reswn5itr￿e for keeping adequate ¢Jccountlng records that ore suffiaent to show arKI explain th d￿r[table comFX)nVs tronsactions and disdose with reosonatdfr occuracy ot cny the fIr￿nd01 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 comP￿Y l￿d hents for tokjns r•osonat4e stgps for the wevention ond detectlon of fraud ond other IrregJlorrties The Trustegs orè resF0nsil￿e for thg rrK4Trtenan￿ ¢￿d fftte￿ty of the corwrate and flnandol Inforni￿1on Induded on the thcrftotje wmpjnvs web4te. LesidoYon In the Unrted Kin3Jom pvemlng the yepar(rtion and dissemilx￿On of finanaol stotements moy dlfferfrom legslotion in other jurisdirtiors In wepJrin8 this reFrt)rL the Trustees have toltsn cthcntase of th6 Sn￿1] companles exemptlon promded by Sectlon 41&4 of the Corrpjnles Act 2tX6. Thls reFQrt was opproved by the Trustees on 13 Mcrch 2Ce4 and si￿ed 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 (AcOMp￿yllmltedbYSu£rnt••) as at31Dacemb•r2023 31 D•c 2023 2CE2 Ton>t4e ¢%sets Debtors Cash at l>Jnk and In h￿id 36J13 8347 173,661 182.CtB Crndtor4 (on)unts fairing due < l yeor) 8J82) (67.349) llgA28 114.817 ll4817 C*￿eUndS Unrestricted funds strtted funds ll9A26 ]14.817 U9A28 ll4817 For the yeor ended 31 December 2￿3. the wmpjny Is entitled to exemption from under &rtion 477 of the Companies 2rTh ￿lOtIng to srrnll comp¢ynle& Directors, resp)nglilitles. - Tho mem1￿rS have not requlred the comFony to obtain on