Registered number: 01592012 Charity number: 512201 Lichfield Festival Limited Trustees, report and financial statements for the year ended 31 December 2024
Lichfield Festival Limited (Acompany limited by suorontee) Contents Poge Reference oncl odministrotive detoils of ;e compoiy. its trustees or)d advisers Choir's stotement Trustees, report Ip.dgpendent exominer s reF)ort io Stotement of f inonciol octivities Bolonce sheet Cash flow statement 13 Notes to the f ioonciol stotements 14-26
Lichfield Festival Limited (A compony limitedby guarantee) Reference and admSnistrative detolls of the compony. its trustees and odvisers forthe earended31December2024 Patn>ns EMTO Briogewoter CBE Julion .loyd Webbe. OBE 'r Michoel Fobricont Topy Hodley MB- Trocy Sorman OBE loppointed on 22 Jonuory 20241 President Sir lan Dudsoy C8E Vlce Presidents Mrs Fronces Lon9 Mrs Georye InF-Ir)nes-_illingston Lord S Lody Bomfora The Hon & Nrs Hugh Gibsor) Trustees Helen Wiser. Choir Adrienne Swollow Cloire Lue. Treosurer Cloire Tetley Co,in Walker Dovio Show Janet McForlane (oppointed l October 2024) Jonet Smith Jennifer Grohom Raymopd Nonsell SiTon Worburtoy (resiwed cn 17 Moy 20241 Woyne Smith Company reststered no. 01592012 Charlty regktered no. 512201 Reglstered office Dor)eFI House Bore Street Lichfigld Stoffordshire WS13 6NE Secretary Colin Ablit., Festlval stc Festival Director Dorrion Thorntrey Head of Development - Coroline King Festivol ProdJcer - Joshuo Cloyton Box Office Monoger - Cotherine Swallow ountant Cleor Accountin9 Lichf ield LiY)ited 31 London Road Lichfield VdS14 gEP Pase I
Lichfield Festival Limited (Acompany limited by guarantee) Reference andadmini5trative details of the compony, itstrustees ondodvisers (continued) forthe yearended31December2024 Independent examlner Mork Gurney FCCA Doigs Audit Limited 2 Cknomberloin Squore Porodise Circus 8jrmin*am B3 3AX Bankers Notionol Westminster Bank PIC 47 foiofKet Street Lichf ield s.af fo.-0sle WS13 6LE Har)delsbanken Bitterscote House Bon@hill Flood Tomworth 878 3HQ Pa9e 2
Lichfield Festival Limited (Acompany limited by guarantee) Chair's statement forthe ear ended31December2024 The choir presents her statement for the period. Overview Despite continuins turmoil in the orts sector. oll four strornds of LichfieSd Festivol (the Literoture Festivol. the Summer Festivo. the Chomber Music Weekend ond Christmas Cor)certs) recorded on increose In ticket revenue ond at the yeor-end o surplus of £14.363 lifted reserves to £133.789. Audiences enjoyed theatre. comedy, dance. literoture ond oll senres of music from world-closs performers ond the Boord is ip.debted to Festivo,. Director Domion Tnontrey for deliverins an inspired year-lons calendor of events - successfully combinin9 orlistic excellence ond f inonciol acuity. Highlishts in the cothedrol this Summer included Rochel Podger ond Brecon Boroque. the Ukelele Orchestro of Greot Britoin. Seth Lokemon. the fina,, of tle Midloods Choir of :he Yeo" competition. 8olle; CymrLJ ond the 88C Notionol Orchestro of Woles. The Hub hosted the Brodsty Ouortet performin8 01115 Shostokovich strin9 quortels. Festiva! Potron Trocy Bormon reveoled The ReGI Wolf Holl ond Lizo Pulmon S Joe S*illgJe person:.fied A Couple of Swells. There wa5 very positive oudience feedbocl excellent community support or)d extensive press covero9e roisin9 the profile orsd reputotion of both Lichfield Festivol ond the city. Stoff ond Operationol Actlvlty Therè were no chonges in the core monosEment team of Coroline Kin9 Joshua Cloyton ond Cotherine Swallow ond the -esultonl benefits of contir)uity op.d expe," ience f Ostered o rt of enterprise ond develapmen,, A rnew box o¥fice system and reseorch into oudience sesrnentotion helped ep.Fge o wi(Yer oudience and estoblish more relevont communicotions with exi5tins SUPPOf ters. Morketin9 olthoush co-ordinated by the off ice. wos oJtsourced with morked irrprovèments in disitol odvertisin9 siwage. desiw ond o new hish ig)ts orochure Tne volunteer teom wos en.'orsed ond is now benef Ittin8 '. rom tor9e'Led troinins ond re9Jlor '.ioison. Innovotive thinknn9 ond interoctive portn.erslips with corporote spo•sors ond individuol donors encouroged lon9er- term controcts ond increosed overoll funding whilst the Adopt on Instrurnent scheme Fve mony more loyol supporters Ihe opportunity to set involved. Leamlng G Portlcipatlon WSP) A successful Arts Council sront opplication enobled us to ernsoge an L&P Monoger in 2024 to speorheod o community project bosed on Vivoldi's Four Seosons This sow 377 primory school children creole themed artwork ond music. which wos showcosed in Lichfield Cothedrol. with helo from the Royol Birmintyom Conservotoire Other projects included secondory school workshops witn octor / writer Kotie Arnsteirn, and Young Critics. Pose 3
Lichfield Festival Limited (Acompony Ilmlted byguar(ts) Chal5 statement (contlnued) forthe etyended31Decemb•r2024 L•amkn9 &PtytkWhnli&•) (conthu•d) EngJswnent wlth arts and cuUre. besSde5 gwng Ilfe a new perspectlve, plays a wtat role In fosterins emotionol resilience ond improwns cOltIVe atlIty. We ore therefore very proud to have launched a new initiative in ptember 24, W0dIng instrumental musc lessons to over ICXJ local prinThJry sthool chlldren culminating in performance opFortunities in 9Jmmer 202& We ore Steful to Lichfield txstrict Counal for their on9)ins sUprt of our communlty pyoiomme. TNst••S We were very sory to lose Snu)n Worburton as o Trustee this SJmmer. exFerfen, suIdan and friendship has tEen involualje over the past 7 years and will be missed. However. we ore delis)ted that the nÈw Deon of Lichfield Cathedrol. the Rt fvererKI Jim FOone joined the Board in &ptemter. Jan has Èeen incredibly supportive of Lichfield Festlval and we fvnow her FKJSSiOn. enthusiosm ond inspiring obility to breok down bjrriers will further our work in the wlder community. increasins occess to thÈ orts 2025 s ever. a husp vote of thonks 9S to the incomparolse Lichfield Festival Friends (LFF) for thelr finanad support. tirele55 fundroi>ng ond bounds co-OFeratioTh Likewise. to our loyol and committed army of volunteers. We a 0150 ateful to our PresidenL Sr lon Dudson ond our Potrons for their aoknccry ond influenc&. ond to our redoubtoble Treasurer Cloire Lue. whose hord work attention to detall and sound aQkn keeps us on the stroiglt and norrow. We look forward to onother yecr of excttement and innovation in 2ce5 brin9ns musr joy ond lau*ter to all comers of the community and YOnd. and reoffiming Lichfield Festivol as a major Yer in the Arts S Culture sector. H•l•n Wl r.chak PasE 4
Lichfield Festival Limited (Acompany limited by guorantee) Trustees. report forthe earended31December2024 The Trustees present their onnuol report l08othe-. with. the inoependently exomirned f irnonciol stotÈ,wents of Lichf le'd Festivol Limited for the year ended 31 December 2024. As tne compony qualif ies os smol.. uncler section 383. the strote9c report reoJired o,. medium ond iorp componies under The Componies Act 2006 Istrotegc Report ond Director's Report) Regjlotions 2013 is not requireo. ObJectlves ond actlvities a) Review of artlvltles During the yeor. there wos on increase in choritoble octivities. due in port to ;*e corntinua;ioD of the hugely successf ul Christmas event in colloborotion with Ex Cothedro. whicn hos remoined incredibly populor i otol income saw on ir)creose of £63.605 in comparison to :Ye prior yeor. ond ticket sole income ip isolation sow an iocreose ocross every event eld in 2024. Expenditure wos increosed from the previous year oy £53.851. 05 expected in li•e with the incre05e in chariLoble octivities. but olso os ¢ result of coo;inued ipf lotion across certain areas of the cost oose. Overall the riet effect was that income exceeoed expenditure by £14.363. resulting in on increose in totol reserves from £ll9.426 to £1.789. b) Key financial perfornionce Indkotors The Trustees use the followins key performance irndicators to meosure ond monoge the performofjce of the comt)ony's individual oc',ivities. Percentage of seo s sold for individual events Percentose of seots solo for inclividual vegues Rotio of tickets sold to artlSts' fee5 Profitability of individuo. festivols (SiJrr.Te-. Literoture. Chamber and Ch.-istmos) c) Publc benefrt Tho Trustees hovg eac4 receiveo copies of th,e Chority Corp.ryission Guidelines on Public Benef it and this now forms port of tho Inauction Pack fo-. New TrLJStees. The Public Benef it provided Dy the cnority includes.. Increosing the dellth and quality of people's culturol experiences lrncreosins opportunities '. or youth through o Youns Artist series Creotios o wide-ron9ns Leornin9 ond Por:icipotion prosromme for locol ond wider re9onal commJnity sroups and schools The benef iciories ore oll members of the pub.ic and access is enobled os fo'lows.. Throush conce5sionory ticket schemes Without chorse lo 'ree everts Colloborotively through Leorniri9 and Participotiop. pro0mmeS leld in schoo15 and other locol orsrJnisotion.s All oreos of the festivol ore wheelchoir occessible Po9e 5
Lichfield Festival Limited (Acompany limited by guarantee) Trustees, report (continued) f orthe year ended31December2024 Flnance Review a) Goins concern Over the post few years. the Trustees hove observed a chor..se in booknng hooits ocross eoch of the comFxJny's events In porticJlor. orne o¥ the losting trends hos been u reduction. in odvonce bookjngs. With o higher percenlose of tICKets now sold in the 'inol weeks before on even: or even on the door. This has on impac: upon coshflow. and requi". es observotion throu•out tne yeor. A focus op, the coherence of :he compony's morketins SKrotegy hos boosted ticke: soles overoll. ond the T.ustees hope thot this will continue into 2025. avin9 considered the Autumn Budset (pJb'ished on l November 2024> the londscope for some small employers is like.'y to become more dif ficul+K in light of announcemep.ts sucn os the Increosed Employer's Notionol Insurance bJrden siwif icor)t increose in :kne Notionol Livins Wcge. The Trustees understop.d that th.e concurrent increase in Employer'5 Allowonce from £5,OQK) to £10.500 wi I shield the charity f rom the majority of the neptive finonicol impoct brought obou= by these chansES. The compony continues to liove o strons cosh bolonce and a roJust 12 month forecostins provision. octively monogins ond miti¥tin9 ony potèntio, coshflow cOncers. After considerotion of all -. elevont factors. the Trustees nave reasonoble expectotioo thot the compony hos more thon odoquoto resources :o continue 'n ooerctiona, existence for :h,e p,ext 12 moiths ono beyond. b) Reserves policy At 31 December 2024 there were totol rese". ves of £133.789 (2023.. £ll9.42DI. The reserves were oll unrestricted and formed tye bosis of worknns capital Fins forward. The level of reserves ot tle yeor end cre consiclered odequate ir) the long term. The Trustees hove estoblbsheo the level of f ree reserves (tho: is. those fugds thot ore freely ovoiloble) thot the chority ought to hove, ond considers this to be £123.546. which is eqLJoI to 100% of forecos+ fixed costs '. or the next E months (in line with the reserves policy). The current level of ". ree reserves 15 £129,244 (2023.. £N8.971) It is the Trustees. view ttr*ot it is pruaent to ensure thot Lhere ore SL)ff icient reserves :o provide f inonciol flexibility over th.e course of the forthcomips yeor. porticu orly in ,ight of restrictions foced in previous f inancial periods. Planned f uture income ond orn increosed breodth of evernts (porticJlorly in the wcy of commur)ity porticipotion). Oionsside constont control of costs. will egsure thot te chority will continLJ@ to mointoin suff icient resources to meet it's choritoble objectives for the f oreseeoble f uture. Pose 6
Lichfield Festival Limited (Acompony limited by guarantee) Trustees, report (continued) forthe ear ended31December2024 Structure. govemance ond monagement a) Constitutlon The principol object of the compony is to promote The Licknfield Fes:ivo. or.d ossociated events. The coToony is resistered os o compony liry)ited by 9uorog-ee ond wos irncorpcroted on 16 October 1981. The compony was resistered os o choriiy on 7 Jonuory 1982 wi:Y the charity number 5I220L The compony is soverr)ed under its F4emorop,clum of Association ond Articles of Associo:ion doted 16 October 1981. and amended 22 v.orch 2004. b) Method of appointment orelectlon of Trustee5 TrJstees are oppoiTrted from omon9St the membership of the company ot the AGM. The Trustees 'ove the power to oppoint odditionol Trustees to f ill cosuol voconcies. but only reraifj off ice until the nex¥ AGV ot wk)ich time they w"'Il then be elisHble for re-election in osreement with the Ar.icles of Associatiop. One third of the Trusteès retire at -he AGM. but ore e'.Isible for ". e-election. c) Policies adopted forthe induction andtraining of Trustees TD,e induc-ion troi.ning for rnewly oppointed Trustees comprises on initiol meetin9 Wlth the Boc"a of Trustees at which a Dock is providèd This iYclud@s o copy of the sovernins document, a copy of :e most recent annuol report ond fiyonciol stotements. o copy of the minutes of previous Trustee meetings ond o copy 04 the Chori:y ComTissioner$ 9Jidonce The EsseDtial Trustee Periodicolly. the core leodership ¥oJp of the compony (includirn9 existing ond newly oppoir)ted Trustees) attepded pvernonce troining doys. which are benef iciol. d) Pay poficy for senlorstuFF The Trustees ore responsible for providing direction to :Ye chority ond this work is cor.'ied out f ree of charge for both. time opa expènses. The Fes:ivo Director is eopsed on. o trienniol bosis at morket i ates to aesiw the Festival prosromme The Truste@s aim to poy o foir solary to ottroct and reto.'n skn'lled ond expert stof., kjlaries ond benefits ore desiweo to be corppetitive within the chor,.toole sector ond proportion.ote the Complexity of eoch ro',e. Durins 2021 tfv.e 8oord of Trustees fo-med on HR Sub-commiitee ond o policy was created to f ormolise poy reviews os part of the appraisol process. e) Orgonisatlonal structure and declslon making The Board of Trustees comprises no: less thon 3 and rnot more thon 15 rpembers. The eoord meets ot leost quortery with, seporote sub-committees of relevcnt Trustees covering Finonce. HR and Policies. A professionol teom. led by the Festivol Director. corry out the doily operotions of th.e Festivol. reportins directly to the Choir ond Boord of Trustees. Throushout the yeor. apd esoeciolly during the Fes:ivol. the comffjny bgpefits f rorn the consideroDle 5UPPOft of the Lichf ield Festivol Friends (previously thown os Lichfield Festivol Associolion) o•d tle assistance of o substortiol number of volJnteers. Poge 7
Lichfield Festival Limited (Acompony limited bysuarantee) Trustees, report (continued) forthe yearended31December2024 Structure. sovemance and management (continued) f) Rlsk management Tho Trustees hove ossessed +he mojor ris to which the company is exposed, in porticu',or thosg reloted to the operotions and finonces o,, the compony, ond ore sotisfied tho: sys.ems ond procedures ore in place to miLigate exposure to the mojor risks. The Trustees mcintoin o Risk Fleg'ster which is reviewed regularly, with high risk or time ser)sitive items f lawd f or discussion o: 800", d Meetings. Plansforfuture periods o) Future development5 Over next yeor the Board p'orTrS to mointain the current level of reserves tbrouty continuous ond rigorous oversiwt. The Boord hopes :o mointoin the reserves boloice by continuin9 to roise the Festivo.'s profile. ossisted by o focJs on the coherence of the comwny's morketin8 Strotesy. to mointain fundins and produce a progroTrme thot demonstrotes both commercial appeal ond artistic in-esrity. wyilst ensuring an appropriote use of funds on o wider Leornins apd Portic..potion pro9rorpe Ar) incredib,y succe55ful Cksristmos event hos now beeg porl o, the Festival's repertoire f or o gumbe" of yeo"s. This successfully contiTrued in:0 2024. ona P)os ollowed for o much steodie-, streom of income throushobt the yeor with 09 odoitionol coshflow boost in o previou'sly less active period. This is plonned to continue into 2025 and beyond. Pose 8
Lichfield Festival Limited (Acompany Ilmltedbyguarantee) Trustees. report (¢ontlnued) forth• earended31December2024 The Trustees (who ore dso directors of Ltchfield Festival Lirrdted for the purp)ses of ¢ompJny law) are reswnsible for preFyJrifE the Trustees, repjrt and the financiol statennts In crcordance wtth OFJplicoble low and United Kln)m Accountin9 Stondards (United Kin*Jm Generally Accepted Acmunting Proct1). Company law reqUIS the Tnjstees to prepare financid statements for eoch finan¢lal period. Under company low the Trustees must not approve the financiol statements unless they ore satisfied that they 9ve o trug and fair Mew of the state of affairs of the charitable compjny and of the incoming resources ond opplicotion of resources, indudins the income and exFenditure. of the charftoble company for that Feriod. In preporins these financial statements, the Trustees ore rec¥Jlred to.. Select suitoEe accountins wlldes ond then apply them conslstently - Observe the methods and Frinaples in the Chorfties SOF¥J 2019 (FI Ice) - Make judsements and accounting estie5 that are reosonoFJe ond prLKlent - State whether applicable oc¢ountins stcndard5 hijve been followed. suiiect to any n)Jterlal departures disdosed and exploined in the flnonclol stotements pp)re the finawal stotements on the g)ing conrn t(Jsis unless it is inappropriote to pSUrne thot the choritoble comrKiny will continue in operotion The Trustees a SponSI1e for keptn9 adeqvate ¢xcounting records that ore suffiaent to show and explain the thorltoble comwnvs tronsactions an(J disclose with reaSonae ocojrocy ot any time the finonaol p)sition of the choritoble comp2ny ond enoble them to ensure that the finanaal statements comply with the Componies Act 2. They ore olso responsible for safesuarding the assets of the thorit0te Company and heTr for takns reasonoble steps for the preventton and detection of fraud and other irrvlarities The Trnstees ore responsible for the maintenonce Inte9ity of the corp)rote ond finoncKJI infcrm(rtion included on the choritoble comp]nVs web5Fte. Lesislatlon in the United Kin¥om 9)verning the preporotion and dissemination of flnonclol stcrtements moy (fiffer from le9slation in other jurisdiction& In preporing this pOrt. the Trustee5 hove tOn ookntose of the Sn11 corrwnies exemptlon prOded by Section 4154 of the ComF)onies Act 2CQ6. This reFort wos opproved by the Trustees on 6 Morch 2025 and Sied on thelr teh0 by.. H•l•n Pa5e 9
Lichfield Festival Limited (Acompany limitedby guarantee) Independent exarnlner's report to theTrustees of Lichfield Festlval Limited forthe eorended31December2024 Independent examinerf5 report to the Tru5tee5 Qf Lichfleld Festlval Llmrted l .eoort to the Trustees on my exomi•otiorn of the occodpts of the company for the yeo.- enoed 31 December 2024 which ore set out on poses ll to 26. Responsibllitles and basis of report As the Trustees of th.e com.pony (ond olso its directors for the purposes of company lowl YOJ o.-e responsible , or th.e preporo+ion D, the occounts in occordonce w,'th the requirements of the Compcnies Act 2008 I'the 2006 Act,) Hovins satis4ied myself that the accounts of the compony ore not requi.-ed to be ouditea under Port 16 0, the 2006 Act ond ore e',i9ble for indooendent exominotion, I report in respect of my exominotion of your company's occounts os corried out unaer section 145 of the Chorities Act 20ll ('the 20ll Act.). In corrying Out my examination I hove followed the Direc'iions 9ven by the Chority Commission unoor Section 145151(b) of the 20ll Act. Independent examIne5 statement Since the chority's yoss income exceedea £250.CXX) your exorDir)er rr.LJSt be o member of o body listed in section 145 of the 20ll Act. I confirm that l orr quolified to undertake the exominotion becouse l om o m.èmbèr of Institute of Char:ered Accoup,tants in Ensiond and Woles, which is one of the listed bodies. I hove comp,'eted my exominotion I cornfirm thot no motters hove comè to my ottention in connection with the exomir)otiOP 9vins me couse to believe thot in ony moteriol respect.. l. occountl•g records were n.ot Kept in respect of the compony os requireo by section 386 of the 2CK)6 Act.. or 2. the occoLnts do .qot accord with those records. or 3. tne occoJnts do not comply w'",th the occounting requiremènts of section 398 of the 2006 Act other thon any requiremer)t thot :ne occounts 9ve o 'tfKJe ond foir view. which Is not o motter considered os wrt of an inoeFEndent exomiTratiop.'. or 4. the occounts hove not Deen Drepc"ed in occordapce witn the methods ond principles of tne Stotement o,, Recommendeo Proctico f or occountin9 ornd reportins by charl.ies opolicoble to chorities preporing th.ei,- occounts in occoroonce witn the Firnonciol Reportin8 Standord opplicoDle in the UK ond RepuDlic of Ireland IERS 102) I nove no concerns orpd hove come across r)0 other matters In connection with the exominotion to whic otter)tion should be drawn in this report in order to enoble o proper undersLandins of the OCCOLJnts to be reoched. MarkGumey FCCA Doins Audit Limited Chortered Accoun:ants Birmin*am Date". gi AlcL /Lot£ Pose 10
Lichfield Festival Limited (Acompany limitedby guarantee) Statement of finoncial activities (incorporatin9 income and expenditureaccount) forthe earended31December2024 Unrestricted funds Year ended 31 Dec 2024 Restrkted funds Yearended 31Dec 2024 Totalfunds Yearended 31 Dec2024 To:al f unds Yeor enaed 31 Dec 2023 Note Income from: Donotions ond lesucies Choritable octivities Investments 194.041 247.076 2048 36.725 230,766 247,076 2,848 208.813 207.525 747 Total income 443,965 36.725 480.690 417,085 Expenditure on.. Choritoble octivities 5,6.7 429,602 36.725 466,327 412.476 Total expenditure 429.602 36,725 466327 412.476 Net movementln funds 14.363 14363 4.609 Reconciliatton of funds: Totol funds brougit forword ll9.426 ll9.426 ll4.817 Totalfunds carrled forwtsrd 133,789 133.789 ll9.428 All octivities relate to co•:irnuing operotiogs. The notes on poses 14 to 26 form port of :hese inonciol stotements. Poge ll
Lichfleld Festival Limited (Acompany limitedby gu(Tantee) Bolance sheet os at 31December2024 31 Dec 2024 31 Dec 2(Y23 Nots Flx•dassets Ton9EJe ossÈts Currwtawts Debtors Cosh ot tr¥]nk and in hand 34339 143284 36J3 ]2L040 177F24 157J53 Cr•dltors (amounts follin9 due < l year) (47357) 138182) N•t cwr•nti758•ts 134012 ll9.428 Credltors (amounts falling due ) l year) aD23) 133.789 ll9.426 Charfty funds Unrestricted funds Restricted funds 14 133389 ll9,426 Totalfunds corf•dfoThvffll 133.789 ll9.426 For the yeor ended 31 December 2024, the comFony15 entitled to exemption from oudit under Sertion 477 cf the Companies Act 2CKE relotin9 to smoil comp(]nies. Directors, resFonsibilities". The members hove not required the comFKJny to obtoln on audit of its occounts for the period in question in acccrdonce wlth &ction 476 of the Companies Act 2C£6. The Directors acknowledse their r95ponsibilities for complylng wlth the requirements of the Act with respect to accounting records and preporation of accoun The finonciol stoterrEnts were Op0Ved by the Trustee5 on 6 M¢xch 2025 ond sisned on their behalf by. Helen 65er.cho The notes on SE5 14 to 26 form pjrt of these finoncial statements Pose 12
Lichfield Festival Limited (Acompany limited by guarantee) Cashflow statement f orthe earended 31December2024 2024 2023 Note Co5h flows from operating OCtNltle5 Net cosb. provided by operotins octivities 15 24069 (52,886) Net cash provided by operotlng activities 24.869 152.886) Cash flows from Inve5tlng Qctlvities 2048 747 Purchose of tansible f ixed ossets (5.473) (483) Net cash used In Investing activrtles (2.625) 284 Change in c05h and cosh equsvalent5 in the yeor Cosh ond cash equivclents broug7: forword 22.244 121.040 152.621) 173.661 Cash ond c05h equivolents corrledforword 16 143.284 121,040 Pose 13
Lichfield Festival Limited (Acompany Ilmitedby guarantee) Notesto thefinancial statements forthe earended31December 2024 General informatlon Lic.If ield Festival Limi Led is a choritoble COponY re9Stered in Enslond or)d Wales. The address o! the registered off ice is siven In :he .-eferencg ane adminis=rotion detoils on pop l of these finonciol stote.Ter)ts. The no'.Jre OF the chority's operotions ond principal activities ore cjetoiled in the frus:ees' Report on poses 5 to 9 of these financia. statemènts Accountins policies ij Basis of preparatlon of finonclalstatements These finonciol sto:ements hove been prepo,'ed in occordonce with Accounting ond Reportins by Chorities. Stotement of Recommended Practice opplicoble to chc"ities preporing their occounts in accordonce wi-kn the incnClal Repo-. tlq9 Standord applicable in the UK ano Republic of l..eland IFRS 102) (effective l Januory 20191. Wit FRS 102 cgd with the reqb'irements of the Componies Act 2006. Lichfield Festival Limited meets the de,. iriition of o pJblic benefit entity under F]02 Assets op.d liobilities ore initiolly recosr)ised o: historicoi Cost o- transoc.ion vo'ue u•less otherwise stoted in the relevont cccounting poljcy. The siwrFicont occountins policies opplied in the prec>orotion of these finonciol stotements ore set out below. Th,ese policies have beeq consistently applied tro all periods presenteo unless otherwise L2 Golng concem After moKins opproprioLe enouiries. the Trustees 0ve o reosonoble expectotion that the company has oaequote ."esources tc contir.ue in. operotional existence for o period of ot leost 12 mon;hs frcm tho doLe of opprovoi of t•èse finonciol SLOtem2nts. For this reoson they contin.ue to odopt tne soins concern bosis in preporin.s the f Inanciol statements. L3 Compony status The compony Is o compony limited by 9Jorop,tee. The members of the corppany o,-e the Trustees named c• page l. In the even: of ;h.e corpporny beins wound Jp. the liobility in respect of the suorantee is liYited to £1 pèr member of the compony. Pose14
Lichfield Festival Limited (Acompany limited by guarontee) Notesto thef inancial statements (continued) forthe ear ended31December2024 Accountlng policies (contlnued) 1.4 Fund accounting Generol f uncjs ore unrestricted f unds which ore avoiioble for use ot the discretion of the Trustees in fur;herance of +,he senerol objectives of the compon.y oyd whicry hove not beer) designoted for other purposes Restricted funds ore funds which ore only ovoiloble for use in furtheronce of the specif ic purpose for which they were sivep.. Investment income. soins and losses ore ollocoted to the oop,"opriate fund. Pose 15
Lichfield Festival Limited (Acompany limited by guarantee) Notes to the financial stcrtements (continued) forthe yearended 31December2024 Accountins policres (contlnued) 1.5 Income All iTrcome is recowised op.ce the compc•y hos entitlement to the income, it is probable thot the ipcome will be received on.d the omount of income receivable co• be meosured "eliobly. For lewcies. entitlement 15 token os the eorlier of the date on which. either. the company is awore tho,, probGte hos been srogted. th.e estote has been fino ised and notif Icotion hos been rrade by the executor{s) to the Trust thot o distrioution will bg made. or whei a distribdtion is receiveo rom the estate Receipt of a lesKJCy. in whole or in port. is only considered proboole when tne om,ou•', con be meosJreo reliably ond the compor)y hos been notified of the execu:or's intention to make o distribution Where log)cies hove beefj notified to the compony. or the company is cwore of the onting of p,-obate. ond the criterio for income recognition hove not be@n met. then the leycy is treoted as o conti•gent osse; ond disclosed if motericl. Gifts in "rnd dor)oteo for distriDUtion ore included ot voluotion ond recognised os income wffien they are distriL)utecl to the projects. Gi'ts dono.ed f or resole cre inclJded os income whep. they ore Sold. Doroted fociliLies cre ir)cluded ot the volue to the compony where this con be quanti,. led o.Tro o third porty Is beo-ins the cost. No omounts are ir)cluded in the f inonciol stotements for services donoted by volunLoers. Dor)O¥ea services or focilities ore recogp.ised when the compony hos control over the item. and conoitions ossocioted with the donoted Item hove been met. tho receip: of economic bénefit from the use of the item is proboDle ond tnot @conomic benef it carn be meosurea "eliooly. In occordonce with the Chorities SORP (F[ 102). :he gernerol volunteer time o. the Licgf ield Festivol friepd5 is not recosnised. Please refer :o the Trustees, report 'or more informotion obout their contribution. On -. eceipt. donoted professionol serv,'ces ond dono:ed focilities ore recognised on the bosis o¥1 the volue of the sift :.0 the compoyy WlCh is the omount Ihe compony would hove been willing to pay to or)taip. services or focilities of equivolent economic begefit on the open martet.. o corresponding omount is tkTern recowised ir) expenditure in the period of .-eceio:. lrnco.Tre'.ax recoverobe in relotion to donotions received under Grft Aid or deeds of covenont is recogvised at tne time of the donotion. lrncome tox recoveroble in relotion to investmeqt income is -ecogYised ct the income is receivable. me the investment O+her income is recowised in the period in which it is receivable ond to the extent thot pods hove Deon provided or on comnleLion OF the service. Pose 16
Lichfield Festival Limited (Acompany limited by guarantee) Notesto thefinanciol statements (continued) forthe earended310ecember 2024 Accounting policles (contlnued) 1.6 Expendiiure ExpenditJre is recowised once ere is o lesol or con5:ructive ODliFtiop to tronsf er economic benef it to o third porty, it is probable thot o tronsfer of economic benef its will be required in settlement and the omoun: of the obli+lion can be meosured reliably. Expepditure is clossif led by activity. The costs of eoch octivity ore mocle up of ;he totol of direct costs ond shored costs. includifjs suppori costs involveo in unde., to.n9 eoch octivity. Direct costs o".Iributoble to O singe octivity ore ollocoted directly to thot octivity. Shored costs which contribute io more thon one octivity ono support costs which ore not ottributable to o singe octivity ore opportioned between th95e octivities orn o bosis consisternt with the use of resources. Centrol slof f costs ore ollocoted on the basis of time spent. ond oepreciotion chorges o.locoted on ",he portion of the osset's use. Support costs ore those costs incurred directly in sJpport of expenditJre on the ODjects of the compony ond include project monogement corried out by the office. Charitoble octivities und Governonce costs ore costs incurred on the comDor)y's educotiona! operotions. includin8 support costs and costs relating to the sovernance of the comporny apportioned to charitoble octivities. 1.7 Tonglble flxed ossets and depreciation A review for impoirment of o f ixed o55ei is corried out If events or chonges in circumstonces indicote thoi Lhe carrying volue of ony f ixed osset moy not be recoverobl Shortfalls between the corryins volue of f ixed ossets and the1r recoveroble omount are recosnised os impoirments Impoirment losses ore recognised in the 'Stotemen; of finoncial octivities lincorporoting irncome ond exDenditure)' account. Tongible fixed ossets are co.-ried ot cost. net of depreciotion and ony provision for impoirment. Depreciotion is provided ot rotes colculoted to write off the cost of fixed ossets. less their estirp.oted residuol volue. over their expected usef ul lives on. the following boses". Furiture. fi:tings ond off ice equipment. 33% stroiwt line Plant ond equipment. 20% siroight line 1.8 Interest receivable Interest on f unds held ori deposit is included when receivobie or)d the amount con be meosured reliobly by the compony.. this is normolSy upon notificotion of the interest paid or poyoble by the bonl Pose 17
Lichfield Festival Limited (Acompany limitedby guarantee) Notesto thefinancial statements (continued) forthe yeorended31December2024 £countlng P0C[eS (contlnued) 1.9 Debtors T.ode ond other debtors ore recognised at the settlement orpount ter cny trode discoufjt o¢fered. Prgpayments ore volued ot the cryioJpt prepoid net of cny :"ode discounts due. 110 Cash at bank and in hand Cosh at boDk ono in hond includes cosh ogd sTor: term highly liquid investrpen.ts with o short rpaturity of 3 TrorTrths or less f rom te dote of occuisitioi or opening of the deposit or similor occount. ljl Liobilrties and provisions Liobilities ore recog)ised w.ern there is on obliwtion ot Ihe Bolonce Sheet dote os o result of a post eveqt. it is probobly thoL o trcnsfer of economic benef it will be required in settlement. ond the amount of the settlement can be estimoted reliob',y. Liobilities are recowised ot tle omount thot the comoony onticipo:es it will poy :o se++le the oebt or omount it has received os odvoncod poyments for the pods or services it must provide. Provisions ore meosured ot the best estimote of the omounts reauired to settle the oblisotion. ere the effect of the time volue o,, money is mo:eriol. the provisio? is based on the preseni volJe of thos@ omounts. discoup.ted ot :he ore-'.ax discoun: rore :not ref lects the risks speci'ic to the liobility. The urTrwinding of the oiscount is recosnised withip. intereSL FXJyCi)le ano similor chorges 112 FinoncKJI instruments The CoMnY only hos f inoncial assets ayd finonciol licbilities 0. o "nd thot qualif y os bosic f inonciol InSLrJrrents 8osic finapcicl instrLJmerTrts ore initiolly recosnised ot tronsaction volue oqd subseoJently mecsurea ot their settlement volue with :e oxception of bonk loons wlicn ore subsequeptly meosured ot amortised cost using the effective i•tere5t method. Pose 18
Lichfield Festival Limited IAcompany limited by guarantee) Notes to thefinancial stcrtements (continued) forthe earended 31December 2024 Incomefrom donotions and legocles Unrestricted funds Year ended 31 Dec 2024 Restrkted funds Yearended 31 Dec 2024 Total funds Yearended 31 Dec 2024 Sponsorship ornd oonotions Grornts ond public bodies 188278 5.762 188.278 42,487 36.725 Total donotions ond lesrjcies 194.041 36.725 230.766 Unrestricted funds Year ende 31 Dec 2(E3 Restricted funds Yeor ended 31 Dec 2023 Total funds Year ended 31 Dec 2023 Sponsorship op.d donotions Gronts ond public bodies 193.585 7.728 193.585 15.228 Totol donotior)s ond ley)cies 201.313 7.5L)O 208.813 Income from charitoble activitles Unrestricted funds Yearended 31 Dec 2024 Restricted funds Year ended 31 Dec 2024 Totol funds Yeorended 31 Dec 2024 Tickei soles Solè of merchor)dise ond other fundraisi•g 214J43 32,933 214 J43 32.933 Totol income from choritoble octivilies 247.076 247.076 Unrestricied funds Yeor ended 31 Dec 2023 Restricted funds Yeor ended 31 Dec 2023 Totol funds Yeor ended 31 Dec 2023 Tickot soles Sale of merchondise ond other fundraisin9 183.088 24.437 183,088 24.437 Total income from choritoble octivilies 207.5 207.525 Posp 19
Lichfield Festival Limited (Acompony limited by guarantee) Notestothefinoncial st(rtements (continued) forthe earended31December2024 Income from investments Unrestricted funds Yeorended Restrirted funds Year ended Total funds Yearended 31 Dec 2024 31 Dec 2024 31 Dec2024 BorTrk interest received 2.848 2.848 Totol income frow irTrvestmènts 2.848 2.848 Unrestricted funds Yeor ended 31 Oec 2023 Restricted funds Yeor ended 31 Dec 2023 Totol funds Yeor e?ded 31 Dec 2023 8onk Interest received 747 747 Totol Income from investments 747 747 natysis of resources expended by attivites Actwities undertoken dlrectly Yearended 31 Dec 2024 Support costs Yearended 31 Dec2024 Total Year ended 31Dec2024 Festivols ond events 388J93 80133 466327 Activities undertoken directly Yeor enued 31 Dec 2023 Suppo-. t costs Year ended 31 Dec 2023 Totol Yeor ended 3] Dec 2023 estivais ond events 335,914 76.562 412 a76 Pose 20
Lichfield Festival Limited (Acompony limited by guarantee) Notes to thefinancial statements (continued) forthe eor ended 31December 2024 Dlrect costs Unrestrfcted funds Yeorended 31 Dec 2024 Restricted funds Yeor ended 31 Dec 2024 Total Yearended 31 Dec 2024 Artist fees Event costs Irrecoveroole VAT Leorning ond porticipotion Woses ono soiaries ?ension corntributions Depreciotion 135.683 129J26 27.003 4171 51J98 904 1,382 135.683 149.001 27.003 21,021 51J98 904 1282 19.875 16,850 Totol clirect costs 349.468 36.725 386J93 Unrestricted funds Yeor endèd 31 Dec 2023 Restricted funds Yeor ended 31 Dec 2023 Yeor ended 31 Dec 2023 Artist fees Event costs Irrecoveroble VAT Leornin8 ono porticipotion Woges ond solories Pension contributions Depreciotion 131.076 126.7ll 24.137 13L076 13L254 24.137 2.957 45,5 771 186 2.957 45.3 771 186 Total direct COSts 328.414 7.500 335.914 Posp 21
Lichfield Festival Limited (Acornpany limited by guarantee) Notes to the financial statements (continued) forthe earended 31t)ecember2024 Supportcosts Unrestricted funds Yearended Restricted funds Year ended 31 Dec 2024 Total Yearended 31 Dec2024 31 Dec 2024 EstoblisnmenL expenses Donctions :o local chorities Consu,tancy . ees Governonce costs 13Jll 140 59,844 7.039 13Jll 140 59.844 7.039 Total supoor: c08ts 80J33 80J33 ufjrestric.ed funds Yeo- ended 31 Dec 2023 Restricted funos Yeor ended 31 Dec 2023 Total Yeor énded 31 Dec 2023 Estoblishment exper)seg Donotions lo 'ocol charities ConsJltoicy fees Governonce costs 18.044 20 18.044 20 52.265 6.233 8.233 To;ol support costs 76.562 76.562 Net Incomin9 resourres l (resources expended) Thi5 15 stoted of ter char9ns'. Yearended Yeo., endea 31 Dec 2024 31 Dec 2023 Dep". eciotion of torsible f ixed ossets owned by th.e charity 1ridepen.aent èxcmip.er's f ee 1382 2,200 186 2.ma Poge 22
Lichfield Festival Limited (Acompany limited by guarantee) Notestothef inancial statements (continued) forthe earended 31December2024 Staff costs Yeorended 31 Dec 2024 Yeor ended 31 Dec 2023 Wages and solories Pension costs 51198 904 45.3 771 Totol stoff costs 52J02 46.304 The overoF number of persons employed by the compony durip.8 the period wos os follows. Yeor ended 31 Dec 2023 No. Yearended 31 Dec 2024 No. Festivol stoff No employee received rerr.irneration omounting to more than £60.000 ip. either period io. Tan9ible fixed assets Fumiture. frtting5 and equipment Plantand equlpment Total Cost At 31 December 2023 Additions 9.5i9 3.4 9.&9 5,473 2.021 At 31 December 2024 2.02] 13.010 15,031 Depreclatlon At 31 December 2023 Chorge for the period 9.104 1.047 9.104 1.382 336 At 31 December 2024 336 ioj 10,486 Net book value At 31 December 2024 IF85 2.860 4,545 At 31 December 2023 POSE 23
Lichfield Festival Limited (Acompany limited by guarantee) Notesto the flnanclal statements (contlnued) forthe eorended 31December2024 IL Debtors 31 Dec 2024 31 Dec 2023 T..ode debtor5 Other oebtors Other toxatior) o*cl sociol securi: PrepayrIt5 and occrued in.co.me 5J94 933 29 668 13.475 21.941 28.211 Total 34339 ]2. Credltors.. (omounts falllng due wSthln one year) 31 Dec 2024 31 Dec 2023 Trooe creditors O+ her toxotion ond sociol secu-, ity Accruols ond doferred incorre 19.554 5,867 21,936 L205 13ll To: 47357 38,182 . Credltors: (amounts falling due clfter one year) 31 Dec 2024 31 Dec 2023 Provisiops 1.023 Totol 1.023 Poge 24
Lichfield Festival Limited (Acompony limited by guarantee) Notesto the flnancial statements (continued) forthe earended31December2024 14. Statement of funds Brousht forward Incoming resources Carrfed forward Summary of funds- 31 December2024 Expenditure Generol funds Restrlcted funds 119.426 443.965 36.725 (429.602) (36.725) 133.789 Totolfund5 119.426 480.690 (466227) 133.789 Brought forword ncomipg resources Corried forword Summory of funds - 31 December 2023 Expendilure Generol funds FstrICted funds ll4.817 409.58i 7.500 (404.976) 17.500) ll9.& 417.085 1412.476) ll9.LE6 Total f unds ll4.817 Flestricted f unds during the yeor ended 310@cember 2024 relate to f unding received f rom Lichfielcl District CoLJncil ond Arts Council Ensloncj These were owarded to cover f ree community events provided os port of the Summer Festivol 2024. plJs an onFing leorning onij porticipo:ion prosromme. . Reconcilicrtlon of net movement In funds to net Cosh flow from operatlng actlvitie5 2024 2023 Net expenditure for the yeor (os por 'Sto:ement of f Inonciol octivities,) 14.363 4.809 Adjustmentfor.. Bonk interest received Dopreciation chorges Decreose / (increosg) in debtors Increose / (decreosel in creditors ,848) 1382 1.774 IOJ98 (747) 186 (27.7661 129.1671 Net cash provlded by operatlng Octivltles 24.869 (52.8861 Poge 25
Lichfield Festival Limited (Acompany limltedby guarantee) Notes to the financiol sttytements (continued) forthe yearended 31December2024 . Anatysis of cash and cash equlvolents 31 Dec 2024 31 Dec 2023 Cosh in hand 143,284 121.040 Totolfunds 143284 1.040 17. Related party transtsctions During the yeor ended 31 December 2024. The company incurred prof essional fees in respect of ¥ine preporotion cnd submission of the stotutory occounts by the current Trecsurer. Claire Lue, trading a5 Clear Accoug:Ins Lichfield Limited. The comwny incurred professioqal fees ir) respect of poyroll processjns. book-keepins, moncsement occourntin9 ond forecosting by te current Treosure" Cloire Lue. trading os Cleo-. Accouriting Licnf ield Limileo. Durins tne prior yeor. the compony received donotions in kind (iy the fo.-m of the provision of postasE ond courier services for Festival brochures) f rom Shenstone Prop@.-ties Limited. Rav00 Monsel,, (o current Booro Member of Lichf ield Festival Limited) is o person of signif ico•: control with resard to Shenstone Properties Limited. These donations iy kn.nd did not corTrtinue into the current yeor. 31 Dec2024 31 Dec 2023 Preporotion and submission of s*otutory accounts Poyrol. Drocessing book-keeping ond rp.onogement occountlQ9 fees PosLose oncl coJrier services 250 4,376 250 3.970 6.500 Poso 26