COMPANY REGISTRATION NUMBER: 02034446 CHARITY REGISTRATION NUMBER: 517957 Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Unaudited Financial Statements 31 March 2025 PRITCHARD & CO Chartered accountants Ffynnonddofn 74 High Street Fishguard Pembrokeshire SA65 9AU Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Financial Statements Year ended 31 March 2025 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements The following pages do not forni part of the financial statements Detailed statement of financial activities 16 Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. Reference and administrative details Registered charity name Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Charity registration number 517957 Company registration number 02034446 Principal office and registered J D Jones & Co office 71 High Street Fishguard Pembrokeshire SA65 9AW Wales The trustees Mrs B P Jones Mr G Peters Dr S Forman Mrs E Morris Mr O P Williams Mr D K Bartlett M J Attenburrow B Bentley-webb S Player M Bentley-INebb (Resigned 1 June 2025) (Resigned 22 January 2025) (Appointed 1 June 2025) (Appointed 1 June 2025) (Appointed 1 June 2025) (Appointed 1 June 2025) Independent examiner Stephen Davies FCCA Structure, governance and management Fishguard International Music Festival Limited was incorporated on 4 July 1986 under the Companies Act 1985 as a private company limited by guarantee. It was also registered as a charity on 6 October 1986 with the Charity Commission for England and Wales. The Festival adopted new Articles of Association for a Charitable Company, being the Charity Commissioners, Standard Form (August 2010) for a company not having a share capital, on 28 June 2011. Under Article 6, Option 2 was adopted in relation to Directorfs Benefits. At the AGM on 25 October 2024. at the Gateway Club, Clive Road. Fishguard.. Owen Williams was re*lected as Trustee. Elizabeth Morris was re*lected as Trustee. Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Structure, governance and management (continued) The Trustees welcome new trustees willing to assist with the leadership and governance of the Festival Company. New trustees receive training and guidance in their roles and responsibilities. Organisational Structure The Company is managed by the Trustees who report to the Company members annually. The Trustees are assisted by Associates and Volunteers. Leading post-holders this year were- Chairperson Keith Bartlett Deputy none Hon Treasurer Bronwen Picton Jones Artistic Director Gillian Green MBE Festival Manager Mr Michael Molloy Risk Management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in pla￿ to provide reasonable assurance against fraud and error. Considerations during the year were supported by budgets and by action on any over-spend in the comparatives. All of our activities are exposed to operational risks too numerous to mention. Any number of things can go wrong- illness. travel disruption. technical difficulties, last-minute changes, and so on. We manage all of them by being vigilant. by conts'nually monitoring progress at all stages and by responding promptly to any adverse events. Objectives and activities Objectives and Aims The Objects of the Charity are as stated in Article 4 of the new Articles of Association and, as before, are to promote the education and knowledge of the Arts generally in Wales and to have the powers to promote a wide-ranging Festival within this context. The Charity primarily meets its objectives by holding an annual music Festival mainly in the Fishguard and Goodwick area as well as across north Pembrokeshire in late-AugusUearly September. Additional events may be arranged in the Spring and Autumn, depending on budgetary constraints, artists available and other local events. The objective continues to be to achieve the highest possible standards of excellence achievable in the live music and arts presented within available financial resources. This artistic objective continues to be supported by new and revised policies= 1. Artistic Policy,. 2. Child Protection,. 3. Equal Opportunities; 4. Bilingualism; 5. Environment; 6. Health & Safety; 7. Trustees., 8. Sponsorship and 9. Volunteers - Complimentary Tickets. Achievements and performance Charitable Activities This Report covers the period from 1st April 2024 to 31st March 2025. It is the 38th Annual Report for the Charity and covers its 55th Festival. The festival was designed with stake holders and artists some of whom are new to the Festival and others who have participated in previous years Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Since 1970, the Festival has been bringing world-class musicians to venues across North Pembrokeshire in orchestral, chamber and solo performances of early, Classical, Romantic and contemporary music, together with jazz, folk and world music concerts. The Festival is truly international in terms of both the music performed and the musicians who take part. It also provides numerous opportunities every year for early-career and student musicians and for Welsh and Wales-based performers and composers. The Festival has also commissioned several new works over the years. It has made, and continues to make, a very significant contribution to the social, cultural and economic wellbeing of the area and its residents, and the trustees are committed to ensuring that it continues to do so. The aim of the Festival every year is to extend its reach to as wide and diverse an audience as possible throughout the region, where opportunities to experience world-class music-making are rare. Artistically, and in terms of audience response, the Festival was a huge success. Many hundreds of people were able to enjoy performances by world-class musicians and young stars of the future in an area of Wales in which such opportunities are rare. The funding from the Arts Council of Wales Ty Cerdd and all of our sponsors, donors, friends and patrons was crucial in enabling these events to take place. All of our partnerships and collaborations. both those that we have developed over the years and those that we have established more recently. contributed enormously to the overall success of the project. Our long-standing relationships with Welsh National Opera Orchestra, the ensembles of National Youth Arts Wales and Newport Music Society continue to deliver superb results. More recent collaborations with the Royal Welsh College of Music and Drama and Young Music Makers of Dyfed have also proved to be great successes, and they and we are looking fO￿ard to them becoming regular features of the Festival. The free outdoor performances attracted many people who would not otherwise have been able to attend a Festival event, and many children and young people took advantage of our £1 and £5 tickets which have prompted very positive feedback. Audience numbers were not as we would have wished which we attribute to lingering concerns about Covid-19 and the deteriorating economic climate. Planning and Monitoring The staging of an event of the scale and duration of the Fishguard Festival of Music requires detailed and extensive planning, something on which we pride ourselves. Nevertheless, unforeseen problems and changes inevitably occurred but were managed successfully. Our post-Festival surveys and a considerable amount of informal feedback clearly show that audience members are enormously appreciative of the warmth of the welcome they receive at our venues and the attentiveness and efficiency of our stewards, ushers and ticketing staff. Similarly, the musicians frequently compliment us on the professional way in which the events are staged and the support that ensures that their visits and perforMan￿S run smoothly. Management The management committee consulted closely with each other as to funding and organisational matters and worked closely with the Festival Manager and Artistic Director with regard to budgets and time scale of the festival. All materials {website, brochures, posters, fliers) were produced in both Welsh and English. Announcements and speeches at all of our con￿rtS were bilingual, and our many Welsh speaking trustees and volunteers were able to greet audience members, carry out stewarding duties and sell tickets and programmes in Welsh. This year, for the first time, all programme notes were bilingual and we received many positive comments on the quality of the writing. Festival news in Welsh was provided for Papurau Bro. Clebran, and 'Llien Gwyn.. We invited our audiences, performers, suppliers and others to engage in whichever language they preferred. Non Welsh-speaking musicians were offered a list of Welsh phrases to use when addressing audiences, which was very much appreciated by everyone. Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 The Well-being of Future Generations. The trustees have looked at this agenda and are formulating a policy to reflect the current situation. Financial review General On 1st April 2024, the bank balance opened at £6,559-06 with £966-98 in the Premium account for reserves. The bank closed with £4.042-97 in the current account and the ReseNes Account held £981-33 Opening Creditors.. £10,872 Opening Debtors.. £5,000 ACW Closing Creditors: £6,700 Closing Debtors.. £4,244 ACW Closing Pre-payments Income £3,100 and Expenses £5.638-20 Friends and Patrons of the Festival at 31st March 2024.. £3,536 other individual donations.. Davies M Charity £1,500, Colwinston Trust £10,000, Oakdale Trust £1,000, Western Solar £2,000, Personal donations £825 Fund Raising Activities- £437 Grants.. ACW £49,255. Fishguard & Goodwick Town Council £1,500, Ty Cerdd £850 Expenses main costs remain.. Artists Fees £48,05044, Festival Management £10,000, Venue hire of £5,798, Advertising and Promotional £12,026". Reserves Policy The Trustees manage Festival reserves in four main elements.. a contingency added to planned and budgeted expenditure., basing ticketing income on accurate records of similar previous events at planned venues and applying a conservative margin., allocation and use of any surplus of any festival-generated income at the end of each festival- taking appropriate decisions throughout in order to maintain balanced budgets and a sustainable future for the Festival which are agreed, minuted and reviewed at Trustee meetings. On 31 st March 2025, the Business Resenie Account balance was £981-33. This reserve account has been severely depleted due to the loss experienced for the fesitNal held in August to September 2022. These losses are the result mainly of reduced ticket sales due to lack of audience numbers and to date the festival has not been able to increase the reserve levels. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 6 November 2025 and signed on behalf of the board of trustees by= Mrs B P Jones Trustee Mrs E Morris Trustee Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Independent Examiner's Report to the Trustees of Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Year ended 31 March 2025 I report to the trustees on my examination of the financial statements of Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd ('the charity,) for the year ended 31 March 2025. Responsibilities and basis of report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(bl of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Stephen Davies FCCA Independent Examiner 16 Main Street Fishguard Pembrokeshire SA65 9HJ Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Unrestricted funds Total funds Total funds 2024 Note Income and endowments Donations and legacies Charitable activities other trading activities Investment income 70,815 30,067 437 15 70,815 30,067 437 15 60,891 31,774 441 Total income 101,334 101,334 93,112 Expenditure Expenditure on charitable activities Total expenditure 9,10 96,716 96,716 92,161 96,716 96,716 92,161 Net income and net movement in funds 4,618 4,618 951 Reconciliation of funds Total funds brought forward Total funds carried forward 400 400 (551) 400 5.018 5,018 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on page5 8 to 14 forni part of these financial statements. Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Current assets Debtors Cash at bank and in hand 15 10,058 5,125 5,000 7,565 15,183 12,565 Creditors: amounts falling due within one year Net current assets 16 10,165 12,165 5,018 400 Total assets less current liabilities 5,018 400 Net assets 5,018 400 Funds of the charity Unrestricted funds 5,018 400 Total charity funds 19 5,018 400 For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476, The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 16 November 2025, and are signed on behalf of the board by.. Mrs B P Jones Trustee The notes on page5 8 to 14 forni part of these financial statements. Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered Offi￿ is J D Jones & Co, 71 High Street, Fishguard, Pembrokeshire, SA65 9AW, Wales. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 Accounting policies (continued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of trrfo sub-classes- restricted income funds or endowment funds. Incoming resources All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliabty measured. The following specific policies are applied to particular categories of income" income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directty to that activity. Shared costs are apportioned be￿een the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initialty recorded at cost and subsequently stated at cost less any accumulated depreciation and impaiment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 Accounting policies (continued) Tangible assets (continued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Equipment 33¥0 Straight line Impainnent of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Government grants Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received. Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant prO￿edS are received or re￿1Vable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Vvhere grants received are prior to satisfying the revenue recognition criteria, they are recognised as a Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 10 Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 Limited by guarantee The company is a private company limited by guarantee and consequently does not have a share capital. The liability of members in the event of liquidation is limited to £10 per member. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donations Gifts and donations Donations and legacies Friends of the Festival 825 14,960 3,536 825 14,960 3,536 618 3,730 3,240 618 3,730 3,240 Grants Grants 51,494 51,494 53,303 53,303 70,815 70,815 60,891 60,891 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Admissions and programme sales 30,067 30,067 31,774 31,774 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Fundraising events 437 437 441 441 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Bank interest 15 15 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Fishguard Intemational Music Festival 96,716 96,716 92,161 92,161 11 Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 10. Expenditure on charitable activities by activity type Activities undertaken Total funds directly 2025 Total fund 2024 Fishguard International Music Festival 96,716 96,716 92,161 11. Independent examination fees 2025 2024 Fees payable to the independent examiner for.. Independent examination of the financial statements 360 12. Staff costs The company has no employees as all the management and administrative functions are carried out by the trustees. The average head count of employees during the year was Nil (2024: Nil). No employee received employee benefits of more than £60,000 during the year (2024.. Nil). 13. Trustee remuneration and expenses The trustees re￿iVed no remuneration for the year ended 31 March 2025. No expenses were paid to trustees in respect of the year ended 31 March 2025. 14. Tangible fixed assets Equipment Cost At 1 April 2024 and 31 March 2025 Depreciation At 1 April 2024 and 31 March 2025 Carrying amount At 31 March 2025 2,639 2,639 At 31 March 2024 12 Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 15. Debtors 2025 2024 Trade debtors Prepayments and accrued income other debtors 4,244 5,638 176 5,000 10,058 5,000 16. Creditors: amounts falling due within one year 2025 2024 Trade creditors Accruals and deferred income Social security and other taxes 6,700 3,465 10,872 1,115 178 10,165 12,165 17. Deferred income 2025 2024 Amount deferred in year 3,100 750 18. Government grants The amounts recognised in the financial statements for government grants are as follows.. 2025 2024 Recognised in creditors- Deferred government grants due within one year 3,100 750 19. Analysis of charitable funds Unrestricted funds At 1 April 2024 At 31 March 2025 Income Expenditure General funds 400 101,334 (96,716) 5,018 At 1 April 2023 At 31 March 2024 Income Expenditure General funds (551) 93,112 (92,161) 400 13 Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 20. Analysis of net assets between funds Unrestricted Total Funds Funds 2025 Current assets Creditors less than 1 year Net assets 15,183 (10,165) 5,018 15,183 (10,1651 5,018 Unrestricted Total Funds Funds 2024 Current assets Creditors less than 1 year Net assets 12,565 (12,165) 12,565 (12,1651 400 400 14 Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Management Information Year ended 31 March 2025 The following pages do not forni part of the financial statements. 15 Fishguard Festival of Music Gwyl Cerdd Abergwaun Ltd Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Income and endowments Donations and legacies Gifts and donations Donations and legacies Friends of the Festival Grants 825 14,960 3,536 51,494 618 3,730 3,240 53,303 70,815 60,891 Charitable activities Admissions and programme sales 30,067 31,774 Other trading activities Fundraising events 437 441 Investment income Bank interest 15 Total income 101,334 93,112 Expenditure Expenditure on charitable activities Artists Venue hire Artistic director's fees Insurance Hospitality Instruments and music Advertising Administration expenses Sundries Postage and stationery 48,050 5,798 6,000 1,042 2,161 6,269 12,026 13,297 42 2,031 45,065 7,778 5,000 979 4,154 5,539 9,085 12,017 364 2,180 96,716 92,161 Total expenditure 96,716 92,161 Net income 4,618 951 16