for the Period Ended 31 December 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2023
Directors
The directors shown below have held office during the whole of the period from
1 January 2023
to
31 December 2023
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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Turnover: |
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Cost of sales: |
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As at
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Debtors: | 3 |
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Creditors: amounts falling due within one year: | 4 |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2023
Basis of measurement and preparation
for the Period Ended 31 December 2023
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Average number of employees during the period |
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for the Period Ended 31 December 2023
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for the Period Ended 31 December 2023
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In the space provided below, please insert a general account of the company’s activities in the financial year to which the report relates, including a description of how they have benefited the community. The principal activity of Lancaster Music Festival CIC during the year was to produce and promote the annual multi-venue Lancaster Music Festival which once again brought significant benefits to the community which included: - The music festival attracted an increased footfall of 74,580 in Lancaster city centre for the 2023 festival, providing an economic benefit to the city of approximately £2.6 million. - Over 55% of the £203k festival production budget was spent within the Lancaster city district. - Music workshops and programmes run in the build up to the festival engaged with members of the ethnic communities, including the Chinese and Arabic communities. - Local children and youths attended workshops produced by the company. - We worked with over 20 local organisations and freelancers and 66 volunteers to deliver 75 participation events in which a total of 1,786 people took part - 336 acts performed at the festival, 85% of them local, in 534 performances, with an estimated 1,127 musicians in total - 50% of the acts on LMF stages were female - As a member of the Lancaster Arts Partnership we collaborated with other arts organisations in the area (most of which are publicly funded) and provided an alternative commercial viewpoint towards a more sustainable organisational model.
Local Funders (Lancaster BID, LU Confucius Institute, Lancaster City Council Community Fund, Banks Lyon Memorial Fund, FC Scott Charitable Trust, Duchy of Lancaster Benevolent Fund, Lancaster Wellbeing Fund): we received £36.5k in funding from these local funders towards the cost of producing performances in the city’s squares and workshops for young people and ethnic communities during the festival. We produced evaluation reports to show how the funding was spent and statistics regarding footfall and economic benefit. We met with BID several times in advance of the festival to assess improvements we could make to generate the maximum footfall in the open spaces during the festival. Corporate sponsors: 6% of revenue in 2023 came from local corporate sponsorship. We met with sponsors following the festival to discuss how they benefited from sponsoring the festival and how sponsorship could work for them at the 2024 festival. Venues: there are more than 60 venues involved in the festival, primarily businesses (such as pubs, cafes, shops) as well as public buildings (the library, council exhibition spaces etc) and Lancaster Castle (owned by the Duchy of Lancaster). We consult with venues on an on-going basis throughout the year via face-to-face meetings, a monthly newsletter, open meetings and artist evaluation sessions where venue representatives have the chance to listen to and select artists to appear at their venues. Lancaster City Council: although we receive no direct funding from the council the council are a major partner and we consult with them throughout the year. These meetings cover not only practical issues regarding the festival (licensing, safety etc) but more recently have included commercial discussions on how the company can produce events at council venues, to the benefit of both us and the council. Festival-goers: we engage with festival-goers via social media through the year and, following the festival, via a questionnaire to evaluate what the audience liked and what could be improved. The 2023 questionnaire revealed 97% customer satisfaction. Other Organisations: we are an active member of the Lancaster Arts Partnership, a (currently) un-constituted partnership of local arts organisations (theatres, dance groups, artists, local council etc). We work together to promote the arts in Lancaster, to raise awareness of the rich cultural offering in the city to a wider audience and to increase visitor numbers to Lancaster.
The aggregate amount of emoluments paid to or receivable by directors (5) in respect of qualifying services was £32,965. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed.
No transfer of assets other than for full consideration
This report was approved by the board of directors on
31 March 2024
And signed on behalf of the board by:
Name: Stuart Marshall
Status: Director