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REGISTERED COMPANY NUMBER: 03468735 (England and Wales)
REGISTERED CHARITY NUMBER: 1066819














Trustees' Report and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

King's Lynn Festival Limited

King's Lynn Festival Limited

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Trustees' Report 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Balance Sheet 7 to 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11 to 19

King's Lynn Festival Limited (Registered number: 03468735)

Trustees' Report
for the Year Ended 31 March 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).


King's Lynn Festival Limited (Registered number: 03468735)

Trustees' Report
for the Year Ended 31 March 2024


Objectives and activities
The principal objects of the company are:-

To promote, maintain, improve and advance public education, appreciation and understanding in its broadest sense through the arts, particularly by the formulation, preparation, establishment and production of educational plays, festivals and productions, in particular the King's Lynn Festival of Music and the Arts.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Achievements and performance

The financial performance of the July 2023 Festival showed a pleasing improvement on the previous year though ticket income which was very similar to 2022. The popularity of the Coffee concerts and other year-round events continued to grow during the year.
We were fortunate to have received two unexpected receipts in the autumn of 2023, the first being a legacy from the estate of a long-standing supporter of the Festival and also a donation from the winding-up of the King's Lynn Music Society. Both have been set aside as 'designated reserves' to be released as income against nominated projects in following years.
The organisation continues its collaboration with local schools and creative groups to help promote the arts for the region.

Financial review

The results for the year, and the Charity's financial position at the end of the year are shown in the attached financial statements.

Reserves

The charity defines its reserves as the value of those assets over and above those which are required for it to meet its current commitments and planned expenditure. Trustees aim to have sufficient reserves to enable the charity to meet its financial objectives for one year.

Risk review

The trustees met regularly during the year. Major risks are always discussed at these meetings and the systems that are in place to mitigate those risks examined. The trustees consider the lack of a sufficient and secure income base, to be the most significant risk and continue to take all possible steps to ensure that this is mitigated.

Investment policy

The Trustees Investment policy is to maximise returns on the cash balances held, having due regard to risk.

Plans for future periods

A very successful July 2024 Festival has been completed by the time of this report, with an even wider range of events across classical, brass band, jazz, folk and south Asian music. The exhibition followed on the 2023 theme celebrating English art in the 20th century, and focused on 1945-1980. The Burney Festival of early music was held in September 2023, and was artistically very successful but not yet attracting a wider audience. The coffee concerts in Autumn and Winter have continued to attract full audiences. The Festival has been developing further educational links, both in the schools and for pre-school families.
The trustees decided not to pursue the option to buy out of the PSATSA defined benefit pension scheme, but to continue making monthly payments as part of the deficit reduction plan. The next triennial revaluation of the scheme is due to be performed at the end of March 2025.

King's Lynn Festival Limited (Registered number: 03468735)

Trustees' Report
for the Year Ended 31 March 2024


Shortly after the end of this financial report period the Festival Manager, Ema Holman, resigned after a successful 11 years tenure to move elsewhere. The trustees have now recruited a new manager.There will be some change in the available venues as St George's Guildhall and the Fermoy Gallery, the Festival's spiritual home, will be under redevelopment from February 2025, and therefore not available for at least 2 years including our 75th anniversary.

Structure, governance and management
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 14 November 1997.

The company was established under a Memorandum of Association which established the objects and
powers of the charitable company and is governed under its Articles of Association

Recruitment and appointment of new trustees
The nomination and appointment of trustees is made by existing Trustees and Company Members.
Appropriate induction and training is given to trustees when appointed.

Reference and administrative details
Registered Company number
03468735 (England and Wales)

Registered Charity number
1066819

Registered office
11 New Conduit Street
King's Lynn
Norfolk
PE30 1DG

Trustees
Mrs S Cliffe
Mr D P Collingham
Mrs A J Croose
Mr A G Parker (chair)
Mr A J Williams
Mr T A Thomas
Mr R G W Anderson
Miss L Bambridge (appointed 27.9.2023)

Company Secretary
Mr A J Williams

Independent Examiner
Claire Melton
Stephenson Smart (East Anglia) Limited
Chartered Accountants
22-26 King Street
King's Lynn
Norfolk
PE30 1HJ


King's Lynn Festival Limited (Registered number: 03468735)

Trustees' Report
for the Year Ended 31 March 2024


This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 20 September 2024 and signed on its behalf by:





Mr A G Parker - Trustee

Independent Examiner's Report to the Trustees of
King's Lynn Festival Limited


Independent examiner's report to the trustees of King's Lynn Festival Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts 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 fair view which is not a matter considered as part of an independent examination; or
4. the accounts 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.








Claire Melton

Stephenson Smart (East Anglia) Limited
Chartered Accountants
22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

20 September 2024

King's Lynn Festival Limited

Statement of Financial Activities
for the Year Ended 31 March 2024

31.3.24 31.3.23
Unrestricted Restricted Total Total
funds fund funds funds
Notes £ £ £ £
Income and endowments from
Donations and legacies 2 136,036 - 136,036 103,889

Charitable activities 4
Festival activities 128,342 - 128,342 119,343

Investment income 3 2,309 204 2,513 545
Total 266,687 204 266,891 223,777

Expenditure on
Charitable activities 5
Festival activities 233,534 - 233,534 231,864

NET INCOME/(EXPENDITURE) 33,153 204 33,357 (8,087 )


Reconciliation of funds
Total funds brought forward 37,728 21,593 59,321 67,408

Total funds carried forward 70,881 21,797 92,678 59,321

King's Lynn Festival Limited (Registered number: 03468735)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Unrestricted Restricted Total Total
funds fund funds funds
Notes £ £ £ £
Fixed assets
Tangible assets 11 1,104 - 1,104 1,475

Current assets
Debtors 12 6,100 - 6,100 8,542
Cash at bank and in hand 174,895 21,797 196,692 156,973
180,995 21,797 202,792 165,515

Creditors
Amounts falling due within one year 13 (37,868 ) - (37,868 ) (34,319 )

Net current assets 143,127 21,797 164,924 131,196

Total assets less current liabilities 144,231 21,797 166,028 132,671

Provisions for liabilities 14 (73,350 ) - (73,350 ) (73,350 )

NET ASSETS 70,881 21,797 92,678 59,321
Funds 15
Unrestricted funds 70,881 37,728
Restricted funds 21,797 21,593
Total funds 92,678 59,321

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


King's Lynn Festival Limited (Registered number: 03468735)

Balance Sheet - continued
31 March 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 20 September 2024 and were signed on its behalf by:





Mr A G Parker - Trustee





Mr A J Williams - Trustee

King's Lynn Festival Limited

Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £ £

Cash flows from operating activities
Cash generated from operations 1 37,208 (26,854 )
Interest paid (2 ) (3 )
Net cash provided by/(used in) operating activities 37,206 (26,857 )

Cash flows from investing activities
Interest received 2,513 545
Net cash provided by investing activities 2,513 545

Change in cash and cash equivalents in the
reporting period

39,719

(26,312

)
Cash and cash equivalents at the beginning of
the reporting period

156,973

183,285
Cash and cash equivalents at the end of the
reporting period

196,692

156,973

King's Lynn Festival Limited

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024


1. Reconciliation of net income/(expenditure) to net cash flow from operating activities
31.3.24 31.3.23
£ £
Net income/(expenditure) for the reporting period (as per the Statement of
Financial Activities)

33,357

(8,087

)
Adjustments for:
Depreciation charges 371 494
Interest received (2,513 ) (545 )
Interest paid 2 3
Increase in pension provision - 5,000
Decrease/(increase) in debtors 2,442 (7,232 )
Increase/(decrease) in creditors 3,549 (16,487 )
Net cash provided by/(used in) operations 37,208 (26,854 )


2. Analysis of changes in net funds

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank and in hand 156,973 39,719 196,692
156,973 39,719 196,692
Total 156,973 39,719 196,692

King's Lynn Festival Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. Accounting policies

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.


King's Lynn Festival Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. Donations and legacies
31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Sponsorship 23,683 - 23,683 24,200
Donations 68,588 - 68,588 24,814
Gift aid 7,610 - 7,610 8,155
Grants 36,155 - 36,155 46,720
136,036 - 136,036 103,889

Grants received during the year are as follows:



Year
ended
31.3.24
Year
ended
31.3.23
£    £   
Norfolk County Council 4,765 4,765
KL & WNBC 28,390 28,557
Arts Council of England - East - 7,648
Other grants 3,000 5,750
36,155 46,720



3. Investment income
31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Deposit account interest 2,309 204 2,513 545


King's Lynn Festival Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. Income from charitable activities
31.3.24 31.3.23
Activity £ £
Box office and other
performance related income


Festival activities

106,171

103,720
Box office and other
performance related income -
Winter series




Festival activities


18,178


10,613
Box office and other
performance related income -
Mini festivals




Festival activities


3,993


5,010
128,342 119,343

5. Charitable activities costs
Support
Direct costs (see
Costs note 6) Totals
£ £ £
Festival activities 231,837 1,697 233,534

6. Support costs
Governance
costs
£
Festival activities 1,697

7. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

31.3.24 31.3.23
£ £
Depreciation - owned assets 371 494


King's Lynn Festival Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


8. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.


9. Staff costs
31.3.24 31.3.23
£ £
Wages and salaries 54,689 51,315
Other pension costs 13,637 13,928
68,326 65,243

The average monthly number of employees during the year was as follows:

31.3.24 31.3.23
Administration 4 3

No employees received emoluments in excess of £60,000.

10. Comparatives for the statement of financial activities
Unrestricted Restricted Total
funds fund funds
£ £ £
Income and endowments from
Donations and legacies 103,889 - 103,889

Charitable activities
Festival activities 119,343 - 119,343

Investment income 488 57 545
Total 223,720 57 223,777

Expenditure on
Charitable activities
Festival activities 231,864 - 231,864

NET INCOME/(EXPENDITURE) (8,144 ) 57 (8,087 )


King's Lynn Festival Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


10. Comparatives for the statement of financial activities - continued
Unrestricted Restricted Total
funds fund funds
£ £ £

Reconciliation of funds
Total funds brought forward 45,872 21,536 67,408

Total funds carried forward 37,728 21,593 59,321

11. Tangible fixed assets
Fixtures
and
fittings
£
Cost
At 1 April 2023 and 31 March 2024 5,365
Depreciation
At 1 April 2023 3,890
Charge for year 371
At 31 March 2024 4,261
Net book value
At 31 March 2024 1,104
At 31 March 2023 1,475

12. Debtors: amounts falling due within one year
31.3.24 31.3.23
£ £
Trade debtors 5,820 7,485
Prepayments 280 1,057
6,100 8,542


King's Lynn Festival Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


13. Creditors: amounts falling due within one year
31.3.24 31.3.23
£ £
Trade creditors - 3,589
Social security and other taxes 544 2,035
Pension 7,906 7,881
Deferred income 22,618 15,814
Accrued expenses 6,800 5,000
37,868 34,319

14. Provisions for liabilities

The company is currently a member of NEST occupational pension scheme.Individual entitlement if any to employer contributions to an approved personal pension plan is specified in the relevant contract of employment.

Total contributions paid in the year amounted to £1,525 (2023: £1,492).

Provision for future liabilities:
Within 12 months £7,906 (2023 £7,881)
After 12 Months £73,350 (2023 £73,350)

Contingencies- Pension

The Kings Lynn Festival Limited is a member of the Pension Scheme for Administration and Technical Staff in the Arts. The scheme was closed to future accrual in December 2012.

Results of an actuarial valuation as at 31st March 2022 showed that the Scheme remains in significant deficit. The proportion of the deficit attributable to The Kings Lynn Festival Limited following the previous actuarial valuation as at 31st March 2016 was estimated at £76,000. As a result of a valuation in March 2022, an additional £5,000 was provided as a liability. The increased liability of £81,000 has been fully provided for in the balance sheet.

Under the recovery programme agreed with the Trustees of the Scheme,the Trustees of Kings Lynn Festival Limited will continue to make payments towards the deficit of £626 per month which increases by 5% per annum until February 2030 under a new agreement.

Due to the number of employers contributing to the Scheme, it is not possible at 31 March 2024 (or March 2023) to identify the share of underlying assets and liabilities of the Scheme that are separately attributable to the Charity. Under the provisions of Financial Reporting Standard 17, the accounts have therefore been prepared on the basis that the Scheme qualifies as a Multi-Employer Scheme and pension costs are disclosed in line with the requirements for a defined contribution Scheme.


King's Lynn Festival Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


15. Movement in funds
Net
movement
At 1.4.23 in funds At 31.3.24
£ £ £
Unrestricted funds
General fund 37,728 (2,277 ) 35,451
Music Society designated fund - 35,430 35,430
37,728 33,153 70,881
Restricted funds
Ruth Fermoy memorial fund 21,593 204 21,797

TOTAL FUNDS 59,321 33,357 92,678

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 231,257 (233,534 ) (2,277 )
Music Society designated fund 35,430 - 35,430
266,687 (233,534 ) 33,153
Restricted funds
Ruth Fermoy memorial fund 204 - 204

TOTAL FUNDS 266,891 (233,534 ) 33,357


Comparatives for movement in funds

Net
movement
At 1.4.22 in funds At 31.3.23
£ £ £
Unrestricted funds
General fund 45,872 (8,144 ) 37,728

Restricted funds
Ruth Fermoy memorial fund 21,536 57 21,593

TOTAL FUNDS 67,408 (8,087 ) 59,321

King's Lynn Festival Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


15. Movement in funds - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 223,720 (231,864 ) (8,144 )

Restricted funds
Ruth Fermoy memorial fund 57 - 57

TOTAL FUNDS 223,777 (231,864 ) (8,087 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement
At 1.4.22 in funds At 31.3.24
£ £ £
Unrestricted funds
General fund 45,872 (10,421 ) 35,451
Music Society designated fund - 35,430 35,430
45,872 25,009 70,881
Restricted funds
Ruth Fermoy memorial fund 21,536 261 21,797

TOTAL FUNDS 67,408 25,270 92,678

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 454,977 (465,398 ) (10,421 )
Music Society designated fund 35,430 - 35,430
490,407 (465,398 ) 25,009
Restricted funds
Ruth Fermoy memorial fund 261 - 261

TOTAL FUNDS 490,668 (465,398 ) 25,270

King's Lynn Festival Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


16. Related party disclosures

There were no related party transactions for the year ended 31 March 2024.

17. Designated funds

During the reporting period, the charity received donations amounting to £35,430. The donors stipulated that the funds were to be used for the promotion of classical music and the charity has reserved designated funds for this purpose.

The funds are held in a general bank account to be released as agreed by the Trustees in future years.