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REGISTERED NUMBER: 08351346 (England and Wales)















NEVILL HOLT FESTIVAL LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2022 TO 30 AUGUST 2023






NEVILL HOLT FESTIVAL LIMITED (REGISTERED NUMBER: 08351346)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2022 TO 30 AUGUST 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 7


NEVILL HOLT FESTIVAL LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 SEPTEMBER 2022 TO 30 AUGUST 2023







DIRECTORS: J R Hunt
Mrs J C Hoareau
J D P Dunseath
N P Teagle


REGISTERED OFFICE: Nevill Holt Theatre
Nevill Holt
Leicestershire
LE16 8EG


REGISTERED NUMBER: 08351346 (England and Wales)


SENIOR STATUTORY AUDITOR: Timothy Godson FCA


AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT


SOLICITORS: Withers
16 Old Bailey
London
EC4M 7EG

NEVILL HOLT FESTIVAL LIMITED (REGISTERED NUMBER: 08351346)

STATEMENT OF FINANCIAL POSITION
30 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,927,656 6,061,646

CURRENT ASSETS
Debtors 5 648,307 642,651
Cash at bank 19,420 26,425
667,727 669,076
CREDITORS
Amounts falling due within one year 6 361,006 614,240
NET CURRENT ASSETS 306,721 54,836
TOTAL ASSETS LESS CURRENT LIABILITIES 6,234,377 6,116,482

CREDITORS
Amounts falling due after more than one year 7 6,915,813 6,671,393
NET LIABILITIES (681,436 ) (554,911 )

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings (681,437 ) (554,912 )
SHAREHOLDERS' FUNDS (681,436 ) (554,911 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:





J R Hunt - Director


NEVILL HOLT FESTIVAL LIMITED (REGISTERED NUMBER: 08351346)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2022 TO 30 AUGUST 2023

1. STATUTORY INFORMATION

Nevill Holt Festival Limited (Formerly Nevill Holt Opera Limited) is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The financial statements cover the individual entity.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has changed its year end date from 31 August to 30 August.

The company's accounting reference date is 30 August. These financial statements are for the period 1 September 2022 to 30 August 2023. The comparative figures are for the period 1 September 2021 to 31 August 2022.

At the statement of financial position date, the company had net liabilities of £681,436 (2022 - £554,911) and net current assets of £306,721 (2022 - £54,836).

Fixed assets include the theatre which opened to the public in June 2018. The cost of the build was funded by a loan from The Ross Foundation to the company. Nevill Holt Festival Limited has a liability of £6,915,813 at the year end (2022 - £6,671,393).

At the time of signing this report lawyers acting on behalf of the Trustees of The Ross Foundation and the directors of Nevill Holt Festival Limited are finalising a long term loan agreement and terms of lease between the two organisations.

The directors expect to commit to a loan repayment schedule over 50 years which will permit earlier exit after not less than a two year notice period. These clauses are intended to protect the interests of both parties. Assurances have been obtained that in the meantime the loan will not be recalled within twelve months.

The environment for arts organisations continues to be challenging in the years following COVID-19 with the cost of living crisis and record inflation impacting on ticket sales and discretionary spending. The whole sector is facing significant challenges and having to make difficult decisions. Nevill Holt Festival Limited has equally been significantly impacted, particularly as a result of falling audience numbers and later bookings of tickets which has put pressure on cashflow.

Having reduced and simplified the 2023 programme, the company is focused on the sustainability of the organisation and strengthening of the financial position. Recognising the difficult financial position at the end of 2022, in June 2023 the company secured further support in the form of a short-term bridging loan from The Ross Foundation to support the cashflow position which has subsequently been repaid in full.

In 2024, the company returned to present a broader range of events, appealing to a wider audience and striving to develop a more sustainable future. Again this was supported with loan financing from The Ross Foundation to support the cashflow position, with future repayments being made on receipt of Theatre Tax Relief claims and other sources of income.

As part of their going concern review the directors have undertaken a strategic review of the business and prepared both cash flow forecasts and budgets. As part of this strategic review, which has delayed the production of these financial statements, the directors are continuing to review and develop plans for the future. With the continuing support of The Ross Foundation the directors are confident that the company can continue to trade and meet its debts as they fall due and conclude that the financial statements should be prepared on a going concern basis. Further information is included in the post balance sheet events note.

NEVILL HOLT FESTIVAL LIMITED (REGISTERED NUMBER: 08351346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 30 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover includes ticket sales, corporate sponsorship, catering operations, membership income and programme sales.

Income from ticket sales from performances is recognised net of VAT for the festival taking place in the period and upon event performances where the event is not part of the main opera festival.

Income from sponsorship, catering operations and programme sales is recognised net of VAT when it has been earned.

Membership income is recognised in the period to which the membership relates.

Other operating income
Other operating income includes donations and grants and is recognised upon receipt unless alternative treatment is required by the donor's terms.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - theatre - 2% on cost
Equipment - 20% on cost and 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Nevill Holt Festival Limited is eligible for Theatre Tax Relief on core production expenditure under the provisions of the Finance Act 2014. Tax credits are recognised when a reliable estimate is available.


NEVILL HOLT FESTIVAL LIMITED (REGISTERED NUMBER: 08351346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 30 AUGUST 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at the end of each reporting period. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying value. Where the carry value exceeds its recoverable amount, an impairment loss is recognised in the income statement unless the asset is carried at a revalued amount where the impairment loss is recognised in the revaluation reserve.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Long
leasehold
- theatre Equipment Totals
£    £    £   
COST
At 1 September 2022
and 30 August 2023 6,590,535 44,899 6,635,434
DEPRECIATION
At 1 September 2022 550,239 23,549 573,788
Charge for period 131,810 2,180 133,990
At 30 August 2023 682,049 25,729 707,778
NET BOOK VALUE
At 30 August 2023 5,908,486 19,170 5,927,656
At 31 August 2022 6,040,296 21,350 6,061,646

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 35,718 12,874
Amounts owed by group undertakings 72,432 198,092
Other debtors 540,157 431,685
648,307 642,651

NEVILL HOLT FESTIVAL LIMITED (REGISTERED NUMBER: 08351346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 30 AUGUST 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 133,629 211,154
Amounts owed to group undertakings 129,245 267,000
Taxation and social security - 2,817
Other creditors 98,132 133,269
361,006 614,240

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 6,915,813 6,671,393

Other creditors includes a loan from The Ross Foundation of £6,915,813 (2022 - £6,671,393) which funded the building of the theatre.

Secured debts
During the period a legal charge was registered to The Ross Foundation over the bank account balances of Nevill Holt Festival Limited.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 684 684
Between one and five years 1,196 1,880
1,880 2,564

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Timothy Godson FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

NEVILL HOLT FESTIVAL LIMITED (REGISTERED NUMBER: 08351346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 30 AUGUST 2023

11. RELATED PARTY DISCLOSURES

Directors of Nevill Holt Festival Limited and directors and trustees of Nevill Holt Community Arts Limited

Nevill Holt Festival Limited (NHFL) is the wholly owned subsidiary of Nevill Holt Community Arts Limited (NHCA). All fundraising activity is undertaken by NHFL, and allowable profits generated by NHFL are gifted to NHCA. NHCA provides grants to NHFL to deliver its charitable objectives. Transactions between parent and subsidiary and year end inter-company balances are disclosed in the notes to the financial statements.

The Directors of NHFL and the directors and trustees of its parent undertaking, NHCA, do not receive fees or salaries for the performance of their director/trustee roles. Nor do they claim for refunds of associated personal expenses.

The financial statements of both NHFL and NHCA include immaterial transactions with members of both boards which arose during the normal course of business: no discounts on purchases of event tickets or goods are received by virtue of their position on the Board.

Further details are included in the financial statements of NHCA, which are prepared in accordance with the Charities SORP.

12. POST BALANCE SHEET EVENTS

Following the period covered by these financial statements there have been some changes to the Board as noted on page 2.

For the 2024 festival season, James Dacre was appointed as guest Festival Director and helped the board develop a broader programme of events.

The Ross Foundation has continued to provide cashflow loan support, with future repayments to be made on receipt of Theatre Tax Relief claims and other sources of income.

Nevill Holt Festival Limited is very grateful to receive continuing support from The Ross Foundation, as well as from other trusts and foundations and individual supporters.

Tickets for the 2025 festival are currently on sale online at www.NevillHoltFestival.com.
.

13. ULTIMATE PARENT UNDERTAKING

The ultimate parent undertaking is Nevill Holt Community Arts Limited, a charitable company limited by guarantee. The registered office is Nevill Holt Theatre, Nevill Holt, Market Harborough, Leicestershire LE16 8EG.