REGISTERED NUMBER: 08351346 (England and Wales)

NEVILL HOLT FESTIVAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 AUGUST 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

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:

Tara Bellamy 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

FIXED ASSETS

Tangible assets

4

5,793,665

5,927,656

CURRENT ASSETS

Debtors

5

622,660

648,307

Cash at bank

7,494

19,420

630,154

667,727

CREDITORS

Amounts falling due within one year

6

324,720

361,006

NET CURRENT ASSETS

305,434

306,721

TOTAL ASSETS LESS CURRENT LIABILITIES

6,099,099

6,234,377

CREDITORS

Amounts falling due after more than one year

7

7,799,087

6,915,813

NET LIABILITIES

(1,699,988

)

(681,436

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

(1,699,989

)

(681,437

)

SHAREHOLDERS' FUNDS

(1,699,988

)

(681,436

)

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 25 September 2025 and were signed on its behalf by:

J R Hunt - Director

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 and going concern

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's accounting reference date is 30 August. These financial statements are for the period 1 September 2023 to 30 August 2024. The comparative figures are for the period 1 September 2022 to 31 August 2023.

At the statement of financial position date, the company had net liabilities of £1,699,988 (2023 - £681,436) and net current assets of £305,434 (2023 - £306,721).

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 total liability, including this loan, of £7,799,087 at the year end (2023 - £6,915,813).

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 in the process of finalising a long-term loan agreement and lease terms between the two organisations. The directors anticipate entering into a 50-year loan repayment schedule, which will allow for early termination subject to a minimum two-year notice period. These provisions are designed to safeguard the interests of both parties. In the interim, assurances have been received confirming that the loan will not be recalled within the next twelve months.

The operating environment for arts organisations remains challenging in the years following the COVID-19 pandemic, with the ongoing cost of living crisis and historically high inflation levels adversely affecting ticket sales and discretionary consumer spending. The sector as a whole is under significant pressure, facing difficult decisions to ensure long-term sustainability. Nevill Holt Festival Limited has similarly experienced financial strain, particularly due to declining audience numbers and later-than-usual ticket bookings, which have placed pressure on cash flow.

Following a reduced programme in 2023, the company returned in 2024 and 2025 with an expanded and more diverse programme, aimed at reaching a wider audience and fostering a more sustainable future. This was again supported by loan financing from The Ross Foundation, with repayment planned from future income sources, including Theatre Tax Relief claims.

As part of their going concern assessment, the directors have undertaken a strategic review of the business and prepared updated cash flow forecasts and budgets. This review, which has contributed to the delay in finalising these financial statements, is ongoing as directors continue to refine their long-term plans. With the continued support of The Ross Foundation, the directors are confident that the company will remain a going concern, able to meet its obligations as they fall due. Accordingly, the financial statements have been prepared on a going concern basis. Further detail is provided in the post-balance sheet events note.

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 year 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.

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 year 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 the income statement 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 year was NIL (2023 - 3 ).

4.	TANGIBLE FIXED ASSETS

Long

leasehold

- theatre

Equipment

Totals

£

£

£

COST

At 31 August 2023

and 30 August 2024

6,590,535

44,899

6,635,434

DEPRECIATION

At 31 August 2023

682,049

25,729

707,778

Charge for year

131,811

2,180

133,991

At 30 August 2024

813,860

27,909

841,769

NET BOOK VALUE

At 30 August 2024

5,776,675

16,990

5,793,665

At 30 August 2023

5,908,486

19,170

5,927,656

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

29,236

35,718

Amounts owed by group undertakings

61,022

72,432

Other debtors

532,402

540,157

622,660

648,307

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

9,300

133,629

Amounts owed to group undertakings

129,245

129,245

Other creditors

186,175

98,132

324,720

361,006

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

7,799,087

6,915,813

Other creditors represent a liability, including a loan which funded the building of the theatre, to The Ross Foundation of £7,799,087 (2023 - £6,915,813).

Secured debts

During the previous 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:

2024

2023

£

£

Within one year

684

684

Between one and five years

512

1,196

1,196

1,880

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

£1

1

1

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

The Report of the Auditors was unqualified.

Tara Bellamy FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

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. The one exception to this is the payment of a monthly consultancy fee to one Director of NHFL which commenced December 2023 amounting to £20,000 (2023 - £nil). At the year end an amount of £6,000 was outstanding (2023 - £nil).

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

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.

In 2025, Nevill Holt Festival collaborated with Opera North on a production of Cosi Fan Tutte. In addition, the Festival built on the work in 2024, presenting a broadened programme of events, working with Underbelly, a leading festival and events organisation.

Plans are now underway for the launch of the 2026 season.

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.