Charity number.. 1010030 FRIENDS OF NEWBURY SPRING FESTIVAL UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
FRIENDS OF NEWBURY SPRING FESTIVAL CONTENTS Page Reference and admlnistrative details of the charity, its Trustees and advisers Trustees. report Independent examine$ report Statement of financlal activities Balance sheet Statement of cash flov Notes to th¢ financial statemènts 8_14
FRIENDS OF NEWBURY SPRING FESTIVAL REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021 Tru$tees Caroline Holbrook, Chairman Mrs M Edwards Mrs B htarper Mrs M Pease Mr J Chadwick Mrs S Denly-Ball (appointed 7 July 20201 Charity registered number 1010030 Principal office 33134 Cheap Street Newbury RG14 SD8 Accountants James Cowper Kreslon Chartered Accounlanls 2 CoiiiiriuiiiLatlOlls Floa(J Greenham Business Park Greenham Newbuiy RG198AB Bankers HSBC plc e Northbrook Street Newbury Berkshire RG14 IDJ Barclays Bank plc 23-26 Parkway Newbury Berkshire RG14 1AY CCLA Investment M8nagement Ltd Sl Alphage House 2 Fore Street London EC2Y 5AQ Solicitors Irwin Mitchell Oxford House 12-20 Oxford Street Newbury Berkshire RG14 1JB Page 1
FRIENDS OF NEWBURY SPRING FESTIVAL TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2021 The TruAtÈÈs present their annual report together wrth the financial statements of the charity the Charity for the year to 30 June 2021. The Trustees confirm that the annual report and financial statements of the Charity comply with the current stalulory requirements, the requirements of the Charity's governing document and the provisions of the Slalement of Rpcommgndpd Practice ISORPI 'Accounting and Reporting by Charities, issued in January 2019. ObjeGti¥es and aGtiviti•s Objectives of the charity The Charity was sel up for the purpose of promoting, improving and advancing public education in appreciation of the arts, including the arts of drama, mime, dance, singing, music and visual arts and In particular, by supporting the work of the Newbury Spring Festival. In selling the objectives of the Charity the Trustees have reviewed and considered the Charty Commission's guidance on public benef(t. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit. including the guidance 'Public benefit.. runnin9 a charity IPB21'. Aehlevements and perfomiance Review of Activities During the year the Charity ceiVed £26.165 of subscriptions and donations from members. There were approximately 380 friends who supported and continue lo support the charity. A £30,000 Grant was made after the year end to Newbury Spring Festival for the 4 20 September 2021 Festival, which due lo the COVID HM Government regulations, was postponed from May 2021. A grant of £500 was made after the year end lo the Friends Prvze for the annual Sheepdrove Piano Competrtion which was held al the end of September, being part of the 4- 20 September 2021 Newbury Sprinq Festival. A grant of £250 was not made to Betkshire Maestros this year. Open Studios dec5ined the grant for 2021 after not being active due to the COVID pandemic. Gift Aid was also claimed for subscriptions and donations made during the year. The Charity wi11 continue lo support the Newbury Spring Festival In some of the costs associated with hosting the events which wll assume 7 - 21 May 2022. Financial revlew The Charity's income for the year was £33,254 compared lo £39,738 last year. Investment income h88 remained conslstent in comparison lo thè PvIouS year. There were no grants paid during the year, but grants paid after the year encl were £30k lo Newbury Spring Festival for 4 - 20 September 2021 Ino grant was made for 20201, and £oroo to Sheepdrove Piano Competition Friends Prize in S¢ptember 2021. The net SLJrplu8 before ehanges in investment value was £31.552 compared to £36.860 last year. The change in investment asset value is a gain of £6.555 12020. £1,258) which has resulted In a nel surplus for the year of £38,10712020.. £38,118). This has increased the lolal unreslncted funds a130 JLJne 202110 £135,586. Going concem After making appropri*e enquiries. the Trustees have a reasonable expectation that the charity has adequate resources to continuè in operational existence for the foreseeable future. For this reason they continue to adopt the 901ng concern basis in preparing the fin8ncial statements. R01Ve$ pollcy The unoslricted fund at 30 June 2021 slocmj at £135,586 which will be used for future grant funding. The Trustees consider the investment funds to be their reserve balance. The market value of these securrties al 30 June 2021 was £51,696. Page 2
FRIENDS OF NEWBURY SPRINQ FESTIVAL TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 30 JUNE 2021 StruGtureJ governaiice aiid management Constitution Friends of Newbury Spring Festival is a registered charity, number 1010030. The Charity is controlled by ils qoverning document, a deed of Irusl. and conslilutes an unincorporated Charrty. Methods of appointment or election of Trustees Additional or replacement Trustees can be appointed by the founder, failing th81 they can be appointed by the remaining Tiuslees. New Trustees are introduced lo the workings of the Charity and their responsibilities as TIustee5 are explained to them. Organisational stru¢ture Due to the nature and size of the Charity. the Trustees form the management team and are responsible for all aspects of the day lo day running of the charity. Rlsk managem¢nt The Trustees have considered the major risks lo which the Charty is exposed and have established systems and procedures lo manage those risks and to ensure appropriate controls are in place to provide reawnable assurance against frau(J ana error. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mrs C Holbrook (Chair of Trusleesl Dale.. Page 3
FRIENDS OF NEWBURY SPRING FESTIVAL INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2021 Independent examiners report to Ihe Trustees of Frlends OT Newbury Sprlng Fesiival (Yhe charity'l I report lo the charity Trustees on my examination of the accounts of the charity for the year ended 30 June 2021. Responsibilities and basls of report As the Trustees of the ¢harity yo(J are responsible for the preparation of the aeeounts in accordance wrth thc requirements of the Ch8rrties Act 2011 Ilhe 2011 ACYI. I report In respect of my examination ol the charity's accounts earnea oui unaer sectlon 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 1451511bl of the 2011 Act. Independent examinerf$ statement l understand that this has been done in order for the aecounls to provide a true and fair view in aceordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in connection wlh the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by geclion 130 of the 2011 Act., or the accounts do not accord with those records.. or the accounts do not comply with the applicable requirements conceming the fomi and conlenl of accounts sel out in the Charities IAccounts and Reportsl Regulations 2008 other than any requirement that the accounts give a Irue and fair view which Is not a rnatter consided as part of an independent examination. 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 lo enable a proper understanding of the accounts lo be ached. This report is made solely to the charills Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the charity's Trustees those matters l am required lo slate to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for Ih5s report. Signed.. Dated.. 2810412022 Mr M N Farwell MA FCA DChA James Cowper Kreslon Chartered Accounlanls 2 Communications Road Greenham Business Park Greenham Newbury. Berkshire RG19 SAB Page 4
FRIENDS OF NEWBURY SPRING FESTIVAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021 Unrestricted funds 2021 Total funds 2021 Totsl funds 2020 Note Income from: Donations and legacies Investments 31,845 31.845 1,409 38,316 Total incomg 33,254 33,254 39.738 Expenditure on: Charitable activities 1,702 1,702 2,878 Total expenditure 1,702 1,702 2,878 Net Income before net gains on Investments Nel gains on investments 31,552 6,555 31,552 6,555 36,860 1,258 Net movemènt in funds 38,107 38,107 38,118 Reconoiliation of funds: Tot31 funds brought fOTrard 97,479 97,479 5g,361 Total funds carried forward 135,586 135,586 97.479 The notes on pages 8 10 14 form part of these financial Statements. Page 5
FRIENDS OF NEWBURY SPRlhlG FESTIVAL BALANCE SHEET AS AT 30 JUNE 2021 2021 2020 Note Fixed assets Investments Current assets 51,696 45.141 Debtors Cash at bank and in hand 5.674 8,053 8,369 50,271 93.727 56.640 Creditors.. amounts falling due within one year {9,8371 14.3021 Net current assets 83,890 52.338 Total net assgts 135,586 97.479 Charity funds Unrestrieted funds 10 135,586 97,479 Total funds 135,586 97,479 The financial statements were approved and authorised for issue by the Trustees and signed on their behaK by.. Mrs C Holbrook Mrs M Edwards Chair of Tru$tea¢ Dale.. The notes on pages 8 to 14 form part of these financial statements. Page G
FRIENDS QF NEVVBURY SPRINfj FESTIVAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021 2021 2020 Notè Cash flows from op&rating actlvltig# Nel cash used in operating activities 13 36,373 34,176 Cash flows from investlng aetivili&s Dividends. interests and ren15 from investments 1,409 1,416 Net cash provided by invgsting activIe$ 1.409 1,416 Change In cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 37,782 50,271 35,592 14,679 Cash and cash equivalents at the end of the y9ar 14 88,053 50,271 The not$$ tsn pa9es 8 to 14 form part of th¢$e finaiicial slalEtTr¢n15 Page 7
FRIENDS OF NEWBURY SPRING FESTIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Accounting policies 1.1 Basis of preparation of financial statements The financia5 stslements have been ppared in accordance wf(h the Charities SORP IFRS 1021 Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts In accordance wilh the Financial Keporting btandard applicable in rhe UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Friends of Newbury Spring Festival meets the definition of a public benefit entity under FRS 102. 1.2 Fund accounting General fund5 are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charty and which have not been designated for other purposes. Investment income, gains and losses are allocated lo Ihe appropriate fund. 1,3 Income All income is recognised On the charity has anlillement lo the income. it is probable that the income will be received and the 8mounl of income receivable can be measured reliably. Income lax recoverable in relation to don81ions received under Gift Aid is recognised at the lime of the donation. Income lax recoverable in relation lo investment income is recognised al the lime the investment income is receivable. 1.4 Expendlture Expenditure is recognised once there 15 a legal or conslruclive tsbligation lo transfer economic benefit lo a third party. it is probable that a transfer of economic benefits will be required in sèttlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct Gosts and shared costs, Including Support GOSt6 involved in undertaking each activity. Direct costs attributable lo a single activity are allocalÈd directly lo that activty. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Giants payable are charged in the year when the otter Is made except In those cases where the offer is conditional, SUGh grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject lo conditions which have not been mel at the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1.5 Going concern The financial stslemenls have been ppared on the going concem basis. Page 8
FRIENDS OF NEWBURY SPRING FESTIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 A¢countlng policies (continued} 1.6 Investments Fixed asset investments are a form of financial instrument and are ini11811y recognised al their tranq2r.tirJn cost and SLibsèqLiently m&asurgd at fair value at tho Balanco shaot data, unless the value cannot be measured reliably in which case rt Is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on invp8tments' in the Statément of financial activities. 1.7 Intor•st rgceivablg Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charty., thi$ is normally upon nolificalion of the interest paid or payable by the Bank. 1.8 Taxation The charity IS 8Xgmpt from tax on its chgritablo activitias. 1.9 Debtors Trade and other debtors are recognised al the sèlllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 1.10 Cash at bank and in hand Cash at bank and in hand ineludèg cash and Bhort-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.11 Llabllltl•s and provlslons Liabililies are recognised when there is an obligation al the Balance Sheet date as a resuYI of a past event, it is probabla that a transfer of e¢ontsmic benefit will be requir¢d In Settlement, and the amount of the selllemenl can be estimated reliably. Liabilitie$ aro rgcogni88d at the amount that the ¢harity anticipots8 it will pay to settle the debt 01 the amount il has received as advanced payments for the goods or services il must provide. Income from donations and legacles Unrestricted funds 2021 Total funds 2021 Total funds 2020 Subscriptions and donations Gift aid 28,16S 5,680 26.185 5,680 31,947 6,369 31,845 31,845 38.316 Total 2020 38,316 38.316 Page 9
FRIENDS OF NEW8URY SPRING FESTIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Investment Income unrtrIcted funds 2021 Total funds 2021 Total funds 2020 COIF interest and dividends Bank interest 1,409 1.409 1,416 1,409 1,409 1,422 Total 2020 1.422 1,422 Analysis of expenditure by activities Grant funding ol activitigs Total tunds 2021 Totsl funds 2020 2021 Grants paid Suppuit fL)sts 250 2,628 1,702 1,702 1.702 1.702 2.878 Tot812020 2.878 2.878 The total grants paid to instltutlon$ during the year was.. 2021 2020 Berkshire Maestros 250 250 Indepondent examiner's remuneration The Independent examinerfs remuneration amounls to an independent examiner fee of £945 {2020 £9001. Page 10
FRIENDS OF NEWBURY SPRING FESTIVAL NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 30 JUNE 2021 Twst¢e8' remuneration and expenses During the year, no Trustees received any remuneration or other benefils12020- £NILI. During the ye81 ended 30 June 2021, no Trustee expenses have been incurred12020- £NILI. Fixed as$et investments Listed investments Cost or valuation At 1 July 2020 Revaluations 45,141 6,555 AI 30 June 2021 51,696 Net book value AI 30 June 2021 51,696 At 30 June 2020 45.141 Debtors 2021 2020 othor dèbt¢trs 5,674 6,369 Creditors: Amounts falling due within one year 2021 2020 Other credrto 9,837 4.302 Page 11
FRIENDS OF NEWBURY SPRING FESTIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 10. Stat¢ent of funds Statement of funds- current year Balance at 30 June 2021 Balance at 1 July 2020 Galnsl ILosses1 InGorne Expndltur UnrestrietÈd funds General Funds- all funds 97,479 33,254 11,7021 6,555 135.586 ststement of funds - prior year Balance at 30 June 2020 Balance al 1 July 2019 Gainsl ILossesl Income Expendrture Unrestricted funds Gener81 Funds- all funds 59,361 41,738 14.8781 1,258 97.479 11. Summary of funds Summary of funds- currènt year Balance at 30 June 2021 Balance at 1 July 2020 Gainsl ILossesl Income ExF)Anditure General funds 97.479 33.254 11,7021 8,555 135,586 Summary of funds - prior yèar Balance al 30 June 2020 Balance * 1 July 2019 Gainsl (Losses) Income Expenditure Gener81 funds 59.361 41,738 14,8781 1,258 97.479 Page 12
FRIENDS OF NEWBURY SPRING FESTIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Analysis of net assets between funds Analysis of net assets between funds - current year Unrestri¢ted funds 2021 Total funds 2021 Fixed asset investments Current assets Credrtor8 due within one year 51,896 93,727 15,¥371 51,696 93,727 19,837} Tntal 136,586 135,$86 Analysls of net assets between funds - prior year Unrestricted funds 2020 Total funds 2020 Fixed asset investments Currcnt aS3et3 Creditors due within one year 45,141 Jb,64g 14,3021 45,141 56,640 14,3021 Total 97.479 97.479 13. Rgconciliation of net movement in funds to net cash flow from operatlng activltles 2021 2020 Nel income for the year las per Statement of Finaneial Acliviliesl 38,107 38,118 Adjustments for.. Losses on investments Dividends, interests and rents from investments Decreasellincreasel in debtors Increase in creditors 16.555} 11,4091 695 5,535 11.2581 11.4161 11,5381 268 Net cash provided by operating activities 36,373 34,176 Page 13
FRIENDS OF NEWBURY SPRING FESTIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 14. Analysis of cash and cash equivalents 2021 2020 Cash in hand 88,053 50,271 Total cash and cash equivalents 88,053 50,271 15. Analysis of changes in net debt At 1 July 2020 Cash flows At 30 June 2021 Gash al bank and in han 50,271 37,782 88,053 16. Related party transactlons Four of the Trustees of Friends of Newbury Spring Festival are also Trustees of Newbury Spring Festival Society Limited. a charity with which the Friends of Newbury Spring Festival share administration facilities al the same location. The lolal adminislralion costs incurred by Newbury Spring Festival Society Limited in relation to the Friends are eslimaled al £6,00012020." £6.0001. The balance due lo Newbury Spring Festival Society Limited al the end of the year is £8,93712020.. £3,602}. 17. Controlling party The charity is controlled by the Trustees. Page 14