VirtualSignature Transaction Ref. 5KFW-WS3D-D4ML 30 Apr 2024 17:09:57 BST (UTC +1) D 1/1 P 1/15
Charity number: 1010030
FRIENDS OF NEWBURY SPRING FESTIVAL
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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FRIENDS OF NEWBURY SPRING FESTIVAL
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 - 2 |
| Trustees' report | 3 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
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FRIENDS OF NEWBURY SPRING FESTIVAL
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2023
Trustees
Mrs C Holbrook, Chairman Mrs S Denly-Ball Mrs M Edwards Mrs B Harper (resigned 18 July 2023) Mrs M Pease Mrs G Robertson (appointed 7 November 2022)
Charity registered number
1010030
Principal office
33/34 Cheap Street Newbury RG14 5DB
Accountants
James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury RG19 6AB
Bankers
HSBC plc 6 Northbrook Street Newbury Berkshire RG14 1DJ
Barclays Bank plc 23-26 Parkway Newbury Berkshire RG14 1AY
CCLA Investment Management Ltd St Alphage House 2 Fore Street London EC2Y 5AQ
Solicitors
Irwin Mitchell Oxford House 12-20 Oxford Street Newbury Berkshire RG14 1JB
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FRIENDS OF NEWBURY SPRING FESTIVAL
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Independent examiners
Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford Oxfordshire OX1 2EP
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FRIENDS OF NEWBURY SPRING FESTIVAL
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023
The Trustees present their annual report together with the financial statements of the Charity for the year to 30 June 2023. The Trustees confirm that the annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in January 2019.
Objectives and activities
Objectives of the charity
The Charity was set 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 Society Limited ("Newbury Spring Festival").
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
Review of Activities
During the year the Charity received £30,778 of subscriptions and donations from members. There were approximately 390 friends who supported and continue to support the charity. Gift Aid of £5,360 was claimed for subscriptions and donations made during the year.
One grant of £30,000 was made to Newbury Spring Festival for the May 2023 Festival. A grant of £750 was made in respect of the Friends Prize for the annual Sheepdrove Piano Competition which was held during the 2023 Newbury Spring Festival. A grant of £600 was made to Open Studios for their Education Project. The Charity will continue to support Newbury Spring Festival in some of the costs associated with staging the event which will be 11 – 25 May 2024.
During the year the Friends also hosted a one-off concert at St. George’s Church, Wash Common which helped raise awareness of the Friends and Newbury Spring Festival.
Financial review
The Charity’s income for the year was £34,485 compared to £35,472 last year. Investment income has remained consistent in comparison to the previous year. Grants paid during the year were £30,000 to Newbury Spring Festival, £1,200 towards a Commission for Wantage Band, £750 to Sheepdrove Piano Competition Friends Prizes, £250 to Cromwell Singers and £600 to Open Studios.
The net deficit before changes in investment value was £1,147 compared to a deficit of £28,875 last year. The change in investment asset value is a gain of £1,549 (2022: loss of £2,713) which has resulted in a net surplus for the year of £402 (2022: deficit of £31,588). This has increased the total unrestricted funds at 30 June 2023 to £104,400.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
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FRIENDS OF NEWBURY SPRING FESTIVAL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Reserves policy
The unrestricted fund at 30 June 2023 stood at £104,400. This will be used for future grant funding. The Trustees consider the investment funds to be their reserve balance. The market value of these securities at 30 June 2023 was £50,532 (COIF).
Structure, governance and management
Constitution
Friends of Newbury Spring Festival is a registered charity, number 1010030. The Charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated Charity.
Methods of appointment or election of Trustees
Additional or replacement Trustees can be appointed by the founder, failing that they can be appointed by the remaining Trustees. New Trustees are introduced to the workings of the Charity and their responsibilities as Trustees are explained to them.
Organisational structure
Due to the nature and size of the Charity, the Trustees form the decision making team, but many of the day to day issues regarding running of the Charity are carried out by Newbury Spring Festival Administrator on behalf of the Trustees.
Risk management
The Trustees have considered the major risks to which the Charity is exposed and have established systems and procedures to manage those risks and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Caroline Holbrook 30 Apr 2024 16:53:34 BST (UTC +1)
................................................
Mrs C Holbrook
Chair of Trustees
Date:
30 April 2024
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FRIENDS OF NEWBURY SPRING FESTIVAL
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2023
Independent examiner's report to the Trustees of Friends of Newbury Spring Festival ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 June 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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 that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
This report is made solely to the Charity's 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 state to the Charity's Trustees those matters I am required to state 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 this report.
Signed: Katherine Wilkes 30 Apr 2024 17:09:55 BST (UTC +1) Dated: 30 April 2024 Katherine Wilkes BSc FCA DChA Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford Oxfordshire OX1 2EP
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FRIENDS OF NEWBURY SPRING FESTIVAL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Charitable activities Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 32,929 1,556 34,485 35,632 35,632 (1,147) 1,549 402 103,998 104,400 |
Total funds 2023 £ 32,929 1,556 34,485 35,632 35,632 (1,147) 1,549 402 103,998 104,400 |
Total funds 2022 £ 34,013 1,459 35,472 64,347 64,347 (28,875) (2,713) (31,588) 135,586 103,998 |
|---|---|---|---|
The notes on pages 8 to 13 form part of these financial statements.
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FRIENDS OF NEWBURY SPRING FESTIVAL
BALANCE SHEET AS AT 30 JUNE 2023
| Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total net assets Charity funds Unrestricted funds 10 Total funds |
6,151 56,181 62,332 (8,464) |
2023 £ 50,532 53,868 104,400 104,400 104,400 |
4,000 61,499 65,499 (10,484) |
2022 £ 48,983 55,015 |
|---|---|---|---|---|
| 103,998 | ||||
| 103,998 | ||||
| 103,998 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Caroline Holbrook 30 Apr 2024 16:53:34 BST (UTC +1) Sandra Edwards 30 Apr 2024 17:07:21 BST (UTC +1) ................................................ ................................................ Mrs C Holbrook Mrs M Edwards Chair of Trustees Date: 30 April 2024 30 April 2024
The notes on pages 8 to 13 form part of these financial statements.
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FRIENDS OF NEWBURY SPRING FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Friends of Newbury Spring Festival meets the definition of a public benefit entity under FRS 102.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.5 Going concern
The financial statements have been prepared on the going concern basis.
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FRIENDS OF NEWBURY SPRING FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1. Accounting policies (continued)
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.7 Taxation
The Charity is exempt from tax on its charitable activities.
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term 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.
1.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2. Income from donations and legacies
| Unrestricted funds 2023 £ Subscriptions and donations 30,778 Gift aid 2,151 32,929 |
Total funds 2023 £ 30,778 2,151 32,929 |
Total funds 2022 £ 29,990 4,023 34,013 |
|---|---|---|
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FRIENDS OF NEWBURY SPRING FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
3. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| COIF interest and dividends | 1,556 | 1,556 | 1,459 |
4. Analysis of expenditure by activities
| Grants paid Analysis of support costs Bank charges Accountancy Marketing |
Grant funding of activities 2023 £ 32,800 |
Support costs 2023 £ 2,832 Activities 2023 £ 87 2,064 681 2,832 |
Total funds 2023 £ 35,632 Total funds 2023 £ 87 2,064 681 2,832 |
Total funds 2022 £ 64,347 |
|---|---|---|---|---|
| Total funds 2022 £ 58 1,968 721 2,747 |
The total of grants paid to institutions during the year were:
| Cromwell Singers Music Commission for Wantage Band Newbury Spring Festival - Grant for concerts and administration Open Studios Sheepdrove Piano Competition |
2023 £ 250 1,200 30,000 600 750 32,800 |
2022 £ - - 60,000 600 1,000 61,600 |
|---|---|---|
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FRIENDS OF NEWBURY SPRING FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
5. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,056 (2022 - £960).
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year, no Trustee expenses have been incurred (2022 - £NIL).
7. Fixed asset investments
| Cost or valuation At 1 July 2022 Revaluations At 30 June 2023 Net book value At 30 June 2023 At 30 June 2022 8. Debtors Other debtors 9. Creditors: Amounts falling due within one year Other creditors |
2023 £ 6,151 2023 £ 8,464 |
Listed investments £ 48,983 1,549 |
|---|---|---|
| 50,532 | ||
| 50,532 | ||
| 48,983 | ||
| 2022 £ 4,000 2022 £ 10,484 |
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FRIENDS OF NEWBURY SPRING FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
10. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 30 June | |||
| July 2022 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 103,998 | 34,485 | (35,632) | 1,549 | 104,400 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | Gains/ | 30 June | |||
| 1 July 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 135,586 | 35,472 | (64,347) | (2,713) | 103,998 |
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Fixed asset investments 50,532 Current assets 62,332 Creditors due within one year (8,464) Total 104,400 |
Total funds 2023 £ 50,532 62,332 (8,464) 104,400 |
|---|---|
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FRIENDS OF NEWBURY SPRING FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
11. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 48,983 65,499 (10,484) 103,998 |
Total funds 2022 £ 48,983 65,499 (10,484) 103,998 |
|---|---|---|
12. Related party transactions
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 shares administration facilities at the same location. The total administration costs incurred by Newbury Spring Festival Society Limited in relation to the Friends are estimated at £6,000 (2022: £6,000). The balance due to Newbury Spring Festival Society Limited at the end of the year is £6,400 (2022: £8,564).
13. Controlling party
The Charity is controlled by the Trustees.
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