Regi8tsred Numbor . 28277441 England & Wal} Reglstsrnd Charfty . 1045654 WELLS FESTIVAL OF LITERATURE LIMITED REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
WELLS FESTIVAL OF LITERATURE LIMITED REPORT OF THE DIRECTORS For the Year Ended 31 December 2023 The Directors, who are trustees of the Company for the purposes of charity law, present their annual report and the financial statements for the year ended 31 December 2023. STRUCTURE. GOVERNANCE AND ADMINISTRATION The Company is a registered charity. number 1045654, has no share capital and is limited by guarantees of £1 by each of the Directors. The Company is governed by the Board.of Directors in accordance with its Memorandum and Articles of Association. The Directors who served during the year under review were: RDJ Manning (Chairman) HT Cain AJ Kolornbos SE Decamp FM Rowe D Wright Directors are appointed by the existing m8mbers at Directors, meetings as required by the ompanl5 ArtiGlo* of AssoGiation. No remuneration is received by any Director and the Company has no employees. The Company is not supported by grants or funding from any public body. SHARE CAPITAL The Company has no Share Capitsl and is limited by £1 guarantees by each of the Directors. OBJECTIVES AND ACTIVITIES The Company's objects are as set out in the Memorandum of Association and are in essence to promote and assist in the advancement of education in the arts and in particular literature and poetry. To this end, the Company organises the annual Wells Festival of Literature held in October and various educational activities during the year. During the year, a Committee was responsible to the Directors for the smooth running of the annual Festival and its educational projects. The Committee, comprising all of the Festival year-round voluntèers and itself working through various sub-committees, met monthly and implemented the strategy determined by the Directors who reviewed progress on a regular basis. This structure is kept under review to ensure that governance and operations are properly maintained. The Directors normally meet 4 to 5 tim8 por year. Each year. the Festival brings leading local, national and intemational writers to Wells to inspire, entertain, educate and challenge audiences of all ages and tastes. The Festival includes the Prize Giving for its poetry and short story competitions. The Company funds workshops for groups of young people of school age, from primary through to sixth form, to meet and interact with inspirational authors and poets writing for their respective age groups. The Company has also supported Coram Beanstalk, a national literacy project, in the South West and other relevant schemes.
ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR st Our 31 Festival took place once again with a full line up of 34 authors over 9 days at Cedars Hall. This was the sixth year we have held the event at Cedars Hall which provides a modem and comfortable environment to host the Festival. The Directors pay tribute to the organisation, enthusiasm and professionalism of all involved, most of whom are volunteers, which has enabled us to retain our record of having put on a Festival every year since our inception in 1992. The line-up once again covered a wlde and fascinating spectrum catering to the diversity of interests our audiences have come to expect. Our speakers came from far and wide to attend and the Directors are extremely grateful to them for doing so. This year we increased the speakers, fee, and although slightly down on 2022 levels, ticket sales remained healthy across the whole Festival and ensured all events were well attended. Our poetry and short story competitions grew again with entries from near and far, and are now well established as significant in the competition landscape. With a first prlze of £1,000 open poetry attracted a large number of entrie8, but there was good support for all categories. We also held a Wells Literary Quiz for the first time, which sold out in two weeks. and will be repeated in 2024. The Company has again been fortunate to secure a high level of 8ponsorship and support from many businesses and individuals, contributing a large proportion of the flxed costs of many of the events. We are extremely grateful for thi8 continued support in what remain difficult economic times. Therefore, we were able to achleve our charltable objectives by spending £30,000 to 8UPPOrt over 40 schools in Somerset with a wide range of litsrary initiatives from supplying books, author visits, one to one reading schemes, plays and theatre outlng8. A special Friends and Sponsors event was hosted by Mariella Frostrup in July, Just prior to the stsrt of ticket sales. We are very grateful to our expanding group of Friends, who88 enthuslastic contribution and engagement is much appreciated. The Festival continues to be a vibrant component In the cultural and educatlonal Ilfe of Wells and the Directors welcome the engagement and support of so many people. The Festival and the Company's activities are run and managed entirely by volunteers; there are no employees, and the Directors thank all those involved with the Company. Once again, careful cost management and prudent financial judgements mean that the reserves of the Company have provided a buffer against the extensive challenges of rising costs and the current uncertain economic environment. FINANCIAL REVIEW The net income for the year of £2.112 was impacted in part by InCaSed remunerations for authors and intervi8wers. Despite this we were able to hold our ticket price at £10 for the 11 consecutive year. th The company's reserves increased slightly to £81,807 in the year ended 31 December 2023. In light of the recent challenging years. the Directors consider this to be an acceptable
position to maintain a full Festival and continue to support its educational projects. The reserves continue to be at a level which we believe will enable us to plan for a full 2024 Festival, our 32nd, and to maintsin the increased educational spend. PUBLIC BENEFIT STATEMENT The Festival programme offers a wide range of literary events catering for all ages and interests. Ticket prices are set as low as is consistent with maintsining both quality and the resources to fund free 'outreach' events in schools and other educational projects. The competitions organised as part of the Festival stimulate interest in the written word and promote literacy. COMPANIES ACT 2006 This report is prepared in accordance with the special provisions of part 15 of the Companies Act 2006 This report was approved by the Board on 2 July 2024 and signed on its behalf by: RDJ Mannlng Chairman
WELLS FESTIVAL OF LITERATURE LIMITED COMPANY INFORMATION For the Year Ended 31 December 2023 DIRECTORS R D J Manning (Chairman) HT Cain A J Kolombos SE Decamp FM Rowe D Wright SECRETARY R D J Manning REGISTERED OFFICE Tregantle Milton Lane Wells Somerset BA5 2QT REGISTERED COMPANY NUMBER 2827744 ( England and Vvales) REGISTERED CHARITY NUMBER 1045654 INDEPENDENT EXAMINER M.Shelton Wells
WELLS FESTIVAL OF UTERATURE LIMffeD STATEMENT OF FINANCIALACTivmES (Incorporatlng t Income arKI expendlluro arxountl For tho Year Ended 31 Decomb•r 2023 A¢tual Accounts A¢tual 2023 Uftro#trlet8d fvnd• Actual 2022 Unre•trktsd ndS INCOME FROM CHARITABLE ACTIVITIES FESTIVAL Fosttval Tlcket Sale$ Festl¥al Olrert Costs Speakers, fe8$ and exn$85 Venue exp8n8es Ti¢keting costs Catering 54,782 58,477 19,7LIO 10,039 6,320 13,283 9.257 8,183 1,676 37,055 17,727 32,399 26,078 COMPETITIONS Enty Fees Prizes and ludging expenses 8,498 6,967 5.895 7,821 1,531 19,258 1,926 24.152 INCOME FROM OThER TRADING ACTIVITIES Sponsorship Frlends, M•mbetship$ Donations Waterstone8 CommÉsslon 21,503 3.599 1,000 23,665 3.178 375 1,336 27,386 28,552 INVESTMENT INGQME Bank Interest re¢elved 1,350 47.994 253 52.957 EXPENDITURE ON CHARITABLE ACTIVITIES Marf(eting and PR Printing Committee Meeting Expenses Bank Charges 9,162 9,174 895 153 11,345 515 17.872 35,085 Surplus before grant-makln8 artlvltles 28,810 Gross grants to Institutions- Educ8tional projects Income from book sales Net grant 30,785 4,087 27.167 26,e98 24.750 NEf INCOME 2.112 10.335 Totsl Funds Broughl Fonward Not Income as above Total Funds Carrled Forward 79,695 2,112 81.807 69.360 10,335 79.695
YIELLS FESTIVAL OF UTERAnJRE LIMITED For tho Ymr £nd•d 31 DK•mb•r 2023 2023 2022 CURRENT A88ET8 Ca8h al Bank Accnjed Income 81,073 80,143 82,357 80,143 CREDITOR3.'Amounts falllng due wlihin one year 550 448 NET CURRENT A88ET$ 81,807 79,695 TOTAL ASSETS LES8 CURRENT LIABIUTIE8 FUND8 OF CHARITY Unresthcted fvnd8 79 695 In approvlng these finaneJal 8thlemts dlrectOF8 we hereby confimi .' l al for Ihg year 8tated above tho MpanY wa• endtled to th8 exemptlon from audit confeff•d by 80Ctlon 477{21 of CompAnla$Ad 2008 { b) that the m•mberJ have requlred the company lo obtaln an audll In aordance wlth ctlon 476 of the Compan188 Aet 2008 { c) that we a<nO0d9¢ our rn8pon$lblllllo8 for.. l) enwring that the company keeps ac¢ounllng r¢¢tyd8 %thl¢h compty wtth 8ecllon 386 of the Comp8nle8Acl 2006. 21 preparing finandal 8t8lemen18 whSch gSve a true and fair vlew of Ihg Slate of 4ffalr8 of the 1x)MnY 88 At the end of th flnanrAal year Ind of Its profll or loss for th8 year then ended In accordance ¥th Ihe requlrements of 8ectlon8 394 and 395 of the Companl88Act 2006, 80 far •8 4ppllcable to company. These flnand8181atemenl8 have been prepared In accordanc¢ wth the provlslons 8ppllcAble to compan1¢8 8ubfv¢t to the 8m811 companies reglme and In acurdance wl FRS102 SORP. Th• Ilrnn¢lal •tatsn*Dts worn approvod by th• on L It• b•hfftlf by and •lgn•d on Mr RDJ M8nnlng Chaiman
WELLS FESTIVAL OF LifERATURE LIMITED NOTES TO THE FINANCIAL STATEMENTS For tho Year Endod 31 DeCemr 2023 1. ACCOUNTING POLICIES Accountlng convention The financial statements have been prepared under the historiGal cost convention, in accordance with the Financial Reporting Standard applicable in the United Kingdom 8nd Republic of Ireland (FRS102) and the Ststement of Recommended Pradice: A¢counting and R8POrting by Charities preparing their accounts in accordanc8 With th8 Financial R8POrting Stsndard applicable in the UK and Republlc of Ireland (FRS102) 18sued on 18 July 2014. Turnovor Tumovgr represents net invoiced sales of 8eNiee8, exduding valu& add tax. Tanglble flxed a•80ts Depreciation Is provided at the following annual rates in ordèr to wrlte off each asset over rts estimated useful life.. Office Furnlture and Flttlng8 25% stralght Ilne No new a888ts ware added In 2023, arKI th8 r•malnlng assets were fully written down In 2018. Doferrod Tax Deferred tsx 18 recogni8ed in resp9Gt of all timing differ8nc8S that have orlglnatsd but not reversed at the balance 8heet date. Incomo and Expondlturn The accruals concept has been applled to the Income and expendlture 2. OPERATING PROFIT The oper8tlng proftl 18 8tsted after charging: 2023 2022 Depredatlon - owned a8set8 Dlrectors emolum•nts and other b6n8fits 3. TAXATION No liabllity to UK corporatlon tax ar08e on the activities of the Company for the y88r ended 31 December 2022 nor for the year ended 31 December 2021. No provision for d8forred taxation Is requlr8d as in the oplnlon of the directors there are no material tlming diff8renc88 which are likely to reverse. 4. CREDITORS: AMOUNfJ FALLING DUE THIN ONE YEAR 2023 2022 Trada creditors 550 448
Report to the Dlrectors and Trustees of Wells Festlval of Llterature Llmlted on the Report and Flnancial Ststemonts for th• year ended 31 December 2023 Compary number. 2827744 Charlty number: 1045654 Ro8pectlv• r8spon8lbllltlo8 of trusts and examlner The trustees (who are also the dSr8ctors of the company for the purposes of company law) ar8 responsible for the preparation of the accounts in accordance with the requirement$ of the Companies Act 2006. The charity's trustees consider that an audit 18 not required for this year under Part 16 of the Companies Act 2006 and that an independent examination is needed. It 18 my rosponsibilty to: examine th• aGcount8 under 3eGtion 145 of the Charitles Act 2011. follow the procedure8 laid down in the general Directions given by the Charty Commisslon (undar section 145(5)(b) of the Charities Act 2011, and state whether particular matters have come to my attention. Ba818 of Ind8pènd•nt oxamlner's stat•m•nt My 8xamlnatlon was carrled out in accordance with general Direction8 given by th8 Charty Commission. An 8xamination include8 a review of the aGGounting roGords kept by the charty and a omparison of the accounts presented with those rocords. It 8180 include8 con8ideration of any unusual items or disclosures in the 8ccount8, and seeking 8xp18natlons from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audlt, and consequently no opinion 18 givan 88 to whether the accounts pr888nt a 'true and fair, view and tha report18 limited to those matters set out in the Statement below. Indop•nd•nt examlnorf8 •tatom•nt In connection with my •xamination, no matarial matters have come to my attention which give me cause to believe that, in any material respect.. accounting records were not kept in accordance with 8ection 386 of the Compani88 Act 2006 . or the accounts do not accord with Such record8,' or tho accounts do not ¢omply with relevant accounting requirements under section 396 of the Companies Act 2006 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 tha accounts have not been prepared in accordance with the Charities SORP (FRS102). I have no concems and have come across no other matters in connection wlth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 30 June 2024 Date:........................ Mark Shelton FCA Wells