Registsred Number: 2827744 ( England & Wales ) WELLS FESTIVAL OF LrrERATURE UMrrED REPORT OF ThE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WELLS FESTIVAL OF LITERATURE LIMITED REPORT OF THE DIRECTORS For the Year Ended 31 December 2024 The Directors. who are trustees of the Company for the purposes of charity law, present their annual port and the financial ststements for the year ended 31 December 2024. 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 govemed by the Board of Directors in accordance with its Memorandum and Artides of Association. The Directors who served during the year under review were: RDJ Manning (Chaimian) HT Cain AJ Kolornbos SE Decamp FM Rowe D Wright Directors are appointed by the existing members at Directors, meetings as required by the companls Artides of Association. No remuneralion 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 Capital and is limited by £1 guarantees by each of the Directors. OBJECTIVES AND ACTMTIES The Companvs objects are as set out in the Memrandum of Association and are in essence to promote and assist in the advancement of education in the arts and in particular literature and poety. To this end. the Company organises the annual Wells Festival of Literature held in October and various edutional activities during the year. During the year. a Commlttee 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 volunteers and itself working through various sub-committees, met monthly and implemented the strategy detennined by the Directors who reviewed progress on a regular basis. This structure is kept under review to ensure that govemance and operations are properly maintsined. The Directors meet 4 to 5 times per 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 fijnds workshops for groups of young people of school age. from primary through to Stxth 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 levant schemes.
ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Our 32nd Festival took pla once again with a fvll line up of 34 authors over 9 days at Cedars Hall. This was the seventh 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, enlhusiasm and professionalism of all involved, most of whom are volunteers. which has enabled us to retsin our record of having put on a Festival every year since our inception in 1992. The line-up once again covered a wide 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 sold over 7.200 tickets across the whole Festival, a record which ensured all events were well attended. In addition, over 1 ,200 school children attended our Year 6 program led by author, Lindsay Galvin, spread over four momings at Cedars. Our poety and short story competitions grew again vrith entrles from near and far, and are now well established as sIgnffint in the competition landscape. With a first prize of £1,000 open poetry attracted the largest number of entries. but there was good support for all categories. We also repeated our Wells Literary Quiz. which has proved to be a popular addition. The Company has again been fortunate to secure a high level of sponsorship and support from many businesses and individuals, wntributing a large proportion of the fixed costs of many of the events. We are extremely grateful for this continued support in what remain difficult economic times. Therefore, we were able to achieve our charilable objectives by spending £30.000 to support over 40 schools in Somerset with a wide range of literary initiatives from supplying books, author visits, one to one reading schemes, plays and theatre outings. A special Friends and Sponsors event was hosted by BBC'S Michael Gunton in Juty. just prior to the start of ticket sales. We are very grateful to our expanding group of Friends. whose enthusiastic contribution and engagement is much appreciated. The Festival continues to be a vibrant component in the cultural and educational life 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 extenstve challenges of rising costs and the cUrnt uncertain economic environment. FINANCIAL REVIEW The net income for the year of £1.163 was assisted by a record contribution of £1,664 from Waterstones book sales. We were able to hold our ticket pri at £10 for the 11 consecutive year despite continuing price increases.
The cx)mpanVs reserves increased slighty to £82.970 in the year ended 31 December 2024. In light of the rent challenging years. the Directors consider this to be an acptable position to maintain a fvll Feslival and continue to support its educational projects. The reseNes continue to be at a level which we believe will enable us to plan for a fv112025 Festival, our 33rd. and to maintain the increased educational spend. However. the Directors will cary out a financial VIeW to indude tid(et pricing earfy in the year. PUBUC BENEFrr STATEMENT The Festival programme offers a WKle range of literary events Cateri for all ages and interests. Ticket prices are set as khv as is cx)nsistent with maintsining both qualty 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 wtth the special provisions of part 15 of Ihe Companies Act 2006 This report was approved by the Boa on 2 July 2025 and signed on its behalf by. RDJ Mannlng Chairnn
weLLS FESTIVAL OF UTERATURE UMrrED COMPANY INFORMATION For the Y•ar Ended 31 D•e•mb•r 2024 DIRECTORS R D J Manning (Ghairnan) HT Cain A J Kolombos SE Decamp FM Rowe D Wright SECRETARY R D J Manning REGISTERED OFFICE Tregande Milton Lane Wells Sometset BA5 2QT REGISTERED COMPANY NUMBER 2827744 ( EngEarnl and Wales) REGISTERED CHARrrY NUIABeR 1045654 INDEPENDENT EXAMINER M.Shelton WelLs
WELLS FESTIVAL OF LrrERATURE LNArrED STATEMENT OF FANcL ACTivmES (Inoorpo th• orn• and •xp•nthrn •oixwnt) For th• Ymr End•d 81 D•a•mb•r 2024 A1 2024 A81 2023 INCOME FROM CHARITABLEACTivmES FESTNAL Festlyal Trket S•les Festlval Dirert Costs Speake, fees and expenses Venue expenses Tid¢eting costs Caterfng 54.782 19,700 10.039 6.320 10.462 7.612 21,437 17,727 Enty Fees Prizes and judging exper 5,793 8.498 19,696 19.258 INCOME FROM OThER TRADING AcnvmES Sponsorship Friends, mernbersh Donations Waterstones Commission 21.050 21,503 3.599 100 26,772 27,386 INVESTMEKf INCOME Bank inte1 rncelved 48,150 47.994 EXPENDrruRE ON CHARrrABLE AcnvmES Marketing and PR Printing Bank Charges 9.474 8.714 144 9,857 9.174 153 18 332 29.818 Surplus b•lor• 8rnnt.m•klry •ctlvld•s 28.810 Gross grants to InstUn8- Educational prciéds Income from boolr sates Net grant 33.722 30,785 26.698 NET INCOME 1,163 2,112 Total Funds Brought Forwarrl Net Income as above Talal Funds Carrl•d FoMrd 81.807 79,695 82,970
Fortho Y•gr End•d 31 D•c•mbw 2024 CURRENT ASSFrs Cash at Bank 81.516 81.073 83,1 82.357 CREDITORSArntyJrts falbno vthin oneswr NET CURRENT ASSETS 82.970 81.807 TOTAL ASSETS LESS et.807 FUNDS OF CHARfry Urwestiided funds section 47712) olthe Companies ALI 20(6 1 ¢1 that we acknthvledge our rwm)rt811IeS fLr. Ihe CompaNesAcI2C. 2) preparing finandal StatemtAth a true arKI fa"rvieJ Of1 stste ofafv.rs crftr (x)mp8ny as atthe erKI oftt fiwJrJ"81 aThJ of its profft ¢y trthe)wkn as aWrablelothè¢>)rnFwry. ccmpanE5 subitto the smau cornpariw re0 aThJ in ac{ud*th FRS102 SORP. 3171 25 and ¢¥n Mr RDJ ManniTrJ Chairnin
WELL8 FE8TIVAL OF UTERATURE UMrrED NOTE8 TO THE FINANCIAL STATEMENTS For th• Ymr Ended 31 D¢o•mb•r 2024 1. ACCOUNTING POLICIES Amounting •onv•ntion The financial Statsmarrts have been prepared und8r Iho historwi c¥)st rA)nvgthn, acGordanc8 Wth tha Finanrial Raporting StarKlarrl applicab in the United Ifjngd and Republic of Ireland IFRS1021 arKI the Statement of Recc¥nmgnd8d Practice: Accounting and Reporting by Charitios prgpartng thèir a(thunts in accordance Vith tr Finan¢ro1 Reporting Standard applicable in the UK arKI Rep1¢ of Ireland {FRS102) issued on 16 July 2014. Turnov•r Turnover repr8sents net invoiced TAes of axduding valu6 ld8d Tanglbl• ffiX ass•ts Depreciation 18 provided at the following annual rates in order to writo 1)ff gath asset over its estimatsd useful life: Office Fumiiure Fittings 25% straight line No new assets added in 2024. and the rèmainirKJ assets re fulty written down in 2018. D•l•rr•d Tax Deferred tax rs recognised in resped of all timing differe that have originatsd but not reversed at the balance sheet date. In•om• and Exp•nditur• The accruals concept has appl to the income arnl expondire 2. OPERATING PROFrr The oporatin9 profit is stated after ch8rgirvJ: 2024 2023 Depreciation - owngd oss8ts Directors emoluments and other beneffts 3. TAXATION No liability to UK corporation tax arose on the adivities of th& company hr tho year ended 31 December 2024 nor for the year ended 31 DowQ)8r 2023. No prowsion for defeired taxation is required as in the optnion of the director5 there are no matsrial timing dIfferen are likely to r8v8rse. CREDITORS: AMOUNT8 FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade creditors 210
Report to the Directors and Trustees of Wells Festival of Literature Limited on the Report and Financial Statements for the year ended 31 December 2024 Company number. 2827744 Charity number. Respectiv• responslbilities of trustees and examiner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the ac(x)unts in accorrlance with the requirements of the Companies Act 2006. The charity's trustees consider th* an audit is not required forthis year under Part 16 of the Companies Act 2006 and that an independent examination is nded. It is my responsibility to: examine the xcounts under section 145 of the Charities Act 2011. follow the procedures laid down in the general Directions given by the Charity Commbssion (under section 145{5)(b) of the Charlties Act 2011, and state whether particular matter5 have come to my attention. Basis of Independent examiners statement My examinatton was carried out in accordan with general Directions given by th8 Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consKleration of any unusual items or disclosures in the accounts. and seeking explanations from the trustees conceming any such matters. The procedures undertaken do not provide all the eviden that would be required in an audit. and consequentty no opinion is given as to whether the accounts present a Irue and fairf view and the report is limited to those matters set out in the statement bek)w. Indop•ndent examinerfs statement In connection with my examination. no material rnatte have come to my attention which give me cause to believe that, in any material respect: accounting records were not kept in xcordance with section 386 of the Companies Act 20( . or the accounts do not accord with such records. or the accounts do not compty with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a Irue and fairf view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in a(xordance with the Charities SORP (FRS102). I have no concems and have come across no other matters in (x)nnection with the examination to which attention should be drawn in this report in order to enable a proper UndetandIng of the accounts to be reached. 28 June 2025 Mark Shelton FCA We115