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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 3265057 (England and Wales) REGISTERED CHARITY NUMBER: 1059465

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 FOR LEDBURY POETRY LTD

LEDBURY POETRY LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 13
Detailed Statement of Financial Activities 14 to 15

LEDBURY POETRY LTD

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102).

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

3265057 (England and Wales)

Registered Charity number 1059465

Registered office

The Barrett Browning Institute Bye Street Ledbury HR8 2AA

Trustees

P Arscott M Amherst Resigned 12[th] April 2024 R Best Appointed 18[th] April 2024 A Cairns Appointed 4[th] January 2024 K Campanello Appointed 18[th] April 2024 J Cuttle N Falls C Fulcher Appointed 28[th] April 2023 S J Hickson S Howe S Parmar D Punter Resigned 28[th] April 2023 B M Read-Brown P Salt

Company Secretary

N C Falls

Independent examiner

Luke Keegan Chartered Management Accountant 1A The Homend Ledbury Herefordshire HR8 1BN

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its Memorandum and Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The liability of each member is limited to £10.

Recruitment and appointment of new trustees

Our policy for appointing new trustees is to search out people who have particular skills and characteristics who we feel will want to become similarly committed. The Festival recruits event managers from amongst its Friends Group and other well wishing local people; the Arts Council website offers names of people wishing to become trustees in arts organisations; existing trustees sometimes have interested contacts who are able to offer particular skills. All of these pools are sources for future trustees.

Page 2

LEDBURY POETRY LTD

REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2024

Induction and training of new trustees

On appointment the trustees receive a copy of the governing documents and Charity Commission documents regarding trusteeship. New trustees are briefed on the history, background and work of the charity.

STRUCTURE, GOVERNANCE AND MANAGEMENT Funders

Arts Council England Community First Elmley Foundation Eveson Trust Foyle Foundation Friends of Ledbury & District Healthcare Get Active Cultural Activities Fund (Community First and Herefordshire Council) Hereford College of Arts Herefordshire Community Foundation Ledbury Town Council Malvern Hills AONB Pennington Mellor Munthe Charity Trust Rowlands Trust Talk Community (Herefordshire Council) Tesco Community Fund University of Liverpool with funding from the Arts and Humanities Research Council Versopolis (Creative Europe) Worcestershire County Council

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objectives are to advance the education of the public in the appreciation of the arts in all their forms, including but without prejudice to the generality of the foregoing, the presentation, organisation and promotion of poetry.

The objectives of the charity are achieved through the production of the Ledbury Poetry Festival.

Significant activities

The significant activity is the production of the Ledbury Poetry Festival, which occurs every year over a ten day period during the summer months.

The event is organised by the directors of the company with the help of a part time paid Festival Director, part time paid Festival Manager, part time paid Finance Manager, part time paid helpers and numerous volunteers.

The Festival also runs a year round Poetry in the Community Programme and a Poet in Schools Programme. Both these programmes are subject to funding.

Volunteers

This very important group of people are sought from the: Friends of Ledbury Poetry Festival and their friends and neighbours. Unsolicited offers of help from members of the public who simply contact the charity.

ACHIEVEMENT AND PERFORMANCE

The trustees are aware of the Public Benefit provisions of the Charities Act 2006 and of the guidance on them published by the Charity Commission. They are satisfied that the objects of the charity and the activities of the charity are within the definitions of Charitable Purposes as set down in the Act. The trustees are not aware of any public detriment caused by the charity's objects or activities, and nor are they aware of anyone receiving any private benefit from the charity's activities.

Page 3

LEDBURY POETRY LTD

REPORT OF THE TRUSTEES (cont) FOR THE PERIOD ENDED 31 MARCH 2024

Charitable activities

Full details of the activities of the Poetry Festival can be seen in our Annual Report 2023 available from Ledbury Poetry, Barrett Browning Institute, The Homend, Ledbury, Herefordshire, HR8 2AA and on our website at https://ledburypoetry.org.uk

FINANCIAL REVIEW Reserves policy

In general, activities undertaken by the Festival are matched to the resources available. The company does carry a certain level of overhead, and reserves are needed;-

  1. To give trustees time to take action if income falls below expectations

  2. To cover troughs in the cash budget due to the unevenness of cash receipts and payments

  3. A small contingency fund to meet unforeseen operational costs

Following a review of the Festival’s budget, and guided by the nature of the overheads and nearly 20 years of experience, the trustees have concluded that an unrestricted reserve equivalent to 4 months overheads is sufficient to meet these objectives.

At the period end the charity had free reserves of £35,256 (2023: £33,598) which is the equivalent of three months management, governance and finance costs

ON BEHALF OF THE BOARD :

S Hickson - Director

Date

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEDBURY POETRY LTD

I report on the accounts for the period ended 31st March 2024 set out on pages eight to seventeen.

Respective responsibilities of trustees and examiner

The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of the independent examiner's report

My examination was carried out in accordance with the General Directions given by the 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 consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

Luke Keegan Chartered Management Accountant 1A The Homend Ledbury Herefordshire HR8 1BN

Date: .............................................

Page 5

LEDBURY POETRY LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2024

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD ENDED 31 MARCH 2024
2024 2023
Unrestricted Restricted Total funds Total funds
funds funds
Notes £ £ £ £
INCOMING RESOURCES
Incoming resources from generated funds
Donations 2 78,211 228,325 306,536 285,098
Incoming resources from charitable activities
Poetry competition 10,842 - 10,842 8,142
Ticket and event sales 59,689 - 59,689 54,879
On-line and shop sales 7,819 - 7,819 3,721
Other income 574 - 574 3,475
Investment Income
Interest Receivable 4,479 - 4,479 1,114
Total incoming resources 161,614 228,325 389,939 356,429
RESOURCES EXPENDED
Charitable activities
Promotion costs - - - 6,067
Core Festival 56,347 - 56,347 90,437
Poetry Competition 2,725 - 2,725 4,721
Arts Council England Uplift - 21,993 21,993 -
Community programme - 8,014 8,014 23,802
Volunteering Herefordshire - 92,465 92,465 56,189
Learning Projects - 23,126 23,126 26,616
Versopolis - 6,373 6,373 5,259
BBI Project - - - 300
Emerging Critics - - - 5,754
British Council Africa Research - 1,743 1,743 -
CAF America - 13,182 13,182 -
West Midlands Railway Project - - - 3,500
Malvern Hills AONB - - - 747
Ledbury Town Council Banners - 280 280 4,999
2ndCollection - 1,744 1,744 7,300
Other Restricted Funds - 2,700 2,700 -
Poetry House Event Expenses 1,795 - 1,795 -
Poetry House costs 2,839 - 2,839 -
Support costs 107,538 - 107,538 102,368
Governance costs 1,500 - 1,500 1,500
Total resources expended 172,744 171,619 344,362 339,559
NET INCOMING/(OUTGOING) RESOURCES
BEFORE TRANSFERS (11,129) 56,706 45,578 16,872
Gross transfers between funds 15,510 (15,510) - -
Net incoming/(outgoing) resources 4,381 41,196 45,578 16,872
RECONCILIATION OF FUNDS
Total funds brought forward 35,311 86,697 122,007 105,138
TOTAL FUNDS CARRIED FORWARD 39,692 127,893 167,584 122,007

The notes form part of these financial statements

Page 6

continued...

LEDBURY POETRY LTD

BALANCE SHEET AT 31 MARCH 2024

2024 2023
Unrestricted Restricted Total funds Total funds
funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 6 1,435 - 1,435 2,270
CURRENT ASSETS
Debtors 7 - - - 3,819
Cash at bank and in hand 49,940 127,893 177,833 127,237
49,940 127,893 177,833 131,056
CREDITORS
8 (11,683) - (11,683) (11,317)
NET CURRENT ASSETS 38,257 127,893 166,149 119,737
TOTAL ASSETS LESS CURRENT
LIABILITIES 39,692 127,893 167,583 122,007
NET ASSETS 36,692 127,893 167,583 122,007
FUNDS 10
Unrestricted funds 39,692 35,311
Restricted funds 127,893 86,697
TOTAL FUNDS 167,584 122,007

The notes form part of these financial statements

continued...

Page 7

LEDBURY POETRY LTD

BALANCE SHEET - CONTINUED AT 31 MARCH 2024

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the charitable company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard applicable in the UK (FRS 102).

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

S Hickson - Trustee

Date:

The notes form part of these financial statements

Page 8

LEDBURY POETRY LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard (FRS 102), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment and Sound equipment – 33 1/3% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. INCOME FROM DONATIONS

Public Funding
Private Trusts
Other
Grant – Elmley Foundation
2024
£
256,562
-
34,974
15,000
306,536
2023
£
238,956
-
31,142
15,000
285,098

Page 9

LEDBURY POETRY LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2024

3. NET INCOMING/(OUTGOING) RESOURCES

Net resources are stated after charging/(crediting):

Depreciation - owned assets
Other operating leases
Independent Examiner Fee
2024
£
835
6,500
1,500
2023
£
835
6,562
1,500

4. TRUSTEES' AND RELATED PARTIES REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 31 March 2024 nor for the year ended 31 March 2023.

As expressly permitted by the governing document trustees received fees for providing other services as under:

B M Read-Brown £150 (2023 £1,200) Community programme services.

Trustees' expenses

Travel expenses were paid to the following Trustees in the period ended 31 March 2024: J Cuttle: £95, M Amherst: £58, (2023: £Nil).

5. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
Unrestricted
funds
Restricted
funds
Total funds
Total funds
2024
2023
£
£
£
£
69,167
77,862
147,028
90,168
460
460
2,406
3,588
-
3,588
5,038
73,215
77,862
151,076
97,611
Unrestricted
funds
Restricted
funds
Total funds
Total funds
2024
2023
£
£
£
£
69,167
77,862
147,028
90,168
460
460
2,406
3,588
-
3,588
5,038
73,215
77,862
151,076
97,611
97,611

The average monthly number of employees (including part time staff) during the year was as follows:

llows:
2024 2023
6 4

No employees received emoluments in excess of £60,000.

The Staff costs show the full costs of employing on average six members of staff. At the end of the year, there were nine members in staff in post. Some of the staff salaries are allocated to restricted funds in accordance with time spent on those activities. Total wages and salaries allocated to restricted funds: £77,862 (2023: £21,115)

Pension contributions are made to defined contribution pension schemes.

Page 10

LEDBURY POETRY LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2024

6. TANGIBLE FIXED ASSETS

Office and Sound equipment

COST
At 1 April 2023
Additions
Disposals
As 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
Disposals
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
7.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Pre-payments
Trade debtors
Other debtors
8.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
Accruals
Other creditors are grant funds from AHRC held for payments to artists.
9.
OPERATING LEASE COMMITMENTS
The following operating lease payments are committed to be paid within one year:
Expiring:
Within one year
2024
£
-
-
-
2024
£
5,843
3,572
768
1,500
11,683
2024
£
6,500
£
8,273
-
-
_____
8,273
6,004
835
-
6,839
1,435
2,270
2023
£
365
2,865
589
2023
£
1,219
8,346
252
1,500
11,317
2023
£
6,500

Page 11

LEDBURY POETRY LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2024

10. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Net movement Transfers
At 1.04.23 in funds between funds At 31.03.24
£ £ £ £
Unrestricted funds
General fund 35,312 (11,129) 15,510 39,693
Restricted funds
Arts Council England Uplift - 32,007 - 32,007
NHLF Resilience Fund - 49,320 - 49,320
Learning 20,798 (4,245) - 16,553
Community programmes 9,861 (6,536) (134) 3,191
Volunteering Herefordshire 38,311 (20,228) (7,600) 10,483
Versopolis 4,199 232 (2,776) 1,655
Ledbury Town Council Banners Fund 1,345 (280) - 1,065
New Writers 7,039 - - 7,039
2ndCollection 700 4,613 - 5,313
British Council 1,743 (1,743) - -
CAF America - 6,266 (5,000) 1,266
Other Restricted Funds 2,700 (2,700) - -
86,697 56,706 (15,510) 127,892
TOTAL FUNDS 122,007 45,578 - 167,585
Net movement in funds, included in the Incoming Resources Transfers Movement in
above are as follows: Resources Expended between funds Funds
£ £ £ £
Unrestricted funds
General fund 161,614 (172,744) 15,510 4,381
Restricted funds
Arts Council England Uplift 54,000 (21,993) - 32,007
NHLF Resilience Fund 49,320 - - 49,320
Learning 18,881 (23,126) - (4,245)
Community Programmes 1,478 (8,014) (134) (6,670)
Volunteering Herefordshire 72,237 (92,465) (7,600) (27,828)
Versopolis 6,604 (6,373) (2,776) (2,544)
Ledbury Town Council Banners Fund - (280) - (280)
2ndCollection 6,357 (1,744) - 4,613
British Council - (1,743) - (1,743)
CAF America 19,448 (13,182) (5,000) 1,266
Other Restricted Funds - (2,700) - (2,700)
228,325 (171,619) (15,510) 41,196
TOTAL FUNDS 389,939 (344,362) - 45,578

Page 12

LEDBURY POETRY LTD

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE PERIOD ENDED 31 MARCH 2024

11. COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of it winding up, such an amount as may be required, not exceeding £10.

12. GENERAL INFORMATION

Ledbury Poetry Ltd, is a private company, limited by guarantee, incorporated in England and Wales, registered number 03265057. The registered address is The Barrett Browning Institute, Bye Street, Ledbury, Herefordshire, HR8 2AA.

Page 13

LEDBURY POETRY LTD DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2024

INCOMING RESOURCES
Voluntary income
Public funding
Private trust
Other
Grants - Elmley Foundation
Incoming resources from charitable activities
Ticket and event sales
Poetry competition
Other income
Investment Income
Interest Receivable
Total incoming resources
RESOURCES EXPENDED
Charitable activities
Venue Hire
Festival Infrastructure Costs
Hospitality
Performers' fees and costs
Brochure and other event costs
Ticket costs and box office
Merchandise and cost of sales
Poetry House Events
Arts Council England
Learning
Community Programmes
Community Get Active
Community Family Fun Expenses
Community Talk
Volunteering Herefordshire
Versopolis
Ledbury Town Council Banners Fund
Malvern Hills AONB
2ndCollection
British Council Africa Research
CAF America
Emerging Critics
Poetry competition
West Midlands Railway Project
BBI Project
Other Restricted Funds
Governance costs – Independent examiner’s fees
2024
£
256,562
-
34,974
15,000
306,536
45,639
10,842
22,443
78,924
4,479
389,939
2,538
14,057
-
23,513
10,022
4,132
3,409
1,795
21,993
23,126
8,014
-
-
-
92,465
6,373
280
-
1,744
1,743
13,182
-
2,725
-
-
2,700
1,500
2023
£
238,956
-
31,142
15,000
285,098
49,226
8,142
12,849
70,217
1,114
356,429
-
40,152
61
29,660
-
3,948
13,747
-
-
26,616
8,749
9,604
3,296
2,154
56,189
5,259
4,999
747
7,300
-
-
5,754
4,390
3,500
300
-
1,500
235,311 227,922

This page does not form part of the statutory financial statements

Page 14

LEDBURY POETRY LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES (cont) FOR THE PERIOD ENDED 31 MARCH 2024

Support Costs
Salaries
Employers National Insurance
Pension contributions
Rent
Rates and Water Rates
Electricity
Repairs & Renewals
Cleaning
Computer and internet
Insurance
Telephone
Printing, postage and stationery
Advertising and publicity
Sundries
Travelling
Accountancy Costs
Training
Depreciation of office and sound equipment
Finance
Bank charges
Credit card charges
Total resources expended
Net (expenditure)/income
2024
£
69,658
460
3,588
6,500
1,133
3,299
-
641
3,326
2,459
645
1,737
942
980
-
10,990
200
835
107,393
213
1,446
1,659
344,362
45,578
2021
£
69,053
2,406
5,038
6,250
3,218
1,292
202
799
2,438
2,428
796
1,007
7,642
1,923
58
4,180
468
835
110,033
217
1,385
1,602
339,559
16,871

This page does not form part of the statutory financial statements

Page 15