**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: - examine the accounts under Section 145 of the 2011 Act - to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and - to state whether particular matters have come to my attention. ## **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: - (1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 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 - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 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