REGISTERED COMPANY NUMBER: 03468735 (England and Wales) REGISTERED CHARITY NUMBER: 1066819 Trustees, Report and Unaudited Financial Statements for the Year Ended 31 March 2024 for King's Lynn Festival Limited Stephenson Smart (East Anglial Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 IHJ
King's Lynn Festival Limited Contents of the Financial Statements for the Year Ended 31 March 2024 Page Trustees, Report Independent Examiner's Report Statement of Financial Artivities Balance Sheet Cash Flow Statement Notes to the Cash Flow Statement io Notes to the Financial Statements 11 to 19 Detailed Statement of Financial Activities 20 to 21
King's Lynn Festival Limited Trustees, Report for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2¢X)6, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 IFRS 1021 (effective l January 20191.
King's Lynn Festival Limited Trustees, Report for the Year Ended 31 March 2024 Objectives and artivities The principal objects of the company are:_ To promote, maintain, improve and advance public education, appreciation and understanding in its broadest sense through the arts. particularly by the formulation, preparation. establishment and production of educational plays, festivals and productions. in particular the King's Lynn Festival of Music and the Arts. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. Achievements and performance The 2022 season heralded the return to live performances following the hiatus due to the coronavirus restrictions. It would appear that the results for the main festival during July were probably affected by a reticence amongst some to rejoin audiences at public events. Box office takings were not as high as those prior to 2020. However. the final performance of the Festival by the RPO played to a full audience, and four other events were above target numbers. In the "Year-Round" period. Coffee Concerts and talks were reinstated and attracted gradually increasing numbers, especially in the Spring 2023. The organisation continues its collaboration with local schools and creative groups to help promote the arts. Financial review The results for the year, and the Charity's financial position at the end of the year are shown in the attached financial statements. Reserve5 The charity defines its reserves as the value of those assets over and above those which are required for it to meet its current commitments and planned expenditure. Trustees aim to have sufficient reserves to enable the charity to meet its financial objectives for one year. Risk review The trustees met regularly during the year, partly via Zoom. Major risks are always discussed at these meetings and the Systems that are in place to mitigate those risks examined. The trustees consider the lack of a secure income base, to be the Most significant risk and continue to take all po55ible Steps to ensure that this is mitigated. Investment policy The Trustees Investment policy is to maximise returns on the cash balances held. having due regard to risk. Plans for future periods In 2023 the July Festival has been programmed for a normal full range of events and venues. with coffee concerts and lectures. The Burney Festival of early music was first held in April 2022, but will be moved to autumn 2023 to attract a wider audience and sponsorship. The trustees are considering how best to broaden the Festival's appeal. with a wider range of performance. partnerships to reach school audiences. and development events in the larger nearby villages. However, there is also 3 need to develop a more stable funding platform and more business sponsorship.
King's Lynn Festival Limited Trustees, Report for the Year Ended 31 March 2024 The Borough Council has now issued notice to vacate the St George's Guildhall complex by 18th August. at which point the Festival office will relocated to Thoresby College. The triennial valuation of the PSATSA defined benefit pension fund has resulted in a substantial increase in its deficit. This has resulted in the recovery plan extending from the original end date of July 2024 to February 2030. Conversely. the gyrations in the financial markets since last September has resulted in the cost of buying out our one deferred pensioner is now possibly an affordable option. Structure, governance and management Governing document The organisation is a charitable company limited by guarantee. incorporated on 14 November 1997. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association Recruitment and appointment of new trustees The nomination and appointment of trustees is made by existing Trustees and Company Members. Appropriate induction and training is given to trustees when appointed. Reference and administrative details Registered Company number 03468735 (England and Wales) Registered Charity number 1066819 Registered office 11 New Conduit Street King's Lynn Norfolk PE30 IDG Trustees Mrs S Cliffe Mr D P Collingham Mrs A J Croose Mr A G Parker Ichair} MrAJ Williams MrT A Thomas Mr R G W Anderson Company Secretary MrAJ Williams Independent Examiner Claire Melton Stephenson Smart (East Anglial Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 IHJ
King's Lynn Festival Limited Trustees, Report for the Year Ended 31 March 2024 This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ............................................. and signed on its behalf by: Mr A G Parker- Trustee
Independent Examiner's Report to the Trustees of King's Lynn Festival Limited Independent examiner's report to the trustees of King's Lynn Festival Limited I'the Company'l I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of My examination of your charity's accounts as carried out under Section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a mernber of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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.. accounting records were not kept in respert of the Company as required by Settion 386 of the 2006 Act- or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}). 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. Claire Melton Stephenson Smart (East Anglial Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 IHJ Date-.............................................
King's Lynn Festival Limited Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestrirted funds Restricted fund Notes Income and endowments from Donations and legacies 136.036 136.036 103.889 Charitable activities Festival activities 128,342 128,342 119,343 Investment income 2.309 204 2.513 545 Total 266,687 204 266,891 223,777 Expenditure on Charitable activities Festival activities 233,534 233,534 231,864 NET INCOMEI{EXPENDITURE) 33.153 204 33,357 18,0871 Reconciliation of funds Total funds brought forward 37.728 21.593 59,321 67,408 Total funds carried forward 70,881 21,797 92,678 59,321 The notes form part of these financial statements
King's Lynn Festival Limited Balance Sheet 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestrirted funds Restricted fund Notes Fixed assets Tangible assets li 1.104 1.104 1,475 Current assets Debtors Cash at bank and in hand 12 6,100 174,895 6,100 196.692 8,542 156,973 21,797 180,995 21,797 202,792 165,515 Creditors Amounts falling due within one year 13 137.8681 {37.8681 134.3191 Net current assets 143,127 21,797 164,924 131,196 Total assets less current liabilities 144.231 21.797 166.028 132,671 Provisions for liabilities 14 173,3501 {73,3501 173,3501 NET ASSETS 70.881 21.797 92,678 59,321 Funds Unrestricted funds Restricted funds 15 70,881 21,797 37,728 21,593 Total funds 92,678 59,321 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for lal ensuring that the charitable cornpany keeps accounting records that comply with Sections 386 and 387 of the Companie5 Act 2006 and 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. Ibl The notes form part of these financial statements
King's Lynn Festival Limited Balance Sheet - continued 31 March 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on signed on its behalf bv: . and were Mr A G Parker- Trustee MrAJ Williams-Trustee The notes form part of these financial statements
King's Lynn Festival Limited Cash Flow Statement for the Year Ended 31 March 2024 31.3.24 31.3.23 Notes Cash flows from operating activities Cash generated from operations Interest paid 37,208 121 126,8541 {31 Net cash provided by/lused inl operating activities 37.206 126,8571 Cash flows from investing activities Interest received 2.513 545 Net cash provided by investing activities 2,513 545 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 39.719 126,3121 156,973 183,285 Cash and cash equivalents at the end of the reporting period 196,692 156,973 The notes form part of these financial statements
King's Lynn Festival Limited Notes to the Cash Flow Statement for the Year Ended 31 March 2024 Reconciliation of net income/(expenditurel to net cash flow from operating activities 31.3.24 31.3.23 Net income/{expenditurel for the reporting period las per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Interest paid Increase in pension provision Decrease/lincreasel in debtors Increase/ldecrease} in creditors 33.357 18,0871 371 {2,5131 494 {5451 5,000 17,2321 116,4871 2,442 3,549 Net cash provided byl{used in) operations 37,208 126,8541 Analysis of changes in net funds At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 156,973 39,719 196,692 156,973 39,719 196,692 Total 156,973 39,719 196,692 The notes form part of these financial statements 10
King's Lynn Festival Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Accounting policies Basis of preparin8 the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 leffective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 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. 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 Wlthin the object5 of the charity. Restriction5 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. Pension costs and other p05t-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. 11
King's Lynn Festival Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 Donations and legacies 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted funds Sponsorship Donations Gift aid Grants 23.683 68,588 7,610 36,155 23,683 68,588 7,610 36,155 24,200 24,814 8,155 46,720 136.036 136,036 103,889 Grants received during the year are as follows.. Year ended 31.3.23 Year ended 31.3.22 Norfolk County Council KL & WNBC Art5 Council of England - East Creative Arts East Other grants 4,765 28.557 7,648 4,765 27,801 67,348 254 5,750 46.720 106,168 Investment income 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted funds Deposit account interest 2,309 204 2,513 545 12
King's Lynn Festival Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 Income from charitable artivities 31.3.24 31.3.23 Activity Box office and other performance related income Box office and other performance related income- Winter series Box office and other performance related income- Mini festivals Festival activities 106.171 103,720 Festival activities 18,178 10,613 Festival activities 3,993 5,010 128,342 119,343 Charitable activities costs Support costs (see note 6) Dirert Costs Totals Festival activities 231,837 1,697 233,534 Support costs Governance costs Festival activities 1,697 Net income/(expenditure) Net income/lexpenditurel is stated after chargingl{creditingl= 31.3.24 31.3.23 Depreciation - owned assets 371 494 13
King's Lynn Festival Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 Trustees, remuneration and benefits There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Staff costs 31.3.24 31.3.23 Wages and salaries Other pension costs 54,689 13,637 51,315 13,928 68,326 65,243 The average monthly number of employees during the year was as foll0v. 31.3.24 31.3.23 Administration No employees received emoluments in excess of £60.0(M). io. Comparatives for the statement of financial activities Unrestricted funds Restricted fund Total funds Income and endowments from Donations and legacies 103,889 103,889 Charitable activities Festival activities 119,343 119,343 Investment incorne 488 57 545 Total 223,720 57 223,777 Expenditure on Charitable activities Festival activities 231,864 231,864 NET INCOMEIIEXPENDITURE) {8,144) 57 18,0871 Reconciliation of funds Total funds brought forward 45,872 21,536 67,408 14
King's Lynn Festival Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 io. Comparatives for the statement of financial activities- continued Unrestricted funds Restricted fund Total funds Total funds carried fonward 37,728 21.593 59,321 ii. Tangible fixed assets Fixtures and fittings Cost At l April 2023 and 31 March 2024 5,365 Depreciation At l April 2023 Charge for year 3,890 371 At 31 March 2024 4,261 Net book value At 31 March 2024 1,104 At 31 March 2023 1,475 12. Debtors: amounts falling due within one year 31.3.24 31.3.23 Trade debtors Prepayments 5,820 280 7,485 1,057 6,100 8,542 15
King's Lynn Festival Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 13. Creditors: amounts falling due within one year 31.3.24 31.3.23 Trade creditors Social security and other taxes Pension Deferred income Accrued expenses iii 545 7,906 22,618 6,800 3,589 2,035 7,881 15,814 5,000 37,868 34,319 14. Provisions for liabilitie5 The company is currently a member of NEST occupational pension scheme.Individual entitlement if any to employer contributions to an approved personal pension plan is specified in the relevant contract of employment. Total contributions paid in the year amounted to £1,52512023: £1.492). Provision for future liabilities: Within 12 months £7,90612023 £7,881) After 12 Months £73,35012023 £73,350} Contingencies- Pension The Kings Lynn Festival Limited is a member of the Pension Scheme for Administration and Technical Staff in the Arts. The scheme wa5 closed to future accrual in December 2012. Results of an actuarial valuation as at 31st March 2022 showed that the Scheme remains in significant deficit. The proportion of the deficit attributable to The Kings Lynn Festival Limited following the previous actuarial valuation as at 31st March 2016 was estimated at £76,000. As a result of a valuation in March 2022. an additional £5,000 was provided as a liability. The increased liability of £81,000 ha5 been fully provided for in the balance sheet. Under the recovery programme agreed with the Trustees of the 5cheme.the Trustees of Kings Lynn Festival Limited will continue to make payments towards the deficit of £626 per month which increases by 5Yo per annum until February 2030 under a new agreement. Due to the number of employers contributing to the Scheme. it is not possible at 31 March 2024 lor March 20231 to identify the share of underlying assets and liabilities of the Scheme that are separately attributable to the Charity. Under the provisions of Financial Reporting Standard 17. the accounts have therefore been prepared on the basis that the Scheme qualifies as a Multi-Employer Scheme and pension costs are disclosed in line with the requirements for a defined contribution Scheme. 16
King's Lynn Festival Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 15. Movement in funds Net movement in funds At 1.4.23 At 31.3.24 Unrestrirted funds General fund Music Society designated fund 37.728 12,2771 35,430 35,451 35,430 37.728 33.153 70,881 Restricted funds Ruth Fermoy memorial fund 21,593 204 21,797 TOTAL FUNDS 59,321 33,357 92,678 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Music Society designated fund 231,257 35,430 1233,5341 12,2771 35,430 266,687 1233,5341 33,153 Restricted funds Ruth Fermoy memorial fund 204 204 TOTAL FUNDS 266,891 1233,5341 33,357 Comparatives for movement in fund5 Net movement in funds At 1.4.22 At 31.3.23 Unrestricted funds General fund 45,872 18.1441 37,728 Restricted funds Ruth Fermoy memorial fund 21,536 57 21,593 TOTAL FUNDS 67,408 18,0871 59,321 17
King's Lynn Festival Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 15. Movement in funds- continued Comparative net rnovement in funds, included in the above are as follows- Incoming resources Resources expended Movement in funds Unrestricted funds General fund 223,720 1231,8641 18,1441 Restricted funds Ruth Fermoy memorial fund 57 57 TOTAL FUNDS 223,777 1231,8641 18,0871 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 1.4.22 At 31.3.24 Unrestrirted funds General fund Music Society designated fund 45,872 110,4211 35.430 35,451 35,430 45,872 25,009 70,881 Restricted funds Ruth Fermoy memorial fund 21.536 261 21,797 TOTAL FUNDS 67,408 25,270 92,678 A current year 12 months and prior year 12 months combined net movernent in funds, included in the above are as follows- Incoming resources Resources expended Movement in funds Unrestricted funds General fund Music Society designated fund 454,977 35,430 1465,3981 110,4211 35,430 490,407 1465,3981 25,009 Restricted funds Ruth Fermoy memorial fund 261 261 TOTAL FUNDS 490,668 1465,3981 25,270 18
King's Lynn Festival Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 16. Related party disclosures There were no related party transactions for the year ended 31 March 2024. 17. Designated funds During the reporting period, the charity received donations amounting to £35.430. The donors stipulated that the funds were to be used for the promotion of classical music and the charity has reserved designated funds for this purpose. The funds are held in a general bank account to be released as agreed by the Trustees in future years. 19