**REGISTERED CHARITY NUMBER: 1090446** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30TH SEPTEMBER 2023** ## **FOR** ## **LAFROWDA FESTIVAL** Greenwood Wilson The Old School The Stennack St Ives Cornwall TR26 1QU **LAFROWDA FESTIVAL** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Statement of Financial Activities**||3|| |**Balance Sheet**||4|| |**Notes to the Financial Statements**|5|to|9| |**Detailed Statement of Financial Activities**|10|to|11| **LAFROWDA FESTIVAL** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH SEPTEMBER 2023** The trustees present their report with the financial statements of the charity for the year ended 30th September 2023. 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 (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** To advance education in the arts and culture in particular but not exclusively in the St. Just in Penwith area and to promote the arts for the benefit of the public in general and in particular for the inhabitants of St. Just in Penwith by promoting an annual festival of all forms of the arts and music. ## **Significant activities** We have recruited new volunteers to the committee and have been putting on events/fundraisers throughout this year and next in order to bring Lafrowda 2023 to St Just. This ongoing programme of events which have been well supported by the community have put us in good position for a successful return of Lafrowda Festival in July 2023. ## **Public benefit** In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. The charity does not charge the public to attend the Lafrowda festival which is freely available for the public to attend. They do charge fees for various fundraising events held throughout the year in order to raise funds to cover the operating costs of running the festival. A small charge is also made to cover the costs of workshops held but these are predominantly funded by schools and groups thus ensuring free access to all. ## **FINANCIAL REVIEW** ## **Reserves policy** The Trustees of Lafrowda Festival operate the following reserves policy: A reserve is required: 1. To cover the eventuality of needing to cancel Lafrowda Day due to unforeseen circumstances, the most likely being bad weather causing a Health and Safety issue, and 2. To cover a shortfall in funding of the following year's activities, and 3. To cover any major project spending. The amounts required for this reserve are: 1. £5,000 to £6,000 to cover partial stall re-imbursements, 50% performers costs and some hire costs, in the case of cancellation. 2. Varying year by year, but a figure of £1,000 is seen as sufficient. 3. £3,000 to cover the costs of replacing old and worn staging equipment. The amount held at the end of the financial year in bank accounts and in cash will be compared with the above figures. Any shortfall or excess will then be explained and decisions made on any actions required. In accordance with our Reserves Policy, the amount of reserves held is £17,956 compared to a necessary amount of £10,000. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ## **Recruitment and appointment of new trustees** We actively engage with the community by means of Lafrowda Friends, Facebook and Twitter, and face-to-face through year round events and open meetings, and encourage interested individuals to become members of the committee and seek nomination as a Trustee. Appointment is then made according to our constitution. Page 1 **LAFROWDA FESTIVAL** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH SEPTEMBER 2023** ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1090446 ## **Principal address** 37 Bosorne Road St Just Cornwall TR19 7JQ ## **Trustees** J Hancock Miss J Kerrison Miss D Gibbs A Snelson M Perry Mrs R Griffiths Mrs C Watling Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ A Snelson - Trustee Page 2 ## **LAFROWDA FESTIVAL** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2023** |2023
Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
26,223
**Charitable activities**
Festival activities
7,025
Other trading activities
3
19,640
Investment income
4
42
**Total**
52,930
**EXPENDITURE ON**
Raising funds
6,590
**Charitable activities**
Festival activities
31,138
**Total**
37,728
**NET INCOME**
15,202
**RECONCILIATION OF FUNDS**
Total funds brought forward
17,956
**TOTAL FUNDS CARRIED FORWARD**
33,158|2022
Total
funds
£
4,041
-
9,668
1
13,710
5,305
3,085
8,390
5,320
12,636
17,956| |---|---| The notes form part of these financial statements Page 3 **LAFROWDA FESTIVAL** ## **BALANCE SHEET 30TH SEPTEMBER 2023** |2023
Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
7
1,470
**CURRENT ASSETS**
Cash at bank and in hand
31,988
**CREDITORS**
Amounts falling due within one year
8
(300)
**NET CURRENT ASSETS**
31,688
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
33,158
**NET ASSETS**
33,158
**FUNDS**
9
Unrestricted funds
33,158
**TOTAL FUNDS**
33,158|2022
Total
funds
£
1,961
16,295
(300)
15,995
17,956
17,956
17,956
17,956| |---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. A Snelson - Trustee The notes form part of these financial statements Page 4 **LAFROWDA FESTIVAL** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. 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. Plant and machinery - Straight line over 10 years ## **Taxation** The charity is exempt from 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. ## **2. DONATIONS AND LEGACIES** |Donations
Grants|2023
£
9,898
16,325
26,223|2022
£
1,611
2,430
4,041| |---|---|---| continued... Page 5 ## **LAFROWDA FESTIVAL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH SEPTEMBER 2023** ## **2. DONATIONS AND LEGACIES - continued** Grants received, included in the above, are as follows: |St Just Town Council
Creative Kernow
Cornwall Arts
Clemo Community Chest Award
Cornwall County Council
Arts Council
**3.**
**OTHER TRADING ACTIVITIES**
Fundraising events
Sponsorships
Programme advertisement
Merchandise Sales
**4.**
**INVESTMENT INCOME**
Deposit account interest|2023
£
3,450
900
-
-
2,975
9,000
16,325
2023
£
10,347
4,650
3,590
1,053
19,640
2023
£
42|2022
£
700
-
1,530
200
-
-
2,430
2022
£
9,668
-
-
-
9,668
2022
£
1| |---|---|---| ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30th September 2023 nor for the year ended 30th September 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30th September 2023 nor for the year ended 30th September 2022. ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**|Unrestricted
funds
£| |---|---| |Donations and legacies|4,041| |Other trading activities|9,668| |Investment income|1| |**Total**|13,710| |**EXPENDITURE ON**|| |Raising funds|5,305| continued... Page 6 **LAFROWDA FESTIVAL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH SEPTEMBER 2023** ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** |||Unrestricted| |---|---|---| |||funds| |||£| ||**Charitable activities**|| ||Festival activities|3,085| ||**Total**|8,390| ||**NET INCOME**|5,320| ||**RECONCILIATION OF FUNDS**|| ||Total funds brought forward|12,636| ||**TOTAL FUNDS CARRIED FORWARD**|17,956| |**7.**|**TANGIBLE FIXED ASSETS**|| ||**COST**|Plant and
machinery
£| ||At 1st October 2022 and|| ||30th September 2023|4,901| ||**DEPRECIATION**|| ||At 1st October 2022|2,940| ||Charge for year|491| ||At 30th September 2023|3,431| ||**NET BOOK VALUE**|| ||At 30th September 2023|1,470| ||At 30th September 2022|1,961| continued... Page 7 ## **LAFROWDA FESTIVAL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH SEPTEMBER 2023** ## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |||2023|2022| |---|---|---|---| |||£|£| ||Other creditors|300|300| |**9.**|**MOVEMENT IN FUNDS**||| ||**Unrestricted funds**|Net
At
movement
1/10/22
in funds
£
£|At
30/9/23
£| ||General fund|17,956
15,202|33,158| ||**TOTAL FUNDS**|17,956
15,202|33,158| ||Net movement in funds, included in the above are as follows:||| ||**Unrestricted funds**|Incoming
Resources
resources
expended
£
£|Movement
in funds
£| ||General fund|52,930
(37,728)|15,202| ||**TOTAL FUNDS**|52,930
(37,728)|15,202| ||**Comparatives for movement in funds**||| ||**Unrestricted funds**|Net
At
movement
1/10/21
in funds
£
£|At
30/9/22
£| ||General fund|12,636
5,320|17,956| ||**TOTAL FUNDS**|12,636
5,320|17,956| ||Comparative net movement in funds, included in the above are as follows:||| ||**Unrestricted funds**|Incoming
Resources
resources
expended
£
£|Movement
in funds
£| ||General fund|13,710
(8,390)|5,320| ||**TOTAL FUNDS**|13,710
(8,390)|5,320| continued... Page 8 ## **LAFROWDA FESTIVAL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH SEPTEMBER 2023** ## **9. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
At
movement
At
1/10/21
in funds
30/9/23
£
£
£
12,636
20,522
33,158
12,636
20,522
33,158| |---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**|Incoming
Resources
resources
expended
£
£|Movement
in funds
£| |---|---|---| |General fund|66,640
(46,118)|20,522| |**TOTAL FUNDS**|66,640
(46,118)|20,522| ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30th September 2023. Page 9 ## **LAFROWDA FESTIVAL** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2023** ||2023|2022| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|9,898|1,611| |Grants|16,325|2,430| |**Other trading activities**|26,223|4,041| |Fundraising events|10,347|9,668| |Sponsorships|4,650|-| |Programme advertisement|3,590|-| |Merchandise Sales|1,053|-| |**Investment income**|19,640|9,668| |Deposit account interest|42|1| |**Charitable activities**||| |Stalls & hire charges income|4,225|-| |Income from schools|2,800|-| ||7,025|-| |**Total incoming resources**|52,930|13,710| |**EXPENDITURE**||| |**Other trading activities**||| |Fundraising costs|6,100|4,815| |Plant and machinery|490|490| |**Charitable activities**|6,590|5,305| |Insurance|900|840| |School costs|9,701|-| |Rent|1,088|1,084| |Performers|6,600|-| |Licenses|144|-| |Printing, postage and statione|1,964|153| |Road closure and security|149|48| |Sundry expenses|304|114| |Infrastructure costs|7,217|-| |Health & Safety costs|1,700|47| ||29,767|2,286| **Support costs** This page does not form part of the statutory financial statements Page 10 ## **LAFROWDA FESTIVAL** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2023** ||2023|2022| |---|---|---| ||£|£| |**Support costs**||| |**Information technology**||| |Repairs and renewals|1,071|199| |**Governance costs**||| |Accountancy and legal fees|300|600| |Total resources expended|37,728|8,390| |**Net income**|15,202|5,320| |||| This page does not form part of the statutory financial statements Page 11