REGISTERED CHARITY NUMBER: 1090446 REPORT OFTHE TRUSTELS AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 FOR Greenwood Wilson The Old School The Stennack St Ives Cornwall TR26 IQU
LAFROWDA FESTIVAL CONTENTS OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Page Report of the Trustees Independent Exarniner's Report ststement of Flnanelal Actlvltles Balance Sheet Notes to the Financial Statements 6 to 10 Detailed Statement of Financial Activitie5 Il to 12
LAFROWDA FESTIVAL REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present their report with the financial statements of the charity for the year ended 30 September 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 Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective l 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 beneflt of the public in general and in particular for the inhabitants of St. Just in Penwith by promoting an annual festival of all fornis of the arts and music. Significant activities The committee has worked very hard putting on fundraising events and connecting with the community and businesses of St Just and the surrounding area, as well as bringing in-depth knowledge of grant funding opportunities. This put us in a good financial position for Lafrowda 2024 but unfortunately, rising costs (for example. Insurance, security, PA and equipment hire) mean that we paid more than we received. If this was to happen in 2025 ihen the Festival would not be able to continue. The Trustees decided that the best move forwards was to cancel the 2025 Festival and spend the year on fund raising events whilst still maintaining a presence in the town. This vms put to Lafrowda Committee which agreed unanimously. Lafrowda 2026 is being planned. Public benefil In Shaping our objectives for the year and planning our activities. the Trustees have considered the Charity Commission's guidance on public benefiL including the guidance on public benefit and fre 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 ra15e funds to cover the operating costs of running ihe 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: l. 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 yeavs 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-imbursementy 500/0 perfoTmers costs and some hire costs, in the case of cancellation. 2. Varying year by year, but a figure of £l.000 is seen as sutTicient. 3. £3,000 to cover the costs of replacing old and worn staging ¢quipment. 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 £27,627 compared to a necessary amount of £10,000. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing documenL a deed of trust and constitutes an unincorporated charity. Page I
LAFROWDA FEsfivAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 sTRUuRE GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees We actively engage with the community by means of Lafrowda Friend4 Facebook and Twitter. and face-to-face through year round events and open meetings, and encourage interested individua15 to become members of the committee and seek nomination as a Trustee. Appoinlment is then made according to our constitution. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1090446 Principal Vdddress Bos¢ean Fami St Just Cornvrnll TR19 8QP Trustees J Hancock Miss J Kerrison Miss D Gibbs A Snelson M Perry Mrs R Griffiths Mrs C Watling Independent Examiner Greenwood Wilson The Old School The Stennack St Ives Cornwall TR26 1 QU Approved by order of the board of trusttts on 17 July 2025 and signed on its behalf by: A Snelson - Trnslee Page 2
INDEPENDENT EXAMINER'S REPORT TOTHETRUSTEES OF LAFROWDA FESTIVAL Independent examiner's report to the trusttts of iafrowdA Festival I report to the charity trustees on my examination of the accounts of tafrowda Festival (the Tnt) for the year ended 30 September 2024. Responsibilities 2nd basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Acr). I report in respect of my examination of the Trusvs accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examlner's ststement I have completed my examination. I confirni that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act. or the accounts do not accord with those record5: or the accounts do not comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns and have come across no other matters in connection with the examination to which attention should be dra1 in thi5 report in order to enable a proper understanding of the accounts to be reached. ff/3X Pete Brotheridge Greenwood Wilson The Old School Stennack St Ives Cornwall TR26 IQU 17 July 2025 Page 3
LAFROWDA FLSTIVAL STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 Unrestricted funds 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 10.971 26,223 Charltable activitles Festival activities 6,070 7,025 Other trading activities Investhient income 22.929 124 19,640 42 Total 40,094 52,930 EXPENDITURE ON Raising funds 5,536 6,590 Charltable actlvltles Festival activities 39,928 31299 Totsl 45,464 37,889 NET INCOMEI(EXPENDITURE) (5,370) 15,041 RECONCILIATION OF FUNDS Total funds brought forward 32,997 17.956 TOTAL FUIYDS CARRIED FORWARD 27.627 32,997 The notes forni part of these financial sthtements Page 4
LAFROWDA FEsfivAL BALANCE SHEET 30 SEPTEMBER 2024 2024 Unrestricted funds 2023 Total funds Notes FIXED ASSETS Tangible assets 980 1,470 CURRENT ASSETS Cash at bank 26,947 31,827 CREDITORS Amounts falling due within one year (300) (300) NET CURRENT ASSETS 26,647 31,527 TOTAL ASSETS LESS CURRENT LIABILtTIES 27.627 32,997 NET ASSETS 27,627 32,997 FUNDS Unrestricted funds 27,627 32,997 TOTAL FUNDS 27.627 32,997 The financial statements were approved by the Board of Trustees and authorised for issue on 17 July 2025 and were signed on its behalf by: A Snelson - Trustee The notes forni part of these fmancial statements Page 5
LAFROWDA FESTIVAL NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES B2$i$ of preparfing the fin#neial 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 Rew)rtin8 by Charities: Ststement 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 l January 2019),, Financial Reporting Stsndard 102 The Financial Reporting SLdard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared wider the historical cost convention. Ineome All income is recogni5ed in the Statement of Financial A¢tivitits once the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are rQgnised 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 obligalion can be m¢8sured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all ¢ost related to the category. Where Costs cannot be direcily attributed to particular headings they have bcen allocated to a¢livi¢ies on a basis consistent with the use of resources. Tanglble flxed assets Depreciation is provided at the followin8 annual rates in order to write off each asset over its estimated useful life. Plant and machinery Straight line over 10 years Taxgtlon The charity is exempt from tax on its ¢haritsble activities. Fund aeeountlng Unrestri¢ied fun(ts can be used in accordance with the charitable objectives at the discretion of the trustees. Re5tricled funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor OT when funds are raised for particular restri¢ted purposes. Further explanation of the nature and purpose of each fund is included in the notes to Ihe financial ststements. DONATIONS AND LEGACIES 2024 2023 Donations Grants 6,471 4.500 9,898 16,325 10,971 26.223 Page 6 continued...
LAFROWDA FESTIVAL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEiYfEMBER 2024 DONATIONS AND LEGACIES- eontlnued Grants received, included in the above, are as follows: 2024 2023 St Just Town Council Creative Kernow Cornwall County Council Arts Council Other grants 3,450 900 2,975 9,000 4,500 4,500 16,325 OTHER TRADING ACTIVITIES 2024 2023 Fundraising events Sponsorships Programme advertisement Merchandise Sales 11,184 4,900 2,714 4,131 10,347 4.650 3,590 ,053 22,929 19,640 INVESTMENT INCOME 2024 2023 Deposit a¢¢ount interest 124 42 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefils for the year ended 30 September 2024 nor for the year ended 30 September 2023. Trustees, expenses There were no twstees, expenses paid for the year ended 30 September 2024 nor for th¢ year ended 30 Septemb¢r 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENDOWMENTS FROM Donations and legacies 26,223 Charitable activities Festival activities 7,025 Other trading activities Investment income 19,640 42 Total 52,930 EXPENDITURE ON Page 7 continued...
LAFROWDA FESTIVAL NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 30 SEPTEMBER 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL A1vITIEs- continued Unrestricted funds Raising funds 6,590 Charltable actlvltles Festival activities 31,299 Totgl 37,889 NET IIYCOME 15.041 RECONCILIATION OF FUNDS Total funds brought forward 17,956 TOTAL FUNDS CARRIED FORWARD 32,997 TANGIBLE FIXED ASSETS Plant and ma¢hin¢ry COST At l October 2023 and 30 September 2024 4,901 DEPRECIATION At l October 2023 Charge for year 3,431 490 At 30 September 2024 3,921 NET BOOK VALUE At 30 September 2024 980 At 30 September 2023 1,470 Page 8 continued...
LAFROWDA FESTIVAL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 300 300 MOVEMENT IN FUNDS Net movement in funds At Iiior23 At 3019r24 Unrestrlcted funds General fund 32,997 (5,370) 27.627 TOTAL FUNDS 32,997 (5,370) 27,627 Net movement in funds, included in the above are as follows: Incoming Movement in funds expended Unrestrlcted funds General fund 40,094 (45.464) (5,370) TOTAL FUNDS 40,094 (45,464) (5,370) Comparatlves for movement In funds Net movement in funds At Iiior22 At 3019123 Unrestricted funds General nd 17,956 15.041 32,997 TOTAL FUNDS 17,956 15.041 32,997 Comparative net movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in fvnds Unrestricted funds General fund 52,930 (37,889) 15,041 TOTAL FUNDS 52.930 (37,889) 15,041 Page 9 ¢ontinued...
LAFROWDA FESTIVAL NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 MOVEMENT IN FUNDS - eontinued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At IiIOll2 At 3019124 Unrestricted funds General fimd 17,956 9,671 27.627 TOTAL FUNDS 17,956 9,671 27,627 A current year 12 months and prior year 12 months combined net movement in funds. included in the above are follows: Incoming resources Resources expended Movement in fimds Unrestrieted funds General fimd 93.024 (83.353) 9,671 TOTAL FUNDS 93,024 (83.353) 9,671 io. RELATED PARTY DISCLOSURES There were no related party trdnsactions for the year ended 30 September 2024. Page 10
LAFROWDA FESTIVAL DETAILED ATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Grants 6,471 4,500 9.898 16.325 10,971 26,223 Other trading activities Fundraising events Sponsorships Programme advertisement Merchandise Sales 11,184 4,900 2,714 4,131 10,347 4.650 3.590 1,053 22,929 19,640 Investment income Deposit account interest 124 42 Charitable aetivities Sialls & hire charges income Income from schools 4,820 1.250 4,225 2,800 6,070 7,025 Total incoming resources 40,094 52,930 EXPENDITURE Other trading ?ctivities Fundraising costs Plant and machinery 5,046 490 6.100 490 5,536 6,590 Charitable aetivitles Insurance School costs Rent Perfonners Hire of plant and machinery Licenses Printing. postage and stationery Road ¢losure and security Sundry expenses Infrastructure costs Health & Safety costs Merchandise 2.041 8.030 ,155 10,324 1,717 158 2.048 900 9,701 1,088 6,600 144 1,964 149 465 7.217 1,700 430 7,018 1,800 2,317 37,202 29,928 This page does Dot fomi part of the ststutory financial slalements Page 11
LAFROWDA FESTIVAL DETAILED STATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Support cost$ Information technology Repairs and renewals 2,426 1,071 Governance costs Accountancy and legal fees 300 300 Total resources expended 45,464 37.889 Net (expendlture)lincome (5.370) 15,041 This page does not fonn part of the statuiory financial ststements Page 12