REGISTERED COMPANY NUMBER: 04512227 (England and Wales) REGISTERED CHARITY NUMBER: 1095553
Report of the Trustees and
Financial Statements for the Year Ended 30th September 2020
for
Worcester Festival Ltd
The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
Worcester Festival Ltd
Contents of the Financial Statements for the Year Ended 30th September 2020
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
Worcester Festival Ltd
Reference and Administrative Details for the Year Ended 30th September 2020
TRUSTEES Mr C Jaeger Professor J C Elkin Reverend P G Atkinson Mr A J Riaz Mr M L Bayliss Mr G C Salter Director (appointed 14.5.20) REGISTERED OFFICE Queen Elizabeth House The Trinity Worcester Worcestershire WR1 2PN REGISTERED COMPANY NUMBER 04512227 (England and Wales) REGISTERED CHARITY NUMBER 1095553 INDEPENDENT EXAMINER The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
Page 1
Worcester Festival Ltd (Registered number: 04512227)
Report of the Trustees for the Year Ended 30th September 2020
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 year ended 30th September 2020. 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
The Worcester Festival is not a music festival, nor indeed an arts festival, but just ... a festival. The Festival is for the people of Worcester and the surrounds. It is a series of partnerships between large cross-sections of the community, an umbrella for a huge range of activities. It is a coming together of people of all ages. It is an opportunity to stage an event, or to attend a large selection of both professional and community events. It is a celebration of life, and of Worcester and its people.
Public benefit
The trustees confirm that they have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
The principal object of the charity for the public benefit is that of cultural education and opportunities, its principal activity being the organisation of a festival known as the Worcester Festival.
The aim of the charity is to continue to organise the annual festival in Worcester.
ACHIEVEMENT AND PERFORMANCE
In accordance with the objects of the charity, a festival was held in Worcester from the 15th to 31st August 2020.
Due to the pandemic, the eighteenth Worcester Festival did quite a lot of things differently this year. We managed 765 events, 160 were live, 605 were virtual and 676 were free at point of engagement. Surprisingly, there were positives - some of the virtual events were seen from all over the country and beyond, reaching a much wider audience than Worcester and the surrounds, and we have made a decision that there will always be some virtual events even if we are pretty much back to normal.
Volunteers
The Festival is managed by the trustees, a professional part-time Administrator, a professional part-time Marketer, a Planning Committee (approx. 15 people) assisted by approximately 20 volunteers.
FINANCIAL REVIEW
Financial position
Total incoming resources amounted to £38,979 (2019: £46,465) and resources expended were £34,251 (2019: £44,645). Net incoming resources amounted to £4,728 (2019: £1,820).
Reserves policy
The trustees believe it prudent that, in order to provide reliable services over the longer term, they hold reserves to absorb setbacks and to take advantage of change and opportunity. Reserves are required in order:
a) to meet the running costs of the charity for a reasonable period of time should any of its usual sources of income fall short of expectations or cease entirely.
b) to absorb any shortfall in income resulting from a decline in support from the public.
c) to explore new opportunities for income generation which might require initial capital investment.
The trustees consider the charity's objective should be to accumulate reserves equivalent to at least one year's costs in respect of the support management and administration of the charity.
For the year ended 30 September 2020 a surplus has arisen in the accounts amounting to £4,728 (2019 - £1,820), thus increasing overall unrestricted funds to £29,726 (2019 - £24,998). Although this is not enough to cover one year's expenditure, the trustees believe this to be satisfactory and will continue to work towards increasing the reserves of the charity in accordance with the reserves policy.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 2
Worcester Festival Ltd (Registered number: 04512227)
Report of the Trustees for the Year Ended 30th September 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The trustees are appointed by the trustees in annual general meeting or at any other time deemed necessary.
Day to day management
Day to day management is delegated to Mr C Jaeger.
Approved by order of the board of trustees on 8th January 2021 and signed on its behalf by:
Mr C Jaeger - Trustee
Page 3
Independent Examiner's Report to the Trustees of Worcester Festival Ltd
Independent examiner's report to the trustees of Worcester Festival Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30th September 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
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 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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 respect of the Company as required by section 386 of the 2006 Act; or 2. 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 (applicable 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.
Robert Richards FCA CTA FCCA The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
8th January 2021
Page 4
Worcester Festival Ltd
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 30th September 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 34,223 | 43,389 |
| Charitable activities | 4 | ||
| Worcester Festival | 3,550 | 3,070 | |
| Investment income | 3 | 1,206 | 6 |
| Total | 38,979 | 46,465 | |
| EXPENDITURE ON | |||
| Charitable activities | 5 | ||
| Worcester Festival | 34,251 | 44,645 | |
| NET INCOME | 4,728 | 1,820 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 24,998 | 23,178 | |
| TOTAL FUNDS CARRIED FORWARD | 29,726 | 24,998 | |
The notes form part of these financial statements
Page 5
Worcester Festival Ltd (Registered number: 04512227)
Balance Sheet 30th September 2020
| 2020 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 11 269 CURRENT ASSETS Debtors 12 1,281 Cash at bank 28,729 30,010 CREDITORS Amounts falling due within one year 13 (553) NET CURRENT ASSETS 29,457 TOTAL ASSETS LESS CURRENT LIABILITIES 29,726 NET ASSETS 29,726 FUNDS 14 Unrestricted funds 29,726 TOTAL FUNDS 29,726 |
2019 Total funds £ 537 3,300 24,799 28,099 (3,638) 24,461 24,998 24,998 24,998 24,998 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2020 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 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 8th January 2021 and were signed on its behalf by:
Mr C Jaeger - Trustee
The notes form part of these financial statements
Page 6
Worcester Festival Ltd
Notes to the Financial Statements for the Year Ended 30th September 2020
1. ACCOUNTING POLICIES
BASIS OF PREPARING 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 (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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Worcester Festival Limited is a charitable company registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are the organisation of a festival known as the Worcester Festival.
The charity has applied Update Bulletin 2 as published on 1 January 2019 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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.
Computer equipment - 33% 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.
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.
FINANCIAL INSTRUMENTS
The charity has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic Financial Assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic Financial Liabilities
Page 7
continued...
Worcester Festival Ltd
Notes to the Financial Statements - continued for the Year Ended 30th September 2020
1. ACCOUNTING POLICIES - continued
FINANCIAL INSTRUMENTS
Basic Financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
2. DONATIONS AND LEGACIES
| 2. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Donations | 1,863 | 989 | |
| Gift aid | 250 | - | |
| Grants | 32,110 | 42,400 | |
| 34,223 | 43,389 | ||
| Grants received, included in the above, are as follows: | |||
| Worcester City Council | 2020 £ 25,810 |
2019 £ 21,400 |
|
| The Bransford Trust | - | 20,000 | |
| Eric W Vincent Trust | 500 | - | |
| Worcester Ambassadors | - | 500 | |
| Richard Cadbury Trust | - | 500 | |
| Foyle Foundation | 5,000 | - | |
| Fitton Trust | 300 | - | |
| Baron Davenport | 500 | - | |
| 32,110 | 42,400 | ||
| 3. | INVESTMENT INCOME | ||
| Rents received | 2020 £ 1,200 |
2019 £ - |
|
| Deposit account interest | 6 | 6 | |
| 1,206 | 6 | ||
| 4. | INCOME FROM CHARITABLE ACTIVITIES | ||
| Advertising and Registration Fees | 2020 Worcester Festival £ - |
2019 Total activities £ 620 |
|
| Sponsorship | 3,550 | 2,450 | |
| 3,550 | 3,070 |
Included in sponsorship is £750 in relation to the Independent Examination fees provided by Richards Sandy, in exchange for sponsorship.
Page 8
continued...
Worcester Festival Ltd
Notes to the Financial Statements - continued for the Year Ended 30th September 2020
5. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Direct | Support | ||
| Costs (see | costs (see | ||
| note 6) | note 7) | Totals | |
| £ | £ | £ | |
| Worcester Festival | 26,661 | 7,590 | 34,251 |
| DIRECT COSTS OF CHARITABLE ACTIVITIES | |||
| Performance Fees and Marketing Expenses | 2020 £ 4,310 |
2019 £ 10,945 |
|
| Brochure and launch costs | 2,000 | 7,865 | |
| Website Costs | 517 | 469 | |
| Management Fee | - | 6,000 | |
| Marketing Expenses | 6,308 | 4,247 | |
| Artistic Director | 10,000 | 8,500 | |
| Depreciation | 268 | 268 | |
| Professional Fees | 2,002 | 3,983 | |
| Postage, Printing and Stationary | 570 | 236 | |
| Other event expenditure | 686 | 1,205 | |
| 26,661 | 43,718 | ||
| SUPPORT COSTS | |||
| Worcester Festival | Management £ 6,840 |
Governance costs £ 750 |
Totals £ 7,590 |
| Support costs, included in the above, are as follows: | |||
| Other operating leases | 2020 Worcester Festival £ 3,000 |
2019 Total activities £ - |
|
| Light, heat and water | 1,037 | - | |
| Insurance | 1,169 | 177 | |
| Telephone | 827 | - | |
| Repairs and renewals | 807 | - | |
| Independent examination | 750 | 750 | |
| 7,590 | 927 | ||
| NET INCOME/(EXPENDITURE) | |||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| Depreciation - owned assets | 2020 £ 268 |
2019 £ 268 |
|
| Other operating leases | 3,000 | - | |
| Independent Examination Fee | - | 750 | |
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
7. SUPPORT COSTS
8.
Page 9
continued...
Worcester Festival Ltd
Notes to the Financial Statements - continued for the Year Ended 30th September 2020
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30th September 2020 nor for the year ended 30th September 2019.
TRUSTEES' EXPENSES
Chris Jaeger a trustee of Worcester Festival, was reimbursed for £2,703 of charitable expenses during the year. £223 related to marketing costs, £520 was for printing, postage and stationery, £1,359 related to performance fees & marketing expenses, £284 related to repairs and £317 related to other event expenditure.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| 10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 43,389 | |
| Charitable activities | ||
| Worcester Festival | 3,070 | |
| Investment income | 6 | |
| Total | 46,465 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Worcester Festival | 44,645 | |
| NET INCOME | 1,820 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 23,178 | |
| TOTAL FUNDS CARRIED FORWARD | 24,998 | |
| 11. | TANGIBLE FIXED ASSETS | |
| COST | Computer equipment £ |
|
| At 1st October 2019 and 30th September 2020 | 805 | |
| DEPRECIATION | ||
| At 1st October 2019 | 268 | |
| Charge for year | 268 | |
| At 30th September 2020 | 536 | |
| NET BOOK VALUE | ||
| At 30th September 2020 | 269 | |
| At 30th September 2019 | 537 | |
Page 10
continued...
Worcester Festival Ltd
Notes to the Financial Statements - continued for the Year Ended 30th September 2020
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| £ | £ | |||||
| Trade debtors | 250 | 2,070 | ||||
| VAT | 494 | 1,230 | ||||
| Prepayments | 537 | - | ||||
| 1,281 | 3,300 | |||||
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| Trade creditors | 2020 £ 553 |
2019 £ 3,638 |
||||
| 14. | MOVEMENT IN FUNDS | |||||
| Unrestricted funds | At 1.10.19 £ |
Net movement in funds £ |
At 30.9.20 £ |
|||
| General fund | 24,998 | 4,728 | 29,726 | |||
| TOTAL FUNDS | 24,998 | 4,728 | 29,726 | |||
| Net movement in funds, included in the above are as follows: | ||||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
|||
| General fund | 38,979 | (34,251) | 4,728 | |||
| TOTAL FUNDS | 38,979 | (34,251) | 4,728 | |||
| Comparatives for movement in funds | ||||||
| Unrestricted funds | At 1.10.18 £ |
Net movement in funds £ |
At 30.9.19 £ |
|||
| General fund | 23,178 | 1,820 | 24,998 | |||
| TOTAL FUNDS | 23,178 | 1,820 | 24,998 | |||
| Comparative net movement in funds, included in the above are as follows: | ||||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
|||
| General fund | 46,465 | (44,645) | 1,820 | |||
| TOTAL FUNDS | 46,465 | (44,645) | 1,820 |
Page 11
continued...
Worcester Festival Ltd
Notes to the Financial Statements - continued for the Year Ended 30th September 2020
15. RELATED PARTY DISCLOSURES
During the year, £10,400 was paid to Mrs E Jaeger, wife of Mr C Jaeger, who is a trustee of Worcester Festival Limited. £10,000 was paid for administration services provided as artistic director, and £400 was paid to Mrs E Jaeger for services provided during the 2020 Festival on the Battle of Worcester Walk.
£1,200 was paid to Worcester Festival during the year, from On a Role Limited. On a Role Limited is touring theatre company owned by Mr and Mrs Jaeger. The payments were made in exchange for a small amount of storage space at the charity's premises.
Page 12