REGISTERED COMPANY NUMBER: 04485945 (England and Wales) REGISTERED CHARITY NUMBER: 1104684 REPORT OF THE TRusfEES AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 FOR BROADSTAIRS FOLK WEEK
BROADsfAIRS FOLK WEEK CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Page Reference and admlnlstratlve detslts Report of the trustees 24 Independent Examlner's feport Statement of Flnanclal Actlvitles Balance sheet Notes to the accounts 8-12 Detalled Statement of Financlal Artlvlties 13-14
BROADSTAIRS FOLK WEEK REFERENCE AND ADMINSTRATIVE DAlLs FOR THE YEAR ENDED 30 SEPTEMBER 2024 TRUStEES lan Bullock Jenny Faulkner {resigned 13 February 20241 Brian Dunne Sally Ironmonger Jack Hayward Sarah Cross Paul Hindmarsh Geoff Turner (appointed l October 2023) Helen Orry (resigned 9 January 2024} Michelle Harper {appointed 13 February 2024) Michela George lappointed 12 March 20241 Nick Heron (appointed 12 November 2024) Krista Greisch (appointed 11 February 20251 REGISTERED OFFICE DSI Kent Innovation Centre Millennium Way Broadstairs Kent CTIO 2QQ REGISTERED COMPANY NUMBER 04485945 (England and Wales) REGISTERED CHARITY NUMBER 1104684 INDEPENDENT EXAMINER Cleverdons Chartered Accountants and Business Advisors 7 The Broadway Broadstairs Kent CTIO 2AD BANKERS HSBC 26 Westwood Cr05s Shopping Centre Margate Road Broadstairs Kent CTIO 2BF Page I
BROADStAIRS FOLK WEEK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees who are also dirertors ofthe charity for the purposes of the Companies Act 2006, 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 charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 OBJEcfivES AND AcnvmES ObJectSves and alms The object of the charity is to preserve and advance public education in the appreciation of English and Multicultural folk dance. song and music and to promote the knowledge and practice of English and Multicultural folk dance, song and music by means of dances, classes, lertures. demonstration5 and other like methods, in the town of Broadstairs and St Peters and the neighbouring towns and villages in the Oistrict of Thanet. When planning our activities for the year, the trustees have considered the commissioners guidance on public benefit. Sl8nlficant artlvitles and achlevements The Folk Week trustees decision to use the Queens Road Baptist Centre as the main concert venue for the foreseeable future reduced the expenditure on infrastrutture costs that are incurred when building an outdoor venue. This has contributed to a much-improved outcome for the festival in 2024 and 2023. compared to 2022. An adjustment to the layout of the Craft Fair resulting in an increase in the number of available pitches and an increase in the price charged per pitch ha5 increased the craft fair revenue to £52,876 compared to £41,535 in 2023 srRucfuRE GOVERNANCE AND MANAGEMENT Governlng document The Charity is controlled by a governing document, its Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2(K)6. In the event of a winding up the liability of each member is limited to £10. Organisatlonal Structure Mana8ement of the charity is under the Chairmanship of Mr lan Bullock. elected on 8 February 2022 at the Annual General Meeting of the Folk Week Committee. Sally Ironmonger was elected Vice Chair. Sarah Cross was elected Treasurer. The festival's only regular paid employees are The Festival Creative Director and Festival Administrator. The trustees meet monthly to receive reports from the Festival Creative director and Festival Administrator and Financial reports derived from the charities financial and accounting system. Based on these reports the trustees make decisions by majority vote and delegate their execution to either employees, volunteers or trustees a5 appropriate. The festival continues to rely heavily on volunteer input and is very grateful for the fantastic support received each year. Recrultment and appolntment of new trustees As and when a new trustee is required. either due to a vacancy or to fulfil a new specific need, individuals with the relevant skills are identified and approached. If a trustee is deemed appropriate and willing to make the required commitment. then they are proposed to the committee by the Chairman. Indurtlon and tralning of new trustees New Trustees are fully briefed on the Charities, activities and procedures. Each trustee is given an induction pack which sets out their responsibilities as a trustee/direttor. Related partles The charity bore trustees indemnity costs to Marsh Commercial - Mana8ement Liability insurance of £625 {2023: £5461. Rlsk managemert 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. This is carried out on an ongoing basis during the year and the trustees are satisfied that the Systems in place are sufficient to mitigate exposure to major risks Page 2 continued...
BROADStAIRS FOLK WEEK REPORT OF THE TRUSTEES- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2024 FINANaAL REVIEW Reserves policy The policy of the trustees has been to have reserves that will meet unrestricted expenditure incurred during the winter followin& or any unforeseen unrestricted cost5; to meet start up unrestritted costs of the next year's festival and be a buffer against loss of unrestritted sponsorship or grant funding in future years. The balance on unrestricted reserves is £71,774 at 30 September 2023 {2023= £55,885). which is below the established target of £8S,000. Prlnclpal fundlng sources The principal funding sources durin8 the year were: ran The festival received £10,000 from Broadstairs & St Peter's Town Council {2023.' £7,500), £1,500 from Kent County Councils Members, grant scheme12023: £2.0(XII. £2.000 from Thanet District Council {2023 £nill and £1,000 from East Kent College 12023: £nil). The festival also received £12,000 from The John Swire 1989 Charitable Trust12023: £10,(h)01. onsorshi Shepherd Neame contributed £5,OCM) sponsorship. Vattenfall Renewable Power £2.5rJ), New Life Wills £l.tKK), Regain Hearing £1,1)00. Chartwell House £765. Corporate sUPPOrter income totalled £1,995.12023: £2,555) Donations The total received from donations. street collections, Friends of Folk Week and Clarence & Friends Club was £39.90812023- £27.2731. Fundraisin 1200 club, fundraisin8 events) The total received from fundraising was £6,348 including £1,448 from the 200 Club. Ticket income Our largest venue seated capacity was the Queens Road Baptlst Centre Auditorium which seats 300. Overall individual ticket sales exceeded expectation at £54,50912023 £43,119). Income from Festival The total income from the festival was £233.147 (2023-. £221,404). Results for the year The accounts are showing a net surplus of £15,889 compared to £15,961 in 2023. It is felt that the decision to continue to use the smaller preexisting concert venue has been a good one as this not only reduced expenses but also the risks that bad weather has. FUTURE DEVELOPMENrs At the end of the 2024 festival, our Festival Director. Jo Tuffs, stepped down after over 20 years as Festival Dirertor and many more as a volunteer to enjoy a well-deserved retirement. We are pleased to welcome Kai Hoffman as the new Festival Directorfor Folk Week, bringing with her decades of experience in the music industry. 2025 will mark Folk Weevs 60th Anniversary. we are planning significant publicity and fundraising initiatives around this milestone. New sources of sponsorship are being investigated as well as the creation of new sponsorship packages. Currently. we are sourcin8 funding for a potential 60th-anniversary concert, and a "pre-festival concert" will take place on the Friday before the festival, utilising the QRBC. Separate tickets wll be required for this event, contributing to our fundraising efforts. Additionally, there will be the creation of a 60th AnnivÈrsary archive, inviting people to share their photos and memories of Folk Week over the year5. continued... Pa8e 3
BROADsfAIRS FOLK WEEK REPORT OF THE TRUSTEES- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2024 This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approve by order of the Board of trustees on /JA 2f and si8ned on its behalf by: lan Bullock Festival Chairman Page 4
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF BROADSTAIRS FOLK WEEK Independent examlner's report to the trustees of Broadstalrs Folk Week I report to the charity trustees on my examination of the accounts of the company for the year ended 30 September 2024 which are set out on pages 6 to 12. Responsibilitles and basls of report As the charity trustees of the company land 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'l. Having satisfied myself that the accounts ofthe Company are not requlred 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 compan¢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 settion 14515llbl of the 2011 Act. Independent examiner'5 5tstement have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l 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 record5: or 3 the accounts do not comply with the accountin8 requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair viev/ which is not a matter considered as part of an independent examination; or 4 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 Reportin8 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 understandin8 of the accounts to be reached. Signed: J J Cleverdon ICAEW Cleverijons Chartered Accountants & Business Advisors 7 The Broadway Broadstairs Kent CTIO 2AD Date: 21 fll(xrch 202f Page 5
BROADsfAIRS FOLK WEEK STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 Total unrestricted funds 2023 Total unrestricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 78,668 60,828 Charltable actlvltles Festival 233,147 221,404 Other trading income Investment income 6,348 1,344 26.566 465 Total Income 319,507 309,263 EXPENDITURE ON Raising Funds 223 575 Charltable activitles Festival 303.395 292.727 Total expenditure 303,618 293,302 NEf INCOME I IEXPENDITURE) 15,889 15,961 RECONaATION OF FUNDS Total funds brought forward 55,885 39,924 TOTAL FUNDS CARRIED FORWARD 71,774 5S,885 The notes form part of these financial statements Page 6
8ROADsfAIRS FOLK WEEK BALANCE SHEET 30 SEPTEMBER 2024 2024 Total unrestrlrted funds 2023 Totsl unrestrirted funds Notes FIXED ASSETS Tangible assets io 369 492 CURRENT ASSErs Stock Debtors Cash at bank and in hand li 12 3,303 6,969 67,385 77,657 5,411 5,508 59,266 70,185 CREDITORS Amounts falling due within l year 13 {6,2521 (14.7921 NET CURRENT ASSErs 71,405 55,393 TOTAL ASSETS LESS CURRENT UABILITIES 71,774 55,885 NEf ASSErs 71,774 55.885 FUNDS Unrestrirted fund5 71,774 55,885 TOTAL FUNDS 71,774 55,885 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024. The members have not required the company to obtain an audit of its financial statement5 for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for la) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (bl preparing financial statement5 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 21)06 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 subjert to the small companies regime. The financial statements were approved bythe Board of Trustees and authorised for issue on and were signed on its behalf by.. lan Bullock- Trustee Sarah Cross- Trustee The notes form part of these financial statements Page 7
BROADsfAIRS FOLK WEEK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 I ACCOUNTING POLiaES Basls of preparlng the flnanclal statements The financial statements of the charitable company, which is a public benefit entlty under FRS102, have been prepared in accordance with the Charities SORP IFR5102}'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland, and the Companies Act 2006. The accounts have been prepared under the hlstorical 0St conventlon. Income 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. Income from government and other grants are reco8nlsed at fair value when the charity has entitlement after anv performance conditions have been met, it Is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Donated 8ood$. facltllles or servl¢es Give the absence of a reliable measurement basis, the contributlon of 8eneral volunteers must not be included as Income in charity accounts. However. it Is important that the user of the account5 understands the nature and scale of the role pald by general volunteers. Charities must include a description of the role played by general volunteer5 and provide an indication of the nature of their contribution in a note to the accounts (see note 161. Expendlture Liabilities are recognised as expenditure as soon as there Is a legal or constructive obli8ation 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 headln8S that a88re8ate all cost related to that category. Where costs cannot be directly attrlbuted to particular headings they have been allocated to artlvltles on a basis conslstent with the use of resources. Tanglble fixed assets Tangible fixed assets are included at cost less depreciation and impairment. Depreciation ha5 been calculated to write off the tangible fixed assets over their expected useful live5 a5 follows: Plant and machinery 25% on reducin8 balance Fixtures and fittings 25% on reducing balance Office Equipment 25% on reducln8 balance Stocks Stock5 are stated at the lower of cost and estimated selling prlce less costs to complete and sell. Taxatlon The charity is exempt from corporation tax on its charitable activities Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives and the discretion of the trustees. Designated funds are unrestricted funds of the charity which thÈ trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are to be solely used for particular projects being undertaken by the charity. Penslon costs and other post-ret5rement beneffts 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. continued... Page 8
BROADSTAIRS FOLK WEEK NOTES TO THE FINANCIAL STATEMENT5- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2024 2 DONATIONS AND LEGACIES 2024 2023 Donations Sponsorship Grants 39,908 12.260 26,500 78,668 27,273 11,555 22.000 60,828 Grants received included in the above, are as follows: 2024 2023 Thanet District Council Broadstairs & St Peters Town Council KCC Member5 Grant KCC Arts Investment East Kent College The John Swire 1989 Charltable Trust 10,000 1,500 7,500 2,000 2,500 12,000 26,5CM) 10.000 22,000 3 OTHER TRADING AcfiviTIES 2024 2023 Fundralsing events 6,348 26,566 4 INVEsfMENT INCOME 2024 2023 Deposit account interest 1,344 465 CHARITABLE AcfiviTES COSTS Dlrect costs Support Totals Festival 209,343 94,052 303,395 6 NET INCOMEI(EXPENDITURE) 2024 2023 Net income/{expenditurel is Stated after chargln81{creditingl: Depreciation - owned assets Independent examination 123 936 164 900 7 TRUSTEES REMUNERATION AND BENEFITS None of the trustees received any remuneration or benefits durin8 the year. There were no trustees, expenses paid for the year ended 30 September 2024 nor the previous year. TRUSTEES INSUIIANCE The charity has purchased trustee indemnlty insurance to protect trustees. The cost of this insurance is £62512023: £5461. continued.. Page 9
BROADSTAIRS FOLK WEEK NOTES TO THE FINANCIAL STATEMEKfs- Contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2024 60,208 9 STAFF COSTS The following Staff costs were InCurd. Gross salaries Employers Nl Employers pension contributions Total 2024 54.094 4,806 1,308 60,208 2023 47.270 3,919 1,162 52.351 The charity employed 3 member5 of staff during the year12022.' 31 and no employees received emoluments in excess of £60.000. 10 TANGIBLE FIXED ASSErs Plant and machinery Flxtures and ffttings Office equipment Total COST At l October 2023 and 30 September 2024 3.483 127 4,848 8,458 DEPRECIATION At l Ortober 2023 Char8e for the year At 30 September 2024 3,024 115 3.139 126 4.816 7,966 123 8,089 126 4,824 NET BOOK VALUE At 30 September 2024 At 30 September 2023 344 24 369 459 32 492 li STOCKS 2024 2023 Stocks 3.303 5.411 12 DEBTORS: AMOUNTS FALUNG DUE wfTHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued income 2,185 4,784 6,969 1.226 4.282 5.508 13 CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Accruals and deferred income 365 878 5,009 6.252 8,130 1,074 5,588 14,792 continued... Page 10
BROADSTAIRS FOLK WEEK NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2014 14 MOVEMENT IN FUNDS Net movement In funds 0111012023 At 301912024 Unrestrfcted funds General fund 55.885 15,889 71.774 TOTAL FUNDS 55,885 15.889 71.774 Incomln8 resources Resour$ expended Movement In funds Unrertrlcted funds General fund 319,507 1303,6181 15,889 TOTAL FUNDS 319,507 1303,6181 15.889 Net movement In funds Com aratlves for movement In funds 0111012022 At 301912023 Unrestrlcted funds General fund 39.924 15,961 55,885 TOTAL FUNDS 39,924 15,961 55,885 Incomlng resources Resources expended Movement In funds Comparatlve net movement In funds Included above: Unrestrlrted funds General fund 309,263 1293,3021 15,961 TOTAL FUNDS 309,263 293,302 15.961 A current ear 12 months and rlor ar 12 months comblned Osltlon Is s follows: Net movement In fund$ At 111012022 At 301912024 Unrestrlcted funds General fund 39,924 31.850 71.774 TOTAL FUNDS 39.924 31,850 71,774 A current year 12 months and prior year 12 months combined net movement in funds, included in the above: Incomlng Resources Movement resources expended in funds Unrestrlrted funds General fund 628,770 {596,9201 31,850 TOTAL FUNDS 628.770 1596,920) 31,850 continued... Page 11
BROADSTAIRS FOLK WEEK NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 15 RELATED PARTY TRANSACTIONS Sally Ironmonger, one of the trustees, was paid £40012023: £400} for performances at the Festival. A band in which Michaela Martin-George. one of the trustees, 15 a member was paid £555 for performance at the festival. 16 VOLUNTEER CONTRIBUTION The annu31 volunteer contribution continues to be a vital element of the structure of the festival. Trustees constantlv increase their efforts in this area to help recruit more volunteers as this contribution in kind represented approximately £80,30812023: £81.6811 (under UK Accounting standards this volunteer contribution is not reflected in the account5.1 17 STATUTORY INFORMATION Broadstairs Fo5k Week is a private company, limited by guarantee, registered in England and Wales. with company number 4485945. The company's registered office is DSI Kent Innovation Centre, Millennium Way, Broadstairs, Kent CTIO 2QQ. 18 MEMBER'S LIABILITY Every member of the charity undertakes to contribute to the assets of the company in the event of its being wound up while he/she is a member. or within one year after they cease to be a member, such amount as may be required. not exceeding £10, for the debts and liabilFties contracted before helshe cease5 to be a member and the costs, charges and expenses of winding up. Page 12
BROADSfAIRS FOLK WEEK DETAILED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 INCOME Donations and legacies Donations and street collections Sponsorship Grants 39,908 12,260 26,500 78,668 27,273 11,555 22.000 60.828 Charitable activltles Season tickets, camping and events {including pubs) Craft fair Programme5 and other income Merchandise sales Marquee and bar sales Employment allowance 124,683 52,876 9,284 11,(X)8 30,490 4.806 233.147 104,906 41,535 8,366 11,569 51,109 3,919 221.404 Other tradlng actlvltles Fundraising events 6.348 26.566 Investment Income Deposit account interest 1,344 465 Total inwm5n8 resour$ 319.507 309,263 EXPENDITURE Ralslng donations and le8acles Sundry 223 575 Charltable artlvltles Merchandise and programmes Artist fees. expenses and accommodation Venue hire including all PA hire Concert area Campsite Craft fair Road closure Iparadel Marquee bar costs Performing rights and lottery 12.047 86,398 12,707 17,651 34,442 32.782 14,845 72,895 9,617 16,290 32,826 30,124 284 24,905 3,831 205.617 8.899 4.417 209,343 Support Costs Wages and other staff costs Rent and rates Insurance Light and heat Telephone Postage and stationery Advertising Sundries Website, computin& software and corporate image Bank. paypal, online booking and credit card processing charges 60,208 7,006 3,379 52,351 5,428 3,583 2,124 3,137 1,923 4.593 2,223 3,112 4,2CNJ 82,674 2,224 2.096 5,845 1.208 3.361 2,910 88,237 Carried forward Page 13
BROADStAIRS FOLK WEEK DEfAILED STATEMENT OF FINANCIAL ACTIVITIES- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Support costs- contlnued Brought forward Subscriptions Storage costs Travel Professional fees Accountancy Depreciation 88.237 244 2,601 195 1,716 936 123 82,674 251 1.39S 79 1,647 900 164 87,110 94,052 Total expendlture 303,618 293.302 Net surplus/{deficitl for the year 15.889 15,961 Page 14