## **SIDMOUTH FOLK WEEK LIMITED**
## **Report of the Trustees and Unaudited Financial Statements**
**For the Year Ended 31st December 2023**
**COMPANY NUMBER 5564884 (England & Wales)**
**REGISTERED CHARITY NUMBER 1111958**
**SIDMOUTH FOLK WEEK LIMITED**
## CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023.
|1. Legal and Administrative Information
2. Report of the Trustees
3. Independent Examiners Report
4. Statement of Financial Activities
5. Balance Sheet
6. Notes to the Financial Stratements|Page|
|---|---|
||3
4
6
7
8
9|
Page 2
## **SIDMOUTH FOLK WEEK LIMITED**
## **Legal and Administrative Information.**
## **Status**
The company is limited by guarantee having no share capital. It was incorporated on 15th September 2005 and registered as a charity on 7th November 2005.
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. Under those articles, the company is managed by Trustees who are elected at Annual General Meetings.
## **Trustees**
The Trustees who served during the period were:
Mr J D Schofield Mr T D A Shardlow Mrs J Salt Mr B Lister Mr S M Vernon Mr E Upton Mr C J Trussell Ms J A Dowling Mr C F Lockyear Mrs R A Charles Mrs B Langton A Griffiths **Chairman:** Mr J D Schofield **Secretary & Treasurer:** Mr T D A Shardlow **Independent Examiner** : Ian Roper Chartered Accountant 37 Fore Street Sidmouth Devon EX10 8AQ **Bankers:** Barclays Bank PLC. Bedford Street Exeter Devon **Registered Office:** 3 Fairleigh Manor Road Sidmouth Devon EX10 8RR
Page 3
## **SIDMOUTH FOLK WEEK LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023**
The Trustees present their report and financial statements for the year ended 31st December 2023.
## **Objectives**
The objects of the company are to advance the education of the general public by promoting, in and around the town of Sidmouth in East Devon, an annual festival of folk arts and other associated events, both in Sidmouth and elsewhere, which will encourage an awareness, knowledge, understanding, conservation and appreciation of and participation in the folk arts. Such folk arts will include, but not be limited:
“To the arts of traditional music, song, dance, drama, storytelling and related folklore, customs, arts and crafts which originate, but not exclusively, in the United Kingdom and their development into contemporary forms.”
## **Review of Activities**
The board of trustees has met seven times during the period of report. At these meetings the board discussed organisation of the festival in 2023 on its behalf by Sidmouth FolkWeek Productions Ltd (SFWP) its progress being carefully monitored by the board by regular contact with the directors of SFWP.
In addition the board was able to consider applications for funding from its existing resources and those which were awarded were done in line with the objects of Sidmouth FolkWeek Limited.
During the year the charity registered as a Small Society Lottery for a Grand Draw which produced a surplus for its funds and the Friends of Sidmouth FolkWeek continued as an additional means for the public to contribute financially by subscription and lump sum donation to its continuance and future development.
The board also appreciates the immense amount of goodwill forthcoming during this difficult period from the residents of Sidmouth and East Devon, the national folk music and dance community and the financial and in-kind support of Sidmouth Town Council, East Devon District Council and Devon County Council provided to SFWP.
## **Public Benefit**
The charity acknowledges its requirement to demonstrate that it has charitable aims and purposes that are for the public benefit. The trustees believe that the work of the Charity in promoting the advancement of an annual festival of folk arts and associated events and encouraging a broader public appreciation of such art clearly demonstrates that our charitable aims are indeed for the benefit of the public and that the trustees have complied with the duty, imposed by s17(5) of the Charities Act 2011. Further, the Review of Activities demonstrates exactly how the trustees are complying with the Charity Commissioners guidance regarding public benefit.
## **Reserves Policy**
Sidmouth FolkWeek Limited is dependent on public collections, charitable gifts and grants from Grantmaking bodies, the level of which cannot be easily predicted, to finance a large proportion of its activities. Prudent management of our activities and their financing suggest that the Trustees should hold a reserve of funds in order to ensure that the charity can continue to operate and fulfil its objectives. The Trustees had previously determined an appropriate reserves policy was to target reserves of £12,000. Despite the exceptional circumstances of 2020 and 2021, at the Balance Sheet date there were reserves of £13,385 which shows a recovery of fortunes and compliance with the stated objective of the Trustees.
The Trustees monitor the level of reserves via a Treasurers Report at each Board Meeting, held not less than six times a year.
Page 4
## **SIDMOUTH FOLK WEEK LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 (Cont)**
## **Financial and Administrative Risk Management**
The Trustees seek to maintain a broad base of funding sources, including grants, public collections and donations. By implementing effective cost control measures and ensuring the regular provision of comprehensive management information and reporting, together with regular risk review, they aim to minimise financial risk to the charity in relation to its activities.
## **Responsibilities of the Board of Trustees**
The Trustees (who are also directors of Sidmouth Folk Week Ltd for the purpose of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Generally Accepted Accounting Practice.
Company law requires the trustees to prepare financial statements for each financial year. The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of surplus or deficit of the company for that period. In preparing those accounts, the trustees are required to:
select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published on 16 July 2014 and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities.
Approved by the Trustees on March 2024 and signed on their behalf by:
Mr T D A Shardlow Trustee
Page 5
## **SIDMOUTH FOLK WEEK LIMITED**
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SIDMOUTH FOLK WEEK LIMITED ("THE COMPANY")
This report on the accounts of Sidmouth Folk Week Limited (Charity No. 1111958) for the period ended 31st December 2023, which are set out on pages 7 to 12.
## **Responsibilities and basis of report.**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you 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:
- 1 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
- 3 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
- 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 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
Ian Roper Chartered Accountant 37 Fore Street Sidmouth EX10 8AQ
March 2024
Page 6
**SIDMOUTH FOLK WEEK LIMITED Year ended 31st December 2023**
## **Statement of Financial Activities**
|Note
**Income**
**Donations**
**3**
**Income from Charitable Activities**
**4**
**Investment Income**
**5**
**Total Income**
**Expenditure**
**Charitable activities: direct expenditure**
**6**
**Charitable activities: support expenditure**
**7**
**Total Expenditure**
**Net Income/(expenditure)**
**8**
Transfers between funds
**Net Movement In Funds**
**Total Funds Brought Forward**
**Total Funds Carried Forward**|**General**
**Designated**
**£**
**£**
46,549
6,795
1,000
0
23
62
47,572
6,857
44,722
0
3,184
0
47,906
0
(334)
6,857
0
0
(334)
6,857
3,183
3,680
2,848
10,537
**Unrestricted Funds**|**Total**
**2023**
**£**
53,344
1,000
85
54,429
44,722
3,184
47,906
6,522
0
6,522
6,863
13,385|**Total**
**2022**
**£**
26,502
0
2|
|---|---|---|---|
||||26,503|
||||24,785
1,366|
||||26,152|
||||351
0|
||||351
6,511|
||||6,862|
The statement of financial activities includes all gains and losses in the year. All income and expenditure derive from continuing activities.
Page 7
**SIDMOUTH FOLK WEEK LIMITED Year ended 31st December 2023**
|**Balance Sheet As At**
**31st December 2023**
**Notes**
**£**
**£**
**Fixed assets**
Equipment
**10**
620
**Current assets**
Cash At Bank And On Hand
13,725
**Total Current Assets**
**13,725**
**Current Liabilities**
Creditors Falling Due Within One Year
**11**
960
**Net Current Assets**
12,765
**Net Assets**
**13,385**
**Reserves**
Unrestricted funds:
**12**
General Reserve
2,848
Designated Reserve
10,537
**Total Funds**
**13,385 **
**2023**|**£**
**£**
827
6,756
**6,756**
720
6,036
**6,863**
3,182
3,680
**6,863**
**2022**|**£**
**£**
827
6,756
**6,756**
720
6,036
**6,863**
3,182
3,680
**6,863**
**2022**|
|---|---|---|
||**6,756**||
||720||
||||
|||**6,863**|
|||3,182
3,680|
|||**6,863**|
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.
The Trustees acknowledge their responsibility for :
- 1) ensuring that the company keeps accounting records which comply with sections 386 and 387 of the Companies Act 2006 and
- 2) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for the 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 accounts so far as applicable to the company.
These financial statements have been prepared in accordance with the Special Provisions of Part 15 of the Companies Act 2006 relating to small companies.
These financial statements were approved by the Trustees on 2024.
T Shardlow Trustee
Page 8
**SIDMOUTH FOLK WEEK LIMITED**
## **Notes To The Financial Statements**
## **Year ended 31st December 2023**
## **1 Accounting Policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **1.1 Basis of Preparation.**
The financial statements have been prepared in accordance with 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 (FRS102) (effective 1January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
Sidmouth Folk Week Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## **1.2 Preparation of the accounts on a going concern basis.**
The Company reported a cash inflow of £7,764 for the year. The Trustees distribute funds in support of the operation of Sidmouth Folk Festival on the basis of funds available. With few other commitments the charity is a going concern.
## **1.3 Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from grants, whether "capital grants" or "revenue grants" is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
## **1.4 Donated Services**
Donated professional services and donated facilities are to be recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), the general volunteer time of the Friends is not recognised.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain the services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **1.5 Interest Receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid by the Bank.
Page 9
**SIDMOUTH FOLK WEEK LIMITED**
## **Notes To The Financial Statements (Continued) Year ended 31st December 2023**
## **1.6 Fund Accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charities work for specific projects undertaken by the charity.
## **1.7 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Expenditure on charitable activities is awarding of grants in support of the charities aims.
- Other expenditure represents those items not falling into any other heading.
## **1.8 Tangible Fixed Assets**
Individual fixed assets are capitalised at cost and are depreciated over the estimated useful economic lives on the following basis.
Equipment 25% Reducing Balance Method
## **1.9 Cash at Bank and In Hand**
- Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.10 Creditors and Provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **2 Legal Status of the Charity**
The charity is a Limited Company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
## **3 Income from Donations**
|Donations
Gift Aid Reclaim - received in year
Membership (Friends of Sidmouth
Folk Week)|**General**
**Designated**
**2023**
**2022**
**£**
**£**
**£**
**£**
44,279
0
44,279
16,161
0
6,795
6,795
1,225
2,270
0
2,270
9,116
**Unrestricted Funds**|
|---|---|
||46,549
6,795
53,344
26,502|
Page 10
**SIDMOUTH FOLK WEEK LIMITED**
## **Notes To The Financial Statements (Continued) Year ended 31st December 2023**
## **4 Income from Charitable Activities**
**Unrestricted Funds 2023 2022** Grants 1,000 0
## **5 Investment Income**
All of the charities investment income of £85 (2022: £2) arises from money held in interest bearing deposit accounts.
## **6 Charitable activities: direct expenditure**
The charity distributes, as a grant, the funds raised from street collections during the Folk Week event to Sidmouth Folk Week Productions Ltd. Other grants are made in support of the charity's aims as funds allow or are made available to the charity by a partner.
## **7**
|**Charitable activities: support expenditure**
Annual Return Fee
Lottery Fee and Prizes
Print, Postage & Stationery
Card Processing Fees
Professional Fees
Sundry
Subscriptions
Depreciation|**2023**
**2022**
13
13
1240
236
539
899
233
240
240
284
0
65
65
207
276
**Unrestricted Funds**|
|---|---|
||3184
1366|
## **8**
|**Net Income/(expenditure) for the Year**
This is stated after charging
Depreciation|**2023**
**2022**
207
276|
|---|---|
## **9 Corporation Tax**
The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Page 11
## **SIDMOUTH FOLK WEEK LIMITED**
## **Notes To The Financial Statements (Continued) Year ended 31st December 2023**
|**10**
**11**
**12**
**13**|**Fixed Assets**
**Cost**
**Equipment**
**Total**
Brought Forward
5,167
5,167
Additions
0
0
5,167
5,167
**Depreciation**
Brought Forward
4,340
4,340
Charge for Year
207
207
Carried Forward
4,546
4,546
**Net Book Value**
At 31st December 2023
620
620
At 31st December 2022
827
827
**Creditors: Amounts falling due within one year**
**2023**
**2022**
Accruals
960
720
**Movement in Funds**
At 1st
January
2023
Incoming
resources
Outgoing
resources
Transfers
At 31st
December
2023
**Unrestricted Funds**
General reserve
3,182
47,572
-47,906
0
2,848
Designated reserve
3,680
6,857
0
0
10,537
£6,862
£54,429
-£47,906
£0
£13,385
**Analysis of Net Assets between funds**
**Total**
**Total**
**General**
**Designated**
**2023**
**2022**
**£**
**£**
**£**
**£**
Current Assets
2,848
10,537
13,385
5,903
**Unrestricted Funds**|**Fixed Assets**
**Cost**
**Equipment**
**Total**
Brought Forward
5,167
5,167
Additions
0
0
5,167
5,167
**Depreciation**
Brought Forward
4,340
4,340
Charge for Year
207
207
Carried Forward
4,546
4,546
**Net Book Value**
At 31st December 2023
620
620
At 31st December 2022
827
827
**Creditors: Amounts falling due within one year**
**2023**
**2022**
Accruals
960
720
**Movement in Funds**
At 1st
January
2023
Incoming
resources
Outgoing
resources
Transfers
At 31st
December
2023
**Unrestricted Funds**
General reserve
3,182
47,572
-47,906
0
2,848
Designated reserve
3,680
6,857
0
0
10,537
£6,862
£54,429
-£47,906
£0
£13,385
**Analysis of Net Assets between funds**
**Total**
**Total**
**General**
**Designated**
**2023**
**2022**
**£**
**£**
**£**
**£**
Current Assets
2,848
10,537
13,385
5,903
**Unrestricted Funds**|**Fixed Assets**
**Cost**
**Equipment**
**Total**
Brought Forward
5,167
5,167
Additions
0
0
5,167
5,167
**Depreciation**
Brought Forward
4,340
4,340
Charge for Year
207
207
Carried Forward
4,546
4,546
**Net Book Value**
At 31st December 2023
620
620
At 31st December 2022
827
827
**Creditors: Amounts falling due within one year**
**2023**
**2022**
Accruals
960
720
**Movement in Funds**
At 1st
January
2023
Incoming
resources
Outgoing
resources
Transfers
At 31st
December
2023
**Unrestricted Funds**
General reserve
3,182
47,572
-47,906
0
2,848
Designated reserve
3,680
6,857
0
0
10,537
£6,862
£54,429
-£47,906
£0
£13,385
**Analysis of Net Assets between funds**
**Total**
**Total**
**General**
**Designated**
**2023**
**2022**
**£**
**£**
**£**
**£**
Current Assets
2,848
10,537
13,385
5,903
**Unrestricted Funds**|**Equipment**
**Total**
5,167
5,167
0
0|
|---|---|---|---|---|
|||||5,167
5,167|
|||||4,340
4,340
207
207|
|||||4,546
4,546|
|||||620
620|
|||||827
827|
|||||**2023**
**2022**
960
720|
|||||
Transfers
At 31st
December
2023
0
2,848
0
10,537|
|||£6,862|£54,429
-£47,906|£0
£13,385|
||||**Total**
**Total**
**General**
**Designated**
**2023**
**2022**
**£**
**£**
**£**
**£**
2,848
10,537
13,385
5,903
**Unrestricted Funds**||
## **14 Payments to Trustees**
No trustees were in receipt of fees or expenses during the year.
Page 12
**SIDMOUTH FOLK WEEK LIMITED Year ended 31st December 2023**
## **Detailed Income and Expenditure Account**
|**Incoming Resources**
**Voluntary Income**
Donations
Friends of Sidmouth Folk Week
**Charitable Activities**
Grants
Gift Aid Reclaim
**Investment Income**
Bank Interest
**Total Incoming Resources**
**Resources Expended**
**Charitable activities: direct expenditure**
Grants
**Charitable activities: support expenditure**
Annual Return Fee
Lottery Fund and Prizes
Print, Postage & Stationery
Card Processing Fees
Professional Fees
Sundry
Subscriptions
Depreciation
Total Resources Expended
**Net Movement in Funds**|**£**
**£**
44,279
6,795
1,000
2,270
85
54,429
44,722
13
1,240
236
899
240
284
65
207
47,906
6,523
**2023**|**£**
**£**
16,161
1,225
0
9,116
2
26,504
24,785
13
539
233
240
0
65
276
26,152
353
**2022**|**£**
**£**
16,161
1,225
0
9,116
2
26,504
24,785
13
539
233
240
0
65
276
26,152
353
**2022**|
|---|---|---|---|
||||26,504
26,152|
|||||
||||353|
## **This page does not form part of the Statutory Accounts**
Page 13