CHARITY NUMBER: 1120551 COMPANY NUMBLR: 02410415 BRIDGWATER GUY FAWKES CARNIVAL UNAUDITED FINANCIAL TATEMENrs FOR THE YEAR TO 31 DECEMBER 2023
BRIDGWATER GUY FAWKES CAIINIVAL ANNUAL RF.PORT AND FINANCL4L STATEMENTS FOR THE YEAR TO 31 DECEMBEII 2023 CONTENTS PAGE Ref¢r¢nce and Administrative Infonnation Annual Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Ststements 8-12
BRIDGWATER GITY FAWKF,S CARTqIVAL FERENCE AND ADmIlSTRATIVE INFOIINL4TION FOR THE YEAR'fo 31 DECEMBER 2023 Charity name: Bridgwater Cvuy Fawkes Carnival Charity Registration Number: 1120551 Company Registration Number: 02410415 Incorporated: 2 August 1989 Registered Office: 7 Castlc Street Bridgwater Somerset TA6 3DT Trustee Directors: The following Trustee Directors were in office as at the date of this report: M.J. Crocker (President) C.P.M. Hocking M.S. Robson W.J. King M.J. Dodden M.D. C,attle C.C. Mockridge D.C.Creedy S.Humphrey A.Middleton D.P.D.Crok¢T P J Bastin D J Stokes D J White M Waslcy K.E. Gibbs J.P. Walter (Chairnian) Independent Examiners: Westcotts ChaTtered Accountants 7 Castle Stre¢t BTidgwater Somerset TA6 3DT Bankers: Santander UK PIC Business Banking 301 St Vincent Street Glasgow G2 5NT Page I
BRIDGWATER GUY FAWKES CAILP41VAL ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR TO 31 DECEAMBER 2023 The Trustees, who are also directors for the purpose of company law, present their report and the financial statements for the year to 31 December 2023, which are also prepared to meet the Tequir¢m¢nts for a directors, report and accounts for Companies Act purposes. ACTIVITIES The principal activities of Bridgwater Guy Fawkes Carnival are the maintenance of the tradition of the carnival concerts and procession and the raising of money and fijnds for ¢harities around Bridgwatcr and the organisation of events of every description in furtherance of these objects. The charity endeavouTS to promote the artistic talent and entertainment in the local area and provide charilable contributions to local and national charities. The charity has diversified their income due to thinking of the future and has continued to on from the last couple years. For examplc the number of grandstand tickets available has increased and parking facilities on Carnival Day have extended to include a park and ride scheme at two venues at the to'S MotOTway junctions to appeal to a larger audience and give spectatOTS a great all round experience of Bridgwat¢r Guy Fawkes Carnival. Other improved sources of income are from Traffic Management events which generate funds to help towards additional costs of the Bridgwater Carnival procession including marshalling and security steward8. Development of streaming the BridgwalcT Guy Fawkeb CaTnival live un the interngt and the encouragement to supporters to donate on line and by text giving is improving income streams to make up for the public's Teduced use of cash. New sources of fimding to sustain the Carnival will need to be explored to replace local authority grant funding which will reduce due to the shortage of public funding. GOVERNIIYG DOCUMEN The Company operates under the aims, objective5 and methods as set out in Its Metnorandum and Articles of Association.. TRUSTEF. SELECTION Trustees shall b¢ eleLled at the Annual General Meeting, Personnel G¢neral Meeting or other board meetings if a vacancy has arisen and shall serve for one year and then be eligible for re-election. RESERVES The purpose ofthe designated reserve (as part of the company's total unrestricted Funds) is to provide Tesources in case due to unfor¢s¢en circumstances the BGFC had to be cancelled. The designated reserve has been increased this year by £3,000 so that as at 31 December 2023, the designated reserve stands at £78,000. In addition unrestricted reserves are to be maintained at a level of at least 4 months of nornMI expenditure, which is consid¢r¢d appropriate by the trustees. This level is to be monitored and amended as Thecessary at the Annual Generat Meeting. CHARrrABLE CONTRIBtrrIoNS Donations to Charitics and Community Groups were £27,277 (2022 - £20,791) (see note 4). PLANS FOR FUTURE PERIODS Bridgwater Guy Fawkes Carnival Trust¢¢s' plans for the future are to continue to identify and develop new sources of income and to attract new individuals to support the Trustees in their WOTkto maintain Bridgwater Carnival as one of the biggest illuminated Carnivals in Europe. The Trustees also have well developed plans alTeady financially supported by fidIng from the Government's Regeneration Initiative and The Sornerset Community Foundation to extend and significantly redevelop the Bristol Road Site in Bridgwat¢r from where the organisation and a number of Carnival Clubs operate. £439,424 of agreed funding has been received but none of it spent and is included in the company's restricted funds. Page 2
BRIDGWATER GLTY FAWKES C.ARNIVAL ANNUAL REPORT OF TRUSTEES CONTINUED FOR THI YEAR TO 31 DECEMBER 2023 TRUSTEES, STATEMENT OF RESPONSIBILITY IN RELATION TO THE FINANCIAL STA'I"EMEIN'I' Company law requires the trustees to prepare financial statements for each fmancial year, which give a true and fair view of the state of affairs of the company and of the result of the company for that year. In preparing those financial statements, the trustees are required to:_ Select suitable accounting policies and then apply thcm consistcntly; Make judgements and estimates that are re&sonable and prudent. Prepare the financial statements on the going concern basis, unless it is inappropriate to a&8ume that the company will continu¢ in business. The trustees are responsible for keeping Proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the fjnaneial statements comply with the Companies Act 2006. They are also responsible for safe- guarding the assets of the company and hence for taking reasonable steps for th¢ prevention and detection of fraud and other iegularlties. The trustees in perforn]ing their duties during the period have had regard to the Charity Commission's guidanc¢ on public b¢n¢fiL INDEPEIYDENT EXAMINERS Th¢ company is entitled to exemption from a full audit under section 477 of the Companies Act 2006 for the year to 31 December 2023. The me]nbers have not requested the company to obtain a full audit of its fmancial statements for the year to 31 December 2023 in accordance with section 476 of the Companies Act 2006. Th¢ members have requested the eotnpany to obtain an independent exarnination of its financial statements for the y&qr to 31 December 2023. The trustees, Teport is prepared in accordance with special provisions of part 16 of the ConLpani¢s Act 2006 relating to small companies. Approved by the Trustees on 6 February 2024 and signed on their behalf by: Mi¢ha¢l John Dodden Trustee Bridgwater Guy Fawkes Carnival Date . Page 3
BRIDGWATF.R GUY FAWKF.S CARNIVAL tNDEPEliDENT EL4MIIIER'S REPORT TO THE BOARD OF TRLSTEES OF BRIDGWA'fLR GUY Tr'AWKES CAKNIVAL FOR THE YEAR "L 0 31 DECEMBER 202 I report on the accounts of Bridgwater Guy Fawk¢s Carnival for year to 31 December 2021 as set out on pages 5 to 12. Respective Responsibilities of Trnstees and Examiner The clwity's trustees are responsible for the preparation of the accounts. The charity's trustees ¢onsidcr that an audit is not required for this year under section 144(2) of the Chariti¢s Act 2011 and that an independent examination is needed. The Charity's gross income exceeded £250,000, and I atn qualified to undertake the examination by being a qualifLed member of ICAEW. EIaving satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is tny responsibility= to examine the accounts under section 145 of the 2011 Act. to follow the PTocedur¢s laid down in the General Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act. and . to statc wh¢th¢r particular matters have come to my attention. Basis of independent examiner s report My examination w&8 carried out in accordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the charity and a Comparison of the accounts presented with those records. It also includes consid¢ration of any unusual items or disclosures in the accounts, and the seeking of explaJMtions from you as tntee$ concerning any such matters. llie procedures undertaken do not provide all the evidence thal wuuld be required in all audit and, consequently no opinion is given as to whether the accounts present a 'true and fair Truew, and the report is limited to thos¢ matters set out in the statement below. Ind¢pendellt ex#miner's statement In connection with my examinatio no matter has come to my attention.. • which gives me reasonable cause to believe thaL in any material respect, the requirements.. (a) to keep accounting records in accordance with section 386 of the Companies Act 2006. (b) to prepare accounts which accord with the accounting records and to comply with Ihe accountin¥ TequiTgmenis' uf the Companies Act 2006 and wlth the Charkties Act 2011 have not been met" or . to which, in tny opinion. attention should be drawn in order to enable a proper understanding of the accounts to be a¢ed. Kelly Davies FCCA Independent Examtner West¢otts Chartered Accountallts 7 Castle Str¢¢t BTidgwater Som¢rs¢t TA6 3DT Date.. 0510312024 Page 4
BIUDGWA'fER GUY FAWKES CAR'IVAL STATEMENT OF FIN_4NC.IAL ACTIVITIES FOR THE YEAR TO 31 DECEMBER 2023 Unrestricted Restricted Funds Funds Total 2023 Totstl 2022 Note INCOME Incomc from Charitable activities 306,750 468,305 775,055 399,612 Total illCORning resour¢es 306,750 468,305 775,055 399,612 EXPENDITURE Expenditure on Charit(Ible activities Other Expenditure 262,235 23,187 28,881 291,116 23,187 337,878 19,519 Total resources expended 285,422 28,881 314,303 357,397 Net ineome l (expcnditure) before transfers 21,328 439.424 460,752 42.215 Gross transfers between funds -2,310 2.310 Net income l (expenditure) For the period £19,018 £441,734 £460,752 £42.215 Total funds brought fonvard £219,497 £219.497 £177,282 Total funds carried forward £238,515 £441,734 £680,249 £219,497 Page 5
BRtDGWATER GUY FAWKES CARNIVAL BAI,ANC.F. SHF,F.T AS AT 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Tangible assets 35.257 35,977 CURRENT ASSETS Stock Debtors Cash at bank and in hand Nationwide Building society 3,177 18,141 297,078 442,127 3,406 16.633 207,196 71,089 760,523 298,324 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Allocate(VAdvance payments io 47.944 67,587 50,307 64,497 115,531 114.804 NET CURRENT ASSETS 644,992 183,520 NET ASSETS £680,249 £219,497 REPsENTED BY: Restricted funds Unrestricted funds 12 li 441,734 238,515 219,497 TOTAL FUNDS £680,249 £219,497 The trustees are satisfied that the company is entitled to ¢x¢mption from th¢ provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member has requested an audit pursuant to section 476 of the Act. The directors acknowledge their responsibilities for.. a) ensuring that ihe company keeps accounting records which comply with section 386 of the Act, and b) PTeparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the fiywicial yeaT and of its profit or loss for the financial ye8r ill accordance with the requirements of sections 394 and 395, and which otherwise comply. These financial statements have been prepared in accordance with the special PTovisions for small companies under Part 15 of the Companies Act 2006. Page 6
BRIDGWATER GUY FAWKES CARNIVAL BALANCE SFIIET CONTINUED AS AT 31 DECEMBER 2023 These fmanc statements were approved by the trustees and authorised for issue on d ar¢ signed on b¢half by.. RUSTEE Company Registration Number 02410415 The notes on pag¢s 8 to 12 forni part of the financial statements Page 7
BRIDGW'ATER GUY FAWkTS CARNIVAL NOTES TO THE FINANCIAL STATEMEINTS "OR 'rH Tr". YTr,AR TO .11 DE.CEMBER 2023 ACCOUNTING POLICIES The following accounting policies are used consistendy in dealing with items which are considered material in relation to the company's flliancial stat¢m¢nts. Basis of Accounting 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 the Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS I02) (cff¢¢tiv¢ I" January 2015) (Charities SORP(FRS102)} the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. Public Benefrt Bridgwatcr Guy Fawkes Carnival meets the definition of a public benefit entity under FRSI 02. Assets and liabilities are initially recognised at historical cost QT transaction value unless otherwise stated in the relevant accounting policy note. Financial Instruments Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. Fixed Asscts All lixed assets are initially recorded at cost. D¢pr¢ciation Depreciation is calculatcd so as to writc off the cost of an asset, less its estimated residual valu¢. OV¢T th¢ us¢ful ¢¢onomic lite of that asset as follows.. Bristol Road Store _ 2010 reducing balance Trade and otber debtor5 Trade and other debtors ar¢ recognised and caTri¢d forward at invoice amounts less provisions for any doubtful debts. Bad debts are ThTitten off when identified. Cash and cash equivalents Cash and cash equivalents are included in the balance at cost. Cash and cash equivalents comprlse cash at bank and in hand and short term deposits with an original maturity of thr¢¢ months or less. Turnover represents the total amount receivable from the ordinary activities of the company and includes income from ¢ollections. sales, d¢posits. donations and othei sources of income, excluding VA T. Page 8
BRIDGWATER GL Y FAWKES CARNIVAL NOTES TO 'fHE FINANCIAL ST ATf.MENTS FUK THE YEAlI'fo 31 DF,CEMBER 2023 Stocks Stocks are valued at the lower of cost and net Tealisable value. Intert received This relates to the amount of interest received in respect of the vaTiOUS accounts. No account is taken of inteTest accrued but not paid by the period end. Gran1$ received Income from grants is r¢¢ognised when the charity has entitlement to the funds and it is prob(Ible that th¢ income will be received and the amount can be measur¢d reliably and is not deferred. INCOME FROM CHARiI"ABLE ACTIVITIES Unrestritted Restricted Total Funds Totsl Funds Fmnds FuDds 2023 2022 Administration Collection CornmeTcial Eniertainment Pageant Procession Projects Interest received 2,553 38,374 103,069 85,351 3,824 71.451 2,553 38,374 103,069 34,463 40,147 82.630 73,199 121,824 44,418 2,715 216 3,824 100,332 439,424 2,128 28,881 439,424 2,128 £306,750 £468,305 £775,055 £399,612 Included above ar¢ grants received of £468.305 (2022 £27,683) EXPENDITURE ON CHARIT ABLE ACI'IVITES Unrestrieted Restricted Total Funds Total FuDds Funds Funds 2023 2022 Administration Collection Commcrcial Entertainment Pageant Procession Projects Depreciation 22,467 19,807 61,276 47,176 15,314 115,971 2,691 720 22,467 19,807 61,276 47,176 15,314 144,852 2,691 720 25,924 19,595 52,477 45,324 102,863 94,999 15,481 734 28.881 £285.422 £28,881 £314,303 £357,397 Page 9
BRIDC.WATF.R C.UY FAWKES CARNIVAL NOTES TO THE FINANCL4L STATEMENTS l< OR 'fHE YEAR TO 31 DECEMBLR 2023 PEIL4TING PROFIT 2023 2022 This is stated after charging'.- Independent Examiners remuneration Payments to chartties & Community Groups 1258 27,277 835 20,791 INTEREST RECIVED AND SIMILAR INCOME 2023 2Q22 Bank deposit account interest 2,128 216 £186 £216 FLXID TANGIBLE ASSETS Bristol Road store Cost At I" January 2023 and 31" December 2023 47,576 Depreciation At I" January 2023 Charge for the period At 31" D¢¢ember 2023 11,599 720 Net book values At 31" December 2023 At 31" December 2022 35,977 TAX ON PROFIT ON ORDINARY ACTIVITES No Corporation Tax payable. As a Charity the company is not liabl¢ to pay Corporation Tax. STOCK 2023 2022 G¢neral souv¢nirs 3,177 3,406 DEBTORS 2023 2022 Sundry debtors 18.141 16,633 Page 10
BRIDGWATER GUY FAWKES CARMVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2023 io. CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade Creditors Allocatedladvance paytnents 47,944 67,587 50,307 64,497 £115,531 £114.804 ii. UNRESTRICTED FUNDS Include a designated reseTve the puryose of which is to provide the resources required in case due to unforeseen circumstances the BGFC had to be cancelled. This designated reserve was ineTeased during the year by £3,000. $0 that as at 31 DeeembeT 2023, it stood at £78,000. Th¢ rem(iining unrestricted funds are maintained at a level of at least 4 months of normal expenditure, which is considered appropriate by the trustees. This level is to be monitored and &mended as necessary at the Annual General Meeting. The total of the Designated fund reserve is included in the unrestricted funds figure. 2023 2022 Unrestricted Funds at l January 2023 Increase during the YeaT 219,497 19,018 177,282 42,215 Unrestricted Funds at 31, December 2023 38 12. RESTRICTED FUNDS Balance of unspent Arts Council Grant 2,310 Somerset Community Foundation- Bristol Road Redevelopment 439 424 13. LAI¥4D AT BRISTOL ROAD In 1987, trustees on behalf of the Bridgwater Guy Fawkes Carnival Con]mitlee acquired approximately one acre of land at Bristol Road. This land h&8 be¢n let to a number ofcarnival clubs to be used for the construction of carts. It is a condition of the lease that carnival clubs are responsible foT all maintenance and other costs incuffed on the site. The Original acquisition occurred prior to the incorporation of the company on 2 August 1989. During 2023 the land has been transferred to the limited company. 14. STATUS OF COMPANY The company is litnited by guarantee and theTefore has no shar¢ capital. Th¢ company is entitled to omit the word Limited frotn its name In accord&nce with Section 60 of the Companies Act 2006. Pagell
BRIDGWATFR GUY FAWKES CARNIVAL NOTES TO THE FINANCIAL STATEMEf4TS FOR 31DE BER2 15. TRUSTEES EMOLUMENTS AND RELATED PARTY 4 trustees had honoraria paid for the time and effort they put in to fulfd these positions. Payments to Trust¢¢s were: 2023 2022 President Secretary Treasurer Publicity Officer 300 475 475 150 £1400 300 475 475 150 £1400 There were no reportable related party transactions during the year Page 12