CHARITY NUMBER: 1120551 COMPANY NUMBER: 02410415 BRIDGWATER GUY FAWKES CARNIVAL UNAUDITED FJNANCIAL STATEMENTS FOR TKE YEAR TO 31 DECEMBER 2024
BRIDGWATER GUY FAWKES CARNIVAL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024 COPITENTS PAGE Reference and Administrative Tnfonnation Amiual Report of the TnteeS Independent Examiner's Report Statement of Financial Activities Balance Sht Notes to th¢ Financial Statements 8-12
BRIDGWATER GUY FAWKES CARNIVAL REFERENCE AND ADNItNISTIL4TIVE INFORJMATION FOR THE YEAR TO 31 DECEMBER 2024 Charity name: Bridgwafrr Guy Fawkes Carnival Charity Registration Number: 1120551 Company Reglstratlon Number: 02410415 Incorporated: 2 August 1989 Registered Office: 7 CastIe Street Bridgwater Somerset TA6 3DT Trnstee Directors: The following Trnstee Directors w¢re in office as at th¢ dat¢ of this report: D.C. Creedy IPresident-El¢ct) M.J. Doddcn M.D. Cattle C.C. MkrIdge G, Stoneham S.Humphrey A.Middl¢ton M C Crocker D J White (ChaIrn) M Wasley K.E. Gibbs J.P. Walter R.J Jones Independent Exanthiers: Westcotts Chartered Accountants 7 Castle Street Bridgwater Somerset TA6 3DT Bankers: Santand¢r UK PIC Business Banking 301 St Vincent Street Glasgow G2 5NT Page I
BRTDGWATER GUY FAWKES CARNIVAL ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR TO 31 DECEMBER 2024 The Trustees, who are also directors for the pury)ose of company law, present their report and the financial statements for the year to 31 December 2024. which are also prepared to meet the requirements for a directors. report and accounts for Companies Act purposes. ACTIVITIES The pIincipal activities of Bridgwater Guy Fawkes Carnival are the nuintenance of the trddition of the carnival concerts and procession and the raising of money and funds for charities around Bridgwater and the organisation of events of every description in filltherance of these objects. The charity endeavours to promote the artistic talent and entertainment in the local area and provide charitable contributions to local and national charities. The cbarity has in recent years diversified their income generating activities due to thinking of the future and is continuing to do so. In addition to the traditional collection on Carnival Day significant funds are rdised from the sale of grandstand seats, hospitality packages, catering pitches and parking facilities for cars and coaches on Carnival Day. Income from the generous support of an iiicreasing number of national and local sponsors and the popularlty of the Carnival Concerts presented for two weeks in Octs)ber each year contlnues to ensure the financial success and sustainability of The Guy Fawkes Carnival tradition in Bridgwater for future years. The provision of Trdffic Management services by committee members and volunteers for otherpublic ev¢nts continues to generate funds needed to meet additional costs of th¢ Bridgwater Carnival procession including marshalling and security stewards as well as th¢ purchase and hire of equipment provided for bealth and safety needs. Streaming of th¢ Bridgwater Guy Fawkes Carnival live on the internet and the encouragement to support¢rs to donate on line and by text giving and the development of a new Mobile Bridgwater Carnival App will be used to widen awar¢n¢ss of new supporters and sponsors as public funding comes under increased pressure. GOVERMNG DOCUMENT The Company operdtes under the aijns, objectives and methods as set out in its Memorandum and Articles of Association. TRUSTEE SELECTION Trustees shall be clected at the Annual General Meeting, Personnel General Meeting or other board meetings if a vacancy bas arisen and shall serve for one year and then be eligible for re-election. RESERVES The Purpose of the dcsignated reserve (as part ofthe company's tot unr&stricted Funds) is to provide resources in casc due to unforeseen CircUtanceS the BGFC had to be cancelled. The designated reserve has been increased this yeat by £3,000 so that as at 31 December 2024. the (ksignatcd rescrve stands at £81,000. In addition unrestsicted reserves are to be nintaIned at a level of at Icast 4 months of nornMI expenditure, which is considered appmpriate by the trustees. This Icvel is to be monitored and amended as necessary at thc Annual Generdl Meeting. CHARITABLE CONTRIBUTIONS Donations to Charities and Community Groups wcre £37,487 (2023 - £27277) (see note 4). PLANS FOR FtTruRE PERIODS Bridgwater Guy Fawkes Catnival Tntces, plans forthe future to continuc to identify and develop new sources of incomc and to attract new individuals to support the Trustees in their work to maintain Bridgwater Carnival as one of the biggest illuminated Carnivals in Europe. The TThtee8 also have well developed plans alrcady financially supported by funding from th¢ Govermnent's Regeneration Initiative and The Somerset Community Foundation to ¢xtend and significantly redevelop the Bristol Road Site in Bridgwater from where the organisation and a Dumber of Carnival Clubs operate. Page 2
BRIDGWATER GUY FAWKES CARNIVAL Aryj NUAL REPORT OF THE TRUSTEES CONTINUED FOR THE YEAR TO 31 DECEMBER 2024 £439,424 of agreed funding has been received from The Somerset Community Foundation but none of it spent and is included in the company's restricted fimds. Part of the secured funding for the project from The Bridgwater Town Deal has been used during 2024 by Bridgwater Guy Fawkes Carnival to purchase just over 5 acres of land at the Company's site at Bristol Road for £160,000 on which the development will be built. TRUSTEES, STATEMENT OF RESPONSIBILITY IN RELATION TO THE FINANCIAL STATEMENT Company law requires the trustees to prepare fmancial statements for each financial 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. Ln preparing those financial statements, the trustees are required to:_ Select suitable accounting policies and then apply them consistently" Make judgements and estirnates that are reasonable and prudent. Prepare the financial statements on the going concern basis, unless it is inappropriate to assume that the cornpany will continue in business. ii. iii. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at ally time the fanCIal position of the company and to enable them to ensure that the financial 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 the prevention and detection of fraud and other irregularities. The trustees in perforn]ing their duties during the period have had regard to the Charity Cornmission's guidance on public benefit. The company is entitled to exemption from a full audit under section 477 of the Companies Act 2006 for the year to 31 December 2024. The members have not requested the company to obtain a full audit of its fmancial statements for the year to 31 December 2024 in accordance with section 476 of the Companies Act 2006. The members have requested the company to obtain an independent examination of its financial statements for the year to 31 December 2024. The trustees, report is prepared in accordance with special provisions of part 16 of the Companies Act 2006 relating to small companies. Approved by the Trustees on 4 March 2025 and signed on their behalf by: Michael John Dodden ee Bridgwater Guy Fawkes Carnival Date . Page 3
BRIDGWATER GUY FAWKES CARNIVAL EPENDENT ExAM[l's REPORT TO THE BOARD OF TRUSTEES OF BRIDGWATER GUY FAWKES CARNIVAL FOR THE YEAR TO 31 DECEMBER 2024 I report on the accounts of Bridgwater Guy Fawk¢s Carnival for year to 31 December 2024 as out on pages 5 to 12. Respecdve ResponsIlIneS of Trnstees and EIamiDer The charity's trustees are r¢sponsible for the preparation of th¢ accounts. The charity's trustees consider that an audit is not r¢quired for this year ulld section 14412) of the Charities Act 2011 and that an indep¢ndent examination is Deeded. The Charity's gross income exceeded £250,000, and l am qualificd to undertake the examination by being a qualified member of ICAEW. Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligibl¢ for independent examinatio it is my responsibility: • to examin¢ the accounts under section 145 of the 2011 ACL. to follow the procedures laid down in the General DirectioDS given by the Charity Con)missioner under section 145(5)(b) of the 2011 Act; and • to stste whether particular matters have come to my attention. Basis of independent amIner'S report My examination was carri¢d out in accordance with the Genernl Dir¢ctions given by the Clwity Conm)issioner. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with th0 records. It also includes consideration of any unusual items or disclosures in th¢ accounts, and the seeking of explanations from you as trust¢¢s concen]ing any such matters. The procedures undertaken do not pmvidc all th¢ evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a 'true and fair VAew' and the report is limited to those matters set out in the statement below. Independent examiner's statsment In Connection with my eramination, no matter come to my attention: • wbich gives me reasonable cause to believe that. in any nmterial respec( the requirements: (a) to keep accowiting records in accordance with section 386 of the Companies Act 2006. O)) to prepare accounts wbich accord with the accounting records and to comply with the accounting requirements of the Companies Act 2(K16 and with th¢ Charities Act 2011 have not been met" or • to wl]ich, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Kelly Davies FCCA Independent ExamiDer Westcotts Charter¢d Accountants 7 Castle Street Bridgwater Som¢rset Date: ij mcKh tots. TA6 3DT Page 4
BRIDGWATER GUY FAWKES CARNIVAL STATEMEIYT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31 DECEMBER 2024 Unrestricted Restrlctsd Funds Funds Total 2024 Total 2023 Note YCOME Income from CharAtable activities 348,338 13,568 361,906 775,055 Total incomlng resources 34&338 13,568 361906 775,055 Expenditure on Clwitsble activities Other Expenditure 279,275 27,181 279,275 27,181 291,116 23,187 Totsl resources expended 306.456 30fj456 314,303 Net income / (eipendltllre) before transfers 41,882 13,568 55,450 460,752 Gross transfers between funds Net income / (expendlture) For the perlod £41,882 £13,568 £55,450 £460,752 Total funds brought forward £238.515 £441,734 £680,249 £219,497 Totsl funds carried forward £280J97 £455,302 £735,699 £680,249 Page 5
BRIDGWATER GUY FAWKES CARNIVAL BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note FIXED ASSETS Tangible assets 198,227 35,257 CURREP4T ASSETS Stock Debtors Cash at bank and in hand Nationwide Building Society 2,823 9.619 340,081 455,694 3,177 18,141 297,078 442,127 808,217 760,523 CREDITORS: AMOUNTS li FAILING DUE THIN ONE YEAR Trade creditors Allocated/Advance payments 10 42,016 65,054 47,944 67,587 107.070 115,531 NET CURRENT ASSETS 701,147 644,992 NET ASSETS £899,374 £680,249 REPRESENTED BY Restricted Funds Unrestricted funds 12 11 618,977 280.397 441,734 238,515 TOTAL FUIYDS £899,374 £680,249 The trustees arc satisfied that the compally is entitled to exemption from the provislons of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by vIre of section 477, and that no member has requested an audit pursuant to section 476 of the ACL The directors acl(nowledge their responsil)ilities for: a) ensuring that the company keeps accounting records which comply with section 386 of the ACL and b) preparing fLnancial stat¢ments wbich give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requircments of sections 394 and 395, and which othcrwise comply. These fuwicial ststements have been prepared in accordance with the special provisions for small companies under Part 15 of the CompaDiCS Act 2006. Page 6
BRGwATER GUY FAWKES CARI¥IVAL BALANCE SHEET CONTINUED AS AT 31 DECEMBER 2024 These financlal statements were approved by thc trustees and authorised for issue on 4 March 2025 and are Sied on behalf by: TRUSTEE el Jolm D(Kklen Ci)mpany Registration Number 02410415 The notes on pages 8 to 12 fotm part of the financial statements Page 7
BRIDGWATER GUY FAWKES CARNIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024 ACCOUNTING POLICIES The folloring accounting policies are used consistently in dealing with items which are considered material in rclation to the compatys financial statements. 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 with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective I" January 2015) (Charities SORP(FRS102)) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 21K)6. PublRc Benefit Bridgwater Guy Fawkes Carnival meets the defmition of a public benefit entity under FRS102. Assets and liabiliti¢s are initially ffcognised at historical cost or transaction value unless otherwise statsd in the relevant accounting policy note. FiDaDcial Instrnments Fitiancial instnmlents are cl&ssifi¢d and accounted for, according to the substance of the contractual arrangement, as either financial assets, fmancial liabilities or equity instruments. An equity insttiun¢nt is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. Flxed Assets All fixed assets are initially recorded at cost. DepTeciatlon Depreciation is calculated so as to write off the cost of an asseL less its estimated residual value, over the USefi econon]ic llfe of that asset as follows: Bristol Road Store - 20/0 reducing balance. Trade and other debtors Trade and other debtors are recognised and carried forward at invoice aTnounts less pmvisions for any doubffi debts. Bad debts are written off when identified. Cash and cash equivalents Cash and casb cquivalents are included in thc balance at cost. Cash and c&sh equivalents comprise cash at bank and in hand and short term deposits with an ori maturity of three months or less. Turnover represents the total amount receivable from the ordinary acttvities of the company and includes income from coll¢ctions, sales. deposits, donations and other sources of income, excluding VAT. Page 8
BRU)GWATER GUY FAWKES CARNIVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024 Stocks Stocks are valued at the lower of cost and net realisable value. Interest received This relates to the amount of interest receivcd in respect of the various accounts. No account is taken of Alltert acCnd but not paid by the period end. Grants received Income from grdnts is recognised when the charity has entidement to the funds and it is probable that the income will be received and the amount can be me&sured reliably and is not deferr INCOME FROM CHARrrABLE AcrIvrllEs Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Administration Collection Con)mercial Entertainment Pageant Procession Projects Intercst received 7,317 38,328 114,436 92,053 7.317 38,328 114,436 92,053 2,553 38,374 103,069 85,351 3.824 100,332 439,424 2.128 93,954 2250 93,954 2,250 13,568 13,568 £348,338 £13,568 £361,906 £775,055 Included above are received of £9.508 (2023 £468,305) EXTEI¥DITURE ON CHARITABLE ACTIVITES UDrestrlcted Restrictsd Total Funds Total Funds Funds Funds 2024 2023 Administralion Collection Conllnercial Entertainment Pageant Procession Projects Depreciation 26.476 15,016 69,310 58,893 26,476 15.016 69,310 58,893 22.467 19,807 61,276 47,176 15.314 144,852 2,691 720 131.212 131212 4,844 705 705 £306,456 £306,456 £314,303 Page 9
BRIDGWATER GUY FAWKES CARNIVAL NOTES TO TItE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024 OPERATll¥G PROFIT 2024 2023 This is stated after charging:_ Independent Examiners remuneration Payments to charities & Community Groups 1,330 37,487 1,258 27,277 INTEREST RECTVED AND SIMILAR INCOME 2024 2023 Bank deposit account interest 16,685 2,128 £16,685 £2,128 FLKED TANGIBLE ASSETS Bristol Road Site Cost At I" January 2024 Additions 47,576 163,675 st At 31 December 2024 £211,251 Depreciation At I" January 2024 Charge for the period At 31" December 2024 12,319 705 Net book values At 31" December 2024 198 227 At 31" December 2023 £35,257 TAX ON PROFIT ON ORDINARY ACTIVITES No cooration Tax payable. As a Charity the company is not liable to pay cooration Tax. STOCK 2024 2023 General souvenirs 2,823 3,177 DEBTORS 2024 2023 Sunthy debtors 9,619 18,141 Page 10
BRIDGWATER GUY FAWKES CARNtVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024 10. CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade Creditors Allocate(Vadvance paymcnts 42.016 65.054 47,944 67,587 £107,070 £115,531 11. Include a designated reserve the purpose of which is to provide the resources required in case due to unforeseen circumstances the BGFC had to be cancelled. This designated reserve was increased during the year by £3,000. so that as at 31 December 2024. it stood at £81.000. The remaining unrestrict¢d fimds are maintained at a level of at least 4 months of nornlal expenditure, which is considered appropriate by the trustees. This level is to be monitored and amended as necessary at the Annual General Meeting. The total of the Designat¢d fiwd reserv¢ is included in tbe unrestrict¢d funds figure. 2024 2023 Unrestrictcd Funds at l January 2024 Increase duTiDg the Year 238,515 41,882 219,497 19,018 s¢ Unrestricted Funds at 31 December 2024 £280 397 12. RESTRICTED FUM)S Balance of unspent Arts Council Grant 2,310 Somerset Community Foundation- Bristol Road Redevelopment 452,992 Bridgwater Town Council- 5.4 Acres at Bristol Road 163,675 2,310 439,424 £618 97 13. LAND AT BIUSTOL ROAD In 1987. trustees on behalf of the Bridgwatet Guy Fawkes Carnival Committee acquired approximately one acre of land at Brlstol RoaqL This land has been let to a number of carnival clubs to be used for the construction of carts. It is a condition of the lease that carnival clubs are rcsponsible for all maintenancc and other costs incurred on the sitc. The original acquisition occurred prior to the inCOTporatÈon of the con]pany on 2August 1989. During 2023 the land has been transfeffed to the limited company. During 2024 a further 5.4 acres of adjacent land which hitherto was owned by Bridgwater Town Council and rented to the company (on which a number of club construction buildings are sited which are urgently in the need of development) has been purchased from the Council at a cost of £160.000 plus legal costs. Plans are well advanced for a major d¢velopment of the entire site with up to I I new sh¢ds for clubs and the committee's use. FundADg from public alld charitable bodies I been secured for the first phase of tbis projecL Funding for the land purchase was provided through The Bridgwater Town Deal wbich is part the funding secured for the project. Pagell
BIUDGWATER GUY FAWKES CARNtVAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024 14. STATUS OF COMPANY The company is limit¢d by guarantee and therefore h&s no share capital. The company is entitled to omit the word Limited from its name in accordance with Section 60 of the Companies Act 2006. 15. TRUSTEES EMOLIIMENTS AND RELATED PARTY 4 trustees had honoraria paid for the time and effort they put in to fulfil these positions. Payments to Trustees were: 2024 2023 President Secretary Treasurer Publicity Officer 300 475 475 150 £1400 300 475 475 150 £1400 There were no reportable related paty transactions during tbe year. Page 12