Company registration number: 06500554 Charity registration number= 1130829 Axe Vale Festival Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 August 2024 WESTCOTTS CHAHYÈRED ACCOLINTANTS a BU51NE5S ADviseRs
Axe Vale Festival Limited Contents Reference and Administrative Details Trustees, Report 2to4 Independent Examiner's Report Statement of Financial Activities Balance Sheet 7t08 Notes to the Financial Statements 9t015
Axe Vale Festival Limlted Reference and Administrative Detsils Trustees K Hussey, Chair D H Ellis M Beviss J Rockett 1130829 Charity Reglstration Number Company Registratlon Number 06500554 The charity is incorporated in England and Wales. Reglstered Office Timberly South Street Axmlnster Devon EX13 SAD Accountants Westcotts Timberly South Street Axminster Devon EX13 SAD Bankers Lloyds Bank The Square Seaton EX12 2QX Page 1
Axe Vale Festival Limited Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors. report of the charitable company for the year ended 31 August 2024. Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. Objectives and actlvltles Objects and alms The objects of the charity are to promote for the benefit of the inhabitants of Axminster and the surrounding area the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement financial hardship or social and economic circumslances or for the public at large in the interests of social welfare and with the object of improving the condrtion of life for the said inhabitants. Objectives, strategles and actlvltles The charity fulfils its charitable objectives by holding a festival each year in Axminster (subject to conditions and other factors outside of the control of the charity) in order to raise funds and then awards grants and donations to local charities and organisations. Public beneflt The Irustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Achievements and performance Our 2024 Show was full of fun and saw a move toward providing something for everyone and being more family friendly. The charity is planning to develop these ambitions further in 2025. The costs associated with putting on the annual show create financial challenges for the charty, which it monitors closely. The Charity has to carefully balance the need to maintain healthy reserves with the desire to award grants to local good causes. The Charity is already making plans for an even more successful 2025, which will hopefully allow the Charity to bulld its reseNes and provide grant support to local charities. The year saw some of our long-standing committee members step down, a number of whom have been with the Show Sin it began 31 years agol We are truly grateful for their input and support. Two new Directors quickly stepped in and they and the committee look fornard to steering the show to very successful future. Financial review During the year the charity received unrestricted income of £95,834 and incurred unrestricted expenditure of £103,358. There was no restricted fund activity during the year. As at 31 August 2024 the Charity had unrestricted reserves of £96,887 (prior year.. £104,411). No restricted funds were held as at 31 August 2024. Page 2
Axe Vale Festival Limited Trustees. Report Policy on reseryes Although each year a considerable insurance premium is paid for Cancellation and Abandonment Cover, certain happenings such as Terrorism Acts or Communicable Diseases are not covered and we would therefore need to keep approximately £100,000 in reserves to cover not only the current show costs but for deposits for the following yeavs event. All exhibitors, fees are refundable. As at 31 August 2024 the charity held reseNes of £96,887. It is the charity's ambition in coming years to strengthen its reserves to a level that is deemed safe forthe continued success of the charty. Full datails of the charity's financial activities for the year and the reseNes held at the year-end are detailed in the Statement of Financial Activities and the Balance Sheet. Golng concern Having considered the charity's reserves and anticipated future activity, the trustees are Confident of the charity'5 ability to continue for the next e1ve months and therefore consider the going concern basis of accounting appropriate. Trusteeg and offlcers The trustees and officers serving during the year and since the year end were as follows.. Trustees.. S R Hodges, Retired chair (resigned 24 July 2024) E B Stonex (resigned 31 December 2024) K Hussey. Chair D H Ellis M Beviss {appointed 28 February 2024) J Rockett (appointed 28 February 2024) Structure, governance and management Nature ofgoveming document The charity is a company limited by guarantee {incorporated 12 February 2008>. It is governed by its Memorandum and Articles of Association as amended by a special resolution dated 30 January 2018. Recrultment and appolntment of trustees The Charity's board of trustees must be made up of at least three and no more than six individuals. New trustees are either elected by the members or co-opted by the existing trustees. The trustees together with the Operations Committee make up the membership of the Charity. Inductlon and trainlng of trustees Proposed trustees would be asked to read carefully the Memorandum & Articles of Association and all additional terms of reference, together wrth the list of trustee responsibilities. Page 3
Axe Vale Festival Limited Trustees. Report Major risks and management of those risks The trustees acknowledge that risk management is the responsibilf(y of the board of trustees. The board has therefore agreed a risk policy which balances the charity's need to take risks in pursuance of its charitable purposes with their duty to ensure that the charity's financial and legal standing and the quality and safety of its operations are not compromised. The major risks to which the chanty is exposed have been identified, are reviewed regularfy and are used to make informed decisions about the charity's reserves policy. Systems are also implemented to mitigate those risks (both financial and non-financial) wherever possible. ststement of trustees, responslbllltles The trustees (who are also the directors of Axe Vale Festival Limited for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance wrth the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial ststements, the trustees are required to.. select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can 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 trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Small companies provlslon stat8m8nt This report has been ppared in accordance with the small companie8 regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on ..a6/04.As beha by.. and signed on its K Hussey Director Page 4
Axe Vale Festival Limited Independent Examiner's Report to the trustees of Axe Vale Festival Limited ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024. Responsibilltles 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 satlsfied 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(51{bl of the 2011 Act. Independent examlner'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 Axe Vale Festival Limited as required by section 386 of the 2006 Act; or 2. the account5 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 Slatement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concems 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. Thomas John Stuc ey FCCA Independent examlner Tlmberly, South Street Axminster Devon EX13 SAD Date...... Page 5
Axe Vale Festival Limited Statement of Financial Activities for the Year Ended 31 August 2024 {Including Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Other trading activities Investment income Other income {including camping) Total income 970 92,284 2,400 180 970 92,284 2,400 180 2,701 99,357 800 321 95,834 95,834 103,179 Expenditure on: Festival expenses Charitable activities Support costs Total expenditure {91,721) {9,807) 1,830 (91,721) (9,807) 1,8301 (89,871) (4,600) 1,703 103,358 103,358 96,174) Net {expenditurellincome 7,524 7,524 7,005 Net movement in funds (7,524) (7,524) 7,005 Reconciliation of funds Total funds brought forward Total funds carried forward 104,411 104,411 97,405 96,887 96,887 104,410 All of the charity's activities derive from continuing operations during the above two periods. The notes on pages 9 to 15 form an integral part of these financial statements. Page 6
Axe Vale Festival Llmited (Registration number: 06500554) BalanGe Sheet as at 31 August 2024 2024 2023 Note Current assets Cash at bank and in hand 12 98,991 107,648 Credltors: Amounts falllng due wlthin one year Net assets 13 2,104 3,238 96,887 104,410 Funds of the charity: Unrestrlcted Income funds Unrestricted funds 96,887 96,887 104,410 Total funds 104,410 The notes on pages 9 to 15 form an integral part of these financial statements. Page 7
Axe Vale Festlval Limited (Registration number: 06500554) Balance Sheet as at 31 August 2024 For the financial year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476., and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statement 261o21.zs.... and sig on pages 6 to 15 were approved by the trustees, and authorised for issue on on their behalf by.. K Hussey Trustee The notes on pages 9 to 15 form an integral part of these financial statements. Page 8
Axe Vale Festival Lim ited Notes to the Financial Statements for the Year Ended 31 August 2024 1 Charity status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of its registered office is.. Timberly South Street Axminster Devon EX13 SAD 2 Accountlng pollcles Summary of signlflcant accountlng pollcles and key accountlng estlmates The principal accounting policies applied in the preparation of thes& financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compllance 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 (FRS 102)) {issued in October 20191- (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Basi8 of preparatlon Axe Vale Festival Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income and endowments All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantrfied with reasonable accuracy. The following specific policies are applied to particular categories income- Voluntary income is reiVed by ways of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is nol conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donated goods, services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included. Page 9
Axe Vale Festival Limited Notes to the Financial Statements for the Year Ended 31 August 2024 Investment income Income from investment is included in the year in which li is re1Vable. Exp8nditure Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charftable activltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and sefvices for it5 beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Taxatlon The char¢ty is considered to P8SS the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Fund structure Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specific purpose and which the charity may use for its purpose at its discretion. Designated funds are unrestricted fund earmarked by the trustees for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the temis of an appeal. Financial Instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 10
Axe Vale Festival Limited Notes to the Financial Statements for the Year Ended 31 August 2024 Recognition and measurement All financial assets and liabilities are inilially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial assel expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Page11
Axe Vale Festival Limited Notes to the Financial Statements for the Year Ended 31 August 2024 3 Income from donatlons and legacies Unrestricted funds General Total 2024 Total 2023 Donations and prize money 970 970 2,701 970 970 2,701 4 Income from other tradlng actlvltles Unrestricted funds General Total funds Total 2023 Ticket sales Dog show Exhibitors fees Electricity 55,312 1,558 33,359 2,055 92,284 55,312 1,558 33,359 2,055 92,284 57,813 628 40,916 99,357 5 Investment Income Unrestrlcted funds General Total 2024 Total 2023 Bank interest 2.400 2,400 800 6 Other Income Unrestricted funds General Total 2024 Totsl 2023 Other income (including camping) 180 180 321 Page 12
Axe Vala Festival Limited Notes to the Financial Statements for the Year Ended 31 August 2024 7 Expenditurn on raising funds a) C08ts of tradlng actlvltles Unrestrlctsd funds General Total Total funds 2022 Note Festival expenses 91,721 91,721 89,871 8 Other expenditure Unrestrlcted funds General Total 2024 Total 2023 Audit fees Independent Examinerfs remuneration Bank charges 1,716 114 1,716 114 1,600 103 1,830 1,830 1,703 Page 13
Axe Vale Festival Limited Notes to the Financial Statements for the Year Ended 31 August 2024 9 Grant-maklng Below are detsils of material grants made to institutions 2024 2023 Name of institution Axe Valley Swimming and Sports Association Devon Air Ambulance Trust Five Alive D of E Seaton County Primary School PTA Membury Parish Hall Axminster and Lyme Cancer Support ARC Axmin5ter Ltd Colyton Primary School Family and Friends PRCDTR St Michael & St George Restoration Fund Axminster Community Shed Axminster Drama Club Youth Chardstock Amateur Dramatic Society Flamingo Pool Hawkchurch Primary School Lyme Regis Town Band National CoaSatCh Institution Operation Rudolph (Inspiring Connections) Shute School The Den Honiton CIC Twin Tigers Partnership CIC Scouts Explorers Axminster Heritage Chardstock Eco Group Project Food Axminster Football Club Axminster Gymnastics 1,000 250 300 250 500 500 1,000 500 300 800 400 200 175 5,000 250 50 300 150 500 250 200 75 200 200 400 250 100 9,500 4,600 10 Staff costs No salaries or wages have been paid to employees, including the trustees, during the year. The charity is supported by the voluntary time and skill of its trustees and committee members, who donate a significant amount of time to the charty. The value of this voluntary time is not financially accounted for within the annual financial statements. Page 14
Axe Vale Festival Limited Notes to the Financial Statements for the Year Ended 31 August 2024 11 Taxation The charity is a registered charity and is therefore exempt from tsxation. 12 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 216 98,775 98,991 314 107,334 107,648 13 Credltors: amounts falllng due within one year 2024 2023 Trade creditors Other creditors Accruals 388 1,497 141 1,600 1,716 2,104 3,238 14 Analysls of net assets between funds Total funds at31 August 2024 Unrestrlcted funds General Current assets Current liabilitles 98,991 2,104 98,991 2,104 96,887 Total net assets 96,887 16 Related party tran$actlons There were no related party transactions in the year. Page 15