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 p￿pared 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 re￿iVed 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 re￿1Vable.
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 CoaS￿atCh 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