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 2025
LA WESTCOTTS CHARTERED ACCOUNTANTS & BUSINESS ADVISERS
Axe Vale Festival Limited
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees’ Report | 2to4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to8 |
| NotestotheFinancialStatements | 9to15 |
Axe Vale Festival Limited
Reference and Administrative Details
| Trustees | K Hussey, Chair |
|---|---|
| DH Ellis |
|
| M Beviss | |
| J Rockett | |
| Charity Registration Number | 1130829 |
| Company Registration Number | 06500554 |
| The charity is incorporated in England and Wales. | |
| Registered Office | Timberly |
| South Street | |
| Axminster | |
| Devon | |
| EX13 5AD | |
| Accountants | Westcotts |
| Timberly | |
| South Street | |
| Axminster | |
| Devon | |
| EX13 5AD | |
| Bankers | Lloyds Bank |
| The Square | |
| Seaton | |
| EX122QX |
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 of the charitable company for the year ended 31 August 2025.
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 activities
Objects and aims
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 circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life for the said inhabitants.
Objectives, strategies and activities
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 benefit
The trustees 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
The Axe Vale Show team worked tirelessly once again to reduce costs and retain a quality show for 2025. The Show is entirely run and organised by volunteers.
Even with cost cutting measures in place, holding exhibitor prices again and an increased push to contact old and new exhibitors, we were unable to makea profit.
There are a number of costs associated with starting with an empty field, such as water, electricity, toilets and security, not to mention insurance, advertising, entertainment and marquees too.
The weekend was an excellent mix of entertainment, traders and music but did not attract the number of visitors required to cover our costs. It is worth noting that two large local attractions have recently closed to visitors for economic reasons.
Financial review
During the year the charity received unrestricted income of £77,503 and incurred unrestricted expenditure of £98,879. There was no restricted fund activity during the year. As at 31 August 2025 the Charity had unrestricted reserves if £75,511 (prior year: £96,887). No restricted funds were held as at 31 August 2025.
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Axe Vale Festival Limited
Trustees’ Report
Policy on reserves
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 year's event. All exhibitors’ fees are refundable.
As at 31 August 2025 the charity held reserves of £75,511. It is the charity's ambition in coming years to strengthen its reserves to a level that is deemed safe for the continued success of the charity.
Full details of the charity's financial activities for the year and the reserves held at the year-end are detailed in the Statement of Financial Activities and the Balance Sheet.
Going concern
Having considered the charity's reserves and anticipated future activity, the trustees are confident of the charity's ability to continue for the next twelve months and therefore consider the going concern basis of accounting appropriate.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: E B Stonex (resigned 31 December 2024) K Hussey, Chair DH Ellis M Beviss J Rockett
Structure, governance and management
Nature of governing 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.
Recruitment and appointment 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.
Induction and training of trustees
Proposed trustees would be asked to read carefully the Memorandum & Articles of Association and all additional terms of reference, together with the list of trustee responsibilities.
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Axe Vale Festival Limited
Trustees’ Report
Major risks and management of those risks
The trustees acknowledge that risk management is the responsibility 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 charity is exposed have been identified, are reviewed regularly 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.
Statement of trustees’ responsibilities
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".
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 statements, the trustees are required to:
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¢ select suitable accounting policies and apply them consistently;
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¢ observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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¢ state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report Avas approved by the trustees of the charity on 23. elbana signed on its behalf by: /, y/ e
K Husse Director
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Axe Vale Festival Limited
Independent Examiner's Report to the trustees of Axe Vale Festival Limited (‘the Company’)
| report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2025.
Responsibilities 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 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, | 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 | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of Axe Vale Festival Limited as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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)].
| 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.
Thomas John Stuckey FCCA Independent examiner Timberly, South Street Axminster Devon EX13 5AD
Date... cceeceeeeeeeeeees
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Axe Vale Festival Limited
Statement of Financial Activities for the Year Ended 31 August 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | 2025 | 2024 | ||
| Note | £ | £ | £ | |
| Income and Endowments from: | ||||
| Donations and legacies | 3 | 927 | 927 | 970 |
| Other trading activities | 4 | 74,429 | 74,429 | 92,284 |
| Investment income | 5 | 2,147 | 2,147 | 2,400 |
| Otherincome (including camping) | 6 | - | - | 180 |
| Total income | 77,503 | 77,503 | 95,834 | |
| Expenditure on: | ||||
| Festival expenses | 7 | (92,190) | (92,190) | (91,721) |
| Charitable activities | (4,746) | (4,746) | (9,807) | |
| Support costs | 8 | (1,943) | (1,943) | (1,830) |
| Total expenditure | (98,879) | (98,879) | (103,358) | |
| Net expenditure | (21,376) | (21,376) | (7,524) | |
| Net movement in funds | (21,376) | (21,376) | (7,524) | |
| Reconciliation offunds | ||||
| Total funds brought forward | 96,887 | 96,887 | 104,411 | |
| Totalfundscarriedforward | 75,511 | 75,511 | 96,887 |
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 Limited
(Registration number: 06500554) Balance Sheet as at 31 August 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Current assets | |||
| Debtors | 12 | 437 | - |
| Cash at bank and in hand | 13 | 77,066 | 98,991 |
| 77,503 | 98,991 | ||
| Creditors: Amounts fallingduewithinoneyear | 14 | (1,992) | (2,104) |
| Net assets | 75,511 | 96,887 | |
| Funds of the charity: | |||
| Unrestricted income funds | |||
| Unrestricted funds | 75,511 | 96,887 | |
| Totalfunds | 75,511 | 96,887 |
The notes on pages 9 to 15 form an integral part of these financial statements. Page 7
Axe Vale Festival Limited
(Registration number: 06500554) Balance Sheet as at 31 August 2025
For the financial year ending 31 August 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
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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
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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 statements on pages 6 to 15 were approved by the trustees, and authorised for issue on Yip jgned on their behalf by:
Trustee
The notes on pages 9 to 15 form an integral part of these financial statements. Page 8
Axe Vale Festival Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
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 5AD
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
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 otherwise 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 wnen the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories income:
Voluntary income is received by ways of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not 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.
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Axe Vale Festival Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Investment income
Income from investment is included in the year in which it is receivable.
Expenditure
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.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Taxation
The charity is considered to pass 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 terms 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.
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Axe Vale Festival Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Recognition and measurement
All financial assets and liabilities are initially 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 asset 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.
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Axe Vale Festival Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
3 Income from donations and legacies
| Unrestricted | ||||
|---|---|---|---|---|
| funds | Total | Total | ||
| General | 2025 | 2024 | ||
| £ | £ | £ | ||
| Donations and prize money | 927 | 927 | 970 | |
| 927 | 927 | 970 | ||
| 4 | Incomefrom othertrading activities | |||
| Unrestricted | ||||
| funds | Total | Total | ||
| General | funds | 2024 | ||
| £ | £ | £ | ||
| Ticket sales | 40,812 | 40,812 | 55,312 | |
| Dog show | 2,158 | 2,158 | 1,558 | |
| Exhibitors fees | 31,459 | 31,459 | 33,359 | |
| Electricity | - | - | 2,055 | |
| 74,429 | 74,429 | 92,284 | ||
| 5 | Investment income | |||
| Unrestricted | ||||
| funds | Total | Total | ||
| General | 2025 | 2024 | ||
| £ | £ | £ | ||
| Bank interest | 2,147 | 2,147 | 2,400 | |
| 6 | Other income | |||
| Total | Total | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Otherincome(includingcamping) | - | 180 |
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Axe Vale Festival Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
7 Expenditure on raising funds
a) Costs of trading activities
| Unrestricted | ||||||
|---|---|---|---|---|---|---|
| funds | Total | Total | ||||
| General | funds | 2022 | ||||
| Note | £ | £ | £ | |||
| Festival expenses | 92,190 | 92,190 | 91,721 | |||
| 8 | Otherexpenditure | |||||
| Unrestricted | ||||||
| funds General |
Total 2025 |
Total 2024 |
||||
| £ | £ | £ | ||||
| Audit fees | ||||||
| Independent Examiner's remuneration | 1,800 | 1,800 | 1,716 | |||
| Bank charges | 143 | 143 | 114 | |||
| 1,943 | 1,943 | 1,830 |
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Axe Vale Festival Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
9 Grant-making
| Below are details of material grants made to institutions | ||
|---|---|---|
| 2025 | 2024 | |
| Name of institution | £ | £ |
| ARC Axminster Ltd | . | 800 |
| Axminster and LymeCancer Support | 450 | - |
| Axminster CommunityShed | zs | 400 |
| Axminster Cricket Club | 250 | - |
| Axminster Drama Club Youth | - | 200 |
| Axminster Football Club | - | 250 |
| Axminster Gymnastics | - | 100 |
| Axminster Heritage | - | 200 |
| Axminster Library | 500 | ~ |
| Chardstock Amateur Dramatic Society | - | 175 |
| Chardstock Eco Group | - | 200 |
| Charmouth Youth Club | 350 | - |
| Flamingo Pool | - | 5,000 |
| For the Love ofthe Railway | 250 | . |
| Hawkchurch Primary School | - | 250 |
| Hawkchurch Village Hall | 450 | = |
| Lyme Regis Town Band | - | 50 |
| Membury Parish Hall | 400 | - |
| National Coastwatch Institution | - | 300 |
| Operation Rudolph (Inspiring Connections) | - | 150 |
| Pippins Community Centre | 500 | ~ |
| Project Food | - | 400 |
| Riding forthe disabled | 500 | - |
| Scouts Explorers | - | 75 |
| Shute School | 500 | 500 |
| St. Michael's Church | 350 | = |
| The Den Honiton CIC | . | 250 |
| Twin Tigers Partnership CIC | - | 200 |
| 4,500 | 9,500 |
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 charity. The value of this voluntary time is not financially accounted for within the annual financial statements.
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Axe Vale Festival Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
12 Debtors
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 437 | : |
| 13 Cash and cash equivalents | ||
| 2025 | 2024 | |
| £ | £ | |
| Cash on hand | . | 216 |
| Cash at bank | 77,066 | 98,775 |
| 77,066 | 98,991 | |
| 14 Creditors: amounts falling duewithin oneyear | ||
| 2025 | 2024 | |
| £ | £ | |
| Trade creditors | 192 | 388 |
| Accruals | 1,800 | 1,716 |
| 1,992 | 2,104 | |
| 15 Analysis of net assets between funds | ||
| Total funds | ||
| Unrestricted | at31 | |
| funds | August | |
| General | 2025 | |
| £ | £ | |
| Current assets | 77,503 | 77,503 |
| Current liabilities | (1,992) | (1,992) |
| Totalnetassets | 75,511 | 75,511 |
16 Related party transactions
During the year the charity made the following related party transactions: Trustees
Expenses totalling £331 relating to charity running costs were reimbursed to two trustees during the year (prior year £418). At the balance sheet date the amount due to/from Trustees was £Nil (2024 - ENil).
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