Charity number: 1136508 Company number: 07140043 ARUNDEL FESTIVAL LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 re5fval ARUNDEL FESTIVAL LIMITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Page Trustees Annual Report ststement of Trustees Responslbllltles Independent Examlner's Report Statement of Flnanclal Actlvltl88 Balance Sheot 10 Not88 to the Accounts ARUNDEL FESTIVAL LIMITED DIRECTORS, AND TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who are also the directors of the charty for the purposes of the Companies Aci 2006, present . their report with the financial statements of the charty for the year ended 31 December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice {SORP) 'Accounting and Reporting by Charities (FRS102) issued in October 2019. The accounts have also been prepared in accordan￿ with the accounting policies set out in note 1 and comply with the charty's Memorandum and Articles of Association and tha Companies Act 2006. REFERENCE AND ADMINISTRATIVE DEfAILS Company number- 07140043, registered in EnglarKI & Wales Charity registration number: 1136508 Registered Address." Monan Gozzett, 1 Tarrant StreeL Arundel. BN18 9DG TRUSTEES The Sole Director & Trustee in office during the year was: S Blaikie Since the year end the following directors have been appointed: R Fellows (Appointed 17101124) - Chair M Jones (Appointed 17101124) V Holland (Appointed 17101124) S Sampson (Appointed 17101124) T Wylie Mellikof (Appointed 17101124) J Declas (Appointed 31101124) W Marshall (Appointed 17101124) STRUCTURE. GOVERNANCE AND MANAGEMEKr Governing document The company is limited by guarantee and is registered as a chaiity. The goveming document of the charity is the Memorandum and Articles of Association. Risk management The trustees have a duty to identity and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assuran￿ against fraud and error. OBJECTIVES AND ACTivmES The charity's objective is to organise an annual Cultu￿ festival in Arundel that will promote, improve, develop, and maintain public education and appreciation in the arts and science including music. visual arts, drama, literature, film, and other perfornances. This year we successfully funded and managed the 45th Arundel Festival of the Arts (AFOTA). The trustees have complied with the duty in Section 4 of the Charities Act 201110 have due regard to the public beneftt guidance published by the Charity Commission for England & Wales. ARUNDEL FESTIVAL LIMITED DIRECTORS, AND TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE Fundraislng actlvities The Arundel Festival of the Arts (AFOTA) is furKled almost entirely through sponsorship, fundraising, and charitable donations. We are grateful to all those people and organisations who gave money and help-in-kind to Arundel Festival Limited during 2023 to assist with the ongoing activities and events. During 2023 fundraising activities included: Fundraiser at Arundel Lido on 51h August 2023 Two Fundraising evenings on the Castle Lower Lawns on 161h and 1P June 2023 Music Festival in Brooks Field on 18th and 191h August 2023 which featured local partormers as well as audience favourites from slightly further afield. Funds w8re raised through ticket sales, bar takings, raffles, auctions, sponsorship, and donations. Events & Festivltles In addition to the fundraising events and support provided to organisers of other events around Arundel, the Festival Gommittee successfully planned and managed the annual cultural festival - Arundel Festival of the Arts (AFOTA) which ran from 181h to 28th August 2023. AFOTA is heaven for lovers of the arts, wlth every style and genre of music. art, theatre, culture, food, and drink to enjoy. From choirs to Count Basie, and Shakespeare at the Castle to street entertainment, Arundel buzzed with family-friendly fun for every age group. Arundel Castle was as always, the backdrop to the festival, with this year's most loved events being: Tribute band ABBA MAGIC on the High Street, which brought with it dancing in the High Street and an uplifting paty atmosphere for th8 local community and visitors alike. The Gallery Trail. Shakespeare at the castle A Festival Street market featuring stalls and pop ups from local suppliers. AFOTA belongs to the community and there was a wide range of events to appeal to 8veryona. Throughout the l O days of the festival the streets of Arundel became the stage for so many. There were established performers who already have a following of fans, to those performing nervously for Ihe first time. Community bands and choirs showcased the vibrance of their skills and collaboration and provided a spotlight to the diversity of the arts available in Arundel and within the Arun District, we know for so many visitors this has provided inspiration and the desire to take up the arts. Grants policy Any grants received have been included as Incoming Resources on the Statement of Financial Activities. In 2023 Arundel Town Council provided support to the festival with grants to the value of £5,237 and in providing some greatly valued admin support. In December 2023 we also received a grant from the Environment agency of £1 ,742 due to works closing aC￿sS to the rNer Arun and therefore impath'ng th8 ability of Arundel Museum to use the festival for fundraising purposes resulting in their duck race being aborted. ARUNDEL FESTIVAL LIMITED DIRECTORS, AND TRUSTEES, ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable payments made during the year: During the year the following payments were made to other organisations: St Barnabas Arundel Lido Arundel Town Council £ 250 £ 333 Share of reverse Santa. £ 333 Share of reverse Santa. Total £ 916 FUTURE DEVELOPMENTS AFOTA had been directed, planned, organised, and delivered entirely by volunteers since its incorporation. The sheer amount of time and effort required by volunteers to find funding and then deliver the 10-day Festival each year, means there is no opportunty for strategic planning so that the event could become more valuable to Arundel and Arun. The strategic issue was recognised, and it was universally acknowledged that AFOTA was at a turning point and would not be able to continue much longer by relying solely on a pro bono Festival Director supported by a committee of volunteers. AFOTA supports several of the priorrties that Arun District Council (ADC) has set out in tts paper - "Our Vision: A better future 2022-26" and Arundel Town Council {ATC) highlighted this alignment and invited them to participate in the grovrth and development of the festival. ADC has agreed to provide £ 40,000 to help and this is currently being held by ATC. The process has been started to recruit a Trustee board with diverse skills and expertise lo ensure the sustainability and growth of the Charty. Once In pla￿ the immediate focus will be to secure financial, govemance, and management models which will support the resilience, growth, and sustainability of the charity and therefore future Arundel festivals and events. FINANCIAL REVIEW Income in the year was £89,266 (2022 - £85,023) and expenditure was £82,905 (2022 - £91,56a giving a new surplus of £6,361 (2022- £6,539 deficio. Reserves Policy Free reserves are the balance of unrestricted funds which at 31st December 2023 were £20,368 (2022 - £13,034 The lable below detals how this figure is calculated: 2023 2022 Total charity funds Less: Restricted funds Less: Net book value of tangible fixed assets (see note 20,368 14,007 975 Free Reserves 20,368 13,032 ARUNDEL FESTIVAL LIMITED DIRECTORS, AND TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. Signed on behalf of the Board of Trustees S Blaikie - Director 18th September 2024 ARUNDEL FESTIVAL LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who are also the directors of Arundel Festival Limited for the purpose of ￿MpanY law, are responsible for preparing the Trustees, Report and the financial statements in accordan￿ with applicable law and United lfjngdom Accounting Standards (United lfjngdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charty and the incoming resources and the application of resources, induding the income and expenditure, of the charitable company for that year. In preparing those financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP; Make judgements and estimates that are reasonable and prudent; State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and Prepare the financlal statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are atso responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ARUNDEL FESTIVAL LIMITED I report to the Trustees on my examination ol the financial statements of Arundel Festival Limited (the Charity) for the year ended 31 st December 2023. Aesponsibllltles and basls of report As Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the Charity 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 the Charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charty Commission under section 145(5)(b) of the 2011 Act. Independent examlner's statement I have completed my examinatton. I confirm that no matters have come to my attention in connection with the examinatlon giving me cause to believe that in any material respect: 1. Accountlng records were not kept in respect of the Charity as required by section 386 of the 2006 Act. or 2. The financial statements do not accord with those records. or 3. The financial statements do not cornply with the accounting requirements of section 396 of the 2006 Act other than any requiremenl that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. The financial statements have not been prepared in accordance with the methods and prlncipals of the Statement ol Recommended Practice for accounting and reporting by charities applicable to eharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 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 financial statements to be reached. David Knight ACA Carpenler Box Piper House 4 Dukes Court Chichester P019 8FX /5 October 2024 ARUNDEL FESTIVAL LIMITED STATEMEKf OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 2022 INCOMING RESOURCES Incoming resources from charitable activities Donations Charitable Activtlies Fundraising Events 33,031 17,437 8,848 58,738 52,787 Total Income 89,266 85,023 EXPENDITURE Raising Funds Charitable activities 31,086 51,819 60.054 31,508 Totsi Expenditu 82,905 91,562 NET INCOME (EXPENDITURE) 6,361 (6,539) NET INCOME (EXPENDrruRE) FOR THE YEAR 6,361 (6.539) RECONCILtATION OF FUNDS Total Funds bought forward 14,007 20,546 Total Funds Carried Forward 20,368 14,007 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derived from continuing activities. ARUNDEL FESTIVAL LIMITED BALANCE SHEEf AS AT 31ST DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Tangib18 Assets 975 CURRENT ASSETS Debtors Cash at bank and in hand 5,595 20,524 200 13,102 26,119 13,302 CREDITORS: Amounts falllng due wlthlng one year {5,751) <270) NET CURRENT ASSETS 20,368 13,032 NET ASSETS 20,368 14,007 THE FUNDS OF THE CHARrrY Unrestricted Income Funds 20,368 14,007 TOTAL CHARITY FUNDS 20,368 14,007 The company was entitled to exemption from audit under sectlon 477 Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibiliti8s for complying with the requirets of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies, regime and in accordance with FRS102 SORP. Signed on behalf of the Board Trustees S Blaiki8 - Director 18th September 2024 Company registration number 07140043 (England and Wales) 10 ARUNDEL FESTIVAL LIMITED NOTES TO THE FINANCIAL sTATEME￿s FOR THE YEAR ENDED 31ST DECEMBER 2023 1. PRINCIPAL ACCOUNTING POLICIES Charity information Arundel Festival Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Monan Gozzett. Tarrant Street, Arundel, Wesl Sussex. BN18 9DG. 1.1. Accounting convention The financial statements have been prepared in accordance with the Charity's goveming document, the Companies Act 2006, FRS 102 Yhe Financial Reporting Standard applicable in UK and Republic of Ireland. (°FRS 1 Of) and the Charities SORP "Accounting and Reporting by Charlties: Statement of Recommended Practi￿ applicable to charities preparing their accounts In accordance with the Financial Reporting Standards applicable in Ihe UK and Republic of Ireland (FRS 102). (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Charty. Monetary amounts in the financiaE statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2. Golng Concern At the tlme of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existen￿ for the foreseeable future. Thus the Trustees continue to adopt the going c¥)ncern basis of accounting in preparing the financial statements. 1.3. Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted lunds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the noles to the financial statements. 1.4. Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. 11 ARUNDEL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023 PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Income (Contlnued) Cash donations are recognised on receipt. Other donations are recognised one the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds ot covenant is recognised at the time ot the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5. Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and th8 amount of the obligation can be measured reliably. 1.6. Tanglble fixed a88ets Tangible fixed assets are inttially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of asseis less their residual values over their useful lives on the following bases: Equipment: 50/0 Straight line. The gain or loss arising from the disposal of an asset is d8temiined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the statement of financial activities. 1.7. Impairment of flxed as8el8 At each reporting end date, the charty reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairrneni loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8. Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposiis held al call with banks, other short-temi liquid investments with original maturiti8s of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings ol current liabilities. 12 ARUNDEL FESTIVAL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2023 PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Financial Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the CharTty's balan￿ sheet when the Charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enfor￿able right to set off the recognised amounts and Ihere is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future years receipts discounted at market rate of interest. Financial assets classified as re￿[Vable within one year are not amortised. Basic flnancial liabilities Basic financial liabilities, which include credilors and bank loans, are initially recognised at transaction price unless the arrangement constttutes a financing transaction, where the debt instrument is measured at the present value of the future payments dis(x)unted at market rate of interest. Financial liabilities classrfied as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using effective interest rate method. Trade creditors are obligations to pay for goods or ServI￿S that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If noi, they are presented as non