Registered number: 06946197 Charity number: 1137770
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 18 |
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022
| Trustees | Ms Jane Emma Bond |
|---|---|
| Ms Johanna Maria Gardner | |
| Mr Kevin Peter Geary | |
| Ms Sarah Jane Martin (appointed 8 September 2022) | |
| Mr Bruce Paterson | |
| Ms Belinda Anne Patient | |
| Mr Gary Wright | |
| Company registered number 06946197 Charity registered number 1137770 Registered office The Shambles Westwick Road Worstead Norfolk NR28 9SD Company secretary Mrs Johanna Gardner Accountants Larking Gowen LLP Chartered Accountants King Street House 15 Upper King Street Norwich NR3 1RB |
Page 1
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Trustees present their annual report together with the financial statements of the Company for the 1 October 2021 to 30 September 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objects of the charity are any charitable purposes for the general benefit of the inhabitants of the parish of Worstead, Norfolk and its immediate neighbourhood or any part of the said parish for which provision is not made out of rates, taxes or other public funds, as the Executive Committee shall from time to time determine.
The trustees confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.
The charity runs The Worstead Festival in the last weekend of July each year in Worstead Village. The festival surplus is used to fund grants to local organisations.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Key financial performance indicators
After having to cancel the festival in 2020 and 2021, the trustees were happy to be able to announce that the festival would take place in 2022. As we hadn’t had any income during these two years, the emphasis of the trustees was to keep the initial outlay for the festival as low as possible, just in case the festival would have to be cancelled again.
The aim was to increase the number of paying stallholders and concessions and to keep the cost of the attractions low. This was achieved by promoting the pitches at the same price as the previous festival and offering new attractions the space to set up and charge visitors directly. Well-tried much loved attractions, some paid for by the festival, complemented the offerings. Instead of running the bars ourselves with the help of volunteers, local brewer Wildcraft was asked to take this over in for a fee.
As to be expected, costs for infrastructure had increased and we had some difficulties in booking marquees due to increased bookings by other events and weddings. We did manage to keep costs to a minimum and worked around the lack of marquees by hiring a local circus tent.
We increased our efforts in promoting the festival through social media and publications which in return resulted in several interviews on BBC radio Norfolk. We advertised the festival aiming to go cashless.
Page 2
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
Achievements and performance (continued)
All of the above, together with some good weather and despite some issues with the new smart card readers, resulted in a great turnout and a very successful festival achieving a surplus of £16,086. We received high praise from both visitors and stallholders who have already booked pitches for the next festival in 2023 amounting to nearly £7,400.
Grant applications were accepted and after evaluation after the year end, a total of £7,851 was distributed to local causes. The remainder of the surplus will be held in reserves. The festival is still financially secure and as long as volunteers keep coming forward with enthusiasm the event will continue to flourish. It is also the ongoing policy of the Festival to keep costs under strict control.
We have learnt a lot from previous festivals and hope to improve the event in the coming years, we are mindful of the need to continue to adapt and vary the event. In this regard all suggestions, feedback, ideas and offers of help are always welcome. There are many people to thank because without them the festival would not happen. From the volunteers, committee members and supporters to the people who donate services, equipment, facilities, land and sponsorship. We appreciate all of your help & support and hope you will continue to support us, and the good causes which benefit, in the years to come
b. Review of activities
The trustees will continue to keep the festival fun both for the volunteers and for the visiting public. We would like to continue to keep the costs low and try to reduce the number of volunteers needed, as these are getting more difficult to find. We would like to increase the ticket price but in return offer new attractions on top of the well-tried much loved ones. We aim to keep the festival small scale, offering local craft and food, attractions for all and entertainment for everybody to get involved and interact with.
The Festival’s financial reserves are now fully funded to the value which the directors believe is sufficient to protect the charity without jeopardising the longevity of the festival or the charity. Sufficient reserves are still in place to protect the event for this year and the Festival’s foreseeable future, all amounts above the current reserve will be transferred to the grant fund and distributed to good causes.
The income for the year amounted to £55,131 (2021: (£889)). Expenditure to support the charitable objectives during the year was £39,045 (2021: £8,040) which includes grants to institutions amounting to £7,663 (2021: £3,560).
Financial review
a. Going concern
The trustees have considered the charity’s position at the time of signing the financial statements, and current economy. The trustees have considered the current financial position of the company, together with the range of measures the trustees can take to mitigate ongoing costs.
Based on this, the trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
Page 3
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
b. Reserves policy
Free reserves at 30 September 2022 amounted to £90,741 (2021: £74,655) consisting of the net current assets of the charity.
The Trustees consider the level of reserves to be sufficient to allow the company to continue to operate for the forseeable future.
Structure, governance and management
a. Constitution
The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 27/06/2009.
The charity is constituted under a Memorandum of Association dated 27/06/2009 and is a registered charity number 1137770.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
The scheme provides that the Executive Committee consists of between six and twelve members elected at the Annual General Meeting. New Committee members are actively recruited by the Executive Committee, and are interviewed prior to recommendation to the Annual General Meeting. The Committee may appoint three coopted members.
All members retire together at the AGM following their appointment, but may be re-elected or re-appointed.
Future developments
The trustees will continue to look to fine tune the festival and add some new attractions to keep it interesting. They are also conscious of keeping some of the old core attractions which everyone loves.
The trustees are continuing to look into increasing publicity for the festival to stand out from many other attractions around that time of year. They are continuing with the update of the website presence and actively maintaining social media outlets. The new website will enable the Festival to take bookings, manage sponsors and sell tickets online. The continued use of Smartcard readers will reduce the need to hold cash at the gates during the event and also work towards making the festival a largely cashless event in 2023. The trustees are also looking at ways to improve the flow of visitors entering the festival.
With regards to the grant policy the intention is still to be able to seek to support larger projects where possible to deliver towards significant and tangible enhancements to the local community.
Page 4
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company 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).
Company law requires the Trustees to prepare financial statements for each financial . 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Ms Belinda Anne Patient
Date:
Page 5
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022
Independent examiner's report to the Trustees of The Worstead Village Festival ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 30 September 2022.
Responsibilities and basis of report
As the Trustees of the Company (and 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, I report in respect of my examination of the Company's accounts 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(5)(b) of the 2011 Act.
Independent examiner'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:
-
accounting records were not kept in respect of the Company 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
-
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)].
I 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.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed:
Dated: 24/5/2023
Giles Kerkham FCA DChA
Larking Gowen LLP Chartered Accountants Norwich
Page 6
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2022
| Note Income from: Charitable activities 3 Investments 4 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 55,126 5 55,131 39,045 39,045 16,086 74,655 16,086 90,741 |
Total funds 2022 £ 55,126 5 55,131 39,045 39,045 16,086 74,655 16,086 90,741 |
Total funds 2021 £ (896) 7 (889) 8,040 8,040 (8,929) 83,584 (8,929) 74,655 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 18 form part of these financial statements.
Page 7
THE WORSTEAD VILLAGE FESTIVAL (A company limited by guarantee) REGISTERED NUMBER: 06946197
BALANCE SHEET AS AT 30 SEPTEMBER 2022
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Unrestricted funds 12 Total funds |
2,561 97,998 100,559 (10,222) |
2022 £ 404 404 90,337 90,741 90,741 90,741 |
1,818 72,809 74,627 (820) |
2021 £ 848 |
|---|---|---|---|---|
| 848 73,807 |
||||
| 74,655 | ||||
| 74,655 | ||||
| 74,655 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Ms Jane Emma Bond
Date:
The notes on pages 9 to 18 form part of these financial statements.
Page 8
THE WORSTEAD VILLAGE FESTIVAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
1. General information
The charity is company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Worstead Village Festival 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.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
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 the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 9
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Fixtures and fittings 25% straight line - Computer equipment 50% straight line
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 10
THE WORSTEAD VILLAGE FESTIVAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
2. Accounting policies (continued)
2.9 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from charitable activities
| Unrestricted funds 2022 £ Annual festival 55,126 Unrestricted funds 2021 £ Annual festival (896) |
Total funds 2022 £ 55,126 Total funds 2021 £ (896) |
|---|---|
Festival income reflects a total of £2,049, less £2,945 refunded for the 20/21 festival.
Page 11
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
4. Investment income
| Unrestricted funds 2022 £ Investment income 5 Unrestricted funds 2021 £ Investment income 7 5. Analysis of grants Grants to Individuals 2022 £ Grants payable 7,663 Grants to Individuals 2021 £ Grants payable 3,560 |
Total funds 2022 £ 5 |
|---|---|
| Total funds 2021 £ 7 |
|
| Total funds 2022 £ 7,663 |
|
| Total funds 2021 £ 3,560 |
Page 12
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
| Grants Payable Worstead St Mary the Virgin Church Worstead Parish Council Stalham Fire service Worstead PCC North Walsham and Dilham Canal Sea Palling Lifeboat |
2022 £ 3,000 3,000 1,633 - - - 7,633 |
2021 £ - - - 1,750 1,510 300 |
|---|---|---|
| 3,560 |
6. Analysis of expenditure by activities
| Direct Costs 2022 £ Charitable activities 11,811 Direct Costs 2021 £ Charitable activities 138 |
Grant funding of activities 2022 £ 7,663 Grant funding of activities 2021 £ 3,560 |
Support costs 2022 £ 19,571 Support costs 2021 £ 4,342 |
Total funds 2022 £ 39,045 |
|---|---|---|---|
| Total funds 2021 £ 8,040 |
Land is donated for the Worstead Village Festival free of charge by Worstead Farms Limited.
Page 13
THE WORSTEAD VILLAGE FESTIVAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Attractions Music and theatre Attractions Analysis of support costs Depreciation Profit on the sale of fixed assets Accountancy Festival operations Health and safety Operations infrastructure Publicity |
Generating funds 2022 £ 10,394 1,417 11,811 Generating funds 2021 £ 138 Generating funds 2022 £ 444 (24) 1,682 14,544 1,000 216 1,709 19,571 |
Total funds 2022 £ 10,394 1,417 11,811 Total funds 2021 £ 138 Total funds 2022 £ 444 (24) 1,682 14,544 1,000 216 1,709 19,571 |
|---|---|---|
Page 14
(A company limited by guarantee)
THE WORSTEAD VILLAGE FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
6. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Depreciation Accountancy Festival operations Operations infrastructure Publicity |
Generating funds 2021 £ 1,174 817 1,737 575 39 4,342 |
Total funds 2021 £ 1,174 817 1,737 575 39 |
|---|---|---|
| 4,342 |
7. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's independent examiner for the independent | ||
| examination of the Company's annual accounts | 1,425 | - |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 30 September 2022, £43 of expenses were reimbursed to 1 Trustee (2021 - £ Nil).
The charity considered the Trustees to be the key management personnel of the charity.
Page 15
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
9. Tangible fixed assets
| Cost or valuation At 1 October 2021 Disposals At 30 September 2022 Depreciation At 1 October 2021 Charge for the year On disposals At 30 September 2022 Net book value At 30 September 2022 At 30 September 2021 Debtors Due within one year Trade debtors Prepayments |
Fixtures and fittings £ 7,574 - 7,574 6,726 444 - 7,170 404 848 |
Computer equipment £ 11,481 (205) 11,276 11,481 - (205) 11,276 - - 2022 £ 500 2,061 |
Total £ 19,055 (205) 18,850 18,207 444 (205) 18,446 404 848 2021 £ - 1,818 |
|---|---|---|---|
10. Debtors
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THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
11. Creditors: Amounts falling due within one year
| Accruals Deferred income Resources deferred during the year |
2022 £ 2,899 7,323 10,222 2022 £ 7,323 |
2021 £ 820 - |
|---|---|---|
| 820 | ||
| 2021 £ - |
Deferred income relates to receipts received upfront for the 2023 festival.
12. Summary of funds
Summary of funds - current year
| Designated funds General funds |
Balance at 1 October 2021 £ 15,857 58,798 74,655 |
Income £ 5 55,126 55,131 |
Expenditure £ (7,663) (31,382) (39,045) |
Balance at 30 September 2022 £ 8,199 82,542 |
|---|---|---|---|---|
| 90,741 |
Designated funds relate to the balance the trustees set aside to award grants to local communities in the following years.
Summary of funds - prior year
| Designated funds General funds |
Balance at 1 October 2020 £ 15,857 67,727 83,584 |
Income £ 7 (896) (889) |
Expenditure £ (3,560) (4,480) (8,040) |
Balance at 30 September 2021 £ 12,304 62,351 |
|---|---|---|---|---|
| 74,655 |
Page 17
THE WORSTEAD VILLAGE FESTIVAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
13. Related party transactions
There were no related party transactions that require disclosure.
Page 18