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← The Worstead Village Festival

2024-09-30-accounts

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 2024

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 2024

Trustees

Mrs Jane Emma Bond

Ms Johanna Maria Gardner (resigned 29 December 2024) Mr Kevin Peter Geary Mrs Sarah Jane Martin (resigned 15 November 2023) Mr Bruce Paterson (resigned 2 January 2025) Mr Simon Christopher Cole (appointed 13 January 2023)

Mrs Jennifer Mcpherson Gubbins (appointed 1 November 2023) Mr Mark Thompson (appointed 1 January 2025)

Company registered number 06946197 Charity registered number 1137770 Registered office 26 The Slipway Marina Keep Port Solent Portsmouth Hampshire PO6 4TR Company secretary Ms Johanna Maria Gardner (resigned 29 December 2024) Accountants FAB Accountants Ltd 26 The Slipway Marina Keep Port Solent Portsmouth Hampshire PO6 4TR

Page 1

THE WORSTEAD VILLAGE FESTIVAL

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Trustees present their annual report together with the financial statements of the Company for the 1 October 2023 to 30 September 2024. 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

The trustees were very pleased that the festival was again a success in 2024. We had a mix of attractions some were paid for by the festival, others could charge. Brewer Wildcraft again ran the Festival bar for a fee.

The Festival has four main sources of income:

Ticket sales income was pretty much the same as the previous year at £55k. This was a good result as the ticket pricing had changed so that accompanied under 16s went in free (previously under 12s who went in free). Feedback on that change was positive and the trustees believe that it encouraged more families to come along and enjoy what was on offer.

The overall stalls income was similar to the previous year, as was sponsorship income was similar to the previous year at a little over £3k.

Page 2

THE WORSTEAD VILLAGE FESTIVAL

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

The trustees scrutinised our spending to make savings wherever they could while maintaining what was needed to run the Festival. Costs have gone up in many areas including insurance and equipment hire, all of which have a direct impact on the Festival.

The charity worked hard to promote the festival through social media and publications which in return resulted in several interviews on BBC Radio Norfolk. We made further progress towards the festival going cashless. All the above, together with some good weather, - resulted in a great turnout and a very successful festival achieving a surplus before grant payments of £38,686. We are pleased that a number of stallholders quickly booked pitches for the next festival in 2025.

Grant applications were accepted and after evaluation after the year end, the trustees approving the making of more than £27,000 of grant payments 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.

Achievements and performance (continued)

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 as low as possible and to try to reduce the number of volunteers needed, as these are getting more difficult to find. We plan to 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.

The income for the year amounted to £83,880 (2023: £82,255)). Expenditure to support the charitable objectives during the year was £62,433 (2023: £51,515) which includes grants to organisations amounting to £17,239 (2023: £7,851).

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 2024

b. Reserves policy

Free reserves at 30 September 2024 amounted to £142,928 (2023: £121,481) 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 co-opted 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 the need to keep 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 and enhancing social media outlets. 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 2024. The trustees are also looking at ways to improve the flow of visitors entering the festival.

The trustees are introducing discounted “early bird” online ticket sales for 2025 to again seek to reduce the cash management required over the festival weekend, to improve the entry process and to increase overall sales.

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 2024

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:

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:

Name: J Gubbins

Date: 05/06/2025

Page 5

THE WORSTEAD VILLAGE FESTIVAL

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 2024.

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts 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 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: 22/05/2025

FAB Accountants Limited

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 2024

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
2024
£
82,560
1,320
83,880
62,433
62,433
21,447
121,481
21,447
142,928		 Total
funds
2024
£
Total
funds
2023
£
82,560
81,939
1,320
316
83,880
82,255
62,433
51.515
62,433
51,515
21,447
30,740
121,481
90,741
21,447
30,740
142,928
121,481

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 2024

Fixed assets
Note
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		 2024
£
930
930
347
148,051
148,398
(6,400)
141,998
142,928
142,928
142,928		 2023
£
1,106
1,106
5,016
127,859
132,875
(12,500)
120,375
121,481
121,481
121,481		 2023
£
1,106
121,481
121,481
121,481

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:

Name: J Gubbins

Date: 05/06/2025

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 2024

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 2024

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 2024

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

Annual festival
Annual festival		 Unrestricted
funds
2024
£
82,560
Unrestricted
funds
2023
£
81,939		 Total
funds
2024
£
82,560
Total
funds
2023
£
81,939

Page 11

THE WORSTEAD VILLAGE FESTIVAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. Investment income

Investment income
Investment income
5.
Analysis of grants
Grants payable
Grants payable		 Unrestricted
funds
2024
£
1,320
Unrestricted
funds
2023
£
316
Grants to
Organisations
2024
£
17,239
Grants to
Organisations
2023
£
7,851		 Total
funds
2024
£
1,320
Total
funds
2023
£
316
Total
funds
2024
£
17,239
Total
funds
2023
£
7,851

Page 12

(A company limited by guarantee)

THE WORSTEAD VILLAGE FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Grants Paid
Honing and Crostwight Village Hall
Worstead Parish Council
North Walsham + Dllham Canal Trust
Queen Elizabeth Hall
Worstead PCC
Broadland First Responders
Worstead Guild of Weavers
Worstead Parochial
North Norfolk Food Bank
Making Connections
North Norfolk Surf
Southrepps Bowls
Worstead Schools		 2024
£
2,000
239
1,000
2,000
3,400
-
-
-
3,000
500
1,000
200
3,900
17,239		 2023
£
-
-
-
1,246
1,250
1,434
385
536
3,000
-
-
-
-
7,851

6. Analysis of expenditure by activities

Charitable activities
Charitable activities		 Grant
funding of
Support
Total
Direct Costs
activities
costs
funds
2024
£
2024
£
2024
£
2024
£
20,072
17,239
25,122
62,433
Direct Costs
Grant
funding of
activities
Support
costs
Total
funds
2023
2023
2023
2023
£
19,254
£
7,851
£
24,410
£
51,515

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 2024

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Attractions
Music and theatre
Attractions
Music and theatre		 Generating
funds
2024
£
Total
funds
2024
£
13,400
13,400
6,672
6,672
20,072
20,072
Generating
funds
2023
£
Total
funds
2023
£
16,413
16,413
2,841
2,841
19,254
19,254

Analysis of support costs

Depreciation
Bank fees
Charitable and political donations
Accountancy
Festival operations
Health and safety
Operations infrastructure
Publicity		 Generating
funds
2024
£
Total
funds
2024
£
176
176
763763
100
100
1,399
1,399
15,917
15,917
1,200
1,200
258
258
5,309
5,309
25,122
25,122

Page 14

THE WORSTEAD VILLAGE FESTIVAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Depreciation
Bank fees
Accountancy
Festival operations
Health and safety
Operations infrastructure
Publicity		 Generating
funds
2023
£
505
491
1,430
14,797
3,117
229
3,841
24,410		 Total
funds
2023
£
505
491
1,430
14,797
3,117
229
3,841
24,410

7. Independent examiner's remuneration

Independent examiner's remuneration
2024 2023
£ £
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts 1,399 1,200

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 30 September 2024, £1,528.69 of expenses were reimbursed to 4 Trustees (2023 -

£ 1,984.41).

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 2024

9. Tangible fixed assets

Cost or valuation
At 1 October 2023
Additions
At 30 September 2024
Depreciation
At 1 October 2023
Charge for the year
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023
Debtors
Due within one year
Trade debtors
Prepayments		 Fixtures and
fittings
£
7,574
-
7,574
7,574
-
7,574
-
-		 Computer
equipment
£
12,482
-		 Total
£

20,056
-
12,482
20,056
11,376
176
18,950

176
11,552
19,126
930
1,106
930

1,106
2024
£
147
200
347		 2023
£
2,500
2,516
5,016

10. Debtors

Page 16

THE WORSTEAD VILLAGE FESTIVAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. Creditors: Amounts falling due within one year

Trade creditors
Accruals
Deferred income
Resources deferred during the year		 2024
£
-
-
6,400
6,400
2024
£
6,400		 2023
£
2,120
1,430
8,950
12,500
2023
£
8,950

Deferred income relates to receipts received upfront for the 2025 festival.

12. Summary of funds

Summary of funds - current year

Designated funds
General funds		 Balance at 1
Balance at
30
October
September
2023
£
Income
£
Expenditure
£
2024
£
664
1,320
(17,239)
(15,255)
120,817
82,560
(45,194)
158,183
121,481
83,880
(62,433)
142,928

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
Balance at
30
1 October
September
2022
£
Income
£
Expenditure
£
2023
£
8,199
316
(7,851)
664
82,542
81,939
(43,664)
120,817
90,741
82,255
(51,515)
121,481

Page 17

THE WORSTEAD VILLAGE FESTIVAL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. Related party transactions

There were no related party transactions that require disclosure.

Page 18