REGISTERED COMPANY NUMBER: 07538636 (England and Wales) REGISTERED CHARITY NUMBER: 1143727
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2021
for
Essex Book Festival
Fisher Michael Chartered Accountants The Old Grange Warren Estate Lordship Road Writtle Essex CM1 3WT
Essex Book Festival
Contents of the Financial Statements for the Year Ended 31 May 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
Essex Book Festival
Report of the Trustees for the Year Ended 31 May 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to advance the education of the public in Essex by promoting literature, reading for pleasure and supporting and developing writers. The objectives are met, primarily, through an annual Essex Book Festival, which offers opportunities for local, national and international authors to discuss their works, writing workshops and competitions for budding authors.
Significant activities
The period covering 1st June 2020 to 31 May 2021 marks an exceptional period of activity for Essex Book Festival. As a result of Covid-19, Essex Book Festival moved the festival from March 2021, to take place over an extended period June-September 2021. This decision was taken to ensure that the festival was able to present a wide range of events and activities, some online and some in person, in 40+ venues across Essex, including two digital international events in partnership with organisations based in Abuja (Nigeria) and Melbourne (Australia). This had a direct impact on our income and expenditure for this accounting period. Most significantly, there was no festival in that accounting period and with that no income from ticket sales or other earned sources, i.e. book sales commissions. However, it also meant that there was no festival expenditure other than ongoing administration director and coordinator fees, that is, despite grant income from Arts Council England for our #WordsMatter
Despite the many challenges over the last 18-months, Essex Book Festival has proved to be financially robust while also supporting a range of creative project across the county out of the festival 'season'.
Public benefit
Our main activities and who we try to help are described above. All our charitable activities focus on the education of the public and are undertaken to further our charitable purposes for the public benefit.
FINANCIAL REVIEW
Reserves policy
The Essex Book Festival maintained two reserves during the year.
The general reserve is maintained at a level which the board of Trustees believe is required in order to continue to run the charity as a going concern. It is the Trustees' opinion that a relatively high general reserve is required in order to mitigate the risks around future grant and other support income. The current reserve level will offer some certainty to provide future festivals through to 2022.
The charity also maintains restricted reserves generated from the Arts Council England. The reserves will be used to develop specific projects, partnerships and audiences with the aim to embed diversity into all our festival events.
Going concern
No material uncertainties exist regarding the charity's ability to continue as a going concern.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law. The trustees are elected to serve at Annual General Meetings.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07538636 (England and Wales)
Page 1
Essex Book Festival
Report of the Trustees
for the Year Ended 31 May 2021
Registered Charity number 1143727
Registered office
125 High Street Colchester Essex CO1 1SZ
Trustees
P B Donaldson Mrs S M Ford J R Lucas J A Macdonald Ms P A Gaudin Ms C Shestopal
Independent Examiner
Fisher Michael Chartered Accountants The Old Grange Warren Estate Lordship Road Writtle Essex CM1 3WT
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
14/10/2021
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ J A Macdonald - Trustee
Page 2
Independent Examiner's Report to the Trustees of Essex Book Festival
Independent examiner's report to the trustees of Essex Book Festival ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2021.
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, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(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 2. the accounts do not accord with those records; or
-
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.
Mrs A S Kaley Fisher Michael Chartered Accountants The Old Grange Warren Estate Lordship Road Writtle Essex CM1 3WT 14/10/2021 Date: .............................................
Page 3
Essex Book Festival
Statement of Financial Activities for the Year Ended 31 May 2021
| Unrestricted Restricted funds funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 17,441 61,225 EXPENDITURE ON Charitable activities Event Costs 3,751 26,263 Governance costs - - Other 13,617 34,962 Total 17,368 61,225 NET INCOME/(EXPENDITURE) 73 - RECONCILIATION OF FUNDS Total funds brought forward 27,299 - TOTAL FUNDS CARRIED FORWARD 27,372 - |
2021 Total funds £ 78,666 30,014 - 48,579 78,593 73 27,299 27,372 |
2020 Total funds £ 77,256 43,212 900 48,128 92,240 (14,984) 42,283 27,299 |
|---|---|---|
The notes form part of these financial statements
Page 4
Essex Book Festival
Balance Sheet
31 May 2021
| Unrestricted Restricted funds funds Notes £ £ CURRENT ASSETS Debtors 4 365 - Cash at bank 28,007 - 28,372 - CREDITORS Amounts falling due within one year 5 (1,000) - NET CURRENT ASSETS 27,372 - TOTAL ASSETS LESS CURRENT LIABILITIES 27,372 - NET ASSETS 27,372 - FUNDS 6 Unrestricted funds TOTAL FUNDS |
2021 Total funds £ 365 28,007 28,372 (1,000) 27,372 27,372 27,372 27,372 27,372 |
2020 Total funds £ 9,539 47,060 56,599 (29,300) 27,299 27,299 27,299 27,299 27,299 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 14/10/2021
............................................. J A Macdonald - Trustee
The notes form part of these financial statements
Page 5
Essex Book Festival
Notes to the Financial Statements for the Year Ended 31 May 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the year ended 31 May 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2021 nor for the year ended 31 May 2020.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 38,146 39,110 EXPENDITURE ON Charitable activities Event Costs 25,468 17,744 Governance costs 900 - Other 17,262 30,866 Total 43,630 48,610 |
Total funds £ 77,256 43,212 900 48,128 |
|---|---|
| 92,240 |
Page 6
continued...
Essex Book Festival
Notes to the Financial Statements - continued
for the Year Ended 31 May 2021
| 3. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||||
| funds | funds | funds | ||||
| £ | £ | £ | ||||
| NET INCOME/(EXPENDITURE) | (5,484) | (9,500) | (14,984) | |||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 32,783 | 9,500 | 42,283 | |||
| TOTAL FUNDS CARRIED FORWARD | 27,299 | - | 27,299 | |||
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Trade debtors | - | 8,814 | ||||
| Prepayments | 365 | 725 | ||||
| 365 | 9,539 | |||||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Other creditors | - | 3,300 | ||||
| Accruals and deferred income | 1,000 | 26,000 | ||||
| 1,000 | 29,300 | |||||
| 6. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At 1.6.20 | in funds | 31.5.21 | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 27,299 | 73 | 27,372 | |||
| TOTAL FUNDS | 27,299 | 73 | 27,372 |
continued...
Page 7
Essex Book Festival
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
6. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 2,441 | (2,368) | 73 |
| Essex County Council Arts Development | 15,000 | (15,000) | - |
| 17,441 | (17,368) | 73 | |
| Restricted funds | |||
| Arts Council Grant | 61,225 | (61,225) | - |
| TOTAL FUNDS | 78,666 | (78,593) | 73 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1.6.19 | in funds | 31.5.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 32,783 | (10,512) | 22,271 |
| Essex County Council Arts Development | - | 5,028 | 5,028 |
| 32,783 | (5,484) | 27,299 | |
| Restricted funds | |||
| Arts Council Grant | 9,500 | (9,500) | - |
| TOTAL FUNDS | 42,283 | (14,984) | 27,299 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 20,646 | (31,158) | (10,512) |
| Essex County Council Arts Development | 17,500 | (12,472) | 5,028 |
| 38,146 | (43,630) | (5,484) | |
| Restricted funds | |||
| Arts Council Grant | 39,110 | (48,610) | (9,500) |
| TOTAL FUNDS | 77,256 | (92,240) | (14,984) |
continued...
Page 8
Essex Book Festival
Notes to the Financial Statements - continued
for the Year Ended 31 May 2021
6. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.6.19 | in funds | 31.5.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 32,783 | (10,439) | 22,344 |
| Essex County Council Arts Development | - | 5,028 | 5,028 |
| 32,783 | (5,411) | 27,372 | |
| Restricted funds | |||
| Arts Council Grant | 9,500 | (9,500) | - |
| TOTAL FUNDS | 42,283 | (14,911) | 27,372 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 23,087 | (33,526) | (10,439) |
| Essex County Council Arts Development | 32,500 | (27,472) | 5,028 |
| 55,587 | (60,998) | (5,411) | |
| Restricted funds | |||
| Arts Council Grant | 100,335 | (109,835) | (9,500) |
| TOTAL FUNDS | 155,922 | (170,833) | (14,911) |
7. ULTIMATE PARENT COMPANY
There is no ultimate controlling party.
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2021.
Page 9
Essex Book Festival
Detailed Statement of Financial Activities for the Year Ended 31 May 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Other income | 515 | 14,346 |
| Grants | 78,151 | 62,910 |
| 78,666 | 77,256 | |
| Total incoming resources | 78,666 | 77,256 |
| EXPENDITURE | ||
| Charitable activities | ||
| Marketing and audience development | 17,846 | 21,985 |
| Artistic expenditure | 11,268 | 19,807 |
| Ticket sale costs | - | 1,420 |
| 29,114 | 43,212 | |
| Support costs | ||
| Other | ||
| Insurance | 1,025 | 998 |
| Accountancy | 900 | 900 |
| Development manager fees | 47,554 | 47,130 |
| 49,479 | 49,028 | |
| Total resources expended | 78,593 | 92,240 |
| Net income/(expenditure) | 73 | (14,984) |
This page does not form part of the statutory financial statements
Page 10