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← Essex Book Festival

2024-12-31-accounts

Essex Book Festival

Charity No. 1143727

Company No. 07538636

Trustees' Report and Unaudited Accounts

31 December 2024

Essex Book Festival Contents

Pages
Trustees' Annual Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Summary Income and Expenditure Account 7
Balance Sheet 8
Notes to the Accounts 9 to 15
Detailed Statement of Financial Activities 16 to 17

Page 1

Essex Book Festival Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 07538636

Charity No. 1143727

Registered Office

125 High Street Colchester Essex CO1 1SZ

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

P.B. Donaldson

T. Fisher

P.A. Gaudin

J.A. Macdonald

F. Ogunlana-Fadipe

C. Shestopal

Accountants

Quantic Accountancy Limited 1 Second Avenue Bluebridge Halstead Essex CO9 2SU

OBJECTIVES AND ACTIVITIES

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:

Essex Book Festival is one of the highlights of the county’s cultural calendar. Each year it hosts events in a range of venues across Essex reflecting the rich and diverse geography and heritage of the county. Its key aim is to celebrate the book and storytelling in all its forms focussing on all ages and communities, and supporting literacy, promoting health and well-being, and nurturing community cohesion.

Page 2

Essex Book Festival

Trustees Annual Report

In terms of meeting this aim, 2024 was a successful and an impactful year for Essex Book Festival. During June we hosted 87 events in 40 venues county-wide involving 280 writers and artists, which were attended by 20,000+ people. 54% of these events were free or by donation (pay what you can) to ensure that the widest demographic people were able to participate in the festival. This involved a range of special events and activities to mark our 25th Anniversary, including our Radical Essex Procession from Colchester City Centre to the University of Essex where we were met by Festival Patron and the University’s Chancellor Sarah Perry, and in addition, the creation of a unique Essex ink made from oak gall gathered from 25 destinations across Essex.

Festival ticket sales were lower than anticipated. We believe this was the result of the General Election, which made it more challenging to promote our events, and perceived financial uncertainty engendered by the ongoing cost-of-living crisis. We also had to cancel/postpone a number of high-profile events including John Crace, Estelle Paranque and Peter Hain due to author/family sickness and Covid-related issues.

Other activities/projects undertaken outside of the Festival month included the conclusion of our Spoken Word Power schools project led by London-based Eastside Education Trust: The Book Project, which took place in 8 schools across Essex, and our annual Manifesto for Essex Youth Summit, which took place as part of EASUSTAIN Festival at Firstsite, Colchester, and which included Caroline Lucas as one of our panellists.

Essex Book Festival is keen to build on these achievements for 2025, while exploring new funding and marketing opportunities to maintain its financial security moving forwards. 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.

The charity also maintained restricted reserves generated from the Arts Council England, Essex County Council and Historic England. The reserves were 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.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

Essex Book Festival Trustees Annual Report

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

signed on 04/06/2025, 17:00:41 BST J.A. Macdonald

Trustee

27 May 2025

Page 4

Essex Book Festival Independent Examiners Report

Independent Examiner's Report to the trustees of Essex Book Festival

I report to the charity trustees on my examination of the financial statements of Essex Book Festival for the year ended 31 December 2024.

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 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 your charity's financial statements 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

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 financial statements to be reached.

Stuart Foster

signed on 03/06/2025, 12:24:16 BST

Mr Stuart Foster (FCCA) ACCA Quantic Accountancy Limited 1 Second Avenue Bluebridge Halstead Essex CO9 2SU 27 May 2025

Page 5

Essex Book Festival Statement of Financial Activities

for the year ended 31 December 2024

Notes
Income and endowments
from:
Donations and legacies
4
Investments
5
Total
Expenditure on:
Charitable activities
6
Other
7
Total
Net gains on investments
Net (expenditure)/income
8
Transfers between funds
Net (expenditure)/income
before other gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2024
£
52,296
551		 Restricted
funds
2024
£
57,447
-		 Total funds
2024
£
109,743
551		 Total funds
2023
£
129,580
101
52,847
58,061
1,079		 57,447
56,644
803		 110,294
114,705
1,882		 129,681
118,941
1,821
59,140
-		 57,447
-		 116,587
-		 120,762
-
(6,293)
-		 -
-		 (6,293)
-		 8,919
-
(6,293) - (6,293) 8,919
(6,293)
38,119		 -
-		 (6,293)
38,119		 8,919
29,200
31,826 - 31,826 38,119

Page 6

Essex Book Festival Summary Income and Expenditure Account

for the year ended 31 December 2024

Income
Interest and investment income
Gross income for the year
Expenditure
Total expenditure for the year
Net (expenditure)/income before tax
for the year
Net (expenditure )/income for the year		 2024
£
109,743
551
110,294
116,587
116,587
(6,293)
(6,293)		 2023
£
129,580
101
129,681
120,762
120,762
8,919
8,919

Page 7

Essex Book Festival Balance Sheet

at 31 December 2024

at 31 December 2024
Company No.
07538636		 Notes 2024 2023
£ £
Current assets
Debtors 10 8,605 1,444
Cash at bank and in hand 80,654 46,835
89,259 48,279
Creditors:Amount falling due within one year 11 (57,433) (10,160)
Net current assets 31,826 38,119
Total assets less current liabilities 31,826 38,119
Net assets excluding pension asset or liability 31,826 38,119
Total net assets 31,826 38,119
The funds of the charity
Restricted funds 12
Unrestricted funds 12
General funds 31,826 38,119
31,826 38,119
Reserves 12
Total funds 31,826 38,119

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 December 2024 the company was entitled to exemption under section 477 of the 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 responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 27 May 2025

And signed on its behalf by:

J.A. Macdonaldsigned on 04/06/2025, 17:00:41 BST Trustee

27 May 2025

Page 8

Essex Book Festival Notes to the Accounts

for the year ended 31 December 2024

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 9

Essex Book Festival Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 10

Essex Book Festival Notes to the Accounts

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 11

Essex Book Festival

Notes to the Accounts

3 Statement of Financial Activities - prior year

3
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Investments
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4
Income from donations and legacies
Other income
Grants
5
Income from investments
Bank interest received		 Unrestricted
£
11,756
40,540
52,296		 Unrestricted
funds
2023
£
60,585
101
60,686
51,055
712
51,767
8,919
8,919
8,919
29,200
38,119
Restricted
£
-
57,447
57,447
Unrestricted
£
551
551		 Restricted
funds
2023
£
68,995
-
68,995
67,886
1,109
68,995
-
-
-
-
-
Total
2024
£
11,756
97,987
109,743
Total
2024
£
551
551		 Total funds
2023
£
129,580
101
129,681
118,941
1,821
120,762
8,919
8,919
8,919
29,200
38,119
Total
2023
£
15,790
113,790
129,580
Total
2023
£
101
101

Page 12

Essex Book Festival

Notes to the Accounts

6
Expenditure on charitable activities
Expenditure on charitable
activities
Marketing and audience
development
Artistic expenditure
Development manager fees
Governance costs
7
Other expenditure
General administrative costs
Legal and professional costs
8
Net (expenditure)/income before transfers
This is stated after charging:
Independent Examiner's fee
9
Staff costs
No employee received emoluments in excess
10 Debtors
Trade debtors
Prepayments and accrued income
11 Creditors:
amounts falling due within one year
Trade creditors
Accruals
Deferred income		 Unrestricted
£
10,066
18,597
29,398
58,061
Unrestricted
£
725
354
1,079
of £60,000.		 Restricted
£
8,420
21,015
27,209
56,644
Restricted
£
507
296
803
2024
£
650
2024
£
7,743
862
8,605
2024
£
6,787
651
49,995
57,433		 Total
2024
£
18,486
39,612
56,607
114,705
Total
2024
£
1,232
650
1,882		 Total
2023
£
24,767
30,260
63,914
118,941
Total
2023
£
1,201
620
1,821
2023
£
600
2023
£
-
1,444
1,444
2023
£
1,040
1,620
7,500
10,160

Page 13

Essex Book Festival Notes to the Accounts

12 Movement in funds

Restricted funds:
Restricted income funds:
Arts Council Grant
Climate Action Challenge
Fund
Historic England Grant
Total
Unrestricted funds:
General funds
Total funds		 At 1 January
2024
-
-
-
-
38,119
38,119		 Incoming
resources
(including
other
gains/losses
)
£
49,990
1,000
6,457
57,447
52,847
110,294		 Resources
expended
£
(49,990)
(1,000)
(6,457)
(57,447)
(59,140)
(116,587)		 At 31
December
2024
£
-
-
-
-
31,826
31,826

Purposes and restrictions in relation to the funds:

Restricted funds:
Arts Council Grant National Lottery Project Grants 'The Great Tide' project.
Climate Action Challenge Essex Young People's Climate Action project.
Fund
Historic England Grant Beach of Dreams

13 Analysis of net assets between funds

Net current assets
14 Reconciliation of net debt
Cash and cash equivalents
Net debt		 Unrestricted
funds
£
81,821
81,821
At 1 January
2024
£		 Restricted
funds
£
(49,995)
(49,995)
Cash flows
£		 Total
£
31,826
31,826
At 31
December
2024
£
46,835 33,819 80,654
46,835
46,835		 33,819
33,819		 80,654
80,654

Page 14

Essex Book Festival Notes to the Accounts

15 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 15

Essex Book Festival Detailed Statement of Financial Activities

for the year ended 31 December 2024

Income and endowments from:
Donations and legacies
Other income
Grants
Investments
Bank interest received
Total income and endowments
Expenditure on:
Charitable activities
Marketing and audience
development
Artistic expenditure
Development manager fees
Total of expenditure on charitable
activities
General administrative costs,
including depreciation and
amortisation
Bank charges
General insurances
Legal and professional costs
Audit/Independent examination
fees
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net (expenditure)/income
Net (expenditure)/income before
other gains/(losses)
Other Gains
Net movement in funds		 Unrestricte
d funds
2024
£
11,756
40,540
52,296
551
551
52,847
10,066
18,597
29,398
58,061
58,061
120
605
725
354
354
1,079
59,140
-
(6,293)
(6,293)
-
(6,293)		 Restricted
funds
2024
£
-
57,447
57,447
-
-
57,447
8,420
21,015
27,209
56,644
56,644
-
507
507
296
296
803
57,447
-
-
-
-
-		 Total funds
2024
£
11,756
97,987
109,743
551
551
110,294
18,486
39,612
56,607
114,705
114,705
120
1,112
1,232
650
650
1,882
116,587
-
(6,293)
(6,293)
-
(6,293)		 Total funds
2023
£
15,790
113,790
129,580
101
101
129,681
24,767
30,260
63,914
118,941
118,941
126
1,075
1,201
620
620
1,821
120,762
-
8,919
8,919
-
8,919

Page 16

Essex Book Festival Detailed Statement of Financial Activities

Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 38,119
31,826		 -
-		 38,119
31,826		 29,200
38,119

Page 17 

Signatures' technical details

Signatures

stuart@quantic-ac.co.uk

03/06/2025, 12:24:16 BST

Fingerprint

299b30149be22f73af8272fcf42a1baee5e47a19

jimmacdonald67@yahoo.co.uk

04/06/2025, 17:00:41 BST

Fingerprint

90828b9dff6e4581d87a3b96a3fef75dd4bca822

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Document's hash: 19aca0c47b4a840f51d789b626030472c6d1a30475bbce6d0b90009a483369cd
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