Company registration number: 08000525 Charity registration number: 1147075
**THE BRIDPORT LITERARY FESTIVAL LIMITED (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **THE BRIDPORT LITERARY FESTIVAL LIMITED**
## **CONTENTS**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance Sheet|6|
|Notes to the financial statements|7 to 10|
**THE BRIDPORT LITERARY FESTIVAL LIMITED**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Charity name** The Bridport Literary Festival Limited **Charity registration number** 1147075 **Company registration number** 08000525 **Principal office** 157 Orchard Crescent Bridport Dorset DT6 5HB **Registered office** Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA **Trustees** Mrs Deirdre Mary Coates Mrs Helen Irene Carless Mrs Mary Laura Selina Rose Joly Mr David Manners Burnett (appointed 1 April 2024) Mr Nicholas Child (appointed 1 April 2024) Mr Stuart Peter Rock (appointed 1 April 2024) **Bankers** NatWest Dorchester 49 South Street Dorchester Dorset DT1 1DW **Independent Examiner** Mccountants Ltd 2 North Street Charminster Dorchester Dorset DT2 9QS
- 1 -
## **THE BRIDPORT LITERARY FESTIVAL LIMITED**
## **TRUSTEES' REPORT**
## **Structure, Governance and Management**
## Governing document
The organisation is a charitable company limited by guarantee, incorporated on 21 March 2012 and registered as a charity on 1 May 2012. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
## Recruitment and Appointment of Management Committee
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Management Committee.
There must be at least three Trustees. Apart from the first Trustees, every Trustee must be appointed by a resolution of the Trustees passed at a special meeting. In selecting individuals for appointment as Trustees, the Trustees have in regard the skills, knowledge and experience needed for the effective administration of the Charity.
All member of the Management Committee give their time voluntarily and received no benefits from the charity.
## Induction and Training of Trustees
New Trustees have made available to them a copy of the Charity’s constitution and a copy of the latest report and statement of accounts.
## Organisational Structure
The Charity has a Management Committee consisting of Trustees who meet regularly and are responsible for the strategic direction and policy of the charity. At present the Committee has six members from a variety of professional backgrounds relevant to the work of the charity. The Festival Director also sits on the Committee but has no voting rights.
## **Objectives and Activities**
The trustees shall hold the capital and income of the trust fund upon trust for the advancement of education by promoting and providing opportunities for the appreciation, understanding and enjoyment of literature and the arts and, in particular, through the promotion and running of a literary festival in Bridport to provide opportunities for the general public to read for pleasure and to increase their knowledge, understanding and appreciation of any matters literary, historic, artistic, architectural, aesthetic or scientific interest.
## **Achievements and Performance**
The Charity organised the seventeenth Bridport Literary Festival which was held from Sunday 5th November to Saturday 11th November 2023. The event ran at a deficit in the year of £10,233.
## **Financial Review**
## Reserves Policy
The Management Committee has examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds held by the charity should be between 3 and 6 months of the expenditure. The reserves are needed to meet the working capital requirements of the charity.
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## **THE BRIDPORT LITERARY FESTIVAL LIMITED**
## **TRUSTEES' REPORT**
## **Small company provisions**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the Board and signed on its behalf by:
Mrs Deirdre Mary Coates Trustee
Date 3 September 2024
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## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF**
## **THE BRIDPORT LITERARY FESTIVAL LIMITED**
I report on the accounts of the company for the year ended 31 March 2024, which are set out on pages 5 to 10.
## **Respective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the
preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
The charity’s trustees consider that an audit is not required for this year under Part 16 of the 2006 Act and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the Charities Act; and
- state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- the accounts do not accord with such records; or
- the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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 Charities SORP (FRS102).
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.
Michael McMahon 2 North Street Mccountants Ltd Charminster Dorchester Dorset Date 4 September 2024 DT2 9QS
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**THE BRIDPORT LITERARY FESTIVAL LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Incoming resources**
Incoming resources from charitable activities
2
Income from investments - interest income
Total incoming resources
**Resources expended**
Charitable activities
3
Governance costs
3
Total resources expended
Net movements in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Funds**
**£**
114,775
174
114,949
120,062
5,120
125,182
(10,233)
94,817
84,584|**Total Funds**
**2024**
**£**
114,775
174
114,949
120,062
5,120
125,182
(10,233)
94,817
84,584|**Total Funds**
**2023**
**£**
114,953
126|
|---|---|---|---|
||||115,079|
||||93,701
5,002|
||||98,703|
||||16,376
78,441|
||||94,817|
All incoming resources and resources expended derive from continuing activities.
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**THE BRIDPORT LITERARY FESTIVAL LIMITED (REGISTRATION NUMBER: 08000525)**
## **BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
Debtors
6
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
7
**Net current assets**
**Net assets**
**Unrestricted funds**
Unrestricted income funds
10
**Total charity funds**
**Current assets**
**The funds of the charity:**|**£**
**£**
4,350
89,684
94,034
(9,450)
84,584
84,584
84,584
84,584
**31 March 2024**|**£**
**£**
4,250
90,967
95,217
(400)
94,817
94,817
94,817
94,817
**31 March 2023**|**£**
**£**
4,250
90,967
95,217
(400)
94,817
94,817
94,817
94,817
**31 March 2023**|
|---|---|---|---|
||||94,817|
||||94,817|
||||94,817|
||||94,817|
For the financial year ended 31 March 2023, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
Approved by the Board on 3 September 2024 and signed on its behalf by:
Mr David Manners Burnett Mr Nicholas Child Mrs Helen Irene Carless Trustee Trustee Trustee
Mrs Deirdre Mary Coates Mr Stuart Peter Rock Mrs Mary Laura Selina Rose Joly Trustee Trustee Trustee
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**THE BRIDPORT LITERARY FESTIVAL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
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.
## **Basis of preparation**
The Bridport Literary Festival Limited 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 notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Exemption from preparing a cash flow statement**
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Fund accounting policy**
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Further details of each fund are disclosed in note 10.
## **Incoming resources**
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.
## **Resources expended**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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**THE BRIDPORT LITERARY FESTIVAL LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **Governance costs**
Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **2 Incoming resources from charitable activities**
|**Literary Festival**
Gift Aid tax reclaimed and interest thereon
Sponsorship and donations
Ticket sales
Friends income
Book bags
Grants
**3**
**Total resources expended**
**Direct costs**
Festival Consultant director
Hire of premises and equipment
Brochure, website and printing
Photocopying, stationery and postage
Advertising
Miscellaneous and general expenses
Legal and professional fees|**Unrestricted**
**Funds**
**£**
4,806
29,422
73,090
5,245
1,912
300
114,775
**Literary**
**Festival**
**£**
28,000
16,773
3,600
386
11,295
60,008
120,062|**Total Funds**
**2024**
**£**
4,806
29,422
73,090
5,245
1,912
300
114,775
**Governance**
**£**
5,120
5,120|**Total Funds**
**2023**
**£**
4,253
26,460
79,038
3,030
1,822
350|
|---|---|---|---|
||||114,953|
||||**Total**
**£**
28,000
16,773
3,600
386
11,295
60,008
5,120|
||||125,182|
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## **THE BRIDPORT LITERARY FESTIVAL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **4 Trustees'remuneration and expenses**
No trustees received any remuneration during the year.
## **5 Taxation**
The company is a registered charity and is, therefore, exempt from taxation.
## **6 Debtors**
|**Debtors**|||
|---|---|---|
|Other debtors
VAT
Accruals and deferred income
**Creditors: Amounts falling due within one year**|**2024**
**£**
4,350
**2024**
**£**
8,950
500
9,450|**2023**
**£**
4,250|
|||**2023**
**£**
-
400|
|||400|
## **7 Creditors: Amounts falling due within one year**
## **8 Members' liability**
The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
## **9 Related parties**
## **Controlling entity**
The charity is controlled by the trustees who are all directors of the company.
## **10 Analysis of funds**
|**Analysis of funds**|||||
|---|---|---|---|---|
||**At 2023**|**Incoming**|**Resources**|**At 2024**|
|||**resources**|**expended**||
||**£**|**£**|**£**|**£**|
|**General Funds**|||||
|Unrestricted income fund|94,817|114,949|(125,182)|84,584|
- 9 -
## **THE BRIDPORT LITERARY FESTIVAL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **11 Net assets by fund**
|**Net assets by fund**||||
|---|---|---|---|
|Current assets
Creditors: Amounts falling due within one year
Net assets|**Unrestricted**
**Funds**
**£**
94,034
(9,450)
84,584|**Total Funds**
**2024**
**£**
94,034
(9,450)
84,584|**Total Funds**
**2023**
**£**
95,217
(400)|
||||94,817|
## **12 Related party transactions**
Friends of the Bridport Literary Festival was formed in the year to 31 March 2016 to organise events in support of the Charity. Surplus Funds are included with Unrestricted Income Funds.
- 10 -
**THE BRIDPORT LITERARY FESTIVAL LIMITED**
## **DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024**
|**Incoming resources**
Incoming resources from charitable activities
Total incoming resources
**Resources expended**
Charitable activities
Governance costs
Total resources expended
Net movements in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**income fund**
**2024**
**£**
114,949
114,949
120,062
5,120
125,182
(10,233)
94,817
84,584|**Unrestricted**
**income fund**
**2023**
**£**
115,079|
|---|---|---|
|||115,079|
|||93,701
5,002|
|||98,703|
|||16,376
78,441|
|||94,817|
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## **THE BRIDPORT LITERARY FESTIVAL LIMITED**
## **INCOME & EXPEDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**EXPENDITURE**
Festival Consultant director
Hire of premises and equipment
Hospitality
Venue Hire
B&B provision
Brochure, website and printing
Photocopying, stationery and postage
Advertising and promotion
Advertising
Website and social media
Legal and professional fees
Bookkeeping
Mccountants
Miscellaneous and general expenses
Speakers expenses
Interviewers expenses
Booking fees and commissions
Materials
Childrens' events
Childrens' outreach
Donations
Bursary costs
Accommodation and meals
Director's assistants fees, PAYE/NI and pension
Director's expenses and training
Filming costs
Entertaining
Flowers
Technical support
Insurance
Travel expenses
Office costs
Sundry expenses
Computer costs
Subscriptions
**Total expenditure**
**INCOME**
Ticket sales
Donations and sponsors
Gift aid reclaimable and interest thereon
Friends income
Book bags and book commissions
Grants
Interest received
**Total income**
**(Deficit) / surplus for the year**|**£**
2,608.90
10,730.35
3,433.10|**£**
28,000.00
16,772.35
3,600.00
385.76
11,294.97
5,120.00
60,007.52
125,180.60
73,090.42
29,421.66
4,805.98
5,245.00
1,911.96
300.00
173.93
114,948.95
(10,231.65)
**2024**|**£**
1,391.36
10,013.72
3,466.38|**£**
28,500.00
14,871.46
5,158.80
-
7,371.20
5,001.80
37,799.97
**2023**|
|---|---|---|---|---|
||5,833.17
5,461.80||1,396.20
5,975.00||
||4,620.00
500.00||4,601.80
400.00||
||12,160.00
3,000.00
5,279.30
207.42
205.00
4,820.69
6,000.00
200.00
1,119.76
13,327.80
929.78
900.00
391.55
-
6,030.83
733.84
3,768.81
451.00
430.32
-
51.42||8,264.36
3,275.90
3,984.00
177.40
973.40
-
1,000.00
-
-
7,098.20
1,158.54
500.00
-
360.00
5,843.50
679.19
3,902.97
127.99
86.52
200.00
168.00||
||||||
|||||98,703.23|
|||||79,038.37
26,460.00
4,253.27
3,030.00
1,822.40
350.00
126.19|
|||||115,080.23|
|||||16,377.00|