REGISTERED COMPANY NUMBER: 07070372 (England and Wales) REGISTERED CHARITY NUMBER: 1149252
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2021
for Marlborough Literature Festival
Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
Marlborough Literature Festival
Contents of the Financial Statements for the Year Ended 31 December 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 | 10 |
Marlborough Literature Festival (Registered number: 07070372)
Report of the Trustees for the Year Ended 31 December 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 December 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 company is to offer the public opportunities for the appreciation, enjoyment and understanding of Literature and the Arts including holding an annual literature festival.
Public benefit
The trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake. The trustees consider that they have acted in the public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
With likely Covid uncertainties still in place, the Charity decided to hold a Festival (30 September - 3 October) with a reduced number of live events and some livestreaming together with outreach events for local schools and with the Jubilee Centre Lunch Club. With some sponsorship money carried over from the previous year, only a small loss was incurred.
FINANCIAL REVIEW
Reserves policy
It is the aim of the Trustees to have reserves of at least 50% of an annual festival's anticipated costs. At 31 December 2021, reserves were £54,192, which is in excess of this policy. The Trustees recognise their good fortune in having reserves and decided it was reasonable to continue using some of them, if needed, to enable plans for future festivals and outreach activities to take place. This included the retention of their PR and administration support.
FUTURE PLANS
In the Autumn, the committee began planning for a full Festival of live events and outreach activities in 2022.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Marlborough Literature Festival is a company limited by guarantee as defined by the Companies Act 2006. It was constituted as a company on 9 November 2009 and is governed by a Memorandum and Articles of Association.
Recruitment and appointment of new trustees
Trustees are recruited from the local community and are appointed by the board of trustees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
07070372 (England and Wales)
Registered Charity number
1149252
Registered office
Bridge House High Street Avebury Marlborough Wiltshire SN8 1RF
Trustees
V B Reekie G P Benest L L Briscall (appointed 11.1.21) K A Fry K F Newman (resigned 12.1.22) S B Sharland J P Stock B W Tarring L M Tinker (resigned 11.1.21) A Padfield (appointed 12.1.22)
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Marlborough Literature Festival (Registered number: 07070372)
Report of the Trustees for the Year Ended 31 December 2021
REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary V B Reekie
Independent Examiner
James Gare FCA DChA Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
Approved by order of the board of trustees on 6 July 2022 and signed on its behalf by:
G P Benest - Trustee
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Independent Examiner's Report to the Trustees of Marlborough Literature Festival
Independent examiner's report to the trustees of Marlborough Literature Festival ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 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:
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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
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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
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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.
James Gare FCA DChA Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
30 August 2022
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Marlborough Literature Festival
Statement of Financial Activities
for the Year Ended 31 December 2021
| 2021 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 1,667 Charitable activities 6 Festival 42,859 Other trading activities 4 409 Investment income 5 167 Total 45,102 EXPENDITURE ON Charitable activities Festival 45,236 NET INCOME/(EXPENDITURE) (134) RECONCILIATION OF FUNDS Total funds brought forward 54,326 TOTAL FUNDS CARRIED FORWARD 54,192 |
2020 Total funds £ 2,114 1,000 - - 3,114 14,289 (11,175) 65,501 54,326 |
|---|---|
The notes form part of these financial statements
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Marlborough Literature Festival (Registered number: 07070372)
Balance Sheet
31 December 2021
| 2021 Unrestricted funds Notes £ FIXED ASSETS Tangible assets 10 284 CURRENT ASSETS Debtors 11 - Cash at bank 54,908 54,908 CREDITORS Amounts falling due within one year 12 (1,000) NET CURRENT ASSETS 53,908 TOTAL ASSETS LESS CURRENT LIABILITIES 54,192 NET ASSETS 54,192 FUNDS 13 Unrestricted funds 54,192 TOTAL FUNDS 54,192 |
2020 Total funds £ 567 1,433 59,926 61,359 (7,600) 53,759 54,326 54,326 54,326 54,326 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 6 July 2022 and were signed on its behalf by:
G P Benest - Trustee
The notes form part of these financial statements
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Marlborough Literature Festival
Notes to the Financial Statements for the Year Ended 31 December 2021
1. STATUTORY INFORMATION
Marlborough Literature Festival is a charitable company limited by guarantee, without share capital, incorporated in England and Wales. The registered office address, nature of the charity's operations and principal activities can be found in the Trustees' Report.
2. 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.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.
There are no significant areas of judgements or key sources of estimation uncertainty.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Legal status of the Charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
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.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
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.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on straight line basis
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.
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Marlborough Literature Festival
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
2. ACCOUNTING POLICIES - continued
Financial instruments
The charity 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.
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 at bank and in hand
Cash at bank and cash 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.
Creditors and provisions
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.
| 3. DONATIONS AND LEGACIES Donations 4. OTHER TRADING ACTIVITIES Cafe/ bar sales 5. INVESTMENT INCOME Deposit account interest 6. INCOME FROM CHARITABLE ACTIVITIES Activity Sponsorship Festival Ticket sales Festival 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets Independent examination |
2021 £ 1,667 2021 £ 409 2021 £ 167 2021 £ 26,900 15,959 42,859 2021 £ 283 1,000 |
2020 £ 2,114 2020 £ - 2020 £ - 2020 £ 1,000 - |
|---|---|---|
| 1,000 | ||
| 2020 £ 283 600 |
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Marlborough Literature Festival
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
Expenses paid to the trustees in the year totalled £Nil (2020: £30). These expenses were paid to one trustee reimbursed for their babysitting expenses.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||
|---|---|---|
| funds | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 2,114 | |
| Charitable activities | ||
| Festival | 1,000 | |
| Total | 3,114 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Festival | 14,289 | |
| NET INCOME/(EXPENDITURE) | (11,175) | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 65,501 | |
| TOTAL FUNDS CARRIED FORWARD | 54,326 | |
| 10. | TANGIBLE FIXED ASSETS | |
| Fixtures | ||
| and | ||
| fittings | ||
| £ | ||
| COST | ||
| At 1 January 2021 and 31 December 2021 | 1,133 | |
| DEPRECIATION | ||
| At 1 January 2021 | 566 | |
| Charge for year | 283 | |
| At 31 December 2021 | 849 | |
| NET BOOK VALUE | ||
| At 31 December 2021 | 284 | |
| At 31 December 2020 | 567 |
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Marlborough Literature Festival
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income |
2021 £ - 2021 £ 1,000 |
2020 £ 1,433 |
|---|---|---|
| 2020 £ 7,600 |
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
In the prior year there was deferred income of £7,000 which related to sponsorship income for the 2021 festival.
13. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1.1.21 | in funds | 31.12.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 54,326 | (134) | 54,192 |
| TOTAL FUNDS | 54,326 | (134) | 54,192 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 45,102 | (45,236) | (134) |
| TOTAL FUNDS | 45,102 | (45,236) | (134) |
Comparatives for movement in funds
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.1.20 | in funds | funds | 31.12.20 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 40,501 | (11,175) | 25,000 | 54,326 |
| Designated fund | 25,000 | - | (25,000) | - |
| 65,501 | (11,175) | - | 54,326 | |
| TOTAL FUNDS | 65,501 | (11,175) | - | 54,326 |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 3,114 | (14,289) | (11,175) | |
| TOTAL FUNDS | 3,114 | (14,289) | (11,175) |
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Marlborough Literature Festival
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
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