2021-04-01-accounts - Southwold Arts Festival

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SOUTHWOLD ARTS FESTIVAL

Report and accounts for the year ended 31 March 2021

Charity Number

1161134

SOUTHWOLD ARTS FESTIVAL

Financial Statements For the Year Ended 31 March 2021

Contents	Page
Legal and administrative information	3
Trustees' report	4 - 6
Independent examiner's report	7
Income statement	8

SOUTHWOLD ARTS FESTIVAL

Reference and administrative information

Charity name Southwold Arts Festival Charity registration number 1161134 Registered office 2 Marsh Cottage Shepherds Lane Reydon Southwold Suffolk IP18 6SB

Trustees

The trustees serving throughout the year were as follows:

David Goodman Linda Le Versha

Executive committee

Lin Le Versha Chair, marketing, event organisation Di Brown Vice chair, marketing, stewards, first aid Rosie Carter Treasurer Graham Denny Liaison with Southwold Town Council, health and safety and insurance Tristan Bray Marketing Dominic Parravani Sponsorship Paul Fitzgerald Technical advisor Ian Lomas Photographer

Bankers

Barclays Bank Plc, 67 High Street, Southwold, Suffolk

SOUTHWOLD ARTS FESTIVAL

Trustees' Report for the Year Ended 31 March 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

Structure, governance and management

The Southwold Arts Festival was established in 2014 as an eight-day celebration of the arts, organised by a group of volunteers who are passionate about the arts and Southwold. Performances take place every morning, lunchtime, afternoon and evening during the week and comprise concerts, plays, talks, exhibitions, poetry and literary events for all ages and tastes in venues throughout Southwold and in neighbouring Reydon

The trustees of the Southwold Arts Festival have established the philosophy of the festival, the organisation of which they have delegated to the executive committee. The trustees oversee the development of the programme, to ensure that it is in line with the published objectives of the CIO, monitor the budget and the finances of the festival and receive the annual accounts form the treasurers and the evaluation of events to inform the planning in the following year.

The chair of the executive committee is also a trustee so that communication between the two groups is efficient and the committee is held to account effectively. The trustees hold three formal meetings each year and additional meetings as necessary. The trustees were appointed on a fixed term, rolling programme and replaced in line with the CIO application. Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

The executive committee comprises volunteers who bring a wide range of skills to support the organisation of the festival. The agendas and notes of all meetings are sent to the trustees to ensure that they are aware of all developments and issues. The executive committee meets each month until May when weekly meetings are held until the end of the festival. Marketing, technical, and programme planning task groups report to the executive committee where actions are agreed and monitored. Volunteers with appropriate skill sets who receive the approval of the trustees replace members of the executive committee who leave.

The festival opens with a street festival where the High Street in Southwold is closed to traffic from midday and local shops provide stalls alongside, local arts and crafts, food and charities. Children form a fancy dress procession to the town market square where music, dance groups and local choirs perform.

The chair of the street festival reports to the executive committee and two members of the executive committee attend the planning meetings to ensure that health & safety and first aid policies are line with those of the festival and the conditions of the public liability insurance are met. Notes from the street festival committee meetings are reported at the executive committee so go to the trustees for scrutiny and monitoring to ensure that they comply with the objectives of the CIO.

SOUTHWOLD ARTS FESTIVAL

Trustees' Report for the Year Ended 31 March 2021

Structure, governance and management (cont.)

The planning for the 2020 Festival took place as described above from September 2019 to March 17th 2020, when it was decided by the Trustees and all members of the Executive Committee to cancel the Festival in the light of Covid 19. It was felt that in the unprecedented global pandemic the risks of holding the Festival would be too great. All events were cancelled and all payments for tickets or donations from Friends were re-funded.

Risk management

The trustees carry out risk assessments for each event organised by the charity and decided, in the light of the pandemic, it was unsafe to run any of the planned events.

Related parties

In so far as it is related to the charity's objects, the charity is guided by both local and national policies. No trustee has any financial interest in this organisation.

Objects and activities

The charity's objects and principal activities are to advance education and promote arts, culture and heritage in particular but not exclusively by the organising of an annual arts festival in Southwold, Suffolk.

Achievements and performance

The 2020 Festival planned 29 events, none of which were staged.

Public benefit

The benefits of the festival to the public were wide ranging but unfortunately all had to be cancelled.

Financial review

To date, the charity has been entirely self-sufficient and received no grants, but a grant from Awards for All was received in March 2020 which, with the agreement of the awarding body, will be used in a future festival for marketing and publicity. All those involved in planning, organising and staging the Festival are volunteers. The trustees are extremely grateful to the large number of volunteers, without whom it would be impossible to run the Festival.

Finance continues to be an area for attention and a concerted effort will be made to find significant sponsorship, which is becoming more challenging each year.

SOUTHWOLD ARTS FESTIVAL

Trustees' Report for the Year Ended 31 March 2021

Reserves policy

The directors have examined the charity's requirements for reserves in the light of the risks to the organisation. Reserves are needed to meet the working capital requirements of the charity and the trustees are reasonably confident that at the present level they would be able to continue the current activities of the charity for another year.

The amount of the reserve is calculated at a level which will provide enough working capital for the following year, bearing in mind the necessary and ever-increasing up-front costs.

This policy is reviewed on an annual basis.

Plans for future periods

The trustees are working hard on continuing to provide an entertaining and educational show whilst bearing in mind the needs of the public.

Responsibilities of the trustees

Charity law requires the trustees to prepare financial statements for each financial year which gives a true and fair view of the affairs of the charity as at the balance sheet date and of its income and expenditure for the financial year. In preparing the financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue on that basis

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that financial statements comply with current legislation. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on

and signed on its behalf by

Linda Le Versha Trustee

SOUTHWOLD ARTS FESTIVAL

Independent examiners report to the trustees of Southwold Arts Festival 2020

I report to the Trustees on my examination of the accounts of the Southwold Arts Festival 2021 Trust (the Trust) for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).

I report in respect of my examination of the Trust's accounts as carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5) (b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

I have no concerns and have come across no 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.

C M Camburn FCCA

Date: 30 November 2021

SOUTHWOLD ARTS FESTIVAL

INCOME STATEMENT

For the year ended 31 March 2021

Income Sponsorship Ticket sales Ticketing fee Hall recharge Donations Bunting Bank interest Gift Aid Expenditure Accommodation and travel Administrative Insurance Fees and subscriptions Advertising and publicity Event fees Catering Equipment hire Flowers Gifts Printing and Stationery Technician and specialist Venue hire Street festival - income - expenses Friends evening Surplus for the year	2020 Festival £ - - - - - - 26 - 26 - - (527) 150 - - - - - - - - - (455) 3,115 178 3,022 633 - 256 (230)	2019 Festival £ 10,647 32,073 (2,420) 200 6,076 983 - 1,751
		49,310
		136 45 1,283 648 6,526 26,765 118 2,595 113 22 15 3,075 2,750 (93) 128

		44,126

		5,184