2023-12-31-accounts - Keynsham Music Festival Association Ltd

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

==> picture [202 x 51] intentionally omitted <==

Trustees’ Annual Report for the period

From 1[st] January 2023 (Period start date) To (Period end date)

31[st] December 2023

Charity name: Keynsham Music Festival Association Ltd

Charity registration number: 1170185

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	As stated in the company articles, Keynsham Music Festival’s charitable purpose is the advancement of the arts for the public benefit, in particular but not exclusively, music, dance, art, film and theatre through the organisation and delivery of an annual music festival in the town of Keynsham.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	A week of events took place in several venues around the town. These covered a wide variety of types of music from opera, orchestral, folk and popular music which, overall, attracted various age groups and sectors of the community.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	Following on from the above paragraph, the trustees believe that we were able to achieve our charitable purpose.

Additional information (optional) You may choose to include further statements where relevant about:

	SORP reference
Policy on grant making	Para 1.38	N/A
Policy on social investment including program related investment	Para 1.38	N/A
Contribution made by volunteers	Para 1.38	The charity relies heavily on volunteers. All trustees act in a voluntary capacity and the festival could not operate without help from many sections of Keynsham’s community.

Other

Achievements and Performance

	SORP reference
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	A full music festival was achieved. This included large open events on Saturday and Sunday where donations were requested, but where those preferring not to donate or unable to do so were still welcomed.

Additional information (optional) You may choose to include further statements	Additional information (optional) You may choose to include further statements	where relevant about:
Achievements against objectives set	Para 1.41	Met
Performance of fundraising activities against objectives set	Para 1.41	Met
Investment performance against objectives	Para 1.41	N/a
Other

Financial Review

Financial Review
Review of the charity’s financial position at the end of the period	Para 1.21	A significant profit was made. This will be used to help finance the 2024 festival.
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	The charity has a reserves policy that is reviewed every year and states the reason for holding them. It currently stands at £22,000.
Amount of reserves held	Para 1.22	£19,000
Reasons for holding zero reserves	Para 1.22	N/a
Details of fund materially in deficit	Para 1.24	N/a
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	N/a

Additional information (optional) You may choose to include further statements	Additional information (optional) You may choose to include further statements	where relevant about:
The charity’s principal sources of funds (including any fundraising)	Para 1.47	Grants, Keynsham Town Council, sponsorship, donations, traders, advertisers, sales from merchandise.
Investment policy and objectives including any social investment policy adopted	Para 1.46	N/a
A description of the principal risks facing the charity	Para 1.46	A Risk Management policy is under review. It will include key personnel, continuity, finance, weather and the size of the festival.
Other

Structure, Governance and Management

Description of charity’s trusts:
Type of governing document	Para 1.25	Articles of Association
How is the charity constituted?	Para 1.25	Private company limited by guarantee
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25	Keynsham Town Council may nominate up to four councillors to sit as trustees. The majority of trustees are appointed from other parts of the community as per the company articles. All proposed trustees are subject to a vote by all other trustees and serve for a period of three years before being subjected to another vote.

Additional information (optional) You may choose to include further statements	Additional information (optional) You may choose to include further statements	where relevant about:
Policies and procedures adopted for the induction and training of trustees	Para 1.51	N/a
The charity’s organisational structure and any wider network with which the charity works	Para 1.51	The charity’s officers are chairman, secretary and treasurer. Festival co- ordinator and site manager are the paid key roles.
Relationship with any related parties	Para 1.51	Other charities are welcomed to take part in the festival by promoting what they do and raising their own funds following agreement with Keynsham Music Festival. Audiences at two events were asked to donate money directly to Julian House (charity number 1183751)
Other

Reference and Administrative details

Charity name	Keynsham Music Festival Association Ltd
Other name the charity uses	N/a
Registered charity number	1170185
Charity’s principal address	15-17 Temple Street, Keynsham, BS31 1HF

Names of the charity trustees who manage the charity

Trustee name	Office (if any)	Office (if any)	Dates acted if not for whole year
Clive Fricker
Sheila Whittle
Helen Bancroft
John Aldridge	Secretary
AndyWait
Michael May	Chairman
Richard Weymouth	Vice Chairman
Judith Cron
Sue Paulley	Treasurer
Patricia Veale
Dave Biddleston
Caitlin Brennan
Tom Youdan			1/1/23 to 6/10/23
Alex Beaumont			1/1/23 to 3/10/23



Corporate trustees–names of the directors at the date the report was approved Director name N/a Name of trustees holding title to property belonging to the charity Trustee name Dates acted if not for whole year N/a
Director name
N/a

Trustee name		Dates acted if not for whole year
N/a

Funds held as custodian trustees on behalf of others

Description of the assets N/a held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser N/a

Name of chief executive or names of senior staff members (Optional information)

N/a

Exemptions from disclosure

Reason for non-disclosure of key personnel details

The charity has two paid roles for contracted staff but no permanent staff

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date	Mike May	John Aldridge
	Michael May	John Aldridge
	Chairman	Secretary
	7/10/2023
	7/10/2023

Company re8istration number 08028740 (England ond Wales) KEYNSHAM MUSIC FEsfivAL ASSOCIATION LIMED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 PAGES FOR FILING WITH REGISTRAR tc accounts tax . legal . financial planning Ground Floor Wessex House Pixash Lane Keynsham Bristol BS31 ITP

KEYNSHAM MUSIC FESrrvALASSOCIATION UMITED CONTETrrrs Page Company information Balance sheet Notes to the financial ststements

KEYNSHAM MUSIC FESllvALASSOCIATION UMITED COMPANY INFORMATION Dlrertors Mrj Aldridge H Bancroft D Biddle5ton C Brennan Mmay S A J Paullèy R Weymouth S Whittle A Wait JACron C Fricker P Veale Secretary Mrj Aldridge Company number 08028740 Registered office 15-17 Temple Street Keynsham Bristol United Kingdom BS31 IHF A¢countants TCGroup Ground Floor Wessex House Pixash Lane Keynsham Bristol B531 ITP

KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIME0 BAiANCE SHEET A5AT31 DECEMBER 2023 2023 2022 Notes Flxed assets Tangible assets 1,564 1,840 Current assets Debtors Cash at bank and in hand 430 33.216 3,282 14.488 33,646 17.770 Creditors: amounts fallinz duè within onÈ year 19,2971 16,0791 Net current assets 24,349 11,691 Total assets less current Ilabllit5es 25,913 13,531 Provisions for Ilabllltles 12971 Net assets 25,616 13.531 Capital and reserves Called up share capitsl Profit and1055 re5erve5 25,616 13,531 Totsl equlty 25,616 13,531 The direcr$ of the company have elected not to include a copy of the profit and loss account within the financial ststements. For the financial year ended 31 December 2023 the company wa5 entitled to exemption from audit under 5ertion 477 of the Companies Act 21XJ6 relating to small companies. The dIor5 acknowledge their responsibilities for complying wrth thè requirements of the Companies Act 2006 with respect to accounting record5 and the preparation of financial statements. The members have not required the company to obtain an audit of its financial ststements for the year in question in accordance with sertion 476. These financièl statements have been prepared and delivered in accordance with the pn)visions applicable to compar*ie5 subjett to the Small companies regime.

KEYNSHAM MUSIC FEsfivALASSOCIATION LIMITED BALANCE SHEET (CONTINUED) ASAT31 DECEM8ER2023 The financial ststements were approved by the board of directors and authorised for issue oA<. .3and are signed on its behatf by- 24.0@.24 Mmay Dirertor Company Reglstratlon No. 08028740

KEYNSHAM MUSIC FESTIVAL ASSOCIATION UMITED NOTES TO THE FINANCIAL $fATEME5 FOR THE YEIIR ENDED 31 DECEMBER2023 Accounting policies Company information Keynsham Music Fèstival Association Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15-17 Temple Streei Keynsham. Bristol, United Kingdom. BS31 IHF. 1.1 Accounting convention These financial ststements have been prepared in accordance with FRS 102 "The Finan¢i31 Rèporting Standard applicable in the UK and Republit of Ireland~ I-FRS 102,1 and the requirements of the Companies Act 2006 as applicable to companie5 subject to the small companie5 regime. The disclosure requirements of section IA of FRS 102 havè bèen app5Fèd other than where additional disclosure is required to show a true and fair view. The financial ststements are prepared in sterling, which is the fvnttional currency of the company. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, Imodlfied to Include the rèvaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Turnover Turnover is recogni5ed at the fair value of the consideration reteivèd or receivable for goods and services provided in the normal course of busine$5, and is Shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When Cash inflows are deferd and represenr a financing arrangement, the fair value of the consideration is the present value of the future receipts. The differen between the tsir value of the consideration and the nominal amount received Is recognised as interest income. Revenue from the Sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer lusually on dispatch of the goodsl. the amount of revenue can be measured reliably, it is probable that the economic benefrts 3s59ciated wlth the transattion will flow to the entity and the costs incurred or to be inturred in respect of the transaction can be measRJred reliably. RÈvÈnue from contracts for the prtsvision of professional services is recognised by reference to the stsge of completion when the stage of completion, costs incurred and c05ts to cofflplete can be estimated reliably. The stsge of completion is calculated by comparing costs incurred, mainly in relation to contrartual hourty staff rates and materials. as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue 15 recognised Only to the èxtent of the expenses recognised that it is probable will be recovered. 1.3 Tangible fixed asset5 Tangible fixed assets are inltially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment105%es.

KEYNSHAM MUSIC FEsfivAL ASSOCIATION LIMITED NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng po15cles (Continued) Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Plant and equipment Computers 15% redu¢inÉ balance 33.3% Straight linè The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value otthe asset, and 15 credited or charged to profit or loss. 1.4 Impairment of fixed assets At each reporting period end date, the company review5 the carying amounts of its tangible assets to determine whether there is any indication that those assets have SLrffered an impairment10s5. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). Where it is not possible to estimate the recoverable amount of an individual asse¢ the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value les5 Costs to sell and value in use. In assessing value tn use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that refiects current market assessments of the time value of money and the risks specific to the asset for which the estimate5 of future cash flows have not been adjusted. If the recoverable amount of an asset lor ¢ash-generating unit) is estimated to be less than its carrying amount. the carrying amount of the asset lor cash-generating unit) Is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. unless the relevant a$5et 15 carried at a revalued amount. in which case the impairment1055 15 treated as a revaluation decrease. Recognised impairment losses are reversed if. and only if, the reason5 forthe impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset lor ca5h- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carryin8 amount that would have been determined had no impairment loss been recognised for the asset lor cash-generating unit) In prior years. A reversal of an impairment loss is recognised immediately in profit or loss. unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluatton increase. 1.5 Cash and $h equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdtsft5. Bank overdrafts are shown within bormwings in cijrrent liabilities.

KEYN5HAM MUSIC FESTIVAL ASSOCIATION UMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER2023 A¢¢ounting polldes {Contlnued) 1.6 Flnanclal Instruments The company has elerted to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments15sues' of FRS 102 to all of its financial instruments. Financial instruments a recognised in the company's balance sheet when the company becomes party to the contractual provision5 Qf the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial 5tstements. when there is a le8ally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneou51y. Busicfin¢7nciol o55et5 Basic financial assets. which include debtors and cash and bank balances, are initially measurèd at transaction price including transaction costs and are svbsequently carrièd at amortised cost vsing the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future rèceipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ClosslAlcatlon offinunciul liubilities Financial liabilities and equity instruments are classiffied accordlng to the SUbStsn of the contrattual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of thè company after deducting all of its liabilitie5. Boslcfinonclalllabilities Basic financlal liabilities. including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt. are initially recognised at transattion price unless the arrangement constitutes a financing transaction, Whe the debt instrument is measured at the present valuè of the future payments discounted at a market rate of interest. Financial liabilltles classifled as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effertive intèrest rate method. Trade creditors a obligations to pay for goods or services that have been acquired in the ordinary course of busine55 from suppliers. Amounts payable are classified a5 current liabilities if payment is due within one vear or less. If not, they are presented as non-current liabilitie5. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.7 Equity Instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. 1.8 Taxation The tsx expense represents the sum of the tax currently payable and deferred tax.

KEYNSHAM MUSIC FESTIVALASSOCIATION UMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThE YEAR ENDED 31 DECEMBER 2023 Accountlng policles Icontlnued) Current tox Thè tax currently payable is based on tsxable profrt for the year. Taxable profit drffers from net profft a5 reported in the profit and loss account bècause it excludes Items of income or expense that are tsxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rate5 that have been enacted or substantively enacted by the reporting end date. Defvrned tox Deferred tsx liabilities are generally recognised for all timing differènces and deferred tax assets are recognised to the extent that it is probable that they will be recovered a8ain5t the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing differencè arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that afferts neither the tsx profit nor the accounting profit. The carrying amount of deferred tax assets Is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tsx rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tsx is charged or tredited in the profit and loss account, except when it relates to items charged or credited direttly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax a55ets and liabilities are offset when the company has a legally enforceable right to offset currènt tax a55ets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authorÉty. 1.9 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs re required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is CogniSed in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demon#rably committed to terminate the employment of an employee or to provide tem)ination bènefits. 1.10 Leases Rentals payable under operating leases, including any lease incentlves received, are charged to profit or loss on a straight line basis over the temi of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. 1.11 Forèign èxchange Transactions in cUrnCIeS other than pounds sterllng are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end dète, monetsry assets and liabilities that are denominated in foreign currencies arè rètranslated at the rates prevailing on the reporting end date. Galns and losses arising on translation in the period are included in profit or loss.

KEYNSHAM MUSIC FEsnvALA550CIATION UMITED NOTESTO THE FINANCIAL SfATEMETrS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER2023 Jud8ements and key source5 of estimation uncertainty In the application of the company's accounting policies, the dirertors are required to make jtjdgements, estimates and assumptions abotjt the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other fdrtors that are Considered to be relevant. Actual results may differ from these estimate5. The e5timate5 and underlying assumptions are reviewed on an ongoing basi5. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that pèriod, or in the period of the revision and future periods Whe the revision affects both current and future periods. In the opinion of the directors there are no significant judgements or areas of estimation uncertainty. Employees The average monthly number of persons lincluding directorsl employed by the company during the year was= 2023 Number 2022 Number Total Tan8ible fixed assets Plant ahd UiPmEDt Computtys Cost At l January 2023 and 31 December 2023 6,841 637 7,478 Depreciation and impairment At l January 2023 Depreciation charged in the year 5,001 276 637 5,638 276 At 31 December 2023 5,277 637 5,914 Carryln8 amount At 31 December 2023 1.564 1,564 At 31 December 2022 1,840 1,840

KEVNSHAM MUSIC FESTIVALASSOCIATION LIMITED NOTESTO THE FINANCIAL 5rATEMETr (CONTINUED) FOR ThE YEAR ENDED 31 DECEMBER 2023 Debtors 2023 2022 Amounts falling due within one year: Trade debtors 430 3.282 CredStoYs: amounts falling due withln one year 2023 2022 Trade cdItO Corporation tax Other credstors 1,329 2,969 4,999 1,580 4,499 9,297 6,079

KEYNSHAM MUSIC FESrrvALASSOCIATION UMITED CONTETrrrs Page Company information Balance sheet Notes to the financial ststements