## **Trustees’ Annual Report for the period** **From 1[st] January 2024 (Period start date) To (Period end date)** ## **31[st] December 2024** ## **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.
Volunteers include Town Councillors, some
of whom are also local authority councillors.| 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 deficit of £4,703 was made. This has been
met from reserves.| |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|£20.913| |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|Keynsham Town Council provides a
significant grant. Grants were also made by
other organisations. Also 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|There are a few key people who are all
volunteers. Finding replacements over the
course of time will be difficult.
A Festival Co-ordinator has helped with the
2024 festival and will be paid to run the 2025
event. Success depends on finding
additional funding.
Poor weather is always a risk to 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** |1
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|**Trustee name**|**Office (if any)**|**Office (if any)**|**Dates acted if not for whole**
**year**|**Dates acted if not for whole**
**year**|**Name of person (or body) entitled**
**to appoint trustee(if any)**| |---|---|---|---|---|---|---|---| |||Clive Fricker|||1/1/24 to 4/6/24||| |||Sheila Whittle|||||| |||Helen Bancroft|||1/1/24 to 18/11/24||| |||John Aldridge|Secretary||||| |||AndyWait|||||| |||Michael May|Chairman||||| |||Richard Weymouth|Vice Chairman||||| |||Judith Cron|||||| |||Sue Paulley|Treasurer||||| |||Patricia Veale|||||| |||Dave Biddleston|||||| |||Caitlin Brennan|||||| |||Steve Gibbons|||18/3/24 to 31/12/24||| |||Alan Greenfield|||18/3/24 to 31/12/24||| |||Martin Burton|||4/6/24 to 31/12/24||| |||Joanne Meredith|||18/11/24 to 31/12/24||| ||||||||| |||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| ||8/10/2024|| ||8/10/2024|| Company re8lStratlon number 08028740 (England and Wales) KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED UNAUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 PAGES FOR FILING WITH REGISTRAR GR¢)UP BUSINESS ADVISORS & ACCOIJNTANTS Ground Floor Wessex House Pixash Lane Keynsham Bristol United Kingdom BS31 ITP KEYNSHAM MUSIC FESTIVAL ASSOCIATION UMITED CONTENT5 Page Company informatlon Balance sheet Notes to the financial statements KEYNSHAM MUSIC FESTIVAL ASSOCIATION UMITED COMPANY INFORMATION Directors Mr J Aldridge Mr D Biddleston C Brennan Mmay S A J Paulley Mr R Weymouth S Whittle MrA Wait JACron P Veale Mr M E Burton Mr A K Greenfield Mr A P Beaumont Mr S A Gibbons (Appointed 4 June 20241 (Appointed 18 March 2024} (Appointed 3 June 20251 (Appointed 18 March 2024} Secretary Mr J Aldridge Company number 08028740 Registered office 15-17 Temple Street Keynsham Bristol United Kingdom BS31 IHF Accountants TCGroup Ground Floor Wessex House Pixash Lane Keynsham Bristol United Kingdom B531 ITP KEYNSHAM MUSIC FESTIVAL ASSOCIATION UMITED BALANCE SHEET ASAT31 DECEMBER 2024 2024 2023 Flxed assets Tangible assets Notes 1,329 1,564 Current assets Debtors Cash at bank and in hand 4,490 21,270 430 33,216 Credltors: amounts falling due within one year 25,760 33,646 16.1761 {9,297) Net current assets 19,584 24,349 Total assets less current Ilabllitles 20,913 25,913 Provlsions for Ilablllties 1297) Net assets 20,913 25,616 Reserves Income and expenditure account 20,913 25,616 Members. fvnds 20.913 25,616 KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED BALANCE SHEET (CONTINUED) ASAT31 DECEMBER 2024 For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with settion 476. The directors acknowledge their responsibillties for complying with the requirements of the Companies Act 2006 wlth respect to accounting records and the preparation of financial Statements. These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements. The financial statements were approved by the board of directors and authorised for issue on are signed on its behalf by: %7...8.:.fr.2gand Mmay Dlrectof Company registration number 08028740 {England and Wales) KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles Company Information Keynsham Music Festival Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 15-17 Temple Street, Keynsham, Bristol, United Kingdom, BS31 IHF. 1.1 Accountlng convention These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. {"FRS 102"} and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section IA of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which 15 the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at - fair value]. The principal accounting policies adopted are set out below. 1.2 Income and expendlture Income and expenses are included in the financial statements as they become receivable or due. Expenses include VAT where applicable as the company cannot reclaim it. 1.3 Tanglble fixed assets Tangible flxed assets are Initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. 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% reducing balance 33.3% Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credlted or charged to surplus or deficit. 1.4 Impalrment of fixed assets At each reporting period end date, the company reviews the carrying amounts of its tsngible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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 asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. KEYNSHAM MUSIC FESTIVAL ASSOCIATION UMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontlnued) Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market 355essments of the time value of money and the risks Specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset {or cash-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 surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment 10$5 subsequently reverses, the carryin8 amount of the asset (or cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recogni5ed for the asset {or cash-generating unit) in prior years. A reversal of an impairment1055 IS recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 1.5 Cash and cash equivalents Cash and cash equivalents are baslc 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 overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.6 Flnancial instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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 simultaneously. Baslcfinancial ussets Basic financial assets, which include debtors and cash and bank balance5, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transartion, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classrflcatlon offinancial Ilabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies (Continued) Basicfinanclal Ilablllties Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement- constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carrled at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year 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 Taxatlon The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit. 1.8 Employee benefrts The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of Stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee'5 services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.9 Leases Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term 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. 1.10 Foreign exchange Transactions in currencles other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated In foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in proflt or loss. KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Judgements and key sources of estimatlon uncertainty In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about 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 factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountlng.- estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where 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 {including directors) employed by the company during the year was: 2024 Number 2023 Number Total Tangible fixed assets Plant and •qulpment Computets Total.. Cost At l January 2024 and 31 December 2024 6,841 637 7,478 Depreclatlon and Impalrment At l January 2024 Depreciation charged in the year 5,277 235 637 5,914 235 At 31 December 2024 5,512 637 6,149 Carrylng amount At 31 December 2024 1,329 1,329 At 31 December 2023 1,564 1,564 KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Debtors 2024 2023 Amounts falllng due wlthln one year: Service charges due Other debtors 2,690 1,800 430 4,490 430 Credltors: amounts falling due within one year 2024 2023 Trade creditors Corporation tax Service charges paid in arrears Other creditors 1,663 1,329 2,969 500 4,499 4,513 6,176 9,297 Members, liability The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1. Company reglstratlon number 080287401England and Wales) KEYNSHAM MUSIC FESTIVAL ASSOCIATION UMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 6ROIIP BUSINESS ADVISORS & ACCOUNTANT$ Ground Floor We55ex House Pixash Lane Keynsham Bristol United Kingdom BS31 ITP KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED CONTENTS Page Company information Directors, report Income and expenditure account Balance sheet Notes to the financial statements 6-10 The following pages do not form part of the financial statements Accountants. report li Detailed profit and loss account 12 Schedules to the profit and loss account 13 KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMrrED COMPANY INFORMATION Directors Mrj Aldridge Mr D Biddleston C Brennan Mmay SAJ Paulley Mr R Weymouth S Whittle MrA Wait JACron P Veale Mr M E Burton Mr A K Greenfield MrA P Beaumont MrSA Gibbons (Appointed 4 June 20241 (Appointed 18 March 2024) (Appointed 3 June 20251 (Appointed 18 March 2024) Secretary Mr J Aldridge Company number 08028740 Registered office 15-17 Temple Street Keynsham Bristol United Kingdom BS31 IHF Accountants TC Group Ground Floor Wessex House Pixash Lane Keynsham Bristol United Kingdom B531 ITP KEYNSHAM MUSIC FEsllvAL ASSOCIATION UMrrED DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their annual report and financial statements for the year ended 31 December 2024. Prlnclpal artivities The principal activity of the company continued to be that of music festival. Directors The directors who held office during the year and up to the date of signature of the financial statements were as follows: Mr J Aldridge H Bancroft Mr D Biddleston C Brennan Mmay SAJ Paulley Mr R Weymouth S Whittle MrAWait (Resigned 18 November 20241 JACron C Fricker P Veale Mr M E Burton Mr A K Greenfield Mr A P Beaumont J M Meredith Mr S A Gibbons (Resigned 4 June 2024) (Appointed 4 June 2024} (Appointed 18 March 20241 (Appointed 3 June 2025) (Appointed 18 November 2024 and resigned 22 May 20251 (Appointed 18 March 20241 Small companies exemptlon This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. On behalf of the board Mmay Director 9.&2 KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Income Cost of sales 106,535 (93,814) 118,055 {81,929) Gross surplus 12,721 36,126 Administrative expenses 121,300) {21,201) Operating (deficit)lsurplus (8,579) 14,925 Interest receivable and similar income 610 426 (Deficlt}/surplus before taxatlon 17,969) 15,351 Tax on {deficit)/surplus 3,266 13,266) (Deficlt)/surplus for the financial year (4,703) 12,085 The income and expenditure account has been prepared on the basis that all operations are continuing operations. KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets 1,329 1,564 Current assets Debtors Cash at bank and in hand 4,490 21,270 430 33,216 25,760 33,646 Credltors: amounts falling due within one year (6,176) (9,297} Net current assets 19,584 24,349 Total assets less current Ilabilities 20,913 25,913 Provlslons for Ilabi15tles (2971 Net assets 20,913 25,616 Reserves Income and expenditure account 20,913 25,616 Members. funds 20,913 25,616 KEYNSHAM MUSIC FESTIVAL ASSOCIATION UMITED BALANCE SHEEf (CONTINUED) AS AT32 DECEMBER 2024 For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge thelr responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial ststements were approved by the board of directors and authorised for issue on are signed on its behalf by: .and- Mmay Director Company re8lStration number 08028740 (England and Wales) KEYNSHAM MUSIC FESTIVAL ASSOCIATION UMITED NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Company informatlon Keynsham Music Festival Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 15-17 Temple Street, Keynsham, Bristol, United Kingdom, BS31 IHF. 1.1 Accountlng conventlon These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102.1 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section IA of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policie5 adopted are set out below. 1.2 Income and expendlture Income and expenses are included in the financial statements as they become receivable or due. Expenses include VAT where applicable as the company cannot reclaim it. 1.3 Tangible fixed assets Tangible fixed assets are Initially measured at cost and subsequently measured at cost or valuation, net of depreciatlon and any impairment losses. Depreciation is recognised $0 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% reducing balance 33.3% Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale'_ proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit. 1.4 Impalrment of fixed assets At each reporting period end date, the company reviews the carrying amounts of its tsngible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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 asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. KEYNSHAM MUSIC FEsnvAL ASSOCIATION UMITED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles {Contlnued) Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-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 surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons forthe impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset {or cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit} in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant a55et is carried at a ￿valued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 1.5 Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investment5 With original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.6 Flnanclal instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on net basis or to realise the asset and settle the liability simultaneou51y. Baslcflnandal assets Basic financial assets, which include debtor5 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transartion, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification offinancial liabilhles Financial liabilities and equlty instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) R?R THE YEAR ENDED 310ECEMBER 2024 Accounting policies (Contlnued) Baslcflnanclal liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference share5 that are classified as debt, are initially recognised at transaction price unle5S the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilltles classified as payable wlthin one year are not amortised. Debt instruments are subsequently carried at amortlsed cost, using the effectlve Interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment 15 due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recogni5ed initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.7 Taxatlon The company is exempt from corporation tax, it being a company not carrying on a busine55 for the purposes of making a profit. 1.8 Employee benefits The costs of 5hort-term employee benefits are recogni5ed as a liability and an expense, unle55 those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the perlod in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee orto provide termination benefits. 1.9 Leases Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term 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. 1.10 Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reportin8 end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reportlng end date. Gains and losses arising on translation in the period are included in profit or loss. KEYNSHAM MUSIC FEsfivAL ASSOCIATION UMITED NiyfES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Judgements and key sources of ertlmatlon uncertainty In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimate5 and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revlslon5 to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In the opinion of the directors there are no significantjudgements or areas of estimation uncertainty. Employees The average monthly number of persons (including directors) employed by the company during the year was: 2024 Number 2023 Number Total Tanglble flxed assets Plant and equlpment Computers Cost At l January 2024 and 31 December 2024 6,841 637 7,478 Depreclatlon and Impalrment At l January 2024 Depreciation charged in the year 5,277 235 637 5,914 235 At 31 December 2024 5,512 637 6,149 Carrylng amount At 31 December 2024 1,329 1,329 At 31 December 2023 1,564 1,564 KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR ThIE YEAR ENDED 31 DECEMBER 2024 Debtors 2024 2023 Amounts falllng due wlthln one year: Service charges due Other debtors 2,690 1,800 430 4,490 430 Creditors: amounts fallin8 due wlthin one year 2024 2023 Trade creditors Corporation tax Service charges paid in arrears Other creditors 1,663 1,329 2,969 500 4,513 4,499 6,176 9,297 Members, liablllty The company is limited by guarantee, not having a share capital and consequently the liabillty of members 15 limited. subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1. 10- KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED sfATUTORY ACCOUNTS OF KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 December 2024. We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements. On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a true and fair view. You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited. The financial Statements are provided exclusively to the directors for the limited purpose mentioned above, and." may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance. TC Group Date:........................, Ground Floor Wessex House Pixash Lane Keynsham Bristol United Kingdom B531 ITP 11 KEYNSHAM MUSIC FESTIVAL ASSOCIATION UMITED DEfAILED INCOME AND EXPENDITURE Accoumr FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Income Local Grants Donations Performances Concessions Sponsorship/Advertising Misc Sales Income in Advance 45,080 13,746 510 12,491 14,130 18,824 1,754 43,500 26,617 4,878 12,145 24,550 6,199 166 106,535 (93,814) 118,055 {81,929) Cost of sales Gross surplus 11.94% 12,721 30.60% 36,126.. Adminlstratlve expenses 121,300) (21.201) Operatlng (deficlt)/surplus (8,579) 14,925 Interest recelvable and simllar Income Bank interest received 610 426 610 426 (Deflcit)/surplus before taxation 7.48% 17,969) 13.00% 15,351 12- KEYNSHAM MUSIC FESTIVAL ASSOCIATION LIMITED SCHEDULESTO THE INCOME AND EXPENDITURE ACCOUNT FOR ThIE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cost of sales Purchases and other direct Costs Site costs Performance and workshop costs Licences Merchandise costs Youth festival costs and income 74,271 15,493 1,551 504 63,978 13,229 2,040 707 1,975 1,995 Total purchases and other direct costs 93,814 81,929 Total cost of sales 93,814 81,929 Adminlstrdtlve expenses Coordinator fees Rent 7,000 792 168 761- Power, light and heat Property repairs and maintenance Computer running costs Eventbrite costs Professional subscriptions Legal and professional fees Accountancy Charitable donations Bank charges Insurance Printing and stationery Advertising Depreciation 570 356 532 1,179 48 210 375 192 4,129 52 5,521 276 587 221 1,134 13 420 250 399 4,047 182 5,604 235 21,300 21,201 13-