**REGISTERED COMPANY NUMBER: 05847393 (England and Wales) REGISTERED CHARITY NUMBER: 1186707** ## **Report of the Trustees and** ## **Unaudited Financial Statements** **for the Year Ended 30 November 2022** ## **for** **Priddy Folk Festival** Probusiness Ltd St Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ **Priddy Folk Festival** **Contents of the Financial Statements for the Year Ended 30 November 2022** ||**Page**| |---|---| |**Report of the Trustees**|1 to 2| |**Independent Examiner's Report**|3| |**Statement of Financial Activities**|4| |**Balance Sheet**|5 to 6| |**Notes to the Financial Statements**|7 to 12| |**Detailed Statement of Financial Activities**|13 to 14| ## **Priddy Folk Festival** ## **Report of the Trustees for the Year Ended 30 November 2022** 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 30 November 2022. 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 Significant activities** The year of 2022 was all about returning to normal operations after the absence for two years due to Covid. This presented many challenges as key infrastructure suppliers left the market, and some artists were unable to perform due to the impacts of Covid. We allowed people to hold tickets that they bought for the cancelled 2020 festival until we returned and 80% of our patrons chose to do this. The remaining tickets all sold and we were also able to engage the full complement of volunteer stewards for the festival (which has been an issue for other festivals during 2022). The event went ahead without incident and was widely praised by our patrons in customer feedback. We have also resumed our work with Halsway Manor (National Centre for Folk Arts) and The Wells Blue School (our local Secondary school in Somerset) in the Priddy Rising project where we pay for professional musicians to host two weekend workshops with a selection of pupils to help them put together a free concert which is performed live at the festival on our main stage. Four pupils from the Priddy Rising project are given bursaries to attend the Halsway Manor Young Folk residential week jointly funded from Halsway and the festival. Once again this was very popular with the students and with the festival attendees. We have received renewed enthusiasm for our work and continue to work on ways we can improve the festival experience. We offer reduced price tickets for people receiving benefits which was taken up by more people than ever during 2022, possibly reflecting growing cost of living and difficult times many have experienced through Covid. We are also working to improve our environmental footprint. Finding ways to reduce waste, and reduce our carbon footprint. We now have a dedicated volunteer with experience in this area helping us to improve. Costs have undoubtedly increased and we have suffered financially in the last two years, but we have been able to make significant donations to our supported causes following this year's festival as well as working on restoring our financial reserves. We were able to invite organisations to apply for donations once again. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 05847393 (England and Wales) ## **Registered Charity number** 1186707 ## **Registered office** Rose Farm Wells Road Priddy Wells BA5 3AZ Page 1 ## **Priddy Folk Festival** ## **Report of the Trustees for the Year Ended 30 November 2022** ## **Trustees** Ms R Clarke D R Collier M J Cartmel Ms J Adams Ms L Chard ## **Company Secretary** ## **Independent Examiner** Probusiness Ltd St Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ Approved by order of the board of trustees on ............................................. and signed on its behalf by: ................................................................. M J Cartmel - Trustee Page 2 **Independent Examiner's Report to the Trustees of Priddy Folk Festival** ## **Independent examiner's report to the trustees of Priddy Folk Festival ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 November 2022. ## **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: 1. 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 3. 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 4. 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. Martin J Bowe Probusiness Ltd St Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ Date: ............................................. Page 3 ## **Priddy Folk Festival** ## **Statement of Financial Activities for the Year Ended 30 November 2022** |30.11.22
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2,041
Other trading activities
2
142,648
Investment income
3
94
**Total**
144,783
**EXPENDITURE ON**
Raising funds
102,040
**Charitable activities**
General
2,666
Other
11,078
**Total**
115,784
**NET INCOME**
28,999
**RECONCILIATION OF FUNDS**
Total funds brought forward
35,897
**TOTAL FUNDS CARRIED FORWARD**
64,896|30.11.21
Total
funds
£
35,513
2,758
4| |---|---| ||38,275| ||3,219
1,114
389| ||4,722| ||33,553
2,344| ||35,897| The notes form part of these financial statements Page 4 ## **Priddy Folk Festival** ## **Balance Sheet 30 November 2022** |||30.11.22|30.11.21| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**FIXED ASSETS**|||| |Tangible assets|7|146|291| |**CURRENT ASSETS**|||| |Cash at bank and in hand||65,458|73,365| |**CREDITORS**|||| |Amounts falling due within one year|8|(708)|(37,759)| |**NET CURRENT ASSETS**||64,750|35,606| |**TOTAL ASSETS LESS CURRENT**|||| |**LIABILITIES**||64,896|35,897| |**NET ASSETS**||64,896|35,897| |**FUNDS**|9||| |Unrestricted funds||64,896|35,897| |**TOTAL FUNDS**||64,896|35,897| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022. The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (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. The notes form part of these financial statements continued... Page 5 ## **Priddy Folk Festival** ## **Balance Sheet - continued 30 November 2022** 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 ............................................. and were signed on its behalf by: ............................................. M J Cartmel - Trustee The notes form part of these financial statements Page 6 **Priddy Folk Festival** ## **Notes to the Financial Statements for the Year Ended 30 November 2022** ## **1. 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. ## **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. ## **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. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 33% on cost ## **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. continued... Page 7 ## **Priddy Folk Festival** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 30 November 2022** ## **2. OTHER TRADING ACTIVITIES** |Ticket sales
Merchandising
Bar sales
Car parking income
Craft and food traders
Miscellaneous income
**3.**
**INVESTMENT INCOME**
Deposit account interest
**4.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets|30.11.22
£
101,293
3,657
20,392
2,852
14,098
356
142,648
30.11.22
£
94
30.11.22
£
145|30.11.21
£
1,236
905
617
-
-
-| |---|---|---| |||2,758| |||30.11.21
£
4
30.11.21
£
143| ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 November 2022 nor for the year ended 30 November 2021. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 November 2022 nor for the year ended 30 November 2021. continued... Page 8 ## **Priddy Folk Festival** ## **Notes to the Financial Statements - continued for the Year Ended 30 November 2022** ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and legacies|35,513| |Other trading activities|2,758| |Investment income|4| |**Total**|38,275| |**EXPENDITURE ON**|| |Raising funds|3,219| |**Charitable activities**|| |General|1,114| |Other|389| |**Total**|4,722| |**NET INCOME**|33,553| |**RECONCILIATION OF FUNDS**|| |Total funds brought forward|2,344| |**TOTAL FUNDS CARRIED**|| |**FORWARD**|35,897| continued... Page 9 ## **Priddy Folk Festival** ## **Notes to the Financial Statements - continued for the Year Ended 30 November 2022** ## **7. TANGIBLE FIXED ASSETS** |**7.**|**TANGIBLE FIXED ASSETS**||||| |---|---|---|---|---|---| ||||||Plant and| ||||||machinery| ||||||£| ||**COST**||||| ||At 1 December 2021 and||||| ||30 November 2022||||434| ||**DEPRECIATION**||||| ||At 1 December 2021||||143| ||Charge for year||||145| ||At 30 November 2022||||288| ||**NET BOOK VALUE**||||| ||At 30 November 2022||||146| ||At 30 November 2021||||291| |**8.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| ||||30.11.22||30.11.21| ||||£||£| ||Tax|||-|(309)| ||Income received in advance|||-|36,678| ||Accrued expenses||708||1,390| ||||708||37,759| |**9.**|**MOVEMENT IN FUNDS**||||| ||||Net||| |||At|movement||At| |||1.12.21|in funds||30.11.22| |||£|£||£| ||**Unrestricted funds**||||| ||General fund|35,897|28,999||64,896| ||**TOTAL FUNDS**|35,897|28,999||64,896| continued... Page 10 ## **Priddy Folk Festival** ## **Notes to the Financial Statements - continued for the Year Ended 30 November 2022** ## **9. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |Incoming
resources
£
**Unrestricted funds**
General fund
144,783
**TOTAL FUNDS**
144,783
**Comparatives for movement in funds**
At
1.12.20
£
**Unrestricted funds**
General fund
2,344
**TOTAL FUNDS**
2,344
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
38,275
**TOTAL FUNDS**
38,275|Resources
Movement
expended
in funds
£
£
(115,784)
28,999
(115,784)
28,999
Net
movement
At
in funds
30.11.21
£
£
33,553
35,897
33,553
35,897
Resources
Movement
expended
in funds
£
£
(4,722)
33,553
(4,722)
33,553| |---|---| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
At
movement
At
1.12.20
in funds
30.11.22
£
£
£
2,344
62,552
64,896
2,344
62,552
64,896|Net
At
movement
At
1.12.20
in funds
30.11.22
£
£
£
2,344
62,552
64,896
2,344
62,552
64,896| |---|---|---| |||64,896| continued... Page 11 ## **Priddy Folk Festival** ## **Notes to the Financial Statements - continued for the Year Ended 30 November 2022** ## **9. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
183,058
183,058|Resources
Movement
expended
in funds
£
£
(120,506)
62,552
(120,506)
62,552| |---|---|---| ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 November 2022. Page 12 ## **Priddy Folk Festival** **Detailed Statement of Financial Activities for the Year Ended 30 November 2022** ||30.11.22|30.11.21| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations received|2,041|35,513| |**Other trading activities**||| |Ticket sales|101,293|1,236| |Merchandising|3,657|905| |Bar sales|20,392|617| |Car parking income|2,852|-| |Craft and food traders|14,098|-| |Miscellaneous income|356|-| ||142,648|2,758| |**Investment income**||| |Deposit account interest|94|4| |**Total incoming resources**|144,783|38,275| |**EXPENDITURE**||| |**Other trading activities**||| |Marquee & site|15,728|-| |Ticketing costs|985|-| |Merchandising costs|-|7| |Sound & light systems|12,933|950| |Field & village hall hire|1,278|345| |Performers|30,653|1,600| |Bar costs|7,887|317| |Hospitality and accommodation|3,886|-| |Hire of plant and equipment|14,711|-| |Waste and recycling|5,994|-| |First aid|450|-| |Wristbands and lanyards|211|-| |Rates and water|50|-| |Insurance|1,161|-| |Support staff|4,515|-| |Security staff|1,598|-| ||102,040|3,219| |**Other**||| |Performing Rights Society|2,873|(50)| |Carried forward|2,873|(50)| This page does not form part of the statutory financial statements Page 13 ## **Priddy Folk Festival** ## **Detailed Statement of Financial Activities for the Year Ended 30 November 2022** ||30.11.22|30.11.21| |---|---|---| ||£|£| |**Other**||| |Brought forward|2,873|(50)| |Website|120|95| |Advertising and promotional|1,046|14| |Sundries|1,160|260| |Assoc. of Festival Organisers|(480)|70| |Donations made|6,359|-| ||11,078|389| |**Support costs**||| |**Finance**||| |Bank charges|1,645|11| |**Other 2**||| |Plant and machinery|145|143| |**Governance costs**||| |Accountancy|876|960| |Total resources expended|115,784|4,722| |**Net income**|28,999|33,553| This page does not form part of the statutory financial statements Page 14