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 2023
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 2023
| 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 2023
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 2023. 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
For 2023 we focussed on programming, and addressing a gap in our audience for the youth demographic. We tailored specific content to the youth area to extend our work with the Wells Blue School to encourage performance. We moved consciously from simple entertainment slots to more engagement/workshop content.
We also tidied up a lot of our infrastructure challenges after being impacted by suppliers pulling out in 202121. We changed our provision for disabled camping which had outgrown its previous ad hoc provision.
The Priddy Rising project we run with The Wells Blue School got back into its stride after the covid years where we lost a lot of chohort experience from older pupils. This 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 was another considerable success. Unfortunately Halsway Manor did not support the project as they have done in previous years so we were not able to provide the usual bursaries to reward the most engaged pupils. We will consider a different partner for next year.
The feedback from festival goers, artists and even traders was almost universally positive this year, and we sold out of tickets, with numbers being up in all areas, including the PTA “Green Cow” café which we subsidise to raise money for the Priddy and St Laurence confederation.
Requests were considered at our AGM in October 2023 and donations were made to:
| Organisation | Request | Sum | Totals |
|---|---|---|---|
| School | WCET 3 Term Package | 1,190 | |
| SpringTerm Workshops & Tailored Tuition | 811 | ||
| Bespoke Music Tuition | 1,947 | ||
| Summer Term Workshops & Tailored Tuition | 495 |
||
| PFF Contribution | 4,443 | ||
| Pre-School | |||
| Parish Council | Kerbingand tidyingNine Barrows Triangle | 8,000 | |
| Contributions from elsewhere | - 6,000 | ||
| Towards Playground | 5,000 | ||
| PFF Contribution | 7,000 | ||
| Village Hall | Installation of electric cooker,boiler,etc | 1,000 |
Page 1
| Church | New Lights/making good water damage | 720 | |
|---|---|---|---|
| New Heating (Total Cost £5,999) | |||
| PriddyRising | HalswayBursaries | 2,000 | |
| PTA | |||
| Parent & Toddlers | |||
| PriddySingers | Camera eqpt and music stand | 138 | |
| PhotographyClub | DisplayFrames and Bursaries | 320 | |
| Newgate to churchyard from field | 500 | ||
| MondayClub | Speakers | 600 | |
| PriddyCreative Club | |||
| MondayClub Bowls | |||
| Local HistoryGroup | New Laptop | 650 | |
| Archaeology | Lithic analysis | 1,000 | |
| Wildflower Walk | Reprint of wildflower leaflets | 278 | |
| Total for non reserved requests | 3,486 | ||
| Grand Total | £18,650 |
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 2023
Trustees Ms R Clarke D R Collier M J Cartmel Ms J Adams Ms L Chard (resigned 22.10.23)
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 2023.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
Probusiness Ltd St Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ
…………………………
Page 3
Priddy Folk Festival
Statement of Financial Activities
for the Year Ended 30 November 2023
| 30.11.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 157 Other trading activities 2 157,318 Investment income 3 645 Total 158,120 EXPENDITURE ON Raising funds 116,338 Charitable activities General 1,339 Other 23,507 Total 141,184 NET INCOME 16,936 RECONCILIATION OF FUNDS Total funds brought forward 64,896 TOTAL FUNDS CARRIED FORWARD 81,832 |
30.11.22 Total funds £ 2,041 142,648 94 |
|---|---|
| 144,783 | |
| 102,040 2,666 11,078 |
|
| 115,784 | |
| 28,999 35,897 |
|
| 64,896 |
The notes form part of these financial statements
Page 4
Priddy Folk Festival
Balance Sheet
30 November 2022
| 30.11.23 | 30.11.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 7 | - | 146 |
| CURRENT ASSETS | |||
| Cash at bank and in hand | 82,540 | 65,458 | |
| CREDITORS | |||
| Amounts falling due within one year | 8 | (708) | (708) |
| NET CURRENT ASSETS | 81,832 | 64,750 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 81,832 | 64,896 | |
| NET ASSETS | 81,832 | 64,896 | |
| FUNDS | 9 | ||
| Unrestricted funds | 81,832 | 64,896 | |
| TOTAL FUNDS | 81,832 | 64,896 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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 2023
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 31 August 2023 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 2023
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 2023
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 |
30.11.23 £ 116,601 2,584 23,114 2,284 12,710 25 157,318 30.11.23 £ 645 30.11.23 £ 146 |
30.11.22 £ 101,293 3,657 20,392 2,852 14,098 356 142,648 30.11.22 £ 94 30.11.22 £ 145 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2023 nor for the year ended 30 November 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2023 nor for the year ended 30 November 2022.
continued...
Page 8
Priddy Folk Festival
Notes to the Financial Statements - continued
for the Year Ended 30 November 2023
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 2,041 |
| Other trading activities | 142,648 |
| Investment income | 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 |
continued...
Page 9
Priddy Folk Festival
Notes to the Financial Statements - continued
for the Year Ended 30 November 2023
7. TANGIBLE FIXED ASSETS
| 7. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Plant and | |||||
| machinery | |||||
| £ | |||||
| COST | |||||
| At 1 December 2022 and | |||||
| 30 November 2023 | 434 | ||||
| DEPRECIATION | |||||
| At 1 December 2022 | 288 | ||||
| Charge for year | 146 | ||||
| At 30 November 2023 | 434 | ||||
| NET BOOK VALUE | |||||
| At 30 November 2023 | - | ||||
| At 30 November 2022 | 146 | ||||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 30.11.23 | 30.11.22 | ||||
| £ | £ | ||||
| Tax | - | - | |||
| Income received in advance | - | - | |||
| Accrued expenses | 708 | 708 | |||
| 708 | 708 | ||||
| 9. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| At | movement | At | |||
| 1.12.22 | in funds | 30.11.23 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 64,896 | 16,936 | 81,832 | ||
| TOTAL FUNDS | 64,896 | 16,936 | 81,832 |
continued...
Page 10
Priddy Folk Festival
Notes to the Financial Statements - continued for the Year Ended 30 November 2023
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 158,120 158,120 |
Resources Movement expended in funds £ £ (141,184) 16,936 (141,184) 16,936 |
|---|---|---|
Comparatives for 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 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 144,783 | (115,784) | 28,999 |
| TOTAL FUNDS | 144,783 | (115,784) | 28,999 |
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 1.12.21 in funds 30.11.23 £ £ £ 35,897 45,935 81,832 35,897 45,935 81,832 |
|---|---|
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 £ 302,903 302,903 |
Resources Movement expended in funds £ £ (256,968) 45,935 (256,968) 45,935 |
|---|---|---|
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2023.
Page 12
Priddy Folk Festival
Detailed Statement of Financial Activities for the Year Ended 30 November 2023
| 30.11.23 | 30.11.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations received | 157 | 2,041 |
| Other trading activities | ||
| Ticket sales | 116,601 | 101,293 |
| Merchandising | 2,584 | 3,657 |
| Bar sales | 23,114 | 20,392 |
| Car parking income | 2,284 | 2,852 |
| Craft and food traders | 12,710 | 14,098 |
| Miscellaneous income | 25 | 356 |
| 157,318 | 142,648 | |
| Investment income | ||
| Deposit account interest | 645 | 94 |
| Total incoming resources | 158,120 | 144,783 |
| EXPENDITURE | ||
| Other trading activities | ||
| Marquee & site | 19,634 | 15,728 |
| Ticketing costs | 3,945 | 985 |
| Merchandising costs | - | - |
| Sound & light systems | 11,995 | 12,933 |
| Field & village hall hire | 2,470 | 1,278 |
| Performers | 34,520 | 30,653 |
| Bar costs | 9,765 | 7,887 |
| Hospitality and accommodation | 1,958 | 3,886 |
| Hire of plant and equipment | 19,539 | 14,711 |
| Waste and recycling | 2,801 | 5,994 |
| First aid | 450 | 450 |
| Wristbands and lanyards | 536 | 211 |
| Rates and water | 231 | 50 |
| Insurance | 1,479 | 1,161 |
| Support staff | 4,711 | 4,515 |
| Security staff | 2,304 | 1,598 |
| 116,338 | 102,040 | |
| Other | ||
| Performing Rights Society | 2,766 | 2,873 |
| Carried forward | 2,766 | 2,873 |
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 2023
| 30.11.23 | 30.11.22 | |
|---|---|---|
| £ | £ | |
| Other | ||
| Brought forward | 2,766 | 2,873 |
| Website | 135 | 120 |
| Advertising and promotional | 5,240 | 1,046 |
| Sundries | 1,625 | 1,160 |
| Assoc. of Festival Organisers | 70 | (480) |
| Donations made | 13,671 | 6,359 |
| 23,507 | 11,078 | |
| Support costs | ||
| Finance | ||
| Bank charges | 341 | 1,645 |
| Other 2 | ||
| Plant and machinery | 146 | 145 |
| Governance costs | ||
| Accountancy | 852 | 876 |
| Total resources expended | 141,184 | 115,784 |
| Net income | 16,936 | 28,999 |
This page does not form part of the statutory financial statements
Page 14