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 2024
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 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
Priddy Folk Festival
Report of the Trustees for the Year Ended 30 November 2024
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 2024. 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 2024 we had a wide variety of music with performers from as far flung as Mozambique, Ukraine and Canada. We also introduced an art installation (The museum of roadside magic) which broadened the entertainment available to all visitors (free of charge).
We continue to improve our infrastructure with investment in repairs for our marquee, new bench seating and further improvements in signage. We also have tried to improve safety on site with managing vehicular movements, particularly on the traders field.
The Priddy Rising project we run with The Wells Blue School continues to be an important focus for us, and we spend around £3,000 per year supporting it. We have started seeing alumni of previous years coming back to help with the project or get involved with the festival. It is also an important project for the Blue School and they are working to raise the profile of what we are doing with parents at the school.
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.
For the coming year we are looking at updating our branding and merchandise, refreshing our on site signage, etc. We are also working to improve the media profile of the event and of our charitable activities.
Dean Collier Chair of Trustees
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
Barrow View Nine Barrows Lane Priddy Wells Somerset BA5 3BH
Trustees
Ms R Clarke D R Collier M J Cartmel Ms J Adams
Page 1
Priddy Folk Festival
Report of the Trustees for the Year Ended 30 November 2024
REFERENCE AND ADMINISTRATIVE DETAILS 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 6 August 2025 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 2024.
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 2. 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.
Niall O'Driscoll
Probusiness Ltd St Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ
6 August 2025
Page 3
Priddy Folk Festival
Statement of Financial Activities for the Year Ended 30 November 2024
| 30.11.24 | 30.11.23 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 41 | 157 | |
| Other trading activities | 2 | 163,503 | 157,318 |
| Investment income | 3 | 617 | 645 |
| Total | 164,161 | 158,120 | |
| EXPENDITURE ON | |||
| Raising funds | 116,922 | 116,338 | |
| Charitable activities | |||
| General | 1,718 | 1,339 | |
| Other | 23,818 | 23,507 | |
| Total | 142,458 | 141,184 | |
| NET INCOME | 21,703 | 16,936 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 81,832 | 64,896 | |
| TOTAL FUNDS CARRIED FORWARD | 103,535 | 81,832 | |
The notes form part of these financial statements
Page 4
Priddy Folk Festival
Balance Sheet 30 November 2024
| 30.11.24 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank and in hand 105,455 CREDITORS Amounts falling due within one year 8 (1,920) NET CURRENT ASSETS 103,535 TOTAL ASSETS LESS CURRENT LIABILITIES 103,535 NET ASSETS 103,535 FUNDS 9 Unrestricted funds 103,535 TOTAL FUNDS 103,535 |
30.11.23 Total funds £ 82,540 (708) 81,832 81,832 81,832 81,832 81,832 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 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.
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 6 August 2025 and were signed on its behalf by:
M J Cartmel - Trustee
The notes form part of these financial statements
Page 5
Priddy Folk Festival
Notes to the Financial Statements for the Year Ended 30 November 2024
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.
2. OTHER TRADING ACTIVITIES
| Ticket sales Merchandising Bar sales Car parking income Craft and food traders Miscellaneous income |
30.11.24 £ 116,074 1,935 26,811 2,753 14,455 1,475 163,503 |
30.11.23 £ 116,601 2,584 23,114 2,284 12,710 25 157,318 |
|---|---|---|
continued...
Page 6
Priddy Folk Festival
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 30.11.24 | 30.11.23 | |
| £ | £ | |
| Deposit account interest | 617 | 645 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| Depreciation - owned assets | 30.11.24 £ - |
30.11.23 £ 146 |
4. NET INCOME/(EXPENDITURE)
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2024 nor for the year ended 30 November 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2024 nor for the year ended 30 November 2023.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
|---|---|
| Donations and legacies | 157 |
| Other trading activities | 157,318 |
| Investment income | 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 |
continued...
Page 7
Priddy Folk Festival
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
7. TANGIBLE FIXED ASSETS
| COST At 1 December 2023 and 30 November 2024 DEPRECIATION At 1 December 2023 and 30 November 2024 NET BOOK VALUE At 30 November 2024 At 30 November 2023 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accrued expenses 9. MOVEMENT IN FUNDS At 1.12.23 £ Unrestricted funds General fund 81,832 TOTAL FUNDS 81,832 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 164,161 TOTAL FUNDS 164,161 |
Plant and machinery £ 434 434 - - 30.11.24 30.11.23 £ £ 960 - 960 708 1,920 708 Net movement At in funds 30.11.24 £ £ 21,703 103,535 21,703 103,535 Resources Movement expended in funds £ £ (142,458) 21,703 (142,458) 21,703 |
|---|---|
continued...
Page 8
Priddy Folk Festival
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.12.22 £ Unrestricted funds General fund 64,896 TOTAL FUNDS 64,896 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 158,120 TOTAL FUNDS 158,120 |
Net movement At in funds 30.11.23 £ £ 16,936 81,832 16,936 81,832 Resources Movement expended in funds £ £ (141,184) 16,936 (141,184) 16,936 |
|---|---|
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 1.12.22 in funds 30.11.24 £ £ £ 64,896 38,639 103,535 64,896 38,639 103,535 |
|---|---|
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 £ 322,281 322,281 |
Resources Movement expended in funds £ £ (283,642) 38,639 (283,642) 38,639 |
|---|---|---|
continued...
Page 9
Priddy Folk Festival
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2024.
Page 10