**Registered number: 01539561 Charity number: 284622** ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** **(A company limited by guarantee)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 JUNE 2020** ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the charity, its trustees and advisers**|1 - 2| |**Trustees' report**|3 - 5| |**Independent examiner's report**|6 - 7| |**Statement of financial activities**|8| |**Balance sheet**|9| |**Statement of cash flows**|10| |**Notes to the financial statements**|11 - 21| ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2020** ## **Trustees** J W M Chadwick, Chair Earl of Carnarvon Countess of Carnarvon Mr H Cobbe OBE Mrs M Edwards Mr M N Farwell Mr S Fenton The Hon Mrs Gilmour Miss K Green Mrs C Holbrook Mr A McKenzie Dr P Millard (appointed 19 July 2019) Mrs M Pease (appointed 19 July 2019) Mrs H Rudebeck Mrs S Scrope DL Mrs J Stevens LVO **Company registered number** 01539561 **Charity registered number** 284622 **Registered office** 33/34 Cheap Street Newbury Berkshire RG14 5DB **Company secretary** Mr S Fenton ## **Accountants** James Cowper Kreston Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB ## **Bankers** Barclays Bank plc 23-26 Parkway Newbury Berkshire RG14 1AY Page 1 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2020** ## **Advisers (continued)** ## **Solicitors** Irwin Mitchell Oxford House 12-20 Oxford Street Newbury Berkshire RG14 1JB ## **Independent Examiner** Mr A Jones Cooper Parry Group Limited Park View One Central Boulevard Blythe Valley Park Solihull B90 8BG Page 2 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2020** The Trustees (who are also directors of the Charity for the purposes of the Companies Act) present their annual report together with the financial statements of Newbury Spring Festival Society Limited (the charity) for the year ended 30 June 2020. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (FRS 102) (Charities SORP (FRS 102)) "Accounting and Reporting by Charities" issued in October 2019. Since the charitable company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. ## **Objectives and Activities** The charity’s principal activity is to bring to Newbury, and the surrounding districts of West Berkshire and North Hampshire, concerts and recitals by orchestras and musicians of international reputation, supported by a strong education and community programme. The main thrust of the work concentrates on the production of the annual Newbury Spring Festival. In setting our objectives and planning our activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging. The charity receives no core funding from central or local authorities and largely relies on grants and donations and income from ticket sales to cover its operating costs. In setting ticket prices the Trustees give careful consideration to the affordability of events. Free tickets are also made available to schools and to 16-25 year olds. There is a significant education and community programme. ## **Achievements and performance** ##  **Review of activities** Due to government imposed lockdown restrictions as a result of the Covid-19 pandemic, the 2020 Festival was not held in May 2020. The Festival would normally include a wide variety of musical genres, including orchestra, folk, world, jazz, chamber and choral music. It normally features a strong international line up with young and established artists and a number of events linking music with other performing arts, including theatre. The Festival presented no events in 2020 (45 in 2019) and any tickets issued were refunded (2019: 9,379 tickets issued). A number of ticketholders donated the refund to the Charity and this generated nearly £16,000 of income. ##  **Education and community programme** Newbury Spring Festival is extremely proud of the long standing relationships developed with schools, colleges and home education workers in both West Berkshire and North Hampshire. Each spring, the Festival delivers a very popular Education Programme which offers free tickets to all children in the area to attend an arts or musical performance, linked to the Festival’s main programme. Each year approximately 1,500 children, from pre-school to GCSE level, benefit from a wide range of free Festival workshops and children’s concerts. The programme unfortunately did not go ahead this year but plans to reopen in future are ongoing. Page 3 **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2020** ## **Financial review** ##  **Financial review** The charity’s income for the year was £284,839 compared to £466,631 in the previous year, largely a result of no ticket income. Expenditure has decreased in the year from £453,820 to £201,810 as a result of being unable to hold the Festival. The resulting surplus is £83,029 (2019: £12,811). The Trustees are very grateful to all our sponsors, both individual and organisations, who make great efforts to support our activities. Sponsorship is particularly important as only 1% of our income comes from the public purse. The charity is also very grateful for the continued support of the Friends of Newbury Spring Festival. Although there was not a need for a grant this year as the Festival did not go ahead (2019: grant received of £25,000) the Friends have continued to support the Festival in a variety of ways. The charity is also grateful to its team of volunteers for their support. ##  **Reserves** The charity’s reserves at 30 June 2020 stood at £153,466 and funding the Charity is an on-going challenge, particularly given difficult economic conditions and the lack of core funding from the public sector. As far as is possible the charity assesses its likely income in advance, and tailors its costs accordingly. The position is being carefully monitored again in 2020/21 to ensure that the charity has sufficient resources to meet both its essential running costs and also maintain a high quality artistic programme. The Trustees consider that the reserves are at an appropriate level to enable the next Festival to go ahead in September 2021 amidst the adoption of appropriate Covid-19 Secure measures. This may include reduced audience numbers resulting in lower ticket income. However, the Trustees are confident that any resulting shortfalls can be met from the carried forward reserves. ## **Structure, governance and management** ##  **Constitution** The charity is controlled by its governing document and is constituted a company limited by guarantee, as defined by the Companies Act 2006. The charity is constituted under a Memorandum of Association. The charity is registered with the Charity Commission as Newbury Spring Festival Society Limited (no. 284622) and is governed by a Memorandum and Articles of Association. In the event of winding up such a liability shall not exceed £100 per member. ##  **Method of appointment or election of Trustees** The appointment of Trustees (Directors) is set out in the Articles of Association, in which there are also procedures for the rotation of Trustees. These state that the Board of Trustees has the power to determine the number of persons elected to the Board. Annually, the longest serving one third of Trustees shall retire from office and will be eligible for re-election. The Trustees can appoint any person to be a Trustee at any time, to either fill a casual vacancy or as an additional Trustee. ##  **Policies adopted for the induction and training of Trustees** New Trustees are introduced to the workings of the charity and their responsibilities as Trustees are explained to them by the Chair. Ongoing training needs are assessed and addressed as necessary and the Trustees are updated on any changes and developments in Charity Commission guidance during Trustee meetings to ensure they are fully aware of, and comply with, all relevant legislation and guidance. Page 4 NEWBURY SPRING FESTIVAL SOCIETY UMITED IA company limlted by guarantee) TRUSTEES. REPORT lcontlnuedl FOR THE YEAR ENDED 30 JUNE 2020 Organisational Structure and declslon maklng The Board of Trustees administers the charity and meets quarterfy. A general manager is appointed to manage the day-lo-day affair5 of the charity using authority delegated by th8 Board. Rl$k management The frust88s hBv8 examined the major rlsks that Newbury Spring Festival faces, and havé implemented systems lo monitor and control them to miligale any impact they may hava in the fLrture. Plans for future periods Future developments The Feslival scheduled for the spring of 2021 has been delayed due lo Covid-19, and will now take place in September 2021. We very much look forward to the return of the Festival and welccming audiences lo a high quality programme of events. There wlll be a foeus on reaching new aLIdie￿¢S for future years, and lo increase the awareness in the community of the Festival's existence. This report was approved by the Trustees, on ?6 I tjl 21and signed on their behalf bw. J Chadwick- Chair Page 5 NEWBURY SPRING FESTIVAL SOCIETY LIMITED IA company Ilmlted by guarant801 INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2020 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEWBURY SPRING FESTIVAL SOCIETY LIMITED Ithe'charity'l I report lo the ¢harily Trustees on my examinats'on of the accounts of the charity for the year ended 30 June 2020 which are sel out on pages 8 10 21. This report is made Sole￿ lo the charity's Trustees, as a body. in accordance wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. My wort( has been undertaken so that I might slate lo the charity's Trustees those matters l am required to slate to them in an independent examiner's report and for no other purpose. To tre fullest exienl permitted by law, I do not accept or assume responsibilty to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity (and also directors of the company for the purposes of company18w) you are responsible for the preparation of the accounts in accordan￿ with the requirements of the Companies Act 2006 {'Ihe 2006 Acl'l- Having satisf￿d Myse￿ that the accounts of the company are not requiTed to be audited under Part 16 of the 2D06 Act and are eligible for independent examination, I report in respect of my examination of your company's accovnls as carried oul under section 145 of the Charities Act 2Q11 I'lhe 2011 Act'l. In carrying out my examination I have followed the Diractions given by the Charity Commission under Section 14515llbl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Since the charity's gross income exceeded £250,000 your examiner musl be a mgmb8r of a body listed in section 145 01 the 2011 Act. I confim that l am qualified lo undertake the examination because l am a member of lllsliluls of Chartèr8d AccoLtnlanls in England and Wales, which is one of the listed bodies. I have completed my examination. I ctsnfirm that no matters have come to my attention Sn connection with the examination gwing me cause lo believe that in any material respect,. accounting records were not kepl in respect of the charity as required by section 386 of the 20C6 Act,. or the accounts do not accord with those records,. or the accounts do not comply with the ac¢ounting requirements of section 396 of the 2L106 Act other than any requirement that the 8c¢ounls giva a'lrue and fail view which is not a matter considered 28 part of an independ8nl examination.. or the accounts have not been prepared in a¢cordan¢e with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo challlies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021. Page 6 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2020** 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. Signed: Dated: 30 April 2021 Mr A Jones CA (Aus) ACA Cooper Parry Group Limited Park View One Central Boulevard Blythe Valley Park Solihull B90 8BG Page 7 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2020** |**Unrestricted**
**funds**
**Note**
**2020**
**£**
**INCOME FROM:**
Donations
2
**284,270**
Charitable activities
3
**569**
**TOTAL INCOME**
**284,839**
**EXPENDITURE ON:**
Raising funds
4
**5,100**
Charitable activities
4
**196,710**
**TOTAL EXPENDITURE**
4
**201,810**
**NET INCOME BEFORE OTHER RECOGNISED GAINS**
**AND LOSSES**
**83,029**
**NET MOVEMENT IN FUNDS**
**83,029**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**70,437**
**TOTAL FUNDS CARRIED FORWARD**
**153,466**|**Total**
**funds**
**2020**
**£**
**284,270**
**569**
**284,839**
**5,100**
**196,710**
**201,810**
**83,029**
**83,029**
**70,437**
**153,466**|Total
funds
2019
£
318,442
148,189| |---|---|---| |||466,631| |||6,330
447,490| |||453,820| |||12,811
12,811
57,626| |||70,437| All activities relate to continuing operations. The notes on pages 11 to 21 form part of these financial statements. Page 8 NEWBURY SPRING FESTIVAL SOCIETY LIMITED IA company limited by guarantee) REGISTERED NUMBER: 01539561 BALANCE SHEET AS AT 30 JUNE 2020 2020 2019 Note FIXED ASSETS Tangibla assets CURRENT ASSETS Debtors 10 1,860 2,689 11 29,692 136,292 43,791 41,645 Cash al bank and In hand 165,984 85,436 CREDITORS: amounts falling due within one year 12 114,3781 117,6881 NET CURRENT ASSETS 151,606 67,748 NET ASSETS 153.466 70.437 CHARITY FUNDS Unrestricted funds 13 153,466 70,437 TOTAL FUNDS 153,466 70,437 The eharily's financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The Tru51ees consider that the charity is entitled lo exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 20061'lhe Act l and members have not required the Gharily to obtain an audit for the year in question in accordance w(ch section 476 of the Act. The Truslee8 acknowledge their responslbilllles for complying with the requirernenls of the Companies Acl 2006 with respect to accounting records and the preparation of financial slat&menls. The finan¢ial slalemanls were approved and aulhorised foT issue by the Trustees on 2 61 è p l li signed on their behalf, by.. 8nd J Chadwck- Chair The notes on pages 11 to 21 form part of these financial slalemenl$. Page 9 NEWBURY SPRING FESTIVAL SOCIETY LIMtTED IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020 2020 2019 Note Cash flows from operatlng acllvlties Nel cash prowded by operating aclivi118S 15 94,647 32,207 cash flows from Investlng aetivitles.. Purchase of tangible fixed assets 11,4251 Net cash used in investlng activities 11,425) Change in cash and cash equivalents in the year Cash and cash equivalents brought forward 94,647 41,645 30,782 10,863 Cash and cash equlvalents carried fonNard 16 136,292 41,645 The notes on pages 1110 21 fonn part of these financial stalement8. Page10 **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** **(A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** ## **1. ACCOUNTING POLICIES** Newbury Spring Festival Society Limited is a company limited by guarantee, incorporated in England and Wales. The registered office is 33/34 Cheap Street, Newbury, Berkshire, RG14 5DB. ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with 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) (issued October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Newbury Spring Festival Society Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **1.2 Going concern** The financial statements have been prepared on a going concern basis. The Trustees have assessed whether the use of going concern assumption is appropriate and are satisfied that the charity can continue in operational existence for a period of at least one year from the date of authorisation of these financial statements. ## **1.3 Company status** The charity is a company limited by guarantee. The members of the charitable company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £100 per member of the charitable company. ## **1.4 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. ## **1.5 Income** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Voluntary income includes donations, grants and sponsorship fees received and sponsorship in kind. The income is included in full in the Statement of Financial Activities when receipt is probable. Sponsorship in kind is based on the market value of the services or goods provided. Fundraising income is shown gross and the associated costs are included as raising funds expenditure. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. Income is deferred when it is received in advance of the new financial year. This is recorded in the balance sheet as deferred income. Page 11 **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** ## **1. ACCOUNTING POLICIES (continued)** ## **1.6 Expenditure** All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of charitable activities. Charitable activities costs are the costs incurred to run the Festival each year. This includes both direct and a proportion of the support costs based on staff time allocation. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. ## **1.7 Tangible fixed assets and depreciation** Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |Plant and machinery|-|10% on cost| |---|---|---| |Fixtures & fittings|-|10% on cost| |Computer equipment|-|25% on cost| ## **1.8 Operating leases** Rentals under operating leases are charged to the Statement of financial activities incorporating income and expenditure account on a straight line basis over the lease term. ## **1.9 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. ## **1.10 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **1.11 Cash at Bank and in hand** Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.12 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Page 12 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** ## **1. ACCOUNTING POLICIES (continued)** ## **1.13 Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **1.14 Critical accounting estimates and areas of judgement** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. ## **2.** ## **INCOME FROM DONATIONS** |Donations and grants received
Sponsorship
Similar incoming resources
Total donations and legacies
Total 2019|**Restricted**
**funds**
**Unrestricted**
**funds**
**2020**
**£**
**2020**
**£**
**-**
**279,438**
**-**
**-**
**-**
**4,832**
**-**
**284,270**
93,050
225,392|**Total**
**funds**
**2020**
**£**
**279,438**
**-**
**4,832**
**284,270**
318,442|Total
funds
2019
£
283,438
24,800
10,204| |---|---|---|---| ||||| ||||| ||||318,442| ||||| ## **Sponsorship in Kind (included in Sponsorship above)** |Venue hire
Administration and IT support

Total|**2020**
**£**
**-**
**-**

**-**|2019
£
12,700
4,800| |---|---|---| |||| |||| |||17,500| Page 13 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** |**Donations and grants received**
Arts Council England
The Headley Trust
The Sheepdrove Trust
Mrs Rosamund Brown
Donated ticket sales
Greenham Trust
Marion Moore Foundation
The Bernard Sunley Charitable Foundation
Colefax Charitable Trust
The Adrian Swire Charitable Trust
Mr and Mrs Julian Slater
Dame Theresa Sackler
Sir Hugh and Lady Stevenson
Gamlen Charitable Trust
Mr Ed Makin
Englefield Charitable Trust
Fairhurst Estates
The Eranda Foundation
Harbrook Farm
G J Ward Charitable Trust
Brew Securities
Lady Eliza Mays-Smith
The Greenwood Trust
Mrs Katalin Landon
Weinstock Fund
Mr and Mrs Mark Edwards
Ambrose and Ann Appleby Trust
The National Funding Scheme
Mr and Mrs Patrick Hungerford
David and Jennifer Sieff Charitable Trust
Mr and Mrs Robin Aird
Greenham Parish Council
Mrs Catherine Lovell
Kilfinan Trust
Mrs Helen Skinner
Mr John Skinner
Mrs Mary Cameron
Mrs Victoria Wormsley
Friends of Newbury Spring Festival
The Vaughan Williams Charitable Trust
The Sackler Trust
Irwin Mitchell
Horsey Lightly
Viking Cruises
Ramsbury Estates
Mr and Mrs David Bruce
Mr and Mrs Toby Ward
Mrs S Scrope
Mr and Mrs Peter Davidson
Other donations less than £2,000

Total|**General**
**£**
**30,060**
**22,500**
**20,000**
**20,000**
**15,684**
**15,000**
**11,185**
**10,000**
**10,000**
**10,000**
**7,000**
**5,000**
**5,000**
**5,000**
**5,000**
**5,000**
**5,000**
**4,200**
**4,000**
**4,000**
**3,000**
**3,000**
**3,000**
**3,000**
**3,000**
**2,800**
**2,500**
**2,259**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**23,250**

**279,438**|**Restricted**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**

**-**|**2020**
**£**
**30,060**
**22,500**
**20,000**
**20,000**
**15,684**
**15,000**
**11,185**
**10,000**
**10,000**
**10,000**
**7,000**
**5,000**
**5,000**
**5,000**
**5,000**
**5,000**
**5,000**
**4,200**
**4,000**
**4,000**
**3,000**
**3,000**
**3,000**
**3,000**
**3,000**
**2,800**
**2,500**
**2,259**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**2,000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**23,250**

**279,438**|2019
£
-
15,000
20,000
18,000
-
45,550
11,258
10,000
10,000
10,000
-
-
5,000
5,000
-
5,000
3,500
4,200
3,000
-
-
3,000
3,000
2,500
3,000
3,000
2,000
-
2,000
2,000
1,750
-
-
2,000
-
-
1,000
-
25,000
10,000
10,000
5,000
2,000
3,000
3,000
3,000
2,000
2,000
2,000
25,680| |---|---|---|---|---| |||||| |||||| |||||283,438| Page 14 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** |**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**funds**
**2020**
**£**
Newbury Spring Festival
**569**
Total 2019
148,189|**Total**
**funds**
**2020**
**£**
**569**
148,189|Total
funds
2019
£
148,189| |---|---|---| |||| ## **4. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE** |**Depreciation**

**2020**
**£**
Expenditure on raising voluntary income
**-**
**Costs of raising funds**
**-**
Newbury Spring Festival
**829**
Expenditure on governance
**-**
Total 2020
**829**
Total 2019
1,255|**Other costs**
**2020**
**£**
**5,100**
**5,100**
**192,706**
**3,175**
**200,981**
452,565|**Total**
**2020**
**£**
**5,100**
**5,100**
**193,535**
**3,175**
**201,810**
453,820|Total
2019
£
6,330
6,330
444,300
3,190
453,820| |---|---|---|---| ||||| Of the total expenditure £201,810 (2019: £360,770) was to unrestricted funds and £nil (2019: £93,050) was to restricted funds. Page 15 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** ## **5. DIRECT COSTS** |Artists' fees
Musical events outside
Artists' travel
Commission
Venue hire
Concert catering and technical hire
Marketing
Direct management and administration
Total 2019|**Total**
**2020**
**£**
**3,277**
**595**
**-**
**12,031**
**773**
**200**
**30,885**
**49,193**
**96,954**
351,233|Total
2019
£
156,721
480
8,952
19,831
40,257
22,967
36,439
65,586
351,233| |---|---|---| |||| ## **6. SUPPORT COSTS** |Establishment
Management and administration
General office
Sundry expenses
Depreciation
Total 2019|**Total**
**2020**
**£**
**10,468**
**78,254**
**6,600**
**430**
**829**
**96,581**
93,067|Total
2019
£
10,944
72,680
5,749
2,439
1,255
93,067| |---|---|---| |||| ## **7. GOVERNANCE COSTS** ||**Unrestricted**
Unrestricted|**Unrestricted**
Unrestricted| |---|---|---| ||**funds**|funds| ||**2020**|2019| ||**£**|£| |Accountancy|**2,300**|2,340| |Independent Examiner's fee|**875**|850| |||| ||**3,175**|3,190| Page 16 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** ## **8. NET INCOME/(EXPENDITURE)** This is stated after charging: ||**2020**|2019| |---|---|---| ||**£**|£| |Depreciation of tangible fixed assets:||| |- owned by the charity|**829**|1,255| |Independent Examiner's fee|**875**|850| During the year, no Trustees received any remuneration (2019 - £NIL). During the year, no Trustees received any benefits in kind (2019 - £NIL). During the year, no Trustees received any reimbursement of expenses (2019 - £NIL). ## **9. STAFF COSTS** The average number of persons employed by the charity during the year was as follows: ||**2020**|2019| |---|---|---| ||**No.**|No.| |Full time equivalent employees|**2**|2| No employee received remuneration amounting to more than £60,000 in either year. |Wages and salaries
Social security costs
Pension contributions

Total|**2020**
**£**
**71,100**
**7,420**
**4,676**

**83,196**|2019
£
66,100
6,783
3,400| |---|---|---| |||| |||| |||76,283| Page 17 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** ## **10. TANGIBLE FIXED ASSETS** |**10.**
**TANGIBLE FIXED ASSETS**||||| |---|---|---|---|---| |**Plant and**
**machinery**
**£**
**Cost**
At 1 July 2019 and 30 June 2020
**13,465**
**Depreciation**
At 1 July 2019
**13,235**
Charge for the year
**39**
At 30 June 2020
**13,274**
**Net book value**
At 30 June 2020
**191**
At 30 June 2019
230
**11.**
**DEBTORS**
Trade debtors
VAT
Other debtors and prepayments
**12.**
**CREDITORS: Amounts falling due within one year**
Accruals
Other creditors and deferred income
**Deferred income**
Deferred income at 1 July 2019
Resources deferred during the year
Amounts released from previous years
Deferred income at 30 June 2020|**Fixtures and**
**fittings**
**£**
**7,883**
**6,626**
**389**
**7,015**
**868**
1,257

||**Computer**
**equipment**
**£**
**15,850**
**14,648**
**401**
**15,049**
**801**
1,202
**2020**
**£**
**10,673**
**2,894**
**16,125**
**29,692**
**2020**
**£**
**9,175**
**5,203**
**14,378**|**Total**
**£**
**37,198**
**34,509**
**829**
**35,338**
**1,860**
2,689
2019
£
22,855
8,853
12,083
43,791
2019
£
8,271
9,417
17,688
**£**
**3,000**
**-**
**(3,000)**
**-**| |||||| |||||| |||||| |||||| |||||| Page 18 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** ## **13. STATEMENT OF FUNDS** ## **STATEMENT OF FUNDS - CURRENT YEAR** |**Balance at 1**
**July 2019**
**£**
**General funds**
Unrestricted Funds
**70,437**
**STATEMENT OF FUNDS - PRIOR YEAR**
Balance at
1 July 2018
£
**General funds**
Unrestricted Funds
57,626
Restricted Funds
-
**SUMMARY OF FUNDS - CURRENT YEAR**
**Balance at 1**
**July 2019**
**£**
Unrestricted Funds
**70,437**
**70,437**
**SUMMARY OF FUNDS - PRIOR YEAR**
Balance at
1 July 2018
£
Unrestricted Funds
57,626
Restricted Funds
-
57,626|**Income Expenditure**
**£**
**£**
**284,839**
**(201,810)**
Income
Expenditure
£
£
373,581
(360,770)
93,050
(93,050)
**Income**
**Expenditure**
**£**
**£**
**284,839**
**(201,810)**
**284,839**
**(201,810)**
Income
Expenditure
£
£
373,581
(360,770)
93,050
(93,050)
466,631
(453,820)|**Balance at**
**30 June**
**2020**
**£**
**153,466**
Balance at
30 June
2019
£
70,437
-
**Balance at**
**30 June**
**2020**
**£**
**153,466**
**153,466**
Balance at
30 June
2019
£
70,437
-
70,437| |---|---|---| Page 19 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** ## **14. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** |**ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR**|| |---|---| ||**Unrestricted**| ||**funds**| ||**2020**| ||**£**| |Tangible fixed assets|**1,860**| |Current assets|**165,984**| |Creditors due within one year|**(14,378)**| ||**153,466**| |**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR**|| ||Unrestricted| ||funds| ||2019| ||£| |Tangible fixed assets|2,689| |Current assets|85,436| |Creditors due within one year|(17,688)| ||70,437| ## **15. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**ACTIVITIES**||| |---|---|---| |Net income for the year (as per Statement of Financial Activities)
**Adjustment for:**
Depreciation charges
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**
**16.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash at bank and in hand
Total|**2020**
**£**
**83,029**
**829**
**14,099**
**(3,310)**
**94,647**
**2020**
**£**
**136,292**
**136,292**|2019
£
12,811
1,255
26,867
(8,726)| |||32,207| |||2019
£
41,645| |||41,645| Page 20 ## **NEWBURY SPRING FESTIVAL SOCIETY LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020** ## **17. OPERATING LEASE COMMITMENTS** At 30 June 2020 the total of the Charity’s future minimum lease payments under non-cancellable operating leases was: |**Amounts payable:**
Within 1 year
Between 1 and 5 years
Total|**2020**
**£**
**9,000**
**2,250**
**11,250**|2019
£
9,000
11,250| |---|---|---| |||20,250| ## **18. RELATED PARTY TRANSACTIONS** Four of the Trustees of Newbury Spring Festival Society Limited are also Trustees of the Friends of Newbury Spring Festival (the Friends), a charity with which the Newbury Spring Festival Society Limited shares administration facilities at the same location. The total administration costs incurred by Newbury Spring Festival Society Limited in relation to the Friends are estimated at £1,160 (2019: £6,000). The Friends of Newbury Spring Festival Trust makes grants to Newbury Spring Festival Society Limited to help the charity's principal activity of improving and advancing education of the arts and encouraging them in the community, by promoting concerts, recitals and other similar activities. There was a balance outstanding of £3,602 (2019: £2,442) from the Friends of Newbury Spring Festival at the year end. Friends of Newbury Spring Festival paid over a grant of £Nil during the year (2019: £25,000). James Cowper Kreston prepares the financial statements for the Newbury Spring Festival Society Limited. Mr M N Farwell is a partner of the firm and also a Trustee of the charity. The fee for this work and some ancilliary advisory work for the year was £2,300 (2019: £2,250). James Cowper Kreston supports the charity as a Business Partner at a cost of £600 each year. JC Payroll Services Limited carry out the monthly payroll for the charity. Mr M N Farwell is a Director of the company and also a Trustee of the charity. The fee for the year was £660 (2019: £660). Mr A McKenzie, a Trustee, is also a director of The Vineyard at Stockcross, a company paid expenses of £nil (2019: £3,504) for meals and refreshments for a concert during the year. The Earl of Carnarvon, a Trustee, is also a Trustee of the Corn Exchange (Newbury) Trust, a charity paid hire costs of £nil and box office commission of £12,031 (2019: £42,349 in hire costs and £19,831 in box office commission). Total donations received from Trustees for the year amounted to £4,613 (2019: £19,900). Total in-kind donations received from the Trustees for the year was estimated at £nil (2019: £11,400). Page 21