Charity Registration No. 518744
Company Registration No. 02194725 (England and Wales)
CEDARWOOD FESTIVAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2022
CEDARWOOD FESTIVAL LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Mr D E G Stretton-Downes Mr Glen Macknight Mr S Pattisson
Trustees
Mr M Steel Mr D Benjamin Mrs V Neville Charity number 518744 Company number 02194725 Accountants TC Group A6 Kingfisher House Kingsway Team Valley Trading Estate Gateshead Tyne and Wear NE11 0JQ
(Appointed 1 October 2022) (Appointed 1 August 2022) (Appointed 1 August 2022) (Appointed 1 August 2022)
CEDARWOOD FESTIVAL LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Accountants' report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 - 6 |
| Notes to the financial statements | 7 - 11 |
CEDARWOOD FESTIVAL LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE PERIOD ENDED 30 JULY 2022
The trustees present their report and financial statements for the period ended 30 July 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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
The objects of the Charity are to encourage gatherings of all generations and expressions of the Church to worship Jesus in unity. This is to be achieved by a 24/7 approach to worship, prayer, mission and bible teaching.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
In July 2022, the Cedarwood Festival 2022 was held - an independent festival, gathering all generations an expressions to worship Jesus in unity. Launching in County Durham, in the north of England, the weekend festiva is backed by all the major denominations and included corporate worship, biblical teaching, practical workshops after hours activiities for all ages, 24-7 prayer and worship and a full children's and youth programme.
The Charity hopes that attendees to the Festival will come away inspired, encouraged and equipped to join in th call to see the nations transformed in the name of Jesus.
Financial review
The results for the financial period are set out in the Statement of Financial Activities.
Overall, the Company received income totalling £31,816 (2021 £8,740) with expenditure on charitable activities of £37,276 (2021 £10,100), resulting in an excess of expenditure over income for the period ended 30 July 2022 of £5,460 (2021 excess of expenditure £1,360).
At the end of the current financial year, the Reserves of the Charity were in deficit. The trustees’ plan to clear the deficit in future, returning to a moderate level of reserves.
Risk Management
The Trustees have a risk management strategy which comprises:
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a regular review of the risks that the Charity faces;
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an established system of procedures to mitigate those risks identified; and
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the implementation of procedures designed to minimise any potential impact.
The Trustees have identified the major risks to which they believe the Charity is exposed and hope to be able to establish procedures in order to manage such risks to an acceptable level.
The Trustees intend for annual Cedarwood Festivals to be held.
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CEDARWOOD FESTIVAL LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE PERIOD ENDED 30 JULY 2022
Structure, governance and management
The charity is controlled by its governing document, a memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:
K A Todd (Resigned 1 August 2022) Mr D E G Stretton-Downes Mr Glen Macknight Mr A C Hancock (Resigned 1 August 2022) Mr S Pattisson (Appointed 1 October 2022) Mr M Steel (Appointed 1 August 2022) Mr D Benjamin (Appointed 1 August 2022) Mrs V Neville (Appointed 1 August 2022)
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. As set out in the governing document, new trustees are presented to the existing board annually at the AGM.
The trustees' report was approved by the Board of Trustees.
Mr D E G Stretton-Downes
Trustee Dated: 25 May 2023
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CEDARWOOD FESTIVAL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CEDARWOOD FESTIVAL LIMITED FOR THE PERIOD ENDED 30 JULY 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cedarwood Festival Limited for the period ended 30 July 2022, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 11 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Cedarwood Festival Limited and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cedarwood Festival Limited and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that Cedarwood Festival Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Cedarwood Festival Limited. You consider that Cedarwood Festival Limited is exempt from the statutory audit requirement for the period, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Cedarwood Festival Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
TC Group
25 May 2023
Chartered Accountants
A6 Kingfisher House Kingsway Team Valley Trading Estate Gateshead Tyne and Wear NE11 0JQ
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CEDARWOOD FESTIVAL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 30 JULY 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 1,715 | 4,613 |
| Charitable activities | 4 | 30,101 | 4,127 |
| Total income | 31,816 | 8,740 | |
| Expenditure on: | |||
| Charitable activities | 5 | 37,276 | 10,100 |
| Net expenditure for the year/ | |||
| Net movement in funds | (5,460) | (1,360) | |
| Fund balances at 1 August 2021 | (372) | 988 | |
| Fund balances at 30 July 2022 | (5,832) | (372) |
The statement of financial activities includes all gains and losses recognised in the period.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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CEDARWOOD FESTIVAL LIMITED
BALANCE SHEET
AS AT 30 JULY 2022
| 2022 Notes £ £ Current assets Debtors 9 1,308 Cash at bank and in hand 2 1,310 Creditors: amounts falling due within one year 10 (2,592) Net current liabilities (1,282) Creditors: amounts falling due after more than one year 11 (4,550) Net liabilities (5,832) Income funds Unrestricted funds (5,832) (5,832) |
2021 £ - 288 288 (660) |
£ (372) - (372) (372) (372) |
|---|---|---|
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CEDARWOOD FESTIVAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JULY 2022
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 30 July 2022.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 25 May 2023
Mr D E G Stretton-Downes
Trustee
Company Registration No. 02194725
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CEDARWOOD FESTIVAL LIMITED
FOR THE PERIOD ENDED 30 JULY 2022
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies
Charity information
Cedarwood Festival Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is .
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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CEDARWOOD FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JULY 2022
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
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.
1.6 Cash and cash equivalents
Cash and cash equivalents 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.
1.7 Financial instruments
The charity 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 charity's balance sheet when the charity 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.
Basic financial assets
Basic financial assets, which include debtors 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 transaction, 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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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 carried 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 operations 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 liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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CEDARWOOD FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JULY 2022
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees 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 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.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 1,715 | 4,613 |
| Charitable activities | ||
| Christian | Christian |
|
| Arts Festivals | Arts Festivals | |
| 2022 | 2021 | |
| £ | £ | |
| Bookings | 30,101 | 4,127 |
4 Charitable activities
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CEDARWOOD FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JULY 2022
5 Charitable activities
| Site and other Festival costs Insurance Marketing Online Production costs Refunds Share of support costs (see note 6) Share of governance costs (see note 6) Support costs Support costs Governance costs £ £ Website & Social Media 1,601 - Postage and Stationery 635 - Membership Fees - - Travel 1,074 - Sundries 630 - Bank Charges 49 - Accountancy fees - 732 3,989 732 Analysed between Charitable activities 3,989 732 |
Christian Arts Festivals Christian Arts Festivals 2022 2021 £ £ 30,215 1,701 833 496 957 242 550 5,128 - 165 32,555 7,732 3,989 1,708 732 660 37,276 10,100 2022Support costs Governance costs 2021 £ £ £ £ 1,601 584 - 584 635 718 - 718 - 100 - 100 1,074 96 - 96 630 161 - 161 49 49 - 49 732 - 660 660 4,721 1,708 660 2,368 4,721 1,708 660 2,368 |
Christian Arts Festivals Christian Arts Festivals 2022 2021 £ £ 30,215 1,701 833 496 957 242 550 5,128 - 165 32,555 7,732 3,989 1,708 732 660 37,276 10,100 2022Support costs Governance costs 2021 £ £ £ £ 1,601 584 - 584 635 718 - 718 - 100 - 100 1,074 96 - 96 630 161 - 161 49 49 - 49 732 - 660 660 4,721 1,708 660 2,368 4,721 1,708 660 2,368 |
|---|---|---|
| 7,732 1,708 660 |
||
| 10,100 | ||
| 2021 £ 584 718 100 96 161 49 660 |
||
| 2,368 | ||
| 2,368 |
6 Support costs
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CEDARWOOD FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JULY 2022
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.
8 Employees
The average monthly number of employees during the period was:
| 2022 | 2021 | |||
|---|---|---|---|---|
| Number | Number | |||
| Total | - | - | ||
| 9 | Debtors | |||
| 2022 | 2021 | |||
| Amounts falling due within one year: | £ | £ | ||
| Trade debtors | 1,308 | - | ||
| 10 | Creditors: amounts falling due within one year | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Trade creditors | 1,200 | - | ||
| Accruals and deferred income | 1,392 | 660 | ||
| 2,592 | 660 | |||
| 11 | Creditors: amounts falling due after more than one year | |||
| 2022 | 2021 | |||
| Notes | £ | £ | ||
| Bank loans | 4,550 | - | ||
| 12 | Related party transactions |
There were no disclosable related party transactions during the period (2021 - none).
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