Charity registration number 518744
Company registration number 02194725 (England and Wales)
CEDARWOOD FESTIVAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JANUARY 2025
CEDARWOOD FESTIVAL LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr D E G Stretton-Downes |
|---|---|
| Mr S Pattisson | |
| Mr D Benjamin | |
| Mrs V Neville | |
| Mrs Pamela Birtle | |
| Charity number | 518744 |
| Company number | 02194725 |
| Accountants | Stephen Lamb, FCA |
| 12 Bessemer Court | |
| Hownsgill Industrial Park | |
| Knitsley Lane | |
| Consett | |
| Co Durham | |
| DH8 7BL |
CEDARWOOD FESTIVAL LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Accountants' report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
CEDARWOOD FESTIVAL LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE PERIOD ENDED 30 JANUARY 2025
The trustees present their annual report and financial statements for the period ended 30 January 2025.
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 2024, the Cedarwood Festival 2024 was held - an independent festival - gathering all generations and expressions to worship Jesus in unity. The 2024 festival was held at Thorp Perrow, North Yorkshire, in the north of England. The weekend festival was backed by all the major denominations and included corporate worship, biblical teaching, practical workshops, after hours activities 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 the call to see the nations transformed in the name of Jesus.
Financial review
As disclosed in the notes to the accounts the charity has changed its accounting year-end date. The financial yearend date of 30th July has been extended this reporting period to 30th January.
The results for the long financial period are set out in the Statement of Financial Activities.
Overall, the Company received income totalling £91,430 (2023 £79,709) with expenditure on charitable activities of £74,535 (2023 £86,041), resulting in an excess of income over expenditure for the period ended 30 January 2025 of £16,622 (2023 excess of expenditure £6,681).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between one and four month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.
The unrestricted funds as at the year end, represented by the net current assets were £4,109 (2023: Deficit £12,513).
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CEDARWOOD FESTIVAL LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE PERIOD ENDED 30 JANUARY 2025
Risk Management
The Trustees have a risk management strategy which comprises:
-
a regular review of the risks that the Charity faces;
-
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 and are actively seeking funding and sponsorship.
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:
Mr D E G Stretton-Downes
Mr Glen Macknight (Resigned 26 September 2024)
Mr S Pattisson Mr D Benjamin Mrs V Neville Mrs Pamela Birtle
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: 2 May 2025
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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 JANUARY 2025
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 January 2025, 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 https://www.icaew.com/regulation.
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 surplus 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.
Stephen Lamb, FCA
2 May 2025
Chartered Accountants
12 Bessemer Court Hownsgill Industrial Park Knitsley Lane Consett Co Durham DH8 7BL
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CEDARWOOD FESTIVAL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 30 JANUARY 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 34,257 | 36,100 |
| Charitable activities | 4 | 57,173 | 43,609 |
| Total income | 91,430 | 79,709 | |
| Expenditure on: | |||
| Raising funds | 5 | 273 | 349 |
| Charitable activities | 6 | 74,535 | 86,041 |
| Total expenditure | 74,808 | 86,390 | |
| Net income/(expenditure) and movement in funds | 16,622 | (6,681) | |
| Reconciliation of funds: | |||
| Fund balances at 31 July 2023 | (12,513) | (5,832) | |
| Fund balances at 30 January 2025 | 4,109 | (12,513) |
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
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CEDARWOOD FESTIVAL LIMITED
BALANCE SHEET
AS AT 30 JANUARY 2025
| Notes Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets/(liabilities) Net assets excluding pension liability The funds of the charity Unrestricted funds |
2025 £ - 6,837 6,837 (2,728) |
2023 £ £ £ 2,173 270 2,443 (14,956) 4,109 (12,513) 4,109 (12,513) 4,109 (12,513) 4,109 (12,513) |
|---|---|---|
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 January 2025.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 2 May 2025
Mr D E G Stretton-Downes
Trustee
Company registration number 02194725 (England and Wales)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JANUARY 2025
CEDARWOOD FESTIVAL LIMITED
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 Reporting period
The ccharity has changed its accounting year-end date. The financial year-end date of 30th July has been extended this reporting period to 30th January. The charity has implemented this change in order to align its reporting cycle more effectively with its operational activities, thereby enhancing the quality of the financial information presented.
As a result of this change, the comparability of financial information and notes to previous periods may be affected.
1.2 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.
1.3 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.
1.4 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 or grantors 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.
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FOR THE PERIOD ENDED 30 JANUARY 2025
CEDARWOOD FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
1 Accounting policies
(Continued)
1.5 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.
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.
1.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.7 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.
1.8 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.
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CEDARWOOD FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JANUARY 2025
1 Accounting policies
(Continued)
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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.
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CEDARWOOD FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JANUARY 2025
3 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2023 | ||
| £ | £ | ||
| Donations and gifts | 34,257 | 36,100 | |
| 4 | Income from charitable activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2023 | ||
| £ | £ | ||
| Christian Arts Festivals | |||
| Bookings | 57,173 | 43,609 |
5 Expenditure on raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2023 | |
| £ | £ | |
| Fundraising and publicity | ||
| Other fundraising costs | 273 | 349 |
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CEDARWOOD FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JANUARY 2025
6 Expenditure on charitable activities
| Christian | Christian | ||
|---|---|---|---|
| Arts Festivals | Arts Festivals | ||
| 2025 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Site and other Festival costs | 66,166 | 77,238 | |
| Insurance | 729 | 2,210 | |
| Marketing | 607 | 292 | |
| Donations | - | 59 | |
| 67,502 | 79,799 | ||
| Share of support and governance costs (see note 7) | |||
| Support | 6,084 | 5,360 | |
| Governance | 949 | 882 | |
| 74,535 | 86,041 | ||
| Analysis by fund | |||
| Unrestricted funds | 74,535 | 86,041 | |
| 7 | Support costs allocated to activities | ||
| 2025 | 2023 | ||
| £ | £ | ||
| Website & Social Media | 3,391 | 1,797 | |
| Posatge and Stationary | 897 | 1,244 | |
| Travel | 1,541 | 2,001 | |
| Sundries | 255 | 318 | |
| Governance costs | 949 | 882 | |
| 7,033 | 6,242 | ||
| Analysed between: | |||
| Christian Arts Festivals | 7,033 | 6,242 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.
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CEDARWOOD FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JANUARY 2025
9 Employees
The average monthly number of employees during the period was:
| 2025 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Net movements in funds
Net movements in funds are stated after charging £949 (2023 £792) for the independent examination of the financial statements.
12 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Creditors: amounts falling due within one year Notes Deferred income 14 Trade creditors Other creditors Accruals and deferred income |
2025 £ - 2025 £ 1,768 - - 960 2,728 |
2023 £ 2,173 |
| 2023 £ - 13,422 10 1,524 |
||
| 14,956 |
13 Creditors: amounts falling due within one year
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CEDARWOOD FESTIVAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JANUARY 2025
14 Deferred income
| Deferred income | ||
|---|---|---|
| Other deferred income Deferred income is included in the financial statements as follows: Deferred income is included within: Current liabilities Movements in the period: Deferred income at 31 July 2023 Resources deferred in the period Deferred income at 30 January 2025 |
2025 £ 1,768 2025 £ 1,768 - 1,768 1,768 |
2023 £ - |
| 2023 £ - |
||
| - - |
||
| - |
15 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 31 July 2023 | Incoming | Resources | At 30 January | ||
|---|---|---|---|---|---|
| resources | expended | 2025 | |||
| £ | £ | £ | £ | ||
| General funds | (12,513) | 91,430 | (74,808) | 4,109 | |
| Previous year: | At 31 July 2022 | Incoming | Resources | At 30 July 2023 |
|
| resources | expended | ||||
| £ | £ | £ | £ | ||
| General funds | (5,832) | 79,709 | (86,390) | (12,513) |
16 Related party transactions
There were no disclosable related party transactions during the period (2023 - none).
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