REGISTERED COMPANY NUMBER: 02388535 (England and Wales) REGISTERED CHARITY NUMBER: 701629
Report of the Trustees and
,
Unaudited Financial Statements for the Year Ended 31 December 2023
for
;
Bewdley Festival Limited
Dalton Pardoe Limited Chartered Accountants 794 High Street Kingswinford West Midlands - DY6 8BQ
Bewdley Festival Limited
Contents of the Financial Statements for the Year Ended 31 December 2023
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|Independent|Examiner's|Report|10|
|Statement|of|Financial|Activities|11|
|Balance|Sheet|12|to|13|
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|Notes|to|the|Financial|Statements|14|to|23|
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|Detailed|Statement|of Financial|Activities|24|
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Bewdky Festival Limited Report of the Trnstees for the Year Ended 31 December 2023 The trustees who are also directors of the charity for the Purposes of the Companies Act 2006. present their report with the financial statements of the charity for the ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Chariti¢s: Statement of R¢commended Practice applirAble charities preparing their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {¢ff¢ctive l January 2019). Our Artistk Values Bewdley Festival Society was fornied in December 1987. when a public meeting held in the Guild Hall, decided to launch an annual festival of the arts designed". 'Yo bring the best inlo Bewdley and to brin8 thc best out of Bewdlty,. Thanks to the continued support and encouragement of the many members of the Society th¢ Festival has developed and expanded over the years to become an eagerly awaited part of the Bewdley and Wyre Forest calendar. The lrnstees have patd due regard to 8uidance issued by the Charity CommiMion on public benefit in decidtng what activities the ¢harity should undertake. OBJEcfivES AND ACTIVITIES Objectives Bewdley Festival is proud to havc maintained its high artistic standards and (kliv¢Ted varied programmes embracing all aspects of th¢ arts over more than 35 years. At the same timc as ensuring its, financial viability. This involves hosting high quality events for the enjoyment of local people in our beautifvl town. We are only able to hold these events because of th¢ hard work of our volunteers: our organising committ¢¢, our Inte¢S and support from our sponsors. Bewdley Festival Limited, is a Company limited by guarantee and a regislered charity. The charitys objectives are: - To advance the education of the publi¢ particularly in the neighbourhood of Bewdley by the production and promotion of educational plays and other forms of art including the art of drami dan¢in& singing and music. - To provide facilities in the interest of social welfare for recreation and other leisur¢ time occupation5, particularly in th¢ neighbourhood of Bewdley for the benefit of the community. In our Annual Report 2022 we set out our aims for 2023: - Deliver a full programm¢ of high-quality. varied events throughout 2023. - Develop our strategy for growing Festival in tern]s of the audience we reach and the multi arts events we deliver. - Bewdley Youth Festival to continue sUPprt young people in developing their artistic skills and personal development. Help and support our community through our Bewdley Community Arts Foundation by securing fvnding and encouraging mor¢ p¢ople to participate in ¢r¢ativ¢ ti¥ll1¢S. - Continue to build our resource base by attracting new sources of incom4 attracting new volunteers and expert advisers. - Continuing to ensure that good governance and business continuity proc¢sws arc applied. and that Bewdley Festival is financially viable for many years to come. Page I
Bewdley Festival Llmlted Report of the Trustees for the Year Ended 31 December 2023 oBJEIVEs AND AcfiviTIES Achievements The highlights of 2023 in¢lude: In October we held 20 events across a rang¢ of arts including musi¢; comedy: film: drama and spoken word. W¢ w¢l¢omed both local and internationally kno1 acts. Artists enjoy pcrforn)ing at our events. Our audi¢n¢es are very welcoming and thanks to the tremendous work done by our organising committee and our volunteers, events are professionally run. Music evenings included Lindesfarne, the Poet Laurette Simon Arniitsge and the band LYR and Both Sides Now - Joni Reimagined. Thank5 80 to Alistair Elliott for org&nising our classical evening with the Carducci Quartet which was simply breath taking. We welcomed Lemn Sissay back to festival and also enjoyed very inforniative presentstions including Jazzie B; Jane Garvey and Adam Rutherford. Perforniances from Lesley Smith and Michael Mears were excellently delivered, informative and entertaining. Few festivals can boast of such a mix of artists and subject matter. For ihe 20 events held in October 2023 we sold 2,600 tickets. a similar amount to the previous year. On average 180 tickets (181 in 2022) were sold for our evening events and 84 (113 in 2022) for our daytime events. Alihough we face ¢ver in¢rcasing costs, we made every effort to keep our ticket prices as atTordable as possible. We used thr¢e difFer¢nt local venues and attracted sponsorship from over 30 local companics. Over 140 people (22Yo) replied to our customer questionnaire. We were pleased with positive feedback we received with 92Yo of customers saying th¢y would come to our events again and 870/0 giving us "top marks" lrnportantly our memb¢rship, our Festival Friends, has increased by 79 (20%) to 477. The biggest increase we have secn for many ye8rs. Outside of the main festival we want to hold more events across the year. In 2023 this included the musical Gulllotine and in April the Messiah. All this has been delivered by our 80 volunteers. B¢wdley Youth Festlval (BYF): remains a very important part of Bewdley Festival and something we want to expand in the future. The WyTe Forest Young Musician of the Year and our Youth Festival Showcase are regular events in the Festival calendar. Sadly 2023 was the last Hopfest. In previous y¢ars this evenL with festival's support, has provided the opportunity for young people to perform music. poety and to show off their artistic skills. We are activ¢ly dcveloping other opportunities that will give our young people the opportunity to perfom and deliver live entertainment. Meaningful engagem¢nt wilh young people and their parent5 is essential to the lon8-tenn future of Bewdley Festival. Thanks must go the sponsors who have supported our work. These include: The Elmley Foundation. The Helen Rachel Mackaness Charitable Tnt. The Roger & Douglas Turner Charitsble Trust. Bewdley Rotary Club; Kidderniinstcr Lions; Bewdley Town Council; Mug House Inn and RestsuranL and St George's Hall Venue Management. Btwdley Community Arts Foundation Bewdley Community Arts Foundation (BCAF) was launched by Bewdley Feslival in 2021. It funds arts-based activities that support and inspire the citizens of Bewdley and WyT¢ For¢st. By providing funding and resources, facilitating and enabling access to creative activities (such as music, drama. paintin& poety. etc) BCAF is a catalyst that helps to make a positive change to people's lives. Taking part sn creative activili¢s is now widely recognised as having a positive ¢ffect on many ar¢as of life. Page 2
Bewdley Festiv21 Limited Report of the Trustees for the Year Ended 31 Dttember 2023 OBJEIvEs AND ACTIVITIES We were pleased to agree grdnts totalling £1.400 in December 2023. Bewdlty Festival Society Committce and our Volunteers As ever thanks go to Festival Society Chair Trevor Price and Bewdley Festival Society Committee for their hard work throughout the year. Delivering a Festival with a fantastic variety of acts is a major achievement of which they thould all be very proud. Thank you lo our Parthers and Palrons for their continuing supporL Thank you to our now 480 Friends of Festival who pay an annual subscription which is so important to our financial viability. Thank you to those who attend our events and finally. the unsung heroes of Festival. our 80 or so volunteers who give freely of their time and ensure that Festival happens. Our volunteers undertake a rdnge of duties including keeping our audiences safe and preparing the venues. Your support is invaluable. Page 3
Bewdley Feslival Limited Report of the Truslees for the Ycar Ended 31 December 2023 FINANCIAL REVIEW Financial Review With regard to our finances our aims are lo: - ensure that high standards of regularity and propriety are applied io the management of our funds. ensure that Bewdley Festival Limited 15 financially viable and an adequate level of funds are held in reserve to meet unforeseen Circumstanc¢s. - ensure that our ticket pricing is commensurate with our CoMpanS objective. In the 12 month5 ending on the 31 Dec¢rnb¢r 2023, we delivered a surplus of £5.642 and the money held at th¢ bank was £74,533. Net worth of the charity £67,652. Income during the ycar was £91,820 with the main sources of income: Percentage of Income 2022 Percentage of Income 2023 Notes Tickets & Pro8r8mmes 57 61 More events held during the year. Major sponsor left In 2023. Additional obtsined, Members subscriptions, raffles & soup trail. Partners & Advertising 26 19 Grants Society Members & Fund Raising 12 12 Patrons Other Totsl Expenditure during the ycar totalled £86,178 Percentage of Expenditure 2022 Percentage of Expenditure 2023 Notes Artists Fees & Expenses Venues- hire. sound, etc 45 17 46 13 Sound & lighting costs. Larger venue used for I more night in 2022. Office costs Youth Festival 16 13 No Hopfest involvement in 2023. Post festival event & cornmunity art event in 2023. Other eg, commi&8ion on ticket sales, proftssional fees, marketin& PRS etc. 19 26 Total 100 loo Page 4
B¢wdley Festival Limited Report of the Trustees for the Year Ended 31 Deeember 2023 FINANCIAL REVIEW Reserves policy The trustees consider it prudent to maintsin reserves of approxirnately £50.000 or 509A of turnover whichever is the greater. This takes into account our heavy reliance on tickel sales which can be volatile and the cashflow is uneven month to month. This level of reserves is intended to allow us to have two Ios5 making years and Still be abl¢ to operate for a third year. The policy is subject to annual review as we consider the future plans of the festival and undwstand the impact of events such &8 the COVID pand¢mic. Risk management The trustees have a duty to identify and review th¢ risks to which thc charity is exposed, to ensure appropriate controls are in place to provide re&8onable assurance against fraud and error. The risks the Charity fa¢es are reviewed at least twi¢¢ a year. Attention 1$ given to the action to be tsken to help mitigate the risks: Description Action Taken A member of the publi¢, volunteer. employee Health & Saftty policy in pla¢e.H&S risk assessments or artist is Injur at a festival evenL omplrted at each venue.First Aiders at each event.Publi¢ liability insurance in place.Training provided for our volunteers. Proper a¢¢ounting records maintained.Hold a prudent level of Teserves.Finan¢ial fore¢asts regularly ¢ompleted and reported to the trustees.Monthly meetings of the organising committee.Ticket sales closely monitore and action tsken as required.Close working with Insuffjcient to mttt our commitinents Key people with valuable knowledg¢ and skills are not able to support us. Su¢cession plannin&Kry inforniation held ¢entrally.Encourage more volunteers to get involved including subject experts. Careful selectton of acts and maintain good contact with agents.Contracts rnanagement arTangements.Cusiomer conts¢t lists maintsined.Ticket refund processes in place and lesk Ensure we follow Government guidance.Ventilate venues as much as possible.Hand 5anitiser, face mask and social distan¢ing precautions in place.Contingency plans should events have to be ¢an¢elled at short notice.Research venue options. Reputational rfsk of events being ¢an¢elled at short notice. Pandemic. Covid 19 r¢strictions and ¢losure of our nlTr venue. Page 5
Bcwdlcy Festlval Limited Report of the Trustee5 ror the Year End 31 Deeernber 2023 PLANS FOR 2024 These include: - Deliv¢r a full programme of high-quality, varied events throughout 2024. - Develop our strnlegy for growing Festival in terms of the audience we reach and the multi arts ¢v¢nts w¢ deliver. This includes delivering a children's stories festival. - Bewdley Youth Festival, working with Bewdley School. to support young people in developing their artistic skills and personal development. Help and support our comrnunity through our Bewdley Community Arts Foundation by securing funding and encouraging more people to particlpate in creative aetivities. Continue to build our resource base by attracling new sources of income, attracting new volunteers and expert advisers. Continuing to ensure that good governance and business continuity processes are applied. and that Bewdley Festival is financially viable for many years to come. STRUCTURE, GOVERNANCE AND MANAGEMENT Structure and Manggement The charity is controlled by its governing document, a deed of trusL and constitutes a limited company, limited by guarantee, as d¢fin¢d by th¢ Companies Act 2006. There are two key groups. The Council of Management and the Bewdley Festival Society Committec. The charity 1$ govemed by a Council of Management (a maximum of I l Trustees) of which 5 can be nominees of the Festival Society. One of which is the Society Chair. The remaining 6 memb¢r5 are local people appointed for their expertise, the Festival Treasurer and the Company Secretary. The trustees work to the guidance provided by the Charity Commission. The Council guides the strategic direction of the Festival and monitors cornplian¢¢ with its statutory obligations. It m¢¢ts at Icast twice yearly to consider progress, approve budgets and annual arxounts, monitor risks, review the ongoin8 financial position and to safeguard the Festival's original aims and objectives and overall artistic integrity. It also liaiscs with or8anisations such as Companies House. Charities Commission and Perforniing Rights (PPL PRS Ltd). Bewdley Festival Society Committee meet every month. The 15 members of the committee are r¢sponsible for the planning, organising and delivery of festival events. The committee is chaired by Trevor Price who is also a trustee and a member of the Council of Management. The Bewdley Festival Societys objects arc the furth¢ran¢¢ of B¢wdl¢y FliVal Limited. Page 6
Bewdky Festival Limited Report of the Trnstees for the Year Ended 31 December 2023 STRucfuRE, GOVERNANCE AND MANAGEMENT Legal Entity Bewdley Festival Limited is a charitable company limited by gwrantee. It Wds incoTporated on 24 May 1989 and registered as a charity on 5 June 1989. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount nol exceeding £1. The tTUStees, who are also the directors for the purpose of company law and who served during the year, up to the date of signatur¢ of the fmancial statements were: Ordinary Members." Mr PG Potter (Chairman) Mr S Wyer (Company Secretary) relired 30th June 2023. Mr N Subert (Company Secretary) appointed 13th November 2023. Mr GM Corner Mr G J La-Borde (TreasurLY) Mr IU Mander Ms S Paterson Society Committee Nominated Memb¢rs: Mrs J Paddock (passed away September 2023). Mr TE Price Mrs S Humphries Mr J Frost Ms R Tucker Recruitment and appointment of neiv trustee5 At the end of September 2023, we received the devasting news that our friend and fellow trustee Jenny Paddock had died. Jenny joined the Council in 1998 and was Festival Director from 1998 to 2014. Her enthusias vision. immense ability and sheer hard work were fundamental to wher¢ Bewdley Festival is today. Her contribution to our community is immeasurdble. We all miss her. Our thanks go to Stephen Wyer who retired from his role &8 Company Secretsry in June 2023. Stephen ha5 been a great help during the 7 years he has been on the Council. w¢ will miss his valuable advice and expertise. In November 2023 we welcomed Nick Subert to the Council who has taken over the role of Company Secretary. Mr P Potter retires by rolation and being eligibl4 offers himself for re-election. All trustees give their time voltarIty and receive no benefits from the charity. Any expenses reclaimed by the 1Thtee$ from the charity are set oul in the notes to the accounts. Induction and training of new trnstees Where there is a requirement for new tntees. these would be identified and appointed by the remaining trustees. The ¢hair of the trustees is responsible for the induction of any new trustee. which involves awareness of a trus*e's responsibilities, the governing documenl athninistrative pro¢edures. the history and philosophical approach of the charity. Wider network The charity is not part of a wid¢r network. Page 7
Bcwdlcy Feslival Limited Reporl of the Trustees ror the Year Ended 31 December 2023 sTRUuRE GOVERNANCE AND MANAGEMENT Related parties On 20th June 2012 SGH Venue Management, company limited by guarantee. was incorpordte(L it was registered as a harity on 23rd October 2012. The membership of this company includes one Bewdley Festival Limited's trustee, Mrs S Humphrie5. The object of SGH Venue Management is to further or benefit the residents of Bewdley and th¢ surrounding are4 in particular, the refurbishment and running of St Gcorge's Hall. as a Community Arts Centre. In the event of ihis company being wound up. the liability of B¢wdlèy Festival Limited's member is limited to £1. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02388535 (England and Wales) Registered Charity number 701629 Registered orrice St Georges Hall Load Street Bewdley Worcestershire DY12 2EQ Tru5tces G M Corner J H Frost Mr5 S Humphries G J La-Borde R J Mander Mrs J Paddock (resigned 16.10.23) Mrs S Paterson - Fundraiser P G Potter - Chairnwi T E Price- Retired Ms R C Tucker- Self Employed Company Seeretary N Subert Independent Examiner Colin Dalton FCA Dalton Pardoe Limited Charter¢d Arcountanls 794 High Stre Kingswinford West Midlands DY6 8BQ Page 8
Bowdley Festlval Llmited Report of the Trustees for the Year Ended 31 Deeember 2023 REFERENCE AND ADMINISTRATIVE DETAILS Bankers HSBC Bank PLC 31 Church Street Kiddern]inster Worcestershire DYIO 2AY United Trust Bank Ltd l Ropemaker Street London EC2Y 9AW This report has been prepared in accordance with the special provisions of Part IS of the Companics Act 2006 relating to small companie5. Approved by order of the ard of trustees on ..25 ...M.RA*....2P.?¥. and signed on its behalf by: P G Potter - Cha. an . Trustee Page 9
Independent Examiner's Report to the Trnstees of Bewdley Festival Limited Independent examine5 report to the trusttts of Bewdley Festfval Limlted Cthe Company,) I report to the charity thjstees on my examination of the accounts of th¢ Company for the year ended 31 Decembcr 2023. Responsibilities and basis of report As the charitys trustees of the Company {and also its directors for th¢ purposes of company law) you are responsil)le for the preparation of the accounts in aCrdance with the requxrements of the Companies Act 2006 Cthe 2006 Athj. 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 charitys accounts as carried out under Section 145 of the Charitics Act 2011 Cthe 201 l Ace). In canying out my examination I have followed th¢ Directions given by the Charity Commission under Seclion 145(5) (b) of th¢ 201 l ACL Independent examiner's statement I have completed my examination. I confirni 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 ACL or the accounts do not accord with those records: or the a¢¢ounts 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 nSidered as part of an independent examination" or the accounts have not been prepared in accordance with the methods and principles of the Stament of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Rei)ortin8 Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come acn)ss no other matters in connection with the examination to which attention should b¢ drn in this report in order to enable a proper understanding of the accounts to be reached. Colin Dalton FCA The Institute of Chartered Accountants in England and Wales Dalton Pardoe Limited Chartered Accountants 794 High Street Kingswinford West Midlands DY6 8BQ D¢: ..2?....Ae.ALL ...&.%Ltr . Page 10
Bewdley Festival Limited ststement of Fin8ncial Activities for the Year Ended 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted funds Restri¢t¢d funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 34051 900 35,751 32,653 Charitable Aellvltles Incom¢ 56,007 56,007 42.448 Investment income 62 62 62 Total 90.920 900 91,820 75,163 EXPENDITURE ON Charltgble actlvltles Expenditure 85378 900 86.178 72,427 NET INCOME Transfcrs between funds 5,642 soo 5,642 2,736 18 (500) Net movement In fund$ 142 (500) 5.642 2,736 RECONCILIATION OF FUNDS Total funds brought forward 60.620 lJ90 62.010 59,274 TOTAL FUNDS CARRIED FORWARD 66.762 890 67,652 62,010 The not¢s forni part of these financial statements Page 11
Bewdley Festival Llmited Balanee Sheet 31 Deeember 2023 31.12.23 Tolal funds 31.12.22 Total funds funds Notes FIXED ASSETS Inveslments 14 27 27 27 CURRENT ASSETS Debtors Cash at bank and in hand 15 2W4 73.643 2.517 60,713 890 76A27 890 77.417 63.230 CREDITORS Amounts falling due within one year 16 (9,792) (9,792) (1247) NET CURRENT ASSETS 66,735 890 67.625 61,983 TOTAL ASSETS LESS CURREKr LIABILITIES 6Q762 890 67,652 62.010 NET ASSETS 66.762 890 67,652 62.010 FUNDS Unrestricted funds Restricted funds 18 66,762 890 60.620 1,390 TOTAL FUNDS 67.652 62.010 The charitable company is entitled to exemption from audit under Sedion 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required the comwy to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities ftir (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companie5 Act 2006 and 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. (b) The notes form part of these financial statements Page 12 continued...
Bewdley Fe5tivg1 Llmlted Balance Shttt- continued 3] Dettmber 2023 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Thte¢S azKI authorised for issue ..IS..APAf..k .Ao2¢4.. and were SIed on its behalf by. on PGPO - Chairnian - Tntstee The notes fonn part of these financial statements Page 13
Bewdley F¢5tival Limlted Notcs to the Financial Statements ror the Year Ended 31 December 2023 ACCOUNTING POLICIES Basls of prep8rlng the flnanelal slatcmcnts Th¢ financial statements of the charitable company. whith 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 Stsndard applicable in the UK and Republi¢ of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companie5 Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at markc¢ value. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to th¢ fvnds, it is probable that the incom¢ will be rcceivcd and the amount can b¢ measurcd reliably. Cash donations are re¢ognised on receipt. Other donations are reco8nised once the charity has been notifi of the donation, unl¢ss perfonnan¢¢ conditions require deferral of the amount. Incomc tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. L¢8acic$ ar¢ recognised on receipt or otherwise if the charity has been notified of an impending distribution. the amount is knowi, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. In¢ome from trading a¢tivities includes income from fundraisin8 ¢vents and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is re¢o8nised when entitlement has occurred. No amount is included in the financial statements for volunteer tirne in line with the SORP (FRS 102). Further detail is given in the Trust¢es' Annual Report. Covernment Crants Government grants are recognised at their fair value of the asset re¢¢iv¢d or receivablc when there is rcasonable assurance that the grant conditions will be Met and the grant will be re¢eiv¢d. A grant that specifies perfornianc¢ conditions 1$ recognised in income when the pcrforniance conditions are met. Where a grant does not specify perforniance conditions it is recognised in income when the proceeds are recieved or receivable. A grant received bcfore the recognition criteria are satisfied is recognised as a liability. Expendltur¢ Liabili¢ies are recognised as expenditure as soon as there is a legal or con$tNctive 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. Expendire is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs ¢annot be directly attributed to particular h¢adings they have been allocated to activities on a basis consistent with the use of resources. Support Costs Support costs are those costs that assist the work of the charity but do not directly represent charitable acttviti¢s and include office and governance costs. They are incurred directly in support of expenditure on the objects of the charity. Tangible Ilxed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixturcs and fittings 21Y/o on cost The gain or loss arising on the disposal of an asset is deterniined as ihe differen¢e b¢tw¢en the sale proceeds and the carrying value of the asseL and is recognised in the net incomel(expenditure) for the year. Page 14 continued...
Bewdley Festivgl Llmfited IYo¢e5 to the Financial Statements - contfinued for the Year Ended 31 D¢¢emb¢r 2023 ACCOUNTING POLICIES- continued Tanglble fixed assets The cost of minor additions or those costing below £500 are not eapitalised. Taxatlon The charity is exempt from corporation tax on its charitable activities. Charitable funds Unrestricted funds can be used in accordance with the charitsbl¢ objectives at the discretion of the trustees. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the d1snatCd funds are set out in the notes to the financial statements. Restricled 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 PUTPOS¢S. Further explanation of the nature and purpose of each fund is included in the notes to the fjnancial stalements. Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resource5 to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financlal statements. DONATIONS AND LEGACIES 31.12.23 31.12.22 Donations and gilts 35,751 32,653 INVEsfMENT INCOME 31.12.23 31.1222 Deposit account interest 62 62 INCOME FROM CHARITABLE ACTIVITIES 31.12.23 31.12.22 Activity Income Tiek¢t and progTaTnme sa1¢5 56,007 42,448 Pag¢ 15 continued...
Bewdley Festival Limited Noles to the Financial St*lements- continu for the Year Ended 31 Deeember 2023 CHARITABLE A1vITIEs COSIS Direct Costs (see Dote 6) Support costs (sce note 7) Totals Expenditure 61,670 24J08 86,178 DIRECT cosrs OF CHARITABLE AcrivrriES 31.12.23 31.12.22 Artists fees Hire of venue etc Commission on ticket sale5 Post festival lunch Gifts and hospitality Art projects Perfonning Right Society Youth events Foundation 39,452 11.196 1.138 2.402 507 1.530 881 1.532 3,032 33,553 12,571 827 ,515 908 2.450 61,670 51.824 SUPPORT COSTS Office and other Costs Governance costs Totals Expenditure 23 960 2408 Support costs, included in th¢ above. are as follows: Office and olher eosts 31.12.23 31.1222 Total activities Expenditurc Wages Office running costs Fixtures depreciatlOD Postsge and stationery Advertising Sundries Bank interest 10076 5J26 9,679 4,218 1.061 4260 1,868 157 277 4.138 1238 149 19,703 Page 16 conlinued...
Bewdley Festival Llmlted Notes to the Financial Statements - continued for the Year Ended 31 December 2023 SUPPORT COSTS- ¢ontinued Governance costs 31.12.23 31.12.22 Totsl activities Expenditure Independent examination 960 900 NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after chargIn(edIting). 31.12.23 31.12.22 Depreciation - owned assets TRUSTEES, REMUNERATION AND BENEFITS Nonc of th¢ tntte$ (or any persons connected with them) receiv any remuneration or benefits from the charity during the year. Tru$teu' expenses Sundry expenses of £1,150 was r¢imbursed to three Council members for hospitslity expenses and administration costs. In 2022 £829 was paid to three members of the Coun¢il. Jo. srAFF cOs 31.12.23 31.12.22 Wa8es and salaries 10,876 9,679 10,876 9,679 The av¢ra8¢ monthly number of employees during the year was as follows: 31.12.23 31.12.22 Administrator No employees received emoluments in excess of £60,000. Page 17 continued...
Bewdley Festival Limiled Notes to the l8ClaI Ststements- continued for the Year Ended 31 December 2023 COMPARATIVES FOR sTATEmEr OF FINANCIAL AcfJviTIFS- YEAR ENDED 31.12.22 Unrestricted Restricted Total funds funds funds INCOME AND ENDOWMENTS FROM Donations and legacies 31.903 750 32,653 Charitable activities Income 42.448 42.448 Investment income 62 62 Total 74.413 750 75.163 EXPENDITURE ON Charitsble activiti Expenditure 70.115 2,312 72,427 NET INCOMEI(EXPENDITURE) 4.298 {1.562) 2.736 RECONCILIATION OF FUNDS Tolal funds brought fonvard 56,322 2,952 59274 TOTAL FUNDS CARRIED FORWARD 60.620 1.390 62,010 INTANGIBLE FIXED ASSETS Computer COST At l January 2023 and 31 December 2023 1300 AMORTISATION At l January 2023 and 31 December 2023 121)0 NET BOOK VALUE At 31 December 2023 At 31 December 2022 Pag¢ 18 continued...
Bewdley Festival Limited Notes to the Flnaneial Statements- continued ror Ihe Year Ended 31 Deeember 2023 13. TANGIBLE FIXED ASSETS Fixtures and fittings COST At l January 2023 and 31 December 2023 10,761 DEPRECIATION At l January 2023 and 31 December 2023 10,761 NET BOOK VALUE At 31 Dember 2023 At 31 December 2022 14. FIXED ASSET INVESTMENTS Unli5t¢d investments MARKET VALUE At l January 2023 and 31 December 2023 27 NET BOOK VALUE At 31 December 2023 27 At 31 December 2022 27 Tre were no investment assets outside the UK. 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other debtors Prepayments and accrued income 358 2,526 330 2,187 2,884 2,517 Page 19 continued...
Bewdley Festlval Limited Notes to the Financial Statements- eontlnued ror the Year Ended 31 De¢¢mber 2023 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other creditors A¢¢ruals and deferred income 8,620 1,172 63 1,184 9,792 1,247 17. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 31.12.23 31.12.22 Between one and five years 720 720 18. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31,12.23 Atl.1.23 Unrestrleted funds General nd Designated funds 60,109 511 6J42 (700) (500) 1,000 65.951 60,620 5,642 500 66.762 Restrieted funds The Helen Rachael Mackan¢ss Charitable Trust SGH Venue Management Other loo 790 500 100 790 (500) lJ90 (500) 890 TOTAL FUNDS 62,010 5,642 67.652 Page 20 continued...
Bewdley Festival Llmited Notes to the Flnanelal Statements - eontiDued ror the Year Ended 31 Dttember 2023 18. MOVEMENT IN FUNDS- ¢ontinued Net movement in funds, included in the above are as follows: Incoming Resources expended Movement in funds Unrestricted funds General fimd Designated funds 9020 400 (84,178) (i.ioo) 6J42 (700) 90920 (85278) 5,642 Restrleied funds The Helen Rachael Mackancss Charitable Trust Bewdley Town Council Lions - Youth Festival 350 300 250 (350) (300) (250) 900 (900) TOTAL FUNDS 91020 (86,178) 5,642 Compsratlves for movement In funds Net movement in funds At 31.12.22 At 1.1.22 Unrestricted funds Gencrdl fund Designated funds 55,751 571 4.358 (60) 60,109 56,322 4,298 60,620 Restrkted funds The Helen Rachael Mackaness Clwitable Tn1 SGH Venue Management Roger & Douglas Turner Charitsbl¢ Trust Bewdley Town Council 150 790 724 5(4) 788 (50) 100 790 (724) (500) (288) 500 2.952 (1.562) 1,390 TOTAL FUNDS 59.274 2,736 62,010 Page21 Continued...
Bewdley Festival Lamited Notes to the Thnanci41 Ststements- continued for the Year Ended 31 December 2023 18. MOVEMENT IN FUNDS - eontinued Comparative net movement in fund4 included in the above are as follow5: Incoming Resources expended Movement in fimds Unrestricted funds General f(uid Designated fimds 74,413 (70,055) (60) 4,358 (60) 74,413 (70,115) 4,298 Restrieted funds The Helen Ra¢hael Mackaness Charitsble Trust Roger & Douglas Turner Charitable Trust Bewdley Town Council 250 (300) (724) (500) (788) (50) (724) (500) (288) 500 750 (2.312) (1.562) TOTAL FUNDS 75.163 (72.427) 2.736 Purpose of restricted funds: The Helen Rachael Mackaness Charitable T fun(ts held are to be used for the Youth Festival. The Roger & Douglas Turner Charitable Tnt fiumls held are to be US for the Youth Festxval. Bewdley TO Council provided a £300 grant towards the cost of the Arts ProjecL SGH Venue Management funds are to be used towards the CD recording project. Other fimds held are to be used for the Youth Festival. Purpose of general funds: This represents free funds of the charity which are not designated for particular purposes. However, the Council of Management considers it necessary to maintain reserves at this level to enable planning of the next Festival to go ah¢ad and advance financial commilments to be entered into. Purpose of duignated funds: The charity trus*es have designated funds for Bewdley Community Arts Foundation proj¢¢L These funds have been set aside by the tswstees in a separate bank a¢n4 with the intention of setting up a new charity on¢e the project is establishe Page 22 continued...
Bewdley Fostlval Limited Notes to the Fin2n¢lAI Statements - eontSnu¢d for the Year Ended 31 Dt¢emb¢r 2023 19. RELATED PARTY DISCLOSURES On 2nd April 2022, The Bewdley School Foundation. a private company limited by guarante4 was incorporated. Membership of thT5 ¢ompany in¢ludes two Bewdley Festival So¢i¢ty Committee members Mrs S Pennington and Mr N Shaw. The object of The Bewdley School Foundation is to advance the education of the pupils at Bewdley School while paying due regard to the obligation to promote community cohesion under the Education Acts. In the event of this company being wound up? the liability of each Bewdley Festival Society Committee member is limited to £10. Pag¢ 23
Bewdley Fe5tiv21 Limited Detailed Slatement of Financial Activities for the Year Ended 31 Dttember 2023 31.1223 Total funds 31.12.22 Total funds Unrestricted fimds Restricted funds INCOME AND ENDOWMENTS Donations and leEaeles Donations and gifts 34051 35,751 32.653 Investment Ineome Deposit account interest 62 62 62 Charitable activities Tickel and programme sales 56.007 56,007 42,448 Total Incomlng mourees 90J20 91020 75.163 EXPENDITURE Charitable acllvltles Artists fecs Hire of venue etc Commission on ticket sales Post festival lunch Gifts and hospitality Art projccts Perfomiing Right Society Youth events Foundation 39.452 39,452 11,196 1,138 2.402 507 lJ30 881 1,532 3,032 33,553 12.571 827 1,138 2.402 507 1330 1,515 908 2,450 932 3,032 61)0 60.770 900 61,670 51,824 Support Costs Office and other ¢0sts Wages Office running costs Fixlures deprcciation Postage and Mationery Advertising Sundries Bank interest IOJ76 5J26 10,876 SJ26 9,679 4,218 1.061 4260 1068 157 1,061 4,260 1,868 157 277 4,138 1,238 149 23 23J48 19,703 Governance costs Independent examination 960 900 Tolal resources expended 85378 900 86,178 72,427 Net incorne S.642 5,642 2,736 This page does not forni part of the ststutory financial statements Page 24