The Isle of Jura Music Festival Charity No. SC026893 Trustees, Report and Unaudited Accounts 31 December 2024
The Isle of Jura Musrc Festival Conlents Pages Trustees. Annual Report Independent Examiner's Report Statement of Financial Activities 2to4 Balance Sheet Statement of Cash flows Notes to the Accounts 9t013 Detailed Statement of Financial Activities 14to15 Page I
The Isle of Jura Muslc Festlval Trustees Annual Report The trustees present their report with the unaudited financial statement5 of the charity for ihe year ended 31 December 2024. REFERENCE AND ADMINISTRATIVE DAll5 Charfty No. SC026893 Principal Offlce Trustees rhe following Trustees served during the year.. Accountants Digits AccountanLV Co Ltd 112A Cumbernauld Road Muirhead Glasgow 669 9AA Bankers Royal Bank of Scotland Main Street Bowmore Isle of Islay PA43 711 Page 2
The Isle ot Jura Music Festival Trustees Annual Report OBJECTIVES AND ACTfviTIE5 The principlè objective of the charity is to advance the education of the public in arts and, in particular, the art of music by organising a Music Festival and other activities on the Isle of Jura. A summary of the main activities.. l. Organise. manage and run a Music Festival featuring professional musicians during the holiday weekend in September. 2. Support local youths in the advancemenl of their musical interest by offering financial help towards musical le550ns/study or instruments. ACHIEVEMEKfs AND PERFORMANCE For the 30th Music festival we decided to really emphasise the local talent we have here on Jura in our Friday night concert. It was a very busy, successful night and we were not short of local performers,. of all ages. Primary and High school children were among the performers, many of whom have receivèd financial help with music le550ns over the last year. We continued to offer grants of £200, from our youth account, towards music lessons. We also contributed towards tutoring for the primary school performance. The festival was notably busier than last year and reflected in increased ticket sales. We Ljtilised in-house expertise in updating our website and including direct ticket sales from the site. Drumming and dancing workshops were well attended and the children's entertainment proved popular with the Ioc31 children. FINANCIAL REVIEW The Jura Music Festival is carrying forward reserves of £22,539 in our treasurer's account12023 E13.0601 and £2.457 in our youth account12023- £3,310) as of 31st December 2024. Whyte and Mackay continued to support us with a very generous donation Df £10,000, which is a huge help towards running the festival. We also received several other generou5 donations from local estates and businesses. Funding applications to Awards for All Scotland and Argyll and Bute's strategic Events and festival fund were successful and provided vital support towards the increasing costs of putting on the festival. A busy festival led to increased ticket sales. merchandise Selling out, good raffle ticket 5ale5 and generous donations for our free events. Thi5 year, the Jura festival cornmittee undertook the necessary training and were able to run our own licensed bar on the Friday and S8tLJrday night, whith helped contribute towards monies raised over the weekend. We aim to keep a balance of £2.5CKJ in our Youth account and wlll look to run a fundraiser in 2025 to top up this accoL(nt. A balance of £25,000 is the minimum we would aim to keèp in our treasurers account. We will Continue to apply for funding and run fundr8iser to increase funds ahead of the festival, 2025. Our accounts are accessible with agreement of full committee for payments of all necessary outgoings to run a festival safely and securely within our budget annually. Youth education account is held and agreed upon as above for any applications we deem appropriate under our constitution and account policv. Page 3
7he Isle of Juia Music Festival Trustees Annual Report PLANS FOR FUTURE PERIODS We continue to plan to stage and to seek out up and coming artist5 to showcase their talent at the festival. We liaise with the Traditional Music News and Mu5ic/Event promoter5 to keep u5 informed and we have many contacts to draw on through our 30 year5 of continual support for youn8 and established musiciansldancerslsingers and storytelling. STRUCTURE, GOVERNANCE AND MANAGEMENT The Isle of Jura Music Festival 15 a charitable, unincorporated association. It is run by an Organising Committee of Trustees. Membership of the Committee is open to anyone from the Isle of Jura. Members from outside this geographic area may also be admitted subject to approval by the Committee. Office Bearers are elected to the Organising Committee by a vote of members at an AGM. They Serve for one year until the following AGM when they must stand down. They may seek re-election. The Committee may fill any un5cheduled vacancy on the Committee. We continue to be advised by govemment bodies. Scottish Charity and local council plus hèalth and safety procedures. We adhere to all le8alities and policing procedures. Constantly ch8nging and revising the above. Statement of trustees, responsibilitles in relation to the financial statements The charity trLtstees are responsible for preparing a trustees, annual report and financial statements in cordance with applicable law and United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Practice). The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the chaiity and to enable them to ensure that the financial statements CDmply with the Charities and Trustee Investment Iscotlandl Act 2005, the Charities Accounts1Scotlandl Regulation5 2006 las amended) and the 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 IFRS1021. The trustees are also responsible for safeguzrding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularitie5. Signed on behalf of the charity's trustees rius(ee 18 August 2025 Page 4
The Isle of Jura Music Festival Independent EKaminer5 Report ndependent Examiner's Report to the trustees of The Isle otjura Musi¢ Festival I report on the finantlal statements of The Isle of Jtjra Music Festival for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparalion of ihe financial staiernents in accordance with the lerms of the Charitie5 and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts1Scotlandl Regulation 2006 las amendedl. The charity trustees consider that an audit requirement of Regulation 10111 lal to Icl of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44111 Icl of the Art and to state whether particular matters have come lo my attention. Basis of independent examiner's report My examination is c2rried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination include5 a review of the accounting records kept by the charity and a comparison of the financi31 statements presented with those records. It 3150 includes consideration Df any unusual items or disclosures in the fin3nci31 statèments, and seeks explanations from the trustees concerning any such atters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently I do not express an audit opinion on the view given by the financial 5tatementS. Independent examlner's statement In connection with my examination, no matter has come to my attention.. 111 which gives me reasonable cause to believe that in any material respect the requirements.. to kèèp accounting records in accordance with section 44111131 of the 2005 Act and Regtjlation 4 of the 2006 Accounts Regulations to prepare financial statements which accord wbth the accountSn8 records and comply with Regulation S of the Accounts Regulations have not been met.. or 121 to which, in my opinion. attention should be drawn in order to enable a prc)per understanding of the accounts to be reached. Eigits Accounta1:y Co L: 112A Curnbernauld Road Nuirhead Gla58OW G69 9AA 18 August 2025 Page 5
The Isle of Jura Music Festlval Statement of Flnancial ActiVFties for the year ended 31 December 2024 Unrestricted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other trading activities Other 14,968 10.980 10.936 16,529 14,968 10.980 10,936 16.529 14,380 5,036 8,067 5,826 Total 53,413 53,413 33,309 Expendlture on: Charitable activities Other 32,501 12,286 32,501 12,286 23,339 12,935 Total 44.787 44,787 36,274 Net gains on investments Net in¢omeJ{expenditurel Transfers between funds 8,626 8,626 12,9651 Net incomellexpenditurel before other gainslllossesl 8,626 8,626 12.9651 other gains and losses Net movement in funds 8.626 8,626 12,9651 Reconciliation of funds: Total funds brought forward 16,130 16,130 19,095 Total funds carried torward 24,756 24,756 16,130 Page 6
The Isle of Jura Music Festival Balance Sheet at 31 December 2024 Charity No. SC026893 Notes 2024 2023 Current assets Cash at bank and in hand 24,996 24,996 12401 24,756 16,370 16.370 12401 Creditors: Amount falling due within one year io Net current assets 16,130 Totsl assets less current liabilities 24,756 16,130 Net assets excluding pension asset or liability 24,756 16,130 Total net assets 24,756 16,130 The funds of the charlty Unrestri¢ted funds General funds 24,756 16,130 24,756 16,130 Total funds 24,756 16.130 Approved by the tru5tee5 on 18 August 2025 ir behalf by- Trusrp.a 18 August 2025 Page 7
The Isle of Jura Music Festival Statement of Cash flow5 for the year ended 31 December 2024 2024 2023 Cash flows from operating activitie5 Net incomellexpènditurel per Statement of Financial Artivities 8,626 12,9651 Adjustments for: Dividends, interest and rents from investments Increase in trade and other payable5 116,5291 15,8261 241 Net cash used in operating artivities 17,9031 18,5501 Cash flows from Investlng actlvlties Dividends, interest and rents from investments 16.529 5.826 Net cash from investing activities 16,529 5,826 Net tash from financing activities Net increase/ldecreasel in cash and cash equivalents 8,626 12,7241 Cash and cash equlvalents at the beginning of the year 16,370 19,094 Cash and Cash equNalents at the end of the year 24,996 16,370 Components of cash and cash equivalents Cash and bank balances 24,996 16,370 24,996 16,370 Page 8
The Isle of Jura Music Festival Notes to the Accounts for the year ended 31 December 2024 l A¢counting policies Ba515 of preparatlon The financial statements have been prepared in accordance with Statement of Recommended Practi.. Accounting and Reporting by Charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kin8dom and RÈpublic of Ireland IFRS 1021, the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amendedl. Change in basis of accounting or to previous a¢¢ounts There has been no change to the actOLJnting policies (valuation rules and method of accounting) since last year and no ch3nÉes have been made to accounts for previous years. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charitv. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment asset5 at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Deslgnated funds Revaluation fund5 Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Income from tax reclaims is included in the SOFA at the same time as the giftldonation to which it relates. These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable. measurable and material. Donations and legacies Tax reclaims on donations and gifts Donated services and facilities Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/llossesl on This includes any gain or1055 resulting from revaluing investrnents to market value revaluation of fixed at the end of the year. assets Gains/llossesl on investment assets This includes any gain or loss on the Sale of investments. Page 9
The Isle of Jura Music Festival Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds tradinE Costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activitie5 services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity. including any auditlindependent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Grant5 payable Governance costs Other expenditure These are support t05ts not allocated to a particular attivity. Taxatlon The charity is exempt from tax on its charitable activities. Cash and cash equivalents Cash and cash equivalents comprlse cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank c>vÈrdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's Cash management. Recelpt of donated goods, facilities and services All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 10
The Isle ot Jura Music Festival Notes to the Accounts 2 Statement of Financial Activities- prior year Unrestricted funds Total funds 2023 2023 Income and endowments from- Donations and legacies Charitable artivities Other trading activities Other 14,380 5,036 8,067 5,826 14,380 5,036 8.067 5,826 Total 33,309 33,309 Expenditure on: Charitable activities 23,339 23,339 12,935 Other 12,935 Total 36,274 36,274 Net income 12,9651 12.9651 Net income betore other gainslllossesl Other gains and losses: Net movement in funds 12,9651 12,9651 12,9651 12,9651 ReconcilFatron of funds.. Total funds brought forward Total funds carrled forward 19,095 19,095 16,130 16,130 Income from donations and legacies Unrestricted Totsl 2024 Total 2023 Festival Weekend Donations 773 773 635 Local Donations Off-lsland Donations 4,195 10,000 14,968 4,195 10,000 14,968 3,645 io,ioo 14,380 4 Income from charitable activities Unrestrl¢ted Total Total 2024 2023 Bar Takings Products 5,838 3,184 1,958 10,980 5,838 3,184 3,435 1.601 Raffle 1,958 10,980 5,036 Page 11
The Isle of Jura Music Festival Notes to the Accounts 5 Income from other trading activities Unrestricted Total Total 2024 2023 Ticket Sales 10,936 10,936 10,936 10.936 8,067 8,067 6 Other income Unrestricted Total Total 2024 2023 Grants Received 16,100 429 16,100 429 5.600 226 Interest Received 16,529 16,529 5,826 7 Expenditure on charitable actlvltles Unrestricted Total Total 2024 2023 Expenditure on choritoble activities Artist Fees 22,539 9,884 78 22,539 9,884 78 Products 6,600 Raffle 58 Governunce c05tS 32,501 32,501 23,339 8 Other expendlture Unrestricted Total Total 2024 2023 Grants Made 1,450 6,593 516 1,450 6.593 1,124 4,891 231 Motor and travel costs Premises costs 516 General administrative costs 3.487 240 3,487 240 6.449 Legal and professional c05ts 240 12,286 12,286 12,935 9 Staff costs No employee received emoluments in excess of £60.OC¥). Page 12
The Isle of Jura Muslc Festlval Notes to the Accounts 10 Creditors: amounts falling due within one year 2024 2023 Accruals 240 240 240 240 11 Movement in funds Incoming sources (including other January gainsllosses 2024 At31 December Resources Gross Atl expended transfer5 2024 Restricted funds: Unrestrlcted tunds: General funds 16,130 53,413 144,7871 24,756 Total funds 16.130 12 Analysis of net assets between funds 53.413 144,7871 24,756 Unrestricted funds Total Net current assets 24,756 24.756 24,756 24,756 13 Reconciliation of net debt At31 At l January 2024 December Cash flows 2024 Cash and cash equivalents 16,370 16,370 8,626 8,626 24,996 24,996 Net debt 16,370 8,626 24,996 Page 13
The Isle of Jura Music Festival Detailed Statement of Flnanclal Actlvltles for the year ended 31 December 2024 Unrestricted funds Total funds Total funds 2024 2024 2023 Income and endowments from: Donations and legacies Festival Wèekend Donations Local Donations Off-lsland Donations 773 773 4,195 10,000 14,968 635 4,195 10,000 14,968 3,645 io,ioo 14,380 Charitable activities Bar Takings Products Raffle 5,838 3,184 1,958 10,980 5,838 3,184 1,958 10,980 3,435 1,601 5,036 Other trading activities ricket Sales 10,936 10,936 10,936 10,936 8.067 8,067 Other Grants Received Interest Received 16,100 429 16,100 429 5,600 226 5,826 16,529 16,529 Total income and endowments 53,413 53.413 33,309 Expenditure on: Charitable activities Artist Fees 22,539 9,884 78 32,SOI 22,539 9,884 78 32,501 16,681 6.600 58 Products Raffle 23,339 Total of expendlture on charTrtable actNities 32,501 32.501 23,339 Other expenditure Grant5 Made 1,450 1.450 1.450 1,450 1,124 1,124 Motor and travel costs Travel and subsistence 6,593 6,593 6,593 6,593 4,891 4,891 PrÈrnises costs Rent 338 338 231 Premises cleaning 178 178 516 516 231 Page 14
The Isle of Jura Music Festival Detailed Statement of Financlal Artivitles General admlnistrative costs, inclLJding depreciation and amortisation Equipment leasing and hire charges General insurances Postage and couriers Statlonery and printing Subscription5 Sundry eypenses 2,6SO 1,365 104 1,365 104 1.365 96 35 568 568 529 1,450 3.487 1,450 3,487 1,774 6,449 Legal and professional cost5 Audit/lndependent examination fees fees 240 240 240 240 240 240 Total of expenditure of other costs 12.286 12.286 12.935 Total empendlture Net gains on investments 44,787 44.787 36,274 Net income/lexpendlturel 8,626 8.626 12,9651 Net incomellexpenditure) before other gains/llos5esl Other Gains 8,626 8,626 12,9651 Net movement in funds 8,626 8,626 12,9651 Reconciliation of funds: Total funds brought forward 16.130 16,130 19,095 Total funds carried forward 24,756 24,756 16,130 Page 15