Clwity registration number: SC027280 ORKNEY FOLK FESTIVAL TRUSTEES, REPORT AND FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 JANUARY 2025 ORCADIA CMAIITEIIED ACCOIIIIThfiT5 Orcadia 1-3 Easi Road Kirkw1 KW15 IHZ
Orkney Folk Fe8tlv*l CottteDts T$t$, Report Statement of Financtal Activities Ststement of Position Notes to the Financial Ststetner
Orkney Folk FutivAI Th1¢. Report ForTh¢ YeAr Ended 31 JvJury 2025 The trustees preseni their report the financial staternents forthe year•Mled 31 2025. Objeetlw gttd Atllvltl Almi •nd ObJ¢¢llv The obje¢tive of the Orkw Folk FeIval 15 to Vanc¢ the ¢d10n of the pubiie irt the Jrt of in pgrticullr folk music by the promoti(bn of an annual f¢Miva] of ethni4 trwjitional and cteMpOr¥ry music throu8h the ty8n15atio rnana8¢ment and promotion of cottcerts. ceilidhs. works1 exhibiiions or other presentations of an educational, Culthrnl or artisti¢ naturt AchlÈYemettts #ttd Perforni•nce Maln Aehlevemellts The 2024 Festival Marked our forty•seeond year Ind built on the su¢¢ess of the 2023 frstiv41. This yeor's programme once a8aitt attr8ctd In exceptiorthl line-up of arti5ty reinfor¢in8 the Festival's repU10n as one of th¢ UK'S premier ftslk rnu3i¢ ¢v¢nts. A particular highli8th the r¢turn of CIPlty Wl¢neS muhiple venuK demonstrnting th¢ wnlinu¢d strmgth of audie¢ demand Community SllPPOn. Finarhci8lly. the F¢5tivo1 once a8Aitt demonstrated robust perfomianee. Tlk¢t sales tneom¢ Tth¢d a new Teeord. r¢fl¢ctinB both strong audience appetite and the effe¢4iveness of our pro8rnmmitt8 knd rnarkding straie8Écs. Attend¢¢ also 8urp4$5¢d th¢ pr¢vious y¢v. ¢ementin8 our growth trajtcthry. The "Friends- schn4 introduced in 2023 ¥ • N)lacement for th¢ fornier pAtrona8¢ model. continued to prove hi8hty $uccessfuL deliverin8 ineom¢ $ignifiwitty abov¢ ¢xpeclation$ e•tin8 A stmn8er xn5e of CLNnmunity 4)wDership of the F¢stival. Merchandisin8. S)n30T3hip. and retail activity also remai p)siliv¢ contributs. The relcKation of the F1val $hop to the Travel Ctre sile con¢inu¢s to deliver inu¢mental improvemettts in n¢¢ income. whik 4n%)n1P ptrthershlps grmv Ksth In number gnd value. reflec¢itt8 the F¢1vIl'S Strensthened brjnd reo¢h. Lik¢ many culiurnl oryanIli0n the Festiv•l ¢ontinues to OP¢rnts in i chIe81ft8 c¥J ¢nvlronm¢nt. Risin8 expenditure in travel, ¥¢ommoda¢ion, perforn¢rs' fees, and vettu¢ hirt has rtyuired pnthnt financial MlSeMent and increased relign¢¢ on external eontrn¢tors for speci•list ts5ks. Dwite these pressurA the ov¢rnll finthcial position of th¢ FeIVal remli Stron8. with res¢rv¢s well mana8td attd suffKient io yfe8Lwd susthinability. Looking forward. the Festiva] 1$ Strategiully w¢ll plfrtd to continue building on its suc¢¢ss. With a ¢lev 8ovwnth¢e structure. stron8 ¢ommunity en8ag¢m¢nl, and the 0tt8oin8 SuPrt of our fitnd¢r5 and SnS0rS, we ar¢ confident in our ability to meet futu ¢hallen8es and io syslain the Festiv•l'$ repU10n as a fl88shÈp cultyrd event in Seo¢l•nd. We would like to record our deep 8rn¢i¢ud¢ Creative So)t1¢ Orkw Islanth Council. (yjr sp)Jw our Friend$- whos¢ $yppon makes it wibl¢ for us io deliver• FeA1V of sueh ex¢¢p¢ional qUlty #nd reach. Fln•n¢lal Revlew Flnin¢i*l PoJltloD The charity total InMing rejoum for the pttiod of £279.152 and t¢Nal r¢$ourt eXPded of£286.488. Incoming r¢sour¢es ineltsded grants of£60.013. sEIP0r £42.779 and ticketinw m¢[ddiSC In¢ of£176J60. Clositt8 fund bolantts at 31 January 2025 amourtted to £68.148.
OrkDey Folk Fesdvgl Tn#te¢s' Report (tontlnwed) For ll YurE•ded 31 Jtt•ary 2025 It is the poli¢y of the ¢h8rity that unrestrsdd fwlds whi¢h b•ve Th)t btak designated for a spe¢ifi¢ Use shouhl be rnaintsined a¢ ¥ level e4uiYal¢nt to two month's exdi1 Th¢ of trustees considets thai reserves at this lev¢1 will ensure thaL in the ¢vart of a siBnifi¢ant drop in fimdin& they will be able to continue the ¢harity'S Clrnt [vItieS while nsideNtI0 is givett to way5 in which widitioThpl funth m•y be rnis¢& level of reseNes ha5 been moiDtain¢d throu8houtth¢ year. Th¢ of tnJ5tees have wessed th¢ major risks to whith the dwity ss ex¢4 ar¢ WISfi tFét systun5 in place to mitiBate exposure ts the major risks. Strneth Gov¢rDe• •Dd Goveru•ne• strnee mageMelrt COMMI fwing solely onthe pianniDg and 1Vern¢¢ of the Festi1. The Chority 1$ a registered S¢ffjtish Chgritable (WIlsi1 (SCIO). by a written a)nstitirtM)n. Th cknity was 1nMrtt¢d on S Jgnw 2014. R¢feren¢e ttd Athknls¢r•tlve D¢ts Trusttts Ckarity Numb¢r SC027280 Independent ExamiDer Otwiia 1.3 East Ro Kirkwall KW15 IHZ
OTkttey Folk Festlval Tru3te¢3' Report {tDnttrtued) For The Yt8r Ended 31 J8nuAry 2025 The uvstees, repjrt was approved by the board of tru51ee5 ¥rtd si8ned on its behaifby: Tru3lrx Dats 3 odob&< Q023
Orkméy Folk Fwtival Independent Examlntt'$ Rtpgrt to the TThstees oforkne) Folk Festival For The Year Ended 31 Jxnu4ry 2025 I report to the truses on my exAminaiion of the account$ of OneY Folk Festival (the Trust) for ihe year cnded 31 Jwiuary 2025. R¢3ponsibllltl¢$ and Basil of Report The charity's trn$tee5 are resp¢)nsible for the preparaiioD of th¢ ac¢ounts in COrdanCe with the t#ms of the Charities and Trustee lrtvesknent (Scotland) Act 2005 aThd the Charitie5 Accounts (Scoilan(l) R¢gulion5 2006 {85 amet)d¢d). Th¢ charity's truses consider tha¢ ihe audii requiremeni of Regulation 10(] Ila) to {c) of the Aeeounts Re8uiations does rhot apply. It Is my respoDsibility w examin¢ the auniS as required under Section 44(1 11¢) of the and to slate whether panicular matters have eorne to rny attention. lrtdepelldent EmIner'S Statement My examination w&4 tatried out in aecordance with Regulation I l of the Charities Accouttts {Scotland) Regulations 2006. An examination include5 a review of the accounting rerdS kept by the charity and a comparison of the coUnts pr¢5¢llt¢d with those records. It also includes consideration of any unusual it¢nis ordis¢losures in the accounts, and 5e¢kin8 explanation5 from you as trustees concerning any such matters. The proc¢dur¢$ und¢rtak¢n do not provide all th¢ evidence fhat would be required in an audii, and consequenily I do not express an Judit opinion OTh the view giv¢n by the accounts. Independent exAmin¢rf5 sts¢em¢DI In connectioTh with my examination, no matter has ¢ome b) rny atiention .' {11 which 8iv¢s me rewnable eause to believe thaL in ony materi41 respect, the r¢quiremenrs keep coun11n8 rKords in 4¢¢ordanee with Sectiot) 44(1 Ka) of th¢ 2005 Act ond Kegulation 4 of the 2006 Accoun(5 Regulations- aDd to prepare accounts which accord with the wwunting rccords and to comply with R¢gula¢ion 8 of the 2006 Attounts Regulations have Thot be¢n met.. or {2) io which. in my opinion. a¢l¢ntion $hould be drawn in order to enable a proper under5t#ndin8 of the accoums to be hed. Date ILP Pa8e 4
Orkney Folk FtstiV81 Ststement of Finanelal Aetlvltles For The Ye4r EDded 31 Janary 2025 2025 2024 Ullregtrleted Unrestrictsd fund5 Not¢s IIICOME AIYD ENDOWMEYTS FROM: Donaiions and le8acies ChaTiiable xiivities Other trading activities 103.164 165,534 10,454 101,044 153.711 12,264 279,152 267.019 EXPENDITURE ON: Raisittg funds (286.4881 (274,310) NET EXPENDITURE (7J36) (7.291) NET MOVEMENT IN FUNDS {7,336} (7.291) RECOYI CILIATION OF FUNDS: Totsl fund$ brou8ht forward 75,484 82.775 TOTAL FUNDS CARIUED FORWARD 68.148 75,484 The noies on pages 7 to 12 forni part of ihese financial statements. Page 5
Orkney Folk Festival ststemeni of FlnAnclal Positlo AS At 31 J•nuAry 21115 2025 2024 Unrestricted Total funds funds Notes CURRENT ASSETS Sts>tks Debtors Ca$h ai bank And in hand 1.500 9,317 78.010 2,01)0 2.676 85.501 88.827 90.177 Crediton: Amoynts Fllkn8 D Wlthln Ome Yur io (20,6791 (14,693) NET CURRENT ASSETS (LIABILITIES) 68,148 75.484 TOTAL ASSETS LESS CURRENT LIABILITIES 68,148 75,484 NET ASSETS 68,148 75.484 FUNDS OFTHE CHARITY Unrestrie*d Funds 68,141 75.484 TOTAL FUNDS li 6B.148 75.4B4 On behalf of the board Trust¥¥ D•te Th¢ notts on p4es 7 to 12 fomi part of ihese financial statemenis. Page 6
OrkDry F•lk F¢JtivAi Notes io the FinAnell StsteThtnts For Th¢ YeAr Ended 31 Jntyry 2025 Gttttrl ltsforthtlo Orkney Folk Festival is an uninco SC027280. The principal addrcs5 IS orated rh3 re Igtered wilh the Chari Commission re istered charit number 2. AttouDtloi Polldes 2.1. BASIS of PreprntloD •fFiD•ncial S¢8tenJe•ts The financial $tatements have been prwared in accordance with the Clities and Trustee ]nvestsnenl {Scotland) Act 2(X15. the Charitie5 Accounts IS¢otlaod) Regulations 20(k4 (J5 arntnded}. FRS 102"The FInclaI Re[18 St8Ddard applicable in the UK and Republic ofireland" ("FRS 102.1 and the Clwities SORP "A¢¢ounting ReponiDi by Clwities: Si¥ternent of Recommended Prnctice applicable lo ¢hui¢ies Preparing their a¢uttts in accordantt with the Finala1 Rewting Standard appl]ble in the UK and epubli¢ of Ireland (FRS 1021. (effe4ive l Jamwy 2019). The elw is i Public Benefit Entity Is defined by FRS 102. The finala1 SeMents are pryrl in 5rlin8. knetary in th¢s¢ fllwKial #at¢ments rounded ihe n¢Tht £. The finan¢ial 5tst¢ments hav¢ been prtptrl vnder the historical ¢lvenI10n. Th¢ pri1p)I 0nting policies Ipt¢d ¥¢ srtoui below. 2.2. Fund Aceoutt Unrestricted funds can be used in ttcordwv with the dwitabk objectives at the discretion ofthe trN5ttts. Designated fithd5 ¢ornprise Unles futhts that have beert set ¥id¢ by the trustees fora spKifi¢ purpose. Restri¢t¢d fund5 are to be used for $ifiC puryoses As laid down by th¢ doThx. 2.3. Incomlng Ruourees Income i5 r¢cognised when the ¢lwity is le8ally enli11 it after any perfonnanc¢ ¢ondiiion$ have b¢en me( the arnounts can be rnasured reliably. and li is prob3ble th in¢omc will be received. Donations and oth¢r fornjs of voluntsry in¢4)me are reWls¢d *s iDcomiDS re50ur¢es rteeivab except insofar as ue ittcapable of fmanciai m¢asutemenL Income £enezated fivm the Supply orgts and services 15 ffcorded in the period the supply is made. The value of service5 provided by volwtters has been included in these aWOu5. 2.4. Resourtu Expended Expenditure is in¢luded in r¢sou exp¢nd¢d on w 1$ indysive of any VAT whith noI be levered. Costs of 8enernling fyr¥Js MprIse the costs •5SOCiit¢d with attrac¢in8 voluntary inwme and the ¢o5ts of fiththaising events. Charitable cxpcnditrjre comprise5 those costs incurred rn the delivery of the charity's aclivities and services for its benefi¢iiries. It in¢luths th e05ts thai can be allted diTtcdy to such xtivities and those costs of an indirert n•ttwe necessary to Supwt thcrn.
Orkn¢)' Folk Festival Yoies to the FlnaDcilll Statemtnts (continued) For The Year Ended 31 JHthurtry 2025 2.5. Stoeks and Work In Protre Sio¢k5 Jr¢ valyed 8t lh¢ lower of cost and net realisable value after mhkin8 due #llowgnce for ob501¢t¢ and slow-movin8 stock5. C05t 1$ detEnniThed u5in8 the fir5t-LlJ, firstryoui method. Cosi includes all dirtti costs an &ppropriAte proportion ol rixed and variable overheAds. 2.6. Cash and C¥sh Equlv•lents Cash and ¢a5h equivalents are basic financial assets And include cash itt hartd and deposiis held at call with b#Thks, oiher ghort-t¢rm highly liquid inv¢5tm¢nts thit mature in no more than three months from the date of atqui$itiott are I¢11y convertible to a known amount of ¢4sh with in$iBnificAni Nsk of change in value, and bartk overdrnfts. 2.7. FSn8ncIAI Instrnments The chArity has elected to apply th¢ PfOVTSion5 of Section 11 'Basic Financiol In$tNments' of FRS 102 to All of irs flnancial instruments. FinAnciil instruments are regniSed in the charlty's bal¢t $h¢¢t when the ¢h•rlty be¢omes party to the ¢ontra¢tu41 provisioni of the instrument. Finoncial assets and liabilities £ offset. with th¢ net amounts presented in the financial 5tat¢menls, when there ig legally enforceable right to Set off the recognised Amounts th¢r¢ 1$ an inienlion to 5¢tt1¢ on J net basis or to realis¢ the 85$et and settle the IiAbility 5imultan¢ously. Basic finoncial assets. which include debtors and sh and bank b•l8nce3. are initially m¢asur¢d ai tron5Nciion prir includin8 trin$aetion ¢tssts and u¢ gubsequenily carried al amortised cost usirt8 the effective interest method un1¢35 the rangement constiiutes & financing tr•nJa¢tion. where the ¢rnnsA¢tion is rneosured at the presen¢ value of future reeeip dI$nd at a markel rate of interest. Finmcial ¥seis cl¥$ified As reviv4bl¢ wiihin on¢ y¢4r are not 4morti3¢d. Clas5ifi¢alion of financial liabiliiies Financial liabilities and equity instruments ue ¢las$ifled accordin8 10 th¢ substAn¢¢ of th¢ ¢on¢rn¢tug1 •rrnn8em¢nts ent¢r¢d into. An equity in5trurn¢nt li Any ¢on¢rA¢t ihat evidences 8 residuil interest in the sets of th¢ eompany •fter deduetin8 All ofits liabilities. Basic financi¥l liabiliti¢5 B1¢ financial liabilities. Includin8 creditor5 T¢ initially r¢cognised at transaction price unless ihe arngemeni constiiutes a financing transaciion, where Ihe debi instrument is rne&4ured at the present value of ihe fiJtUTe p8yments di5COUrtted At i market rnte of interest. Financiil liabilities Classified as payable within one year Ire not amortised. D¢bt instrnments Art subsequently carried at 4mOrtis¢d cost, usin8 the effective interest rate method. Trad¢ CTeditors ar¢ obligalions lo pay for goods or services that have been aequired in the ordinary ¢ourse of business from suppli¢rs. Amounts payable ar¢ ¢lassified as current liabilities if payment is due within orte ye&r or less. If noi, they are presented ts non-curreni IL4bili¢i¢s. Trade creditors are recogni5ed initially at transaction price and subsequently me&sured It amortised cost usinB th¢ ¢ff¢¢¢iv¢ inleresi meihod. Pase 8
Orkney Folk FutivAI Notss t• the FIDaTr¢ifil Ststemeots (eontlnued) For The YMr EDdtd 31 January 2025 2025 2024 Uttrtstrlcted Ullr¢Jtrl¢ted fwnd5 Cundi Donations and gifts ,IAtTnber subs¢riPtiO spoJwrthip5 Grants 372 42.779 60.013 1.964 33.052 66.021 103.164 101,044 4. Intomt from Other Trmdlllg Advltl 2025 2(124 Uortstrkt¢d Unrutrlcted fundi fuDds Fuftdrnising events Shop income 5.229 5.225 6.784 5,480 10.454 12,264 5. Anlysl• •f E¥p¢udl¢uTe 21125 Artlvltl IIDdertk¢n S¥ppgrt ¢0$1$ dlreeity (see note 61 Tot*1 RAlsin8 funds 274.025 12.463 286,488 2024 Adlvltl ndert•keo Support eosts dlTe¢¢ly (see note 61 isin8 fvnds 251.111 16.192 274,310 P4ge 9
Orknry Folk Fe5tivAI Notes t• the FimAnei*l Ststtments (continued) For Tr¢ Ye•r Endod 31 January 21125 6. Support Costs Rai51111 nds Employee costs Premises ew5es Genernl adminisiration 1.659 4.324 6.480 12,463 21124 RalslDg nd5 Employee costs Premises expense5 General administration 3,473 4,056 8,663 16.192 7. AverBge Numberof Employtt5 Average numbv ofemployees durin8 the ytarwas: NfL12024.. YJL) 8. Stocks 2025 2024 Sto¢k 1.500 2,01)0 9. Dobtors 2024 Dlle withln one ytAr Trade debtors 320 2,356 ljher debtors 9,317 9.317 2.676 Pa8e 10
Orknty Folk Festivl Notes to tht Finnei•l Ststemrnts (contined) ForThe Yur Ended 31 JAttry 2(125 10. Creditors: Amounts Falling Du¢ Wrthin One Year 2•2S 2(124 Trade creditors Payments on account Other creditors Accrua15 and deferred income 709 694 18.955 831 12.260 658 1.081 20,679 14.693 I l. Movtmetht kn Funds Asatl Februry Asat31 Expeodlthre January 2025 Unrtstrieted fitmds General: Genernl unre$tri¢trd fund 75.484 279.152 (286.488) 68.148 Total fund$ 75,484 279.152 1286.488) 68,148 Asgtl Ftbnwry As¥t31 Expendilyre January 2024 Ittcome UnMtrl¢ted fllnds General: General unTe5trictcd fid 82.775 267.019 (274JlO} 75.484 Total funds 82.775 267.019 (274.310) 75.484 12. Trwwdions with Trnxtees During the year th¢ exp¢nses reirnbursed the or poid direty to thiTd 7¢5 W¢fe as follows: 2025 2024 Other EXp¢S Number of trustees reimbuT5ed for expcnsc5 during the year was I120?4: 0) Pa8ell
Orl(ney Ftslk FeytivAI Notes to the Finanelal Sthtements (COtIlled) ForThe Year Ertded31 JAnu*ry2025 13, Rolxtod PArty Dl$tlo8ures During the year there were the following relatsd party tran5&Ctions'. Payrnent of perforniatt ftes and expenses of £l.120 to Fard. a gTOU Payment of flights and ¢xpense5 for hvsbaDd of in wltich is a member. anc¢ li th¢ Kin85 Pl8¢¢ Con¢¢rt. or atten P88¢ 12