REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 14 |
KIRKCUDBRIGHT SUMMER FESTIVITIES (REGISTERED NUMBER: SC275795) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 NOVEMBER 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 year ended 30 November 2023. The trustees have adopted the provisions of 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 |
Objectives and aims |
The objective and principal activity of the charitable company is to advance the education of the public in the Arts, in particular by the provision of annual events including music, dance, arts and crafts, known as Kirkcudbright Summer Festivities, for the benefit of the community. |
Grantmaking |
Grants are made in accordance with charity law, our constitution and the wishes and directions of |
donors. |
Volunteers |
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). |
ACHIEVEMENT AND PERFORMANCE |
Overall 2023 proved to be a successful year with another year packed with great events. |
The regular calendar of events had an addition in the form of the King's Coronation on 6th May, which was an opportunity for the community to come together and many brought picnics to the Moat Brae and enjoyed food, drink, entertainment and a great community atmosphere. |
Another new event for the Festivities this year was the addition of the Half Marathon; and it's amalgamation with the Buckland Burn Up. The event was a success and has been added to the calendar for 2024. |
Unfortunately the Country Fair was unable to go ahead this year due to high winds, which was disappointing for all involved, but many of the acts booked have already confirmed for 2024, which will take place back in its home at The Carse for 2024, having temporarily moved over the Tongland Bridge to Langbarns Farm. |
All the events throughout the year have been extremely successful and, with so much positive feedback from visitors and the community. The Economic Impact Study which took place in early 2023, was able to provide feedback from attendees of events and the local business community, which supports the positive impact that the Festivities have on the town, its community and its economy. |
The success of the events this year is down to the hard work of the convenors and volunteers who have dedicated thousands of hours this year. Avril and her team in the shop are absolutely critical to the success of Festivities and their hard work and commit allow us to continue to offer the community a range of events. This year, as always, they have exceeded expectations and continue to deliver incredible sales week on week. They also held a successful Fashion Show this year; hopefully the first of many. |
2024 promises to be another year of high quality events and working with the other organisations in the town, we hope to create a town-wide drive for volunteers which will allow us to sustain these fantastic events for many years to come. |
Heartfelt thanks go to all of the volunteers that are involved with the Festivities; whether a regular, or someone that comes to assist at a particular event, your time and effort make it possible for the Festivities to confidently go into our 53rd year with another great calendar of events. |
KIRKCUDBRIGHT SUMMER FESTIVITIES (REGISTERED NUMBER: SC275795) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FINANCIAL REVIEW |
Financial Review |
The company's turnover for the year was £138,981. The main source of funding was from charity shop sales (£48,631), grants (£21,885) and Donations (£24,139). During the year the company spent £123,706 on our activities, £5,744 in shop running costs and £680 on governance and administration. Our surplus for the year is £8,851 and we have £151,713 in reserve funding, of which £4,388 is restricted. |
Reserves policy |
The bank balances represent the unrestricted funds arising from successful operating results. It has been a long term aim of previous festivities organising groups that there should be sufficient unrestricted funds in the bank to enable full arrangements to be made for the next year's festivities before any income generating work is undertaken. Thanks in particular to the income from our charity shop this level of reserves has been maintained and will allow us to continue activities at our current level without the need for additional core funding in the form of grants. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
The company was established under a Memorandum of Association that 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 the members are required to contribute an amount not exceeding £1 each. |
Recruitment and appointment of new Directors |
Under the company's Articles there is a maximum of twenty places on the Board of Directors. The |
directors retire at each Annual General Meeting but are eligible for re-election. Those directors who |
served the company during the year are as follows: |
Avive Asbridge |
Rob Asbridge |
John Blaikie |
Robert McCune |
Helen McQuater |
Peter McRobert |
Avril Swan |
Colin Saul |
Ian McIntyre |
Andrew McKie |
Malcolm Oldfield |
The overall duty of each director is to ensure that the company operates in a manner that enables it to fulfil its objectives as efficiently as possible. In particular they should: |
- ensure the company complies with its founding Articles, charity law and other relevant |
- legislation. |
- contribute actively to the board's role in giving clear strategic advice to the company. |
- set overall policy, define goals, setting targets and evaluate performance. |
- safeguard the good name and values of the company. |
- ensure the company's financial stability. |
- monitor performance. |
Organisational structure |
The Board meets regularly during the year. At these meetings the board agrees the strategy and areas of activity for the company, the delegation of tasks and responsibilities to sub-committees and individuals and the monitoring and approval of progress. |
KIRKCUDBRIGHT SUMMER FESTIVITIES (REGISTERED NUMBER: SC275795) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Bell Ogilvy |
Chartered Accountants |
36 King Street |
Castle Douglas |
Dumfries & Galloway |
DG7 1AF |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
I report on the accounts for the year ended 30 November 2023 set out on pages five to fourteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. 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 accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Eilidh J Harman BA (Hons) CA |
The Institute of Chartered Accountants of Scotland |
Bell Ogilvy |
Chartered Accountants |
36 King Street |
Castle Douglas |
Dumfries & Galloway |
DG7 1AF |
11 April 2024 |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities |
General fund | 27,875 | - | 27,875 | 43,800 |
Other trading activities | 3 | 65,067 | - | 65,067 | 60,206 |
Other income | 15 | - | 15 | 5 |
Total | 123,756 | 15,225 | 138,981 | 130,950 |
EXPENDITURE ON |
Raising funds |
Charitable activities |
General Fund | 108,816 | 15,570 | 124,386 | 141,624 |
Total | 114,560 | 15,570 | 130,130 | 146,745 |
NET INCOME/(EXPENDITURE) | ( | ) | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 142,862 |
KIRKCUDBRIGHT SUMMER FESTIVITIES (REGISTERED NUMBER: SC275795) |
BALANCE SHEET |
30 NOVEMBER 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( | ) | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 138,129 |
Restricted funds | 4,733 |
TOTAL FUNDS | 142,862 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | 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. |
KIRKCUDBRIGHT SUMMER FESTIVITIES (REGISTERED NUMBER: SC275795) |
BALANCE SHEET - continued |
30 NOVEMBER 2023 |
KIRKCUDBRIGHT SUMMER FESTIVITIES (REGISTERED NUMBER: SC275795) |
BALANCE SHEET - continued |
30 NOVEMBER 2023 |
These financial statements have been prepared in accordance with the specail provisions applicable to small charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements of the charitable company, which 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 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going concern |
The financial statements have been prepared on a going concern basis. The executive committee has assessed the charity’s ability to continue as a going concern and has reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. |
INCOME |
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: |
Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. |
Donated services and facilities are included in the value of the charity where this can be quantified. The value of the services provided by volunteers has not been included in these accounts. The value of the charity of the donated goods sold is recognised as income when sold. |
Investment income is included when receivable. |
Incoming resources from charitable trading activities are accounted for when earned. |
Incoming resources from grants, where related to performance and specific deliverable, are accounted for as the charity earns the right to consideration by its performance. |
EXPENDITURE |
Liabilities are recognised as expenditure as soon as there is a legal or constructive 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. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and Buildings - not applied |
Motor Vehicles - 20% reducing balance |
Plant & Machinery - 10% reducing balance |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
The charity does not capitalise expenditure on equipment purchased in the year, rather it is expensed against incoming resources in the year of expenditure, in the statement of financial activities. This policy is contrary to the Charities SORP (FRS 102), however it ensures that the charity's assets are not overstated in the financial statements, and aids the trustees in their review of the financial position of the charity periodically. |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. |
TAXATION |
The charity is exempt from corporation tax on its charitable activities. |
FUND ACCOUNTING |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted 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 purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
FINANCIAL INSTRUMENTS |
Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Trade Debtors |
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties. |
Trade Creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
Accounts payable are classified as current liabilities if the organisation does not have conditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are represented as non current liabilities. |
Borrowings |
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of financial activities over the period of the relevant borrowing. |
Provisions and contingencies |
Provisions are recognised when the organisation has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | DONATIONS AND LEGACIES |
2023 | 2022 |
£ | £ |
Donations |
Grants |
Included within Donations is a Donation of £20,000 received from P Bayes Estate. |
Grants received, included in the above, are as follows: |
2023 | 2022 |
£ | £ |
Dumfries and Galloway Council | 9,885 | 22,580 |
D & G - Common Good Fund | - | 2,000 |
Solway Firth Partnership | 12,000 | - |
21,885 | 24,580 |
3. | OTHER TRADING ACTIVITIES |
2023 | 2022 |
£ | £ |
Small Events and Fundraising |
Shop income |
Sponsorships | 524 | (1,200 | ) |
Insurance claims | 1,311 | - |
Raffle Income | 4,976 | 5,506 |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 November 2023 nor for the year ended 30 November 2022. |
TRUSTEES' EXPENSES |
There were no trustees' expenses paid for the year ended 30 November 2023 nor for the year ended 30 November 2022. |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
General fund | 28,329 | 15,471 | 43,800 |
Other trading activities | 61,612 | (1,406 | ) | 60,206 |
Other income | 5 | - | 5 |
Total | 100,735 | 30,215 | 130,950 |
EXPENDITURE ON |
Raising funds |
Charitable activities |
General fund | 109,280 | 32,344 | 141,624 |
Total | 114,401 | 32,344 | 146,745 |
NET INCOME/(EXPENDITURE) | ( | ) | ( | ) | ( | ) |
Transfers between funds | (6,863 | ) | 6,863 | - |
Net movement in funds | ( | ) | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 158,657 | - |
TOTAL FUNDS CARRIED FORWARD | 138,128 | 4,734 | 142,862 |
7. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments |
Prepayments falling due after one year amount to £1,323. |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Accrued expenses |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
11. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.12.22 | in funds | 30.11.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 138,129 | 9,196 | 147,325 |
Restricted funds |
Festival of Light | 3,772 | 616 | 4,388 |
Country Fair | 961 | (961 | ) | - |
(345 | ) |
TOTAL FUNDS | 8,851 | 151,713 |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
11. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 123,756 | (114,560 | ) | 9,196 |
Restricted funds |
Festival of Light | 15,225 | (14,609 | ) | 616 |
Country Fair | - | (961 | ) | (961 | ) |
( | ) | (345 | ) |
TOTAL FUNDS | ( | ) | 8,851 |
Comparatives for movement in funds |
Net | Transfers |
At | movement | between | At |
1.12.21 | in funds | funds | 30.11.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 158,657 | (13,665 | ) | (6,863 | ) | 138,129 |
Restricted funds |
Festival of Light | - | 3,772 | - | 3,772 |
Kirkcudbright Food Festival | - | (6,863 | ) | 6,863 | - |
Country Fair | - | 961 | - | 961 |
- | (2,130 | ) | 6,863 | 4,733 |
TOTAL FUNDS | 158,657 | (15,795 | ) | - | 142,862 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 100,735 | (114,400 | ) | (13,665 | ) |
Restricted funds |
Festival of Light | 12,906 | (9,134 | ) | 3,772 |
Kirkcudbright Food Festival | 2,498 | (9,361 | ) | (6,863 | ) |
Country Fair | 14,811 | (13,850 | ) | 961 |
30,215 | (32,345 | ) | (2,130 | ) |
TOTAL FUNDS | 130,950 | (146,745 | ) | (15,795 | ) |
KIRKCUDBRIGHT SUMMER FESTIVITIES |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
11. | MOVEMENT IN FUNDS - continued |
Unrestricted Funds |
General Funds | - | funds that may be used at the discretion of the Trustees in furtherance of the objects of the charity. |
Restricted Funds |
Festival of Light | - | funds received for the purpose of putting on the Festival of Light event. |
Kirkcudbright Food Festival | - | funds received for the purpose of putting on the Food Festival event. |
Country Fair | - | funds received for the purpose of holding the Country Fair. |
12. | RELATED PARTY DISCLOSURES |
During the year £9,521 of rent, electricity, insurance and book-keeping costs were paid to Kirkcudbright Development Trust of which Mr R Asbridge & Mr J Blaikie are also Trustees. |
A Trustee was paid £7,179 for secretarial services during the year. |