Charity Registration No. 518744
Company Registration No. 02194725 (England and Wales)
CEDARWOOD FESTIVAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023
CEDARWOOD FESTIVAL LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr D E G Stretton-Downes
Mr Glen Macknight
Mr S Pattisson
(Appointed 1 October 2022)
Mr D Benjamin
(Appointed 1 August 2022)
Mrs V Neville
(Appointed 1 August 2022)
Mrs Pamela Birtle
(Appointed 1 June 2023)
Charity number
518744
Company number
02194725
Accountants
Stephen Lamb, FCA
12 Bessemer Court
Hownsgill Industrial Park
Knitsley Lane
Consett
Co Durham
DH8 7BL
CEDARWOOD FESTIVAL LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Accountants' report
3
Statement of financial activities
4
Balance sheet
5 - 6
Notes to the financial statements
7 - 12
CEDARWOOD FESTIVAL LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JULY 2023
- 1 -

The trustees present their report and financial statements for the year ended 30 July 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The objects of the Charity are to encourage gatherings of all generations and expressions of the Church to worship Jesus in unity. This is to be achieved by a 24/7 approach to worship, prayer, mission and bible teaching.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

In July 2023, the Cedarwood Festival 2023 was held - an independent festival - gathering all generations and expressions to worship Jesus in unity. The 2023 festival was held at Hollybush Farm, North Yorkshire, in the north of England. The weekend festival was backed by all the major denominations and included corporate worship, biblical teaching, practical workshops, after hours activities for all ages, 24-7 prayer and worship and a full children's and youth programme.

 

The Charity hopes that attendees to the Festival will come away inspired, encouraged and equipped to join in the call to see the nations transformed in the name of Jesus.

Financial review

The results for the financial period are set out in the Statement of Financial Activities.

 

Overall, the Company received income totalling £79,709 (2022 £31,816) with expenditure on charitable activities of £86,041 (2022 £37,276), resulting in an excess of expenditure over income for the year ended 30 July 2023 of £6,681 (2022 excess of expenditure £5,460).

At the end of the current financial year, the Reserves of the Charity were in deficit.

The trustees have managed the financial position of the charity by meeting some of the costs involved with the July 2023 Cedarwood Festival in the current financial year, together with receiving income relating to the July 2024 Cedarwood Festival prior to the month of that event.

Risk Management

 

The Trustees have a risk management strategy which comprises:

 

* a regular review of the risks that the Charity faces;

* an established system of procedures to mitigate those risks identified; and

* the implementation of procedures designed to minimise any potential impact.

 

The Trustees have identified the major risks to which they believe the Charity is exposed and hope to be able to establish procedures in order to manage such risks to an acceptable level.

CEDARWOOD FESTIVAL LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
- 2 -

The Trustees intend for annual Cedarwood Festivals to be held and are actively seeking funding and sponsorship.

Structure, governance and management

The charity is controlled by its governing document, a memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

 

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

K A Todd
(Resigned 1 August 2022)
Mr D E G Stretton-Downes
Mr Glen Macknight
Mr A C Hancock
(Resigned 1 August 2022)
Mr S Pattisson
(Appointed 1 October 2022)
Mr M Steel
(Appointed 1 August 2022 and resigned 18 September 2022)
Mr D Benjamin
(Appointed 1 August 2022)
Mrs V Neville
(Appointed 1 August 2022)
Mrs Pamela Birtle
(Appointed 1 June 2023)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. As set out in the governing document, new trustees are presented to the existing board annually at the AGM.

The trustees' report was approved by the Board of Trustees.

Mr D E G Stretton-Downes
Trustee
Dated: 16 April 2024
CEDARWOOD FESTIVAL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CEDARWOOD FESTIVAL LIMITED FOR THE YEAR ENDED 30 JULY 2023
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cedarwood Festival Limited for the year ended 30 July 2023, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 11 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Cedarwood Festival Limited and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cedarwood Festival Limited and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Cedarwood Festival Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Cedarwood Festival Limited. You consider that Cedarwood Festival Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Cedarwood Festival Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stephen Lamb, FCA
16 April 2024
Chartered Accountants
12 Bessemer Court
Hownsgill Industrial Park
Knitsley Lane
Consett
Co Durham
DH8 7BL
CEDARWOOD FESTIVAL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JULY 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
3
36,100
1,715
Charitable activities
4
43,609
30,101
Total income
79,709
31,816
Expenditure on:
Raising funds
5
349
-
Charitable activities
6
86,041
37,276
Total resources expended
86,390
37,276
Net expenditure for the year/
Net movement in funds
(6,681)
(5,460)
Fund balances at 31 July 2022
(5,832)
(372)
Fund balances at 30 July 2023
(12,513)
(5,832)

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
CEDARWOOD FESTIVAL LIMITED
BALANCE SHEET
AS AT
30 JULY 2023
30 July 2023
- 5 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
10
2,173
1,308
Cash at bank and in hand
270
2
2,443
1,310
Creditors: amounts falling due within one year
11
(14,956)
(2,592)
Net current liabilities
(12,513)
(1,282)
Creditors: amounts falling due after more than one year
12
-
(4,550)
Net liabilities
(12,513)
(5,832)
Income funds
Unrestricted funds
(12,513)
(5,832)
(12,513)
(5,832)
CEDARWOOD FESTIVAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JULY 2023
30 July 2023
- 6 -

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 July 2023.

The director acknowledges her responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 16 April 2024
Mr D E G Stretton-Downes
Trustee
Company Registration No. 02194725
CEDARWOOD FESTIVAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023
- 7 -
1
Accounting policies
Charity information

Cedarwood Festival Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is .

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
CEDARWOOD FESTIVAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 8 -
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CEDARWOOD FESTIVAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 9 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
36,100
1,715
4
Charitable activities

Christian Arts Festivals

Christian Arts Festivals

2023
2022
£
£

Bookings

43,609
30,101
CEDARWOOD FESTIVAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
- 10 -
5
Raising funds
Unrestricted
Total
funds
2023
2022
£
£
Fundraising and publicity
Other fundraising costs
349
-
349
-
6
Charitable activities

Christian Arts Festivals

Christian Arts Festivals

2023
2022
£
£

Site and other Festival costs

77,238
30,215

Insurance

2,210
833

Marketing

292
957

Online Production costs

-
550

Donations

59
-
79,799
32,555
Share of support costs (see note 7)
5,360
3,989
Share of governance costs (see note 7)
882
732
86,041
37,276
CEDARWOOD FESTIVAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
- 11 -
7
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£

Website & Social Media

1,797
-
1,797
1,601
-
1,601

Postage and Stationery

1,244
-
1,244
635
-
635

Travel

2,001
-
2,001
1,074
-
1,074

Sundries

318
-
318
630
-
630

Bank Charges

-
-
-
49
-
49
Accountancy  fees
-
792
792
-
732
732
Legal and professional
-
90
90
-
-
-
5,360
882
6,242
3,989
732
4,721
Analysed between
Charitable activities
5,360
882
6,242
3,989
732
4,721
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,173
1,308
CEDARWOOD FESTIVAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
- 12 -
11
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,422
1,200
Other creditors
10
-
Accruals and deferred income
1,524
1,392
14,956
2,592
12
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
-
4,550
13
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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