REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Trustees' Report and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
King's Lynn Festival Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Trustees' Report and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
King's Lynn Festival Limited |
King's Lynn Festival Limited |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Trustees' Report | 1 | to | 4 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Balance Sheet | 7 | to | 8 |
Cash Flow Statement | 9 |
Notes to the Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 | to | 19 |
King's Lynn Festival Limited (Registered number: 03468735) |
Trustees' Report |
for the Year Ended 31 March 2024 |
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 31 March 2024. 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). |
King's Lynn Festival Limited (Registered number: 03468735) |
Trustees' Report |
for the Year Ended 31 March 2024 |
Objectives and activities |
The principal objects of the company are:- |
To promote, maintain, improve and advance public education, appreciation and understanding in its broadest sense through the arts, particularly by the formulation, preparation, establishment and production of educational plays, festivals and productions, in particular the King's Lynn Festival of Music and the Arts. |
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. |
Achievements and performance |
The financial performance of the July 2023 Festival showed a pleasing improvement on the previous year though ticket income which was very similar to 2022. The popularity of the Coffee concerts and other year-round events continued to grow during the year. |
We were fortunate to have received two unexpected receipts in the autumn of 2023, the first being a legacy from the estate of a long-standing supporter of the Festival and also a donation from the winding-up of the King's Lynn Music Society. Both have been set aside as 'designated reserves' to be released as income against nominated projects in following years. |
The organisation continues its collaboration with local schools and creative groups to help promote the arts for the region. |
Financial review |
The results for the year, and the Charity's financial position at the end of the year are shown in the attached financial statements. |
Reserves |
The charity defines its reserves as the value of those assets over and above those which are required for it to meet its current commitments and planned expenditure. Trustees aim to have sufficient reserves to enable the charity to meet its financial objectives for one year. |
Risk review |
The trustees met regularly during the year. Major risks are always discussed at these meetings and the systems that are in place to mitigate those risks examined. The trustees consider the lack of a sufficient and secure income base, to be the most significant risk and continue to take all possible steps to ensure that this is mitigated. |
Investment policy |
The Trustees Investment policy is to maximise returns on the cash balances held, having due regard to risk. |
Plans for future periods |
A very successful July 2024 Festival has been completed by the time of this report, with an even wider range of events across classical, brass band, jazz, folk and south Asian music. The exhibition followed on the 2023 theme celebrating English art in the 20th century, and focused on 1945-1980. The Burney Festival of early music was held in September 2023, and was artistically very successful but not yet attracting a wider audience. The coffee concerts in Autumn and Winter have continued to attract full audiences. The Festival has been developing further educational links, both in the schools and for pre-school families. |
The trustees decided not to pursue the option to buy out of the PSATSA defined benefit pension scheme, but to continue making monthly payments as part of the deficit reduction plan. The next triennial revaluation of the scheme is due to be performed at the end of March 2025. |
King's Lynn Festival Limited (Registered number: 03468735) |
Trustees' Report |
for the Year Ended 31 March 2024 |
Shortly after the end of this financial report period the Festival Manager, Ema Holman, resigned after a successful 11 years tenure to move elsewhere. The trustees have now recruited a new manager.There will be some change in the available venues as St George's Guildhall and the Fermoy Gallery, the Festival's spiritual home, will be under redevelopment from February 2025, and therefore not available for at least 2 years including our 75th anniversary. |
Structure, governance and management |
Governing document |
The organisation is a charitable company limited by guarantee, incorporated on 14 November 1997. |
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 |
Recruitment and appointment of new trustees |
The nomination and appointment of trustees is made by existing Trustees and Company Members. |
Appropriate induction and training is given to trustees when appointed. |
Reference and administrative details |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Claire Melton |
Stephenson Smart (East Anglia) Limited |
Chartered Accountants |
22-26 King Street |
King's Lynn |
Norfolk |
PE30 1HJ |
King's Lynn Festival Limited (Registered number: 03468735) |
Trustees' Report |
for the Year Ended 31 March 2024 |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
King's Lynn Festival Limited |
Independent examiner's report to the trustees of King's Lynn Festival Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
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 charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts 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 considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Claire Melton |
Stephenson Smart (East Anglia) Limited |
Chartered Accountants |
22-26 King Street |
King's Lynn |
Norfolk |
PE30 1HJ |
20 September 2024 |
King's Lynn Festival Limited |
Statement of Financial Activities |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | fund | funds | funds |
Notes | £ | £ | £ | £ |
Income and endowments from |
Donations and legacies | 2 |
Charitable activities | 4 |
Investment income | 3 |
Total |
Expenditure on |
Charitable activities | 5 |
NET INCOME/(EXPENDITURE) | ( |
) |
Reconciliation of funds |
Total funds brought forward |
Total funds carried forward | 59,321 |
King's Lynn Festival Limited (Registered number: 03468735) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | fund | funds | funds |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 11 |
Current assets |
Debtors | 12 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 13 | ( |
) | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 14 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
Funds | 15 |
Unrestricted funds | 37,728 |
Restricted funds | 21,593 |
Total funds | 59,321 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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. |
King's Lynn Festival Limited (Registered number: 03468735) |
Balance Sheet - continued |
31 March 2024 |
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 Trustees and authorised for issue on |
King's Lynn Festival Limited |
Cash Flow Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 37,208 | (26,854 | ) |
Interest paid | (2 | ) | (3 | ) |
Net cash provided by/(used in) operating activities | 37,206 | (26,857 | ) |
Cash flows from investing activities |
Interest received | 2,513 | 545 |
Net cash provided by investing activities | 2,513 | 545 |
Change in cash and cash equivalents in the reporting period |
39,719 |
(26,312 |
) |
Cash and cash equivalents at the beginning of the reporting period |
156,973 |
183,285 |
Cash and cash equivalents at the end of the reporting period |
196,692 |
156,973 |
King's Lynn Festival Limited |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | Reconciliation of net income/(expenditure) to net cash flow from operating activities |
31.3.24 | 31.3.23 |
£ | £ |
Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) |
33,357 |
(8,087 |
) |
Adjustments for: |
Depreciation charges | 371 | 494 |
Interest received | (2,513 | ) | (545 | ) |
Interest paid | 2 | 3 |
Increase in pension provision | - | 5,000 |
Decrease/(increase) in debtors | 2,442 | (7,232 | ) |
Increase/(decrease) in creditors | 3,549 | (16,487 | ) |
Net cash provided by/(used in) operations | 37,208 | (26,854 | ) |
2. | Analysis of changes in net funds |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 156,973 | 39,719 | 196,692 |
156,973 | 39,719 | 196,692 |
Total | 156,973 | 39,719 | 196,692 |
King's Lynn Festival Limited |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
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. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
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. |
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. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
King's Lynn Festival Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | Donations and legacies |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Sponsorship | 23,683 | - |
Donations | 68,588 | - |
Gift aid | 7,610 | - |
Grants | 36,155 | - |
136,036 | - |
Grants received during the year are as follows: |
Year ended 31.3.24 |
Year ended 31.3.23 |
£ | £ |
Norfolk County Council | 4,765 | 4,765 |
KL & WNBC | 28,390 | 28,557 |
Arts Council of England - East | - | 7,648 |
Other grants | 3,000 | 5,750 |
36,155 | 46,720 |
3. | Investment income |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Deposit account interest | 2,309 | 204 |
King's Lynn Festival Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | Income from charitable activities |
31.3.24 | 31.3.23 |
Activity | £ | £ |
Box office and other performance related income |
Festival activities |
106,171 |
103,720 |
Box office and other performance related income - Winter series |
Festival activities |
18,178 |
10,613 |
Box office and other performance related income - Mini festivals |
Festival activities |
3,993 |
5,010 |
5. | Charitable activities costs |
Support |
Direct | costs (see |
Costs | note 6) | Totals |
£ | £ | £ |
Festival activities | 231,837 | 1,697 | 233,534 |
6. | Support costs |
Governance |
costs |
£ |
Festival activities | 1,697 |
7. | Net income/(expenditure) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
King's Lynn Festival Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | Trustees' remuneration and benefits |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
9. | Staff costs |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Other pension costs |
68,326 | 65,243 |
The average monthly number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Administration |
10. | Comparatives for the statement of financial activities |
Unrestricted | Restricted | Total |
funds | fund | funds |
£ | £ | £ |
Income and endowments from |
Donations and legacies |
Charitable activities |
Investment income |
Total |
Expenditure on |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
King's Lynn Festival Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | Comparatives for the statement of financial activities - continued |
Unrestricted | Restricted | Total |
funds | fund | funds |
£ | £ | £ |
Reconciliation of funds |
Total funds brought forward | 45,872 | 21,536 |
Total funds carried forward | 37,728 | 21,593 | 59,321 |
11. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 April 2023 and 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
12. | Debtors: amounts falling due within one year |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Prepayments |
King's Lynn Festival Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | Creditors: amounts falling due within one year |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Social security and other taxes |
Pension |
Deferred income |
Accrued expenses |
14. | Provisions for liabilities |
The company is currently a member of NEST occupational pension scheme.Individual entitlement if any to employer contributions to an approved personal pension plan is specified in the relevant contract of employment. |
Total contributions paid in the year amounted to £1,525 (2023: £1,492). |
Provision for future liabilities: |
Within 12 months £7,906 (2023 £7,881) |
After 12 Months £73,350 (2023 £73,350) |
Contingencies- Pension |
The Kings Lynn Festival Limited is a member of the Pension Scheme for Administration and Technical Staff in the Arts. The scheme was closed to future accrual in December 2012. |
Results of an actuarial valuation as at 31st March 2022 showed that the Scheme remains in significant deficit. The proportion of the deficit attributable to The Kings Lynn Festival Limited following the previous actuarial valuation as at 31st March 2016 was estimated at £76,000. As a result of a valuation in March 2022, an additional £5,000 was provided as a liability. The increased liability of £81,000 has been fully provided for in the balance sheet. |
Under the recovery programme agreed with the Trustees of the Scheme,the Trustees of Kings Lynn Festival Limited will continue to make payments towards the deficit of £626 per month which increases by 5% per annum until February 2030 under a new agreement. |
Due to the number of employers contributing to the Scheme, it is not possible at 31 March 2024 (or March 2023) to identify the share of underlying assets and liabilities of the Scheme that are separately attributable to the Charity. Under the provisions of Financial Reporting Standard 17, the accounts have therefore been prepared on the basis that the Scheme qualifies as a Multi-Employer Scheme and pension costs are disclosed in line with the requirements for a defined contribution Scheme. |
King's Lynn Festival Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | Movement in funds |
Net |
movement |
At 1.4.23 | in funds | At 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 37,728 | (2,277 | ) | 35,451 |
Music Society designated fund | - | 35,430 | 35,430 |
33,153 |
Restricted funds |
Ruth Fermoy memorial fund | 21,593 | 204 | 21,797 |
TOTAL FUNDS | 33,357 | 92,678 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 231,257 | (233,534 | ) | (2,277 | ) |
Music Society designated fund | 35,430 | - | 35,430 |
( |
) | 33,153 |
Restricted funds |
Ruth Fermoy memorial fund | 204 | - | 204 |
TOTAL FUNDS | ( |
) | 33,357 |
Comparatives for movement in funds |
Net |
movement |
At 1.4.22 | in funds | At 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 45,872 | (8,144 | ) | 37,728 |
Restricted funds |
Ruth Fermoy memorial fund | 21,536 | 57 | 21,593 |
TOTAL FUNDS | 67,408 | (8,087 | ) | 59,321 |
King's Lynn Festival Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | Movement in funds - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 223,720 | (231,864 | ) | (8,144 | ) |
Restricted funds |
Ruth Fermoy memorial fund | 57 | - | 57 |
TOTAL FUNDS | 223,777 | (231,864 | ) | (8,087 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement |
At 1.4.22 | in funds | At 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 45,872 | (10,421 | ) | 35,451 |
Music Society designated fund | - | 35,430 | 35,430 |
45,872 | 25,009 | 70,881 |
Restricted funds |
Ruth Fermoy memorial fund | 21,536 | 261 | 21,797 |
TOTAL FUNDS | 67,408 | 25,270 | 92,678 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 454,977 | (465,398 | ) | (10,421 | ) |
Music Society designated fund | 35,430 | - | 35,430 |
490,407 | (465,398 | ) | 25,009 |
Restricted funds |
Ruth Fermoy memorial fund | 261 | - | 261 |
TOTAL FUNDS | 490,668 | (465,398 | ) | 25,270 |
King's Lynn Festival Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
16. | Related party disclosures |
17. | Designated funds |
During the reporting period, the charity received donations amounting to £35,430. The donors stipulated that the funds were to be used for the promotion of classical music and the charity has reserved designated funds for this purpose. |
The funds are held in a general bank account to be released as agreed by the Trustees in future years. |