REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the period |
1 September 2022 to 31 December 2023 |
for |
Grassington Festival Society |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the period |
1 September 2022 to 31 December 2023 |
for |
Grassington Festival Society |
Grassington Festival Society |
Contents of the Financial Statements |
for the period 1 September 2022 to 31 December 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 | 11 |
Grassington Festival Society (Registered number: 05742319) |
Report of the Trustees |
for the period 1 September 2022 to 31 December 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 period 1 September 2022 to 31 December 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 |
The Principal Objectives and Activities |
The Charitable Company was incorporated on 14th March 2006 to take over the undertaking, assets and liabilities of the charity founded in 2000 and known as Grassington Festival Society, registered charity no. 1082753, the transfer of which took place on 1 October 2006 without any consideration being paid. |
The Principal Objects and activities of the Charity are to advance the education of the public in the Arts, in particular the Arts of Music, Speech, Drama and Dance in all their branches. |
Achievements and Performance |
The Festival is overseen by a small board of Trustees and delivered by management team of around 15 members plus our Festival Director. |
Grassington Festival Society aims to educate its audiences in the broadest sense, to widen horizons and to encourage involvement in the range of events offered by this long standing, annual, multi-arts Festival. |
Access to high quality Arts Experiences in the Craven District is limited and Grassington Festival aims to provides a much needed opportunity for local residents to see excellent work. With such provision, the Festival draws in audiences from further afield which has the additional benefit of a positive impact on the local economy. |
Following on the disappointing audience support for the Festival in 2022, the financial position did not warrant attempting to stage a Festival in 2023. The Trustees have explored the possibility of merging the Festival with other local organizations such as Grassington Pride, Grassington Hub or the Devonshire Institute. However at the time of writing none of these plans seem likely to bear fruit. |
Therefore, with deep regret, it is likely that we will move to wind up the Festival by the end of 2024. |
Financial Review |
Incoming Resources for the period amounted to £4,836 (2022: £57,143) and Resources Expended amounted to £2,967 (2022: £57,519), leaving a surplus for the year of £1,869 (2022: £376 deficit). Net assets at 31 August 2023 totalled £2,898 (2022: £3,029). |
Investment Powers and Policy |
Under the terms of the Memorandum and Articles of Association, the Charity has the power to invest funds in such a manner as the Trustees may see fit. Having regard to liquidity requirements, and the reserves policy, the Trustees have operated a policy of keeping available funds in interest bearing deposit accounts which offer adequate rates of interest commensurate with minimal risk. |
Reserves Policy |
It is a requirement of the Charity Commission and the policy of the Society to hold a financial reserve. |
The reserves of the charity are set out on the balance sheet. |
The level of reserve is set on an annual basis. No reserve as been set as at present there is no planned festival. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Legal Status and Principal Activity |
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. |
Grassington Festival Society (Registered number: 05742319) |
Report of the Trustees |
for the period 1 September 2022 to 31 December 2023 |
The Company's principal activity is the operation of the annual Arts Festival in Grassington, North Yorkshire. The Company is a registered charity and has incorporated the activity of the previously unincorporated registered charity known as Grassington Festival Society. |
Recruitment and appointment of new trustees |
The Directors of the company are its Trustees for the purposes of Company Law and are subject to appointment, and retirement, under the rules set out in the Articles of Association. In the event of the Company being wound up members are required to contribute an amount not exceeding £1.00. |
The Trustees are appointed subject to the recommendation of existing Trustees provided that he or she is aged 18 years or more. In recruiting Trustees the Board seeks to ensure that the needs of the charity are appropriately reflected through the diverse interests and skills of the Trustee body as a whole. Newly appointed Trustees retire from office at the next following Annual General Meeting of the charity when they, being willing, may stand for re-election. |
The Trustees are subject to retirement by rotation in accordance with the Articles of Association. The number nearest to one third will retire at each Annual General Meeting; these trustees may then stand for re-election. The number of Trustees shall not be less than three. |
Organisational structure |
The Board of Trustees is responsible for the overall management and control of the activities of the charity and meets approximately every three months, and as required, if additional meetings are necessary. |
Induction and training of new trustees |
New Trustees are provided with copies of most recent accounts of the charity and a copy of its governing documents, as well as any other documents produced by the charity, together with an explanation from the Chairman and other Trustees of the manner in which the charity is organised and managed and includes: |
The obligations and responsibilities of the Trustees |
The operational framework of the charity |
The current financial position |
Future plans and objectives |
All Trustees are encouraged to maintain an up-to-date understanding of their responsibilities by taking advantage of any relevant external training events and publications issued by the Charity Commission. |
Related parties |
None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee of the charity with a production company, contracted performer or service provider must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. |
Risk management |
The Trustees are responsible for the management of the risks faced by the charity and have reviewed major risks, and measures for mitigation, as part of an ongoing process. They are satisfied that the process adopted is adequate to identify and mitigate any impact which such risks might have on the charity or its activities in the future. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Grassington Festival Society (Registered number: 05742319) |
Report of the Trustees |
for the period 1 September 2022 to 31 December 2023 |
Trustees |
Company Secretary |
Independent Examiner |
Walkers Accountants Limited |
Aireside House |
Aireside Business Centre |
Royd Ings Avenue |
Keighley |
West Yorkshire |
BD21 4BZ |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Grassington Festival Society |
Independent examiner's report to the trustees of Grassington Festival Society ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the period 1 September 2022 to 31 December 2023. |
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 |
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. |
Andrew Day |
Walkers Accountants Limited |
Aireside House |
Aireside Business Centre |
Royd Ings Avenue |
Keighley |
West Yorkshire |
BD21 4BZ |
Date: ............................................. |
Grassington Festival Society |
Statement of Financial Activities |
for the period 1 September 2022 to 31 December 2023 |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
( |
) |
Investment income | 2 |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 3,029 |
Grassington Festival Society (Registered number: 05742319) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.8.22 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 8 |
Unrestricted funds | 2,890 |
Restricted funds | 139 |
TOTAL FUNDS | 3,029 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023. |
The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 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. |
Grassington Festival Society (Registered number: 05742319) |
Balance Sheet - continued |
31 December 2023 |
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 |
Grassington Festival Society |
Notes to the Financial Statements |
for the period 1 September 2022 to 31 December 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements and assessment of going concern |
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. |
The trustees consider that there is a material uncertainty about the Charity's ability to continue as a going concern. However they do not believe that this uncertainty has any material affect to the balance sheet. |
Income recognition policies |
Items of income are recognised and included in the accounts when all of the following criteria are met: |
- The charity has entitlement to the funds |
- any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity. |
- there is sufficient certainty that receipt of the income is considered probable; 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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Donated services and facilities |
Donated services or facilities are recognised as income when the charity has control over the item. any condition associated with the donated item have been met, and receipts of economic benefit from the use by the charity is probable and that the economic benefit can be measure reliably.The value of services provided by volunteers has not been provided for in these accounts. |
Debtors |
Trade debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid. |
Grassington Festival Society |
Notes to the Financial Statements - continued |
for the period 1 September 2022 to 31 December 2023 |
1. | ACCOUNTING POLICIES - continued |
Cash at bank and in hand |
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
Creditors and provisions |
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally at their settlement amount after allowing for any discounts due. |
Financial instruments |
The trust only has assets and liabilities of a kind that qualify as basic financial instrument. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loan which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method. |
2. | INVESTMENT INCOME |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Deposit account interest |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Independent examiner's fee | 480 | 475 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the period ended 31 December 2023 nor for the year ended 31 August 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the period ended 31 December 2023 nor for the year ended 31 August 2022. |
Grassington Festival Society |
Notes to the Financial Statements - continued |
for the period 1 September 2022 to 31 December 2023 |
5. | STOCKS |
31.12.23 | 31.8.22 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.8.22 |
£ | £ |
Trade debtors |
Other debtors | 1,109 | 1,109 |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.8.22 |
£ | £ |
Trade creditors |
Accruals and deferred income |
8. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.9.22 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 2,890 | 1,869 | 4,759 |
Restricted funds |
Restricted | 139 | - | 139 |
TOTAL FUNDS | 1,869 | 4,898 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,836 | (967 | ) | 1,869 |
Restricted funds |
Restricted | 2,000 | (2,000 | ) | - |
TOTAL FUNDS | ( |
) | 1,869 |
Grassington Festival Society |
Notes to the Financial Statements - continued |
for the period 1 September 2022 to 31 December 2023 |
8. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.9.21 | in funds | 31.8.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 3,266 | (376 | ) | 2,890 |
Restricted funds |
Restricted | 139 | - | 139 |
TOTAL FUNDS | 3,405 | (376 | ) | 3,029 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 40,193 | (40,569 | ) | (376 | ) |
Restricted funds |
Restricted | 16,950 | (16,950 | ) | - |
TOTAL FUNDS | 57,143 | (57,519 | ) | (376 | ) |
Purpose of Restricted Funds |
The restricted fund is held for the purpose, at the discretion of the Trustees, of supporting education in the Arts in the immediate locality. The fund will be increased and made use of once the Trustees are satisfied that the general funds of the charity have reached an adequate minimum level to provide a secure financial foundation for the charity. |
9. | RELATED PARTY DISCLOSURES |