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REGISTERED COMPANY NUMBER: 04512227 (England and Wales)
REGISTERED CHARITY NUMBER: 1095553







Report of the Trustees and

Financial Statements for the Year Ended 30th September 2024

for

Worcester Festival Ltd

Worcester Festival Ltd






Contents of the Financial Statements
for the Year Ended 30th September 2024




Page

Reference and Administrative Details 1

Report of the Trustees 2 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6

Notes to the Financial Statements 7 to 13

Worcester Festival Ltd

Reference and Administrative Details
for the Year Ended 30th September 2024



TRUSTEES Mr C Jaeger
Professor J C Elkin
Reverend P G Atkinson (resigned 13.11.23)
Mr M L Bayliss
Mr G C Salter
Mr D Morgan
Reverend S M Edwards (appointed 22.7.24)
Ms M Allcott (appointed 22.7.24)


REGISTERED OFFICE Queen Elizabeth House
The Trinity
Worcester
Worcestershire
WR1 2PN


REGISTERED COMPANY NUMBER 04512227 (England and Wales)


REGISTERED CHARITY NUMBER 1095553


INDEPENDENT EXAMINER The Richards Sandy Partnership
Thorneloe House
25 Barbourne Road
Worcester
Worcestershire
WR1 1RU

Worcester Festival Ltd (Registered number: 04512227)

Report of the Trustees
for the Year Ended 30th September 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 30th September 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).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity's objects are restricted specifically, in each case only for the public benefit to promote, organise, administer and carry on artistic, cultural, musical, agricultural, horticultural, historical, educational and sporting events, within the area of Worcester City and the surrounding "WR" postcode areas, which will together form the Worcester Festival, with a view to advancing the education of and providing benefit to the general public.

Significant activities
The mission statement of the Festival is, "the Worcester Festival is for the people of Worcester, Worcestershire and the surrounds. It is a series of partnerships between large cross-sections of the community, an umbrella for a huge range of activities, many of them free. It is a coming together of people of all ages, creeds and race. It is an opportunity to stage an event, or to attend a large selection of both professional and community events. It is a celebration of life and of Worcester, Worcestershire and its people."

Public benefit
The trustees confirm that they have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

The principal object of the charity for the public benefit is that of cultural education and opportunities, its principal activity being the organisation of a festival known as the Worcester Festival.

The aim of the charity is to continue to organise the annual festival in Worcester.

Volunteers
The Festival is managed by the trustees, a professional part-time Administrator, a professional part-time Marketer, a Planning Committee (approx. 15 people on a voluntary basis) assisted by approximately 20 volunteers.

ACHIEVEMENT AND PERFORMANCE
In accordance with the objects of the charity, a festival was held in Worcester and the surrounds from the 10/8/24 - 26/8/24.

In summary, there were 852 events, 78% of which were free at point of contact, we worked with more than 80 partner organisations, and events were staged in more than 85 venues.

FINANCIAL REVIEW
Financial position
Total incoming resources amounted to £55,758 (2023: £40,082) and resources expended were £51,798 (2023: £53,310). Net incoming resources amounted to £3,960 (2023: net outgoing resources £13,228).


Worcester Festival Ltd (Registered number: 04512227)

Report of the Trustees
for the Year Ended 30th September 2024


FINANCIAL REVIEW
Reserves policy
The trustees believe it prudent that, in order to provide reliable services over the longer term, they hold reserves to absorb setbacks and to take advantage of change and opportunity. Reserves are required in order:

a)to meet the running costs of the charity for a reasonable period of time should any of its usual sources of income fall short of expectations or cease entirely.
b)to absorb any shortfall in income resulting from a decline in support from the public.
c)to explore new opportunities for income generation which might require initial capital investment.

The trustees consider the charity's objective should be to accumulate reserves equivalent to at least one year's costs in respect of the support management and administration of the charity.

For the year ended 30 September 2024 a surplus has arisen in the accounts amounting to £3,960 (2023: deficit £13,228), thus increasing overall unrestricted funds to £9,635 (2023 - 5,675). This covers two months of expenditure based on 2024 figures, which is below the desired reserves policy level.

The financial statements have been prepared on a going concern basis. The trustees have considered the relevant information, including the annual budget, future cash flow forecasts and the impact of subsequent events in making this assessment.

The trustees will continue to work towards increasing the reserves of the charity in accordance with the reserves policy.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The charity's governing document includes provision of qualifying third party indemnity to the trustees of the charity.

Recruitment and appointment of new trustees
The trustees are appointed by the trustees in annual general meeting or at any other time deemed necessary.

Day to day management
Day to day management is delegated to Mr C Jaeger.

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 22nd January 2025 and signed on its behalf by:





Mr C Jaeger - Trustee

Independent Examiner's Report to the Trustees of
Worcester Festival Ltd

Independent examiner's report to the trustees of Worcester Festival Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30th September 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
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.








Melissa Godwin ACA ACCA

The Richards Sandy Partnership
Thorneloe House
25 Barbourne Road
Worcester
Worcestershire
WR1 1RU

22nd January 2025

Worcester Festival Ltd

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 30th September 2024

2024 2023
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 14,626 5,758

Charitable activities 4
Worcester Festival 39,856 31,002
Ticket sales 75 2,121

Investment income 3 1,201 1,201
Total 55,758 40,082

EXPENDITURE ON
Charitable activities 5
Worcester Festival 51,798 51,231
Ticket sales - 2,079
Total 51,798 53,310

NET INCOME/(EXPENDITURE) 3,960 (13,228 )


RECONCILIATION OF FUNDS
Total funds brought forward 5,675 18,903

TOTAL FUNDS CARRIED FORWARD 9,635 5,675

Worcester Festival Ltd (Registered number: 04512227)

Balance Sheet
30th September 2024

2024 2023
Unrestricted Total
fund funds
Notes £    £   
CURRENT ASSETS
Debtors 15 1,675 3,492
Cash at bank 8,843 4,635
10,518 8,127

CREDITORS
Amounts falling due within one year 16 (883 ) (2,452 )

NET CURRENT ASSETS 9,635 5,675

TOTAL ASSETS LESS CURRENT LIABILITIES 9,635 5,675

NET ASSETS 9,635 5,675
FUNDS 17
Unrestricted funds 9,635 5,675
TOTAL FUNDS 9,635 5,675

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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.

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 22nd January 2025 and were signed on its behalf by:





Mr C Jaeger - Trustee

Worcester Festival Ltd

Notes to the Financial Statements
for the Year Ended 30th September 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.

Worcester Festival Limited is a charitable company registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are the organisation of a festival known as the Worcester Festival.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Income from grants (including government grants) and donations is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income from grants is only deferred when the charity has to fulfil conditions not yet met before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from the supply of services, such as sponsorship and ticket income, is recognised upon delivery of the service, it is probable that the income will be received and the amount can be measured reliably.

Rental income is recognised in line with the periods to which such income relates, up to the extent that is is probable that such income is recoverable. Where recoverability of rental income is in doubt, such income is instead recognised on a cash basis.

Interest income is recognised for all interest-bearing instruments on the effective interest method.

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Computer equipment - 33% on cost

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.


Worcester Festival Ltd

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024

1. ACCOUNTING POLICIES - continued

LEASING COMMITMENTS
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

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 when the charity becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where 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 trade and other receivables 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.

Basic Financial Liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

2. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 6,541 2,207
Gift aid 785 1
Grants 7,300 3,550
14,626 5,758

Grants received, included in the above, are as follows:

2024 2023
£    £   
Baron Davenport - 750
Eric W Vincent Trust 750 -
Fitton Trust 300 300
Foyle Foundation 5,000 -
Johnson LC Trust 500 500
Simon Geraghty - Worcestershire Councillor - Community Fund 250 500
Worcestershire County Council Councillor's Divisional Fund - 1,500
Albrighton and Grimley Charity 500 -
7,300 3,550


Worcester Festival Ltd

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024

3. INVESTMENT INCOME
2024 2023
£    £   
Rents received 1,200 1,200
Bank interest 1 1
1,201 1,201

4. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Worcester Ticket Total Total
Festival sales activities activities
£    £    £    £   
Sponsorship 200 - 200 3,215
Advertising 4,286 - 4,286 2,417
Grants 35,370 - 35,370 25,370
Ticketed event income - 75 75 2,121
39,856 75 39,931 33,123

Included in sponsorship is £nil (2023: £470) in relation to the Independent Examination fees provided by Richards Sandy, in exchange for sponsorship.

Grants received, included in the above, are as follows:
2024 2023
£    £   
Worcester City Council 35,370 25,370

5. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 6) note 8) Totals
£    £    £   
Worcester Festival 42,720 9,078 51,798

6. DIRECT COSTS OF CHARITABLE ACTIVITIES
2024 2023
£    £   
Performance fees and marketing expenses 12,642 11,934
Brochure and launch costs 5,672 4,263
Marketing expenses 4,697 8,117
Artistic director 10,000 10,000
Depreciation - 108
Professional fees 234 -
Postage, printing and stationary 1,872 575
Other event expenditure 603 1,666
Marketing consultant 7,000 7,000
42,720 43,663


Worcester Festival Ltd

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024

7. GRANTS PAYABLE
2024 2023
£    £   
Worcester Festival - 1,550
The total grants paid to institutions during the year was as follows:
2024 2023
£    £   
Parkinsons UK - 1,550


8. SUPPORT COSTS
Governance
Management costs Totals
£    £    £   
Worcester Festival 8,208 870 9,078

Support costs, included in the above, are as follows:
2024 2023
Worcester Total
Festival activities
£    £   
Rent 3,375 3,125
Light, heat and water 1,101 983
Insurance 1,554 1,459
Telephone 1,343 1,069
Repairs and renewals 635 521
Sundries 200 -
Independent examination 870 940
9,078 8,097

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets - 108
Other operating leases 3,375 3,125

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30th September 2024 nor for the year ended 30th September 2023.


TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 30th September 2024 nor for the year ended 30th September 2023.



Worcester Festival Ltd

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024

11. STAFF COSTS

No staff costs were incurred in the current year or the prior year.

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 5,758

Charitable activities
Worcester Festival 31,002
Ticket sales 2,121

Investment income 1,201
Total 40,082

EXPENDITURE ON
Charitable activities
Worcester Festival 51,231
Ticket sales 2,079
Total 53,310

NET INCOME/(EXPENDITURE) (13,228 )


RECONCILIATION OF FUNDS
Total funds brought forward 18,903

TOTAL FUNDS CARRIED FORWARD 5,675

13. EXCHANGES OF GOODS AND SERVICES

The charity shall recognise revenue when goods are sold or services are exchanged for dissimilar goods or services in a transaction that has commercial substance. In that case, the charity shall measure the transaction at the fair value of the goods or services received adjusted by the amount of any cash or cash equivalents transferred.

14. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st October 2023 and
30th September 2024

1,129

DEPRECIATION
At 1st October 2023 and
30th September 2024

1,129

NET BOOK VALUE
At 30th September 2024 -
At 30th September 2023 -


Worcester Festival Ltd

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 785 2,626
Prepayments 890 866
1,675 3,492

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 1,149
VAT - 679
Accrued expenses 883 624
883 2,452

17. MOVEMENT IN FUNDS
Net
At movement At
1.10.23 in funds 30.9.24
£    £    £   
Unrestricted funds
General fund 5,675 3,960 9,635

TOTAL FUNDS 5,675 3,960 9,635

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 55,758 (51,798 ) 3,960

TOTAL FUNDS 55,758 (51,798 ) 3,960


Comparatives for movement in funds

Net
At movement At
1.10.22 in funds 30.9.23
£    £    £   
Unrestricted funds
General fund 18,903 (13,228 ) 5,675

TOTAL FUNDS 18,903 (13,228 ) 5,675

Worcester Festival Ltd

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024

17. 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 40,082 (53,310 ) (13,228 )

TOTAL FUNDS 40,082 (53,310 ) (13,228 )

18. RELATED PARTY DISCLOSURES

During the year, £10,000 (2023: £10,000) was paid to Mrs E Jaeger, wife of Mr C Jaeger, who is a trustee of Worcester Festival Limited, for administration services provided as artistic director. £300 (2023: £650) was paid to Mrs E Jaeger for services provided during the 2024 Festival on the Battle of Worcester Walk.

£1,200 (2023: £1,200) was paid to Worcester Festival during the year, from On a Role Limited. On a Role Limited is a touring theatre company owned by Mr and Mrs Jaeger. The payments were made in exchange for a small amount of storage space at the charity's premises.

£494 (2023: £450) was received in the year from Dr J Elkin as donations.