It may have been promoted by organisers as “the party of the year”, but a coronation celebration in Caldicot was faced with a last minute cancellation due to a lack of financial support.

In a social media post yesterday, Caldicot Town Team announced that its planned coronation party had been cancelled after it failed to raise any money to cover costs.

According to the town team nobody contributed to a crowdfunding page it had set up to help pay for the  ‘massive street party’ it had planned complete with big screen to watch the coronation of King Charles III, a ‘fully decorated town centre’, entertainment, children’s activities and competitions.

Attempts to attract funding from local authorities had also proved unsuccessful and the team said it had been unable to raise the £3,000 needed to stage the event.

“Caldicot Town Team are disappointed to announce that the planned event for the king’s coronation has had to be cancelled primarily due to a lack of support and funding available to cover costs…A crowdfunder page has been running for 16 days, with social media promotion of the funder, but has failed to raise any money whatsoever,” explained the team’s website.

"Further to this Monmouthshire County Council are not offering any funding to community groups as the local authority to run any events in Monmouthshire for the King’s Coronation. Whilst Caldicot Town Council have a small fund available, this only covers items such as plates, hats, bunting etc and offer no financial support.

"Caldicot Town Team have spoken to many partners, including Monmouthshire Housing Association, but are unable to raise the funds needed to cover the cost of the event. With the event expected to cost in the region of £2,500 – £3,000 to put on, Caldicot Town Team have taken the decision that in the current financial crisis, it would not be a good investment of funds, and could be better spent elsewhere throughout the year, such as Family Fun Day and Street Food Festivals.

"There are many other groups and organisations planning events in the Severnside area for the weekend of the King’s Coronation and we do hope that you can support these," added the statement.