This year's Trowbridge Carnival has been cancelled after organisers were unable to secure enough funding to stage the popular annual event.
The volunteer-run committee behind the carnival has taken the difficult decision to call off the procession after falling £6,000 short of the money needed to organise the event safely.
Carnival chair Jo Gray said the decision had been heartbreaking for the committee, which has spent months trying to find new sponsors and raise the funds needed to keep one of the town's biggest annual celebrations on the road.
"It is really sad and I have been very upset by it," she said.
"We're only a team of volunteers and this year we just can't do it. We lost our main sponsor last year and managed to keep going by using our reserves, but we simply haven't had the financial backing this time.
"We've had to make the really hard decision to cancel this year's carnival. Now we've got to put our heads down and focus on finding sponsorship for the future."
The committee needs around £12,500 each year to stage the October procession but has secured only around £7,000, leaving a significant funding shortfall.
Earlier this summer, organisers made a public appeal for businesses to support the event after receiving a much smaller grant than expected from Trowbridge Town Council.
The carnival had applied for £5,000 but was awarded £1,850 after the council received a record number of funding applications from 41 community organisations.
Mrs Gray said she understood the difficult position the council faced.
"I appreciate the town council had so many people applying for funding," she said. "There are so many groups out there that need the money, so what can we do?
"We can't rely on grants alone. These are difficult times and people just aren't able to give like they used to. The money simply isn't there."
A further blow came last year when long-time headline sponsor Islington Motor Group ended its support following changes at the town's Ford dealership, leaving organisers searching for a new major backer.
Despite holding the annual Trowbridge Carnival Country Fayre in June and continuing to approach local businesses, the committee was unable to raise enough money to guarantee the event could go ahead.
Mrs Gray stressed that safety had been a key factor in the decision, with essential costs such as road closures, insurance and crowd-control barriers making it impossible to reduce spending.
"Safety is our number one priority," she said. "We can't scrimp on barriers or anything that keeps people safe. "
The cancellation means thousands of spectators will miss this year's colourful procession, which was due to take place on Saturday, October 24.
The event traditionally sees decorated floats, walking groups, marching bands and performers make their way through the streets of Trowbridge from the Canal Road Industrial Estate.
The carnival is part of the long-established Wessex Carnival Circuit, which also includes carnivals in Warminster, Mere and other towns across Wiltshire, Somerset and Dorset.
However, organisers insist the cancellation is only temporary.
"We're definitely not giving up," said Mrs Gray. "We're hoping local businesses and the community will get behind us, as they always have, so we can come back stronger next year."
Businesses interested in sponsoring future carnivals are being encouraged to contact the committee on 07711 129488.
Donations can also be made through the Trowbridge Community Carnival online fundraising appeal, which has so far raised £394 towards its £10,000 target.
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