Tottenham Carnival has been cancelled just two days before thousands were due to attend the yearly event due to an £18,000 shortfall.

Around 8,000 people were expected to attend the event – the culmination of a parade through the area – in Bruce Castle Park on Saturday, but organisers were forced to cancel it after money ran out.

It the second year running that the carnival has been cancelled, after 2011’s event was affected by police concerns over security left chairman Nicky Price with too little time to hire equipment.

He told the Haringey Independent: “I’m saddened that I’ve left the community down this year but the magic wand of money just wasn’t there.

“The fact is that we are a charity and we can’t put the charity into financial difficulties – it would be irresponsible. We had an £18,000 shortfall.

“Spurs and Sainsbury’s are supporting us but I’m going to have to spend the next few days dealing with irate sponsors who want their money back, which they are entitled to but just isn’t possible.”

The carnival's parade will still go ahead – starting in Eade Road at 11am and ended in Church Road at 1pm.

The festival, which started 15 years ago, was due to include a music stage, fun fair and food and drink stalls.

Mr Price said he following two years of disappointment, he was to step down as the committee’s chairman after the weekend to let other people try and make next year’s event a success.

He said: “I’m retiring and leaving it to younger and stronger people – we’ve got a new committee to get things going and bring back a sense of pride to the community.”