The organisers of the annual Harwell Feast have been left with a £3,000 hole in their budget after bad weather and vandalism ruined this year's event - and left its future in jeopardy.
Last month, the Harwell Feast had to be cancelled for the first time in living memory because of torrential Bank Holiday rain.
And more than £500 of damage was caused when vandals slashed the event's central marquee.
The organisers say they will need to find £3,000 by next March if the tradition is to continue.
Committee chairman Janice Markey said: "Owing to the atrocious weekend weather, the Harwell Feast committee members had no alternative but to cancel this annual event on health and safety grounds.
"To add insult to injury, the main marquee was damaged.
"This means if we cannot raise in excess of £3,000 between now and next March, we will be unable to run the Feast in 2008 and beyond."
Committee members are appealing for help from villagers to pay for the damage to the marquee.
Co-organiser Jayne Newman said: "It was such a sad thing to have to cancel it because this is a marvellous event.
"The vandalism was just the last straw. But we haven't given up hope of raising the money over the course of the year.
"We might have to put on a lower-key event."
May Queen Jemma Convery and her attendants, Alice Newey, Ellen Simcox and Victoria Muir, all aged 11, were going to join a procession at the annual festival in their purple and white gowns.
A parade of floats, traditional village dancing and crowning of the May Queen is followed by a fete at the recreation ground.
Alice's mother Sarah Newey said: "The girls and all the children expecting to be on floats and take part in the parade and feast activities were dreadfully disappointed after months of planning and a huge amount of effort.
"The Harwell Feast is a fabulous annual event in the village calendar which brings the whole community together."
A summer fete will be held on the Rectory lawn on Saturday, August 18, to raise money for next year's feast.
Didcot police said they were investigating the marquee vandalism.
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