The song is called "Otterby" and it's by John Lawson of Stockton-on-Tees Folk Club, member of the eponymous Otterby Band who sang it at Saltburn. The lyrics are:

The village of Otterby out on the wold
Is a centre of culture, or so I've been told.
They do polkerwork, paintings and pottery there;
If you visit they'll sell you Otterby ware.
You Otterby ware, you Otterby ware,
If you visit they'll sell you Otterby ware:
They do polkerwork, paintings and pottery there;
If you visit they'll sell you Otterby ware.

There's a bunch of musicians who scrape, blow and squeeze
At dances (the kind where they serve pie and peas).
If they all played in time and in tune 'twould be grand,
They're collectively known as The Otterby Band.
The Otterby Band, the Otterby Band etc.

In the pub there's a poet, recites all the time:
His verses don't scan well but boy, do they rhyme.
You can tell how his poetry's held in regard,
When he comes in they whisper, "The Otterby Bard".
The Otterby Bard, the Otterby Bard etc.

The Otterby Players are always ambitious,
Not for them pantomime or "No sex please, we're British".
After Waiting for Godot, the press critic stated
How highly she thought the Otterby cast rated.
The Otterby cast rated, etc.

The Otterby youth grace the cultural spectrum
With spray-painted walls, with guitar and with plectrum;
Miss Wilkinson's class still does ballet and tap
While the Otterby Boy Band do authentic rap.
Authentic rap, etc.

The models from life-class, one huge and one wizened,
Retired last year; how the members have risen!
For two buxom young ladies of just seventeen
Now add to the charms of the Otterby scene.
The Otterby scene, etc.

The village of Otterby out on the wold
Is a centre of culture, or so I've been told.
And if on the folks there you think I've been hard,
These words were composed by the Otterby Bard
The Otterby Bard etc.