Charity Registration No. 1000652
Company Registration No. 02525580 (England and Wales)
BUCKS COUNTY AGRICULTURAL ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
BUCKS COUNTY AGRICULTURAL ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees A J G Alexander S P K Alexander C R Blacklock P M Claridge B N Cooper H J Cox R R C Ginger R P Goodchild W R J Goss S Hodges (Appointed 23 March 2020) R J Lewis H Lyons (Appointed 23 March 2020) S Manwaring (Appointed 23 March 2020) J Mitchell M C Parrott S Patrick A Payne D Spears (Appointed 23 March 2020) G Taylor Secretary A J Baylis Charity number 1000652 Company number 02525580 Registered office No.5 Lilies High Street Weedon Buckinghamshire HP22 4NS Independent examiner Richardsons 30 Upper High Street Thame Oxfordshire OX9 3EZ
BUCKS COUNTY AGRICULTURAL ASSOCIATION
CONTENTS
| Page | |
|---|---|
| Trustee report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
BUCKS COUNTY AGRICULTURAL ASSOCIATION
TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2020
The Trustees who are also the directors of the charity for the purposes of the Companies Act 2006, present their report and financial statements of the charity for the year ended 31 October 2020.
The financial statements have been prepared in accordance with the Companies Act 2006 relating to small entities, the company's Memorandum and Articles of Association and the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005).
Objectives and activities
The objects for which the Association is established are "to promote agriculture and horticulture and the advancement of education in those industries both nationally and in particular in the County of Buckinghamshire and in particular for the furtherance of the aforesaid purposes the holding of an annual show and the provision of prizes offered thereat …".
The Trustees are conscious of the need to ensure that the charity's aims and actions continue to serve the promotion of agriculture and horticulture and the advancement of education in those industries for the public benefit.
Achievements and performance
This year has been very different for all the wrong reasons. In March 2020 we were confident that the show would be held but by early April it was very clear that the show would have to be cancelled. Along with a great majority of other organisations we furloughed our staff and waited to see how things developed. We reviewed all our fixed costs and made what savings that were sensible to ensure our outgoings were kept to an absolute minimum. The show has applied for local grants that were available to organisations like us but, to date we have been unsuccessful. I believe that the amounts of reserves the Association holds are the main reason for us being unsuccessful. Notwithstanding this the Association is in a strong financial and organisational position to prepare and run the next show whether it be this year, 2021 or next. The current government and medical statements make it difficult at present to predict the situation for later this year.
Thanks must go to the committee for their help, support, and input through this difficult year. Our thanks also go to Alison Baylis and Charlotte Patrick, our secretaries, who have dealt with the issues and problems raised by the pandemic in their normal efficient and cheerful way.
Financial review
It is the policy of the Bucks County Show that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Bucks County Show’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The major risk to which the Association is exposed is the cancellation or abandonment of the annual show. The trustees review the exposure that they are open to each year to confirm that sufficient funds are available to cover such an eventuality. The underlying management and administration costs are in the region of £75,000 per annum. In the event that the show is not held in any particular year, the charity would nevertheless need reserves sufficient to meet underlying costs and any non-refundable show costs already incurred. The trustees anticipate the need for these reserves is between £80,000 to £100,000. Free reserves at 31 October 2020 were £429,498 (2019: 460,906).
The Finance and Management Committee are happy that the reserve funds are kept as at present and as they mature are reinvested in short term high interest accounts with regular reviews. They also want to continue holding surplus funds on deposit as having suffered such a loss in a wet year it is essential that contingency funds are available. They will also continue to provide a scholarship for students and sponsor entry to the show for local schools which is within the guidelines of the Charities Commission.
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2020
Structure, governance and management
The Bucks County Agricultural Association (Bucks County Show) is a company limited by guarantee, registration number 2525580, charity number 1000652. The company is governed by its Memorandum and Articles of Association dated 26 July 1990.
There are currently two members. Every member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the assets of the company if it should be wound up while he is a member, or within one year after he ceases to be a member, for payment of the company's debts and liabilities contracted before he ceased to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves.
The financial statements have been prepared in accordance with the Companies Act 2006 relating to small entities, the company's Memorandum and Articles of Association and the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005).
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
A J G Alexander
S P K Alexander C R Blacklock P M Claridge B N Cooper H J Cox R R C Ginger R P Goodchild W R J Goss A J Gregory (Resigned 23 March 2020) S Hodges (Appointed 23 March 2020) R J Lewis H Lyons (Appointed 23 March 2020) S Manwaring (Appointed 23 March 2020) J Mitchell M C Parrott S Patrick A Payne J Read (Resigned 30 November 2019) A Scutchings (Resigned 23 March 2020) D Spears (Appointed 23 March 2020) G Taylor G C Wilkins (Resigned 23 March 2020)
The Committee consists of a Chairman, up to three Vice-Chairmen and twenty members of the Association. These shall be elected at the first meeting after the Annual General Meeting and hold office for three years at which time they can then be re-elected.
The trustees administer the charity through a management committee. The trustees are appointed by the management committee. Investment decisions are taken by the management committee
New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. During the induction day they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
TRUSTEE REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2020
The Trustee report was approved by the Board of Trustees.
S P K Alexander
Trustee Dated: 25 March 2021
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BUCKS COUNTY AGRICULTURAL ASSOCIATION
I report on the financial statements of the Bucks County Show for the year ended 31 October 2020, which are set out on pages 5 to 14.
Respective responsibilities of Trustees and examiner
The Bucks County Show’s Trustees, who are also the directors of Bucks County Agricultural Association for the purposes of company law, are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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(ii) to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Andrew King FCA Richardsons 30 Upper High Street Thame Oxfordshire OX9 3EZ
Dated: 25 March 2021
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2020
| Notes Income from: Voluntary income 2 Bucks County Show 3 Investment income 4 Total income Expenditure on: Charitable activities 5 Net (outgoing)/incoming resources Other recognised gains and losses Revaluation of investments Net movement in funds Fund balances at 1 November 2019 Fund balances at 31 October 2020 |
2020 £ 22,330 4,350 1,429 28,109 60,261 (32,152) 744 (31,408) 460,906 429,498 |
2019 £ 8,214 268,736 4,160 |
|---|---|---|
| 281,110 | ||
| 264,883 | ||
| 16,227 3,855 |
||
| 20,082 440,824 |
||
| 460,906 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
BALANCE SHEET
AS AT 31 OCTOBER 2020
| Notes Fixed assets Tangible assets 8 Investments 9 Current assets Stocks 10 Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds General unrestricted funds Revaluation reserve |
2020 £ 4,253 4,942 316,073 325,268 (6,161) 428,754 744 |
£ 73,853 36,538 110,391 319,107 429,498 429,498 429,498 |
2019 £ 2,503 19,499 359,896 381,898 (32,136) 457,051 3,855 |
£ 75,349 35,795 |
|---|---|---|---|---|
| 111,144 349,762 |
||||
| 460,906 | ||||
| 460,906 | ||||
| 460,906 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2020.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 25 March 2021
S P K Alexander Trustee
Company Registration No. 02525580
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the Bucks County Show's Memorandum of Articles, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Bucks County Show is a Public Benefit Entity as defined by FRS 102.
The accounts have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Bucks County Show has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
1.4 Incoming resources
Incoming resources are amounts invoiced to third parties, net of VAT and represent the total value of sales invoices, together with admission receipts, entries and membership, and relate wholly to the continuing principal activity in the United Kingdom. Subscriptions for life membership are accounted for in the period in which they are received.
1.5 Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.
Investments are carried at market value. Any gain or loss on revaluation and disposal is taken to the Statement of Financial Activities.
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
| Show cups | Not depreciated |
|---|---|
| Showground equipment | 20% straight line basis |
| Office equipment | 20% straight line basis |
The Show cups are not depreciated and are carried at a valuation which took place in September 2011. The directors do not believe that any depreciation charge would be material, having regard to the useful economic life of the show cups and the expected residual value.
Assets with a value of less than £30 are not capitalised.
1.7 Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2 Voluntary income
| Unrestricted funds 2020 £ Donations and gifts 7,089 Government grant income 15,241 22,330 |
Total 2019 £ 8,214 - |
|---|---|
| 8,214 |
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
3 Bucks County Show
| Subscriptions Sponsorship Trade stands Entry fees Gate money Catalogue sales |
2020 £ 2,744 430 482 694 - - 4,350 |
2019 £ 30,448 16,946 81,348 17,015 117,694 5,285 |
|---|---|---|
| 268,736 | ||
| Investment income | ||
| Unrestricted funds 2020 £ Other unlisted securities 1,112 Interest receivable 317 1,429 |
Total 2019 £ 1,090 3,070 |
|
| 4,160 |
4 Investment income
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
5 Charitable activities
| Depreciation and impairment Judges and prizes Showground hire Construction of showground Advertising and displays Sound system Medical and security General expenses Coach and parking services Secretarial services Donations and subs Catering and refreshments Office expenses Accountancy Insurance Bank charges and interest |
2020 £ 1,496 2,673 (17) 771 (6,075) - - 3,713 - 35,902 1,539 751 14,474 1,575 2,500 959 60,261 60,261 |
2019 £ 1,496 24,662 59,209 35,674 15,799 8,319 8,515 5,916 17,124 39,966 1,269 12,260 25,808 1,575 3,685 3,606 |
|---|---|---|
| 264,883 | ||
| 264,883 |
6 Trustees
One person connected with one of the Trustees received remuneration or benefits from the Bucks County Show during the year of £17,381.61 (2019: £18,247.50). A proportion of the 2020 amount was funded through the government furlough scheme.
7 Employees
The average monthly number of employees during the year was:
| Office Committee of management Total |
2020 Number 2 19 21 |
2019 Number 2 21 |
|---|---|---|
| 23 |
There were no employees whose annual remuneration was £60,000 or more.
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
| 8 Tangible fixed assets Show cups Showground equipment Office equipment £ £ £ Cost At 1 November 2019 73,680 10,857 13,407 At 31 October 2020 73,680 10,857 13,407 Depreciation and impairment At 1 November 2019 - 10,857 11,738 Depreciation charged in the year - - 1,496 At 31 October 2020 - 10,857 13,234 Carrying amount At 31 October 2020 73,680 - 173 At 31 October 2019 73,680 - 1,669 |
Total £ 97,944 |
|---|---|
| 97,944 | |
| 22,595 1,496 |
|
| 24,091 | |
| 73,853 | |
| 75,349 |
The show cups are included at an insurance valuation carried out in September 2011 by Tring Market Auctions. Tring Market Auctions is an unrelated external party. This revalued the show cups by £23,575. The show cups were valued by Tring Market Auctions in 2001. This revalued the show cups by £10,930. The historic cost of the show cups is £39,175.
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
9 Fixed asset investments
| Unlisted | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 November 2019 | 35,795 |
| Valuation changes | 743 |
| At 31 October 2020 | 36,538 |
| Carrying amount | |
| At 31 October 2020 | 36,538 |
| At 31 October 2019 | 35,795 |
10 Stocks
| Finished goods and goods for resale 11 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 12 Loans and overdrafts Bank overdrafts Payable within one year |
2020 £ 4,253 2020 £ 405 3,787 750 4,942 2020 £ 5,542 5,542 |
2019 £ 2,503 |
|---|---|---|
| 2019 £ 16,844 - 2,655 |
||
| 19,499 | ||
| 2019 £ 3,545 |
||
| 3,545 |
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
13 Creditors: amounts falling due within one year
| Notes Bank overdrafts 12 Other taxation and social security Trade creditors Accruals and deferred income |
2020 £ 5,542 - (955) 1,574 6,161 |
2019 £ 3,545 12,366 3,851 12,374 |
|---|---|---|
| 32,136 |
14 MOVEMENT IN FUNDS
| General | Contingency | Revaluation | Total | |
|---|---|---|---|---|
| reserve | reserve | reserve | ||
| ---------- | ---------- | ---------- | ---------- | |
| As at 1 November | 216,401 | 210,000 | 34,505 | 460,906 |
| 2019 | ||||
| Net movement | (32,158) | - | - | (33,092) |
| in funds | ||||
| ---------- | ---------- | ---------- | ---------- | |
| As at 31 October | 184,993 | 210,000 | 34,505 | 429,498 |
| 2020 | ||||
| ======= | ======= | ======= | ======= |
The trustees have designated funds to the contingency reserve to cover such eventualities as the cancellation of the show and the purchase of a piece of land to hold the show on, should an appropriate site come up for sale.
The revaluation reserve is in relation to the show cups. An insurance valuation was carried out in September 2011 and 2001.
15 Operating lease commitments
At the reporting end date the Bucks County Show had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Within one year | 12,500 | 12,500 |
16 Related party transactions
Rents of £2,483.41 (2019: £7,471.87) were paid to Mrs Blacklock for the rent of the showground. Mrs Blacklock is connected to C R Blacklock who is a trustee and director of the charity.
Within trade creditors there is an overpayment of £532.06 to a company owned by Steve Alexander, the chairman of the charity.
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BUCKS COUNTY AGRICULTURAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
17 ULTIMATE CONTROLLING PARTY
The Association is controlled by no single member
18 LIMITATION OF GUARANTEE
Every member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the assets of the company if it should be wound up while he is a member, or within one year after he ceases to be a member, for payment of the company's debts and liabilities contracted before he ceased to be a member and of the costs, charges and expenses of winding up and for the adjustment of rights of the contributories among themselves.
19 Analysis of changes in net funds
The Bucks County Show had no debt during the year.
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