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2023-12-31-accounts

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

Company Registration No. 02103365 Charity No: 1000698

Southport Flower Show Charitable Company Limited by Guarantee

Report and Financial Statements

For The Year Ended 31 December 2023

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW

CHARITABLE COMPANY LIMITED BY GUARANTEE

CONTENTS

Page
Members of the Board and Professional Advisers 2
Trustees' Annual Report 3 - 8
Independent Examiner’s Report to the Members 9
Group Statement of Financial Activities
(incorporating the Income and Expenditure Account)		 12
Group and Charity Balance Sheet 13
Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 14 - 32

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

COMPANY INFORMATION

Registered Charity Name Southport Flower Show
Charity Number 1000698
Company Registration Number 02103365
Principal Office Southport Flower Show
Victoria Park
Rotten Row
Southport
Merseyside
PR8 2BZ
Trustees Mr M L Steinberg
Mr R Anderson (Resigned 4 January 2023)
Mr A Edwards
Mr T J D Fleming (Resigned 8 March 2023)
Mrs A P Pope
Mrs M Tarpey
Mr T Heywood (Resigned 12 January 2023)
Mr E P Rylands
Mrs H Stalker (Appointed 28 September 2023)
Auditor MHA
Chartered Accountants
Richard House
9 Winckley Square
Preston
Lancashire
PR1 3HP
Bankers Santander
25-29 Chapel Street
Southport
Merseyside
PR8 1AL
Legal advisers MSB Solicitors
4 St Pauls Square
Liverpool
L3 9SJ

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees, who are also directors for the purposes of company law, present their report and the consolidated financial statements of the charitable company and its subsidiary for the year ended 31 December 2023.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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) (October 2019)

Reference and Administrative Details

Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.

The Trustees

The trustees who served the charitable company during the year were as follows:

Mr M L Steinberg Mr R Anderson (Resigned 4 January 2023)

Mr A Edwards Mr T J D Fleming (Resigned 8 March 2023) Mrs A P Pope Mrs M Tarpey Mr T Heywood (Resigned 12 January 2023) Mr E P Rylands Mrs H Stalker (Appointed 28 September 2023)

Key Management

Mr A E Adams (General Manager

Structure, Governance and Management

Southport Flower Show (hereafter referred to as "the Charity") is a charitable company, limited by guarantee, and was registered with the Charity Commission on 30 October 1990. The Charity is governed by its Memorandum and Articles of Association.

The directors of the Charity are also the trustees, for charity law purposes (hereafter referred to as "the trustees"). The trustees, together with certain former trustees, are members of the Charity. In the event of the Charity being wound up, the guarantee of each member is limited to £1.

Objectives and Activities

The objects of the Charity are:

The principal activities of the Charity during the year, which are carried out for the furtherance of those objects, were:

Public Benefit

The trustees have considered the Charity Commission guidance regarding public benefit and are satisfied that the activities of the charitable company, as outlined below, meet these requirements

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023.

Achievements and Performance

Southport Flower Show

The Southport Flower Show is the largest independent, annual flower show in Great Britain. This year’s show was held on 17[th] – 20[th] August 2023. Over 50,000 visitors enjoyed 4 days of good weather, food, drink, entertainment, and all things horticulture.

There was no specific theme for the 2023 show but the ethos was how horticulture was beneficial for your health and wellbeing. Throughout the exhibits and display gardens, themes and images inspired by the title were used in a creative and entertaining way.

Southport Flower Show hosts the largest Amateur competition in Great Britain and our respect and encouragement of the amateur sector is a key factor in Southport Flower Show's uniqueness and helps to further our charitable objectives.

This encouragement is also in evidence with the Schools’ Design a Garden Competition. The competition is designed for years 5 and 6 from the Northwest region to encourage them to become more involved with plants and flowers and develop an understanding of gardening at an early stage in life.

This year we had a large number of entries from various schools across the Northwest and the two talented winners had their designs built into real gardens at the Show. HSBC Bank was the sponsor of this year’s competition.

One of the main attractions of the show is the Grand Floral Marquee where the professional competition is hotly contested.

All of these activities are produced to fulfil the Objects of the Charity

The Trustees acknowledge the dedication and hard work of Alan Adams and his team for staging an outstanding show under very difficult circumstances considering the poor weather during the year.

Volunteers

Over 190 people volunteered in 2023 to help make the show a great success and one of the friendliest in the country. The Trustee Directors wish to record their appreciation for the important role that the volunteer managers and their teams play in the delivery of the show and want to thank all the volunteers who willingly gave their time.

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and Performance

Victoria Park

Over the years the Southport Flower Show's resources have been used to noticeably enhance and improve Victoria Park as both an events site and as a high quality urban green space. Along with significant capital investment, a great deal of time and effort has transformed the park into a flexible and robust outdoor events site with a power and water grid, improved drainage and a network of interconnected pathways.

Throughout the year the park has remained open to the public. It was fully closed for 29 days throughout 2023 for private and council events, keeping open as much as possible for the public to enjoy.

Local running and cycling clubs use the park for small, organised events, a diverse range of ad-hoc groups use the park on a regular basis including fitness groups, netball, karate and numerous yoga groups and the public use the park extensively to walk their dogs or simply sit and relax and enjoy their surroundings. A number of these groups have made a small donation to SFS to use the park facilities.

A number of third-party lettings of Victoria Park returned in 2023 which increased the revenue for the park such as a Music Festival, Food and Drink Festiva, Modern and Classic Car Shows, Southport Comedy Festival, British Musical Fireworks competition and Ice-Skating Events.

Due to extreme weather conditions and poor drainage, the park was victim to flooding this year and the team had to invest in maintenance of some of the drainage system. In addition to this, a new ride-on mower had to be purchased which were not forecasted for at the beginning of the year.

The Board would like to thank to the General Manager, Alan Adams, and his team for sourcing new events. The events are managed through the trading subsidiary Victoria Park Management Company (Southport) Ltd.

Fundraising practices

Most of the Charity’s income is generated from ticket sales and associated income from Southport Flower Show. Additional income is raised by third party events hiring the park.

An invitation to donate to the Charity has now been included on the Southport Flower Show and Victoria Park website and on all staff email signatures.

Financial Review

The consolidated results record net outgoing resources of £103,806 (2022: net incoming resources of £193,435).

At the end of the year, the Charity general fund stood at £366,962 (2022: £436,847).

To the extent that funds are not called upon for the day-to-day activity, they are transferred to a medium-term charity investment account to maximise returns on these funds, although bank deposit rates remain at an alltime low rate of return.

The Memorandum and Articles of Association give the Charity unlimited investment powers with statutory boundaries.

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Reserves Policy

Given that the main source of funds is an outdoor event which is heavily weather dependent, the trustees maintain the view that it is prudent to have reserves sufficient to safeguard the Charity's operational commitments and allow for a significant drop in revenue from the annual show as a result of inclement weather etc.

The reserves also need to reflect the seasonal nature of the business and that income spikes during the months of July and August. The Charity requires sufficient working capital to meet expenditure commitments in the earlier months, prior to the Show when expenditure tends to exceed income.

The level of reserves required is estimated at £250,000. Recent years’ results have illustrated the prudence of this policy.

The trustees apply the following criteria in determining the overall reserves policy:

Reserves are frequently reviewed by the trustees, together with the management accounts.

The actual level of free reserves for the Charity at the end of the year was £366,962, after segregating funds which represent permanent fixed assets.

Governance and Risk Review

Trustees' Appointment and Responsibilities

Any new trustees are nominated by the current trustees, taking account of their business skills and experience in line with the specific needs of the board. Induction of trustees is carried out verbally, ensuring that trustees are fully aware of their duties and responsibilities. Trustees are also provided with various up to date literature issued by the Charity Commission regarding their appointment, together with specific background information regarding the Charity.

Key Management Personnel

The pay and remuneration of key management personnel is agreed by the trustees with reference to external benchmarks.

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Governance and Risk Review

Whilst the trustees appreciate that they are ultimately responsible for the management of the Charity, much of the day to day running of the Charity's operations is delegated to the Charity's employees. As well as appointing a General Manager to deal with management matters and supervision, the trustees are involved in many aspects of the Charity administration as part of the internal control procedures.

The trustees normally meet monthly to review the Charity accounts, progress reports, key performance indicators and deal with strategic matters.

With the help of the Charity auditors, the trustees have carried out a review of the Charity's activities and identified the major risks to which the Charity is exposed.

As part of this process, the trustees have implemented a risk management strategy, which comprises:

Trustees' Responsibilities Statement

The trustees (who are also the directors of Southport Flower Show for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

TRUSTEES ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor

A resolution proposing that MHA Moore and Smalley be re-appointed will be put at a General Meeting.

Each of the persons who is a trustee at the date of approval of this report confirms that:

August 13, 2024

Signed on behalf of the trustees on ..........................................

..............................................................

M L Steinberg Trustee

..............................................................

A P Pope

Trustee/Treasurer

Registered office: Southport Flower Show Victoria Park Rotten Row Southport Merseyside PR8 2BZ

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion

We have audited the financial statements of Southport Flower Show (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31 DECEMBER 2023

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor's responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS

FOR THE YEAR ENDED 31 DECEMBER 2023

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

....................................................

Nicola Mason (Senior Statutory Auditor)

Senior Statutory Auditor For and on behalf of MHA, Statutory Auditor Preston, United Kingdom

August 15, 2024

.........................

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)

Page 12

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Income and endowments from:
Note
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Other
6
Total income and endowments
Expenditure on:
Raising funds
8
Charitable activities
9
Flower show event
Park maintenance
Governance costs
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Total
funds
funds
Unrestricted
Year ended
Year ended
funds
31 December
31 December
2023
2022
£
£
£
1,697
1,697
2,954
761,929
761,929
842,614
375,572
375,572
395,181
2,351
2,351
133
116,019
116,019
125,605
1,257,568
1,257,568
1,366,487
354,963
354,963
311,180
912,347
912,347
789,835
76,981
76,981
44,715
17,083
17,083
27,322
1,361,374
1,361,374
1,173,052
(103,806)
(103,806)
193,435
(103,806)
(103,806)
193,435
1,069,187
1,069,187
875,752
965,379
965,379
1,069,187

The Statement of Financial Activities includes all gains and losses recognised in the year.

All of the above amounts relate to continuing activities.

The notes on pages 12 to 33 form part of these financial statements

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

BALANCE SHEET

AS AT 31 DECEMBER 2023

Note
Fixed assets
Intangible assets
12
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Net assets
Unrestricted funds
General fund
19
Fixed assets fund
19
Revaluation fund
19
Restricted funds
20		 2023
£
-
598,417
-		 Group
2022
£
-
632,340
-
598,417
76,356
468,524		 632,340
102,609
579,473
544,880
(159,675)		 682,082
(206,903)
385,205 475,179
983,622
(18,241)		 1,107,519
(38,332)
965,379 1,069,187
366,962
214,286
384,131
-		 436,847
230,626
401,714
-
965,379 1,069,187

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

These financial statements were approved by the members of the committee and authorised for issue on August 13, 2024 .............................................. and are signed on their behalf by:

.................................................................. .................................................................. M Steinberg A Pope Trustee Trustee/Treasurer

Company registration number: 02103365

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
2023 2022
Note £ £
Cash (utilised)/generated by operating activities 25 (87,728) 213,290
Cash flows from investing activities
Investment income 2,351 133
(Purchase)/Disposals of tangible fixed assets (5,481) (408)
Cash (used in)/provided by investing activities (3,130) (275)
(Decrease)/Increase in cash and cash equivalents in the year (90,858) 213,015
Cash and cash equivalents at the beginning of the 541,141 328,126
year
Total cash and cash equivalents at the end of
450,283 541,141
the year
Cash at bank 468,524 579,473
Bank loan (18,241) (38,332)
450,283 541,141
----- End of picture text -----

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of Accounting

The financial statements have been prepared under the historical cost convention as modified by the revaluation of leasehold improvements and in accordance with 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiary undertakings are consolidated on a line by line basis. No separate SOFA has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006. The parent company’s deficit for the year was £79,365.

Southport Flower Show meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Preparation of the accounts on a going concern basis

The trustees are required to assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern.

The trustees are required to assess whether the use of going concern is appropriate, i.e., whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern.

The Trustees make this assessment in respect of a period of at least one year from the date of authorisation of the accounts. The Flower Show in 2023 was run successfully resulting in an increase in the overall reserves of the Charity. The Trustees are confident that they are now in a more sustainable financial position and consider that the preparation of the accounts on a going concern basis is appropriate.

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

FOR THE YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS

1 Accounting Policies (continued)

Incoming Resources

Incoming resources represents net amounts, excluding value added tax.

Income is included gross of any expenditure and grants received and comprises admissions, site rentals, sponsorship and other related income in respect of activities for generating funds.

Grants received are credited to income as they are received except where conditions imposed require amounts to be deferred to future years.

Donations from the subsidiary company are accounted for when received.

Resources Expended

The resources expended have been analysed between the Charity's main activities and relate to the direct costs of achieving the Charity's objects. Within these costs is an element of support costs, which are allocated on a reasonable and consistent basis from year to year, as described in the notes to the financial statements.

The costs relating to the Show have been split between charitable activities and raising funds in proportion to the relative income in charitable activities and other trading.

Governance costs consist of necessary running costs for the Charity which do not have a direct impact on its objectives.

All costs are accounted for on an accruals basis as they become due.

Fixed Assets

Fixed asset investment

Shares held in the charitable company's subsidiaries are shown at nominal value which is not considered to be materially different from the market value.

Tangible Fixed Assets

Fixed assets consists of improvements to the Showground on which the Charity originally had a 60-year lease (from 1994) with Sefton Metropolitan Borough Council (SMBC). This lease has been extended by 60 years to 2114. At the end of the lease, the grounds will revert back to Sefton Council. The Charity acquired this lease and certain buildings on the site for nil consideration. These assets are depreciated over the life of the original lease on a straight line basis.

Major improvements to the Showground were completed in 1995. These assets are depreciated on a straight line basis over 27 years. During 1999 a separate office building was completed on the Showground, which is depreciated over the remainder of the life of the lease, which is 47 years on a straight line basis.

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting Policies (continued)

During 2007 the assets included in the leasehold premises were revalued. A valuation was completed in 2014. The value obtained was not significantly different to the value already included in the accounts so the accounts have not been adjusted for this valuation. The current value will be carried forward as deemed cost in the accounts. Individual assets with a cost not exceeding £1,000 are not capitalised but expended in the year they are acquired.

Depreciation

Depreciation is calculated so as to write off the cost of an asset less its estimated residual value over the useful economic life of that asset as follows:

Pensions

The Charity operates a defined contribution pension scheme. Contributions payable for the year are charged in the Statement of Financial Activities.

Funds

Unrestricted funds are those funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the company for particular purposes. Designated funds are those earmarked by trustees for specific future purposes and related costs.

Critical accounting estimates and areas of judgement

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Valuation of Land and Buildings

See fixed assets accounting policy

Critical areas of judgement

There are no other critical areas of judgement in these accounts.

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Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2 Donations and legacies

Other donations Unrestricted
Total
Total
general
funds
funds
funds
2023
2022
£
£
£
1,697
1,697
2,954
Income from donation and legacies was £1,697 (2022: £2,954), and the whole amount was
unrestricted (2021: £674).

3 Charitable activities

Charitable activities
Show admissions
Other income
Grant income		 Unrestricted
Total
Total
general
funds
funds
funds
2023
2022
£
£
£
759,244
759,244
840,632
2,685
2,685
1,982
-
-
-
761,929
761,929
842,614

Income from charitable activities was £761,929 (2022: £842,614). Income in both years was unrestricted.

Page 19

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

4 Other trading activities

Other trading activities
Trade stands
Catalogues
Car parking
Sundry income
Sponsorship		 Unrestricted
Total
Total
general
funds
funds
funds
2023
2022
£
£
£
292,143
292,143
287,582
14,403
14,403
16,490
47,274
47,274
40,463
3,702
3,702
5,346
18,050
18,050
45,300
375,572
375,572
395,181

Income from other trading activities was £375,572 (2022: £395,181). Income in both years was unrestricted.

5 Income from investments

Bank interest receivable Unrestricted
Total
Total
general
funds
funds
funds
2023
2022
£
£
£
2,351
2,351
133
2,351
2,351
133

Income from investments was £2,351 (2022: £133). Income in both years was unrestricted.

Page 20

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

6 Other Incoming Resources

Other Incoming Resources
Hire of facilities
Gain on disposal of tangible asset		 Unrestricted
Total
Total
general
funds
funds
funds
2023
2022
£
£
£
115,941
115,941
125,605
78
78-
116,019
116,019
125,605

Other income was £115,941 (2022: £125,606) of which £115,941 (2022: £125,606) was unrestrict

7 Costs – Basis of Allocation

Costs have been allocated to reflect the activities of the charity as follows:

Costs have been split between expenditure relating to charitable expenditure and raising funds based on the levels of income generated from charitable activities and other trading. 1% of employment costs, office expenses and depreciation has been allocated to governance costs within charitable activities.

Page 21

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

8 Raising funds

Show infrastructure
Health and safety
Car park costs
Event costs
Volunteer costs
Hire of equipment
Other show costs
Security
Marketing and promotion
Employee costs
Office expenses and consultancy
Depreciation		 Unrestricted
Total
Total
general
funds
funds
funds
2023
2022
£
£
£
145,348
145,348
130,212
3,520
3,520
840
4,045
4,045
1,947
11,304
11,304
6,184
487
487
484
4,474
4,474
1,085
51,287
51,287
54,990
10,430
10,430
12,214
27,398
27,398
19,481
73,472
73,472
58,397
9,646
9,646
12,122
13,552
13,552
13,224
354,963
354,963
311,181

The cost of raising funds was £410,178 (2022: £311,181). Cost in both was unrestricted.

Page 22

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

9 Charitable activities

Flower show event
Competition costs and prizes
Show infrastructure
Health and safety
Car park costs
Event costs
Volunteer costs
Hire of equipment
Other show costs
Security
Marketing and promotion
Employee costs
Office expenses and consultancy
Depreciation
Irrecoverable VAT
Park maintenance
Repairs and renewals
Vehicle costs
Rates
Utilities
Insurance
Governance costs
Employee costs
Other employment cost
Audit fees
Accountancy fees
Depreciation
Office expenses and consultancy		 Unrestricted
Total
Total
general
funds
funds
funds
2023
2022
£
£
£
70,274
70,274
39,656
308,864
308,864
276,701
7,480
7,480
1,786
8,595
8,595
4,137
24,019
24,019
13,141
1,034
1,034
1,027
9,507
9,507
2,304
108,985
108,985
116,853
24,337
24,337
28,500
58,218
58,218
41,396
153,833
153,833
122,322
23,580
23,580
26,859
28,505
28,505
27,839
85,115
85,115
87,314
912,347
912,347
789,835
45,488
45,488
16,615
752
752
2,198
17,286
17,286
14,635
3,589
3,589
3,075
9,866
9,866
8,191
76,981
76,981
44,714
2,297
2,297
1,824
-
-
12,500
12,515
12,515
11,620
-
-
-
424
424
415
1,847
1,847
963
17,083
17,083
27,322
1,006,411
1,006,411
861,872

The cost of charitable activities was £1,157,505 (2022: £829,155). Costs in both years was unrestri

Page 23

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR THE YEAR ENDED 31 DECEMBER 2023
10 Net outgoing resources for the year
This is stated after charging: 2023 2022
£ £
Depreciation 42,482 41,478
Auditors' remuneration:
- audit of the financial statements (net of VAT) 10,190 9,170
- Independent examination of the accounts
- other fees (see below)(net of VAT) 2,325 2,450

Auditor's/Independent examiner's fees

The other fees charged by the auditor can be further analysed under the following headings for services rendered:

services rendered:
2023 2022
£ £
Accountancy 2,450 2,450

11 Staff Costs and Emoluments

Wages and salaries
Social security costs
Other pension costs		 2023
2022
£
£
209,174
186,932
12,589
6,318
9,901
3,407
231,664
196,657

Particulars of employees:

The average number of employees during the year was as follows:

Number of full time staff
Number of part time staff		 2023
2022
No
No
2
1
7
7
9
8

For the majority of the year there are 9 part-time staff. Additional staff are employed for the duration of the Southport Flower Show event.

No employee received remuneration of more than £60,000 during the year (2022: Nil).

Page 24

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

12 Intangible Fixed Assets

GROUP
Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge in the year
At 31 December 2023
Net book value
At 31 December 2023
At 1 January 2023
CHARITY
Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge in the year
At 31 December 2023
Net book value
At 31 December 2023
At 1 January 2023		 Website
costs
Total
£
£
20,000
20,000
-
-
20,000
20,000
20,000
20,000
-
-
20,000
20,000
-
-
-
-
Website
costs
Total
£
£
20,000
20,000
-
-
20,000
20,000
20,000
20,000
-
-
20,000
20,000
-
-
-
-

Page 25

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13 Tangible Fixed Assets

GROUP
Cost or valuation
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge in the year
Disposals
At 31 December 2023
Net book value
At 31 December 2023
At 1 January 2023
CHARITY
Cost or valuation
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge in the year
Disposals
At 31 December 2023
Net book value
At 31 December 2023
At 1 January 2023		 Leasehold
premises
Plant &
Equipment
Total
£
£
£
1,002,719
306,683
1,309,402
9,715
1,266
10,981
(5,500)
-
(5,500)
1,006,934
307,949
1,314,883
419,845
256,217
676,062
31,491
11,991
43,482
(3,078)
-
(3,078)
448,258
268,208
716,466
558,676
39,741
598,417
582,874
50,466
633,340
Leasehold
premises
Plant &
Equipment
Total
£
£
£
993,345
262,479
1,255,824
-
-
-
-
-
-
993,345
262,479
1,255,824
414,764
223,466
638,230
27,366
11,879
39,245
-
-
-
442,130
235,345
677,475
551,215
27,134
578,349
578,581
39,013
617,594

Page 26

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

13 Tangible Fixed Assets (continued)

The charitable company's leasehold premises were originally revalued on 1 February 2008 by an external valuer, The Anthony Hill Partnership, Chartered Surveyors. The basis of the valuation was existing use value in respect of the main administration office and stores, and depreciated replacement cost in respect of other ancillary buildings. The infrastructure to the park has been included at historic cost less depreciation.

The valuation was reviewed by Eckersley Chartered surveyors during 2014 and it was agreed the values are fairly reflected.

The depreciated historic cost of total assets is £530,904. Depreciation charge for the year based on historical cost would have been £14,634.

The open market value of the main administration office and stores is considered to be £375,000 compared to the existing use value of £470,000. The reason for the difference is the restrictions placed upon the use of the buildings under the terms of the lease.

The trustees are not aware of any material change in value of the above assets. The valuations included above will be carried forward as deemed cost.

14 Investments

Group
Other investments
Shares held in subsidiaries
Charity
Other investments
Shares held in subsidiaries		 Total Funds
2023
£
-
Total Funds
2022
£
52		 Total Funds
2022
£
-
Total Funds
2021
£
52

The above investments are shown at the nominal value of shares held by the charitable company in its subsidiaries, Victoria Park Management Company (Southport) Ltd and Southport Events Ltd (which is dormant).

A summary of the results for the trading company, Victoria Park Management Company (Southport) Limited is shown below.

Page 27

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

14 Investments (Continued)

Investments (Continued)
Turnover
Cost of sales
Gross loss
Administrative expenses
Other operating income
Interest receivable
Operating profit
Tax on profit
Profit for the financial year
Retained earnings brought forward
Distributions to parent charity under gift aid
Retained earnings carried forward		 2023
2022
£
£
292,145
287,584
(508,257)
(463,777)
(216,112)
(176,193)
(46,557)
(66,668)
298,270
399,280
-
-
35,601
156,419
-
-
35,601
156,419
157,229
57,480
(149,921)
(56,670)
42,909
157,229

The reserves and capital of Victoria Park Management Company (Southport) Limited as at 31 December 2023 were a 57,503.

15 Debtors

Group
2023
2022
£
£
Trade debtors
57,918
61,830
Other debtors
7,759
54
Prepayments
10,679
40,725
Amount owed from group undertaking
-
-
76,356
102,609		 Group
2023
2022
£
£
Trade debtors
57,918
61,830
Other debtors
7,759
54
Prepayments
10,679
40,725
Amount owed from group undertaking
-
-
76,356
102,609		 Charity
2023
2022
£
£
14,087
52,195
2,286
2
10,391
14,074
80,944
-
76,356
102,609		 107,708
66,271

Page 28

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

16 Creditors: Amounts falling due within one year

Trade creditors
Taxation and social security
Deferred income
Other creditors
Accruals
Amounts owed to group undertakings
Deferred income
Deferred income as 1 January
Released from previous year
Income deferred in the year
Deferred income at 31 December		 Group
Charity
2023
2022
2023
2022
£
£
£
£
11,142
45,328
4,443
6,168
(3,512)
52,966
(3,341)
2,484
120,661
74,033
73,175
68,469
18,921
6,334
10,289
6,263
12,463
28,242
15,615
31,543
-
-
-
84,281
159,675
206,903
100,181
199,208
Group
Charity
2023
2022
2023
2022
£
£
£
£
74,033
226,364
68,469
162,220
(74,033)
(226,364)
(68,469)
(162,220)
120,661
74,033
73,175
68,469
120,661
74,033
73,175
68,469

Creditors: Amounts falling due after more than one year

Other loans Group
Charity
2023
2022
2023
2022
£
£
£
£
18,241
38,332
18,241
38,332
18,241
38,332
18,241
38,332

17 Pensions

The Charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Charity. The total charge for the year was £3,407 (2022: £3,407).

Page 29

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

18 Unrestricted Income Funds

Unrestricted Income Funds
Fixed asset/ General Total Funds Total Funds
Reval Fund Fund 2023 2022
Group £ £ £ £
Movement for the period
Balance at start of period 632,340 436,847 1,069,187 875,752
(Deficit)/surplus for the period (42,782) (61,026) (103,808) 193,435
Transfers 8,859 (8,859) - -
Balance at the end of the period 598,417 366,962 965,379 1,069,187
Analysis of assets and liabilities
Fixed assets and investments 598,417 - 598,417 632,340
Current assets - 544,878 544,878 682,082
Current liabilities - (159,675) (159,675) (206,903)
Creditors due after more than one year - (18,241) (18,241) (38,332)
Balance at end of period 598,417 366,962 965,379 1,069,187
Fixed asset/ General Total Funds Total Funds
Reval Fund Fund 2023 2022
Charity £ £ £ £
Movement for the peiod
Balance at start of period 616,594 295,360 911,954 818,270
(Deficit)/surplus for the period (38,245) 48,680 10,435 93,684
Transfers - - - 0
Balance at the end of the period 578,349 344,040 922,389 911,954
Analysis of assets and liabilities
Fixed assets and investments 578,349 52 578,401 616,646
Current assets - 462,410 462,410 532,848
Current liabilities - (100,181) (100,181) (199,208)
Creditors due after more than one year - (18,241) (18,241) (38,332)
Balance at end of period 578,349 344,040 922,389 911,954

The fixed asset fund represents the depreciated fixed asset costs incurred to date, equivalent to the net book value of existing fixed assets. This fund is shown separately to designated funds and 'free reserves' since the total does not consist of liquid funds for the general use of the Charity.

The revaluation reserve fund is required by the Companies Act 2006 and represents the amount by which investments exceed the historical cost. This is included within the fixed asset fund.

Page 30

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

18 Unrestricted Funds (Continued)

Unrestricted Funds (Continued)
Prior year
Group
Movement for the period		 Fixed asset/
General
Total Funds
Total Funds
Reval Fund
Fund
2022
2021
£
£
£
£
Balance at start of period
(Deficit)/surplus for the period
Transfers
Balance at the end of the period		 673,412
202,340
875,752
903,318
(41,478)
234,913
193,435
16,158
406
(406)
-
-
632,340
436,847
1,069,187
919,476
Analysis of assets and liabilities
Fixed assets and investments
Current assets
Current liabilities
Creditors due after more than one year
Balance at end of period		 632,340
-
632,340
760,908
-
682,082
682,082
530,597
-
(206,903)
(206,903)
(109,402)
-
(38,332)
(38,332)
-
632,340
436,847
1,069,187
1,182,103
Charity
Movement for the peiod		 Fixed asset/
General
Total Funds
Total Funds
Reval Fund
Fund
2,022
2,021
£
£
£
£
Balance at start of period 653,155
165,115
818,270
1,050,448
(Deficit)/surplus for the period
Transfers
Balance at the end of the period
Analysis of assets and liabilities
Fixed assets and investments
Current assets
Current liabilities
Creditors due after more than one year
Balance at end of period		 (36,561)
130,245
93,684
(12,100)
-
-
-
-
616,594
295,360
911,954
1,038,348
616,594
52
616,646
731,590
-
532,848
532,848
409,060
-
(199,208)
(199,208)
(102,302)
-
(38,332)
(38,332)
-
616,594
295,360
911,954
1,038,348

Page 31

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

19 Transactions with Trustees

Expenses

Trustees are only reimbursed for expenses incurred during the year on Flower Show business. The total amount refunded in the year amounted to £nil (2022: £nil).

Remuneration

No (2022:nil) trustees had an interest in businesses whose services have been used by the Charity during the year. The services have been provided at no greater cost than would have been incurred by using a third party. This arrangement is in line with the Charity's Constitution.

No trustees have been remunerated during the year (2021: none).

20 Related party transactions

During the year a total of £Nil (2021: £Nil) was paid to companies in which Trustees and parties related to senior management had an interest for services provided to the Charity.

The remuneration payable to Key Management Personnel was £65,192 (2022: £52,082).

21 Company Limited by Guarantee

Southport Flower Show is a charitable company limited by guarantee. Every member of the charitable company undertakes to contribute to the assets of the charitable company in the event of the same being wound up while he is a member of within one year after he ceases to be a member.

This covers payment of debts and liabilities of the charitable company contracted before he ceases to be a member and of the costs, charges and expense of winding up and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding one pound

22 Revaluation Reserve

Within the fixed assets fund is a balance relating to the revaluation reserve. The movement on this reserve may be summarised as follows:

Group and Charity
Balance at the start of the year
Transfer to fixed assets
Balance at end of the year		 2023
2022
£
£
401,714
419,296
(17,582)

(17,582)
384,131
401,714

Page 32

Docusign Envelope ID: 6B2CF128-28FE-4957-9139-688D62798597

SOUTHPORT FLOWER SHOW CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

23 Reconciliation of net movement in funds to cash flow from operating activities

Net movement in funds
Depreciation
Interest income shown in investing activities
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash generated by operating activities		 Total
Total
funds
funds
2023
2022
£
£
(103,806)
165,429
40,399
41,478
(2,351)
(133)
25,258
69,068
(47,228)
(62,552)
(87,728)
213,290

Page 33