CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, Annual Report for the period From 0110112021 Period end date Period start date To 3111212021 Charity name: Mid-somerset Agricultural Soclety Charity registration number: 1012634 Objectives and Activities SQRP refer¢¥ Par8 1 17 Summary of the purFioses of the charity as Set out in its document overninL_. Summary of the main activities in relation to those purposes for the public benefit. in particular, the aclivilies, proiects or services identified in the accounts. Slalement confirming whether the trustees have had regard to the guidan issued by thè Charity Commission on public benefit To foster and improve the practlce of agrlculture generally and particularly in thg Mid4omerset area. Education and promolion In connection with agriculture, stsging an annual agricultural and county show and associated activities,. ral8ing sponsorshlp funds and provislon of land for annual show. Trustees have had regard to the charlty commlssion guidanc? on public benefit Pala 1.17 ?nd 1.19 Para1.18 Addlttonal Infomiation {optional) You ma choose lo include further statemènts where relevant about.. SORPreference The trustees would consider reallstic applications for grants but are conscsOUS of preserving the society's assots to fund its main object Para 1.38 Policy on grant making The society wishes where possible that its facilities be used for community benefit purposes within the soclety's objects Para 1.38 Policy on social investment including program relaled investment 210 volunteers assist the society in many ways Pwa 1.38 Contribution made by volunteers NIA Other
Achievements and Performance SORP reference By 3111212021 the society had held a successful post<ovid show and raised $uffi¢ientfunds to stage a show in 2022 leaving a modest surplus to meet anticipated liabilities. The shows are free entry to society advantage Summary oflhe main achievements of the charity, id6nlifying the difference the harity's work has made to the circumstances of its ben8ficiaries and any wider benefits lo society as a whole. Para 1.20 Additional information {optional) choose lo include further statements whère relevant about.. You maL. Achievemenls against objectives set P•r4 141 Perfomance of fundraising activities against objectives sel Par• 1.41 Investment performan against objectNes P•r• 1.41 Other
Financial Review Review of the charity's financial position at the end of the eriod Statement explaining the policy for holding reserves statin are held Amount of reseTves held Reasons for holding zero reserves Details of fund materially in deficit Explanation of any uncertainties about the charily continuing as a going concern Para 1.21 The Society needs to retain sufficient funds to finance the following months, activities The main financial activity each year is to stage an annual show so funds must be reserved to cover it See financial reOrt NIA Para 1.22 Para 1.22 Para 1.22 Para 1.24 None Para 1.23 The trustees are realistl¢ally confident that the Show will continue annually and the charity thrive Additional infomatlon (optionall You ma choose to include further statements where relevant about.. Sponsorship and donations The charity's principal sources of funds (including any fundraising} Para 1.47 Cautious subject to guldan¢e of investment brokers Investment policy and objectives including any social investmenl policy adopted Parn 1.46 Predominantly weather-related or accident-related. the latter covered by In8uran¢e. A description of the principal risks facing the Charity Para 1.16 Other
Structure, Governance and Management DeSCriPtion of chanty's trusls.. Type of goveming document Para 1.25 Written Gonstltutlon and trust deed How is the charity constf(uted? P8rd 1.25 Unincorporated association Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoinl one or more trustees Para 1.25 Chosen by proposal and election by existing trustees. Constituted of three to six trustees in total Additional infomiation (optional) You ma choose to include further slaternents where relevant about.. Tha charity malntalns infonnal links wlth a numbfrr of similar agricultural organlsallons but no fornial tlos Policies and procedures adopted for the indudion and training of trustees Paro 1.51 One of the society's landlords Is the Duchy of Cornwall who maintain a long and continuing interest in the charlty The charrty's organisational structure and any wider nelmork with which the charty works Par8 1.61 Relationship with any related parties Par¥ 1.51 Other Reference and Administrative detsils ChariLname Other name the chari uses istered charit number Charity's principal address Mid-somerset Agricultural SorAe None 1012634 The Showground. Cannards Grave Road, Shepton Mallet, Somerset
Names of tho Charity trustees who manage the charlty Dates actsd rf not for whol8 ear Trustee name Office lif any) Name of person lor body) entitled inttrustee ifan RGEddy Mrs A Yeoman E J Allen Chairnan 10 12 13 14 15 16 17 18 19 20 Cor orate trustees - names of the directors at the date the re Dlr•ctor name ortwasa roved Name of trustees holding title to property belonging to the charity Trnstee name Oate8 acted if not forwhole ygar
Funds held as custodian trustees on behalf of others Description of the assets None held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls wtthin the custodian charity's objects Details of arrangements for safe custody and segregalion of such assets from the charity's own assets Additional infomatlon (optional) Namos and addresses of advisers Ioptlonal Infomiation) Type of Name Address advi8er See financial delalls Name of chief executive or names of senlor staff members {Optional infoymatlonl Exemptions from disclosure Reason for non4isclosure of ke rsonnel details Other o tional infomiation
Declarations The trustees declare that they have approved the trustees, report above. Signed on behalf of the charity's trustees Signaturels) B W Bartlett (signed) Trustees secretary on behalf of the trustees Full namels) Position (eg Secretsry, Chair, etcl Date 3111012022
REGISTERED CHARITY NUMBER: 1012634
MID-SOMERSET AGRICULTURAL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
MID-SOMERSET AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
| CONTENTS | PAGE |
|---|---|
| Reference and Administrative Information | 2 |
| Annual Report of the Trustees | 3-5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9-13 |
Page | 1
MID-SOMERSET AGRICULTURAL SOCIETY REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021 Charity Registration Number: 1012634
HRH The Prince of Wales
| Patrons | HRH The Prince of Wales |
| Trustees | R G Eddy |
| E J Allen | |
| Mrs A Yeoman | |
| Honorary Treasurer | A W Staples CPA |
| Trust Secretary and | B W Bartlett |
| Principal Office | Sunnyside |
| North Wootton | |
| Shepton Mallet | |
| Somerset BA4 4AQ | |
| Bankers | Lloyds Bank Plc |
| 5 High Street | |
| Shepton Mallet | |
| Somerset BA4 5AB | |
| Solicitors | B G W Solicitors |
| 57 High Street | |
| Shepton Mallet | |
| Somerset BA4 5AQ | |
| Independent Examiner | L Greaves FCA |
| Doulting | |
| Somerset | |
| Investment Broker | Charles Stanley |
| 26 Queen Square | |
| Bath BA1 2HX |
Constitution
The Mid-Somerset Agricultural Society is constituted under a Trust Deed dated 20 March 1992. It was registered with the Charity Commission on 7 July 1992, registered Charity Number 1012634.
Page | 2
MID-SOMERSET AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their Report and unaudited Financial Statements for the year ended 31 December 2021.
The reference and administration information set out on page 1 forms part of this report.
OBJECTIVES AND ACTIVITIES
The objects of the Charity are to foster and improve the practice of agriculture generally and in particular in the Mid-Somerset area.
The Trustees are appointed by the members at the Annual General Meeting.
Public Benefit
The Trustees confirm they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.
ACHIEVEMENTS, PERFORMANCE AND RESULTS
With cancellation of the 2020 show due to COVID-19, the Society faced a number of difficult decisions regarding planned development of the new show site and whether to progress these towards the possibility of holding an Agricultural Show in 2021. Ultimately the decision was taken to plan for the 2021 show to be held on the new show site. Good weather and strong support from sponsors resulted in a very successful Agricultural Show in August 2021. While trade stand and sponsorship income for the show were about 30% down on 2019, an increase in car park income (30%), membership income (6%) and a reduction in costs (8%), despite additional COVID requirements for the show, helped to ensure that the estimated revenue loss from the show itself was kept to a minimum. Exceptional support from sponsors towards development of the new show site resulted in an operating surplus for the year of £38,000, up from £11,000 in 2019.
The net incoming movement in revenues for the year totalled £37,798 (2020: net outgoing of £21,408). The bank balance at the year-end totalled £15,632 (2020: £109,462) after funding the new show building and show-site development. No accruals were made against remaining show-site development costs as these are covered by sponsor pledges to be paid.
Free reserves at 31 December 2021 totalled £22,117 (2020: £286,143).
Page | 3
MID-SOMERSET AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
FINANCIAL REVIEW
The reserves of the Charity that were freely available for charitable use at the year end were:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Total | reserves | 467,039 | 429,241 |
| Less: | Fixed assets used for charitable purposes |
(444,922) | (143,098) |
| ______ | ______ | ||
| Free reserves | 22,117 | 286,143 | |
| ______ | ______ |
Reserves
As reported last year, in 2018 the Charity purchased land adjacent to the old show site, part of which it owned, for the purpose of holding the annual Agricultural Show. The Charity had also entered into a sale agreement for the sale of that part of the old show field it owned. This sale was finalised in May 2021 and planning consent for development of the new show field was obtained. On the basis of the proceeds from the sale, together with free reserves held by the Charity, the trustees took the decision to move forward with development of the new show site in preparation for the 2021 show. The new show building and much of the planned show site development was completed in time for the 2021 show. The Trustees are satisfied that the new show building and new show site will ensure that the Society is better able to meet its objectives for the long-term future of the Agricultural Show. Having largely completed the move of the show site, the Trustees are satisfied that the reserves should be sufficient to pursue the Society’s objectives for 2022.
Investment Powers and Policy
The trustees’ investment powers allow them to invest as they think fit in any form of investment authorised by law for the investment of Charity monies or in the stocks and shares of any nature of any company incorporated in the United Kingdom of Great Britain and Northern Ireland or on deposit with any bank, insurance company or building society.
RISK MANAGEMENT
The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate the risks.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page | 4
MID-SOMERSET AGRICULTURAL SOCIETY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
STATEMENT OF TRUSTEES’ RESPONSIBILITIES (CONTINUED)
The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 19th July 2022 and signed on their behalf by:
Roger Eddy
(SIGNED)
. . . . . . . . . . . . . . . . . . . .
Trustee
Page | 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MID-SOMERSET AGRICULTURAL SOCIETY FOR THE YEAR ENDED 31 DECEMBER 2021
I report on the Financial Statements of the Charity for the year ended 31 December 2021, which are set out on pages 7 to 13.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity’s trustees are responsible for the preparation of the financial statements. The charity’s 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.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the General Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act; and
-
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 Commissioner. 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 the seeking of 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 statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that, in any material respect, the requirements: (a) to keep accounting records in accordance with section 130 of the 2011 Act; and
-
(b) to prepare financial statements which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Mr L. Greaves FCA
Date: 21[st] June, 2021
Page | 6
MID-SOMERSET AGRICULTURAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Total | |||
|---|---|---|---|
| Unrestricted | Total | ||
| Funds | Funds | ||
| 2021 | 2020 | ||
| Note | £ | £ | |
| INCOMING RESOURCES | |||
| Incoming Resources from | |||
| Charitable Activities | 3 | 101,449 | 1,938 |
| Incoming Resources from | |||
| Generated Funds | |||
| - Voluntary Income | 3 | 107,004 | 21,840 |
| - Investment Income | 3 | 0 | 1,881 |
| ______ | ______ | ||
| Total Incoming Resources | 208,453 | 25,659 | |
| ______ | ______ | ||
| RESOURCES EXPENDED | |||
| Charitable Activities | 4 | 170,655 | 47,067 |
| Governance Costs | 4 | 0 | 0 |
| ______ | ______ | ||
| Total Resources Expended | 170,655 | 47,067 | |
| ______ | ______ | ||
| NET (OUTGOING)/INCOMING RESOURCES | |||
| BEFORE OTHER RECOGNISED | GAINS | ||
| AND LOSSES | 37,798 | (21,408) | |
| Realised Gains/(Losses) | 6 | 0 | (2,044) |
| Unrealised Gains/(Losses) | 6 | 0 | 0 |
| Profit on sale of Land and Buildings | 7 |
0 | 197,000 |
| ______ | ______ | ||
| NET MOVEMENT IN FUNDS | 37,798 | 173,548 | |
| FUND BALANCES BROUGHT | |||
| FORWARD | 429,241 | 255,693 | |
| ______ | ______ | ||
| FUND BALANCES CARRIED | |||
| FORWARD | 467,039 | 429,241 | |
| ______ | ______ | ||
| All activities of the Charity are continuing operations. | |||
| The notes on pages 9 to 13 form an integral part of these Financial Statements. |
Page | 7
MID-SOMERSET AGRICULTURAL SOCIETY
BALANCE SHEET AS AT 31 DECEMBER 2021
| 2021 Note £ £ £ FIXED ASSETS Tangible Fixed Assets 5 444,922 Listed Investments 6 0 _ 444,922 CURRENT ASSETS Debtors 8 7,804 186,029 Cash at Bank 15,687 109,462 __ _ 23,491 295,491 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 9 1,375 9,348 _ _ NET CURRENT ASSETS 22,116 _ NET ASSETS 467,038 _ FUNDS Unrestricted Funds 467,038 ____ Approved by the Trustees on 19/7/22 and signed on their behalf by: |
2020 £ 143,098 0 _ 221,868 286,143 _ 429,241 _ 429,241 ______ |
|---|---|
Roger Eddy (SIGNED). . . . . . . . . . . . . . . . . . . Trustee
The notes on pages 9 to 13 form an integral part of these Financial Statements.
Page | 8
MID-SOMERSET AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of Accounting
The accounts have been prepared 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 for Smaller Entities published on 16 July 2014, the Financial Reporting Standard for Smaller Entities (FRSSE) and the Charities Act 2011 and applicable regulations.
The principle accounting policies which have been adopted on a consistent basis within that convention are set out below.
Incoming Resources
Income is recognised in the period in which the Charity is entitled to receipt and the amount can be measured with reasonable certainty.
Donations and any associated income tax reclaimable from H M Revenue & Customs are recognised on a receivable basis. Donations received for the general purposes of the Charity are credited to unrestricted funds. Donations subject to specific wishes of the donors are credited to the relevant restricted funds.
Donated services and facilities are included as intangible income to the extent that they are recognised as representing real value to the Charity. Intangible income is valued at an estimate of the gross value to the Charity being the price the Charity estimates it would pay in the open market for such services or facilities.
Resources Expended
Resources expended are accounted for in the period in which they are incurred. The irrecoverable element of VAT is included within the item of expense to which it relates.
Where an item of expenditure falls directly within one cost category, it is attributed to that category only. Where expenditure involves more than one category it is apportioned on a reasonable and justifiable basis.
Governance costs comprise the costs of the charitable administration and complying with constitutional and statutory requirement aspects of the Charity. They are the costs associated with the strategic as opposed to the day to day management of the Charity’s activities.
Tangible Fixed Assets
Land and building comprises the land and buildings on which the show is held.
Depreciation
Tangible fixed assets (excluding land) are depreciated to residual value on their estimated useful economic life at the following rates:
MID-SOMERSET AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
Page | 9
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
1. ACCOUNTING POLICIES (CONTINUED
Freehold Buildings - 2.5% Straight line Improvement to Properties - 5% Straight line Plant and Machinery - 15% Reducing balance Computer Equipment - 33.33% Straight line The amortisation rate on the new show-site building was reduced from 10% to 2.5% to bring this more in line with accepted depreciation rates for this type of building.
Amortisation
Amortisation of the intangible asset is calculated to write off the cost over its useful economic life as follows: Website design - 33.33% Straight line
Impairment Review
In accordance with FRS15 a review has been carried out on the land which is not depreciated. So far these have confirmed that the amount at which the assets are stated in the accounts is not less than the recoverable amount.
Listed Investments
Investments are included in the balance sheet at their market value at the balance sheet date. Realised and unrealised gains and losses on investments are included in the Statement of Financial Activities in the year in which they arise. Investment income is credited to income on an accruals basis.
Unrestricted Funds
The funds are held so that they can be used in accordance with the Charity’s objects at the discretion of the Trustees.
2. TRUSTEES' REMUNERATION
The Trustees received £Nil remuneration from the Charity during the year (2020: £Nil). £Nil expenses were reimbursed to trustees (2020: £Nil).
3. ANALYSIS OF INCOMING RESOURCES
| 2021 £ Incoming Resources from Charitable Activities: Trade Stands 30,653 Car Park 35,827 Catering Concession 12,983 Wine Bar and Lunches 3,404 Entries 11,560 Functions including Pre-show Party 1,125 Pictures/Raffle/Books 583 Rent 0 Auction and Sale of Cheese 4314 Profit on sale of asset 1,000 __ 101,449 ____ |
2020 £ 0 0 0 0 0 1,938 0 0 0 0 __ 1,938 ____ |
|---|---|
MID-SOMERSET AGRICULTURAL SOCIETY
Page | 10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
| 3. ANALYSIS OF INCOMING RESOURCES (CONTINUED) 2021 £ Voluntary Income: Subscriptions 4,843 Sponsorship - show 42,830 Sponsorship – new show site and building 58,600 Tax Reclaim on Subscriptions 731 __ 107,004 _ Investment Income: Bank and Investment Interest 0 4. ANALYSIS OF RESOURCES EXPENDED 2021 £ Charitable Activities: Donations 0 Subscriptions, Affiliation Fees and Licences 328 Show Expenses 158,527 Depreciation 5,932 Printing, Postage, Stationery and Office Costs 5,868 170,655 Governance Costs: Independent Examination 0 ___ |
2020 £ 4,224 16,750 0 886 __ 21,840 _ 1,881 2020 £ 0 411 43,444 429 2,783 47,067 0 ___ |
|---|---|
Page | 11
MID-SOMERSET AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
5. TANGIBLE FIXED ASSETS
| Website | Land and | Plant and | Office |
||
|---|---|---|---|---|---|
| Design | Buildings | Machinery | Equipment | Total | |
| £ | £ | £ | £ |
£ | |
| Cost/Valuation | |||||
| At 1 January 2021 | 5,275 | 140,669 | 6,495 | 11,757 |
164,196 |
| Additions | - | 307,489 | - | 268 |
307,757 |
| Disposals | - | - | - | - |
- |
| ______ | ______ | ______ | ______ |
______ | |
| At 31 December 2021 | 5,275 | 448,158 | 6,495 | **12,025 ** | 471,953 |
| ______ | ______ | ______ | ______ | ______ | |
| Depreciation | |||||
| At 1 January 2020 | 5,275 | - | 4,066 | 11,757 | 21,098 |
| Eliminated on disposal | - | - | - | - |
- |
| Charge for the year | - | 5,523 | 364 | 45 |
5,932 |
| ______ | ______ | ______ | ______ |
______ | |
| At 31 December 2021 | 5,275 | 5,523 | 4,431 | 11,802 | 27,031 |
| ______ | ______ | ______ | ______ | ______ | |
| Net Book Value | |||||
| At 31 December 2021 | - | 442,635 | 2,064 | 223 | 444,922 |
| ______ | ______ | ______ | ______ | ______ | |
| At 31 December 2020 | - | 140,669 | 2,429 | - |
143,098 |
| ______ | ______ | ______ | ______ | ______ |
All tangible fixed assets are used in direct furtherance of the Charity’s objectives.
| 6. LISTED INVESTMENTS Market Value Brought Forward Acquisitions at Cost Sales Proceeds on Disposal Realised Gain/(Loss) Unrealised Gain/(Loss) Market Value Carried Forward Book Cost Carried Forward All investments were held within funds listed in the UK. |
2021 2020 £ £ 0 102,067 0 21,966 0 (121,989) 0 (2,044) 0 0 __ _ 0 0 0 0 ___ |
|---|---|
Page | 12
MID-SOMERSET AGRICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)
7. PROFIT ON SALE OF LAND AND BUILDINGS (Old Show Field)
The Old Show Field, being freehold property at Cannards Grave Road, Shepton Mallet, was sold to C G Fry & Son for the sum of £202,500. A deposit of £20,250 has been paid, the balance is showing on the balance sheet as an amount owing to the Society by C G Fry & Son. This debt was settled in May 2021. The trustees took the decision to record the profit from this sale in the accounts for the year ended 31 December 2020. The profit from this sale has been utilised for the funding of a new show-site building and development of the new show site.
| Land and Buildings sold - Cost Brought Forward Less: Accumulated Depreciation Brought Forward Land and Buildings sold – Net Book Value Proceeds from sale Net Profit on Sale of Land and Buildings 8. DEBTORS Prepayments and Accrued income C G Fry and Son – Balance due on purchase of Old Show Site 9. CREDITORS Accruals and Income received in advance |
2021 £ 2021 £ 7,804 0 __ 7,804 _ 2021 £ 1,375 ___ |
2020 £ 30,251 24,751 _ 5,500 202,500 _ 197,000 _ 2020 £ 3,779 182,250 __ 186,029 _ 2020 £ 9,348 ___ |
|---|---|---|
Page | 13
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MID0MERsET AGRICULTURAL SOCIErY FOR THE YEAR ENDED 31 DECEMBER 2021 I report on the Financial Statements of the Chaiity for the year ended 31 December 2021, which are set out on pages 7 to 13. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The charity's trustees are responsible forthe preparation of the financial statements. The charity's 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. It is my responsibility to: examine the accounts under section 145 of the 2011 Act" to follow the procedures laid down in the General Directions given by the Charity Commissioner under seGtion 145(5){b) of the 2011 Act: and to stste 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 Commissioner. An examination includes a review of the accounting records kepl by the charity and a comparison of the financial statements presented vth Ihose records. It also includes consideration of any unusual items or disclosures in the finanaal statements, and the seeking of explanations from you as trustees conceming any such matters. The ProdureS undertaken do not provide all the eviden that would be required in an audit and. consequently no opinion is given as to whether the financial statements present a 'true and fair wevf and the report is limited to those matters set out in the statement below. INDEPENDENT EXAMINER'S STATEMEKr In connection witt) my examination. no matter has come to my attention: which gives me reasonable cause to believe thac in any material respec( the requirements: (a) to keep accounting records in ac(x)rdance with section 130 of the 2011 Ad" and (b) to prepare financial statements which accord the accounting re(rdS and to comply with the accounting requirements of the 2011 Ad have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Mr L. Greaves FCA Date: 21. June. 2021 Page16