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 postFixed 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 MID￿0MERsET 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 v￿th 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 Pro￿dureS 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