Registered Charity Number : 1014078
Registered Company Number : 2729027
ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
(A Company limited by guarantee)
REPORT OF MEMBERS OF COUNCIL
AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST DECEMBER 2022
ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
REPORT OF THE MEMBERS OF COUNCIL AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
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CONTENTS Page
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| CONTENTS | Page |
|---|---|
| Reference and Administrative Details | 1 |
| Report of Members of the Council | 2 |
| Independent Examiner’s Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 – 9 |
1
ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
(A Company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS
SECRETARY: Ms G. Clark REGISTERED NUMBER: 2729027 REGISTERED CHARITY NUMBER: 1014078 REGISTERED OFFICE: 44/54 Orsett Road Grays Essex RM17 5ED BANKERS: Barclays Bank Plc 9 High Street Grays Essex RM17 6NL REPORTING ACCOUNTANT:: Rowland Hall Chartered Certified Accountants 44/54 Orsett Road Grays Essex RM17 5ED
The Members of Council who have served during the period were as follows:-
The following Members of Council are also Directors of the company:-
Mr R.T. Asplin Mr M.R. Osborne Mrs A. West Mrs G.A. Clark Mr P. Hemmings Miss C.J. Raven Mrs D.M. Finnis Mrs C.L. Hasler Mr I.J.M. Frood
2
ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
(A Company limited by guarantee)
REPORT OF MEMBERS OF COUNCIL
The trustees present their annual directors’ report together with the financial statements of the charity for the year ending 31[st ] December 2022 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 published in October 2019.
OUR PURPOSES AND ACTIVITIES
The principal activity of the company, which is a registered charity, is the holding of an annual agricultural show in September.
The company is limited by guarantee and does not have a share capital. In the event of the winding up of the company, every member undertakes to contribute to the assets of the company a sum not exceeding one pound.
The activities of the charity are under the direct control of the Members of the Council. Decisions taken at Council meetings are taken on a majority of votes. In making decisions at Council meetings members have due regard to the guidance published by The Charity Commission on Public Benefit.
New Members of Council are mentored by existing members to ensure they gain an understanding of their responsibilities.
REVIEW OF ACTIVITIES DURING THE YEAR
The Annual show returned in 2022 after not taking place since 2019 due to COVID 19 with the activities in the year producing a deficit of £29,227 (2021 - £10,146) which is to be deducted from the total funds brought forward and an amount of £73,354 be carried forward.
RESERVES AND INVESTMENT POLICY
The policy of the charity is to retain sufficient liquid resources and readily realisable investments to ensure sufficient funds are available to finance future Annual Shows.
RISK REVIEW
It is the policy of the charity to review Health and Safety issues relating to the Annual Show and appropriate insurance cover has been taken out to cover identified risks.
DIRECTORS' RESPONSIBILITIES
Company law requires the Members of Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the Members of Council are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the charity SORP 2019 (FRS102);
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make judgments and estimates that are reasonable and prudent;
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follow applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Members of Council are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.
Signed on 23[rd] March 2023 on behalf of Council
MS G. CLARK
3
ACCOUNTANTS’ REPORT TO THE MEMBERS ON THE UNAUDITED ACCOUNTS OF ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
(A Company limited by guarantee)
Independent Examiner’s Report to the Trustees of Orsett Horticultural and Agricultural Society
I report to the charity trustees on my examination of the accounts of the company for the year ended 31[st] December 2022 which are set out on pages 4 to 9.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
WAYNE SMITH FCCA ROWLAND HALL Chartered Certified Accountants 44/54 Orsett Road Grays Essex
5[th] April 2023
4
ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST DECEMBER 2022
Note £ Incoming Resources Income from Investments 2 Income of Annual Show 3 Total Incoming Resources Charitable Expenditure Expenditure of Annual Show 4 (118,797) Administrative Expenses 5 (7,500) Donations (3,400) ——— Net Movement in Funds for the Year Total Funds at 1stJanuary 2022 Total Funds at 31st December 2022 |
Unrestricted 2022 £ £ 58 100,412 ——— 100,470 (10,630) - (50) ——— (129,697) ——— (29,227) 102,581 ———— £73,354 ════ |
Unrestricted 2021 £ 8 526 ——— 534 (10,680) ——— (10,146) 112,727 ——— £102,581 ════ |
|---|---|---|
The company has no recognised gains or losses other than the profit or loss for the two periods ended 31[st] December 2022.
The profit or loss for the year has been calculated on the historical cost basis.
All the company's operations are classified as continuing.
The notes on pages 6 to 9 form part of these financial statements
5
ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
BALANCE SHEET
AS AT 31ST DECEMBER 2022
| Note | 2022 | 2021 | |
|---|---|---|---|
| £ £ |
£ £ |
||
| FIXED ASSETS | |||
| Tangible Assets | 6 | 250 | 500 |
| Investments | 7 | 13,000 | 13,000 |
| ———— | ———— | ||
| 13,250 | 13,500 | ||
| CURRENT ASSETS | |||
| Debtors | 8 | 919 | 4,201 |
| Cash at Bank | 60,698 | 86,580 | |
| ———— | ———— | ||
| 61,617 | 90,781 | ||
| CREDITORS- amounts falling due | |||
| within one year | 9 | 1,512 | 1,700 |
| ———— | ———— | ||
| NET CURRENT ASSETS | 60,105 | 89,081 | |
| ———— | ———— | ||
| NET ASSETS | £73,355 | £102,581 | |
| ════ | ════ | ||
| FUNDS - | |||
| Unrestricted Income Fund | 10 | £73,355 | £102,581 |
| ════ | ════ |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
For the year ending 31[st] December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
Approved on 23[rd] March 2023 and signed on behalf of the Council by
MRS A. WEST
Registered Company Number : 2729027
The notes on pages 6 to 9 form part of these financial statements
6
ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES
- a. Basis of Accounting
The financial statements 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 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, the companies Act 2006, and UK Generally Accepted Accounting Practice.
The Charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
The company is limited by guarantee and does not have a share capital. In the event of the winding up of the company, every member undertakes to contribute to the assets of the company a sum not exceeding one pound.
- b. Going Concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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c. Cash Flow
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The charitable company qualifies as a small company and advantage has been taken of the exemption provided by the SORP (FRS 102) as amended by Bulletin 1 not to prepare a cash flow statement.
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d. Incoming Resources
Incoming resources are recognised when receivable. Grants received are accounted for in the period to which they relate. Donations are recognised in the period in which they are received.
e. Resources
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i) Resources expended are recognised in the period in which they are incurred.
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ii) The Charity is not registered for VAT and all expenses are inclusive of VAT where appropriate.
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iii) Charitable activities expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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iv) Administrative expenses include those costs associated with meeting the constitutional and statutory requirements of the charity.
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f. Investments
Investments are included in the Balance Sheet at Cost. Unrealised gains or losses are not recognised unless in the opinion of the Council any loss is likely to be permanent.
- g. Creditors and Provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
- h. Fixed Assets
Fixed Assets are being depreciated over their estimated useful lives as follows:
Equipment, Fixtures and Fittings 33.3% pa on cost & 6 years on straight line
7
ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| 2. | INCOME FROM INVESTMENTS | ||
| Bank Deposit and Other Interest | £58 | £8 | |
| ═══ | ═══ | ||
| 3. | INCOME OF ANNUAL SHOW | ||
| Sponsorship | 24,970 | - | |
| Subscriptions VP/Craft Marquee/Horticultural Section/Hobbies & Handcrafts | 4,574 | 130 | |
| Horse Entry Fees | 2,940 | - | |
| Gate and Advance Sales | 47,315 | 50 | |
| Trade Stands/Catering Units | 19,874 | 346 | |
| Sundry Receipts | 739 | - | |
| ——— | ——— | ||
| £100,412 | £526 | ||
| ═══ | ═══ | ||
| 4. | EXPENDITURE OF ANNUAL SHOW | ||
| Rent | 1,075 | 1,400 | |
| Subscriptions | 111 | 61 | |
| Accountancy | 1,394 | 858 | |
| Insurances | 1,212 | 774 | |
| Printing, Postage, Stationery and Telephone | 1,221 | 1,247 | |
| Show Operational Costs | 61,150 | - | |
| Catering | 6,982 | - | |
| Grand Ring Displays | 16,150 | 1,413 | |
| Show Costs | 3,731 | 1,588 | |
| Event Management | 10,150 | 2,300 | |
| Competition Prizes and Presentations | 3,066 | - | |
| Professional Fees | 108 | - | |
| Advertising | 12,197 | 648 | |
| Sundry Expenses | - | 91 | |
| Depreciation | 250 | 250 | |
| ——— | ——— | ||
| £118,797 | £10,630 | ||
| ═══ | ═══ | ||
| 5. | ADMINISTRATIVE EXPENSES | ||
| Secretary's Honorarium | 2,250 | 750 | |
| Council Members Honorarium | 2,250 | 1,500 | |
| Other Honorarium | 3,000 | 750 | |
| ——— | ——— | ||
| £7,500 | £3,000 | ||
| ═══ | ═══ | ||
| External Examiners Fees | £1,394 | £- | |
| ═══ | ═══ |
The company does not have any employees and Members of Council do not receive any remuneration except those highlighted in note 11 Related Parties.
8
ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
6. TANGIBLE FIXED ASSETS
| 7. 8. 9. 10. |
Fixtures, Fittings & Equipment Cost At 1stJanuary 2022 and 31stDecember 2022 £1,829 ═══ Depreciation At 1stJanuary 2022 1,329 Charge for the year 250 ——— At 31stDecember 2022 £1,579 ═══ Net Book Value At 31stDecember 2022 £250 ═══ At 31st December 2021 £500 ═══ 2022 2021 £ £ INVESTMENTS Listed - As at 31stDecember 2022 - - Unlisted - At Cost as at 31stDecember 2021 and 31stDecember 2022 13,000 13,000 ——— ——— £13,000 £13,000 ═══ ═══ DEBTORS Other Debtors 464 - Prepayments and Accrued Income 455 4,201 ——— ——— £919 £4,201 ═══ ═══ CREDITORS- amounts falling due within one year Accruals and Deferred Income £1,512 £1,700 ═══ ═══ UNRESTRICTED INCOME FUND As at 31stDecember 2021 102,581 112,727 (Deficit) for the year (29,227) (10,146) ———— ———— As at 31stDecember 2022 £73,354 £102,581 ════ ════ |
|---|---|
9
ORSETT HORTICULTURAL AND AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
11. RELATED PARTIES
During the year amounts totalling £5,075 (2021 - £1,150) were each paid to Mrs A. West and Ms G. Clark, both directors of the company, for event management and show costs.
Honoraria:
Ms G. Clark received a secretary’s honorarium of £2,250 (2021 - £nil) Mrs A. West received a treasurer’s honorarium of £2,250 (2021 - £nil) Mrs J. Auger-Aers received a trade stand controller honorarium of £1,500 (2021 - £nil) Mrs P. Moore received a horse secretary’s honorarium of £1,500 (2021 - £nil)
Reimbursement of Expenses: Reimbursement of travel and stationery expenses to Mrs A. West amounted to £300 (2021 - £nil) Reimbursement of travel and stationery expenses to Ms G. Clark amounted to £849 (2021 - £nil)