Registered Charity No. 1014974 Company No. 2756660
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION
A COMPANY LIMITED BY GUARANTEE UNAUDITED REPORT AND FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31 OCTOBER 2023
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION
A COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
CONTENTS
| Pages | |
|---|---|
| Directors and Legal Advisors | 1-2 |
| Directors' Report | 3-4 |
| Independent Examiners' Report | 5 |
| Income and Expenditure Account | 6 |
| Balance Sheet | 7 |
| Statement of Financial Activities | 8 |
| Notes to the Accounts | 9-16 |
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023
Directors:-
| BEARNS | Sarah | |
|---|---|---|
| BLACKMAN | Angela | |
| BOUNDY | Kenneth Walter | |
| BOWDEN | Katie Claire | |
| BOWDEN | Sarah Jane | |
| BRAUND | Graham Ross | |
| BRAUND | Stephen William | |
| BRIDGMAN | Barnaby Samuel | (Appointed 26/01/2023) |
| BRITTON | Jonathan Mark | |
| BROMELL | Mark | |
| BUCKPITT | Christine | |
| CLEAVE | Nigel | |
| COLE | Robert | |
| COTTLE | Paul | |
| DAW | James Edward | |
| DENNIS | Jonathan William | |
| DENNIS | Mark James | |
| DENNIS | Timothy | |
| FURSE | Nicholas Charles | |
| GRIFFIN | Roy | |
| GRIGG | Winston | |
| GRILLS | Anthony | |
| HAWKING | Philip John | |
| HOBBS | Jonathan | |
| HODGESON | Wendy Elizabeth | |
| HUTCHINGS | Arthur Keith | |
| JAMES | Rosemary | |
| JOHNS | Glen | |
| LEY | John Guy | |
| LUCAS | Lisa | |
| MARTYN | Andrew John | |
| MEDLAND | Andrew John | |
| MEDLAND | Herbert John | |
| MILL | Martyn John | |
| MITCHELL | Adrian Russell | |
| NANCEKIVELL | Roland | |
| NORTHCOTT | William Mark | |
| PETHERICK | Owen | |
| PILLMAN | Richard | |
| PRIEST | Robert | |
| REED | Philip Henry | |
| ROLINSON | Ian | |
| ROWLANDS | David | |
| SHEPARD | John Richard | |
| STANLAKE | Katy | |
| SYMONS | Royston | |
| VANSTONE | William John | |
| WARD | Timothy |
1
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023
Secretary:- Mrs Fiona Cleave (Appointed 01/11/2022) Bankers:- National Westminster Bank Plc 14 Westgate Street Launceston Cornwall PL15 7AG Solicitors:- Messrs Peter, Peter & Wright 8 Fore Street Holsworthy Devon EX22 6EB Accountants:- Azets 1 Fry Street Holsworthy Devon EX22 6DY Registered Office:- Higher Pigsdon Farm Launcells Bude Cornwall EX23 9LQ
2
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION
DIRECTORS REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present their report and accounts for the year ended 31 October 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 of the accounts and company with the Companies Act 2006 and ''Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account in accordance with the financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)'' (as amended for accounting periods commencing from 1 January 2016).
Constitution and Organisational structure
The charity is a charitable company limited by guarantee, incorporated on 16 October 1992. It is governed by a memorandum and articles of association dated 16 October 1992. Its objectives are the holding of an agricultural show and the promotion of agriculture and horticulture.
The directors control the Association and make decisions which are put into effect under the supervision of appropriate sub-committees.
The secretary carries out the administrative duties of the Association.
Directors and their Interests
The members of the Association are directors for the purposes of company law and trustees for the purposes of charity law. No directors hold shares but they have all guaranteed to pay £1.00 in the event of the Association ceasing and there being a deficit. The trustees are appointed by a democratic process.
Principle Activities and Objectives
The principle activity of the Association is the holding of a annual local agricultural show for the benefit of the public in the local and surrounding areas.
The Charity makes use of around 90 volunteers who assist at the show. The trustees are very grateful for their support.
Future Strategies
The association plans to continue to hold the annual agricultural show in the Holsworthy area.
Results and Achievements
The results for the year are as stated in the attached financial statements. A net surplus of £23,129 was incurred this year (2022: £23,776 surplus).
During the year the Charity received bank interest totalling £7,317 (2022: £1,839)
3
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION
DIRECTORS REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
Reserves
These are held at a level which enables the Association to carry out its objectives. Reserves are also being held for the potential purchase of land, being the carparking fields which the Association currently rent on a long term basis.
The holding of adequate reserves is considered to protect the Association against all perceived risks.
Public Benefit
In planning their activities for the year, the trustees have kept in mind the Charity Commission's guidance on public benefit and have followed this guidance to demonstrate the charitable aims are for public benefit.
ON BEHALF OF THE BOARD
Mrs S Bearns Director Dated 29.11.23 Mr I Rolinson Director Dated 29.11.23
4
INDEPENDENT EXAMINERS REPORT TO THE MEMBERS OF HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION
I report to the Directors on my examination of the accounts of Holsworthy and Stratton Agricultural Association (the Charity) for the year ended 31 October 2023.
Responsibilities and basis of report
As Directors of the Charity 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 Charity 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 the Charity's account carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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:
-
1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
2 the account do not accord with those records; or
-
3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the account give a true and fair view which is not a matter considered as part of an independent examination; or
-
4 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 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.
Mrs Elizabeth Smith Date: 29.11.23 ACA, FCCA, CTA Azets Accountants 1 Fry Street Holsworthy Devon EX22 6DY
5
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023
| NOTE TURNOVER 10 Cost of sales 11 GROSS SURPLUS Other operating Income 10 Compensation 10 TOTAL INCOME Administrative expenses 12 Other operating costs 12 TOTAL EXPENDITURE OPERATING SURPLUS Other interest receivable and similar income 9 SURPLUS FOR THE FINANCIAL YEAR RETAINED SURPLUS FOR THE YEAR FUND BALANCE AT 1 NOVEMBER 2022 FUND BALANCE AT 31 OCTOBER 2023 |
Total Total Unrestricted Unrestricted 2023 2022 £ £ 112,798 110,199 (70,482) (59,998) |
|---|---|
| 42,317 50,201 |
|
| 557 400 324 - |
|
| 43,198 50,601 |
|
| (16,559) (18,845) (10,827) (9,860) |
|
| (27,386) (28,705) |
|
| 15,812 21,896 7,317 1,880 |
|
| 23,129 23,776 |
|
| 23,129 23,776 702,793 679,017 |
|
| 725,922 702,793 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
6
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION BALANCE SHEET AS AT 31 OCTOBER 2023
| Note Fixed Assets Tangible assets 3 Current Assets Stock Debtors 4 Investments 5 Cash at bank and in hand 6 Creditors: Amounts falling due within one year 7 Net Current Assets Creditors: Amounts falling due after one year Net Assets Capital and Reserves General Unrestricted Fund Total Reserves |
2023 £ 400,433 400,433 1,179 26 242,509 83,676 327,390 (1,900) 325,490 - 725,922 725,922 725,922 |
2022 £ 391,234 |
|---|---|---|
| 391,234 1,136 400 235,982 77,207 |
||
| 314,725 (3,165) |
||
| 311,560 | ||
| - 702,793 |
||
| 702,793 | ||
| 702,793 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2023. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.
The Directors responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accounts were approved by the Directors on 29.11.23
Mrs S Bearns Director
Mr I Rolinson Director
The annexed notes form part of these accounts.
7
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2023
| Notes Incoming Resources Activities in furtherance of Charities objectives 10 Activities for Generating Funds 10 Investment Income 9 Other incoming resources Total Incoming Resources Charitable Expenditure Cost of Holding Show 11 Management and Administration 12 Total Resources Expended Net income/(expenditure) for the year before transfers Fund balance at 1 November 2022 Fund balance at 31 October 2023 |
General Unrestricted 2023 £ 112,798 881 7,317 - 120,996 70,482 27,386 97,867 23,129 702,793 725,922 |
General Unrestricted 2022 £ 110,199 400 1,880 - |
|---|---|---|
| 112,479 | ||
| 59,998 28,705 |
||
| 88,703 | ||
| 23,776 679,017 |
||
| 702,793 |
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
8
1 ACCOUNTING POLICIES
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION
NOTES TO THE ACCOUNTS - YEAR ENDED 31 OCTOBER 2023
Charity information
Holsworthy and Stratton Agricultural Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Higher Pigsdon Farm, Launcells, Bude Cornwall, EX23 9LQ.
1.1 Accounting convention
The accounts have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going Concern
At the time of approving the accounts, the Directors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable Funds
Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives unless the funds have been designated for other purposes.
1.4 Incoming resources
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
9
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS - YEAR ENDED 31 OCTOBER 2023
1.5 Resources expended
All expenditure is recognised on an accruals basis as a liability occurs and there is a legal or constructive obligation committing the charity to pay out the expenditure. Expenditure includes VAT that cannot be fully recovered and is reported as part of the expenditure to which it relates.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
| Freehold land and buildings | No Depreciation |
|---|---|
| Property improvements | 50% straight line (field tracks only) |
| Trophies | No Depreciation |
| Fixtures and Fittings | No Depreciation |
| Office Equipment and Website | 20% of cost |
The freehold buildings, property improvements (excluding field tracks), trophies and fixtures are not depreciated contrary to the Financial Reporting Standard for Smaller Entities as in the opinion of the directors the net book value is such that no depreciation is required and the effect of this departure is not material.
1.7 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
1.7 Stock
Stock is valued at the lower of cost and net realisable value.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
10
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS - YEAR ENDED 31 OCTOBER 2023
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
2 OPERATING SURPLUS
| This is stated after charging: Depreciation of owned assets |
2023 2022 £ £ - 133 |
|---|---|
3 TANGIBLE FIXED ASSETS
| Cost/Valuation 1 November 2022 Additions Disposals As at 31 October 2023 Depreciation 1 November 2022 Charge for year As at 31 October 2023 Net Book Value At 31 October 2023 At 31 October 2022 |
Land & Buildings £ 300,788 9,199 - |
Improvements £ 77,973 - - |
Trophies £ 11,411 - - |
Fixtures, Fittings, Tools & Equipment £ 15,397 - |
Office Equipment and website Total £ £ 6,526 412,095 - 9,199 - - |
|
|---|---|---|---|---|---|---|
| 309,987 | 77,973 | 11,411 | 15,397 | 6,526 421,294 |
||
| - - |
14,335 - |
- - |
- - |
6,526 20,861 - - |
||
| - | 14,335 | - | - | 6,526 20,861 |
||
| 309,987 | 63,638 | 11,411 | 15,397 - |
0 400,433 |
||
| 300,788 | 63,638 | 11,411 | 15,397 - |
0 391,234 |
11
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS - YEAR ENDED 31 OCTOBER 2023
| 4 | DEBTORS - ALL RECEIVABLE WITHIN ONE YEAR | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Trade debtors | 26 | 400 | |
| Prepayments | - | - | |
| 26 | 400 | ||
| 5 | INVESTMENTS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Investments | 242,509 | 235,982 | |
| 6 | CASH AT BANK AND IN HAND | ||
| Current and Reserve Account | 83,676 | 77,207 | |
| Cash in hand | - | - | |
| 83,676 | 77,207 | ||
| 7 | CREDITORS - AMOUNTS FALLING DUE WITHIN ONE | YEAR | |
| Other creditors | 115 | 1,835 | |
| Accruals | 1,475 | 1,330 | |
| Income received in advance | 310 | - | |
| 1,900 | 3,165 |
8 CONTROL
The company was controlled throughout this and the previous year by its directors. The present directors are as listed on page 1.
9 INVESTMENT INCOME
| All UK Investments Interest receivable |
7,317 1,880 |
|---|---|
12
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS - YEAR ENDED 31 OCTOBER 2023
10 INCOMING RESOURCES
Activities in furtherance of the Charity's objectives
| Entry Fees: Livestock Trade Sponsorship & Donations Gate Money & advanced ticket sales incl membership Food Premiums Bar Sales See note 13 Activities for generating funds Grass keep and rent Bank compensation |
2023 2022 £ £ 3,189 2,632 24,247 27,589 |
|---|---|
| 27,436 30,221 8,157 9,848 58,997 53,754 7,729 4,125 10,479 12,252 |
|
| 112,798 110,200 |
|
| 557 400 324 |
|
| 881 400 |
|
| 113,679 110,600 |
13
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS - YEAR ENDED 31 OCTOBER 2023
11 RESOURCES EXPENDED
| RESOURCES EXPENDED | |
|---|---|
| Cost of holding agricultural show Rosettes & prize money Hire of marquees etc. incl power supply equipment Show day catering Hire of labour & other equipment Hire of toilets Medical attendence Shuttle bus hire Advertising Office expenses including printing Website & software costs incl E-ticket solutions Depreciation of office equipment and website Sundry expenses Bar Purchases & other costs See note 13 Attractions Gate & traffic stewards fee incl security Judges expenses Water Flower tent Stripe fees |
2023 2022 £ £ 7,650 6,848 24,622 22,755 2,758 3,194 2,399 701 4,374 3,252 2,520 2,890 1,400 1,200 1,771 1,235 4,277 4,686 5,241 4,631 - 133 854 162 2,979 3,509 5,948 2,474 1,616 1,412 191 163 261 52 940 700 683 - |
| 70,482 59,998 |
14
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS - YEAR ENDED 31 OCTOBER 2023
12 MANAGING AND ADMINISTERING THE CHARITY
| ADMINISTERING THE CHARITY Secretarial services Secretary retainer fee Association of Show & Agricultural conference fees Telephone Accountancy and payroll Legal & professional OTHER EXPENSES Rent & Rates Insurances Repairs and Maintenance Donations |
2023 2022 £ £ 13,000 15,341 - - - - 534 987 3,025 1,792 - 725 |
|---|---|
| 16,559 18,845 |
|
| 1,400 1,800 2,938 3,083 5,690 4,573 799 404 |
|
| 10,827 9,860 |
|
| 27,386 28,705 |
The directors were not remunerated during the above two years.
No employee earned more than £60,000 per annum for either of the above 2 years.
| 13 BAR PROFIT AND LOSS ACCOUNT Bar Sales Opening Stock Bar Purchases Closing Stock Net Profit |
2023 2022 £ £ 10,479 12,252 |
|---|---|
| 40 350 2,939 3,199 - (40) |
|
| 2,979 3,509 |
|
| 7,500 8,743 |
14 Trustee Expenses
No trustees are paid expenses other than the secretary's secretarial fees disclosed in note 12.
15
HOLSWORTHY AND STRATTON AGRICULTURAL ASSOCIATION NOTES TO THE ACCOUNTS - YEAR ENDED 31 OCTOBER 2023
15 There were no disclosable related party transactions during the year (2022 - none)
16