REGISTERED COMPANY NUMBER: 02748260 (England and Wales) REGISTERED CHARITY NUMBER: 1021210
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
Duncan & Toplis Limited 14 London Road Newark Nottinghamshire NG24 1TW
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 10 |
| Detailed Statement of Financial Activities | 11 to 12 |
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the charity is to promote agriculture and to such end generally improve it in all branches and to encourage skill and industry in it and in all trades, crafts and professions connected with it. The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit in their review of the company's objective. The principle activity of the charity is to promote the Southwell and District Annual Ploughing Match and Agricultural Show.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the Society continued to promote its objectives by holding its annual show in Farnsfield. The trustees continue to pursue the Society's stated objectives.
FINANCIAL REVIEW
Financial position
The financial statements accompanying this report show a net deficit for the year amounting to £2,800 (2021 - net surplus £34,417) and total funds available at the year end of £266,027 (2021 - £268,827).
The Society made distributions of £7,500 to Nottinghamshire Young Farmers Club (2021 - £5,000).
Reserves policy
The reserves of the charity have been reviewed and it was concluded that in order to allow the charity to be managed efficiently and to provide a buffer in the event of cancellation of a future show or low attendance due to poor weather, the unrestricted funds not committed should equate to a minimum of one and a half years resource expenses. The end reserves are maintained in ready cash form to enable the Society to meet its capital and revenue expenditure.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Southwell & District Agricultural Society is a company limited by guarantee (as defined by Companies Act 2006) governed by its Memorandum and Articles of Association dated 25th August 1992. It is registered with the Charity Commission.
Organisational structure
General Committee
The General Committee of the Society has absolute control over the affairs and the property of the Society. The committee consists of the Chairman and Vice Chairman and until otherwise determined by the Society all other members of the Society excluding the Honorary Members.
Trustees
The day to day operation of the Society's activities is entrusted to the Trustees who report to the General Committee. The trustees are directors of the Company as well as its trustees in the terms of the Charities Act.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02748260 (England and Wales)
Registered Charity number
1021210
Registered office
14 London Road Newark Nottinghamshire NG24 1TW
Trustees
C M Collingham J P Jackson P I White
Page 1
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Company Secretary
Ms E Cross
Independent Examiner
Duncan & Toplis Limited 14 London Road Newark Nottinghamshire NG24 1TW
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.............................................................................. P I White - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
Independent examiner's report to the trustees of Southwell And District Agricultural Society ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's 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 charity'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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
Ian Phillips Duncan & Toplis Limited 14 London Road Newark Nottinghamshire NG24 1TW
Date: 27 February 2023
Page 3
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2,587 Charitable activities Annual show and dinner 193,624 Investment income 2 24 Total 196,235 EXPENDITURE ON Raising funds Raising donations and legacies 15,779 15,779 Charitable activities Annual show and dinner 183,256 Total 199,035 NET INCOME/(EXPENDITURE) (2,800) RECONCILIATION OF FUNDS Total funds brought forward 268,827 TOTAL FUNDS CARRIED FORWARD 266,027 |
2021 Total funds £ 3,500 160,210 659 |
|---|---|
| 164,369 | |
| - | |
| - 129,952 |
|
| 129,952 | |
| 34,417 234,410 |
|
| 268,827 |
The notes form part of these financial statements
Page 4
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
BALANCE SHEET 31 DECEMBER 2022
| 2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 2,283 CURRENT ASSETS Stocks 6 182 Debtors 7 1,440 Investments 8 184,460 Cash at bank 79,012 265,094 CREDITORS Amounts falling due within one year 9 (1,350) NET CURRENT ASSETS 263,744 TOTAL ASSETS LESS CURRENT LIABILITIES 266,027 NET ASSETS 266,027 FUNDS 10 Unrestricted funds 266,027 TOTAL FUNDS 266,027 |
2021 Total funds £ 2,854 182 5,999 80,239 182,075 268,495 (2,522) 265,973 268,827 268,827 268,827 268,827 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 5
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
BALANCE SHEET - continued
31 DECEMBER 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
P I White - Trustee
............................................. C M Collingham - Trustee
.............................................
J P Jackson - Trustee
The notes form part of these financial statements
Page 6
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Plant and machinery | - 20% on reducing balance |
|---|---|
| Computer equipment | - 20% on reducing balance |
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Deposit account interest | 24 | 108 |
| Julian Hodge interest | - | 551 |
| 24 | 659 |
continued...
Page 7
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 571 | 713 |
| Losses on revaluation of investments | 15,779 | - |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
5. TANGIBLE FIXED ASSETS
| 5. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Plant | and | Computer | |||
| machinery | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 January 2022 and 31 December 2022 | 3,534 | 5,167 | 8,701 | ||
| DEPRECIATION | |||||
| At 1 January 2022 | 1,614 | 4,233 | 5,847 | ||
| Charge for year | 384 | 187 | 571 | ||
| At 31 December 2022 | 1,998 | 4,420 | 6,418 | ||
| NET BOOK VALUE | |||||
| At 31 December 2022 | 1,536 | 747 | 2,283 | ||
| At 31 December 2021 | 1,920 | 934 | 2,854 | ||
| 6. | STOCKS | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Stocks | 182 | 182 | |||
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Prepayments and accrued income | 1,440 | 5,999 |
continued...
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SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
| 8. CURRENT ASSET INVESTMENTS Listed investments Julian Hodge account 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 10. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ 268,827 268,827 Incoming resources £ 196,235 196,235 At 1.1.21 £ 234,410 234,410 |
2022 £ 184,460 - 184,460 2022 £ 1,350 Net movement in funds £ (2,800) (2,800) Resources expended £ (199,035) (199,035) Net movement in funds £ 34,417 34,417 |
2021 £ - 80,239 80,239 2021 £ 2,522 At 31.12.22 £ 266,027 266,027 Movement in funds £ (2,800) (2,800) At 31.12.21 £ 268,827 268,827 |
|---|---|---|---|
continued...
Page 9
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 164,369 164,369 |
Resources Movement expended in funds £ £ (129,952) 34,417 (129,952) 34,417 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At At 1.1.21 in funds 31.12.22 £ £ £ 234,410 31,617 266,027 234,410 31,617 266,027 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 360,604 360,604 |
Resources Movement expended in funds £ £ (328,987) 31,617 (328,987) 31,617 |
|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
12. COMPANY LIMITED BY GUARANTEE
The charity is a company limited by membership guarantees.
Page 10
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 Unrestricted funds £ INCOME AND ENDOWMENTS Donations and legacies Sponsorship and donations 2,587 Investment income Deposit account interest 24 Julian Hodge interest - 24 Charitable activities Membership fees 723 Subscriptions 119 Advertising 730 Entry fees 6,705 Trade stands and craft fairs 18,812 Catalogue sales 3,000 Gate entry 114,642 Dog show 433 Farmers market 3,785 Dinner receipts 9,780 Barbeque receipts 7,387 Autumn dance receipts 22,620 Spring lunch 1,735 Spring ploughing match receipt 2,345 Produce auction 808 193,624 Total incoming resources 196,235 EXPENDITURE Investment activities Losses on revaluation of investments 15,779 Charitable activities Insurance 5,399 Commission charges 5,007 Printing 10,222 Postage and stationery 1,246 Dinner costs 9,451 Barbeque costs 6,980 Autumn dance costs 16,151 Show jumps, course and judge 220 Paramedics and first aid 2,026 Show day attractions 7,850 Security and car parking 1,947 Tents and other show day exp 28,992 Equipment hire and maintenance 42,053 Carried forward 137,544 |
2021 Total funds £ 3,500 108 551 |
|
|---|---|---|
| 659 1,610 - 220 7,337 16,893 2,648 107,924 421 3,000 - - 20,157 - - - |
||
| 160,210 | ||
| 164,369 - 4,932 4,840 8,621 876 518 - 15,704 164 1,550 5,309 9,407 16,496 26,045 94,462 |
||
This page does not form part of the statutory financial statements
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SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 Unrestricted funds £ Charitable activities Brought forward 137,544 Public address 2,430 Prize money 9,192 Catering and hospitality 2,117 Rosettes and trophies 4,998 Distributions to Notts YFC 7,500 Other distributions 5,310 Spring lunch 1,931 171,022 Support costs Management Accountancy fees 550 Advertising 90 Website alterations 798 Affiliation fees 193 Companies house fees 13 Secretarial costs 9,000 Secretary leaving gift - Computer and software costs 392 Plant and machinery 384 Computer equipment 187 11,607 Finance Bank charges 627 Total resources expended 199,035 Net income (2,800) |
2021 Total funds £ 94,462 2,430 8,665 1,310 4,069 5,000 - - |
|---|---|
| 115,936 480 90 2,045 86 48 9,000 1,242 305 480 233 |
|
| 14,009 7 |
|
| 129,952 | |
| 34,417 |
This page does not form part of the statutory financial statements
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