**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 2023**
## **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 2023**
|||**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 2023**
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 2023. 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 income/(deficit) for the year amounting to £6,037 (2022 - net deficit £2,800) and total funds available at the year end of £272,064 (2022- £266,027). The Society made the following distributions in the year £7,500 to Nottinghamshire Young Farmers Club (2022 - £7,500) £5,000 to Stonebridge City Farm (2022 - £0) £3,000 to Rotary Southwell (2022 - £0) £1,792 to Breast Cancer Now (2022 - £0) £915 to International Ploughing (2022 - £0).
## **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
Page 1
**SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Trustees**
C M Collingham Farmer J P Jackson Farm Manager P I White Farmer T J Hinchley (appointed 6.3.23) J B Ashworth (appointed 6.3.23)
## **Company Secretary**
Ms S Tooley
## **Independent Examiner**
Duncan & Toplis Limited 14 London Road Newark Nottinghamshire NG24 1TW
Approved by order of the board of trustees on 6 March 2024 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 2023.
## **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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts 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 accounts 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 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.
Rachel Rudkin
Duncan & Toplis Limited 14 London Road Newark Nottinghamshire NG24 1TW
6 March 2024
Page 3
**SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|2023
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
5,407
**Charitable activities**
Annual show and dinner
205,476
Investment income
2
-
**Total**
210,883
**EXPENDITURE ON**
**Raising funds**
Raising donations and legacies
(13,736)
(13,736)
**Charitable activities**
Annual show and dinner
218,582
**Total**
204,846
**NET INCOME/(EXPENDITURE)**
6,037
**RECONCILIATION OF FUNDS**
Total funds brought forward
266,027
**TOTAL FUNDS CARRIED FORWARD**
272,064|2022
Total
funds
£
2,587
193,624
24
196,235
15,779
15,779
183,256
199,035
(2,800)
268,827
266,027|
|---|---|
The notes form part of these financial statements
Page 4
**SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY**
## **BALANCE SHEET 31 DECEMBER 2023**
|2023
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
5
1,827
**CURRENT ASSETS**
Stocks
6
182
Debtors
7
1,321
Investments
8
198,196
Cash at bank
71,838
271,537
**CREDITORS**
Amounts falling due within one year
9
(1,300)
**NET CURRENT ASSETS**
270,237
**TOTAL ASSETS LESS CURRENT LIABILITIES**
272,064
**NET ASSETS**
272,064
**FUNDS**
10
Unrestricted funds
272,064
**TOTAL FUNDS**
272,064|2022
Total
funds
£
2,283
182
1,440
184,460
79,012
265,094
(1,350)
263,744
266,027
266,027
266,027
266,027|
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 2023**
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 6 March 2024 and were signed on its behalf by:
P I White - Trustee
C M Collingham - Trustee
J P Jackson - Trustee
J B Ashworth - Trustee
T J Hinchley - 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 2023**
## **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**
|**INVESTMENT INCOME**||||
|---|---|---|---|
||2023||2022|
||£||£|
|Deposit account interest||-|24|
continued...
Page 7
**SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **3. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||2023|2022|
|---|---|---|
||£|£|
|Depreciation - owned assets|456|571|
|Surplus/(deficit) on disposal of fixed assets|(13,736)|15,779|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **5. TANGIBLE FIXED ASSETS**
|**5.**|**TANGIBLE FIXED ASSETS**||||
|---|---|---|---|---|
|||Plant and|Computer||
|||machinery|equipment|Totals|
|||£|£|£|
||**COST**||||
||At 1 January 2023 and 31 December 2023|3,534|5,167|8,701|
||**DEPRECIATION**||||
||At 1 January 2023|1,998|4,420|6,418|
||Charge for year|307|149|456|
||At 31 December 2023|2,305|4,569|6,874|
||**NET BOOK VALUE**||||
||At 31 December 2023|1,229|598|1,827|
||At 31 December 2022|1,536|747|2,283|
|**6.**|**STOCKS**||||
||||2023|2022|
||||£|£|
||Stocks||182|182|
|**7.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
||||2023|2022|
||||£|£|
||Prepayments and accrued income||1,321|1,440|
continued...
Page 8
**SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
|**8.**
**CURRENT ASSET INVESTMENTS**
Listed investments
**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**
Comparative net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.23
£
266,027
266,027
Incoming
resources
£
210,883
210,883
At 1.1.22
£
268,827
268,827
Incoming
resources
£
196,235
196,235|2023
£
198,196
2023
£
1,300
Net
movement
in funds
£
6,037
6,037
Resources
expended
£
(204,846)
(204,846)
Net
movement
in funds
£
(2,800)
(2,800)
Resources
expended
£
(199,035)
(199,035)|2022
£
184,460
2022
£
1,350
At
31.12.23
£
272,064
272,064
Movement
in funds
£
6,037
6,037
At
31.12.22
£
266,027
266,027
Movement
in funds
£
(2,800)
(2,800)|
|---|---|---|---|
continued...
Page 9
**SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **10. MOVEMENT IN FUNDS - continued**
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 1.1.22
in funds
31.12.23
£
£
£
268,827
3,237
272,064
268,827
3,237
272,064|Net
movement
At
At 1.1.22
in funds
31.12.23
£
£
£
268,827
3,237
272,064
268,827
3,237
272,064|
|---|---|---|
|||272,064|
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
£
407,118
407,118|Resources
Movement
expended
in funds
£
£
(403,881)
3,237
(403,881)
3,237|Resources
Movement
expended
in funds
£
£
(403,881)
3,237
(403,881)
3,237|
|---|---|---|---|
||||3,237|
## **11. RELATED PARTY DISCLOSURES**
Donations to the charity from trustees during the year totalled £2,770 (2022 £520).
## **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 2023**
|2023
Unrestricted
funds
£
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Sponsorship and donations
5,407
**Investment income**
Deposit account interest
-
**Charitable activities**
Membership fees
741
Subscriptions
-
Advertising
410
Entry fees
9,196
Trade stands and craft fairs
28,798
Catalogue sales
3,065
Gate entry
115,627
Dog show
-
Farmers market
6,286
Dinner receipts
13,810
Barbeque receipts
8,381
Autumn dance receipts
17,230
Spring lunch
-
Spring ploughing match receipt
950
Produce auction
982
205,476
**Total incoming resources**
210,883
**EXPENDITURE**
**Raising donations and legacies**
Gains/losses on investment
(13,736)
**Charitable activities**
Insurance
8,395
Commission charges
5,569
Printing
8,528
Postage and stationery
2,541
Dinner costs
11,198
Barbeque costs
8,031
Autumn dance costs
12,399
Show jumps, course and judge
4,045
Paramedics and first aid
4,256
Show day attractions
11,920
Security and car parking
2,792
Tents and other show day exp
27,425
Equipment hire and maintenance
56,349
Public address
2,430
Prize money
8,973
Carried forward
174,851|2022
Total
funds
£
2,587
24
723
119
730
6,705
18,812
3,000
114,642
433
3,785
9,780
7,387
22,620
1,735
2,345
808|
|---|---|
||193,624|
||196,235
15,779
5,399
5,007
10,222
1,246
9,451
6,980
16,151
220
2,026
7,850
1,947
28,992
42,053
2,430
9,192
149,166|
This page does not form part of the statutory financial statements
Page 11
**SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|2023
Unrestricted
funds
£
**Charitable activities**
Brought forward
174,851
Catering and hospitality
2,704
Rosettes and trophies
5,260
Distributions to Notts YFC
18,207
Other distributions
-
Spring lunch
10
201,032
**Support costs**
**Management**
Accountancy fees
815
Advertising
-
Website alterations
3,365
Affiliation fees
355
Companies house fees
-
Secretarial costs
11,250
Computer and software costs
-
Plant and machinery
691
Computer equipment
336
16,812
**Finance**
Bank charges
738
Total resources expended
204,846
**Net income**
6,037|2022
Total
funds
£
149,166
2,117
4,998
7,500
5,310
1,931
171,022
550
90
798
193
13
9,000
392
384
187
11,607
627
199,035
(2,800)|
|---|---|
This page does not form part of the statutory financial statements
Page 12