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 2024
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 2024
|
|
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 2024
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreportwiththe financial
statementsofthecharityfortheyearended31December2024.ThetrusteeshaveadoptedtheprovisionsofAccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectiveof the charityis to promoteagricultureand to such end generallyimproveit in all branchesand to encourageskill and industry in
it andin alltrades,craftsandprofessionsconnectedwithit.ThetrusteesconfirmthattheyhavereferredtotheCharityCommission's general
guidanceonpublicbenefitintheirreviewofthecompany'sobjective.TheprincipleactivityofthecharityistopromotetheSouthwell and
District Annual Ploughing Match and Agricultural Show.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
DuringtheyeartheSocietycontinuedtopromoteitsobjectivesbyholdingitsannualshowinFarnsfield.Thetrusteescontinuetopursue the
Society's stated objectives.
FINANCIAL REVIEW
Financial position
Thefinancialstatementsaccompanyingthisreportshowa net income/(deficit)forthe yearamountingto £25,226(2023- net income£6,037 )
and total funds available at the year end of £297,290 (2023- £272,064).
The Society made the following distributions in the year
£7,500 to Nottinghamshire Young Farmers Club (2023 - £7,500)
£5,000 to Stonebridge City Farm (2023 - ££5,000)
£3,000 to Rotary Southwell (2023 - £3,000)
£1,100 to Papyrus Prevention of Young Suicide
Breast Cancer Now (2023 - £1,792)
International Ploughing (2023 - £915).
Reserves policy
The reservesof the charityhave been reviewedand it was concludedthat in order to allowthe charityto be managed efficientlyand to provide
abufferintheeventofcancellationofafutureshoworlowattendanceduetopoorweather,theunrestrictedfundsnotcommitted should
equateto a minimumofoneand a halfyearsresourceexpenses.Theend reservesare maintainedin readycashformto enablethe Society to
meet its capital and revenue expenditure.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Southwell& DistrictAgriculturalSocietyis a companylimitedby guarantee(asdefinedby CompaniesAct2006)governedby its Memorandum
and Articles of Association dated 25th August 1992. It is registered with the Charity Commission.
Organisational structure
General Committee
TheGeneralCommitteeoftheSocietyhasabsolutecontrolovertheaffairsandthepropertyoftheSociety.Thecommitteeconsistsof 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 operationof the Society'sactivitiesis entrustedto the Trusteeswho 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
Page 1
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
Registered office
14 London Road
Newark
Nottinghamshire
NG24 1TW
Trustees
C M Collingham Farmer
J P Jackson Farm Manager
P I White Farmer
T J Hinchley
J B Ashworth
Company Secretary
S Tooley
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 2024.
Responsibilities and basis of report
As the charity'strusteesof the Company(and also its directorsfor the purposesof companylaw) you are responsiblefor the preparationof the
accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe2006Actandareeligible for
independentexamination,I reportin respectof my examinationof your charity'saccountsas carriedout under Section145 of the Charities Act
2011('the2011Act').In carryingoutmy examinationI havefollowedthe Directionsgivenby the CharityCommissionunderSection145(5) (b)
of the 2011 Act.
Independent examiner's statement
I have completedmy examination.I confirmthat no mattershave come to my attentionin connectionwith the examinationgiving 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)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattentionshouldbedrawnin this
report in order to enable a proper understanding of the accounts to be reached.
Simon Shaw
Duncan & Toplis Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW
Date: .............................................
Page 3
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
2024
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
7,308
Charitable activities
Annual show and dinner
211,328
Total
218,636
EXPENDITURE ON
Charitable activities
Annual show and dinner
208,375
Net gains on investments
14,783
NET INCOME
25,044
RECONCILIATION OF FUNDS
Total funds brought forward
272,064
TOTAL FUNDS CARRIED FORWARD
297,108 |
2023
Total
funds
£
5,407
205,476 |
|
210,883 |
|
218,582 |
|
13,736 |
|
6,037
266,027 |
|
272,064 |
The notes form part of these financial statements
Page 4
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
BALANCE SHEET 31 DECEMBER 2024
2024
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
4
1,461
CURRENT ASSETS
Stocks
5
-
Debtors
6
15,000
Investments
7
212,979
Cash at bank
83,417
311,396
CREDITORS
Amounts falling due within one year
8
(15,749)
NET CURRENT ASSETS
295,647
TOTAL ASSETS LESS CURRENT LIABILITIES
297,108
NET ASSETS
297,108
FUNDS
9
Unrestricted funds
297,108
TOTAL FUNDS
297,108 |
2023
Total
funds
£
1,827
182
1,320
198,196
71,838 |
|
271,536
(1,299) |
|
270,237 |
|
272,064 |
|
272,064 |
|
272,064 |
|
272,064 |
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006fortheyear ended
31 December 2024.
The members have not required the companyto obtain an audit of its financialstatementsfor the year ended 31 December2024 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)preparingfinancialstatementswhichgiveatrueandfairviewofthestateofaffairsofthecharitablecompanyasattheendof each
financialyearandofitssurplusordeficitforeachfinancialyearinaccordancewiththerequirementsofSections394and395 and
whichotherwisecomplywiththe requirementsof the CompaniesAct 2006relatingto financialstatements,so far as applicableto the
charitable company.
The notes form part of these financial statements
continued...
Page 5
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
BALANCE SHEET - continued 31 DECEMBER 2024
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitablecompaniessubjecttothe small
companies regime.
Thefinancialstatementswereapprovedby the BoardofTrusteesand authorisedforissueon .............................................and weresigned 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 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunder FRS 102,have been preparedin accordance
with the CharitiesSORP(FRS 102) 'Accountingand Reportingby Charities:Statementof RecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,itisprobablethat the
income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthecharityto that
expenditure,it is probablethat a transferof economicbenefitswill be requiredin settlementand the amountof the obligationcan be
measuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitieson 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.
Restrictedfunds can only be used for particularrestrictedpurposeswithinthe objectsof the charity.Restrictionsarise 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. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
2024 |
2023 |
|
£ |
£ |
Depreciation - owned assets |
366 |
456 |
continued...
Page 7
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
3. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2024norfortheyear ended
31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
4. TANGIBLE FIXED ASSETS
5.
6.
7.
Plant and
Computer
machinery
equipment
Totals
£
£
£
COST
At 1 January 2024 and 31 December 2024
3,534
5,167
8,701
DEPRECIATION
At 1 January 2024
2,305
4,569
6,874
Charge for year
246
120
366
At 31 December 2024
2,551
4,689
7,240
NET BOOK VALUE
At 31 December 2024
983
478
1,461
At 31 December 2023
1,229
598
1,827
STOCKS
2024
2023
£
£
Stocks
-
182
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade debtors
15,000
-
Prepayments and accrued income
-
1,320
15,000
1,320
CURRENT ASSET INVESTMENTS
2024
2023
£
£
Listed investments
212,979
198,196 |
Totals
£
8,701
6,874
366
7,240
1,461
1,827
2023
£
182
2023
£
-
1,320 |
Totals
£
8,701
6,874
366
7,240
1,461
1,827
2023
£
182
2023
£
-
1,320 |
|
|
6,874
366 |
|
|
7,240 |
|
|
1,461 |
|
|
1,827 |
|
|
2023
£
182 |
|
|
2023
£
-
1,320 |
|
|
1,320 |
continued...
Page 8
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accrued expenses
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
Unrestricted funds
General fund
TOTAL FUNDS |
2024
2023
£
£
15,000
-
749
1,299
15,749
1,299
Net
movement
At
At 1.1.24
in funds
31.12.24
£
£
£
272,064
25,044
297,108
272,064
25,044
297,108
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
218,636
(208,375)
14,783
25,044
218,636
(208,375)
14,783
25,044
Net
movement
At
At 1.1.23
in funds
31.12.23
£
£
£
266,027
6,037
272,064
266,027
6,037
272,064
as follows:
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
210,883
(218,582)
13,736
6,037
210,883
(218,582)
13,736
6,037 |
2024
2023
£
£
15,000
-
749
1,299
15,749
1,299
Net
movement
At
At 1.1.24
in funds
31.12.24
£
£
£
272,064
25,044
297,108
272,064
25,044
297,108
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
218,636
(208,375)
14,783
25,044
218,636
(208,375)
14,783
25,044
Net
movement
At
At 1.1.23
in funds
31.12.23
£
£
£
266,027
6,037
272,064
266,027
6,037
272,064
as follows:
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
210,883
(218,582)
13,736
6,037
210,883
(218,582)
13,736
6,037 |
2023
£
-
1,299 |
|
|
|
1,299 |
|
|
6,037 |
|
9. MOVEMENT IN FUNDS
continued...
Page 9
SOUTHWELL AND DISTRICT AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
9. 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 1.1.23
in funds
31.12.24
£
£
£
266,027
31,081
297,108
266,027
31,081
297,108 |
Net
movement
At
At 1.1.23
in funds
31.12.24
£
£
£
266,027
31,081
297,108
266,027
31,081
297,108 |
|
|
297,108 |
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
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
429,519
(426,957)
28,519
31,081
429,519
(426,957)
28,519
31,081 |
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
429,519
(426,957)
28,519
31,081
429,519
(426,957)
28,519
31,081 |
|
|
31,081 |
10. RELATED PARTY DISCLOSURES
Charitable activities with the trustees during the year totalled £2,370 (2023 £2,770).
11. 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 2024
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024 |
|
|
|
2024 |
2023 |
|
Unrestricted |
Total |
|
funds |
funds |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Sponsorship and donations |
7,308 |
5,407 |
Charitable activities |
|
|
Membership fees |
980 |
741 |
Advertising |
2,700 |
410 |
Entry fees |
9,561 |
9,196 |
Trade stands and craft fairs |
25,459 |
28,798 |
Catalogue sales |
1,296 |
3,065 |
Gate entry |
119,806 |
115,627 |
Farmers market |
5,054 |
6,286 |
Dinner receipts |
12,581 |
13,810 |
Barbeque receipts |
6,361 |
8,381 |
Autumn dance receipts |
23,672 |
17,230 |
Spring ploughing match receipt |
2,760 |
950 |
Produce auction |
1,098 |
982 |
|
211,328 |
205,476 |
Total incoming resources |
218,636 |
210,883 |
EXPENDITURE |
|
|
Charitable activities |
|
|
Insurance |
12,489 |
8,395 |
Commission charges |
4,731 |
5,569 |
Printing |
9,798 |
8,528 |
Postage and stationery |
1,953 |
2,541 |
Dinner costs |
10,560 |
11,198 |
Barbeque costs |
5,697 |
8,031 |
Autumn dance costs |
20,002 |
12,399 |
Show jumps, course and judge |
2,085 |
4,045 |
Paramedics and first aid |
2,904 |
4,256 |
Show day attractions |
12,898 |
11,920 |
Security and car parking |
5,153 |
2,792 |
Tents and other show day exp |
27,803 |
27,425 |
Equipment hire and maintenance |
48,820 |
56,349 |
Public address |
2,430 |
2,430 |
Prize money |
6,258 |
8,973 |
Catering and hospitality |
3,141 |
2,704 |
Rosettes and trophies |
3,638 |
5,260 |
Distributions to charities |
13,600 |
18,207 |
Spring lunch |
2,484 |
10 |
|
196,444 |
201,032 |
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 2024
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024 |
|
|
|
2024 |
2023 |
|
Unrestricted |
Total |
|
funds |
funds |
|
£ |
£ |
Support costs |
|
|
Management |
|
|
Accountancy fees |
1,170 |
815 |
Website alterations |
478 |
3,365 |
Affiliation fees |
259 |
355 |
Secretarial costs |
9,000 |
11,250 |
Plant and machinery |
246 |
691 |
Computer equipment |
120 |
336 |
|
11,273 |
16,812 |
Finance |
|
|
Bank charges |
658 |
738 |
Total resources expended |
208,375 |
218,582 |
Net income before gains and losses |
10,261 |
(7,699) |
Realised recognised gains and losses |
|
|
Realised gains/losses on investments |
14,783 |
13,736 |
Net income |
25,044 |
6,037 |
This page does not form part of the statutory financial statements
Page 12