**Charity Registration No. 1024609** **Company Registration No. 02837831 (England and Wales)** **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Ms M Bowden Mr C P Fairweather The Honourable T A S Phillimore Ms J E Spooner Mr G R S Champion Mr P J F Webb **Secretary** Mr C P Fairweather **Charity number** 1024609 **Company number** 02837831 **Registered office** 50 New Street Henley-On-Thames Oxfordshire United Kingdom RG9 2BX **Independent examiner** Azets Audit Services Suites B & D Burnham Yard Beaconsfield Bucks HP9 2JH ## **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3 - 4| |Statement of financial activities|5| |Balance sheet|6| |Notes to the financial statements|7 - 14| ## **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ The trustees present their report and financial statements for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply 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) ## **Objectives and activities** The charity's objects are that of the promotion and improvement of agriculture, horticulture and the breeding and rearing of livestock in the Henley and surrounding area. In so far as the income cannot be applied in this way it may be applied in the support of other charities that work with the disadvantaged and disabled through the use of agriculture, horticulture and / or animals. ## **Public Benefit** The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Charitable Activities** On an annual basis, the Association holds a number of events including The Henley Show, Sheepdog Trial and a Ploughing Match. The events attract large numbers of visitors, and during these events popular agricultural and livestock competitions take place that promote high standards of animal welfare and practice, as well as increasing public awareness of farming in Henley and the surrounding area. ## **Achievements and performance** The Association has held the following two events during the year: Henley Show Ploughing Match Attendance at these events was approximately 20,000 and the popular agricultural and livestock competitions that take place continue to promote high standards of animal welfare as well as increasing public awareness of farming and related activities in the Henley area. For various reasons The Association was unable to hold the Sheepdog Trial in 2021. ## **Financial review** A surplus of £14,789 (2020 deficit of £1,211) is recorded in the financial statements. The company is limited by guarantee and therefore has no share capital. As part of the "Business and Development" planning a Reserves policy has been drawn up: Unrestricted Reserve - to build up enough funds to cover the annual running costs of the Henley Show in the event of its cancellation. The running costs are approximately £150,000. In the financial statements, all items are included under 'Unrestricted Reserves' as they are not subject to restrictions under law. ## **Risk Management** The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. - 1 - ## **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **Structure, governance and management** The charity is a company limited by guarantee with company number 2837831. The company was established under a Memorandum and Articles of Association dated 12 July 1993. The charitable company is registered as a charity with the Charity Commission and has been assigned the number 1024609. ## **Trustees** The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Ms M Bowden Mr C P Fairweather The Honourable T A S Phillimore Ms J E Spooner Mr G R S Champion Mr P J F Webb ## **Recruitment and appointment of trustees** Eligibility for membership of the charity, and membership of the Board of Trustees, is governed by the Memorandum and Articles of Association. The Trustees are appointed at the charity's Annual General Meeting and retire from office at the third AGM following the AGM at which they were elected. Any casual vacancy arising during the year is filled by the cooption of a person on the board; that person is then duly elected at the subsequent Annual General Meeting. At the AGM, one third retire but are eligible for reappointment. The trustees' r eport was approved by the Board of Trustees. ## **Mr C P Fairweather** Trustee Dated: 16 March 2022 - 2 - ## **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** I report to the trustees on my examination of the financial statements of Henley and District Agricultural Association Limited (the charity) for the year ended 31 December 2021. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements 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 financial statements 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 - matter of concern identified** I have completed my examination. I have identified a matter of concern in my report surrounding a one off isolated incident in the year, During the year under a review a large cash sum was withdrawn from the bank. The cash was not initially counted at the time of the withdrawal. A subsequent count undertaken at the Charity’s offices identified a £1,000 shortfall compared to the amount withdrawn. The bank was immediately contacted about the discrepancy on the presumption that there had been a bank error relating to the issue of the cash. However, the bank has denied that any such error occurred. The cash shortfall has been written off to the Statement of Financial Activities in the year. The Charity has submitted a Serious Incident Report to the Charity Commission in relation to this matter, and the Trustees have confirmed that they have reviewed their procedures to ensure that such an error cannot occur again in the future. I confirm that no other 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 financial statements do not accord with those records; or - 3 the financial statements 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 financial statements 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). - 3 - ## **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** I confirm that there are 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 financial statements to be reached. Christopher Nisbet FCA Azets Audit Services Suites B & D Burnham Yard Beaconsfield Bucks HP9 2JH Dated: 17 March 2022 - 4 - ## **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |||**Unrestricted**|Unrestricted| |---|---|---|---| |||**funds**|funds| |||**2021**|2020| ||**Notes**|
**£**|**£**| |**Income and endowments from:**|||| |Donations and legacies|**2**|22,018|20,976| |Charitable activities|**3**|155,199|11,505| |Investments|**4**|531|29| |Other income|**5**|3,685|12,485| |**Total income**||181,433|44,995| |**Expenditure on:**|||| |Charitable activities|**6**|166,838|45,760| |Net gains/(losses) on investments|**10**|194|(446)| |**Net movement in funds**||14,789|(1,211)| |Fund balances at 1 January 2021||101,921|103,132| |**Fund balances at 31 December 2021**||116,710|101,921| 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. - 5 - ## **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2021**_ |**Notes**
**Fixed assets**
Tangible assets
**11**
Investments
**12**
**Current assets**
Stocks
**13**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2021**
**£**
870
1,766
120,929
123,565
(11,956)|**£**
4,284
817
5,101
111,609
116,710
116,710
116,710|**2020**
**£**
987
810
110,549
112,346
(16,106)|**£**
5,058
623
5,681
96,240
101,921
101,921
101,921| |---|---|---|---|---| 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 December 2021. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 16 March 2022 Mr C P Fairweather **Trustee** ## **Company Registration No. 02837831** - 6 - **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **1 Accounting policies** ## **Charity information** Henley and District Agricultural Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 50 New Street, Henley-On-Thames, Oxfordshire, RG9 2BX, United Kingdom. ## **1.1 Accounting convention** The financial statements 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) (effective 1 January 2019)". 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 financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements 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 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. ## **1.3 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. The charity received a government grant in respect of the Coronavirus Job Retention Scheme. Income from government and other grants are recognised at fair value when the charity has entitlement. ## **1.4 Resources expended** 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. - 7 - **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 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: Plant and equipment 15% on reducing balance Fixtures and fittings 25% on reducing balance Computers 15% on reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. ## **1.6 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred. ## **1.7 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. ## **2 Donations and legacies** |**Unrestricted**
**funds**
**2021**
**£**
Gift aid
2,131
Subscriptions
19,887
22,018
**Donations and gifts**
Other
2,131
2,131|Total
2020
£
2,873
18,103
20,976
2,873
2,873| |---|---| - 8 - ## **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **3 Charitable activities** |Henley Show
Ploughing match
President's party
Crop competitions
Other income|**Events**
**2021**
**£**
140,438
8,000
5,080
576
-
154,094|**Other**
**2021**
**£**
-
-
-
-
1,105
1,105|**Total**
**2021**
**£**
140,438
8,000
5,080
576
1,105
155,199|**Events**
**2020**
**£**
10,595
500
-
-
-
11,095|**Other**
**2020**
**£**
-
-
-
-
410
410|**Total**
**2020**
**£**
10,595
500
-
-
410
11,505| |---|---|---|---|---|---|---| ## **4 Investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Income from listed investments|21|-| |Interest receivable|510|29| ||531|29| ## **5 Other income** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Government grants|3,685|12,485| The charity has been eligible to claim additional funding in year from government support schemes in response to the coronavirus outbreak. The charity furloughed its one employee under the government’s CJRS. - 9 - **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**6**
**Charitable activities**
**Donations**
**2021**
**£**
Henley Show
-
Ploughing
Match
-
Sheepdog
Trial
-
President's
Party
-
Wages
-
Social
security
-
Sundries
-
Insurance
-
Bookkeeping
fees
-
Casual
labour
-
Rent
-
Rates and
water
-
Telephone
-
Postage
-
Stationery
and printing
-
Other
charitable
expenditure
5,000
5,000
Share of
support costs
(see note 7)
-
Share of
governance
costs (see
note 7)
-
5,000|**Events**
**Support**
**costs**
**2021**
**2021**
**£**
**£**
102,320
-
5,428
-
13
-
4,465
-
-
31,681
-
-
-
1,482
-
2,132
-
1,627
-
1,196
-
2,621
-
641
-
1,892
-
1,410
-
809
-
2,016
112,226
47,507
-
773
-
1,332
112,226
49,612|**Total**
**2021**
**£**
102,320
5,428
13
4,465
31,681
-
1,482
2,132
1,627
1,196
2,621
641
1,892
1,410
809
7,016
164,733
773
1,332
166,838|**Events**
**Support**
**costs**
**2020**
**2020**
**£**
**£**
1,505
-
160
-
79
-
-
-
-
29,931
-
231
-
-
-
2,911
-
1,618
-
230
-
2,651
-
316
-
1,947
-
436
-
970
-
529
1,744
41,770
-
914
-
1,332
1,744
44,016|**Total**
**2020**
**£**
1,505
160
79
-
29,931
231
-
2,911
1,618
230
2,651
316
1,947
436
970
529
43,514
914
1,332
45,760| |---|---|---|---|---| - 10 - **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **7 Support costs** |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Depreciation of plant
and machinery
291
-
Depreciation of fixtures
and fittings
34
-
Depreciation of
computer equipment
448
-
Independent examiners
fee
-
1,332
773
1,332
Analysed between
Charitable activities
773
1,332|**2021**
**£**
291
34
448
1,332
2,105
2,105|2020**Basis of allocation**
£
342
45
527
1,332
Governance
2,246
2,246| |---|---|---| Governance costs includes payments to the independent examiners of £1,332 (2020- £ 1,332 ) for independent examiners fees. ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration during the year, but 1 Trustee w as reimbursed expenses total ling of £ 47 (2020: £nil). ## **9 Employees** The average monthly number of employees during the year was: |**2021**|**2020**| |---|---| |**Number**|**Number**| |1|1| ## **10 Net gains/(losses) on investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Revaluation of investments|194|(446)| - 11 - **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**11**|**Tangible fixed assets**||||| |---|---|---|---|---|---| |||**Plant and**|**Fixtures and**|**Computers**|**Total**| |||**equipment**|**fittings**||| |||**£**|**£**|**£**|**£**| ||**Cost**||||| ||At 1 January 2021|6,816|6,201|11,239|24,256| ||At 31 December 2021|6,816|6,201|11,239|24,256| ||**Depreciation and impairment**||||| ||At 1 January 2021|4,877|6,066|8,256|19,199| ||Depreciation charged in the year|291|34|448|773| ||At 31 December 2021|5,168|6,100|8,704|19,972| ||**Carrying amount**||||| ||At 31 December 2021|1,648|101|2,535|4,284| ||At 31 December 2020|1,940|135|2,983|5,058| |**12**|**Fixed asset investments**||||| ||||||**Listed**| ||||||**investments**| ||||||**£**| ||**Cost or valuation**||||| ||At 1 January 2020||||623| ||**Revaluations**||||| ||Revaluation gain||||(194)| ||**Carrying amount**||||| ||At 31 December 2021||||817| ||At 31 December 2020||||623| ## **Fixed asset investments revalued** There were no investment assets outside of the UK. The following investments represent more than 5% of the total investments: ||||**Historical cost**|**Market value**| |---|---|---|---|---| |1,710|Lloyds Banking Plc ordinary £0.25|shares:|
£870|£817| - 12 - **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ |**13**
**Stocks**
Rosettes and Association ties
**14**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**15**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Deferred income
**16**
Trade creditors
Accruals
**16**
**Deferred income**
Other deferred income|**2021**
**£**
870
**2021**
**£**
1,766
**2021**
**£**
517
45
4,940
6,454
11,956
**2021**
**£**
45|**2020**
**£**
987
**2020**
**£**
810
**2020**
**£**
-
14,649
-
1,457
16,106
**2020**
**£**
14,649| |---|---|---| The deferred income for 2021 relates to income received in advance of the 2022 event. The deferred income for 2020 relates to: - Parking debentures which are for a period of 5 years £1,050 - Sponsorship deferred from the cancelled 2020 show to the 2021 show £13.599 - 13 - **HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_ ## **17 Operating lease commitments** At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: |Within one year
Between two and five years|**2021**
**£**
3,750
-
3,750|**2020**
**£**
5,000
3,750
8,750| |---|---|---| ## **18 Related party transactions** There was one related party transactions during the year (2020 - none) . During the year, funds were received from Coppid Farming Enterprises LLP totalling £73 (2020: £nil). One of the Trustees is a member of Coppid Farming Enterprises LLP. - 14 -