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2023-12-31-accounts

Charity registration number 1024609

Company registration number 02837831 (England and Wales)

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 P J F Webb
Mr S J Warby (Appointed 7 November
2023)
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
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 13

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

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, a Ploughing Match and Crop Competitions. 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 three events during the year:

Henley Show

Ploughing Match

Crop Competition

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.

Financial review

A deficit of £32,554 (2022: surplus of £5,864) 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 have 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.

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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 (Resigned 30 July 2023) Mr P J F Webb Mr S J Warby (Appointed 7 November 2023)

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 co-option 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' report was approved by the Board of Trustees.

.............................. Mr C P Fairweather Trustee 04/03/2024

Date: .............................................

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 2023.

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

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:

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 financial statements to be reached.

Christopher Nisbet FCA Azets Audit Services Suites B & D Burnham Yard London End Beaconsfield Buckinghamshire HP9 2JH United Kingdom 13/03/2024 Dated: .........................

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 2 21,151 22,306
Charitable activities 3 123,323 145,435
Investments 4 2,121 451
Total income 146,595 168,192
Expenditure on:
Charitable activities 5 179,183 162,292
Net gains/(losses) on investments 9 34 (36)
Net movement in funds (32,554) 5,864
Fund balances at 1 January 2023 122,574 116,710
Fund balances at 31 December 2023 90,020 122,574

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.

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 11 10,706 11,231
Investments 12 815 781
11,521 12,012
Current assets
Stocks 13 608 842
Debtors 14 1,909 5,535
Cash at bank and in hand 82,492 113,983
85,009 120,360
Creditors: amounts falling due within
one year 15 (6,510) (9,798)
Net current assets 78,499 110,562
Total assets less current liabilities 90,020 122,574
Income funds
Unrestricted funds 90,020 122,574
90,020 122,574

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 2023.

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.

04/03/2024

The financial statements were approved by the Trustees on .........................

..............................

Mr C P Fairweather

Trustee

Company registration number 02837831

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. 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.

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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 the statement of financial activities.

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
2023
£
Gift aid
3,031
Subscriptions
18,120
21,151		 Total
2022
£
2,441
19,865
22,306

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3
Charitable activities
Henley Show
Ploughing match
President's party
Crop competitions
Other income
4
Investments
Income from listed investments
Interest receivable		 Events
2023
£
111,604
8,450
2,630
534
-
123,218		 Other
Total
2023
Events
2023
2022
£
£
£
-
111,604
129,107
-
8,450
8,552
-
2,630
7,220
-
534
556
105
105
-
105
123,323
145,435
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
43
36
2,078
415
2,121
451		 Events
2022
£
129,107
8,552
7,220
556
-
145,435
451

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5
Charitable activities
Events
2023
£
Henley Show
117,718
Ploughing
Match
5,764
Sheepdog
Trial
13
President's
Party
-
Crop
competitions
318
Wages
-
Sundries
-
Insurance
-
Bookkeeping
fees
-
Casual labour
-
Rent
-
Rates and
water
-
Telephone
-
Postage
-
Stationery
and printing
-
Other
charitable
expenditure
-
123,813
Share of
support costs
(see note 6)
-
Share of
governance
costs (see
note 6)
-
123,813		 Support
costs
2023
£
-
-
-
-
-
34,803
946
2,123
2,178
2,168
2,850
521
2,050
998
2,037
1,671
52,345
1,471
1,554
55,370		 Total
2023
Donations
2022
£
£
117,718
-
5,764
-
13
-
-
-
318
-
34,803
-
946
-
2,123
-
2,178
-
2,168
-
2,850
-
521
-
2,050
-
998
-
2,037
-
1,671
2,500
176,158
2,500
1,471
-
1,554
-
179,183
2,500		 Events
2022
£
101,140
4,916
13
1,000
461
-
-
-
-
-
-
-
-
-
-
-
107,530
-
-
107,530		 Support
costs
2022
£
-
-
-
-
-
32,131
780
3,120
1,774
2,935
2,766
455
1,919
514
1,130
1,277
48,801
1,361
2,100
52,262		 Total
2022
£
101,140
4,916
13
1,000
461
32,131
780
3,120
1,774
2,935
2,766
455
1,919
514
1,130
3,777
158,831
1,361
2,100
162,292

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Support costs

Support
costs
Governance
costs
£
£
Depreciation of plant and
machinery
1,040
-
Depreciation of fixtures
and fittings
28
-
Depreciation of computer
equipment
403
-
Independent examiners
fee
-
1,554
1,471
1,554
Analysed between
Charitable activities
1,471
1,554		 2023Support costs Governance
costs
£
£
£
1,040
930
-
28
25
-
403
406
-
1,554
-
2,100
3,025
1,361
2,100
3,025
1,361
2,100		 2022
£
930
25
406
2,100
3,461
3,461

Governance costs includes payments to the independent examiners of £1,554 (2022- £2,100) for independent examiners fees.

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 2 Trustees were reimbursed expenses totalling of £174 (2022: £234).

8 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
1 1

There were no employees whose annual remuneration was more than £60,000.

9 Net gains/(losses) on investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Revaluation of investments 34 (36)

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Tangible fixed assets

Plant and
equipment
Fixtures and
fittings
Computers
£
£
£
Cost
At 1 January 2023
15,006
6,201
11,356
Additions
-
410
536
At 31 December 2023
15,006
6,611
11,892
Depreciation and impairment
At 1 January 2023
6,098
6,125
9,109
Depreciation charged in the year
1,040
28
403
At 31 December 2023
7,138
6,153
9,512
Carrying amount
At 31 December 2023
7,868
458
2,380
At 31 December 2022
8,908
76
2,247		 Total
£
32,563
946
33,509
21,332
1,471
22,803
10,706
11,231

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2021 781
Revaluations
Revaluation gain 34
Carrying amount
At 31 December 2023 815
At 31 December 2022 781

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 £815

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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
Deferred income
16
Trade creditors
Accruals
16
Deferred income
Other deferred income
The deferred income for 2023 relates to:
- income received in advance of the 2023 event £45 (2022: £560)
- parking debentures which are for a period of 5 years £3,690 (2022: £4,680)		 2023
£
608
2023
£
1,909
2023
£
3,735
630
2,145
6,510
2023
£
3,735		 2022
£
842
2022
£
5,535
2022
£
5,240
132
4,426
9,798
2022
£
5,240

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:

2023 2022
£ £
Within one year 3,750 3,750

HENLEY AND DISTRICT AGRICULTURAL ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

18 Related party transactions

During the year the charitable company received funds from 2 Trustees totalling £1,024 for sponsorships and entry fees (2022: £108)