2021-09-30-accounts - Mid Devon Town And Country Show Society Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED COMPANY NUMBER: 02867043 (England and Wales)

REGISTERED CHARITY NUMBER: 1029231

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

		Page
Chairman's Report		1
Report ofthe Trustees	2	to	3
Independent Examiner's Report		4
Statement of Financial Activities		8
Balance Sheet		6
Notes to the Financial Statements	7	to	12
DetailedStatementofFinancialActivities	13	to	14

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

CHAIRMAN'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

These accounts have been prepared during a time in which the show encountered unprecedented obstacles and hurdles due to the Pandemic and Covid. The show has made some significant investment in infrastructure, being Cattle Railings. This will in the future negate us hiring in expensive scaffolding for future shows. There is still a large financial outlay in regards to Rent, Insurance and Marquees, all these things are needed to enable the show to happen. Over the last 12 months your committee have been speaking with the landlords as we should like to renegotiate our rental terms going forward, we have also spent many hours seeking out the best insurances on the market, and also ensuring we get best value for money from our contractors. That said, we are pleased to say we are a loyal show, and we really respect those people who have entrusted us with deposits and are supporting the show during these difficult times. During all this we are pleased to offer out £1000 in scholarship grants to two worthwhile applications. We have invested in new IT hardware and software in the office to take us over the next 6 years or more. The show is financially secure going forwards.

Page 1

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 30 September 2021. 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 principal objectives of the Society are:

1) to promote and advance agriculture for the benefit of the public and to seek and generally improve and publicise it in all its branches and to encourage skill and industry in it and in all trades, crafts and professions connected with it.

2) for the primary purpose of raising money for the pursuance of its Principal Objects to hold an annual agricultural show provided that the Society shall not be obliged to hold a show in any year in relation to which the Council of the Society shall resolve that holding such a show is impracticable and not in the interest of the Society.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Free entry tickets to shows organised by the society are given to all children from the Mid Devon area to help with their understanding of farming and other rural activities. The show charity for the year was Hospiscare and this enabled that charity to promote it's work and raise funds on the day of the show. The society continues to support young people with grants to further their education and experience.

FINANCIAL REVIEW

Principal funding sources

The principal sources of income are the proceeds from the Mid Devon Show, members subscriptions, donations and sponsorship plus rent from land owned by the Society.

The deficit from all sources for the year to 30 September 2021 was £11,995 (2020 deficit of £47,216).

Investment policy and objectives

Under the Memorandum and Articles of the Society, the Charity has the power to make any investments the Council sees fit, but there are no surplus funds available for investment.

Reserves policy

The trustees consider a certain level of reserves is required in order to run the Society in an orderly and prudent manner.

The Society's income and potential losses are variable depending on show day weather and other imponderables. The long term policy of this Society is to maintain reserves of at least two years recurring expenditure.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its memorandum and articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

At the annual general meeting, one third of the members of the Council shall retire from office. The members of the Council to retire in every such year shall be those who have been longest in office since their last election. A retiring member of the Council shall be eligible for re-election until he shall have served 10 consecutive years as a member of the Council. New members are actively recruited from suitably qualified ordinary members of the Society.

Organisational structure

The Mid Devon Town and Country Show Society was incorporated on the 28 October 1993. The activities are overseen by a Council of the Society which shall consist of a chairman, vice chairman and until otherwise determined by the Society in general meeting not less than 15 and not more than 45 other members of the Society.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 02867043 (England and Wales)

Registered Charity number 1029231

Page 2

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Registered office

Quayside House Highland Terrace Barrington Street Tiverton Devon EX16 6PT

Trustees

Mrs J Ayre Farmer E J Berry Councillor Mrs RH M Chanin Farmer (appointed 8/1/2021) (resigned 9/1/2021) AN Cottey Farmer G R Cox Farmer Mrs M Daw Farmer (appointed 8/1/2021) T Hamlin Auctioneer Mrs RE J Hamlin Farmer R Hill Farmer (resigned 8/1/2021) J AT Lee Farmer A M Overhill Chartered Surveyor P F Pugsley Retired Solicitor | L Pugsley Solictor (appointed 8/1/2021) C E Rowland Farmer (resigned 8/1/2021) AW J Sloley Retired R S Sweet Company Director R W Taylor Retired (appointed 8/1/2021) Mrs S Fox Banker (resigned 18/2/2021) R Stagg Chartered Surveyor W J Withers Chartered accountant M J Pring Farmer Mrs C Heaven-Roberts Hotelier

Company Secretary

W J Withers

Solicitors Ashfords Ashford House Grenadier Road Exeter

Approved by order of the board of trustees on 22 December 2021 and signed on its behalf by:

W J Withers - Secretary

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MID DEVON TOWN AND COUNTRY SHOW SOCIETY

Independent examiner's report to the trustees of Mid Devon Town And Country Show Society (‘the Company’) | report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2021.

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, | 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 | have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

ile accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or B. 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)).

| 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.

Mr P Lewis-Bending ACA Institute of Chartered Accountants in England & Wales

Date: a oo

Page 4

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

					30.9.21	30.9.20
		Unrestricted funds	Designated fund	Restricted fund	Total funds	Total funds
INCOME AND ENDOWMENTS	Notes	£	£	E	32	£
FROM
Donations and legacies		5,428	-	-	5,428	2,588
Othertrading activities	2	226,239	-	~	226,239	7,143
Investment income	3	12	-	-	12	96
Total		231,679	-	-	231,679	9,827
EXPENDITURE ON
Raising funds	4	180,834	-	-	180,834	58,504
Charitable activities
Generating Funds		63,025	-	-	63,025	1,256
Total		243,859	-	-	243,859	59,760
NETINCOME/(EXPENDITURE)		(12,180)	-	-	(12,180)	(49,933)
RECONCILIATION OF FUNDS
Total funds brought forward		215,452	-	25,000	240,452	290,385
TOTAL FUNDS CARRIED
FORWARD		203,272	-	25,000	228,272	240,452

The notes form part of these financial statements

Page 5

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

		BALANCE SHEET	BALANCE SHEET
		30 SEPTEMBER 2021
					30.9.2	30.9.20
		Unrestricted	Designated	Restricted	Total	Total
		funds	fund	fund	funds	funds
	Notes	£	£	£	£	sa
FIXED ASSETS
Tangible assets	9	121,276	-	-	121,276	124,924
CURRENT ASSETS
Debtors Cash at bank and in hand	10	4,671 154,634	- -	- 25,000	4,671 179,634	68,535 146,309
		159,305	-	25,000	184,305	214,844
CREDITORS
Amounts falling due within one
year	11	(65,309)	-	-	(65,309)	(87,316)
NET CURRENT ASSETS		93,996	-	25,000	118,996	127,528
TOTAL ASSETS LESS
CURRENT LIABILITIES		215,272	-	25,000	240,272	252,452
CREDITORS
Amounts falling due after more
than one year	V2	(12,000)	-	-	(12,000)	(12,000)
NETASSETS		203,272	-	25,000	228,272	240,452
FUNDS	15
Unrestricted funds					203,272	215,452
Restricted funds					25,000	25,000
TOTALFUNDS					228,272	240,452

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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.

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 22 December 2021 and were signed on its behalf by:

AN Cottey - Trustee

The notes form part of these financial statements

Page 6

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

ACCOUNTING POLICIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property - 5% oncost Improvements to property - in accordance with the property Plant and machinery - 20% on cost

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 Society. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
	30.9.21	30.9.20
	£	5
Entrance	118,838	450
Trade stands Exhibitors Sponsorship	79,192 3,870 17,200	6,244 - -
Catalogues	3,420	-
Catalogue advertising	3,248	449
Food outlets	200	-
Hire ofgenerators & equipment	271	-
	226,239	7,143

Page 7

continued...

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

INVESTMENT INCOME

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

§:

INVESTMENT INCOME
	30.9.21	30.9.20
	£	e
Deposit account interest	12	96
RAISING FUNDS
Raising donations and legacies
	30.9.21	30.9.20
	£	£
Tentage	34,199	-
Hire of Equipment	53,331	3,240
Security	7,512	-
Gate Tellers	14,878	-
Catalogues & booklets	10,892	2,197
Transport	5,225	-
Judges Expenses	802	-
Prizes and rosettes	10,474	=
First Aid	4,386	-
Other Attractions	9,586	-
Advertising Show Ground Rent	7,064 12,698	747 12,547
Site Costs	4,476	-
Professional Fees	3;750	1,200
Members, Stewards evening	1,561	136
Support costs	-	11,349
	180,834	31,416
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
	30.9.21	30.9.20
	2	£
Depreciation - owned assets	12,708	11,349
Hireofplantandmachinery	1,574	-

TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.

Trustees’ expenses

There were no trustees' expenses paid for the year ended 30 September 2021 nor for the year ended 30 September 2020. STAFF COSTS The average monthly number of employees during the year was as follows: 30.9.21 30.9.20 Administration 2 2 No employees received emoluments in excess of £60,000.

ts STAFF COSTS

Page 8

continued...

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

8.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
			Unrestricted funds	Designated fund	Restricted fund	Total funds
	INCOME AND ENDOWMENTS FROM		£	7s	£	z
	Donations and legacies		2,588	-	-	2,588
	Other trading activities		7,143	-	-	7,143
	Investment income		96	-	-	96
	Total		9,827	-	-	9,827
	EXPENDITURE ON
	Raising funds		58,504	-	-	58,504
	Charitable activities
	Generating Funds		1,256	-	-	1,256
	Total		59,760	-	-	59,760
	NET INCOME/(EXPENDITURE)		(49,933)	-	-	(49,933)
	RECONCILIATION OF FUNDS
	Total funds brought forward		265,385	-	25,000	290,385
	TOTAL FUNDS CARRIEDFORWARD		215,452	-	25,000	240,452
9.	TANGIBLE FIXED ASSETS
				Improvements
			Freehold	to	Plant and
			property 7	property E	machinery e	Totals Es
	COST
	At 1 October 2020 Additions		103,073 -	88,421 -	1,419 9,060	192,913 9,060
	At 30 September 2021		103,073	88,421	10,479	201,973
	DEPRECIATION
	At 1 October 2020 Charge for year		7,620 1,524	58,950 9,825	1,419 1,359	67,989 12,708
	At30 September 2021	;	9,144	68,775	2,778	80,697
	NET BOOK VALUE
	At 30 September 2021		93,929	19,646	7,701	121,276
	At30September2020		95,453	29,471	-	124,924

Included in cost or valuation of land and buildings is freehold land of £72,593 (2020 - £72,593) which is not depreciated.

Page 9

continued...

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		30.9.21	30.9.20
		£	£
	Trade debtors	4,671	6,830
	Prepayments	-	61,705
		4,671	68,535
11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		30.9.21	30.9.20
		£	£
	Other loans (see note 13)	50,000	-
	Trade creditors	5,542	35,932
	Other creditors	6,000	6,000
	Accruals and deferred income	2,147	44,334
	Accrued expenses	1,050	1,050
		65,309	87,316
12.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		30.9.21	30.9.20
		£	£
	Other loans (see note 13)	12,000	12,000
13.	LOANS
	An analysis of the maturity of loans is given below:
		30.9.21	30.9.20
		£	£
	Amounts falling due within one year on demand:
	Other loans	50,000	-
	Amounts falling due between two and five years:
	Other loans - 2-5 years	12,000	12,000
14.	SECURED DEBTS
	The following secured debts are included within creditors:
		30.9.21	30.9.20
		£	£
	Otherloan	18,000	18,000

The other loan from The Tiverton Agricultural Association is secured against the freehold property owned by the Society.

Page 10

continued...

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

MOVEMENT IN FUNDS

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

MOVEMENT IN FUNDS
		Net
	At	movement	At
	1.10.20	in funds	30.9.21
	E	£	ce
Unrestricted funds
General fund Revaluation reserve	205,452 10,000	(12,180) -	193,272 10,000
Restricted funds	215,452	(12,180)	203,272
Restricted	25,000	-	25,000
TOTAL FUNDS	240,452	(12,180)	228,272
Net movement in funds, included in the above are as follows:
	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	231,679	(243,859)	(12,180)
TOTAL FUNDS	231,679	(243,859)	(12,180)
Comparatives for movement in funds
		Net
	At	movement	At
	1.10.19	in funds	30.9.20
	£	£	£
Unrestricted funds
General fund Revaluation reserve	255,385 10,000	(49,933) -	205,452 10,000
Restricted funds	265,385	(49,933)	215,452
Restricted	25,000	-	25,000
TOTAL FUNDS	290,385	(49,933)	240,452
Comparative net movement in funds, included in the above are as follows:
	Incoming	Resources	Movement
	resources	expended	in funds
Unrestricted funds	£	>a	£
General fund	9,827	(59,760)	(49,933)
TOTALFUNDS	9,827	(59,760)	(49,933)

Page 11

continued...

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

15; MOVEMENT IN FUNDS- continued

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

A current year 12 months and prior year 12 months combined position is as follows:

		Net
	At	movement	At
	1.10.19	in funds	30.9.21
	£	£	£
Unrestricted funds
General fund	255,385	(62,113)	193,272
Revaluation reserve	10,000	-	10,000
	265,385	(62,113)	203,272
Restricted funds
Restricted	25,000	-	25,000
TOTALFUNDS	290,385	(62,113)	228,272

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are	A current year 12 months and prior year 12 months combined net movement in funds, included in the above are	A current year 12 months and prior year 12 months combined net movement in funds, included in the above are	A current year 12 months and prior year 12 months combined net movement in funds, included in the above are
as follows:
	Incoming	Resources	Movement
	resources	expended	in funds
	a	£	£
Unrestricted funds
General fund	241,506	(303,619)	(62,113)
TOTALFUNDS	241,506	(303,619)	(62,113)

16. RELATED PARTY DISCLOSURES

Mr P Lewis-Bending is a director at William Withers & Co Ltd. Mr W Withers is also a director at William Withers & Co Ltd, and a trustee of the charity. The examination has been carried out in accordance with the code of ethics set by the ICAEW and the guidance (CC32) set by the Charity Commission for England and Wales and steps have been taken to ensure the examination has been carried out in a wholly independent manner.

Page 12

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

	30.9.21	30.9.20
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Patrons and member	4,603	1,763
Rent/grass keep	825	825
	5,428	2,588
Other trading activities
Entrance	118,838	450
Trade stands Exhibitors Sponsorship	79,192 3,870 17,200	6,244 - -
Catalogues	3,420	-
Catalogue advertising	3,248	449
Food outlets	200	-
Hire ofgenerators & equipment	271	.
	226,239	7,143
Investment income
Deposit account interest	12	96
Total incoming resources	231,679	9,827
EXPENDITURE
Raising donations and legacies
Tentage	34,199	-
Hire of Equipment	53,331	3,240
Security	1,512	-
Gate Tellers	14,878	-
Catalogues & booklets	10,892	2,197
Transport	5,225	-
Judges Expenses	802	-
Prizes and rosettes	10,474	-
First Aid	4,386	-
Other Attractions	9,586	-
Advertising	7,064	747
Show Ground Rent	12,698	12,547
Site Costs	4,476	-
Professional Fees	3,750	1,200
Members, Stewards evening	1,561	136
	180,834	20,067
Charitable activities
Scholarship	-	1,000
Charitable Activities	200	-
	200	1,000
Support costs
Management
Office Salaries	19,910	20,226
Hire of plant and machinery	1,574	-
Insurance	6,932	-
Carriedforward	28,416	20,226

This page does not form part of the statutory financial statements

Page 13

MID DEVON TOWN AND COUNTRY SHOW SOCIETY

	DETAILED STATEMENT OF FINANCIAL ACTIVITIES
	FOR THE YEAR ENDED 30 SEPTEMBER 2021
		30.9.21	30.9.20
		£	E
Management
Brought forward		28,416	20,226
Light and heat		678	503
Telephone		3,050	1,137
Office expenses		6,248	4,855
Freehold property		1,524	1,524
Improvements to property		9,825	9,825
Plant and machinery		1,359	-
		51,100	38,070
Finance
Bank charges		11,725	623
Total resources expended		243,859	59,760
Netexpenditure		(12,180)	(49,933)

This page does not form part of the statutory financial statements

Page 14