REGISTERED COMPANY NUMBER: 02949715 (England and Wales) REGISTERED CHARITY NUMBER: 1045165
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2023
for Bakewell Agricultural & Horticultural Society
Hadfields Chartered Certified Accountants Commerce House 658B Chatsworth Road Chesterfield Derbyshire S40 3JZ
Bakewell Agricultural & Horticultural Society
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | ||
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
Bakewell Agricultural & Horticultural Society
Reference and Administrative Details for the Year Ended 31 December 2023
| TRUSTEES | I T Else - Chairman |
|---|---|
| G G Crawford (resigned 17.10.2023) | |
| P E Lunn | |
| L J Robbins | |
| A Tipple | |
| P J Clayton | |
| J A Moorcroft | |
| REGISTERED OFFICE | Bahs Society Office |
| Agricultural Business Centre | |
| Agricultural Way | |
| Bakewell | |
| Derbyshire | |
| DE45 1AH | |
| REGISTERED COMPANY | 02949715 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 1045165 |
| NUMBER | |
| INDEPENDENT EXAMINER | Hadfields Chartered Certified Accountants |
| Commerce House | |
| 658B Chatsworth Road | |
| Chesterfield | |
| Derbyshire | |
| S40 3JZ | |
| SOLICITORS | Taylor & Emmet LLP |
Page 1
Bakewell Agricultural & Horticultural 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 activities
Public benefit
-
To promote improvement in the breeding and rearing of livestock
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The invention and improvement of agricultural and horticultural implements
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The encouragement of skill and industry in agriculture, horticulture and forestry.
Significant activities
The rental of freehold land
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Financial Instruments
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Objectives and Policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Credit Risk
The charity's principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Approved by order of the board of trustees on 19 April 2024 and signed on its behalf by:
I T Else - Chairman - Trustee
Page 2
Independent Examiner's Report to the Trustees of Bakewell Agricultural & Horticultural Society
Independent examiner's report to the trustees of Bakewell Agricultural & Horticultural 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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
C Farmer ACCA
Hadfields Chartered Certified Accountants Commerce House 658B Chatsworth Road Chesterfield Derbyshire S40 3JZ
19 April 2024
Page 3
Bakewell Agricultural & Horticultural Society
Statement of Financial Activities
for the Year Ended 31 December 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 335 Charitable activities Costs of generating voluntary income 61,468 Other trading activities 2 59,695 Investment income 3 57,888 Total 179,386 EXPENDITURE ON Raising funds 4 73,579 Charitable activities Costs of generating voluntary income 97,209 Total 170,788 NET INCOME/(EXPENDITURE) 8,598 RECONCILIATION OF FUNDS Total funds brought forward 420,594 TOTAL FUNDS CARRIED FORWARD 429,192 |
2022 Total funds £ 1,560 40,719 58,838 48,722 149,839 70,163 96,574 166,737 (16,898) 437,492 420,594 |
|---|---|
The notes form part of these financial statements
Page 4
Bakewell Agricultural & Horticultural Society
Balance Sheet
31 December 2023
| 2023 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 9 7,258 CURRENT ASSETS Debtors 10 5,112 Cash at bank and in hand 442,281 447,393 CREDITORS Amounts falling due within one year 11 (25,459) NET CURRENT ASSETS 421,934 TOTAL ASSETS LESS CURRENT LIABILITIES 429,192 NET ASSETS 429,192 FUNDS 12 Unrestricted funds 429,192 TOTAL FUNDS 429,192 |
2022 Total funds £ 10,658 1,873 436,512 438,385 (28,449) 409,936 420,594 420,594 420,594 420,594 |
|---|---|
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
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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
Page 5
continued...
Bakewell Agricultural & Horticultural
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 19 April 2024 and were signed on its behalf by:
I T Else - Chairman - Trustee
The notes form part of these financial statements
Page 6
Bakewell Agricultural & Horticultural 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.
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.
Governance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including the independent examination, strategic management and trustees' meetings and reimbursed expenses.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land - in accordance with the property Plant and machinery - 20% on reducing balance Computer equipment - 33% on reducing balance
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.
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.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 7
Bakewell Agricultural & Horticultural
Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 2. OTHER TRADING ACTIVITIES Other income Hire of showground Dividend income 3. INVESTMENT INCOME Rental income Interest on cash deposits Curr asset inv income 4. RAISING FUNDS Raising donations and legacies Support costs Investment management costs Support costs Aggregate amounts 5. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets Sundry show expenses Other operating leases Deficit on disposal of fixed assets |
2023 £ 300 51,436 7,959 59,695 2023 £ 47,980 1,470 8,438 57,888 2023 £ 70,409 2023 £ - 73,579 2023 £ 1,906 67,181 10,125 3,170 |
2022 £ 6,600 51,505 733 |
|---|---|---|
| 58,838 | ||
| 2022 £ 47,980 742 - |
||
| 48,722 | ||
| 2022 £ 67,191 |
||
| 2022 £ 2,972 70,163 |
||
| 2022 £ 1,552 62,100 10,125 - |
continued...
Page 8
Bakewell Agricultural & Horticultural Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
6. 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.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
8.
| Management No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Costs of generating voluntary income Other trading activities Investment income Total EXPENDITURE ON Raising funds Charitable activities Costs of generating voluntary income Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 2022 1 1 Unrestricted fund £ 1,560 40,719 58,838 48,722 149,839 70,163 96,574 166,737 (16,898) 437,492 420,594 |
|---|---|
continued...
Page 9
Bakewell Agricultural & Horticultural Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
9. TANGIBLE FIXED ASSETS
| Freehold Plant and Computer land machinery equipment £ £ £ COST At 1 January 2023 7,764 17,255 2,041 Additions - 1,675 - Disposals (7,764) - - At 31 December 2023 - 18,930 2,041 DEPRECIATION At 1 January 2023 4,595 11,094 713 Charge for year - 1,467 439 Eliminated on disposal (4,595) - - At 31 December 2023 - 12,561 1,152 NET BOOK VALUE At 31 December 2023 - 6,369 889 At 31 December 2022 3,169 6,161 1,328 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Trade debtors 1,982 Prepayments 3,130 5,112 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Trade creditors 964 Social security and other taxes 1,159 VAT 2,270 Deferred income 14,828 Accrued expenses 6,238 25,459 |
Totals £ 27,060 1,675 (7,764) 20,971 16,402 1,906 (4,595) 13,713 7,258 10,658 2022 £ 1,711 162 1,873 2022 £ 4,165 466 1,622 13,828 8,368 28,449 |
|---|---|
continued...
Page 10
Bakewell Agricultural & Horticultural Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
12. MOVEMENT IN FUNDS
| At 1/1/23 £ Unrestricted funds General fund 420,594 TOTAL FUNDS 420,594 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 179,386 TOTAL FUNDS 179,386 Comparatives for movement in funds At 1/1/22 £ Unrestricted funds General fund 437,492 TOTAL FUNDS 437,492 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 149,839 TOTAL FUNDS 149,839 |
Net movement At in funds 31/12/23 £ £ 8,598 429,192 8,598 429,192 Resources Movement expended in funds £ £ (170,788) 8,598 (170,788) 8,598 Net movement At in funds 31/12/22 £ £ (16,898) 420,594 (16,898) 420,594 Resources Movement expended in funds £ £ (166,737) (16,898) (166,737) (16,898) |
|---|---|
continued...
Page 11
Bakewell Agricultural & Horticultural Society
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
12. 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 |
At 1/1/22 £ 437,492 437,492 |
Net movement in funds £ (8,300) (8,300) |
At 31/12/23 £ 429,192 |
|---|---|---|---|
| 429,192 |
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 £ 329,225 329,225 |
Resources Movement expended in funds £ £ (337,525) (8,300) (337,525) (8,300) |
Resources Movement expended in funds £ £ (337,525) (8,300) (337,525) (8,300) |
|---|---|---|---|
| (8,300) |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
Page 12
Bakewell Agricultural & Horticultural
Society
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| INCOME AND ENDOWMENTS Donations and legacies Appeals and donations Members' subscription - Life Members' subscription - Other Other trading activities Other income Hire of showground Dividend income Investment income Rental income Interest on cash deposits Curr asset inv income Charitable activities Fundraising income Total incoming resources EXPENDITURE Charitable activities Show expenses Land lease Rent, rates and water Insurance Light, heat and power Telephone Subs, affiliation fees and donations Advertising Sundry expenses Printing, postage, stationery Grants to individuals Support costs Management Wages Carried forward |
2023 £ 226 - 109 335 300 51,436 7,959 59,695 47,980 1,470 8,438 57,888 61,468 179,386 50,595 10,125 7,628 3,277 4,038 2,271 934 10,920 2,239 1,223 3,959 97,209 27,060 27,060 |
2022 £ 1,335 134 91 |
|---|---|---|
| 1,560 6,600 51,505 733 |
||
| 58,838 47,980 742 - |
||
| 48,722 40,719 |
||
| 149,839 47,102 10,125 13,084 3,218 2,134 2,521 453 11,770 1,986 1,374 2,807 |
||
| 96,574 24,600 24,600 |
This page does not form part of the statutory financial statements
Page 13
Bakewell Agricultural & Horticultural
Society
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| Management Brought forward Pensions Sub-contractors Office expenses Showground repairs & maintenance Finance Credit card charges Information technology Computer software & maintenance Other Revaluation reserve Depn of plant & machinery Depn of office equipment Loss on sale of tangible fixed assets Governance costs Book-keeping fees Professional fees Independent examiners fees Total resources expended Net income/(expenditure) |
2023 £ 27,060 625 16,586 4,715 5,204 54,190 11 1,697 - 1,467 439 3,170 5,076 3,001 8,814 790 12,605 170,788 8,598 |
2022 £ 24,600 551 14,998 4,715 9,824 54,688 85 1,930 2,972 1,250 302 - 4,524 2,441 5,760 735 8,936 166,737 (16,898) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 14