REGISTERED COMPANY NUMBER: 03145773 (England and Wales) REGISTERED CHARITY NUMBER: 1052480
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2024
for
The Tenbury Agricultural Society Limited
dhjh Tenbury Wells LLP Chartered Certified Accountants 81 Teme Street Tenbury Wells WR15 8AE
The Tenbury Agricultural Society Limited
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 | ||
| Notes to the Financial Statements | 6 | to | 9 |
The Tenbury Agricultural Society Limited (Registered number: 03145773)
Report of the Trustees for the Year Ended 31 December 2024
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 2024. 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 company's main objective is that of advancing public education in agriculture and related subjects.
Significant activities
The principal activity through which these activities are pursued is the holding of the annual Tenbury Countryside Show, together with the Autumn Show and a Social event.
Public benefit
The trustees confirm that they have complied with the duty in Section 17(5) of the 2011 Charities Act to have due regard to guidance on public benefit published by the Charity Commission when reviewing the charity's objectives and in planning future activities
Volunteers
The charity is grateful for the unstinting efforts of its volunteers who are involved in service provision and fund-raising.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Secretary reported that the Show was a great success, due to the weather being dry on show day.
The Society supported a lot of local charities at the Show and supported two young farmers with scholarships, together with a donation to the Nuffield Farming Scholarship and donations to local farming charities.
The Society's sub-committees put on various events during the year for Members and the local community.
The surplus for the year was mainly due to a legacy from Mr N Kirk. The Society invested, again, in the purchase of capital equipment, which will support the Show for the coming years.
FINANCIAL REVIEW
Financial position
During the year to 31 December 2024, the Charity generated income of £293,878 (2023: 148,038) and had expenditure of £184,687 (2023: 159,069) resulting in net income of £109,191 (2023: net expenditure £11,031).
Reserves policy
The trustees have reviewed the risks of the charity during the year and recognise that the majority of the charity's incoming resources have arisen from a single event, The Tenbury Show. The trustees recognise that there is a possibility that future shows could be cancelled, however there are no expectations of this happening in the foreseeable future. In order to ensure that the charity is able to continue should this funding cease, the trustees have created a reserves policy of maintaining free reserves equivalent to one year's expenditure.
Based on current expenditure, free reserves per the policy should be £184,687 (2023: £159,069).
At 31st December 2024 free reserves amounted to £557,575 (2023: £448,384) and therefore, the trustees have deemed reserves to be of a sufficient level and no further action is required.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is a charitable company limited by guarantee, incorporated on 12 January 1996 and registered as a charity on 31 January 1996. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up the members are required to contribute an amount not exceeding £3.
Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purpose of charity law and under the company's Articles are known as members of the General Committee and deemed officers of the Society.
Where there is a requirement for new trustees, these would be identified and appointed by the remaining trustees.
Page 1
The Tenbury Agricultural Society Limited (Registered number: 03145773)
Report of the Trustees for the Year Ended 31 December 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and training of new trustees
The chair of trustees is responsible for the induction of any new trustee, which involves awareness of a trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity.
Risk management
The Trustees have a duty to identify and review the risks to which the Agricultural Society charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
03145773 (England and Wales)
Registered Charity number
1052480
Registered office
65 Teme Street Tenbury Wells Worcestershire WR15 8AE
Trustees
N C Champion J B Adams E Carpenter D S Hodges Mrs R E G Ayres M Powell
Company Secretary
N C Champion
Independent Examiner
dhjh Tenbury Wells LLP Chartered Certified Accountants 81 Teme Street Tenbury Wells WR15 8AE
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 2 April 2025 and signed on its behalf by:
N C Champion - Trustee
Page 2
Independent Examiner's Report to the Trustees of The Tenbury Agricultural Society Limited
Independent examiner's report to the trustees of The Tenbury Agricultural Society Limited ('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'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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
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:
-
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
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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.
T G Giles FCCA
The Association of Chartered Certified Accountants
dhjh Tenbury Wells LLP Chartered Certified Accountants 81 Teme Street Tenbury Wells WR15 8AE
4 April 2025
Page 3
The Tenbury Agricultural Society Limited
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 129,088 Charitable activities Agricultural events 163,649 Investment income 2 1,141 Total 293,878 EXPENDITURE ON Charitable activities Agricultural events 184,687 NET INCOME/(EXPENDITURE) 109,191 RECONCILIATION OF FUNDS Total funds brought forward 448,384 TOTAL FUNDS CARRIED FORWARD 557,575 |
2023 Total funds £ 30,910 113,896 3,232 |
|---|---|
| 148,038 | |
| 159,069 | |
| (11,031) 459,415 |
|
| 448,384 |
The notes form part of these financial statements
Page 4
The Tenbury Agricultural Society Limited (Registered number: 03145773)
Balance Sheet 31 December 2024
| 2024 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 133,231 CURRENT ASSETS Cash at bank 440,544 CREDITORS Amounts falling due within one year 7 (16,200) NET CURRENT ASSETS 424,344 TOTAL ASSETS LESS CURRENT LIABILITIES 557,575 NET ASSETS 557,575 FUNDS 8 Unrestricted funds 557,575 TOTAL FUNDS 557,575 |
2023 Total funds £ 133,231 315,153 - |
|---|---|
| 315,153 | |
| 448,384 | |
| 448,384 | |
| 448,384 | |
| 448,384 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 2 April 2025 and were signed on its behalf by:
N C Champion - Trustee
R E G Ayres - Trustee
The notes form part of these financial statements
Page 5
The Tenbury Agricultural Society Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Charitable activities
Charitable expenditure comprises of those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
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 - nil
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.
Investment income is treated as unrestricted funds.
Company status
The charity is a company limited by guarantee. the members of the company are the trustees named on page one. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £3 per member of the charity.
2. INVESTMENT INCOME
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Deposit account interest | 1,141 | 3,232 |
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continued...
The Tenbury Agricultural Society Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
3. SUPPORT COSTS
Other £ Agricultural events 51,758
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year 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.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
6.
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 30,910 |
| Charitable activities | |
| Agricultural events | 113,896 |
| Investment income | 3,232 |
| Total | 148,038 |
| EXPENDITURE ON | |
| Charitable activities | |
| Agricultural events | 159,069 |
| NET INCOME/(EXPENDITURE) | (11,031) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 459,415 |
| TOTAL FUNDS CARRIED FORWARD | 448,384 |
| TANGIBLE FIXED ASSETS | |
| Freehold | |
| property | |
| £ | |
| COST | |
| At 1 January 2024 and 31 December 2024 | 133,231 |
| NET BOOK VALUE | |
| At 31 December 2024 | 133,231 |
| At 31 December 2023 | 133,231 |
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continued...
The Tenbury Agricultural Society Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued expenses 8. MOVEMENT IN FUNDS At 1/1/24 £ Unrestricted funds General fund 448,384 TOTAL FUNDS 448,384 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 293,878 TOTAL FUNDS 293,878 Comparatives for movement in funds At 1/1/23 £ Unrestricted funds General fund 459,415 TOTAL FUNDS 459,415 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 148,038 TOTAL FUNDS 148,038 |
2024 2023 £ £ 16,200 - Net movement At in funds 31/12/24 £ £ 109,191 557,575 109,191 557,575 Resources Movement expended in funds £ £ (184,687) 109,191 (184,687) 109,191 Net movement At in funds 31/12/23 £ £ (11,031) 448,384 (11,031) 448,384 Resources Movement expended in funds £ £ (159,069) (11,031) (159,069) (11,031) |
|---|---|
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continued...
The Tenbury Agricultural Society Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
9. RELATED PARTY DISCLOSURES
Trustee R Ayres received honorarium of £4,000 for their work provided as show secretary.
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