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2021-07-31-accounts

Company registration number: 03682748 (England and Wales) Registered charity number: 1073166

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

CONTENTS

Page
Trustees' report 1 ‐ 8
Auditors' report 9 ‐ 12
Consolidated statement of financial activities 13
Statement of financial activities 14
Consolidated summary income and expenditure account 15
Consolidated balance sheet 16
Balance sheet 17
Consolidated statement of cash flows 18
Statement of cash flows 19
Notes to the consolidated financial statements 20‐34
The following pages do not form part of the statutory accounts:
General income and expenditure account 35
English Winter Fair income and expenditure account 36
County Show income and expenditure account 37

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] JULY 2021

Company Information
Directors R Madders
M Thompstone
N Edge
C Meynell
M J Williams (Appointed 4 February 2021)
Secretary & Chief Executive R C Williams
Company number 03682748 (England & Wales)
Charity number 1073166
Registered Office The County Showground
Weston Road
Stafford
ST18 OBD
Auditors Dyke Yaxley Limited
8 Hollinswood Court
Stafford Park 1
Telford
Shropshire
TF3 3DE
Accountants Deans
Gibson House
Hurricane Court
Hurricane Close
ST16 1GZ
Bankers National Westminster
Greengate Street
Stafford
Solicitors Pickering & Butters
19, Greengate St
Stafford
ST16 2LU

1

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31[ST] JULY 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is governed by Articles of Association dated 4[th] February 2021 and its objectives are as follows:

Encourage skill and industry in husbandry by the holding of agricultural shows and local competitions within a 10 mile radius of County of Staffordshire including the English Winter Fair (incorporating the National Pedigree Calf Show) and the Staffordshire County Show and any other activities, meetings and events that are likely to assist in these aims;

Encourage agricultural enterprise and the promotion of improvements in the breeding, rearing, and health of livestock;

Encourage the improvement and marketing of agricultural produce and the invention and development of agricultural implements, machinery and technology

Encourage the progress and furtherance of the agricultural industry, rural enterprise and diversification

Encourage social engagement and support between the rural community by providing a forum for debate and development of ideas;

Promote greater understanding and empathy with farming and the countryside amongst the general public;

Promote the role of farmers as providers of high-quality produce, educating the general public as to their food source with a view to encouraging consumers to choose healthy local produce;

Advance and develop the progression of young farmers by assisting local groups howsoever possible including free use of land, buildings and facilities owned by the Charity, providing scholarships to assist in education and holding educational courses;

Assist the local agricultural community by providing meeting facilities free of charge to local agricultural charities and organisations;

2

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31[ST] JULY 2021

To advance and encourage the protection and sustainability of the environment and agricultural research; and

For such other charitable purposes as the Trustees in their absolute discretion see fit;

Appointment and Training of Trustees/ Directors

The trustees are the directors of the Company limited by guarantee which does not have share capital. The directors therefore do not have any interest in the shares of the Company or any interest in the subsidiary company. The Directors who served during the year are as follows:

R Madders M Thompstone N Edge C Meynell M J Williams (Appointed 4 February 2021)

The Trustees are drawn from the most senior members of the Society, accordingly, they are well versed in the Society’s operation and structure and thus do not require further training in this area. However, training in their wider responsibilities as Trustees is provided through the documentation on this matter provided by the Charity Commission.

3

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31[ST] JULY 2021

Organisational Structure

The Society is made up of eight Districts based on geographical regions within the CountyStone, Stafford, Uttoxeter, Lichfield, Newcastle, South Staffordshire, Burton and Eccleshall. In addition, there is a ninth district, the National District which incorporates members of the former BAES that live outside Staffordshire. Society policy is formulated by the 120 strong Council which includes the Trustees, the Society’s principal officers, representatives from each of the nine Districts and the Chief Stewards from the County Show. The Council has two major subcommittees responsible respectively for the County Show and English Winter Fair. Day to day running of and responsibility for the administration of the Society is delegated to the Chief Executive.

OBJECTIVES AND ACTIVITIES

The Society’s principal aim is to encourage excellence in agriculture through competition. This aim is achieved through the County Show in May and the English Winter Fair in November.

In setting the objectives the Trustees have complied to have due regard to the public benefit guidance published by the Charity Commission. In particular the public benefit in the following activities has been identified:

Moreover, a series of competitions encompassing all the major crop and livestock enterprises as well as traditional skills such as ploughing and hedge laying are held at both County and District level throughout the year, however, the number of events were restricted due to the pandemic. Furthermore, the Society also discharges its secondary welfare and educational aims by sponsoring Members of the Staffordshire Young Farmers Club to attend the Oxford Farming Conference, the provision of educational grants and grants to agricultural charities including the RABI.

4

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31[ST] JULY 2021

ACHIEVEMENTS & PERFORMANCE

Unfortunately, due to the pandemic, the 2020 English Winter Fair was cancelled and the 2021 Staffordshire County Show, which is the largest community event in the County, normally held in late May/early June, was postponed until August 2021. The delayed County Show was an outstanding success having the highest attendance for the past 10 years and the fact that it was able to go ahead was greatly appreciated by the local community.

Usually, the operation of the Society’s activities is made possible by the support of over two hundred volunteers.

Due to the impact of the pandemic on the charity’s incoming resources expenditure on planned infrastructure improvements has been deferred with expenditure restricted to essential maintenance projects only.

We have continued to provide some public benefit in that from 1[st] September 2020 until 30[th] June 2021 we held reserves of food as contingency stocks for the County Council and were the personal protective equipment (PPE) distribution hub for the County. Furthermore, from 1[st] December 2020 until 30[th] June 2021 we operated a vaccination centre on the Showground that administered 96,000 vaccinations.

PLANS FOR FUTURE PERIODS

The restrictions in relation to mass gatherings resulted in the decision being taken to postpone the Staffordshire County Show from 2[nd] and 3[rd] June 2021 until 25[th] & 26[th] August 2021. In light of the removal of Covid restricts we plan to hold the English Winter Fair on 20[th] & 21[st] November 2021 along traditional lines but with Covid mitigation measures in place. The Society and its Districts intend to undertake a full programme of agricultural competitions including six ploughing matches. The Society will, in addition to sponsoring members of the Staffordshire Young Farmers to attend the Oxford Farming Conference, offer a range of scholarships as well as grants to assist farming students with the cost of textbooks and short vocational training course fees. The Society will offer support for farm visits by farming groups and schools and will also continue to afford financial support to the RABI and other agricultural charities. The Society will also forge closer links and make facilities available to the Royal Agricultural Society of England’s project Innovation for Agriculture. Finally, the Society will continue to invest in the Showground to renew and where possible enhance the facilities. The Trustees are committed to develop the Society’s competitions to further promote good environmental practices and animal welfare.

5

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31[ST] JULY 2021

FINANCIAL REVIEW

During the year the Society made a deficit of £113,401 (2020 surplus of £6,927) from general operations including income of £38,238 from the Showground. The deficit was the result of the cancellation of the County Show and other loss of income due to covid pandemic. The Society made an overall deficit of £113,401 compared to £7,203 in the previous year. The reserves of the Society are more than sufficient to cover the deficit (note 15).

Reserves

After allowing for capital reserves the Society maintains a reserve in the region of £461,000 which is considered adequate to meet the Society’s operational requirements for a period of twelve months. Any surplus to this requirement is applied towards long term maintenance and capital investment in the facilities at the show ground. The Showground Company received an income of £10,000 per month between 1[st] September 2020 and 30[th] June 2021 from the County Council for food storage and PPE distribution together with a payment of £20,000 per month from 1[st] December 2020 to 30[th] June 2021 for hosting the vaccination which combined with payments from the Job Support Scheme has been sufficient to cover expenses. As Covid restrictions have been eased third party events have restarted at the Showground with the expectation that events will be at pre-pandemic levels by 1[st] November 2021. It should be noted, however, that following the acquisition of land to mitigate the impact of HS2 on the Showground we are in the process of expecting a payment of £520,000 from HS2 as repayment of our costs.

Investment Powers

The Memorandum and Articles of Association allows for the investment of monies which are not immediately required for the furtherance of its objects in or upon such investments, securities or property as the charity feel fit, subject to conditions imposed or required by law.

Investment

The Society’s principal investment is in its major asset – the County Showground which is leased on an annual rent of £80,000 to its subsidiary company, Stafford Showground Limited. However, due to the reduction in the Company’s income as a result of the pandemic payments ceased on 1[st] August 2020. It is hoped that rent payments will restart on 1[st] January 2022. The main fund-raising activity of the group is through the hire of the site and facilities by the subsidiary to a large number of external organisations including religious organisations and other charities at a substantially reduced fee. The site is hired almost exclusively for recreational activities for the benefit of the wider community. Repairs and renewals on the Showground are delegated to the subsidiary company Stafford Showground Limited and surplus funds are transferred to the Charity by gift aid. In the year 2020/21 £38,238 (2019/20 - £77,619) was paid by gift aid by the subsidiary. All capital expenditure is referred to the Society’s Council for authorisation.

6

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31[ST] JULY 2021

Risk Policy

The major risks to which the charity is exposed, as identified by the directors, have been reviewed and systems have been established to mitigate those risks. In particular the Society has regard to health and safety issues. In consequence health and safety is regularly discussed at board meetings, consultants are employed to identify and mitigate risks and staff and volunteers are given appropriate training.

Trustees' responsibilities statement

The trustees (who are also directors of Stafford & Birmingham Agricultural Society for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

7

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31[ST] JULY 2021

Statement as to Disclosure of Information to Auditors

In so far as the trustees are aware:

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 the Board of Directors on 25[th] November 2021 and signed on its behalf:

Richard Williams - Secretary

8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF STAFFORD & BIRMINGHAM AGRICULTURAL SOCIETY LIMITED

(Company Registration Number 03682748)

Opinion

We have audited the financial statements of Staffordshire & Birmingham Agricultural Society (the 'parent company') and its subsidiaries (the ‘group’) for the year ended 31 July 2021 which comprise Consolidated and Parent Company Statements of Financial Activities, Consolidated and Parent Company Balance Sheets and Consolidated and Parent Company Cash Flow Statements and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF STAFFORD & BIRMINGHAM AGRICULTURAL SOCIETY LIMITED

(Company Registration Number 03682748)

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF STAFFORD & BIRMINGHAM AGRICULTURAL SOCIETY LIMITED

(Company Registration Number 03682748)

Responsibilities of directors

As explained more fully in the Trustees’ Responsibilities Statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

We did not identify any key audit matters relating to irregularities, including fraud.

11

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF STAFFORD & BIRMINGHAM AGRICULTURAL SOCIETY LIMITED

(Company Registration Number 03682748)

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Walsh (Senior Statutory Auditor) For and on behalf of Dyke Yaxley Limited Statutory Auditor 8 Hollinswood Court Stafford Park 1 Telford Shropshire TF3 3DE

Date: ……………………………………..

12

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2021

Note
Income from:
3
Donations and voluntary income
Charitable activities
Other trading activities for generating funds
Investments
Other
Total income
Expenditure on:
4
Raising funds
Charitable activities
Other
Total expenditure
Net income / (expenditure)
Transfers between funds
Other recognised gains/(losses)
Depreciation on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15		 Unrestricted
Funds
£
‐
40,280
530,736
1,241
6,719
578,976
581,752
7,263
89,849
678,864
(99,888)
‐
(464,734)
‐
(564,622)
21,522,938
20,958,316		 Restricted
Funds
£
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐		 Total
2021
£
‐
40,280
530,736
1,241
6,719
578,976
581,752
7,263
89,849
678,864
(99,888)
‐
(464,734)
‐
(564,622)
21,522,938
20,958,316		 Total
2020
£
29,236
91,092
1,081,809
1,385
15,837
1,219,359
1,081,728
143,626
40,589
1,265,943
(46,584)
‐
(464,735)
‐
(511,319)
22,034,257
21,522,938

All income and expenditure derive from continuing activities.

There are no recognised gains and losses other than those passing through the income and expenditure account.

The notes on pages 20 to 34 form part of these accounts

13

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021

Note
Income from:
3
Donations and voluntary income
Charitable activities
Other trading activities for generating funds
Investments
Other
Total income
Expenditure on:
4
Raising funds
Charitable activities
Other
Total expenditure
Net income / (expenditure)
Transfers between funds
Other recognised gains/(losses)
Depreciation on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15		 Unrestricted
Funds
£
38,238
40,280
3,166
1,241
6,719
89,644
105,933
7,263
89,849
203,045
(113,401)
‐
(464,734)
(578,135)
21,484,699
20,906,564		 Restricted
Funds
£
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐		 Total
2021
£
38,238
40,280
3,166
1,241
6,719
89,644
105,933
7,263
89,849
203,045
(113,401)
‐
(464,734)
(578,135)
21,484,699
20,906,564		 Total
2020
£
106,855
91,092
63,350
81,385
15,837
358,519
181,507
143,626
40,589
365,722
(7,203)
‐
(464,735)
(471,938)
21,956,637
21,484,699

The notes on pages 20 to 34 form part of these accounts

14

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2021

Gross income of continuing charitable operations
Continuing non charitable trading activities income
Total expenditure of continuing charitable operations
Continuing non charitable trading activities expenditure
Net income for the year before transfers
and investment asset disposals
Net income for the year		 2021
£
48,240
530,736
578,976
97,495
581,369
678,864
(99,888)
(99,888)		 2020
£
137,550
1,081,809
1,219,359
197,314
1,068,629
1,265,943
(46,584)
(46,584)

The notes on pages 20 to 34 form part of these accounts

15

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

(Company Registration Number 03682748) CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2021

Notes
Fixed assets
Tangible assets
9b
Current assets
Debtors
11
Cash at bank
Creditors:amounts falling due
within one year
12
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after
more than one year
13
Net assets
Represented by:
Unrestricted funds
15
Restricted funds
15
Revaluation reserve
15		 Unrestricted
Funds
£
20,738,586
91,520
571,637
663,157
(179,744)
483,413
21,221,999
(263,683)
20,958,316
3,929,978
‐
17,028,338
20,958,316		 Restricted
Funds
£
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐		 Total
2021
£
20,738,586
91,520
571,637
663,157
(179,744)
483,413
21,221,999
(263,683)
20,958,316
3,929,978
‐
17,028,338
20,958,316		 Total
2020
£
21,309,348
85,680
528,844
614,524
(135,744)
478,780
21,788,128
(265,190)
21,522,938
4,029,866
‐
17,493,072
21,522,938

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Directors 25 November 2021. and signed on its behalf by:

M Thompstone ‐ Director

The notes on pages 20 to 34 form part of these accounts

16

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

(Company Registration Number 03682748) BALANCE SHEET AS AT 31 JULY 2021

Notes
Fixed assets
Tangible assets
9a
Investments
10
Current assets
Debtors
11
Cash at bank
Creditors:amounts falling due
within one year
12
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after
more than one year
13
Net assets
Represented by:
Unrestricted funds
15
Restricted funds
15
Revaluation reserve
15		 Unrestricted
Funds
£
20,738,586
2
20,738,588
40,643
536,595
577,238
(145,579)
431,659
21,170,247
(263,683)
20,906,564
3,878,226
‐
17,028,338
20,906,564		 Restricted
Funds
£
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐		 Total
2021
£
20,738,586
2
20,738,588
40,643
536,595
577,238
(145,579)
431,659
21,170,247
(263,683)
20,906,564
3,878,226
‐
17,028,338
20,906,564		 Total
2020
£
21,304,179
2
21,304,181
9,266
513,862
523,128
(77,420)
445,708
21,749,889
(265,190)
21,484,699
3,991,627
‐
17,493,072
21,484,699

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Directors on 25 November 2021 and signed on its behalf by:

M Thompstone ‐ Director

The notes on pages 20 to 34 form part of these accounts

17

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Note
Net cash flows from operating activities
1
Cash flow from investing activities
Payments to acquire tangible assets
Proceeds from sale of assets
Interest received
Net cash flows from investing activities
Cash flow from financing activities
New Loans in the year
Repayment of long term loan
Interest paid
Repayment of hire purchase liabilities
Net cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the start of the year
Cash and cash equivalents at the end of the year
1
Cash generated from operations
Net movement in funds
Building society interest received
Bank loan interest paid
Depreciation charge of tangible assets
(Increase) / decrease in debtors
Increase / (decrease) in creditors
2 Analysis of Changes in net debt
Cash and cash Equivalents
Cash
Borrowings
Debt due within one year
Debt due after one year
Total		 ‐
‐
741
‐
‐
(6,585)
‐
At 1 August
2020
£
528,844
(30,119)
(265,190)
(295,309)
233,535		 Year ended
Year ended
31 July 2021
31 July 2020
£
£
48,637
278,018
(518,915)
‐
885
741
(518,030)
300,000
(24,000)
(7,588)
‐
(6,585)
268,412
42,793
28,400
528,844
500,444
571,637
528,844
Year ended
Year ended
31 July 2021
31 July 2020
£
£
(564,622)
(511,319)
(741)
(885)
5,111
11,897
570,762
568,004
(5,840)
258,342
43,967
(48,021)
48,637
278,018
Cash
Other non
At 31 July
Flows
2021
£
£
£
42,793
‐
571,637
‐
(33)
(30,152)
‐
1,507
(263,683)
‐
1,474
(293,835)
42,793
1,474
277,802
cash changes		 Year ended
Year ended
31 July 2021
31 July 2020
£
£
48,637
278,018
(518,915)
‐
885
741
(518,030)
300,000
(24,000)
(7,588)
‐
(6,585)
268,412
42,793
28,400
528,844
500,444
571,637
528,844
Year ended
Year ended
31 July 2021
31 July 2020
£
£
(564,622)
(511,319)
(741)
(885)
5,111
11,897
570,762
568,004
(5,840)
258,342
43,967
(48,021)
48,637
278,018
Cash
Other non
At 31 July
Flows
2021
£
£
£
42,793
‐
571,637
‐
(33)
(30,152)
‐
1,507
(263,683)
‐
1,474
(293,835)
42,793
1,474
277,802
cash changes
278,018
At 31 July
2021
£
571,637
(30,152)
(263,683)
(293,835)
277,802

18

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Note
Net cash flows from operating activities
1
Cash flow from investing activities
Payments to acquire tangible assets
Proceeds from sale of assets
Interest received
Net cash flows from investing activities
Cash flow from financing activities
New Loans in the year
Repayment of long term loan
Interest paid
Repayment of hire purchase liabilities
Net cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the start of the year
Cash and cash equivalents at the end of the year
1
Cash generated from operations
Net movement in funds
Building society interest received
Bank loan interest paid
Depreciation charge of tangible assets
(Increase) / decrease in debtors
Increase / (decrease) in creditors
2 Analysis of Changes in net debt
Cash and cash Equivalents
Cash
Borrowings
Debt due within one year
Debt due after one year
Total		 Year ended
Year ended
31 July 2021
31 July 2020
£
£
28,577
296,269
‐
(518,915)
‐
‐
741
885
741
(518,030)
‐
300,000
‐
(24,000)
(6,585)
(7,588)
‐
‐
(6,585)
268,412
22,733
46,651
513,862
467,211
536,595
513,862
Year ended
Year ended
31 July 2021
31 July 2020
£
£
(578,135)
(471,938)
(741)
(885)
5,111
11,897
565,593
565,917
(31,377)
211,894
68,126
(20,616)
28,577
296,269
At 1 August
Cash
Other non
At 31 July
2020
Flows
2021
£
£
£
£
513,862
22,733
‐
536,595
(30,119)
‐
(33)
(30,152)
(265,190)
‐
1,507
(263,683)
(295,309)
‐
1,474
(293,835)
218,553
22,733
1,474
242,760
cash changes		 Year ended
Year ended
31 July 2021
31 July 2020
£
£
28,577
296,269
‐
(518,915)
‐
‐
741
885
741
(518,030)
‐
300,000
‐
(24,000)
(6,585)
(7,588)
‐
‐
(6,585)
268,412
22,733
46,651
513,862
467,211
536,595
513,862
Year ended
Year ended
31 July 2021
31 July 2020
£
£
(578,135)
(471,938)
(741)
(885)
5,111
11,897
565,593
565,917
(31,377)
211,894
68,126
(20,616)
28,577
296,269
At 1 August
Cash
Other non
At 31 July
2020
Flows
2021
£
£
£
£
513,862
22,733
‐
536,595
(30,119)
‐
(33)
(30,152)
(265,190)
‐
1,507
(263,683)
(295,309)
‐
1,474
(293,835)
218,553
22,733
1,474
242,760
cash changes
296,269
At 31 July
2021
£
536,595
(30,152)
(263,683)
(293,835)
242,760

19

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

a General information and basis of preparation

Staffordshire and Birmingham Agricultural Society is a charitable organisation in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.

The nature of the charity’s operations and principal activities are stated in the Trustees Report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b Basis of consolidation

The consolidated accounts represent the financial statements of Staffordshire and Birmingham Agricultural Society and all of its subsidiary undertakings made up to 31 July 2021. The acquisition method of accounting has been adopted. Under this method the results of subsidiary undertakings are included in the consolidated income and expenditure account.

c Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

d Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

20

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies (continued)

d Income recognition (continued)

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Income from trading activities includes income earned from trading activities (including the hiring out of the Showground) to raise funds for the charity. Income is received in exchange for services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes such as property. It includes interest and rent. Interest income is recognised using the effective interest method and rent income is recognised as the charity’s right to receive payment is established.

The company receives government grants in respect of the Job Retention Scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.

e Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants.

f Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and finance costs. They are incurred directly in support of expenditure on the objects of the charity and include costs incurred through renting out the Showground.

g Branch transactions

In accordance with the SORP Accounting & Reporting by Charities, revised 2005, branch transactions have been accounted for gross in the charity's own accounts and all assets and liabilities of the branches have been incorporated onto the balance sheet of the charity.

21

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies (continued)

h Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures, fittings and equipment ‐ Between 10% and 33% straight line basis Plant and equipment ‐ 15% straight line basis

i Property

The property held by the charity has mixed use and as the fair value of the investment property component cannot be measured reliably without undue cost or effort, the entire property has been accounted for as property within tangible fixed assets.

On adoption of the SORP 2015 FRS102 the charity has elected to measure property at its fair value as deemed cost.

The cost of buildings is being depreciated over a period of 10 ‐ 50 years, the estimated useful life of the individual building. Depreciation is not provided on freehold land.

j Investments

Investments in subsidiaries are measured at cost less impairment.

k Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

l Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

m Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

22

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies (continued)

n Leases and hire purchase contracts

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease/contract liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

o Employee benefits

When employees have rendered service to the charity, short‐term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

p Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

q Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

23

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

2 Net income from trading activities of subsidiaries

The charity has a wholly owned subsidiary undertaking which is incorporated in the UK. Stafford Showground Limited's principal activity is that of the letting of the Stafford County Showground.

A summary of Stafford Showground Limited's results for the year ended 31 July 2021 is shown below. Audited accounts have been approved by the directors and will be filed with the Registrar of Companies.

Profit and Loss account ‐ Stafford Showground Limited (Registered no: 03078132)

Profit and Loss account ‐ Stafford Showground Limited
(Registered no: 03078132)
Turnover
Cost of sales
Gross Profit
Administration
Operating Profit
Interest payable
Profit before taxation
Profit after taxation
Less rent paid to SBAS
Corporation tax
Amount gift aided to SBAS		 2021
£
527,570
3,236
524,334
474,918
49,416
‐
49,416
49,416
‐
49,416
2,334
51,750
(38,238)
13,512		 2020
£
1,018,459
146,239
872,220
753,982
118,238
‐
118,238
118,238
(80,000)
38,238
‐
38,238
(77,619)
(39,381)

24

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

3 Income
Incoming resources from generated funds
Donations and voluntary income
Donations
Sponsorship
Gift aided
Income from charitable activities
Proceeds from shows
Members subscriptions
Income from other trading activities for
generating funds
Primary purpose of trading subsidiary
Branch income
Income from investments
Interest ‐ building society
Rental income
Other income
Sundry income
Profit on sale of tangible fixed assets		 2021
Group
£
‐
‐
‐
‐
‐
40,280
40,280
527,570
3,166
530,736
741
500
1,241
6,719
‐
6,719
578,976		 2020
Group
£
550
28,686
‐
29,236
62,318
28,774
91,092
1,018,459
63,350
1,081,809
885
500
1,385
15,837
‐
15,837
1,219,359		 2021
Company
£
‐
‐
38,238
38,238
‐
40,280
40,280
‐
3,166
3,166
741
500
1,241
6,719
‐
6,719
89,644		 2020
Company
£
550
28,686
77,619
106,855
62,318
28,774
91,092
‐
63,350
63,350
885
80,500
81,385
15,837
‐
15,837
358,519

25

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

4 Expenditure
2021
Group
£
Costs of generating funds
Expenditure on raising funds
Social funds
383
Depreciation (including restricted)
100,859
Subsidiary expenses
‐ Staff costs
250,798
‐ Depreciation
‐
‐ Branch expenses
4,691
‐ Other
225,021
581,752
Expenditure on charitable activities
Grants
‐
Cost of shows
7,263
7,263
Other support costs
Governance
26,130
Finance
15,964
Other
47,755
89,849
678,864
Included in governance costs above are the following:
Accountants and audit fees
6,965
Legal fees
19,165
26,130		 2020
Group
£
13,099
101,182
340,144
‐
67,226
560,077
1,081,728
21,889
121,737
143,626
15,770
18,783
6,036
40,589
1,265,943
6,860
8,910
15,770		 2021
Company
£
383
100,859
‐
‐
4,691
‐
105,933
‐
7,263
7,263
26,130
15,964
47,755
89,849
203,045
6,965
19,165
26,130		 2020
Company
£
13,099
101,182
‐
‐
67,226
‐
181,507
21,889
121,737
143,626
15,770
18,783
6,036
40,589
365,722
6,860
8,910
15,770

26

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

5
Auditor's remuneration
Fees payable to the charity's auditor for
the audit of the charity's annual accounts
Fees payable to the charity's auditor for
the audit of the charity's subsidiaries		 2021
£
3,400
2,300		 2020
£
3,400
2,300

Indemnity insurance in respect of trustees was paid of £Nil (2020: £Nil).

7 Staff costs and employee benefits

The average monthly number of persons, including executive directors, employed by the group and the company during the year was:

2021 2020 2021 2020
Group Group Company Company
Governance 8 11 ‐ ‐

The total staff costs and employee benefits was as follows:

Wages and salaries
Social security
Other pension costs		 2021
Group
£
209,699
24,669
16,430
250,798		 2020
Group
£
291,907
27,805
20,432
340,144		 2021
Company
£
‐
‐
‐
‐		 2020
Company
£
‐
‐
‐
‐

27

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

7 Staff costs and employee benefits (continued)

The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows:

of more than £60,000 is as follows:
£70,001 ‐ £80,000
8
Interest payable and similar charges
Bank loans		 2021
Group
1
2021
Group
£
5,111
5,111		 2020
Group
1
2020
Group
£
11,897
11,897		 2021
Company
‐
2021
Company
£
5,111
5,111		 2020
Company
‐
2020
Company
£
11,897
11,897

28

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

9a Tangible fixed assets ‐ Company

Tangible fixed assets ‐ Company
Cost or valuation
At 1 August 2020
Additions
Group transfer
At 31 July 2021
Depreciation
At 1 August 2020
Charge for the year
Group transfer
At 31 July 2021
Net book value
At 31 July 2021
At 31 July 2020		 Properties
£
23,689,965
‐
‐
23,689,965
2,615,643
528,863
‐
3,144,506
20,545,459
21,074,322		 Fixtures,
fittings and
equipment
£
953,965
‐
155,715
1,109,680
724,108
36,730
155,715
916,553
193,127
229,857		 Total
£
24,643,930
‐
155,715
24,799,645
3,339,751
565,593
155,715
4,061,059
20,738,586
21,304,179

Freehold land with a deemed cost of £3,552,375 (2020 £3,552,375) has not been depreciated.

The property is held for charitable activities and in order to fund maintenance and improvement the charity rents the property to the trading subsidiary. Due to the mixed use of the property it has been valued at a deemed cost of £22,925,576 based on valuations by the directors with regard to a valuation carried out by Cunningham Lindsey on 24 October 2016.

Tangible fixed assets with a net book value of £20,545,459 have been pledged as security for liabilities of the charity.

29

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

9b Tangible fixed assets ‐ Group

Cost or valuation
At 1 August 2020
Additions
Disposals
At 31 July 2021
Depreciation
At 1 August 2020
Charge for the year
Eliminated on disposal
At 31 July 2021
Net book value
At 31 July 2021
At 1 August 2020		 Properties
£
23,689,965
‐
‐
23,689,965
2,615,643
528,863
‐
3,144,506
20,545,459
21,074,322		 Fixtures,
fittings and
equipment
£
1,109,680
‐
‐
1,109,680
874,654
41,899
‐
916,553
193,127
235,026		 Total
£
24,799,645
‐
‐
24,799,645
3,490,297
570,762
‐
4,061,059
20,738,586
21,309,348

Freehold land with a deemed cost of £3,552,375 (2020 £3,552,375) has not been depreciated.

The property is held for charitable activities and in order to fund maintenance and improvement the charity rents the property to the trading subsidiary. Due to the mixed use of the property it has been valued at a deemed cost of £22,925,576 based on valuations by the directors with regard to a valuation carried out by Cunningham Lindsey on 24 October 2016.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Cost
Accumulated depreciation
Carrying value		 2021
£
4,134,801
617,684
3,517,117
Group		 2020
£
4,134,801
553,555
3,581,246		 2021
2020
£
£
4,134,801
4,134,801
617,684
553,555
3,517,117
3,581,246
Company		 2021
2020
£
£
4,134,801
4,134,801
617,684
553,555
3,517,117
3,581,246
Company
3,581,246

Tangible fixed assets with a net book value of £20,545,459 have been pledged as security for liabilities of the charity.

30

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

10 Fixed asset investments ‐ Company

Fixed asset investments ‐ Company
2021 2020
£ £
Unlisted investments ‐ cost 2 2

This represents the investment in Stafford Showground Limited, a wholly owned company incorporated in England & Wales. The subsidiary is involved in the provision of catering and entertainment facilities. At the year end, the aggregate capital and reserves of the company amounted to £51,752 and profit for the year is shown in note 2. The investment is held in the unrestricted fund.

11 Debtors

Trade debtors
Prepayments and accrued income
Deferred tax asset
Amounts owed by group undertakings		 2021
Group
£
46,496
42,690
2,334
‐
91,520		 2020
Group
£
3,434
82,246
‐
‐
85,680		 2021
Company
£
2,000
38,643
‐
‐
40,643		 2020
Company
£
‐
4,194
‐
5,072
9,266

Included in amounts owed by group undertakings is an inter company account of £nil (2020 ‐ £5,072) with Stafford Showground Limited.

12 Creditors: amounts falling due within one year

Trade creditors
Other taxation and social security
Accruals
Bank loans and overdrafts
Amounts from group undertakings
VAT		 2021
Group
£
10,438
6,716
112,950
30,152
‐
19,488
179,744		 2020
Group
£
44,765
303
42,633
30,119
‐
17,924
135,744		 2021
Company
£
3,211
303
88,539
30,152
19,427
3,947
145,579		 2020
Company
£
1,535
303
39,233
30,119
‐
6,230
77,420

Bank loan terms of repayment are £3,310 per month and interest is payable at 2.22%. The loan is secured on the freehold property of the charity.

Included in amounts owed from group undertakings is an inter company account of £19,427 (2020 ‐ £nil) with Stafford Showground Limited.

31

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

13 Creditors: amounts falling due after more than one year

Bank loans and overdrafts 2021
Group
£
263,683
263,683		 2020
Group
£
265,190
265,190		 2021
Company
£
263,683
263,683		 2020
Company
£
265,190
265,190

Bank loans include aggregate amounts of £122,185 which fall due after five years and which are payable by installments. Interest is charged at 2.22% and the loan repayable by 9 August 2029.

14 Secured debts ‐ Group and Company

The following secured debts are included within creditors:

The following secured debts are included within creditors:
Bank loans 2021
£
293,835
293,835		 2020
£
295,308
295,308

15 Funds ‐ Company

Balance at 1 August 2019
Net movement in funds
Depreciation on revaluation
Closing value of funds
Balance at 1 August 2020
Net movement in funds
Depreciation on revaluation
Closing value of funds		 Revaluation
reserve
£
17,957,807
‐
(464,735)
17,493,072
Revaluation
reserve
£
17,493,072
‐
(464,734)
17,028,338		 Restricted Unrestricted Unrestricted
funds
funds
funds
General fund
Prize fund
£
£
£
‐
3,998,730
100
‐
(7,203)
‐
‐
‐
‐
‐
3,991,527
100
Restricted Unrestricted Unrestricted
funds
funds
funds
General fund
Prize fund
£
£
£
‐
3,991,527
100
‐
(113,401)
‐
‐
‐
‐
‐
3,878,126
100		 Total
£
21,956,637
(7,203)
(464,735)
21,484,699
Total
£
21,484,699
(113,401)
(464,734)
20,906,564

32

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

15
Funds ‐ Group
Balance at 1 August 2019
Net movement in funds
Depreciation on revaluation
Closing value of funds
Balance at 1 August 2020
Net movement in funds
Depreciation on revaluation
Closing value of funds		 Revaluation
reserve
£
17,957,807
‐
(464,735)
17,493,072
Revaluation
reserve
£
17,493,072
‐
(464,734)
17,028,338		 Restricted Unrestricted Unrestricted
funds
funds
funds
General fund
Prize fund
£
£
£
‐
4,076,350
100
‐
(46,584)
‐
‐
‐
‐
‐
4,029,766
100
Restricted Unrestricted Unrestricted
funds
funds
funds
General fund
Prize fund
£
£
£
‐
4,029,766
100
‐
(99,888)
‐
‐
‐
‐
‐
3,929,878
100		 Total
£
22,034,257
(46,584)
(464,735)
21,522,938
Total
£
21,522,938
(99,888)
(464,734)
20,958,316

33

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

16 Commitments

Leases primarily relate to office equipment and motor vehicles. The commitments at the year end are as follows:

year end are as follows:
Due within 1 year
Due between 2 and 5 years		 2021
£
7,764
31,586
39,350		 2020
£
4,585
‐
4,585

17 Related party transactions

Staffordshire and Birmingham Agricultural Society is the 100% shareholder in Stafford Showground Limited and had the following transactions with the subsidiary:

Limited and had the following transactions with the subsidiary:
2021 2020
£ £
Amounts received from Stafford Showground Limited:
Rental income ‐ 80,000
Amounts paid to Stafford Showground Limited:
Management charges ‐ ‐
Amounts due to the Stafford Showground Limited: 19,427 (5,072)

Staffordshire and Birmingham Agricultural Society was formed following the merger of Stafford Agricultural Society and Birmingham Agricultural and Exhibition Society Limited. All assets and liabilities of the two societies were transferred on 1 January 1999 to Staffordshire and Birmingham Agricultural Society at their book values. All such values were on a historical cost basis with the exception of the freehold land and buildings which were revalued as at 31 December 1998 using a current open market value basis as an operating entity having regard to trading potential by Chesterton Property Consultants (qualified chartered surveyors) on 13 May 1999.

The total transferred in the year ending 31 July 1999 was £1,749,765.

34

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

GENERAL INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021

Year ended
31 July 2021
£
£
Income
Members' subscriptions
40,280
Donations
‐
Rent receivable
500
Gift aid
38,238
Society functions
‐
Sundry income
6,719
Gross surplus
85,737
Administrative expenses
Secretarial expenses
663
Printing, stationery and postage
1,676
Repairs and renewals
4,924
Bank charges and interest
1,837
Legal and professional fees
19,165
Audit and accountancy charges
6,965
Rates
‐
County competition prize money and expenses
2,868
Equipment hire
‐
Depreciation of fixed assets
100,859
Social function expenses
383
Educational and training grants
‐
Leasing
10,853
Loan interest
5,111
Management recharge
35,534
Insurance
7,516
Grants to districts
‐
198,354
Operating surplus
(112,617)
Interest receivable and similar income
Building society interest
741
Net surplus
(111,876)
Branch income
Net function income/(expenses) of district branches
(1,525)
(113,401)		 Year ended
31 July 2020
£
£
28,774
550
80,500
77,619
10,185
15,837
213,465
709
999
13,158
2,004
8,910
6,860
8,982
4,032
2,940
101,182
13,099
13,900
6,886
11,897
‐
‐
7,989
203,547
9,918
885
10,803
(3,876)
6,927		 Year ended
31 July 2020
£
£
28,774
550
80,500
77,619
10,185
15,837
213,465
709
999
13,158
2,004
8,910
6,860
8,982
4,032
2,940
101,182
13,099
13,900
6,886
11,897
‐
‐
7,989
203,547
9,918
885
10,803
(3,876)
6,927
9,918
885
10,803
(3,876)
6,927

35

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

ENGLISH WINTER FAIR INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021

Income
Ticket sales
Trade stand income
Competition fees
Catering and bar commission
Sales and catalogues
Sponsorship and donations
Ladies section income
Herdsmans' supper
Auction commission
Income related expenditure
Cost of prizes
Catering
Marquee and equipment hire
Staff costs
Preparation costs
Judges' and stewards' expenses
Printing and stationery
Advertising
Security
Heat and light
Postage and telephone
Sundry expenses
Net deficit		 Year ended
Year ended
31 July 2021
31 July 2020
£
£
£
£
‐
8,181
‐
15,993
‐
14,192
‐
7,077
‐
458
‐
16,186
‐
‐
‐
4,067
‐
2,165
‐
68,319
‐
21,826
‐
10,876
‐
7,900
‐
2,225
‐
5,210
‐
2,788
‐
4,077
‐
5,405
‐
5,648
‐
3,411
‐
380
‐
804
‐
70,550
‐
(2,231)		 Year ended
Year ended
31 July 2021
31 July 2020
£
£
£
£
‐
8,181
‐
15,993
‐
14,192
‐
7,077
‐
458
‐
16,186
‐
‐
‐
4,067
‐
2,165
‐
68,319
‐
21,826
‐
10,876
‐
7,900
‐
2,225
‐
5,210
‐
2,788
‐
4,077
‐
5,405
‐
5,648
‐
3,411
‐
380
‐
804
‐
70,550
‐
(2,231)
(2,231)

36

STAFFORDSHIRE & BIRMINGHAM AGRICULTURAL SOCIETY A COMPANY LIMITED BY GUARANTEE

COUNTY SHOW INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021

Income
Show admission fees
Trade stand income
Competition fees
Catering and bar commission
Sales and catalogues
Sponsorship and donations
Income related expenditure
Cost of prizes
Catering
Main ring events
Other show attractions
Preparation of show and showground expenses
Equipment hire
Judges' and stewards' expenses
Printing and stationery
Advertising
Security and staff costs
Insurance
Heat and light
Postage
Management charges
Cleaning
Subscriptions
Sundry expenses
Net surplus		 Year ended
Year ended
31 July 2021
31 July 2020
£
£
£
£
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
12,500
‐
12,500
‐
‐
‐
1,823
‐
‐
‐
‐
‐
2,823
‐
150
‐
‐
‐
9,940
‐
3,905
‐
2,933
‐
‐
‐
‐
‐
79
‐
‐
‐
‐
‐
1,820
‐
926
‐
24,399
‐
(11,899)		 Year ended
Year ended
31 July 2021
31 July 2020
£
£
£
£
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
12,500
‐
12,500
‐
‐
‐
1,823
‐
‐
‐
‐
‐
2,823
‐
150
‐
‐
‐
9,940
‐
3,905
‐
2,933
‐
‐
‐
‐
‐
79
‐
‐
‐
‐
‐
1,820
‐
926
‐
24,399
‐
(11,899)
(11,899)

37