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## **PAXTON HORTICULTURAL SOCIETY**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
**Charity Registration No. 1075700**
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## **PAXTON HORTICULTURAL SOCIETY**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr A Spence Mr G Wheatley Ms D Sergent Ms R Wheatley Mr S Tagger **Charity number** 1075700 **Principal address** Paxton Hall Kirkstall Lane Headingley Leeds LS5 2AB **Registered office** Paxton Hall Kirkstall Lane Headingley Leeds LS5 2AB **Independent examiner** Alison Whalley FCA Naylor Wintersgill Limited Carlton House Bradford BD1 4NS **Bankers** Lloyds Bank Leeds City Centre 65-68 Briggate Leeds LS1 6LH
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## **PAXTON HORTICULTURAL SOCIETY**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 17|
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## **PAXTON HORTICULTURAL SOCIETY**
## **TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The Trustees present their report and financial statements for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the society's Constitution dated 20 March 1999, amended 18 March 2005 and 24 March 2015, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)”
## **Objectives, activities, achievements and performance**
The society’s objective continues to be to advance education of the public in the science, theory and practice of horticulture, traditional crafts and the arts.
The society meets this objective by means of the following activities:
The society normally holds regular Saturday evening meetings and discussion groups and on the first and third Friday of the month guest speakers address the Friday Forum. The society also normally holds four seasonal shows. Unfortunatley, due to restrictions resulting from the covid 19 pandemic, it was not possible to hold any shows or plant sales in 2020 and no members' meetings were held after March 2020. The Paxton groups have, however, tried to keep in touch with members electronically via emails and zoom meetings.
The society is supported by its patrons. The trustees wish to acknowledge their valuable contribution.
The trustees do not plan any changes to the society’s current operations in the foreseeable future subject to continuing restrictions due to the pandemic.
The trustees have reviewed the guidance published by the Charity Commission and consider they fulfil the public benefit requirement of section 4 of the 2006 Charity Act.
Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as ‘soliciting or otherwise procuring money or other property for charitable purposes’. The charity does not actively raise funds from the public, other than through free to attend plant sales and shows, either directly or via use of an agent, accordingly no such amounts are presented in the financial statements for the year under review. The charity has received no complaints in relation to fundraising activity for the year under review.
Given the nature of the funding of the charity the Trustees consider that it remains appropriate not to be
voluntarily bound to be regulated by the Fundraising Regulator.
## **Financial review**
The net income for the year amounted to £11,463 (2019 £3,182). The trustees consider the financial state of the society’s affairs to be satisfactory.
Although the society's income from room hire was reduced considerably due to meetings being cancelled as a result of government restrictions, a small business grant of £10,000 was received from the government and a £10,000 donation was received from a benefactor who wishes to remain anonymous. In addition, Leeds City Council cancelled the 2020/21 business rates bill. Unfortunately, these gains were then partly offset when it became necessary to replace the light fittings in the hall at a cost of £4,270. The light fittings were the original fittings installed in 1968. They were of a size which had become obsolete and it was no longer possible to obtain replacement tubes for them as the tubes began to fail. When work on replacing the fittings commenced, it was also discovered that some of the wiring was in a potentially dangerous condition, so the hall had to be partially rewired. The trustees took the decision to replace the old fittings with modern LED lights, which consume less energy than the old fittings and are, therefore, cheaper to run and better for the environment. It seemed sensible to carry out this work during the summer whilst the hall was not in use. Despite this additional expenditure, the trustees consider that the financial state of the society's affairs is satisfactory within the context of the extraordinary circumstances prevailing.
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## **PAXTON HORTICULTURAL SOCIETY**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The trustees have set up a fixed asset fund that represents the value of the society’s tangible fixed assets to assist in identifying those funds that are not free funds, this amounts to £177,348 (2019 £177,436).
Free funds amount to £42,791 at 31 December 2020 (2019 £31,200). The trustees consider that funds at this level are sufficient to cover any likely costs of repairs and maintenance of the property.
The trustees have considered the most appropriate policy to invest surplus funds. The current policy of the trustees is to invest on deposit only seeking in this policy to obtain the best rate of interest possible in the market place.
The Trustees have assessed the major risks to which the society is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The charity is a registered charity number 1075700 and governed by its Constitution dated 20 March 1999, amended in 2005 and again in 2015.
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr A Spence Mr G Wheatley Ms D Sergent Ms R Wheatley Ms J Williamson (Resigned 20 March 2021) Mr S Tagger
The charity is administered and managed in accordance with its constitution by the members of the Executive Committee.
New Trustees are selected based on the skills they bring to the charity and are trained through mentoring from
more experienced Trustees.
The members of the executive committee are appointed at the Annual General Meeting. All members retire from office at the general meeting next after the date on which they came into office but they may be reelected or re-appointed. The committee comprises a minimum of five and not more than eight members.
The Trustees report was approved by the Board of Trustees.
**Mr A Spence** Trustee Dated: 12 August 2021
**Mr S Tagger** Trustee Dated:12 August 2021
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## **PAXTON HORTICULTURAL SOCIETY**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF PAXTON HORTICULTURAL SOCIETY**
I report to the Trustees on my examination of the financial statements of Paxton Horticultural Society (the society) for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the Trustees of the society you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the society’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the society as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Alison Whalley FCA Naylor Wintersgill Limited
Carlton House Grammar School Street Bradford BD1 4NS
Dated: 12 August 2021
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## **PAXTON HORTICULTURAL SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2020**
**2020**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
24,503
-
Charitable activities
**4**
1,464
-
Other trading activities
**5**
3,762
-
Investments
**6**
84
-
**Total income**
29,813
-
**Expenditure on:**
Charitable activities
**7**
18,310
40
Gross transfers
between funds
-
-
**Net income/(expenditure)**
**for the year/**
**Net movement in funds**
11,503
(40)
Fund balances at 1
January 2020
208,636
1,079
**Fund balances at 31**
**December 2020**
220,139
1,039|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2020**
**2019**
**2019**
**£**
**£**
**£**
24,503
2,018
-
1,464
3,309
-
3,762
12,567
-
84
93
-
29,813
17,987
-
18,350
14,745
60
-
1,100
(1,100)
11,463
4,342
(1,160)
209,715
204,294
2,239
221,178
208,636
1,079|**Total**
**2019**
**£**
2,018
3,309
12,567
93|
|---|---|---|
|||17,987|
|||14,805|
|||-
3,182
206,533|
|||209,715|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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## **PAXTON HORTICULTURAL SOCIETY**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2020**_
|**Notes**
**Fixed assets**
Tangible assets
**12**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**16**
Unrestricted funds
Designated funds
**17**
General unrestricted funds|**2020**
**£**
4,904
40,666
45,570
(1,740)
177,348
42,791|**£**
177,348
43,830
221,178
1,039
220,139
221,178|**2019**
**£**
1,105
33,080
34,185
(1,906)
177,436
31,200|**£**
177,436
32,279|
|---|---|---|---|---|
|||||209,715|
|||||1,079
208,636|
|||||209,715|
The financial statements were approved by the Trustees on 12 August 2021
Mr S Tagger **Trustee**
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## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **Charity information**
Paxton Horticultural Society is a charity registered in England and Wales, registration number 1075700.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the Society's Consitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The society is a Public Benefit Entity as defined by FRS 102.
The society has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the society. Monetary amounts in these financial statements are rounded to the nearest £.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the society has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the society.
## **1.4 Income**
Income is recognised when the society is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the society has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the society has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
**(Continued)**
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business.
## **1.5 Expenditure**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis, inclusive of VAT, which cannot be recovered, and has been classified under headings that aggregate all costs related to the category.
Overhead and support costs have been allocated between investment management costs and cost of charitable activities on a 70%:30% basis. This approximate split of the use of the property by the charity and by other organisations.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 2% straight line Fixtures and fittings 15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
The Trustees consider that the residual value of the land is in excess of cost and therefore no depreciation has been provided on freehold land and buildings.
## **1.7 Impairment of fixed assets**
At each reporting end date, the society reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **(Continued)**
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The society has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the society's balance sheet when the society becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the society’s contractual obligations expire or are discharged or cancelled.
## **1.10 Taxation**
As a registered charity, the Society benefits from Business Rates relief and is generally exempt from Corporation Tax, but not from Value Added Tax.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the society is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **2 Critical accounting estimates and judgements**
In the application of the society’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2020**|**2019**|
||**£**|**£**|
|Donations and gifts|13,888|2,018|
|Grants receivable|10,615|-|
||24,503|2,018|
|**Donations and gifts**|||
|General donations|13,888|2,001|
|Other|-|17|
||13,888|2,018|
|**Grants receivable for core activities**|||
|Leeds City Council covid|10,000|-|
|Furlough covid claim|615|-|
||10,615|-|
## **4 Charitable activities**
|Subscriptions
Shows and plant sales|**2020**
**£**
1,464
-
1,464|**2019**
**£**
1,752
1,557|
|---|---|---|
|||3,309|
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## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **5 Other trading activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2020**|**2019**|
||**£**|**£**|
|Letting fees|3,762|12,567|
## **6 Investments**
|Interest receivable
**Charitable activities**
**Investment**
**Management**
**Costs**
**Charitable**
**Activity**
**2020**
**2020**
**£**
**£**
Shows
-
33
Groups
-
40
-
73
Share of support costs
(see note 8)
12,248
5,249
Share of governance
costs (see note 8)
546
234
12,794
5,556
**Analysis by fund**
Unrestricted funds
12,794
5,516
Restricted funds
-
40
12,794
5,556|**Unrestricted Unrestricted**
**funds**
**funds**
**2020**
**2019**
**£**
**£**
84
93
**Total**
**2020**
**Investment**
**Management**
**Costs**
**Charitable**
**Activity**
**Total**
**2019**
**2019**
**2019**
**£**
**£**
**£**
**£**
33
-
1,225
1,225
40
-
60
60
73
-
1,285
1,285
17,497
8,993
3,853
12,846
780
472
202
674
18,350
9,465
5,340
14,805
18,310
9,465
5,280
14,745
40
-
60
60
18,350
9,465
5,340
14,805|**Unrestricted Unrestricted**
**funds**
**funds**
**2020**
**2019**
**£**
**£**
84
93
**Total**
**2020**
**Investment**
**Management**
**Costs**
**Charitable**
**Activity**
**Total**
**2019**
**2019**
**2019**
**£**
**£**
**£**
**£**
33
-
1,225
1,225
40
-
60
60
73
-
1,285
1,285
17,497
8,993
3,853
12,846
780
472
202
674
18,350
9,465
5,340
14,805
18,310
9,465
5,280
14,745
40
-
60
60
18,350
9,465
5,340
14,805|
|---|---|---|
|||**Total**
**2019**
**£**
1,225
60|
|||1,285
12,846
674|
|||14,805|
|||14,745
60|
|||14,805|
## **7 Charitable activities**
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## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **8 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Staff costs
3,097
-
Depreciation
388
-
Rates
555
-
Light, heat and power
2,749
-
Insurance
1,601
-
Repairs
7,435
-
Printing, postage and
stationery
67
-
Sundry
1,155
-
Support costs heading 8
450
-
Trustees' expenses
-
-
Accountancy
-
-
Independent
examination
-
780
17,497
780
Analysed between
Charitable activities
17,497
780|**2020**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
**£**
3,097
2,775
-
388
430
-
555
1,447
-
2,749
3,107
-
1,601
3,223
-
7,435
301
-
67
85
-
1,155
1,178
-
450
300
-
-
-
14
-
-
660
780
-
-
18,277
12,846
674
18,277
12,846
674|**2019**
**£**
2,775
430
1,447
3,107
3,223
301
85
1,178
300
14
660
-|
|---|---|---|
|||13,520|
|||13,520|
Costs are allocated 70% investment management and 30% charitable activity.
Fees paid to the accountants for independent examination amounted to £780 (2019 £660, accountancy).
## **9 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the society during the current or prior year.
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## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **10 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries|**2020**
**Number**
1
**2020**
**£**
3,097
3,097|**2019**
**Number**
1|
|---|---|---|
|||**2019**
**£**
2,775|
|||2,775|
There were no employees whose annual remuneration was £60,000 or more during the current or prior year.
## **11 Taxation**
As a charity it is exempt from tax on income falling within part II of the Corporation Tax Act 2010 and on gains falling within s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. No tax charges have arisen in the charity.
## **12 Tangible fixed assets**
|**Freehold land**
**and buildings**
**Fixtures and**
**fittings**
**£**
**£**
**Cost**
At 1 January 2020
175,000
18,447
Additions
-
300
Disposals
-
(1,500)
At 31 December 2020
175,000
17,247
**Depreciation and impairment**
At 1 January 2020
-
16,011
Depreciation charged in the year
-
388
Eliminated in respect of disposals
-
(1,500)
At 31 December 2020
-
14,899
**Carrying amount**
At 31 December 2020
175,000
2,348
At 31 December 2019
175,000
2,436|**Total**
**£**
193,447
300
(1,500)|
|---|---|
||192,247|
||16,011
388
(1,500)|
||14,899|
||177,348|
||177,436|
- 12 -
DocuSign Envelope ID: D5869F5B-EC32-4C29-AF2F-5CD7BE1477C7
## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **13 Debtors**
|**Debtors**|||
|---|---|---|
|**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2020**
**£**
18
2,863
2,023
4,904|**2019**
**£**
526
579
-|
|||1,105|
## **14 Creditors: amounts falling due within one year**
|**Notes**
Deferred income
**15**
Accruals and deferred income|**2020**
**£**
733
1,007
1,740|**2019**
**£**
-
1,906|
|---|---|---|
|||1,906|
## **15 Deferred income**
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Other deferred income|733|-|
## **16 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
||**Balance at**|**Resources**|**Transfers**||**Balance at**|**Resources**|**Balance at**|
|---|---|---|---|---|---|---|---|
||**1 January 2019**|**expended**||**1**|**January 2020**|**expended**|**31 December**|
||||||||**2020**|
||**£**|**£**|**£**||**£**|**£**|**£**|
|Saturday Group|1,139|(60)|-||1,079|(40)|1,039|
|Colton and Whitkirk||||||||
|Society Group|1,100|-|(1,100)||-|-|-|
||2,239|(60)|(1,100)||1,079|(40)|1,039|
The Saturday Group represents monies introduced by the Saturday Show and Discussion Group to be spent on the group.
The Colton and Whitkirk Society Group monies were held in case the group re-starts, but as this group has not re-started the funds have been transferred to general funds.
- 13 -
DocuSign Envelope ID: D5869F5B-EC32-4C29-AF2F-5CD7BE1477C7
## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **17 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|**Balance at**
**1 January 2019**
**Resources**
**expended**
**£**
**£**
Fixed Asset
Fund
176,247
(430)
176,247
(430)|**Transfers**
**Balance at**
**1 January 2020**
**Resources**
**expended**
**£**
**£**
**£**
1,619
177,436
(388)
1,619
177,436
(388)|**Transfers**
**Balance at**
**31 December**
**2020**
**£**
**£**
300
177,348
300
177,348|**Transfers**
**Balance at**
**31 December**
**2020**
**£**
**£**
300
177,348
300
177,348|
|---|---|---|---|
||||177,348|
The fixed asset fund represents the value of the fixed assets at the end of the year and will reduce as the assets are depreciated.
- 14 -
DocuSign Envelope ID: D5869F5B-EC32-4C29-AF2F-5CD7BE1477C7
##
##
||**Balance at 1**
**Incoming**
**Resources**
**Balance at**
**Incoming**
**Resources**
**Transfers**
**Balance at 31**|**January 2019**
**resources**
**expended**
**1 January**
**resources**
**expended**
**December 2020**|**2020**|**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**|2,239
-
(60)
1,079
-
(40)
-
1,039|176,247
-
(430)
177,436
-
(388)
300
177,348|28,047
17,987
(14,315)
31,200
29,813
(17,922)
(300)
42,791|206,533
17,987
(14,805)
209,715
29,813
(18,350)
-
221,178|||**General**
**Designated**
**Restricted**
**Total**
**General**
**Designated**
**Restricted**
**Total**|**funds**
**funds**
**funds**
**funds**
**funds**
**funds**|**2020**
**2020**
**2020**
**2020**
**2019**
**2019**
**2019**
**2019**|**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**|||-
177,348
-
177,348
-
177,436
-
177,436|42,791
-
1,039
43,830
31,200
-
1,079
32,279|42,791
177,348
1,039
221,178
31,200
177,436
1,079
209,715|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**Funds**|||||Restricted funds|Designated funds|General funds|||**Analysis of net assets between funds**|||||Fund balances at 31 December 2020 are|represented by:|Tangible assets|Current assets/(liabilities)||
|**18**||||||||||**19**||||||||||
DocuSign Envelope ID: D5869F5B-EC32-4C29-AF2F-5CD7BE1477C7
## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **20 Operating lease commitments**
At the reporting end date the society had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Within one year
Between two and five years|**2020**
**£**
580
338
918|**2019**
**£**
580
919|
|---|---|---|
|||1,499|
The operating leases represent leases of £580 per year to third parties. The leases are negotiated over terms of 60 months and rentals are fixed for 5 years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.
## **21 Related party transactions**
## **Remuneration of key management personnel**
None of the key personnel were paid in the current or prior year.
Travel expenses were not reimbursed amounting to £nil during the year (2019 - £14 one trustee).
All trustees are members of the society and pay the appropriate subscription.
- 16 -
DocuSign Envelope ID: D5869F5B-EC32-4C29-AF2F-5CD7BE1477C7
## **PAXTON HORTICULTURAL SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **22 Detailed Statement of Financial Activities**
|INCOME
Appeals and donations
Subscriptions
Show and plant sales
Plant sales and coffee mornings
Gift Aid tax reclaimed
HMRC furlough claim
Grant
Letting fees
Car Park
Interest
EXPENDITURE
Show Expenses
Performing Rights Society
Saturday Group
Wages
Depreciation
Rates
Water
Light and heat
Insurance
Repairs
Extinguishers and PAT testing
Print, Postage and Stationery
Cleaning materials
Window cleaning
Grass and hedge cutting
Hygiene services and supplies
Subscriptions
Refreshments for room hirers
Accountancy
Independent examination
Trustees Expenses
Surplus for year|**2020**
**£**
11,087
1,464
-
-
2,801
615
10,000
3,762
-
84
29,813
33
391
40
3,097
389
82
473
2,747
1,601
7,128
152
67
70
155
450
629
65
-
-
780
-
18,350
11,463|**2019**
**£**
1,594
1,752
1,090
467
424
-
-
12,517
50
93|
|---|---|---|
|||17,987|
|||1,225
281
60
2,775
430
815
632
3,107
3,223
-
152
85
224
149
300
580
82
11
660
-
14|
|||14,805|
|||3,182|
- 17 -