COMPANY REGISTRATION NUMBER: 03968279 CHARITY REGISTRATION NUMBER: 1082095
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
ALLEN SYKES LTD
Chartered Accountants Unit B4 Dales Centre Castle Gardens Stanhope Bishop Auckland County Durham DL13 2FJ
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2021
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 4 |
| Independent examiner's report to the trustees | 5 to 6 |
| Statement of financial activities (including income and | |
| expenditure account) | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 to 16 |
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 31 OCTOBER 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 October 2021.
Reference and administrative details
Wolsingham and Wear Valley Agricultural Society
Registered charity name
Charity registration number
Charity registration number 1082095 Company registration number 03968279 Principal office and registered 5 Front Street office Frosterley Bishop Auckland County Durham DL13 2QW The trustees Mr J Hodgson Mr I Ross (Treasurer) Mr J Bell Mr G Pybourne Mr K Lough Mr J Emerson Mr P Walker Mr J Suddes
Mr D Briggs (Chairman)
Company secretary Mr D S Richardson Independent examiner Mr P W Lamb Unit B4 Dales Centre Castle Gardens Stanhope Bishop Auckland County Durham DL13 2FJ
Structure, governance and management
Wolsingham and Wear Valley Agricultural Society is a private limited company and a registered charity. The company is limited by guarantee with the guarantors being the members to the extent of £1 each. The registered charity number is 1082095.
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each.
Admission of members to the society is by writing to the Secretary of the Society which is then considered by the Society's Council for admission.
- 1 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 OCTOBER 2021
Structure, governance and management (continued)
TRUSTEE INDUCTION AND TRAINING
Most trustees are familiar with the practical work of the charity and are encouraged to take on relevant training.
Objectives and activities
The charitable objective of the Society and principal activity is to promote improvement in the breeding of livestock and to improve the standards of farming and farm craft for the farmers residing within the area. In planning our activities the trustees have given due regard to guidance published by the Charity Commission on public benefit.
- 2 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 OCTOBER 2021
Achievements and performance
The global COVID-19 pandemic struck with the "stay at home" order being announced on 23rd March 2020. In May 2020 the committee made the difficult decision to cancel the Show as it was felt it would not be safe to run an event in the current climate. However one year on, due to the huge success of the national vaccination programme the Society decided to take the carefully considered decision to run the annual show on September 4th & 5th 2021.
In order to run the event the society worked tirelessly with Durham County Council, SAG, PHE and other safety advisors to ensure we had an extensive COVID-19 Risk Assessment in place for public, trader and exhibitor safety. To ensure the showground was 'covid secure' and following government guidelines the Society invested in extra staffing to support social distancing, promoted online ticket sales, introduced one way systems in marquees and invested in handwashing facilities.
Due the promotion of advanced online ticket sales we saw a huge increase on tickets purchased online prior to the show weekend. The traditional memberships also saw an increase in sales. The Society also purchased card reader machines so we could take card payments at the entrances, this proved popular until unfortunately they stopped working due to the volume of transactions. This has been rectified for 2022.
Despite the global pandemic we had great support from the general public and exhibitors. I take pleasure in reporting on another very successful year for the Society. The sunny weather saw the Show attract its largest attendance ever with an attendance of over 40,000 visitors. The increased traffic did see us have to borrow extra emergency parking which the Society are extremely grateful for. The 2021 Show attracted a record number of exhibitors and an increased number of indoor and outside trade stands. Other areas of success included the Giant Tortoises, Taste Durham Food Market, Horticultural Marquee, Cattle section and the new bale wrap off competition held in the Northern Metal Recycling Arena. We decided to put the 'cookery demonstration' on again which proved to be a tremendous success and will be returning for the 2022 show, even bigger and better!
2021 was the fourth year where we managed to sponsor all of our marquees and arenas, this included major sponsorship from East Durham College (EDC), Derwent Logs, Martin Bell Car Sales and Feed Warehouse. We also managed to get EDC to sponsor the Agricultural Village again and Stage Coach NE to advertise in their entire fleet across the North East. We are also grateful for the sponsorship from Workwear Express who provided all of the Committee with branded clothing. The Society now has a ground maintenance team, Batson Groundcare Limited who have kept the showground in fantastic order.
Despite most events being cancelled in 2021 "The Barn" is continuing to generate income from future bookings, including weddings, poultry shows and dog agility classes. The showground is due to host its second TruckFest NE in May 2022.
We have continued to invest in the infrastructure of our showground despite the global pandemic. We have another new road in front of the Fur and Feather Marquee and we replaced The Barn floor which has made the venue more accessible to a wider range of the community.
This is my eighth year as General Secretary, it has taken a great deal of hard work to produce the 2021 event due to COVID-19, but I take pleasure from seeing the enjoyment of all our visitors from across the north east and further afield. As the Show continues to expand we will need to increase both Office staffing and the Executive Committee. My grateful thanks go to David Briggs (Chairman), for his collaborative work with me to ensure the success of the Show over the pandemic.
Along with David our thanks need to go to the following:-
- 3 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 OCTOBER 2021
The grounds man Stephen Pybourne on his sixth year. Stephen and his team were superb.
All the Committee Members, Section Secretaries and other supporters for their help and co-operation to ensure success.
Thank you to Andrew Hall, Ian Spedding, Richard Stobbs, Oliver Scown and Chris Stephenson for allowing us to use their land for extra parking and our sheepdog trials.
Make sure you join us on the 3rd and 4th September 2022 for another action packed Wolsingham Show.
Financial review
The annual results show a surplus of £134,568 (2020: deficit of £11,029).
The level of unrestricted free reserves at 31st October 2021 was £278,293 (2020: £157,178). The charity requires reserves (money not designated for any purposes) in order to fund the provision of the annual show and to improve the on site facilities. The trustees consider that reserves of at least the cost of holding the show be held, together with sufficient funds to enable the Society to finance the purchase of additional facilities for the showground.
Plans for future periods
Our plans for 2022 are to put a road system into the agricultural field, this should make it easier for exhibitors and will be used by events such as Truckfest NE. We are also looking at a new road surface in the Stage Coach Arena to allow easier walking conditions for our visitors to get around our showground. The committee have committed to installing more wifi points to our showground which will help support online ticketing and traders. The society are also looking to purchase a new Office cabin which can be used as a Show Office on show weekend and throughout the year.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 8 March 2022 and signed on behalf of the board of trustees by:
Mr D S Richardson Charity Secretary
- 4 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
YEAR ENDED 31 OCTOBER 2021
I report to the trustees on my examination of the financial statements of Wolsingham and Wear Valley Agricultural Society ('the charity') for the year ended 31 October 2021.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
- 5 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY (continued)
YEAR ENDED 31 OCTOBER 2021
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr P W Lamb Independent Examiner
Unit B4 Dales Centre Castle Gardens Stanhope Bishop Auckland County Durham DL13 2FJ
- 6 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 OCTOBER 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 33,936 | – | 33,936 | 12,637 |
| Other trading activities | 6 | 284,064 | – | 284,064 | 8,536 |
| Investment income | 7 | 117 | – | 117 | 362 |
| Other income | 8 | 6,115 | – | 6,115 | 6,215 |
| -------------------------------- | -------------- | -------------------------------- | --------------------------- | ||
| Total income | 324,232 | – | 324,232 | 27,750 | |
| ================================ | ============== | ================================ | =========================== | ||
| Expenditure | |||||
| Expenditure on charitable activities | 9,10 | 187,306 | 2,358 | 189,664 | 38,779 |
| -------------------------------- | ----------------------- | -------------------------------- | --------------------------- | ||
| Total expenditure | 187,306 | 2,358 | 189,664 | 38,779 | |
| ================================ | ======================= | ================================ | =========================== | ||
| -------------------------------- | ----------------------- | -------------------------------- | --------------------------- | ||
| Net income/(expenditure) and net | |||||
| movement in funds | 136,926 | (2,358) | 134,568 | (11,029) | |
| ================================ | ======================= | ================================ | =========================== | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 312,716 | 228,932 | 541,648 | 552,677 | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 449,642 ================================ |
226,574 ================================ |
676,216 ================================ |
541,648 ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 16 form part of these financial statements.
- 7 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 16 | 397,923 | 384,470 | ||
| Current assets | |||||
| Debtors | 17 | 2,949 | 7,249 | ||
| Cash at bank and in hand | 295,785 | 153,649 | |||
| -------------------------------- | -------------------------------- | ||||
| 298,734 | 160,898 | ||||
| Creditors: amounts falling due | |||||
| within one year | 18 | 20,441 | 3,720 | ||
| -------------------------------- | -------------------------------- | ||||
| Net current assets | 278,293 | 157,178 | |||
| -------------------------------- | -------------------------------- | ||||
| Total assets less current liabilities | 676,216 | 541,648 | |||
| -------------------------------- | -------------------------------- | ||||
| Net assets | 676,216 | 541,648 | |||
| ================================ | ================================ | ||||
| Funds of the charity | |||||
| Restricted funds | 226,574 | 228,932 | |||
| Unrestricted funds | 449,642 | 312,716 | |||
| -------------------------------- | -------------------------------- | ||||
| Total charity funds | 20 | 676,216 ================================ |
541,648 ================================ |
For the year ending 31 October 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 8 March 2022, and are signed on behalf of the board by:
Mr D Briggs (Chairman) Trustee
The notes on pages 9 to 16 form part of these financial statements.
- 8 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2021
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 5 Front Street, Frosterley, Bishop Auckland, County Durham, DL13 2QW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Taxation
The Society is a registered charity and is therefore exempt from taxation on its income and gains.
Fund accounting
Unrestricted general funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or grant making organisations.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- 9 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 OCTOBER 2021
3. Accounting policies (continued)
Incoming resources (continued)
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
other incoming resources is the total amount receivable by the Society in the ordinary course of operations.
The Society is not registered for Value Added Tax.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT, which cannot be recovered and is reported as part of the expenditure to which it relates.
-
Charitable expenditure comprises those costs incurred by the charity in delivering its activities and services for its beneficiaries.
-
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property - 4% straight line Show equipment - 15% reducing balance Freehold land is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
- 10 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 OCTOBER 2021
3. Accounting policies (continued)
Government grants (continued)
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Limited by guarantee
The company is limited by guarantee, there being no share capital, and as such is not controlled by any one person but by the board of trustees as a whole. At 31 October 2021 there were 9 trustees each of whom had undertaken to contribute an amount not exceeding £1 in the event of a winding up.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Ladies Committee | 2,000 | 2,000 | – | – |
| Membership | 11,839 | 11,839 | 20 | 20 |
| Sponsorship | 12,476 | 12,476 | – | – |
| Donations | – | – | 12 | 12 |
| Grants | ||||
| Department for the Environment and | ||||
| Rural Activities | 2,621 | 2,621 | 2,605 | 2,605 |
| Government grant income | 5,000 | 5,000 | 10,000 | 10,000 |
| --------------------------- | --------------------------- | --------------------------- | --------------------------- | |
| 33,936 | 33,936 | 12,637 | 12,637 | |
| =========================== | =========================== | =========================== | =========================== |
- 11 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 OCTOBER 2021
6. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gate receipts | 201,061 | 201,061 | – | – | |
| Entry fees | 19,026 | 19,026 | – | – | |
| Trade stands & franchises | 51,322 | 51,322 | 860 | 860 | |
| Race cards & adverts | 8,941 | 8,941 | 302 | 302 | |
| Returned prize money | 408 | 408 | – | – | |
| Fund raising activities | 287 | 287 | – | – | |
| Dance | 375 | 375 | 3,970 | 3,970 | |
| Other | 2,644 | 2,644 | 3,404 | 3,404 | |
| -------------------------------- | -------------------------------- | ----------------------- | ----------------------- | ||
| 284,064 | 284,064 | 8,536 | 8,536 | ||
| ================================ | ================================ | ======================= | ======================= | ||
| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 117 | 117 | 362 | 362 | |
| ============== | ============== | ============== | ============== | ||
| 8. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Field rent | 6,115 | 6,115 | 6,215 | 6,215 | |
| ======================= | ======================= | ======================= | ======================= | ||
| 9. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Agricultural Show | 170,901 | 2,358 | 173,259 | ||
| Support costs | 16,405 | – | 16,405 | ||
| -------------------------------- | ----------------------- | -------------------------------- | |||
| 187,306 | 2,358 | 189,664 | |||
| ================================ | ======================= | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Agricultural Show | 23,401 | 2,358 | 25,759 | ||
| Support costs | 13,020 | – | 13,020 | ||
| --------------------------- | ----------------------- | --------------------------- | |||
| 36,421 | 2,358 | 38,779 | |||
| =========================== | ======================= | =========================== |
- 12 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 OCTOBER 2021
10. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Support | Total funds | Total fund | ||
| directly | costs | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Agricultural Show | 173,259 | – | 173,259 | 25,759 | |
| Governance costs | – | 16,405 | 16,405 | 13,020 | |
| -------------------------------- | --------------------------- | -------------------------------- | --------------------------- | ||
| 173,259 | 16,405 | 189,664 | 38,779 | ||
| ================================ | =========================== | ================================ | =========================== | ||
| 11. | Analysis of support costs | ||||
| Agricultural | |||||
| Show | Total 2021 | Total 2020 | |||
| £ | £ | £ | |||
| Governance costs | 16,405 | 16,405 | 13,020 | ||
| =========================== | =========================== | =========================== | |||
| 12. | Net income/(expenditure) | ||||
| Net income/(expenditure) is stated after charging/(crediting): | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 11,869 | 11,650 | |||
| =========================== | =========================== | ||||
| 13. | Independent examination fees | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 680 ============== |
780 ============== |
14. Staff costs
The charity does not have any paid employees.
15. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
- 13 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 OCTOBER 2021
16. Tangible fixed assets
| Land and | Show | ||
|---|---|---|---|
| buildings | equipment | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 November 2020 | 405,943 | 24,807 | 430,750 |
| Additions | 17,126 | 8,196 | 25,322 |
| -------------------------------- | --------------------------- | -------------------------------- | |
| At 31 October 2021 | 423,069 | 33,003 | 456,072 |
| ================================ | =========================== | ================================ | |
| Depreciation | |||
| At 1 November 2020 | 37,744 | 8,536 | 46,280 |
| Charge for the year | 9,031 | 2,838 | 11,869 |
| -------------------------------- | --------------------------- | -------------------------------- | |
| At 31 October 2021 | 46,775 | 11,374 | 58,149 |
| ================================ | =========================== | ================================ | |
| Carrying amount | |||
| At 31 October 2021 | 376,294 | 21,629 | 397,923 |
| ================================ | =========================== | ================================ | |
| At 31 October 2020 | 368,199 | 16,271 | 384,470 |
| ================================ | =========================== | ================================ |
Additional assets held and used by the company but written off in full in the financial statements include Secretary's caravan office, Trophies, Show equipment, Office furniture, Storage containers, Personal computer and planning fees.
17. Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 2,949 | 3,162 | |
| Prepayments and accrued income | – | 4,087 | |
| ----------------------- | ----------------------- | ||
| 2,949 | 7,249 | ||
| ======================= | ======================= | ||
| 18. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Trade creditors | 16,641 | – | |
| Accruals and deferred income | 800 | 720 | |
| Ladies Committee loan | 3,000 | 3,000 | |
| --------------------------- | ----------------------- | ||
| 20,441 =========================== |
3,720 ======================= |
19. Government grants
| The amounts recognised in the financial statements for government grants are as follows: | The amounts recognised in the financial statements for government grants are as follows: | |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Recognised in income from donations and legacies: | ||
| Government grants income | 5,000 | 10,000 |
| ======================= | =========================== |
- 14 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 OCTOBER 2021
20. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 November | 31 October | |||
| 2020 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| General funds | 312,716 | 324,232 | (187,306) | 449,642 |
| ================================ | ================================ | ================================ | ================================ | |
| At | At | |||
| 1 November | 31 October 2 | |||
| 2019 | Income | Expenditure | 020 | |
| £ | £ | £ | £ | |
| General funds | 321,387 | 27,750 | (36,421) | 312,716 |
| ================================ | =========================== | =========================== | ================================ | |
| Restricted funds | ||||
| At | At | |||
| 1 November | 31 October | |||
| 2020 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| Freehold Land | 178,989 | – | (2,358) | 176,631 |
| Amenity Building Fund | 42,443 | – | – | 42,443 |
| Durham County Council | 7,500 | – | – | 7,500 |
| -------------------------------- | -------------- | ----------------------- | -------------------------------- | |
| 228,932 | – | (2,358) | 226,574 | |
| ================================ | ============== | ======================= | ================================ | |
| At | At | |||
| 1 November | 31 October | |||
| 2019 | Income | Expenditure | 2020 | |
| £ | £ | £ | £ | |
| Freehold Land | 178,989 | – | – | 178,989 |
| Amenity Building Fund | 44,801 | – | (2,358) | 42,443 |
| Durham County Council | 7,500 | – | – | 7,500 |
| -------------------------------- | -------------- | ----------------------- | -------------------------------- | |
| 231,290 | – | (2,358) | 228,932 | |
| ================================ | ============== | ======================= | ================================ |
Freehold Land represents the showground land and buildings held by the charity.
Amenities Building Fund represents the grants, raffles and donations received towards building the new amenity building in 2014.
Durham County Council represents funding provided towards the cost of developing the car park.
- 15 -
WOLSINGHAM AND WEAR VALLEY AGRICULTURAL SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 OCTOBER 2021
21. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 171,349 | 226,574 | 397,923 |
| Current assets | 298,734 | – | 298,734 |
| Creditors less than 1 year | (20,441) | – | (20,441) |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| Net assets | 449,642 | 226,574 | 676,216 |
| ================================ | ================================ | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 155,538 | 228,932 | 384,470 |
| Current assets | 160,898 | – | 160,898 |
| Creditors less than 1 year | (3,720) | – | (3,720) |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| Net assets | 312,716 | 228,932 | 541,648 |
| ================================ | ================================ | ================================ |
22. Related parties
Payments totalling £13,631 were made to David Briggs Plant Hire in respect of plant hire & construction services. Mr D Briggs, Trustee, is the proprietor of David Briggs Plant Hire. At 31 October 2021 there were no amounts outstanding between the charity and David Briggs Plant Hire.
- 16 -