REGISTERED COMPANY NUMBER: 04980181 (England and Wales) REGISTERED CHARITY NUMBER: 1108047
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 September 2021
for
Leicestershire Agricultural Society Ltd
Brockhurst Davies Limited 11 The Office Village North Road Loughborough Leicestershire LE11 1QJ
Leicestershire Agricultural Society Ltd
Contents of the Financial Statements for the Year Ended 30 September 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Leicestershire Agricultural Society Ltd
Report of the Trustees for the Year Ended 30 September 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The object of the society is to promote and advance agriculture, horticulture, forestry, farming, the breeding and rearing of livestock, rural crafts and pursuits and allied industries in Leicestershire and the surrounding areas.
FINANCIAL REVIEW Investment policy
The policy is to maintain the investment return but with the minimum exposure to risk.
FUTURE PLANS
The Trustees accept the need to have regard to the Charity Commission's guidance on public benefit.
They recognise that it is their responsibility to ensure that the benefits offered by the charity are realised by promoting the charity within the county.
The aim is set out in the objectives above. The organisation believes in being fair, open and inclusive.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Society was founded in 1833 and became a company limited by guarantee on 1 December 2003. The company was established under a Memorandum of Association, which defines the objects and powers of the company and is governed under its Articles of Association. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member.
The affairs of the Society are managed by a Council of Management comprising the trustees of the company who in accordance with the Articles of Association do not receive remuneration for acting as trustees. The directors are also the trustees of the charity.
The major risks to which the Society is exposed are kept under constant review by the trustees, and procedures established to mitigate such risks.
The Society is registered as a limited company at Companies House (No 4980181) and is also a Registered Charity (No 1108047).
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
04980181 (England and Wales)
Registered Charity number
1108047
Registered office
Foxglove House Gallow Field Road Market Harborough Leicestershire LE16 7QB
Trustees
J Webb C J Brown L A Taylor (resigned 30.9.21)
Page 1
Leicestershire Agricultural Society Ltd
Report of the Trustees for the Year Ended 30 September 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Brockhurst Davies Limited 11 The Office Village North Road Loughborough Leicestershire LE11 1QJ
Bankers
Barclays Bank Plc Loughborough
DIRECTORS INTERESTS
The directors did not hold any beneficial interests in the charity at 30 September 2020 or at any time during the year.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ J Webb - Trustee
Page 2
Independent Examiner's Report to the Trustees of Leicestershire Agricultural Society Ltd
Independent examiner's report to the trustees of Leicestershire Agricultural Society Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
P Johnson Brockhurst Davies Limited 11 The Office Village North Road Loughborough Leicestershire LE11 1QJ
Date: .............................................
Page 3
Leicestershire Agricultural Society Ltd
Statement of Financial Activities for the Year Ended 30 September 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 17,669 | 10,000 | |
| Charitable activities | |||
| Subscriptions | |||
| 2,695 | 355 | ||
| Other trading activities | 2 | 94 | 100 |
| Other income | 17,215 | 2,350 | |
| Total | 37,673 | 12,805 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Subscriptions | |||
| 16,323 | 3,000 | ||
| Other expenditure | - | 10,525 | |
| Other | 13,998 | 250 | |
| Total | 30,321 | 13,775 | |
| Net gains/(losses) on investments | 642 | (710) | |
| NET INCOME/(EXPENDITURE) | 7,994 | (1,680) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 21,842 | 23,522 | |
| TOTAL FUNDS CARRIED FORWARD | 29,836 | 21,842 |
The notes form part of these financial statements
Page 4
Leicestershire Agricultural Society Ltd
Balance Sheet 30 September 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 6 | 52,215 | 12,992 |
| Investments | 7 | 3,422 | 2,780 |
| 55,637 | 15,772 | ||
| CURRENT ASSETS | |||
| Debtors | 8 | 612 | 612 |
| Cash at bank | 1,320 | 8,195 | |
| 1,932 | 8,807 | ||
| CREDITORS | |||
| Amounts falling due within one year | 9 | (8,599) | (2,737) |
| NET CURRENT ASSETS | (6,667) | 6,070 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 48,970 | 21,842 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 10 |
(19,134) | - |
| NET ASSETS | 29,836 | 21,842 | |
| FUNDS | 12 | ||
| Unrestricted funds | 29,836 | 21,842 | |
| TOTAL FUNDS | 29,836 | 21,842 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
Leicestershire Agricultural Society Ltd
Balance Sheet - continued 30 September 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Webb - Trustee
The notes form part of these financial statements
Page 6
Leicestershire Agricultural Society Ltd
Notes to the Financial Statements for the Year Ended 30 September 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The directors have prepared the accounts on the going concern basis which they consider to be appropriate. The Society's 2018 annual show was heavily affected by the weather and was not a financial success as shown by these financial statements. Plans for the 2019 show are well advanced, financial controls have been introduced again and a realistic budget produced which shows that a surplus is likely to be achieved from the 2019 Show to be held in August which should return the Society to a surplus position.
In the meantime, the directors confirm that they have the financial support from the bank in respect of an overdraft, and of its creditors who have all agreed to a deferred payment plan.
The directors therefore consider that the Society will continue to be a going concern for the foreseeable future.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Investment income
Investment income is accounted for in the year in which the charity is entitled to receipt.
Miscellaneous income
Miscellaneous income is accounted for in the year in which the charity is entitled to receipt.
Tangible fixed assets
Depreciation is provided on tangible fixed assets at rates calculated to write off the costs on a reducing balance basis over their expected useful lives as follows:
Fixtures, fittings and office equipment -25% per annum on reducing basis Challenge cups - not depreciated
Taxation
These financial statements are prepared on the basis that the company has an exemption under section 505 of the Income and Corporation Taxes Act (ICTA) 1988 and that no charge to taxation applies.
Fund accounting
The General fund is an unrestricted fund which is available for use at the discretion of the trustees in furtherance of the general objectives of the society.
Fixed asset investments
Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the period.
Charitable expenditure
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs represent the cost to the charity of maintaining the office.
continued...
Page 7
Leicestershire Agricultural Society Ltd
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
1. ACCOUNTING POLICIES - continued
Fixed asset investments
Governance costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.
Basis of application of costs
The majority of costs are directly attributable to specific activities. Certain shared costs are apportioned as deemed appropriate.
Donated services and facilities
Where services are provided to the charity as a donation that would normally be purchased from suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity. There were no donated services or facilities in the current or prior year.
2. OTHER TRADING ACTIVITIES
3.
| Investment income NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets Surplus on disposal of fixed assets |
2021 £ 94 2021 £ 5,279 **(3,000) ** |
2020 £ 100 |
|---|---|---|
| 2020 £ 921 - |
Net income/(expenditure) is stated after charging/(crediting):
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 10,000 |
| Charitable activities | |
| Subscriptions | |
| 355 | |
| Other trading activities | 100 |
| Other income | 2,350 |
| Total | 12,805 |
continued...
Page 8
Leicestershire Agricultural Society Ltd
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | |||
|---|---|---|---|
| fund | |||
| £ | |||
| EXPENDITURE ON | |||
| Charitable activities | |||
| Subscriptions | |||
| 3,000 | |||
| Other expenditure | 10,525 | ||
| Other | 250 | ||
| Total | 13,775 | ||
| Net gains/(losses) on investments | (710) | ||
| NET INCOME/(EXPENDITURE) | (1,680) | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 23,522 | ||
| TOTAL FUNDS CARRIED FORWARD | 21,842 | ||
| TANGIBLE FIXED ASSETS | |||
| Fixtures, | |||
| fittings & | |||
| office | Challenge | ||
| equipment | cups | Totals | |
| £ | £ | £ | |
| COST | |||
| At 1 October 2020 | 26,423 | 4,704 | 31,127 |
| Additions | **44,502 ** | - | **44,502 ** |
| At 30 September 2021 | 70,925 | **4,704 ** | 75,629 |
| DEPRECIATION | |||
| At 1 October 2020 | 18,135 | - | 18,135 |
| Charge for year | 5,279 | - | 5,279 |
| At 30 September 2021 | 23,414 | - | 23,414 |
| NET BOOK VALUE | |||
| At 30 September 2021 | 47,511 | **4,704 ** | 52,215 |
| At 30 September 2020 | 8,288 | 4,704 | 12,992 |
6. TANGIBLE FIXED ASSETS
continued...
Page 9
Leicestershire Agricultural Society Ltd
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
| 7. FIXED ASSET INVESTMENTS MARKET VALUE At 1 October 2020 Net investments gains/(losses) At 30 September 2021 NET BOOK VALUE At 30 September 2021 At 30 September 2020 There were no investment assets outside the UK. 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income |
Investments £ 2,780 642 3,422 3,422 2,780 2021 2020 £ £ 612 612 |
|---|---|
continued...
Page 10
Leicestershire Agricultural Society Ltd
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
| 9. | CREDITORS: AMOUNTS FALLING | DUE WITHIN ONE YEAR | DUE WITHIN ONE YEAR | ||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| £ | £ | ||||
| Hire purchase (see note 11) | 5,600 | - | |||
| Other creditors | 816 | 1,687 | |||
| Accruals and deferred income | 2,183 | 1,050 | |||
| 8,599 | 2,737 | ||||
| 10. | CREDITORS: AMOUNTS FALLING | DUE AFTER MORE THAN ONE | YEAR | ||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Hire purchase (see note 11) | **19,134 ** | - | |||
| 11. | LEASING AGREEMENTS | ||||
| Minimum lease payments under hire purchase fall due as follows: | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Net obligations repayable: | |||||
| Within one year | 5,600 | - | |||
| Between one and five years | **19,134 ** | - | |||
| **24,734 ** | - | ||||
| 12. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | |||||
| At 1.10.20 | in funds | At 30.9.21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 21,842 | 7,994 | 29,836 | ||
| TOTAL FUNDS | 21,842 | **7,994 ** | 29,836 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 37,673 | (30,321) | 642 | 7,994 | |
| TOTAL FUNDS | 37,673 | (30,321) | 642 | **7,994 ** |
continued...
Page 11
Leicestershire Agricultural Society Ltd
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At Unrestricted funds General fund TOTAL FUNDS |
Net movement 1.10.19 in funds At £ £ 23,522 (1,680) 23,522 (1,680) |
30.9.20 £ 21,842 21,842 |
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 12,805 | (13,775) | (710) | (1,680) |
| TOTAL FUNDS | 12,805 | (13,775) | (710) | (1,680) |
A current year 12 months and prior year 12 months combined position is as follows:
| At Unrestricted funds General fund TOTAL FUNDS |
Net movement 1.10.19 in funds At £ £ 23,522 6,314 23,522 6,314 |
30.9.21 £ 29,836 29,836 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 50,478 | (44,096) | (68) | 6,314 |
| TOTAL FUNDS | 50,478 | (44,096) | (68) | 6,314 |
continued...
Page 12
Leicestershire Agricultural Society Ltd
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2021.
Page 13
Leicestershire Agricultural Society Ltd
Detailed Statement of Financial Activities for the Year Ended 30 September 2021
| INCOME AND ENDOWMENTS Donations and legacies Grants Other trading activities Investment income Charitable activities Subscriptions Donations and sponsorship Other income Rental income Total incoming resources EXPENDITURE Charitable activities Rates and water Insurance Sundries Advertising Show expenses Honorarium Trustees expenses Depreciation of tangible fixed assets Other Light and heat Support costs Management Repairs and renewals Bank charges and interest Finance Loss on sale of tangible fixed assets Information technology Bad debts |
2021 £ 17,669 94 295 2,400 2,695 17,215 37,673 775 1,447 120 - - 340 - 5,279 7,961 297 9,648 298 9,946 (3,000) 5,750 |
2020 £ 10,000 100 355 - 355 2,350 12,805 432 1,217 - 326 173 3,000 4,360 921 10,429 250 1,275 494 1,769 - - |
|---|---|---|
This page does not form part of the statutory financial statements
Page 14
Leicestershire Agricultural Society Ltd
Detailed Statement of Financial Activities for the Year Ended 30 September 2021
| Information technology Governance costs Accountancy and legal fees Hire purchase interest Total resources expended Net income/(expenditure) before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income/(expenditure) |
2021 £ 9,085 282 9,367 30,321 7,352 642 **7,994 ** |
2020 £ 1,050 277 1,327 13,775 (970) (710) (1,680) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15