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2021-12-31-accounts

Charity Registration No. 1130942

Company Registration No. 06956588 (England and Wales)

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr G R Alford
Mr D Luxton
Mr M J Wooldridge
Mr R R Cunningham
Mr C P Heard
Mr L J G Hockridge
Mr B W J Lavis
Mr D W Webber
Secretary Mrs A Heywood
Charity number 1130942
Company number 06956588
Principal address Stamford Lodge
Stratton Hill
Stratton
Bude
EX23 9AY
Registered office Michael House
Castle Street
Exeter
Devon
EX4 3LQ
Independent examiner Mr J L Coombs MA (Cantab) FCA
Simpkins Edwards LLP
Michael House
Castle Street
Exeter
Devon
EX4 3LQ
Bankers Lloyds Bank Plc
Okehampton

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

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 - 15

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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 2019).

Objectives and activities

The main object of the Association is the advancement of agriculture and horticulture and allied industries including the holding of an Annual Show at Okehampton in the County of Devon.

These objectives are met by the organisation structure of an Executive Committee who consider suggestions from a Management Committee of eight members .

Achievements and performance

The Annual Show was held on 12 August 2021 with a show day surplus of £7,319. There was no show held in 2020 but some direct costs were incurred thus showing a deficit in 2020 of £8, 84 5. The surplus of £7,319 fully justifies the decision of the Trustees to hold the Show and has increased goodwill from the general public.

The overall financial performance in 2021 was very satisfactory as other income from rents and the investment portfolio, together with the Showday surplus resulted in an overall surplus of £46,412 in addition to which was a net gain on the investment portfolio of £38,867. Thus the overall surplus of the Charity for 2021 was £85,279 .

Financial review

The financial affairs of the Association remain in a very satisfactory condition, although no capital expenditure was made in the year. At 31 December 2021 the Association had reserves of £ 1,322,870 .

The Trustees have reviewed the reserves policy of the Charity and with the history of shows being cancelled in 2008, 2009 and 2020 some due to inclement weather and the other to the Pandemic, resulting in deficits, the Trustees estimate that there are sufficient reserves to cover such potential deficits but that cash reserves of £200,000 should be retained. Consideration has been given to insurance against inclement weather but the premiums continue to be high with some restrictions as to cover.

The Trustees have various capital items in mind in 2022, particularly as to the improvement of the show roads and buildings. There is still the ongoing situation of car and lorry parking and reserves are required in case the opportunity to acquire suitable land arises.

Structure, governance and management

The charitable company was incorporated on 8 July 2009 and commenced operations on 1 January 2010 when the assets and liabilities of the previously unincorporated charity (number 272910) were transferred into the company.

A report covering the major risks to which the charity may be exposed was commissioned and is reviewed every three years. There are volunteer officers who cover the risk areas.

Subject as otherwise provided in the rules and to any further direction of the Charity Commissioners. The Executive Committee shall have power to raise, borrow or make such investments of the Association's monies as they shall from time to time deem desirable and may appoint nominees to hold any such investments on the Association's behalf.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr G R Alford Mr D Luxton Mr M J Wooldridge Mr R R Cunningham Mr C P Heard Mr L J G Hockridge Mr B W J Lavis Mr D W Webber

The trustees' r eport was approved by the Board of Trustees.

Mr M J Wooldridge Trustee Dated: 28 February 2022

Mr L J G Hockridge Trustee Dated:28 February 2022

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

I report to the trustees on my examination of the financial statements of Okehampton and District Agricultural Association (the charity) for the year ended 31 December 2021.

Responsibilities and basis of report

As the trustees of the charity (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 financial statements of the charity 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 financial statements carried out under section 145 of the Charities Act 2011 (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

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:

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.

Mr J L Coombs MA (Cantab) FCA

for and on behalf of Simpkins Edwards LLP

Michael House Castle Street Exeter Devon EX4 3LQ

Dated: 1 April 2022

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
funds
2021
Notes
£
Income and endowments from:
Charitable activities
3
187,620
Other income
4
9,719
Total income
197,339
Expenditure on:
Charitable activities
5
144,280
Other expenditure
9
6,647
Total resources expended
150,927
Net gains/(losses) on investments
10
38,867
Net movement in funds
85,279
Fund balances at 1 January 2021
1,237,591
Fund balances at 31 December 2021
1,322,870		 Restated
Total
2020
£
712
49,876
50,588
13,157
45,675
58,832
(18,565)
(26,809)
1,264,400
1,237,591

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Tangible assets
11
Investments
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
Unrestricted funds		 2021
£
£
544,498
461,084
1,005,582
375
319,224
319,599
(2,311)
317,288
1,322,870
1,322,870
1,322,870		 2020
£
£
551,595
403,443
955,038
11,933
275,325
287,258
(4,705)
282,553
1,237,591
1,237,591
1,237,591

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 28 February 2022

Mr M J Wooldridge Mr L J G Hockridge Trustee Trustee

Company Registration No. 06956588

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Okehampton and District Agricultural Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Michael House, Castle Street, Exeter, Devon, EX4 3LQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity 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 are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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.

1.4 Incoming resources

Income is recognised when the charity 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.

Income from the holding of the agricultural show is included in the period to which it relates on a cash receivable basis.

Cash donations are recognised on receipt. Other donations are recognised once the charity 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.

Rental income is accrued in accordance with the period to which it relates and is recognised as such in the general fund.

Bank interest is received gross to the statement of financial activities as it accrues. It is allocated to the general fund.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Items included in other expenditure are costs which are not incurred directly in any of the charitable activities or projects of the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold buildings erected in 1992 3.33% Straight line method Freehold improvements in 1994 and 10% Straight line method subsequent years Plant and equipment 10% Straight line method

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 the statement of financial activities .

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Financial instruments

The charity 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 charity 's balance sheet when the charity 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.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

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 p aymen ts 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 charity ’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’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 Charitable activities

Charitable Income Charitable Income

Catalogue sales
Showday premiums
Entry fees
Gates and advance ticket sales
Special prizes and sponsorship money
Subscriptions and VP collections
Trade stands and craft tents
Donations and hire
Showfield income		 2021
£
500
13,451
9,279
90,871
5,225
115
30,793
25
37,361
187,620		 2020
£
-
-
-
-
-
145
-
567
-
712

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

4 Other income

Unrestricted
Total
funds
2021
2020
£
£
Field hire -
400
Investment income 9,691
10,796
Interest received: Bank accounts 28
93
Caravan park -
37,127
Grass keep -
1,460
9,719
49,876
Charitable activities
Restated
Charitable
Charitable
Expenditure
Expenditure
2021
2020
£
£
Advertising 198
698
Commission on gates 11,942
-
Fee to rotary club 1,500
-
St Johns ambulance 3,580
-
Local organisations - help on day 800
-
Entertainment 4,735
-
Hire of field for car park 713
-
Hire of showday equipment 46,099
6,097
Judging fees and expenses 4,036
-
Loud speaker service 9,125
-
Printing catalogues, schedules and entry forms 2,769
-
Printing, stationery and post 1,643
548
Prize money and awards 13,526
-
Public transport 500
-
Repairs and renewals and labour 2,542
835
Security expenses 778
-
Section secretaries honoraria/expenses 4,706
955
Sundry expenses 519
424
Signage 78
-
Health and safety 2,064
-
Showfield expenditure (salary, telephone, other) 31,087
-
142,940
9,557
Grant funding of activities (see note 6) 1,340
3,600
144,280
13,157

5 Charitable activities

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

6 Grants payable

Charitable
Charitable
Expenditure
Expenditure
2021
2020
£
£
Grants to institutions:
Education Grants -
850
Grants to individuals 1,340
2,750
1,340
3,600

The number of grants made to individuals during the year was 2 (2020: 7). These had an aggregate value of £1,340 (2020: £2,750).

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
2 2

The Association employed one full-time and one part-time employee during the year, who received £20,240 (2020: £23,196) in total.

There were no employees whose annual remuneration was more than £60,000.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

9 Other expenditure

Other expenditure
Restated
Unrestricted Total
funds
2021 2020
£ £
Gift - 250
Investment management fees 3,643 3,227
Secretary and Assistant 2,024 23,196
Sundry expenses 109 304
Telephone 31 840
Accountancy and typing fees 222 1,599
Office rent - 2,310
Bank charges 190 55
Insurance 260 1,527
Legal - Rent agreements - 1,328
Business rates - 676
Annual dinner 74 -
Computer and website - 150
Subscriptions 80 373
Room Hire 14 10
Depreciation - 9,144
Water - 440
Legal - Employment - 246
6,647 45,675

10 Net gains/(losses) on investments

Unrestricted Total
funds
2021 2020
£ £
Revaluation of investments 38,370 (18,565)
Gain/(loss) on sale of investments 497 -
38,867 (18,565)

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

11
Tangible fixed assets
Freehold
buildings
erected in
1992
Plant and
equipment
£
£
Cost
At 1 January 2021
603,500
64,077
At 31 December 2021
603,500
64,077
Depreciation
At 1 January 2021
63,915
52,067
Depreciation charged in the year
4,127
2,970
At 31 December 2021
68,042
55,037
Carrying amount
At 31 December 2021
535,458
9,040
At 31 December 2020
539,585
12,010		 Total
£
667,577
667,577
115,982
7,097
123,079
544,498
551,595

The carrying value of the investment properties included within tangible fixed assets is £ 535,458 (2020 : £ 539,585 ).

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

12 Fixed asset investments

Listed
investments
£
Valuation
At 1 January 2021 403,443
Additions 50,862
Valuation changes 38,370
Increase in portfolio cash account (2,872)
Realised surplus on disposal of investments 496
Disposals (29,215)
At 31 December 2021 461,084
Carrying amount
At 31 December 2021 461,084
At 31 December 2020 403,443
13
Debtors
Amounts falling due within one year:
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Accruals and deferred income		 2021
£
375
2021
£
2,311		 2020
£
11,933
2020
£
4,705

15 Key management personnel

The key management personnel of the Association comprise the trustees and the Show Secretary.

16 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

17 Restatement of showfield costs in 2020

Showfield expenses that were originally included within charitable activities in the 2020 financial statements have been restated to other expenditure. This has resulted in a restatement of the comparative expenditure figures. As a result of COVID the show did not go ahead in 2020 but returned in 2021. The directors believe that this restatement of the 2020 expenses produces a more comparable set of expense figures within the 2021 financial statements.

OKEHAMPTON AND DISTRICT AGRICULTURAL ASSOCIATION

INCOME AND EXPENDITURE ON SHOWDAY ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Income
Catalogue sales
Showday premiums
Entry fees
Gates and advance ticket sales
Special prizes and sponsorship money
Subscriptions and VP collections
Trade stands and craft tents
Donations
Expenditure
Advertising
Commission on gates
Fee to Rotary Club
St John Ambulance
Local organisations - help on day
Entertainment
Hire of field for car park
Hire of showday equipment
Judging fees and expenses
Loud speaker service
Printing, schedules and entries
Printing, stationery and post
Prize money and awards
Public transport
Repairs and renewals and labour
Rubbish collection
Security expenses
Section secretaries
Sundry expenses
Signage
Health and safety
Secretary's salary
Telephone
Other showfield expenditure
Net surplus		 £
198
11,942
1,500
3,580
800
4,735
713
46,099
4,036
9,125
2,769
1,643
13,526
500
2,542
-
778
4,706
519
78
2,064
111,853
18,216
276
12,595		 2021
£
500
13,451
9,279
90,871
5,225
115
30,793
25
150,259
142,940
7,319		 Restated
2020
£
£
-
-
-
-
-
145
-
567
712
698
-
-
-
-
-
-
6,097
-
-
-
548
-
-
835
-
-
955
424
-
-
9,557
-
-
-
9,557
(8,845)