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2020-09-30-accounts

Company registration number: 07585178 Charity registration number: 1141715

Stithians Agricultural Association Limited

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 September 2020

Walker Moyle Ltd 3 Chapel Street Redruth Cornwall TR15 2BY

Stithians Agricultural Association Limited

Contents

Trustees' Report 1 to 9
Statement of Trustees' Responsibilities 10
Independent Examiner's Report 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 14 to 22

Stithians Agricultural Association Limited

Trustees' Report

DIRECTORS’ REPORT (Incorporating the Trustees’ Annual Report)

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Stithians Agricultural Association Limited operating and known as Stithians Show – Company Limited by Guarantee and Registered in England Number 7585178 Registered Charity number 1141715

The Trustees present their report along with the financial statements of the Charity for the year ended 30 September 2020. The financial statements have been prepared in accordance with the accounting policies set out on pages 14 to 17 and comply with the Charity’s constitution and applicable law.

Objective and Activities

The Company’s Objects are:

4.1. to promote and encourage agriculture, horticulture, forestry, conservation and industry for the public benefit (in particular but not exclusively in the county of Cornwall) and to improve and advance them in all their branches and in all trades, crafts and professions with them in an exclusively charitable manner; and

4.2. to advance education in connection with agriculture, horticulture, forestry, conservation and rural and traditional crafts and activities;

in particular, but without limitation, by the holding of an annual agricultural show, normally on the traditional date in July.

The Show is held in July of each year on the Monday after the Sunday nearest to the 13th day of July (Feast of St. Stythian).

The objects were revised at the time of the transfer from unincorporated to incorporated entity (1 July 2011).

The objective is achieved through the organisation and effective completion of the one day Show and through using surplus income in the improvement of the Showground and the enhancement of the facilities available to members and the public, together with the ability to grant a bursary or bursaries to further studies linked to agriculture. The Next Generation Project (Sunflower Trail) also provides a practical delivery of our education objective.

In addition to the use of the Showground for the Show, it is let out to other organisations, both local and national charities and commercial organisations to raise additional revenue through the effective use and stewardship of the Showground. The letting to outside organisations also means that in many instances the public are able to attend events, which otherwise might not happen, and learn about other aspects of past and present country life. This includes the Young Farmers’ Country Fair and the West of England Steam Engine Society (WESES) who stage their prestigious annual event on the Showground in August each year. There is a close link between the educational objects of the Association and the WESES Steam Fair in respect of the history of agriculture and evolution from steam powered farming to today’s modern machinery. Other regular large scale events are the Cornwall Truck Show and the CVWOC Jamboree.

As a result of the Covid-19 pandemic, the Association has struggled to achieve its usual objectives and activities. Whilst plans were made early in the year to run the show as usual, immediately before the first lockdown was implemented, the Trustees took the difficult decision to cancel the annual show. The Trustees considered both a later date and a smaller event, but given the uncertain future, it was decided against pursuing either of these ideas; this turned out to be a wise decision.

Page 1

Stithians Agricultural Association Limited

Trustees' Report

Activities undertaken to further public benefit

The Trustees confirm that they have complied with the requirements of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Operating Review

Due to Covid-19 the show was unable to proceed in 2020.

With the exception of the General Secretary, all officers of the Association operate on an entirely voluntary basis. In April, once the cancellation of the show had been carried out, the working solutions committee considered the option to place the General Secretary on furlough. It was decided that there was a need for the General Secretary to remain in her role as she is the show's key worker and there would still be much to do throughout the summer with potential hires, site management, general enquiries and the possibility of a virtual event taking the place of the usual annual show, as well as many other important decisions the Trustees would need to be supported in.

Stithians Show is normally one of the largest one day agricultural shows in the country and the difficult decision to cancel the show had widespread implications, particularly upon local traders and contractors. The Trustees were not alone in their cancellation as many other events were beginning to cancel at this time; whilst it was one of the earliest to make that decision, it was primarily due to the large contracts it had in place and the need to mitigate potential losses.

Following the cancellation of the show, it was decided that the entire showground was to be turned over to hay; usually only part of the showground is used to make hay which is cut by two of our Trustees in time for the show. It was decided that this would ensure our agricultural activities were maintained and the purchase of additional single farm payments would offer some return to the Association during a difficult year and could also be utilised in 2021 should trading be affected again.

When planning for the 2020 show the Trustees decided to change the providers of traffic management, parking services and ticket services including paybooths. This followed rising dissatisfaction and complaints relating to the previous provider. It was also decided to introduce advance ticket sales for future shows.

In the ordinary course of events, there is a core of volunteers who work throughout the year to ensure that the Association prepares the show for each year, maintains the showground and undertakes ongoing stewardship. These include the meetings of the Trustee body, the section committees preparing schedules, seeking sponsorship and so forth and various other committees which meet as required (see later in report).

Volunteers can benefit from both the fellowship with other volunteers and the training that is provided to ensure that they understand the rationale for tasks undertaken and that they are conversant with the requirements of Health & Safety, Fire Safety and related requirements, including the Company's Code of Practice for Safety and Accident Prevention.

Regrettably due to the Coronavirus pandemic the decision was taken early in the year to canceel the show for 2020. The same issue has impacted the usual and potential hirers who have similarly not been able to hold their events.

The Stithians Virtual Show was borne out of a need to give something back to the community that are so very supportive of the annual agricultural show; the Association simply had to do something to mark what should have been show day. The General Secretary invited all sections to be involved within the development of the Virtual Show, but only ACC, Horticulture and the Cavies responded and thus the basis for the show was formed. The Virtual Show was a simple photography show; either photographic entries or photographs of exhibits in the baking, artistic and horticultural sections along with fun classes for children.

A dozen classes were laid on with not only local judges who are regular supporters of the show but also judges from as far away as Norfolk were invited to participate; people who would normally be prohibited from being involved due to the amount of travelling involved. The show was a great success with over 300 entries being received. There was no charge for entering the event and the fact it was virtual also meant it was accessible to so many more which encouraged entries from as far away as Derbyshire and Sussex.

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Stithians Agricultural Association Limited

Trustees' Report

On what would have been show day, a group of six (maximum number of people permitted to gather at the time) recreated the show opening on the showground which was broadcast live on Facebook and attracted a large number of viewers (42 live and over 3,000 in total). The rest of the day was spent releasing the results with the Trade Stand Secretary and a 'What I Miss About Stithians Show' compilation video for which anybody with a connection to the show was invited to submit a video clip. In spite of the natural disappointment of there being no annual show, the virtual event created a much needed hype and feel-good factor within an interactive space as well as acting as a reminder to visitors, exhibitors, traders and helpers of the special show community to which they belong.

Due to the virus it has proven impossible to hold the usual Trustee and member meetings during 2020. The working solutions committee has communicated by email to deal with any essential matters and since the year end the Trustees have met by Zoom.

The Trustees believe that we need to continually evolve and to enhance the educational aspects of the Show to bring in a younger audience and potentially attract new younger volunteers into the Association.

No infrastructure improvements have actually been made this year, again due to the effects of the pandemic. Early in the period under review a decision was taken to develop a new building in the area usually taken up by the Taste of Cornwall Marquee and to apply for available grant financing through the RDPE Growth Programme. This would have been used for Taste of Cornwall exhibitors at show time but would also have allowed the development of new events/hirers as the premises would have been available to facilitate indoor events. Whilst the project was successful at Expression of Interest stage, it did not go forward to full application, however, the Trustees are proceeding with applying for planning permission in the hope that the project may be able to move forward in better times.

The Trustees have continued to engage Cooper Safety SW through this unprecedented year to ensure there has been access to health & safety advice should any reason have arisen.

Financial Review

The past prudence of the Trustees in building substantial reserves in case of forced abandonment of the show has borne fruit this year in that the Association has ample funds to ride out the pandemic, for who knows when a "normal" show will be possible.

The Association was fortunate in that by taking the decision to cancel early on it avoided any serious penalties under the various contracts for regular suppliers.

In addition to the loss of income from the main activity, holding the show, there was little or no income from any letting of the ground. The Association did, however, receive the £10,000 grant from the government in common with other businesses within the leisure, hospitality and retail industries rated at below £15,000.

Despite the small loss for the year the Association remains fully solvent and there are no concerns over the ability to meet outgoings whilst income is restricted.

Financial Policies

Each year the finance committee agrees the short, medium and long term spending and reserve policy for the ensuing period:

  1. Funds are allocated for the day to day running of the Company.

  2. Funds are allocated to maintain and improve the Showground facilities.

  3. A sum roughly equivalent to the previous year’s operating cost of the Company is held as contingency

    1. against a disastrous Show year.

  5. Surplus cash funds are earmarked for either land purchase, should such become available, or for a

    1. more substantial capital development within the Showground should such a development be considered appropriate and financially viable at some future date.

Whilst there is the possibility of a short term requirement of capital for land purchase, or to support cash-flow should there be a disastrous year, the committee believes that a long term investment management arrangement would be inappropriate due to the possibility of an inauspicious timing for realisation of funds. It is impossible to anticipate when a land buying opportunity might arise and such opportunities are extremely rare.

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Stithians Agricultural Association Limited

Trustees' Report

Funds are thus invested in cash accounts/short term bonds to give the best interest return available at the time of investment. Following the banking crisis of 2007, a decision was taken to split the investments to ensure that the Company benefits from the FSCS cover as far as possible. This does mean that security of capital takes precedence over return.

The reserve of one year’s operating cost is held as recent evidence has demonstrated that shows which fail to hold sufficient reserves either struggle or fail if they have one or more very poor years, e.g. a disease occurrence followed by a wash out.

There is no need for any change to these policies in the light of Covid-19 although it does confirm the need to hold sufficient reserves for the unexpected whether it be a pandemic, foot and mouth, avian flu or even a weather incident.

Structure, Governance and Management

Stithians Agricultural Association is a Company Limited by Guarantee, registered in England, number 7585178. Registered Charity number 1141715.

The Governing Document is the Memorandum and Articles of Association adopted on 17 March 2011, as revised September 2014 and January 2016.

Charity Trustees/Directors of the Company for the dates shown were (Some Trustees appear more than once in this list as they hold multiple positions) :

Post 1 October 2019 –
13 January 2020		 13 January 2020 –
30 September 2020
Chairman T Bowden K Downing
Vice Chairman K Downing N Vague
Immediate Past Chairman Y Toms T Bowden
Treasurer(s) Capt. M A Higham Capt. M A Higham
Site Secretary Vacant
-
duties
split
between
Y
Toms (& J Payne - non-Trustee)
assisted by T
Williams
and W
P
Gluyas		 Vacant - duties split between Y Toms
(& J Payne - non-Trustee) assisted
by T Williams and W P Gluyas
Assistant Treasurer C L Watters C L Watters
Assistant Secretaries V L Toms V L Toms
Y Toms Y Toms
Membership Secretary T L Mead T L Mead
Showyard Directors P J Brown P J Brown
A T Williams A T Williams
C H Opie C H Opie
T J Bowden T J Bowden

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Stithians Agricultural Association Limited

Trustees' Report

Showyard Directors’ Administrator Showyard Directors’ Administrator P J Brown P J Brown
Luncheon Stewards T K Plummer T K Plummer
S J Plummer S J Plummer
K J Mead K J Mead
T L Mead T L Mead
W R Bowden W R Bowden
H Kneebone H Kneebone
Trade Stand Secretaries K R Tremayne K R Tremayne
L A Roskilly L A Roskilly
Catering Officer I F D Nicholls I F D Nicholls
Chief Steward and Gate Stewards M G Angove M G Angove
W P Gluyas W P Gluyas
R G Martin R G Martin
S M Tremayne S M Tremayne
Section
committee
representatives - one
per section.		 Arts,
Craft
&
Cookery		 S E Martin S E Martin
Cage Birds A Burley A Burley
Cattle H M Roskilly H M Roskilly
Cavies W Goldsworthy W Goldsworthy
Dogs G Trethowan G Trethowan
Dog Agility M Small M Small
Goats J A Clarke J A Clarke
Horses N Vague N Vague
Horticulture E S Knight E S Knight
Pigeons R Williams R Williams
Poultry Rev. D P Reed Rev. D P Reed
Rabbits B D McCoughlan B D McCoughlan

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Stithians Agricultural Association Limited

Trustees' Report

Sheep S Phillips S Phillips
YFC R Benney R Benney
Member representatives - maximum
10		 C M Tripp C M Tripp
L Roberts L Roberts
P Stevenson P Stevenson
J M Bache J M Bache
H E Downing H E Downing
The late G C Downing The late G C Downing (3 April 2020)

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Stithians Agricultural Association Limited

Trustees' Report

Day to Day Management

Executive Officers who undertake the day to day management duties of the Company under reference to the Trustees:

General & Company Secretary – Jenna Payne (Central reference point for all sections, members, press and the public).

Hon. Assistant Secretaries – Vyvyan & Yvonne Toms;

Hon. Treasurer – Captain Mike Higham (Day to day financial management of the Association).

Hon. Assistant Treasurer - C L Watters

Membership Secretary - T L Mead

Reference and Administrative Details

The Governing Document is the Memorandum and Articles of Association adopted on 17 March 2011, as revised September 2014 and January 2016.

Bankers: Lloyds Bank plc, Fore Street, Redruth, Cornwall.

Independent Examiner: Paula Thomas, BA, FCA, DChA, Walker Moyle, 3 Chapel Street, Redruth.

Solicitors: Hine Downing, 8-14 Berkeley Vale, Falmouth, Cornwall, TR11 3PH

Principal address: The Showground, Stithians, Truro, Cornwall, TR3 7DP

Phone: 01209 861073

Correspondence Address: The Secretary, Little Poldice, Poldice Lane, Crofthandy, St.Day, TR16 5JP.

Registered Office: 3 Chapel Street, Redruth, Cornwall, TR15 2BY

E-mail: information@stithians.show

Web Site: www.stithians.show Facebook: www.facebook.com/stithiansshow Twitter: @stithiansshow

The land and buildings at the Showground are vested directly in the Company. The Title Documents are held by the Association’s Solicitors.

Trustee appointments are made from the membership at the Annual General Meeting of the Association in accordance with Article 21.1.

The President and President Elect do not have to be members of the Association and are not Trustees unless by virtue of another appointment. They are able to attend and speak at any Association meeting they desire, but do not have a vote.

All new Trustees are provided with the annual report and accounts and appropriate Charity Commission publications.

The Company operates through the following prime committees:

Page 7

Stithians Agricultural Association Limited

Trustees' Report

Executive Committee (The Trustees) - the decision making body.

The Executive Committee meet a minimum of four times per year and consider all appropriate aspects of the operation of the Association, taking recommendations from the various committees, sub committees and working parties, as well as the officers of the Association. Additional meetings are arranged if required. Operating within the terms of the Articles of Association, the Executive agrees appropriate delegated authority to officers, committees or groups of officers, regarding issues that may need to be resolved between the Executive Committee meetings. Decisions are made by voting at meetings with the Chairman having a casting vote.

Working Solutions Committee (previously Urgent Items/Emergency Committee)

During 2019 it was decided that there was a need for a more streamlined decision making process and thus the committee was reformulated to hold delegated powers from the Trustees and to oversee the decision making of the General Secretary and Officers. It comprises the following: Chairman, Vice Chairman, General Secretary (non-voting), Treasurer, Asst. General Secretaries, Asst. Treasurer, a Showyard Director if appropriate, a Steward representative if appropriate, a representative of any section concerned if appropriate, and any other person at the discretion of the Chairman and General Secretary.

This committee has proven invaluable during the Covid crisis when meetings of the full trustee board would have been very difficult.

General Committee – meetings open to all members of the Association.

Membership of the following committees and working parties is decided from time to time by the Executive Committee in accordance with the Standing Orders adopted at the first meeting of the Company and as amended from time to time. The standing orders also govern the conduct of the committees and working parties and the meeting periodicities.

Site Committee – deals with all aspects of the management of the Showground.

Finance Committee – sets financial targets and budgets for contingencies. Undertakes the high level risk assessments for the Association. This committee also decides on the investment strategy and, in particular, tries to ensure that all deposits are covered by the applicable FSCS limits from time to time. The committee is also responsible for personnel management and will lead the Association’s efforts to comply with the GDPR (General Data Protection Regulation) requirements.

Luncheon/Dinner Committee – organises the Show Day official luncheon and the Annual Association Dinner (normally held in January).

Competitive Section Committees – one committee for each of the competitive sections of the Show.

Rules Committee – formed for a limited period to lead the Association’s review of the rules and operational basis of the Association including the committee structure and powers and organised and oversaw the successful transition from Unincorporated Association to Company Limited by Guarantee. It will meet if any proposed changes to the governance need to be considered in detail.

Forward Planning Working Party – formulation of medium and long term business plans, identifying potential improvements/changes to the organisation of the show and driving forward the changes to our education and member offers.

Awards Committee - To review recommendations submitted to the General Secretary in respect of the proposed award of Honorary Life Member (for exceptional service to the Show) or for Long Service Awards.

The Association is a member of the Association of Shows and Agricultural Organisations (ASAO) which provides an information resource and forum for a wide range of shows ranging from national and county shows to smaller village/community shows.

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Stithians Agricultural Association Limited

Trustees' Report

Membership

Soon after the cancellation of the 2020 Show the Trustees decided, with a vote of the Life Members only, that it was appropriate to introduce a membership charge of NIL for the 2020 Show year thus moving all existing members forward a year. The logic here was that most members actually pay as they get easy access to the Show and the Members' Pavilion. There is, of course, a core of true members, including the Trustees, who support the show regardless.

Each member is liable to contribute £1 in the event of an insolvent winding up of the Company.

Future Plans

The Covid crisis has impacted our ability to stage a full show with due regard to current social distancing measures and it is difficult to say when that will again be feasible. No decision has yet been taken with regard to the 2021 Show.

Whilst the main focus is naturally on providing the best possible visitor, member and exhibitor experience at our own Show we continue to seek ways to leverage the return on our substantial land investment by expanding the number and value of lettings we achieve throughout the year.

In the short to medium term, it is desired to provide a multipurpose building, so that meeting or indoor display space can be offered together with associated facilities and, potentially, reduce the amount of tentage hired by the Show. There is generally a lack of such accommodation with generous car parking within the catchment area. Some bookings for the Showground have been lost due to the inability to provide undercover event space. Whilst the pandemic caused a temporary halt to plans to bid for grants towards the construction of a new shed in the location of the Taste of Cornwall exhibition it is still intended to proceed with the planning application.

There is now proven appetite amongst the public for online bookings as demonstrated by the success of our membership shop and the Trustees will again be looking at the possibility of advance eTicket sales using modern technology.

Risk Management

The Trustees are responsible for overseeing the risks faced by the Company and have a comprehensive range of policies and procedures covering all aspects of its activities.

The major risks to which the Company is exposed, as identified by the Trustees, have been reviewed and systems or procedures have been established to manage these risks.

We continue to adapt to legislative changes such as GDPR.

The annual report was approved by the trustees of the charity on 11 December 2020 and signed on its behalf by:

Capt. M Higham Trustee

Page 9

Stithians Agricultural Association Limited

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Stithians Agricultural Association Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

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

Approved by the trustees of the charity on 11 December 2020 and signed on its behalf by:

Capt. M Higham Trustee

Page 10

Stithians Agricultural Association Limited

Independent Examiner's Report to the trustees of Stithians Agricultural Association Limited

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2020 which are set out on pages 12 to 22.

Responsibilities and basis of report

As the charity’s trustees of Stithians Agricultural Association Limited (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 Stithians Agricultural Association Limited 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:

  1. accounting records were not kept in respect of Stithians Agricultural Association Limited as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

Paula Thomas BA FCA DChA Institute of Chartered Accountants in England and Wales

3 Chapel Street Redruth Cornwall TR15 2BY

24 December 2020

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Stithians Agricultural Association Limited

Statement of Financial Activities for the Year Ended 30 September 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total Income
Expenditure on:
Charitable activities
8
Total Expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19		 Unrestricted
funds
£
5,024
182
17,014
1,601
2,107
25,928
(43,876)
(43,876)
(17,948)
(17,948)
834,239
816,291		 Total
2020
£
5,024
182
17,014
1,601
2,107
25,928
(43,876)
(43,876)
(17,948)
(17,948)
834,239
816,291		 Total
2019
£
10,365
201,190
36,267
1,740
2,506
252,068
(205,569)
(205,569)
46,499
46,499
787,740
834,239

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2019 is shown in note 19.

The notes on pages 14 to 22 form an integral part of these financial statements. Page 12

Stithians Agricultural Association Limited

(Registration number: 07585178) Balance Sheet as at 30 September 2020

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: Amounts falling due within one year
17
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
19		 2020
£
1,478
504,049
505,527
2,566
314,417
316,983
(6,219)
310,764
816,291
816,291
816,291		 2019
£
-
509,758
509,758
5,606
342,283
347,889
(23,408)
324,481
834,239
834,239
834,239

For the financial year ending 30 September 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The financial statements on pages 12 to 22 were approved by the trustees, and authorised for issue on 11 December 2020 and signed on their behalf by:

Capt. M Higham Trustee

The notes on pages 14 to 22 form an integral part of these financial statements. Page 13

Stithians Agricultural Association Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

1 Charity status

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: 3 Chapel Street Redruth Cornwall TR15 2BY

The principal place of business is: The Showground Stithians Truro Cornwall TR3 7DP

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Stithians Agricultural Association Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Turnover is the amount derived from the provision of services, and stated after trade discounts, other sales tax and net of VAT.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

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Stithians Agricultural Association Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Donated services and facilities

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the Trustees' Report.

Investment income

Investment income is recognised on a receivable basis.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Intangible assets

Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets costing £100 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Entitlements

Amortisation method and rate

10% per annum straight line

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Stithians Agricultural Association Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Plant and machinery 20% per annum reducing balance Freehold buildings 2% per annum straight line Freehold land Nil

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Page 16

Stithians Agricultural Association Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

Recognition and measurement

Basic financial assets and liabilities are initially measured at transaction price (including transaction costs) and subsequently measured at their settlement value.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

3 Income from donations and legacies

Donations and legacies;
Subscriptions
Sponsorship of show sections
Other donations and sponsorships		 Unrestricted
funds
General
£
-
-
5,024
5,024		 Total
2020
£
-
-
5,024
5,024		 Total
2019
£
7,568
2,410
387
10,365

4 Income from charitable activities

Annual Show
5
Income from other trading activities
Other income
Rent of fields		 Unrestricted
funds
General
£
182
Unrestricted
funds
General
£
14,498
2,516
17,014		 Total
2020
£
182
Total
2020
£
14,498
2,516
17,014		 Total
2019
£
201,190
Total
2019
£
4,369
31,898
36,267

Page 17

Stithians Agricultural Association Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

6 Investment income

Unrestricted funds

Unrestricted
funds
Interest receivable and similar income;
Interest receivable on bank deposits		 General
£
1,601
1,601		 Total
2020
£
1,601
1,601		 Total
2019
£
1,740
1,740

7 Other income

Dinner and dance income
8
Expenditure on charitable activities
Note
Governance costs
9
Direct costs
£
Establishment costs
3,996
Repairs and maintenance
2,307
Annual show costs
12,304
Bad debts
781
Legal and professional costs
1,504
Office expenses
-
Accountancy fees
3,759
Independent Examiner's
remuneration
900
Depreciation of tangible fixed
assets
-
Amortisation of intangible fixed
assets
-
Wages and salaries
-
Bank charges
-
25,551		 Unrestricted
funds
General
£
2,107
Unrestricted
funds
General
£
27,459
16,417
43,876
Support costs
£
-
-
-
-
-
661
-
-
6,509
58
11,018
79
18,325		 Total
2020
£
2,107
Total
2020
£
27,459
16,417
43,876
Total
2020
£
3,996
2,307
12,304
781
1,504
661
3,759
900
6,509
58
11,018
79
43,876		 Total
2019
£
2,506
Total
2019
£
183,872
21,697
205,569
Total
2019
£
15,813
15,297
145,539
100
-
3,265
6,450
900
7,123
-
10,563
519
205,569

Page 18

Stithians Agricultural Association Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

£43,876 (2019 - £205,569) of the above expenditure was attributable to unrestricted funds and £Nil (2019 - £Nil) to restricted funds.

In addition to the expenditure analysed above, there are also governance costs of £16,417 (2019 - £21,697) which relate directly to charitable activities. See note 9 for further details.

9 Analysis of governance costs

Governance costs

Staff costs
Wages and salaries
Pension costs
Independent examiner fees
Examination of the financial statements
Other fees paid to examiners
Other governance costs		 Unrestricted
funds
General
£
10,876
142
900
3,759
740
16,417		 Total
2020
£
10,876
142
900
3,759
740
16,417		 Total
2019
£
10,478
85
900
6,450
3,784
21,697

10 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Depreciation of fixed assets
Amortisation of intangible fixed assets		 2020
£
6,509
58		 2019
£
7,123
-

11 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Pension costs		 2020
£
10,876
142
11,018		 2019
£
10,478
85
10,563

Page 19

Stithians Agricultural Association Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:

General Secretary
No employee received emoluments of more than £60,000 during the year.
13 Independent examiner's remuneration
Examination of the financial statements
Other fees to examiners
All other services		 2020
No
1
2020
£
900
3,759		 2019
No
1
2019
£
900
6,450

14 Intangible fixed assets

Cost
Additions
At 30 September 2020
Amortisation
Charge for the year
At 30 September 2020
Net book value
At 30 September 2020		 Other
intangible
asset
£
1,536
1,536
58
58
1,478		 Total
£
1,536
1,536
58
58
1,478

Page 20

Stithians Agricultural Association Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

15 Tangible fixed assets

Cost
At 1 October 2019
Additions
At 30 September 2020
Depreciation
At 1 October 2019
Charge for the year
At 30 September 2020
Net book value
At 30 September 2020
At 30 September 2019
16 Debtors
Trade debtors
Prepayments
Other debtors
17 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income		 Land and
buildings
£
525,609
-		 Furniture and
equipment
£
110,040
800
110,840
96,670
2,728
99,398
11,442
13,370
2020
£
-
1,004
1,562
2,566
2020
£
478
133
47
4,338
1,223
6,219		 Furniture and
equipment
£
110,040
800
110,840
96,670
2,728
99,398
11,442
13,370
2020
£
-
1,004
1,562
2,566
2020
£
478
133
47
4,338
1,223
6,219		 Total
£
635,649
800
636,449
125,891
6,509
132,400
504,049
509,758
2019
£
3,638
1,261
707
525,609 110,840
29,221
3,781		 96,670
2,728
33,002 99,398
492,607 11,442
496,388 13,370
2020
£
-
1,004
1,562
2,566
2020
£
478
133
47
4,338
1,223
6,219
5,606
2019
£
2,632
13,539
1,250
5,987
-
23,408

18 Pension and other schemes Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £142 (2019 - £85).

Page 21

Stithians Agricultural Association Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

19 Funds

19 Funds
Unrestricted funds
General
Unrestricted funds
General		 Balance at 1
October 2019
£
834,239
Balance at 1
October 2018
£
787,740		 Incoming
resources
£
25,928
Incoming
resources
£
252,068		 Resources
expended
£
(43,876)
Resources
expended
£
(205,569)		 Balance at 30
September
2020
£
816,291
Balance at 30
September
2019
£
834,239

20 Analysis of net assets between funds

2020
Intangible fixed assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets
2019
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
General
£
1,478
504,049
316,983
(6,219)
816,291
Unrestricted
General
£
509,758
347,889
(23,408)
834,239		 Total funds
£
1,478
504,049
316,983
(6,219)
816,291
Total funds
£
509,758
347,889
(23,408)
834,239

21 Related party transactions

There were no related party transactions in the year.

Page 22