Company registration number.. 07S85178 Charity lstraOn number.. 1141715 Stithians Agricultural Association Limited (A company limited by guarantee) Annual Rew)rt and Financial Statements for the Year Ended 30 Septemter 2023 Walker Moyle Ltd 3 Chapel Street Rajruth Comwall TR15 2BY
stithians Agrlcultural A55ociation Llmlted Contents Twstees, Rerort Itts9 Statement of Trustees, Responsibilities io Independent Examinerfs ert Statement of Flnancial Activities 12 Balance Sheet 13 Notes to the FSnancial Ststements 14to23
stithians Agrlcultural Assoclatlon Llmited Trustees, Report ees. Annual R Stlthlans Agrlcultural Assoclatlon Llmltad operatlng and known as Stithl•ns Show Company Llmlted by Guarantee and Registered In England 14umber 7585178 Reglstered Charity number 1141715 The Trustees present their report along with the financial statements of the Charity for the year ended 30 September 2023. The financial statements have l)een pparj In accordan with the accountlng pollcles set out on pages 14 to 17 and comply with the Charity's consb"tution an¢J applicable law. The Company's Objects are: 4.1. to promote and encourage agriculture. horticulture, forestry. consetvatfjon and industry for the publlc beneflt {In partScuSar but not exdusivety in the county of Cornwall) and to improve ènd advan them in all their branches and in all trades. crafts and professi$ with them in an exdusively charitable manner,. and 4.2. to advan educatlon connection with agrlculture. IK)rbculture. forestry, conseNatlon and rural and tradltlonal crafts and acknvities- in particular, but without limitation. by the hokling of an annual agricultural show. normally on the traditlonal date in Julv. 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. stythianl. The object5 were revised at the time of the transfer from unInCooratgj to inCorrated entity (l July 20111. The objective is normally achleved thrDugh the oryanisation and effective complety.on of the one day Show and thmugh using surplus income in the improvement or the Showground and the enhancement of the facllities available to members and the public. together wtth tJ)e ability to grant a bursary or bursarits to further studies linked to agriculture. The Next Generation ProieLt (Sunflower Trail) also provldes a practical delsvery of our educatlon objectlve. In addition to the use of the showgroul for the Show. it is let out to other oryanlsatlons, Lth Ial and national charities and commercial organisations to raise addibonal revenue through the effective use and stewardship of the Showground. The letting to outside organisations also means that in many instance5 the public are able to attend events. which otherwise might not happen, and leam about other aspetts of past and psent country life. This includes the West of England Steam Engine Siety (WESES) who stage their prestigious annual event on the Showground In August each year. There 15 a close link between the edUCaOnal objecrs of the Associaiion and the WESES Steam Fair in respert of the history of agnculture and evolution from steam powered farming to today's mo(Jern machinery. Other regular large-scale events ère the Cornwall Truck Show and the CVWOC Jamboree. Non-public events include hiriNJ the Showground to Scouts or Guides for their jamborees or other gatherings and various dog agility meetings. In addStion to seeing greater use of the Showground asset the income from this allows us to keep the cost of admission to the annital Show a5 low as possible to the benefit of the visiting public. Page I
stithians Agricultural Associatlon Limited Trustees, Report The Trustees confirm that they have complied with the requ1MentS of sertion 4 of the Chadties Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. 2023 saw a very successful Show wlth g(K)d visttor nvmber5 and without the thaotic traffic situation of 2022. The newly appointed traffic management providers were excellent anL1 tio substantial Queue5 were in eviden throu9hout the day. Our new ticket 5ale5 operator performed extremely well building on the existing catalogue produrtlon relatlonshlp. Our technology partners performed well for al1Van ilcket sales (Future Ticketing). We intr0Ju for the first tlme in 2023 the use of the Showsng knne system for trade and craft stand applications and for membershlp management . other than the long-standing use by the horse sertion we did ntst introduce any oLher online entries this year due to Secretarial team time constraints arld a desi to introduce the upgrades in a controlled and effective manner without pressurising our volunteers. We are rtain that the snvestment of time this year and next will pay dlvidends in future year5. 2023 saw the Introduction of a near full Showyard Wi-Fi system which was made available to officials, traders and caterers but not to the visitIng public with cost recovery through slighuy increased trade stand prices. This bullt on the eXperrien of 2022 when we had Wi-Fi ft)r the gates and Offi5. There were one or two areas that couldn't use the WI-FI an¢J that will be a¢Jdressed for next year, when we a also lookin9 to provide coverage within the Members, PavS1ion on a complimentary basis. Traders We rnost appreciative of the Wi-Fi provisi¢M as On again the upaoty of the moblle 115 locally proved insufficlent. We made some mlnor chan9es to the ShowgrouTrJ layovt building on the alterations introduced in 2022. With ihe moVal of the NHS faolity during 2022 we We able to ¢Jperdte the area that that had occupied in our nom)al manner- the ground having en fully reinstated. The weather was kind to (ts on Show Day being neither too hot nor wet - ideal Show weather in fact. Htrwever the run up to the Show was slightly different with gales causing the c105urE of all marquees and a temrM)rary ban on traders and exhSbitors setting up. The Saturday was like no other expenenced for many years as traders had been asked not to arrive until the Sunday if at all possible. Fortunately the Sunday weather was goo¥J and Set up went ahead throughout the Showyart1. We We able to offer the Show Luncheon at a price compared to the previous year ènd Kerra's Catering reintroduced the breakfast Servi which was very welcon to many of us. Cètering was avallable In the Memberg Pavilion in addrtion to the bar. Yet agaln Avian influenza prevent1 the operdtion of the Poultry Settion for whslst most restrictKns were lifted ahead of the Show date the ban on gatherings remained In place. We were a150 unable to operate a Rabbit Sertion as we stlll have no volunteer{s} ro undertake this. Our muslcal entertainment offer ha5 continued to evolve bringlng a wide range of entertainers to the Show. Once again sye featured our main stage and had the bandstsnd in use all day as well as an afternoon of performan5 in 8uskers' Square. We were grateful to Andy Marshall for On again anchoring the main stage and ensuring a smooth flow of ongoing entertainment. Whilst Trade and Craft Stand bookings were similar in number to the previous year it was nobable that many regulars were booking smaller pitches compa with previous years. This. of course, impècts on our overall revenue. We were pleased that so many of our Traders welcomed the introduction of Showing Scene as a booking tool and with the majority of traders now used to conducting their busine55 online the demand for the booking process to be ITre readily available has to be met. We cannot afford to miss out on this opportunlty the demand to book for next year has meant that we neeij to stsrt selling our trade and crnft spa5 soon after each Show. The decision has therefore been made to start acptIng trade bookings from early autumn and craft from early January. Because of thi5 the role has Fbow been split In two. Kathryn Tremayne. the long-standing Trade Sectsry is to concentrate on the craft brxjkings with lal new volunteeTls} undertaking the trade bookings. The Trustees are very graieful to Kathryn and her joint Trdde Secretary, Leonard Roskllly, ror the many years of service and commitment in this area. Page 2
Stlthlans Agrlcultural Assoclation Llmlted Trustees, Report The Taste of Cornwall aw wa5 again comp$&Y of indiwdual modules as opposed to a maryuee an¢J this open-air market feel was agaln applated by traders and visitor5 31ike. With the exptIOn of the General Se¢tary1 all offitrrs of the A$slatiOn opernte on an entirely voluntsry basls. The Trustee5 are pleased to rewrt that our core volunteers have continued to operate and that our wlder Showtime volunteer fo has generally returnal to the operation. The Trustees are very grateful to thls faithful group of supporters. The Trustees belleve that we need to conb"nually evolve aFbd to enhance the educational aspects of the Show to bring in a younger audieno and potentially attrart new YOLtnger volunteers into the Ass(Kiation and we continue to evolve the Sunflower Trail which proves very tM)pular with 0r younger visitors. We have also tried to encourage more local schools to get Involv by offering discounts for schi¥Jl groups. During the year a decision was taken to progress our plans for a new storagè shedlbarn with a site selected OFI the hardstanding. A design has been agreed and planning pemiission is being sought. on this is in place a rinal decision can be taken as appropriate. As part of our stewardship of the Associatyon assets we conbnue to let the Showground or part5 thereof for events organised by others. Some of these a open to the public meaning that our local audience have the opportunlty to experien a diverse range of events. We try to maintain a balance between effective land usage and local capacitles for traffic. etc. as well as trying to be considerdte to Dur neighbour5 and keep noise levels to a sensible level. We have strict evening cut off times in place and where approprtate, employ an acoustioan to monitor events Whe noise may be a potential conrn and amplified music Is a known feature. The Association also endeavours to manage the land in accordan wlth best practice for such stewardshlp maintaining hedgerows and utllislng the 9rasslands for silage ahead of the event season. The Members, Pavilion continues to be a strong driver for recruitment although we realise that many Members loin for that benefit and may not have an ongoing devotion to the Association. 2022 2023 Ch•nge (37) {6%1 Adult (Annual) Adult (Lrfe in¢ludln9 Honorary) Junior (not Company members) (6){10%I A major change thi5 year was that we rrKJv&J Membership offer to Showlng Scene as part of our adopuon of Show management technology. It appears to have ¥rkj well although due to our member age profile we stlll have a substsntial proportion of our Membership who pfer to Use "old fashioned. meth¢Lls with our Membership Secretary thus having to eter their informab.on manually. A benefit of the new system Is that once stsmeone has signed up for Showing sne (or where we have added them to the 5ySteml they don't have to input theSr details in future years. We therefcxe discontinued the old shop. 654 617 69 71 57 si We also tsffered varfous items as Membership upsells with the take-up improvin9 year on year. These ¥vere Members. luncheons 84 12022 771, Show Guides 35 12022 23), Show Catslogues 49 (2022 111. Assooation ties We also offered with take up mainIng low. The luncheons a sold as agent for the caterer. In addition to the figures atrKJve we continue to offer ¢Jiscouated junior tickets to local primary schools to encourage them to enter competitions and attend the Show in accordantr with our educatyonal rnIt. Take up was broadly level with 2022 at 143 agabnst 145 provided to Stithians School. Other Iccal schools ha¢J around 90 passes. Each member is liable to contribute El in the event of an insolvent winding up of the Company. Page 3
Stithians Agrlcultural Assoclatlon Limlted Trustees, Report Flnan Following the issues with traffic managerrent In the pVIouS year the Twstees dead1 that it would be inappropriate to increase gate pri5 or membership subscripts'ons for the 2023 Show as we felt we had thls chance to prove that we could get the traffic management right. especially when vlewed against the then economtc cllmate. In common with rrtany other enterprises, we have seen our underfying cost base increase considerably year on year. The 2022 year was a hybrid year having our Show but also the underpinning income from the NHS vaccination cenrre. Thls again makes compansons difficult. Some residual settlements relating to the NHS occupation are included in this yearf5 operating figures. As mentitsned earlier a new expense thls year has Showing sne which provides our baslc Trade Stènd, Membership and Competitive Entry systetn {Cloud based). In previous years this has been used only for the Horse Section and was based on a -pay as you use- system. We rK)W pay a monthly subscription of £200 but for the first year also Incurred an onboarding cost of £151X). A decislon was made to write off the lVal value of the Basic Payment Scheme Entitlements as they no longer have a slgnificant intrinsic value given the changes being made to the Scheme by Government. Thls accounts for the non-finandal amortisation entry- We expert to see some benefit from the new Scheme. The outlurn ft)r the year ended 30 Septewntw 2023 is a loss, after non-finanual items totalling £8,466, of £23,316 against a profit of £59,457 for 2022. The A5S(Kl?tion contSnues to hold substantial liquid funds {£361,794 plus a net creditorldebtor posltlon of some £IOKI and the a no concerns as to ongoing viabslity althtsuoh the Trustees will be looking at ways to move back toward profitat*illty. Each year the finance commlttee agrees the short, medium and long term spending and reserve policy for the ensuing period.. Funds are allocated for the day to day runnin9 of the Company. Fund5 are allocatsd to malntain and improve the Showgrourn1 facilities. A sum roughly equivalent to the pwious yearfs operating cost of the Company is held as conb"ngency against a disastrous Show year. Surplus cash funds are eam)arked for erther land purrhase, should such become available, or for Tn0 substantial capital devdopfflert within the Showground shouky such a development be considered appropriate and finanoally viable at some future date. Whilst the is the possibility of a short term requirernent of capitsl for lan¢J purthase. or to support cash-flow should the be a disastrous year. the committee believes that a long term inve5trnent management arrangement would be inappropriate ¢Jue to the p055ibility of an inauspiciou5 timing ffx realisation ol fund5. It 15 impossible to anb"clpate when a lan¢J buying opportunity mlght arise and suth opportunities are extremely Funds are thus investsd in cash aeeountslshort tenn bonds to gfve V)e best interest return avallable 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 secudty of capital tskes peden over return. The reserye of one yearfs operating cost is held as ent eVWJen has demonstrated that shows which fall to hold sufficient reserves either struggle or fa51 If they have one or rrKJre very kx)or years. e.g. a (Jisea5e occurrence followed by a wash out. There Is no rfftd for any change ts) these pollcles In the Ilght of Covid-19 Jlthough it does confirm the need to holtj sufficient erVeS for the unexpected whether it be a pandemic. foot an¢J mouth, avlan flu or even a weather incident. Page 4
Stlthlans Agricultural Association Llmited Trustees. Report Due to the costs which would be incvrred in carryiThJ out wular revaluaty.ons of the freehold asset the Association does not review the value thereof. The is, thou9h, litue doubt that with present land prices. there is a substantlal SerVe in the book valuation. Stithians Agricultural Associaty"on is a Company Limited by Guarantee. reglstered in Englond. number 7585178. Reglstered Charity number 1141715. The Governing Document is the MemOndum and Arbdes of Assoaation adop on 17 March 2011, as vised September 2014 and January 2016. Charlty Trustees/Directors of the Company f(* the dates shown were (Some Trustees appear more than once in thls list as they hold multiple p)sitlons): ost September 2022 anuary 2023 io January 2023 eptember 2023 hairman Downing Vague ce Chairnian Vague Burtey mmediate Past Chalrman jwden Downing reasurer pt. M A HighaFF pt. M A Higham acant dub.es split between oms l& C Wattersl assisted W luyas ite Secretary uties split behyeen Y Toms l& alter51 assisted by W P Gluyas sistant Treasu L Watters L Watters slstant Secretaries L Toms L Toms Toms Toffts embership Secretary L Mead L Mead J Brown (Peter) J Brown (Peter) howyard Dirertors l Opie H Opie J Bowden J Bowden howyard Dirertors, Administrator J Brown (Joy) J Brown (Joyl K Plummer K Plummer J Plummer J Hummer {passed away 3 ug(Jst 20231 ncheon Stewards J Mead ) Mead L Mead L Mead R 8owden R Bowden Page 5
Stlthians Agricultural Association Limited Trustees. Report rade Stand Secretsrles R Tremayre R TmaYne until 31 July 2023 acant from 31 July 2023 A Roskllly A Roskilly unul 31 July 2023 raft Stand Secretary R Tremayne from 31 July 2023 atering Officer F D Nthlls F D Nicholls G Angove M Tremayne (liaison) hief Steward and Gate Stewards P Gluyas P Gluyas G Martin G Marbn M Tremayne ettlon eommitte presentatives on er seLtion. Craft E E Gluyas E E Gluyas oe Birds Budey Budey ttye M R05killv M Roskllly avies Golds¥¥orthy Golosworthy Trethowan Trethowan og Agi1Sty Small Small oats A Clarke A Clarte or5es Vague Vogue orticyltu S Knight S Knight geons Willlams Williams ultry ev. D P Reej ev. g P Reed abbits heep A Stevenson A Stevensort FC Trewin M Tripp ember repsentatIveS - rnaximum 10 M Tripp Roberts Roberts Stevenson Stevenson Page 6
Stlthlans Agricultural Association Limited Trustees. Report M Bad)e M Bache E Downing E Downlng M Combellad( M Combellack R Butley R Burtey Eustis Eustis Downing A Roskilly from 31 July 2023 Day to Day Management Executive OffirS who undertake the day to day management dutie5 of the Company under refererKe to the Trustees: General & Company Secretary - Claire Watters (Centrdl referen polnt for all sertions. members. pres$ ond the publicl. Assistant Secretae5 - Vyvyan & Yvonne Toms: Treasurer- Captain Mike Higham (Day to day financial management of the Ass(Kiation). Assistant Treasurer- C L Watters Membership Secretary . T L Mead feren The Governing Document is the Memorandum and Artides of Assooation adop1 on 17 March 2011. as revised September 2014 and January 2016. Bankers.. Uoyds Bank plc. Market Square, Cambome. TR14 8JT Independent Examiner= Paula Thomas, BA, FCA, DChA. Walker Moyle. 3 Chapel Street. Redruth, TR15 2BY Soli£itors= Pline Downlng, 8-14 8erkeley Vale. Falmouth. Cornwall, TRkl 3PH Prinopal èddress.. The Showground, Stithians. Truro. Cornwall, Tr3 7DP Phone: 01209 B61073 corres[M)nden Add$$. The Secretary, Chy An Kemyk. Rose Meadow, Suthians. Truro. TR3 7RL. Reglstered offi.. 3 Chapel Street, Re(Iruth, Comwall, TR15 2BY E-mall.. inforrnation@stithians.show Web Site= www.stithians.show Facebook- www.facebook.com/stlthlansshow Twltter.. @stithiansshow Instagram.. sknthiansagri The land and buildings at the Showground a vested direcvy in the Company. The TIYe Documents are held by the Assoclatlon's Solicitors. Page 7
stlthlans Agrlcultural Assoclatlon Limited Trustees. Report Trustee apwjintrnents are made from the membershlp at the Annual Generdl Meety"ng of the Assooation in accordan with Article 21.1. The President arid President Elett do not have to be memter5 01 the As51xiation an(J are not Trustees unless by vSrtue of another appointment. They are able to attend and speak at any AsSLKiation meetiryJ they des1, but do not have a vote. All new Trustees a provided with the annual rekw)rt and accounts an(J approprtate Charity Commission publicatlons. The Company DrateS through the following prime committees: Executlve Commlttee {The Trustets) - the decision making txxly. The Executive Committee meet a minimum of four tifnes per year and consider all approprfate aspects of the operation of the Association. taking recommendatic5 from the various cornmittees. sub committees and working partles, as well as the Offir5 of the As50ciatson. Addityonal men9$ are arranged if required. Operating within the term5 of the Article5 of Association, the Execvtlve agrees appropriate delegated authority to ofncers, commlttees or groups of officers. regarding issues that may need to be resolved between the Executive Committee meetings. Decisions are made by voting at etingS with the Chaim)an having & casting vote. Working Solutions Commlttee {prevlously Ury•nt Items/Emeryency Commlttee) During 2019 It was decided that the was a need for a MO streamlined deciston making process and thus the committee was reformulated to hold delegated powers from the Trustees and to oversee the decision maklng of the General Secretary and Officer5. It comprises the following.. Chaim)an. VI Chairman. General Secretary {non-voting}, TaSUrer, Asst. Generdl Secretaries, $St. Treasurer, a Showyatd D1ctOr if appropriate, a Steward preSentatiVe Sf appropriate. a presentatiVe of any 5ecbon concern&J if appropriate. and any other person at the discretion of the Chairman and General Secretary. Gener•1 Commlttee - n)eeting5 open to all members of the Associatr"on. Membershlp of the followSng committees ènd working parties is deodey from Wme to t+me by the Executive Committee in accordan with the Stallding Orders adopted at the first meeting of the Company and as amen¢ed from time to time. The Standing Orders also govern the condurt the commsttees and working parties and the meeting periodiotjes. Slte Commlttw - deals wÉth all aspects of the management of the Showground. within the budgets set by Finan. Flnance Commlttee - sets financial targets and budgets for contingencies. Undertake5 the high level risk assessments for the As50Ciation. This committee also decides on the investment strategy and, in particular. trtes to ensure that all deposits a Cove by the opcale FSCS limits from time to time. The commlttee Is Iso responsible for personnel rrsanagement and will lead the Assoaation's efft)rts to comply with the GDPR (General Data Protertion Regulation) requirements. It also covers the HR funrtlon. LuncheonlDinntr Committee - organises the Show Day offioal luncheon and the Annual Associauon Dinner {normally held in January). Competltlve Sertlon Commlttees - 01 committee for eath of the competr.tive sertions of the Show. Rules Commlttee - forn for a limited peri¥ to lead the Associab"on's review of the rules and operatSonal basis of the Association including the committee stnJLture and powers and organised and oversaw the successful transition from Vnincorporat&J A550ciation to Company Limited by Gyarantee. It wlll meet If any proposed changes to the governan need to be considered in detail. Forward Plannln9 wo19 Party forn)ulation of medium and long temi buslness plans, Identifying potential improvementslchanges to the oryanisation of the show and driving forward the changes to our education and member offers. Awards Commlttee - To review recoFnmendations submiited to the Generdl Secretary in respert of the proposed award of Honorary Life Member (for exceptional Servi to the Show) or for Long servi Awards. Page 8
Stlthlans Agrlcultural Associatlon Limited Trustees, Report The ASSOCIaOn Is a member of the Association ol Shows Agriculturnl Organlsatlons (ASAOI which provides an infomiation resource and forum for a wide range of Shows ranging from national and county shows to smaller villagelcommunity Shows. Whilst the main focus is naturalty on prnvidiThJ the best possib ViSFtor, member and exhlbltor eXperfe at our own Show we contln¢Je to seek ways to leverage the turn on our substantial land Investment by expanding the number and value of letting5 we achieve throughout the year. Thi5 has to be balanced against the potential disruption to local communitles due to sound transmission and traffic. In the short to medium term. it remains our desi to provlde a multipurpose building, so that meeting or Indoor event spa can be offered together wtih a5soclateil facillties and, potentially. reduo the amount of tentage hired by the Show. The is generally a lack of such accommodation with generous car parking wlthln the catchment area. Some to)kings for the ShoworourKI have en lost (Jue to the Inabillty to provlde undercover event space. The Tnjstees are responsible for overseeing the risks faced by the Company and have a comprehensive range of policie5 and procedu$ covering all aspects of its activities. major rfsks to which the Company is exrx)wl. as idenb.fied by the Trustees, have been wiewed and 5YStems or procedu have teen established to manage these risks. We conb.nue to adapt to legislative changes. The annu41 report was approved by the trustees of the tharity on .. and signed on its half by.. Capt. M Hlgham Trustee Page 9
stithlans Agrlcultural Assoclatlon Llmlted statement of Trustees. Responslbllltles The trustee5 (who are also the dirertors of Stithians A9ricultsJral As5(Kiation timlted for the purposes of company law} are responsible for preparing the trustees, port and the financial statement5 In accordan ith applicable law and United Kingdom Accounting Stsndards {United Xingdom Generally Accepted Accounting Practice), including FRS 102 Tre Financial Repong Standard applicable in the UK and Republic of Ireland.. The report and accounts have been prepared in accordan wlth the provisions in the Componies Art 2006 relating to small companies. Company law requires the trustee5 to prepare finanaal statements for each flnanoal year. Undef company law the trustees must not approve the finanaal statements unles5 they are satisfied that they give a true and fair vlew of the state of affairs of the chantable company an¢J of the incoming resources and application of resources. including its income and expenditure, of the tharitable company for that period. In preparlng these flnanclal statements, the trustees are required to.. selett suitable accounting policies apply them consistently- observe the methods and pnnciples in the Charities SORP,. make judgements and estymates that a reasonable and prudent- state v4hether applicable accounting standards. comprising FRS 102 hove been followed, subject to any material departures disclosed and explained in the fiAancial statements- and prepare the financial statements on the going concern basis unless It Is inapproprfate to presume that the charitable company will continue in bus1ness. The trustees a sponsible for keeping proper accounting records that can disck)se wlth asonable accuracy at any time the financial pos%tion of the charitable company and enable them to ensu that the financial statements comply with the Companies Att 2006. They are also responsible for safeguardlng the assets of the charitsble company and hence for taking reasonab steps for the PVents.0n and detecbon of frèud and other Irregularitles. The trustees are responsitAe for the malntenance and integrity of the corporate and financial Informatlon Included on the charitable company's website. Legislaty"on governing the preparakn.on and dissemination of rinancial statements may differ from legtslation in other Jurfst11ct¢ons. Approved by the trustees of the charity on .. and signed on its behalf by.. apt. M Higham Trustee Page 10
Stlthlans Agricultural Association Limited Independent Examlner's Report to the trustees of Stithians Agrlcultural Assocbation Limited l port to the charity trustees on my examination of the account5 of the charlty for the year ended 30 September 2023 which a set out on pages 11 to 23. Responsibilities and basls of report As the charity's trustees of Stithians AgrUltUral A5$¥ation Limited {and also its direttors for the purposes of compafiy lawl you are spOnsible for the ppatIOn of the èccounts in accordance with the requirements of the Companies Att 2006 Cthe 21X)6 Acf). Havlng satisfied mysetf that the accounts of Stithians Agricultural Ass(xiation Mited a not qUired to be audited under Part 16 of the 2006 Att and are eligible for independent examination, I pOrt in respeLt of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Art'l. In carying out my examinaty.on I have followed the Oirections glven by the Charity Commission under section 14515)Ib) of the 2011 Att. Independent ex•mlnerfs statement Since the Company's gros5 income exceeded £250.000 your exarniner must be a member of a body Ilsted in section 145 of the 2011 Act. I confirm that E am Qualified to undertake the examination because J am a fflember of Institute of Chartered Accountsnts in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that rK) rnaiters have come to ffly attentlon In connection with the examSnation giving me cause to believe: l. accounting OrdS were not kept In respeLt of Stithians Agiicultural A$50Ciation Mited as required by sertion 386 of the 2006 Act,. or 2. the accounts do not accord with those records,. or 3. the accounts Llo not comply with the accountsng reouirements of sectéon 396 of the 2006 Act other than any qUirement thai the accounts give a 'true and fair view, which is not a matter considered as part of an Independent examination- or 4. the accounts have not been prepa in accorfance with the methods and principles of the Statement of Recommended practi for accounbng and [)rtIfig by charitses lapplicable to charlties preparing their accounts in accordance with the Flnancial Reporbng StanUard appljcable in the UK and Republic of Iland IFRS 10211. L have no conM$ and have come across no other matters in connethon wlth the examlnatlon to whlch attention should be drawn in this rew>rt in order to enae a proper understsnding of the accounts to be reached. Paula Thomas BA FCA DChA Institute of Chartered Acco(tntsnts In England Wale5 3 Chapel Street Redruth Cornwall TR15 2BY Iq" Pc ( tslJL/ 2u21. Page 11
stithlans Agricultural Assoclatlon Limlted statement of Flnanclal Activitles for the Year Ended 30 September 2023 (Includlng Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted funds Totsi 2023 Total 2022 Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income Other income 13.184 192.203 60.265 5.935 13,184 192,203 60.265 5,935 18,026 186,878 113,642 1.139 T(al Income 274 145 274 145 319 685 Expenditure on: Charitable artivities 297 461 297 461 260 228 Total Expenditure 297 461 297 461 260 228 Net lexpenditurellincome Net movernent in funds (23.316) 123.316) 59.457 R•conclllatlon of funds Total funds brought fov4ard 917 736 917 736 858,279 Total funds carried forward 19 894 420 917 736 All of the charity's activities derive from tontinuing operations during the atM)ve two period5. The funds break¢Jown for 2022 is shown in note 19. The notes on pages 14 to 23 fomi an Integral part of these finanaal ststements. Page 12
Stlthians Agricultural Associatlon Limited (Registration number: 07585178) Balance Sheet as at 30 September 2023 1023 2022 Note Fixed assets Intangible assets Tanglble a55ets 14 15 1,170 529 278 523 014 523 014 Current assets Debtors Cash at bank and in hanij 16 30,322 361 794 14.364 404 784 392.116 419,148 Credltors: Amounts falling due wlthln one year 17 Net current assets 387 288 Net assets 917 736 Funds of the charity: Unrestricted Income fvnds Unrestricted fun¢Js 894 420 917 736 Totol funds 19 894 420 917 736 For the financial year ending 30 September 2023 the tharity was enb.ved to exemption from audit under section 477 of the Companles Att 2006 relating to small companies. Directors. responsibS1itles: The members have not required the charity to obtain an audit of Its accounts for the year in queSon In accordarn wlth sectlon 476. and The dirertor5 acknowle(Ige their responslbllitles for complying with the requirements of the Art with respect to accounting records and the pparat)n of accounts. These financial ststements have been ppared in accordants with the special provlsSons relatlng to compaaies 5ubjert to the small companles wlme within Part 15 of the Cornpan Act 21)06. The flnanclal statements on page5 12 to 23 wetE approved by the trustees. and Juthorised for issue on +114&l... and signed on their behalf by: apt. M Higham Trustee The notes on pages 14 to 23 forn an integrdl part of these flnancial statements. Page 13
stlthlans Agricultural Associatlon Limited Notes to the Financlal Statements for the Year Ended 30 September 2023 I Charlty ststus The charity Is limited by guarantee, incorporatsd in England. and conseouently does not have Share capitsl. Each of the members is Ilable to contribute an amount not exceedrng £1 towards the asset5 of the chaHty In the event of Ilquidation. The address of its registe office is- 3 Chapel Street Redruth Cornwall TR15 28Y The principal pla of buslness is- The Showground 5tithians Truro Comwall 7DP 2 A¢¢ountlng pollcles Summary of signlficant accounting poll¢les artd key accountlng estimates The pnncipal accounting policies applied in the preparation of these financial statements a set out below. These policies have been consistently apie to all the years presented, unless otherwlse stated. statement of compllan The financial statements have been prepare£J in accordance wsth Accountin9 and Reportlng by Chanties.. ststement of Recommended practi (applicable to charlb.es pparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Jreland IFRS 10211 (issued in October 2019} (Charities SORP {FRS 102}l. the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2[ and Charltles Act 2011. Basis of preparatlon Stithians Agricultural Assocsation mIted meets the definition of a pub16c benefit enUty under FRS 102. Asset5 and liabilities are initsally recognised at historical cost or transaction value unless otherwtse stated in the relevant accounting policy notes. GoFng concern The trustees con51der that there are no material UnrtaIntieS afKJut the charity'5 ability to continue a5 a 90ing concern nor athy significant areas of uncertatnty that affect the carrying Val of assets hekj by the charfty. Income an41 endowments All incorne 15 recognised once the Chartty has entitlement to the income. it is probable that the income wlll be recelved and the amount of the income receivable can measured reliably. Turnover is the amount derived from the provision of service5. and stste(J after trade discounts, other sales tax and net of VAT. Donatlons and legacles Donations are recognised when the charfty has been nottfied in witing of tKth the amount and settlement date. In the event that a ¢Jonation is subject to conditions that require a level of performance by the charity before the charity is enkntled to the funds, the Income is deferr1 and not recognised until either those conditions are fully met, or the fulfilment of those condition5 is wholly wthin the control of the chartty and it is probable that these conditions viill i fulfild in the portIng peric¥l. Pa9e 14
Stlthians Agrlcultural Assoclatlon Llmlted Notes to the Financlal Statements for the Year Ended 30 September 2023 Defer1 In¢om• Deferred incoffle represents amounts r1Vj for future periods and Is leaSed to incomln9 resource5 in the pericmj for which, it has been received. Such income is only deferred wha): - The donor speciftes that the grant or donaknon must only be used in future accounty.ng periods., or The donor has imposed conditson5 which must be met befo the charity ha5 unconditional entitlement. Donated setwlces and fadlltles The value of services prov¢ded by volunteers is not incorporated Into these financial statements. Further detslls of the contribution made by vdunteer5 can be found in the Trustees, Report. Investment Income Investment income is recognised on a receivable basls. Expenditure All expenditure is ognIsed once there is a legal or constructive obllgation to thèt expendItu, It Is probable settlement is requlred and the amount can be measu reliably. All costs are èll(Kated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attrlbuted to particular headings they have been allocated on a basis consistent with the use of resour5. Wlth central staff costs allocated on the basis of time spent, ancl depreoation charyes allcKated on the portion of the asset's use. other support costs a allocated based on the spread of staff costs. Charft•ble activitles Charitable expenditure cornpri5es those costs incurred by the charlty In the dellvery of its activities and Servi for its beneficiaries. It includes b)th costs that allocated directly to such activities and those costs of an indlrect nature necessary to support them. Governance costs These include the costs attributable to the charity's compliance with constitutsonal and statutory requlrements, induding audit, strategic management and trustees meetyngs and reimburwj expenses. Taxation The charity is consitjered to Pa5$ the tests set out In Paragraph I Schedule 6 of the FInan Art 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 respett of income or capital gains received within cate9ories covered by Chapter 3 Part 11 of the Co¥wrntion Tax Att 2010 or Secbon 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purF(Jses. Intan9Sble assets Intangible assets are in the Balance Sheet at cost less accumulated amsa0n an¢J impairment. They a amortised on a straight line basis over their estimated useful lives. Tanglble flxed assets Individual fixed assets costlng £100 or rn0 are initially recorO8J at cost. less any subsequent accumulated depreclatlon and SLtbsequent accumulated Impalmnt losses. Amortlsatlon AmortSsatlon is provided on intangible fixed assets so a5 to write off the cost. less any estimated sidual value, over their expected useful economic life a5 follows.. Asset cla55 Entitlerrbents Amortlsatlon method and rate IO% per annum straight Ilne Page IS
Stithians Agricultural A5soclatlon Llmlted Notes to the Financial Statements for the Year Ended 30 September 2023 Depreclatlon Depreciation is provaded on tang¥ble fixaj assets so as to write off the cost or valuatson, less any estimated residual value, over their expected useful eC0FrnK life as follows- Asset class Plant and machlnery Freehold buildings Freehold land Depreclatlon method and rate 20% per annum OUc1ng iialance 2% per ènnum straight line Trade debtor5 Trade debtors a amounts due frimn customers for merthandlse sold or Servi perfonrEd in the ordSnary course of business. Trade debtors are recognised initially at the transartion price. They a subsequently meèsured at amortised cost using the effective Inte$t method. less provision for impairment. A provision for the irnpairment of trade debtor5 is established when the is objective eviden that the charity will not be able tt> collert all amounts due according to the orfginal tern)s of the receivables. Cash and cash equlv•l•nts Cash and cash equivalents comprise cash on hand and call deptssits. and other short-term highly liquid investments that are readily convertible to a known aFWK)Unt of cash and are subject to an insignificant rt5k of change in value. Trade creditors Trade creditors are obligations to pay for gLX)ds or Servi that have been acquired In the ordinary course of business from suppliers. Accounts payable are classified as current Ilabilities if the charity ¢Joes not have an unconditional right, at the end of the p)rting period. to defer settlement of the creditor for at least twelve months after the portin0 date. If there is an uncondibonal right to def¥ settlement for at least twelve months after the porting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measu at amortised cost using the effective Interest meth(xJ. Fund structure Unrestricted income funds are general fvnds that a available fw use at U)e trustees dixrtion in furtherance of the objertSves of the d)arity- Pen51ons and other post retIrnment obllgatlons The charity operates a defined contribLttion pens*tsn scheme whth is a pension plan under which fixed contribubons are paid into a pension fund and the Charity has no legal or constructive obligatlDn to pay further contribubons even if the fund does not hold sufficient assets to pay all employees the benefits relatlng to employee service in the current and prior perSods. ContributlOn5 to defined contribution plans are recognised in the Ststement of Financial Acbvities when they are ¢Jue. If contributy.on payments exceed the cOntrEbut due for servi. the ex55 is rec(yJni5ed as a prepayment. Flnan¢lal Instruments Classlflcatlon The Charity only has finatKlal assets and finanaal liabtlities of a kind that qualify as bast flnandal Instruments. Page 16
Stlthians Agrlcultural Assoclatlon Limited Notes to the Flnancial Statements for the Year Ended 30 September 2023 Recognltlon ajjd measurement Basic financial a$5ets and liabilities are inthally ¥neasured at transaction (induding transactlon costs) and subsequently Measu at thr seitlement value. Financial assets and liabilities are only offset in the statement of financial position when. and only when the exists a legally enforCeae ¥ight to set off the recognised amounts and the Charity intends either to settle on net basis. or to reallse U)e asset ènd 5etde the liabilty slmultsneousty. Financial assets a derecogni5ed when and only when al U)e contraLtual rights to the cash flows from the financial asset expire or a settled, b} the Charity transfers to arK>ther party substantially all of the risks and rewards of ownership of the finanoal asset. or cl the Charity. (Jespite having retained some, but not all. significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are deognIsed only when the oblation specifi1 In the contract is discharyed, canlled or expires. 3 Income from donatlons and legacies Unrestricted funds Genernl Totsl 2023 Total 2022 Donatitsns and legacies- Subscrlptions Sponsorshlp of show settions Other donatlons and sponsorship5 10,155 1,800 10,155 1.800 11,931 1,350 4 Inco trom char5table actl¥Jiles Unrestrl¢ted funds General Totsl 2023 Totsl 2022 Annual Show 192 203 192 203 186 878 5 Zn¢ome from othèr tradlng actlvltles Unrestrirted funds Total 2023 Total 2022 Genernl Other income Rental income 4.102 4.102 9,209 104 433 113 642 Page 17
Stlthians Agrlcultural Association Llmited Notes to the Financial Statements for the Year Ended 30 September 2023 6 Investm•rt Income funds Totsl 2023 Total 2022 General Interest reCe¢Vab and similar income- Interest re$vab on bank deposfts 7 Other income Unrestrirted funds General T*)tal 2023 Dinner an¢J dance Income 8 txpendlture on charltable a¢tl¥llles Unrestrla fund$ General Totsl 2023 Total 2022 Note other costs Governance costs 252.948 252.948 235,588 297 461 297 461 260 228 T¢)tal 2023 Total 2022 Drrect costs Support C05tS Establishment cost5 Repatrs and maintenan Annual show costs Bad debts Legal and pmfe5sional costs Accountancy fees Office expenses Intjependent Examinerfs muneration Amorti5Jtion of intangible fixed assets 9,194 42.296 190,137 Bl 2.320 7.890 455 9.649 42,296 190.137 81 2,320 7,890 954 28.187 43,152 154.742 1.838 4,755 2.425 954 i.ioo I,ioo 950 1,170 1,170 154 Depreciation of tanglble flx8J assets Wages and salaries Bank charges 7.296 29,508 7,296 29,508 7,516 15,959 550 253 018 297 461 260 228 Page 18
Stithians Agricultural Assoclatlon Llmlted Notes to the Flnanclal Statements for the Year Ended 30 September 2023 E297.461 12022 - £260,228) of the aL¥)ve expendItU was attrfbutsble to unrestrict&J funds and £Nil (2022 - £Nil) to restrirted funds. Included In the expenditure analysed atK)ve are governarKE costs of £44.513 12022 - E24,6401 which relate directly to charltable activities. See note 9 for further detsils. 9 Anatysis of governance costs Go¥•rnance $ts UnrestrlLted fund$ General Totsl 2023 Total 2022 staff costs Wages and salaries SocSal security costs Penslon costs Independent examiner fees Examlnation of the financial ststements Other fees paid to examiners Other governance costs 25.787 3,135 25,787 3,135 15,659 1,1 7,890 1,1 7.890 950 4.755 10 Net Incomlngloutgolng resourre5 Net loutgoingllincoming resour5 for the year indu¢Je: 2023 2022 Depreclation of fixed assets Amortisation of intangible fixed assets 7,296 7.516 154 11 Trustees r•muneratlon and exp¢ns•s Mrs C L Watters Mrs C L Watter5 received remuneration of E25.787 {2022: £13,333) during the year. The Trustee was paid employment remuneration the provish)n of the General Secretsry role carried out during the year. Pension contributions totalling £586.43 {2022- £275.20) were paid into a defined contribution Scheme irs Ilne with auto-enrolment. The mUneratIon was pai¢J Sn accordan with the Menwjrandum and ArcleS of As5oKiation of the Charity. Mr5 K Tremayne £350 of expenses were reimbursed to Mrs K Tremayne during the year. This was pald for telephone. Internet and electrScty costs iLr1 as a result of her ro as Trade stsnd secretary. No trustees have recelved any other benefits from the tharity durlng the year. Pa9e 19
Stlthlans Agrlcultural Assoclation Limlted Notes to the Financial Statements for the Year Ended 30 September 2023 12 Staff costs The aggregate payroll costs were as follows: 2023 2022 Staff c05ts durln9 the year were: Wages and salaries Social security costs Pension costs 25.787 3,135 586 15,659 300 The monthly average number of persons {including senior management I leadership team) efflployed by the charity durin9 the year expressed as full time equ¢valents was as follows.. 2023 2022 No General Sectsry No employee r1Ved emoluments of than £60,(M)O durfjng the year. 13 Independent examirberfs remuner•tion 2023 2022 Examination of the financial ststements 950 Other fees to examlnets All other servlces 14 1ntanglbl• fixed assets Other Intangible asset T¢)tal Cost At l Ottober 2022 At 30 September 2023 Amortlsation At i ortober 2022 Charye for the year 366 366 At 30 September 2023 Net b<>ok value At 30 September 2023 At 30 September 2022 Page 20
stithians Agricultural Associatlon Llmited Notes to the Financlal Statements for the Year Ended 30 September 2023 15 Tanglble Ilxed a5s•ts Land and bulldln9S Furniture and equlpment Totsl At i (ktober 2022 Additions 555.645 119,685 675.330 At 30 September 2023 120 717 676 362 Depreclatlon At l October 2022 Charge for the year 40,954 105,1)98 146,052 At 30 September 2023 108 223 153 348 Net book value At 30 September 2023 510 520 523 014 At 30 September 2022 514 691 529 278 16 Debtors 2023 2022 Tra¢Je debtors ppayMentS Other debtors 19,915 4,072 2,141 6,435 17 Credltors: amounts t•lllng due within one year 2023 2022 Trade creditors Other taxation and social security Other £dItorS Pens¢on scheme ctor Accruals Defeed Income 2,169 7,682 1,414 124 7,912 13,075 9,455 565 8,765 2023 2022 Deferred Income at l Octotw 2022 Resour deferred in the perirxl Amounts released frc4n pViouS periLxJs 5.223 1,409 Deferreil Income at year end Deferred Sncome at 30 September 2023 consists of trade stand income in Sepet of the 2024 show. Page 21
stithlans Agricultural Association Llmited Notes to the Financlal Statements for the Year Ended 30 September 2023 18 Penslon ?nd other schemes Deflned contribution penslon s¢h¢n The chadty operates a defined contributyon penslon scheme. The penslon cost d)aroe for the year represents contributions payable by the d)arity to the scheme and amounted to E586 {2022 - £300). 19 Funds Balance at 30 September 2023 B•lance at I October 2022 Incomlng Resources expended Vnre$trl¢ted fund5 Generdl 917 736 297 461 894 420 Bal•nce at 30 September 2022 Balance at i October 2021 Incomln9 resourcts Resources expended Unrestrlded fvnds General 858 279 319 685 260 228 917 736 20 Analy$l$ of net ass•ts between fvnds Unrestrlcted General Total fund5 2023 Tangible flxed assets Current assets Current Ilabillties 523,014 392.116 523,014 392,116 Total net assets 894 420 894 420 Unrestrlrted Genernl Total fund5 2022 Intsngible fixed assets Tangible fixed assets Crnt assets Current liability-es 1,170 529,278 419.148 1,170 529,278 419,148 Total net assets 917 736 9L7 736 Page 22
Stlthians Agrlcultural Assoclatlon Limited Notes to the Flnancial Statements for the Year Ended 30 September 2023 21 Related party transartlons During the year the charity made the following related party transartions: HM Roskillv (HM Roskilly 15 a Trustee) HM Roskilly purchased grass from Stithians Agricultural A550ciation for EIOO. At the balan sheet date the mount due tolfrom HM Roskilly was £Nil (2022 - £Plill. PJ Brown (PJ Brown is a Twsteel PJ Brown IPJB Rotating Electrics) provided repair setvtes and materials durlng the year and was paid a total of El,219. At the balance sheet date the amount due tolfrom PJ Brown wa5 ENil (2022 - ENil). K Downlng IK Downing 15 a Trustee) K Dobyning carried out general pair work during the year and was paid a total of £536. At the balanTr sheet date the amount due tolfrom K Downing was ÉNil12022 £Nill. N Vague IN Vague is a Trustee) T F Vague & Son provided trartor and traller hi services and was pald a total of E480. At the balance Sheet date the amount ¢Jue toifrom N Vague was £NII {2022 - ENil). l Nlcholls (I Nicholls 15 a Trustee) In Steel (Blacksmith & Fabdcators) Ltd prov repair works dutlng the year and was paid a total of £2.917. At the balance sheet date the amount due from I Nicholls was £l¢)012022 - £100). R P Downing IR P Downing 15 a Trustee) At the balance sheet date the amount due from R P Downing was £18 {2022 - ENill. Page 23