Company registration number: 05631626 Charity registration number: 1171420
The Cothi Bridge Agricultural Society
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 30 September 2024
The Cothi Bridge Agricultural Society
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Strategic Report | 2 |
| Trustees' Report | 3 to 4 |
| Independent Examiner's Report | 5 to 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 17 |
The Cothi Bridge Agricultural Society
Reference and Administrative Details
| Secretary | Mr H M W Thomas |
|---|---|
| Charity Registration Number | 1171420 |
| Company Registration Number | 05631626 |
| The charity is incorporated in England & Wales. | |
| Registered Office | Maesycrug |
| Station Road | |
| Nantgaredig | |
| Carmarthen | |
| SA32 7LG | |
| Independent Examiner | LHP Carmarthen |
| Llys Deri | |
| Parc Pensarn | |
| Carmarthen | |
| SA31 2NF |
Page 1
The Cothi Bridge Agricultural Society
Strategic Report for the Year Ended 30 September 2024
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 30 September 2024, in compliance with s414C of the Companies Act 2006.
Achievements and performance
The Society is a community-based organisation, that has been running since 1898. It is run by a wide representation from the local community for the public benefit of the local area. The main event is the annual Agricultural Show, but the Society also hires out the Showground fields and Pavillion during the year for third-party events. All of the surplus generated by these activities is ploughed back in to activities that benefit the local area.
The Society held its Annual Agricultural Show on 25 May 2024, which was well supported by exhibitors and attendees.
Financial review
The results and financial performance for the year ended 30 September 2024 are set out in the remainder of this document.
The overall result was a deficit of £4,868, leaving the society with total reserves of £67,724.
The strategic report was approved by the trustees of the charity on 6 December 2024 and signed on its behalf by:
......................................... Mrs H Davies Trustee
Page 2
The Cothi Bridge Agricultural Society
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 30 September 2024.
Objectives and activities
Objects and aims
To advance the education of the public in agriculture, horticulture and animal husbandry in particular but not exclusively by the provision of an annual show demonstrations, competitions and exhibitions.
Public benefit
To promote the agricultural advancement of Agricultural, Horticultural, Animal Husbandry and Rural crafts and skill.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mrs H Davies Mr M G A Jones Mr A James Mr D Williams
Secretary: Mr H M W Thomas
Structure, governance and management
Nature of governing document
The organisation is run as a charitable company, governed by the memorandum and articles incorporated 22 November 2005 and now articles adopted by special resolution dated 17 November 2016.
Financial instruments
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Page 3
The Cothi Bridge Agricultural Society
Trustees' Report
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Statement of trustees' responsibilities
The trustees (who are also the directors of The Cothi Bridge Agricultural Society for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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 the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on 6 December 2024 and signed on its behalf by:
......................................... Mrs H Davies Trustee
Page 4
The Cothi Bridge Agricultural Society
Independent Examiner's Report to the trustees of The Cothi Bridge Agricultural Society ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of The Cothi Bridge Agricultural Society as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Page 5
The Cothi Bridge Agricultural Society
Independent Examiner's Report to the trustees of The Cothi Bridge Agricultural Society ('the Company')
...................................... Mrs J E Collins FCCA
Llys Deri Parc Pensarn Carmarthen SA31 2NF
6 December 2024
Page 6
The Cothi Bridge Agricultural Society
Statement of Financial Activities for the Year Ended 30 September 2024 (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 Investment income 5 Other income 6 Total Income Expenditure on: Raising funds 7 Charitable activities 8 Total Expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19 |
Unrestricted £ 120 14,447 491 10,893 25,951 (28,165) (2,653) (30,818) (4,867) (4,867) 72,592 67,725 |
Total 2024 £ 120 14,447 491 10,893 25,951 (28,165) (2,653) (30,818) (4,867) (4,867) 72,592 67,725 |
Total 2023 £ 1,343 21,780 198 12,875 |
|---|---|---|---|
| 36,196 | |||
| (33,844) (2,438) |
|||
| (36,282) | |||
| (86) | |||
| (86) 72,679 |
|||
| 72,593 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 19.
The notes on pages 9 to 17 form an integral part of these financial statements. Page 7
The Cothi Bridge Agricultural Society
(Registration number: 05631626) Balance Sheet as at 30 September 2024
| Note Fixed assets Tangible assets 14 Current assets Stocks 15 Debtors 16 Cash at bank and in hand 17 Creditors: Amounts falling due within one year 18 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 19 |
2024 £ 18,564 4,645 - 44,716 49,361 (200) 49,161 67,725 67,725 67,725 |
2023 £ 17,830 4,645 610 50,408 |
|---|---|---|
| 55,663 (900) |
||
| 54,763 | ||
| 72,593 | ||
| 72,593 | ||
| 72,593 |
For the financial year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 7 to 17 were approved by the trustees, and authorised for issue on 6 December 2024 and signed on their behalf by:
......................................... Mrs H Davies Trustee
The notes on pages 9 to 17 form an integral part of these financial statements. Page 8
The Cothi Bridge Agricultural Society
Notes to the Financial Statements for the Year Ended 30 September 2024
1 Charity status
The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
These financial statements were authorised for issue by the trustees on 6 December 2024.
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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
The Cothi Bridge Agricultural Society 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.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
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.
Page 9
The Cothi Bridge Agricultural Society
Notes to the Financial Statements for the Year Ended 30 September 2024
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:
-
The donor specifies that the grant or donation must only be used in future accounting periods; or
-
The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
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.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees 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.
Page 10
The Cothi Bridge Agricultural Society
Notes to the Financial Statements for the Year Ended 30 September 2024
Tangible fixed assets
Individual fixed assets costing £100.00 or more are initially recorded at cost.
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 Land and buildings No depreciation Furniture and equipment 4% - 20% Straight line
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
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 discretion in furtherance of the objectives of the charity.
Page 11
The Cothi Bridge Agricultural Society
Notes to the Financial Statements for the Year Ended 30 September 2024
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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
| Regular giving and capital donations | Unrestricted funds General £ 120 120 |
Total 2024 £ 120 120 |
Total 2023 £ 1,343 |
|---|---|---|---|
| 1,343 |
Page 12
The Cothi Bridge Agricultural Society
Notes to the Financial Statements for the Year Ended 30 September 2024
4 Income from charitable activities
Unrestricted
| funds General £ 14,447 |
Total 2024 £ 14,447 |
Total 2023 £ 21,780 |
|---|---|---|
5 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits 6 Other income Other income Rental income |
Unrestricted funds General £ 491 Unrestricted funds General £ 7,368 3,525 10,893 |
Total 2024 £ 491 Total 2024 £ 7,368 3,525 10,893 |
Total 2023 £ 198 |
|---|---|---|---|
| Total 2023 £ 11,335 1,540 |
|||
| 12,875 |
7 Expenditure on raising funds
a) Costs of trading activities
| Note Events and conferences Other direct costs of activities for generating funds |
Unrestricted funds General £ 26,388 1,777 28,165 |
Total 2024 £ 26,388 1,777 28,165 |
Total 2023 £ 31,168 2,676 |
|---|---|---|---|
| 33,844 |
Page 13
The Cothi Bridge Agricultural Society
Notes to the Financial Statements for the Year Ended 30 September 2024
8 Expenditure on charitable activities
| Note Governance costs 9 Total for 2023 |
Unrestricted funds General £ 2,653 2,438 |
Total funds £ 2,653 |
|---|---|---|
| 2,438 | ||
| Total expenditure £ |
In addition to the expenditure analysed above, there are also governance costs of £2,653 (2023 - £2,438) which relate directly to charitable activities. See note 9 for further details.
Page 14
The Cothi Bridge Agricultural Society
Notes to the Financial Statements for the Year Ended 30 September 2024
9 Analysis of governance and support costs
Governance costs
| Depreciation, amortisation and other similar costs Other governance costs |
Unrestricted funds General £ 2,488 165 2,653 |
Total 2024 £ 2,488 165 2,653 |
Total 2023 £ 2,166 272 |
|---|---|---|---|
| 2,438 |
10 Net incoming/outgoing resources
Net outgoing resources for the year include:
Depreciation of fixed assets
| 2024 | 2023 |
|---|---|
| £ | £ |
| 2,488 | 2,166 |
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:
No persons were employed by the charity in the financial year (30/09/2023: NIL).
No employee received emoluments of more than £60,000 during the year.
13 Taxation
The charity is a registered charity from 01.02.2017 and is therefore exempt from taxation from this date.
Page 15
The Cothi Bridge Agricultural Society
Notes to the Financial Statements for the Year Ended 30 September 2024
14 Tangible fixed assets
| Cost At 1 October 2023 Additions At 30 September 2024 Depreciation At 1 October 2023 Charge for the year At 30 September 2024 Net book value At 30 September 2024 At 30 September 2023 15 Stock Stocks 16 Debtors Trade debtors Prepayments 17 Cash and cash equivalents Cash at bank Short-term deposits |
Land and buildings £ 531 - |
Furniture and equipment £ 42,247 3,223 45,470 24,948 2,489 27,437 18,033 17,299 2024 £ 4,645 2024 £ - - - 2024 £ 4,678 40,038 44,716 |
Furniture and equipment £ 42,247 3,223 45,470 24,948 2,489 27,437 18,033 17,299 2024 £ 4,645 2024 £ - - - 2024 £ 4,678 40,038 44,716 |
Total £ 42,778 3,223 46,001 24,948 2,489 27,437 18,564 17,830 2023 £ 4,645 |
|
|---|---|---|---|---|---|
| 531 | 45,470 | ||||
| - - |
24,948 2,489 |
||||
| - | 27,437 | ||||
| 531 | 18,033 | ||||
| 531 | 17,299 | ||||
| 2024 £ 4,645 2024 £ - - - 2024 £ 4,678 40,038 44,716 |
|||||
| 2023 £ 210 400 |
|||||
| 610 | |||||
| 2023 £ 10,862 39,546 |
|||||
| 50,408 |
Page 16
The Cothi Bridge Agricultural Society
Notes to the Financial Statements for the Year Ended 30 September 2024
18 Creditors: amounts falling due within one year
| Trade creditors Deferred income 19 Funds Unrestricted funds General General Unrestricted funds General General |
Balance at 1 October 2023 £ 72,593 Balance at 1 October 2022 £ 72,679 |
Incoming resources £ 25,951 Incoming resources £ 36,197 |
2024 £ - 200 200 Resources expended £ (30,819) Resources expended £ (36,283) |
2023 £ 700 200 |
|---|---|---|---|---|
| 900 | ||||
| Balance at 30 September 2024 £ 67,725 |
||||
| Balance at 30 September 2023 £ 72,593 |
20 Related party transactions
There were no related party transactions in the year.
Page 17