REGISTERED COMPANY NUMBER: 00266722 (England and Wales) REGISTERED CHARITY NUMBER: 233656
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 1st FEBRUARY 2023 TO 31st JANUARY 2024
FOR
NATIONAL HONEY SHOW LIMITED(THE)
(A COMPANY LIMITED BY GUARANTEE)
NATIONAL HONEY SHOW LIMITED(THE)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2023 TO 31 JANUARY 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements Detailed | 7 to 10 |
NATIONAL HONEY SHOW LIMITED(THE) REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD 1st FEBRUARY 2023 TO 31st JANUARY 2024
1
TRUSTEES
COMPANY SECRETARY
REGISTERED OFFICE
REGISTERED COMPANY NUMBER
REGISTERED CHARITY NUMBER
INDEPENDENT EXAMINER
E Brown (elected 26th October 2023) S Carter (elected 26th October 2023) JM Duffin JD Hendrie F R Matheson RJ Maurer CS Mence
F R Matheson
17 Shire Lane Chorleywood Rickmansworth WD3 5NQ
00266722 (England and Wales)
233656
Michael J O'Neill BSc. (Econ) A.C.M.A
Anscar, Hook Road Greywell, Hook Hampshire RG29 1BT
2
The National Honey Show Ltd Trustees Annual Report 2024 For the period 1[st] February 2023 to 31[st] January 2024
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 1 February 2023 to 31 January 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Charity are to advance the science of apiculture and for the benefit of the public:
-
(a) to support and encourage good apicultural husbandry and management,
-
(b) to promote an awareness of the importance of bees in the environment, and
-
(c) to promote and further the craft of apiculture.
These are achieved through the media of both national and international competitive classes for honey and related products. Coupled with the Annual Show there is a trade exhibition, and a full educational lecture programme, which is funded by the charity with the assistance of sponsors and a practical workshop and demonstration programme. The 2023 Show was the Centenary Show, having started in 1923 and we were honoured with a visit from HRH the Princess Royal, who opened the Show and planted a Centenary Tree (False acacia).
The Trustees have had regard to the Charity Commission's guidance on public benefit. This is delivered through the standards set in the Competitive Show to educate beekeepers and the public in the importance of honey and products of the hive; and through its Educational Programme of lectures and workshops in promoting good apicultural husbandry.
The Trustees have also reviewed all the required policies relating to the risks associated with the show.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The 2023 Centenary National Honey Show (the 92[nd] show) was successfully staged at Sandown Park, Esher, Surrey with 2,412 entries in this Show, up from 2,088 last year. Twenty-six countries took part in the competition and all first prize winners received a Centenary medal. The workshop programme again proved very popular comprising over 30 workshops, mostly fully booked, over two and a half days. The 2023 main lectures were professionally videoed, financially assisted with the help of a Centenary grant of £5,000 from the CB Dennis Trust and a grant of £8,000 from the Worshipful Company of Wax Chandlers towards the cost of filming. The lectures are available to view through our website on our YouTube Channel. This venture was again a great success and is a recognized source of high-quality information.
FINANCIAL REVIEW
Financial position
Income is derived from individual and corporate membership fees, annual subscriptions supplemented by an appropriate sum from the Life Members Fund, admissions paid at the door, trade exhibitors' stand rental, the sale of honey and other products of the hive from the Gift Classes, a raffle and donations to general funds. Above all, the Trustees are most grateful to the Worshipful Company of Wax Chandlers, the CB Dennis Trust, the Blaxland family, Grans on the Make, many anonymous donors and to all those who sponsor lectures and prize money.
Income for the period amounted to £112,903 (2023: £99,686) and expenditure was £116,686 (2023: £96,553). The deficit was mainly related to extra activities associated with the Centenary celebrations. In respect of its equity investments, the charity made unrealised losses in the period of £4,195 (2023: £370 losses). The overall loss for the period was therefore £7,978 (2023: £2783 surplus). This is due to the increased costs associated with the Centenary celebrations e.g. bunting, staging the shop window display, new prize cards, medals for 1st prize winners, centenary badges. The accumulated unrestricted funds on 31 January 2024 were £157,613 (2023: £167,367), of which £100,000 has been treated as designated funds, as noted below. The restricted funds stood at £77,096 (2023: £76,208). The total reserves as at the year-end were £234,709 (2023: £243,575).
The Trustees' policy is to ensure there are sufficient reserves for the National Honey Show to continue for the next two years in the unlikely event that no income is generated.
3
The National Honey Show Ltd Trustees Annual Report 2024 For the period 1[st] February 2023 to 31[st] January 2024
Whilst most reserves are held in listed unit trusts managed for charities, these can fall in value as well as rise in value. Likewise, the costs of hiring a suitable venue and providing and running a convention and lecture programme are increasing annually and future expenses and sponsorship are unpredictable.
To achieve better rates of interest, all funds are held jointly, but the interest and dividends earned are apportioned pro-rata between the various funds in accordance with their respective balances at the start of the year.
The Trustees have reviewed the available resources and consider them adequate to fund activities for the foreseeable future and that the charity is a going concern.
DESIGNATED FUNDS
During the period, the Trustees again decided to designate some of the charity's unrestricted funds to various designated funds, as follows:
-
Freehold property repairs fund - the charity owns a garage that is shown in the accounts under freehold property. The garage has become run down and the trustees have been advised that it may need some remedial work and therefore a fund of £5,000 has been created for this purpose.
-
Show equipment replacement fund - the charity owns show equipment and stands that are used each year. This equipment is getting well worn. The Trustees believe that £25,000 should be set aside to fund an investment in new equipment over the next few years.
-
Educational programme fund - the Trustees wish to expand the current educational programme by producing videos and educational materials that will be used at the shows each year and be made available on YouTube. They believe that the videos will promote the annual shows and enhance the general public's knowledge and understanding of bees and beekeeping. £50,000 has been designated for these purposes.
-
100th Show fund - the charity will have its 100th show in 2031 and the Trustees are planning a spectacular show that year and therefore have decided to assign £20,000 to this fund.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The National Honey Show is a charitable company limited by guarantee governed by The Memorandum and Articles of Association, first drafted in 1932, amended and lodged with Companies House and the Charities Commission in 2022.
Recruitment and appointment of new trustees
The Articles state that there must be a minimum of three Trustees, who are appointed by the membership at the AGM. One third (or the number nearest to one third) of the Trustees must retire every year, those longest in office retiring first and the choice between any of equal service being made by drawing lots. A retiring Trustee may be reappointed.
Organisational structure
The National Honey Show is organised by a board of directors, who are also the Trustees of the Charity and an Executive Committee, which has seven sub-committees. The smooth running of the Show depends upon the many volunteers - those who serve on the committees, the Judges and all those who perform a multitude of different tasks before, during and after the Show.
The National Council, which meets annually and consists of delegates from many of the beekeeping counties of the British Isles and Eire, and the major beekeeping organisations, plays an important part in providing advice to the Trustees.
The Annual General Meeting of the National Honey Show is open to all members and is held immediately before that of the National Council.
Approved by order of the board of trustees on 23[rd] September 2024 and signed on its behalf by:
F.R. Matheson
Trustee and General Secretary
The National Honey Show Ltd. (REGISTERED CHARrrY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT The thantys trustees are respMsble for preparation of accx)unts in aCCordara wilh requirements of the Charities Act 2011 Tr Acn. The thantys trustees usider that a) aKlit is not required for th year urKler section 144 of the Act that independent examination is It is my resFonsibilty ty. examine the accounts ur sectN)n 145 of the chareS Act, to follow the apIcable Directicffis given by the Chanty Conmissic (under se(kn1 145(5){b) of the Ac( t1 My examinalion vas (arried oul in aco)rdm gerwdl directions by the Charity Cc¥nmission. An examination indleS a review of the acCntIng records kept by the tharity aThJ a ct)mparis(n of the accounts presented wilh IMise records. It also Ind ccffisid&ratn of any unusual items or disdosures in the acCnts. and seeking explanatiM$ frc¥n trustees cx)ncemfftg any suttÈ mattars. The procedures dertaken do not provide all the eden that wrxths be required in an ajF[ arKI consequently no opinion is given as to %thether the acc(xHits present a ar fairf view and th8 r8POrt is limited to Ihose matters set oui in trkq statsment below. In coiryiedion ith my ex¥ninaliM. no niaterial matters have ¢)e tr• my attenti)n Yknich gives me cause to believe that n. any material respect the Chaftlies Act or th the examinatK)n to whith attenti( shcwld be drawn in ¢)r(*er to enab a Michael Joseph O'Neill Bsc {EuJn) A.C.MA. 24" Serbar 2024
5
The National Honey Show Ltd. (REGISTERED CHARITY LIMITED BY GUARANTEE)
| STATEMENT OF FINANCIAL ACTIVITIES for the Year ended 31 st January 2024 |
STATEMENT OF FINANCIAL ACTIVITIES for the Year ended 31 st January 2024 |
Period 01-Jun-2022 to 31-Jan-2023 Total Funds £ 39,505 44,271 12,468 3,442 99,686 9,332 81,254 5,947 96,533 (370) 2,783 2,783 240,792 243,575 |
||
|---|---|---|---|---|
| Year ended 31-Jan-2024 |
||||
| Unrestricted funds |
Restricted funds £ |
Total Funds |
||
| Notes | Notes £ |
£ | ||
| INCOME AND ENDOWMENTS | ||||
| 2 Donations and Legacies 3 Activities for generating funds 4 Charitable Activities 5 Investment income |
10 45,745 43,750 16,261 10 5,515 |
514 | 46,259 43,750 16,261 6,633 |
|
| 1,118 | ||||
| TOTAL INCOME | 111,271 | 1,632 | 112,903 | |
| EXPENDITURE | ||||
| 6 Cost of generating voluntary income 7 Charitable activities 8 Support costs |
13,229 10 99,940 2,773 |
13,229 100,684 2,773 |
||
| 744 | ||||
| TOTAL EXPENDITURE | 115,942 | 744 | 116,686 | |
| 12 Net gains (losses) on investments |
(4,195) | (4,195) | ||
| NET INCOME (EXPENDITURE) | (8,866) | 888 | (7,978) | |
| 10 Transfers between Funds |
(888) | (888) | ||
| NET MOVEMENT IN FUNDS | (9,754) | 888 | (8,866) | |
| TOTAL FUNDS BROUGHT FORWARD | 167,367 | 76,208 | 243,575 | |
| TOTAL FUNDS CARRIED FORWARD | 157,613 | 77,096 | 234,709 | |
6
The National Honey Show Ltd. (REGISTERED CHARITY LIMITED BY GUARANTEE)
BALANCE SHEET
as at 31[st] January 2024
| Unrestricted Funds |
2024 Total Funds |
2023 Total Funds |
||
|---|---|---|---|---|
| Restricted Funds |
||||
| Notes | Notes £ |
£ | £ | £ |
| FIXED ASSETS | ||||
| 11 Tangible assets 12 Investments |
6,027 10 119,655 |
77,096 | 6,027 196,751 |
5,693 215,945 |
| Total fixed assets | 125,682 | 77,096 | 202,778 | 221,638 |
| CURRENT ASSETS | ||||
| Stocks 13 Debtors and prepayments Balance at bank |
3,624 6,082 |
3,624 6,082 30,576 |
3,811 156 31,387 |
|
| 30,576 | ||||
| 40,282 | 40,282 | 35,354 | ||
| 14 CREDITORS: due within one year |
(1,929) | (1,929) | (7,277) | |
| NET CURRENT ASSETS | ||||
| 38,353 | 38,353 | 28,077 249,715 |
||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 164,035 | 77,096 | 241,131 | |
| 15 CRDITORS: due after one year |
(6,422) | (6,422) | (6,140) | |
| NET ASSETS | 157,613 | 77,096 | 234,709 | 243,575 |
| Represented by: | ||||
| Unrestricted funds 10 Restricted income funds |
157,613 77,096 |
167,367 76,208 |
||
| Total Funds | 234,709 | 243,575 | ||
The Charitable Company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the period ended 31[st] January 2024.
The members have not required the Company to obtain an audit of its financial statements for the period ended 31[st] January 2024 in accordance with Section 476 of the Compamies Act 2006
The Trustees acknowledge their responsibilities for: (a) ensuring that the Charitable Company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statments which give a true and fair view of the state of affairs of the Charitable Company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements so far as applicable to the Ch it bl C
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime
The financial statements were approved by the Board of Trustees and authorised for issue on 23[rd] September 2024 and were signed on its behalf by:
F.R. Matheson Trustee
7
The National Honey Show Ltd. (REGISTERED CHARITY LIMITED BY GUARANTEE)
Notes to the Accounts
for the period ended 31[st] January 2024
1 . ACCOUNTING POLICIES
Basis of preparing the finanial statements
The financial statements of the Charitable Company, which is a public entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities prearing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)'. Financial Reporting Standard 102 ' The Financial Reporting Standard applicable in the UK and the Repiblic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value as modified by the revaluation of certain assets.
The Charity is not part of any group and therefore these statements cover the reporting entity only.
The presentation currency of the financial statements is the Pound Sterling (£)
Going concern
The Trustees have a reasonable expectation that the Charity, already in its 100[th] year, will continue to operate for the foreseeable future; so these financial statements are prepared in the going concern basis.
Legal status of the Charity The charity is limited by guarantee and has no share capital. New Articles of Association were approved and adopted at the AGM on 27[th] October 2022 and replace both the Memorandum of Association and Articles of Association which previously prescribed regulations for the Charity.
Critical accounting judgements and key sources of estimating uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reprted for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Trustees' opinion, there are no significant judgements or key sources of estimation uncertainty
Income
Income is recognised when the company becomes entitled to it, the Trustees are virtually certain they will receive it and the monetary value can be measured with sufficient reliability. Life Member's subscriptions are accounted for over a period of 16 years. The unexpired portion of Life Members' subscription is recognised in the period in which it relates.
Grants and donations are only included in the SoFA when the general income recognition criteria are met
Investment income is recorded when receivable.
Expenditure and Liabilities
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. W here costs cannot be directly attributed to particular hadins they have been allocated to activities on a basis consistent with the use of resources.
Governance costs
Include costs of the preparation and examination of statutory accounts. Expenditure is recognised when incurred and includes VAT which cannot be recovered.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - nil from 1[st] June 2001 Show equipment - 25% on reducing balance Challenge cups - 10% on reducing balance
Quoted Investments
Quoted investments are valued at market value at the balance sheet date. Unrealised and realised investment gains and losses are treated as unrestricted funds in the Statement of Financial Activities.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance form for obsolete and slow moving items.
Taxation
The Charity is exempt from corporation tax on its charitable activitieis
8
The National Honey Show Ltd. (REGISTERED CHARITY LIMITED BY GUARANTEE)
Notes to the Accounts
for the period ended 31[st] January 2024
- 1 . ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees
Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are rIaised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
| Period 01-Jun-2022 to 31-Jan-2023 £ |
|||
|---|---|---|---|
| Year ended 31-Jan-2024 £ |
|||
| DONATIONS and LEGACIES 2 . |
|||
| 13,680 13,584 352 2,940 13,384 869 1,450 |
11,994 6,477 384 2,695 17,500 455 |
||
| 39,505 | |||
| 46,259 | |||
| ACTIVITIES for GENERATING FUNDS 3 . |
Period 01-Jun-2022 to 31-Jan-2023 £ |
||
| Year ended 31-Jan-2024 £ |
|||
| Day admissions Class entry fees and registrations Stand spaces less extra cost of electricity Advertising |
12,760 729 28,908 1,353 |
12,358 1,596 29,469 848 |
|
| 43,750 | 44,271 | ||
| INCOME from CHARITABLE ACTIIVITIES 4 . |
Period 01-Jun-2022 to 31-Jan-2023 £ |
||
| Year ended 31-Jan-2024 £ |
|||
| Lecture convention fees,sponsorships and grants W orkshop Fees Receipts from Buy-back of exhibits and Sales table Sales of publications Rent received |
3,905 6,825 3,406 1,254 871 |
2,400 6,249 2,430 756 633 12,468 |
|
| 16,261 | |||
| INVESTMENT INCOME 5 . Charifund dividends CCLA (COIF) interest received CAF Bank Transfer to Deferred Life Members' subscriptions |
Period 01-Jun-2022 to 31-Jan-2023 £ 2,703 816 26 -103 3,442 |
||
| Year ended 31-Jan-2024 £ 4,916 1,324 581 -188 |
|||
| 6,633 | |||
9
The National Honey Show Ltd. (REGISTERED CHARITY LIMITED BY GUARANTEE)
Notes to the Accounts
for the period ended 31[st] January 2024
| COSTS of GENERATING VOLUNTARY INCOME 6 . |
Period 01-Jun-2022 to 31-Jan-2023 £ |
|
|---|---|---|
| Year ended 31-Jan-2024 £ |
||
| Affiliation fees (BBKA) Postage and telephone Printing and stationery Advertising and publicity |
120 1,171 8,465 3,473 |
120 1,514 4,927 2,771 |
| 13,229 | 9,332 | |
| DIRECT COSTS of CHARITABLE ACTIVITIES 7 . Judges' and Stewards' expenses Engraving and medals Show prizes Hire of halls W orkshops and Lecture convention expenses Audio visual, streaming, filming, etc. Show expenses Rent of Garage Centenary Photographic Exhibition |
Year ended 31-Jan-2024 £ |
Period 01-Jun-2022 to 31-Jan-2023 £ |
| 3,307 3,153 4,294 26,576 10,969 44,025 3,136 1,100 4,124 |
4,553 1,100 3,684 25,766 8,632 35,850 844 825 |
|
| 81,254 | ||
| 100,684 | ||
| SUPPORT COSTS 8 . |
Period 01-Jun-2022 to 31-Jan-2023 £ |
|
| Year ended 31-Jan-2024 £ |
||
| Insurance Sundry expenses Bank and Card Payment charges: Depreciation (see Note 11) |
519 103 995 1,156 |
231 522 1,174 |
| Accountancy | 4,020 5,947 |
|
| 2,773 | ||
| TRUSTEES' REMUNERATION and BENEFITS 9 . |
||
| 31st January 2023 There were no Trustees' remuneration or other benefit for the year ended 31 stJanuary 2024 nor for the period ended |
||
| Trustees' expenses One Trustee was reimbursed expenses of £48 in the year ended 31 st January 2024 (period ended 31 stJanuary 2023 - none) |
||
10
The National Honey Show Ltd. (REGISTERED CHARITY LIMITED BY GUARANTEE)
Notes to the Accounts
10 . MOVEMENT IN FUNDS
Restricted funds have been set aside for particular purposes.
-
(a) The Hamlin Memorial Fund is intended to be built up until the income is sufficient to pay the annual prize money, which objective has not yet been attained.
-
(b) A single expendable Prize Endowment Fund holds sufficient funds to contribute to the annual prize money of specific show classes for a period of 20 years.
-
(c) The Challenge Cup Insurance Reserve is intended to meet the costs of maintenance, repair or replacement of the Show's cups and trophies.
| Balance at 31-Jan-2023 £ |
Income | Expenditure £ |
Balance at 31-Jan-2024 £ |
|
|---|---|---|---|---|
| £ | ||||
| Hamlin Memorial Fund Prize Endowment Fund Challenge Cup Insurance Reserve |
40,341 5,867 30,000 |
1,118 514 |
41,459 5,637 30,000 |
|
| 744 | ||||
| 76,208 | 1,632 | 744 | 77,096 | |
| Net movement in restricted funds | 888 | |||
| TANGIBLE FIXED ASSETS 11 . |
Freehold property £ |
Show equipment £ |
Challenge cups £ |
Totals |
| £ | ||||
| COST At 31st January 2023 Additions in year |
||||
| 3,040 | 12,812 750 |
5,737 740 |
21,589 1,490 |
|
| At 31st January 2024 | 3,040 | 13,562 | 6,477 | 23,079 |
| DEPRECIATION At 31st January 2023 Charge for the year |
||||
| 1,424 | 9,568 999 |
4,904 157 |
15,896 1,156 |
|
| At 31st January 2023 | 1,424 | 10,567 | 5,061 | 17,052 |
| NET BOOK VALUE | ||||
| At 31st January 2024 | 1,616 | 2,995 | 1,416 | 6,027 |
| At 31st January 2023 | 1,616 | 3,244 | 833 | 5,693 |
| The Trustees value the freehold property at £24,000 and the cups at £30,000 | ||||
| FIXED ASSET INVESTMENTS 12 . |
2024 £ |
2023 £ |
||
| MARKET VALUE At 31st January 2023 Disposals in year Gain (Loss) on revaluation |
||||
| 215,945 (15,000) (4,194) |
216,315 (370) |
|||
| At 31stJanuary 2024 | 196,751 | 215,945 | ||
| DEBTORS 13 . |
2024 £ 6,082 |
2023 £ 156 2023 £ |
||
| Amounts falling due within one year and prepayments | ||||
| 2024 £ |
||||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 14 . |
||||
| Life Member subscriptions deferred Accruals and deferred income |
722 1,207 |
688 6,589 |
||
| 1,929 | 7,277 | |||
| CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 15 . |
2024 £ |
2023 £ |
||
| Life Member subscriptions deferred | 6,422 | 6,140 |