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2022-12-31-accounts

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Financial Statements

for the year ended 31 December 2022

Charity Number - 253736 Company Number - 876136

Springfields Horticultural Society Limited

Contents

Page
Council members' report 1 to 4
Auditors' report 5 to 8
Statement of financial activities 9
(including income and expenditure account)
Balance sheet 10
Notes to the financial statements 11 to 20
The following pages do not form part of the financial statements
Detailed income and expenditure accounts 21 to 22
Fund comparatives 24 to 26

Springfields Horticultural Society Limited

Charity Information

Secretary Mr D Norton
Company number 876136
Charity number 253736
Registered office Springfields Festival Gardens
Camelgate
Spalding
Lincs. PE12 6EU
Auditors Moore Thompson
Chartered Accountants and Registered Auditors
Bank House
Broad Street
Spalding
Lincs. PE11 1TB
Business address Springfields Gardens
Camel Gate
Spalding
Lincs. PE12 6EU
Bankers HSBC Bank plc
Spalding Branch
8 Market Place
Spalding
Lincs
Solicitors Messrs Roythorne & Co
Enterprise Way
Spalding
Lincs. PE11 3YR

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Chairman’s Report – Year Ended 31st December 2022

The main beneficiaries of the Society’s charitable work continue to be the general public, who have free access throughout the year to the Society’s 15 acre show garden site at Springfields, in Spalding. The Gardens are maintained and managed by the Society and are principally used to raise awareness of the growing of flowers from bulbs as well as the lifestyle benefits of horticultural education and gardening activity as a means of relaxation and enjoyment. The Society continues to encourage the use of the Gardens by the local community and facilitates a range of activities to help improve awareness of the horticultural heritage of the South Holland area and to educate and instruct children about general horticultural and gardening practices.

As part of these outreach activities, the Society has continued to work with a number of adult groups, local schools and colleges, plus a range of disability and special needs groups, providing them with dedicated activities plus the support of the Springfields Gardens team members, and the facilities within the Gardens, to benefit the needs of their various individual group members. In addition, the bird-hide in the Gardens allows collaborations with the RSPB and the Lincolnshire Wildlife Trust, helping to develop additional interest in bird and wildlife activity within the Gardens and at their respective three sites in the local area (Gibraltar Point, Willow Tree Fen, Frampton Marsh Reserve).

The Lincolnshire Daffodil Society continued to partner the Society in the organising of the annual Spring Flower Show and Daffodil Competition, helping to raise awareness of Lincolnshire’s daffodil growing industry and maintain the interest of the County’s amateur daffodil enthusiasts, and the general public, in the wide variety of daffodil bulbs available for planting in their gardens. Whilst the 2022 event was affected by the Covid/Omicron restrictions earlier in the year, the 2023 show did see a return to more public interest in the exhibits and displays and we can now build on our ambition to improve the competition element of the show and ensure we generate renewed public interest in this important component of the Society’s charitable objectives.

The Society also continues to work in partnership with UBS, the owners of Springfields Outlet Shopping & Leisure to ensure that the combined Springfields activities, both commercial and charitable, continue to attract visitors of all ages and that all opportunities for further investment within the gardens are given due consideration and approval. The Society’s Trustees have approved a three-year Option Agreement with UBS to facilitate the sale of some of the Gardens land to accommodate a planned increase in the number of retail units within the Shopping Outlet.

As agreed by the Trustees at the AGM in 2019, no Garden Refurbishment depreciation costs have been charged for the year and therefore the net book value of the Society’s Festival Gardens will remain at the 2018 value of £848,597. This relates to the investment made during the re-development of the gardens during 2003/04. This Trustees have agreed that this valuation figure will be reviewed again in 2024. The Society’s accounts for the year show a year-end Total Funds figure of £1,451,895.

The Society’s commercial operation, Springfields (Enterprises) Ltd., which operates Springfields Events & Conference Centre, has been able to make a charitable gift-aid contribution to the Society of £14,449 (2021 – £21,143). Facilities at the Springfields Events & Conference Centre continue to be available for community, business and fund-raising events as well as horticultural related activities.

On behalf of the Society’s members, and the many thousands of visitors to Springfields Festival Gardens, the Trustees would again like to thank the Head Gardener and his gardening team for their continued efforts in maintaining and presenting all areas of the Gardens to such a high standard, ensuring that they continue to be at the centre of the Society’s charitable public-good objectives and remain as a free-to-enter leisure facility and an important regional attraction, as well as a community gardening and horticultural learning resource.

Presented on behalf of the Trustees & Directors of Springfields Horticultural Society Limited;

Adrian Jansen Chairman, Springfields Council Dated: 20 June 2023

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Council Members Report – Year Ended 31st December 2022

The Council Members of Springfields Horticultural Society Limited present their report and the consolidated Financial Statements of the charity for the period ended 31st December 2022.

Legal Status

Springfields Horticultural Society Limited is a company limited by guarantee and registered under the Companies Act 1985; registered number – 876136. The liability of each member in the event of a winding up is limited to £1. The company is also a registered charity; registered number – 253736. The charity was founded in 1966. The charity’s registered office and principal office are as stated on the Charity Information page.

Objectives and Activities of the Charity

The objectives of the charity are to act as a horticultural society, as prescribed within its Memorandum and Articles of Association - “to promote the study and practice of horticulture in all its branches and in particular the cultivation and development of all varieties of flowers grown from bulbs and corms”. The Society also seeks to widen public understanding about the growing of flowers from bulbs and the broader social benefits of gardening and horticulture as a means of relaxation and enjoyment combined with personal well-being.

The Society holds displays and shows of horticultural produce and other associated products and is involved with a range of community organisations, particularly schools, in the delivery of horticultural related education projects.

The Society continues to fulfil its objectives through the management and development of its own 15 acres of landscaped gardens in Spalding, which are open all year round for public use and are free-to-enter.

Structure, Governance and Management

The charity is directed by a Council of senior businessmen who were initially appointed as Trustees by the NFU South Holland Horticultural Association, the original founding body of the Horticultural Society.

Trustees are sought with business experience within the horticultural sector so that they can bring valuable knowledge to help the delivery of the charity’s objectives. Any prospective new Trustees are invited to attend a Council meeting prior to confirming their interest in being elected onto the Council.

The Council presides over matters of policy and finance and employs a management team to administer the activities of the charity, its commercial subsidiary and any necessary organisational sub-committees.

The Council members serving during the year and since the year-end were as follows:-

The Council members serving during the year and since the ye
Mr A M Jansen, Chairman Mr D E Reynolds
Mr P Ruysen, Vice Chairman Mr B S Tidswell
Mr J W Walkers Mrs S A Lamb
Mr J D Taylor Mr R Harman JP
Hon. A E J Taylor

The charity’s Articles of Association do not require Council members to retire by rotation.

The Chief Executive and Secretary of the charity, appointed by the Trustees, who is responsible for its day to day management, is Mr D Norton.

The charity has a wholly owned trading subsidiary, Springfields (Enterprises) Limited, through which it operates the Springfields Events & Conference Centre putting on shows, exhibitions and other events in order to generate funds for the charity to further its objectives.

Due to the nature of the business activities carried on by some of the charity’s Trustees, the charity sometimes acquires horticultural products from companies in which they are involved. Such transactions have been specifically authorised by the Council and approved by the Charity Commission and are conducted at market value.

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SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Council Members Report – Year Ended 31st December 2022

Review of Activities and Performance

The charity’s main source of income continues to be the “Gardens Maintenance Sum” which it negotiated with a development partner, Thornfield Properties, as part of the contractual obligations agreed when a section of the original gardens were included in a major £30m re-development which was completed in 2004. The charity continues to operate this contract successfully and has seen a significant increase in the number of people visiting the gardens now that they are freeto-enter and open all year round. UBS Global, who took over Thornfield Properties in December 2006 continued to honour this maintenance agreement, and they, and their successors, have a contractual obligation to do so for as long as the Society is in being and operating the gardens. Currently this partnership arrangement now rests with UBS Triton General Partner Limited.

Financial Review

The charity’s reserves consist of accumulated funds, the purpose of which is to support the objectives of the charity, and a restricted reserve, set up to operate the Gardens Maintenance Contract.

Details of the charity’s financial activities for the year are set out on page 9.

The charity’s trading subsidiary company; Springfields (Enterprises) Limited, made a pre tax profit for the year of £32,332 (2021 – £54,240). The Directors have therefore approved that a gift-aid contribution of £14,449 should be made to the parent charity for the year ended 31st December 2022 (2021 - £21,143 gift-aid contribution).

The charity has implemented the following policies in respect of Risk Management and the level of reserves maintained:-

Risk Management

The Council of Springfields Horticultural Society Limited meets five times a year to consider the status of the charity. The “Gardens Maintenance Sum” will continue to provide the necessary finances to allow the charity to present its show gardens as a centre of excellence for the growing, displaying and marketing of flower bulbs, as well as providing education and understanding amongst visitors, children, amateur gardeners and the general public, and thus enabling the charity to fulfil its objectives for the foreseeable future.

Risks are constantly reviewed and management control systems are in place to manage those risks.

Reserves

Factors taken into account in deciding the level of resources include the need to cover fluctuations in expenditure and the need to have sufficient funds available to finance any potential capital expenditure.

At the year-end available reserves were £1,451,895 (2021 - £1,452,130) which includes a restricted funds reserve of £165,988 (2021 - £144,781). The restricted funds reserve comprises of equipment already purchased and being depreciated within the gardens accounts, with a cash balance being kept available for future expenditure under the terms of the Gardens Maintenance Contract. Under the terms of this contract an agreed percentage of the "Gardens Maintenance Sum" is also allocated as a contribution to the management and administrative costs of the Society as well as to its charitable and educational activities.

The majority of the charity’s reserves are held within the value of the gardens redevelopment, and as such they are not free assets and thus cannot be utilised for other purposes easily. Including current assets, less liabilities and fixed assets more easily liquidated, the charity has £173,032 (2021 - £210,258) of potentially free reserves. Within this the charity holds, on average, £60,000 in available cash at any one time, which the Trustees feel is at a sufficient level needed to maintain the operations of the charity on a monthly basis.

Public benefit

The Trustees have given due consideration to the guidance published by the Charity Commission on the need for charities to demonstrate their public benefit achievements in order to justify and retain their charitable status. The Society’s stated purpose of improving the public’s appreciation of the benefits of growing flowers from bulbs, gardening in general and horticultural best practices, as a means of personal enjoyment, well-being and learning, is primarily achieved by maintaining Springfields Festival Gardens as a free-to-enter attraction, so that as many members of the general public, of all ages, can benefit from the facilities provided within the gardens.

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SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Council Members Report – Year Ended 31st December 2022

Public benefit (continued)

The Gardens are maintained and managed by the Society and are principally used to raise awareness of the growing of flowers from bulbs, as well as the lifestyle benefits of horticultural education and gardening activity as a means of relaxation and enjoyment. Throughout the year the Society continued to encourage the use of the Gardens by the local community and facilitated a range of activities to help improve awareness of the horticultural heritage of the South Holland area and to educate and instruct children about general horticultural and gardening practices. A number of adult and school groups, including some with special needs or health related issues, benefit from visiting the Gardens on group outings to complete learning exercises, or, in some instances, to carry out some general “hands-on” gardening maintenance tasks.

As part of these outreach activities, the Society has continued to work with a number of adult groups, local schools and colleges, plus a range of disability and special needs groups providing them with dedicated activities plus the support of the Springfields Gardens team members and the facilities within the Gardens to benefit the needs of their various individual group members. In addition, since the installation of the bird-hide in the Gardens, new collaborations with the RSPB and the Lincolnshire Wildlife Trust have helped to develop additional interest in bird and wildlife activity within the Gardens and at their three sites in the local area, which are all linked by live camera feed streaming onto screens within the birdhide.

The Lincolnshire Daffodil Society continues to partner the Society in the organising of an annual Spring Flower Show and Daffodil Competition to raise awareness of Lincolnshire’s daffodil growing industry and maintain the interest of the County’s amateur daffodil enthusiasts, and the general public, in the wide variety of daffodil bulbs available for planting in their gardens. Post Covid, the 2022 event was still affected by the restrictions earlier in the year, but the organising committee expects that 2023 will see more participation in the competition element of the show to ensure it can build back the interest in this important component of the Society's charitable objectives.

Future Development

Despite the setbacks caused by the COVID-19 pandemic and the more recent and immediate financial situation, future decisions and actions related to the management and operation of the Society’s affairs will be directed towards ensuring that the best value and benefit will accrue to the Society to enable it to continue to fulfil all of its charitable objectives. During 2023 and into 2024, the Society’s Trustees will regularly review the current use of the Society’s assets (primarily the Festival Gardens and the Events & Conference Centre) to ensure they deliver the right level of support for educational activities, community engagement and public well-being, all of which are in accordance with the Society’s core charitable aims and objectives.

The Trustees of the Society also continue to work in partnership with UBS, the owners of Springfields Outlet Shopping & Leisure to ensure that the combined Springfields activities, both commercial and charitable, continue to attract visitors of all ages and that all opportunities for further investment within the Gardens are given due consideration and approval. The Society and UBS have entered into a contractual "Options Agreement" to facilitate the sale of a small part of the gardens to allow UBS to progress with their plans for the further development of the Springfields Shopping site, with the addition of new shops and restaurants, having had to suspend proposals for the last two years due to the pandemic. Having already obtained the necessary planning consents, this investment, will give the Society new opportunities to deliver further on the charity's core aims and objectives, as well as providing additional financial security for the charity well into the foreseeable future.

Council Members' Responsibilities

The Council members (who are also the directors of the charitable company for the purpose of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable laws and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Council members to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company at the end of the financial year and of its surplus or deficit for the financial year. In preparing these financial statements, the Council members are required to:-

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SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Council Members Report – Year Ended 31st December 2022

Council Members' Responsibilities (continued)

The Council members are responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enables them to ensure that the financial statements comply with the Companies Act 2006. The Council members 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.

In so far as the Council members are aware:-

Declaration

This report is prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by Springfields Council on 20 June 2023 and signed on its behalf by:-

David Norton (Chief Executive & Secretary)

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SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Independent Auditor's Report to the Members

for the year ended 31st December 2022

Opinion

We have audited the financial statements of Springfields Horticultural Society Limited (the 'company') for the year ended 31st December 2022 which comprise the statement of financial activities, statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions, that individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially consistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Independent Auditor's Report to the Members

for the year ended 31st December 2022

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 4, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Independent Auditor's Report to the Members

for the year ended 31st December 2022

Auditor's responsibilities for the audit of the financial statements continued…

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

To address the risk of fraud through management bias and override of controls, we:

Because of the inherent limitations of this audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement of the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion or

i t ti

As part of our audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Independent Auditor's Report to the Members

for the year ended 31st December 2022

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Heather Bright (FCA) (Senior Statutory Auditor)

For and on behalf of Moore Thompson Chartered Accountant & Statutory Auditor Bank House Broad Street Spalding PE11 1TB

Dated: 26 June 2023

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Springfields Horticultural Society Limited

Statement of Financial Activities (including Income and Expenditure Account)

for the Year Ended 31st December 2022

Note
Income from:
Donations and legacies
Donations
Donations - Re: Specific projects
Grant income
Grant income - Coronavirus
Charitable activities
Garden maintenance
Lease
Other trading activities
Investments
4
Other
Subscriptions
Net profit / (loss) on fixed assets
Total income
Expenditure on:
Raising funds
Support costs
6
Governance costs
8
Charitable activities
Project expenditure
7
Charity and education expenditure
7
Garden expenditure
7
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds:
Total funds at 31st December 2021
Total funds at 31st December 2022		 Unrestricted
Funds
2022
£
2,778
-
4,276
-
-
33,862
1,128
14,535
24
2,852
59,455
42,358
31,372
7,167
-
-
80,897
(21,442)
(21,442)
1,307,349
1,285,907		 Restricted
Funds
2022
£
-
-
-
-
303,980
-
-
-
-
-
303,980
-
-
-
61,015
221,758
282,773
21,207
21,207
144,781
165,988		 Total
Funds
2022
£
2,778
-
4,276
-
303,980
33,862
1,128
14,535
24
2,852
363,435
42,358
31,372
7,167
61,015
221,758
363,670
(235)
(235)
1,452,130
1,451,895		 Total
Funds
2021
£
1,624
-
-
8,494
283,896
31,482
1,087
21,159
68
(268)
347,542
34,151
26,973
-
56,181
213,748
331,053
16,489
16,489
1,435,641
1,452,130

There are no recognised gains or losses other than those passing through the Statement of Financial Activities

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Springfields Horticultural Society Limited

Balance Sheet

as at 31st December 2022

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
Debtors
14
Cash at bank and in hand
15
Creditors: amounts falling due
within one year
16
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due
after one year
17
Net assets
Capital and reserves
Unrestricted
18
Restricted
19		 2022
£
£
£
£
1,388,550
1,337,038
53,989
53,989
1,442,539
1,391,027
630
630
125,542
7,172
50,709
221,030
176,881
228,832
138,639
129,296
38,242
99,536
1,480,781
1,490,563
28,886
38,433
1,451,895
1,452,130
1,285,907
1,307,349
165,988
144,781
1,451,895
1,452,130
-
-
2021		 2022
£
£
£
£
1,388,550
1,337,038
53,989
53,989
1,442,539
1,391,027
630
630
125,542
7,172
50,709
221,030
176,881
228,832
138,639
129,296
38,242
99,536
1,480,781
1,490,563
28,886
38,433
1,451,895
1,452,130
1,285,907
1,307,349
165,988
144,781
1,451,895
1,452,130
-
-
2021
1,391,027
99,536
1,490,563
38,433
1,452,130
1,307,349
144,781
1,452,130
-

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standards applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 20 June 2023, and are signed on behalf of the board by:

Mr A Jansen Council member

Company Registration Number: 876136

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Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

1. Accounting policies

General information

Springfields Horticultural Society Limited is a company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is Springfields Festival Gardens, Camelgate, Spalding, Lincolnshire, PE12 6EU. The nature of the charity's operations and principal activities are primarily to promote the study and practice of horticulture in all its branches and in particular the cultivation and development of all varieties of flowers grown from bulbs and corns.

Basis of Preparation of Financial Statements

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 Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

Cashflow Statement

The charitable company has elected to take advantage of small company provisions and not prepare a cashflow statement.

Public benefit

The charitable company's objectives and activities are in accordance with the Charity Commissions' general guidance on public benefit.

Going concern

The financial statements have been prepared on a going concern basis as the trustees / directors believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Incoming recognition

All incoming resources are included in the Statement of Financial Activities (Sofa) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Garden maintenance and lease

Represents the income the charity is entitled to in respect of the upkeep of the show gardens and related leased out premise at the Springfields Outlet Shopping Village.

Grant and donation income (including Government grant income - Coronavirus)

Income from government and other grants and donations are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

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Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

1. Accounting policies cont'd..

Government grants

Coronavirus Job Retention Scheme (CJRS)

Accrual model

Grant income received in relation to CJRS is recognised in the accounts on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. As such the income from the grant is recognised on a straight line basis over the furlough period for each relevant employee

Small Business Grant Fund (SBGF)

The SBGF represents a cash payment from local authorities to eligible businesses with no future performancerelated conditions. Grant Income received in relation to the SBGF is recognised in the accounts when it becomes receivable for the purpose of giving immediate financial support to the entity.

Trading activities

Represents the total invoice value, excluding value added tax, of goods services supplied to customers during the year.

Investment income

Represents interest received on bank accounts and Gift Aid received / receivable from subsidiary company.

Resources expended

Resources expended are recognised in the period in which they are incurred. Resources expended are allocated to the particular activity where the cost relates directly to that activity.

Any support costs are allocated to a particular activity based on the percentage of time and costs incurred by head office on each activity group.

Governance costs, which are within support costs, include the cost of governance arrangements which relate to the general running of the charity as opposed to its direct fund generating and charitable activities.

Unrestricted funds

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Restricted funds

Restricted funds can only be used for the specific purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Expenditure which complies with these criteria is identified to the fund.

Tangible fixed assets and depreciation

Tangible fixed assets are initially recorded at cost.

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

expected useful life, as follows:
Freehold Land - No depreciation
Freehold buildings - Straight line over 20 years / Marquee cladding and electrical work over
10 years / Marquee lining over 5 years
Garden redevelopment - Straight line over 25 years
Tractors, vans and equipment - 20% per annum on net book value
Fixtures, fittings & equipment - 15% per annum on net book value
Motor vehicles - 20% per annum on net book value

- 12 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflow that are largely independent of the cash inflows from other assets or groups of assets.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all purchase costs, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Consolidation

In the opinion of the directors the Charity and its subsidiary undertaking comprise a small size group. The charity has therefore taken advantage of the exemption provided by the Companies Act 2006 not to prepare group accounts. These financial statements therefore represent the financial activities and state of affairs of the charity only.

2. Incoming resources

The total income of the company for the year has been derived from its principal activity wholly undertaken in the UK.

3. Surplus / (Deficit) on operations 2022 2021
£ £
(Deficit) / surplus on operations is stated after charging:-
Depreciation and other amounts written off tangible assets owned 14,865 10,936
Profit / (loss) on disposal of fixed assets 2,852 (268)
Auditors' remuneration 4,900 4,550

During the year the charity purchased goods and services to the value of £6,895 (2021 - £11,599) and sold services to the value of £nil (2021 - £nil) to companies in which members of the council have an interest. All transactions were entered into on normal commercial terms.

Such transactions are authorised within the charity's governing documents.

4. Investment income

4. Investment income
Bank interest received
Gift aid received from subsidiary company		 2022
£
86
14,449
14,535		 2021
£
16
21,143
21,159

- 13 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

5. Support costs
Generating
Funds
£
Payroll
8,224
Travel and entertaining expenses
11,004
Office and event running costs
12,821
Building maintenance costs
-
Finance and professional costs
650
Audit and accountancy costs
1,477
34,176		 Charitable
Governance
Activities
Costs
Garden (inc
Head Office
Charity and
Education)
£
£
23,458
8,949
4,232
1,693
783
7,368
4,611
9,034
515
1,866
3,549
590
37,148
29,500
2022		 2021
Total
Total
£
£
40,631
43,020
16,929
14,179
20,972
10,271
13,645
11,326
3,031
1,825
5,616
4,974
100,824
85,595

Support costs have been allocated to activities based on the percentage of time and costs incurred by head office on each activity group.

6. Breakdown of costs of
raising funds
Other raising fund costs
7. Breakdown of costs of
charitable activity
Projects / shows expenditure
Wages
Garden expenditure
Activities
Charity and Education:		 Direct
Costs
£
-
-
Activities
Undertaken
£
7,167
3,907
50,006
53,913
186,901
247,981		 Support
Depreciation
Costs
£
£
34,176
8,182
34,176
8,182
Support
Depreciation
Costs
£
£
-
-
2,058
-
5,044
-
7,102
-
30,046
4,811
37,148
4,811
2022
2022		 Total
£
42,358
42,358
Total
£
7,167
5,965
55,050
61,015
221,758
289,940		 2021
Total
£
34,151
34,151
2021
Total
£
-
5,412
50,769
56,181
213,748
269,929

- 14 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

8. Breakdown of costs of governance
Governance costs		 Support
Depreciation
Costs
£
£
29,500
1,872
29,500
1,872
2022		 2021
Total
Total
£
£
31,372
26,973
31,372
26,973

9. Employees

Total emoluments paid to employees:-
Wages and salaries
Social security costs
Pension costs
Less: Wages recharged to subsidiary		 2022
2021
£
£
356,069
330,804
15,195
15,043
3,010
3,574
374,274
349,421
(144,894)
(130,752)
229,380
218,669

The charity employed an average of 19 (2021: 19) employees during the year of which on average 6 (2021: 5) employees are recharged directly to the charity's trading subsidiary, Springfields (Enterprises) Limited. 1 employee (2021: 1) received remuneration in excess of £60,000.

10. Trustees and key management personnel remuneration and expenses

The trustees do not receive any remuneration or other benefits from the charitable company, or its trading subsidiary.

The total amount of employee benefits received by key management personnel is £65,475 (2021: £64,586). The charity considers it key management personnel comprises of the Chief Executive of the charity.

11. Taxation

The charitable company is exempt from corporation tax on its charitable activities.

- 15 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

12. Tangible fixed assets

Cost
At 31st December 2021
Additions
Disposals
At 31st December 2022
Depreciation
At 31st December 2021
Charge for the year
Eliminated on disposal
At 31st December 2022
Net book values
At 31st December 2022
At 31st December 2021		 Garden Re-
furbishment
£
2,121,495
-
-
2,121,495
1,272,898
-
-
1,272,898
848,597
848,597		 Land and
buildings
freehold
£
866,077
25,341
-
891,418
399,454
8,182
-
407,636
483,782
466,623		 Plant
&
machinery
£
50,579
31,029
(2,529)
79,079
34,848
4,811
(2,503)
37,156
41,923
15,731		 Fixtures,
fittings &
equipment
£
11,476
1,174
(374)
12,276
5,411
910
(323)
5,998
6,278
6,065		 Motor
vehicles
£
3,300
8,990
(3,300)
8,990
3,278
962
(3,220)
1,020
7,970
22		 Total
£
3,052,927
66,534
(6,203)
3,113,258
1,715,889
14,865
(6,046)
1,724,708
1,388,550
1,337,038

The cost of depreciable buildings included in land and buildings at 31st December 2022 was £456,280 (2021 - £456,280).

In the council members' opinion the value of the land and freehold buildings is likely to be significantly in excess of its net book value.

Included within freehold land and buildings is the Springfields Events Centre, which is used by the charitable companies trading subsidiary Springfields (Enterprises) Limited. As no rent is paid by the trading subsidiary the building has been maintained in these financial statements at cost.

All fixed assets held are used in direct furtherance of the charity's objectives.

13. Fixed asset investments
Subsidiary
undertakings
shares
£
Cost
At 31st December 2021
53,989
At 31st December 2022
53,989
Net book values
At 31st December 2022
53,989
At 31st December 2021
53,989
Total
£
53,989
53,989
53,989
53,989

- 16 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

13a. Holdings of 20% or more

The company holds 20% or more of the share capital of the following companies:

**Company ** Country of Nature of Class of Proportion
Company Number registration or business shares of shares
incorporation held held
Subsidiary undertaking
Springfields (Enterprises) 02874075 England and Operates the Ordinary 100%
Limited Wales commercial
activities of
the charity

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Springfields ( Enterprises) Limited
14. Debtors
Trade debtors
Prepayments and accrued income
Amount due from subsidiary company		 Capital and
reserves
£
92,512
Capital and
reserves
£
74,629
2022
£
104,931
3,069
17,542
125,542
2022
2021		 Profit for
the year
£
32,332
Profit for
the year
£
54,280
2021
£
-
847
6,325
7,172

- 17 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

15. Cash at bank and in hand
HSBC Money Market - term deposit account
HSBC Money Market - 7 day
HSBC Business current account
Cash in hand
16. Creditors: amounts falling due within one year
Trade creditors
Other creditors
Bank loans
Other taxes and social security costs
Accruals and deferred income
16a. Deferred income
Garden maintenance contributions
Attractions lease
17. Creditors: amounts falling due after more than one year
Bank loans		 2022
£
1,829
39,635
9,054
191
50,709
2022
£
8,822
12
10,000
25,793
94,012
138,639
2022
£
80,000
8,932
88,932
2022
£
28,886		 2021
£
80,593
132,279
7,921
237
221,030
2021
£
8,544
-
10,000
25,223
85,529
129,296
2021
£
71,990
7,999
79,989
2021
£
38,433

18. Commitments under operating leases

At 31st December 2022 the total future minimum lease payments under non-cancellable operating leases are as follows:

2022 2021
£ £
Other operating leases which expire:
No later that 1 year 4,507 9,311
Later than 1 year and not later than 5 years 1,828 4,985

- 18 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

19. Unrestricted funds
At
01/01/2022
£
General Fund
1,307,349
20. Restricted funds
At
01/01/2022
£
Garden Reserve Fund
144,183
Education and Charity Fund
598
144,781
The funds are constituted as follows:
Fixed assets:-
Tangible assets
Investments
Current assets:-
Stocks
Debtors
Cash at bank and in hand
Liabilities:-
Creditors falling due within one year
Creditors falling due after one year
Fixed assets
£
Garden Reserve Fund
50,026
Education and Charity Fund
-
50,026		 £
59,455
Incoming
resources
£
243,184
60,796
303,980
Unrestricted
£
1,338,524
53,989
630
29,542
(53,696)
(54,196)
(28,886)
1,285,907
Debtors
£
96,000
-
96,000
Incoming
resources		 £
(80,897)
Outgoing
resources
£
(221,758)
(61,015)
(282,773)
Restricted
£
50,026
-
-
96,000
104,405
(84,443)
-
165,988
£
104,026
379
104,405
2022
Cash at bank
Outgoing
resources		 £
-
Net
transfers
£
-
-
-
Total
£
1,388,550
53,989
630
125,542
50,709
(138,639)
(28,886)
1,451,895
Creditors
£
(84,443)
-
(84,443)
Transfers		 At
31/12/2022
£
1,285,907
At
31/12/2022
£
165,609
379
165,988
2021
Total
£
1,337,038
53,989
630
7,172
221,030
(129,296)
(38,433)
1,452,130
Total
£
165,609
379
165,988

The restricted funds are defined as follows:

Garden Reserve Fund is a fund which holds reserves built from restricted annual garden maintenance income. The purpose of the fund is to ensure that any significant future expenditure can be met and that charitable activities are not impeded by lack of funds.

Education and Charity Fund is a fund which holds reserves built from a percentage of the restricted annual garden maintenance income. The purpose of this fund it to pay for the wages and relevant costs to hold events and activities to educate people about the gardens and horticultural activities.

-19-

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

20. Contingent liabilities

The trustees are satisfied that no contingent liabilities were present at the year end.

21. Related parties transactions

Transactions with companies in the Springfields group:-

Springfields ( Enterprises ) Limited 2022 2021
£ £
Sales 14,771 14,153
Wages recharges 128,439 108,958
Additional administration recharges 16,106 21,578
Purchases 3,901 -
Furlough claim recharges - (14,806)

The administration recharge is for Springfields Horticultural Society Limited staff costs in respect of the Events Centre management.

2022 2021
£ £
Gift aid donation from Springfield (Enterprises) Limited 14,449 21,143

The balance owed by Springfields (Enterprises) Limited at 31st December 2022 was £17,542 (owed by Springfields (Enterprises) Limited at 2021 - £6,325)

22. Subsidiary

During the year the charity's trading subsidiary made a profit after tax and gift aid of £17,883 (2021 profit - £33,137) which increased its reserves to £92,512 (2021 - £74,629).

-20-

Springfields Horticultural Society Limited

Income and Expenditure Account

for the Year Ended 31st December 2022

Incoming resources
Donations - general
Grant income
Grant income - Coronavirus
Sundry income
Gift aid from associated companies
Investment income
Garden maintenance
Lease
Members' subscriptions
Profit/(loss) on sale of fixed assets
Total incoming resources
Resources expended
Direct charitable expenditure
Garden expenditure
Gardeners wages, contract work and
national insurance
Gardeners pension costs
Garden sundries
Education and Charity - Activities
Education and Charity - Wages
Hire of garden services
Bulbs, plants and shrubs
Fertiliser and sprays
Maintenance and garden facilities		 2022
£
2,778
4,276
-
1,128
14,449
86
303,980
33,862
24
2,852
363,435
136,183
2,560
8,825
3,907
50,006
12,089
18,202
1,262
7,780
240,814		 2021
£
1,624
-
8,494
1,087
21,143
16
283,896
31,482
68
(268)
347,542
124,317
2,467
10,317
2,836
48,865
14,608
24,432
1,175
5,505
234,522

-21-

Springfields Horticultural Society Limited

Income and Expenditure Account

for the Year Ended 31st December 2022

Other direct expenditure
Charitable objectives expenditure
Tulip and daffodil shows
Project gardens
Management and administration
Salaries and national insurance
Pension costs
Postage, printing and stationery
Telephone / internet costs
Lighting, heating and power
Building maintenance
Computer software
Audit and accountancy
Bank charges
Insurance
Motor and travelling
Repairs and renewals
Professional and legal fees
Advertising - drone filming
Sundry expenses
Depreciation - Other assets
Depreciation - Garden development costs
Surplus on operations transferred
to accumulated fund		 2022
£
6,752
415
40,181
450
2,595
2,351
589
571
2,378
5,615
1,226
10,947
16,929
1,538
1,805
7,730
5,918
10,054
4,811
115,688
363,670
(235)		 £
-
-
41,913
1,107
2,251
1,678
431
671
2,011
4,975
482
8,901
14,178
1,323
1,345
-
4,331
8,320
2,616
96,533
331,053
16,489

-22-

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

Pages 24 to 26 also form part of these financial statements and show the 2021 financial statement comparative figures

-23-

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

23. Fund Comparatives

Income from:
Donations and legacies
Donations
Grant income - Coronavirus
Charitable activities
Garden maintenance
Lease
Other trading activities
Investments
Other
Subscriptions
Net profit / (loss) on fixed assets
Total income
Expenditure on:
Raising funds
Support costs
Governance costs
Charitable activities
Charity and education expenditure
Garden expenditure
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds:
Total funds at 31st December 2020
Total funds at 31st December 2021		 Unrestricted
Funds
2021
£
1,624
8,494
-
31,482
1,087
21,159
68
(268)
63,646
34,151
26,973
-
-
61,124
2,522
2,522
1,304,827
1,307,349		 Restricted
Funds
2021
£
-
-
283,896
-
-
-
-
-
283,896
-
-
56,181
213,748
269,929
13,967
13,967
130,814
144,781		 Total
Funds
2021
£
1,624
8,494
283,896
31,482
1,087
21,159
68
(268)
347,542
34,151
26,973
56,181
213,748
331,053
16,489
16,489
1,435,641
1,452,130

-24-

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2022

23. Fund Comparatives continued…

Investment income
Bank interest received
Gift Aid received from subsidiary company
Support costs
Payroll
Travel and entertaining expenses
Office and event running costs
Building maintenance costs
Finance and professional costs
Audit and accountancy costs
Breakdown of costs of
raising funds
Other raising fund costs
Breakdown of costs of
charitable activity
Charity and Education
Activites
Wages
Garden expenditure		 Generating
Funds
£
11,985
9,216
4,015
-
255
1,308
26,779
Direct
Costs
£
-
-
Activities
Undertaken
£
2,836
48,865
51,701
182,821
234,522		 Charitable
Governance
Activities
Costs
Garden
Head Office
£
£
21,560
9,475
3,545
1,418
559
5,697
3,781
7,545
202
1,368
3,144
522
32,791
26,025
Support
Depreciation
Costs
£
£
26,779
7,372
26,779
7,372
Support
Depreciation
Costs
£
£
2,576
-
1,904
-
4,480
-
28,311
2,616
32,791
2,616
2021
2021
2021		 2021
£
16
21,143
21,159
Total
£
43,020
14,179
10,271
11,326
1,825
4,974
85,595
Total
£
34,151
34,151
Total
£
5,412
50,769
56,181
213,748
269,929

-25-

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2021

23. Fund Comparatives continued…

Breakdown of costs of governance
Governance costs
Unrestricted funds
At
01/01/2021
£
General Fund
1,304,827
Restricted funds
At
01/01/2021
£
Garden Reserve Fund
130,814
Education and Charity Fund
-
130,814
The funds are constituted as follows:
Fixed assets:-
Tangible assets
Investments
Current assets:-
Stocks
Debtors
Cash at bank and in hand
Liabilities:-
Creditors falling due within one year
Creditors falling due after one year
Fixed assets
£
Garden Reserve Fund
15,960
Education and Charity Fund
-
15,960		 Support
Costs
£
26,025
26,025
£
63,646
Incoming
resources
£
227,117
56,779
283,896
Debtors
£
-
-
-
Incoming
resources		 Depreciation
£
948
948
£
(61,124)
Outgoing
resources
£
(213,748)
(56,181)
(269,929)
Unrestricted
£
1,321,078
53,989
630
7,172
13,022
(50,109)
(38,433)
1,307,349
£
207,410
598
208,008
Cash at bank
2021
Outgoing
resources		 Total
£
26,973
26,973
£
-
Net
transfers
£
-
-
-
Restricted
£
15,960
-
-
-
208,008
(79,187)
-
144,781
Creditors
£
(79,187)
-
(79,187)
Transfers
2021		 At
31/12/2021
£
1,307,349
At
31/12/2021
£
144,183
598
144,781
Total
£
1,337,038
53,989
630
7,172
221,030
(129,296)
(38,433)
1,452,130
Total
£
144,183
598
144,781

-26-