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2023-12-31-accounts

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Financial Statements

for the year ended 31 December 2023

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 2023

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 Society also organised the annual Spring Flower Show and Daffodil Competition (taking over from the Lincolnshire Daffodil Scoiety), 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. This event continues to be an important component of the Society’s charitable objectives with active participation by individuals and groups in both the competitions and the associated floral and art displays.

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 continue to maintain a contractual “Options Agreement,” agreed in 2022, 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 Outlet & Leisure site, with the addition of new shops and restaurants. 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.

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. The 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 £1,445,714 (2022 - £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 £15,517 (2022 – £14,449). 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: 11 June 2024

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Council Members Report – Year Ended 31st December 2023

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 2023.

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:-

Mr A M Jansen, Chairman Mr D E Reynolds Mr P Ruysen, Vice Chairman Mr B S Tidswell (to 05/09/2023) Mr J W Walkers Mrs S A Lamb Mr J D Taylor Mr R Harman JP Hon. A E J Taylor

The Trustees would like to record their thanks and pay tribute to Mr Brian Tidswell, who sadly died, unexpectedly, on 5th September 2023. Having served as a Trustee for 20 years, as well as being a member of the Gardens Committee, his contribution to the oversight of the Society’s affairs and the maintenance and well-being of the Gardens had been significant and very much appreciated.

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.

- 1 -

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Council Members Report – Year Ended 31st December 2023

Structure, Governance and Management (continued)

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.

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 post tax profit for the year of £13,557 (2022 – tax profit of £32,332). The Directors have therefore approved that a gift-aid contribution of £15,517 should be made to the parent charity for the year ending 31st December 2023 (2022 - £14,449 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 £1,445,714 (2022 - £1,451,895) which includes a restricted funds reserve of £195,109 (2022 - £165,988). 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 Sum” 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.

- 2 -

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Council Members Report – Year Ended 31st December 2023

Reserves (continued)

The majority of the charity’s reserves are held within the depreciation 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 £140,003 (2022 - £180,198) 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.

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 Society also organised its 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. This event is an important component of the Society’s charitable objectives with active participation by individuals and groups in both the competitions and the associated floral and art displays.

Future Development

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 2024 and into 2025, 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.

- 3 -

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Council Members Report – Year Ended 31st December 2023

Future Development (continued)

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 continue to maintain a contractual “Options Agreement,” agreed in 2022, 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 Outlet & Leisure site, with the addition of new shops and restaurants. 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:-

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

This report was approved by Springfields Council on 11 June 2024 and signed on its behalf by:-

David Norton (Chief Executive & Secretary)

- 4 -

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Independent Auditor's Report to the Members

for the year ended 31st December 2023

Opinion

We have audited the financial statements of Springfields Horticultural Society Limited (the 'company') for the year ended 31st December 2023 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.

- 5 -

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Independent Auditor's Report to the Members

for the year ended 31st December 2023

Opinions on other matters prescribed by the Companies Act 2006

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

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.

- 6 -

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Independent Auditor's Report to the Members

for the year ended 31st December 2023

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

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:

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 misrepresentation.

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

- 7 -

SPRINGFIELDS HORTICULTURAL SOCIETY LIMITED

Independent Auditor's Report to the Members

for the year ended 31st December 2023

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

on the audit evidence obtained up to the date of our auditor's report. However, future events or condition may cause the charity to cease to continue as a going concern.

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.

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: 20 June 2024

- 8 -

Springfields Horticultural Society Limited

Statement of Financial Activities (including Income and Expenditure Account)

for the Year Ended 31st December 2023

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)
Transfers between funds
Transfer of excess Education & Charity overheads
Net movement in funds
Reconciliation of funds:
Total funds at 31st December 2022
Total funds at 31st December 2023		 Unrestricted
Funds
2023
£
1,736
-
-
-
-
37,752
887
15,517
31
(435)
55,488
33,602
36,942
19,864
-
-
90,408
(34,920)
(382)
(35,302)
1,285,907
1,250,605		 Restricted
Funds
2023
£
-
924
-
-
338,266
-
-
-
-
-
339,190
-
-
-
69,338
241,113
310,451
28,739
382
29,121
165,988
195,109		 Total
Funds
2023
£
1,736
924
-
-
338,266
37,752
887
15,517
31
(435)
394,678
33,602
36,942
19,864
69,338
241,113
400,859
(6,181)
-
(6,181)
1,451,895
1,445,714		 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

There are no recognised gains or losses other than those passing through the Statement of Financial Activities - 9 -

Springfields Horticultural Society Limited

Balance Sheet

as at 31st December 2023

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		 2023
£
£
£
£
1,387,946
1,388,550
53,989
53,989
1,441,935
1,442,539
-
630
30,320
125,542
158,185
50,709
188,505
176,881
165,627
138,639
22,878
38,242
1,464,813
1,480,781
19,099
28,886
1,445,714
1,451,895
1,250,605
1,285,907
195,109
165,988
1,445,714
1,451,895
2022		 2023
£
£
£
£
1,387,946
1,388,550
53,989
53,989
1,441,935
1,442,539
-
630
30,320
125,542
158,185
50,709
188,505
176,881
165,627
138,639
22,878
38,242
1,464,813
1,480,781
19,099
28,886
1,445,714
1,451,895
1,250,605
1,285,907
195,109
165,988
1,445,714
1,451,895
2022
1,442,539
38,242
1,480,781
28,886
1,451,895
1,285,907
165,988
1,451,895

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 11 June 2024, and are signed on behalf of the board by:

Mr A Jansen Council member

Company Registration Number: 876136

- 10 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

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.

- 11 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

1. Accounting policies cont'd..

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:

Freehold Land Freehold buildings

Garden redevelopment Tractors, vans and equipment Fixtures, fittings & equipment Motor vehicles

- 12 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

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 2023 2022
£ £
(Deficit) / surplus on operations is stated after charging:-
Depreciation and other amounts written off tangible assets owned 19,475 14,865
Profit / (loss) on disposal of fixed assets (435) 2,852
Auditors' remuneration 4,900 4,550

During the year the charity purchased goods and services to the value of £10,768 (2022 - £6,895) and sold services to the value of £nil (2022 - £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		 2023
£
-
15,517
15,517		 2022
£
86
14,449
14,535

- 13 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

5. Support costs
Generating
Funds
£
Payroll
6,969
Travel and entertaining expenses
11,831
Office and event running costs
4,778
Building maintenance costs
-
Finance and professional costs
506
Audit and accountancy costs
1,429
25,513		 Charitable
Governance
Activities
Costs
Garden (inc
Head Office
Charity and
Education)
£
£
26,622
9,488
4,550
1,820
936
6,956
5,006
14,010
401
973
3,435
571
40,950
33,818
2023		 2022
Total
Total
£
£
43,079
40,631
18,201
16,929
12,670
20,972
19,016
13,645
1,880
3,031
5,435
5,616
100,281
100,824

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
£
19,864
3,661
57,036
60,697
200,542
281,103		 Support
Depreciation
Costs
£
£
25,513
8,089
25,513
8,089
Support
Depreciation
Costs
£
£
-
-
2,252
-
6,389
-
8,641
-
32,309
8,262
40,950
8,262
2023
2023		 Total
£
33,602
33,602
Total
£
19,864
5,913
63,425
69,338
241,113
330,315		 2022
Total
£
42,358
42,358
2022
Total
£
7,167
5,965
55,050
61,015
221,758
289,940

- 14 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

8. Breakdown of costs of governance
Governance costs		 Support
Depreciation
Costs
£
£
33,818
3,124
33,818
3,124
2023		 2022
Total
Total
£
£
36,942
31,372
36,942
31,372

9. Employees

Total emoluments paid to employees:-
Wages and salaries
Social security costs
Pension costs
Less: Wages recharged to subsidiary		 2022
2022
£
£
376,911
356,069
17,605
15,195
3,520
3,010
398,036
374,274
(144,444)
(144,894)
253,592
229,380

The charity employed an average of 19 (2022: 19) employees during the year of which on average 6 (2022: 6) employees are recharged directly to the charity's trading subsidiary, Springfields (Enterprises) Limited. 1 employee (2022: 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 £70,067 (2022: £65,475). 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 2023

12. Tangible fixed assets

Cost
At 31st December 2022
Additions
Disposals
At 31st December 2023
Depreciation
At 31st December 2022
Charge for the year
Eliminated on disposal
At 31st December 2023
Net book values
At 31st December 2023
At 31st December 2022		 Garden Re-
furbishment
£
2,121,495
-
-
2,121,495
1,272,898
-
-
1,272,898
848,597
848,597		 Land and
buildings
freehold
£
891,418
5,822
897,240
407,636
8,089
-
415,725
481,515
483,782		 Plant
&
machinery
£
79,079
6,385
(730)
84,734
37,156
8,262
(662)
44,756
39,978
41,923		 Fixtures,
fittings &
equipment
£
12,276
7,101
(1,222)
18,155
5,998
1,516
(855)
6,660
11,495
6,278		 Motor
vehicles
£
8,990
8,990
1,021
1,608
2,629
6,361
7,969		 Total
£
3,113,258
19,308
(1,952)
3,130,614
1,724,709
19,475
(1,517)
1,742,667
1,387,946
1,388,549

The cost of depreciable buildings included in land and buildings at 31st December 2023 was £456,280 (2022 - £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 2022
53,989
At 31st December 2023
53,989
Net book values
At 31st December 2023
53,989
At 31st December 2022
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 2023

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
£
90,552
Capital and
reserves
£
92,512
2023
£
-
257
30,063
30,320
2023
2022		 Profit for
the year
£
13,557
Profit for
the year
£
32,332
2022
£
104,931
3,069
17,542
125,542

- 17 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

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		 2023
£
85,829
55,635
16,613
108
158,185
2023
£
11,179
11,412
10,000
28,839
104,197
165,627
2023
£
89,133
9,944
99,077
2023
£
19,099		 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

18. Commitments under operating leases

At 31st December 2023 the total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
Other operating leases which expire:
No later that 1 year 8,457 4,507
Later than 1 year and not later than 5 years 13,273 1,828

- 18 -

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

19. Unrestricted funds
At
01/01/2023
£
General Fund
1,285,907
20. Restricted funds
At
01/01/2023
£
Garden Reserve Fund
165,609
Education and Charity Fund
379
165,988
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
46,453
Education and Charity Fund
-
46,453		 £
55,488
Incoming
resources
£
270,613
68,577
339,190
Unrestricted
£
1,341,493
53,989
-
30,320
(83,405)
(72,693)
(19,099)
1,250,605
Debtors
£
-
-
-
Incoming
resources		 £
(90,408)
Outgoing
resources
£
(241,113)
(69,338)
(310,451)
Restricted
£
46,453
-
-
-
241,590
(92,934)
-
195,109
£
241,590
0
241,590
2023
Cash at bank
Outgoing
resources		 £
(382)
Net
transfers
£
-
382
382
Total
£
1,387,946
53,989
-
30,320
158,185
(165,627)
(19,099)
1,445,714
Creditors
£
(92,934)
-
(92,934)
Transfers		 At
31/12/2023
£
1,250,605
At
31/12/2023
£
195,109
0
195,109
2022
Total
£
1,388,550
53,989
630
125,542
50,709
(138,639)
(28,886)
1,451,895
Total
£
195,109
0
195,109

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 2023

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 2023 2022
£ £
Sales 14,361 14,771
Wages recharges 127,581 128,439
Additional administration recharges 17,593 16,106
Purchases 2,237 3,901

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

2023 2022
£ £
Gift aid donation from Springfield (Enterprises) Limited 15,517 14,449

The balance owed by Springfields (Enterprises) Limited at 31st December 2023 was £30,063 (owed by Springfields (Enterprises) Limited at 2022 - £17,542)

22. Subsidiary

During the year the charity's trading subsidiary made a loss after tax and gift aid of £(1,960) (2022 profit - £17,883) which decreased its reserves to £90,552 (2022 - £92,512).

-20-

Springfields Horticultural Society Limited

Income and Expenditure Account

for the Year Ended 31st December 2023

Incoming resources
Donations - general
Donations - garden
Grant income
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		 2023
£
1,736
924
-
887
15,517
-
338,266
37,752
31
(435)
394,678
147,888
2,863
9,438
3,661
57,036
12,120
16,894
2,533
8,806
261,239		 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

-21-

Springfields Horticultural Society Limited

Income and Expenditure Account

for the Year Ended 31st December 2023

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
Equipment hire
Computer software
Audit and accountancy
Bank charges
Insurance
Motor and travelling
Repairs and renewals (Includes M Aspden Wages - £2,726)
Professional and legal fees
Advertising - drone filming
Sundry expenses
Depreciation - Other assets
Depreciation - Garden development costs
Surplus / (deficit) on operations transferred
to accumulated fund		 2023
£
12,260
7,604
42,422
657
2,140
2,810
735
730
313
2,457
5,435
954
11,626
18,201
5,612
925
-
5,262
11,213
8,262
119,754
400,859
(6,180)		 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)

-22-

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

Pages 24 to 26 also form part of these financial statements and show the 2022 financial statement comparative figures

-23-

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

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
Project expenditure
Charity and education expenditure
Garden expenditure
Total expenditure
Net 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

-24-

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

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
Projects / shows expenditure
Charity and Education
Activites
Wages
Garden expenditure		 Generating
Funds
£
8,224
11,004
12,821
-
650
1,477
34,176
Direct
Costs
£
-
-
Activities
Undertaken
£
7,167
3,907
50,006
53,913
186,901
247,981		 Charitable
Governance
Activities
Costs
Garden
Head Office
£
£
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
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
2022		 2022
£
86
14,449
14,535
Total
£
40,631
16,929
20,972
13,645
3,031
5,616
100,824
Total
£
42,358
42,358
Total
£
7,167
5,965
55,050
61,015
221,758
289,940

-25-

Springfields Horticultural Society Limited

Notes to the Financial Statements

for the Year Ended 31st December 2023

23. Fund Comparatives continued…

Breakdown of costs of governance
Governance costs
Unrestricted funds
At
01/01/2022
£
General Fund
1,307,349
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		 Support
Costs
£
29,500
29,500
£
59,455
Incoming
resources
£
243,184
60,796
303,980
Debtors
£
96,000
-
96,000
Incoming
resources		 Depreciation
£
1,872
1,872
£
(80,897)
Outgoing
resources
£
(221,758)
(61,015)
(282,773)
Unrestricted
£
1,338,524
53,989
630
29,542
(53,696)
(54,196)
(28,886)
1,285,907
£
104,026
379
104,405
Cash at bank
2022
Outgoing
resources		 Total
£
31,372
31,372
£
-
Net
transfers
£
-
-
-
Restricted
£
50,026
-
-
96,000
104,405
(84,443)
-
165,988
Creditors
£
(84,443)
-
(84,443)
Transfers
2022		 At
31/12/2022
£
1,285,907
At
31/12/2022
£
165,609
379
165,988
Total
£
1,388,550
53,989
630
125,542
50,709
(138,639)
(28,886)
1,451,895
Total
£
165,609
379
165,988

-26-