## **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:- 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP 2015 (FRS102); 

- make judgements and estimates that are reasonable and prudent; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

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:- 

- there is no relevant audit information of which the charity's auditors is unaware of: and 

- the Council members have taken all steps that they ought to have take to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

## **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: 

- give a true and fair view of the state of the charitable company's affairs as at 31st December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of directors’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. 

## **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: 

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- We identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge of the charity sector and experience of the client. 

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity. 

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

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

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. 

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

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

- Performed analytical procedures to identify any unusual or unexpected relationships; 

- Tested journal entries to identify unusual transactions; 

- Investigated the rationale behind significant or unusual transactions. 

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: 

- Identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

**- 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…** 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

- Conclude on the appropriateness of the trustees' use of going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based 

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. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

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**<br>**Income from:**<br>**Donations and legacies**<br>Donations<br>Donations - Re: Specific projects<br>Grant income<br>Grant income - Coronavirus<br>**Charitable activities**<br>Garden maintenance<br>Lease<br>**Other trading activities**<br>**Investments**<br>**4**<br>**Other**<br>Subscriptions<br>Net profit / (loss) on fixed assets<br>**Total income**<br>**Expenditure on:**<br>**Raising funds**<br>Support costs<br>**6**<br>Governance costs<br>**8**<br>**Charitable activities**<br>Project expenditure<br>**7**<br>Charity and education expenditure<br>**7**<br>Garden expenditure<br>**7**<br>**Total expenditure**<br>**Net income/(expenditure)**<br>**Transfers between funds**<br>Transfer of excess Education & Charity overheads<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds at 31st December 2022<br>**Total funds at 31st December 2023**|**Unrestricted**<br>**Funds**<br>**2023**<br>**£**<br>1,736<br>-<br>-<br>-<br>-<br>37,752<br>887<br>15,517<br>31<br>(435)<br>55,488<br>33,602<br>36,942<br>19,864<br>-<br>-<br>90,408<br>(34,920)<br>(382)<br>(35,302)<br>1,285,907<br>1,250,605|**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>-<br>924<br>-<br>-<br>338,266<br>-<br>-<br>-<br>-<br>-<br>339,190<br>-<br>-<br>-<br>69,338<br>241,113<br>310,451<br>28,739<br>382<br>29,121<br>165,988<br>195,109|**Total**<br>**Funds**<br>**2023**<br>**£**<br>1,736<br>924<br>-<br>-<br>338,266<br>37,752<br>887<br>15,517<br>31<br>(435)<br>394,678<br>33,602<br>36,942<br>19,864<br>69,338<br>241,113<br>400,859<br>(6,181)<br>-<br>(6,181)<br>1,451,895<br>1,445,714|**Total**<br>**Funds**<br>**2022**<br>**£**<br>2,778<br>-<br>4,276<br>-<br>303,980<br>33,862<br>1,128<br>14,535<br>24<br>2,852|
|---|---|---|---|---|
|||||363,435|
|||||42,358<br>31,372<br>7,167<br>61,015<br>221,758|
|||||363,670|
|||||(235)<br>-|
|||||(235)<br>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**<br>**Fixed assets**<br>Tangible assets<br>**12**<br>Investments<br>**13**<br>**Current assets**<br>Stocks<br>Debtors<br>**14**<br>Cash at bank and in hand<br>**15**<br>**Creditors: amounts falling due**<br>**within one year**<br>**16**<br>**Net current assets/(liabilities)**<br>**Total assets less current liabilities**<br>**Creditors: amounts falling due**<br>**after one year**<br>**17**<br>**Net assets**<br>**Capital and reserves**<br>Unrestricted<br>**18**<br>Restricted<br>**19**|**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,387,946<br>1,388,550<br>53,989<br>53,989<br>1,441,935<br>1,442,539<br>-<br>630<br>30,320<br>125,542<br>158,185<br>50,709<br>188,505<br>176,881<br>165,627<br>138,639<br>22,878<br>38,242<br>1,464,813<br>1,480,781<br>19,099<br>28,886<br>1,445,714<br>1,451,895<br>1,250,605<br>1,285,907<br>195,109<br>165,988<br>1,445,714<br>1,451,895<br>**2022**|**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,387,946<br>1,388,550<br>53,989<br>53,989<br>1,441,935<br>1,442,539<br>-<br>630<br>30,320<br>125,542<br>158,185<br>50,709<br>188,505<br>176,881<br>165,627<br>138,639<br>22,878<br>38,242<br>1,464,813<br>1,480,781<br>19,099<br>28,886<br>1,445,714<br>1,451,895<br>1,250,605<br>1,285,907<br>195,109<br>165,988<br>1,445,714<br>1,451,895<br>**2022**|
|---|---|---|
|||1,442,539<br>38,242|
|||1,480,781<br>28,886|
|||1,451,895|
|||1,285,907<br>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 

- No depreciation - Straight line over 20 years / Marquee cladding and electrical work over 10 years / Marquee lining over 5 years 

- Straight line over 25 years 

- 20% per annum on net book value 

- 15% per annum on net book value 

- 20% per annum on net book value 

**- 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**<br>Bank interest received<br>Gift aid received from subsidiary company|**2023**<br>**£**<br>-<br>15,517<br>15,517|**2022**<br>**£**<br>86<br>14,449|
|---|---|---|
|||14,535|



**-  13 -** 



**Springfields Horticultural Society Limited** 

## **Notes to the Financial Statements** 

## **for the Year Ended 31st December 2023** 

|**5. Support costs**<br>**Generating**<br>**Funds**<br>**£**<br>Payroll<br>6,969<br>Travel and entertaining expenses<br>11,831<br>Office and event running costs<br>4,778<br>Building maintenance costs<br>-<br>Finance and professional costs<br>506<br>Audit and accountancy costs<br>1,429<br>25,513|**Charitable**<br>**Governance**<br>**Activities**<br>**Costs**<br>**Garden (inc**<br>**Head Office**<br>**Charity and**<br>**Education)**<br>**£**<br>**£**<br>26,622<br>9,488<br>4,550<br>1,820<br>936<br>6,956<br>5,006<br>14,010<br>401<br>973<br>3,435<br>571<br>40,950<br>33,818<br>**2023**|**2022**<br>**Total**<br>**Total**<br>**£**<br>**£**<br>43,079<br>40,631<br>18,201<br>16,929<br>12,670<br>20,972<br>19,016<br>13,645<br>1,880<br>3,031<br>5,435<br>5,616<br>100,281<br>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**<br>**raising funds**<br>Other raising fund costs<br>**7. Breakdown of costs of**<br>**charitable activity**<br>Projects / shows expenditure<br>Wages<br>Garden expenditure<br>Activities<br>Charity and Education:|**Direct**<br>**Costs**<br>**£**<br>-<br>-<br>**Activities**<br>**Undertaken**<br>**£**<br>19,864<br>3,661<br>57,036<br>60,697<br>200,542<br>281,103|**Support**<br>**Depreciation**<br>**Costs**<br>**£**<br>**£**<br>25,513<br>8,089<br>25,513<br>8,089<br>**Support**<br>**Depreciation**<br>**Costs**<br>**£**<br>**£**<br>-<br>-<br>2,252<br>-<br>6,389<br>-<br>8,641<br>-<br>32,309<br>8,262<br>40,950<br>8,262<br>**2023**<br>**2023**|**Total**<br>**£**<br>33,602<br>33,602<br>**Total**<br>**£**<br>19,864<br>5,913<br>63,425<br>69,338<br>241,113<br>330,315|**2022**<br>**Total**<br>**£**<br>42,358|
|---|---|---|---|---|
|||||42,358|
|||||**2022**<br>**Total**<br>**£**<br>7,167<br>5,965<br>55,050|
|||||61,015<br>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**<br>Governance costs|**Support**<br>**Depreciation**<br>**Costs**<br>**£**<br>**£**<br>33,818<br>3,124<br>33,818<br>3,124<br>**2023**|**2022**<br>**Total**<br>**Total**<br>**£**<br>**£**<br>36,942<br>31,372<br>36,942<br>31,372|
|---|---|---|



## **9. Employees** 

|Total emoluments paid to employees:-<br>Wages and salaries<br>Social security costs<br>Pension costs<br>Less: Wages recharged to subsidiary|**2022**<br>**2022**<br>**£**<br>**£**<br>376,911<br>356,069<br>17,605<br>15,195<br>3,520<br>3,010<br>398,036<br>374,274<br>(144,444)<br>(144,894)<br>253,592<br>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**<br>At 31st December 2022<br>Additions<br>Disposals<br>At 31st December 2023<br>**Depreciation**<br>At 31st December 2022<br>Charge for the year<br>Eliminated on disposal<br>At 31st December 2023<br>**Net book values**<br>At 31st December 2023<br>At 31st December 2022|**Garden Re-**<br>**furbishment**<br>**£**<br>2,121,495<br>-<br>-<br>2,121,495<br>1,272,898<br>-<br>-<br>1,272,898<br>848,597<br>848,597|**Land and**<br>**buildings**<br>**freehold**<br>**£**<br>891,418<br>5,822<br>897,240<br>407,636<br>8,089<br>-<br>415,725<br>481,515<br>483,782|**Plant**<br>**&**<br>**machinery**<br>**£**<br>79,079<br>6,385<br>(730)<br>84,734<br>37,156<br>8,262<br>(662)<br>44,756<br>39,978<br>41,923|**Fixtures,**<br>**fittings &**<br>**equipment**<br>**£**<br>12,276<br>7,101<br>(1,222)<br>18,155<br>5,998<br>1,516<br>(855)<br>6,660<br>11,495<br>6,278|**Motor**<br>**vehicles**<br>**£**<br>8,990<br>8,990<br>1,021<br>1,608<br>2,629<br>6,361<br>7,969|**Total**<br>**£**<br>3,113,258<br>19,308<br>(1,952)|
|---|---|---|---|---|---|---|
|||||||3,130,614|
|||||||1,724,709<br>19,475<br>(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**<br>**Subsidiary**<br>**undertakings**<br>**shares**<br>**£**<br>**Cost**<br>At 31st December 2022<br>53,989<br>At 31st December 2023<br>53,989<br>**Net book values**<br>At 31st December 2023<br>53,989<br>At 31st December 2022<br>53,989|<br>**Total**<br>**£**<br>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<br>**14. Debtors**<br>Trade debtors<br>Prepayments and accrued income<br>Amount due from subsidiary company|**Capital and**<br>**reserves**<br>**£**<br>90,552<br>**_Capital and_**<br>**_reserves_**<br>**_£_**<br>_92,512_<br>**2023**<br>**£**<br>-<br>257<br>30,063<br>30,320<br>**2023**<br>**_2022_**|**Profit for**<br>**the year**<br>**£**<br>13,557|
|---|---|---|
|||**_Profit for_**<br>**_the year_**<br>**_£_**<br>_32,332_|
|||**2022**<br>**£**<br>104,931<br>3,069<br>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**<br>HSBC Money Market - term deposit account<br>HSBC Money Market - 7 day<br>HSBC Business current account<br>Cash in hand<br>**16. Creditors: amounts falling due within one year**<br>Trade creditors<br>Other creditors<br>Bank loans<br>Other taxes and social security costs<br>Accruals and deferred income<br>**16a. Deferred income**<br>Garden maintenance contributions<br>Attractions lease<br>**17. Creditors: amounts falling due after more than one year**<br>Bank loans|**2023**<br>**£**<br>85,829<br>55,635<br>16,613<br>108<br>158,185<br>**2023**<br>**£**<br>11,179<br>11,412<br>10,000<br>28,839<br>104,197<br>165,627<br>**2023**<br>**£**<br>89,133<br>9,944<br>99,077<br>**2023**<br>**£**<br>19,099|**2022**<br>**£**<br>1,829<br>39,635<br>9,054<br>191|
|---|---|---|
|||50,709|
|||**2022**<br>**£**<br>8,822<br>12<br>10,000<br>25,793<br>94,012|
|||138,639|
|||**2022**<br>**£**<br>80,000<br>8,932|
|||88,932|
|||**2022**<br>**£**<br>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**<br>**At**<br>**01/01/2023**<br>**£**<br>General Fund<br>1,285,907<br>**20. Restricted funds**<br>**At**<br>**01/01/2023**<br>**£**<br>Garden Reserve Fund<br>165,609<br>Education and Charity Fund<br>379<br>165,988<br>The funds are constituted as follows:<br>Fixed assets:-<br>Tangible assets<br>Investments<br>Current assets:-<br>Stocks<br>Debtors<br>Cash at bank and in hand<br>Liabilities:-<br>Creditors falling due within one year<br>Creditors falling due after one year<br>**Fixed assets**<br>**£**<br>Garden Reserve Fund<br>46,453<br>Education and Charity Fund<br>-<br>46,453|**£**<br>55,488<br>**Incoming**<br>**resources**<br>**£**<br>270,613<br>68,577<br>339,190<br>**Unrestricted**<br>**£**<br>1,341,493<br>53,989<br>-<br>30,320<br>(83,405)<br>(72,693)<br>(19,099)<br>1,250,605<br>**Debtors**<br>**£**<br>-<br>-<br>-<br>**Incoming**<br>**resources**|**£**<br>(90,408)<br>**Outgoing**<br>**resources**<br>**£**<br>(241,113)<br>(69,338)<br>(310,451)<br>**Restricted**<br>**£**<br>46,453<br>-<br>-<br>-<br>241,590<br>(92,934)<br>-<br>195,109<br>**£**<br>241,590<br>0<br>241,590<br>**2023**<br>**Cash at bank**<br>**Outgoing**<br>**resources**|**£**<br>(382)<br>**Net**<br>**transfers**<br>**£**<br>-<br>382<br>382<br>**Total**<br>**£**<br>1,387,946<br>53,989<br>-<br>30,320<br>158,185<br>(165,627)<br>(19,099)<br>1,445,714<br>**Creditors**<br>**£**<br>(92,934)<br>-<br>(92,934)<br>**Transfers**|**At**<br>**31/12/2023**<br>**£**<br>1,250,605|
|---|---|---|---|---|
|||||**At**<br>**31/12/2023**<br>**£**<br>195,109<br>0|
|||||195,109|
|||||**2022**<br>**Total**<br>£<br>1,388,550<br>53,989<br>630<br>125,542<br>50,709<br>(138,639)<br>(28,886)|
|||||1,451,895|
|||||**Total**<br>**£**<br>195,109<br>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**<br>Donations - general<br>Donations - garden<br>Grant income<br>Sundry income<br>Gift aid from associated companies<br>Investment income<br>Garden maintenance<br>Lease<br>Members' subscriptions<br>Profit/(loss) on sale of fixed assets<br>**Total incoming resources**<br>**Resources expended**<br>**Direct charitable expenditure**<br>**Garden expenditure**<br>Gardeners wages, contract work and<br>national insurance<br>Gardeners pension costs<br>Garden sundries<br>Education and Charity - Activities<br>Education and Charity - Wages<br>Hire of garden services<br>Bulbs, plants and shrubs<br>Fertiliser and sprays<br>Maintenance and garden facilities|**2023**<br>**£**<br>1,736<br>924<br>-<br>887<br>15,517<br>-<br>338,266<br>37,752<br>31<br>(435)<br>394,678<br>147,888<br>2,863<br>9,438<br>3,661<br>57,036<br>12,120<br>16,894<br>2,533<br>8,806<br>261,239|**2022**<br>**£**<br>2,778<br>-<br>4,276<br>1,128<br>14,449<br>86<br>303,980<br>33,862<br>24<br>2,852|
|---|---|---|
|||363,435|
|||136,183<br>2,560<br>8,825<br>3,907<br>50,006<br>12,089<br>18,202<br>1,262<br>7,780|
|||240,814|



**-21-** 



**Springfields Horticultural Society Limited** 

## **Income and Expenditure Account** 

## **for the Year Ended 31st December 2023** 

|**Other direct expenditure**<br>**Charitable objectives expenditure**<br>Tulip and daffodil shows<br>Project gardens<br>**Management and administration**<br>Salaries and national insurance<br>Pension costs<br>Postage, printing and stationery<br>Telephone / internet costs<br>Lighting, heating and power<br>Building maintenance<br>Equipment hire<br>Computer software<br>Audit and accountancy<br>Bank charges<br>Insurance<br>Motor and travelling<br>Repairs and renewals (Includes M Aspden Wages - £2,726)<br>Professional and legal fees<br>Advertising - drone filming<br>Sundry expenses<br>Depreciation - Other assets<br>Depreciation - Garden development costs<br>Surplus / (deficit) on operations transferred<br>to accumulated fund|**2023**<br>**£**<br>12,260<br>7,604<br>42,422<br>657<br>2,140<br>2,810<br>735<br>730<br>313<br>2,457<br>5,435<br>954<br>11,626<br>18,201<br>5,612<br>925<br>-<br>5,262<br>11,213<br>8,262<br>119,754<br>400,859<br>(6,180)|**2022**<br>**£**<br>6,752<br>415|
|---|---|---|
|||40,181<br>450<br>2,595<br>2,351<br>589<br>571<br>-<br>2,378<br>5,615<br>1,226<br>10,947<br>16,929<br>1,538<br>1,805<br>7,730<br>5,918<br>10,054<br>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:_**<br>**_Donations and legacies_**<br>_Donations_<br>_Grant income - Coronavirus_<br>**_Charitable activities_**<br>_Garden maintenance_<br>_Lease_<br>**_Other trading activities_**<br>**_Investments_**<br>**_Other_**<br>_Subscriptions_<br>_Net profit / (loss) on fixed assets_<br>**_Total income_**<br>**_Expenditure on:_**<br>**_Raising funds_**<br>_Support costs_<br>_Governance costs_<br>**_Charitable activities_**<br>_Project expenditure_<br>_Charity and education expenditure_<br>_Garden expenditure_<br>**_Total expenditure_**<br>**_Net expenditure_**<br>**_Net movement in funds_**<br>**_Reconciliation of funds:_**<br>_Total funds at 31st December 2021_<br>**_Total funds at 31st December 2022_**|**_Unrestricted_**<br>**_Funds_**<br>**_2022_**<br>**_£_**<br>_2,778_<br>_4,276_<br>_-_<br>_33,862_<br>_1,128_<br>_14,535_<br>_24_<br>_2,852_<br>_59,455_<br>_42,358_<br>_31,372_<br>_7,167_<br>_-_<br>_-_<br>_80,897_<br>_(21,442)_<br>_(21,442)_<br>_1,307,349_<br>_1,285,907_|**_Restricted_**<br>**_Funds_**<br>**_2022_**<br>**_£_**<br>_-_<br>_-_<br>_303,980_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_303,980_<br>_-_<br>_-_<br>_-_<br>_61,015_<br>_221,758_<br>_282,773_<br>_21,207_<br>_21,207_<br>_144,781_<br>_165,988_|**_Total_**<br>**_Funds_**<br>**_2022_**<br>**_£_**<br>_2,778_<br>_4,276_<br>_303,980_<br>_33,862_<br>_1,128_<br>_14,535_<br>_24_<br>_2,852_|
|---|---|---|---|
||||_363,435_|
||||_42,358_<br>_31,372_<br>_7,167_<br>_61,015_<br>_221,758_|
||||_363,670_|
||||_(235)_|
||||_(235)_<br>_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_**<br>_Bank interest received_<br>_Gift Aid received from subsidiary company_<br>**_Support costs_**<br>_Payroll_<br>_Travel and entertaining expenses_<br>_Office and event running costs_<br>_Building maintenance costs_<br>_Finance and professional costs_<br>_Audit and accountancy costs_<br>**_Breakdown of costs of_**<br>**_raising funds_**<br>_Other raising fund costs_<br>**_Breakdown of costs of_**<br>**_charitable activity_**<br>_Projects / shows expenditure_<br>_Charity and Education_<br>_Activites_<br>_Wages_<br>_Garden expenditure_|**_Generating_**<br>**_Funds_**<br>**_£_**<br>_8,224_<br>_11,004_<br>_12,821_<br>_-_<br>_650_<br>_1,477_<br>_34,176_<br>**_Direct_**<br>**_Costs_**<br>**_£_**<br>_-_<br>_-_<br>**_Activities_**<br>**_Undertaken_**<br>**_£_**<br>_7,167_<br>_3,907_<br>_50,006_<br>_53,913_<br>_186,901_<br>_247,981_|**_Charitable_**<br>**_Governance_**<br>**_Activities_**<br>**_Costs_**<br>**_Garden_**<br>**_Head Office_**<br>**_£_**<br>**_£_**<br>_23,458_<br>_8,949_<br>_4,232_<br>_1,693_<br>_783_<br>_7,368_<br>_4,611_<br>_9,034_<br>_515_<br>_1,866_<br>_3,549_<br>_590_<br>_37,148_<br>_29,500_<br>**_Support_**<br>**_Depreciation_**<br>**_Costs_**<br>**_£_**<br>**_£_**<br>_34,176_<br>_8,182_<br>_34,176_<br>_8,182_<br>**_Support_**<br>**_Depreciation_**<br>**_Costs_**<br>**_£_**<br>**_£_**<br>_-_<br>_-_<br>_2,058_<br>_-_<br>_5,044_<br>_-_<br>_7,102_<br>_-_<br>_30,046_<br>_4,811_<br>_37,148_<br>_4,811_<br>**_2022_**<br>**_2022_**<br>**_2022_**|**_2022_**<br>**_£_**<br>_86_<br>_14,449_|
|---|---|---|---|
||||_14,535_|
||||**_Total_**<br>**_£_**<br>_40,631_<br>_16,929_<br>_20,972_<br>_13,645_<br>_3,031_<br>_5,616_|
||||_100,824_|
||||**_Total_**<br>**_£_**<br>_42,358_|
||||_42,358_|
||||**_Total_**<br>**_£_**<br>_7,167_<br>_5,965_<br>_55,050_|
||||_61,015_<br>_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_**<br>_Governance costs_<br>**_Unrestricted funds_**<br>**_At_**<br>**_01/01/2022_**<br>**_£_**<br>_General Fund_<br>_1,307,349_<br>**_Restricted funds_**<br>**_At_**<br>**_01/01/2022_**<br>**_£_**<br>_Garden Reserve Fund_<br>_144,183_<br>_Education and Charity Fund_<br>_598_<br>_144,781_<br>_The funds are constituted as follows:_<br>_Fixed assets:-_<br>_Tangible assets_<br>_Investments_<br>_Current assets:-_<br>_Stocks_<br>_Debtors_<br>_Cash at bank and in hand_<br>_Liabilities:-_<br>_Creditors falling due within one year_<br>_Creditors falling due after one year_<br>**_Fixed assets_**<br>**_£_**<br>_Garden Reserve Fund_<br>_50,026_<br>_Education and Charity Fund_<br>_-_<br>_50,026_|**_Support_**<br>**_Costs_**<br>**_£_**<br>_29,500_<br>_29,500_<br>**_£_**<br>_59,455_<br>**_Incoming_**<br>**_resources_**<br>**_£_**<br>_243,184_<br>_60,796_<br>_303,980_<br>**_Debtors_**<br>**_£_**<br>_96,000_<br>_-_<br>_96,000_<br>**_Incoming_**<br>**_resources_**|**_Depreciation_**<br>**_£_**<br>_1,872_<br>_1,872_<br>**_£_**<br>_(80,897)_<br>**_Outgoing_**<br>**_resources_**<br>**_£_**<br>_(221,758)_<br>_(61,015)_<br>_(282,773)_<br>**_Unrestricted_**<br>**_£_**<br>_1,338,524_<br>_53,989_<br>_630_<br>_29,542_<br>_(53,696)_<br>_(54,196)_<br>_(28,886)_<br>_1,285,907_<br>**_£_**<br>_104,026_<br>_379_<br>_104,405_<br>**_Cash at bank_**<br>**_2022_**<br>**_Outgoing_**<br>**_resources_**|**_Total_**<br>**_£_**<br>_31,372_<br>_31,372_<br>**_£_**<br>_-_<br>**_Net_**<br>**_transfers_**<br>**_£_**<br>_-_<br>_-_<br>_-_<br>**_Restricted_**<br>**_£_**<br>_50,026_<br>_-_<br>_-_<br>_96,000_<br>_104,405_<br>_(84,443)_<br>_-_<br>_165,988_<br>**_Creditors_**<br>**_£_**<br>_(84,443)_<br>_-_<br>_(84,443)_<br>**_Transfers_**<br>**_2022_**|**_At_**<br>**_31/12/2022_**<br>**_£_**<br>_1,285,907_|
|---|---|---|---|---|
|||||**_At_**<br>**_31/12/2022_**<br>**_£_**<br>_165,609_<br>_379_|
|||||_165,988_|
|||||**_Total_**<br>**_£_**<br>_1,388,550_<br>_53,989_<br>_630_<br>_125,542_<br>_50,709_<br>_(138,639)_<br>_(28,886)_|
|||||_1,451,895_|
|||||**_Total_**<br>**_£_**<br>_165,609_<br>_379_|
|||||_165,988_|



**-26-**