**Registered number: 01775897 Charity number: 288595**
## **SUFFOLK AGRICULTURAL ASSOCIATION**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 10|
|**Independent auditors' report on the financial statements**|11 - 14|
|**Consolidated statement of financial activities**|15|
|**Consolidated balance sheet**|16 - 17|
|**Charity balance sheet**|18 - 19|
|**Consolidated statement of cash flows**|20|
|**Notes to the financial statements**|21 - 47|
**SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|**Trustees**|D Nunn (S) (A), Chair (resigned 5 May 2021)|
|---|---|
||RJ Baker (S) (A), Chair|
||PD Over (S), Vice Chair|
||BW Kerr (S) (N), Show Director|
||SP Tucker (S) (I) (R) (A), Treasurer|
||SA Bendall BEM (N)|
||EJ Kemball (S) (N)|
||JLE Long (R)|
||EC Morton (S) (N)|
||K Sharpe (I) (A) (R)|
||JM Taylor (S) (appointed 14 October 2021)|
Members of committees:
(S) Denotes membership of the Show Committee (R) Denotes membership of the Risk Committee (I) Denotes membership of the Investment Committee (A) Denotes membership of the Audit Committee (N) Denotes membership of the Nominations Committee
|**Company registered**||
|---|---|
|**number**|01775897|
|**Charity registered**||
|**number**|288595|
|**Registered office**|Trinity Park|
||Felixstowe Road|
||Ipswich|
||Suffolk|
||IP3 8UH|
|**Chief executive officer**|PHP Ainsworth|
|**Independent auditors**|Larking Gowen LLP|
||Chartered Accountants|
||1 Claydon Business Park|
||Great Blakenham|
||Ipswich|
||IP6 0NL|
|**Bankers**|Barclays Bank plc|
||1 Princes Street|
||Ipswich|
||Suffolk|
||IP1 31PB|
|**Solicitors**|Birketts LLP|
||Providence House|
||141-145 Princes Street|
||Ipswich|
||Suffolk|
||IP1 31PB|
Page 1
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021**
The Trustees present their annual report together with the audited financial statements of the Suffolk Agricultural Association for the year 1 October 2020 to 30 September 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## **Objectives and activities**
## **a. Charitable aims**
The charitable aims of the Association are to promote and encourage the advancement and improvement of agriculture (including forestry, horticulture, food production and all allied occupations) whether through the development of skills and techniques or research, and the dissemination of knowledge of such skills and techniques or research both as to the methods of husbandry and the use of science and the use and development of agricultural implements and machinery, the application of land management, marketing and conservation and the development of new agricultural products including renewables.
To achieve this charitable aim the Association stages the Suffolk Show and other events, such as the Suffolk Farm Business Competition, the Best Alternative Land Enterprise (BALE) Award, Suffolk Farming School of the Year, the School Farm & Country Fair (SFCF), Potato Day, Food and Farming Student Day and Tractors in Schools, in addition to conferences and competitions. When organising such events, the Association ensures that they embrace, promote and advance agricultural education and best practice, provide trading opportunities, and include elements of entertainment and enjoyment, with the overall aim of contributing to the wellbeing and prosperity of Suffolk.
Our Vision is for a county community that fully understands, values and appreciates a sustainable agricultural industry and which, as an organisation, is nationally recognised as progressive, influential and highly regarded.
Our Purpose is to encourage and facilitate positive engagement between the public and those working in food, farming and the countryside.
Our Key Strategic Aims include:
- As an organisation: to raise our profile as a charity by being a force for good and central to all matter’s food, farming and the countryside in Suffolk. To build a dynamic and vibrant membership association with relevance to all farmers and those engaged in Suffolk’s rural economy. To harness the commitment and enthusiasm of our members and volunteers to disseminate knowledge and education about food and farming.
- In Education: to provide facilities/facilitation for learning about food, farming, the countryside and wider environmental issues enabling informed connection between tomorrow’s consumers and the producers, and to contribute to the growth of the rural economy through inspiring particularly younger people to explore the wide range of careers the sector offers.
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## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **Objectives and activities (continued)**
- Through the Suffolk Show: to continue to be a ‘best in class’ county show which is relevant and appealing to a modern and increasingly urban based consumer/visitor. To also be a focal point for the ‘Suffolk brand’ and promotion of the cultural offer.
- At Trinity Park: to manage the estate to best advantage in order to contribute to the long-term financial sustainability of the SAA, whilst enhancing the Show infrastructure and educational activities.
## **b. Public benefit**
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning their future activities. The section entitled “Achievements and Performance” below identifies and explains the various activities undertaken, many of which are specifically directed at the young people in Suffolk with a view to enhancing their knowledge about farming and the source of their food. To enhance this message, children under 15 have been admitted to the Suffolk Show free of charge since 2015.
The SAA continues to work with different communities in the county and nationally to offer free tradestand space and/or grants to organisations such as Suffolk Sports, Scouts, Girl Guides, Suffolk Rural, Suffolk New College, West Suffolk College, the Army Air Corps, the Royal Air Force, Army Careers, Suffolk Young Farmers Clubs, Suffolk Horse Society, Suffolk Punch Trust, Suffolk Wildlife Trust, Suffolk Fire and Rescue Service, St John’s Ambulance, Colchester Poultry Club, Suffolk Bee Keepers, East Anglian Wine Growers, Tastes of Anglia and the Suffolk Community Foundation.
## **Achievements and performance**
The Association offered its Rising Star award in the year which was won by Tim Gilbert. As well, the Association ran a number of education competitions aimed at primary and secondary school pupils. These included Suffolk Agricultural Apprentice of the Year, the winners in 2021 were Oliver Spiers - Winner, Tom Reily - Runner up.
However, post March 2020 no other events took place as a direct consequence of Covid-19. That said, and whilst unable to engage with schools until mid-summer, at short notice, five very successful farm visits were organised seeing 571 primary level children from 9 schools visit working farms just ahead of harvest.
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## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **Financial review**
## **a. Introduction**
With continuing uncertainty, the cancelling of the 2021 Show, well ahead of any financial commitments, proved absolutely the correct decision. Whilst we considered holding smaller equine and livestock events over the cancelled show week period the decision not to go ahead with them also proved correct as competitor/exhibitor interest was, understandably, variable.
The Trustees’ priority was to minimise expenditure and manage liquidity whilst ensuring that the SAA was able to continue to operate wherever possible, albeit to a very limited extent. Senior Management prepared budgets and cashflow forecasts for the trading year setting out better/best and worst case set of assumptions given the ongoing impact of Covid-19. Income, expenditure and cash were monitored daily with weekly updates sent to the Board of Trustees. The SAA also sought opportunities to achieve its objectives in new ways, e.g. sending schools educational boxes and farm visits over the summer.
The Association continued to make use of the Government’s furlough scheme, which reduced staff costs and provided support to its employees. That said, 8 members of staff were made redundant from 1 November 2020 with no further redundancies in the trading year period.
Whilst the Association maintained its overdraft facility of £750,000 positive cash was achieved throughout the trading period meaning the overdraft facility was not required.
Looking to the long-term future Trustees agreed to invest in new toilet facilities taking the decision to realise £1.3m from its investment portfolio as this sum was in excess of the reserves policy figure of £5.2m. Post a tender and facilitated by an external project manager construction commenced in July 2021. Trustees, working alongside the TPEL Directors, have also committed to investing in other commercial activities that will offer year round income. Plans for these will emerge in 2022.
The prospects for holding the Suffolk Show in 2022 are looking hopeful with planning for the event already well advanced. As well, tickets went on sale in mid-summer which has generated positive interest.
## **b. Operating results**
Total consolidated income achieved £914,738 (2020: £1,815,349)
Total expenditure was £1,390,394 (2020: £1,980,681). The SAA maintains tight control over its costs to ensure that it continues to offer value for money.
The SAA’s consolidated balance sheet remains strong with net assets of £12,838,211 (2020: £12,671,702), providing a secure base for the Association in the future.
## **c. Capital investment**
The Association continues to invest in capital expenditure that is necessary for discharging its operations in an efficient manner. Investment this year included events IT software, new fences, the events centre carpet and the commencement of the new toilet blocks expenditure. The total capital investment in the year was £198,344 (2020: £90,189).
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## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **d. Trinity Park Events Limited (TPEL)**
The Association’s specialised conference and events centre at Trinity Park provides a vehicle to diversify income for the Association with the aim of supporting its charitable activities. The continuation of Covid-19 impact meant that from October 2020 to July 2021 very little use was made of the site from a commercial perspective other than the NHS continuing with its blood donor services on a regular basis and for around four months the main event centre being utilised by the NHS Confederation in Suffolk as a major Covid vaccination centre. In all around 66,000 vaccinations were delivered.
It wasn’t until the last quarter period of the year when events both indoors and outdoors commenced as planned for.
Reflecting confidence in the commercial business model on 1 February the SAA invested a further £400,000 in TPEL shares. Further information can be found in the notes to the financial statements.
## **e. Investment property**
The two residential properties, tenanted on a long-term basis, were revalued and are carried in the Balance Sheet at their year-end market value of £850,000 (2020: £800,000). This resulted in an unrealised gain of £50,000 (2020: £675,764). In future years, the properties will be revalued to market value at each year end and any unrealised gain or loss will be recognised in the SOFA.
## **f. Investments**
The Association has a portfolio of investments which was originally established from the proceeds of sale of portions of land, the biggest being in 2001. The investments are held to provide a return on its retained reserves, and to generate income for its principal charitable activities. The Association’s policy is to appoint authorised, professional investment managers who are regulated by the FCA to manage its portfolio and the Trustee Board has delegated investment decisions related to its portfolio to its Investment Committee. The investment objective over a three-year horizon has been to generate a total annual return of 3.5% above the Consumer Price Index (CPI) (in the financial reporting period, this was 3.7%).
The Association appointed Sarasin & Partners LLP (“Sarasin”) as investment manager in 2012 and the majority of the SAA’s portfolio is held in the Sarasin Endowments Fund Income class (“the Endowments Fund”), an open-ended collective investment scheme approved by the Charity Commission exclusively for investment by charities. The Endowments Fund had approximately £2.3 billion of assets under management as at 30 September 2021. During the year to 30 September 2021 the Sarasin portfolio grew (total return, net of fees) by 11.1%. The income from the portfolio was slightly down on the previous year as a result of significant dividend cuts in the equity market owing to COVID. In the ten years since Sarasin took over the contract to manage the investments, the portfolio has achieved a total return of 109.8%, against the Sarasin composite index benchmark return of 121.7%. However, it has significantly exceeded SAA’s long-term target of 58.9% over those nine years.
The SAA’s previous investment manager, Schroder & Co Ltd (“Schroders”) continues to oversee the management of holdings in two collective investment schemes branded Schroder Private Equity Fund of Funds (SPEFoF) which are in the process of closing and paying back funds to investors. The two SPEFoF funds made distributions during the year totalling £133,184 (2020: £112,533) which were transferred to the Ruffer Fund (see below). The Schroder portfolio of private equity funds, where the valuations are prepared on a sixmonthly basis, grew by 36.8% during the financial year. The final distributions from these funds are not expected to be made until at least 2022.
With effect from January 2018, the Trustee Board resolved to diversify the Association’s overall portfolio by investing the SPEFoF distributions into the Ruffer Total Return Fund (the “Ruffer Fund”). This fund had £3.9
Page 5
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
billion under management as at 30 September 2021 and is managed on an absolute return orientated basis with the objective of achieving positive returns with low volatility. In the year ended 30 September 2021, the Association’s holding in the Ruffer Fund grew to £702,592 and achieved a return of 12.5%.
Realised gains of £129,851 (2020: £11,256) in the entire portfolio represent the difference between the proceeds of sales of securities made during the year against their market value at 30 September 2020. As compared to the historic cost of the investments, the gain would have been £586,898 (2020: £88,474). In addition, there were unrealised gains in the portfolio of £462,314 (2020 £233,789). The unrealised gain compares the market value of investments at the year end to the value at 30 September 2020. These investments have not yet been sold.
## **g. Reserves policy**
The Association’s policy is to maintain free reserves (that is funds not designated within the charitable fixed asset fund) at a level to provide sufficient income to underwrite any potential deficits arising from the Suffolk Show, the Association’s principal activity. The Association is also aware that it is going to have to make a substantial investment in the future to develop the showground for the future. The target reserves is £5,200,000 being equivalent to two years expenditure.
At 30 September 2021 the total free reserves (including investment property) amounted to £6,512,575 (2020: £6,280,976) which are expected to produce income of approximately £120,600 (2020: £147,600) in the next financial year. This level of reserves and resulting income is considered satisfactory to underwrite future potential deficits, fund significant future capital expenditure and to help fund the charitable objectives of the Association.
## **h. Remuneration policy - key management personnel**
The key management personnel of the Association consist of the Treasurer (a Trustee) and the Chief Executive, the Events and Estates Manager and the Finance Officer. The Trustees are unpaid, and the remuneration of the senior management team is reviewed and approved by the Trustee Board based on market rates.
## **i. Market value of land and buildings**
Included in the financial statements, the land and buildings are stated at cost to ensure these financial statements are not subject to the significant fluctuations of property markets, except for the investment properties which are valued at the year-end market value.
## **j. Charitable contributions**
A total of £3,956 (2020: £6,702) was paid in support of other charities. The principal benefactors were agriculture related charities and organisations including the Suffolk Young Farmers’ Clubs.
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## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **Structure, governance and management**
## **a. Constitution**
The Suffolk Agricultural Association is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 13 February 2017. Under Section 60 of the Companies Act 2006 it is exempt from the requirement to use the word “limited” after its name. It is registered as a charity with the Charity Commission. Subject to the approval of the Trustees, membership is open to all and at 30 September 2021 there were 1,147 (reduced as a consequence of Covid-19 impact) (2020: 1,329) members, each of whom has agreed to contribute £1 in the event of the Charity winding up.
Since the year end, on 12 November 2021, an EGM was held to adopt new Memorandum and Articles of Assocation.
## **b. Trustee board**
The Trustee Board has control of, and responsibility for the assets, affairs and general policy of the Association. It has between eight and twelve individuals who are the Trustees and Directors of the Association. Up to ten members of the Trustee Board are nominated by the Nominations Committee and ratified by Council and may serve up to two periods of three years and thereafter may stand for re-election on an annual basis for a maximum of four more years in total. In addition, the Trustee Board may co-opt, for terms of not more than five years, up to two additional members of the Association to be Trustees.
The Trustee Board must meet at least six times each year. In the year ending 30 September 2021, the Trustee Board formally met eight times. A quorum for Trustee Board meetings is 50% of its members and decisions are made by a simple majority of the votes cast.
The Trustee Board operates through a number of committees which report to, and are chaired by members of, the Trustee Board. These committees are: the Show Committee, which meets at least five times a year and is responsible for the organisation of the Suffolk Show; the Investment Committee, which appoints independent investment managers to monitor the performance of the portfolio meeting at least twice per year and the Audit and Risk Committees which meet at least twice a year. The Board of directors of the Association’s whollyowned subsidiary, Trinity Park Events Ltd (TPEL), which met twice in the year, is also chaired by a member of the Trustee Board.
Because of the on-going challenges presented by Covid the Chief Executive provided weekly update reports to both the Trustees and TPEL Directors. As well, a senior management team comprising the Chairman, ViceChairman, Treasurer, Show Director, Show Director elect and TPEL lead manager met monthly to proactively manage any material issues.
## **c. Trustees' induction and training**
On appointment, Trustees are provided with induction training. Trustees received update training as to their responsibilities from their auditors in December 2020 and will continue this practice annually.
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## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **Structure, governance and management (continued)**
## **d. Council**
Council is a forum for debate and the primary channel for encouraging volunteers and ensuring the goodwill and continuity of the Association. Council consists of up to 60 elected members plus ex officios, 17 Senior Stewards and six Honorary Members of the Association. Members of Council are nominated by the Nominations Committee, are elected at the AGM and serve an initial period of five years.
The Trustee Board consults Council on significant matters e.g. investment in new facilities, the main objects of the Association or the general strategic policies of the Association.
## **e. Nominations committee**
Under the Articles the Nominations Committee is chaired by the immediate past chairman of the Association and is independent of both the Council and the Trustee Board.
The Nominations Committee comprises the immediate past chairman of the Association and: - Four members of Council appointed by the Show Committee to include the Show Director.
- Two members of Council appointed from time to time by the Council.
- Two members of Council appointed from time to time by the Trustee Board.
The Nominations Committee is responsible for recommending candidates for: a) membership of the Council, including co-opted members, and of the Trustee Board; and b) the appointment of the Chairman and the Vice Chairman
c) the appointment of the Show Director (after consultation with past Show Directors), the Treasurer, the President Elect and the Honorary Life Vice Presidents
The Nominations Committee also, on an annual basis: a) assesses the performance of the Chairman; and b) monitors the Trustee Board’s review of its performance; and
c) monitors the training of Trustees and reports its findings to Council.
## **f. Third party indemnity provision for Trustees**
The Association has purchased Charity and Charity Trustees Indemnity Insurance which protects the Charity and its subsidiary from loss arising from the neglect or default of their Trustees/Directors and employees, and Trustees/Directors from costs if negligence or default is wrongly alleged.
## **g. Related parties**
The Association, in carrying out its principal activities, has undertaken transactions with related parties. All transactions were carried out on an arm’s length basis and are summarised in the accounts.
Page 8
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **Structure, governance and management (continued)**
## **h. Risk management**
The Trustees have created a Risk Committee, which annually reviews the risks that the Charity may face and is required to review the establishment and implementation of systems and procedures to mitigate the risks identified. While a number of risks have been assessed and are regularly monitored, those having an impact on the Suffolk Show are likely to have the most financial consequence.
Since the cancellation of the second day of the 2012 Show due to high winds, incurring a financial loss in the region of £0.5 million, the Association has placed insurance with Lloyds syndicates to mitigate similar losses at future Shows. The insurance policy covered a number of risks that, in addition to bad weather, could cause cancellation or abandonment of the Show, including communicable diseases in animals and humans. The 2020 Suffolk Show was cancelled due to the Covid-19 pandemic and the Association was able to make a successful claim to cover its Show losses and liabilities.
## **i. Governance**
The Trustee Board will continue to monitor closely all aspects of the operating budget for the future, especially cost controls. It is ultimately responsible for all of the Association’s activities and draws upon recommendations from the Investment Committee, the TPEL Board, and the Show Committee.
## **j. Volunteers**
The Association continues to be very grateful for the outstanding voluntary contribution of the many individuals who provide support and act as stewards in the staging of events, albeit very few events needing support took place this year.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 9
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **Statement of Trustees' responsibilities (CONTINUED)**
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**RJ Baker** Chair Date: 14 December 2021
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## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK AGRICULTURAL ASSOCIATION**
## **Opinion**
We have audited the financial statements of Suffolk Agricultural Association (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 September 2021 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, 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 Group's and of the parent charitable company's affairs as at 30 September 2021 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 the 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 Group's or the parent 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 Annual report other than the financial statements and our Auditors' 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 inconsistent 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 that fact.
We have nothing to report in this regard.
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## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK AGRICULTURAL ASSOCIATION (CONTINUED)**
## **Opinion 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 Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Trustees' 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or
- the Trustees 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 Trustees' report and from the requirement to prepare a Strategic report.
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, 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 Trustees 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 Trustees are responsible for assessing the Group's and the parent 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 Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
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## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK AGRICULTURAL ASSOCIATION (CONTINUED)**
## **Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Due to the field in which the group- operates, we identified the following areas as those most likely to have a material impact on the financial statements: healthy and safety; employment laws; GDPR, and compliance with the UK Companies Act.
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:
- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, potential litigation, claims and fraud; Reviewing legal and professional fees;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Reviewing board minutes and any relevant correspondence with external authorities;
- Challenging assumptions and judgements made by management in their significant accounting estimates; and
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of any significant transactions outside the normal course of business.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 13
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK AGRICULTURAL ASSOCIATION (CONTINUED)**
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Joanne Fox BA FCA (Senior statutory auditor)**
for and on behalf of **Larking Gowen LLP** Chartered Accountants Statutory Auditors 1 Claydon Business Park Great Blakenham Ipswich IP6 0NL 22 December 2021
Page 14
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
7
Other income
8
**Total income**
**Expenditure on:**
Raising funds
9
Charitable activities
9
**Total expenditure**
**Net expenditure before net gains on investments**
Net gains on investments
16
**Other recognised gains:**
Revaluation of investment property
15
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**45,988**
**31,230**
**408,703**
**162,061**
**266,756**
**914,738**
**417,416**
**972,978**
**1,390,394**
**(475,656)**
**592,165**
**50,000**
**166,509**
**12,671,702**
**166,509**
**12,838,211**|**Total**
**funds**
**2021**
**£**
**45,988**
**31,230**
**408,703**
**162,061**
**266,756**
**914,738**
**417,416**
**972,978**
**1,390,394**
**(475,656)**
**592,165**
**50,000**
**166,509**
**12,671,702**
**166,509**
**12,838,211**|_Total_
_funds_
_2020_
_£_
_110,557_
_28,071_
_593,247_
_170,041_
_913,433_
_1,815,349_
_819,155_
_1,161,526_
_1,980,681_
_(165,332)_
_245,045_
_675,764_
_755,477_
_11,916,225_
_755,477_
_12,671,702_|
|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 21 to 47 form part of these financial statements.
Page 15
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee) REGISTERED NUMBER: 01775897**
## **CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2021**
|**Note**
**Fixed assets**
Tangible assets
14
Investments
Investment property
15
**Current assets**
Stocks
17
Debtors
18
Investments
20
Cash at bank and in hand
Creditors: amounts falling due within one
year
21
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
22
**Total net assets**
**Charity funds**
Unrestricted funds
Designated funds
23
General funds
23
Total unrestricted funds
23
**Total funds**|**12,402**
**236,277**
**1,091,025**
**325,802**
**1,665,506**
**(710,752)**
**6,325,635**
**6,512,576**|**2021**
**£**
**6,325,635**
**5,436,712**
**850,000**
**12,612,347**
**954,754**
**13,567,101**
**(728,890)**
**12,838,211**
**12,838,211**
**12,838,211**|_11,434_
_51,498_
_2_
_414,307_
_477,241_
_(441,674)_
_6,390,726_
_6,280,976_|_2020_
_£_
_6,390,726_
_6,140,195_
_800,000_
_13,330,921_
_35,567_
_13,366,488_
_(694,786)_
_12,671,702_
_12,671,702_
_12,671,702_|
|---|---|---|---|---|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 16
**SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee) REGISTERED NUMBER: 01775897**
**CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2021**
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**RJ Baker SP Tucker** Chairman Treasurer Date: 14 December 2021
The notes on pages 21 to 47 form part of these financial statements.
Page 17
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee) REGISTERED NUMBER: 01775897**
## **CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2021**
|**Note**
**Fixed assets**
Tangible assets
14
Investments
Investment property
15
**Current assets**
Stocks
17
Debtors
18
Investments
20
Cash at bank and in hand
Creditors: amounts falling due within one
year
21
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
22
**Total net assets**
**Charity funds**
Unrestricted funds
Designated funds
23
General funds
23
Total unrestricted funds
23
**Total funds**|**52**
**34,413**
**1,091,025**
**261,049**
**1,386,539**
**(650,644)**
**6,325,635**
**6,739,552**|**2021**
**£**
**6,325,635**
**5,836,714**
**850,000**
**13,012,349**
**735,895**
**13,748,244**
**(683,057)**
**13,065,187**
**13,065,187**
**13,065,187**|_127_
_297,214_
_2_
_377,569_
_674,912_
_(368,834)_
_6,390,726_
_6,551,489_|_As restated_
_2020_
_£_
_6,390,726_
_6,140,197_
_800,000_
_13,330,923_
_306,078_
_13,637,001_
_(694,786)_
_12,942,215_
_12,942,215_
_12,942,215_|
|---|---|---|---|---|
The Charity's net movement in funds for the year was _£_ 122,972 _(2020 - £889,294)_ .
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
Page 18
**SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee) REGISTERED NUMBER: 01775897**
**CHARITY BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2021**
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**RJ Baker SP Tucker** Chairman Treasurer Date: 14 December 2021
The notes on pages 21 to 47 form part of these financial statements.
Page 19
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
**Net cash provided by investing activities**
**Cash flows from financing activities**
Cash inflows from new borrowing
Repayments of borrowing
**Net cash provided by/(used in) financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|**2021**
**£**
**(337,426)**
**162,061**
**(198,344)**
**1,461,139**
**(145,638)**
**1,279,218**
**100,000**
**(19,421)**
**80,579**
**1,022,371**
**451,548**
**1,473,919**|_2020_
_£_
_309,546_
_170,040_
_(90,189)_
_201,152_
_(80,393)_
**200,610**
_-_
_(167,465)_
**(167,465)**
**342,691**
_108,857_
_451,548_|
|---|---|---|
The notes on pages 21 to 47 form part of these financial statements
Page 20
**SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **1. General information**
Suffolk Agricultural Association is a private company limited by guarantee incorporated and domiciled in England and Wales, registration number 01775897. The address of the registered office is Suffolk Agricultural Association, Trinity Park, Felixstowe Road, Ipswich, IP3 8UH.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The Suffolk Agricultural Association (the “Charity” or the “Association”) is a company limited by guarantee incorporated in England and governed by its Memorandum and Articles of Association dated 13 February 2017. Under Section 60 of the Companies Act 2006 it is exempt from the requirement to use the word “limited” after its name. It is registered as a charity with the Charity Commission. Subject to the approval of the Trustees, membership is open to all and at 30 September 2021 there were 1,147 (2020: 1,332) members, each of whom has agreed to contribute £1 in the event of the Charity winding up. The address of the registered office is given in the Reference & Administration Details on page 2 of these financial statements.
The nature of the Charity’s operations and principal activities are: (1) to promote and encourage the advancement and improvement of agriculture (including forestry, horticulture, food production and all allied occupations) whether through the development of skills and techniques or research, and the dissemination of knowledge of such skills and techniques or research both as to the methods of husbandry and use of science and the use and development of agricultural implements and machinery, the application of land management, marketing and conservation and the development of new agricultural products including renewables. (2) In pursuance of this purpose, to hold regular agricultural shows provided that the Association shall not be obliged to hold a show in any year if the Trustee Board shall resolve otherwise.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019. The Charity constitutes a public benefit entity as defined by FRS 102.
## **2.2 Group financial statements**
These financial statements consolidate the results of the Charity and its wholly owned subsidiary undertaking, Trinity Park Events Limited, on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure account are not presented for the Charity itself following the exemptions afforded by section 408 of the Companies Act 2006.
## **2.3 Going concern**
The financial statements have been prepared on a going concern basis under the historical cost convention, with the exception of investments which are included at market value and in accordance with UK accounting standards. The Trustees believe the going concern nature of preparation of these financial statements is appropriate as no material uncertainties exist. This is the result of the existence of sufficient fixed asset investments which are readily realisable and will enable the group to meet its liabilities as they fall due, for a period of at least twelve months from the date of the signing of these financial statements.
Page 21
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **2. Accounting policies (continued)**
## **2.4 Income recognition**
All income is included in the Consolidated 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. Members and Vice Presidents pay an annual subscription and may choose at any time to become a Life Member or Life Vice President. Life membership fees are recognised over a period of 20 years.
In line with the SORP (FRS 102), the notional financial value of services provided by volunteers is not incorporated into these financial statements. Their contribution is recognised in the Report of the Trustees.
Where services are provided to the Charity as a donation that would normally be purchased from suppliers, if material, these are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the Charity has control over the item. Fair value is determined on the basis of the value of the gift to the Charity. For example, the amount the Charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. The only such services were made by volunteers and were immaterial in value.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Recognition of any trading income invoiced in advance for events which will be held after the end of the financial year is deferred until the event has occurred.
Grants are accounted for under the accruals model as permitted by FRS102. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure. The Charity has received Coronavirus Job retention Scheme government grants in the year as detailed in Note 8. As a result of its investment in solar panels in 2016, the Association receives Feed-in-Tariff income generated from the operation of those solar panels. The Feed-in-Tariff is a fixed fee paid by the government for each unit of electricity produced by the PV panels. This income is accounted for on a receivable basis and recognised when the electricity is generated.
Investment income includes any dividends and interest earned from the investment portfolio. As it is not practicable to identify investment management costs within the Sarasin Endowments Fund and the Ruffer Total Return Fund with reasonable accuracy, the investment income is reported net of these costs. Interest and dividend income accumulating within the Endowments Fund is paid to the Charity quarterly and is recognised on an accrual basis.
The Charity also receives rental income from properties owned by it; rental income is recognised as the Charity’s right to receive payment is established.
Page 22
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **2. Accounting policies (continued)**
## **2.5 Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Costs of raising funds includes those costs incurred in attracting membership subscriptions, trading activities and running the investment portfolio;
- Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
- Expenditure on charitable activities includes the cost of the annual Suffolk Show and the cost of arranging conferences, farm competitions and making charitable grants and donations;
Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose.
Grants payable to third parties are within the charitable objectives and are accounted for when the commitment arises.
## **Support costs allocation**
Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the Charity. Where support costs cannot be directly attributed to particular headings they have been allocated to the cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources e.g. staff costs are allocated by estimated time spent and premises costs by space occupied.
The analysis of these costs is included in Note 10.
Page 23
**SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **2. Accounting policies (continued)**
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets, excluding freehold land and challenge trophies are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives .
Depreciation is provided on the following bases:
- Freehold showground buildings over 10 to 50 years straight line Motor vehicles - at 25% per annum reducing balance - Showground equipment, over 3 to 10 years straight line fixtures and fittings
## **2.7 Investment property**
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the Statement of Financial Activities.
## **2.8 Investments**
The Association appoints asset managers regulated by the FCA to manage its investment portfolio. The majority of the portfolio (80% - 2020, 85%) is held in the Sarasin Endowments Fund, an openended collective investment scheme approved by the Charity Commission exclusively for investment by charities. Ruffer plc manages a smaller proportion of the portfolio in its Total Return Fund (13% - 2020, 8%). The Association also owns units in two private equity funds of funds managed by Schroders that do not pay dividends.
Investments are recognised initially at fair value, which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value being their market valuation as at 30 September 2021 as advised by the investment managers, Sarasin & Partners LLP and Ruffer LLP. The two private equity funds advised by Schroder & Co Ltd are valued as at the valuation date closest to 30 September 2021. Realised and unrealised gains or losses from the respective sale and revaluation of investments are recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities.
The investment in the trading subsidiary is measured at cost.
Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.
Page 24
**SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **2. Accounting policies (continued)**
## **2.9 Stocks**
Stocks are stated at the lower of cost and estimated selling price and include bar stocks, food stocks and the unused value in the pre-paid postage meter. Cost is calculated using average cost. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
## **2.10 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.11 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.12 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.
## **2.13 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.14 Pensions**
The group provides a defined contribution pension arrangement, whereby the group and its staff each fund schemes managed by third party pension providers, the assets of which are held by the providers separately from the assets of the group. Contributions are charged to the SoFA for the year in which they are payable to the schemes. The group adopted Auto-Enrolment in respect of all relevant employees, including casual staff, with effect from 1 July 2014.
Page 25
**SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **2. Accounting policies (continued)**
## **2.15 Tax**
The Association is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **2.16 Deferred taxation**
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the subsidiary’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
## **2.17 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for investment tangible assets.
Investment income, gains and losses are allocated to the appropriate fund.
## **2.18 Critical accounting policies**
In the application of the Group’s accounting policies, which are described in note 2, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The judgements, estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and laibilities are addressed below:
## Investment property
The valuation of the investment properties is inherently subjective due to, among other factors, the nature of each property, its location and the expected future revenue. All of these factors are taken into consideration when assessing the year end fair value. For further details see note 15.
Page 26
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **3. Income from donations and legacies**
|**Unrestricted**
**funds**
**2021**
**£**
Membership fees
45,988
**4.**
**Income from charitable activities**
**Unrestricted**
**funds**
**2021**
**£**
Conference and educational income
28,857
Suffolk Show income
2,373
31,230
**5.**
**Income from other trading activities**
**Income from non charitable trading activities**
**Unrestricted**
**funds**
**2021**
**£**
Gross income from Commercial Trading
391,408
Rental Income
17,295
408,703|**Total**
**funds**
**2021**
**£**
**45,988**
**Total**
**funds**
**2021**
**£**
**28,857**
**2,373**
**31,230**
**Total**
**funds**
**2021**
**£**
**391,408**
**17,295**
**408,703**|_Total_
_funds_
_2020_
_£_
_110,557_|
|---|---|---|
|||_Total_
_funds_
_2020_
_£_
_28,071_
_-_|
|||_28,071_|
|||_Total_
_funds_
_2020_
_£_
_577,208_
_16,039_|
|||_593,247_|
Page 27
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **6. Income from trading activities**
The income and expenditure shown in the SoFA include those of the Charity's wholly owned subsidiary Trinity Park Events Limited. The subsidiary continues to promote the lettings and commercial utilisation of the Showground and Trinity Park facilities. The subsidiary donates all of its taxable profits to the Charity by Gift Aid which amounted to £Nil (2020: £Nil). A summary of the financial activities of the subsidiary are given below:
|Gross income
Cost of sales
Gross profit
Administration expenses
Other operating income
Operating and Retained (loss)/profit
The assets and liabilities were:
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Net assets / liabilities
Aggregate share capital and surplus/deficit on reserves|**2021**
**£**
**391,408**
**(147,373)**
**244,035**
**(200,500)**
**-**
**43,535**
**2021**
**£**
**517,898**
**(299,037)**
**(45,833)**
**173,028**
**173,028**|_2020_
_£_
_584,334_
_(371,590)_
_212,744_
_(346,562)_
_-_
_(133,818)_
_2020_
_£_
_77,216_
_(347,723)_
_-_
_(270,507)_
_(270,507)_|
|---|---|---|
Trinity Park Events Ltd has not recognised a potential deferred tax asset of £34,409 (2020: £42,612) on the basis that any further profits will be donated to the Charity by Gift Aid.
Page 28
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **7. Income from investments**
|**Unrestricted**
**funds**
**2021**
**£**
Income from the Sarasin Endowments Fund
158,470
Income from the Ruffer Total Return Fund
3,591
Income from bank deposit account
-
162,061|**Total**
**funds**
**2021**
**£**
**158,470**
**3,591**
**-**
**162,061**|_Total_
_funds_
_2020_
_£_
_163,926_
_6,113_
_2_|
|---|---|---|
|||_170,041_|
## **8. Other income**
|Suffolk Show cancellation insurance
Government grants - Coronovirus Job Retention Scheme
income|**Unrestricted**
**funds**
**2021**
**£**
-
266,756
266,756|**Total**
**funds**
**2021**
**£**
**-**
**266,756**
**266,756**|_Total_
_funds_
_2020_
_£_
_690,547_
_222,886_
_913,433_|
|---|---|---|---|
Total income received from Government grants during the year was £266,756 (2020: £222,886) for the Coronavirus Job Retention Scheme and other grants. There were no unfulfilled conditions or other contingencies attached. The grants have been recognised in income and no amounts have been carried forward as deferred income.
Page 29
**(A company limited by guarantee)**
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **9. Analysis of expenditure - current year**
|**Cost of Raising Funds**
Membership costs
Commercial trading operations
Investment manager fees rebated
Rental costs
**Charitable Activities**
Suffolk Show
Donations, grants & subscriptions
Conferences & Education
**Total 2021**|**Staff costs**
**2021**
**£**
-
270,716
-
-
270,716
396,444
-
-
396,444
667,160|**Direct costs**
**2021**
**£**
-
90,688
(4,364)
2,142
88,466
9,489
3,956
28,435
41,880
130,346|**Governance**
**& Support**
**Costs**
**2021**
**£**
5,827
52,407
-
-
**58,234**
534,654
-
-
**534,654**
592,888|**Total**
**funds**
**2021**
**£**
**5,827**
**413,811**
**(4,364)**
**2,142**
**417,416**
**940,587**
**3,956**
**28,435**
**972,978**
**1,390,394**|
|---|---|---|---|---|
Page 30
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
A **nalysis of expenditure - prior year**
|**Cost of Raising Funds**
Membership costs
Commercial trading operations
Investment manager fees rebated
**Charitable Activities**
Suffolk Show
Donations, grants & subscriptions
Conferences & Education
_Total 2020_|**Staff costs**
**2020**
_£_
-
_437,637_
_-_
_437,637_
_397,910_
_-_
_-_
835,547|**Direct costs**
**2020**
_£_
-
274,484
(2,637)
_271,847_
165,056
6,702
14,867
458,472|**Governance**
**& Support**
**Costs**
**2020**
_£_
7,707
_101,964_
_-_
_109,671_
_576,991_
_-_
_-_
_686,662_|**Total**
**funds**
**2020**
_£_
**7,707**
**814,085**
**(2,637)**
**819,155**
**1,139,957**
**6,702**
**14,867**
**1,980,681**|
|---|---|---|---|---|
Page 31
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **10. Allocation of support costs**
The Association allocates its support costs as shown below. Suppost costs are allocated on a basis consistent with the use of resources and may change from year to year.
|**Support cost analysis - current year**
Insurance
Printing, stationery, computer and postage
Staff and officials' expenses
Rates, light, heat, and telephone
Maintenance
Professional fees
Depreciation
Training
Advertising, promotion, public relations and
education
**Governance**
Trustees catering costs
Auditor's remuneration
Trustees' indemnity insurance|**Charitable**
**activities**
**2021**
**£**
32,498
39,828
1,459
96,736
84,804
17,469
245,832
690
-
519,316
-
13,527
1,811
534,654|**Raising**
**funds:**
**Charity**
**2021**
**£**
-
5,660
-
-
-
-
-
-
-
5,660
-
147
20
5,827|**Raising**
**funds:**
**TPEL**
**2021**
**£**
6,116
19,260
-
-
-
6,000
17,603
-
1,925
50,904
-
1,326
177
52,407|**Total**
**funds**
**2021**
**£**
**38,614**
**64,748**
**1,459**
**96,736**
**84,804**
**23,469**
**263,435**
**690**
**1,925**|
|---|---|---|---|---|
|||||**575,880**
**-**
**15,000**
**2,008**|
|||||**592,888**|
Page 32
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|**Support cost analysis - prior year**
Insurance
Printing, stationery, computer and postage
Staff and officials' expenses
Rates, light, heat, and telephone
Maintenance
Professional fees
Depreciation
Training
Advertising, promotion, public relations and
education
**Governance**
Trustees catering costs
Auditor's remuneration
Trustees' indemnity insurance|_Charitable_
_activities_
_2020_
_£_
_51,719_
_51,974_
_1,564_
_77,839_
_94,724_
_42,014_
_239,459_
_6,841_
_-_
_566,134_
_556_
_8,613_
_1,688_
_576,991_|_Raising_
_funds:_
_Charity_
_2020_
_£_
_-_
_7,562_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_7,562_
_7_
_115_
_23_
_7,707_|_Raising_
_funds:_
_TPEL_
_2020_
_£_
_5,434_
_16,087_
_276_
_33,453_
_-_
_724_
_26,332_
_-_
_17,740_
_100,046_
_98_
_1,522_
_298_
_101,964_|_Total_
_funds_
_2020_
_£_
_57,153_
_75,623_
_1,840_
_111,292_
_94,724_
_42,738_
_265,791_
_6,841_
_17,740_|
|---|---|---|---|---|
|||||_673,742_
_661_
_10,250_
_2,009_|
|||||_686,662_|
Investment management fees are charged at a percentage of the value of the Association's investment in the respective fund and are charged within the reported price of those funds.
## **11. Auditors' remuneration**
|Auditor's remuneration: in respect of audit services for SAA
Auditor's remuneration: in respect of audit services for TPEL
Auditor's remuneration - other taxation and payroll services|**2021**
**£**
**9,750**
**5,250**
**-**
**15,000**|_2020_
_£_
_6,350_
_3,900_
_6,512_|
|---|---|---|
|||_16,762_|
Page 33
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **12. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2021**
**£**
**565,277**
**43,469**
**58,414**
**667,160**|_Group_
_2020_
_£_
_700,444_
_60,374_
_74,729_
_835,547_|**Charity**
**2021**
**£**
**565,277**
**43,469**
**58,414**
**667,160**|_Charity_
_2020_
_£_
_700,444_
_60,374_
_74,729_|
|---|---|---|---|---|
|||||_835,547_|
The average number of persons employed by the Charity during the year was as follows:
|Raising funds
Charitable activites
Governance|**Group**
**2021**
**No.**
**19**
**12**
**1**
**32**|_Group_
_2020_
_No._
_35_
_9_
_1_|
|---|---|---|
||||
|||_45_|
The average headcount expressed as full-time equivalents was:
|Raising funds
Charitable activites
Governance|**Group**
**2021**
**No.**
**8**
**10**
**1**
**19**|_Group_
_2020_
_No._
_18_
_12_
_1_|
|---|---|---|
||||
|||_31_|
Page 34
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **12. Staff costs (continued)**
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**Group**|_Group_|
|---|---|---|---|
|||**2021**|_2020_|
|||**No.**|_No._|
|In the band £60,001|- £70,000|**1**|_-_|
|In the band £70,001|- £80,000|**-**|_1_|
£5,073 (2020: £5,828) was paid into a defined contribution pension scheme on behalf of the above higher paid employee.
The Trustees neither received nor waived any remuneration or expenses during the year (2020: £Nil). Note 30 discloses the value of arm's length transactions undertaken between the Association and individual Trustees.
The key management personnel of the Association consisted of four people during the year being the Treasurer (a Trustee and unpaid volunteer) and the senior management team. The total employee benefits of the three of these four (2020: four) key management personnel was £164,481 (2020: 185,771).
## **13. Interest payable and similar charges**
||**2021**|_2020_|
|---|---|---|
||**£**|_£_|
|Bank loans and overdrafts|**33,467**|_35,457_|
Page 35
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **14. Tangible fixed assets**
## **Group and Charity**
|**Cost or valuation**
At 1 October 2020
Additions
At 30 September 2021
**Depreciation**
At 1 October 2020
Charge for the year
At 30 September 2021
**Net book value**
At 30 September 2021
_At 30 September 2020_|**Freehold land**
**and buildings**
**£**
**9,621,127**
**129,856**
**9,750,983**
**3,387,669**
**191,270**
**3,578,939**
**6,172,044**
_6,233,458_|**Challenge**
**trophies**
**£**
**44,309**
**-**
**44,309**
**-**
**-**
**-**
**44,309**
_44,309_|**Showground**
**equipment,**
**fixtures and**
**fittings**
**£**
**732,528**
**68,488**
**801,016**
**623,577**
**71,163**
**694,740**
**106,276**
_108,951_|**Motor**
**vehicles**
**£**
**9,500**
**-**
**9,500**
**5,492**
**1,002**
**6,494**
**3,006**
_4,008_|**Total**
**£**
**10,407,464**
**198,344**|
|---|---|---|---|---|---|
||||||**10,605,808**|
||||||**4,016,738**
**263,435**|
||||||**4,280,173**|
||||||**6,325,635**|
||||||_6,390,726_|
Included in freehold land and buildings of the Group and Charity is land at cost of £2,770,786 (2020: £2,770,786) which is not depreciated. All tangible assets of the Charity are used for charitable purposes.
Tangible fixed assets with a net book value of £6.2 million (2020: £6.2 million) have been pledged as security for liabilities of the Charity. These assets have restricted title as defined within the Charities Act and in respect of legal charges in favour of the Group's bankers.
Page 36
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **15. Investment property**
## **Group**
|**Valuation**
At 1 October 2020
Surplus on revaluation
At 30 September 2021
**Charity**
**Valuation**
At 1 October 2020
Surplus on revaluation
At 30 September 2021|**Freehold**
**investment**
**property**
**£**
**800,000**
**50,000**|
|---|---|
||**850,000**|
||**Freehold**
**investment**
**property**
**£**
**800,000**
**50,000**|
||**850,000**|
The 2021 valuation has been made by the Trustees of the Charity, on a fair value basis, taking into consideration professional advice received.
Page 37
**(A company limited by guarantee)**
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **16. Investments**
|**Group**
Investment in the Sarasin Endowments Fund
Investment in the Ruffer Total Return Fund
Investments in the Schroder Private Equity Funds of Funds
**Total managed investments**
Cash deposits in the investment portfolio
**Group investment**
Charity - Shares in subsidiary undertaking
**Charity investment**
Market value at previous 1 October
Additions at cost
Disposals at opening book value
Net unrealised gain on investments
**Market value as 30 September**|**2021**
**£**
**4,320,808**
**702,592**
**356,220**
**5,379,620**
**57,092**
**5,436,712**
**400,002**
**5,836,714**
**2021**
**£**
**6,102,956**
**145,638**
**(1,331,288)**
**462,314**
**5,379,620**|_2020_
_£_
_5,201,817_
_503,305_
_397,834_
_6,102,956_
_37,239_
_6,140,195_
_2_
_6,102,957_
_2020_
_£_
_5,978,670_
_80,393_
_(189,896)_
_233,789_
_6,102,956_|
|---|---|---|
Included in the above are £356,220 of holdings in the Schroder Private Equity Funds of Funds which are valued at 17 August 2021. The Trustees do not believe that a valuation at 30 September 2021 would be materially different.
Page 38
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|Sarasin Endowments Fund
Ruffer Total Return Fund
Schroder Private Equity Funds of Funds IV
Schroder Private Equity Funds of Funds III
Cash deposits
Total investments
Total historic cost|**2021**
**£**
**4,320,808**
**702,592**
**309,983**
**46,237**
**5,379,620**
**57,092**
**5,436,712**
**3,907,770**|_2020_
_£_
_5,201,817_
_503,305_
_336,631_
_61,203_|
|---|---|---|
|||_6,102,956_
_37,239_
_6,140,195_
_4,226,506_|
The fair value of each of the Endowments Fund and the Ruffer Fund is determined by reference to the net asset value published daily by the Investment Manager. The fair value of the Schroder Private Equity Fund of Funds is determined by reference to the net asset value published quarterly by the Investment Administrator.
The Suffolk Agricultural Association owns 100% of the issued ordinary share capital of Trinity Park Events Limited (company number 3383519), a company incorporated in England and Wales, which arranges the letting of the Showground and Trinity Park Conference Centre for charitable and commercial events. The investment is shown at cost. A summary of the subsidiary’s profit and loss account and balance sheet is given in note 6.
Short Term Investments included in Current Assets represent income received in respect of investments held which have been transferred out of the Charity’s portfolio to be held in cash by Sarasin’s custodian in the ICS Sterling Liquidity Fund pending distribution.
## **Principal subsidiaries**
The following was a subsidiary undertaking of the Charity:
|**Name**|**Company**|**Registered office or principal**|**Class of**|**Holding**|
|---|---|---|---|---|
||**number**|**place of business**|**shares**||
|Trinity Park Events Limited|03383519|Trinity Park, Felixstowe Road,|Ordinary|100%|
|||Ipswich, Suffolk, IP3 8UH|||
The financial results of the subsidiary for the year were:
|**Name**|**Income**|**Expenditure**|**Profit/(Loss)**|**Net assets**|
|---|---|---|---|---|
||**£**|**£**|**for the year**|**£**|
||||**£**||
|Trinity Park Events Limited|**391,408**|**(347,873)**|**43,535**|**173,028**|
Page 39
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **17. Stocks**
|Bar and food stocks
Postage|**Group**
**2021**
**£**
**12,350**
**52**
**12,402**|_Group_
_2020_
_£_
_11,307_
_127_
_11,434_|**Charity**
**2021**
**£**
**-**
**52**
**52**|_Charity_
_2020_
_£_
_-_
_127_|
|---|---|---|---|---|
||||||
|||||_127_|
Bar stocks are held for the bar activities of TPEL. Postage is the unused value in the pre-paid postage meter.
## **18. Debtors**
|Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2021**
**£**
**207,774**
**-**
**-**
**28,503**
**236,277**|_Group_
_As restated_
_2020_
_£_
_23,794_
_-_
_-_
_27,704_
_51,498_|**Charity**
**2021**
**£**
**(564)**
**-**
**21,473**
**13,504**
**34,413**|_Charity_
_As restated_
_2020_
_£_
_120_
_265,364_
_9,523_
_22,207_|
|---|---|---|---|---|
||||||
|||||_297,214_|
## **19. Prior year adjustments**
In 2020 a bad debt provision of £265,364 was made against the intercompany loan balance with Trinity Park Events Limited. After the year-end a capitalisation of this loan occurred and the provision was no longer considered necessary. A prior year adjustment has been made to reverse the provision.
## **20. Current asset investments**
||**Group**|_Group_|**Charity**|_Charity_|
|---|---|---|---|---|
||**2021**|_2020_|**2021**|_2020_|
||**£**|_£_|**£**|_£_|
|Short term investments|**1,091,025**|_2_|**1,091,025**|_2_|
Short Term Investments included in Current Assets represent income received in respect of investments held which have been transferred out of the Charity’s portfolio to be held in cash by Sarasin’s custodian in the ICS Sterling Liquidity Fund pending distribution.
Page 40
**(A company limited by guarantee)**
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **21. Creditors: Amounts falling due within one year**
|Bank loans
Trade creditors
Amounts due to subsidiary undertaking
Other taxation and social security
Other creditors
Accruals and deferred income|**Group**
**2021**
**£**
**59,465**
**64,468**
**-**
**28,101**
**14,110**
**544,608**
**710,752**|_Group_
_2020_
_£_
_12,990_
_62,693_
_-_
_5,161_
_13,123_
_347,707_
_441,674_|**Charity**
**2021**
**£**
**55,298**
**31,032**
**217,458**
**11,139**
**14,110**
**321,607**
**650,644**|_Charity_
_2020_
_£_
_12,990_
_55,410_
_-_
_12,524_
_13,123_
_274,787_
_368,834_|
|---|---|---|---|---|
The bank loans and overdraft are secured by means of a legal charge over the land and buildings at Trinity Park. The overdraft facility of £750,000 (2020: £550,000) is repayable at call, interest is payable thereon at 2.25% over base rate. There are four loans, the details of which are shown in note 21.
Included in the above is:
## **Analysis of Deferred Income**
|Deferred income
Life Membership fees
Movements on Deferred Income
Opening balance previous 1 October
Income recognised in the year
Income deferred in the year
**Balance at 30 September**|**Group**
**2021**
**£**
**477,416**
**32,412**
**Group**
**2021**
**£**
**280,425**
**(41,928)**
**238,919**
**477,416**|_Group_
_2020_
_£_
_280,425_
_35,454_
_Group_
_2020_
_£_
_81,660_
_(80,838)_
_279,603_
_280,425_|**Charity**
**2021**
**£**
**274,773**
**32,412**
**Company**
**2021**
**£**
**212,226**
**(40,818)**
**103,365**
**274,773**|_Charity_
_2020_
_£_
_212,226_
_35,454_
_Company_
_2020_
_£_
_9,892_
_(15,442)_
_217,776_
_212,226_|
|---|---|---|---|---|
Page 41
**(A company limited by guarantee)**
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
Movements on Life Membership fees
|Opening balance previous 1 October
Income recognised in the year
Income deferred in the year
**Balance at 30 September**|**Group**
**2021**
**£**
**35,454**
**(3,042)**
**-**
**32,412**|_Group_
_2020_
_£_
_38,597_
_(3,143)_
_-_
_35,454_|**Company**
**2021**
**£**
**35,454**
**(3,042)**
**-**
**32,412**|_Company_
_2020_
_£_
_38,597_
_(3,143)_
_-_
_35,454_|
|---|---|---|---|---|
The Charity's deferred income relates to membership income received in advance, the remainder of the Group's deferred income relates to amounts due in respect of events taking place after the year end but invoiced in advance. Life membership fees are recognised over a period of 20 years.
## **22. Creditors: Amounts falling due after more than one year**
||**Group**|_Group_|**Charity**|_Charity_|
|---|---|---|---|---|
||**2021**|_2020_|**2021**|_2020_|
||**£**|_£_|**£**|_£_|
|Bank loans|**728,890**|_694,786_|**683,057**|_694,786_|
|The above loans are repayable as shown below. Excluding the Bounce Back|||Loans, they are secured by||
|means of a legal charge over the land and buildings at Trinity Park.|||||
||**Group**|_Group_|**Company**|_Company_|
||**2021**|_2020_|**2021**|_2020_|
||**£**|_£_|**£**|_£_|
|In the next year|**59,465**|_12,990_|**55,298**|_12,990_|
|1 - 2 years|**71,641**|_81,100_|**61,641**|_81,100_|
|2 - 5 years|**218,040**|_266,043_|**188,040**|_266,043_|
|More than 5 years|**439,209**|_347,643_|**433,376**|_347,643_|
|**Balance at 30 September**|**788,355**|_707,776_|**738,355**|_707,776_|
The above loans are repayable as shown below. Excluding the Bounce Back Loans, they are secured by means of a legal charge over the land and buildings at Trinity Park.
The Group has four loans. The first is a variable rate loan with interest charged at 0.8% over base rate. The amount outstanding on this loan was £166,315 (2020: £176,868). The second has a fixed rate of 5.96% to October 2021. The amount outstanding on this loan was £522,040 (2020: £530,908). The total interest charged on these loans was £33,467 (2020: £35,457) and is included as part of commercial trading operations within the cost of raising funds.
The Group also has two Bounce Back Loans totalling £100,000 (2020: £Nil). No interest was paid by the Group on the Bounce Back Loan during the year.
Page 42
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|**23.**
**Statement of funds**
**Statement of funds - current year**
**Balance at 1**
**October 2020**
**£**
**Income**
**£**
**Unrestricted**
**funds**
**Designated**
**funds**
Charitable fixed
asset fund
**6,390,726**
**-**
**General funds**
General Fund
**6,280,976**
**914,738**
**Total**
**Unrestricted**
**funds**
**12,671,702**
**914,738**|**Expenditure**
**£**
**(263,435)**
**(1,126,959)**
**(1,390,394)**|**Transfers**
**in/out**
**£**
**198,344**
**(198,344)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**642,165**
**642,165**|**Balance at 30**
**September**
**2021**
**£**
**6,325,635**|
|---|---|---|---|---|
|||||**6,512,576**|
|||||**12,838,211**|
Page 43
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **23. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Charitable fixed
asset fund
**General funds**
General Fund
**Total**
**Unrestricted**
**funds**|_Balance at_
_1 October_
_2019_
_£_
_6,690,564_
_5,225,661_
_11,916,225_|_Income_
_£_
_-_
_1,815,349_
_1,815,349_|_Expenditure_
_£_
_(265,791)_
_(1,714,890)_
_(1,980,681)_|_Transfers_
_in/out_
_£_
_(34,047)_
_34,047_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_920,809_
_920,809_|_Balance at_
_30_
_September_
_2020_
_£_
_6,390,726_
_6,280,976_
_12,671,702_|
|---|---|---|---|---|---|---|
## **24. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2021**
**£**
Tangible fixed assets
6,325,635
Fixed asset investments
5,436,712
Investment property
850,000
Current assets
1,665,506
Creditors due within one year
(710,752)
Creditors due in more than one year
(728,890)
**Total**
12,838,211|**Total**
**funds**
**2021**
**£**
**6,325,635**
**5,436,712**
**850,000**
**1,665,506**
**(710,752)**
**(728,890)**
**12,838,211**|
|---|---|
Page 44
## **SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **24. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|_Unrestricted_
_funds_
_2020_
_£_
_6,390,726_
_6,140,195_
_800,000_
_477,241_
_(441,674)_
_(694,786)_
_12,671,702_|_Total_
_funds_
_2020_
_£_
_6,390,726_
_6,140,195_
_800,000_
_477,241_
_(441,674)_
_(694,786)_
_12,671,702_|
|---|---|---|
## **25. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Gains on investments
Dividends from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase in creditors
**Net cash provided by/(used in) operating activities**|**Group**
**2021**
**£**
**116,509**
**263,435**
**(592,165)**
**(162,061)**
**(968)**
**(184,779)**
**222,603**
**(337,426)**|_Group_
_2020_
_£_
_79,713_
_265,791_
_(245,045)_
_(170,041)_
_34,821_
_169,111_
_175,196_
_309,546_|
|---|---|---|
Page 45
## **SUFFOLK AGRICULTURAL ASSOCIATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **26. Analysis of cash and cash equivalents**
|Cash in hand
Cash held in investment portfolio
Liquid investments
**Total cash and cash equivalents**|**Group**
**2021**
**£**
**325,802**
**57,092**
**1,091,025**
**1,473,919**|_Group_
_2020_
_£_
_414,307_
_37,239_
_2_
_451,548_|
|---|---|---|
## **27. Analysis of changes in net debt**
|Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Liquid investments
**Capital commitments**
Contracted for but not provided in these
financial statements|**At 1**
**October**
**2020**
**£**
**414,307**
**(12,990)**
**(694,786)**
**2**
**(293,467)**
**Group**
**2021**
**£**
**895,000**|**Cash flows**
**£**
**(88,505)**
**(80,579)**
**-**
**1,091,023**
**921,939**
_Group_
_2020_
_£_
_35,000_|**Other non-**
**cash**
**changes**
**£**
**-**
**34,104**
**(34,104)**
**-**
**-**
**Charity**
**2021**
**£**
**895,000**|**At 30**
**September**
**2021**
**£**
**325,802**
**(59,465)**
**(728,890)**
**1,091,025**
**628,472**
_Charity_
_2020_
_£_
_35,000_|
|---|---|---|---|---|
## **28. Capital commitments**
At the year end the Charity was committed to capital expenditure of £885,000 (2020: Nil) for a new toilet block and £10,000 (2020: £35,000) for I.T. systems.
## **29. Other financial commitments**
The Charity is part of a group VAT registration and therefore is potentially liable for VAT liabilities of its subsidiary. As at 30 September 2021 its subsidiary, Trinity Park Events Limited owed £38,435 in VAT (2020: £2,160).
Page 46
**SUFFOLK AGRICULTURAL ASSOCIATION (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021**
## **30. Related party transactions**
All Trustees are either annual or life Members or Vice Presidents of the Association. During the year the Charity received income at arm's length from Trustees of the Association totalling £nil (2020: £7,000), excluding membership fees where applicable. No amounts were outstanding at the year end (2020: £Nil).
In addition the following Trustees provided services to the Association during the year: Morbeans Coffee Company - EC Morton - Vending machine supplies - £1,351 (2020: £862). No amounts were outstanding at the year end (2020: £Nil).
The Group made sales to a Company controlled by one of the Trustees totalling £6,111 (2020: £Nil) of which £Nil (2020: £Nil) was outstanding at the year end.
Page 47