Reglstered Charlty Number: 501564 Shropshire Horticultural Society Annual Report and Statement of Accounts For the year ended 30 Septenknr2024 Shropshire Horticultural S(dety Annual Report and Statsment of Accounts For the year ended 30th Sooenther 2024 Contents Page Notice of Annual General Meetlng Charity Infomatlon Chairman's Report Trustees, Report 6-12 Statanent of Tru$tees' Respor6ibiltie5 13 Independent AuditorJ' Report 14-16 Stalanent of Fina￿la1 ktimtles 17 Balance She 18 Statanent of cash llows 19 Notes to the &courts 20-32 Shropshire Horticultural Soclety Annual Report and Statement of Accounts Forthe year ended30" SeOembor2024 Nolice is hereby glwn that THE ANNUAL GENERAL MEETING OF THE SOCIETY to take place al The Blackbum Theatre, Prestfelde School, London Road, Shrewsbury, SY2 6NZ on Wednesday 2nd July 2025 at 7.00pm. ND 1. President's Opening Remarks 2. Apologies for absence 3. The Acting Chaimian's Annual Report for 2024 10 include cancellation ofthe 2025 Show 4. Prèsentation of Statement of Financial Actiiities and Balance Sheet by Ihe Hon. Treasurer 5. Appolntment of Auditors 6. Appointment of a President for 202512026 7. Appointment of Honorary Officers 7. Appointment of Vice Pr8sidents 8. To declare the Election ofMemb8rs to the General Committee 9. Any Other Business (To be supplied in writing to th8 Secretary 7 days priorto the meetlng) Shropshlro Horticultural Society Annual Report and Statement of Accounts For the year ènded 30th Seoember 2024 President E(trNard T B Butch8r Vlce Presidents The Worship The MayorOfShrew3bury Donna Hamer James Hcrt*son Roger Key Mlchael Burton Edward BLrtcher Brian Gocthn Peter Road-Night Stephen Rogers Hary Wilson General Committee & Trustees Actlng Society Chaimian Maelor Ch￿n Retiro 2025 Andrew Cross Mark Cuthbert-Brown CBE DL Maelor (knn Lindsay Pearson Suzy RO￿and8 Retire 2026 Tony Bywater MBE Reb8cca Ch8W Brian Harper David Hulton-Haffop Chris Trtley Richard Whittingham Rollre 2027 Chris Chew John Lucas Jess M¢)ody Stephen Kynaston Gordon Pary Honorary Treawrer Ken Tonkln Honorary Hortl¢ulturalAdviser Nigel Bishop DH(Edin) FILAM Dlp PRA Honorary Equestrian Adviser Graham Hudson Secretary Simon Badrock Honorary Veterinary Adviser Da￿d Jagger BVSC MRCVS Flnanclal Assi*ant Natasha Dames Showground Marnger Stuart Craddock Event Administrator Jed M8rchant Reglthred Office: Shropshire HortIcu￿ra1 Society. Quary Lodge, Shr8wsbury SY11RN Banker& Natwest. 8 Mardol Head, Shrev4Ebury SY11 HE Flnanclal Adviser& Brewin Dolphln. Mutual House. Sitka Dri%e, Shrewsbury SY2 6LG Auditors: Dyke Yaxley Ltd, 1 Brassey Road, Old Potts Way. Shrewsbury SY3 7FA SHROPSHIRE HORTICULTURAL SOCIETY CHAIRMAN'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Chalmian's Report The 2024 Shrewsbury Flower Show saw a return towards the exhibitor levels ol pre-pandemic Shows in Quarry Marquee, home to the professional growers and nurseries. which was very encouraging. There was also 3 pleasing level of entries in both the Severn (Amateur Growers) & Dingle {Floral Art) Marquees. Trade Slands once again oflered a variety of interesting stands. with a good mix of new and retuming traders, with Gloucester Avenue filled very earfy on in the year which demonstrated th81 a level of confidence had been restored following a few lricky year5. The Floral and Trade Stands Chairs worked Iirelessly to arrange this. The fnilitary band performances of The Band of the Mercian Regiment and The Band of The Rifles, together with The Band of the Caravan & Camping Club of Great Britain were once again very successful and enjoyed by a large audience, with a core of annual visitors who come just to enjoy the bands. talented performances. As with most years, the event Concluded with a fantastic firework finale. ilst we continue to monitor the costings of putting on the Show, trying to keep costs down does not always prove possible, especially in the current ecanomic climate with rising costs, some of which are as a result of meeting regulatory requirements and cannot be reduced. together with increased labour costs. It does raise Some concems for how long the Show can continue in its curfent format. As in previous years. the costs of holding the annual Show have resulted in a substantial loss, but we have been fortunate this year to have benefited from an increase in the value of our investment portfolio. However, we cannot rely wholly on the performance of our investments. This is something Ihat the trustees are always mindful of and consider each year. We are indebted to our trustees who, year-on-year. strive so very hard to help make this event take place. Mr M Owen Acting Chalrman SHROPSHIRE HORTICULTURAL SOCIETY TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees are pleased to present thelr annual report and audited financlal stalements for the yearending 30th September 2024. The financlal statements compty with requirements of the Statement of Recommended Practice 2019 and Financial Reportlng Standanjs. CHARITABLE PURPOSE, VISION ANDAIMS The Society's Charitab￿ purposes, as set out in its const*ution. are: Aim 1 To promote horticultural education by holding a Show or Shows end competitions each year, by arranging Conferences. lectures and ￿$[t$ to places of horticultural interest and by encouragin9. improNing and extending the culti￿tIon of gardens and open spaces. Aim 2 To promote and assist suc* othercharitable purposes connected ￿th horticulture as the General Comml shall from time to time detennlne. Aim 3 To promote and assist such other charitable purposes and to assist such other charftable organisations as the Society shall in like manner d8temiine (￿ether or not such other purpose or organisation5 are in connection wth hortlculture) especially if such purpose is in the Interest of the Society. The Stxiety is ¢ommftt8d to promoting horticullure arKI gardening. To this end we seek to proifjde horticultural educatlon and access to gardenlng knO￿edg8 and skills. We a￿ partlcularly committed to horticultural promsion fry young people. aiming to help school projects, to encourage and enthuse children in the skilb of gardening. In considering vAd8r donations we look to supwt local charities, wthi¢h in tum are offering support to our community li Shropshire. OUR ACHIEVEMENTS Alm 1- To promote hortlcuftural education The main focus of the Society's primary aim 1$ to organlse the annual Shrewsbury FlovRr Show%thich features fi majorfloral areas. Quary Marque& is home to exhibits of a ￿ry hlgh standard staged by professional growers and nurseries. This yearwe delighted to welcome 33 exhibitors. a mix ofretumees and new exhibitors, many ofvthom V￿re RHS gold medals winners. Outdoor Gardens this year saw the successful introduction ofthe Long Border class. We were excited to vRIcoTrE 6 exhibitors to this class, whose designs inctuded a Water gard8n and a balcony garden. Whllst this is encouraging, sadly, vrfe only had one Show Garden - it would seem the time and costs InK)l￿d in staging such dlsplays prow& prohibiti￿ to many designers. Se*m Marquee housed Amateur Growèrs, classes )Mth a large number of popular classes for Children and Societies. Displays. The marquee was also home to the National Begonia Society's National Show. There were Meet & Greet opportunities wth celebrity gardeners Camllla Bassett Smith (TV Pr8senter & Broadcastsr) and Sue Kent (TV Gardener & Broad¢ast8r). We were pleased to welcome the Heritage Seed Library to the Show. alongslde a local grower of h8ritag8 tomatoes. A number of classes were introduced this year that were staged outside Seltm Marquee. These included planting of an Accesslble 1 m x lm Raised Bed class forcare homes and the planting of an Unusual Large Contaln8r for community groups. Thes8 y￿re alongside the Allotment Society class that has be8n in place for 3 years. In addition, competitionsfor nursery, primary and secondary schoolsvRre also hdd. to act as a showcase for school gardenlng projects. SHROPSHIRE HORTICULTURAL SOCIETY TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Dingle Marquee vtss home to Floral Art classes where the flordl artistry of talented IndI￿dualS and Ilower clubs demonstrated theirskllls by (y8ating interesting and artlstic displays. Dingle Marquee suc￿SsfUllY relocated to its fomer posltlon next to Se￿rn Marquee. The marquee was ￿11 of cleler, Creati￿ and Mbrant displays, floral art Competitions, NAFAS demonstrations and a photogrdphic dlsplay of Dingle Marquee ￿1¢h includ&J displays from the past and the pnxess of getting the marquee 'Show Ready.. The Show has an established Lecture Marque8 vthere inf0mat1￿ talks, often followed ty Questlon & Answer sesslons. take place with a number of well-knowm horticulturallsts and organisations. Ihis year It featured lectures and demonstrations by NAFAS, Mark Wasilewski MBE (Manager ofthe Royal Paths), Camilla Bassett Smith and Sue Kent. In ffijrthering our commitment to makrig the Show accessibte to all and not wshing to discrimlnate against ￿SitorS with disabilities, the So¢i8ty, ￿lIst charging full admIss￿n for the indimdual, all0v￿ thelr accompanying fu114ime carer or attendant to be admitted free of Char￿ to the Show, on promsion of the supporting documenlation. A sm811 number of complimentary tidietswere also gI￿n away in support of charitable and worthy Causes. To both assist families and encourage children to attend the e￿nt. the Society contlnuesto admit children aged 15 years and under free of charge, then accompanied by a paylng adult. We are commltted to accessibifjty for local peop18, Wt)rking with traNpl prowiders to cix)rdinate their sernices for the use of people wishing to attend our Show. Many people are Gompletely unaware ofthe wluntary commitment of the Society's Genernl Committee member5, stew8rds and the many other supporters who come year after yearto ensure that the Show is $￿CeSsful and offers lue for money for our visitors. Wtsthin Shrewsbury and the wider county, the Societls efforts V￿re a¢kno￿ledged through the nomination and presentation ofthe Queen's Golden Jubllee Awmrd for ￿)luntary seThice by groups in the community in 2015. A prestigious accolade for any M)luntary organisation. Alms 2 and 3- To promote dher charltable purposes and organlsatlonsasagreed by the General Commilkne. The trustees take their responslbllity to considerdonations wlthSn the wider communlty seriously. To this end the Society has made the followng charitable donations totalling £20.500 (2023: £27,550) duriThJ the past year. £10.000- Royal Horticultural s￿Iety. to bot)st the in¢offe ralsed from the Wlsley Bursary Trust. which promdes funding towards the tralnlng costs ofa student undertaking a coutse in Hortlculture at th8 RHS College at Wisley in SU￿ey. £5.000 of the donation relates to amounts paid during the period ended 30 September 2024, that were committed to during the period ended 30 September 2023. The remaining £5,000 relales to donations committed to during the period ended 30 September 2024. £10,000- Chartered Institute of Horticulture, to co￿rthe costs of the National Finals of the Young Horticulturalist of the Year competitlon underthe auspices of the Percy Thrower Bursary. £250 - Meole Brace Garden and Allotment Society £250 - Culmington Village Hall The Iwste8s ha￿ paid due regard to guidance issued by the Ca)8rity C4)mmission in deciding ￿at actiMti8s of the charity are of a public t¢nefit. Govemance ofthe Society The Shropshire Hortlcultural Society is a registered charity. Our Charity Commlssion registered number is X11564. SHROPSHIRE HORTICULTURAL SOCIETY TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The management of the Society is the ￿spOnsIbl1￿Y of the General Committee. ￿lch is the ultiTrHte decision- making tK)dy of the Society. All members ofthe General Committee are trustees ofthe Society. The current trustees and officers of the Society are listed on the Society infonnation page. Election and apw>irknient of trustees As stated abo￿ the trustees ofthe Society are the members of the General Committee. The General Committee is made up of the President, Vice Presidents, Honorary Officers, 26 dected members and cckopted members. On third of the e18cled members shall retire each year on the day preceding the Annual Generdl Meeting but shall be eligible for re-election. The General Committee has the p￿rt0 ¢O-opI not more than 7 members to its committee until the next AGM, who shall then form part of the General Committee. Nominations forTrAcancies on the General Committee are requested through an adbertisement in the Press each year, not less than 6 weeks before the AGM. Full details of ele¢tion procedures are a￿lIable from the Society's Secretary at the registered office. All membws of the General Committee must be members of the Society, and tE eligible, under Charity law, to serv8 as a trustee. The followng Indlmduals, whilst not occupying their Toles at the date of issue. se￿d as trustees during the accounting perfod: Giles Bell Leanne Gamy Michael Mason Amanda Jones Aubrey Kirkham Pal Alexander Lyndsey O'LoughlSn Suzanna McG1￿m Hilary Flsher Kate Stephens Andy Ibbot Induction and tralnlry oftru*es The Society has establlshed induction procedures. An infomiation pack is gi*n to new trustees. This includes information on charity and twstee responsibilities togelherwth inft)rmation about the Society, its history and its plans for the fLrture, its constituts'on is induded and an explanation about howthe Society's afrdirs are conducted on a day4oday basis. New trustees meet key committee members arKI Society staff as part ofthe induction procedure. Key trustees are familiar with Gharity g0￿ManCe through other worf( that they do and they ensure that the trustee body is updated as appropriate. Management of the Society The General Committee delegates the day4(Fday manageTnènt ofthe Societyto the ExecutNe Ci)mmittee ￿lch is made up of the Chaiman and Treasurer of the General Committee and the Chaimien of all other sub-Gommittees (those subM to ensure that obtain best value, wfjth a re￿eW and re-tendering procedure for major expenses. Before the impact of in￿StMent portfolio actiiity our o)Rrall net outgoing resources amounted to £395.503 (2023: £460,414). The Society used resources durirvJ the course of the year, part ofwhich Wds fvnded from the sale of inlestmenls. Financial position at 30 Septsmber 2024 The financial position of the Society remains strong due to the prudent ￿n￿StMentS of committees pasL The ￿rfO￿lanCe of the inNestments ￿￿S encourdging duri￿ 2024 as thèy increased in ￿lue by £109,477 (2023: there was a decrease of £359,650) 0￿r the year. The detail of the activity in our portfolio is oullined in note 16 to the accounts. We continue to closely wTrth our in*stment adiisors to ensure that the Society's assets a safeguarded and perfonm in line wth the requirement for our Charitable actiiitie5. ￿lue of the quot8d In￿StmentS at 30 September 2024was £4,018.758 compared to £3.909,281 at 30 September 2023. Including our other assets and liabilities our balance sheet indicates net assets of£7.160.674 (2023: £6,897,541 }. The trustees are pleased to report that the Society still has a substantial financial sewrlty to enable us to continue to dellNer our obje¢tl%es into the future. 10- SHROPSHIRE HORTICULTURAL SOCIETY TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Reserves policy Our unrestricted general funds totsl £7,080.803 at 30 September 2024 {2023: £6.825.008). The trustees of the Society have adopted an unrestricted funds reserve pollcy based on a tsrget level of reserves, over and above that held in physical fixed assets and which will provide a substantial and secure long-term financial base for the Society's activities. To this end, the trustees consider that reseNes of £4m need to be held. This meets Ihe requirements of the Society's reserrfe policy to hold sufficient resenfes to fund two shows, to allow for a reSe￿e of £100.OOQ for capital expenditure on our properties and infrastructure and to allow for the potential deflclt on the investments of £700.000. The reserves policy also allows the Society to hold assets that are available and adequate to fulfil its continuing obligations to its objectives, the extenslon of the poliw would include the retentlon of the freehold and Inveslment property as well as the show equipment held by the Soclety Currently valued al £3,066,377 (2023: £2.857.875). The restricted fund has increased from £72,533 10 £79.871. The restrlcted fund was initially fonned as a scholarship for horticultural education in Ihe memory of the late Percy Thrower. Investment policy The Society has set out an investrnent policy, which covers our investment policy in the short term and separately considers our pollcy for medium to long-term funds. The short term can be defined as up to 2 years and commitrnent to medium- or longer-term investments should not ordinarily be made where there may be requirement for funds in this period. Our short-tenn investment policy is to invest in bank deposits, achieving an optimum rate of return at a low level of risk. Our funds invested for medium to long term are split bebNeen a fixed Interest portfolio of government stocks or equlvalent and in an equity portfolio. The split on investment between these funds Is determlned by the Investment committee during their quarterly reviews. A 20'.80 split between categories is deemed prudent. The investment oblecllve for these funds is to maximise the overall retum for the Society, taking into account both income and capital appreclallon, and commensurate with a moderate level of rlsk. The equlty element of the porffolio is to achieve a diverse spread on investments worth a limit of 10 /0 of total portfolio value in anyone holding. As pemiitted in the Society's constitution, the trustees have given the Investment manager dlscretlon to manage the portfolio and medlum- and longer-temi investments within an agreed risk profile. The investment manager reports quarterly to the Society wlth valuatlons, analysis and commentary on the portfolio. The investment committee meet the investment manager quarterfy to receive their reports and to review activity and performance to benchmark dats. SHROPSHIRE HORTICULTURAL SOCIETY TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 OUR PLANS FOR THE FUTURE We ere Currently revlèwing our future strategy In line with our Charitable Purpose of The Promotion of Horticultural Education, particulady in relation to the org8nisation of the Shrewsbury Flower Show. We will continue, by means of monetary donations, to support local horlicultural events and will also contlnue our bU￿ry programme. The bursary for a student at the RHS Garden W$ley or on anolher RHS approved course has been developed, and will benefft from financial support In 2025, as wll the Chartered Institute Of Horticulture through the Shropshire Horticultur81 Society Percy Thrower Bursary The Society contlnues to be committed to responsible govemance. As prevlously stated, we have many experienced and committed trustees wth a wide Skill base who willingly contribute their time and ski115 to the furtherance of the Charity's objectives. We have an effective decision-making structure through our committees and reporting structure. We are continuing to review our structure lo ensure that it Is fit for purpose going fO￿ard and wlll be considering any appropriate modifications to ensure that we continue to be an effective and dynamic organisation going tor4vard. The Trustees, Report was approved by the Board of Trustees on . Mr M Owen Acting chaIrn￿n For and on behalf ol the Shropshlre Hortlcuftural Soclety 12 SHROPSHIRE HORTICULTURALSOCIETY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees are responsible for preparing the Trustees. Report and the financial statements in a¢cordance with applicable law and Unlted Kingdom Accounting Stsndards (United Kingdom Generally A￿epted AcoJunting Practice). The law applicable to charities in England and Wales requires the trustees lo prepare financial statenBnts foreach ffinancial year. ￿1¢h giNe a twe and fair Mew of the state of affairs of the society arKI ofthe incoming resources and appli&*ion of resources of the society forthat year. In preparing these financial statements, the trustees are required to: - select suitable accounting polic4es and Ihen apply them consistentty; - Obse￿ the methods and principles in the Charitles SORP. - makejudgements and estlmatesthat are reasonable and prudent. - state vthether applicable accounting standards ha* been followed, subject to any matedal departures disclosed and explained in the financial statemenls", and prepare the financial statements on the going ¢oncem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping Sufficient accounting records that disckjse with reasonable a¢¢uracy time the financial P¢)Sition of the Society and enable them to ensure that the financial statements compty with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the proNisions of the trust deed. They are also responsible for safeguarding the assets of the scKlety and hence fortaking reasonable steps forthe preNEntion and detection of fraud and other Irregularities. 13- SHROPSHIRE HORTICULTURAL SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHROPSHIRE HORTICULTURAL SOCIETY Oplnlon We hav8 audlted the financial statements of Shropshire Horticultural Society (the 'Society') for the year ended 30 September 2024 which comprise the statement of financial activltlgs, the balance sheet, the ststement of cash flows and notes to the financial statements, including signlficant accounting pollc18s. The financial reporting framework that has been applied in their pr8paratlon is applicable law and United Kingdom Accounting Stsndards, in¢ludiNJ Financial Reporting Standard 102 The Financi81 Reporting Standard applicable in the UK and Republic of Ireland (Unitsd Kingdom Generally Acceptsd Accounting Practice). In our opinion, th8 ffinancial ststements: give a true and fair view of the stale of the charity's affairs as at 30 September 2024 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordanGe with United Klngdom Generally Accepted Accountlng Practice: and have been prepared in a¢¢ordance wlth th8 requirements of the Charliles Act 2011. Bas18 for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and appli¢abl8 law. Our responsibilities under those standards are further described in the Auditors respOn￿"bill￿e8 for the audit ol the financial statemenls section of our report. We are Independent of the Society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethlcal Standard. and we have fulfilled our other ethical rèsponsibilities in accordance I￿1h these requlrements. We believe that the audit evidence we have obtained is suffident and appropriate to provide a basls for our opinion. Concluslons relating to going conrArn Irb audiiing the financial ststements, we have concluded that th8 trustees. use of the going concern basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have pgrfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the Society's ability to continue as a going concem for a period of at least tsvelve months from when the financial statements are authorfsed for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concern are descrlbed in the relevant sections of tt)is report. Other Informatlon The other infomiation comprises the infomiation included in the annual report other than the financial ststements and our auditorfs report ther80n. The trustees are responsible for the other infomialion ¢ontsin8d wiihin thé annual report. Our oplnlon on the finan¢ial stal8ments does not cover the other Infomiatlon and we do not express any fo of assurance conclusion thereon. Our responsibility is to read the other infotmation and, in doing so, conslder whether the other infomiation is materially inconsistent vAth the financial statements or our knowledg8 obtained in the course of the audit. or otherwise appears to be materially misststed. If we Identify such material inconsisten¢ies or apparent materfal misstatements, we are r8quired to detemiine whether this gives rise to a material misstatement in the financial ststements themselves. If. based on the work we have performed, w8 Conclude that there Is a material misststement of this other infonnation, w8 are réqulred to report that fact. We have nothing to report In this regard. Matter8 on whlch we are required to r8POrt by oxcepllon We have nothing to report in resped of the following matters in relation to whlch the Charities (Accounts and Reports) Regulations 2008 requlre us to report to you if, in our oplnlon: the information given In the financial ststements Is inconsistent in any material respect with the trustees, report. or sulficient accounting records have not been kepL' or the financi81 statements are not in agreement with the accounting records. or we have not recelved all the infornation and explanations we require for our audlt. 14- SHROPSHIRE HORTICULTURAL SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHROPSHIRE HORTICULTURAL SOCIETY Re$pon$ibiliti88 of trustees As explained more fijlly in the statement of trustees, responsibilities. the trustees are responsibl8 for th8 preparation of the financial stat8ments and for being satisfied that they give a true and fair view, and for such intemal control as the trustees detennine is necessary to enable the prepardtion of financial statsments that are free from rnaterial misstatemen( whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the Society's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to cease operations. or have no realistic altemative bul to do so. Auditorfs responslbllities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial ststsments as a whole ar8 fre8 from material misstatement. whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurdnce but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misslatements can arise from fraud or error and are considered material If, Individually or in the aggregate, they could reasonably be expected to infiuen¢e the economic decisions of us8rs taken on the basis of these financial ststements. The extent to whlch our procedures are capable of detectlng irregularities, including fraud, Is detalled below. We identified areas of laws and r8gulatlons. where the consequenc8 of non-compliance could reasonably be expected to h8V8 a materfal effect on the financial statements. from our general commerclal and s8Ctor experience and through discussions with the Society's management. We made an assessment as to whether the Soclety a￿ adequately compliant with laws and regulations. We determined that the laws and regulations most dlrectly relevant to specific assertions in the financial statements are those relating to the reporttng frameworks - the Society's goveming document, the Charities Act (2011), The Charities Stat8m8nt of RecommerKled Practice (FRS 1021. but also the Health and Safety at Woth Act 1974, General Data Protection Regulatlon {GDPR} and Regulatory Refomi {Flr8 Safety) Order 2005. We communicated relevant laws and regulations and potential fraud risks to all engagernenl team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. We assessed the susceptibility of the financial gtstements to material misstatement, includlng how frdud might occur, by making enquiries of management and those charged with govemance. and updating our understanding of the Society's operations. financial reporting obligations and contfol environment. including around compliance with laws and regulations. We enquired of management and those charged with govemance, whether they had any knowledge of actual, suspected or alleged fraud, as well as any instances of non-compliances to the above-mentioned laws and regulations. We also inspeGted the Minutes of all managementltrust88 meetings held during the year. Audit proGedures perfomed by the engagement team included: Identifying and assessing the design effectiveness of controls Managerr￿nt has in place to prevent and detect frdud. particularfy around joumals processing- Journal entry testing. with a focus on joumals meeting our defined risk criteria based on our understanding of the business; Challenging assumptions and judgements made relating to its areas of signif￿ant 8Stimation and judgèment; Perfoming reconclllatlons of unsold tickets and m8mberships to ensure income was ¢omp18te; -15- SHROPSHIRE HORTICULTURAL SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHROPSHIRE HORTICULTURAL SOCIETY Completlon of audit procedures to ¢onclud8 on the compliance of dlsclosures In the annual report and accounts with applicable financial reporting requirements. Identifying and testing related party transactions. These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting 8 material misstatement due to fraud Is higher than the risk of not detecting one resulting from error. Detecting irregularities that resull from fraud is inherently more difficult than detecting those Ihat result from error, as fraud may involve collusion, deliberate concealment. forgery or intentional misrepresentations. Also. the further removed non-compliance wlth laws and regulallons Is from ev8nts and transactions reflected in the financial statements, the less Ilkely we would become aware of it. All team members are qualified accountants or worklng towards that qualificatlon and are considered to have sufficient knowledge and experience of entities of a similar siTr and complexity, appropriate to their role within the team We did not identlfy any audit matters relating to irregul8rltles. including fraud. A further description of our responsibilities Is available on the Financial Reporting Council's website at: https=Il www.frc.org.uklauditorsresponsibilities. Thls description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a l)ody, in accordance with part 4 of the Charities (Accounts and Reports) Regulatlons 2Q08. Our audit work has been undertaken so that we mlght stste to the Charity's trustees those matters we are required to state to them in an auditorfs 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 charity and the charity's trustees as a body, for our audlt work. for this report, or for the opinions we have fonned. Mark Grlffiths BA FCA (Senio ststutory for and on bahalf of Dyke Yaxley Limited ditor) Chartered Accountants Statutory Auditor 1 Brassey Road Old Potts Way Shrewsbury Shropshire SY3 7FA Dyke Yaxley Llmlted is eligible for appointment as auditor of the Society by virtue of Its eligibility for appointment as auditor of a charity under section 144 of the Charities Act 2011. 16- SHROPSHIRE HORTICULTURAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestrlcted RestriGtod funds funds 2024 2024 Totsl Unrestricted Reslrlcted funds funds 2023 2023 Total 2024 2023 Notes Incom¢ from: Charitable actlvltles Investrnents 467,787 261.690 467,787 263.360 454.911 286.151 454.911 287,755 1,670 Total Income 729.477 1.670 731.147 741,062 742.666 Expendlture on: Raislng funds Charltable activities 773,999 352.651 773.999 352.651 884,060 319,020 884.060 319.020 Total expendlture 1,126.650 1,126.650 1.203,080 1.203.080 Net gainsl{l¢Y6ses> on investrnents 12 652,968 5.668 658,636 (49,037) 324 (48.713) Net Incomel(expendlture) and movemont In funds 255,795 7.338 263,133 (511,055) 1,928 (509,127) Recon¢illation of funds: Fund balances at 1 Octob8r 2023 6,825,008 72,533 6,897,541 7.336,063 70,605 7.406.668 Fund balances at 30 September 2024 7.080.803 79,871 7,160.674 6,825,008 72,533 6.897.541 The statement of financial activities includes all gains and losses recc*JnFsed In the year. All income and expenditure d81iv8 from continuing a¢Uvltl8s. 17- SHROPSHIRE HORTICULTURAL SOCIETY BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Notes Flxed a880ts Tangible assets Investment properties Investments 14 15 16 265.377 2,801,1)00 4,018,758 269,475 2.588,400 3.909,281 7,085,135 6.767,156 Current assets Debtors Cash at bank and in hand 17 73,333 137.371 107.050 114.300 210.704 221.350 Croditors: amounts falllng due within one year 18 (135.165) (90,965) Net current assets 75.539 130.385 Tolal assets less current liabilities 7,160,674 6.897.541 Income fund8 Restricted funds Unrestricted funds 21 79,871 7.080,803 72.533 6,825,008 7,160,674 6,897,541 The financial statements ware approved by the Trustees on ..................... Mr M (Jven Chairman 18- SHROPSHIRE HORTICULTURAL SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Notes Cash flows from operaling actlvftle8 Cash absorbed by operations (576,848) {778,563) Investlng activities Purchase of tsngible fixed assets Purchase of investments Proceeds on disposal of investments Investment income r8ceived (12.034) (876,125) 1,187,061 287,755 (1.249.280) 1.585.839 263.360 Nèt cash generated from Investing actlvltlas 599,919 586,657 Net cash used in financlng actlvllles Net increasel{d8crease) in cash and cash equivalents 23,071 (191,906) Cash and cash equivalents at beginnlng of year 114,300 306,206 Cash and cash equlvalents at end of year 137,371 114.300 19- SHROPSHIRE HORTICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies Charlty information Shropshire Horticultural Society constitutes as a public benefit entity as defined by FRS 102. 1.1 Accounting conventlon The financial statements have been prepared in accordan￿ with the Socievs goveming document. the Charities Act 2011. FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland. rFRS 102") and the Charities SORP "Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (eff￿tlve 1 January 2019). The Society is 8 Publ Benefit Entity as defined by FRS 102. The financial ststements are prepared in sterfing, whi¢h Is the functional ¢urrency of the Soclety. Monetary amounts in these financial ststements are round8d to the nearest £. The financlal ststements have beon prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The prfnclpal accounting policies adopted are sat out below. 1.2 Going concern At the time of approving the financlal ststements, the trustees have a reasonable expectation that the Soclaty has adequate ￿sOUrCeS to continue in operational exlstence for the foreseeable future. Thus the trustees continue to adopt the golng concem basis of accounting in preparing the financlal statements. 1.3 Charltsble funds Unrestricted funds are available for use at the discretion of the trustee$ in furtherance of their charitable objectives. Restricted fvnds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1 A Income Income is recognised when the Society is legally entitled to it after any perfomance conditions have been meL the amounts can be measured reliably. and it is probable that income will be received. Cash donatlons ar8 recognised on re¢eipt. other donations are recognised once the Society has been notified of the donation, unless performance conditions require deferral of the amounl. Income tax recoverable in relation to donations received under GiftAid or doeds of covenant is re¢ognised at the time of the donation. Legacies are recognised on receipt or otherwise If the Society has been notified of an Impending distribution. the arnount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contlngent asset. Life m8mbershlp subscriptions are brought in as income in the year of recelpt. -20- SHROPSHIRE HORTICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng policies (Continued) 1.5 Expenditure Expenditure Is recognis8d once Ihere is a legal or constwctive obligation to transfer economlc benefft to a Ihird party, it is probable that a transfer of economic benefits will be required In settlement. and the amount of the obllgation can be measured reliably. Expenditure Is classlfi8d by activity. The costs of each activity are made up of the total of dlrecl costs and shared Costs, Including support Costs Involved in undertaking each activity. Dlrect costs attributsble to a single activity are allocated directly to that actlvity. Shared ¢osts whlch contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those actlvltl8s on a basis consistent wlth the use of resources. Central staff costs are allocated on the basls of time spent, and depreciation charges are allo¢ated on the portion of the asseV8 use. Expenses are recognlsod on an accruals basis. With Ihe exception of the Charitsble Gifts and Donatlons. most of the costs of the Society are incurred In staging the Show and managing the propety and investment porttollos. Other general and administratlve costs are not material. 1.6 Tanglble flxed assets Tanglble fixed assels are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impalrment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual valu8S OV8r thelr Useful lives on the following bases: Freehold land and buildings Plant and equipment Fixtu￿$ and fithngs 20 % Strarght Line 20Yo Straight Line The gain or loss arising on the disposal of an asset is detemiined as the differen¢6 be￿68n the sal8 proceeds and the canylng value of the a&8et, and is r8¢ognlsed in the ststement of financial actlvltles. No depreciation Is provided on land and buildings as the Trustees Consider that fr88hold properties are malntaln8d in such a state of repair th8t thelr resldual value is at least equal to thelr net book value. 1.7 Investment property Investment property. whi¢h is property held to eam rentals andlor for capital appreciation, Is Inltlally recognised at cost, whlch Includes the purchase cost and any directly attributable expenditur8. Subsequently it is measured at fair value at the reporting end date. The surplus or deficlt on revaluation is recognised in profft or loss. 1.8 Fixed asset Investments Flxed asset investrnents are initlally measured at transactlon pric8 excluding transaction costs, and are subsequently mèasured at fair value at each reporting date. Changes in fair value ara recognis8d in net incomel{axp8nditure} for the year. Transactlon costs are expensed as incurred. 1.9 Impairment of flxed assets At each reporknng end date. the Society reviews the carying amounts of its tangible assets to detem)ine whether there is any indlcatlon that those assets have suffered an impaimient loss. If any such indi¢ation exists, the recoverable amount of the asset is estimated in order to deterrnine the extent of the impainnent loss (if any). 21 SHROPSHIRE HORTICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng pollcles {Continuèd) 1.10 Cash and ca8h equivalents Cash and cash equiv81ents include cash in hand. deposits held at call with banks, i)ther short-tern liquid investments with original maturities of three months or18ss. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Financial instruments The Society has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Seclion 12 'Other Financial Instruments Issues, of FRS 102 to all of sts finanual instruments. FinanThal instruments are recognised in the Society's balan￿ sheet whan the Society becomes party to the contractual provisions of the instrument. Financial assets and liabilities ar8 offset. with the net amounts presented in the financial ststements, when th8r8 is a legally enforceable right to set off the re¢ognised amounts and there Is an intention to settle on a net basis or to realise th8 asset and settle Ihe liablllty simultsneously. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's Se￿ICe$ are received. Temilnation benefits are recognised Immediately as an expense when the Society is d8monstrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Retiremènt beneflts Payments to defined contribution retirement benefft schemes arè charged as an expense as they fall du8. Crlllcal accountlng estimate8 and judgements In the application of the Society'5 a¢￿UntIng policies, the trustees are required to make judgements. estirnat8s and assLtmptions about the carrying amount of assets and liabilities that are not readily apparent from other SoUr￿s. 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 estimatss. The estimates and underfying assumptions are revi8wed on an ongoing basis. Revisions to accounting estimates are recognis8d in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Crltlcal Judgements Investment property valuatlon The investment property values are based upon valuations carried out by Halls Commercial Property Valuers who are independent to the Society. These valuations are carriad out using market data for the types of propety in question. -22- SHROPSHIRE HORTICULTURAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income from charltable activltles Unr88trictad funds 2024 Unrestrfcted funds 2023 S