ANGLESEY AGRICULTURAL SOCIETY
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
COMPANY NUMBER 01490593 CHARITY NUMBER 510048
I. G. JONES & CO Chartered Accountants 10A High Street LLANGEFNI
ANGLESEY AGRICULTURAL SOCIETY
COMPANY / CHARITY DETAILS
Name – Anglesey Agricultural Society (a company limited by guarantee)
Charity Number – 510048 Company Number – 01490593 Principal Office – Ty Glyn Williams, Maes Sioe Môn, Gwalchmai
Administrator – Aled W Hughes (to December 2020)
Auditors – I G Jones & Co, 10A High Street, Llangefni
ANGLESEY AGRICULTURAL SOCIETY
REPORT OF THE TRUSTEES / DIRECTORS AND COUNCIL FOR THE YEAR ENDED 31 OCTOBER 2020
The Trustees / Directors and Council present their report and accounts for the year ended 31 October 2020.
OBJECTIVES AND ACTIVITIES
The object of the Society is the promotion of agriculture in Anglesey, and its principal activity and public benefit is the running of the annual Anglesey Show.
ACHIEVEMENTS AND PERFORMANCE
The Anglesey Show which was to be held in August 2020 had to be cancelled due to the Covid-19 pandemic. The Society has made efforts to limit the losses arising and restructure in order to again hold successful shows in the future.
FINANCIAL REVIEW
The results of the year are shown in the following accounts.
The Council has identified the major risks to which the Society is exposed, and has wherever possible established systems to mitigate those risks.
At 31 October 2020 the Society’s unrestricted funds amounted to £806448, but none of this freely available as it is fully invested in fixed assets. The Trustees / Directors intend to build up free Reserves as soon as circumstances allow.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Society is a company limited by guarantee and is governed in accordance with its Memorandum and Articles of Association. It is managed by its Council, the members of which are elected by rotation at the AGM and who, during the year ended 31 October 2020, were as follows -
President: J G Jones Esq President Elect: O W Williams Esq Immediate Past President: I J Williams Esq
Chair: P W Williams Esq Vice Chair: R M Roberts Esq Immediate Past Chair: H E Roberts Esq
Honorary Director: M W Evans BVet. Med, MRCVS Honorary Deputy Director: E W Hughes Esq
Honorary Treasurer: Dr E T Jones Honorary Deputy Treasurer: Miss B M Williams
Honorary Legal Advisor: H Redvers Jones F.Inst.L.Ex (R Gordon Roberts Laurie & Co)
ANGLESEY AGRICULTURAL SOCIETY
REPORT OF THE TRUSTEES / DIRECTORS AND COUNCIL FOR THE YEAR ENDED 31 OCTOBER 2020
(CONTINUED)
| Mr J T Astley | Mr J Bowles | Mrs M D Bridle | Mr J A Bridle |
|---|---|---|---|
| Mr M W Chapman | Mr R Richards | Miss L M Williams | Mr Dylan Evans |
| Miss J Percival | Mrs E Edwards | Mr J M Humphreys | Cllr K P Hughes |
| Mr T Hughes | Mr R I Humphreys | Ms C Jones | Miss E C Cox |
| Mr D G Jones FRAgS | Mr K W Jones | Mr O Lloyd-Jones | Mr H G Jones |
| Mrs E W Jones | Mr I P Williams | Mr J V Jones | Mr J O Jones |
| Mr W M Jones | Mr W T Jones FRAgS | Mr R J Williams | Mr G Thomas |
| Mrs G Owen | Mr G W Roberts | Mr R I Owen MBE | Mr A Roberts |
| Mr W H Roberts | Mrs I Ponsonby | Miss E H Griffith | Miss S P Roberts |
| Mr T J Rowlands JP, BSc | Mrs V W Rowlands | Miss M J Jones | Mrs E A Jones |
| Mr A Williams | Miss B Williams | Miss E W Williams | Mrs C Parry |
| I J Williams Esq | Mrs I L Williams | Mr A M Carlisle | Miss N G Williams |
| Mr O W Williams | Mr R G Williams JP | Miss N M Williams | Miss A M Jones |
| Miss M Rh Parry | Mr W Roberts | Mr W R Williams JP, | |
| NDA, CDFM, FRAgS |
Ambassador: C A Owen (non-voting)
The Society’s obligations as a Charity / Company are overseen by its Trustees / Directors, who during the year ended 31 October 2020 were as follows –
Mr M W Evans BVet. Med, MRCVS Mr E W Hughes Dr E T Jones Mr P W Williams Mr R M Roberts H Redvers Jones FlnstLEx Mr H E Roberts
The day-to-day running of the Society and the Show was carried out by its full-time Administrator, Aled Hughes. Regretfully due to the pandemic and the resultant financial situation, the Society had to make Aled redundant from December 2020. The Trustees/Directors thank him for his long and dedicated service and wish him well.
SMALL COMPANY EXEMPTION
In preparing this report the Council has taken advantage of the special exemptions applicable to small companies.
STATEMENT OF TRUSTEES' / DIRECTORS’ RESPONSIBILITIES
The trustees (who are also directors of Anglesey Agricultural Society for the purposes of company law) are responsible for preparing the trustees’ report (incorporating the directors’ report) and the financial statements in accordance with 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).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
ANGLESEY AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL AND TRUSTEES / DIRECTORS FOR THE YEAR ENDED 31 OCTOBER 2020 (CONTINUED)
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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There is no relevant audit information of which the charitable company’s auditors are unaware; and
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The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
ON BEHALF OF THE COUNCIL
M W Evans (Honorary Director)
.....................................................................
Registered Office: Ty Glyn Williams Maes Sioe Môn Gwalchmai
5 February 2021
ANGLESEY AGRICULTURAL SOCIETY
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ANGLESEY AGRICULTURAL SOCIETY
Opinion
We have audited the financial statements of Anglesey Agricultural Society for the year ended 31 October 2020 which comprise the Statement of Financial Activities (including Income and Expenditure Account), the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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Give a true and fair view of the state of the Charity’s affairs as at 31 October 2020 and of its income and expenditure for the year then ended;
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Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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Have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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The trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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The trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our Auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
ANGLESEY AGRICULTURAL SOCIETY
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ANGLESEY AGRICULTURAL SOCIETY (CONTINUED)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
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We have nothing to report in respect of the following matters in relation to which the Companies Act
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2006 requires us to report to you if, in our opinion: • Adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
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The financial statements are not in agreement with the accounting records and returns;
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Certain disclosures of trustees’ remuneration specified by law are not made; or
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We have not obtained all the information and explanations necessary for the purposes of our audit.
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The directors were not entitled to prepare the financial statements in accordance with the small companies regime.
Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement set out in the Trustees’ Report, the trustees 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 they 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 Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually, or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 Auditor’s report.
Use of our report
This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as body, for our audit work, for this report, or for the opinions we have formed.
Dafydd Jones FCA, Senior Statutory Auditor For and on behalf of I. G. Jones & Co Chartered Accountants Statutory Auditors 10A High Street LLANGEFNI
5 February 2021
ANGLESEY AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2020
| TOTAL 2019 £ 3002 386850 66168 21 456041 3586 493177 50 496813 (40772) --- (40772) 1037979 997207 |
RESTRICTED UNRESTRICTED Note FUNDS FUNDS TOTAL £ £ £ INCOME Donations --- 7263 7263 Charitable activities 1 --- 63876 63876 Other activities --- 39439 39439 Other Receipts --- 6 6 TOTAL INCOME 0 110584 110584 EXPENDITURE Raising funds --- --- --- Charitable and other activities 2 --- 173410 173410 Other --- 120 120 TOTAL EXPENDITURE --- 173530 173530 NET INCOME / (EXPENDITURE) 0 (62946) (62946) Transfer between funds 1 (11701) 11701 --- NET MOVEMENT IN FUNDS (11701) (51245) (62946) Total funds brought forward 139514 857693 997207 TOTAL FUNDS CARRIED FORWARD 127813 806448 934261 |
|---|---|
ANGLESEY AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) AS AT 31 OCTOBER 2020
| 2019 £ 1159949 2750 40053 2654 45457 21482 96401 9455 127338 (81881) (80861) 997207 997207 |
2020 Note £ Fixed Assets Tangible Assets 5 1137149 Current Assets Stock on Hand 4650 Sundry Debtors and Prepayments 6 17270 Cash at Bank 5027 26947 Creditors: Amounts Falling Due Within One Year Creditors 7 43751 Bank Overdraft 8 101324 Bank Loan 8 9455 154530 Net Current Assets / (Liabilities) (127583) Creditors: Amounts Falling Due After One Year Bank Loan 8 (75305) 934261 Funded by: Accumulated Funds 9 934261 |
|---|---|
The accounts are prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Charities Statement of Recommended Practice (FRS 102).
APPROVED BY THE BOARD OF DIRECTORS -
M W Evans (Honorary Director)
P W Williams (Chair)
5 February 2021
Company N[o] : 01490593
ANGLESEY AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
1. Accounting Policies
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(a) These financial statements are prepared for the year ended 31 October 2020; comparative figures refer to the year ended 31 October 2019.
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(b) The accounts have been prepared under the historical cost convention, and also in accordance with FRS 102 Section 1A, the Charities Statement of Recommended Practice (FRS 102), and the Companies Act 2006.
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(c) Both Incoming Resources and Resources Expended are included in the Statement of Financial Activities on an accrual basis and are shown net of VAT. Grants receivable towards specific projects are treated as Restricted Income. Where the grants are spent on revenue items, the amount of grant relating to this expenditure is transferred from the Restricted Income Fund to the Unrestricted Fund, where the expenditure is charged. Where the grants are spent on capital items this expenditure is capitalised as Fixed Assets, and funds are transferred from the Restricted Income Fund to the Unrestricted Income Fund in accordance with the depreciation policy applying to those fixed assets.
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(d) Fixed Assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life -
| Pafiliwn Môn | 2% straight line |
|---|---|
| Improvements to Other Buildings | 2% straight line |
| Show Equipment | 25% reducing balance |
| Office Equipment | 25% reducing balance |
| Cups and Trophies | 10% reducing balance |
| Solar Panels | 4% straight line |
- (e) The company pays into a Defined Contribution pension scheme under the auto-enrolment regulations. Contributions are charged in the Income and Expenditure account when they become payable.
2. Statement of Financial Activities / Income and Expenditure Account
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(a) There are no recognised gains or losses other than as disclosed in the Income and Expenditure Account and there have been no discontinued activities or acquisitions in the current or preceding accounting period.
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(b) Charitable Expenditure includes –
| Depreciation Auditors' remuneration Trustees’ remuneration Trustees’ expenses |
2020 £ 24110 2000 NIL NIL |
2019 £ 28891 2850 NIL NIL |
|---|---|---|
The Administrator, who was a full-time paid employee, was an Official but not a Trustee of the Society.
- Staff Costs
| Average number of employees - Administration Staff Salaries £ Employees whose emoluments exceed £60000 |
2020 2 51371 £ NIL |
2019 2 63708 NIL |
|---|---|---|
ANGLESEY AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 (CONTINUED)
4. Taxation
The society does not pay Corporation Tax on its activities as it is a Charity and uses all its income and gains for charitable purposes.
5. Tangible Fixed Assets
| Tangible Fixed Assets | ||||||
|---|---|---|---|---|---|---|
| COST As at 1 November 2019 Additions As at 31 October 2020 DEPRECIATION As at 1 November 2019 Charge for the Year As at 31 October 2020 NET BOOK VALUE As at 31 October 2020 £ As at 31 October 2019 £ |
Freehold Show and Land and Office Buildings Equipment 1118612 253970 --- 1310 1118612 255280 47061 192685 7032 15649 54093 208334 1064519 £ 46946 £ 1071551 £ 61285 £ |
Cups and Trophies 607 --- 607 541 6 547 60 £ 66 £ |
Solar Panels Total 35585 1408774 --- 1310 35585 1410084 8538 248825 1423 24110 9961 272935 25624 £ 1137149 27047 £ 1159949 |
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For further information the additions were as follows -
Equipment
CCTV
| 1310 | |
|---|---|
| £ | 1310 |
The Trustees are of the opinion that the net book value of Land and Buildings does not exceed its open market value at the balance sheet date.
Grants received in relation to the Old Pavilion Extension, are accounted for as Restricted Income.
ANGLESEY AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 (CONTINUED)
| 6. 7. |
Debtors and Prepayments Show and Showground Debtors Prepayments Grants VAT £ Creditors Trade Creditors Employment Costs Deferred Income £ |
2020 3563 9202 3784 721 17270 £ 2020 4557 19599 19595 43751 £ |
2019 15280 10013 9689 5071 |
|
|---|---|---|---|---|
| 40053 | ||||
| 2019 13413 701 7368 |
||||
| 21482 |
Deferred Income comprises Winter Show income £780, Hire of Showground £950, and Show income £17865 (2019: Winter Show income £3418 and Hire of Showground £3950).
8. Bank Overdraft and Loan
The overdraft and loan are secured by legal charge over the Society's freehold land and buildings. The loan is repayable over a period of 9 years from 2017.
9. Accumulated Funds
| Balance as at 1 November 2019 Surplus / (deficit) of Income over Expenditure Transfers between Funds Balance as at 31 October 2020 |
Winter Restricted Main Fair Fund Fund Fund Total 139514 856415 1278 997207 --- (63690) 744 (62946) (11701) 11701 --- --- 127813 £ 804426 £ 2022 £ 934261 |
|---|---|
The restricted fund represents grants received towards the further development of the Old Pavilion. All other funds are unrestricted funds.
10. Limited by Guarantee
The Society is limited by guarantee.
ANGLESEY AGRICULTURAL SOCIETY
SHOW INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2020
| 2019 £ 146182 20593 117075 1422 12374 42825 6211 346682 25046 8491 21 44207 17397 --- 11303 4564 2896 113925 460607 36206 496813 |
2020 £ INCOME Showground Receipts Admission --- Sponsorship --- Trade Exhibits --- Hire of Equipment and Stables to --- Traders and Competitors Entry Fees --- Catering and Other Concessions --- Winter Show Income 7025 7025 Other Receipts Subscriptions 12101 Donations and Fundraising Events 11031 Bank Interest Received 6 Hire of Showground and Pafiliwn Môn 17306 Grazing Rents 17397 Coronavirus Grants 40249 Other Grants 9606 Solar Panel FIT 4736 Miscellaneous Receipts 2828 115260 122285 Excess of Expenditure over Income 51245 173530 |
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ANGLESEY AGRICULTURAL SOCIETY
SHOW INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2020
| 2019 £ 137033 40800 47910 18090 3353 5751 11993 12316 32877 10440 1121 --- 28891 6521 357096 59788 --- 3920 744 10004 7456 4421 1732 14616 2850 228 2000 11896 880 8853 50 5228 3586 1465 139717 496813 |
2020 £ EXPENDITURE Showground Expenses Equipment Hire and Setting Up 502 Gate and Car Park Attendants and Security --- Maintenance of Showground 19871 Refreshments --- Judges' Fees and Expenses --- Rosettes, Badges and Certificates 273 Advertising 1904 Insurances 8527 Prizes 350 Special Attractions and Demonstrations --- Licences and Levies 1151 Cancellation Charges 833 Depreciation 24110 Winter Show Expenditure 6281 63802 Administration Expenses Administration Salaries 51371 Redundancy Provision 16140 Clerical Assistance --- Officials Travelling Expenses 263 Printing and Stationery 5032 Postages and Sundries 2505 Telephone 5443 Subscriptions to Other Societies 1116 Marketing and Promotion 9427 Accountancy and Audit Fees 2000 Legal and Consultancy --- Health and Safety Appraisal --- Bank Charges and Interest 10778 Office Heating --- Computer Costs 4539 Donations 120 Provision for Bad Debts 645 Fundraising Events --- Miscellaneous Expenses 349 109728 173530 |
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