ANGLESEY AGRICULTURAL SOCIETY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 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 Company Secretary/Development Officer – Miss Cain Angharad Owen Reporting Accountants – I G Jones & Co, 10A High Street, Llangefni
ANGLESEY AGRICULTURAL SOCIETY
REPORT OF THE TRUSTEES / DIRECTORS AND COUNCIL FOR THE YEAR ENDED 31 OCTOBER 2023
The Trustees / Directors and Council present their report and accounts for the year ended 31 October 2023.
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 was held successfully in August 2023 and attracted a wide audience of locals and visitors from both agricultural and non-agricultural backgrounds. The Society continued its grant-aided development of the Showground.
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 2023 the Society’s unrestricted funds amounted to £1257110, £1021600 of which is invested in fixed assets and £200000 being designated for repairs, leaving free reserves of £25510. The Trustees/Directors consider that reserves of at least this amount are required to safeguard against unforeseen circumstances.
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.
The Society’s obligations as a Charity are overseen by its Trustees who during the year ended 31 October 2023 were as follows –
P W Williams J Aled Roberts E W Hughes J M Humphreys H Redvers Jones Mrs E W Jones
ANGLESEY AGRICULTURAL SOCIETY
REPORT OF THE TRUSTEES / DIRECTORS AND COUNCIL FOR THE YEAR ENDED 31 OCTOBER 2023 (CONTINUED)
and as a Company by its Officers who during the year ended 31 October 2023 were as follows –
Miss Cain Angharad Owen (Company Secretary) Peter Williams (Director) Aled Roberts (Director) Emyr W Hughes (Director) H Redvers Jones (Director) Miss Enid M Williams (Director)
The day-to-day running of the Society and the Show is carried out by its full-time Company Secretary/ Development Officer Miss Cain A Owen.
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
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
ANGLESEY AGRICULTURAL SOCIETY
REPORT OF THE COUNCIL AND TRUSTEES / DIRECTORS FOR THE YEAR ENDED 31 OCTOBER 2023 (CONTINUED)
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
Enid M Williams (Honorary Deputy Director)
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Registered Office: Ty Glyn Williams Maes Sioe Môn Gwalchmai
7 February 2024
ANGLESEY AGRICULTURAL SOCIETY
INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF ANGLESEY AGRICULTURAL SOCIETY
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 October 2023 which are set out on following pages.
Responsibilities and basis of report
As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s report
I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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(1) accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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(2) the accounts do not accord with those accounting records; or
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(3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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(4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended practice for accounting and reporting by charities.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Dafydd Jones FCA I. G. Jones & Co Chartered Accountants and Reporting Accountants 10A High Street LLANGEFNI
7 February 2024
ANGLESEY AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2023
| TOTAL 2022 £ 8631 436433 92797 5 537866 2585 313836 --- 316421 221445 --- 221445 1005240 1226685 |
RESTRICTED UNRESTRICTED Note FUNDS FUNDS TOTAL £ £ £ INCOME Donations --- 3700 3700 Charitable activities 1 --- 466904 466904 Other activities --- 82913 82913 Interest received --- 59 59 TOTAL INCOME --- 553576 553576 EXPENDITURE Raising funds --- 354 354 Charitable and other activities 2 --- 417360 417360 Other --- --- --- TOTAL EXPENDITURE --- 417714 417714 NET INCOME / (EXPENDITURE) --- 135862 135862 Transfer between funds 1 (6663) 6663 --- NET MOVEMENT IN FUNDS (6663) 142525 135862 Total funds brought forward 112100 1114585 1226685 TOTAL FUNDS CARRIED FORWARD 105437 1257110 1362547 |
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ANGLESEY AGRICULTURAL SOCIETY
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) AS AT 31 OCTOBER 2023
| 2022 £ 1099649 1250 8515 270934 280699 41869 --- 20723 62592 218107 (91071) 1226685 1226685 |
2023 Note £ Fixed Assets Tangible Assets 5 1127037 Current Assets Stock on Hand 2150 Sundry Debtors and Prepayments 6 37378 Cash at Bank 324619 364147 Creditors: Amounts Falling Due Within One Year Creditors 7 31790 Bank Overdraft 8 1181 Bank Loan 8 22067 55038 Net Current Assets / (Liabilities) 309109 Creditors: Amounts Falling Due After One Year Bank Loan 8 (73599) 1362547 Funded by: Accumulated Funds 9 1362547 |
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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). For the year ended 31 October 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 and the Charities Act 2011 relating to small companies and charities. The members have not required the company to obtain an audit of its accounts for the year and the directors acknowledge their responsibilities for complying with the requirements of the Acts with respect to accounting records and the preparation of accounts.
APPROVED BY THE BOARD OF DIRECTORS - E W Hughes (Honorary Deputy Director)
J A Roberts (Chair)
7 February 2024
ANGLESEY AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
1. Accounting Policies
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(a) These financial statements are prepared for the year ended 31 October 2023; comparative figures refer to the year ended 31 October 2022.
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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 paid into a Defined Contribution pension scheme under the auto-enrolment regulations. Contributions were 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 –
| 3. | Depreciation Trustees’ remuneration Trustees’ expenses Staff Costs Average number of employees - Administration Staff Costs £ |
2023 £ 19012 NIL NIL 2023 1 40151 £ |
2022 £ 17302 NIL NIL 2022 1 28621 |
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ANGLESEY AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 (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
| 5.Tangible Fixed Assets | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Freehold | Show and | |||||||||
| Land and | Office | Cups and | ||||||||
| Buildings | Equipment | Trophies | Solar Panels | Total | ||||||
| COST | ||||||||||
| As at 1 November 2022 | 1118612 | 255280 | 607 | 35585 | 1410084 | |||||
| Additions | 37400 | 9000 | --- | --- | 46400 | |||||
| As at 31 October 2023 | 1156012 | 264280 | 607 | 35585 | 1456484 | |||||
| DEPRECIATION | ||||||||||
| As at 1 November 2022 | 68216 | 228853 | 559 | 12807 | 310435 | |||||
| Charge for the Year | 8922 | 8662 | 5 | 1423 | 19012 | |||||
| As at 31 October 2023 | 77138 | 237515 | 564 | 14230 | 329447 | |||||
| NET BOOK VALUE | ||||||||||
| As at 31 October 2023 | £1078874 | £26765 | £43 | £21355 | £1127037 | |||||
| As at 31 October 2022 | £1050416 | £26427 | £48 | £22778 | £1099669 | |||||
| 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. | |||||||||
| 6. Debtors and Prepayments |
2023 | 2022 | ||||||||
| Show and Showground Debtors | 16063 | 7240 | ||||||||
| Prepayments | 1607 | 1275 | ||||||||
| Grants | 19708 | --- | ||||||||
| VAT | --- | --- | ||||||||
| £ | 37378 | £ | 8515 |
ANGLESEY AGRICULTURAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 (CONTINUED)
7.
| Creditors | 2023 | 2022 | ||
|---|---|---|---|---|
| Trade Creditors | 11057 | 15008 | ||
| Employment Costs | 5919 | 2835 | ||
| Deferred Income | 5840 | 2816 | ||
| VAT | 8974 | 21210 | ||
| £ | 31790 | £ | 41869 |
Deferred Income comprises Winter Show income £4691 and President's Dinner £1149
8. Bank Overdraft and Loan
The overdraft and loan are secured by legal charge over the Society's freehold land and buildings.
The loans are repayable by 2027.
9. Accumulated Funds
| Balance as at 1 November 2022 Surplus / (deficit) of Income over Expenditure Transfers betw een Funds Balance as at 31 October 2023 |
Restricted Fund 112100 --- (6663) 105437 £ |
Main Fund 1103662 129815 6663 1240140 £ |
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The restricted fund represents grants received tow ards the further development of the Old Pavilion.
10. Limited by Guarantee
The Society is limited by guarantee.
ANGLESEY AGRICULTURAL SOCIETY
SHOW INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023
| 2022 £ 211360 33181 97112 14874 28973 13195 398695 17385 14411 5 70136 17397 19535 5264 2417 146550 |
INCOME Showground Receipts Admission 204521 Sponsorship 38455 Trade Exhibits 107444 Entry Fees 14849 Catering and Other Concessions 42764 Winter Show Income 13674 Other Receipts Subscriptions 19209 Donations and Fundraising Events 6054 Bank Interest Received 59 Hire of Showground and Pafiliwn Môn 64298 Grazing Rents 17397 Other Grants 17056 Solar Panel FIT 1218 Miscellaneous Receipts 1733 |
2023 £ 421707 127024 |
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548731
545245
ANGLESEY AGRICULTURAL SOCIETY
SHOW INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023
| 2022 £ 156204 36034 10186 1320 991 6649 15133 2464 1497 17302 4324 252104 28621 5548 2323 3402 351 3821 1875 11824 2882 274 781 2585 30 64317 316421 228824 545245 |
2023 £ EXPENDITURE Showground Expenses Equipment Hire and Setting Up 205181 Maintenance and Services 62102 Rosettes, Badges and Judges 7528 Attractions 10290 Advertising 125 Insurances 7423 Prizes 17408 Licences and Levies 4927 Sundry Expenses 2806 Depreciation 19012 Winter Show Expenditure 7627 344429 Administration Expenses Administration Salaries 40151 Printing and Stationery 6140 Postages and Sundries 4171 Telephone 4104 Subscriptions to Other Societies 1062 Marketing and Promotion 3296 Accountancy Fees 1975 Bank Charges and Interest 9733 Computer Costs 1151 Donations --- Provision for Bad Debts --- Fundraising Events 354 Miscellaneous Expenses 1148 73285 417714 Surplus of Income over Expenditure 142525 560239 |
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