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2021-06-30-accounts

Registered number: 01716766 Charity number: 514080

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Society 2
Trustees 1
Trustees' Report 3 - 9
Independent Auditors' Report on the Financial Statements 10 - 14
Consolidated Statement of Financial Activities 15 - 16
Consolidated Balance Sheet 17 - 18
Society Balance Sheet 19 - 20
Consolidated Statement of Cash Flows 21
Notes to the Financial Statements 22 - 41

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021

President for the Year Ending 30 June 2021:

Professor Edward Peck CBE DL FAcSS PhD

Deputy President: Immediate Past President:

Mr Pat White

Mr William Parente CBE DL

Patrons:

Mrs J Farr MBE DL JP Hon DLitt Mr R M Stevenson OBE DL Hon LLD Hon MA

Chairman of the Council 2020/21:

Mr R Jackson

Vice Chairman of the Council 2020/21:

Mr C I Applewhite

Elected Members of the Council:

Mr A D Allen Mrs A R Gascoine FRICS FLAA Mr R E Pykett Mr C I Applewhite Mr C R Hall FRICS FAAV Mr F A Reynolds MBE Mr A Aspbury Mrs S Hallam Mr D Rhodes Mrs M Brown Mrs A Hardstaff Prof J Saint OBE DL Mr J P Brydon Mr R Jackson Mr R A Sheldon Mr J N Clarke MBE Mr B Knowles Mr R H Sheldon MBE Mrs C Cree Mr D M Lambert Mr C A Strawson Mr N L Crockford Mrs E Lambert Mrs C M Thomas Mrs R Crowe Mr C S Lawrence Mr C White Mrs J Davies Col R Merryweather TD DL Mr C Wright Mr E Ellison Lady Helen Nall Mr T Farr Mr D Pick

Page 1

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY FOR THE YEAR ENDED 30 JUNE 2021

Company Registered
Number 01716766
Charity Registered
Number 514080
Registered Office The Showground
Winthorpe
Newark
Notts
NG24 2NY
Company Secretary Mr S Eccleston
Chief Executive Officer Mr S Eccleston
Independent Auditors Streets Audit LLP
Chartered Accountants and Statutory Auditor
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
Bankers Barclays Bank Plc
Leicester
LE87 2BB
Solicitors Tallents Solicitors
3 Middlegate
Newark
Notts
NG24 1AQ
Investment Fund Brewin Dolphin Ltd
Managers 1st Floor
Waterfront House
Waterfront Plaza
Nottingham
NG2 3DQ

Page 2

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021

The Council has pleasure in presenting its annual trustees' report together with the audited financial statements of the Newark & Nottinghamshire Agricultural Society ("the Society") and its wholly-owned subsidiary NNAS (Trading) Limited ("the Subsidiary") for the year ended 30 June 2021.

The Council members are directors of the Society for the purposes of the Companies Act 2006 and trustees of the Society for the purposes of the Charities Act 2011 and confirm that the financial statements comply with the current statutory requirements, the requirements of the governing documents of the Society and the Subsidiary ("the Group") and the provisions of the Statement of Recommended Practice (SORP).

Since the Group qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

OBJECTIVES AND ACTIVITIES

POLICIES AND OBJECTIVES

The principal objective of the Society is to promote agriculture and the agricultural industry including all branches of agriculture and education and to encourage expertise and skills in the industry as well as all trades, crafts and professions associated with it.

The Council is aware of the need for the Society to provide public benefit and has paid due regard to the guidance on public benefit issued by the Charity Commission. The Council considers that the activities which it undertakes, summarised in the following paragraphs, fulfil this requirement.

ACTIVITIES FOR ACHIEVING OBJECTIVES

The Society organises three annual agricultural shows and periodically an agricultural shows conference:

It offers education and personal development grants, apprenticeships and traineeships to individuals and organisations that are directly involved in or pursuing its charitable objectives; to promote agriculture and associated industry. Funding help and practical assistance has been given to Nottinghamshire Rural Support (NRS) and Nottinghamshire Federation of Young Farmers’ Clubs, whose office is on Newark Showground. Service to Agriculture is recognised by medals and a separate Long Service (Single Farm) Award, presented annually.

The Society’s Local Shows Conference is accredited as the Central Region event for the Association of Show and Agricultural Organisations (ASAO). It is held specifically to support fellow agricultural shows and societies, which are often run by unpaid volunteers, but who still carry the same responsibilities as major societies. The conference is a valuable exchange of current best practice and many issues of direct relevance to the industry.

Education is an integral part of promoting agriculture. This is carried out by staff and volunteers with the twin aims of education and driving attendance to Society activities, through talks, competitions, partnerships, demonstrations, networking and planning future activities both on and off site.

Newark Showground is wholly owned by the Society. The Showground is let on a commercial basis to the Society’s subsidiary trading company which in turn hires the venue to other organisations and provides services such as catering. The excess income gained from trading is paid by Gift Aid to the parent charity. This income and that from membership subscriptions, rents and investment income, is used to support the activities undertaken by the Society to achieve its charitable objectives.

Page 3

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

ACHIEVEMENTS AND PERFORMANCE

REVIEW OF ACTIVITIES

Nottinghamshire County Show. The Annual County Show is one of the main purposes of the Society. It provides an opportunity for the agricultural community and the public in general to participate and engage with livestock, rural crafts, farriery, equestrianism, floral art, music, poultry, countryside pursuits, British and local food, related trade stands and to see agricultural machinery both vintage and modern. It incorporates many county organisations such as the Notts Women’s Institutes, county and district councils, Notts Group of the National Vintage Tractor and Engine Club, Notts Federation of Young Farmers Clubs, local sports and interest groups. Many hundreds of volunteers from the President to stewards and staff combine to lay on this key event in the county’s agricultural and social calendar. The County Show is constantly reviewed and assessed to keep the show relevant to the public and in line with the Society’s charitable purpose.

Newark Vintage Tractor & Heritage Show. Since inception in 2003, the Vintage Tractor and Heritage Show has become a well established and highly popular, niche event attracting international support. It is the largest and finest of its type in the UK and further underpins the charity’s mission. It enjoys significant club, volunteer and enthusiast support.

Midlands Machinery Show. The Society organises this specialist Business to Business (B2B) agricultural machinery event annually. It is now firmly in the agricultural machinery show calendar. It permits reciprocal support for the industry by providing a regionally based forum, for agricultural businesses and suppliers, to interact directly with farmers, employees and contractors and also through the various apprenticeship grants which are awarded at the show.

Due to the COVID 19 pandemic and continued nationwide restrictions, the Society was unable to run the Newark Vintage Tractor & Heritage Show and the Midlands Machinery Show in November 2020 and the Nottinghamshire County Show in May 2021. The difficult decisions to cancel each of the Shows was reflective of the Society’s support of policy and actions to ensure the safety of visitors and was in line with other major events planned to be held in other areas of the country. The decisions were taken in sufficient time to mitigate much of the expenditure involved and full refunds were made for all tickets, entries, trade stands and other associated receipts.

The Society remains determined to host these events again in November 2021 and May 2022 and has continued to plan and implement changes and enhancements to the Shows in order to ensure their successful re-introduction and operation. In support of this, and its other areas of operation, the Trustees undertook a detailed review, in conjunction with a wide range of stakeholders, of the strategic objectives of the Society within its core aims. This has clarified its medium-term remit and priorities and will assist in focusing plans and activities towards achieving the widest benefit. The County Show, in particular, has undergone a fundamental review including its format, operation and focus and the 2022 Show promises to be a busy and exiting event, relevant to the rural and wider community and championing agriculture in all its aspects.

Educational Activity. In support of the Society and its mission, proactive educational activity at the Society’s shows and throughout the year helps to make many new contacts and promote our events. Education includes delivering talks and lessons, topics such as the importance of high standards within the industry, eating seasonal and local food, low food miles, sustainability, careers in agriculture, job placements and many projects which local schools and organisations can undertake. Direct engagement has been very much restricted during the period but communication and planning continues and activity will be re-engaged as opportunity permits.

Page 4

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Other Support. The Newark & Nottinghamshire Agricultural Society is home to the secretariat of Nottinghamshire Federation of Young Farmers’ Clubs. The Society sponsors four Further Education prizes at Nottingham Trent University, has donated support to the Nottinghamshire Rural Support Network and assists various fellow Nottinghamshire agricultural charities by free loan of equipment for their shows. It also offers Nottinghamshire students of agriculture, educational and personal development grants, in addition to the apprenticeships. This support has continued where appropriate throughout the year and has been well received by the organisations and individuals involved.

Trading Activity. The Society owns its flexible and popular 120 acre site, freehold. Trading, which is focussed on facility hire and catering, is carried out under the auspices of NNAS (Trading) Limited, the Society's wholly owned subsidiary. The Society continues to invest in its facilities to retain and improve standards and cut costs at its agricultural shows. Trading surpluses are donated to the parent charity through the Gift Aid scheme and this helps to fund the Society and its activities. Effectively working its assets permits the Society to be in control of its facility and delivery standards and to better determine its future.

Trading activity and revenues continued to be significantly reduced in comparison to previous years due to the effects of the pandemic. A large element of the Society’s income is generated directly or indirectly through leisure and hospitality and so there continued to be a material reduction in revenue generated throughout the period. Actions introduced including effective forward planning, the reduction of ongoing costs and material reductions in the number of staff employed continued throughout the year. As restrictions eased at various points, a number of events, predominantly externally based facility hire with suitable COVID-19 safe guidance, were able to be hosted although catering provision remained restricted throughout. Additionally, the Showground was able to be used successfully by the NHS as a vaccination centre for much of the year.

The Society continued to access available governmental support (furlough, rates support and discretionary grants etc) where available, including a £350,000 CBILS loan. The loan was drawn down in order to provide working capital support for the Society in case it became necessary but, to date, has not been required and repayment is planned within the initial twelve-month interest free period.

In the period following the financial year end, restrictions have continued to ease, and trading activity has increasingly returned. Although restrictions have been necessary, the Society has managed to retain a core team of staff with the key skills and resources to react positively to further changes and looks forward to engaging fully with all areas of its operation in support of achieving its charitable aims and objectives.

Page 5

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

I NVESTMENT POLICY

As permitted by the Society’s Memorandum and Articles of Association, the Council gave its investment managers discretion to manage the portfolio within an agreed risk profile. The portfolio comprised fixed interest stocks as well as unit trusts and investment funds.

The primary investment objective for the main unrestricted fund is to obtain a balance between income and capital growth, subject to a moderate degree of risk.

The objectives of the Mattie Brown and David Crane permanent endowment funds remain unchanged; namely to earn income in support of the promotion of show jumping and equine classes and the cattle classes at the annual show.

The Council has also operated a policy of keeping the current accounts of the Group in credit throughout the year and of investing cash not designated for investment in an interest bearing deposit account.

FINANCIAL REVIEW

OVERVIEW

The consolidated statement of financial activities shows net outgoing resources of £137,000 (2020 - net outgoing resources of £122,000) after realised and unrealised investment gains. This was predominantly due to the effects of the pandemic. In those periods where activity was permitted there was less emphasis on catering and indoor events than in previous years. It is anticipated that this will continue to develop in line with the requirements of safe operation within the pandemic and public confidence.

GOING CONCERN

After making appropriate enquiries, the Trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

RESERVES POLICY

The Reserves Policy adopted by the Society is to ensure that sufficient funds are available to provide against the direct costs which may not be mitigated following an unforeseen emergency resulting in the complete cancellation of one of the Society’s Shows. The Trustees consider that the ideal level is calculated as 130% of the budgeted direct cost of the annual County Show less salaries apportioned to the Show. As at 30 June 2021 this would be £354,000.

The funds the Trustees consider when calculating the Reserve are Unrestricted Investments plus Current Assets (excluding Stock) less Current Liabilities. The actual level of Reserves as at 30 June 2021 as calculated was £376,000 (£22,000 above the targeted level).

Capital expenditure is now under continuous review by the Executive Committee of the Society. The Trustees note that the level of Reserves has remained ahead of budget despite the effects of the Covid-19 pandemic in the period and that the Lady Eastwood Centre loan repayment schedule has been adequately met by normal operations.

STRUCTURE, GOVERNANCE AND ADMINISTRATION

CONSTITUTION

The Society is registered as a charitable company limited by guarantee, was set up by a Memorandum of Association and was incorporated 20 April 1983.

The Society (registered company number 1716766) is registered as a charity (registered charity number 514080) and is a company limited by guarantee and therefore does not have share capital.

Page 6

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

RECRUITMENT AND APPOINTMENT OF MANAGEMENT COMMITTEE

As set out in its Articles of Association, the Society is governed by a council of up to 50 members. Council members must be members of the Society and serve for a period of 3 years but on retirement can offer themselves for re-election. They are appointed by the members at the Annual General Meeting. Council members may be selected for their specific expertise from the local business and agricultural community in relation to the activities of the Society. Council members are listed on page 1 and served throughout the year unless otherwise stated. The names and addresses of the advisors and the registered office of the Society are also set out on pages 1 and 2.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

New Council members have an induction afternoon during which they are shown the showground and its facilities, meet key employees and given a brief on their responsibilities as Council members under charity and company law, the content of the Memorandum and Articles of Association, the committees and management process, the business plan and recent financial performance. New legislation or changes to charitable law are disseminated by an appropriate method of communication followed by discussion at Council or other trustee committees. Council members are encouraged to attend relevant external training if relevant to their roles.

PAY POLICY FOR SENIOR STAFF

The members of the Council, who are the Society’s trustees, and the senior management team comprise the key management personnel of the Society in charge of directing and controlling, running and operating the Society on a day to day basis. All Council members give of their time freely and no member received remuneration in the year. Details of Council member's expenses and related party transactions are disclosed in notes 13 and 30 to the accounts.

The pay of the senior staff is reviewed by the Executive Committee.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The Council administers the charity and meets at least quarterly. Council appoints chairs of various SubCommittees. Sub-Committee members are volunteers from the body of the Council members. Committees include the Executive, County Show, Vintage Tractor & Heritage Show, Midlands Machinery Show, Grounds and Development. Committees are empowered to also seek specific expertise from co-opted members. Committees report to the Council and advise on specific aspects of the Society's activities.

A Chief Executive Officer (“CEO”) is appointed by the Council to manage the day to day operations of the Group. To facilitate effective operations the CEO has delegated authority, as approved by the Council, for operational matters.

The staff, who are all ultimately responsible to the CEO, take specific responsibility for:

RISK MANAGEMENT

The Council has assessed the major political, economic, strategic and operational risks to which the Group is exposed, in particular those related to the investments and finances of the Group, and are satisfied that systems are in place to mitigate exposure to the major risks. The risk management strategy is reviewed annually in order to assess plans to mitigate risk and to formulate responses to minimise the effects of any potential impact on the Group, should those risks materialise.

Particular attention is focused on non-financial risks arising from disease epidemics, terrorism, fire, health and safety of events at the showground and food hygiene.

Page 7

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

The reserves policy is a key part of the management of financial risk.

Risks posed by the County Show, the Vintage Tractor & Heritage Show and the Midlands Machinery Show have been the subject of extensive work in recent years and the Council is satisfied that active steps have been taken to minimise those risks through pre planning, co-ordination of major incident procedures in conjunction with the emergency services, health and safety advisors, pre-show briefings, instructions and the use of professional subcontractor staff.

The Trustees and the management team remain committed to ensure that the Society is viable as a going concern. New capital projects will be predominantly focussed on the generation of income.

PLANS FOR FUTURE PERIODS

The projected operation of the Society combined with the use of available reserves gives a reasonable expectation for the Officers and Trustees to conclude that the Society will continue in operation as a going concern for the foreseeable future.

In the year the Society’s educational activities have continued subject to the restrictions of the pandemic to be developed both at the Society’s own shows and within the Apprenticeships, Traineeships and Education & Personal Development Grant Schemes. The aim of this activity is to raise the profile of the Society and its shows, to drive involvement at Society events and to educate about and promote agriculture in accordance with the Society’s charitable remit.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of Newark & Nottinghamshire Agricultural Society 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).

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 8

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

DISCLOSURE OF INFORMATION TO AUDITORS

The Trustees at the time when this Trustees' report is approved have confirmed that:

Approved by order of the members of the board of Trustees on 14 December 2021 and signed on their behalf by:

R Jackson

C I Applewhite

Page 9

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

Opinion

We have audited the financial statements of Newark & Nottinghamshire Agricultural Society (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 June 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Society 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:

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.

Page 10

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (CONTINUED)

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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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:

Page 11

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (CONTINUED)

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.

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:

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:

We assessed the susceptibility of the Society’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 12

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (CONTINUED)

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

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (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.

Robert Anderson (Senior Statutory Auditor)

for and on behalf of

Streets Audit LLP

Chartered Accountants and Statutory Auditor Tower House Lucy Tower Street Lincoln LN1 1XW

14 December 2021

Page 14

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2021

Note
Income and
endowments from:
Donations and
legacies
4
Charitable activities
5
Other trading activities
Investments
8
Other income
9
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income /
(expenditure) before
net gains/(losses) on
investments
Net gains/(losses) on
investments
Net (expenditure) /
income
Transfers between
funds
20
Net movement in
funds		 Endowment
funds
2021
£000
-
-
-
3
-
3
-
-
-
3
7
10
(3)
7		 Restricted
funds
2021
£000
7
-
-
-
421
428
-
186
186
242
-
242
(242)
-		 Unrestricted
funds
2021
£000
5
17
597
6
-
625
578
450
1,028
(403)
14
(389)
245
(144)		 Total
funds
2021
£000
12
17
597
9
421
1,056
578
636
1,214
(158)
21
(137)
-
(137)		 Total
funds
2020
£000
6
326
1,529
10
141
2,012
1,064
1,050
2,114
(102)
(20)
(122)
-
(122)

Page 15

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Note
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Endowment
funds
2021
£000
103
7
110		 Restricted
funds
2021
£000
-
-
-		 Unrestricted
funds
2021
£000
2,577
(144)
2,433		 Total
funds
2021
£000
2,680
(137)
2,543		 Total
funds
2020
£000
2,802
(122)
2,680

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 22 to 41 form part of these financial statements.

Page 16

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 01716766

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2021

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Total net assets		 50
191
874
1,115
(586)		 2021
£000
2,502
334
2,836
529
3,365
(822)
2,543		 59
120
484
663
(441)		 2020
£000
2,686
313
2,999
222
3,221
(541)
2,680

Page 17

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 01716766

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2021

Note
Charity funds
Endowment funds
20
Unrestricted funds
20
Total funds		 2021
£000
110
2,433
2,543		 2020
£000
103
2,577
2,680

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.

The financial statements were approved and authorised for issue by the Trustees on 14 December 2021 and signed on their behalf by:

R Jackson C I Applewhite

The notes on pages 22 to 41 form part of these financial statements.

Page 18

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 01716766

SOCIETY BALANCE SHEET AS AT 30 JUNE 2021

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets excluding pension asset
Total net assets		 6
275
800
1,081
(355)		 2021
£000
2,502
334
2,836
726
3,562
(822)
2,740
2,740		 8
83
432
523
(301)		 2020
£000
2,686
313
2,999
222
3,221
(541)
2,680
2,680

Page 19

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 01716766

SOCIETY BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2021

Note
Charity funds
Endowment funds
20
Restricted funds
20
Unrestricted funds
20
Total funds		 2021
£000
110
-
2,630
2,740		 2020
£000
103
-
2,577
2,680

The Society's net movement in funds for the year was £ 60 (2020 - £(122)) .(£000)

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.

The financial statements were approved and authorised for issue by the Trustees on 14 December 2021 and signed on their behalf by:

R Jackson

C Applewhite

The notes on pages 22 to 41 form part of these financial statements.

Page 20

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Proceeds from investments
Purchase of tangible fixed assets
Net cash used in 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
£000
125
9
(49)
(40)
350
(45)
305
390
484
874		 2020
£000
173
10
(153)
(143)
-
(44)
(44)
(14)
498
484

The notes on pages 22 to 41 form part of these financial statements

Page 21

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. General information

As set out in the Trustees' Report, Newark & Nottinghamshire Agricultural Society is an incorporated charity limited by guarantee registered in England and Wales. The address of the registered office is The Showground, Winthorpe, Newark, Nottinghamshire, NG24 2NY.

The principal objective of the Society is to promote all branches of agriculture and to encourage expertise and skills in the industry as well as all trades, crafts and professions associated with it.

The Council is aware of the need for the Society to provide public benefit and has paid due regard to the guidance on public benefit issued by the Charity Commission. The Council considers that the activities which it undertakes fulfil this requirement.

The financial statements have been prepared in sterling, which is the functional currency of the entity.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Newark & Nottinghamshire Agricultural Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the Society and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Society has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Income

All income is recognised once the Society has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 22

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

2.4 Government grants

Government grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Society; this is normally upon notification of the interest paid or payable by the bank.

2.6 Tangible fixed assets and depreciation

All 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 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.

At each reporting date the Society assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Page 23

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2. Accounting policies (continued)

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 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.

2.10 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.

2.11 Liabilities

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 Society 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.

2.12 Financial instruments

The Group 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 and other loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Society operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Society to the fund in respect of the year.

Page 24

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2. Accounting policies (continued)

2.14 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.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Allocation of costs - direct expenses are charged to individual cost centres wherever possible. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of those resources.

Depreciation charges - the annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. In the preparation of the financial statements, the value included is reviewed by the Trustees.

4. Income from donations and legacies

Donations Including Gift Aid
Grants		 Restricted
funds
2021
£000
-
7
7		 Unrestricted
funds
2021
£000
5
-
5		 Total
funds
2021
£000
5
7
12		 Total
funds
2020
£000
6
-
6

Page 25

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

5. Income from charitable activities

Agricultural Shows
6.
Income from trading activities
Showground Rents		 Unrestricted
funds
2021
£000
17
17
Unrestricted
funds
2021
£000
97		 Total
funds
2021
£000
17
17
Total
funds
2021
£000
97		 Total
funds
2020
£000
326
326
Total
funds
2020
£000
124

Page 26

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

7. Income from trading activities

Income
Turnover
CJRS Grant
Expenses
Opening Stocks
Closing Stocks
Direct Costs
Administrative Costs
Payroll Costs		 Unrestricted
funds
2021
£000
500
242
742
(51)
44
(27)
(166)
(376)
(576)
166		 Total
funds
2021
£000
500
242
742
(51)
44
(27)
(166)
(376)
(576)
166		 Total
funds
2020
£000
1,405
92
1,497
(58)
51
(260)
(328)
(467)
(1,062)
435

The Society owns the whole of the issued ordinary share capital of NNAS (Trading) Limited, a company registered in England. The Subsidiary is used for non-primary purpose trading activities, namely the letting of the facilities on the Society's showground for events other than those organised by the Society in the furtherance of its objects. All activities have been consolidated on a line by line basis in the SOFA with group transactions eliminated.

8. Investment income

Investment Income Endowment
funds
2021
Unrestricted
funds
2021
£000
£000
3
6
3
6		 Total
funds
2021
£000
9
9		 Total
funds
2020
£000
10
10

Page 27

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

9. Other incoming resources

Sponsorship and Advertising
COVID Support Grants		 Restricted
funds
2021
£000
-
421
421		 Unrestricted
funds
2021
£000
-
-
-		 Total
funds
2021
£000
-
421
421		 Total
funds
2020
£000
2
139
141

COVID Support Grants received in the year mainly relate to the Coronavirus Job Retention Scheme (Furlough). These grants have been fully utilised against the relevant expenditure, namely wages and salaries and the associated on-costs, in the period in which they were incurred.

10. Analysis of expenditure by activities

Agricultural Shows
Educational Grants
Analysis of direct costs
Staff Costs
Agricultural Shows
Educational Grants		 Activities
undertaken
directly
2021
£000
104
1
105
Agricultural
Shows
2021
£000
97
7
-
104		 Support
costs
2021
£000
531
-
531
Educational
Grants
2021
£000
-
-
1
1		 Total
funds
2021
£000
635
1
636
Total
funds
2021
£000
97
7
1
105		 Total
funds
2020
£000
1,041
9
1,050
Total
funds
2020
£000
139
230
9
378

Page 28

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff Costs
Depreciation
Office Costs		 Agricultural
Shows
2021
£000
177
233
121
531		 Total
funds
2021
£000
177
233
121
531		 Total
funds
2020
£000
272
246
154
672

11. Auditors' remuneration

2021 2020
£000 £000
Fees payable to the Society's auditor for the audit of the Society's annual
accounts 8 8

12. Staff costs

Wages and Salaries
Social Security Costs
Other Pension Costs		 Group
2021
£000
569
34
47
650		 Group
2020
£000
747
56
75
878		 Society
2021
£000
219
14
41
274		 Society
2020
£000
319
24
68
411

The staff costs shown above are the gross costs incurred. The Coronavirus Job Retention Scheme (Furlough) receipts of £345,000 (2020 - £139,000) relating to these payments are shown separately as Other Incoming Resources - Government Grants as disclosed in Note 9.

Page 29

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

12. Staff costs (continued)

The average number of persons employed by the Society during the year was as follows:

Society
Agricultural Shows
Catering
Trading		 Group
2021
No.
5
3
52
15
75		 Group
2020
No.
6
3
38
16
63

The average headcount expressed as full-time equivalents was:

Society
Agricultural Shows
Catering
Trading		 Group
2021
No.
4
3
14
15
36		 Group
2020
No.
6
3
22
16
47

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2021 2020
No. No.
In the band £70,001 - £80,000 - 1

The key management personnel of the charity are the Trustees, Chief Executive Officer and Deputy Chief Executive Officer. The total remuneration and benefits including employers NIC received by key management personnel of the Society in the year ended 30 June 2021 amounted to £91,000 (2020 - £133,000).

Page 30

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 30 June 2021, no Trustee expenses have been incurred (2020 - £NIL) .

14. Tangible fixed assets

Group

Cost or valuation
At 1 July 2020
Additions
At 30 June 2021
Depreciation
At 1 July 2020
Charge for the year
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020		 Freehold
property
£000
4,648
23
4,671
2,252
148
2,400
2,271
2,396		 Freehold
land
£000
107
-
107
-
-
-
107
107		 Motor
vehicles
£000
119
-
119
84
13
97
22
35		 Fixtures,
fittings and
equipment
£000
1,074
26
1,100
926
72
998
102
148		 Total
£000
5,948
49
5,997
3,262
233
3,495
2,502
2,686

Page 31

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

14. Tangible fixed assets (continued)

Society

Cost or valuation
At 1 July 2020
Additions
At 30 June 2021
Depreciation
At 1 July 2020
Charge for the year
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020		 Freehold
property
£000
4,648
23
4,671
2,252
148
2,400
2,271
2,396		 Long-term
leasehold
property
£000
107
-
107
-
-
-
107
107		 Motor
vehicles
£000
91
-
91
56
13
69
22
35		 Fixtures and
fittings
£000
783
26
809
635
72
707
102
148		 Total
£000
5,629
49
5,678
2,943
233
3,176
2,502
2,686

15. Fixed asset investments

Group
Cost or valuation
At 1 July 2020
Additions
Disposals
Revaluations
At 30 June 2021		 Listed
investments
£000
313
83
(70)
8
334

Page 32

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

15. Fixed asset investments (continued)

Society
Cost or valuation
At 1 July 2020
Additions
Disposals
Revaluations
At 30 June 2021		 Listed
investments
£000
313
83
(70)
8
334

Principal subsidiaries

The following was a subsidiary undertaking of the Society:

Name Company Registered office or principal Holding
number place of business
NNAS (Trading) Limited 02966989 Newark & Nottinghamshire 100%
Showground

The financial results of the subsidiary for the year were:

Name Income Expenditure Expenditure Net assets /
£000 £000 (liabilities)
£000
NNAS (Trading) Limited 742 (939) (197)
16. Stocks
Group Group Society Society
2021 2020 2021 2020
£000 £000 £000 £000
Finished goods and goods for resale 50 59 6 8

Page 33

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

17. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
Grants receivable		 Group
2021
£000
140
-
33
18
191		 Group
2020
£000
84
-
36
-
120		 Society
2021
£000
9
230
18
18
275		 Society
2020
£000
5
58
20
-
83

18. Creditors: Amounts falling due within one year

Bank loans
Other loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income brought forward
Resources deferred during the year
Amounts released from previous periods
Deferred income carried forward		 Group
2021
£000
46
23
51
89
220
157
586
Group
2021
£000
69
105
(69)
105		 Group
2020
£000
45
-
56
84
128
128
441
Group
2020
£000
100
69
(100)
69		 Society
2021
£000
46
23
43
89
-
154
355
Society
2021
£000
69
105
(69)
105		 Society
2020
£000
45
-
42
84
2
128
301
Society
2020
£000
100
69
(100)
69

Deferred income is in relation to amounts received in advance of shows in the next financial year.

Page 34

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

19. Creditors: Amounts falling due after more than one year

Bank loans
Other loans		 Group
2021
£000
495
327
822		 Group
2020
£000
541
-
541		 Society
2021
£000
495
327
822		 Society
2020
£000
541
-
541

The total bank loan of £541,000 (2020 - £586,000) is secured on the Lady Eastwood Centre and its associated assets situated at the County Showground, Newark, Nottinghamshire.

Other loans of £350,000 have been provided as part of the Coronavirus Business Interruption Loan Scheme.

Page 35

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

20. Statement of funds

Statement of funds - current year

Unrestricted
funds
Fixed Assets
Reserve
Bank Loan
Investment
Revaluation
Reserve
Free Reserves
Endowment
funds
Mattie Brown
David Crane
Restricted
funds
Government
Grants - CJRS
Other COVID
Support Grants
Other Grants
Total of funds		 Balance at 1
July 2020
£000
2,686
(586)
21
456
2,577
92
11
103
-
-
-
-
2,680		 Income
£000
-
-
-
625
625
3
-
3
345
76
7
428
1,056		 Expenditure
£000
(233)
-
-
(795)
(1,028)
-
-
-
(103)
(76)
(7)
(186)
(1,214)		 Transfers
in/out
£000
49
45
-
151
245
(3)
-
(3)
(242)
-
-
(242)
-		 Gains/
(Losses)
£000
-
-
14
-
14
5
2
7
-
-
-
-
21		 Balance at
30 June
2021
£000
2,502
(541)
35
437
2,433
97
13
110
-
-
-
-
2,543

Page 36

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Fixed Assets
Reserve
Bank Loan
Investment
Revaluation
Reserve
Free Reserves
Endowment
funds
Mattie Brown
David Crane
Restricted
funds
Government
Grants - CJRS
Total of funds		 Balance at
1 July 2019
£000
2,779
(630)
33
509
2,691
97
14
111
-
2,802		 Income
£000
-
-
-
1,870
1,870
3
-
3
139
2,012		 Expenditure
£000
(246)
-
-
(1,821)
(2,067)
-
-
-
(47)
(2,114)		 Transfers
in/out
£000
153
44
-
(102)
95
(3)
-
(3)
(92)
-		 Gains/
(Losses)
£000
-
-
(12)
-
(12)
(5)
(3)
(8)
-
(20)		 Balance at
30 June
2020
£000
2,686
(586)
21
456
2,577
92
11
103
-
2,680

Page 37

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

21. Nature of charity funds

The fixed assets reserve identifies those funds which are not free funds and represents the net book value of tangible fixed assets.

The revaluation reserve represents the unrealised gains on unrestricted investment assets. The remainder comprise free reserves expendable at the discretion of the Council in the furtherance of the objectives of the Society.

The Mattie Brown fund was established to provide income for the promotion of show jumping at the Nottinghamshire County Show.

The David Crane fund was established to provide income for the financing of prize money for Longhorn Cattle Classes at the Nottinghamshire County Show or otherwise at the discretion of the Show Council.

22. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 Transfers Gains/ 30 June
July 2020 Income Expenditure in/out (Losses) 2021
£000 £000 £000 £000 £000 £000
General funds 2,577 625 (1,028) 245 14 2,433
Endowment
funds 103 3 - (3) 7 110
Restricted
funds - 428 (186) (242) - -
2,680 1,056 (1,214) - 21 2,543
Summary of funds - prior year
Balance at
Balance at Transfers Gains/ 30 June
1 July 2019 Income Expenditure in/out (Losses) 2020
£000 £000 £000 £000 £000 £000
General funds 2,691 1,870 (2,067) 95 (12) 2,577
Endowment
funds 111 3 - (3) (8) 103
Restricted
funds - 139 (47) (92) - -
2,802 2,012 (2,114) - (20) 2,680

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NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total
Analysis of net assets between funds - prior year
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Endowment
funds
2021
Unrestricted
funds
2021
£000
£000
-
2,502
-
334
110
1,005
-
(586)
-
(822)
110
2,433
Endowment
funds
2020
Unrestricted
funds
2020
£000
£000
-
2,686
103
210
-
663
-
(441)
-
(541)
103
2,577		 Total
funds
2021
£000
2,502
334
1,115
(586)
(822)
2,543
Total
funds
2020
£000
2,686
313
663
(441)
(541)
2,680

Page 39

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement
Adjustments for:
Depreciation charges
(Gains) / losses on investments
Investment income
Decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
25.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
26.
Analysis of changes in net debt
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 of Financial Activities)
At 1 July
2020
Cash flows
£000
£000
484
390
(45)
22
(541)
(327)
(102)
85		 Group
2021
£000
(137)
233
(21)
(9)
9
(71)
121
125
Group
2021
£000
874
874
Other non-
cash
changes
£000
-
(46)
46
-		 Group
2020
£000
(122)
246
20
(10)
5
349
(315)
173
Group
2020
£000
484
484
At 30 June
2021
£000
874
(69)
(822)
(17)

Page 40

NEWARK & NOTTINGHAMSHIRE AGRICULTURAL SOCIETY (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

27. Contingent liabilities

The capital grant of £170,000 received from Nottinghamshire County Council's Economic Development Capital Fund in the year ended 30 June 2016 in respect of the Lady Eastwood Centre is subject to terms and conditions, breach of which may render the grants wholly or partially repayable. It is the Council Members' opinion that such a repayment is remote.

28. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and employees personal pension schemes and amounted to £47,000 (2020 - £75,000). There were no contributions payable at either year-end.

29. Operating lease commitments

At 30 June 2021 the Group and the Society had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Within 1 year
Between 1 and 5 years		 Group
2021
£000
2
2
4		 Group
2020
£000
11
3
14		 Society
2021
£000
2
2
4		 Society
2020
£000
11
3
14

30. Transactions with council members

The Society has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Society at 30 June 2021.

Page 41